It’s been 4 years already and it seems I haven’t done nothing at all… With the little time I could spare to work on this blog, I hope I bought a tiny seed of knowledge into your 🧠zz my dear readers 😁🙂😉😋
I will try the best of my abilities to continue the work on the blog !
Untill then dear readers never forget :
Let’s find the courage and strenght, if not for us then for Them… the Future Generations that are to come after us and Go…
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Happy Genesis Block Day! January 3 is the 14th anniversary of Bitcoin’s Block Zero, its anchor in time.
The first sentence of the email has become iconic among the Bitcoin community:
“I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party.”
On January 3, 2009, the genesis block of the Bitcoin blockchain was mined by its pseudonymous creator Satoshi Nakamoto, marking the first time in history that a completely digital and decentralized currency went online.
In the 14 years and three halvings since, Bitcoin has grown to become one of the most important financial instruments, clearly demonstrating that a non-central bank-controlled currency is capable of challenging the established monetary order.
That time, in 2009, was one of economic turmoil—and the aftershocks from that turmoil are still rocking our world in 2023.
The Genesis Block was never “mined” like every other Bitcoin block. That started with Block #1 when Satoshi Nakamoto released the software on SourceForge.
The hash from Block #0 was done with different software and hard-coded into the original Bitcoin protocol.
“Chancellor on brink of second bailout for banks” was the Times headline. Satoshi hid in the first block’s coinbase hash as a timestamp to prove there had been no mining on the Bitcoin network before he released the software to the public.
The Times – January 3 2009
“The Chancellor will decide within weeks whether to pump billions more into the economy,” the original article in the Times said. In 2009 these seemed like desperate measures, and they were. Since 2009, though, governments across the Western world have indeed pumped billions, even trillions more, into their economies.
Satoshi was making a statement on irresponsible government interventions in the economy and their eventual erosion on markets.
“They actively sought to incentivise bad behaviour and push in typical Keynesian style the problem down the road. It would be a bigger problem, but it would be someone else’s problem.”
Just like the economy at large, Bitcoin is a long-term struggle against the worse aspects of human nature.
In the 14 years and three halvings since, Bitcoin has grown to become one of the most important financial instruments, clearly demonstrating that a non-central bank-controlled currency is capable of challenging the established monetary order.
10 most important Bitcoin Milestones
Bitcoin has reached numerous major milestones and faced several considerable obstacles over its nearly decade-and-a-half-long history.
Here are 10 events that had the biggest impact on Bitcoin so far:
November 28, 2012: First Bitcoin halving
February 28, 2014: Mt. Gox, the biggest Bitcoin exchange at the time, files for bankruptcy
July 9, 2016: Second Bitcoin halving
August 1, 2017: Bitcoin Cash hard fork
May 11, 2020: Third Bitcoin halving
February 8, 2021: Tesla invests in Bitcoin
February 20, 2021: Bitcoin reaches $1 trillion market cap for the first time
September 7, 2021: El Salvador makes Bitcoin legal tender
November 14, 2021 – Taproot upgrade is activated
November 11, 2022: Major crypto exchange FTX files for bankruptcy
Bitcoin has never closed in the red zone 2 years in a row: Will the trend continue?
Bitcoin price decreased by over -60% over the span of the last 12 months. However, there is a strong bullish precedent in play that could spell a major trend reversal in the coming months.
For starters, Bitcoin has never closed in the negative two years in a row. Granted, there is a relatively short set of historical price data to work with.
However, roughly speaking, Bitcoin has operated on 3 years of growth followed by 1 year of market retracement periods, at least so far
Bitcoin Change Year-over-Year
For world-renowned charities such as Save the Children, the White aper and the subsequent creation of Bitcoin have benefited the organization.
Antonia Roupell, Web3 lead at Save the Children, told Cointelegraph that the organization recognizes “Bitcoin’s potential to be a force for good and a force for financial inclusion,” adding:
“On Bitcoin’s 14th anniversary, and at a time of increasingly global financial inequality, the phrase ‘bitcoin is for anyone’ really resonates.”
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“A fixed money supply, or a supply altered only in accord with objective and calculable criteria, is a necessary condition to a meaningful just price of money.”
Fr. Bernard W. Dempsey, S.J. (1903-1960)
In a centralized economy, currency is issued by a central bank at a rate that is supposed to match the growth of the amount of goods that are exchanged so that these goods can be traded with stable prices. The monetary base is controlled by a central bank. In the United States, the Fed increases the monetary base by issuing currency, increasing the amount banks have on reserve or by a process called Quantitative Easing.
In a fully decentralized monetary system, there is no central authority that regulates the monetary base. Instead, currency is created by the nodes of a peer-to-peer network.
The Bitcoin generation algorithm defines, in advance, how currency will be created and at what rate. Any currency that is generated by a malicious user that does not follow the rules will be rejected by the network and thus is worthless.
Currency with Finite Supply
Block reward halvingControlled supply
Bitcoins are created each time a user discovers a new block. The rate of block creation is adjusted every 2016 blocks to aim for a constant two week adjustment period (equivalent to 6 per hour.)
