Tag: #backdoors

Bitcoin WhitePaper Day

Bitcoin – A Peer-to-Peer
Electronic Cash System

It’s bitcoin White Paper Day.

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 paper is available at:
http://www.bitcoin.org/bitcoin.pdf

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.

Full paper at:
http://www.bitcoin.org/bitcoin.pdf

Satoshi Nakamoto

———————————————————————
The Cryptography Mailing List
Unsubscribe by sending “unsubscribe cryptography” to majordomo at metzdowd.com”

Source:
https://www.metzdowd.com/pipermail/cryptography/2008-October/014810.html

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.

Bitcoin / bitcoin / blockchain

Bitcoin’s Store of Value

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. 

Knowledge is…

Knowledge is Power !!!

WRONG !!!
Knowledge is Power …
When Applied !!!

Apollo BTC – A Bitcoin ASIC Miner and Desktop Class Computer running a Full Node

Introducing the FutureBit Apollo BTC

Six CPU Cores. 44 ASIC Cores. 1TB NVMe Based SSD Drive. Quiet. Less than 200 Watts of Power. Made in the USA. This is what the Future of Bitcoin looks like. 

FutureBit Apollo BTC is the world’s first vertically integrated platform bringing the full power of Bitcoin and it’s 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! 

  • Compact All-In-One Desktop Bitcoin System (4x6x4in) that mines Bitcoin and any SHA256 based crypto (Bitcoin Cash etc). 
  • Powerful 6 ARM Core CPU with 4GB of LPDDR4 RAM and 1TB NVMe SSD (NOT included in the Standard or Standard + package). 
  • Comes Pre-Installed with a Bitcoin node, and you can install almost any Bitcoin Application
  • Very wide range of operation modes with preset ECO (quiet) mode, BALANCED, and TURBO mode. 
  • 2-3.8 TH/s of SHA256 performance per miner (+/- 5%)
  • 125 Watts in ECO mode, and 200 Watts in TURBO * +/- 10%
  • Can be used as a full Desktop computer with a monitor keyboard and mouse (not included), or through our Web UI
  • Connect almost any peripheral with our USB 3.0 ports, USB C port, HDMI, AC Wifi, and Bluetooth 
  • Clocks and Power is fully customizable by user with easy to use interface
  • Hashboard now monitors both voltage and power draw for accurate measurements*
  • Custom designed cold forged hexagonal pin heatsink with leading thermal performance for the quietest ASIC miner in operation!
  • 1k-5k RPM Quiet Dual Ball Bearing Fan with automatic thermal management with onboard temperature sensor
  • Controlled via local connection on a web browser similar to antminers. You can simply set it up via smartphone browser. No crazy driver installs, hard to use miner software or scripts needed.
  • Two Six Pin PCIE power connectors for wide-range of power draw
  • Custom Designed all Aluminum case
  • Ships with our own custom built 200W 94% efficient PSU and is ready to run out of the box! (Does NOT come with Standard package). 

 Requirements:

  • Router with an Ethernet cable for initial setup OR Monitor with keyboard and mouse
  • At least a 250 watt 12v power supply with two 6 Pin PCIE connector is required (unless you order our packages that come with our power supply). This is the same connector used by all modern GPUs. Please note even standard units NEED a power supply, they cant be powered through the USB port on the full package unit. 

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.

Kudos to jstefanop

Source:

https://www.futurebit.io/

With 💚

Au – 💲 – ₿

Gold is a chemical element with the symbol Au (from Latin: aurum) and atomic number 79, making it one of the higher atomic number elements that occur naturally.

It is a bright, slightly orange-yellow, dense, soft, malleable, and ductile metal in a pure form.

Chemically, gold is a transition metal and a group 11 element. It is one of the least reactive chemical elements and is solid under standard conditions.

Gold often occurs in free elemental (native) form, as nuggets or grains, in rocks, veins, and alluvial deposits. It occurs in a solid solution series with the native element  silver (as electrum), naturally alloyed with other metals like copper and palladium, and mineral inclusions such as within pyrite.

Less commonly, it occurs in minerals as gold compounds, often with tellurium (gold tellurides).

A relatively rare element, gold is a precious metal that has been used for coinage,  jewelry, and other arts throughout recorded history.

In the past, a gold standard was often implemented as a monetary policy.

Still, gold coins ceased to be minted as a circulating currency in the 1930s, and the world gold standard was abandoned for a fiat currency system after 1971.

As of 2017, the world’s largest gold producer by far was China, with 440 tonnes per year.

A total of around 201,296 tonnes of gold exists above ground, as of 2020. This is equal to a cube with each side measuring roughly 21.7 meters (71 ft).

Gold’s high malleability, ductility, resistance to corrosion and most other chemical reactions, and conductivity of electricity have led to its continued use in corrosion-resistant electrical connectors in all types of computerized devices (its chief industrial use).

The world consumption of new gold produced is about 50% in jewelry, 40% in investments and 10% in industry.

Gold is also used in infrared shielding,  colored-glass production, gold leafing, and tooth restoration. Certain gold salts are still used as anti-inflammatories in medicine.

F I A T

Fiat money (from Latin: fiat, “let it be done”) is a type of money that is not backed by any commodity such as gold or silver, and typically declared by a decree from the government to be legal tender.

Throughout history, fiat money was sometimes issued by local banks and other institutions. In modern times, fiat money is generally established by government regulation.

Yuan dynasty banknotes are a
medieval form of fiat money

Fiat money does not have intrinsic value  and does not have use value. It has value only because the people who use it as a medium of exchange agree on its value. They trust that it will be accepted by merchants and other people.

Fiat money is an alternative to commodity money, which is a currency that has intrinsic value because it contains a precious metal such as gold or silver which is embedded in the coin.

Fiat also differs from representative money, which is money that has intrinsic value because it is backed by and can be converted into a precious metal or another commodity.

Fiat money can look similar to representative money (such as paper bills), but the former has no backing, while the latter represents a claim on a commodity (which can be redeemed to a greater or lesser extent).

Government-issued fiat money  banknotes  were used first during the 11th century in China.

Fiat money started to predominate during the 20th century.

Since President Richard Nixon‘s decision to default on the US dollar convertibility to gold in 1971, a system of national fiat currencies has been used globally.

Fiat money can be:

  • Any money that is not backed by a commodity.
  • Money declared by a person, institution or government to be legal tender, meaning that it must be accepted in payment of a debt in specific circumstances.
  • State-issued money which is neither convertible through a central bank to anything else nor fixed in value in terms of any objective standard.
  • Money used because of government decree.
  • An otherwise non-valuable object that serves as a medium of exchange (also known as fiduciary money.)

The term fiat derives from the Latin word  fiat, meaning “let it be done” used in the sense of an order, decree or resolution.

Bitcoin – Digital Gold

The most common, and best, ways to think about bitcoin is as “digital gold”.

Like gold, bitcoin doesn’t rely on a central issuer, can’t have its supply manipulated by any authority, and has fundamental properties long considered important for a monetary good and store of value.

Unlike gold, bitcoin is extremely easy and cheap to “transport”, and trivial to verify its authenticity.

Bitcoin is also “programmable”. This means custody of bitcoin can be extremely flexible. It can be split amongst a set of people (“key holders”), backed up and encrypted, or even frozen-in-place until a certain date in the future. This is all done without a central authority managing the process.

You can walk across a national border with bitcoin “stored” in your head by memorizing a key.

The similarities to gold, plus the unique features possible because bitcoin is purely digital, give it the “digital gold” moniker.

Sharing fundamental properties with gold means it shares use-cases with gold, such as hedging inflation and political uncertainty.

But being digital, bitcoin adds capabilities that are especially relevant in our modern electronic times.

The world does indeed need a digital version of gold.

People’s Money
With 💚

P.O.W In Human History

Proof Of Work

in the

History of Humankind

Great Pyramid of Giza (a.k.a)
Pyramid of Khu
Egypt

The Great Pyramid of Giza (also known as the Pyramid of Khufu or the Pyramid of Cheops) is the oldest and largest of the  pyramids in the Giza pyramid complex  bordering present-day Giza  in Greater Cairo, Egypt.

It is the oldest of the Seven Wonders of the Ancient World, and the only one to remain largely intact.

Egyptologists conclude that the pyramid was built as a tomb for the Fourth Dynasty  Egyptian pharaoh Khufu and estimate that it was built in the 26th century BC during a period of around 27 years.

Initially standing at 146.5 metres (481 feet), the Great Pyramid was the tallest man-made structure in the world for more than 3,800 years.

Over time, most of the smooth white limestone casing was removed, which lowered the pyramid’s height to the present 138.5 metres (454.4 ft).

