Features Of AutodidactismBenefits of Being an AutodidactLeonardo da VinciRabindranath Tagore
“My advice, as in everything, is to read widely and think for yourself.
We need more dissent and less dogma.”
Camille Paglia
“For those of you who may be homeschooled: high school is that four-year asylum where they put teenagers because we have no idea what else to do with them.”
Anthony Esolen
“There is nothing to be gained by pretending that academic involvement is necessary, or even always desirable, in the quest for truth and knowledge.”
Christopher Langan
“Drop out of school before your mind rots from exposure to our mediocre educational system.
Forget about the Senior Prom and go to the library and educate yourself if you’ve got any guts.
Some of you like Pep rallies and plastic robots who tell you what to read.
Forget I mentioned it.
This song has no message.
Rise for the flag salute.”
Frank Zappa, liner notes for song “Hungry Freaks Daddy” on the albumย “Freak Out!“
“That man is intellectually of the mass who, in the face of any problem, is satisfied with thinking the first thing he finds in his head.
On the contrary, the excellent man is he who condemns what he finds in his mind without previous effort, and only accepts as worthy of him what is still far above him and what requires a further effort in order to be reached.”
Josรฉ Ortega y Gasset,ย The Revolt of the Massesย (1929)
“When brought to the proletariat from the capitalist class, science is invariably adapted to suit capitalist interests.
What the proletariat needs is a scientific understanding of its own position in society.
That kind of science a worker cannot obtain in the officially and socially approved manner. …
For this reason he must be completely self-taught.”
Karl Kautsky
“Only the autodidacts are free.”
Nassim Nicholas Taleb,ย “Antifragile: Things That Gain from Disorder”
In a first, Bitcoin developers have done something amazing amid the criticism over the lightning network and issues associated with it. A team of developers has made an international payment using the radio … Continue reading International payment using the radio waves→
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Bitcoin white paper turns 15 and the Legacy of Satoshi Nakamoto lives on. โIโve been working on a new electronic cash system thatโs fully peer-to-peer, with no trusted third party,โ Satoshi Oct. 31, … Continue reading Bitcoin White Paper turn 15→
For the first time in human history there is at the disposal of the masses a tool that eliminates the middlemen and takes trust from the hands of humans and beautifully makes it a mathematics code that cannot be breaken, hacked or tricked…
In a first, Bitcoin developers have done something amazing amid the criticism over the lightning network and issues associated with it. A team of developers has made an international payment using the radio … Continue reading International payment using the radio waves→
My inspiration for this page was given to me by my new aquired friend, a fellow Truth Seeker – Joris and to whom I dedicate this page… Wish you… as well as to … Continue reading Discipline Quotes→
Bitcoin white paper turns 15 and the Legacy of Satoshi Nakamoto lives on. โIโve been working on a new electronic cash system thatโs fully peer-to-peer, with no trusted third party,โ Satoshi Oct. 31, … Continue reading Bitcoin White Paper turn 15→
The chess grandmaster expects a basket of coins to replace the dollar within a decade.
Garry Kasparov (Mark Wilson/Getty Images)
Garry Kasparov knows math. He knows logic, strategy and decision-making. Widely regarded as the greatest chess player in the history of mankind, the Russian grandmaster โ ranked No. 1 from 1984 to 2005 โ sees the world with a certain clarity.
So it will delight many in the blockchain industry to learn that Kasparov, easily one of the smartest people alive, is now a champion of cryptocurrency. And itโs partly because of math. Kasparov has spent his โretirementโ opposing Russian President Vladimir Putin (a defiance that once got him tossed in jail), fighting for humanitarian causes and serving as chairman of the Human Rights Foundation (a nonprofit that strongly supportsย bitcoin as a freedom-giving tool). Now he views crypto as a way to check government power. Bitcoin offers protection against rampant government spending, says Kasparov, โbecause youโre protected by mathโ โ by the logic of the code itself.
Kasparov also sees merit in non-fungible tokens. In December, in partnership with 1Kind, he dropped a series of 32 NFTs that showcase iconic moments from his life: the 1985 match that crowned him as the youngest world chess champion, the epic battle against International Business Machinesโ artificial intelligence-powered โDeep Blueโ and speeches against totalitarian governments.
Itโs this battle against totalitarianism that has defined the current chapter of his life, and Kasparov sees crypto as part of that struggle. Or as the grandmaster puts it, โI believe that supporting crypto is an important part of my contribution to the future of humanity.โ
CoinDesk: Howโd you get into the crypto space?
Kasparov: If you followed my career and read about my early interest in computers and technology, you should not be surprised that I was very excited when I recognized the value of cryptocurrencies and NFTs.
This goes all the way back to the โ80s; I always tried to be at the cutting edge. It started with chess. But I also saw an opportunity to use computers and new tools to advance individual freedoms. Itโs my belief that technology should help people fight back against the power of the state.
How do cryptocurrencies fit into that?
Cryptocurrencies become an inseparable part of or progress, because the whole world is moving digital.
And if the economy becomes more digital, so does the money. Another philosophical reason is that โฆ governments [have] unlimited opportunities to print money. And printing money is the most exquisite form of borrowing from us and from future generations.
And I believe that cryptocurrencies โ with bitcoin as a standard โ offer a protection against this onslaught of the government, because youโre protected by math. Youโre protected by the limited number of any code behind the respective currency. Cryptocurrencies, and all the products related to cryptocurrencies, are absolutely vital for the future development of our world.
How, specifically, did you first get involved?
My first indirect involvement was through the Human Rights Foundation. Because in the Human Rights Foundation, we had a few experts that have been advocating cryptocurrencies at a very early stage. And as an organization, we offer support to the dissidents around the world.
We thought about using crypto as a way to help them to get material help, because in many countries it was impossible โ and itโs still impossible โ to actually get proper funding. So crypto offered an opportunity to support these activists indirectly. And the more I learned about it, the more interested I got in the whole mechanism.
Can you elaborate on why this is important to you?
Look, crypto is a controversial thing. Because you hear a lot of people say, โOh, thatโs money laundering. That helps bad guys.โ True. I mean, no technology is uniquely good, because itโs technology. Humans still have a monopoly for evil.
