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 ๐Bitcoin 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 youโll 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 โcompute a hashโ 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 minerโs block is then added to the blockchain, the miner is rewarded with newly issued bitcoin for their work, and the โnext roundโ 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
!ยฐ! If I forgot someone, sorry ! Do tell and I'll add you as a source of inspiration on the list !!! Thanks for understanding !!!
Questions, opinions, critics and requests always welcomed and as time allows will be accomodated !!! ๐ค ๐ ๐
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R&D, wisdom, knowledge, curiosities, answers and many more questions ๐๐คฃ๐
You have a Choice !!!Power to the People !!! Wake the F… Up !!! No more excuses, you have a choice now !!!WHO as in WORLD HEALTH ORGANISATIONP F I Z E Rย InsiderPoem of the LegacyBeing Curious…Of course it doesn’t comply…The Problem with centralized Social-Media10 Principles of Strategic LeadershipGlobal Reserve CurrencyPsychology of a Market CycleSuccessSuccessTriangle of SuccessDon’t plan for travelling when old…๐๐ณ๐Be like a Tree…If anyone understands this please enlighten me too ๐๐คญ๐คhttp://www.revelationtimelinedecoded.comESGFor those that think WE are the Center of the Universe ๐คฃ๐ ๐Confident vs. Insecure PeopleDay by day…Managing Complex ChangeThe Cone of LearningThe Hero’s JourneyElectromagnetic Field of the HeartI-ChingLanguage creates RealitySex Organs of the Machine WorldPhilosopher’s StoneIsaac NewtonAbracadabraSingularityMulti-Mind Thought Control Process APPLE INC.RetrocausalityCERNEGOSYSCOIN ECOSYSTEMJagSteinSysCoinBitcoin might bury FIAT ๐ ๐คญ ๐DEFI Ecosystem on EthereumDeFi StackBitcoin Mining Ecosystem Map…the other 6 BillionbitcoinThis is about the other 6 Billion…Top NFT ProjectsBusiness CyclesCentral’s Bank’s 3 StrategiesGlobal DebtDefender of the FlowerFlower of LifeSacred GeometrySeed & Flower of LifeKnowledge – An Antidote to FearJOIN THE REVOLUTION ๐ ๐คฃ ๐Emotion – Judgement – Action…violent recolution inevitable.E S B IEvery generation…LOVE YOUR RAGE NOT YOUR CAGERevolutionThe Times – January 3, 2009REVOLUTIONBitcoin Genesis Block – 03 January 2009Introduction to BitcoinIntroduction to Decentralized FinanceIntroduction to Digital CurrenciesAll Metals We MinedMap to Multiplication Nikola TeslaTop VC’s Investing in BlockChain CompaniesAthmospheres of the Solar SystemGlobal GDP 2021Map of CyberSecurity Domains21 QuestionsSix Innovation ModelsWhat May Happen in the next 100 YearsAbstract – “…to pull the body out of dimension so that the person can walk through solid objects such as wooden doors.” Okay ๐คฏ ๐ณ ๐คฏ ?ยฟ?China’s Social Credit SystemBlockchain Platforms Comparison (BCP)ARISE
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Fiat moneyย (fromย Latin:ย fiat,ย “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 aย decreeย from the government to beย 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 dynastyย banknotes are a medieval form of fiat money.
It has value only because the people who use it as aย medium of exchangeย agree on its value.
They trust that it will be accepted by merchants and other people.
Fiat money is an alternative toย 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 fromย 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 moneyย banknotesย were used first during the 11th century inย China.
Money declared by a person, institution or government to beย legal tender,ย meaning that it must be accepted in payment of a debt in specific circumstances.
State-issued money which is neither convertible through aย central bankย 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 exchangeย (also known asย fiduciaryย money.)
The termย fiatย derives from theย Latinย wordย fiat, meaning “let it be done”[10]ย used in the sense of an order, decree[2]ย or resolution.[11]
The word “F๊พAT”, with aย long Iย and an AโT ligature.“Gold Is Money” – J.P Morgan, 1912Issue and Control a Nation’s Money… M.A. RothschildAndreeas AntonopoulosChoose WiselyPower to the People
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Syscoin combines the best of both worlds to bring you a network to build the most secure, reliable, and fastest Web 3.0 applications.
Open-Source Protocol
Syscoin is a decentralized and open source project founded in 2014 by the founders of Blockchain Foundry, who remain Syscoin’s core developers. The core project has been guided by Syscoin Foundation since 2019.
A Vision of Transformation
We believe the future is stronger together, and that’s why we started with combining the power of Bitcoin and Ethereum, and will continue to build on a roadmap to the most cutting-edge technology.
Syscoin is built to bring prosperity through a protocol that transforms the way we interact with the world. The team builds to disrupt the way we experience the blockchain and how it will connect to affect lives.
With the great power of a decentralized future, comes the responsibility to provide security, functionality, and a roadmap to create a growing, collaborative future.
We build to be the protocol that you, your family, and your community trust everyday.
Cutting-edge research to help you.
Syscoin gives you the best of Bitcoin + Ethereum all in one place to build the most ambitious Web 3.0 applications.
Syscoin Foundation
The Syscoin Foundation is the official body representing Syscoin Platform. The board is broadly responsible for the growth and adoption of the platform, and its members play a guiding and steering role in its development.