What is seen today is the underlying core structure. The base was measured to be about 230.3 metres (755.6 ft) square, giving a volume of roughly 2.6 million cubic metres (92 million cubic feet), which includes an internal hillock.

The dimensions of the pyramid were 280 royal cubits (146.7 m; 481.4 ft) high, a base length of 440 cubits (230.6 m; 756.4 ft), with a seked of 5+1/2 palms (a slope of 51°50’40”).

The Great Pyramid was built by quarrying an estimated 2.3 million large blocks weighing 6 million tonnes total.

The majority of stones are not uniform in size or shape and are only roughly dressed.The outside layers were bound together by mortar.

Primarily local limestone from the Giza Plateau was used. Other blocks were imported by boat down the Nile: White limestone from Tura for the casing, and granite blocks from Aswan, weighing up to 80 tonnes, for the King’s Chamber structure.

There are three known chambers inside the Great Pyramid. The lowest was cut into the bedrock, upon which the pyramid was built, but remained unfinished. The so-called Queen’s Chamber and King’s Chamber, that contains a granite sarcophagus, are higher up, within the pyramid structure. Khufu’s vizier, Hemiunu (also called Hemon), is believed by some to be the architect of the Great Pyramid.

Many varying scientific and alternative hypotheses attempt to explain the exact construction techniques.

The funerary complex around the pyramid consisted of two mortuary temples  connected by a causeway (one close to the pyramid and one near the Nile), tombs for the immediate family and court of Khufu, including three smaller pyramids for Khufu’s wives, an even smaller “satellite pyramid” and five buried solar barges.

Flavian Amphitheatre
a.k.a Colloseum
Rome – Italy

The Colosseum (Colosseo[kolosˈsɛːo]) is an oval amphitheatre in the centre of the city of Rome, Italy, just east of the Roman Forum.

It is the largest ancient amphitheatre ever built, and is still the largest standing amphitheatre in the world today, despite its age.

Construction began under the emperor Vespasian (r. 69–79 AD) in 72 and was completed in 80 AD under his successor and heir, Titus (r. 79–81).

Further modifications were made during the reign of Domitian (r. 81–96).

The three emperors that were patrons of the work are known as the Flavian dynasty, and the amphitheatre was named the Flavian Amphitheatre (Latin: Amphitheatrum Flavium; Italian: Anfiteatro Flavio[aɱfiteˈaːtro ˈflaːvjo]) by later classicists and  archaeologists for its association with their family name (Flavius).

The Colosseum is built of travertine limestone, tuff (volcanic rock), and brick-faced concrete.

The Colosseum could hold an estimated 50,000 to 80,000 spectators at various points in its history  having an average audience of some 65,000; it was used for gladiatorial  contests and  public spectacles including  animal hunts, executions, re-enactments of famous battles, and dramas based on Roman mythology, and briefly mock sea battles.

The building ceased to be used for entertainment in the early medieval era.

It was later reused for such purposes as housing, workshops, quarters for a religious order, a fortress, a quarry, and a Christian shrine.

Although substantially ruined because of earthquakes and stone-robbers (for spolia), the Colosseum is still an iconic symbol of Imperial Rome and was listed as one of the New 7 Wonders of the World.

It is one of Rome’s most popular tourist attractions and also has links to the Roman Catholic Church, as each Good Friday  the Pope leads a torchlit “Way of the Cross” procession that starts in the area around the Colosseum.

The Colosseum is also depicted on the Italian version of the five-cent euro coin.

The Ming dynasty
Great Wall
at Jinshanling

The Great Wall of China (traditional Chinese: 萬里長城; simplified Chinese: 万里长城; pinyin: Wànlǐ Chángchéng) is a series of fortifications that were built across the historical northern borders of ancient Chinese states and Imperial China as protection against various nomadic groups from the Eurasian Steppe.

Several walls were built from as early as the 7th century BC,with selective stretches later joined together by Qin Shi Huang  (220–206 BC), the first emperor of China.

Little of the Qin wall remains. Later on, many successive dynasties built and maintained multiple stretches of border walls. The best-known sections of the wall were built by the Ming dynasty (1368–1644).

Apart from defense, other purposes of the Great Wall have included border controls, allowing the imposition of duties on goods transported along the Silk Road, regulation or encouragement of trade and the control of immigration and emigration.

Furthermore, the defensive characteristics of the Great Wall were enhanced by the construction of watchtowers, troop barracks, garrison stations, signaling capabilities through the means of smoke or fire, and the fact that the path of the Great Wall also served as a transportation corridor.

The frontier walls built by different dynasties have multiple courses. Collectively, they stretch from Liaodong in the east to Lop Lake in the west, from the present-day Sino–Russian border in the north to Tao River (Taohe) in the south; along an arc that roughly delineates the edge of the Mongolian steppe; spanning 21,196.18 km (13,170.70 mi) in total.

Today, the defensive system of the Great Wall is generally recognized as one of the most impressive architectural feats in history.

As history has left behind, monumental architectural constructions that we can admire and reamain in awe as we look at them, after thousands of years since the first stone was put, in today’s world our digital PoW can be seen and admired the same as the Great Wall of China or the Piramid of Giza !!!

Wich brings us to the question, what is Free talking about ?!?

Long Live the CypherPunks
CypherPunks Write Code
Genesis
Bitcoin Genesis Block
Mined 03 January 2009
The Times
January 3, 2009
Bitcoin – Proof Of Work


Bitcoin-type Proof Of Work

In 2009, the Bitcoin network went online. Bitcoin is a proof-of-work digital currency that, like Finney’s RPoW, is also based on the Hashcash PoW.

But in Bitcoin, double-spend protection is provided by a decentralized P2P protocol for tracking transfers of coins, rather than the hardware trusted computing function used by RPoW.

Bitcoin has better trustworthiness because it is protected by computation. Bitcoins are “mined” using the Hashcash proof-of-work function by individual miners and verified by the decentralized nodes in the P2P bitcoin network.

The difficulty is periodically adjusted to keep the block time around a target time.

Since the creation of Bitcoin, proof-of-work has been the predominant design of peer-to-peer cryptocurrency. Studies have estimated the total energy consumption of cryptocurrency mining.

The PoW mechanism requires a vast amount of computing resources, which consume a significant amount of electricity. Recent estimates from the University of Cambridge put Bitcoin’s energy consumption as equal to that of Switzerland.

History modification

Each block that is added to the blockchain, starting with the block containing a given transaction, is called a confirmation of that transaction.

Ideally, merchants and services that receive payment in the cryptocurrency should wait for at least one confirmation to be distributed over the network, before assuming that the payment was done.

The more confirmations that the merchant waits for, the more difficult it is for an attacker to successfully reverse the transaction in a blockchain—unless the attacker controls more than half the total network power, in which case it is called a 51% attack.

2ASICs and mining pools

Within the Bitcoin community there are groups working together in mining pools.

Some miners use application-specific integrated circuits (ASICs) for PoW. This trend toward mining pools and specialized ASICs has made mining some cryptocurrencies economically infeasible for most players without access to the latest ASICs, nearby sources of inexpensive energy, or other special advantages.

Some PoWs claim to be ASIC-resistant,  i.e. to limit the efficiency gain that an ASIC can have over commodity hardware, like a GPU, to be well under an order of magnitude.

ASIC resistance has the advantage of keeping mining economically feasible on commodity hardware, but also contributes to the corresponding risk that an attacker can briefly rent access to a large amount of unspecialized commodity processing power to launch a 51% attack against a cryptocurrency.

Plant the Seed
The choice is Yours
Choose Wisely
The Choice is Yours
With 💚

Veritas … In pictures…

Fear is Sickness
Gold is Money…
Uni-Verse
Success
Genes that erase memories
Researches can erase painful memories from the brain
Scientists deletes “Fearful” memories of Rats
Pokemon Go users give away all privacy rights
“Broken People” = Raw  Material
Robert Noyce
Compounding Interest
Simple & Compound Interest Formula
Simple Interest & Compound Interest
PBIS Rewards
ROI – Return On Investment
Play the role of a fool…
Occult – Anatomy
20 Fastest Growing + Declining Jobs
Causes and Effects of Inflation
The History of Logistics
SSG 16.9 – Legal Identity for all
Scientists call for Protection from Non-Ionizing Electromagnetic Field Exposure
Protest’s are Illegal and punished with Jail Time in a “Free” Society !!!?¿!!!
Human Value Chain
Opposition to the use of Blockchain Identity – Part 1
Opposition to the use of Blockchain Identity – Part 2
Human Capital Performance Bond
Strategies for Investing in Undervalued Human Capital
U.S Army TRADOC G-2
Digitizing Government-to-Person (G2P) Payments

Will be Always Updated !!!

