Getting started with Bitcoin mining

Diamond in the rough forks to Blockcore tech. Solid 10x short term.

Meet x42 Protocol, the feeless blockchain that will allow anyone to host decentralized applications the easy way.
X42 Protocol Price $0.01275764
Market Cap $247,173 (May 27, 2020)
Explorer: https://explorer.x42.tech/
Website: https://www.x42.tech/
x42 is a decentralized cryptocurrency based on the Blockcore technology designed to be a multi-chain solution for DApps (decentralized applications) that allows for a range that goes anywhere from small indie developed games to large entrepreneurial projects that span dozens of facilities.
The main idea behind x42 is to be a scalable, on-chain solution for any developer that wants to launch games and applications in general with minimal initial investment, zero transaction fees and near infinite scalability.
The protocol works around a main blockchain which hosts all the x42 coins and three types of nodes. Side blockchains can be created at will by the developers that decide to use the x42 protocol to launch their projects, side blockchains are very flexible and allow for a great deal of customization.
The main blockchain of the x42 protocol will have a maximum total of forty-two million coins mined into existence by the year 2030. The coins follow the same rules as most cryptocurrencies, every transaction is final, timestamped and will be registered to the blockchain ledger, blockchain explorers can be used to browse any and all transactions
Every project can have its own side blockchain, in which the development team can fully test and experiment on before going live to the store, because of that need all side blockchains have access to individual testnets.
FM Interview with developer:
The workpaper talks about using Stratis technology - Many say this is soon to be defunct?
It does, the current WP is the 1st itteration, we have a 2.0 that will be released when the servers go online.
However in Dec 2019, we have switched to Blockcore as Stratis had too many limitations that didn't meet our needs without heavy modifications. We did start with stratis as the basic framework, but we modified all of the code thus far to meet the needs we have. x42 is not stratis, but did start with some of their code.
The switch to blockcore is really more of a code thing and not otherwise noticed on the user end. There has been some but not a significant amount of discussion about it. Anyone that does access the new beta will be able to notice the difference as it nolonger will say stratis anywhere. On the user end, some file structures may change with mention of blockcore.
Blockcore is a fork of Stratis, however the cool thing is that it isnt its own project.
More details:
https://www.blockcore.net/ is an open source project started by a group of blockchain developers and engineers to realize a fully integrated platform for building custom blockchains.
Blockcore is the foundation for realizing blockchains and includes core functionality to create your own custom blockchain with a lot of tooling supporting your blockchain.
So its been 18 months of development? When will we say a mainnet?
We are currently in testnet and close to 90% ready. Xservers should be released this year. However we are not working on a timeline for mainnet with dates at the moment. Deadlines produce inferior products. The new wallet (xCore) has passed and is ready, it will work alongside the xServer. The switch to blockcore did require some code changes and we are still working with blockcore to fine tune some issues in their code as well. Security and ease of use for the end user are required.
What about use of dapps in beta?
We have a few in progress, but there are not many as the parameters can be changing. Although, anyone that can code a dapp in c# could drop it into their app folder and have one right now. There just won't be the user interface on the current wallet or the server support yet.
Why did you call it x42?
X has always been the universal unknown in mathematics, which can also mean ‘anything.’
X is believed to have come from the arab letter shin (ش),
that was initially used by spanish scholars because of their inability to translate certain arabic sounds into the spanish language, so it became a synonym for an unknown thing. From there on it was noticed that the spanish language didn’t have an appropriate sound for the arabic ‘sh.’ As time passed it was adapted into the ‘ck’ sound, which in classic greek is written down with a symbol known as chi (X). 42 is known to Douglas Adams’ The Hitchhiker’s Guide to the Galaxy readers as the ‘answer to the ultimate question of life, the universe, and everything’. We believe that x42 can offer a great answer to most questions plaguing the cryptocurrency space at the moment and in the future. That mix of an unknown and an answer is where our name got its origin.
The techy Details:
The two main levels of the x42 architecture are:
xCore – This is responsible for interacting with the infrastructure and the interface layers in addition to the node policy layers. An x42 xCore full node handles all the APIs and user interfaces.
NBitcoin – This is responsible for handling messages between nodes in the Network Layer. It also bridges the gap between various Consensus Layer functions.
Higher Transaction Speed: Transaction on the x42 blockchain platform happens almost instantly under 60 seconds. Also, the main x42 blockchain supports around 70 transactions per second. This is nearly 10 times the transactions supported by the Bitcoin blockchain network. Additionally, the good thing is the x42 side blockchains can be edited to hold as many transactions-per-second (TPS) as the developers want.
Understanding xCore, xServer, and Wallets
xCore – An xCore node is basically a device with software that has the entire x42 blockchain saved and connects the main blockchain to the side blockchains. This node seeds the main and side blockchain to all users and also has all the functionalities of a client node. Client node is any client running a wallet connected to the x42 main blockchain network.
As explained in the white-paper, “The xCore can stake coins on the main blockchain, it can also run decentralised applications hosted on xServers all across the network after having it installed on the local machine”.
xServer – The x42 blockchain supports several different types of servers. xServer is a special sort of wallet that runs on dedicated hardware facilitates decentralisation of applications (DApps), processing and data storage.
xServers are also tasked with other activities on the network like propagating smart contracts and signing transactions. It also allows the server owner (the Gatekeeper) to get paid for hosting diverse applications.
Besides, xServers can choose to host the projects launched on any of the non-private side blockchains. Projects that share a considerable part of their revenues with the xServer owners are likely to get hosted quickly and maintained by the same servers for a longer period of time.
Before we understand xServer wallets, let’s brief about the Hot Wallet and Cold Wallets.
A hot wallet is an online wallet always connected to the internet. This is an instant point-of-contact for receiving and sending payments. The hot wallets receive the staking rewards along with payouts from DApps, side blockchain, smart contracts, and private transactions.
A cold wallet is an offline wallet and more secure from the hot wallet as it is less susceptible to online attacks. This wallet holds the collateral for the server. All the server rewards are paid out to the cold storage wallet.
Coming to the xServer wallets, these are basically software holding information for both hot and cold storage wallets. The xServer wallets can run on almost any operating system. They can also host and launch decentralised applications (DApps) and generate passive income by DApp hosting.
Nice article..
https://medium.com/the-consensus/x42-protocol-not-just-another-pos-mn-project-d8dd73e8846d
submitted by AlfredGemLord to CryptoMoonShots [link] [comments]