So, Iโve been doing a lot of talks about it, and Iโll say, โLook, itโs not the magic wand or the terminator. Itโs not a harbinger of utopia or dystopia. Itโs a tool.โ Crypto is a tool. And of course it could benefit some bad guys with maligned intentions. But itโs about the balance, itโs about trade-offs. And I think the balance is so much in favor of progress.Itโs like the dot-com bubble. 99.9% will be gone. But those that survive will become the Googles of the world.
You mentioned cryptoโs ability to help protect human rights in undemocratic countries. What do you see as the benefits in democratic countries?
In the democratic countries in America and Europe, trillions of dollars will be printed. Iโm an American taxpayer. And I understand that you need to build new infrastructure. But Iโm not happy to see that the government has a free hand to use my taxes, basically to devalue [the dollar].
So I think itโs very important that technology would offer me an opportunity to fight back, to protect my hard-earned fortune. And I think that bitcoin โ which I believe is online gold โ and other cryptocurrencies are the way to the future. Iโm not a financial expert, but I would not be surprised if, I would not be surprised if, in 10 yearsโ time, the dollar will be replaced by the basket of coins as a standard.
Iโm guessing itโs safe to say you own bitcoin?
Iโm a great believer in the future of coins.
I suppose if you believe that, then it would almost be foolish not to be buying Bitcoin?
Yes.
Thoughts on the future of bitcoin?
Well, I think bitcoin will remain as a standard. But of course it cannot stay alone. So thatโs why you have more coins coming in. Itโs a natural process. Now we have thousands and thousands of coins. Itโs like the dot-com bubble. Ninety-nine point nine percent will be gone. But those that survive will become the Googles of the world. Iโm not here to judge which one, but there will be few that will survive โ thatโs why I said basket of coins.
In the past, your championing of human rights has gotten you in trouble with the Russian authorities. Given that background, are you concerned that your support for cryptocurrency can get you in hot water?
Well, this is definitely a no. [In the past,] I was in hot water. To give you an idea, one of the NFTs is a picture of my first arrest in Russia. So itโs all reflected in my NFT. Look, this is much less perilous than to attack Putin directly.
I grew up in the Soviet Union, and learned from my mother and my teacher the motto of Soviet dissidents, โDo what you must, and so be it.โ And I believe that supporting crypto is an important part of my contribution to the future of humanity. And, again, I [view it] as a much less risky endeavor than speaking publicly about Putin or other dictators.
I donโt pretend to be a great expert in NFTs, but Iโm not aware of anything similar that exists. Itโs a collection of 30-plus NFTs that are related to special events in my life and special people in my life. This is a story that connects you to very personal moments. Every NFT has a video message.
Itโs all connected to the physical assets, like my notebooks from the โ70s. Thanks to my late mother, who preserved this archive, you can actually look at me scribbling in 1973.
The NFTs all reflect the moments of me growing up, learning from my mother, and from my teachers, and then fighting for the title, and then shifting my life and moving into human rights and computers.
Interesting. This feels almost like a memoir, in a sense. Iโve worked with CEOs before to collaborate on their memoirs, and one thing Iโve found is that the process can almost be emotional, or even a bit therapeutic. Did you have any sense of that?
The whole story starts from a very emotional moment, though itโs a tragic one. My mother died on Christmas day last year, from COVID. And I couldnโt be next to her, and that was a really big blow because we were so close.
While she was alive, I didnโt even know that she preserved all these archives. She was not happy to talk about the past. Thatโs why I [held off] on any major publication that would highlight [the past]. I wrote two books, but not the one that could tell everything.
After she died, I thought it would be right for me [to honor] her memory to actually start doing things. Iโm doing a documentary now; itโs in Russian. The first segment will be ready early next year. And I hope I can cover my entire chess career, and itโs for her. Itโs dedicated for her. And this [NFT] project was inspired by this tragedy. I thought it was very important to show my personal life and her connection, and why she was so important.
In a first, Bitcoin developers have done something amazing amid the criticism over the lightning network and issues associated with it. A team of developers has made an international payment using the radio … Continue reading International payment using the radio waves→
My inspiration for this page was given to me by my new aquired friend, a fellow Truth Seeker – Joris and to whom I dedicate this page… Wish you… as well as to … Continue reading Discipline Quotes→
Bitcoin white paper turns 15 and the Legacy of Satoshi Nakamoto lives on. โIโve been working on a new electronic cash system thatโs fully peer-to-peer, with no trusted third party,โ Satoshi Oct. 31, … Continue reading Bitcoin White Paper turn 15→
Power to the PeopleNot by Force but by Free WillThe Choice is always YoursArise…Choose Wisely…People do not understand the Monetary SystemPrivacy is not Secrecy.VeritasBitcoin cannot be ShutDownPower of the long tailCypherPunks Write Codebitcoin Genesis Block
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โA mysterious new technology emerges, seemingly out of nowhere, but actually the result of two decades of intense research and development by nearly anonymous researchers.
Political idealists project visions of liberation and revolution onto it; establishment elites heap contempt and scorn on it.
On the other hand, technologists โ nerds โ are transfixed by it.
They see within it enormous potential and spend their nights and weekends tinkering with it.
Eventually mainstream products, companies and industries emerge to commercialize it; its effects become profound; and later, many people
wonder why its powerful promise wasnโt more obvious from the start.
What technology am I talking about?
Personal computers in 1975, the Internet in 1993, and โ I believe โ Bitcoin in 2014โฆ.
The practical consequence of solving this problem is that Bitcoin gives us, for the first time, a way for one Internet user to transfer a unique piece of digital property to another Internet user, such that the transfer is guaranteed to be safe and secure, everyone knows that the transfer has taken place, and nobody can challenge the legitimacy of the transfer.
The consequences of this breakthrough are hard to overstate.
What kinds of digital property might be transferred in this way?
Think about digital signatures, digital contracts, digital keys (to physical locks, or to online lockers), digital ownership of physical assets such as cars and houses, digital stocks and bonds โฆ
and digital moneyโ.