Jag Sidhu Foundation President Lead DeveloperMichiel Foundation Vice President Project ManagerWilly Ko Foundation Treasurer DeveloperBrad Hammerston Foundation BoardChris Foundation Board Marketing & RelationsBradley Foundation Board Marketing & Social MediaSebastian Dimichele Foundation BoardAlex Foundation Board
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Power to the People No more Excuses You have a Choice NowCode is LawThis is about the other 6 billion…Arise, you have nothing to lose but your barbed wired fences !!!Veritas non Auctoritas…Choose!FreedomLet the Bitcoin seed thrive…Bitcoin – People’s MoneyPeaceLoveBitcoin cannot be Shut DownVeritas non AuctoritasWhen you’re Ready…
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Totalitarianismย is aย form of governmentย andย political systemย that prohibits all opposition parties, outlaws individual opposition to theย stateย and its claims, and exercises an extremely high degree of control and regulation over public and private life.
It is regarded as the most extreme and complete form ofย authoritarianism.
As aย political ideologyย in itself, totalitarianism is a distinctly modernistย phenomenon, and it has very complex historical roots. Philosopherย Karl Popperย traced its roots toย Plato,ย Georg Wilhelm Friedrich Hegel‘s conception of theย state, and the political philosophy ofย Karl Marx, although Popper’s conception of totalitarianism has been criticized in academia, and remains highly controversial.
“Man has become the master of the world, a master unbound by any links to nature, society, and history.”
In the 20th century, the idea of absolute state power was first developed byย Italian Fascists, and concurrently in Germany by a jurist andย Naziย academic namedย Carl Schmittย during theย Weimar Republicย in the 1920s.
Benito Mussolini, the founder of Italian Fascism, defined fascism as such: “Everything within the state, nothing outside the state, nothing against the state.”
Schmitt used the termย Totalstaatย (lit.โ’Total state’) in his influential 1927 work titledย The Concept of the Political, which described the legal basis of an all-powerful state.
Totalitarian regimes are different from otherย authoritarianย regimes, as the latter denotes a state in which the single power holder, usually an individual dictator, a committee, aย military junta, or an otherwise small group of political elites, monopolizes political power.
A totalitarian regime may attempt to control virtually all aspects of social life, including the economy, the education system, arts, science, and the private lives and morals of citizens through the use of an elaborate ideology. It can also mobilize the whole population in pursuit of its goals.
Historianย Robert Conquestย describes a totalitarian state as a state which recognizes no limit on its authority in any sphere of public or private life and extends that authority to whatever length it considers feasible.
Totalitarianism is contrasted withย authoritarianism. According to Radu Cinpoes, an authoritarian state is “only concerned with political power, and as long as it is not contested it gives society a certain degree of liberty.”
Cinpoes writes that authoritarianism “does not attempt to change the world and human nature.”
In contrast,ย Richard Pipesย stated that the officially proclaimedย ideologyย “penetrating into the deepest reaches of societal structure, and the totalitarian government seeks to completely control the thoughts and actions of its citizens.”
Carl Joachim Friedrichย wrote that “[a] totalist ideology, a party reinforced by aย secret police, and monopolistic control of industrial mass society are the three features of totalitarian regimes that distinguish them from other autocracies.”
Rijndael is a family of ciphers with different key and block sizes. For AES, NIST selected three members of the Rijndael family, each with a block size of 128 bits, but three different key lengths: 128, 192 and 256 bits.
The algorithm described by AES is aย symmetric-key algorithm, meaning the same key is used for both encrypting and decrypting the data.
In the United States, AES was announced by the NIST as U.S.ย FIPSย PUB 197 (FIPS 197) on November 26, 2001.
This announcement followed a five-year standardization process in which fifteen competing designs were presented and evaluated, before the Rijndael cipher was selected as the most suitable.
AES is included in theย ISO/IECย 18033-3ย standard. AES became effective as a U.S. federal government standard on May 26, 2002, after approval by the U.S.ย Secretary of Commerce.
AES is available in many different encryption packages, and is the first (and only) publicly accessibleย cipherย approved by the U.S.ย National Security Agencyย (NSA) forย top secretย information when used in an NSA approved cryptographic module.
Andreas M. Antonopoulosย (born 1972 in London) is a British-Greek Bitcoinย advocate, tech entrepreneur, and author.
He is a host on theย Speaking of Bitcoinย podcastย (formerly calledย Let’s Talk Bitcoin!) and a teaching fellow for theย M.Sc.ย Digital Currencies at theย University of Nicosia.
Antonopoulos was born in 1972 in London, UK, and moved to Athens, Greece during theย Greek Junta.
He spent his childhood there, and at the age of 17 returned to the UK.
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For the first time in human history there is at the disposal of the masses a tool that eliminates the middlemen and takes trust from the hands of humans and beautifully makes it a mathematics code that cannot be breaken, hacked or tricked…
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“Bitcoin actually has the balance and incentives right, and that is why it is starting to take off. “
Julian Assange
Bitcoin has the balance and incentives right
” It isnโt obvious that the world had
to work this way.
But somehow the universe smiles
on encryption.โ
Julian Assange
The universe smiles on encryption
” The innovation is that BTC
is hard to shut down. […]
Designed from the ground up
to survive under the most
adversarial conditions. “
Hasu
Bitcoin is hard to shut down
” Bitcoin is the most successful
privacy coin to date. “
Pierre Rochard
Most successful privacy coin to date
” Bitcoin is a technological innovation that happens once a species. “
Trace Mayer
Technological innovation that happens once in a species
” Bitcoin doesnโt care about
who you are or what your feelings are.
Bitcoin represents equal opportunity
to participate in a systemnot encumbered by our
legacyfiat structures. “
White Rabbit
Participate in a system not encumbered by FIAT
” We’re here to unfuck the money
and there’s no stopping us.
Fix the money, Change the World. “
White Rabbit
Fix the money, change the world
” Hardly anybody actually
understands money. “
Nick Szabo
Nobody understands money
” When you have a disruptive technology, they call it a category killer.