Epic Cash AMA Recap with CryptoDiffer Community

CryptoDiffer team Hello, everyone! We are glad to meet here: Max Freeman (@maxfreeman4), Project Lead at Epic Cash Yoga Dude (@Yogadude), PR&Marketing at Epic Cash Xenolink (@Xenolink), Advisor at Epic Cash
Max Freeman Project Lead at Epic Cash Thanks Max, we are excited to be here!
Yoga Dude PR&Marketing at Epic Cash Hello Everyone! Thank you for having us here!
Xenolink Advisor at Epic Cash Thank you to the CryptoDiffer team and CryptoDiffer community for hosting us!
CryptoDiffer team Let`s start from the first introduction question: Q1: Can you introduce yourself to the community? What is your background and how did you join Epic Cash?
Yoga Dude PR&Marketing at Epic Cash
Hello! My background is Marketing and Business Development, I’ve been in crypto since 2011 started with Bitcoin, then Monero in 2014, Ethereum in 2015 and at some point Doge for fun and profit. I joined Epic Cash team in September 2019 handling PR and Marketing.
I saw in Epic Cash what was missing in my previous cryptos — things that were missing in Bitcoin and Monero especially.
Xenolink Advisor at Epic Cash
Hello Cryptodiffer Community, I am not an original co-founder nor am I a developer for the Epic Cash project. I am however a community member that is involved in helping scale this project to higher levels. One of the many beauties of Epic Cash is that every single member in the community has the opportunity to be part of EPIC’s team, it can be from development all the way to content producing. Epic Cash is a community driven project. The true Core Team of Epic Cash is our community. I believe a community that is the Core Team is truly powerful. EPIC Cash has one of the freshest and strongest communities I have seen in quite a while. Which is one of the reasons why I became involved in this project. Epic displayed some of the most self community produced content I have seen in a project. I’m actually a doctor of medicine but in terms of my experience in crypto, I have been involved in the industry since 2012 beginning with mining Litecoin. Since then I have been doing deep dive analysis on different projects, investing, and building a network in crypto that I will utilize to help connect and scale Epic in every way I can. To give some credit to those people in my network that have been a part of helping give Epic exposure, I would like to give a special thanks to u/Tetsugan and u/Saurabhblr. Tetsugan has been doing a lot of work for the Japanese community to penetrate the Japanese market, and Japan has already developed a growing interest in Epic. Daku Sarabh the owner and creator of Crypto Daku Robinhooders, I would like to thank him and his community for giving us one of our first large AMA’s, which he has supported our project early and given us a free AMA. Many more to thank but can’t be disclosed. Also thank you to all the Epic Community leaders, developers, and Content producers!
Max Freeman Project Lead at Epic Cash
I’m Max Freeman, which stands for “Maximum Freedom for Mankind”. I started working on the ideas that would become Epic in 2018. I fell in love with Bitcoin in 2017 but realized that it needs privacy at the base layer, fungibility, better scalability in order to go to the next level.
CryptoDiffer team
Really interesting backgrounds I must admit, pleasure to see the team that clearly has one vision of the project by being completely decentralized:)
Q2: Can you briefly describe what is Epic Cash in 3–5 sentences? What technology stands behind Epic Cash and why it’s better than the existing one?
Max Freeman Project Lead at Epic Cash
I’d like to highlight the differences between Epic and the two highest-valued privacy coin projects, Monero and Zcash. XMR has always-on privacy like Epic does, but at a cost: Its blockchain is over 20x more data intensive than Epic, which limits its possibilities for scalability. Epic’s blockchain is small and light enough to run a full node on cell phones, something that is in our product road map. ZEC by comparison can’t run on low end devices because of its zero knowledge based approach, and only 1% of transactions are fully private. Epic is simply newer, more advanced technology than prior networks thanks to Mimblewimble
We will also add more algorithms to widen the range of hardware that can participate in mining. For example, cell phones and tablets based around ARM chips. Millions of people can mine Epic that can’t mine Bitcoin, and that will help grow the network rapidly.
There are some great short videos on our YouTube channel https://www.youtube.com/channel/UCQBFfksJlM97rgrplLRwNUg/videos
that explain why we believe we have created something truly special here.
Our core architecture derives from Grin, so we are fortunate to benefit on an ongoing basis from their considerable development efforts. We are focused on making our currency truly usable and widely available, beyond a store of value and becoming a true medium of exchange.
Yoga Dude PR&Marketing at Epic Cash
Well we all have our views, but in a nutshell, we offer things that were missing in the previous cryptos. We have sound fiscal emission schedule matching Bitcoin, but we are vastly more private and faster. Our blockchain is lighter than Bitcoin or Monero and our tech is more scalable. Also, we are unique in that we are mineable with CPUs and GPUs as well as ASICs, giving the broadest population the ability to mine Epic Cash. Plus, you can’t forget FUNGIBILITY 🙂 we are big on that — since you can’t have true privacy without fungibility.
Also, please understand, we have HUGE respect to all the cryptos that came before us, we learned a lot from them, and thanks to their mistakes we evolved.
Xenolink Advisor at Epic Cash
To add on, what also makes Epic Cash unique is the ability to decentralize the mining using a tri-algo model of Random X (CPU), Progpow (GPU), and Cuckoo (ASIC) for an ability to do hybrid mining. I believe this is an issue we can see today in Bitcoin having centralized mining and the average user has a costly barrier of entry.
To follow up on this one in my opinion one of the things we adopted that we have seen success for , in example Bitcoin and Monero, is a strong community driven coin. I believe having a community driven coin will provide a more organic atmosphere especially when starting with No ICO, or Premine with a fair distribution model for everyone.
CryptoDiffer team
Q3: What are the major milestones Epic Cash has achieved so far? Maybe you can share with us some exciting plans for future weeks/months?
Yoga Dude PR&Marketing at Epic Cash
Since we went live in September of 2019, we attracted a very large community of users, miners, investors and contributors from across the world. Epic Cash is a very international project with white papers translated into over 30 languages. We are very much a community driven project; this is very evident from our content and the amount of translations in our white papers and in our social media content.
We are constantly working on improving our usability, security and privacy, as well as getting our message and philosophy out into the world to achieve mass adoption. We have a lot of exciting plans for our project, the plan is to make Epic Cash into something that is More than Money.
You can tell I am the Marketing guy since my message is less about the actual tech and more about the usability and use cases for Epic Cash, I think our Team and Community have a great mix of technical, practical, social and fiscal experiences. Since we opened our YouTube channels content for community submissions, we have seen our content translated into Spanish, French, German, Polish, Chinese, Japanese, Arabic, Russian, and other languages
Max Freeman Project Lead at Epic Cash
Our future development roadmap will be published soon and includes 4 tracks:
Usability
Mining
Core Protocol
Ecosystem Development
Core Protocol
Epic Server 2.9.0 — this release improves the difficulty adjustment and is aimed at making block emission closer to the target 60 seconds, particularly reducing the incidence of extremely short and long blocks — Status: In Development (Testing) Anticipated Release: June 2020
Epic Server 3.0.0 — this completes the rebase to Grin 3.0.0 and serves as the prerequisite to some important functional building blocks for the future of the ecosystem. Specifically, sending via Tor (which eliminates the need to open ports), proof of payment (useful for certain dex applications e.g. Bisq), and our native mobile app. Status: In Development (Testing) Anticipated Release: Fall 2020
Non-Interactive Transactions — this will enhance usability by enabling “fire and forget” send-to-address functionality that users are accustomed to from most cryptocurrencies. Status: Drawing Board Anticipated Release: n/a
Scaling Options — when blocks start becoming full, how will we increase capacity? Two obvious options are increasing the block size, as well as a Lightning Network-style Layer 2 structure. Status: Drawing Board Anticipated Release: n/a
Confidential Assets — Similar to Raven, Tari, and Beam, the ability to create independently tradable assets that ride on the Epic Blockchain. Status: Drawing Board Anticipated Release: n/a
Usability
GUI Wallet 2.0 — Restore from seed words and various usability enhancements — Status: Needs Assessment Anticipated Release: Fall 2020
Mobile App — Native mobile experience for iOS and Android. Status: In Development (Testing) Anticipated Release: Winter 2020
Telegram Integration — Anonymous payments over the Telegram network, bot functionality for groups. Status: Drawing Board Anticipated Release: n/a
Mining
RandomX on ARM — Our 4th PoW algorithm, this will enable tablets, cell phones, and low power devices such as Raspberry Pi to participate in mining. Status: Needs Assessment Anticipated Release: n/a
The economics of mining Epic are extremely compelling for countries that have free or extremely cheap electricity, since anyone with an ordinary PC can mine. Individual people around the world can simply run the miner and earn meaningful money (imagine Venezuela for example), something that has not been possible since the very early days of Bitcoin.
Ecosystem Development
Atomic Swaps — Connecting Epic to other blockchains in a trustless way, starting with ETH so that Epic can trade on DeFi infrastructure such as Uniswap, Kyber, etc. Status: Drawing Board Anticipated Release: n/a
Xenolink Advisor at Epic Cash
From the Community aspect, we have been further developing our community international reach. We have been seeing an increase in interest from South America, China, Russia, Japan, Italy, and the Philippines. We are working on targeting more countries. We truly aim to be a decentralized project that is open to everyone worldwide.
CryptoDiffer team
Great, thank you for your answers, we now can move to community questions part!
Cryptodiffer Community
You have 3 mining algorithms, the question is: how do they not compete with each other? Is there any benefit of mining on the GPU and CPU if someone is mining on the ASIC?
Max Freeman Project Lead at Epic Cash
The block selection is deterministic, so that every 100 blocks, 60% are for RandomX (CPU), 38% for ProgPow (GPU), and 2% for Cuckoo (ASIC) — the policy is flexible so that we can have as many algorithms with any percentages we want. The goal is to make the most decentralized and resilient network possible, and with that in mind we are excited to work on enabling tablets and cell phones to mine, since that opens it up to millions of people that otherwise can’t take part.
Cryptodiffer Community
To Run a project smoothly, Funding is very important, From where does the Funding/revenue come from?
Xenolink Advisor at Epic Cash
Yes, early on this was realized and in order to scale a project funds are indeed needed. Epic Cash did not start with any funding and no ICO and was organically genesis mined with no pre-mine. Epic cash is also a nonprofit community driven project similar to Monero. There is no profit-driven entity in the picture. To overcome the revenue issue Epic Cash setup a development fund tax that decreases 1% every year until 2028 when Epic Cash reaches singularity with Bitcoin emissions. Currently it is at 7.77%. This will help support the scaling of the project.
Cryptodiffer Community
Hi! In your experience working also with MONERO can you please clarify which are those identified problems that EPIC CASH aims to develop and resolve? What’s the main advantage that EPIC CASH has over MONERO? Thank you!
Yoga Dude PR&Marketing at Epic Cash
First, I must admit that I am still a huge fan and HODLer of Monero. That said:
✅ our blockchain is MUCH lighter than Monero’s
✅ our transaction processing speed is much faster
✅ our address-less blockchain is more private
✅ Epic Cash can be mined with CPU (RandomX) GPU (ProgPow) and Cuckoo, whereas Monero migrated to RandomX and currently only mineable with CPU
Cryptodiffer Community
  1. the feature ‘Cut Through’ deletes old data, how is it decided which data will be deletes, and what are the consequences of it for the platform and therefore the users?
  2. On your website I see links to download Epic wallet and mining software for Linux,Windows and MacOs, I am a user of android, is there a version for me, or does it have a release date?
Max Freeman Project Lead at Epic Cash
  1. This is one of the most exciting features of Mimblewimble, which is its extraordinary ability to compress blockchain data. In Bitcoin, the entire history of a coin must be replayed every time it is spent, and comprehensive details are permanently stored in the blockchain. Epic discards spent transaction inputs and consolidates outputs, storing neither addresses or amounts, only a tiny kernel to allow sender and receiver to prove their transaction.
  2. The Vitex mobile app is great for today, and we have a native mobile app for iOS and Android in the works as well.
Cryptodiffer Community
$EPIC Have total Supply of 21,000,000 EPIC , is there any burning plan? Or Buyback program to maintain $EPIC price in the future?
Who is Epic Biggest competitors?
And what’s makes epic better than competitors?
Xenolink Advisor at Epic Cash
We respect the older generation coins like Bitcoin. But we have learned that the supply economics of Bitcoin is very sound. Until today we can witness how the Bitcoin is being adopted institutionally and by retail. We match the 21 million BTC supply economics because it is an inelastic fixed model which makes the long-term economics very sound. To have an elastic model of burning tokens or printing tokens will not have a solid economic future. Take for example the USD which is an inflating supply. In terms of competitors we look at everyone in crypto with respect and also learn from everyone. If we had to compare to other Mimblewimble tech coins, Grin is an inelastic forever inflating supply which in the long term is not sound economics. Beam however is an inelastic model but is formed as a corporation. The fair distribution is not there because of the permanent revenue model setup for them. Epic Cash a non-profit development tax fund model for scaling purposes that will disappear by 2028’s singularity.
Cryptodiffer Community
What your plans in place for global expansion, are you focusing on only market at this time? Or focus on building and developing or getting customers and users, or partnerships?
Yoga Dude PR&Marketing at Epic Cash
Since we are a community project, we have many developers, in addition to the core team.
Our plans for Global expansion are simple — we have advocates in different regions addressing their audiences in their native languages. We are growing organically, by explaining our ideology and usability. The idea is to grow beyond needing a fiat bridge for crypto use, but to rather replace fiat with our borderless, private and fungible crypto so people can use it to get goods and services without using banks.
We are not limiting ourselves to one particular demographic — Epic Cash is a valid solution for the gamers, investors, techie and non techie people, and the unbanked.
Cryptodiffer Community
EPIC confidential coin! Did you have any problems with the regulators? And there will be no problems with listing on centralized exchanges?
Xenolink Advisor at Epic Cash
In terms of structure, we are carefully set up to minimize these concerns. Without a company or investors in the picture, and having raised no funds, there is little scope to attack in terms of securities laws. Bitcoin and Ethereum are widely acknowledged as acceptable, and we follow in their well-established footprints in that respect. Centralized exchanges already trade other privacy coins, so we don’t see this as much of an issue either. In general, decentralized p2p exchange options are more interesting than today’s centralized platforms. They are more censorship resistant, secure, and privacy-protecting. As the technology gets better, they should continue to gain market share and that’s why we’re proud to be partnered with Vitex, whose exchange and mobile app work very well.
Cryptodiffer Community
What are the main utility and real-life usage of the #EPIC As an investor, why should we invest in the #EPIC project as a long-term investment?
Max Freeman Project Lead at Epic Cash
Because our blockchain is so light (only 1.16gb currently, and grows very slowly) it is naturally well suited to become a decentralized mobile money standard because people can run a full node on their phone, guaranteeing the security of their funds. Scalability in Bitcoin requires complicated and compromised workarounds such as Lightning Network and light clients, and these problems are solved in Epic.
With our forthcoming Mobile Mining app, hundreds of millions of cell phones and tablets will be able to easily join the network. People can quickly and cheaply send money to one another, fulfilling the long-envisioned promise of P2P electronic cash.