โ Marc Andreessen, Founder of Netscape & well-known venture capitalist, 2014
In a first, Bitcoin developers have done something amazing amid the criticism over the lightning network and issues associated with it. A team of developers has made an international payment using the radio … Continue reading International payment using the radio waves→
My inspiration for this page was given to me by my new aquired friend, a fellow Truth Seeker – Joris and to whom I dedicate this page… Wish you… as well as to … Continue reading Discipline Quotes→
Bitcoin white paper turns 15 and the Legacy of Satoshi Nakamoto lives on. โIโve been working on a new electronic cash system thatโs fully peer-to-peer, with no trusted third party,โ Satoshi Oct. 31, … Continue reading Bitcoin White Paper turn 15→
Cryptoassets being held, generally as longer-term plays; sometimes used self-deprecatingly for soft or losing positions one should close, but canโt for whatever reason. โToo bad none of my alt bags saw the moon that I did today. #cryptoeclipseโ
Bitcoin Maximalists
The truest believers in bitcoinโs original mission and design, often paired with a disdain for altcoins.
Block
Blocks are found in the Bitcoin block chain. Blocks connect all transactions together.
Transactions are combined into single blocks and are verified every ten minutes through mining.
Each subsequent block strengthens the verification of the previous blocks, making it impossible to double spend bitcoin transactions (see double spend below).
BIP
Bitcoin Improvement Proposal or BIP, is a technical design document providing information to the bitcoin community, or describing a new feature for bitcoin or its processes or environment which affect the Bitcoin protocol.
New features, suggestions, and design changes to the protocol should be submitted as a BIP.
The BIP author is responsible for building consensus within the community and documenting dissenting opinions.
Black Swans
A black swan is an event or occurrence that deviates beyond what is normally expected of a situation and is extremely difficult to predict.
Black swan events are typically random and unexpected.
The term was popularized by Nassim Nicholas Taleb, a finance professor, writer, and former Wall Street trader.
Block Chain
The Bitcoin block chain is a public record of all Bitcoin transactions. You might also hear the term used as a โpublic ledgerโ.
The block chain shows every single record of bitcoin transactions in order, dating back to the very first one.
The entire block chain can be downloaded and openly reviewed by anyone, or you can use a block explorer to review the block chain online.
Block Height
The block height is just the number of blocks connected together in the block chain. Height 0 for example refers to the very first block, called the โgenesis blockโ.
Block Reward
When a block is successfully mined on the bitcoin network, there is a block reward that helps incentivize miners to secure the network.
The block reward is part of a โcoinbaseโ transaction which may also include transaction fees.
The block rewards halves roughly every four years; see also โhalvingโ.
BTFD | #BTFD
โBuy the Fucking Dipโ Advice to other traders to pick up a coin thatโs presumably hit its bottom.
โ$GNT Golem making moves. Underpriced @ 7.5K If U are buying GNT under 10K still a good price 3 X LETS GO $ETH #CRYPTO #trading #BTFDโ
Change
Letโs say you are spending $9.90 in your local supermarket, and you give the cashier $10.00. You will get back .10 cents in change.
The same logic applies to bitcoin transactions.
Bitcoin transactions are made up of inputs and outputs.
When you send bitcoins, you can only send them in a whole โoutputโ.
The change is then sent back to the sender.
Cold Storage
The term cold storage is a general term for different ways of securing cryptocurrency offline (disconnected from the internet).
This would be the opposite of a hot wallet or hosted wallet, which is connected to the web for day-to-day transactions.
The purpose of using cold storage is to minimize the chances of your bitcoins being stolen from a malicious hacker and is commonly used for larger sums of bitcoins.
Cold Wallet and Hot Wallet
Cold storage is an offline wallet provided for storing cryptocurrency.
With cold storage, the digital wallet is stored on a platform that is not connected to the internet, thereby, protecting the wallet from unauthorized access, cyber hacks, and other vulnerabilities that a system connected to the internet is susceptible to.
Confirmation
A confirmation means that the bitcoin transaction has been verified by the network, through the process known as mining.
Once a transaction is confirmed, it cannot be reversed or double spent.
Transactions are included in blocks.
Cryptocurrency
Cryptocurrency is the broad name for digital currencies that use blockchain technology to work on a peer-to-peer basis.
Cryptocurrencies donโt need a bank to carry out transactions between individuals.
The nature of the blockchain means that individuals can transact with each other, even if they donโt trust each other.
The cryptocurrency network keeps track of all the transactions and ensures that no one tries to renege on a transaction.
Cryptocurrency 2.0
Also known as a decentralized app,(Dapp) a cryptocurrency 2.0 project uses the blockchain for something other than simply creating and sending money.
They typically involve decentralized versions of online services that were previously operated by a trusted third party.
Cryptography
Cryptography is used in multiple places to provide security for the Bitcoin network.
Cryptography, which is essentially mathematical and computer science algorithms used to encrypt and decrypt information, is used in bitcoin addresses, hash functions, and the block chain.
Cypherpunk
1. A person with an interest in encryption and privacy, especially one who uses encrypted email.
2. Cypherpunk, a term that appeared in Eric Hughesโ โA Cypherpunkโs Manifestoโ in 1993, combines the ideas of cyberpunk, the spirit of individualism in cyberspace, with the use of strong encryption ( ciphertext is encrypted text) to preserve privacy.
Cypherpunk advocates believe that the use of strong encryption algorithms will enable individuals to have safely private transactions.
They oppose any kind of government regulation of cryptography.
They admit the likelihood that criminals and terrorists will exploit the use of strong encryption systems, but accept the risk as the price to be paid for the individualโs right to privacy.
Dark Web
The part of the World Wide Web that is only accessible by means of special software, allowing users and website operators to remain anonymous or untraceable.
The Dark Web poses new and formidable challenges for law enforcement agencies around the world.
Decentralized
Having a decentralized bitcoin network is a critical aspect.
The network is โdecentralizedโ, meaning that itโs void of a centralized company or entity that governs the network.
Bitcoin is a peer-to-peer protocol, where all users within the network work and communicate directly with each other, instead of having their funds handled by a middleman, such as a bank or credit card company.
Difficulty
Difficulty is directly related to Bitcoin mining (see mining below), and how hard it is to verify blocks in the Bitcoin network.
