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Cryptocurrency Knowledgebase - Mining My Bitcoin
A 14-year-old's experience with Bitcoin
First-time poster here, don’t bully me, apologies for the potentially atrocious formatting :) TL;DR at the end So in the wake of Bitcoin’s explosive rise in value and media attention, I’ve been encouraged by others to share my experience over the past few years as a miner. Here's my story (it's kinda long, you've been warned)
It all started almost three years ago in the beginning of 2015 when Bitcoin flew under my radar. Looking into it, I admittedly wasn’t drawn in because of the decentralisation or the anonymous payments, I was hooked on the idea that anyone could get their hands on some just by running a program and leaving it to do its own thing. I know, how shallow of me. But the idea of making even a bit of money without ‘any work’ was convincing enough for 11-year-old me to do more digging into the matter. To my disappointment, I soon found out that the era of mining Bitcoins with a PC’s CPU or GPU was long obsolete and instead it was all ASICs at that point. So that summer, for my twelfth birthday, I got a little ASIC machine for €60, an Antminer U3. This little thing took up less space than a graphics card but could mine at 60 GH/s. Because, at the time, I didn’t have a controller device that could be kept up and running all day long so it could run the program that mined Bitcoin using the U3, I went ahead and got a Raspberry Pi. After setting up the Pi and installing all the necessary stuff (took an awfully long time), I connected it to AntPool and plugged the U3 in. Two days past and the mining pool sent the first Bitcoin I ever received to my wallet (I was using Blockchain.info). It was just 30 cents worth of BTC but I felt a bit of a rush because I was earning a bit of money through this completely new thing and the idea of that was thrilling. Let’s back up for a second. I just used the term ‘earning’ as if I was profiting, and naive me 2 years ago was no different. In reality, I was at first oblivious to the fact that I was most likely LOSING money overall because of how much energy that little sucker was taking in. But, I was comforted thinking that using that machine was just a practical way of learning about this modern currency and that the loss of several cents’ worth of energy was acceptable in the name of education and learning. Fast forward ten months to the wonderful summer of 2016. I had recently turned 13 and the Antminer U3 had been running on and off throughout. Various pauses and breaks in mining would be observed, as I had to manually get everything up and running after frequent breaks in the Internet connection. You’d expect my newly-turned-teenage brain to lose interest in Bitcoin as it does with many other gimmicks, but – even surprising myself – I miraculously didn’t. Good thing I maintained interest thinking about it now, not so good at the time for my parents. Why do I say this? I felt like it was time to get a little upgrade in my hardware.
Getting an upgrade
Days passed with me comparing every ASIC miner I could at that price point. It was then I set my eyes upon the Antminer S7 (same folks who did my U3, nice). I had put it up against a plethora of other miners and I figured the S7 was my best bet; the thing costs only about 10 times that of my U3 but could run at 4.73 TH/s, almost 80 times as powerful. The only problem being its power consumption was at 1300 watts, which would put a massive dent in the electricity bill and eliminate any profit I would make. Fortunately, I had a secret weapon up my sleeve – or rather my mum did. She had rented out an office outside our apartment where she would keep files and paperwork. The office’s electricity bill was a flat rate as far as I’m aware and it ended up being my saving grace because it virtually got rid of the “oh no I’m actually going to be losing money because of how much electricity I’m eating up” factor, making this whole hardware upgrade viable. After convincing my parents, they finally agreed to shell out the requested amount, with the initial investment being paid back with time. I went to a local Bitcoin vendor and purchased 1 BTC for about $665 in cash (sigh yes, I know. $665 dollars). Shortly after, I used about 0.9 BTC to purchase the Antminer S7 and a 1600W power supply for a grand total of $600. The products would be made and shipped from China so I was definitely in for a wait. A month passes and the package arrives at last. I connected all the wires from the power supply into the S7 and – with great anticipation – I plugged it into the wall to start its first ever run. And what do you know? An extremely loud and high-pitched whirring sound blasted out from the fans on both the power supply as well as the S7. After killing the thing, I questioned my choices. I couldn’t dare put that thing anywhere near my mum’s office in the event it drive everyone in the building absolutely nuts. I was at a loss. However, I soon recovered from my temporarily debilitated state and got working on a solution. The first idea that came to my mind: change the fans. The stocks fans were by Evercool and spun at around 3000 RPM. The power supply used a small, robust fan that looked like a cube that must’ve spun at extremely high speeds judging by how