Tag: #crypto wars

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The Laws are Unjust

As we’ve seen over the many years that this rag has been written (and beyond) companies who are able to fund whole teams dedicated to data security have been wholly ineffective at storing that data safely.

With the passage of this new law EU officials are actively putting citizens in harm’s way by irresponsibly trying to force bitcoin users to collect and store each other’s data. This is if you believe that is the actual intention behind this move.

In reality, this move likely serves as a pure intimidation tactic to coerce people to use trusted third parties when transacting with bitcoin.

A heavy handed shove into easily controlled vectors. If too many users are in control of their own private keys, run their own nodes, and are up to date on best privacy practices when transacting it is much harder to stop bitcoin.

And make no mistake, these people want to stop bitcoin at all costs.

They do not want you to be free.

They are quickly losing their grasp of control on the populace and they are moving as quickly as possible to clamp down in an attempt to retain control.

You are not meant to have privacy in their eyes. You are inherently a criminal in their eyes. These people think you are disgusting cattle who needs to be led at every turn.

It does not have to be this way. You do not have to succumb to the madness of these people. All it takes are a few decisions.

Speak up!

Act!

Disobey!

There is a silent majority out there who knows this type of attempted control is inherently wrong.

It is anti-human!

It is evil!

This silent majority needs to begin developing the courage to speak up.

Call out the abject insanity of allowing unelected institutions like the Financial Action Task Force write freedom restricting guidelines that get adopted by governments like the EU.

Learn how to run your own node, how to produce your own private/public key pairs, and how to destroy chain analysis heuristics with privacy best practices.

Make the tyrant’s job as hard as possible!

Disobey!

Stand up and defend freedom in the Digital Age by actively defying their unjust laws.

“If a law is unjust, a man is not only right to disobey it, he obligated to do so.”

It is your duty as an individual to disobey these incredibly invasive and tyrannical “laws”.

If you don’t disobey your progeny may not have the opportunity to. The time to counter punch is right now. Get on it.

Source: https://tftc.io/

Trilemma of International Finance

Trilemma of International Finance

The relative value of any two curren-
cies—the exchange rate—is determined
through their sale and purchase on the global foreign exchange market. If government policy interferes with this market by changing the relative supply or demand of currencies, the exchange rate is managed.

The trilemma of international finance, is a restriction on government policy that follows immediately from the interaction of exchange rates, monetary policy and international capital flows.

Trilemma of International Finance

The trilemma states that any country can have only two of the following:

  • (1) Unrestricted international capital markets.
  • (2) A managed exchange rate.
  • (3) An independent monetary policy.

If the government wants a managed exchange rate but does not want to interfere
with international capital flows, it must use
monetary policy to accommodate changes
in the demand for its currency in order to
stabilize the exchange rate.

In the extreme, this would take the form of a currency board arrangement, where the domestic currency is fully backed by a foreign currency (as in the case of Hong Kong).

In such a situation, monetary policy can no longer be used for domestic purposes (it is no longer independent).

If a country wishes to maintain control over monetary policy to reduce domestic unemployment or inflation, for example, it must limit trades of its currency in the international capital market (it no longer has free international capital markets).

A country that chooses to have both unrestricted inter-national capital flows and an independent monetary policy can no longer influence its exchange rate and, therefore, cannot have a managed exchange rate.

Pieters and Vivanco (2016), government
attempts to regulate the globally accessible
bitcoin markets are generally unsuccessful,
and, as shown in Pieters (2016), bitcoin exchange rates tend to reflect the
market, not official exchange rates.

Should the flows allowed by bitcoin become big enough, all countries will have, by default, unrestricted international capital markets.

Thus, with bitcoin, (1) unrestricted
international capital markets is chosen by
default.

Therefore, the only remaining policy choice is between (2) managed exchange rates or (3) independent monetary policy.

If the country chooses (1) and (2), it must use reactive monetary policy to achieve the managed exchange rate.

If the country chooses (1) and (3), it must have a floating exchange rate because it has no remaining tools with which to maintain a managed exchange rate.

Ali et al. (2014), the European Central
Bank (2015) and the Bank for International
Settlements (2015) all concur that cryptocur-
rencies may eventually undermine monetary policy.