Bitcoin adjusts the mining difficulty of verifying blocks every 2016 blocks.
Difficulty is automatically adjusted to keep block verification times at ten minutes.
Dogecoin
Dogecoin is an altcoin that first started as a joke in late 2013. Dogecoin, which features a Japanese fighting dog as its mascot, gained a broad international following and quickly grew to have a multi-million dollar market capitalization.
Double Spend
If someone tries to send a bitcoin transaction to two different recipients at the same time, this is double spending. Once a bitcoin transaction is confirmed, it makes it nearly impossible to double spend it. The more confirmations that a transaction has, the harder it is to double spend the bitcoins.
DYOR | #DYOR
โDo Your Own Research.โ The traderโs caveat that advice shouldnโt be taken at face value.
โ$BCY has an appealing risk/reward here. Could take a few months to play out, however, and will require patience. #DYORโ
Exit Scam
Traditionally a term for darknet markets and vendors that, after building up a good reputation, accumulate bitcoins and disappear; exit scams are also feared by ICO participants who worry that, once theyโve raised hundreds of millions in hard-to-trace money, the developers will take the money and run.
Fiat
Government-issued money.
Full Node
A full node is when you download the entire block chain using a bitcoin client, and you relay, validate, and secure the data within the block chain.
The data is bitcoin transactions and blocks, which is validated across the entire network of users.
FOMO | #FOMO
โFear of Missing Out.โ When a coin starts to moon, dumb money rushes in. โ$LGD on a TEAR right now!!! It has major highs right now! Some major #FOMO going on!!! Sell while itโs high. It WILL drop before fight!!!โ
FUD
โFear, Uncertainty, and Doubt.โ
Another non-crypto term that describes attempts to scare weak-handed coin-holders into selling their positions, often with rumors of exit scams or hacks; the cheap, dumped coins are then picked up by the FUD-ers.
Fungibility
Fungibility is a good or assetโs interchangeability with other individual goods or assets of the same type.
Assets possessing this fungibility property simplify the exchange and trade processes, as interchangeability assumes everyone values all goods of that class the same.
HODL
HOLD ON FOR DEAR LIFE!
The intentionally misspelled word hodl has its roots in a December 2013 post on the Bitcoin Talk forum, โI AM HODLINGโ; when the author, GameKyuubi, couldnโt be bothered to fix his typo, the community instantly turned it into a verb: to hodl.
Along with other terms, hodl is an effective litmus test for sussing out newcomers, carpetbaggers, and tourists.
Halving
Bitcoins have a finite supply, which makes them scarce.
The total amount that will ever be issued is 21 million.
The number of bitcoins generated per block is decreased 50% every 210,000 blocks,roughtly four years.
This is called โhalving.โ
The final halving will take place in the year 2140.
Hash
A cryptographic hash is a mathematical function that takes a file and produces a relative shortcode that can be used to identify that file.
A hash has a couple of key properties:
โข It is unique.
Only a particular file can produce a particular hash, and two different files will never produce the same hash.
โข It cannot be reversed.
You canโt work out what a file was by looking at its hash.
Hashing is used to prove that a set of data has not been tampered with.
It is what makes bitcoin mining possible.
Hash Rate
The hash rate is how the Bitcoin mining network processing power is measured.
In order for miners to confirm transactions and secure the block chain, the hardware they use must perform intensive computational operations which is output in hashes per second.
Then, try changing just a letter in the input text to see how the resulting hash varies significantly
Hard Fork
A hard fork is when a single cryptocurrency splits in two.
It occurs when a cryptocurrencyโs existing code is changed, resulting in both an old and new version.
Meanwhile a soft fork is essentially the same thing, but the idea is that only one blockchain (and thus one coin) will remain valid as users adopt the update.
So both fork types create a split, but a hard fork is meant to create two blockchain/coins and a soft fork is meant to result in one.
Segwit was a soft fork, Bitcoin Cash, Bitcoin Gold, and Segwit2x are all hard forks.
Immutability
In object-oriented and functional programming, an immutable object (unchangeable object) is an object whose state cannot be modified after it is created.
This is in contrast to a mutable object (changeable object), which can be modified after it is created.
Lambo | #Lambo
A running joke among traders, youโre cryptorich when you can buy a Lamborghini; though absurd, itโs not unheard of โ when Alexandre Cazes, the suspected founder of a major darknet marketplace, was found hanged in his Bangkok jail cell, Thai media reported that he owned four Lamborghinis.
Mining
Bitcoin mining is the process of using computer hardware to do mathematical calculations for the Bitcoin network in order to confirm transactions.
Miners collect transaction fees for the transactions they confirm and are awarded bitcoins for each block they verify.
Moon | #Moon
A rapid price increase.
Peer-to-Peer
Typically, online applications are provided by a central party that organizes all the transactions.
Your bank runs its own computers, and all the customers log into the bankโs computer to handle their transactions.
If Bob wants to send money to Alice, he asks the bank to do it, and the bank controls everything.
In a peer-to-peer arrangement, technology cuts out the middleman, meaning that people deal directly with each other.
Bob would send the money directly to Alice, and there wouldnโt be any bank involved at all.
Pool
As part of bitcoin mining, mining โpoolsโ are a network of miners that work together to mine a block, then split the block reward among the pool miners.
Mining pools are a good way for miners to combine their resources to increase the probability of mining a block, and also contribute to the overall health and decentralization of the bitcoin network.
Private Key
A private key is a string of data that shows you have access to bitcoins in a specific wallet.
Think of a private key like a password; private keys must never be revealed to anyone but you, as they allow you to spend the bitcoins from your bitcoin wallet through a cryptographic signature.
Proof of Work
Proof of work refers to the hash of a block header (blocks of bitcoin transactions).
A block is considered valid only if its hash is lower than the current target.
Each block refers to a previous block adding to previous proofs of work, which forms a chain of blocks, known as a block chain.
Once a chain is formed, it confirms all previous Bitcoin transactions and secures the network.
Pump
A rapid price increase believed to be the result of market manipulation, a.k.a. pump and dump.
Public Address
A public bitcoin address is cryptographic hash of a public key.
A public address typically starts with the number โ1.โ
Think of a public address like an email address.
