[PDF] Profit Maximization for Bitcoin Pool Mining: A ...
Most Cited Bitcoin Publications – Blockchain Library
[PDF] Analysis of Bitcoin Pooled Mining Reward Systems ...
What Is a Mining Pool? - Coins Int. Journal - News Magazine
UMI – the Best of Cryptocurrencies and Fiat Payment Systems
https://preview.redd.it/dv0mdncf7sa51.jpg?width=1023&format=pjpg&auto=webp&s=b5928548ebdd497bc1cbad43dce27e29bfcbc42b Greetings from the UMI Team! The UMI cryptocurrency has been repeatedly described as a revolution in the payment system market. Most interestingly, in this case, a revolution isn't about the development of any new technologies or formulas. We just selected the best and well-tried technologies and incorporated them into something new. UMI is the best of cryptocurrencies and fiat payment systems––it has comprised all the best features and got rid of the disadvantages. UMI vs banks We won't compare the ways UMI and banks operate in detail in order not to get into complex technical issues, which are of no interest to us. Instead, let's have a look at the impact banks have on people on a daily basis and those of fundamental changes UMI makes to the services we regularly use. There are banks that allow you to make financial transfers. Banks have savings accounts where money grows at a certain interest rate. Banks also have a range of mobile apps and online banking systems. All of that may appear pretty convenient. But keep in mind, the banking infrastructure, as well as VISA and MasterCard payment systems, were created long ago and based on old technologies. They are not conforming to present-day developments, mostly because they cannot ensure their users a sufficient security level. With this in mind, instead of inventing something new, UMI improves the things that everyone is accustomed to. The result is a digital payment tool working in an absolutely familiar way. Conducting transfers with UMI is similar to making them via a bank. And even the format of UMI is much alike to conventional money––UMI and UMI-cents are the equivalent of the dollar and cents. In UMI, just as in a bank, you have a current account (standard UMI address) and savings account––addresses used by structures for UMI staking. You can transfer money from one account to the other one in one click. The difference is that, in most banks, you receive your interest in a month at the earliest. In other words, you can get your money back with interest if you kiss it goodbye for 30 days, minimum. In UMI, earnings are accrued every second––you don't have to wait a long time for "your funds to be unlocked". But what is the most significant is dividends. UMI staking allows any network user to earn up to 40% per month. Holding your money in a savings account even for a year, much less for a month, you will never make this profit. Why? 1) Because banks make good money on your deposits, instead of paying higher interests, they take the lion's share of what they could pay you into their pocket. 2) Secondly, a large part of your deposits is used to maintain the banking infrastructure: salaries for staff, rental payments, maintenance of offices, utility bills, and other various expenses. 3) Third, banks are not interested in making people rich, because otherwise, they will not be able to make money on loans and control people. Let's not spout out empty rhetoric, but move on instead. The VISA and MasterCard payment systems declare their ability to process thousands of transactions per second, but in real fact, even if received funds are displayed instantly in your account, you receive a transfer after a few days only. Especially if it concerns international money transfers or ATM transfers. The truth is that VISA and MasterCard transfers are delayed by a series of confirmations required by banks and actually reach a recipient's account only in a few days. After having been sent, any transaction can be blocked or canceled, and funds in your account can be frozen on the slightest suspicion. Even if before receiving all the confirmations required by banks, you have already withdrawn the funds via an ATM or transferred them to someone, the bank may take this amount from your account a few days later. Thus, you may surprisingly find out that your balance is negative. Keep in mind that banks charge transaction fees. Fees for oversea transfers may range from $10 up to 10% of the transaction amount. Thus, instead of $1,000, a recipient receives only $900. The UMI network uses validator nodes which in a couple of seconds verify the correctness of transactions and allow users to check their balance for the sufficiency of funds. All transactions are instant. A transfer cannot be canceled or blocked, as well as money in your account cannot be frozen. Unlike VISA and MasterCard, transferred funds are available straight after a transaction has been added to the blockchain. Moreover, no fees are charged for that. Each and every transaction, international or not, is completely free. Don't forget about permanent internet connection, which is required for conducting transactions with VISA and MasterCard. A validator node used by the UMI network can create any transaction, even offline one, with no Internet connection. You can send a transaction to the network via Wi-Fi, Bluetooth, or even a radio wave. Therefore, if there were a sudden cataclysm and people from all over the globe lost internet connection, the UMI network would easily adapt to new conditions and keep working. UMI vs Bitcoin Now let's compare the UMI network with the first-ever created cryptocurrency––Bitcoin. It has proved itself to be a reliable payment system, with a number of significant disadvantages, though. Let's focus on the most essential ones. 1) The transaction processing capacity of the bitcoin network is limited by the network itself. In the best-case scenario, it takes users several tens of minutes to receive their funds. However, quite often there is a several-hour, or even several-day, delay. 2) High fees. When the network is experiencing an increased load, transfer fees can skyrocket immensely. In 2017, there were cases where Bitcoin transaction fee reached a high of around $40. Under normal conditions, it's not that bad. A few-dollar fees are common for Bitcoin users. 3) Centralized mining pools. In the pursuit of profit from mining, greed-driven participants join mining pools thus undermining the idea behind decentralization and leading to centralization. The reality is that if several leading pools unite, they will control most of the hashing power and will be able to perform a 51% attack. The attackers will be able to send nonexistent bitcoins, confirm invalid transactions, and roughly speaking, manipulate the network as they like. https://preview.redd.it/29tfznixasa51.png?width=1306&format=png&auto=webp&s=f587f4e19f88710c45287bcaa00b1890c25540ef Bitcoin Mining Pools Statistics Source. The reality is that we have a slow network that creates problems for itself. Moreover, if we talk about Bitcoin in terms of programming, the Bitcoin network is more similar to physical fiat money. For this reason, any actions with the code, including the development of wallets and applications, are a tough non-typical task that only the most advanced blockchain specialists can cope with. While using the same technologies that Bitcoin is based on, UMI betters its disadvantages and incorporates only benefits. The network doesn't limit the block processing time, but instead, do everything to shorten the processing time and increase the network capacity. Modern cryptography algorithms reduce the load on nodes, thus allowing them to process more transactions with spending less computing power. The UMI network can process 500 million transactions carried out in the Bitcoin network over 12 years in less than a week. Each transaction will be completely free. The concept of balances UMI uses is different from that of fiat money, but has a lot in common with the idea of digital money. For this reason, using UMI is so extremely easy. In a similar way, it simplifies the process of developing and maintaining new wallets and other applications. Contributing to the UMI ecosystem's growth is extremely convenient. So, what's the most essential? Over its 10-year history, Bitcoin has demonstrated that its implementation of the idea of decentralization doesn't work at all. This is why UMI is based on decentralization implemented in a different way. Unlike Bitcoin mining pools, users join structures that help the network grow and support its effective functioning, with no threat to its security. UMI is something that we all already use, but much better. Consequently, UMI is not about anything super-unique, beyond understanding and comprehension. This is about the same old money that we use on a day-to-day basis. The same financial transfers, the same deposits that we have in banks, and the same blockchain technology and decentralization that Bitcoin is based on. The only difference is that UMI implements all the above-mentioned features in a lot better and higher performing way –– which is more convenient, secure, and higher-quality. UMI is a twenty-first-century universal money tool working for the sake of all people!
Hi Bitcoiners! I’m back with the 35th monthly Bitcoin news recap. For those unfamiliar, each day I pick out the most popularelevant/interesting stories in Bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best) overview of what happened in bitcoin over the past month. You can see recaps of the previous months on Bitcoinsnippets.com A recap of Bitcoin in November 2019 Adoption
Weekly Update: Parachute Digestive, #UptrenndOC Contest, launch of Defswap, Harmony in India... – 8 Nov - 14 Nov'19
Hiya Parachuters! We are almost there. Just one more update to go after this to get completely upto speed with the latest week. So, here’s your week at Parachute + partners (8 Nov - 14 Nov'19): Cap published the first Parachute Digestive ever - a biweekly summary of Parachute and ParJar-focused updates. That’s right – 21k users, 512k tips, 20k deposits, 33k withdrawals. Massive! OG Parachuters might have received an email as well. In trivias this week, we had a movie quiz in TTR for 2500 $PAR per Q and another one with a 25k $PAR prize pool. Charlotte’s Math trivia was another fun one with 2500 $PAR in prizes per question. Harry hosted a Netflix and TV show trivia. All your hours spent binging finally came to fruition. Tiproom games has moved to a new channel. This week’s creative contest by Jason involved creating a Christmas-themed promo poster to capture the spirit of Parachute that draws new people in to join. 50k $PAR in store for the winners of #Parichristmas. Yay! LordHades shared the first update of Fantasy Premier League (#FPL) this week. LH is at the top with 696 points followed by NovelCloud with 681 points and Chris (@Loki25) with 672 points. #Parichristmas entries from A: Alejandro, B: Carlos Alfredo, C: Nat, D: Ali, E: Eva, F: Richi, G: FlareofFlame, H: Emma, I: Marcos, J: Carlos Jason hosted a writing contest as well: “…write a scary short story, I mean really short. The max amount of words is 20. You need to have a parachute element in it somehow.” 10k $PAR in prizes each for top 3 winners of #donkeysattentionspan. Proud pet owners showed off their awesome pets and shared some of their stories in this week’s #wholesomewed. TTR Dance Contest started this week with prize pool of 15k $PAR for the top 5 winners and another 15k $PAR for participants. Videos would have to be to the rhythm of the TTR theme created by Jose. Super fun! In this week’s update of the Parachute Fantasy Football League (#PFFL), Clinton (8-2), Hang (8-2) and Chris (7-3) are still in top 3 with Chris sliding down to 3rd position. It is a four-way tie for 4th place with Alexis, Nilz, Ken and Andy, all at 6-4. Two-for-Tuesday this week was about bands or song titles named after a place - could be a city, state or country. Gian also unveiled the official logo for Two-for-Tuesday. A masterpiece by Jose: This is too good, Jose! aXpire’s article from last week on ResolvBilDigitalShares was published on Hackernoon this week and also got a shoutout from them. Nice! CEO Gary Markham travelled to an AltsMIA event to spread the word on aXpire. He also visited the Blockchain Center in Miami to explore partnership opportunities there. The team will be putting MatchBX on the backburner for the time being and shift all its focus to Resolvr, Bilr, Digital Shares, and PayBX. Click here to read more about the strategy. The latest weekly update video can be seen here. The weekly 20k $AXPR burn went ahead as per schedule. Remember the AMA form shared a few weeks back to collect all community questions? Matt posted detailed responses to them. How will the LegalTech space look in the future and what role could Bilr play in it? Read this article to find out. 2gether Ambassadors are the most active folks from the community who help make the 2gether brand more widespread. Looking good in that list Crypto French! CEO Ramón Ferraz spoke at a Cecabank event on Securities which was covered by the news outlet Expansión. As a special offer, Mike made posting on WednesdayClub dApp free on Wednesday for this week. Hope you didn’t miss the opportunity to post for free and earn some cool $WED in return. Winner of the Birdchain Copywrite Challenge was announced this week. If you are an ETHOS fan, don’t forget to follow Voyager on Twitter for the latest scoop. While the Tron chain support was scheduled to go live on the Switch-backed