As an investor, it’s important to ask a few key questions. Bitcoin Standard tokenomics of disinflation and a fixed supply are well proven over a decade now. We follow this model exactly, with a permanently synchronized supply from 2028, and 4 emission halvings from now until then, with our first one in about two weeks. Beyond that, we can apply some simple logical tests. What is more valuable, money that can only be used in some cases (censorable Bitcoin based on a lack of fungibility) or money that can be used universally? (fungible Epic based on always-on privacy by default). Epic is also poised to be a more decentralized and therefore resilient network because of wider participation in mining. Epic is designed to be Bitcoin++ Privacy, Fungibility, Scalability
Cryptodiffer Community
Q1. What are advantages for choosing three mining algorithms RandomX+, ProgPow and CuckAToo31+ ?
Q2. Beam and Grin use MimbleWimble protocol, so what are difference for Epic? All of you will be friends for partners or competitors?
Max Freeman Project Lead at Epic Cash
RandomX and ProgPow are designed to use the entirety of a CPU / GPU’s unique processing capabilities in a way that other types of hardware don’t work as well. You can run RandomX on a GPU but it doesn’t work nearly as well as a much cheaper CPU, for example. Cuckoo is a “memory hard” algorithm that widens the range of companies that can produce the hardware.
Grin and Beam are great projects and we’ve learned a lot from them. We inherited our first codebase from Grin’s excellent Rust design, which is a better language for community participation than C++ that Beam currently uses.
Functionally, Mimblewimble is similar across the 3 coins, with standard Confidential Transactions, CoinJoin, Dandelion++, Schnorr Signatures and other advanced features. Grin is primarily ASIC-targeted, Beam is GPU-targeted, and Epic is multi-hardware.
The biggest differences though are in tokenomics and project structure. Grin has permanent inflation of 60 coins per block with no halvings, which means steady erosion of value over time due to new supply pressure. It also lacks a steady funding model, making future development in jeopardy, particularly as the per coin price falls. Beam has a for-profit model with heavy early inflation and a high developer tax. Epic builds on the strengths of these earlier mimblewimble projects and addresses the parts that could be improved.
Cryptodiffer Community Some privacy coin has scalability issues! How Epic cash will solve scalability issues? Why you choose randomX consensus algorithem?
Xenolink Advisor at Epic Cash
Fungibility means that you can’t distinguish one unit of currency from another, in example Gold. Fungibility has recently become a hot issue as people have been noticing Bitcoins being locked up by exchanges which may of had a nefarious history which are called Tainted Coins. In example coins that have been involved in a hack, darknet market transactions, or even processing coin through a mixer. Today we can already see freshly mined Bitcoins being sold at a premium price to avoid the fungibility problem Bitcoin carries today. Bitcoin can be tracked by chainalysis and is not a fungible cryptocurrency. One of the features that Epic has is privacy with added fungibility, because of Mimblewimble technology, Epic has no addresses recorded and therefore nothing can be tracked by chainalysis. Below I provide a link of an example of what the lack of fungibility is resulting in today with Bitcoin. One of the reasons why we chose the Random X algo. is because of the easy barrier of entry and also to further decentralize the mining. Random X algo can be mined on old computers or laptops. We also have 2 other algos Progpow (GPU), and Cuckoo (ASIC) to create a wider decentralization of mining methods for Epic.
Cryptodiffer Community
I’m a newbie in crypto and blockchain so how will Epic Cash team target and educate people who don’t know about blockchain and crypto?
What is the uniqueness of Epic Cash that cannot be found in other project that´s been released so far ?
Yoga Dude Pr&Marketing at Epic Cash
Actually, while we have our white paper translated into over 30 languages, we are more focused on explaining our uses and advantages rather than cold specs. Our tech is solid, but we not get hung up on pure tech talk which most casual users do not need to or care to understand. As long as our fundamentals and tech are secure and user friendly our primary goal is to educate about use cases and market potential.
The uniqueness of Epic Cash is its amalgamation of “whats good” in other cryptos. We use Mimblewimble for privacy and anonymity. Our blockchain is much lighter than our competitors. We are the only Mimblewimble crypto to use a unique cocktail of mining algorithms allowing to be mined by casual miners with gaming rigs and laptops, while remaining friendly to GPU and CPU farmers.
The “uniqueness” is learning from the mistakes of those who came before us, we evolved and learned, which is why our privacy is better, we are faster, we are fungible, we offer diverse mining and so on. We are the best blend — thats powerful and unique
Cryptodiffer Community
Can you share EPIC’s vision for decentralized finance (DEFI)? What features do EPIC have to support DEFI?
Yoga Dude PR&Marketing at Epic Cash
We view Epic as ideally suited to be the decentralized digital reserve asset of the new Private Internet of Money that’s emerging. At a technology level, atomic swaps can be created to build liquidity bridges so that wrapped Epic tokens (like WBTC, WETH) can trade on other networks as ERC20, BEP2, NEP5, VIP180, Algorand and so on. There is more Bitcoin value locked on Ethereum than in Lightning Network, so we will similarly integrate Epic so that it can trade on networks such as Uniswap, Kyber, and so on.
Longer term, if there is market demand for it, thanks to Scriptless Script functionality our blockchain has, we can build “Confidential Assets” (which Raven, Tari, and Beam are all also working on) that enable people to create tokenized assets in a private way.
Cryptodiffer Community
If you could choose one celebrity to promote Epic-cash, who that would be?
Max Freeman Project Lead at Epic Cash
I am a firm believer that the strength of the project lies in allowing community members to become their own celebrities, if their content is good enough the community will propel them to celebrity status. Organic celebrities with small but loyal following are vastly more beneficial than big name professional shills with inflated but non caring audiences.
I remember the early days of Apple when an enthusiastic dude named Guy Kawasaki became Apple Evangelist, he was literally going around stores that sold Apple and visited user groups and Evangelized his belief in Apple. This guy became a Legend and helped Apple become what it is today.
Epic Cash will have its OWN Celebrities
Cryptodiffer Community
How does $EPIC solve scalability of transactions? Current blockchains face issues with scalability a lot, how does $EPIC creates a solution to it?
Xenolink Advisor at Epic Cash
Epic Cash is utilizing Mimblewimble technology. Besides the privacy & fungibility aspect of the tech. There is the scalability features of it. It is implemented into Epic by transaction cut-through. Which means it allows nodes to remove all intermediate transactions, thus significantly reducing the blockchain size without affecting its validation. Mimblewimble also does not use addresses like a BTC address, and amount of transactions are also not recorded. One problem Monero and Bitcoin are facing now is scalability. It is evident today that data is getting more expensive and that will be a problem in the long run for those coins. Epic is 90% lighter and more scalable compared to Monero and Bitcoin.
Cryptodiffer Community
what are the ways that Epic Cash generates profits/revenue to maintain your project and what is its revenue model ? How can it make benefit win-win to both invester and your project ?
Max Freeman Project Lead at Epic Cash
There is a block subsidy of 7.77% that declines 1.11% per year until 0, where it stays after that. As a nonprofit community effort, this extremely modest amount goes much further than in other projects, which often take 20, 30, even 50+ % of the coin supply. We believe that this ongoing funding model best aligns the long term incentives for all participants and balances the compromises between the ends of the centralized/decentralized spectrum of choices that any project must make.
Cryptodiffer Community
Q1 : What are your major goals to archive in the next 3–4 years?
Q2 : What are your plans to expand and gain more adoption?
Yoga Dude Pr&Marketing at Epic Cash
Max already talked about our technical plans and goals in his roadmap. Allow me to talk more about the non technical 😁
We are aiming for broader reach in the non technical more mainstream community — this is a big challenge but we believe it is doable. By offering simpler ways to mine Epic Cash (with smart phones for example), and by doing more education we will achieve the holy grail of crypto — moving past the fiat bridges and getting Epic Cash to be accepted as means of payment for goods and services. We will accomplish this by working with regional advocacy groups, community interaction, off-line promotional activities and diverse social media targeting.
Cryptodiffer Community
It seems to me that EpicCash will have its first Halving, right? Why a halving so soon?
Is a mobile version feasible?
Max Freeman Project Lead at Epic Cash
Our supply emission catches up to that of Bitcoin’s first 19 years after 8 years in Epic, so that requires more frequent halvings. Today’s block emission is 16, next up are 8, 4, 2, and then finally 0.15625. After that, the supply of Epic and that of BTC stay synchronized until maxing out at 21m coins in 2140.
Today we have a mobile wallet through the Vitex app, a native mobile wallet coming, and are working on mobile mining.
Cryptodiffer Community
What markets will you add after that?
Yoga Dude PR&Marketing at Epic Cash
Well, we are aiming to have ALL markets
Epic Cash in its final iteration will be usable by everyone everywhere regardless of their technical expertise. We are not limiting ourselves to the technocrats, one of our main goals is to help the billions of unbanked. We want everyone to be able to mine, buy, and most of all USE Epic Cash — gamers, farmers, soccer moms, students, retirees, everyone really — even bankers (well once we defeat the banking industry)
We will continue building on the multilingual diversity of our global community adding support and advocacy groups in more countries in more languages.
Epic Cash is More than Money and its for Everyone.
Cryptodiffer Community
Almost, all cryptocurrencies are decentralized & no-one knows who owns that cryptocurrencies ! then also, why Privacy is needed? hats the advantages of Private coins?
Max Freeman Project Lead at Epic Cash
With a public transparent blockchain such as Bitcoin, you are permanently posting a detailed history of your money movements open for anyone to see (not just legitimate authorities, either!) — It would be considered crazy to post your credit card or bank statements to Twitter, but that’s what is happening every time you send a transaction that is not private. This excellent video from community contributor Spencer Lambert https://www.youtube.com/watch?v=0blbfmvCq\_4 explains better than I can.
Privacy is not just for criminals, it’s for everyone. Do you want your landlord to increase the rent when he sees that you get a raise? Your insurance company to raise your healthcare costs because they see you buying too much ice cream? If you’re a business, do you want your employees to see how much money their coworkers make? Do you want your competitors to trace your supplier and customer relationships? Of course not. By privacy being default for everyone, cryptocurrency can be used in a much wider range of situations without unacceptable compromises.
Cryptodiffer Community
What are the main utility and real-life usage of the #EPIC As an investor, why should we invest in the #EPIC project as a long-term investment?
Xenolink Advisor at Epic Cash
Epic Cash can be used as a Private and Fungible store of value, medium of exchange, and unit of account. As Epic Cash grows and becomes adopted it can be compared to how Bitcoin and Monero is used and adopted as well. As Epic is adopted by the masses, it can be accepted as a medium of exchange for store owners and as fungible payments without the worry of having money that is tainted. Epic Cash as a store of value may be a good long term aspect of investment to consider. Epic Cash carries an inelastic fixed supply economic model of 21 million coins. There will be 5 halvings which this month of June will be our first halving of epic. From a block reward of 16 Epic reduced to 8. If we look at BTC’s price action and history of their halvings it has been proven and show that there has been an increase in value due to the scarcity and from halvings a reduction of # of BTC’s mined per block. An inelastic supply model like Bitcoin provides proof of the circulating supply compared to the total supply by the history of it’s Price action which is evident in long term charts since the birth of Bitcoin. EPIC Plans to have 5 halvings before the year 2028 to match the emissions of Bitcoin which we call the singularity event. Below is a chart displaying our halvings model approaching singularity. Once bitcoin and cryptocurrency becomes adopted mainstream, the fungibility problem will be more noticed by the general public. Privacy coins and the features of fungibility/scalability will most likely be sought over. Right now a majority of people believe that all cryptocurrency is fungible. However, that is not true. We can already see Chainalysis confirming that they can trace and track and even for other well-known privacy coins today such as Z-Cash.
Cryptodiffer Community
  1. You aim to reach support from a global community, what are your plans to get spanish speakers involved into Epic Cash? And emerging markets like the african
  2. How am I secure I won’t be affected by receiving tainted money?
Max Freeman Project Lead at Epic Cash
Native speakers from our community are working to raise awareness in key markets such as mining in Argentina and Venezuela for Spanish (Roberto Navarro called Epic “the holy grail of cryptocurrency” and Ethiopia and certain North African countries that have the lowest electricity costs in the world. Remittances between USA and Latin American countries are expensive and slow, so Epic is also perfect for people to send money back home as well.
Cryptodiffer Community
Do EPICs in 2020 focus more on research and coding, or on sales and implementation?
Yoga Dude PR&Marketing at Epic Cash
We will definitely continue to work on research and coding, with emphasis on improved accessibility (especially via smartphones) usability, security and privacy.
In terms of financial infrastructure will continuing to add exchanges both KYC and non KYC.
Big part of our plans is in ongoing Marketing and PR outreach. The idea is to make Epic Cash a viral sensation of sorts. If we can get Epic Cash adopters to spread the word and tell their family, coworkers and friends about Epic Cash — there will be no stopping us and to help that happen we have a growing army of content creators, and supporters.
Everyone with skin in the game gets the benefit of advancing the cause.
Folks also, this isn’t an answer to the question but an example of a real-world Epic Cash content —
https://www.youtube.com/watch?v=XtAVEqKGgqY
a challenge from one of our content creators to beat his 21 pull ups and get 100 epics! This has not been claimed yet — people need to step up 🙂 and to help that I will match another 100 Epic Cash to the first person to beat this
Cryptodiffer Community
I was watching some videos explaining how to send and receive transactions in EpicCash, which consists of ports and sending links, my question is why this is so, which, for now, looks complex?
Let’s talk about the economic model, can EpicCash comply with the concept of value reserve?
Max Freeman Project Lead at Epic Cash
In V3, which is coming later this summer, Epic can be sent over Tor, which eliminates this issue of port opening, even though using tools like ngrok.io, it’s not necessarily as painful as directly configuring the router ports. Early Lightning Network had this issue as well and it’s something we have a plan to address via research into non-interactive transactions. “Fire and Forget” payments to an address, as people are used to in Bitcoin, is coming to Epic and we’re excited to develop functionality that other advanced mimblewimble coins don’t yet have. We are committed to constant improvement in usability and utility, to make our money system the ease of use leader.
We are involved in the project (anyone can join the Freeman Family) because we believe that simply by choosing to use a form of money that better aligns with our ideals, that we can make a positive change in the world. Some of my thoughts about how I got involved are here: https://medium.com/epic-cash/the-freeman-family-e3b9c3b3f166
Max Freeman Project Lead at Epic Cash
Huge thanks to our friends Maks and Vladyslav, we welcome everyone to come say hi at one of our friendly communities. It is extremely early in this journey, our market cap is only 0.5m right now, whereas the 3 other mimblewimble coins are at $20m, $30m and $100m respectively. Epic is a historic opportunity to follow in the footsteps of legends such as Bitcoin and Monero, and we hope to become the first Top 5 privacy coin project.
Xenolink Advisor at Epic Cash
Would like to Thank the Cryptodiffer Team and the Cryptodiffer community for hosting us and also engaging with us to learn more about Epic. If anyone else has more questions and wants to know more about EPIC , can find us at our telegram channel at https://t.me/EpicCash .
Yoga Dude Pr&Marketing at Epic Cash
Thank you, CryptoDiffer Team, and this wonderful Community!!!
Cryptodiffer TEAM
Thank you everyone for taking your time and asking great questions
Thank you for your time, it was an insightful session
Spread the love
submitted by EpicCashFrodo to epiccash [link] [comments]