The number of bitcoins generated per block is set to decrease geometrically, with a 50% reduction every 210,000 blocks, or approximately four years. The result is that the number of bitcoins in existence will not exceed slightly less than 21 million.
Speculated justifications for the unintuitive value “21 million” are that it matches a 4-year reward halving schedule; or the ultimate total number of Satoshis that will be mined is close to the maximum capacity of a 64-bit floating point number. Satoshi has never really justified or explained many of these constants.
Cumulated bitcoin supply
This decreasing-supply algorithm was chosen because it approximates the rate at which commodities like gold are mined. Users who use their computers to perform calculations to try and discover a block are thus called Miners.
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“You never change things by fighting the existing reality.
To change something, build a new model that makes the existing model obsolete.”
Buckminster Fuller
Strenght in NumbersDare to knowBitcoin / bitcoin / blockchainDYOR – Do Your Own Research LandArise…Bitcoin – People’s MoneyCypherPunks Write CodeBitcoin Genesis BlockCode Is LawA new day…Bitcoin – The Peaceful RevolutionVeritas Non Auctoritas Facit Legem🔵 or 🟠 The Choice is Yours…
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First time/Small miner reference for getting started.
If you want to start mining here is what you need… and what you need to know.
This is written for home miners/small farms, but can be used as a guideline for most operations. Use this as a reference for what you need to research, or what questions you need to ask before jumping in.
What you need to mine can be broken down into the following categories:
You CAN NOT meaningfully mine bitcoin today with CPU, GPU or even FPGAs. Bitcoin difficulty adapts to match the amount of mining done on the network and has reached levels trillions of times too high to mine meaningfully with PCs, laptops, tablets, phones, webpages, javascript, GPUs, and even generalised SHA hardware.
Even if you combined all the computers in the world, including all known supercomputer, you would not even approach 0.1% of the bitcoin hashrate today.
There isn’t any point attempting to mine bitcoin with CPU or GPU even in the interests of learning as it shares almost nothing with how bitcoin is mined with ASICs and will not teach you anything.
Hardware
Asic Miner:
Here is a list of the companies currently manufacturing Miners for public purchase.
Each one has their Pro’s and Con’s it is up to you to do your research and decide what is best for you.
A few points to consider while researching are :
efficiency
reliability
warranty period/policy
power draw
Each company has a different way of handling warranty repairs, depending on your situation and the policy repairs can become cost prohibitive. I will touch more on efficiency and power draw in the electricity section.
• Current list of competitive hardware
Power supply: You will need to purchase a power supply to run your miners. You will find ATX and Server grade PSU’s, the latter being preferred for mining BTC.
When it comes to selecting a PSU purchase something with a capacity 25% higher than your miner is rated to draw. This will have you operating within the 80% rule.(explained further in the electricity section)
EX. Miner draws 1000 PSU should be able to provide 1250W.
** Many current generation miners are now being manufactured with Integrated PSU. Again do your research to see if your unit comes with or without. Generally you will still need to source a power cable.**
Auxilliaries – Avalon miners require an external controller, 1 per 20 miners. You may have to run additional fans for intake and exhaust depending on your location.
PSU’s can be purchased large enough to run 2 Miners; or the opposite 1 Miner fed by 2 PSU’s. Ensure the PSU you have selected will have the correct amount of PCI-E connectors required to operate your miner(s)
You can also find a large supply of used miners and PSU’s. Again it’s up to you to do your research as these often are a no return transaction.
Electricity
Follow all local codes and regulations
This is the number 1 factor in whether mining is right for you. As discussed with Miners being a 24/7 machine drawing power those costs will make it cost prohibitive for some people to mine. You need to be aware of what your costs/kWh are and run the numbers.
This will be done in a profitability calculator. This is just an example of 1 there are many out there.
( Miner usage in kW ) * ( Hours run per day ) 24 * ( Cost/kWh ) = Cost per Day to Operate
( Ideally less than the FIAT value of BTC mined )
The second part to the electrical requirements of mining is the available service; written for North America.
You will need to figure out the amperage you can spare, what circuits and receptacles you have in place, are you setting up on 220V or 110V. You will need to make sure that you have the right cord end for your PSU to match the receptacle, picking the wrong one can cost you a few days of mining if it has to be shipped.
If you can try and set up on a 220V circuit for 2 reasons :
– You will pull half the amps, and it is more efficient.
– Doing so requires 2 breaker spaces in your panel. Breaker sizing will depend on how many miners you plan to run. Here is the formula for calculating amps.
Watts / Voltage = Amps
Here is where you will bring the 80% rule back into play by sizing the continuous miner load to 80% of the breaker rating. 12 Amps on a 15 Amp breaker, 16 Amps max on a 20 Amp breaker, 24 Amps on a 30 amp breaker.
If/when you increase the amount of miners you are running you may want to look into PDU’s, as opposed to more receptacles.
Location
This is something that is often overlooked to the headache and frustration of many would be miners. These machines are loud and hot . You essentially have an electric heater that also uses an industrial fan to keep it from melting itself. This space will need to have the electrical requirements as discussed previously.