high the sound it produced was. I got my parents to give me some more funding so I could acquire the replacement fans and I did. Bust. After installation and testing, none of the fans would work. I managed to configure the S7 to connect to my Antpool account and the machine would manage mining for several minutes running at peak performance but ultimately be automatically cut off because of how hot the machine was getting (I’m talking about 80 degrees Celsius kinda hot in that thing). The fans got refunded and I was back to the drawing board. After combing through some forum posts and videos, I came across this video and a forum post in which people have their mining rigs placed inside a ventilated, muffled cabinet. Undertaking a project like this would be time-consuming and risky but I had no better ideas so I decided to go through with the idea anyway. Firstly, I sought out a cabinet with suitable dimensions. I managed to get just what I needed at a second-hand IKEA shop. Great. Secondly, I went ahead and acquired some sound-absorbing acoustic foam from a local provider. Fantastic. Finally I had to get a ventilation system going within the cabinet, otherwise, all the hot air would roast the machine alive in there in a bloody mess. With the help of my dad, we found a pair cabinet fans on the Internet that were close to silent but could circulate the air well enough. Eventually, all the materials came and, with the help of my parents, put everything together. The process took quite long time and we had a couple hiccups along the way, but we got it done and it came out pretty nice. The moment of truth came and, to my relief, it ran so much quieter than without the cabinet. It was nowhere near silent but it reduced the noise a great deal. Soon after, I got the thing into the office and set everything up from there. Unfortunately, I was forced to underclock it because you could still hear the machine’s whining from outside the thin office door. Gunning the hashrate down about 25% to 3.7TH/s, I could lower the fan speed without risking the machine burning up. Sure, I wasn’t getting the full potential of the machine but I didn’t complain because electricity was not an issue there and it was still a whole lot better than my U3. With it up and running, I could leave it there, periodically checking to see if it was mining on Antpool.
In the months that followed, I was getting a solid $2.5 worth of BTC on daily basis. Half a year later, May of 2017, I had accumulated a satisfactory $600. I thought, “At this rate, I’d be able to pay my parents’ investment back in a few months” (the total investment came close to $900). Bitcoin had risen to over $1500 so I was already over the moon at that point because of how well everything was going. Little did I know… I hit 0.5 BTC midway through September this year. The price of BTC had dropped after a sudden rise to $5000, but I couldn’t have asked for more. Although I possessed only half the amount of BTC I paid for the machine, its value was over twice that of the initial investment. I thought BTC would level off at around $4000 but nope. In the month of October, the price skyrocketed. Since September, I had only mined 0.017 BTC but the value was already over $3000. It was just a matter of selling it, but I decided to hodl. Good thing I did. As of November 5, I have approximately 0.52 BTC mined in total from my S7, valued at $4000. If I were to sell it right now, I’d have a profit of over $3100. And as for my miner, it’s churning out 0.0006 BTC daily, sounds like nothing but it’s still the equivalent of $5 today and I couldn’t be happier, at least with the miner and Bitcoin. You remember that $665 for 1 BTC that I mentioned earlier? In hindsight, it would’ve been such a better idea to just keep that one Bitcoin and not do anything with it until today (in the interest of making much more money), as I’d theoretically have upwards of $7000. The idea of that still haunts me sometimes if I dwell on it too long but knowing that I’m in possession of an already hefty amount, the pain of it had numbed slightly. It’s not all doom and gloom for me from the exponential increase in Bitcoin’s value, however. Those first $0.3 payments from my humble little U3 all those years ago now are now the equivalent of over $6 today! Bitcoin and everything it encompasses has been and still is a journey of discovery and an adventure. Looking back, starting with a modest €60 Antminer U3 to having a sum of Bitcoin equivalent to two extremely high-end gaming rigs (first thing I could think of as a comparison, sorry) has been something I can’t really describe. Through the course of the past few years, I’ve learned more about technology, I’ve unexpectedly gotten insight into economics and business and – of course – I’ve made a lot of money (if I decide to stop hodling that is). Also, props to my parents for keeping an open mind throughout, I know some parents would be horrified at their kids being involved in something that has been used in some less-than-savoury ways and it's great knowing mine have been supportive all the way. TL;DR got into Bitcoin mining 3 years ago at age 11 with an Antminer U3 that ran at 60 GH/s, got an Antminer S7 (4.73TH/s) and built a sound-muffling, ventilated cabinet for it. Am sat here today with $3000 profit if I decide to sell right now.