Made with 💚 by Free Spirit

✌ & 💚

Bitcoin Quotes

“Bitcoin actually has the balance and incentives right, and that is why it is starting to take off. “

Julian Assange

Bitcoin has the balance and incentives right

” It isn’t obvious that the world had

to work this way.

But somehow the universe smiles

on encryption.”

Julian Assange

The universe smiles on encryption

” The innovation is that BTC

is hard to shut down. […]

Designed from the ground up

to survive under the most

adversarial conditions. “

Hasu

Bitcoin is hard to shut down

” Bitcoin is the most successful

privacy coin to date. “

Pierre Rochard

Most successful privacy coin to date

” Bitcoin is a technological innovation that happens once a species. “

Trace Mayer

Technological innovation that happens once in a species

” Bitcoin doesn’t care about

who you are or what your feelings are.

Bitcoin represents equal opportunity

to participate in a system not encumbered by our

legacy fiat structures. “

White Rabbit

Participate in a system not encumbered by FIAT

” We’re here to unfuck the money

and there’s no stopping us.

Fix the money, Change the World. “

White Rabbit

Fix the money, change the world

” Hardly anybody actually

understands money. “

Nick Szabo

Nobody understands money

” When you have a disruptive technology, they call it a category killer.

Bitcoin is a serial killer – it’s going to go through 40 or 50 different industries. “

Dan Morehead

Bitcoin is a serial killer

” It’s 21 Million or Death.”

Robert Breedlove

21 million or death

” It might make sense just to get some

in case it catches on. “

Satoshi Nakamoto

In case it catches on

” Trusted third parties are

security holes. “

Nick Szabo

Trusted third parties

” There are only going to be

21 million coins, there are

billions of people in the world,

some reasonable percentage

of who might find it interesting

to own a piece of Bitcoin.”

Adam Back

21 million coins

” I think it’s essential for a program of this nature to be open source. “

Satoshi Nakamoto

Open Source

” SHA-256 is very strong.

It’s not like the incremental step

from MD5 to SHA1.

It can last several decades

unless there’s some massive breakthrough attack. “

Satoshi Nakamoto

Sha-256

” Code mixed with robust

game theory is superior

to hierarchical command and control. “

ℭoinsure

Code superior to hierarchical command and control

” Given that money is one half

of every commercial transaction and that whole civilizations literally

rise and fall based on the quality of their money, we are talking about

an awesome power, one that

flies under the cover of night. “

Ron Paul

Money…an awesome power

” The world has to adapt to bitcoin,

not the other way round. “

Herzmeister

The world has to adapt to bitcoin

” When I first bought bitcoin it took me two years of speculation to understand what Bitcoin really was.

But once I fully had a grasp of it,

it was life altering. “

Russell Okung

Bitcoin is life altering

” Many countries stand to gain from Bitcoin’s adoption as it would remove their dependence on the US dollar and provide them with a feasible alternative. “

Misir Mahmudov

Bitcoin a feasible alternative to the US $

” Bitcoin is a optimist bet on the future, a bet on human ingenuity.

Gold is a pessimist bet on the past and, often a bet the end of civilization. “

Rodolfo Novak

Bitcoin a bet on human ingenuity

” Everyone has got to believe in something.

Why not believe in something verifiable and unforgeable. “

Hass McCook

Believe in something Verifiable and Unforgeable

” Open source software is a meritocracy of ideas, not of people.

So people are always talking about

“Who controls Bitcoin?”

Good ideas control Bitcoin.

Not people.”

Ben Prentice

Good ideeas control Bitcoin

Bitcoin is a seed of hope in a society which lost vision years ago and perspective just recently. “

Kim Neunert

Bitcoin a seed of hope

” Bitcoin has an inescapable, unavoidable, and omnipotent magnetism for the brightest and most revolutionary minds on the planet.

I’ve never witnessed anything like it. “

Brandon Bridge

Bitcoin’s magnetism

” This is why proof of work needs

to be expensive, if it is cheap you can roll back things easily.

You want it to be very difficult to change history.

The only way to make it difficult to change history is to make the

process of writing the current

history very expensive. “

Jimmy Song

Difficult to Change History

” Bitcoin is like gold but with this magical ability that

you can teleport it.”

Vijay Boyapati

Bitcoin magical ability to teleport it

” Can Bitcoin be stopped?

“Not really, this thing is a beast.

As Mises wrote:

Ideas can only be overcome by other ideas. “

Trace Mayer

Bitcoin Cannot Be Stopped

” I’m not here to fix Bitcoin. “

Michael Saylor

Fix bitcoin

” Buying bitcoin is the most powerful protest an individual can make against the current economic system. “

Luc Dossis

Buying bitcoin is the most powerful protest

” These numbers have nothing to do with the technology of the devices;

they are the maximums that thermodynamics will allow.

And they strongly imply that brute-force attacks against 256-bit keys will be infeasible until computers are built from something other than matter and occupy something other than space. “

Bruce Schneier

Maximums that thermodynamics will allow

” Cryptocurrency is such a powerful concept that it can almost

overturn governments. “

Charles Lee

Cryptocurrency can almost overturn governments

” Bitcoin will do to banks what

email did to the postal industry. “

Rick Falkvinge

Bitcoin is the email for the postal industry

” I do think Bitcoin is the first [encrypted money] that has the potential to do something like change the world. “

Peter Thiel

Bitcoin has the potential to change the world

” Bitcoin is the most important invention in the history of the world since the Internet. “

Roger Ver

Bitcoin the most important invention in the history since the Internet

” Gold is a great way to preserve wealth, but it is hard to move around.

You do need some kind of alternative and Bitcoin fits the bill. “

Jim Rickards

Bitcoin fits the bill as a way to preserve wealth

” You can’t stop things like Bitcoin.

It will be everywhere and the world will have to readjust.

World governments will have to readjust. “

John McAfee

Bitcoin will be everywhere and the world will have to readjust

” I think the fact that within the bitcoin universe an algorithm replaces the function of the government… is actually pretty cool. “

Al Gore

An algorithm replaces the function of government

People have made fortunes off Bitcoin, some have lost money.

It is volatile, but people make money off of volatility too. “

Richard Branson

Some Lost, some Won with Bitcoin

” The ability to create something which is not duplicable in the digital world has enormous value…

Lot’s of people will build businesses on top of that. “

Eric Schmidt

Create something wich is not duplicable

PayPal had these goals of creating a new currency.

We failed at that…

I think Bitcoin has succeeded on the level of a new currency, but the payment system is lacking. “

Peter Thiel

Bitcoin Succeeded as a New Currency

” As people move into Bitcoin for payments and receipts they stop using US Dollars, Euros and Chinese Yuan which in the long-term devalues these currencies. “

John McAfee

Bitcoin devalues $ € ¥

” Bitcoin is the currency of resistance…

If Satoshi had released Bitcoin

10 years earlier,

9/11 would never have happened. “

Max Keiser

Bitcoin the Currency of Resistance

“At its core, bitcoin is a smart currency, designed by very forward-thinking engineers. “

Peter Diamandis

Bitcoin is a smart currency

” The internet is going to be one of the major forces for reducing

the role of government.

One thing that’s missing but that

will soon be developed,

is a reliable e-cash. “

Milton Friedman

E-Cash

” Bitcoin is a technological

tour de force. “

Bill Gates

Tour de force

” If you don’t believe it or don’t get it,

I don’t have the time

to try to convince you, sorry. “

Satoshi Nakamoto

Don’t have the time

” WikiLeaks

has kicked the hornet’s nest,

and the swarm is headed towards us. “

Satoshi Nakamoto

WikiLeaks

” Lost coins only make everyone else’s coins worth slightly more.

Think of it as a donation to everyone.

Satoshi Nakamoto

Lost Coins

” In a few decades when the reward

gets too small, the transaction fee

will become the main

compensation for [mining] nodes.

I’m sure that in 20 years

there will either be very large transaction volume or no volume.

Satoshi Nakamoto

Transaction fee

” As computers get faster and the total computing power applied to creating bitcoins increases, the difficulty increases proportionally to keep the total new production constant.

Thus, it is known in advance how many new bitcoins will be created every year in the future.

Coins have to get initially distributed somehow, and a constant rate seems like the best formula.

Satoshi Nakamoto

Coins distribution at a Constant Rate is the best Formula

” Bitcoin is the beginning

of something great:

a currency without a government, something necessary and imperative. “

Nassim Taleb

Bitcoin a Currency Without a Government

” Those who believe in Bitcoin also believe in cleverness. “

Arif Naseem

Believe in bitcoin believe in cleverness

” Bitcoin is the most stellar

and most useful system

of mutual trust ever devised. “

Arif Naseem

Bitcoin a System of Mutual Trust

“Cryptocurrency is freedom,

Banking is slavery. “

Arif Naseem

Cryptocurrency is Freedom

” Our basic thesis for bitcoin

is that it is better than gold. “

Tyler Winklevoss

Bitcoin better than gold

” I think the whole narrative

of blockchain without bitcoin will amount to very little. “

Fred Ehrsam

Blockchain without bitcoin

” Every informed person needs

to know about Bitcoin because

it might be one of the world’s most important developments. “

Leon Louw

Bitcoin world’s most important developments

” Bitcoin is a very exciting development, it might lead to a world currency.