Bitcoin is a serial killer – itโs going to go through 40 or 50 different industries. “
Dan Morehead
Bitcoin is a serial killer
” It’s 21 Million or Death.”
Robert Breedlove
21 million or death
” It might make sense just to get some
in case it catches on. “
Satoshi Nakamoto
In case it catches on
” Trusted third parties are
security holes. “
Nick Szabo
Trusted third parties
” There are only going to be
21 million coins, there are
billions of people in the world,
some reasonable percentage
of who might find it interesting
to own a piece of Bitcoin.”
Adam Back
21 million coins
” I think itโs essential for a program of this nature to be open source. “
Satoshi Nakamoto
Open Source
” SHA-256 is very strong.
Itโs not like the incremental step
from MD5 to SHA1.
It can last several decades
unless thereโs some massive breakthrough attack. “
Satoshi Nakamoto
Sha-256
” Code mixed with robust
game theory is superior
to hierarchical command and control. “
โญoinsure
Code superior to hierarchical command and control
” Given that money is one half
of every commercial transaction and that whole civilizations literally
rise and fall based on the quality of their money, we are talking about
an awesome power, one that
flies under the cover of night. “
Ron Paul
Money…an awesome power
” The world has to adapt to bitcoin,
not the other way round. “
Herzmeister
The world has to adapt to bitcoin
” When I first bought bitcoin it took me two years of speculation to understand what Bitcoin really was.
But once I fully had a grasp of it,
it was life altering. “
Russell Okung
Bitcoin is life altering
” Many countries stand to gain from Bitcoinโs adoption as it would remove their dependence on the US dollar and provide them with a feasible alternative. “
Misir Mahmudov
Bitcoin a feasible alternative to the US $
” Bitcoin is a optimist bet on the future, a bet on human ingenuity.
Gold is a pessimist bet on the past and, often a bet the end of civilization. “
Rodolfo Novak
Bitcoin a bet on human ingenuity
” Everyone has got to believe in something.
Why not believe in something verifiable and unforgeable. “
Hass McCook
Believe in something Verifiable and Unforgeable
” Open source software is a meritocracy of ideas, not of people.
So people are always talking about
“Who controls Bitcoin?”
Good ideas control Bitcoin.
Not people.”
Ben Prentice
Good ideeas control Bitcoin
Bitcoin is a seed of hope in a society which lost vision years ago and perspective just recently. “
Kim Neunert
Bitcoin a seed of hope
” Bitcoin has an inescapable, unavoidable, and omnipotent magnetism for the brightest and most revolutionary minds on the planet.
I’ve never witnessed anything like it. “
Brandon Bridge
Bitcoin’s magnetism
” This is why proof of work needs
to be expensive, if it is cheap you can roll back things easily.
You want it to be very difficult to change history.
The only way to make it difficult to change history is to make the
process of writing the current
history very expensive. “
Jimmy Song
Difficult to Change History
” Bitcoin is like gold but with this magical abilitythat
you can teleport it.”
Vijay Boyapati
Bitcoin magical ability to teleport it
” Can Bitcoin be stopped?
“Not really, this thing is a beast.
As Mises wrote:
Ideas can only be overcome by other ideas. “
Trace Mayer
Bitcoin Cannot Be Stopped
” I’m not here to fix Bitcoin. “
Michael Saylor
Fix bitcoin
” Buying bitcoin is the most powerful protest an individual can make against the current economic system. “
Luc Dossis
Buying bitcoin is the most powerful protest
” These numbers have nothing to do with the technology of the devices;
they are the maximums that thermodynamics will allow.
And they strongly imply that brute-force attacks against 256-bit keys will be infeasible until computers are built from something other than matter and occupy something other than space. “
Bruce Schneier
Maximums that thermodynamics will allow
” Cryptocurrency is such a powerful concept that it can almost
overturn governments. “
Charles Lee
Cryptocurrency can almost overturn governments
” Bitcoin will do to banks what
email did to the postal industry. “
Rick Falkvinge
Bitcoin is the email for the postal industry
” I do think Bitcoin is the first [encrypted money] that has the potential to do something like change the world. “
Peter Thiel
Bitcoin has the potential to change the world
” Bitcoin is the most important invention in the history of the world since the Internet. “
Roger Ver
Bitcoin the most important invention in the history since the Internet
” Gold is a great way to preserve wealth, but it is hard to move around.
You do need some kind of alternative and Bitcoin fits the bill. “
Jim Rickards
Bitcoin fits the bill as a way to preserve wealth
” You canโt stop things like Bitcoin.
It will be everywhere and the world will have to readjust.
World governments will have to readjust. “
John McAfee
Bitcoin will be everywhere and the world will have to readjust
” I think the fact that within the bitcoin universe an algorithm replaces the function of the governmentโฆ is actually pretty cool. “
Al Gore
An algorithm replaces the function of government
People have made fortunes off Bitcoin, some have lost money.
It is volatile, but people make money off of volatility too. “
Richard Branson
Some Lost, some Won with Bitcoin
” The ability to create something which is not duplicable in the digital world has enormous valueโฆ
Lotโs of people will build businesses on top of that. “
Eric Schmidt
Create something wich is not duplicable
PayPal had these goals of creating a new currency.
We failed at thatโฆ
I think Bitcoin has succeeded on the level of a new currency, but the payment system is lacking. “
Peter Thiel
Bitcoin Succeeded as a New Currency
” As people move into Bitcoin for payments and receipts they stop using US Dollars, Euros and Chinese Yuan which in the long-term devalues these currencies. “
John McAfee
Bitcoin devalues $ โฌ ยฅ
” Bitcoin is the currency of resistanceโฆ
If Satoshi had released Bitcoin
10 years earlier,
9/11 would never have happened. “
Max Keiser
Bitcoin the Currency of Resistance
“At its core, bitcoin is a smart currency, designed by very forward-thinking engineers. “
Peter Diamandis
Bitcoin is a smart currency
” The internet is going to be one of the major forces for reducing
the role of government.