As you already know, EOS is one of those rare cryptocurrencies with instant speed and no transactional fees. This is a benefit most people underestimate. It allows to develop software which requires strong and robust real-time payments in shorter periods of time and demonstrates the advantages other payment systems don’t have. Traditionally, processing companies (VISA, Mastercard, Paypal, Stripe, etc.) charge an extra fee (1%-5%) for providing services. It is a proven business model which works and people seem to get used to it because they don’t know the alternatives. Bitcoin, as the first blockchain use case, also includes a small fee. However, this fee is not paid to a company, corporation, government, bank or any other institution, instead it’s awarded to thousands of miners who help to maintain the network and make sure your transactions are validated and secured. There’s one important thing people don’t understand about fees on the blockchain networks — their purpose. In this case, people pay a few cents/dollars to ensure they are not sending spam, meaning you’re paying extra for sending a transaction which has a real value (transfer to a friend, purchase of a ticket, tip to a waitress, bet in a game). This is a protection mechanism which prevents people from generating unlimited number of useless operations that would clutter the network up and make it unstable. EOS is the second blockchain which removed fees due to a new validation algorithm (delegated proof of stake). Apparently, it’s that simple to get rid of fees completely so they came up with a better approach. You need to possess a certain amount of resources each time you use your wallet. You can think of it as gasoline — the more you expect to drive, the larger the quality and quantity of fuel you are supposed to have.
EOS resources 101
The way EOS works is similar to any other operating system, which is why there are 3 types of resources: CPU, RAM, NET. Each of them has a dedicated role. If your Mac or Windows does resource management and adjustments by itself, you need to put a little effort into operations with EOS. Before we go there, let’s figure out the distinctions between those resources. CPU is the most important among all since it is used every time you attempt to do something with your EOS account. It is measured in µs (microseconds) and its role is to process your EOS transactions, so make sure to have plenty because you never know how much time you will spend playing different dapps. The good thing is that CPU is renewable so if, for some reason, you don’t have enough, you can simply wait a few minutes/hours until it comes back to its original state. NET is the least valuable of all, however you still need it. It is measured in KB (kilobytes) and increases the network’s bandwidth, which means you can send more transactions from your EOS account. Most of the time you don’t need a lot of NET but it’s good to have some reserves. The last one is RAM. It’s probably the most interesting of all. t is valuable because it stores the data of any dapp you’re using. Both games and decentralized exchanges fall into this category because they have loads of info in their state at any time. Staking/unstaking With the very first introduction of EOS within Paytomat Wallet, our goal was to make resource management as easy as possible. Knowing how complex the technical part is, we had to create a simple UI. This is why there are only two actions you need to know about when dealing with EOS: stake and unstake. Staking gives you an opportunity to assign a certain amount of resources (CPU and NET) to EOS network in exchange for your EOS. Unstaking simply refunds all of your assets back to your account. In order to stake or unstake any EOS resource, all you need to do is to go to EOS Resources section in your EOS account and click on the plus or minus sign to adjust the amount of selected resource. You can see how it’s done in the video below: https://youtu.be/T6h7M08k-UU Keep in mind: - You can only stake EOS for CPU and NET, RAM has to be purchased/sold separately in the open EOS RAM marketplace. Hopefully, in Paytomat Wallet you won’t find any differences, so don’t worry about that. - Staking happens instantly. - Unstaking takes 72 hours (3 days). - RAM purchase/sell happens instantly.