I think over the next decade

it will grow to become one of the most important ways to pay for things and transfer assets. “

Kim Dotcom (CEO of MegaUpload)

 

Bitcoin might lead to a world currency

” Bitcoin may be the TCP/IP of money. “

Paul Buchheit (Creator of Gmail)

Bitcoin the TCP/IP of money

” We have elected to put our money

and faith in a mathematical

framework that is free of politics

and human error. “

Tyler Winklevoss (Co-inventor of Facebook)

Mathematical framework free of politics and human error

” I really like Bitcoin.

I own Bitcoins.

It’s a store of value,

a distributed ledger.

It’s a great place to put assets, especially in places like Argentina

with 40 percent inflation,

where $1 today is worth 60 cents in a year, and a government’s currency

does not hold value.

It’s also a good investment vehicle if you have an appetite for risk.

But it won’t be a currency until volatility slows down. “

David Marcus (CEO of Paypal)

Bitcoin a store of value

” [Virtual Currencies] may hold long-term promise,particularly if the innovations promote a faster,

more secure and more efficient payment system. “

Ben Bernanke (Chairman of the Federal Reserve)

Bitcoin may hold long-term promise

There are 3 Eras of currency:

Commodity based,

Politically based,

and now, Math based. “

Chris Dixon (Co-founder of Hunch now owned by Ebay, Co-founder of SiteAdvisor now owned by McAfee)

Math based currency

” Bitcoin is here to stay.

There would be a hacker uproar to anyone who attempted to take credit for the patent of cryptocurrency.

And I wouldn’t want to be on the receiving end of hacker fury. “

Adam Draper

Bitcoin is here to stay

” It’s money 2.0,

a huge hugehuge deal. “

Chamath Palihapitiya (Previous head of AOL instant messenger)

Money 2.0

” If there is one positive takeaway

from the collapse of Mt.Gox,

it is the willingness of a new generation of Bitcoin companies to work together to ensure the future of Bitcoin and the security of customer funds. “

Brian Armstrong (CEO of Coinbase)

Future of bitcoin

” Bitcoin seems to be a very

promising idea.

I like the idea of basing security on the assumption that the CPU power of honest participants outweighs that of the attacker.

It is a very modern notion that exploits the power of the long tail. “

Hal Finney

Bitcoin a promising idea

” Bitcoin enables certain uses

that are very unique.

I think it offers possibilities that

no other currency allows.

For example the ability to spend a coin that only occurs when two separate parties agree to spend the coin; with a third party that couldn’t run away with the coin itself. “

Pieter Wuille

Bitcoin enables uses that are very unique

” At its core, bitcoin is a smart currency, designed by very forward-thinking engineers.

It eliminates the need for banks,

gets rid of credit cardfees,

currency exchange fees,

money transfer fees,

and reduces the need for lawyers

in transitions… all good things. “

Peter Diamandis

Good things

” There is so much potential …

I am just waiting for it to be

a billion dollar industry.”

“ Wow, Silk Road actually works ”

Charlie Shrem

Silk Road actually works
Andreas Antonopoulus
Plant the Seed…
Don’t buy to get Rich…
Educate Yourself !!!
Then Educate Others !!!
The sooner you accept the Truth,
The better you will build upon it !!!
You have a choice now !!!

Did you find this article helpful?

If so, please consider a donation to help the evolution and development of more helpful articles in the future, and show your support for alternative articles.

Your generosity is 💚 ly appreciated

You can donate in any crypto your 💚 desires 😊

Thank you all for your time !!!

✌ & 💚


Bitcoin (BTC) :

1P1tTNFGRZabK65RhqQxVmcMDHQeRX9dJJ


LiteCoin(LTC) :

LYAdiSpsTJ36EWCJ5HF9EGy9iWGCwoLhed


Ethereum(ETH) :

0x602e8Ca3984943cef57850BBD58b5D0A6677D856


EthereumClassic(ETC) :

0x602e8Ca3984943cef57850BBD58b5D0A6677D856


Cardano(ADA) :

addr1q88c5cccnrqy6xesszzvf7rd4tcz87klt0m0h6uvltywqe8txwmsrrqdnpq27594tyn9vz59zv0n8367lvyc2atvrzvqlvdm9d


BinanceCoin(BNB) :

bnb1wwfnkzs34knsrv2g026t458l0mwp5a3tykeylx


BitcoinCash (BCH) :

1P1tTNFGRZabK65RhqQxVmcMDHQeRX9dJJ


Bitcoin SV (BSV) :

1P1tTNFGRZabK65RhqQxVmcMDHQeRX9dJJ


ZCash(ZEC) :

t1fSSQX4gEhove9ngcvFafQaMPq5dtNNsNF


Dash(DASH) :

XcWmbFw1VmxEPxvF9CWdjzKXwPyDTrbMwj


Shiba(SHIB) :

0x602e8Ca3984943cef57850BBD58b5D0A6677D856


Tron(TRX) :

TCsJJkqt9xk1QZWQ8HqZHnqexR15TEowk8


Stellar(XLM) :

GBL4UKPHP2SXZ6Y3PRF3VRI5TLBL6XFUABZCZC7S7KWNSBKCIBGQ2Y54

With 💚

Starting a Bitcoin Mining Business – A Complete Guide

Why Start a Bitcoin Mining Business?

If you love working from home, then you should consider starting an internet based business.

One of the businesses that you can easily start at home with a computer and mining rigs is bitcoin mining.

Simply put, bitcoin is a digital currency that operates independently of any country’s central bank. In order to get an updated value of the worth of a bitcoin, you can make use of Google’s currency converter; it is a reliable platform to know the value of bitcoin each time.

If you are interested in mining bitcoin, then you have two options to follow.

You can choose to mine a block of bitcoins from the computer or you can choose to pool.

If you want quick returns on your investment, then joining a pool is your best option because mining a block of bitcoins from your computer may take you a month or more before you get any return on your investment.

Please note that if you join a pool, you will only get smaller payments, but you can be rest assured that you will get them at a regular basis.

Starting a bitcoin mining business can be rewarding but you would have to compete with other well established bitcoin miners on the World Wide Web. The fact that you will be competing with people from all over the globe is enough reason for you to be result oriented and at the same be creative with your bitcoin mining business.

So, if you have done the required online or offline bitcoin mining related courses, then you might want to venture into this business.

Starting a Bitcoin Mining Business – A Complete Guide

Industry Overview

Bitcoin mining in its simplest term is the practice of adding transaction records to Bitcoin’s public ledger of previous transactions or block chain.

This ledger of previous transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place.

As a matter of fact, Bitcoin miners help keep the Bitcoin network secure by approving transactions.

Mining is indeed an important and integral part of Bitcoin that ensures fairness while keeping the Bitcoin network stable, safe and highly secured.

Bitcoin mining as the name implies is similar to the mining of other commodities: it requires deliberate and calculated effort and it slowly makes new currency available at a rate that looks like the rate at which commodities like gold and copper et al are mined from the ground. Mining is also a mechanism used to introduce Bitcoins into the system.

Bitcoin is a type of digital currency that is created and held electronically; it is a cryptocurrency and a digital payment system that is invented by an unknown programmer, or perhaps a group of programmers. No one controls it.

Unlike Dollars, Euros, Pounds and other currencies, bitcoins are not printed, they are produced by people and businesses running computers all around the world, using software that solves mathematical problems.

If you want to start mining bitcoin, you would need an online wallet where your bitcoins will be stored.

There are several wallet options available online for bitcoin mining. The rule of thumb to follow before choosing an online wallet for your bitcoin mining is to choose a wallet that will allow you save bitcoins, buy bitcoins, use bitcoins and also accept bitcoins as a means of payment.

The Bitcoin (cryptocurrency and a digital payment system) industry is indeed a large internet based industry and pretty much active in countries such as United States of America, United Kingdom, France, Italy, Nigeria, Sweden, Australia, Japan, China, Germany, and Canada et al.

Despite the fact that the bitcoin mining business is still much of a green business, the business will continue to blossom because more and more users will embrace the use of bitcoins in the nearest future.

So, if you have an entrepreneurial mentality and you wish to join a massive technological revolution, you can start your own bitcoin mining business.