One thing thatโs missing but that
will soon be developed,
is a reliable e-cash. “
Milton Friedman
E-Cash
” Bitcoin is a technological
tour de force. “
Bill Gates
Tour de force
” If you donโt believe it or donโt get it,
I donโt have the time
to try to convince you, sorry. “
Satoshi Nakamoto
Don’t have the time
” WikiLeaks
has kickedthe hornetโs nest,
and the swarm is headed towards us. “
Satoshi Nakamoto
WikiLeaks
” Lost coins only make everyone elseโs coins worth slightly more.
Think of it as a donation to everyone.
Satoshi Nakamoto
Lost Coins
” In a few decades when the reward
gets too small, the transaction fee
will become the main
compensation for [mining] nodes.
Iโm sure that in 20 years
there will either be very large transaction volume or no volume.
Satoshi Nakamoto
Transaction fee
” As computers get faster and the total computing power applied to creating bitcoins increases, the difficulty increases proportionally to keep the total new production constant.
Thus, it is known in advance how many new bitcoins will be created every year in the future.
Coins have to get initially distributed somehow, and a constant rate seems like the best formula.
Satoshi Nakamoto
Coins distribution at a Constant Rate is the best Formula
” Bitcoin is the beginning
of something great:
a currency without a government, something necessary and imperative. “
Nassim Taleb
Bitcoin a Currency Without a Government
” Those who believe in Bitcoin also believe in cleverness. “
Arif Naseem
Believe in bitcoin believe in cleverness
” Bitcoin is the most stellar
and most useful system
of mutual trust ever devised. “
Arif Naseem
Bitcoin a System of Mutual Trust
“Cryptocurrency is freedom,
Banking is slavery. “
Arif Naseem
Cryptocurrency is Freedom
” Our basic thesis for bitcoin
is that it is better than gold. “
Tyler Winklevoss
Bitcoin better than gold
” I think the whole narrative
of blockchain without bitcoin will amount to very little. “
Fred Ehrsam
Blockchain without bitcoin
” Every informed person needs
to know about Bitcoin because
it might be one of the worldโs most important developments. “
Leon Louw
Bitcoin world’s most important developments
” Bitcoin is a very exciting development, it might lead to a world currency.
I think over the next decade
it willgrow to becomeone of the most importantways to pay for things and transfer assets. “
Kim Dotcom (CEO of MegaUpload)
Bitcoin might lead to a world currency
” Bitcoin may be the TCP/IP of money. “
Paul Buchheit (Creator of Gmail)
Bitcoin the TCP/IP of money
” We have elected to put our money
and faith in a mathematical
framework that is free of politics
and human error. “
Tyler Winklevoss (Co-inventor of Facebook)
Mathematical framework free of politics and human error
” I really like Bitcoin.
I own Bitcoins.
Itโs a store of value,
a distributed ledger.
Itโs a great place to put assets, especially in places like Argentina
with 40 percent inflation,
where $1 today is worth 60 cents in a year, and a governmentโs currency
does not hold value.
Itโs also a good investment vehicle if you have an appetite for risk.
But it wonโt be a currency until volatility slows down. “
David Marcus (CEO of Paypal)
Bitcoin a store of value
” [Virtual Currencies] may hold long-term promise,particularly if the innovations promote a faster,
more secure and more efficient payment system. “
Ben Bernanke (Chairman of the Federal Reserve)
Bitcoin may hold long-term promise
There are 3 Eras of currency:
Commodity based,
Politically based,
and now, Math based. “
Chris Dixon (Co-founder of Hunch now owned by Ebay, Co-founder of SiteAdvisor now owned by McAfee)
Math based currency
” Bitcoin is here to stay.
There would be a hacker uproar to anyone who attempted to take credit for the patent of cryptocurrency.
And I wouldnโt want to be on the receiving end of hacker fury. “
Adam Draper
Bitcoin is here to stay
” Itโs money 2.0,
a huge hugehuge deal. “
Chamath Palihapitiya (Previous head of AOL instant messenger)
Money 2.0
” If there is one positive takeaway
from the collapse of Mt.Gox,
it is the willingness of a new generation of Bitcoin companies to work together to ensure the future of Bitcoin and the security of customer funds. “
Brian Armstrong (CEO of Coinbase)
Future of bitcoin
” Bitcoin seems to be a very
promising idea.
I like the idea of basing security on the assumption that the CPU power of honest participants outweighs that of the attacker.
It is a very modern notion that exploits the power of the long tail. “
Hal Finney
Bitcoin a promising idea
” Bitcoin enables certain uses
that are very unique.
I think it offers possibilities that
no other currency allows.
For example the ability to spend a coin that only occurs when two separate parties agree to spend the coin; with a third party that couldnโt run away with the coin itself. “
Pieter Wuille
Bitcoin enables uses that are very unique
” At its core, bitcoin is a smart currency, designed by very forward-thinking engineers.
It eliminates the need for banks,
gets rid of credit cardfees,
currency exchange fees,
money transfer fees,
and reduces the needfor lawyers
in transitionsโฆ all good things. “
Peter Diamandis
Good things
” There is so much potential โฆ
I am just waiting for it to be
a billion dollar industry.โ
โ Wow, Silk Road actually works โ
Charlie Shrem
Silk Road actually works
Andreas AntonopoulusPlant the Seed… Don’t buy to get Rich… Educate Yourself !!! Then Educate Others !!!The sooner you accept the Truth, The better you will build upon it !!!You have a choice now !!!