So make sure you have a space that is well ventilated with a plan to exhaust heat, and bring in fresh dust free air. I say this as using AC to cool the room will eat into your profits and may even make mining unprofitable.
The noise issue is a consideration you can sort out depending on whats available. (garage, basement, remote building)
Both of these issues can be handled with hosting, which is further explained in the information section.
Internet connection
Some miner setups have the option to use wifi. It is advisable to use a wired connection where available. This will provide a more stable connection and ensure you are submitting the expected amount of shares which is directly related to your payouts.
Please note that mining uses a negligible amount of bandwidth, and will not affect your other internet usage.
Information
You can use this information in this post as a good baseline to get you going. In addition to this you will want to research network difficulty; this readjusts every 2016 blocks to maintain a 10 minute block time on average. While this can go down it generally increases.
Solo or Pool?
You can solo mine but this is essentially a lottery even as a large scale miner. Should you chose this you can check this out as a starting point.
solo.ckpool.org 1% fee solo mining USA/DE 250 blocks solved!
Odds are most of you will join a pool. I will only say that it is in your best interest to mine at a pool that pays transaction fees (miner rewards). Then you will want to consider the fees associated with the pool.
When it comes to these pools you want them to be large enough that they are getting at least 1 block every Difficulty adjustment period. Larger pools will offer smaller rewards paid out more frequently, and vice versa.
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Hy there to all of you out there, white, black, yellow and avatar 😋🤣 people around the WordPress world !
Hope you are all well and safe in these troubled times we live on this beautiful planet of ours !
I come before you, to ask for your opinion and what you would like to see explained in my posts !?! Just let me know and I will try my best to accomodate your requests !
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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.
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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.
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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.
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.
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.
Join Honorary Chair Fran Finney and the Running Bitcoin Challenge Committee as we honor legendary cypher punk, Hal Finney. This is THE EVENT that combines Hal Finney’s love of running and Bitcoin and … Continue reading Running bitcoin – Hal Finney→
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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.”
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The Times – January 3, 2009Bitcoin Genesis Block Mined 03 January 2009Cypherpunks Write CodeCODE IS LAW THE SOONER HUMANKIND ACCEPTS IT, THE SOONER IT CAN BUILD AROUND ITYeah.. I wonder Why 😂Bitcoin made easyHow a Bitcoin transaction worksA humble MinerHow Bitcoin Mining WorksMining DifficultyBitcoin HalvingBitcoin Previous HalvingsPoolsBitcoin WalletsBitcoin StakeholdersBitcoin FactsPower to the PeopleTotalitarian Governments can kiss my 256-bit keyBitcoin – People’s MoneyBitcoin cannot be Shut DownThe power of the long tail…Central Bank’s 3 StrategiesF**k them, Enough !!!Upcoming Smart Contracts NetworksBitcoin Yearly CandlesBitcoin Price History – Log ScaleBitcoin Mining Ecosystem MapDefi Ecosystem in EthereumDeFi Stack: Product& Application ViewSyscoin EcosystemSyscoinBSC EcosystemPopular CryptocurrencyCrpto EcosystemPublic Companies that own BitcoinTop Banks investing in CryptoBitcoin Inflation vs. TimeWhen you’re Ready…Choose WiselyMake 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:
To permanently add transactions to the blockchain without the permission of any entity.
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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Join Honorary Chair Fran Finney and the Running Bitcoin Challenge Committee as we honor legendary cypher punk, Hal Finney. This is THE EVENT that combines Hal Finney’s love of running and Bitcoin and … Continue reading Running bitcoin – Hal Finney→
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It’s been 4 years already and it seems I haven’t done nothing at all… With the little time I could spare to work on this blog, I hope I bought a tiny seed … Continue reading 4th Year WordPress Anniversary→
January 3rd 2023 – Bitcoin 14th Anniversary Happy Genesis Block Day! January 3 is the 14th anniversary of Bitcoin’s Block Zero, its anchor in time. The first sentence of the email has become … Continue reading Happy Genesis Block Day→
So – You want to be a Computer Dude? The word / expression “Dude” is not a reference to being male, female, or whatever, it is a designation of “Skill Level.” When we … Continue reading Computer Dude Inc.→
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.
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 PillChoose wiselyWhen You’re ready …
Join Honorary Chair Fran Finney and the Running Bitcoin Challenge Committee as we honor legendary cypher punk, Hal Finney. This is THE EVENT that combines Hal Finney’s love of running and Bitcoin and … Continue reading Running bitcoin – Hal Finney→
It’s been 4 years already and it seems I haven’t done nothing at all… With the little time I could spare to work on this blog, I hope I bought a tiny seed … Continue reading 4th Year WordPress Anniversary→
January 3rd 2023 – Bitcoin 14th Anniversary Happy Genesis Block Day! January 3 is the 14th anniversary of Bitcoin’s Block Zero, its anchor in time. The first sentence of the email has become … Continue reading Happy Genesis Block Day→
So – You want to be a Computer Dude? The word / expression “Dude” is not a reference to being male, female, or whatever, it is a designation of “Skill Level.” When we … Continue reading Computer Dude Inc.→