The truth is that you can build a bitcoin mining business even if you are not too ICT savvy and have limited capital to invest in software development and infrastructure, as long as you have internet access and you know how to use the internet.

Some of the factors that encourage entrepreneurs to start their own bitcoin mining business could be that the business is easy to set up and the startup capital is indeed affordable; you can actually start your own bitcoin mining business from the comfort of your house.

All you need to do is to create an office somewhere in your house. You don’t necessarily need to see the people you are doing business with since you can transact bitcoin mining business with clients from any part of the world.

Lastly, starting a bitcoin mining business requires professionalism, advanced mathematics skills and a good grasp of how cryptocurrency and the digital payment system works on a global platform.

Besides, you would need to get the required certifications and license and also meet the required standard for such business before you can be allowed to start a bitcoin mining business in the United States.

Starting a Bitcoin Mining Business – Market Research and Feasibility Studies

Demographics and Psychographics

The demographic and psychographic composition of those who require the services of bitcoin miners are not restricted to bitcoin exchange and trading companies and bitcoin traders, people and organizations that make online transactions in your immediate community or state, but it cuts across people on the cyber space who make use of bitcoins from all over the world.

This is so because bitcoin is a cryptocurrency and a digital payment system used basically on the internet hence the leverage to work for people and organization all across the globe.

So, if you are looking towards defining the demographics of your bitcoin mining business, you should make it all encompassing. It should include bitcoin exchange and trading companies and bitcoin traders, programmers, investors, and internet – business oriented people and organizations within and outside the United States.

List of Niche ideas Within the Bitcoin Mining Business That You Can Specialize in

Most bitcoin mining companies tend to operate the general bitcoin mining business that a standard bitcoin mining poll/company is expected to offer, that is why it seems like there are no niche areas in the industry.

But on the other hand, some bitcoin mining company may decide to major in some key areas such as:

  • Bitcoin cloud mining
  • Bitcoin cloud hashing
  • Providing other related bitcoin, cryptocurrency and digital payment system consulting and advisory services

The Level of Competition in the Bitcoin Mining Services Industry

The level of competition in the cryptocurrency and a digital payment system industry does not in any way depend on the location of the business since most people that mine bitcoin can operate from any part of the world and still effectively compete in the bitcoin mining line of business cum cryptocurrency and a digital payment system industry.

When it comes to bitcoin mining, distance is never a barrier when competing for clients especially international clients.

What most clients want is result, hence they are ready to make use of bitcoin miners or bitcoin mining platforms no matter the part of the world they operate from as long as they have good track record and can deliver excellent results when it comes to mining and selling bitcoins to them.

There are several bitcoin miners and bitcoin mining pools scattered all around the United States and in the cyber space.

So, if you choose to start your own bitcoin mining company in the United States, you will definitely meet stiffer competitions not only amongst bitcoin mining companies in the United States, but also all over the globe especially if you choose to specialize in cryptocurrency and digital payment system.

List of Well – Known Brands in the Bitcoin Mining Business

In every industry, there are always brands that perform better or are better regarded by customers and the general public than others. Some of these brands are those that have been in the industry for a long time, while others are best known for the results they deliver.

These are some of the leading bitcoin mining companies (bitcoin mining pools) in the United States of America and also in the globe:

Economic Analysis

As an ICT aspiring entrepreneur who is looking for a business that requires programming and mathematics skills and perhaps minimal startup capital to start, then you can consider starting a bitcoin mining pool.

The cost of running a standard bitcoin mining pool when compared to the turnover you get can be poles apart (this is applicable when you have been able to establish your feet in the industry).

One thing is certain when it comes to the bitcoin mining business and most internet based businesses, you are sure of making profits when you successfully produce results that are measurable.

As a matter of fact, the cost of running the business from start to finish could be restricted to the cost of making phone calls, transportation and internet subscriptions, PR and of course bitcoin mining and hashing hardware and software et al.

Starting Your Bitcoin Mining Company from Scratch vs Buying a Franchise

When it comes to starting a business of this nature, it will pay you to start from the scratch as against buying a franchise.

First and foremost, it is your ability to mine or hash bitcoin that matters not a brand name.

Except you want to join a well-established bitcoin mining pool that fits into your business ideology.

Unfortunately, you can hardly find a franchise of a bitcoin mining pool – company to purchase meaning that if you want to own a bitcoin mining (pool) business, then you must be ready to start from the scratch.

This is so because the business is easy to start if you have the required expertise and it is still pretty much thriving and there are loads of opportunities available to aspiring entrepreneurs that are interested in the industry.

The truth is that it will pay you to start your bitcoin mining company from the scratch. Starting from the scratch will afford you the opportunity to conduct thorough market survey and feasibility studies before choosing a location to launch the business.

Please note that most of the big and successful bitcoin mining companies around started from the scratch and they were able to build a solid business brand.

Possible Threats and Challenges You Will Face When Starting a Bitcoin Mining Business

If you decide to start your own bitcoin mining business today, one of the major challenges you are likely going to face is the presence of well – established bitcoin mining companies who are offering same services that you intend offering. The only way to avoid this challenge is to create your own market.

Some other threats that you are likely going to face as a bitcoin mining company operating in the United States are hosting issues, installation or upkeep troubles, heat, unfavorable government policies, and global economic downturn which usually affects purchasing/spending power. There is hardly anything you can do as regards these threats other than to be optimistic that things will continue to work for your good.

Starting a Bitcoin Mining Business – Legal Matters

Best legal entity to use for this type of business

Generally, you have the options of either choosing a general partnership, limited liability company which is commonly called an LLC, or a sole proprietorship for a business such as a bitcoin mining company.

Ordinarily, general partnership should have been the ideal business structure for a small – scale bitcoin mining business especially if you are just starting out with moderate startup capital.

But people prefer limited liability Company for obvious reasons. As a matter of fact, if your intention is to grow the business and have clients both corporate and individual from all across the United States of America and other countries of the world, then choosing general partnership is not an option for you. Limited Liability Company, LLC will be highly suitable for you.

Setting up an LLC protects you from personal liability. If anything goes wrong in the business, it is only the money that you invested into the limited liability company that will be at risk. It is not so for sole proprietorships and general partnerships. Limited liability companies are simpler and more flexible to operate and you don’t need a board of directors, shareholders meetings and other managerial formalities.

These are some of the factors you should consider before choosing a legal entity for your bitcoin mining (pool) business; limitation of personal liability, ease of transferability, admission of new owners, investors’ expectation and of course taxes.

If you take your time to critically study the various legal entities to use for your bitcoin mining business, you will agree that limited liability company; an LLC is most suitable. You can start this type of business as limited liability company (LLC) and in future convert it to a ‘C’ corporation or an ‘S’ corporation especially when you have the plans of going public.

Catchy Business Name ideas Suitable for a Bitcoin Mining Company

Generally, when it comes to choosing a name for a business, it is expected that you should be creative because whatever name you choose for your business will go a long way to create a perception of what the business represents. Usually it is the norm for people to follow the trend in the industry they intend operating from when naming their business.

Insurance Policies

In the United States and in most countries of the world, you can’t operate a business without having some of the basic insurance policy covers that are required by the industry you want to operate from. So, it is imperative to create a budget for insurance policy covers and perhaps consult an insurance broker to guide you in choosing the best and most appropriate insurance policies for your bitcoin mining business.

Here are some of the basic insurance policy covers that you should consider purchasing if you want to start your own bitcoin mining business in the United States of America:

  • General insurance
  • Health insurance
  • Liability insurance
  • Workers compensation
  • Overhead expense disability insurance
  • Business owner’s policy group insurance
  • Payment protection insurance
  • Intellectual Property Protection/Trademark

If you are considering starting your own bitcoin mining business, usually you may not have any need to file for intellectual property protection/trademark. This is so because the nature of the business makes it possible for you to successfully run the business without having any cause to challenge anybody in court for illegally making use of your company’s intellectual properties.

Is Professional Certification Needed to Run a Bitcoin Mining Business?

Apart from the results you produce, professional certification is one of the main reasons why most bitcoin mining companies stand out.

If you want to make an impact in the Bitcoin industry, you should work towards acquiring all the needed certifications in your area of specialization.

Certification validates your competency and shows that you are highly skilled, committed to your career, and up-to-date in this competitive market.