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In a first, Bitcoin developers have done something amazing amid the criticism over the lightning network and issues associated with it. A team of developers has made an international payment using the radio … Continue reading International payment using the radio waves→
My inspiration for this page was given to me by my new aquired friend, a fellow Truth Seeker – Joris and to whom I dedicate this page… Wish you… as well as to … Continue reading Discipline Quotes→
Bitcoin white paper turns 15 and the Legacy of Satoshi Nakamoto lives on. โIโve been working on a new electronic cash system thatโs fully peer-to-peer, with no trusted third party,โ Satoshi Oct. 31, … Continue reading Bitcoin White Paper turn 15→
Power to the PeopleNot by Force but by Free WillThe Choice is always YoursArise…Choose Wisely…People do not understand the Monetary SystemPrivacy is not Secrecy.VeritasBitcoin cannot be ShutDownPower of the long tailCypherPunks Write Codebitcoin Genesis Block
In a first, Bitcoin developers have done something amazing amid the criticism over the lightning network and issues associated with it. A team of developers has made an international payment using the radio … Continue reading International payment using the radio waves→
My inspiration for this page was given to me by my new aquired friend, a fellow Truth Seeker – Joris and to whom I dedicate this page… Wish you… as well as to … Continue reading Discipline Quotes→
โA mysterious new technology emerges, seemingly out of nowhere, but actually the result of two decades of intense research and development by nearly anonymous researchers.
Political idealists project visions of liberation and revolution onto it; establishment elites heap contempt and scorn on it.
On the other hand, technologists โ nerds โ are transfixed by it.
They see within it enormous potential and spend their nights and weekends tinkering with it.
Eventually mainstream products, companies and industries emerge to commercialize it; its effects become profound; and later, many people
wonder why its powerful promise wasnโt more obvious from the start.
What technology am I talking about?
Personal computers in 1975, the Internet in 1993, and โ I believe โ Bitcoin in 2014โฆ.
The practical consequence of solving this problem is that Bitcoin gives us, for the first time, a way for one Internet user to transfer a unique piece of digital property to another Internet user, such that the transfer is guaranteed to be safe and secure, everyone knows that the transfer has taken place, and nobody can challenge the legitimacy of the transfer.
The consequences of this breakthrough are hard to overstate.
What kinds of digital property might be transferred in this way?
Think about digital signatures, digital contracts, digital keys (to physical locks, or to online lockers), digital ownership of physical assets such as cars and houses, digital stocks and bonds โฆ
and digital moneyโ.
โ Marc Andreessen, Founder of Netscape & well-known venture capitalist, 2014
In a first, Bitcoin developers have done something amazing amid the criticism over the lightning network and issues associated with it. A team of developers has made an international payment using the radio … Continue reading International payment using the radio waves→
My inspiration for this page was given to me by my new aquired friend, a fellow Truth Seeker – Joris and to whom I dedicate this page… Wish you… as well as to … Continue reading Discipline Quotes→
Bitcoin white paper turns 15 and the Legacy of Satoshi Nakamoto lives on. โIโve been working on a new electronic cash system thatโs fully peer-to-peer, with no trusted third party,โ Satoshi Oct. 31, … Continue reading Bitcoin White Paper turn 15→
Cryptoassets being held, generally as longer-term plays; sometimes used self-deprecatingly for soft or losing positions one should close, but canโt for whatever reason. โToo bad none of my alt bags saw the moon that I did today. #cryptoeclipseโ
Bitcoin Maximalists
The truest believers in bitcoinโs original mission and design, often paired with a disdain for altcoins.
Block
Blocks are found in the Bitcoin block chain. Blocks connect all transactions together.
Transactions are combined into single blocks and are verified every ten minutes through mining.
Each subsequent block strengthens the verification of the previous blocks, making it impossible to double spend bitcoin transactions (see double spend below).
BIP
Bitcoin Improvement Proposal or BIP, is a technical design document providing information to the bitcoin community, or describing a new feature for bitcoin or its processes or environment which affect the Bitcoin protocol.
New features, suggestions, and design changes to the protocol should be submitted as a BIP.
The BIP author is responsible for building consensus within the community and documenting dissenting opinions.
Black Swans
A black swan is an event or occurrence that deviates beyond what is normally expected of a situation and is extremely difficult to predict.
Black swan events are typically random and unexpected.
The term was popularized by Nassim Nicholas Taleb, a finance professor, writer, and former Wall Street trader.
Block Chain
The Bitcoin block chain is a public record of all Bitcoin transactions. You might also hear the term used as a โpublic ledgerโ.
The block chain shows every single record of bitcoin transactions in order, dating back to the very first one.
The entire block chain can be downloaded and openly reviewed by anyone, or you can use a block explorer to review the block chain online.
Block Height
The block height is just the number of blocks connected together in the block chain. Height 0 for example refers to the very first block, called the โgenesis blockโ.
Block Reward
When a block is successfully mined on the bitcoin network, there is a block reward that helps incentivize miners to secure the network.
The block reward is part of a โcoinbaseโ transaction which may also include transaction fees.
The block rewards halves roughly every four years; see also โhalvingโ.
BTFD | #BTFD
โBuy the Fucking Dipโ Advice to other traders to pick up a coin thatโs presumably hit its bottom.
โ$GNT Golem making moves. Underpriced @ 7.5K If U are buying GNT under 10K still a good price 3 X LETS GO $ETH #CRYPTO #trading #BTFDโ
Change
Letโs say you are spending $9.90 in your local supermarket, and you give the cashier $10.00. You will get back .10 cents in change.
The same logic applies to bitcoin transactions.
Bitcoin transactions are made up of inputs and outputs.
When you send bitcoins, you can only send them in a whole โoutputโ.
The change is then sent back to the sender.