It can be published anywhere and bitcoins can be sent to it, just like an email can be sent to an email address.
Private Key
A private key is a string of data that shows you have access to bitcoins in a specific wallet.
Think of a private key like a password; private keys must never be revealed to anyone but you, as they allow you to spend the bitcoins from your bitcoin wallet through a cryptographic signature.
Rekt | #Rekt
Meaning โwreckedโ.
โI never sell because of #FUD, and I never buy because of #FOMO.
Thatโs the easiest way to get #Rektโ
Sats
Satoshis, currently the smallest unit of a single bitcoin, useful for tracking coin prices. โAt the rate $XRPโs moving, I wouldnโt be surprised if it hits 10K sats by the end of the day.โ
Security Tokens
A security token (sometimes called an authentication token) is a small hardware device that the owner carries to authorize access to a network service.
The device may be in the form of a smart card or may be embedded in a commonly used object such as a key fob.
Shitcoins
Pejorative term for altcoins, especially low-cap coins, often affectionately used by shitcoin hodlers.
SEGWIT
SegWit is the process by which the block size limit on a blockchain is increased by removing signature data from Bitcoin transactions.
When certain parts of a transaction are removed, this frees up space or capacity to add more transactions to the chain.
Transaction
A transaction is when data is sent to and from one bitcoin address to another.
Just like financial transactions where you send money from one person to another, in bitcoin you do the same thing by sending data (bitcoins) to each other.
Bitcoins have value because itโs based on the properties of mathematics, rather than relying on physical properties (like gold and silver) or trust in central authorities, like fiat currencies.
Wallet
Just like with paper dollars you hold in your physical wallet, a bitcoin wallet is a digital wallet where you can store, send, and receive bitcoins securely.
There are many varieties of wallets available, whether youโre looking for a web or mobile solution.
Ideally, a bitcoin wallet will give you access to your public and private keys.
This means that only you have rightful access to spend these bitcoins, whenever you choose to.
Whale
Anyone who owns 5 percent of any given coin, often used as a boogeyman to explain unwanted price movements.
โNice support $NEO. Clear whale manipulation.โ
Blue Pill vs. Red PillChoose wiselyWhen You’re ready …
In a first, Bitcoin developers have done something amazing amid the criticism over the lightning network and issues associated with it. A team of developers has made an international payment using the radio … Continue reading International payment using the radio waves→
My inspiration for this page was given to me by my new aquired friend, a fellow Truth Seeker – Joris and to whom I dedicate this page… Wish you… as well as to … Continue reading Discipline Quotes→
Bitcoin white paper turns 15 and the Legacy of Satoshi Nakamoto lives on. โIโve been working on a new electronic cash system thatโs fully peer-to-peer, with no trusted third party,โ Satoshi Oct. 31, … Continue reading Bitcoin White Paper turn 15→
Mining Pool Payouts explained: PPS vs. FPPS vs. PPLNS vs. PPS+
What is a Mining Pool?
Mining Pools
A Mining pools is a hub where a group of Crypto currency miners share their processing power to the network in order to solve the blocks quicker.
The rewards will be split equally based on the amount of shares that they contributed in finding a block.
Pool mining was introduced during early Bitcoin mining days when solo mining became non-viable.
The more powerful your hardware is, the more shares youโll submit, the more shares you submit, the more youโll earn.
In order for the pool to pay its miners each pool uses its own payment scheme. Two of the most popular option is PPS and PPLNS.
Pay-Per-Share (PPS)Pay-Per-Last-N-Shares (PPLNS)
The first thing a miner has to decide is which pool mining payout is best for their requirements.
PROPย (proportional),ย FPPSย (Full Pay Per Share),ย SMPPSย (Shared Maximum Pay Per Share),ย ESMPPSย (Equalized Shared Maximum Pay Per Share),ย CPPSRBย (Capped Pay Per Share with Recent Backpay),ย PPSย (Pay Per Share),ย PPLNSย (Pay Per Last N Share) and lastlyย PPS+ย (Pay Per Share Plus).
Among them PPS and PPLNS are the two types of payment models that are mostly used by mining pools currently. Before we explain both PPS and PPLNS weโll make a short note on mining pool.
There are numerous payment systems (over 15), but the vast majority of the pools operate on a PPS, FPPS, PPS+ and PPLNSbasis.
However, before trying to understand the different settlement models, it is important to come to a consensus on some terms used inย crypto mining.
Block Reward:ย Block reward refers to the new coins issued by the network to miners for each successfully solved block.
Hashing Power:ย Hash rate is the speed at which a computer completes an operation in the cryptocurrencyโs code. A higher hashrate increases a minerโs opportunity of finding the next block.
Luck:ย Luck, in mining, is the probability of success. Imagine that each miner is given a lottery ticket for a certain amount of hashing power they provide. If they are to provide 1 TH/s hashing power when the overall hashing power in the network is 10 TH/s, then they would receive 1 of 10 total lottery tickets. The probability of winning the lottery (in this case finding the block reward) would be 10%.
Transaction Fees:ย Some networks (like Bitcoin) also have substantial amounts of transaction fees rewarded to miners. These fees are the total fees paid by users of the network to execute transactions.
Pay-Per-Share (PPS)
PPS offers an instant flat payout for each share that is solved. With this payment method, a miner gets a standard payout rate for each share completed. Each share is worth a certain amount of mineable cryptocurrency.
After deducting the mining pool fees, the miners are given a fixed income every day. Therefore, under the PPS mode, the returns are relatively stable. Miners are exposed to risk here. They may not get the transaction fees.
It is ideal for low priced orders for an extended period. This model becomes lucrative during a bearish run of a particular coin.
Pay-Per-Last-N-Shares (PPLNS)
With this payout, profits will be allocated based on the number of shares miners contribute. This kind of allocation method is closely related to the block mined out. If the mining pool excavates multiple blocks in a day, the miners will have a high profit; if the mining pool is not able to mine a block during the whole day, the minerโs profit during the whole day is zero.
Notably, in the short term, the PPLNS model is highly correlated with a poolโs luck. If the luck factor of a particular mining pool decreases in the short term, the minerโs income will also decrease accordingly (the opposite case of the mining pool being lucky in the short term is possible too). However, in the long term, the luck factor tends to average out to the mean.