These are some of the certifications you can work towards achieving if you want to run your own bitcoin mining company:

  • Certified Bitcoin Professional (CBP) | Crypto Currency Certification
  • Blockcerts Certification
  • Cryptocurrency certification
  • Ethereum certification
  • Blockchain professional certification

List of Legal Documents You Need to Run a Bitcoin Mining Company

These are some of the basic legal documents that you are expected to have in place if you want to legally run your own bitcoin mining business in the United States of America:

  • Certificate of Incorporation
  • Business License and Certification
  • Business Plan
  • Non – disclosure Agreement
  • Employment Agreement (offer letters)
  • Operating Agreement for LLCs
  • Insurance Policy
  • Contract documents
  • Online Privacy Policy Document (basically   for online payment portal)
  • Company Bylaws
  • Memorandum of Understanding (MoU)
  • Apostille (for those who intend operating beyond the United States of America) 

Financing Your Bitcoin Mining Company

Aside from the amount required to purchase bitcoin mining software and hardware, bitcoins and of course cryptocurrency and other forms of digital payment required to trade with, starting a bitcoin mining business can be cost effective especially if you choose to run the business from your home, share office space with a friend or make use of a virtual office.

Securing a standard office is part of what will consume a large chunk of your startup capital, but if you choose to start the business on a small scale, you may not have the need to go source for fund to finance the business.

When it comes to financing a business, one of the major factors that you should consider is to write a good business plan.

If you have a good and workable business plan document in place, you may not have to labor yourself before convincing your bank, investors and your friends to invest in your business.

Here are some of the options you can explore when sourcing for start – up capital for your bitcoin mining/trading business:

  • Raising money from personal savings and sale of personal stocks and properties
  • Sell of shares to interested investors
  • Pitching your business idea and applying for business grants and seed funding from donor organizations and angel investors
  • Source for soft loans from your family members and your friends

Choosing a Suitable Location for your Bitcoin Mining Business

Bitcoin mining business and most internet service based type of businesses do not require that you see physically with your clients, hence the location you chose does not necessarily need to be top-notch.

But the fact that you can operate your bitcoin mining business from your home does not mean that location has little influence on the success of a bitcoin mining company.

If you have taken your time to study the bitcoin mining and other internet based businesses, you will realize that they are willing to pay expensive rents in order to stay in an ICT hub; a place with pretty strong internet network and of course a place where ICT activities are at its peak.

It is important to note that a business facility in a good location does not come cheap hence you should be able to allocate enough fund for leasing/renting in your budget.

If you are new to the dynamics of choosing a location for a business such as bitcoin mining business, then you should feel free to talk to a business consultant or a realtor who has a full grasp of the city and perhaps country you intend starting your company.

So, if you are looking for a location for your bitcoin mining company, ensure that it is a place that is located in an ICT hub; a place with pretty strong internet network and of course a place where ICT activities are at its peak.

Of course, you would not want to locate this type of business in the outskirts of town or a place without strong internet network. Your clients should be able to drive down and locate your office with little or no difficulty.

Starting a Bitcoin Mining Business – Technical and Manpower Details

In order to successfully launch a bitcoin mining business, you will definitely need bitcoin mining software apps and hardware such as Application-specific integrated circuit (ASIC) machines and other cryptocurrency and digital payment system related software apps and wallet.

So also, you will need computers, internet facility, telephone, fax machine and office furniture (chairs, tables, and shelves).

When it comes to choosing between renting and leasing an office space, the size of the bitcoin mining company you want to build, and your entire budget for the business should influence your choice.

If you have enough capital to run a standard bitcoin mining company, then you should consider the option of leasing a facility for your office.

As regards the number of employees that you are expected to kick start the business with, you would need to consider your finance before making the decision.

Averagely, you would need a Chief Executive Officer or President (you can occupy this role), an Admin and Human Resource Manager, Bitcoin Miners and Hashers, Programmers and Software Developers, Business Development Executive/marketing Executive, Customer Service Officer or Front Desk Officer, and Accountant.

Over and above, you would need a minimum of 8 key staff to effectively run a medium scale but standard bitcoin mining company.

Please note that there will be times when you are expected to go out of your way to hire experts to help you handle some high – profile internet based currency consultancy contracts especially from big corporations.

If you are just starting out, you may not have the financial capacity or required business structure to retain all the professionals that are expected to work with you which is why you should make plans to partner with other programmers and software app developers and computer engineers that operates as freelancers.

The Service Delivery Process of a Bitcoin Mining Company

It is the tradition in the cryptocurrency industry for bitcoin miners to help keep the Bitcoin network secure by approving transactions.

The truth is that mining is an important and integral part of Bitcoin that ensures fairness while keeping the Bitcoin network stable, safe and secure.

In the cryptocurrency and other forms of digital payment system industry, bitcoin miners use special software to solve math problems and are issued a certain number of bitcoins in exchange. This provides a smart process of issuing the currency and also creates an incentive for more people to mine.

For instance, when a block is discovered, the miners are rewarded a certain number of bitcoins, which is agreed-upon by everyone in the network.

Currently the reward is 6.25 bitcoins and this value will halve every 210,000 blocks.

Additionally, the bitcoin miner is awarded the fees paid by users sending transactions. The fee is an incentive for the bitcoin miner to include the transaction in their block.

It is important to state that a bitcoin mining (pool) company may decide to improvise or adopt any business process and structure that will guarantee them efficiency and flexibility; the above stated business cum services process is not cast on stone.

Starting a Bitcoin Mining Business – The Marketing Plan

Marketing ideas and strategies

As a bitcoin mining company, you would have to prove your worth over and over again before you can be awarded any bitcoin mining and hashing contracts from corporate clients.

So, if you have plans to start your own bitcoin mining company, it will pay you to first build a successful career in the digital payment system industry.

People and organizations will hire your services to help them handle all their bitcoin mining and hashing needs if they know that they are going to get good returns on their investment.

So, when you are drafting your marketing plans and strategies for your bitcoin mining company, make sure that you create a compelling personal and company profile.

Aside from your qualifications and experience, it is important to clearly state in practical terms what you have been able to achieve in time past as it relates to the cryptocurrency industry and the organizations you have worked for in time past.

This will help boost your chances in the market place when sourcing for bitcoin mining and hashing contracts.

Businesses these days are aware of the power of the internet and which is why they will do all they can to maximize the internet to market their services.

In other words, a larger percentage of your marketing efforts should be directed to internet users.

Here are some of the platforms you can utilize to market your bitcoin mining company:

  • Introduce your business by sending introductory letters alongside your brochure to all the bitcoin exchange and trading companies and bitcoin traders, programmers, investors, and internet – business oriented people and organizations within and outside the United States
  • Promptness in bidding for bitcoin mining and hashing contracts from bitcoin exchange and trading companies cum bitcoin traders, programmers, investors, and internet – business oriented people and organizations within and outside the United States
  • Advertise your business in relevant programming magazines, radio and TV stations (make yourself available for bitcoin mining and cryptocurrency related talk shows and interactive sessions on TV and Radio)
  • List your business on local directories
  • Attend international bitcoin mining and cryptocurrency related seminars and business fairs
  • Create different packages for different category of clients in order to work with their budgets
  • Join related associations around you with the main aim of networking and marketing your services; you are likely going to get referrals from such networks
  • Engage the services of online marketing executives and business developers to carry out direct marketing

Factors That Will Help You Get the Right Product Pricing

Some of the key factors that will help you mine or hash bitcoin in a profitable pricing system is to ensure that you work with highly talented programmers and mathematicians in your bitcoin mining pool.

You should also ensure that you get your bitcoin mining software and hardware at good deal not forgetting to run your maintenance as at when due.

Another strategy that will help you offer your bitcoin mining and hashing services at the right price is to ensure that you cut operational and maintenance cost to the barest minimum, and channel your efforts towards marketing and promoting your brand name.

Aside from the fact that this strategy will help you save cost, it will also help you get the right pricing for your products.

Strategies to Boost Your Bitcoin Mining Brand Awareness and Create Your Corporate Identity

If your intention of starting a bitcoin mining company is to grow the business beyond the city where you are going to be operating from to become a national and international brand, then you must be ready to spend money on promotion and advertisement of your brand.

In promoting your brand and corporate identity, you should leverage on both print and electronic media and also social media (the internet).

As a matter of fact, it is cost effective to use the internet and social media platforms to promote your brands, besides it is pretty much effective and wide reaching.

Another strategy is to sponsor relevant programmer/ICT based programs, TV and radio programs, advertise your business in relevant magazines and newspapers. Below are the platforms you can leverage on to boost your brand and to promote and advertise your business.

Place adverts on ICT magazines and related newspapers, radio and TV stations

Encourage the use of word of mouth publicity from your loyal customers

Leverage on the internet and social media platforms like YouTube, Instagram, Facebook, Twitter, LinkedIn, Snapchat, Badoo, Google+ and other platforms to promote your business

Ensure that you position your banners and billboards in strategic positions all around your city

Distribute your fliers and handbills in target areas in and around our neighborhood

Contact bitcoin exchange and trading companies cum bitcoin traders, programmers, investors, and internet – business oriented people and organization within and outside the United States by calling them up and informing them of your organization and the bitcoin mining and hashing services you offer

Advertise your business in your official website and employ strategies that will help you pull traffic to the site

Brand all your official cars and ensure that all your staff members wear your branded shirt or cap at regular intervals.