Cold Storage
The term cold storage is a general term for different ways of securing cryptocurrency offline (disconnected from the internet).
This would be the opposite of a hot wallet or hosted wallet, which is connected to the web for day-to-day transactions.
The purpose of using cold storage is to minimize the chances of your bitcoins being stolen from a malicious hacker and is commonly used for larger sums of bitcoins.
Cold Wallet and Hot Wallet
Cold storage is an offline wallet provided for storing cryptocurrency.
With cold storage, the digital wallet is stored on a platform that is not connected to the internet, thereby, protecting the wallet from unauthorized access, cyber hacks, and other vulnerabilities that a system connected to the internet is susceptible to.
Confirmation
A confirmation means that the bitcoin transaction has been verified by the network, through the process known as mining.
Once a transaction is confirmed, it cannot be reversed or double spent.
Transactions are included in blocks.
Cryptocurrency
Cryptocurrency is the broad name for digital currencies that use blockchain technology to work on a peer-to-peer basis.
Cryptocurrencies donโt need a bank to carry out transactions between individuals.
The nature of the blockchain means that individuals can transact with each other, even if they donโt trust each other.
The cryptocurrency network keeps track of all the transactions and ensures that no one tries to renege on a transaction.
Cryptocurrency 2.0
Also known as a decentralized app,(Dapp) a cryptocurrency 2.0 project uses the blockchain for something other than simply creating and sending money.
They typically involve decentralized versions of online services that were previously operated by a trusted third party.
Cryptography
Cryptography is used in multiple places to provide security for the Bitcoin network.
Cryptography, which is essentially mathematical and computer science algorithms used to encrypt and decrypt information, is used in bitcoin addresses, hash functions, and the block chain.
Cypherpunk
1. A person with an interest in encryption and privacy, especially one who uses encrypted email.
2. Cypherpunk, a term that appeared in Eric Hughesโ โA Cypherpunkโs Manifestoโ in 1993, combines the ideas of cyberpunk, the spirit of individualism in cyberspace, with the use of strong encryption ( ciphertext is encrypted text) to preserve privacy.
Cypherpunk advocates believe that the use of strong encryption algorithms will enable individuals to have safely private transactions.
They oppose any kind of government regulation of cryptography.
They admit the likelihood that criminals and terrorists will exploit the use of strong encryption systems, but accept the risk as the price to be paid for the individualโs right to privacy.
Dark Web
The part of the World Wide Web that is only accessible by means of special software, allowing users and website operators to remain anonymous or untraceable.
The Dark Web poses new and formidable challenges for law enforcement agencies around the world.
Decentralized
Having a decentralized bitcoin network is a critical aspect.
The network is โdecentralizedโ, meaning that itโs void of a centralized company or entity that governs the network.
Bitcoin is a peer-to-peer protocol, where all users within the network work and communicate directly with each other, instead of having their funds handled by a middleman, such as a bank or credit card company.
Difficulty
Difficulty is directly related to Bitcoin mining (see mining below), and how hard it is to verify blocks in the Bitcoin network.
Bitcoin adjusts the mining difficulty of verifying blocks every 2016 blocks.
Difficulty is automatically adjusted to keep block verification times at ten minutes.
Dogecoin
Dogecoin is an altcoin that first started as a joke in late 2013. Dogecoin, which features a Japanese fighting dog as its mascot, gained a broad international following and quickly grew to have a multi-million dollar market capitalization.
Double Spend
If someone tries to send a bitcoin transaction to two different recipients at the same time, this is double spending. Once a bitcoin transaction is confirmed, it makes it nearly impossible to double spend it. The more confirmations that a transaction has, the harder it is to double spend the bitcoins.
DYOR | #DYOR
โDo Your Own Research.โ The traderโs caveat that advice shouldnโt be taken at face value.
โ$BCY has an appealing risk/reward here. Could take a few months to play out, however, and will require patience. #DYORโ
Exit Scam
Traditionally a term for darknet markets and vendors that, after building up a good reputation, accumulate bitcoins and disappear; exit scams are also feared by ICO participants who worry that, once theyโve raised hundreds of millions in hard-to-trace money, the developers will take the money and run.
Fiat
Government-issued money.
Full Node
A full node is when you download the entire block chain using a bitcoin client, and you relay, validate, and secure the data within the block chain.
The data is bitcoin transactions and blocks, which is validated across the entire network of users.
FOMO | #FOMO
โFear of Missing Out.โ When a coin starts to moon, dumb money rushes in. โ$LGD on a TEAR right now!!! It has major highs right now! Some major #FOMO going on!!! Sell while itโs high. It WILL drop before fight!!!โ
FUD
โFear, Uncertainty, and Doubt.โ
Another non-crypto term that describes attempts to scare weak-handed coin-holders into selling their positions, often with rumors of exit scams or hacks; the cheap, dumped coins are then picked up by the FUD-ers.
Fungibility
Fungibility is a good or assetโs interchangeability with other individual goods or assets of the same type.
Assets possessing this fungibility property simplify the exchange and trade processes, as interchangeability assumes everyone values all goods of that class the same.
HODL
HOLD ON FOR DEAR LIFE!
The intentionally misspelled word hodl has its roots in a December 2013 post on the Bitcoin Talk forum, โI AM HODLINGโ; when the author, GameKyuubi, couldnโt be bothered to fix his typo, the community instantly turned it into a verb: to hodl.
Along with other terms, hodl is an effective litmus test for sussing out newcomers, carpetbaggers, and tourists.
Halving
Bitcoins have a finite supply, which makes them scarce.
The total amount that will ever be issued is 21 million.
The number of bitcoins generated per block is decreased 50% every 210,000 blocks,roughtly four years.