Nano #Ama on Binance Spanish telegram group!!

Regards!! I'm Jesús Zambrano, member of the Hispanic community of NANO for a long time. Last thursday, we had an interesting and enjoying Ask-me-anything at Binance Spanish community on telegram with the people behind NANO, Colin LeMahieu (Founder and Executive Director) and Zach Hyatt (Proyect Manager), where we take advantage of their kindness and willingness to ask them some questions and share opinions about de currency. I will share a compilation of some of the questions and answers.
-(Admin) ¡Welcome Binancians to our following AMA!
I will explain how AMA works; we will have three (3) segments.
Segment #1: I am going to ask to our guests five (5) questions and then they will answer them.
I will be explaining the rest of the segments as we conclude one of them.
-(Admin) Today we have the great pleasure of having Colin (Founder and Executive Director) and Zach (Project Manager) with us in our chat room. Could you give us a little introduction about you?
- (Zach) Hi everyone, I am Zach Hyatt, the Project Manager at the Nano Foundation and am excited to help answer questions about Nano. I live in Austin, TX where it is quite hot right now!
-(Colin) I’m Colin LeMahieu, founder of Nano. I’m a computer engineer and I’ve worked at companies like Qualcomm, Dell, and AMD. I have been working on Nano for about 5 years now and I’m really excited to talk with people who are interested as well!
-(Admin) It is a pleasure for us to have you here, I have to say that on a personal level, I have been a follower of the project for a long time now, so it is incredible for me to be able to count on you tonight, we will start with segment # 1, with the questions I have for you.
Feeless transactions and in record time! What is NANO? Can you give us an introduction to the project?
-(Colin) Nano’s goal is to solve problems with other cryptocurrencies and make sending value fast and fee-less. It has a unique design to allow us to accomplish this. We want people to have the option of using decentralized digital money instead of fiat money anywhere in the world. Nano is accessible and easy-to-use today and we plan on keeping it focused on these goals.
-(Admin) Thank you for answering my first question, I am delighted with the features offered by the project, every week they are updating and making important changes that help to improve the ecosystem that surrounds the team.
Here you can find all the weekly updates: https://nano.org/en
Previously the project was called RaiBlocks, it appeared for the first time in an ad in Bitcoin Talk in 2015. Can you tell us why a name change came up later?
-(Zach) Yeah, absolutely. Although the original RaiBlocks name has a special place in our history, it was difficult to pronounce in some areas of the world and caused confusion with certain users. We decided to move to a shorter name that not only was easy to pronounce but also reflected the fast, efficient nature of the protocol.
-(Admin) A short and quick name to pronounce, definitely NANO is perfect to define it!
My third question is the following; I had seen a very interesting gif early in the chat and it is just about the question that I came to ask.
Currently, NANO has 100% of its tokens in circulation and these tokens were distributed through Faucets, so it meant that any user with a computer could get coins simply by completing some captchas, can you tell me which has been the experience of users when using this method?
-(Colin) The faucet was a great way for us to distribute coins to people who have never used it before. Cryptocurrencies that use mining end up distributing only to people who have money to buy the mining hardware and this is unfair. We had a lot of people from Indonesia and Asia in the beginning of our distribution and at the end there were a lot of people from South America, Venezuela and Brasil that were getting most of the Nano from the faucet. We think this was a fairer way to do it and it got Nano into the hands of people in different locations, and it had a very positive impact on their lives.
-(Admin) This is incredible! thanks for your answer!
Can you tell us about what the Open Representative Vote is about and how it protects the network?
-(Zach) Nano uses voting to get confirmation on the network instead of mining and the nodes on the network that create votes are called Representatives. Open Representative Voting allows people who have a Nano balance to pick whatever representative they want to vote on their behalf. This allows the people who hold Nano to decide who generates consensus instead of mining companies. The voting process is very efficient and is a big part of what allows Nano to be fee-less and use very little energy.
-(Admin) Very good! The last question on my part:
Nano PoW is your new approach, I have read a pretty interesting example with emails, can you explain what it is about?
-(Colin) Nano PoW is a research project we’re doing in order to create a proof of work algorithm that uses less energy than other popular algorithms. Since Nano is fee-less, there must be a method to limit transactions going onto the network, which this PoW achieves. With the goal of using more memory in the process instead of CPU cycles in order to generate proofs, this new Nano PoW will help prevent ASICs from being able to cheaply send lots of transactions. It’s important for a cryptocurrency that’s used around the world to be energy efficient and green so continuing our research on this is important to us.
-(Admin) https://medium.com/nanocurrency/nano-pow-the-details-ba22a9092d6f
Thanks for your answers, Colin and Zach! I have a video, taken from your YouTube account that I would like to share with the community
https://www.youtube.com/watch?v=eh9pA8UCUrI
Can you tell me what we see in this video?
-(Colin) This is a video of how fast our transactions send and receive. You can see it takes less than 1 second to finish which means you can use it as a currency.
- (Zach) The wallet was made by developers in our amazing community, it is called Natrium. It really shows how fast Nano is and how it is easy-to-use!
-(Colin) You can also see how simple it is to use. You just scan, enter an amount, and send. There are no complicated setting which is great for new users and great for adoption.
- (Zach) And the best part is, there were no fees at all for that transaction. In fact there have never been any transaction fees on the Nano network ever!
-(Admin) Great! That's why I wanted to share it with everyone, yesterday I could try the wallet and it is really spectacular to use, thank you very much for that excellent explanation, please stay with us, now comes the part in which our users participate
Segment 3, community questions
Q -First congratulations on your project, it is amazing. Now, does nano BlockChain have another use besides making transactions?
A - (Zach) Thank you! Nano has always been focused on transfer of value and will continue to maintain that focus. The overall design is aimed at doing only this so it can remain fast, efficient and fee-less.
Q -Good evening! I understand that thanks to its architecture called "Block-lattice", each individual provides the computing power necessary to verify their own transaction, thanks to this they do not use miners to confirm transactions and they do not apply commissions of any kind. My question is: How did this occur and how difficult was it?
A - (Colin) It’s simila, transactions are validated by votes from the representatives, not by the PoW. The PoW is a way to slow down how fast people can create transactions so they can’t spam the network.
Q - Do you have any short or long term projects so that transactions using $NANO were anonymous?
A - (Colin) Long term we want to see what privacy options exist and are fast. Most privacy schemes make the transactions very big or slow to process and it’s important for things to remain quick and efficient so we can have fast transactions.
Q - We are living in Venezuela many changes in the cryptocurrency sector, the integration of crypto for service payment and product purchases is already a reality. What agreements has NANO made with service stores to integrate it as a means of payment? I want to pay my movie ticket with NANOS
A - (Zach) Thanks for your interest in Nano. We are always looking for ways to allow everyone to use Nano in as many places as possible. Although separate from our organization, we are aware of the efforts of the Nano Venezuela organization and try to support them when possible in bringing Nano to as many people and stores in Venezuela as possible.
Q - (7 questions made from one persone at once)
  1. How do you manage to make your transactions virtually instantaneous?
  2. How do they create part of the company's livelihood if no fees are charged for transactions?
  3. Why does $ NANO consume so little electricity?
  4. Requirements for a medium-sized company to adopt nano correctly as a means of payment?
  5. Since 100% of the $ NANOS are distributed, I have seen something in Medium that talked about `` Nano PoW '', could you tell me a little more about how it works? What profit will the person / institution get that puts hardware for their PoW? Will more $ NANO be created apart from those already in circulation?
  6. What do the representatives earn for putting their vote and validating blocks if 100% of the $ NANOS are already created / issued?
7- Since your policy / slogan / commandment is to be a cryptocurrency without fees, shouldn't you force exchanges in which $ NANO is present that they don't charge withdrawal fees?
A - (Colin)
  1. Transactions are fast because they’re validated by voting. The votes get transmitted around the world in milliseconds and all people have to do is count votes to confirm the transaction.
  2. We use the Dev fund to pay for developing the Nano protocol. The Nano protocol is a free tool that other people can build businesses on. We have ideas for businesses that can use fast, free money in order to help people send money to their family in other countries or pay microtransactions. It’s similar to Linux, it’s free but big companies use it because it saves them money.
  3. Nano uses little electricity because we use voting for validating transactions. Voting is just sending data over the internet which is power efficient.
  4. You can run a nano node with 40-60$/mo using cloud virtual machines
  5. Nano pow is just a more efficient way to slow people down from sending transactions to the network
  6. The most important thing is: why does a company want to use cryptocurrency? They want to use it because it saves them money on bank fees, etc. Since 40-60$/mo running a node is less expensive than their bank fees, they want to participate in the network to keep it going and save them money.
Q - Knowing all this about Nano, could you say that Nano is one of the most energy-efficient, Ecological friendly currencies in existence?
A -(Zach) Absolutely. We care about making a positive change in the world and so pride ourselves on leaving as little energy trace possible in the world. It may just be the fastest, most efficient transfer of value available.
Q - If the nano protocol had not passed the Red4Sec signature security test, would it have any vulnerability today?
A - (Colin) The Red4Sec audit didn’t find any critiral vulnerabilities in Nano. In fact they did the audit twice because they couldn’t find anything wrong and that never happened before.
It’s important for us to keep the code high quality and we will do audits again in the future because it’s important to make sure everything is secure.
Q - I'd like to see more development of Nano by using SMS on our phones to avoid the problem of no Internet connection at the moment
A -(Zach) As much as we like the idea of SMS, unfortunately it is not a secure network so managing Nano transactions over it brings some unique requirements. However we are always innovating and trying to make Nano as easy and accessible as possible so hope advances can help over time make it more accessible in this area.
Q - What plans do you have to close this 2019 to increase adoption in Latin America?
A -(Colin) We are very excited about the passion we see in the south american community. We would love to make it down to VE however in the mean time follow nanoVE for updates and meetups - there may be one near you soon!
Q - How will you make the adoption and use of $ NANO continue to increase especially in markets where other cryptocurrencies are gaining more ground?
A - (Colin) Our focus is to build tools people need to accept cryptocurrency. Right now it’s still difficulty and expensive. One thing we’re making is the device Appia which can accept cryptocurrency similar to a credit card. We made this device very inexpensive and can connect over wireless so it can be used in markets or resturaunts or other places cryptocurrency is not yet available.
- (Admin) Thank you very much for your answers! You are the first guests that answer all the questions of our users, you are amazing guys!
@AndyNano It was amazing to meet you, I learned a lot from you
@FundacionNanoVE Thanks for making this happen! excellent work
@nano_isam Thanks for everything buddy!
-(Zach) Can we ask a question to the channel?
What are the top things Nano can do to help you in your daily lives?
-(Colin) My question: How do you store cryptocurrency safely? Where do you back up your seed so it isn’t lost or stolen?
A - In Venezuela we currently have a problem with conventional payment processors, they are very slow, it would be great to be able to see people using NANO to make their purchases at any store in Venezuela, 0 commissions and instant transactions, is what we need
A - Fast transactions are what can help society the most, and except that, the best thing is that it is very cheap ... from there it is addition, those are the main characteristics that we look for the most
A - encrypted file in a pendrive
A - Nano is a direct competition to the vast majority of Cryptos, in transaction speed and that it is literally free to send or receive, nothing to wait for 5 hours or the next day when you pay for items or services with Crypto, let's increase the adoption of nano!
-(Colin) Question: Are there barriers to using Nano in your country right now?
A - No barriers in Venezuela
A - No barrier what is lacking is greater diffusion in means to give greater projection and that the adoption arrives. Here I am to support NANO!
A - There should be no barriers to the payments we wish to make, freedom above all
-(Colin) Fantastic!
- (Zach) Thanks everyone, I have to go but I appreciate all the awesome questions and answers!
submitted by AlejandroZD58 to nanocurrency [link] [comments]

Wolfpack bot.......

About some years ago, one of my friends hailed his belief in Bitcoin and explained how he moved his whole life savings onto a hardware wallet and erudite his private alphanumeric key. He sounded like a character from a Neal Stephenson novel-gritty, daring and irreverent of the world’s established banking systems. While Bitcoin has soared since then and made him a millionaire many times over, the question now is if it will continue to rise in value or if it’s already reached its height.
A digital currency “crypto currency” that has no tangible paper or physical coin representation. Instead, encryption techniques using computers and open source software generate the currency based on mathematical proof, or blockchains. Cryptocurrencies such as Bitcoin are decentralized: There’s no place like a bank where the currency is held, and a private security key tied to an open source ledger proves who holds the value. As an electronic payment system, cryptocurrencies are instantaneous and have low transaction fees compared to traditional banking systems, which are comparatively slow and have high fees associated.
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submitted by 1loveone to u/1loveone [link] [comments]