EOS resources recommendations
The most common question we had over the last few months is what are the bare minimums and the average amounts of resources that have to be maintained. When you create an EOS account, you have the minimum of CPU, RAM and NET that can be used in a survival mode. Even though it is possible to leave it as it is, we recommend you to stake more, just in case of the random spikes in resource usage on the EOS network. Basic set-up (5–10 operations daily): - CPU — 1–2 EOS - RAM — 3–4KiB - NET — 1 EOS Average set-up (10–100 operations daily): - CPU — 3–4 EOS - RAM — 4–5KiB - NET — 1 EOS Advanced set-up (over 100 operations daily): - CPU — 5–10 EOS - RAM — 5–7KiB - NET — 2–3 EOS Keep in mind: - If you love playing games or dapps that require ongoing interactions with your EOS account, check your CPU levels more frequently. Sometimes it takes more time to renew its reserves. We also recommend you to have 4:2:1 proportion of CPU:RAM:NET accordingly if you tend to use such services or interact with smart contracts through Paytomat Wallet consistently. - The more transactions you need to make in a short period of time, the more CPU you’ll need. - The more data a particular dapp stores, the more RAM you’ll need. - RAM can only be purchased in the marketplace which means you can buy more when it is cheap and sell when it is high. Gambling on resources can be fun after all. - Sometimes EOS network can be busy during the times of massive and unpredictable usages by the dapps. This happens rarely but when it does, you may encounter a sudden lack of CPU, even if you don’t use your wallet. Don’t freak out, just wait. This is normal and it will end automatically. Let us know whether this was a clear explanation in our telegram group.
---> CREDITS CRYPTOCURRENCY CRED CX : JULY - AUGUST COMMUNITY UPDATES AND RUNNING ANALYSIS
https://new.reddit.com/CreditsCryptocurrency/comments/937w1n/we_need_to_talk_about_credits_llc_re_cfo/ We entered into August 2018 now a full 7 months after the launch of Cred CX @ Credits.Energy As the jingle goes we have been hearing "Credits Cryptocurrency, Supports Green Energy" Many are only waiting to have an exchange listing.... Many are questioning what they really have received after they paid for their Cred CX coins. Most do not know they are still waiting for an actual Cred CX cryptocurrency coin. If you read this I hope it will help educate some on matters of a cryptocurrency the one in review here is based upon cryptonote - The most popular cryptocurrency like Cred CX is Monero. I would go over the last 7 months but there is little to Report. So little to report that Credits has not released a much anticipated end of July update as they did with the end of June. The end of June report was mostly about challenges and future or forward thinking and goals. Nothing in the way of a verifiable blockchain / coin. Some ICO fundamentals: ~Dollars and Cents~ How well did the pre ICO and ICO and Now crowd sales do from a financial perspective is not clear to to purchasers and or investors alike. The only thing I find is that in a May 2018 they edited the timeline infograph they ~ failed to reach the softcap of 100 million Cred CX sold. They have subsequently said that they have exceeded the softcap but have not made known a hard cap, nor do we know how many Cred CX where purchased as of this date. As well they also have not published any official figures from their corporate offices regarding bonuses, incentives, airdrops or other distributions etc. This in addition to corporate distribution among themselves and their stake or holdings, the company, and what appears to be a un published foundation or "entity", there are no details about any such entity as of yet in our knowledge. Perhaps the whitepaper plans have changed again with out noting public revisions. We do know that they are still taking orders for Cred CX and are reportedly going to "explore" merchant account options. July saw Paypal suspended on Credits.Energy website. Another red flag. Our analysis leads us to think it went something like this... Read the following:https://www.reddit.com/CryptoCurrency/comments/7zkzjz/go_fuck_yourself_paypal/ Hello xxxxx, We are writing to you in regards to your PayPal Account. PayPal appreciates that you have chosen us to accept payments for your business. A periodic review of your account shows that you are cryptocurrency trading using PayPal. However, unfortunately we have determined there to be excessive risk involved with the business model that you engaged in using PayPal. While we wish you the best of success in your