This is called โhalving.โ
The final halving will take place in the year 2140.
Hash
A cryptographic hash is a mathematical function that takes a file and produces a relative shortcode that can be used to identify that file.
A hash has a couple of key properties:
โข It is unique.
Only a particular file can produce a particular hash, and two different files will never produce the same hash.
โข It cannot be reversed.
You canโt work out what a file was by looking at its hash.
Hashing is used to prove that a set of data has not been tampered with.
It is what makes bitcoin mining possible.
Hash Rate
The hash rate is how the Bitcoin mining network processing power is measured.
In order for miners to confirm transactions and secure the block chain, the hardware they use must perform intensive computational operations which is output in hashes per second.
Then, try changing just a letter in the input text to see how the resulting hash varies significantly
Hard Fork
A hard fork is when a single cryptocurrency splits in two.
It occurs when a cryptocurrencyโs existing code is changed, resulting in both an old and new version.
Meanwhile a soft fork is essentially the same thing, but the idea is that only one blockchain (and thus one coin) will remain valid as users adopt the update.
So both fork types create a split, but a hard fork is meant to create two blockchain/coins and a soft fork is meant to result in one.
Segwit was a soft fork, Bitcoin Cash, Bitcoin Gold, and Segwit2x are all hard forks.
Immutability
In object-oriented and functional programming, an immutable object (unchangeable object) is an object whose state cannot be modified after it is created.
This is in contrast to a mutable object (changeable object), which can be modified after it is created.
Lambo | #Lambo
A running joke among traders, youโre cryptorich when you can buy a Lamborghini; though absurd, itโs not unheard of โ when Alexandre Cazes, the suspected founder of a major darknet marketplace, was found hanged in his Bangkok jail cell, Thai media reported that he owned four Lamborghinis.
Mining
Bitcoin mining is the process of using computer hardware to do mathematical calculations for the Bitcoin network in order to confirm transactions.
Miners collect transaction fees for the transactions they confirm and are awarded bitcoins for each block they verify.
Moon | #Moon
A rapid price increase.
Peer-to-Peer
Typically, online applications are provided by a central party that organizes all the transactions.
Your bank runs its own computers, and all the customers log into the bankโs computer to handle their transactions.
If Bob wants to send money to Alice, he asks the bank to do it, and the bank controls everything.
In a peer-to-peer arrangement, technology cuts out the middleman, meaning that people deal directly with each other.
Bob would send the money directly to Alice, and there wouldnโt be any bank involved at all.
Pool
As part of bitcoin mining, mining โpoolsโ are a network of miners that work together to mine a block, then split the block reward among the pool miners.
Mining pools are a good way for miners to combine their resources to increase the probability of mining a block, and also contribute to the overall health and decentralization of the bitcoin network.
Private Key
A private key is a string of data that shows you have access to bitcoins in a specific wallet.
Think of a private key like a password; private keys must never be revealed to anyone but you, as they allow you to spend the bitcoins from your bitcoin wallet through a cryptographic signature.
Proof of Work
Proof of work refers to the hash of a block header (blocks of bitcoin transactions).
A block is considered valid only if its hash is lower than the current target.
Each block refers to a previous block adding to previous proofs of work, which forms a chain of blocks, known as a block chain.
Once a chain is formed, it confirms all previous Bitcoin transactions and secures the network.
Pump
A rapid price increase believed to be the result of market manipulation, a.k.a. pump and dump.
Public Address
A public bitcoin address is cryptographic hash of a public key.
A public address typically starts with the number โ1.โ
Think of a public address like an email address.
It can be published anywhere and bitcoins can be sent to it, just like an email can be sent to an email address.
Private Key
A private key is a string of data that shows you have access to bitcoins in a specific wallet.
Think of a private key like a password; private keys must never be revealed to anyone but you, as they allow you to spend the bitcoins from your bitcoin wallet through a cryptographic signature.
Rekt | #Rekt
Meaning โwreckedโ.
โI never sell because of #FUD, and I never buy because of #FOMO.
Thatโs the easiest way to get #Rektโ
Sats
Satoshis, currently the smallest unit of a single bitcoin, useful for tracking coin prices. โAt the rate $XRPโs moving, I wouldnโt be surprised if it hits 10K sats by the end of the day.โ
Security Tokens
A security token (sometimes called an authentication token) is a small hardware device that the owner carries to authorize access to a network service.
The device may be in the form of a smart card or may be embedded in a commonly used object such as a key fob.
Shitcoins
Pejorative term for altcoins, especially low-cap coins, often affectionately used by shitcoin hodlers.
SEGWIT
SegWit is the process by which the block size limit on a blockchain is increased by removing signature data from Bitcoin transactions.
When certain parts of a transaction are removed, this frees up space or capacity to add more transactions to the chain.
Transaction
A transaction is when data is sent to and from one bitcoin address to another.
Just like financial transactions where you send money from one person to another, in bitcoin you do the same thing by sending data (bitcoins) to each other.
Bitcoins have value because itโs based on the properties of mathematics, rather than relying on physical properties (like gold and silver) or trust in central authorities, like fiat currencies.
Wallet
Just like with paper dollars you hold in your physical wallet, a bitcoin wallet is a digital wallet where you can store, send, and receive bitcoins securely.
There are many varieties of wallets available, whether youโre looking for a web or mobile solution.
Ideally, a bitcoin wallet will give you access to your public and private keys.
This means that only you have rightful access to spend these bitcoins, whenever you choose to.
Whale
Anyone who owns 5 percent of any given coin, often used as a boogeyman to explain unwanted price movements.