Read: An open letter to bitcoin miner

https://keepingstock.net/an-open-letter-to-bitcoin-miners-c260467e1f0
Dear Bitcoin Miner,
My name is Jonald, and I am a Bitcoin investor.
I bought my first Bitcoins in 2013 and have been active on the Bitcointalk forum since March, 2014. I’m also a small business owner that actually uses Bitcoin for
Since Bitcoin investors and miners need each other to succeed, I wanted to take a minute to reach out to you, and send a sincere message from a “real Bitcoiner”. I’ll cut right to the chase:
I’m concerned. I believe we urgently need to find a scaling solution, and I believe the best solution is to increase the blocksize.
At least, hear me out.
Why Should You Listen to Me?
There’s a huge amount of misinformation, dishonesty, and political agendas attached to the Great Scaling Debate. The situation is serious and there’s a lot at stake here.
I am not beholden to any special interests. No one is paying me to write this. I am not a contributor to any Bitcoin projects, but I am quite familiar with the scaling topic because I’ve been following it for some time now, and I am knowledgeable enough to clearly understand the technical details.
I’ve heard all the arguments from every side of the debate, and I want to give you my honest, unbiased, unfiltered understanding of the situation.
Let’s Start At the Beginning
In 2008, Satoshi Nakamoto published a paper titled Bitcoin: A Peer-to-Peer Electronic Cash System. Everybody knows this, but the exact title needs to be repeated because today, even the most basic facets of Bitcoin are being challenged. Should Bitcoin really be “cash” or instead “digital gold”? And if we follow Satoshi’s plan, is it really peer to peer?
These questions come not so much from open-minded inquiry, but rather from a biased agenda. This would have been inconceivable a few years ago, but now things have become so political, that certain people even want to re-write the Bitcoin whitepaper.
(Attempting to re-write history has always been a favorite tactic of tyrannical elites.)
Satoshi’s Vision to Scale Bitcoin
Regardless of “which side” of the scaling debate you are on, it should not be contested that Satoshi always planned for and advocated for simple, on-chain scaling.
When asked how Bitcoin would scale to Visa-like levels, he said:
Long before the network gets anywhere near as large as that, it would be safe for users to use Simplified Payment Verification (section 8) to check for double spending, which only requires having the chain of block headers, or about 12KB per day. Only people trying to create new coins would need to run network nodes. At first, most users would run network nodes, but as the network grows beyond a certain point, it would be left more and more to specialists with server farms of specialized hardware. A server farm would only need to have one node on the network and the rest of the LAN connects with that one node.
The bandwidth might not be as prohibitive as you think. A typical transaction would be about 400 bytes (ECC is nicely compact). Each transaction has to be broadcast twice, so lets say 1KB per transaction. Visa processed 37 billion transactions in FY2008, or an average of 100 million transactions per day. That many transactions would take 100GB of bandwidth, or the size of 12 DVD or 2 HD quality movies, or about $18 worth of bandwidth at current prices.
If the network were to get that big, it would take several years, and by then, sending 2 HD movies over the Internet would probably not seem like a big deal.
Satoshi Nakamoto
Source
Disturbingly, this simple quote from Satoshi was moderated (deleted) from the bitcoin reddit page. I’ll revisit the censorship issue in a moment.
Another important fact is that the current blocksize limit of 1mb was intended to be a temporary measure. This was something ‘everyone’ knew before the debate became politicized.
One of the earliest code reviewers, Ray Dillinger, explained that he, Hal Finey, and Satoshi all agreed the limit was to be temporary.
Satoshi also provided the means to raise the limit with his famous quote:
It can be phased in, like:
if (blocknumber > 115000) maxblocksize = largerlimit
Here is one more explanation from Satoshi, in an email to Mike Hearn, about why Bitcoin never hits a scaling ceiling.
Sure, Satoshi isn’t God. The point isn’t to appeal to his authority, but simply to remember that Bitcoin always had a scaling plan in place from the beginning.
…But the “Core Devs” Had Other Ideas.
The history of the current crop of Bitcoin Core developers has been already summarized and described elsewhere.
Explanations have been given for the unproductive scaling conferences, the broken Hong Kong agreements, and so on, but it should be extremely clear to everyone, based on years of their behavior (and even their own words), that the Core group does not want to scale Bitcoin with a simple blocksize increase.
In fact, they (and their supporters) have done everything in their power to prevent this, including engaging in massive censorship.
Their primary arguments are as follows:
It is problematic to raise the limit because it requires a hard fork, which is difficult to coordinate.Bitcoin nodes should be as inexpensive to run as possible, otherwise the decentralization of Bitcoin will be threatened.Without a constraint on the blocksize, Bitcoin won’t be secure once subsidies (block rewards) decline.
None of These Arguments Have Sufficient Merit to Forestall a Blocksize Increase
I am not saying the arguments are entirely without merit. Few things in life are ever 100% black-and-white. But we have to weigh the merits of these positions against the alternatives, and against other factors in the Bitcoin ecosystem.
Let’s take one at a time:
The “Hard Forks Are Dangerous” Myth
This was a prominent talking point in 2014–2015. However, the truth is that hard forks (HF) are not necessarily dangerous, especially if they occur with a clear majority of hashing power supporting the upgraded consensus rules.
The previous group of developers, including Gavin Andresen, Jeff Garzik, and Mike Hearn, all supported upgrading Bitcoin with hard forks.
Initially, the discussion was whether the new maximum blocksize would be 2MB, 4MB, or 8MB. What begin as a minor difference of opinions between the miners somehow snowballed into a potent meme that consensus over scaling was going to be difficult.
The developers starting adding their own opinions about hard forks, creating additional friction. Yes, it is easy to claim there is contention when you are among those being contentious!
Core has no official leadership positions or governance structure. Because of this, it has been easy to justify inaction by simply concluding that “there’s no consensus”. And since they control the reference code repository, their refusal to raise the limit effects everyone else.
In practice, Core does have leaders. How else can it be explained that segwit was merged into the code (even if not activated) with practically no public debate whatsoever?
On a side note, prominent Core developers have denied that Core decides what code is published, and have denied there is any leadership. This is an example of the kind of constant misinformation that is being generated on a daily basis.
Back to the HF issue:
Many altcoins like Monero have regular hard forks. Coordination between major players in an ecosystem is not a big challenge if everyone is on the same page.
So far, I have not heard of a single problem that an altcoin had in performing a network upgrade via hard fork. So, there is evidence that they can be done safely.
In addition, if Core admits in their roadmap that eventually the blocksize will need to be increased, then why not do it now when it is badly needed? There is no logical reason why it would be more risky now rather than later.
Decentralization Myths
There are actually several myths surrounding the issue of decentralization. Let’s address the obvious ones:
The most ludicrous is the “all users should be running full nodes” idea.
As others have explained, there is no security provided to the network by non-mining ‘full nodes’. Only mining nodes secure and extend Bitcon’s distributed ledger.
The white paper explains why most users do not need to run full nodes:
It is possible to verify payments without running a full network node. A user only needs to keep a copy of the block headers of the longest proof-of-work chain, which he can get by querying network nodes until he’s convinced he has the longest chain, and obtain the Merkle branch linking the transaction to the block it’s timestamped in. He can’t check the transaction for himself, but by linking it to a place in the chain, he can see that a network node has accepted it, and blocks added after it further confirm the network has accepted it… …Businesses that receive frequent payments will probably still want to run their own nodes for more independent security and quicker verification.
The idea that a lot of non-mining full nodes will make the network more decentralized (because they can make sure the miners are behaving) is erroneous, because an SPV client can already query the network’s nodes. Generally, there would only be a problem if a majority mining of nodes were colluding dishonestly, in which case Bitcoin would be already broken.
A more valid concern is that as nodes become more expensive, eventually only large corporations will run nodes. It is true that node costs will increase over time as the network grows. However, storage, bandwidth, and processing capabilities are also constantly increasing.
Just as important: By the time that capacity increases — lets say from 3 TPS (transactions per second) to 30 TPS — the network will be so large that it likely won’t be any less decentralized, even if it costs more to run a node.
At 3000 TPS, Bitcoin would be highly dominant globally, and making use of the millions of datacenters and servers available worldwide. This was always the plan.
The Alternative Vision of Bitcoin Holds Decentralization Risks That Are Worse
Many users are not aware of the decentralization risks that come with the small-node/small-block vision of Bitcoin. Core’s vision for Bitcoin is to transform the peer-to-peer cash system into some kind of settlement network.
While this would be a way to keep node costs minimal, most users would be economically forced off the main chain because they cannot compete with institutions for fees. They would then need to get permission from trusted third parties to transact.
In my opinion, this represents a much more dangerous form of centralization than bigger blocks and expensive nodes.
The Fee-Market Failure Myth
The third primary argument of the small-block philosophy is that eventually, block rewards will run out, and mining fees will be the sole source of funding security. They then claim that without limiting the supply of transaction space, miners will be hopelessly caught in a tragedy-of-the-commons price war, with the users paying rock bottom fees, leading to a collapse of commercial mining.
There’s a few problems with this argument.
First of all, there is a natural market for every good and service in the world. There have been many price wars, but nothing with high demand ever stops being produced.
The concern that the network hashrate will become too low is based on several assumptions and variables, including the number of daily transactions, the willingness of the users to wait for confirmations, the willingness of the users to pay small amounts, the behavior of the miners, the fee policies set by various wallets, the emergent consensus on acceptable fees by the mining community, and other factors, including what actually is “too low” of a network hashrate in the first place.
The hypothetical failure of the natural fee market depends on all these assumptions combining into an unfavorable outcome, as well as the inability of the system to adjust itself favorably using any of these factors.
But, by far the biggest reason that this argument is bunk, is that it will be decades before the majority of the subsidies actually disappear.
Pure Foolishness: Overplanning the Future While Ignoring Urgent Issues Today
Why implement a plan that might help Bitcoin in 20–30 years, if it requires you to damage the user experience and erode the adoption and network effect of Bitcoin, today?
In the case of Bitcoin, it’s completely unnecessary to plan ahead that far, and the destructive consequences are already being seen.
This is the biggest reason why Core’s position should be considered indefensible. Even if their arguments have merit, it is more important to keep Bitcoin healthy right now, stay competitive, and keep the user base growing than to prevent the problems that may or may not happen later.
Even worse, those prevention plans work in direct opposition to the short term goals!
It is no less insane than demanding a bedridden hospital patient, badly in need of rest, to immediately go outside and start running laps because “exercise will help you live longer”.
What About Segwit?
It is my understanding that at “the Hong Kong meeting”, the miners agreed to Segwit PLUS a hardfork blocksize increase because they didn’t trust the Core team enough to offer satisfactory scaling in a timely manner.
I think their decision was smart. Core cannot be trusted. However, if Core changed their mind today, and agreed to the 2MB+Segwit, I would support that as a compromise to break the impasse.
They seem to be unwilling to do this.
Since miners are unwilling to accept segwit on its own, and since Core will not compromise, the only logical alternative is bigger blocks, which is the best option regardless.
What Core Wants
You may be wondering: How is it possible for people as intelligent as the Bitcoin Core developers to fail to see the obvious mistakes in their thinking?
American author Upton Sinclair’s famous quote comes to mind:
It is difficult to get a man to understand something, when his salary depends upon his not understanding it!
The Core team and their supporters want to change Bitcoin into a settlement network. They will deny this, but in my opinion, all of their actions point to this logical conclusion.
This is why they are against on chain scaling, and why segwit offers as little of it as possible while supporting their “HF are bad” narrative.
Additionally, I believe they also want to control public opinion by employing key individuals, by their associates and moderation policies on various platforms, and with an army of trolls.
They also intimidate and punish businesses that don’t fall in line. For example, coinbase.com was delisted from bitcoin.org for supporting Bitcoin XT instead of the Core client.
Despite these shenanigans, companies do support bigger blocks and on-chain scaling.
Most importantly, they want to scare you, the miner, into believing that the community doesn’t really want big blocks and if that if you mine big blocks, you’ll be forked off to a worthless coin and left with worthless ASICs.
Do not let them intimidate you.
What the Users Want
Most users just want a Bitcoin that works. They do not want slow confirmation and high fees. Most Bitcoiners that use bitcoin frequently understand the issues and support bigger blocks.
Despite all the trolling and propaganda, users controlling actual coins vote overwhelmingly in favor of Satoshi’s scaling plan.
The “Healthy Fee Market” is Already Unhealthy
Even IF a centrally planned fee market was a good idea right now, it is being managed poorly. A “healthy” fee market should strive to provide adequate fee revenue while at the same time provide a good user experience and promote growth of the network and user base.
While miner revenue is certainly adequate, the user experience is severely degraded because of slow confirmations and high fees, and this is definitely not attractive or conducive to growing the user base.
If keeping the blocksize at 1mb was an experiment to see how the fee market would develop, it has already played out its usefulness. To keep fees at a level competitive with other coins, supply must catch up with demand (we must raise the blocksize) . But these developers seem to have no interest in doing so. They would rather carry on with their agenda than serve the users.
What About Bitcoin As a Store-of-Value or as “Digital Gold”?
The great thing about Bitcoin is that it can be both a cash-like payment system and a gold-like store of value. These two aspects enhance each other.
Exposed to the propaganda that Bitcoin can’t scale as electronic cash, some users have said “that’s ok. I’m fine with Bitcoin being digital gold only”. The problem with this thinking is that Bitcoin has competition.
If another coin is useful to store value AND to transact cheaply with, it severely undermines Bitcon’s appeal to investors. At the same time, it greatly dampens demand for actual usage.
Sure, its possible that Bitcoin could survive in some form as digital gold, but it would be at a huge disadvantage.
Small Blocks Destroy Miner Revenue
At first glance, the idea that smaller blocks are bad for mining revenue may appear incorrect, since fee rates have recently exploded based on the demand of Bitcoin transactions outpacing the supply of space in the blocks.
However, this trend cannot continue for long, since users will only pay so much. At the same time, new users and new demand are being shut out from the ecosystem.
To use an analogy: Who makes more money — the farmer in town “A” selling milk from one cow? Or the farmer in town “B” selling milk from 8 cows? Townspeople in “A” might pay more per bottle, but they’ll only pay so much for it. They will start drinking something else, drink milk less often, or import their milk from another town.
Bitcoin miners simply cannot meet the demands of users at fees they are willing to reasonably pay if blocks are restricted to 1mb… and users will find satisfactory alternatives which are quickly becoming abundant.
The situation will become even worse in the long run if Core is allowed to create “second layer solutions”, because those solutions will probably not be free, and they will further absorb the money that users are willing to spend in order to transact.
This will be bad for miners, and bad for network security. It will make bitcoin even less competitive, and money will leave the ecosystem.
Price Always Lags Behind Fundamentals
It is easy to look at a high Bitcoin price and think that everything is fine. If things were going so badly, why isn’t the price dropping?
But, price doesn’t always reflect the underlying fundamentals of a market in the short term.
In the long run, fundamentals always dictate the direction of the market. Daytraders are flat at the end of the day. Speculators come and go. In the end, it’s only the long term investors and the non-speculative demand that determines the price.
The fundamental value of Bitcoin primarily comes from its usefulness as a payment system. If that system ceases to be useful, Bitcoin will cease to be valuable.
Time To Act. Let’s Help Bitcoin Grow Again.
It’s always better to fix a problem BEFORE it gets too big. As they say, “an ounce of prevention is worth a pound of cure”.
If we wait until the Bitcoin price crashes because Bitcoin is unusable as a currency, it will be too late. We would have already lost serious momentum, marketshare, users, reputation, and merchants.
This is already happening, but there is still time to act.
I urge you: don’t be complacent.
You are the miner. You have the power. Start signaling for bigger blocks today, and let’s make sure Bitcoin stays #1.
Help Spread the Word
If you’re not a miner, but a concerned investor like myself, then please spread this message far and wide, and ask the miners and pools that you know for bigger blocks.
Addendum
This article is available in several foreign language formats:
Chinese Spanish Japanese German Russian
https://keepingstock.net/an-open-letter-to-bitcoin-miners-c260467e1f0
submitted by german_bitcoiner to btc [link] [comments]

NANO #AMA ON BINANCE SPANISH TELEGRAM GROUP!!