McAfeeDex this week, technical issues have resulted in delays. As $BOMB token reached 4.38% burn in total supply, Benjamin delved deep into the current market cycle. Take notes, trading enthusiasts! Benjamin’s analysis videos are always the Bomb. Pardon the pun. Haha The 3rd edition of Foundations of Fantom analysis report was published by Benjamin. This covers all recent happenings in Fantomverse and $FTM price action. Fantom officially announced its plans to enter the DeFi space. Exciting! The project had sponsored a CryptoBazar Serial Hacking meetup at the Seoul Blockchain Week last month. Here’s Technical Advisor Andre Cronje’s views on the participants at the event. Sikoba Network released the first version of the Isekai framework which was built with support from Fantom. This is a verifiable computation framework which allows you to verify a transaction on a third party computer without the computer having to do the transaction. So even if the third party is not to be trusted, the framework ensures that the verification is valid. Hope this makes sense. If not, read this. Fantom is hosting a blockchain challenge at AfricArena 2019 in partnership with XAR Network. The grand prize includes cash prizes and incubation. The 3 finalists were revealed this week. The latest technical paper from Fantom explores quick peer discovery in Proof-of-Stake protocols for faster consensus. The team will be applying results of the research to Lachesis. The crew will be sitting down for an AMA session with the Trust Wallet community next week. CMO Michael Chen also attended a "deals over dinner" event organised by RVO Internationaal and TNW X (a unit of TheNextWeb) this week in Singapore. In Constellation news, a flash $DAG node bounty for a Ledger Nano integration was scooped up quickly. VP Finance Mateo Gold travelled to the Blockchain Convergence in Europe representing Constellation. Drew Taylor and Brent Bates from Wild West Crypto Show interviewed founders Wyatt Meldman-Floch and Ben Jorgensen at the World Crypto Con 2019 in Las Vegas. As promised, here’s some more pics from Uptrennd’s visit to the Blockchain Summit in Malta: Pic 1, Pic 2 and here’s one with the BOMB/XIO crew. A number of fruitful connections were made at the Summit. Jeff wrote about it in a detailed post. An #UptrenndOC Contest was launched to encourage Original Content writers on the platform. The winners of the Uptrennd Flyer contest were announced too. Some of the winning entries of #UptrenndFlyer contest The latest District Weekly and Dev Update from District0x covers news such as introduction of a Discord tipbot, work on Meme Factory NSFW filter etc. WeTrust featured Ethlance in the latest CryptoUnlocked newsletter in their DApp Spotlight section. Check out the pics from Hydro’s visit to the AIBC Summit in Malta. Hydrogen hosts demo days to do product showcases of all their offerings. Click here to see the latest one which will be the last for this year. The beta version of the Hydro Digital Art dApp is about to be released on their dApp Store. In preparation of the event, Hydro Labs posted a thread to explain the objectives of the dApp. For a summary of all the updates in Silent Notary’s Ubikiri wallet, click here. We had covered some of these last week. The Bitcoin News covered the platform in a recent article. Last week, the Sentivate community voted to have more ELI5 content on core web technologies. This week, they voted on Blockfolio to have this content in Video format. For a start, here’s a primer on the core technologies of the web written by the team. Founder Thomas Marchi's interview Mr. Backwards was released. If you missed OST CEO Jason Goldberg's keynote speech "Designing Crypto User Experiences for Humans" at San Francisco Blockchain Week, fret not. Here's the video and write-up of his entire presentation. Pepo has been gaining quite the traction for some weeks now. This was an opportune moment, to publish a detailed piece and tweet thread on it. The app was also reviewed by Crypto Insights Journal. The OST/Pepo crew set up shop at BlockShow in Singapore where Pepo will be launched officially in Asia and Jason will deliver another keynote speech in the same lines as SFBW. Catch up on all SelfKey news that you may have missed in October from the latest roundup. We have covered most of these in our previous updates. <- Sneak peek into an average day at Parachute / Pitch decks & new landing page being prepared -> Dirtybags.org is an aggregator site where you can earn $BAGS tokens by sharing linked articles and news items from the cryptospace. Try it out! Arena Match has started a weekly raffle for $AMGO holders where the top 212 holders get automatically entered into a draw to win NFT prizes. Sweet! Check out the prizes of next week’s raffle here. Pynk’s engagement game is always on point. As evident from their merch giveaway activity at the Blockchain Summit in Malta. To get started with the equity fund raise on Seedrs, the team shot a promo video. Do you track Gold prices and want to track $BTC now or vice versa? Their tracking metrics may not be as similar as you thought. Pynk explains why in this article. Shuffle Monster founder Agustín Aguilar launched Defswap which is a Uniswap extension for deflationary tokens hosted in a decentralised manner. Wibson participated in a CryptoMondays event in Buenos Aires hosted by VC firm NXTP and ONG Bitcoin Argentina for networking and discussions on crypto. $WIB community voted for Shopping Gift Cards in a poll to decide the nature of rewards on the Wibson Reward Marketplace. Harmony's #HSMtalks this week focused on Harmony DAO Maker. The $ONE crew travelled to India to talk shop and get a feel of the Indian crypto ecosystem. From Bangalore to Delhi, they covered 2 major startup hubs. As part of #CryptourUkraine, Harmony was invited to a meetup at Dnipro by Okex. Next week they will be at Odessa. Harmony is heavily invested in the future of DeFi and continues to do research and development in this segment. In light of that, they released two articles - one on how Harmony will set its foundation in the DeFi ecosystem and the other on how it will advance the space and its Cross-Fi plans (Cross-Fi = DeFi + Cross-Border txns). Harmony’s staking ROI is already No. 1 as per EarnCryptoInterest.com. What is staking? Watch this. A new Team Challenge launched this week - win $ONE tokens for building local communities. Neat! The latest episode of Harmony Insights introduces us to the engineers building on the platform. And with that, it’s a wrap. See you again with another update. Cheerio!
Is Crypto Currency truly at risk due to Quantum Computers, and what can you do about it?
Is Crypto Currency truly at risk due to Quantum Computers, and what can you do about it?
There is no denying that the Quantum revolution is coming. Security protocols for the internet, banking, telecommunications, etc... are all at risk, and your Bitcoins (and alt-cryptos) are next! This article is not really about quantum computers[i], but, rather, how they will affect the future of cryptocurrency, and what steps a smart investor will take. Since this is a complicated subject, my intention is to provide just enough relevant information without being too “techy.”
The Quantum Evolution
In 1982, Nobel winning physicist, Richard Feynman, hypothesized how quantum computers[ii] would be used in modern life. Just one year later, Apple released the “Apple Lisa”[iii] – a home computer with a 7.89MHz processor and a whopping 5MB hard drive, and, if you enjoy nostalgia, it used 5.25in floppy disks. Today, we walk around with portable devices that are thousands of times more powerful, and, yet, our modern day computers still work in a simple manner, with simple math, and simple operators[iv]. They now just do it so fast and efficient that we forget what’s happening behind the scenes. No doubt, the human race is accelerating at a remarkable speed, and we’ve become obsessed with quantifying everything - from the everyday details of life to the entire universe[v]. Not only do we know how to precisely measure elementary particles, we also know how to control their actions! Yet, even with all this advancement, modern computers cannot “crack” cryptocurrencies without the use of a great deal more computing power, and since it’s more than the planet can currently supply, it could take millions, if not billions, of years. However, what current computers can’t do, quantum computers can! So, how can something that was conceptualized in the 1980’s, and, as of yet, has no practical application, compromise cryptocurrencies and take over Bitcoin? To best answer this question, let’s begin by looking at a bitcoin address.
What exactly is a Bitcoin address?
Well, in layman terms, a Bitcoin address is used to send and receive Bitcoins, and looking a bit closer (excuse the pun), it has two parts:[vi] A public key that is openly shared with the world to accept payments. A public key that is derived from the private key. The private key is made up of 256 bits of information in a (hopefully) random order. This 256 bit code is 64 characters long (in the range of 0-9/a-f) and further compressed into a 52 character code (using RIPEMD-160). NOTE: Although many people talk about Bitcoin encryption, Bitcoin does not use Encryption. Instead, Bitcoin uses a hashing algorithm (for more info, please see endnote below[vii]). Now, back to understanding the private key: The Bitcoin address “1EHNa6Q4Jz2uvNExL497mE43ikXhwF6kZm” translates to a private key of “5HpHagT65TZzG1PH3CSu63k8DbpvD8s5ip4nEB3kEsreAnchuDf” which further translates to a 256 bit private key of “0000000000000000000000000000000000000000000000000000000000000001” (this should go without saying, but do not use this address/private key because it was compromised long ago.) Although there are a few more calculations that go behind the scenes, these are the most relevant details. Now, to access a Bitcoin address, you first need the private key, and from this private key, the public key is derived. With current computers, it’s classically impractical to attempt to find a private key based on a public key. Simply put, you need the private key to know the public key. However, it has already been theorized (and technically proven) that due to private key compression, multiple private keys can be used to access the same public key (aka address). This means that your Bitcoin address has multiple private keys associated with it, and, if someone accidentally discovers or “cracks” any one of those private keys, they have access to all the funds in that specific address. There is even a pool of a few dedicated people hunting for these potential overlaps[viii], and they are, in fact, getting very efficient at it. The creator of the pool also has a website listing every possible Bitcoin private key/address in existence[ix], and, as of this writing, the pool averages 204 trillion keys per day! But wait! Before you get scared and start panic selling, the probability of finding a Bitcoin address containing funds (or even being used) is highly unlikely – nevertheless, still possible! However, the more Bitcoin users, the more likely a “collision” (finding overlapping private/public key pairs)! You see, the security of a Bitcoin address is simply based on large numbers! How large? Well, according to my math, 1.157920892373x1077 potential private keys exist (that number represents over 9,500 digits in length! For some perspective, this entire article contains just over 14,000 characters. Therefore, the total number of Bitcoin addresses is so great that the probability of finding an active address with funds is infinitesimal.
So, how do Quantum Computers present a threat?
At this point, you might be thinking, “How can a quantum computer defeat this overwhelming number of possibilities?” Well, to put it simple; Superposition and Entanglement[x]. Superposition allows a quantum bit (qbit) to be in multiple states at the same time. Entanglement allows an observer to know the measurement of a particle in any location in the universe. If you have ever heard Einstein’s quote, “Spooky Action at a Distance,” he was talking about Entanglement! To give you an idea of how this works, imagine how efficient you would be if you could make your coffee, drive your car, and walk your dog all at the same time, while also knowing the temperature of your coffee before drinking, the current maintenance requirements for your car, and even what your dog is thinking! In a nutshell, quantum computers have the ability to process and analyze countless bits of information simultaneously – and so fast, and in such a different way, that no human mind can comprehend! At this stage, it is estimated that the Bitcoin address hash algorithm will be defeated by quantum computers before 2028 (and quite possibly much sooner)! The NSA has even stated that the SHA256 hash algorithm (the same hash algorithm that Bitcoin uses) is no longer considered secure, and, as a result, the NSA has now moved to new hashing techniques, and that was in 2016! Prior to that, in 2014, the NSA also invested a large amount of money in a research program called “Penetrating Hard Targets project”[xi] which was used for further Quantum Computer study and how to break “strong encryption and hashing algorithms.” Does NSA know something they’re not saying or are they just preemptively preparing? Nonetheless, before long, we will be in a post-quantum cryptography world where quantum computers can crack crypto addresses and take all the funds in any wallet.