future business endeavors, we respectfully ask that you seek another method of payment for the online business. Your remaining balance will be held in your PayPal account for 180 days from the date your account was limited. After 180 days, you will be notified via email with information on how to receive your remaining funds. We deeply regret any inconvenience this matter may cause you. Sincerely, PayPal Compliance Department PayPal" ^^The above was of an IOTA trader a well established coin. Cash is still king with this ICO it appears. Looking at their past known published crypto addresses used at some time over the last 7 months to receive crypto payments for orders of Cred CX it reveals "nominal" volumes. The current address advertised shows zero activity for in puts and out puts at the time of this writing. I it is another cleaning of the crypto slate as it where. No update notification has been given of the change on social media other than now perhaps here. By publishing the explorer to their adresses and hashes here I am not promoting anything. You can explore them here: Bitcoin: https://www.blockchain.com/btc/address/1JFz4UHRrsKnL5aGj5V87FxFz7RxAmDJ3m?sort=0 Ethereum: https://etherscan.io/address/0x8ca65a6e0839ea2de06e0741b6325b9629eff928 With out the public having kept track of previously published address one would not know that they raised anything via crypto during this ICO and the pre ICO based on currently available data. Please see this post for IMPORTANT INFORMATION: https://new.reddit.com/CreditsCryptocurrency/comments/937w1n/we_need_to_talk_about_credits_llc_re_cfo/ ~ EXCHANGE LISTING/S ~ There is no data to reference as to who Credits llc has been in talks with or what applications they have submitted to whom. They say that is what they are doing still. Acceptance is reported to have been granted by two exchanges as to why thy have not taken the listing offer and acted upon it until now is not clear at all. They have said they want to get it just right and the coin was not ready for release and others agreed. I am presuming that includes exchanges feedback, with out comments on the acceptance and negotiating there is nothing definitive I can find to clarify anything re exchange listings chatter. The exchange listing seems to be the number one question with Cred CX owners. ~CODE~ We did not see any new code commits to the official github. Reginald Gaines created the first cryptonote fork 2 years ago. Forked from Appinvestocred and is found here: https://github.com/CreditsCryptocurrency/cred-1 Appinvestor Reginald Gaines aka Appinvestor a seemingly abandoned github account that points to a now defunct domain and email, attached to a Business "AppInvestor.Co Inc" Seattle Wa USA [[email protected]](mailto:[email protected]) http://www.appinvestor.co/ We do see the blockchain project for Cred CX "CRED-1" was updated 6 months ago on or about the time Reginald Gaines was last known to be developing for Credits LLC. Reginald Gaines was known by me to have been paid by the founders based on past phone conversations, In fact I advised founder Luke to cut him loose as he was at the time failing to deliver as contracted and development of the blockchain rested solely with him. He was holding the project up and I advised Luke to not be held hostage by a prepaid contractor and take the loss and move on quickly. Last conversation I had with him about it in Feb 2018 he reported to me that he had candidates lined up to replace him. Mobile apps: Bidhan Baral Co founder of Technojagat.com is said to be responsible for the android and iOS apps. We are not certain that what Bidhan and or others @ Credits in collaboration have released is a cryptocurrency / blockchain wallet. On Andorid the back end is served by firebase.google.com Firebase is built on Google infrastructure and scales automatically, for even the largest apps. Firebase is not a open distributed ledger aka blockchain. Credits plans to include a credits run private (in app) auth network in tandem with an actual open distributed ledger. How they have implemented this is unknown. App Store Preview gives it a 5 out of 5 out of 8 Ratings currently. The current progress report is minor setbacks re the mobile miner. No reports on any Windows, Mac, Linux wallets, or mining pools. As for as we know there is no published list of mining nodes or if code exist for "testnet" and or actual mining. We have seen no community activity among miners to create their own pools to Mine Cred CX and there are literally billions that need to be mined. What kind of computing infrastructure is Cred CX relying