Regards!! I'm Jesús Zambrano, member of the Hispanic community of NANO for a long time. Last thursday, we had an interesting and enjoying Ask-me-anything at Binance Spanish community on telegram with the people behind NANO, Colin LeMahieu (Founder and Executive Director) and Zach Hyatt (Proyect Manager), where we take advantage of their kindness and willingness to ask them some questions and share opinions about de currency. I will share a compilation of some of the questions and answers.
-(Admin) ¡Welcome Binancians to our following AMA!
I will explain how AMA works; we will have three (3) segments.
Segment #1: I am going to ask to our guests five (5) questions and then they will answer them.
I will be explaining the rest of the segments as we conclude one of them.
-(Admin) Today we have the great pleasure of having Colin (Founder and Executive Director) and Zach (Project Manager) with us in our chat room. Could you give us a little introduction about you?
- (Zach) Hi everyone, I am Zach Hyatt, the Project Manager at the Nano Foundation and am excited to help answer questions about Nano. I live in Austin, TX where it is quite hot right now!
-(Colin) I’m Colin LeMahieu, founder of Nano. I’m a computer engineer and I’ve worked at companies like Qualcomm, Dell, and AMD. I have been working on Nano for about 5 years now and I’m really excited to talk with people who are interested as well!
-(Admin) It is a pleasure for us to have you here, I have to say that on a personal level, I have been a follower of the project for a long time now, so it is incredible for me to be able to count on you tonight, we will start with segment # 1, with the questions I have for you.
Feeless transactions and in record time! What is NANO? Can you give us an introduction to the project?
-(Colin) Nano’s goal is to solve problems with other cryptocurrencies and make sending value fast and fee-less. It has a unique design to allow us to accomplish this. We want people to have the option of using decentralized digital money instead of fiat money anywhere in the world. Nano is accessible and easy-to-use today and we plan on keeping it focused on these goals.
-(Admin) Thank you for answering my first question, I am delighted with the features offered by the project, every week they are updating and making important changes that help to improve the ecosystem that surrounds the team.
Here you can find all the weekly updates: https://nano.org/en
Previously the project was called RaiBlocks, it appeared for the first time in an ad in Bitcoin Talk in 2015. Can you tell us why a name change came up later?
-(Zach) Yeah, absolutely. Although the original RaiBlocks name has a special place in our history, it was difficult to pronounce in some areas of the world and caused confusion with certain users. We decided to move to a shorter name that not only was easy to pronounce but also reflected the fast, efficient nature of the protocol.
-(Admin) A short and quick name to pronounce, definitely NANO is perfect to define it!
My third question is the following; I had seen a very interesting gif early in the chat and it is just about the question that I came to ask.
Currently, NANO has 100% of its tokens in circulation and these tokens were distributed through Faucets, so it meant that any user with a computer could get coins simply by completing some captchas, can you tell me which has been the experience of users when using this method?
-(Colin) The faucet was a great way for us to distribute coins to people who have never used it before. Cryptocurrencies that use mining end up distributing only to people who have money to buy the mining hardware and this is unfair. We had a lot of people from Indonesia and Asia in the beginning of our distribution and at the end there were a lot of people from South America, Venezuela and Brasil that were getting most of the Nano from the faucet. We think this was a fairer way to do it and it got Nano into the hands of people in different locations, and it had a very positive impact on their lives.
-(Admin) This is incredible! thanks for your answer!
Can you tell us about what the Open Representative Vote is about and how it protects the network?
-(Zach) Nano uses voting to get confirmation on the network instead of mining and the nodes on the network that create votes are called Representatives. Open Representative Voting allows people who have a Nano balance to pick whatever representative they want to vote on their behalf. This allows the people who hold Nano to decide who generates consensus instead of mining companies. The voting process is very efficient and is a big part of what allows Nano to be fee-less and use very little energy.
-(Admin) Very good! The last question on my part:
Nano PoW is your new approach, I have read a pretty interesting example with emails, can you explain what it is about?
-(Colin) Nano PoW is a research project we’re doing in order to create a proof of work algorithm that uses less energy than other popular algorithms. Since Nano is fee-less, there must be a method to limit transactions going onto the network, which this PoW achieves. With the goal of using more memory in the process instead of CPU cycles in order to generate proofs, this new Nano PoW will help prevent ASICs from being able to cheaply send lots of transactions. It’s important for a cryptocurrency that’s used around the world to be energy efficient and green so continuing our research on this is important to us.
-(Admin) https://medium.com/nanocurrency/nano-pow-the-details-ba22a9092d6f
Thanks for your answers, Colin and Zach! I have a video, taken from your YouTube account that I would like to share with the community
https://www.youtube.com/watch?v=eh9pA8UCUrI
Can you tell me what we see in this video?
-(Colin) This is a video of how fast our transactions send and receive. You can see it takes less than 1 second to finish which means you can use it as a currency.
- (Zach) The wallet was made by developers in our amazing community, it is called Natrium. It really shows how fast Nano is and how it is easy-to-use!
-(Colin) You can also see how simple it is to use. You just scan, enter an amount, and send. There are no complicated setting which is great for new users and great for adoption.
- (Zach) And the best part is, there were no fees at all for that transaction. In fact there have never been any transaction fees on the Nano network ever!
-(Admin) Great! That's why I wanted to share it with everyone, yesterday I could try the wallet and it is really spectacular to use, thank you very much for that excellent explanation, please stay with us, now comes the part in which our users participate
Segment 3, community questions
Q -First congratulations on your project, it is amazing. Now, does nano BlockChain have another use besides making transactions?
A - (Zach) Thank you! Nano has always been focused on transfer of value and will continue to maintain that focus. The overall design is aimed at doing only this so it can remain fast, efficient and fee-less.
Q -Good evening! I understand that thanks to its architecture called "Block-lattice", each individual provides the computing power necessary to verify their own transaction, thanks to this they do not use miners to confirm transactions and they do not apply commissions of any kind. My question is: How did this occur and how difficult was it?
A - (Colin) It’s simila, transactions are validated by votes from the representatives, not by the PoW. The PoW is a way to slow down how fast people can create transactions so they can’t spam the network.
Q - Do you have any short or long term projects so that transactions using $NANO were anonymous?
A - (Colin) Long term we want to see what privacy options exist and are fast. Most privacy schemes make the transactions very big or slow to process and it’s important for things to remain quick and efficient so we can have fast transactions.
Q - We are living in Venezuela many changes in the cryptocurrency sector, the integration of crypto for service payment and product purchases is already a reality. What agreements has NANO made with service stores to integrate it as a means of payment? I want to pay my movie ticket with NANOS
A - (Zach) Thanks for your interest in Nano. We are always looking for ways to allow everyone to use Nano in as many places as possible. Although separate from our organization, we are aware of the efforts of the Nano Venezuela organization and try to support them when possible in bringing Nano to as many people and stores in Venezuela as possible.
Q - (7 questions made from one persone at once)
  1. How do you manage to make your transactions virtually instantaneous?
  2. How do they create part of the company's livelihood if no fees are charged for transactions?
  3. Why does $ NANO consume so little electricity?
  4. Requirements for a medium-sized company to adopt nano correctly as a means of payment?
  5. Since 100% of the $ NANOS are distributed, I have seen something in Medium that talked about `` Nano PoW '', could you tell me a little more about how it works? What profit will the person / institution get that puts hardware for their PoW? Will more $ NANO be created apart from those already in circulation?
  6. What do the representatives earn for putting their vote and validating blocks if 100% of the $ NANOS are already created / issued?
7- Since your policy / slogan / commandment is to be a cryptocurrency without fees, shouldn't you force exchanges in which $ NANO is present that they don't charge withdrawal fees?
A - (Colin)
  1. Transactions are fast because they’re validated by voting. The votes get transmitted around the world in milliseconds and all people have to do is count votes to confirm the transaction.
  2. We use the Dev fund to pay for developing the Nano protocol. The Nano protocol is a free tool that other people can build businesses on. We have ideas for businesses that can use fast, free money in order to help people send money to their family in other countries or pay microtransactions. It’s similar to Linux, it’s free but big companies use it because it saves them money.
  3. Nano uses little electricity because we use voting for validating transactions. Voting is just sending data over the internet which is power efficient.
  4. You can run a nano node with 40-60$/mo using cloud virtual machines
  5. Nano pow is just a more efficient way to slow people down from sending transactions to the network
  6. The most important thing is: why does a company want to use cryptocurrency? They want to use it because it saves them money on bank fees, etc. Since 40-60$/mo running a node is less expensive than their bank fees, they want to participate in the network to keep it going and save them money.
Q - Knowing all this about Nano, could you say that Nano is one of the most energy-efficient, Ecological friendly currencies in existence?
A -(Zach) Absolutely. We care about making a positive change in the world and so pride ourselves on leaving as little energy trace possible in the world. It may just be the fastest, most efficient transfer of value available.
Q - If the nano protocol had not passed the Red4Sec signature security test, would it have any vulnerability today?
A - (Colin) The Red4Sec audit didn’t find any critiral vulnerabilities in Nano. In fact they did the audit twice because they couldn’t find anything wrong and that never happened before.
It’s important for us to keep the code high quality and we will do audits again in the future because it’s important to make sure everything is secure.
Q - I'd like to see more development of Nano by using SMS on our phones to avoid the problem of no Internet connection at the moment
A -(Zach) As much as we like the idea of SMS, unfortunately it is not a secure network so managing Nano transactions over it brings some unique requirements. However we are always innovating and trying to make Nano as easy and accessible as possible so hope advances can help over time make it more accessible in this area.
Q - What plans do you have to close this 2019 to increase adoption in Latin America?
A -(Colin) We are very excited about the passion we see in the south american community. We would love to make it down to VE however in the mean time follow nanoVE for updates and meetups - there may be one near you soon!
Q - How will you make the adoption and use of $ NANO continue to increase especially in markets where other cryptocurrencies are gaining more ground?
A - (Colin) Our focus is to build tools people need to accept cryptocurrency. Right now it’s still difficulty and expensive. One thing we’re making is the device Appia which can accept cryptocurrency similar to a credit card. We made this device very inexpensive and can connect over wireless so it can be used in markets or resturaunts or other places cryptocurrency is not yet available.
- (Admin) Thank you very much for your answers! You are the first guests that answer all the questions of our users, you are amazing guys!
@AndyNano It was amazing to meet you, I learned a lot from you
@FundacionNanoVE Thanks for making this happen! excellent work
@nano_isam Thanks for everything buddy!
-(Zach) Can we ask a question to the channel?
What are the top things Nano can do to help you in your daily lives?
-(Colin) My question: How do you store cryptocurrency safely? Where do you back up your seed so it isn’t lost or stolen?
A - In Venezuela we currently have a problem with conventional payment processors, they are very slow, it would be great to be able to see people using NANO to make their purchases at any store in Venezuela, 0 commissions and instant transactions, is what we need
A - Fast transactions are what can help society the most, and except that, the best thing is that it is very cheap ... from there it is addition, those are the main characteristics that we look for the most
A - encrypted file in a pendrive
A - Nano is a direct competition to the vast majority of Cryptos, in transaction speed and that it is literally free to send or receive, nothing to wait for 5 hours or the next day when you pay for items or services with Crypto, let's increase the adoption of nano!
-(Colin) Question: Are there barriers to using Nano in your country right now?
A - No barriers in Venezuela
A - No barrier what is lacking is greater diffusion in means to give greater projection and that the adoption arrives. Here I am to support NANO!
A - There should be no barriers to the payments we wish to make, freedom above all
-(Colin) Fantastic!
- (Zach) Thanks everyone, I have to go but I appreciate all the awesome questions and answers!
submitted by AlejandroZD58 to u/AlejandroZD58 [link] [comments]

Decred Journal – September 2018

Note: you can read this on GitHub (link), Medium (link) or old Reddit (link).

Development

Final version 1.3.0 of the core software was released bringing all the enhancements reported last month to the rest of the community. The groundwork for SPV (simplified payment verification) is complete, another reduction of fees is being deployed, and performance stepped up once again with a 50% reduction in startup time, 20% increased sync speed and more than 3x faster peer delivery of block headers (a key update for SPV). Decrediton's integrations of SPV and Politeia are open for testing by experienced users. Read the full release notes and get the downloads on GitHub. As always, don't forget to verify signatures.
dcrd: completed several steps towards multipeer downloads, improved introduction to the software in the main README, continued porting cleanups and refactoring from upstream btcd.
Currently in review are initial release of smart fee estimator and a change to UTXO set semantics. The latter is a large and important change that provides simpler handling, and resolves various issues with the previous approach. A lot of testing and careful review is needed so help is welcome.
Educational series for new Decred developers by @matheusd added two episodes: 02 Simnet Setup shows how to automate simnet management with tmux and 03 Miner Reward Invalidation explains block validity rules.
Finally, a pull request template with a list of checks was added to help guide the contributors to dcrd.
dcrwallet: bugfixes and RPC improvements to support desktop and mobile wallets.
Developers are welcome to comment on this idea to derive stakepool keys from the HD wallet seed. This would eliminate the need to backup and restore redeem scripts, thus greatly improving wallet UX. (missed in July issue)
Decrediton: bugfixes, refactoring to make the sync process more robust, new loading animations, design polishing.
Politeia: multiple improvements to the CLI client (security conscious users with more funds at risk might prefer CLI) and security hardening. A feature to deprecate or timeout proposals was identified as necessary for initial release and the work started. A privacy enhancement to not leak metadata of ticket holders was merged.
Android: update from @collins: "Second test release for dcrandroid is out. Major bugs have been fixed since last test. Latest code from SPV sync has been integrated. Once again, bug reports are welcome and issues can be opened on GitHub". Ask in #dev room for the APK to join testing.
A new security page was added that allows one to validate addresses and to sign/verify messages, similar to Decrediton's Security Center. Work on translations is beginning.
Overall the app is quite stable and accepting more testers. Next milestone is getting the test app on the app store.
iOS: the app started accepting testers last week. @macsleven: "the test version of Decred Wallet for iOS is available, we have a link for installing the app but the builds currently require your UDID. Contact either @macsleven or @raedah with your UDID if you would like to help test.".
Nearest goal is to make the app crash free.
Both mobile apps received new design themes.
dcrdata: v3.0 was released for mainnet! Highlights: charts, "merged debits" view, agendas page, Insight API support, side chain tracking, Go 1.11 support with module builds, numerous backend improvements. Full release notes here. This release featured 9 contributors and development lead @chappjc noted: "This collaboration with @raedahgroup on our own block explorer and web API for @decredproject has been super productive.".
Up next is supporting dynamic page widths site wide and deploying new visual blocks home page.
Trezor: proof of concept implementation for Trezor Model T firmware is in the works (previous work was for Model One).
Ticket splitting: updated to use Go modules and added simnet support, several fixes.
docs: beginner's guide overhaul, multiple fixes and cleanups.
decred.org: added 3rd party wallets, removed inactive PoW pools and removed web wallet.
@Richard-Red is building a curated list of Decred-related GitHub repositories.
Welcome to new people contributing for the first time: @klebe, @s_ben, @victorguedes, and PrimeDominus!
Dev activity stats for September: 219 active PRs, 197 commits, 28.7k added and 18.8k deleted lines spread across 6 repositories. Contributions came from 4-10 developers per repository. (chart)