What are Bitcoin core developers doing about this threat?
Well, as of now, absolutely nothing. Quantum computers are not considered a threat by Bitcoin developers nor by most of the crypto-community. I’m sure when the time comes, Bitcoin core developers will implement a new cryptographic algorithm that all future addresses/transactions will utilize. However, will this happen before post-quantum cryptography[xii]? Moreover, even after new cryptographic implementation, what about all the old addresses? Well, if your address has been actively used on the network (sending funds), it will be in imminent danger of a quantum attack. Therefore, everyone who is holding funds in an old address will need to send their funds to a new address (using a quantum safe crypto-format). If you think network congestion is a problem now, just wait… Additionally, there is the potential that the transition to a new hashing algorithm will require a hard fork (a soft fork may also suffice), and this could result in a serious problem because there should not be multiple copies of the same blockchain/ledger. If one fork gets attacked, the address on the other fork is also compromised. As a side-note, the blockchain Nebulas[xiii] will have the ability to modify the base blockchain software without any forks. This includes adding new and more secure hashing algorithms over time! Nebulas is due to be released in 2018.
Who would want to attack Bitcoin?
Bitcoin and cryptocurrency represent a threat to the controlling financial system of our modern economy. Entire countries have outright banned cryptocurrency[xiv] and even arrested people[xv], and while discrediting it, some countries are copying cryptocurrency to use (and control) in their economy[xvi]! Furthermore, Visa[xvii], Mastercard[xviii], Discover[xix], and most banks act like they want nothing to do with cryptocurrency, all the while seeing the potential of blockchain technology and developing their own[xx]. Just like any disruptive technology, Bitcoin and cryptocurrencies have their fair share of enemies! As of now, quantum computers are being developed by some of the largest companies in the world, as well as private government agencies. No doubt, we will see a post-quantum cryptography world sooner than most realize. By that point, who knows how long “3 letter agencies” will have been using quantum technology - and what they’ll be capable of!
What can we do to protect ourselves today?
Of course, the best option is to start looking at how Bitcoin can implement new cryptographic features immediately, but it will take time, and we have seen how slow the process can be just for scaling[xxi]. The other thing we can do is use a Bitcoin address only once for outgoing transactions. When quantum computers attack Bitcoin (and other crypto currencies), their first target will be addresses that have outgoing transactions on the blockchain that contain funds. This is due to the fact that when computers first attempt to crack a Bitcoin address, the starting point is when a transaction becomes public. In other words, when the transaction is first signed – a signed transaction is a digital signature derived from the private key, and it validates the transaction on the network. Compared to classical computers, quantum computers can exponentially extrapolate this information. Initially, Bitcoin Core Software might provide some level of protection because it only uses an address once, and then sends the remaining balance (if any) to another address in your keypool. However, third party Bitcoin wallets can and do use an address multiple times for outgoing transactions. For instance, this could be a big problem for users that accept donations (if they don’t update their donation address every time they remove funds). The biggest downside to Bitcoin Core Software is the amount of hard-drive space required, as well as diligently retaining an up-to-date copy of the entire blockchain ledger. Nonetheless, as quantum computers evolve, they will inevitably render SHA256 vulnerable, and although this will be one of the first hash algorithms cracked by quantum computers, it won’t be the last!
Are any cryptocurrencies planning for the post-quantum cryptography world?
Yes, indeed, there are! Here is a short list of ones you may want to know more about:
IOTA[xxii] IOTA uses Winternitz one-time signatures[xxiii]. As the name suggests, an address is considered compromised once it signs a transaction on the network, and, therefore, you can only send from an address one time before it’s compromised.
ADA (Cardano)[xxiv] The Cardano roadmap lists quantum resistant signatures using “BLISS.” While BLISS is a strong hashing method, it has an estimated lifespan with classical computers of 6000 signatures (usages)[xxv] but this number could be significantly reduced with quantum tech.
Ethereum[xxvi] The Ethereum network, as well as many more blockchain networks, use the SHA3[xxvii] hash algorithm which is superior to SHA256. Although this is considered by some to be resistant, it is not technically quantum resistant. There is talk of using Lamport Signatures[xxviii] in the future of Ethereum. Although it is not definite at this point, it’s great to see the developers proactive.
QRL (Quantum Resistant Ledger)[xxix] This blockchain concept was conceived in 2016 and is currently in beta testing. Using XMSS (Extended Merkle Signature Scheme) trees combined with Winternitz one-time signatures (but not one time!), it’s fast, salable and truly quantum resistant. If you have not yet checked out this project, I highly suggest you do. To understand why this project is truly post-quantum cryptography ready, do your own due diligence and read the QRL whitepaper.
Although I am in no way associated with any project listed above, I do hold coins in all as well as Bitcoin, Litecoin and many others. The thoughts above are based on my personal research, but I make no claims to being a quantum scientist or cryptographer. So, don’t take my word for anything. Instead, do your own research and draw your own conclusions. I’ve included many references below, but there are many more to explore. In conclusion, the intention of this article is not to create fear or panic, nor any other negative effects. It is simply to educate. If you see an error in any of my statements, please, politely, let me know, and I will do my best to update the error. Thanks for reading!
Bitcoin mining is a bit more than just number crunching
The charming cryptocurrency and the many ideas that surface in the minds of the observers typically surround couple of apparent concerns - how does it enter being and what about its flow? The response, nevertheless, is uncomplicated. Bitcoins need to be mined, in order to make the cryptocurrency exist in the Bitcoin market. The mystical developer of Bitcoin, Satoshi Nakamoto, imagined a method to exchange the important cryptocurrencies online, by getting rid of the need for any central organization. For Bitcoins, there's an alternative method to hold the essential records of the deal history of the whole blood circulation, and all this is handled through a decentralized way. The journal that helps with the procedure is called the "blockchain". The essence of this journal may need lots of newsprint for appearing frequently at all popular Bitcoin news. Blockchain broadens every minute, existing on the makers associated with the big Bitcoin network. Individuals might question the credibility, even credibility, of these deals and their recordings into Blockchain. This too is nevertheless warranted, through the procedure of Bitcoin mining. Mining allows production of brand-new Bitcoin and assembling deals to the journal. Mining basically involves fixing of complex mathematical estimations, and the miners utilize enormous computing power to resolve it. The private or 'swimming pool' that resolves the puzzle, positions the subsequent block and wins a benefit too. And, how mining can prevent double-spending? Practically every 10 minutes, impressive deals are mined into a block. So, any disparity or illegitimacy is entirely dismissed. For Bitcoins, mining is not mentioned in a conventional sense of the term. Bitcoins are mined by using cryptography. A hash function described as "double SHA-256" is used. However how tough is it to mine Bitcoins? This can be another inquiry. This depends a lot on the effort and computing power being used into mining. Another element worth pointing out is the software application procedure. For each 2016 blocks, problem involved in mining of Bitcoins is changed by itself just to keep the procedure. In turn, the rate of block generation is kept constant. A Bitcoin problem chart is an ideal procedure to show the mining trouble in time. The trouble level changes itself to increase or down in a straight proportional way, depending upon the computational power, whether it's being sustained or removed. As the variety of miners increase, portion of revenues been worthy of by the individuals decrease, everybody winds up with smaller sized pieces of the revenues. Having private economies and neighborhoods, cryptocurrencies like Dogecoin, Namecoin or Peercoin, are called Altcoins. You can easily track your different cryptocurrency by using reputable portfolio trackers.These are options to Bitcoin. Practically like Bitcoins, these 'cousins' do have a substantial fan-following and enthusiasts who are eager to take a deep plunge into the big ocean and start to mine it. Algorithms used for Altcoin mining are either SHA-256 or Scrypt. Numerous other ingenious algorithms exist too. Alleviate, price and simpleness can render it possible to mine Altcoins on a PC or by using unique mining software application. Altcoins are a bit 'down to earth' compared to Bitcoins, yet changing them into huge dollars is a little challenging. Cryptocurrency enthusiasts can simply hope, if a few of them might witness the comparable huge popularity!
By Arthur G. Staples ON "THE INFLUENZY" DOC'S been here agen terday! Seem's ez ef he come ter say "How yer gettin' on terday?" lookin' at me where I lay. I ain't talkin' over much; ain't no need ter air my lore. Eyes a burning' where they be; ears a bustin' with a roar; mouth thet's like a shingle-mill; dry's the handle of a pump; back that's broke square in two bout four inches 'bove the rump! So I ain't so long on talk. Got no answer fer the doc! Doc don't seem ter mind me none; sets around a little bit; pulls a little dictaphone; lays it on my kroop- er-bone; makes me breathe and holler "A-a-ah"; breathe an' intake; breathe an' groan through the little dictaphone. Sez he after quite a spell. "Them Bolsheveeks is raisin' hell! D'ye think ol' Wilson's doin' well?" Take my tempertoor agen; thumps me on the abdo- men. "Think it's goin' ter snow agen?" But I don't want no casual chat. I don't call no doc, fer that. Got no call for Bolsheveeks, fer at least a couple er weeks! Don't keer ef it snows an' snows ef I could only blow my nose! I want facks! Right off'n the bat! I don't want no social chat! Ef I'm wusn't what I wus, what's the reason; what's the cause? What's the status of he case; tell te facks right to my face; lemme know the wust and best; is my innards all congessed; are there bones loose in my pate; is my backbone dislocate; ef I ain't got no tempertoor an' no disease fer sure, what in time's ther howdydoo ef 'taint the pip and 'tain't the flu? Doc he sets around a bit. "Man!" says he, "you're lookin' fit! Have you fightin' Dempsey yit." Then I looks Doc in the eye: "Tie the bull outside," says I. "Doc, I bleeve I'm goin' ter die. I'm dead now above my chin! Eyes and nose and ears and all! Ain't breathed reglar fer a week! Jints all movin' with a squeak. Every time I move my jaw, feel's ez though I'd broke the law. Doc," says I, "it's up ter you! Ef t'aint the pip and 'tain't the flu how yer goin' ter pull me through?" Doc he sets an' thinks erwhile; then he answers with a smile, "Ain't you the chap wrote a talk, couldn't eat and couldn't walk, waited fer the birds to sing, an' the comin' of the spring; wanted to loaf by a larfin stream, set an' fish an' fish an' dream, nuthin' but bees an' bugs an' things, thet live right where the wild stream sings. Maybe that ain't jest carreck, but sumthin' at least to that effeck." An' the doc he opens a bag he lugs. "What you need," sez he, "is a dose of bugs." An' sure enough I'm gettin' well; ain't felt so peart for quite a spell. Wuz over a billion bugs, they say, in the shot doc gimme the other day. Reely feel I'm comin' to; 'tain't the pip an' 'tain't the flu; but jest er case when all I need is sumthin' off'n the flowery mead, an' when you can't inject the Spring nor a dose of blue- bird on the wing, nor brooks that run, ner vi'lets blue ter cure the pip er cure the flu, why! the next best thing the doctor lugs is a shot of erbout a billion bugs. An' as they sort o' crawl eround, I can somehow feel I'm on the ground, with all the rest that my fancy hugs, the birds an' bees an' the billion bugs.