on in the future or have already deployed the blockchain on, who are the service providers, they are part and parcel to a healthy "ecosystem" who are the supply partners? I am not convinced that withholding details about logical questions asked of a blockchain company start up, or not, is good for business. The current advertised CTO @ Credits.energy is Justin Farmer, he has a previous private relationship with Rick Floyd CEO before both of them came to Credits.energy executive team. He has been the chief technical officer according to the website since approx mid March of 2018...? Justin's code developments or those of others he is in charge of as CTO appear to be one of the most closely guarded secrets about Credits LLC's coin Cred CX's development, just as much as fundraising data and operations. Although this is not a secret many people do not know about the webwallet (https://wallet.credits.energy/) that is believe to be in part coded by Justin and Bindam. There are no verifiable details know to me. It is the code that I can reference as proof of development and evidence of an accomplishment task as set forth in the companies whitepaper... We do not beieve it is a webinterface to an actual blockchain but the same corporate ledger as is found in firebase.google.com that drives the android app. Why Credits LLC Cred CX did not update github over most of the life of this opensource code based project has no official explanation as far as we are aware. Why they have not released where the development logs and code are is a mystery to us. We have to presume that there are in fact those things some where. Both developmentally as is financially this companies ICO has been anything but transparent where it matters most. Lastly on the subject of this topic heading is Steven Crider the Sr. Product Analyst is hoped to be in a position to provide his analysis on the product. ~GREEN ENERGY~ "Kendra" highlights the relationship between Credits (CRED - CX) and renewable energy. https://www.youtube.com/watch?v=YjSKSKMeK0k - Published on 2 May 2018 ^^That is pretty much all of what some know regarding aabout Cred CX and how it support green energy. Last know relationship building with green energy groups was focused on Denver area associations. A Missed speaking engagement. Former acting CEO and Credits LLC's founder Mr. Ingraham was said to have be confirmed as speaking on March 13th at Solar Power Mountain West about how Credits LLC via Cred CX is incorporating blockchain technology into the renewable energy sector. Mr. Ingraham was not able to attend that conference @ Colorado Solar Energy Industries Association (COSEIA). Since that time there has been no updates regarding green energy relationships or building a community of interested parties in the purported solar energy project on the outskirts of Denver Colorado. With out a doubt the real world clean or green energy producing project is the most significantly complex and challenging part for Credits LLC and it's Cryptocurrency with a purpose . It seems that Jared Wells has the best publicly documented insight on how credits is actually thinking in part what they are achieving in what can be called a Green energy Cypto Currency - A Crypto with a purpose. "Credits.Energy, the “crypto with a mobile mining app that supports green energy,” aims to virtually eliminate the cost of supporting renewable energy. We asked Credits.Energy COO, Jared Wells, to explain what the current barri-ers to entry are in the renewable energy market: “Mainstream adoption of solar and wind power is all about efficiency. Obviously, if I put a solar panel on my house, I need batteries to harness that power overnight, charge controllers to manage wattage and voltage, and a way to integrate that energy into the power system. These same basic components are required whether you have 1 panel or 400 panels . . . 1 turbine or 50 turbines. . . . So while the overall cost per watt in the solar and wind power har-nessing platform decreases incrementally by increasing the number of generation components involved in the sys-tem, it is inversely more expensive per unit of electricity to implement the smaller scale systems that can be afford-ed by an individual homeowner. In addition to that, there are so many people who live in leased or rented housing and are unable to attach solar panels or wind generators to their residences or who maybe just can’t afford to have their own system.... Credits.Energy intends to resolve this problem by allowing for simple purchasing and management of the CRED cryp-tocurrency token through their intuitive