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 💚

Bitcoin surges after accidentally released Treasury statement

Bitcoin surges after accidentally released Treasury statement

Prices of Bitcoin and other cryptocurrencies have soared following the apparent accidental release of a U.S. Treasury statement on Biden’s expected executive order on digital assets.

The premature statement by Treasury Secretary Yellen, which was dated March 9, has since been removed.

“President Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy.  This approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses. 

It will also address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy.”

Quote from the now deleted statement

At the time of writing, Bitcoin is up nearly 8% in the last 24 hours.

Biden’s executive order aims to regulate the crypto market while also reaping the benefits of digital currencies.

So far, like most countries in the world, the US has tended to react to developments and has limited itself to pointing to a political-economic approach that is yet to be developed.

Statement by Secretary of the Treasury Janet L. Yellen on President Biden’s Executive Order on Digital Assets

March 9, 2022

WASHINGTON –  U.S. Secretary of the Treasury Janet L. Yellen released the following statement on President Biden’s executive order on digital assets. 

“President Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy.  This approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses.  It will also address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy.

Under the executive order, Treasury will partner with interagency colleagues to produce a report on the future of money and payment systems. We’ll also convene the Financial Stability Oversight Council to evaluate the potential financial stability risks of digital assets and assess whether appropriate safeguards are in place. And, because the questions raised by digital assets often have important cross-border dimensions, we’ll work with our international partners to promote robust standards and a level playing field.

This work will complement ongoing efforts by Treasury. Already, the Department has worked with the President’s Working Group on Financial Markets, the FDIC, and OCC to study one particular kind of digital asset – stablecoins– and to make recommendations. Under the executive order, Treasury and interagency partners will build upon the recently published National Risk Assessments, which identify key illicit financing risks associated with digital assets. 

As we take on this important work, we’ll be guided by consumer and investor protection groups, market participants, and other leading experts.  Treasury will work to promote a fairer, more inclusive, and more efficient financial system, while building on our ongoing work to counter illicit finance, and prevent risks to financial stability and national security.”

Sources:

https://forbes.com/

https://disclose.tv/

https://bloomberg.com/

https://web.archive.org/web/20220309014601/https://home.treasury.gov/news/press-releases/jy0643

With 💚

Bitcoin Mining – Where the Profitable Future Lies

The Times – January 3, 2009
Bitcoin Genesis Block
Mined 03 January 2009
Cypherpunks Write Code
CODE IS LAW
THE SOONER HUMANKIND ACCEPTS IT,
THE SOONER IT CAN BUILD AROUND IT
Yeah.. I wonder Why 😂
Bitcoin made easy
How a Bitcoin transaction works
A humble Miner
How Bitcoin Mining Works
Mining Difficulty
Bitcoin Halving
Bitcoin Previous Halvings
Pools
Bitcoin Wallets
Bitcoin Stakeholders
Bitcoin Facts
Power to the People
Totalitarian Governments can kiss my 256-bit key
Bitcoin – People’s Money
Bitcoin cannot be Shut Down
The power of the long tail…
Central Bank’s 3 Strategies
F**k them, Enough !!!
Upcoming Smart Contracts Networks
Bitcoin Yearly Candles
Bitcoin Price History – Log Scale
Bitcoin Mining Ecosystem Map
Defi Ecosystem in Ethereum
DeFi Stack: Product& Application View
Syscoin Ecosystem
Syscoin
BSC Ecosystem
Popular Cryptocurrency
Crpto Ecosystem
Public Companies that own Bitcoin
Top Banks investing in Crypto
Bitcoin Inflation vs. Time
When you’re Ready…
Choose Wisely
Make bitcoin thrive, let fiat become humus…
Veritas non Auctoritas
Facit Legem

Most people misunderstand what bitcoin miners actually do, and as a result they don’t fully grasp the level of security provided by bitcoin’s hashrate.

In this article, we’ll explain proof of work in a non-technical way so that you’ll be able to counter the misinformation about supercomputers and quantum computers attacking the Bitcoin network in the future. 

Simply put, mining is a lottery to create new blocks in the Bitcoin blockchain. There are two main purposes for mining:

  1. To permanently add transactions to the blockchain without the permission of any entity.
  2. To fairly distribute the 21 million bitcoin supply by rewarding new coins to miners who spend real world resources (i.e. electricity) to secure the network.