Hi Bitcoiners! I’m back with the eleventh monthly Bitcoin news recap. For those unfamiliar, each day I pick out the most popularelevant/interesting stories in bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best), memeless overview of what happened in bitcoin over the past month. You can find recaps of the previous months on Bitcoinsnippets.com A recap of Bitcoin in November 2017
So I’m a 28 year old guy, and not exactly what most people would consider a normal one, thank god. No one, including any of my friends, knows just how deep that actually goes. Not even my best friend of 19 years, who I’m gonna call John, suspected a thing until it was too late. I’m gonna call myself Ghost for this, cause as far as any of you, or the feds for that matter, are concerned that’s all I am or ever will be. Every single thing I post as Gh0sT666 comes from a different IP address and its original location is completely untraceable, lol everything about Gh0sT666 is completely untraceable too for that matter. I learned the skills needed to do this kinda shit through years of using the dark web. Its been 8 or 9 years now, and the dark web has been a blessing so to speak. I went from watching the same old shit on BestGore to getting to see some real shit, live videos in all of their glorious and grotesque carnage. Shit I hadn’t ever seen before. It was love at first site. I’m not gonna go into depth on how I found out about this place or any hacking technicals, or even what this beautiful place is called. If you have to ask you’ll never know. I love this place way too much to risk it being compromised. Besides, we already have plenty of active patrons. My first experience with what I’m gonna call SharkT4nk for the purpose of writing this was when I was around 19 or 20 or some shit. It was extremely hard to get into and took hours of coding work (now ive gotten it down to just the press of a button and a randomized 26 character password, including letters like æ œ ø and ß so even if the feds do manage to find me, good luck guessing it ;) ) to access, but the second I heard that first scream I was sold. The page had a chat room on the right side of the screen, grey background, neon green text, and a loading video player taking up the rest of the screen. You could drag the chat box around wherever you want, and there was a control panel under it that listed off camera numbers and tip amounts. The video was taking time to load, still stuck on the same frame as when it appeared, the sound was coming through though. The sound of a power tool of some kind was dominating most of the audio but there was a super high pitched scream along with it. Finally, after what felt like 10 minutes, the video loaded and I saw it. The most beautiful piece of throbbing erection inducing gore I had ever seen. I can still remember it perfectly to this day. There was a large dark room, all you could see from the fluorescent light held up over the scene was a metal table with a girl strapped to it and a men next to her. There was what looked to be a tarp or plastic wrap or something all over the floor, and a small surgical table with the tools of the trade that id come to know so well placed on it. You could just barely see the shadowy outline of a forklift in the background. The girl was held down to the metal table with what looked like leather straps that were probably once white, now caked with deep reddish brown stains with bright red blood splattered on top, reflecting the light from the fluorescent bulb about 5 or 6 feet above. The man standing next to her was wearing a dark sweatshirt with a brownish red stained leather smock over it, dark pants, and a guy fawkes mask soaked with blood. The power tool I had heard was a sawzall, it wasn’t being used anymore unfortunately, but you could clearly tell what had been done with it. The bicep on this 20 something year old girls left arm was hanging off the bone, and the man in the guy fawkes mask was grabbing and squeezing and pulling at her torn bicep, all the while the girl on the table was screaming and sobbing the beautiful harmonies of agony. In a frenzy of dialed in, unadulterated sexual energy I unzipped my pants and began pleasuring myself, very careful not to finish too soon without seeing what happened next. I noticed the chat box had filled up with new requests, some of the user names having a gold star next to them and a bitcoin tip next to the requests. I scroll back and see one with a gold star and a tip of around 250 usd worth of bitcoin. “Cut the muscle off of its arm with a hack saw” I scroll down to the bottom and see the most recent starred request with a $500 tip. “cut the connective tissue in its jaw, clamp its head and neck down to the table, and rip its jaw off with the forklift” Need I describe the mess I had to clean up off the back of my laptop? I later learned that those gold stars next to their ambiguous user names were to show that they were one of that particular videos sponsors, and they had helped pay the fee for the kidnapping of the person in the video (we call them livestock) and the materials to be used in it. for a price that varied based on their original contribution, they could choose what happens next to the Livestock. Well needless to say my friends, I quickly learned that I wanted to be at the top of that list of sponsors on every video that I could be. The thrill of just watching something this beautifully macabre, so blissfully dark, so magically grotesque, wasn’t enough. I knew I needed more control than id get by being just another one of the plebs that were just watching. 01110111 01100101 00100000 01100001 01110010 01100101 00100000 01100011 01101111 01101101 01101001 01101110 01100111 Me and john had been really close ever since we were kids. We were the only ones in our town that were into comic books, sci fi, and fantasy and shit, so we naturally gravitated towards each other. I had a couple family members that I liked, which was was nice. Unfortunately john never did, his older brother hated him for some reason, and most of his family were shitty to him. He didn’t like to talk about that stuff though. We were both pretty small growing up, and never exactly all that brave, but one time we were down by the pond in our town and there were a couple older kids picking on us, and one of them threw my bike in the pond and pushed me down. John picked up the biggest rock he could throw and lobbed it straight at the kids head, busting him open and actually making him cry. They ran off pretty quick after that. John picked me up and I nodded my thanks. He said “you know you’re the closest thing I have to family, I got you bro”. It meant a lot considering he never spoke about family related stuff. 01110111 01100101 00100000 01100001 01110010 01100101 00100000 01100011 01101111 01101101 01101001 01101110 01100111 I started sponsoring feeds on Shark_T4nk a couple years after finding it. I had a pretty well paying job at the time working as a coder for a tech company, as well as a bit of credit card fraud on the side, so I had plenty to spare. just watching was starting to get boring. The hours spent at that job felt like a horrible waste of time, but I knew I needed to grind through it to be able to afford to keep sponsoring Feeds. At this point I was just a base level contributor, I donated 750 usd to the funding pool which gave me rights to place low priority bids on what happens to the livestock and got me a silver star. I did this for around a year, until I got a promotion and started making enough that I could finally spend more, much much more towards my now fully engulfing addiction. For around 1500 I got a gold star, top priority bids and access to a pov camera attached to the handlers (the guy doing the actual torturing) mask. For 2500 you got a green star, top bidding, pov cam, you get to choose some of the materials and tools used, and you can buy souvenirs taken from the victim (usually articles of clothing, personal belongings, sometimes teeth or skull fragments, even cuts of meat if you so desired and wanted to Fork up the cash for it, if you’ll excuse my pun) mailed to a P.O. box of your choosing. Those were the main levels that everyone bought into, but I wanted more. The top level of sponsorship was extremely rare, ive watched almost every feed for the past couple years at this point and I had never seen one. Not once. It cost 15000 usd and with that you get the works, you get all the perks of the green star except you now have a purple star, you can choose all of the materials and tools used, what happens and when it happens, whether the video is private or for the whole group (private is an extra 5000), and best of all seeing you’re the only contributor you get to choose the Livestock. You can choose anyone you want, excluding public officials. For the base level 15k purple star you can choose from their current lineup of livestock, you can see their stories, screen shots of their facebook pages with all of their friends and family members posts saying “we miss you” “we love you” and all that gushy shit. For 30,000 it can be anyone in the US. For 40,000 anyone in north America. For 100,000 anyone in the world. Apparently public officials can be chosen too, but those prices range from a million to 20 billion and costs 5,000 to 25,000 to even watch it and is reserved for VIP purple stars only (4 time purple sponsor). 01110111 01100101 00100000 01100001 01110010 01100101 00100000 01100011 01101111 01101101 01101001 01101110 01100111 As me and john got older we started gravitating more towards the world of drugs and music. Wed go to festivals in the summer and take ecstasy and acid and have a blast, and in the winter we’d do coke and and ketamine in my room listening to music on my dads record player. We never really had “problems” with drugs, we just enjoyed them. I was always kind of like a kid brother to john, even though he was only a couple years older than me, so he was a bit awkward about introducing me to the stuff at first, but I eventually talked him into it, and god damn am I glad he did. To this day some of my best memories were of me and him rolling our faces off walking around outside in the rain with no shoes on; and seeing massive geometric patterns in the night sky on acid thinking we were talking to god, talking about the meaning of life and all of our deepest passions and fears. At this point we were without a doubt as thick as blood, we knew each other inside and out, but more importantly we trusted each other and that’s hard to come by in this life. 01110111 01100101 00100000 01100001 01110010 01100101 00100000 01100011 01101111 01101101 01101001 01101110 01100111 The first time I got to see a purple star next to my name was glorious. I decided to keep the video private, in celebration of my first time holding the reins. I chose this 30 year old French man from their stock, who was acquired thanks to its lack of knowledge on protecting its identity while browsing the Dark Web. The only tools and materials I picked were pliers, a kitchen knife, a ball peen hammer, and a drum of hydrochloric acid. First I had the handler grab the livestocks bottom lip and pull it down till it bled profusely, almost ripping it from its face, and smash its teeth in with the ball side of the hammer. The sound of his teeth breaking, like shattering plastc or ceramic, and his whimpering scream made me quiver with pure ecstasy (which I had taken a lot of 30 minutes prior to starting the Feed, obviously got it from john). As the .4 of pure MDMA that I took was just rushing in and my teeth started to grind I told the handler to crush his left testicle with the pliers. He had a rough time of it too, it kept popping out from in between the jaws of the pliers. I had to settle for him holding it in place with his hand, blocking most of the good stuff from my view. At least I could still hear the scream and the squish. The Feed went on for another couple hours and it climaxed, around the same time and the same fashion as I did (for the third time), in a sticky puddle. The handler funneled acid down the livestocks throat, melting it from the inside out, along with part of the table. The sizzling, bubbling, gurgling sounds are still embedded in my memory, and still arouse me to this day. Once every six months I would fully fund a Feed, usually just going for the pre caught livestock, but after a while even that got boring. I needed something better. More personal. I decided to spend the 30 grand on something special. 01110111 01100101 00100000 01100001 01110010 01100101 00100000 01100011 01101111 01101101 01101001 01101110 01100111 I had been hanging out with my friend John quite a bit in recent weeks, and when we weren’t hanging out we were texting each other almost constantly. one day he stopped replying to my texts entirely. I went to his house later that night and knocked, and his mom answered the door. “hello Mrs Doe!” I said to her, “is john here?”. “No, he isn’t hun, I just got home, haven’t seen him all day” she said with a polite smile. This wasn’t exactly out of the ordinary for him, john was still living with his parents technically but he spent most of his time away from the house hanging out with people, getting drunk and doing coke. “Im sorry mrs doe, but could I run up to johns room for a second? I think I left my phone charger up there last night.”