website and mobile applications. " Source: https://cryptogo.news/2018/04/21/pr-green-energy-crypto-credits-energy-ico-is-now-live/ Google search: Credits.Energy ICO is now live Jared wells As it is with the CEO, CFO, CTO, and Developers, Operations @ Credits has very little shared data on the strides taken to invest into a green energy project/s on the outskirts of Denver Colorado. The location of the Solar Project remains undisclosed. There has been no comments by the COO Jared or press releases with regards to acquisitions, investment or strategic partnerships with any Green energy related entities to date. Participants in this ICO who participated based on the green energy components are due for a long anticipated report on how their investment and purchases have contributed to green energy, the environment and how it has helped the Cred CX ecosystem" and various charities. ~Community and Ecosystem~ Other than this reddit and the Facebook & Twitter pages Credits does not have a perceptible community. Some cryptonote forks attract anaon coin investors, cryptopunks, miners etc. As there is know known blockchain and wallet / node / miner for Cred CX it is no surprise they have not joined our ranks as of yet. There is always the future. Adoption and traction take time and delivering open source software tools to the community to create an ecosystem / auth network and mine the coins as reward for participation in the auth network. Potentially billions and billions of of hashes waiting to make this a viable anaon coin. As for Ecosystem there is none that we can speak of. One can use the apps or webwallet to send and receive in app tokens. The functionality is only extended to include the ability to send a one line note. We have not tested to see what is the character limit is or if it is encrypted and will be recorded on the immutable open ledger. So as a community, or one on one, holders I suppose could use it as a message or note app. It would "cost" you 1 Cred CX per as many characters you can write in the line space provided. Although Cred CX is as said as being based on cryptonotes cryptonight algorithm it shares the note feature. XDN has built a solid cryptonote enterprise on this one feature. Cred CX is it's sibling technically speaking. "DigitalNote XDN is a decentralized private cryptocurrency. It is based on CryptoNote anonymous technology and has a unique untraceable encrypted messaging system with blockchain based staking for a defined period." https://digitalnote.biz/ There is always a bright side and we hope Cred CX will come into that as soon as is possible. DigitalNote XDN had a name change and a history that had it reinvent it's self several times... About DigitalNote XDN Formerly known as DarkNote XDN Formerly known as duckNote XDN As you can see they have had some stormy seas and needing to "right the ship". The question is how is Cred CX navigating those waters? "May 30, 2014 — day of the first XDN block" We have been long waiting and anticipating the announcement of Cred CX first block announcement. With a new cryptocurrency the first block mined is like the fist minting of a new coin in metal. It is generally a celebrated event and anniversary date. Accounts... It is unclear how one deletes or closes out their accounts. Example in the case of refunds. Do you send them back their Cred CX using the convenient email address feature they sent it from and use the Note space to file an invoice / refund? After that is settled how does one close the account out for good. How does one close an account or in cypto speak burn their coins with proof (on the open blockchain). Not being able to transfer off app has left Cred CX use limited to, limited in app only functionality. I have not ever seen any press or pr promoting this feature alone. A community of testers would have really helped. No group feed back forum was used including this the reddit group. That leads us to... ~ PR / IR / Social Media ~ Very little evidence of a concerted social media campaign/s Relative new comer to the Credit's team is Torin Tostanoski the "Social Media Strategist". The strategy seems to be that less is more in the way of social media and customer relations / support. As was pointed out to me in analysis of this aspect of this ICO was that one could have looked at the youtube channel and some have said it speaks volumes perhaps even enough to make an informed decision to pass on Cred CX - https://www.youtube.com/channel/UChi2qFyDx5mynP52lTjDRLQ Stats Joined Jan 16, 2018 162 views 0 Comments VIDEOS: Uploads 1 title "Credits Cryptocurrency & Platform" 162 views 