Hence, this model is ideal for fixing orders on a big pool that has a high chance of finding a block within the order time limit. Or a standard order which will have miners connected for a longer time.
Pay Per Share + (PPS+)
PPS+ is a blend of two modes mentioned above, PPS and PPLNS. The block reward is settled according to the PPS model. And the mining service charge /transaction fee is settled according to the PPLNS mode.
That is to say, in this mode, the miner can additionally obtain the income of part of the transaction fee based on the PPLNS payment method. This was a major drawback in the PPS model.
Full Pay Per Share (FPPS)
With this pool payout, both the block reward and the mining service charge are settled according to the theoretical profit. Calculate a standard transaction fee within a certain period and distribute it to miners according to their hash power contributions in the pool. It increases the minersโ earnings by sharing some of the transaction fees.
With the PPS and FPPS payment methods, you will get paid no matter if the pool finds a block or not. This is the most significant advantage over PPLNS. The risks and rewards are higher with the PPLNS plan.
The decision on which mining plan to choose from needs to be preceded by the decision of choosing the right mining infrastructure.
Difference between PPS vs PPLNS payment models?
PPLNS
PPLNS stands for Pay Per Last (luck) N Shares. This method calculates your payments based on the number of shares you submitted during a shift.
It includes shift system which is time based or by number of shares submitted by the miners on the pool.
Your pool may find blocks consistently or in overtime it may have huge variations in winning a block and that ultimately affects your payments. PPLNS greatly involves luck factor and youโll notice huge fluctuations in your 24 hour payout.
If you maintain your mining on a single pool then your payouts will remain consistent and it only differs when new miners join or leave the pool.
PPS
Pay Per Share pays you an average of the number of shares that you contributed to the pool in finding blocks.
PPS pays you on solid rate and is more of a direct method which completely eliminates luck factor.
In PPS method regardless of the pools lucky at winning blocks youโre going to get 100% payout at the end of the day. This is because there is a standard payout set for each miners based on their hash power.
It wonโt be more than 100% or less than that and with this PPS method you can easily calculate your potential earnings.
On the other hand with PPLNS payment system on average you can either get more than 100% or less than that. It is based on how lucky the pool is at finding blocks.
Should I choose PPS or PPLNS?
This is one of the common questions most miners have initially.
Should I choose Pay Per Share or Pay Per Last N Share pools?
If you are the person who donโt switch pools often then PPLNS is definitely for you as such pools are good at rewarding its loyal miners.
Pay Per Share:ย No matter what, if you need a fixed payouts at the end of the day to liquidate or for whatsoever reason then your choice would be PPS.
Pay Per Share works well for large mining farms who can calculate and have statistics based on their mining power.
PPS is good for large miners but really bad for pool owners as there is a guaranteed payout for work no matter if the pool hits the block or not.
For this reason and because of pool hoppers (not loyal miners of the pool) most of the mining pools have switched to PPLNS payment model.
Pay Per Last N Shares: If you are the one that is looking to accumulate and hold more coins then PPLNS is recommended.
For each block that your pool finds youโll get a share based on your hashrate.
Unlike PPS, in PPLNS youโll get payouts more often and in the long run youโll be rewarded more with PPLNS than PPS.
However due to huge variance itโs really hard to calculate your mining income.
PPLNS is good for both mid-range miners and pool owners as the payouts is only based on the blocks found.
If your pool is more luckyย then youโll see payments more often. This is the reason why miners stick to a pool where there is more hash power assuming the pool finds block very often.
You can find more comparison of mining pools payment systemย here.
How to find out if a pool is PPS or PPLNS?
Cryptocurrency mining can be a lucrative process. However itโs very important that you find out what payment scheme your pool is using before committing your hashing power.
Most of the mining pools has this information listed on FAQ page or at payouts page. If youโre unable to find this information then the only option is to contact the pool support.
Hope the information on this page is helpful for you to decide the right mining pool.
In a first, Bitcoin developers have done something amazing amid the criticism over the lightning network and issues associated with it. A team of developers has made an international payment using the radio … Continue reading International payment using the radio waves→
My inspiration for this page was given to me by my new aquired friend, a fellow Truth Seeker – Joris and to whom I dedicate this page… Wish you… as well as to … Continue reading Discipline Quotes→
Bitcoin white paper turns 15 and the Legacy of Satoshi Nakamoto lives on. โIโve been working on a new electronic cash system thatโs fully peer-to-peer, with no trusted third party,โ Satoshi Oct. 31, … Continue reading Bitcoin White Paper turn 15→
On January 3rd, 2009 Satoshi Nakamoto published the Genesis Block with the first 50 Bitcoins on Sourceforge. He also left a message on the blockchain at the time, quoting the headline in the British newspaper Times:
On January 3, 2009, the minister was on the verge of bailing out the banks.
Nakamoto started writing the white paper in 2008 and published it in October of that year.
The concept of a decentralized, anonymous, trusted currency emerged after the 2008 financial crisis, which left responsibility for the banks.
Satoshi neither supports the modern banking system nor does he like partial reserve banks.
A partial reserve bank is a bank that takes deposits and issues loans or investments, but only has to reserve a fraction of its liabilities for deposits. Basically, the bank is using money that it doesnโt own.
Satoshi wants to get rid of banks and seedy middlemen whom he believes are corrupt and unreliable. As such, he created a more community-centric digital currency.
13 years later, Bitcoin is still going strong with a market cap of nearly $ 900 billion. It is currently held by billionaires, banks, celebrities, governments, and corporations. This is evidence of how far BTC has come in its brief existence.
The precarious banking situation and economic uncertainty are also in crisis again.
In a first, Bitcoin developers have done something amazing amid the criticism over the lightning network and issues associated with it. A team of developers has made an international payment using the radio … Continue reading International payment using the radio waves→
My inspiration for this page was given to me by my new aquired friend, a fellow Truth Seeker – Joris and to whom I dedicate this page… Wish you… as well as to … Continue reading Discipline Quotes→
Bitcoin white paper turns 15 and the Legacy of Satoshi Nakamoto lives on. โIโve been working on a new electronic cash system thatโs fully peer-to-peer, with no trusted third party,โ Satoshi Oct. 31, … Continue reading Bitcoin White Paper turn 15→
Decentralized exchange (DEX) aggregators, also known as liquidity aggregators, compile the exchange rates of numerous DEX platforms and show you a list of platforms offering the best value for your crypto trades.