. “Of course dear, just make sure you take off your shoes before going up” after all these years she still reminded me to take my shoes off when I come in the house. She was a nice lady, a bit too much so, at least when people were watching. She spoiled the shit out of John growing up, that’s why he’s still living at his moms house, which she must deeply regret seeing how she treats him now. I took my shoes off at the door, ran up the stairs and around the corner, opened the door to his room and shut it behind me. Looking around as quickly as I could, searching through mountains of trash and piles of comics and records, I found what I was looking for under the sheet next to his pillow. He had kept a journal ever since he was a kid, It was a small notebook with a light blue cover with a couple of fresh blood drops on it and a couple hundred pages of lined paper. I doubt he knew I, or anyone for that matter, knew about that book. What can I say? I get nosey when im fucked up. I tucked it under my shirt, pulled his phone charger out of the wall socket and headed back down stairs. “thanks Mrs Doe! Have a good night!” I said cheerily as I walked out the door and back to my car. When I got home I opened the notebook up to the most recent page and turned back a few pages until I found what I was looking for 01110111 01100101 00100000 01100001 01110010 01100101 00100000 01100011 01101111 01101101 01101001 01101110 01100111 After reading the notebook I opened my laptop, set up all of my security (which takes about 5 minutes) and logged onto Shark_T4nk. I already received my conformation. this brought a smile to my face, I knew that the fun part was just around the corner. I felt like a teenager rushing home to watch porn. I replied to the conformation with my conformation code “Package secure” said one of the gold crowns (admins) “Question. I’ve been a purple star for 4 years now. You know I’m not a narc or a casual, I’ve spent hundreds of thousands here. Is there any way I could do it myself this time? I would pay literally anything and go literally anywhere.” 20 minutes went by. “Get a secured burner phone and text this number with your confirmation code. You will receive a location pin. Be there on February 24 at 2:00 am. Not a second later. Park at least a mile away and walk the rest of the way. The cost will be 1mil” he messaged back, along with a number. When you reach VIP purple star status after 4 purple level sponsorships you receive and code, a string of sixteen random words in different languages, some letters replaced by numbers, some by symbols. I sent that code and the reply was almost instant, I clicked the link and it brought me to that phones map app. It was a 16 hour drive into the next state over. I knew it would be well worth every second and droplet of gas it took. Now I just had to wait 6 days, and let me tell you, they dragged by slower than a spoiled little kids week before Christmas. I could barely contain myself that whole week, everyone at work was asking me what I was so excited about, I kept having to say I was going on vacation to Aruba for a few days and ended up getting the whole week off. John never came home the day I grabbed his notebook, My friends started asking if I had seen him. I hadn’t. Eventually the week of waiting came to pass and it was time to hit the road. I was practically shaking too bad to drive, but I tried to contain myself. I felt like I was on a small dose of molly, but a bit more anxious. Not in the scared sense, in the excited sense. The 16 hours of driving went by surprisingly fast, I only stopped twice, once to piss and once to eat. I don’t remember cheap fried chicken and mashed potatoes with gravy ever tasting so good. Finally, around 1:35, I got to the town I was meeting them at. it was a dark, empty town with not too much in it. I parked in a free parking lot next to a small movie theater. Walked down the road past the police station and the fire station, past a fast food place, and took a left past a convenience store and a video game store down a dark unlit road that led out towards the woods just outside if town. The road continued until the lights from town were all but invisible, after several minutes of walking (no small feet for a hacker that sits in front of a computer all day) I got to a small improvised parking area that was dug out from years of teenagers slamming their parents cars into park to go smoke weed in the woods. This is where the map was bringing me. I had to use the burner phones flashlight to see where I was going. I checked the phone to see what time it was, 1:59, perfect. Sure enough, at precisely 2am, a small black van came driving down the road, going just about the speed limit. It pulled just past me, and the two back doors opened. A large dark figure wearing a guy fawkes mask jumped out of the back of the van, and before I had the time to react he was putting a black cloth bag over my head. I was definitely scared but I tried to contain it, I knew it would probably have to be something like this, they wouldn’t just come pick me up without taking precautions. When we were in the back of the surprisingly spacious van, he said in a highly modulated voice “do you have any electronics on you? Phone? Ipod?” “yeah, just the burner phone” I replied as the van started moving. “is it untraceable back to you?” “of course” I said, trying to not sound too cocky. He told me to give him the phone and that he was going to strip search me for wires or bugs of any kind, and I agreed. He took all of my clothes off, careful not to remove the black bag and I sat down, completely naked except for the mask. I could hear him thoroughly patting all of my clothes down. He must’ve been content, cause I heard him open a lockbox under his seat and put everything except for the phone in, taking out a bag with new clothes, and a mask for me. I clumsily put on everything he gave me, it was all a bit small for me but I wasn’t about to complain. When I felt the mask in my hands I was filled with an exhilarating excitement and almost started quivering violently. I heard him unscrew the lid of a container which sounded like it had liquid in it. He gently placed something down in it and screwed the cap back on right as it started to quietly sizzle. “you lose the phone, you’ll get your clothes back when we return.” The modulated voice said. I heard him pull something out of his pocket, and unscrewed the cap off a different bottle, tipped the bottle over, apparently soaking the handkerchief or rag he had, and placed the rag over my face. I felt myself being dragged down into a deep pit of sleep. I’m not sure how long I was out, or how long the rest of the drive was, but I was sure about the headache I had. It was one of the worst I had ever experienced. When I woke up I was in a dark room in a warehouse, seated on a couch. Well, less seated than laid the fuck out. The bag was gone, but the dark masked figures weren’t. Three of them were now standing as tall as trees in front of me, arms crossed, the sound of their breath reverberating off the inside of the plastic masks filling my ears. I could see they had modulators strapped around their throats like shock collars. One of them reached a hand out to me, and I was about to take it thinking he was trying to help me up, but he lowered his hand and showed me that he had two pills for me. “chew and swallow. They're for the headache,” the distorted voice said “let us know when you’re ready to start.”. As apprehensive as I was about taking two random pills from people like this, at a place like this, I decided to just take them. I had come this far, and plus, im a huge contributor, why would they fuck themselves out of a probable future fortune. Two of the three figures walked out the door to the left of where I was sitting, and the other looked back at me through his mask, held the door open, waved me through, and cocked his head to the side. I got up off the couch, and started to walk up when he said “Mask.”. I looked around to room, and back at the couch, it was laying there next to where I just was. I grabbed it, and donned the fabled Shark_T4nk mask, in all of its harrowing glory. This is when I could feel the true weight and intensity in the air, eluding to the magic of what was about to happen. This really is a beautiful life isnt it? 01110111 01100101 00100000 01100001 01110010 01100101 00100000 01100011 01101111 01101101 01101001 01101110 01100111 The last time I saw john before he disappeared was two days prior. We got some breakfast, drove around and smoked weed. To be honest that day wasn’t too different than any of the other times we hung out. He commented on my excited behavior, and asked what was up. I could barely suppress the keen, knowing glint in my eye. I just shrugged it off and told him I’ve been feeling really good lately. Like a changed man. I hadn’t thought of the vacation excuse yet, and even if I did I wouldn’t have told it to him. We tell each other basically everything with almost no exceptions, he would definitely think its suspicious that I planned a trip without telling him. He kept looking at me with slightly concerned eyes, and it just made me beam even harder. I couldn’t control it, I was overflowing with excitement and anticipation. I could tell he was a bit weirded out cause we ended up cutting our day short and going our separate ways for the evening, which was fine with me, I wasn’t sure how much longer I’d be able to keep the tiny bit of a poker face I still had up. 01110111 01100101 00100000 01100001 01110010 01100101 00100000 01100011 01101111 01101101 01101001 01101110 01100111 After walking through the door, me and the three looming dark figures were walking through a much larger room in the warehouse. There were what looked to be large dog cages with shadowy unseen contents stacked up on top of each other arranged in long aisles. The room reeked of a long used and poorly cleaned animal barn. I was, being one if their top contributors at the time, very well trusted by them. At least in a business sense. They were showing me the livestock they had available. They were telling me that they were willing to add on another Feed or two for 40% off. The viewers would have loved to see someone new handling the livestock. I said I would let them know when we were done with the one I paid for. They did have some really good ones in stock right now too. There was this young girl, couldn’t be older than 18 or 19, red hair, pale skin, skinny. Her small-medium sized tits were dirty brown, and the smell of her was horrific. She must have been a fairly new acquisition because she still had fire in her eyes and fight left in her. The rest didn’t, and were a lot more docile. The hopelessness shining through their empty gazes as dark as night. Amidst her screams of “LET ME THE FUCK OUT OF HERE!” and “WHO ARE YOU? WHAT DID I DO??” the others just sat silently. The sound of her terrified and furious voice started to make my dick chub up. I looked around at the rest of what this toy store of forbidden delights had to offer. Cold, dead, and zoned out eyes trained on their food dishes like starving dogs in a neglectful house, as far as the eye could see. I turned to one of my companions on this walk around the supermarket of delicious delicacies and said “I'm ready”. Me and one of the handlers walked towards a different door, one I hadn’t even noticed through the excitement of seeing all of the wonders this place contained. This door led to what looked like a garage, filled with all kinds of tools and blood stained pain implements. There were vice grips, clamps, chains, barbed wire, bolt cutters, sledgehammers, all kinds of knives and swords, even a weed wacker and so, so much more. The possibilities were as endless as my lust. It was so beautiful it brought a tear to my eye. The first my eyes had felt in a long, long time. I picked out my favorites, and asked the handler in a voice probably more akin to a kid asking his dad how many toys he can bring to his friends house than a man about to torture and kill his first person. “can I come back and choose new stuff if I get bored of these?” the man nodded. I couldn’t see his smirk but I could certainly feel it, I felt a bit awkward about that not gonna lie. I told myself to act a little more scary and mean while I was in the Feeding room. As we were heading to the next room, he stopped me dead in my tracks with a big beefy hand on my shoulder. He had a modulator in his other hand and strapped it around my neck like a father tying his sons tie for his first school dance (or at least that’s how it felt to me) and waves me to walk through the door. And there I was, after all these years spent wishing I could be here in person, after all of this time waiting and planning, and reveling in the thought of the glory ahead, finally I was here. The Feeding room. Walking through the spacious dark room towards the metal table with a man strapped to it, I was now filled with a kind of focused aggression. The ominous sound of the buzzing flourescent light that I had heard in the beginning of so many Feeds flipped a switch in my mind. Everything seemed to be moving in slow motion, my heart was pounding, adrenaline pumping, not even a trace of second thought. I was all in on this, and loving every sweet, sweet second of it. The man that was strapped to the table was just starting to come to, the chloroform they have probably been keeping him under with clearly wearing off. The metal table was angled up, so the man was almost standing straight up, and we were coming in from behind it. You could hear him starting to struggle a little bit as he realized he was strapped to a metal table, naked and alone. It wouldn’t be long now until he truly grasped his fate. Coming up to the table now, I turned to face him, the man that walked me in still pushing the cart with the tools I chose for this task. I could now see the man of the hour, ( hopefully more like several hours) the one everyone had been asking me about for the past week. Jesus did he look skinnier than I’d ever seen him, apparently the don’t feed their guests here too well. John was standing there, completely naked strapped to the table, fear embedded in his eyes. The only thing I could think to say was “I always knew you had a small dick”. “who the fuck are you, you piece of shit?” he stammered. I just stood there silently, and could now feel my pulse in my throat and head, euphoria coursing through my veins. “All in due time.” I said to him through the modulator. Turning to the handler I had watched in so many videos over the past several years I said “are we ready to start? Cameras off and everything?”