Did you find this article helpful?

If so, please consider a donation to help the evolution and development of more helpful articles in the future, and show your support for alternative articles.

Your generosity is 💚 ly appreciated

You can donate in any crypto your 💚 desires 😊

Thank you all for your time !!!

✌ & 💚


Bitcoin (BTC) :

1P1tTNFGRZabK65RhqQxVmcMDHQeRX9dJJ


LiteCoin(LTC) :

LYAdiSpsTJ36EWCJ5HF9EGy9iWGCwoLhed


Ethereum(ETH) :

0x602e8Ca3984943cef57850BBD58b5D0A6677D856


EthereumClassic(ETC) :

0x602e8Ca3984943cef57850BBD58b5D0A6677D856


Cardano(ADA) :

addr1q88c5cccnrqy6xesszzvf7rd4tcz87klt0m0h6uvltywqe8txwmsrrqdnpq27594tyn9vz59zv0n8367lvyc2atvrzvqlvdm9d


BinanceCoin(BNB) :

bnb1wwfnkzs34knsrv2g026t458l0mwp5a3tykeylx


BitcoinCash (BCH)

1P1tTNFGRZabK65RhqQxVmcMDHQeRX9dJJ


Bitcoin SV (BSV)

1P1tTNFGRZabK65RhqQxVmcMDHQeRX9dJJ


ZCash(ZEC) :

t1fSSQX4gEhove9ngcvFafQaMPq5dtNNsNF


Dash(DASH) :

XcWmbFw1VmxEPxvF9CWdjzKXwPyDTrbMwj


Shiba(SHIB) :

0x602e8Ca3984943cef57850BBD58b5D0A6677D856


Tron(TRX) :

TCsJJkqt9xk1QZWQ8HqZHnqexR15TEowk8


Stellar(XLM) :

GBL4UKPHP2SXZ6Y3PRF3VRI5TLBL6XFUABZCZC7S7KWNSBKCIBGQ2Y54


Shared with 💚 by Free Spirit

✌ & 💚

Bitcoin and it’s History

Finance, like most human inventions, is constantly evolving.

In the beginning it was basic: food was traded for livestock, and livestock for resources like wood, or maize. It progressed to precious metal, such as silver and gold. And now, the next step in financial evolution has come to light.

This new form of currency has been constantly evolving over the past decade, developed by an unknown person and maintained by a collective group of the brightest minds in technology.

It’s a new form of money that is created and held digitally, and the most important part, of course, is that no government owns it, or decides its value – the peer-to-peer network community does.

We call this new money, ‘Bitcoin’.

Historically, U.S. currency has been based on gold – you could give a dollar to the bank and receive a set amount back in gold. In contrast, Bitcoin isn’t based on silver or gold – it’s based on mathematical proofs validated by a public ledger called blockchain technology.

Bitcoin is generated through a complex sequence of mathematical formulas that run on computers; the network shares a public ledger using blockchain technologies that record, and validate, every transaction processed.

A single institution, such as the government, does not control the Bitcoin network.

The idea behind the technology has always been – and remains – one of decentralization – that is, remaining completely independent of a central authority, like a bank, a government, or a country.

Anyone can access the open-source software that makes Bitcoin work, and its those individuals interested that maintain it.

But, who invented Bitcoin? Is it a valid and legitimate currency like USD? And why did nobody think of this before?

But before we begin, let’s talk about the creator of Bitcoin – or rather, the anonymous pseudonym that first published a concept.

How Did Bitcoin Start?

There are many questions about Bitcoin, but the most common one to be asked is, “Who created it?”

That answer is not straightforward, because the identity of the creator remains a mystery. All we have is a pseudonym – Satoshi Nakamoto.

The accounts are no longer active; the coins in his wallet have never been spent.

Satoshi Nakamoto has disappeared from the world, or so it would seem.

Fast Company recently published an article suggesting that Satoshi Nakamoto could be a group of people, including Neal King, Vladimir Oksman, and Charles Bry. Apparently, these three people filed for a patent related to secure communication just two months prior to the purchase of the Bitcoin.org domain. Perhaps it’s a coincidence; perhaps it’s not.

What we do have, however, are facts:

  • On October 31st, 2008, “Bitcoin: A Peer-to-Peer Electronic Cash System” was posted to a cryptography mailing list, published under the name “Satoshi Nakamoto”. The whitepaper outlined the foundation of how Bitcoin would operate.
  • On August 18, 2008, an unknown person or entity registered the Bitcoin.org domain.
  • On January 8th, 2009, the first version of Bitcoin is announced, and shortly thereafter, Bitcoin mining begins.

The mystery that surrounds Satoshi Nakamoto is fitting; privacy was a key value for both Bitcoin, and its users.

Others have tried to claim his mantle – most recently an Australian man named Craig Wright, who has since withdrawn his claim.

While we may never know who first created Bitcoin, we do know that the technology he started has left ripples in the financial industry.

Bitcoin has risen to fame thanks to individuals such as the Winklevoss twins controlling and growing the market, and major events that have defined this new technology’s existence such as the Mt. Gox Ponzi scheme disaster.

The people involved and the events that occur are a constant reminder that this market is unregulated and seem to fall in line with Satoshi Nakamoto’s goal of creating a decentralized network.

What is Bitcoin Used For?

Currency must have value to ensure stability.

The most common way for a person to judge a currency’s value is what they can use it on; Bitcoin is no different, and a host of vendors and merchants now accept it alongside, or in place of, fiat money.

One early adopter of Bitcoin was the computer retailer Dell. In fact, when Dell started accepting Bitcoin, it became one of the largest companies to do so internationally.

While the digital currency may total for just a fraction of the retailer’s total transaction volume, there are other key reasons why the growth of Bitcoin could be aboon for the retailer.

Dell reported earnings of $59 billion during 2015. Traditional transaction fees range from 2 to 3 percent of the purchase price – with Bitcoin, it’s much, much lower, nearing non-existent – saving the retailer a lot of money in the future.

Other companies, such as Expedia and Cheapair, have also started accepting Bitcoin, along with technology conglomerate Microsoft : users can add funds to their accounts with Bitcoin to purchase apps, games, and other types of digital content.

The acceptance of Bitcoin is a strategic decision on the part of these companies, most of which are reaching out to solidify their position with tech-savvy audiences.

There’s a lot of benefit to Bitcoin, and a variety of reasons for its use, including :

  • Faster Payment: Accepting wire transfers and checks is time consuming, and it can take several days for payment to clear. Bitcoin is faster and can take a matter of minutes, rather than days to process payment.
  • Lower Transaction Fees: The cost to accept Bitcoins is lower compared to other payment methods, such as credit cards or Paypal.
  • Independent of Governments: Since Bitcoin is decentralized, you own it – no authority has the right to take away your Bitcoin. People with concerns about mainstream banking systems unravelling find this a major benefit.
  • Elimination of Chargebacks: Once Bitcoin is sent, that’s it – you can’t chargeback, like you would with a credit card payment, which eliminates ‘chargeback fraud’ often used by criminals and scammers.
  • Protection Against Inflation: With a fiat currency, the government can print as much money as it desires – this drastically decreases the value of currency, and may result in inflation. In contrast, Bitcoin has a fixed number – after they have all been ‘mined’, no more Bitcoins will be created. Scarcity is an important aspect of currency which protects it from inflation.
  • Ownership of Currency: With Bitcoin, you own your coins. With other forms of digital fiat – such as Paypal – your assets may be held, and your account eventually suspending, locking you out of your earnings. Bitcoin puts you in control.

Is Bitcoin a Commodity, or a Currency?

Bitcoin is both. While it can be used to purchase items from major retailers, it’s also treated as property by government jurisdictions, such as the IRS.

The IRS issued a guide on Bitcoin for tax purposes, stating it will treat virtual currencies as property for federal purposes. They go on to state that:

In some environments, virtual currency operates like “real” currency — i.e., the coin and paper money of the United States or of any other country that is designated as legal tender, circulates, and is customarily used and accepted as a medium of exchange in the country of issuance — but it does not have legal tender status in any jurisdiction.

The notice provides that virtual currency is treated as property for U.S. federal tax purposes.

Typically, property is almost always something tangible that can be held in the physical realm.