Moreover, you can access a deeper pool of liquidity by trading on multiple DEXs using a single trading dashboard. Think of them as the search engines of the DeFi landscape, scouring DEXs for the best deals so that you can swap your crypto assets with the lowest fees.
Although it is a DEX in its own right, 1Inchโs main USP is its position as a top DEX aggregator across multiple blockchains. The network supports trades across major ecosystems like Ethereum and Binance and smaller networks like Polygon, Arbitrum, and Optimism.
As an aggregator, 1Inch gives you access to over 120 liquidity sources, with 68 on Ethereum, 39 on Binance, and 24 on Polygon. With daily trading volumes averaging close to $300 million from 300,000+ active users, it is one of the most active DEX aggregators in 2021.
The native token of the 1Inch DEX is also called 1INCH. It functions as both a utility token and a governance token for the protocol. 1INCH is a multi-chain token available on the Ethereum and Binance Smart Chain.
1Inch is one of the best DEX aggregators for crypto rookies, with detailed documentation and a well-developed Help Center filled with starter guides, FAQs, and more.
Slingshot grew out of DEX.AG, a DEX aggregator platform created in late 2018 as part of a hackathon event. At its launch, it supported seven major DEX, including Uniswap, Kyber, and DDEX.
After million-dollar funding rounds, DEX.AG was rebranded as Slingshot in November 2020. Slingshot works on Ethereum-based protocols โ Polygon (formerly MATIC) and Arbitrum One. Across the two, you get access to over 326 exchanges/liquidity sources.
Slingshot is a very popular choice among experienced cryptocurrency traders due to its relative simplicity and advanced functionality. The average daily volumes touching over half a billion dollars is a testament to the platformโs popularity.
However, due to a threadbare interface and lack of easily accessible website FAQs, guides, and documentation, Slingshot is not a very beginner-friendly DEX platform.
Totle is a DEX aggregator that also dips into synthetic asset providers, allowing traders to engage with tokenized assets of many shapes and sizes. Unfortunately, the platform seems to be dormant, with no updates since mid-2021 and a lack of stats on any major crypto platform.
ParaSwap is a versatile DEX aggregator supporting Ethereum, Binance, Polygon, and Avalanche blockchains. In addition, it has a native token for liquidity and governance purposes called the PSP.
While it is one of the more feature-packed and beginner-friendly DEX aggregators, ParaSwap is still in the growth phase. In 2021, the platform reported 1.4 million total users over time, with daily transaction volumes peaking around $150 million.
ParaSwap allows you access to swap and payment options across 75 DEX platforms, focusing on better market rates and cheaper gas fees. In addition, decentralized applications (dApps) can also integrate with ParaSwap to better streamline token swaps.
Like 1Inch and Slingshot, Matcha is both a DEX aggregator and a decentralized exchange in itself. Powered by 0x Labs, the platform focuses on transparency, lower fees, smart order routing, and easier access.
Thanks to a recent partnership with MoonPay, Matcha can now accept payments in fiat currencies, a first for DEX platforms. This could be very useful for newcomers โ you can directly purchase cryptos using regular currency on Matcha and start trading immediately.
Matcha provides access to over 50 liquidity sources and DEX platforms across three blockchain systems โ Ethereum, Binance, and Polygon. Despite being one of the younger platforms on this list (launched in 2020), Matcha boasts over 2.5k daily traders. Its daily volumes are close to $150 million.
Uniswap is a DEX platform based on the Automated Marker Maker (AMM) model. After its launch in November 2018, the DEX has seen a meteoric rise among crypto circles. As of Q4 2021, it routinely tops the charts of DEX platforms with the largest daily volumes with $5.5 billion.
The platform is currently in its third iteration โ Uniswap V3. Based on the Ethereum Blockchain, Uniswap gives you access to over 50 liquidity pools, with 285 cryptocurrencies across more than 350 markets. The USDC-ETH pair alone accounts for over $1.8 billion worth of trades each day.
While not a DEX aggregator per se, Uniswap is still a great option to consider due to its sheer size and reach. Most of the other aggregators on this list have Uniswap as a major partner and source of trading options.
PancakeSwap launched in 2020 to work like Uniswap, but on the Binance Smart Chain instead of Ethereum. Like Uniswap, PancakeSwap is a DEX platform with an AMM operating model, with an additional focus on yield farming based on the native CAKE token.
Regardless of the sweet and syrupy โcakeโ theme, PancakeSwap is a major force on the DeFi scene, thanks to the sheer size of the Binance blockchain. It easily slots into the top three most active DEX platforms, with daily volumes exceeding $2.6 billion.
The platform is user-friendly, with detailed community guides, troubleshooting articles, and customer support. In addition, you can trade in over 30 major cryptos backed by an equal number of high-quality liquidity pools.
Is based directly on Uniswap, with a fork in the original code created by its anonymous developer who goes by the pseudonym Chef Nomi.
Right from the outset, SushiSwap has courted controversy. To generate liquidity, its founder encouraged users to deposit in Uniswap tokens, leeching away almost $810 million from Uniswap in a โvampire attack.โ
Chef Nomi then proceeded to withdraw his liquidity from the project, generating a massive controversy. Ultimately, he backtracked and returned all funds, relinquishing his control over the project to a new team.
Since these early missteps, SushiSwap has maintained healthy growth rates in the crowded arena of Ethereum-based DEX/AMM platforms. It currently ranks in the top ten list, with daily volumes of close to $800 million across 400+ markets.
dYdX is a major DEX platform with a heavy focus on reducing the inflated gas prices on Ethereum. It is one of the few platforms to offer gasless deposits to new users who deposit above a certain threshold. The platform has plans to make this a permanent feature.
dYdX is also working closely with StarkWare to deploy a Layer 2 scalability engine designed to reduce gas costs and trading fees further. Using Ethereum Smart Contracts, dYdX enables traders to invest in the crypto-equivalent of futures trading and other derivatives.