. He gave one silent nod. I smiled under my mask, and reached over to the table that was just out of johns site, the handler lowering the table. My hand came back into johns view holding a pickaxe, and he really started struggling now. “woah what the fuck? Dude stop” I chuckled as I stabbed it through the bottom of his foot. He screamed “please what the fuck I don’t know what I did but I’m sorry! Please PLEEASE can we just talk about this?”. He pissed himself, and by himself I mean all over the table, almost getting it all over me. “well that wasn’t very nice of you,” I said “lets see if we can make sure that wont happen again.” Walking all the way around the table, nice and slow, strutting, almost dancing, plucking the pick axe that was still stuck into his foot with my finger with every step. His head followed my every movement, occasionally letting out a whimper or a scream as I plucked away at the axe. I pulled a knife off the table, as well as a small propane blow torch. “woah dude wait what the fuck man? Please dude please fucking stop please I don’t even know what I did” the last word more of a sob than a plead. he sounded like a little kid being put in the corner when he wanted to be playing with his friends. It was a tone I had never heard out of him before. I gently place the knife at the base of his dick, and grabbed the rest of it. He was really squirming and screaming now. With a slow intensity, I sliced off his penis, millimeter by millimeter, and he let out some of the most sexually gratifying screams I had ever heard in my life. I laughed, put his penis down on the table next to him and picked up the torch. He was crying a weak, broken, and desperate cry now. As I turned on the gas and lit the flame I said “well we can’t have you bleeding out just yet, now can we?”. As i cauterized his nub he screamed louder and louder, I was getting sick of his melodrama. Everyone screamed, yeah, but usually they had given up hope by this point. I had to figure something out to stop that. I walked over to the table and looked around, eventually finding something that might do the trick. It was a handle for a tapping drill, the bits used to thread holes so you can tighten screws into them. I grabbed that and some adjustable straps, and walked back over to his now amputated dick. Picking up the flaccid and pale penis I put it in between the jaws of the tap handle and tighten the jaws down on it. He let out a desperate whine as he watched, and looked the other way, seeming more and more defeated by the second. Once the jaws were sufficiently tightened around it, I looped one end of the strap around the handle of the tool, walked over to him, forced the dick in his mouth as well as the squared center of tap handle itself, stretching his jaw wider that it had probably ever been stretched. I secured the other end of the strap and began tightening it. His eyes went cold, still weakly sobbing. He finally truly grasped the depravity he was about to suffer. A few hours went by like this, and my friend was barely recognizable anymore. Skin and muscle hanging off broken bones, mangled and amputated body parts like fingers and toes and a foot laying on the table and the floor, discarded like the snack wrappers john had strewn all over his room. He was going to bleed out soon and all three of us knew it. So I raised the table back up into a standing position, grabbing the knife I had used earlier to remove his genitals while I did it. You could tell he would have been too weak to hold himself up, but the strap that had been secured to his forehead had made sure his head stayed in place. After removing the makeshift ball gag, I slowly lifted my mask from my face, took of the modulator, and dropped them both on the floor. I could tell he thought he was hallucinating. “hello john,” I said with my normal voice “nice to see you again.” He began to cry. “w…. Why?” He cried weakly. I just smiled, raising the knife to his strapped down head. As I began to cut off his face, he got quiet. Clearly too confused and betrayed by this situation to care what happened to him at this point. Once it was fully removed from his skull, I move over to the table, and grabbed the final tool. The tool that would take his life. I walked back in front of this weakened, dying friend of mine holding the tool, wearing his face over mine like a mask, he was making eye contact, not that he had much choice due to his lack of eye lids. "goodbye john" I said with a smile. I raised the Kukri up, and swung it horizontally at his neck. Within two full chops and a final slice, his head was removed, and his life was over. 01110111 01100101 00100000 01100001 01110010 01100101 00100000 01100011 01101111 01101101 01101001 01101110 01100111 The reason I told you this story is simple. I have gotten bored of watching, and at this point even participating in these Feeds. The thrills of the Feed alone aren’t even enough to make me cum weakly anymore. So I figured telling all of the fine people of reddit about my exploits could help that goal along. With the knowledge that people know exactly what I, and people like me are doing, regardless of whether or not you know me, and knowing you can do nothing to stop it, I will find the purest ecstacy. Whether or not you believe in my story or about my existence, just know that there are thousands upon thousands of people just like me. We are everywhere. We are ghosts. If you don’t know one of us directly chances are you know someone that does. We could be your neighbor, a new acquaintance, a police officer in your town, your mayor, your best friend of 20 years, your brother, your father, or your sister. And by the time you realize you’ve chosen the wrong associations, before you even come close to getting a whiff of our stench of reality and death, the Feed will have already begun. “I'm the fall of man Giving birth to sin Your god knew my disguise And still allowed me in I am a slave to pain Without a chance of peace or love But I'd rather reign below than be a servant up above” – Reckless “Judas Iscariot”
dcrd: Several steps towards multipeer downloads completed: an optimization to use in-memory block index and a new 1337 chain view. Maintenance: improved test coverage, upgrading dependency management system and preparing for the upcoming Go 1.11 release. dcrwallet: A big change introducing optional privacy-preserving SPV sync mode was merged. In this mode dcrwallet does not download the full blockchain but only gets the "filters", uses them to determine which blocks it needs and fetches them from random nodes on the network. This has on-disk footprint of 300-400 MB and sync time of minutes, compared to ~3.4 GB and sync time of hours for full sync (these are rough estimates).
jy-p: the server side of SPV (in dcrd) was deployed in v1.2.0, the client side of SPV (in dcrwallet) is in our next release, v1.3.0. Still some minor bugs in SPV that are being worked out. There will be an update to add the latest features from BIP 157/158 in the next few months. SPV will be optional in v1.3.0, but it will become the default after we get a proper header commitment for it (#general)
Decrediton: besides regular bugfixes and design improvements, several components are being developed in parallel like SPV mode, Politeia integration and Trezor support. Politeia: testing started on mainnet, thanks to everyone who is participating. A lot of testing, bugfixing and polishing is happening in preparation for full mainnet launch. There are also a few missing features to be added before launch, e.g. capacity to edit a proposal and versioning for that, discussion to remain open once voting starts. Decrediton integration is moving forward, check out this video for a demo and this meta issue for the full checklist. Trezor: Decrediton integration of initial Trezor support is in progress and there is a demo. Android: app design version 2.0 completed. dcrdata: development of several chart visualizations was completed and is awaiting deployment. Specifically, voting agendas and historic charts are merged while ticket pool visualization is in testing. atomicswap: @glendc is seeking reviews of his Ethereum support pull request. Dev activity stats for July: 252 active PRs, 220 master commits, 34,754 added and 12,847 deleted lines spread across 6 repositories. Contributions came from 6-10 developers per repository. (chart)
Hashrate: the month started at 40.5 and ended at 51.6 PH/s, with a low of 33.3 and a new all time high of 68.4 PH/s. F2Pool is leading with 40-45%, followed by the new BeePool at 15-25% and coinmine.pl at 18-23%. Staking: 30-day average ticket price is 92.6 DCR (-2.1). The price started the month at 94.6 and quickly retreated to month's low of 85 until 1,860 tickets were bought within a single period (versus target 720). This pushed the pool of tickets to 41,970 (2.5% above target), which in turn caused 10 price increases in a row to the month's high of 100.4. This was the highest ticket price seen on the new ticket price algorithm which has been in effect since Jul 2017. Second half of the month there was unusually low volatility between 92 and 94 DCR per ticket. Locked DCR held between 3.75 and 3.87 million or 46.6-48.0% of supply (+0.1% from previous peak). Nodes: there are 212 public listening and 216 normal nodes per dcred.eu. Version distribution: 67% on v1.2.0 (+10%), 24% on v1.1.2 (-1%), 7% on v1.1.0 (-7%). Node count data is not perfect but we can see the steady trend of upgrading to v1.2.0. This version of dcrd is notable for serving compact filters. The increased count of such full nodes allows the developers to test SPV client mode in preparations for the upcoming v1.3.0 release.
Obelisk posted three updates in July. For the most recent daily updates join their Discord. New miner from iBeLink: DSM7T hashes Blake256 at 7 TH/s or Blake2b at 3.5 TH/s, consumes 2,100 W and costs $3,800, shipping Aug 5-10. There were also speculations about the mysterious Pangolin Whatsminer DCR with the speed of 44 TH/s at 2,200 W and the cost of $3,888, shipping November. If you know more about it please share with us in #pow-mining channel.
emiliomann: stakebrasil is one of the pools with the lowest number of missed and expired tickets. It was one of the first and has a smaller percentage than the most recent ones who haven’t had the time to do so. (...) The Brazilian pool should be the one with the more servers spread around the world: 6 to decrease the latency. This is to explain to you why the [pool fee] rate of 5% (currently around 0.06 DCR) on the reward is also one of the highest. girino: 8 voting wallets now. I just finished setting up a new one yesterday. All of them in different datacenters, 3 in europe, 3 in north america, 1 in brazil and one in asia. We also have 3 more servers, 1 for the front end, one for "stats" and one for dcrdata. (#general)
On the mining side, Luxor started a new set of pool servers inside mainland China, while zpool has enabled Decred mining. StatX announced Decred integration into their live dashboard and public chat. Decred was added to Satowallet with BTC and ETH trading pairs. Caution: do your best to understand the security model before using any wallet software.
Marina Silva is the first presidential candidate in Brazil using blockchain to keep all their electoral donations transparent and traceable. VotoLegal uses Decred technology, awesome use case! (reddit)
We continue to see institutional interest in DCR. Large block buyers love the concept of staking as a way to earn additional income and appreciate the stakeholder rights it affords them. Likening a DCR investment to an activist shareholdebondholder gives these institutions some comfort while dipping their toes into a burgeoning new asset class.
Targeted advertising reports released for June and July. As usual, reach @timhebel for full versions.
Big news in June: Facebook reversed their policy on banning crypto ads. ICO ads are still banned, but we should be OK. My team filled out the appeal today, so we should hopefully hear something within a few days. (u/timhebel on reddit)
After couple weeks Facebook finally responded to the appeal and the next step is to verify the domain name via DNS. A pack of Stakey Telegram stickers is now available. Have fun!
Meetup in Berlin, Germany hosted by BlueYard Capital. @jz_bz and @lftherios discussed open source incentivization, the value of governance and their respective projects @decredproject and @oscoin. See @issedjur's feedback here. (photos: 1, 2, 3)
O'Reilly Open Source Convention in Portland, USA. @raedah's talk was "Decentralizing decision-making on the blockchain". Read his report here and see on the photos how the Big Stakey was entertaining the public. (photos: 1, 2, 3)
oregonisaac: many open source devs at OSCON were VERY interested in Politeia and it was probably the #1 hook that resulted in lots of long conversations about what makes Decred unique from the ground up. (#politeia)
Blockchain Meetup in Faro, Portugal. Marco Peereboom gave a talk "Decred 101" and answered questions.
Meetup in Lisbon, Portugal on Aug 2. @moo31337 and @mm will be presenting on Decred with talk "Decred 101 - Governance with skin in the game". Co-hosted by The Block Cafe. Free entrance.
Meetup in Taipei, Taiwan on Aug 5. @morphymore will give a short intro on Decred.
OKEx Global Meetup Tour in Ho Chi Minh City, Vietnam on Aug 9. @joshuam will introduce Decred and on-chain governance and take part in a panel discussion.