To understand what is actually happening in this lottery system, let’s look at a simple analogy where every Bitcoin hash is equivalent to a dice roll.

Luck, Gambling, and SHA-256

Imagine that miners in the Bitcoin Network are all individuals gambling at a casino. In this example, each of these gamblers have a 1000 sided dice. They roll their die as quickly as possible, trying to get a number less than 10. Statistically, this may take a very long time, but as more gamblers join the game, the time it takes to hit a number less than 10 gets reduced. In short, more gamblers equals quicker rounds.

Once somebody successfully rolls a number less than 10, all gamblers at the table can look down and verify the number. This lucky gambler takes the prize money and the next round begins.

Ultimately, the process of mining bitcoin is very similar. All miners on the network are using Application Specific Integrated Circuits (ASICs), which are specialized computers designed to compute hashes as quickly as possible.

To “compute a hash” simply means plugging any random input into a mathematical function and producing an output.

More hashes per second (i.e. higher hashrate) is equivalent to more dice rolls per second, and thus a greater probability of success.

Miners propose a potential Bitcoin block of transactions, and use this for an input. The block is plugged into the SHA256 hash function which yields a fixed-sized output, known as a hash. A single hash can be computed in less than a millisecond, as it involves no complex math.

If the hash value is lower than the Bitcoin Network difficulty, then the miner who proposed the block wins. If not, then the miner continues trying by computing more hashes.

The successful miner’s block is then added to the blockchain, the miner is rewarded with newly issued bitcoin for their work, and the “next round” begins.

Sources :

https://wikipedia.com/

https://braiins.com/

https://blockdata.com/

https://coin98analytics.com/

https://scoopwhoop.com/

https://stakingrewards.com/

https://syscoin.org/

https://galaxydigitalresearch.com/

https://surveycrest.com/

The Times

The Economist

"Internet of Money" - Andreas Antonopoulus

Hal Finney Quotes

Timothy C. May Quote

Free Spirit Digital Art

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Questions, opinions, critics and requests always welcomed and as time allows will be accomodated !!! 🤓 🙂 😉

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Thank you all for your time !!!

✌ & 💚


Bitcoin (BTC) :

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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

A world where anything is possible…
The choice is yours People !!!
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Some moments of my online wondering…

R&D, wisdom, knowledge, curiosities, answers and many more questions 🙂🤣🙃

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The Problem with centralized Social-Media
10 Principles of Strategic Leadership
Global Reserve Currency
Psychology of a Market Cycle
Success
Success
Triangle of Success
Don’t plan for travelling when old…😋😳😋
Be like a Tree…
If anyone understands this please enlighten me too 😊🤭🤗
http://www.revelationtimelinedecoded.com
ESG
For those that think WE are the Center of the Universe 🤣😅😂
Confident vs. Insecure People
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The Cone of Learning
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DEFI Ecosystem on Ethereum
DeFi Stack
Bitcoin Mining Ecosystem Map
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Top NFT Projects
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Seed & Flower of Life
Knowledge – An Antidote to Fear
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Emotion – Judgement – Action
…violent recolution inevitable.
E S B I
Every generation…
LOVE YOUR RAGE
NOT YOUR CAGE
Revolution
The Times – January 3, 2009
REVOLUTION
Bitcoin Genesis Block – 03 January 2009
Introduction to Bitcoin
Introduction to Decentralized Finance
Introduction to Digital Currencies
All Metals We Mined
Map to Multiplication
Nikola Tesla
Top VC’s Investing in BlockChain Companies
Athmospheres of the Solar System
Global GDP 2021
Map of CyberSecurity Domains
21 Questions
Six Innovation Models
What May Happen in the next 100 Years
Abstract – “…to pull the body out
of dimension so that the person
can walk through solid objects
such as wooden doors.”
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China’s Social Credit System
Blockchain Platforms Comparison (BCP)
ARISE
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Crypto Terminology

Crypto Terminology

Glossary of Terms

Bags

Cryptoassets being held, generally as longer-term plays; sometimes used self-deprecatingly for soft or losing positions one should close, but can’t for whatever reason. “Too bad none of my alt bags saw the moon that I did today. #cryptoeclipse”

Bitcoin Maximalists

The truest believers in bitcoin’s 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 “public ledger”.