Network

Hashrate: started and ended the month around 75 PH/s, hitting a low of 60.5 and a new high of 110 PH/s. BeePool is again the leader with their share varying between 23-54%, followed by F2Pool 13-30%, Coinmine 4-6% and Luxor 3-5%. As in previous months, there were multiple spikes of unidentified hashrate.
Staking: 30-day average ticket price is 98 DCR (+2.4). The price varied between 95.7 and 101.9 DCR. Locked DCR amount was 3.86-3.96 million DCR, or 45.7-46.5% of the supply.
Nodes: there are 201 public listening nodes and 325 normal nodes per dcred.eu. Version distribution: 5% are v1.4.0(pre) dev builds (+3%), 30% on v1.3.0 (+25%), 42% on v1.2.0 (-20%), 15% on v1.1.2 (-7%), 6% on v1.1.0. More than 76% of nodes run v1.2.0 and higher and therefore support client filters. Data as of Oct 1.

ASICs

Obelisk posted two updates on their mailing list. 70% of Batch 1 units are shipped, an extensive user guide is available, Obelisk Scanner application was released that allows one to automatically update firmware. First firmware update was released and bumped SC1 hashrate by 10-20%, added new pools and fixed multiple bugs. Next update will focus on DCR1. It is worth a special mention that the firmware source code is now open! Let us hope more manufacturers will follow this example.
A few details about Whatsminer surfaced this month. The manufacturer is MicroBT, also known as Bitwei and commonly misspelled as Bitewei. Pangolinminer is a reseller, and the model name is Whatsminer D1.
Bitmain has finally entered Decred ASIC space with their Antminer DR3. Hash rate is 7.8 TH/s while pulling 1410 W, at the price of $673. These specs mean it has the best GH/W and GH/USD of currently sold miners until the Whatsminer or others come out, although its GH/USD of 11.6 already competes with Whatsminer's 10.5. Discussed on Reddit and bitcointalk, unboxing video here.

Integrations

Meet our 17th voting service provider: decredvoting.com. It is operated by @david, has 2% fee and supports ticket splitting. Reddit thread is here.
For a historical note, the first VSP to support ticket splitting was decredbrasil.com:
@matheusd started tests on testnet several months ago. I contacted him so we could integrate with the pool in June this year. We set up the machine in July and bought the first split ticket on mainnet, using the decredbrasil pool, on July 19. It was voted on July 30. After this first vote on mainnet, we opened the tests to selected users (with more technical background) on the pool. In August we opened the tests to everyone, and would call people who want to join to the #ticket_splitting channel, or to our own Slack (in Portuguese, so mostly Brazilian users). We have 28 split tickets already voted, and 16 are live. So little more than 40 split tickets total were bought on decredbrasil pool. (@girino in #pos-voting)
KuCoin exchange listed DCBTC and DCETH pairs. To celebrate their anniversary they had a 99% trading fees discount on DCR pairs for 2 weeks.
Three more wallets integrated Decred in September:
ChangeNow announced Decred addition to their Android app that allows accountless swaps between 150+ assets.
Coinbase launched informational asset pages for top 50 coins by market cap, including Decred. First the pages started showing in the Coinbase app for a small group of testers, and later the web price dashboard went live.

Adoption

The birth of a Brazilian girl was registered on the Decred blockchain using OriginalMy, a blockchain proof of authenticity services provider. Read the full story in Portuguese and in English.

Marketing

Advertising report for September is ready. Next month the graphics for all the ads will be changing.
Marketing might seem quiet right now, but a ton is actually going on behind the scenes to put the right foundation in place for the future. Discovery data are being analyzed to generate a positioning strategy, as well as a messaging hierarchy that can guide how to talk about Decred. This will all be agreed upon via consensus of the community in the work channels, and materials will be distributed.
Next, work is being done to identify the right PR partner to help with media relations, media training, and coordination at events. While all of this is coming up to speed, we believe the website needs a refresher reflecting the soon to be agreed upon messaging, plus a more intuitive architecture to make it easier to navigate. (@Dustorf)

Events

Attended:
Upcoming:
We'll begin shortly reviewing conferences and events planned for the first half of 2019. Highlights are sure to include The North American Bitcoin Conference in Miami (Jan 16-18) and Consensus in NYC (May 14-16). If you have suggestions of events or conferences Decred should attend, please share them in #event_planning. In 2019, we would like to expand our presence in Europe, Asia, and South America, and we're looking for community members to help identify and staff those events. (@Dustorf)

Media

August issue of Decred Journal was translated to Russian. Many thanks to @DZ!
Rency cryptocurrency ratings published a report on Decred and incorporated a lot of feedback from the community on Reddit.
September issue of Chinese CCID ratings was published (snapshot), Decred is still at the bottom.
Videos:
Featured articles:
Articles:

Community Discussions

Community stats:
Comm systems news: Several work channels were migrated to Matrix, #writers_room is finally bridged.
Highlights:
Twitter: why decentralized governance and funding are necessary for network survival and the power of controlling the narrative; learning about governance more broadly by watching its evolution in cryptocurrency space, importance of community consensus and communications infrastructure.
Reddit: yet another strong pitch by @solar; question about buyer protections; dcrtime internals; a proposal to sponsor hoodies in the University of Cape Town; Lightning Network support for altcoins.
Chats: skills to operate a stakepool; voting details: 2 of 3 votes can approve a block, what votes really approve are regular tx, etc; scriptless script atomic swaps using Schnorr adaptor signatures; dev dashboard, choosing work, people do best when working on what interests them most; opportunities for governments and enterprise for anchoring legal data to blockchain; terminology: DAO vs DAE; human-friendly payments, sharing xpub vs payment protocols; funding btcsuite development; Politeia vote types: approval vote, sentiment vote and a defund vote, also linking proposals and financial statements; algo trading and programming languages (yes, on #trading!); alternative implementation, C/C++/Go/Rust; HFTs, algo trading, fake volume and slippage; offline wallets, usb/write-only media/optical scanners vs auditing traffic between dcrd and dcrwallet; Proof of Activity did not inspire Decred but spurred Decred to get moving, Wikipedia page hurdles; how stakeholders could veto blocks; how many votes are needed to approve a proposal; why Decrediton uses Electron; CVE-2018-17144 and over-dependence on single Bitcoin implementation, btcsuite, fuzz testing; tracking proposal progress after voting and funding; why the wallet does not store the seed at all; power connectors, electricity, wiring and fire safety; reasonable spendings from project fund; ways to measure sync progress better than block height; using Politeia without email address; concurrency in Go, locks vs channels.
#support is not often mentioned, but it must be noted that every day on this channel people get high quality support. (@bee: To my surprise, even those poor souls running Windows 10. My greatest respect to the support team!)

Markets

In September DCR was trading in the range of USD 34-45 / BTC 0.0054-0.0063. On Sep 6, DCR revisited the bottom of USD 34 / BTC 0.0054 when BTC quickly dropped from USD 7,300 to 6,400. On Sep 14, a small price rise coincided with both the start of KuCoin trading and hashrate spike to 104 PH/s. Looking at coinmarketcap charts, the trading volume is a bit lower than in July and August.
As of Oct 4, Decred is #18 by the number of daily transactions with 3,200 tx, and #9 by the USD value of daily issuance with $230k. (source: onchainfx)
Interesting observation by @ImacallyouJawdy: while we sit at 2018 price lows the amount locked in tickets is testing 2018 high.

Relevant External

ASIC for Lyra2REv2 was spotted on the web. Vertcoin team is preparing a new PoW algorithm. This would be the 3rd fork after two previous forks to change the algorithm in 2014 and 2015.
A report titled The Positive Externalities of Bitcoin Mining discusses the benefits of PoW mining that are often overlooked by the critics of its energy use.
A Brief Study of Cryptonetwork Forks by Alex Evans of Placeholder studies the behavior of users, developers and miners after the fork, and makes the cases that it is hard for child chains to attract users and developers from their parent chains.
New research on private atomic swaps: the paper "Anonymous Atomic Swaps Using Homomorphic Hashing" attempts to break the public link between two transactions. (bitcointalk, decred)
On Sep 18 Poloniex announced delisting of 8 more assets. That day they took a 12-80% dive showing their dependence on this one exchange.
Circle introduced USDC markets on Poloniex: "USDC is a fully collateralized US dollar stablecoin using the ERC-20 standard that provides detailed financial and operational transparency, operates within the regulated framework of US money transmission laws, and is reinforced by established banking partners and auditors.".
Coinbase announced new asset listing process and is accepting submissions on their listing portal. (decred)
The New York State Office of the Attorney General posted a study of 13 exchanges that contains many insights.
A critical vulnerability was discovered and fixed in Bitcoin Core. Few days later a full disclosure was posted revealing the severity of the bug. In a bitcointalk thread btcd was called 'amateur' despite not being vulnerable, and some Core developers voiced their concerns about multiple implementations. The Bitcoin Unlimited developer who found the bug shared his perspective in a blog post. Decred's vision so far is that more full node implementations is a strength, just like for any Internet protocol.

About This Issue

This is the 6th 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 also welcome: some areas are adding content, pre-release review or translations to other languages.
Credits (Slack names, alphabetical order): bee, Dustorf, jz, Haon, oregonisaac, raedah and Richard-Red.
submitted by jet_user to decred [link] [comments]