Twitter: Ari Paul debates "There can be only one" aka "highlander argument". Reddit and Forum: how ticket pool size influences average vote time; roadmap concerns; why ticket price was volatile; ideas for using Reddit chat for dcrtrader and alternative chat systems; insette's write-up on Andrew Stone's GROUP proposal for miner-validated tokenization that is superior to current OP_RETURN-based schemes; James Liu's paper to extend atomic swaps to financial derivatives; what happens when all DCR are mined, tail emission and incentives for miners. Chats: why tickets don't have 100% chance to vote; ideas for more straightforward marketing; long-running chat about world economy and failure modes; @brandon's thoughts on tokenizing everything, ICOs, securities, sidechains and more; challenges of staking with Trezor; ideas how to use CryptoSteel wallet with Decred; why exchange can't stake your coins, how staking can increase security, why the function to export seed from wallet is bad idea and why dcrwallet doesn't ever store the seed; ticket voting math; discussion about how GitHub workflow forces to depend on modern web browser and possible alternatives; funding marketing and education in developing markets, vetting contractors based on deliverables, "Decred contractor clearance", continued in #governance. #dex channel continues to attract thinkers and host chats about influence of exchanges, regulation, HFT, lot sizes, liquidity, on-chain vs off-chain swaps, to name a few topics. #governance also keeps growing and hosting high quality conversations.
In July DCR was trading in USD 56-76 and BTC 0.0072-0.0109 range. A recovery started after a volume boost of up to $10.5 m on Fex around Jul 13, but once Bitcoin headed towards USD ~8,000 DCR declined along with most altcoins. WalletInvestor posted a prediction on dcrtrader. Decred was noticed in top 10 mineable coins on coinmarketcap.com.
One million PCs in China were infected via browser plugins to mine Decred, Siacoin and Digibyte. In a Unchained podcast episode David Vorick shared why ASICs are better than GPUs even if they tend toward mining centralization and also described Obelisk's new Launchpad service. (missed in June issue) Sia project moved to GitLab. The stated reasons are to avoid the risk of depending on centralized service, to avoid vendor lock-in, better continuous integration and testing, better access control and the general direction to support decentralized and open source projects. Luxor explained why PPS pools are better. @nic__carter published slides from his talk "An Overview of Governance in Blockchains" from Zcon0. This article arguing the importance of governance systems dates back to 2007. Bancor wallet was hacked. This reminds us about the fake feeling of decentralizaion, that custody of funds is dangerous and that smart contracts must have minimum complexity and be verifiable. Circle announced official Poloniex mobile apps for iOS and Android. On Jul 27 Circle announced delisting of 9 coins from Poloniex that led to a loss of 23-81% of their value same day. Sad reminder about how much a project can depend on a single centralized exchange. DCR supply and market cap is now correct on onchainfx.com and finally, on coinmarketcap.com. Thanks to @sumiflow, @jz and others doing the tedious work to reach out the various websites.
About This Issue
Hashrate: went from 54 to 76 PH/s, the low was 50 and the new all-time high is 100 PH/s. BeePool share rose to ~50% while F2Pool shrank to 30%, followed by coinmine.pl at 5% and Luxor at 3%. Staking: 30-day average ticket price is 95.6 DCR (+3.0) as of Sep 3. During the month, ticket price fluctuated between a low of 92.2 and high of 100.5 DCR. Locked DCR represented between 3.8 and 3.9 million or 46.3-46.9% of the supply. Nodes: there are 217 public listening and 281 normal nodes per dcred.eu. Version distribution: 2% at v1.4.0(pre) (dev builds), 5% on v1.3.0 (RC1), 62% on v1.2.0 (-5%), 22% on v1.1.2 (-2%), 6% on v1.1.0 (-1%). Almost 69% of nodes are v.1.2.0 and higher and support client filters. Data snapshot of Aug 31.
Obelisk posted 3 email updates in August. DCR1 units are reportedly shipping with 1 TH/s hashrate and will be upgraded with firmware to 1.5 TH/s. Batch 1 customers will receive compensation for missed shipment dates, but only after Batch 5 ships. Batch 2-5 customers will be receiving the updated slim design. Innosilicon announced the new D9+ DecredMaster: 2.8 TH/s at 1,230 W priced $1,499. Specified shipping date was Aug 10-15. FFMiner DS19 claims 3.1 TH/s for Blake256R14 at 680 W and simultaneously 1.55 TH/s for Blake2B at 410 W, the price is $1,299. Shipping Aug 20-25. Another newly noticed miner offer is this unit that does 46 TH/s at 2,150 W at the price of $4,720. It is shipping Nov 2018 and the stats look very close to Pangolin Whatsminer DCR (which has now a page on asicminervalue).
www.d1pool.com joined the list of stakepools for a total of 16. Australian CoinTreeadded DCR trading. The platform supports fiat, there are some limitations during the upgrade to a new system but also no fees in the "Early access mode". On a related note, CoinTree is working on a feature to pay household bills with cryptocurrencies it supports. Three new OTC desks were added to exchanges page at decred.org. Two mobile wallets integrated Decred:
Coinomiadded Decred to their Android and iOS wallets. In addition to the Apple App Store and Google Play you can download the APK directly. Coinomi features an integrated cryptocurrency exchange and is the first company to offer a mobile Decred wallet.
Reminder: do your best to understand the security and privacy model before using any wallet software. Points to consider: who controls the seed, does the wallet talk to the nodes directly or via middlemen, is it open source or not?
Bit Dialsannounced DCR support via GloBee at their bitdials.eu luxury boutique. Their separate supercar and classic car shop bitcars.eu also accepts DCR, either via GloBee or with manual invoicing in case of privacy concerns.
Targeted advertising report for August was posted by @timhebel. Facebook appeal is pending, some Google and Twitter campaigns were paused and some updated. Read more here. Contribution to the @decredproject Twitter account has evolved over the past few months. A #twitter_ops channel is being used on Matrix to collaboratively draft and execute project account tweets (including retweets). Anyone with an interest in contributing to the Twitter account can ask for an invitation to the channel and can start contributing content and ideas there for evaluation by the Twitter group. As a result, no minority or unilateral veto over tweets is possible. (from GitHub)
Meetup in Puebla City, Mexico, organized by @elian. (photo, slides, missed in July issue)
@joshuam discussed Decred and decentralized organizations with Craig Laundy, Federal Minister for Small Business, the Workplace, and Deregulation with the Australian Government, at @YBFVentures. (photos)
Meetup at @TheBlockCafe in Lisbon, Portugal. @mm presented "Decred 101 - Governance with Skin in the Game" and @moo31337 talked about Decred's 2018 roadmap. (photos: 123)
Meetup in Taipei, Taiwan. @morphymore made a short intro of Decred and noted: "After the talk, many have approached to tell me that they literally don’t hear of Decred until today, and are interested in finding out more about the merit of a hybrid consensus system.". Longer report here, some photos and a video are here.
@eSizeDave introduced Decred to the SILC Undergraduate Program students at @YBFVentures. (photo)
OKEx Global Meetup Tour in Ho Chi Minh City, Vietnam. @joshuam gave a brief presentation covering the history of Decred, how the project functions, and the importance of governance. Afterwards he joined a panel discussion and spoke about Decred's incentives for long term viability. (video, video, photo)
Blockchain Futurist Conference in Toronto, Canada. @zubairzia0 noted: "Devs and the community were held in high regard for the people who knew about decred ... one positive thing I remember was someone defending us saying 'Decred does not need a booth', I believe that comment was reflective of the quality of projects being showcased at the conference.". (photo)
Meetup at @YBFVentures in Melbourne, Australia. @joshuam discussed Decred with Graham Stuart, U.K. Minister for International Trade. (news, photos)
Small meetup with Jackson Palmer in Melbourne, Australia. (photo)
Hawthorne Street Fair in Portland, USA. Raedah Group was out answering questions about crypto and Decred. (photos)
Blockchain APAC in Melbourne, Australia. @joshuam joined a panel discussion with reps from banking, university and ISO/TC 307. @eSizeDave reports: "This enterprise conference was indeed a whole lot better than I expected. The presentations were actually full of very worthwhile information from credible people, articulated aptly to a very government, academic, and corporate crowd, who genuinely took on board valuable insights. Good to know some of these key people are Decred holders and stakers as well. I got to use the entire day to speak directly with some of the most pivotal personalities in this particular populace. Ongoing relationships have been built and strengthened.". (photos: 123)
For those willing to help with the events:
BAB: Hey all, we are gearing up for conference season. I have a list of places we hope to attend but need to know who besides @joshuam and @Haon are willing to do public speaking, willing to work booths, or help out at them? You will need to be well versed on not just what is Decred, but the history of Decred etc... DM me if you are interested. (#event_planning) The Decred project is looking for ambassadors. If you are looking for a fun cryptocurrency to get involved in send me a DM or come talk to me on Decred slack. (@marco_peereboom, longer version here)
One private work channel was successfully migrated to Matrix.
Stylish room avatars were set.
@Haon has prepared a short guide to help new Matrix users get started and join the Decred rooms.
A thread was started to discuss changes to Decred jargon with the intent to make it more consistent and accessible to newcomers. The question whether changing "official" terminology requires stakeholder approval was touched in this thread and in #documentation.
Project fund transparency and constitution were extensively discussed on Reddit and in #general.
Pre-proposal to use Politeia to approve Politeia as a legitimate decision-making tool for Decred.
Reddit: substantive discussion about Decred cons; ecosystem fund; a thread about voter engagement, Politeia UX and trolling; idea of a social media system for Decred by @michae2xl; how profitable is the Obelisk DCR1. Chats: cross-chain trading via LN; plans for contractor management system, lower-level decision making and contractor privacy vs transparency for stakeholders; measuring dev activity; what if the network stalls, multiple implementations of Decred for more resilience, long term vision behind those extensive tests and accurate comments in the codebase; ideas for process for policy documents, hosting them in Pi and approving with ticket voting; about SPV wallet disk size, how compact filters work; odds of a wallet fetching a wrong block in SPV; new module system in Go; security of allowing Android app backups; why PoW algo change proposal must be specified in great detail; thoughts about NIPoPoWs and SPV; prerequisites for shipping SPV by default (continued); Decred vs Dash treasury and marketing expenses, spending other people's money; why Decred should not invade a country, DAO and nation states, entangling with nation state is poor resource allocation; how winning tickets are determined and attack vectors; Politeia proposal moderation, contractor clearance, the scale of proposals and decision delegation, initial Politeia vote to approve Politeia itself; chat systems, Matrix/Slack/Discord/RocketChat/Keybase (continued); overview of Korean exchanges; no breaking changes in vgo; why project fund burn rate must keep low; asymptotic behavior of Decred and other ccs, tail emission; count of full nodes and incentives to run them; Politeia proposal translations and multilingual environment. An unusual event was the chat about double negatives and other oddities in languages in #trading.
DCR started the month at USD 56 / BTC 0.0073 and had a two week decline. On Aug 14 the whole market took a huge drop and briefly went below USD 200 billion. Bitcoin went below USD 6,000 and top 100 cryptos lost 5-30%. The lowest point coincided with Bitcoin dominance peak at 54.5%. On that day Decred dived -17% and reached the bottom of USD 32 / BTC 0.00537. Since then it went sideways in the USD 35-45 / BTC 0.0054-0.0064 range. Around Aug 24, Huobi showed DCR trading volume above USD 5M and this coincided with a minor recovery. @ImacallyouJawdy posted some creative analysis based on ticket data.