The IRS goes on to state that:

General tax principles that apply to property transactions apply to transactions using virtual currency. Among other things, this means that:

  • Wages paid to employees using virtual currency are taxable to the employee, must be reported by an employer on a Form W-2, and are subject to federal income tax withholding and payroll taxes.
  • Payments using virtual currency made to independent contractors and other service providers are taxable and self-employment tax rules generally apply. Normally, payers must issue Form 1099.
  • The character of gain or loss from the sale or exchange of virtual currency depends on whether the virtual currency is a capital asset in the hands of the taxpayer.
  • A payment made using virtual currency is subject to information reporting to the same extent as any other payment made in property.

In addition to the IRS’s guidance, the United States Commodities Futures Trading Commission in 2015 that Bitcoin is, in fact, a commodity.

The Future of Currency

Bitcoin has garnered a lot of attention over the past decade, despite constant declarations of its death – 99 Bitcoins keeps a running tab of ‘Bitcoin obituaries’.

Despite all of this, Bitcoin’s future has remained bright. Greater adoption rates, and an increasing number of brands accepting the currency (you can get a full list qui) means the long-term view on Bitcoin is that it will see market maturity as time progresses.

Mainstream investing vehicles, such as exchange-traded funds (ETFs) and Futures trading, including Bitcoin will be a major help to reaching that market maturity. Bitcoin Futures are already trading on the Chicago Mercantile Exchange (CME), and legislation to create a crypto ETF is in the works.

These securities will help stabilize cryptocurrency prices and mitigate volatility, which will help the public’s confidence grow in favor of Bitcoin.

It’s important to understand that, much like the early days of 1992, Bitcoin is a new technology – and new technologies can take decades to reach critical mass.

But, much like the Internet, no one wants to miss out on the ‘next big thing’ – and Bitcoin is the biggest thing yet. Constant updates are occurring to Bitcoin thanks to what is called a “hard fork”.

These constant updates ensure that digital currencies continue to experience growth through technological development.

Did you find this article helpful?

If so, please consider a donation to help the evolution and development of more helpful articles in the future, and show your support for alternative articles.

Your generosity is 💚 ly appreciated

You can donate in any crypto your 💚 desires 😊

Thank you all for your time !!!

✌ & 💚


Bitcoin (BTC) :

1P1tTNFGRZabK65RhqQxVmcMDHQeRX9dJJ

LiteCoin(LTC) :

LYAdiSpsTJ36EWCJ5HF9EGy9iWGCwoLhed

Ethereum(ETH) :

0x602e8Ca3984943cef57850BBD58b5D0A6677D856

EthereumClassic(ETC) :

0x602e8Ca3984943cef57850BBD58b5D0A6677D856

Cardano(ADA) :

addr1q88c5cccnrqy6xesszzvf7rd4tcz87klt0m0h6uvltywqe8txwmsrrqdnpq27594tyn9vz59zv0n8367lvyc2atvrzvqlvdm9d

BinanceCoin(BNB) :

bnb1wwfnkzs34knsrv2g026t458l0mwp5a3tykeylx

BitcoinCash(BCH)

1P1tTNFGRZabK65RhqQxVmcMDHQeRX9dJJ

BitcoinSV(BSV)

1P1tTNFGRZabK65RhqQxVmcMDHQeRX9dJJ

ZCash(ZEC) :

t1fSSQX4gEhove9ngcvFafQaMPq5dtNNsNF

Dash(DASH) :

XcWmbFw1VmxEPxvF9CWdjzKXwPyDTrbMwj

Shiba(SHIB) :

0x602e8Ca3984943cef57850BBD58b5D0A6677D856

Tron(TRX) :

TCsJJkqt9xk1QZWQ8HqZHnqexR15TEowk8

Stellar(XLM) :

GBL4UKPHP2SXZ6Y3PRF3VRI5TLBL6XFUABZCZC7S7KWNSBKCIBGQ2Y54

Shared with 💚 by Free Spirit

✌ & 💚

Anarchy Legacy

A Crypto Anarchist’s Legacy

Airfoil Dec 20, 2018

Timothy May on the cover of the second issue of Wired magazine with 2 fellow cypherpunks

Sadly, this past week we lost an icon that helped to spur the cypherpunk movement. Timothy May, who wrote The Crypto Anarchist Manifesto in 1988, lauched a movement that is still very prominent today.

For the uninitiated, a Crypto-Anarchist focuses on subverting the current laws and using new technologies to the benefit of the common man.

In the original manifesto, May says crypto-anarchy focuses on “encryption, digital money, anonymous networks, digital pseudonyms, zero-knowledge, reputations, information markets, black markets, collapse of governments”.

The manifesto was written just before the first crypto wars began during the early 1990’s.

The governments of the world fiercely opposed the general public using cryptographic encryption protocols.

The idea that a normal citizen could completely hide what they say in an electronic message was their biggest concern.

The governments cited national security as a concern (We’ve heard this excuse used many times before).

Tim May was embroiled in the center of this alongside his group of fellow cypherpunks.

RSA Security, a leading computer securty company founded by world-renowned cryptologists, created this poster against a hardware chip that used a US-government supplied encryption standard

The legislation of the anti-encryption laws would also affect payment processing technology. There was a large push back from tech companies that would have to deal with these issues first-hand.

The crypto wars of the 1990’s ended with the concession from the government that encryption was readily available around the world.

The public had won their first bout against the government surveillance state. Alongside the public, you had the cypherpunks and large tech companies that were all fighting a common threat.

There was not much of an issue in terms of encryption for quite a few more years.

Every few years afterward, the idea of backdoors into encryption schemes were brought up but nothing ever came about these new ideations.

The Crypto Wars Redux

The expansion of computational power and development of more efficient processing equipment closed the gap as to who can gain access to encryption software.

The widespread availabilty of software/hardware that can perform these cryptographic calculations involved in encryption and the ease of use has made it possible for the layman to encrypt their own personal messages, video calls,emails, and notes.

Encrypting an email with someone who has never imported a key to their keyring, or generated their own PGP public/private key pair is a thing of the past.

Many of the services that exist today offer these solutions out of the box. The process has become much easier for all parties involved.

Anyone that is now using this technology benefits from this on a privacy and security level.

With all parties benefitting, the leviathan rears its head once more. Australia has passed an anti-encryption bill that will force large tech companies to allow the Australian government to obtain hardware access(citing national security as a major reason).

Outrage has spilled out of the larger tech companies. The end-to-end zero knowledge messaging/calling app, Signal, has taken a stand against this bill.

This sounds very similar to the issues Tim May was battling with during the early days of the First Crypto War.

The cypherpunks came out on top and I’m sure this legislation will face a similar fate.

May’s Impact on the World

The imprint that Timothy May left on the world is profound. The mass adoption of encryption as well as cryptocurrencies shows just how far ahead of the times he was.

May urged the importance of privacy.

He insisted on the use of encryption to keep your communications private.

Currently on a majority of mobile phones there are applications that provide encrypted communications. Whatsapp uses the Signal protocol which was developed by cypherpunk Moxie Marlinspike.

The rise of cryptocurrencies is an ideal that May was very hopeful for.

May did come out against the anti-privacy issues of bitcoin.

There are projects that offer solutions for this privacy debate.

Much of the developer-base of these certain cryptocurrencies have their foundation based in the cypherpunk tradition.

The Cryptocurrencies that aim for a privacy by default mechanism are monero and the soon to launch GRIN which uses the Mimblewimble Protocol (To see an extremely entertaining introduction to the GRIN project via talk-to-text chat for privacy preservation, listen to the creator of Grin).

Zcash is moving in the direction of private by default and the superior cryptography of the ZK range proofs will help to create a very private cryptocurrency.

Cody WIlson and Amir Taaki who worked on projects focused on the crypto-anarchic tradition including Dark Wallet and Defense Distributed

The impact Tim May made on the world by helping to create a social movement shows the importance and strength of his ideals.

He has impacted a generation of people that are growing up in the digital age.

He influenced builders in the 21st century.

You have people creating new currencies, exposing government surveillance on a national scale, circumventing the broken bueracratic system by creating their own markets, anonymous internet protocols, as well as making encryption applicable to the common man (You can find a list of prominent cypherpunks here and also here).

There isn’t enough that can be said about the applications in which he believed could positively affect us.

May was cognizant of the encroaching all-seeing eye of the state but I believe we are in much better shape now than we’ve ever been.

There may be negative news about what we currently face as individuals, from the unprecedented surveillance of the Snowden leaks to the aforementioned Australian anti-encryption bill, but looking at the grand scheme of our daily lives, these tools and their functions have helped to create a much better day than May could have imagined in 1988.

He was a proponent for the industriousness of human nature to outpace the slow moving regulation that would try to bog down any progress.

You can listen here to what he thought people/creators should do when they develop ground breaking technology.

Arise, you have nothing to lose but your barbed wire fences!

Timothy C. May – “The Crypto Anarchist Manifesto”

Shared with 💚 by Free Spirit

✌ & 💚