โNice support $NEO. Clear whale manipulation.โ
Blue Pill vs. Red PillChoose wiselyWhen You’re ready …
In a first, Bitcoin developers have done something amazing amid the criticism over the lightning network and issues associated with it. A team of developers has made an international payment using the radio … Continue reading International payment using the radio waves→
My inspiration for this page was given to me by my new aquired friend, a fellow Truth Seeker – Joris and to whom I dedicate this page… Wish you… as well as to … Continue reading Discipline Quotes→
Bitcoin white paper turns 15 and the Legacy of Satoshi Nakamoto lives on. โIโve been working on a new electronic cash system thatโs fully peer-to-peer, with no trusted third party,โ Satoshi Oct. 31, … Continue reading Bitcoin White Paper turn 15→
Bitcoin is not Abracadabra… but Bitcoin can be Avada Kedavra for the current Banking system!
Bitcoin is not Magic… but it can be for Muggles!
Bitcoin is not an “Investment” … but educating yourself about bitcoin can be!
Bitcoin is not an “Investment”… but knowingย the basics and being educated about it, lowers the chances of loosing your hard earned money!
Bitcoin is not an “Investment”… but staking Sats proved to be a preety good Strategy in the Long Term!
Bitcoin is not digital money… but it’s ons of it’s first applications!
Bitcoin is not money… but is Money for the Internet!
Bitcoin is not PRICE !!!
Bitcoin is not PRICE… but the market is driven mostly by FUD & FOMO people
Fear Uncertainty Doubt
bring the market Down
Fear Of Missing Out
bring the market Up
Bitcoin is not a “Get Rich Quick Scheme” and the one’s that got rich were the one’s that were there from the begining…
Bitcoin is not voodoo people, magic people… but a bunch of smart geeks & nerds that support the bitcoin’s philosophy and what it stands for…
Bitcoin is not under no juridstiction… but it is a global p2p network of like-minded people that with the power of their equipment sustain, mantain and make the bitcoin network stronger and more decentralized!
Bitcoin is not a Coin… but an entry in a digital ledger!
Bitcoin is not illegal activity money… but bitcoin can be used in such activity… Reports show that FIAT is still the No. #1 choice for “Evil Doers” as it doens’t have an public, open and visible ledger … Duh…
Bitcoin is not evil… but bitcoin can be used to do evil! As does a Pen! It can be used to do evil! How, you would ask? Ifย I take this โ and stick it up your a… who is Evil ?!? The One who invented the pen? The Pen? Me? Your a.. cause it was in the way ๐คฃ Perspective is a matter of opinion…
Bitcoin is not News… but instead read pools, github, exchanges, wallets… They are the ones that pave the way where bitcoin could, should or would go!
Bitcoin is not DEAD… It was already declared Dead 441 times!
1 – Bitcoin consumes too much electricity, they don’t understand POW!
2 – Bitcoin isn’t a government backed currency, you should ask who backs their government… If the answer is the Army…
3 – Bitcoin isn’t backed by gold like the the US$… Neither is the $ since ’71
4 – Bitcoin isn’t real because I can’t see it… 80% of world’s money is Digital…
5 – Bitcoin isn’t a store of value as good as Gold is… Gold had thousands of years to prove that, bitcoin only 13… give it time! It already proved a lot !!!
6 – Bitcoin’s inventor is annonymous and can’t be trusted… Who invented money then? How do money come up into existance?
7 – Bitcoin will never be largely accepted because it isn’t issued by a government… You know what else wasn’t issued by no government ? Cars, Electricity, Steam Engine, Facebook, Uber, Google, Amazon, etc bla bla bla
8 – Bitcoin can’t be a currency cause I can’t buy anything with it… I think I have shared a list with places that you can buy things with bitcoin…Quite a few!!!
9 – Whales… Beware of yapidi yap of whales cause they say one and do the opposite ๐ ๐ !!!
9 – Bitcoin is not this, bitcoin is not that but they all swarm around the bee’s honeypot as if it were honey ๐คฃ๐คฃ๐คฃ
I forgot…In the meantime, little unsignificant countries like El Salvador, mine bitcoin with ๐ !!!
And still newspapers, investors that bite their whatever not having invested when it was under $1, and a hole portion of the world are all saying…
Etc bla bla bla Yapidi Yapidi Yap
Never Forget The Golden Rules:
Not Your Keys, Not Your Crypto!!!
Don’t Trust, Verify!!!
Don’t Believe, Do your own Resesearch and due diligence!!!
Save your Wallet’s Mnemonic Phrase in at least 3 places for safe-keeping!!!
WE ARE SATOSHI
When you’re ready…Timothy C. MayHal Finney
Poem of the Legacy
From the ashes of the long forgotten past, A bright mind wrote a code that would for ever last… A code so powerful and strong, That would change the world for oh so long…
The code he wrote and set it free, For the humankind legacy to be… To change the lives of future generations to come, He wrote the code and he was gone…
Oh, bright mind your legacy will last, For generations to come and be thankful about the past… Nobody knows who you might be, Some do and say Kudos to You for Ethernity!
Happy New Year!May the coming year be full of grand adventures , peace, prosperity and opportunities.Dream big and make the most of … Continue reading Happy New Year !!!!→
In a first, Bitcoin developers have done something amazing amid the criticism over the lightning network and issues associated with it. A team of developers has made an international payment using the radio … Continue reading International payment using the radio waves→
My inspiration for this page was given to me by my new aquired friend, a fellow Truth Seeker – Joris and to whom I dedicate this page… Wish you… as well as to … Continue reading Discipline Quotes→
Bitcoin white paper turns 15 and the Legacy of Satoshi Nakamoto lives on. โIโve been working on a new electronic cash system thatโs fully peer-to-peer, with no trusted third party,โ Satoshi Oct. 31, … Continue reading Bitcoin White Paper turn 15→
BitHouse 