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 “genesis block”.

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 “coinbase” transaction which may also include transaction fees.

The block rewards halves roughly every four years; see also “halving”.

BTFD | #BTFD

“Buy the Fucking Dip” Advice to other traders to pick up a coin that’s presumably hit its bottom.

“$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 #BTFD”

Change

Let’s 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 “output”.

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 don’t 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 don’t 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 Hughes’ “A Cypherpunk’s Manifesto” 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 individual’s 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 “decentralized”, meaning that it’s 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

“Do Your Own Research.” The trader’s caveat that advice shouldn’t be taken at face value.

“$BCY has an appealing risk/reward here. Could take a few months to play out, however, and will require patience. #DYOR”

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 they’ve 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

“Fear of Missing Out.” When a coin starts to moon, dumb money rushes in. “$LGD on a TEAR right now!!! It has major highs right now! Some major #FOMO going on!!! Sell while it’s high. It WILL drop before fight!!!”

FUD

“Fear, Uncertainty, and Doubt.”

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 asset’s 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, “I AM HODLING”; when the author, GameKyuubi, couldn’t 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 “halving.”

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:

• It is unique. 

Only a particular file can produce a particular hash, and two different files will never produce the same hash.

• It cannot be reversed.

You can’t 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.

Hash Converter

Use an online hash converter, such as https://hash.online-convert.com and enter the text you want to convert.

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 cryptocurrency’s 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, you’re cryptorich when you can buy a Lamborghini; though absurd, it’s not unheard of — 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 bank’s 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 wouldn’t be any bank involved at all.

Pool

As part of bitcoin mining, mining “pools” 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 “1.”

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 “wrecked”.

“I never sell because of #FUD, and I never buy because of #FOMO.

That’s the easiest way to get #Rekt”

Sats

Satoshis, currently the smallest unit of a single bitcoin, useful for tracking coin prices. “At the rate $XRP’s moving, I wouldn’t be surprised if it hits 10K sats by the end of the day.”

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 it’s 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 you’re 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.

“Nice support $NEO. Clear whale manipulation.”

Blue Pill vs. Red Pill
Choose wisely
When You’re ready …

BitHouse with 💚

Arise…

Timothy C. May

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

Timothy C. May

Wonder In Peace bright mind!

Thanks for the guidance and wisdom!

The world will never know how much they owe you!

✌ & 💚

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Vires In Numeris

Vires In Numeris

” It isn’t obvious that the world had to work this way.

But somehow the universe smiles on encryption.”

Julian Assange

Nobody yet knows for sure if the universe’s smile is genuine or not.

It is possible that our assumption of mathematical asymmetries is wrong and we find that P actually equals NP, or we find surprisingly quick solutions to specific problems which we currently assume to be hard.

If that should be the case, cryptography as we know it will cease to exist, and the implications would most likely change the world beyond recognition.

“Vires in Numeris”

=

“Strength in Numbers”

epii

Vires in numeris is not only a catchy motto used by bitcoiners.

The realization that there is an unfathomable strength to be found in numbers is a profound one.

Understanding this, and the inversion of existing power balances which it enables changed my view of the world and the future which lies ahead of us.

One direct result of this is the fact that you don’t have to ask anyone for permission to participate in Bitcoin.

There is no page to sign up, no company in charge, no government agency to send application forms to.

Simply generate a large number and you are pretty much good to go.

The central authority of account creation is mathematics.

And God only knows who is in charge of that.

Elliptic curve examples (cc-by-sa Emmanuel Boutet)

Bitcoin is built upon our best understanding of reality.

While there are still many open problems in physics, computer science, and mathematics, we are pretty sure about some things.

That there is an asymmetry between finding solutions and validating the correctness of these solutions is one such thing.

That computation needs energy is another one.

In other words: finding a needle in a haystack is harder than checking if the pointy thing in your hand is indeed a needle or not.

And finding the needle takes work.

The vastness of Bitcoin’s address space is truly mind-boggling.

The number of private keys even more so. It is fascinating how much of our modern world boils down to the improbability of finding a needle in an unfathomably large haystack.