Due to its unique position on the Ethereum ecosystem, dYdX has managed to gain ground on other more popular DEX platforms like Uniswap. As a result, at the end of 2021, dYdX is ranked second on the list of the most active DEX platforms, with daily volumes of $5.4 billion.
Instead of Ethereum or Binance, the Raydium platform operates on the highly promising Solana blockchain. As a result, the Ethereum-competitor has a vibrant developer ecosystem, and its cryptocurrency has grown at least 16,000% since January 2021.
The increased interest in the Solana blockchain has also helped Raydium, an AMM platform based on the Serum DEX.
The platform gives access to over 430 trading pairs, with Solana-USDT being the most popular.
The native token, also called Raydium, is the foundation of all future apps and projects on the Solana and Serum ecosystems.
The projectโs primary focus is to function as the engine of DeFi on Solana. However, with current daily volumes already reaching $300 million, Raydium shows a lot of promise for future growth.
Launched in 2020 as a less expensive, more efficient alternative to Ethereum, Avalanche blockchain focuses on decentralized apps.
Its AVAX token has hit all-time high demands in late 2021, thanks to positive media coverage and high-profile partnerships with entities like Deloitte.
This surge has also propelled TraderJoe, the major DEX platform based around Avalanche blockchain, to the top of the DEX pile in recent times. Its pole position in the blockchain ecosystem has helped drive TraderJoeโs daily trades close to $1 billion.
You can trade major cryptos, stake and gain the native JOE token as rewards, lend other cryptos and farm yields on the TraderJoe platform. With low fees and over 170 markets, TraderJoe is a top target for anyone interested in the Avalanche ecosystem.
Top Pick: Uniswap
The Top pick isย Uniswap, for its deep liquidity pools, its user-friendliness, and its commitment to continuous innovation.
As the various DeFi ecosystems continue to grow and expand, the importance of DEX aggregators and AMM platforms will increase further.
These platforms serve a vital purpose, finding liquidity and facilitating transactional activity across multiple blockchains.
To say that the future of DeFi, and by extension, the future of finance as we know it, hinges on DEX aggregators would not be an overstatement.
In a first, Bitcoin developers have done something amazing amid the criticism over the lightning network and issues associated with it. A team of developers has made an international payment using the radio … Continue reading International payment using the radio waves→
My inspiration for this page was given to me by my new aquired friend, a fellow Truth Seeker – Joris and to whom I dedicate this page… Wish you… as well as to … Continue reading Discipline Quotes→
Bitcoin white paper turns 15 and the Legacy of Satoshi Nakamoto lives on. โIโve been working on a new electronic cash system thatโs fully peer-to-peer, with no trusted third party,โ Satoshi Oct. 31, … Continue reading Bitcoin White Paper turn 15→
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Many of us insist the main impediment to a full, successful life is the outside world. In fact, the most common enemy lies within: our ego. Early in our careers, it impedes learning and the cultivation of talent. With success, it can blind us to our faults and sow future problems. In failure, it magnifies each blow and makes recovery more difficult. At every stage, ego holds us back.
The Ego is the Enemy draws on a vast array of stories and examples, from literature to philosophy to history. We meet fascinating figures like Howard Hughes, Katharine Graham, Bill Belichick, and Eleanor Roosevelt, all of whom reached the highest levels of power and success by conquering their own egos. Their strategies and tactics can be ours as well.
But why should we bother fighting ego in an era that glorifies social media, reality TV, and other forms of shameless self-promotion? Armed with the lessons in this book, as Holiday writes, โyou will be less invested in the story you tell about your own specialness, and as a result, you will be liberated to accomplish the world-changing work youโve set out to achieve.
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Ryan Holiday is a strategist and writer. He dropped out of college at nineteen to apprenยญtice under Robert Greene, author of “The 48 Laws of Power”, and later served as the director of marยญketing for American Apparel.
His company, Brass Check, has advised clients like Google, TASER, and Complex, as well as many prominent bestselling authors.
Holiday has written four previous books, most recently The Obstacle Is the Way, which has been translated into seventeen languages and has a cult following among NFL coaches, world-class athletes, TV personalities, political leaders, and others around the world.
He lives on a small ranch outside Austin, Texas.
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In a first, Bitcoin developers have done something amazing amid the criticism over the lightning network and issues associated with it. A team of developers has made an international payment using the radio … Continue reading International payment using the radio waves→
My inspiration for this page was given to me by my new aquired friend, a fellow Truth Seeker – Joris and to whom I dedicate this page… Wish you… as well as to … Continue reading Discipline Quotes→
Bitcoin white paper turns 15 and the Legacy of Satoshi Nakamoto lives on. โIโve been working on a new electronic cash system thatโs fully peer-to-peer, with no trusted third party,โ Satoshi Oct. 31, … Continue reading Bitcoin White Paper turn 15→
In a first, Bitcoin developers have done something amazing amid the criticism over the lightning network and issues associated with it. A team of developers has made an international payment using the radio … Continue reading International payment using the radio waves→
My inspiration for this page was given to me by my new aquired friend, a fellow Truth Seeker – Joris and to whom I dedicate this page… Wish you… as well as to … Continue reading Discipline Quotes→
Bitcoin white paper turns 15 and the Legacy of Satoshi Nakamoto lives on. โIโve been working on a new electronic cash system thatโs fully peer-to-peer, with no trusted third party,โ Satoshi Oct. 31, … Continue reading Bitcoin White Paper turn 15→
In a first, Bitcoin developers have done something amazing amid the criticism over the lightning network and issues associated with it. A team of developers has made an international payment using the radio … Continue reading International payment using the radio waves→
My inspiration for this page was given to me by my new aquired friend, a fellow Truth Seeker – Joris and to whom I dedicate this page… Wish you… as well as to … Continue reading Discipline Quotes→
Bitcoin white paper turns 15 and the Legacy of Satoshi Nakamoto lives on. โIโve been working on a new electronic cash system thatโs fully peer-to-peer, with no trusted third party,โ Satoshi Oct. 31, … Continue reading Bitcoin White Paper turn 15→