StopAndDecrypt published an extensive article "ASIC Resistance is Nothing but a Blockchain Buzzword" that is much in line with Decred's stance on ASICs. The ongoing debates about the possible Sia fork yet again demonstrate the importance of a robust dispute resolution mechanism. Also, we are lucky to have the treasury. Mark B Lundeberg, who found a vulnerability in atomicswap earlier, published a concept of more private peer-to-peer atomic swaps. (missed in July issue) Medium took a cautious stance on cryptocurrencies and triggered at least one project to migrate to Ghost (that same project previously migrated away from Slack). Regulation: Vietnam bans mining equipment imports, China halts crypto events and tightens control of crypto chat groups. Reddit was hacked by intercepting 2FA codes sent via SMS. The announcement explains the impact. Yet another data breach suggests to think twice before sharing any data with any company and shift to more secure authentication systems. Intel and x86 dumpsterfire keeps burning brighter. Seek more secure hardware and operating systems for your coins. Finally, unrelated to Decred but good for a laugh: yetanotherico.com.
About This Issue
This is the 5th issue of Decred Journal. It is mirrored on GitHub, Medium and Reddit. Past issues are available here. Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research. Feedback is appreciated: please comment on Reddit, GitHub or #writers_room on Matrix or Slack. Contributions are welcome too. Some areas are collecting content, pre-release review or translations to other languages. Check out @Richard-Red's guide how to contribute to Decred using GitHub without writing code. Credits (Slack names, alphabetical order): bee, Haon, jazzah, Richard-Red and thedecreddigest.
The biggest announcement of the month was the new kind of decentralized exchange proposed by @jy-p of Company 0. The Community Discussions section considers the stakeholders' response. dcrd: Peer management and connectivity improvements. Some work for improved sighash algo. A new optimization that gives 3-4x faster serving of headers, which is great for SPV. This was another step towards multipeer parallel downloads – check this issue for a clear overview of progress and planned work for next months (and some engineering delight). As usual, codebase cleanup, improvements to error handling, test infrastructure and test coverage. Decrediton: work towards watching only wallets, lots of bugfixes and visual design improvements. Preliminary work to integrate SPV has begun. Politeia is live on testnet! Useful links: announcement, introduction, command line voting example, example proposal with some votes, mini-guide how to compose a proposal. Trezor: Decred appeared in the firmware update and on Trezor website, currently for testnet only. Next steps are mainnet support and integration in wallets. For the progress of Decrediton support you can track this meta issue. dcrdata: Continued work on Insight API support, see this meta issue for progress overview. It is important for integrations due to its popularity. Ongoing work to add charts. A big database change to improve sorting on the Address page was merged and bumped version to 3.0. Work to visualize agenda voting continues. Ticket splitting: 11-way ticket split from last month has voted (transaction). Ethereum support in atomicswap is progressing and welcomes more eyeballs. decred.org: revamped Press page with dozens of added articles, and a shiny new Roadmap page. decredinfo.com: a new Decred dashboard by lte13. Reddit announcement here. Dev activity stats for June: 245 active PRs, 184 master commits, 25,973 added and 13,575 deleted lines spread across 8 repositories. Contributions came from 2 to 10 developers per repository. (chart)
Hashrate: growth continues, the month started at 15 and ended at 44 PH/s with some wild 30% swings on the way. The peak was 53.9 PH/s. F2Pool was the leader varying between 36% and 59% hashrate, followed by coinmine.pl holding between 18% and 29%. In response to concerns about its hashrate share, F2Pool made a statement that they will consider measures like rising the fees to prevent growing to 51%. Staking: 30-day average ticket price is 94.7 DCR (+3.4). The price was steadily rising from 90.7 to 95.8 peaking at 98.1. Locked DCR grew from 3.68 to 3.81 million DCR, the highest value was 3.83 million corresponding to 47.87% of supply (+0.7% from previous peak). Nodes: there are 240 public listening and 115 normal nodes per dcred.eu. Version distribution: 57% on v1.2.0 (+12%), 25% on v1.1.2 (-13%), 14% on v1.1.0 (-1%). Note: the reported count of non-listening nodes has dropped significantly due to data reset at decred.eu. It will take some time before the crawler collects more data. On top of that, there is no way to exactly count non-listening nodes. To illustrate, an alternative data source, charts.dcr.farm showed 690 reachable nodes on Jul 1. Extraordinary event: 247361 and 247362 were two nearly full blocks. Normally blocks are 10-20 KiB, but these blocks were 374 KiB (max is 384 KiB).
Update from Obelisk: shipping is expected in first half of July and there is non-zero chance to meet hashrate target. Another Chinese ASIC spotted on the web: Flying Fish D18 with 340 GH/s at 180 W costing 2,200 CNY (~340 USD). (asicok.com – translated, also on asicminervalue) dcrASIC team posted a farewell letter. Despite having an awesome 16 nm chip design, they decided to stop the project citing the saturated mining ecosystem and low profitability for their potential customers.
Changenow announced the option to buy DCR with fiat.
TokenPride: "We are seeking feedback on the general setup of our payment processor. We have tried to make it simple and user friendly. 10% of all purchases made in Decred will be donated to the Decred Development fund - and we will be releasing original Decred designs in the future".
BlueYard Capital announced investment in Decred and the intent to be long term supporters and to actively participate in the network's governance. In an overview post they stressed core values of the project:
There are a few other remarkable characteristics that are a testament to the DNA of the team behind Decred: there was no sale of DCR to investors, no venture funding, and no payment to exchanges to be listed – underscoring that the Decred team and contributors are all about doing the right thing for long term (as manifested in their constitution for the project). The most encouraging thing we can see is both the quality and quantity of high calibre developers flocking to the project, in addition to a vibrant community attaching their identity to the project.
The company will be hosting an event in Berlin, see Events below. Arbitrade is now mining Decred.
Campus Party in Brasilia, Brazil. @girino, @Rhama and @matheusd talked about Decred. Matheus was interviewed by a TV channel. Check this quick report about the event, click "Show newer" to continue reading. (photos: 123)
Blockchain Summit in London, UK. This was not a full blown presence with stand but rather investigation of opportunities by @kyle and @Ani. The resulting detailed report is a good example of a document advising to stakeholders whether it is worth spending project funds.
Meetup in Berlin, Germany on July 18. @jz will give a talk and Q&A about Decred and chat with Ele from @oscoin about incentivizing developers. Hosted by BlueYard Capital.
Hey guys! I'd like to share with you my latest adventure: Stakey Club, hosted at stakey.club, is a website dedicated to Decred. I posted a few articles in Brazilian Portuguese and in English. I also translated to Portuguese some posts from the Decred Blog. I hope you like it! (slack)
Decred Assembly - Ep20 - Governance: Driving the Future (youtube) @cburniske and @traceagain discuss the importance of governance protocols being foundational and problems with delegated proof of stake
"I think that developers in the future are going to base their decision on where to build on the basis of governance and community. And so I look for good governance mechanisms and strong communities in blockchains." (@decredproject)
What is on-chain cryptocurrency governance? Is it plutocratic? by Richard Red (medium)
Apples to apples, Decred is 20x more expensive to attack than Bitcoin by Zubair Zia (medium)
What makes Decred different and better from other cryptocurrencies? (cxihub.com)
Community stats: Twitter followers 40,209 (+1,091), Reddit subscribers 8,410 (+243), Slack users 5,830 (+172), GitHub 392 stars and 918 forks of dcrd repository. An update on our communication systems:
Matrix chat logs are nowviewable on the web with the exception of some channels that are not bridged. The new web logs means our chats are now fully public and indexed by search engines.
Slack had an outage on Jun 27 that disturbed communications for a few hours, discussions continued on Decred's bridged platforms.
Jake Yocom-Piatt did an AMA on CryptoTechnology, a forum for serious crypto tech discussion. Some topics covered were Decred attack cost and resistance, voting policies, smart contracts, SPV security, DAO and DPoS. A new kind of DEX was the subject of an extensive discussion in #general, #random, #trading channels as well as Reddit. New channel #thedex was created and attracted more than 100 people. A frequent and fair question is how the DEX would benefit Decred. @lukebp has put it well:
Projects like these help Decred attract talent. Typically, the people that are the best at what they do aren’t driven solely by money. They want to work on interesting projects that they believe in with other talented individuals. Launching a DEX that has no trading fees, no requirement to buy a 3rd party token (including Decred), and that cuts out all middlemen is a clear demonstration of the ethos that Decred was founded on. It helps us get our name out there and attract the type of people that believe in the same mission that we do. (slack)
Another concern that it will slow down other projects was addressed by @davecgh:
The intent is for an external team to take up the mantle and build it, so it won't have any bearing on the current c0 roadmap. The important thing to keep in mind is that the goal of Decred is to have a bunch of independent teams on working on different things. (slack)
A chat about Decred fork resistance started on Twitter and continued in #trading. Community members continue to discuss the finer points of Decred's hybrid system, bringing new users up to speed and answering their questions. The key takeaway from this chat is that the Decred chain is impossible to advance without votes, and to get around that the forker needs to change the protocol in a way that would make it clearly not Decred. "Against community governance" article was discussed on Reddit and #governance. "The Downside of Democracy (and What it Means for Blockchain Governance)" was another article arguing against on-chain governance, discussed here. Reddit recap: mining rig shops discussion; how centralized is Politeia; controversial debate on photos of models that yielded useful discussion on our marketing approach; analysis of a drop in number of transactions; concerns regarding project bus factor, removing central authorities, advertising and full node count – received detailed responses; an argument by insette for maximizing aggregate tx fees; coordinating network upgrades; a new "Why Decred?" thread; a question about quantum resistance with a detailed answer and a recap of current status of quantum resistant algorithms. Chats recap: Programmatic Proof-of-Work (ProgPoW) discussion; possible hashrate of Blake-256 miners is at least ~30% higher than SHA-256d; how Decred is not vulnerable to SPV leaf/node attack.
DCR opened the month at ~$93, reached monthly high of $110, gradually dropped to the low of $58 and closed at $67. In BTC terms it was 0.0125 -> 0.0150 -> 0.0098 -> 0.0105. The downturn coincided with a global decline across the whole crypto market. In the middle of the month Decred was noticed to be #1 in onchainfx "% down from ATH" chart and on this chart by @CoinzTrader. Towards the end of the month it dropped to #3.
Please note: we will not accept any kind of payment to list an asset.
Bithumb got hacked with a $30 m loss. Zcash organized Zcon0, an event in Canada that focused on privacy tech and governance. An interesting insight from Keynote Panel on governance: "There is no such thing as on-chain governance". Microsoft acquired GitHub. There was some debate about whether it is a reason to look into alternative solutions like GitLab right now. It is always a good idea to have a local copy of Decred source code, just in case. Status update from @sumiflow on correcting DCR supply on various sites:
To begin with, none of the below sites were showing the correct supply or market cap for Decred but we've made some progress. coingecko.com, coinlib.io, cryptocompare.com, livecoinwatch.com, worldcoinindex.com - corrected! cryptoindex.co, onchainfx.com - awaiting fix coinmarketcap.com - refused to fix because devs have coins too? (slack)
About This Issue
This is the third issue of Decred Journal after April and May. Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research. The new public Matrix logs look promising and we hope to transition from Slack links to Matrix links. In the meantime, the way to read Slack links is explained in the previous issue. As usual, any feedback is appreciated: please comment on Reddit, GitHub or #writers_room. Contributions are welcome too, anything from initial collection to final review to translations. Credits (Slack names, alphabetical order): bee and Richard-Red. Special thanks to @Haon for bringing May 2018 issue to medium.
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