Read: An open letter to bitcoin miner

https://keepingstock.net/an-open-letter-to-bitcoin-miners-c260467e1f0
Dear Bitcoin Miner,
My name is Jonald, and I am a Bitcoin investor.
I bought my first Bitcoins in 2013 and have been active on the Bitcointalk forum since March, 2014. I’m also a small business owner that actually uses Bitcoin for
Since Bitcoin investors and miners need each other to succeed, I wanted to take a minute to reach out to you, and send a sincere message from a “real Bitcoiner”. I’ll cut right to the chase:
I’m concerned. I believe we urgently need to find a scaling solution, and I believe the best solution is to increase the blocksize.
At least, hear me out.
Why Should You Listen to Me?
There’s a huge amount of misinformation, dishonesty, and political agendas attached to the Great Scaling Debate. The situation is serious and there’s a lot at stake here.
I am not beholden to any special interests. No one is paying me to write this. I am not a contributor to any Bitcoin projects, but I am quite familiar with the scaling topic because I’ve been following it for some time now, and I am knowledgeable enough to clearly understand the technical details.
I’ve heard all the arguments from every side of the debate, and I want to give you my honest, unbiased, unfiltered understanding of the situation.
Let’s Start At the Beginning
In 2008, Satoshi Nakamoto published a paper titled Bitcoin: A Peer-to-Peer Electronic Cash System. Everybody knows this, but the exact title needs to be repeated because today, even the most basic facets of Bitcoin are being challenged. Should Bitcoin really be “cash” or instead “digital gold”? And if we follow Satoshi’s plan, is it really peer to peer?
These questions come not so much from open-minded inquiry, but rather from a biased agenda. This would have been inconceivable a few years ago, but now things have become so political, that certain people even want to re-write the Bitcoin whitepaper.
(Attempting to re-write history has always been a favorite tactic of tyrannical elites.)
Satoshi’s Vision to Scale Bitcoin
Regardless of “which side” of the scaling debate you are on, it should not be contested that Satoshi always planned for and advocated for simple, on-chain scaling.
When asked how Bitcoin would scale to Visa-like levels, he said:
Long before the network gets anywhere near as large as that, it would be safe for users to use Simplified Payment Verification (section 8) to check for double spending, which only requires having the chain of block headers, or about 12KB per day. Only people trying to create new coins would need to run network nodes. At first, most users would run network nodes, but as the network grows beyond a certain point, it would be left more and more to specialists with server farms of specialized hardware. A server farm would only need to have one node on the network and the rest of the LAN connects with that one node.
The bandwidth might not be as prohibitive as you think. A typical transaction would be about 400 bytes (ECC is nicely compact). Each transaction has to be broadcast twice, so lets say 1KB per transaction. Visa processed 37 billion transactions in FY2008, or an average of 100 million transactions per day. That many transactions would take 100GB of bandwidth, or the size of 12 DVD or 2 HD quality movies, or about $18 worth of bandwidth at current prices.
If the network were to get that big, it would take several years, and by then, sending 2 HD movies over the Internet would probably not seem like a big deal.
Satoshi Nakamoto
Source
Disturbingly, this simple quote from Satoshi was moderated (deleted) from the bitcoin reddit page. I’ll revisit the censorship issue in a moment.
Another important fact is that the current blocksize limit of 1mb was intended to be a temporary measure. This was something ‘everyone’ knew before the debate became politicized.
One of the earliest code reviewers, Ray Dillinger, explained that he, Hal Finey, and Satoshi all agreed the limit was to be temporary.
Satoshi also provided the means to raise the limit with his famous quote:
It can be phased in, like:
if (blocknumber > 115000) maxblocksize = largerlimit
Here is one more explanation from Satoshi, in an email to Mike Hearn, about why Bitcoin never hits a scaling ceiling.
Sure, Satoshi isn’t God. The point isn’t to appeal to his authority, but simply to remember that Bitcoin always had a scaling plan in place from the beginning.
…But the “Core Devs” Had Other Ideas.
The history of the current crop of Bitcoin Core developers has been already summarized and described elsewhere.
Explanations have been given for the unproductive scaling conferences, the broken Hong Kong agreements, and so on, but it should be extremely clear to everyone, based on years of their behavior (and even their own words), that the Core group does not want to scale Bitcoin with a simple blocksize increase.
In fact, they (and their supporters) have done everything in their power to prevent this, including engaging in massive censorship.
Their primary arguments are as follows:
It is problematic to raise the limit because it requires a hard fork, which is difficult to coordinate.Bitcoin nodes should be as inexpensive to run as possible, otherwise the decentralization of Bitcoin will be threatened.Without a constraint on the blocksize, Bitcoin won’t be secure once subsidies (block rewards) decline.
None of These Arguments Have Sufficient Merit to Forestall a Blocksize Increase
I am not saying the arguments are entirely without merit. Few things in life are ever 100% black-and-white. But we have to weigh the merits of these positions against the alternatives, and against other factors in the Bitcoin ecosystem.
Let’s take one at a time:
The “Hard Forks Are Dangerous” Myth
This was a prominent talking point in 2014–2015. However, the truth is that hard forks (HF) are not necessarily dangerous, especially if they occur with a clear majority of hashing power supporting the upgraded consensus rules.
The previous group of developers, including Gavin Andresen, Jeff Garzik, and Mike Hearn, all supported upgrading Bitcoin with hard forks.
Initially, the discussion was whether the new maximum blocksize would be 2MB, 4MB, or 8MB. What begin as a minor difference of opinions between the miners somehow snowballed into a potent meme that consensus over scaling was going to be difficult.
The developers starting adding their own opinions about hard forks, creating additional friction. Yes, it is easy to claim there is contention when you are among those being contentious!
Core has no official leadership positions or governance structure. Because of this, it has been easy to justify inaction by simply concluding that “there’s no consensus”. And since they control the reference code repository, their refusal to raise the limit effects everyone else.
In practice, Core does have leaders. How else can it be explained that segwit was merged into the code (even if not activated) with practically no public debate whatsoever?
On a side note, prominent Core developers have denied that Core decides what code is published, and have denied there is any leadership. This is an example of the kind of constant misinformation that is being generated on a daily basis.
Back to the HF issue:
Many altcoins like Monero have regular hard forks. Coordination between major players in an ecosystem is not a big challenge if everyone is on the same page.
So far, I have not heard of a single problem that an altcoin had in performing a network upgrade via hard fork. So, there is evidence that they can be done safely.
In addition, if Core admits in their roadmap that eventually the blocksize will need to be increased, then why not do it now when it is badly needed? There is no logical reason why it would be more risky now rather than later.
Decentralization Myths
There are actually several myths surrounding the issue of decentralization. Let’s address the obvious ones:
The most ludicrous is the “all users should be running full nodes” idea.
As others have explained, there is no security provided to the network by non-mining ‘full nodes’. Only mining nodes secure and extend Bitcon’s distributed ledger.
The white paper explains why most users do not need to run full nodes:
It is possible to verify payments without running a full network node. A user only needs to keep a copy of the block headers of the longest proof-of-work chain, which he can get by querying network nodes until he’s convinced he has the longest chain, and obtain the Merkle branch linking the transaction to the block it’s timestamped in. He can’t check the transaction for himself, but by linking it to a place in the chain, he can see that a network node has accepted it, and blocks added after it further confirm the network has accepted it… …Businesses that receive frequent payments will probably still want to run their own nodes for more independent security and quicker verification.
The idea that a lot of non-mining full nodes will make the network more decentralized (because they can make sure the miners are behaving) is erroneous, because an SPV client can already query the network’s nodes. Generally, there would only be a problem if a majority mining of nodes were colluding dishonestly, in which case Bitcoin would be already broken.
A more valid concern is that as nodes become more expensive, eventually only large corporations will run nodes. It is true that node costs will increase over time as the network grows. However, storage, bandwidth, and processing capabilities are also constantly increasing.
Just as important: By the time that capacity increases — lets say from 3 TPS (transactions per second) to 30 TPS — the network will be so large that it likely won’t be any less decentralized, even if it costs more to run a node.
At 3000 TPS, Bitcoin would be highly dominant globally, and making use of the millions of datacenters and servers available worldwide. This was always the plan.
The Alternative Vision of Bitcoin Holds Decentralization Risks That Are Worse
Many users are not aware of the decentralization risks that come with the small-node/small-block vision of Bitcoin. Core’s vision for Bitcoin is to transform the peer-to-peer cash system into some kind of settlement network.
While this would be a way to keep node costs minimal, most users would be economically forced off the main chain because they cannot compete with institutions for fees. They would then need to get permission from trusted third parties to transact.
In my opinion, this represents a much more dangerous form of centralization than bigger blocks and expensive nodes.
The Fee-Market Failure Myth
The third primary argument of the small-block philosophy is that eventually, block rewards will run out, and mining fees will be the sole source of funding security. They then claim that without limiting the supply of transaction space, miners will be hopelessly caught in a tragedy-of-the-commons price war, with the users paying rock bottom fees, leading to a collapse of commercial mining.
There’s a few problems with this argument.
First of all, there is a natural market for every good and service in the world. There have been many price wars, but nothing with high demand ever stops being produced.
The concern that the network hashrate will become too low is based on several assumptions and variables, including the number of daily transactions, the willingness of the users to wait for confirmations, the willingness of the users to pay small amounts, the behavior of the miners, the fee policies set by various wallets, the emergent consensus on acceptable fees by the mining community, and other factors, including what actually is “too low” of a network hashrate in the first place.
The hypothetical failure of the natural fee market depends on all these assumptions combining into an unfavorable outcome, as well as the inability of the system to adjust itself favorably using any of these factors.
But, by far the biggest reason that this argument is bunk, is that it will be decades before the majority of the subsidies actually disappear.
Pure Foolishness: Overplanning the Future While Ignoring Urgent Issues Today
Why implement a plan that might help Bitcoin in 20–30 years, if it requires you to damage the user experience and erode the adoption and network effect of Bitcoin, today?
In the case of Bitcoin, it’s completely unnecessary to plan ahead that far, and the destructive consequences are already being seen.
This is the biggest reason why Core’s position should be considered indefensible. Even if their arguments have merit, it is more important to keep Bitcoin healthy right now, stay competitive, and keep the user base growing than to prevent the problems that may or may not happen later.
Even worse, those prevention plans work in direct opposition to the short term goals!
It is no less insane than demanding a bedridden hospital patient, badly in need of rest, to immediately go outside and start running laps because “exercise will help you live longer”.
What About Segwit?
It is my understanding that at “the Hong Kong meeting”, the miners agreed to Segwit PLUS a hardfork blocksize increase because they didn’t trust the Core team enough to offer satisfactory scaling in a timely manner.
I think their decision was smart. Core cannot be trusted. However, if Core changed their mind today, and agreed to the 2MB+Segwit, I would support that as a compromise to break the impasse.
They seem to be unwilling to do this.
Since miners are unwilling to accept segwit on its own, and since Core will not compromise, the only logical alternative is bigger blocks, which is the best option regardless.
What Core Wants
You may be wondering: How is it possible for people as intelligent as the Bitcoin Core developers to fail to see the obvious mistakes in their thinking?
American author Upton Sinclair’s famous quote comes to mind:
It is difficult to get a man to understand something, when his salary depends upon his not understanding it!
The Core team and their supporters want to change Bitcoin into a settlement network. They will deny this, but in my opinion, all of their actions point to this logical conclusion.
This is why they are against on chain scaling, and why segwit offers as little of it as possible while supporting their “HF are bad” narrative.
Additionally, I believe they also want to control public opinion by employing key individuals, by their associates and moderation policies on various platforms, and with an army of trolls.
They also intimidate and punish businesses that don’t fall in line. For example, coinbase.com was delisted from bitcoin.org for supporting Bitcoin XT instead of the Core client.
Despite these shenanigans, companies do support bigger blocks and on-chain scaling.
Most importantly, they want to scare you, the miner, into believing that the community doesn’t really want big blocks and if that if you mine big blocks, you’ll be forked off to a worthless coin and left with worthless ASICs.
Do not let them intimidate you.
What the Users Want
Most users just want a Bitcoin that works. They do not want slow confirmation and high fees. Most Bitcoiners that use bitcoin frequently understand the issues and support bigger blocks.
Despite all the trolling and propaganda, users controlling actual coins vote overwhelmingly in favor of Satoshi’s scaling plan.
The “Healthy Fee Market” is Already Unhealthy
Even IF a centrally planned fee market was a good idea right now, it is being managed poorly. A “healthy” fee market should strive to provide adequate fee revenue while at the same time provide a good user experience and promote growth of the network and user base.
While miner revenue is certainly adequate, the user experience is severely degraded because of slow confirmations and high fees, and this is definitely not attractive or conducive to growing the user base.
If keeping the blocksize at 1mb was an experiment to see how the fee market would develop, it has already played out its usefulness. To keep fees at a level competitive with other coins, supply must catch up with demand (we must raise the blocksize) . But these developers seem to have no interest in doing so. They would rather carry on with their agenda than serve the users.
What About Bitcoin As a Store-of-Value or as “Digital Gold”?
The great thing about Bitcoin is that it can be both a cash-like payment system and a gold-like store of value. These two aspects enhance each other.
Exposed to the propaganda that Bitcoin can’t scale as electronic cash, some users have said “that’s ok. I’m fine with Bitcoin being digital gold only”. The problem with this thinking is that Bitcoin has competition.
If another coin is useful to store value AND to transact cheaply with, it severely undermines Bitcon’s appeal to investors. At the same time, it greatly dampens demand for actual usage.
Sure, its possible that Bitcoin could survive in some form as digital gold, but it would be at a huge disadvantage.
Small Blocks Destroy Miner Revenue
At first glance, the idea that smaller blocks are bad for mining revenue may appear incorrect, since fee rates have recently exploded based on the demand of Bitcoin transactions outpacing the supply of space in the blocks.
However, this trend cannot continue for long, since users will only pay so much. At the same time, new users and new demand are being shut out from the ecosystem.
To use an analogy: Who makes more money — the farmer in town “A” selling milk from one cow? Or the farmer in town “B” selling milk from 8 cows? Townspeople in “A” might pay more per bottle, but they’ll only pay so much for it. They will start drinking something else, drink milk less often, or import their milk from another town.
Bitcoin miners simply cannot meet the demands of users at fees they are willing to reasonably pay if blocks are restricted to 1mb… and users will find satisfactory alternatives which are quickly becoming abundant.
The situation will become even worse in the long run if Core is allowed to create “second layer solutions”, because those solutions will probably not be free, and they will further absorb the money that users are willing to spend in order to transact.
This will be bad for miners, and bad for network security. It will make bitcoin even less competitive, and money will leave the ecosystem.
Price Always Lags Behind Fundamentals
It is easy to look at a high Bitcoin price and think that everything is fine. If things were going so badly, why isn’t the price dropping?
But, price doesn’t always reflect the underlying fundamentals of a market in the short term.
In the long run, fundamentals always dictate the direction of the market. Daytraders are flat at the end of the day. Speculators come and go. In the end, it’s only the long term investors and the non-speculative demand that determines the price.
The fundamental value of Bitcoin primarily comes from its usefulness as a payment system. If that system ceases to be useful, Bitcoin will cease to be valuable.
Time To Act. Let’s Help Bitcoin Grow Again.
It’s always better to fix a problem BEFORE it gets too big. As they say, “an ounce of prevention is worth a pound of cure”.
If we wait until the Bitcoin price crashes because Bitcoin is unusable as a currency, it will be too late. We would have already lost serious momentum, marketshare, users, reputation, and merchants.
This is already happening, but there is still time to act.
I urge you: don’t be complacent.
You are the miner. You have the power. Start signaling for bigger blocks today, and let’s make sure Bitcoin stays #1.
Help Spread the Word
If you’re not a miner, but a concerned investor like myself, then please spread this message far and wide, and ask the miners and pools that you know for bigger blocks.
Addendum
This article is available in several foreign language formats:
Chinese Spanish Japanese German Russian
https://keepingstock.net/an-open-letter-to-bitcoin-miners-c260467e1f0
submitted by german_bitcoiner to bitcoin_offical [link] [comments]

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