I am now more aware of this fact than ever.

Bitcoin taught me that there is strength in numbers.

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Mining Profitability Formula

Yes the profitability changes second to second with the price of bitcoin and  you cant use this information to forecast…

Reward = ((HashRate * Block_Reward) / Current_Difficulty) * (1 – Pool_Fee) * 3600

BTC total daily payout is 6.25 BTC * 6 times per hour * 24hours…on average = 900 BTC mined every day. 

That has to be spread out, on average, evenly across then ENTIRE network.  Granted, luck is involved, so it isn’t exactly even, but on average, it should be.

If network is running at 17,608,758 TH/s, and every TH gets an even share of the reward, then that would be 1800BTC / 17,608,758 TH/s = .00010222 BTC/(TH/s).


You then take that figure and multiply by number of TH for miner, and then you get daily BTC revenue ; )

No, Governments Can’t do a Better Job Developing Crypto

No, Governments Can’t do a Better Job Developing Crypto

Would a state-backed cryptocurrency be better than its decentralized counterpart?

International media has already rolled out their opinions on the matter. It’s a YES-IT-CAN.

The opinions find their inspirations in comments made by Christine Lagarde last week. The head of the International Monetary Fund (IMF) said that a government-backed cryptocurrency would eliminate the issues of trust that have clogged the decentralized cryptocurrencies like Bitcoin.

New York Times reacted to the IMF chief’s remarks, calling it “a hopeful sign for digital tokens,” while predicting it could “have a chilling effect on existing, nongovernmental tokens.”

The Guardian offered its editorial space to a long-time Bitcoin critic and economist Nouriel Roubini to further his plan. He outright called cryptocurrencies worthless when compared to central bank digital currencies (CBDC).“If a CBDC were to be issued, it would immediately displace cryptocurrencies, which are not scalable, cheap, secure, or [actually] decentralized,” Roubini claimed.

The comments mentioned above appear at a time when the cryptocurrency market cap has plunged by more than 70 percent since its all-time high. 

It has allowed critics to jump to the conclusion that decentralized digital currencies, mainly Bitcoin and Ethereum, have no intrinsic value, that they are highly speculative unlike central-bank issued fiat money.

Yet, critics have ignored the whys and whats that prompted the launch of decentralized assets at the first place.

They have been unable to respond to how Federal Reserve stimulus programmes, secret bailouts, and money production have destroyed the value of the US Dollar.

Their focus has turned more towards proving Bitcoin as a sugar-coated false promise of a financial revolution while ignoring the very bads of the existing financial system.

Economy believes that an asset has value when it checks scarcity and utility.

The US Dollar lacks scarcity, for its supply is governed by a centralized body called Federal Reserve. There is no check on how many dollars would get printed, allowing insiders to manipulate a greenback-backed market on their whims.

Bitcoin, on the other hand, has a set cap of 21 million tokens. Its supply is governed by mathematical algorithms, meaning no corrupt human involvement would be able to topple it.

As far as the use-cases are concerned, Bitcoin has been constantly looked at for its potential of becoming a store-of-value asset like Gold, while being constantly considered for settling cross-border payments despite its price volatility.

The critics then say that bitcoin has no intrinsic value.

But even gold and paper money suffers from the same stigma.

According to the World Council, only 15 percent of the global Gold supply is used in industrial applications. The rest goes into making bars, bullions, and jewelry – mainly because people trust they have value.

Trust is the Only Factor

The launch of Bitcoin was a response to a global financial crisis in which – let’s accept it – banks had f***ed up the economy.

The digital currency – more or less – follows the philosophy of the Austrian Monetary Theory.

According to it, money can be sound only when its supply is limited. It believes that money should not be controlled by the state.

These facts are missing from the reports and opinion pieces of anti-Bitcoin economists.

The Federal Reserve and central bankers believe that only they have the right to print money.

Bitcoin is only a beginning towards breaking the myth.

As long as the central banks do not innovate and protect people against currency inflation – as evident in the case of Zimbabwe and Venezuela – there is no chance they would be able to outrun crypto.

People need to trust their banks, but mainstream media and economists are avoiding a broader discussion.

The next financial crisis should bring more evidence to the theory. No rush.

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