6 months ago It appears to be abandoned. Rick Floyd has a youtube Chanel set up for credits but the original "official" youtube account is inactive for over 6 months now.... Bitcointalk.org - Good news they created a Topic for Cred CX there. A powerful creditable account and community to have a voice in as an ICO, trader, miner. Minimal activity on the content and any substantial information shared has given no cause for exposure to arguably an ICO's best source of support in all things cryptocurrency. It is a market place for ideas and collaboration as well as investment and traders. See: https://bitcointalk.org/index.php?topic=3086671.20 Most PR was done in the form of paid for press releases and they where picked up and syndicated on crypto centric investments aka ICO's and technology blogs. I do not know of the effectiveness of the paid adwords and facebook ads. Facebook delivered a blow to all ICO's this year with a change in policy. Many holders of Cred CX are baffled by the choice to not improve Credits social media presence and reach. As it is, it remains a decidedly non communicative, non transparent ICO on this front as well. With some issues in its executive ranks, lacklustre ICO participation, and very little to report regarding progress some might think it not surprising to have a policy that seems to be based on one of silence is golden. ~WHERE ARE WE AT?~ The issue is at this point very, very, basic: Where are our cryptonote blockchain tokens / coined as Cred CX? What many holders in the public do not know is they do not need an exchange or mobile app with a mobile miner to hold the coins and exchange them. We have yet to see code written by them for the actual blockchain. There are mobile apps and a webwallet. OK. Where are Windows, OSX, and Linux wallets and miners? Where are Cred CX testnet/s? and the credits internal node network? Who has been recruiting or building a mining pool? This reddit should be abuzz with posts about such things and @ Bitcointalk.org The last update on twitter after a full calendar month of no updates @ credits.energy we hear that there are minor set backs and re the mobile mining feature. That could very well may be. It is understandable to have compliance issues both technical and policy, to not ever reference technical or policy data is a red flag for many. It also does not explain why a mobile platform with an off app network cannot not give us our hashes, our coins on an immutable ledger aka blockchain. Cred CX Cryptocurrency a cryptonote fork is an anonymous coin by default. Transactions on the apps and on credits internal auth network are not truly anon, and require the public open blockchain for distributed off credits network authentications of transactions for them to be so. We have not been given it. When looking at credchain.org (<--- Hint the foundation that is or is not?) it redirects to credits.energy. The chain explorer is not publicly active nor is the source code for anything as far as we can see other than the github - Last updated 6 months ago... It is a fork (a copy for those who might not know what a fork is) - no development code or update to or of code have been committed to the projects opensource software repository as advertised on the website. How is the premine going? Is it started or over? Where are the cryptonotes coined and mined as Cred CX? Do I need a mobile app with mining features to use my cryptonote wallet, no, no one does. So if a "feature" is what the project hangs on that is a red flag. A quick way Cred CX could be made viable and live right now is like this: MyMonero is the only web wallet for Monero. It is operated and owned by Riccardo Spagni, who is one of the lead Monero developers. The wallet works like any account. You create an account and can login online to access your funds. MyMonero only encrypts your keys and stores the data on its servers. It cannot access your funds. See https://mymonero.com/ for a live example Monero Desktop Wallet The best and only Monero desktop wallet is the official client which is a full node. It can be downloaded from the official Monero website. Credits position: "...crypto with a mobile mining app..." A Crypto. A mobile mining app. One does not need a mobile mining "feature" in an app for there to be a coin or crypto wallet, in fact it is quite the opposite in certain respects. "Technicalities" --------------------------------------------------------------------------------------------------- So set backs as of August 2018... We have no progress reports we just have our own ongoing independent analysis. I hope this has been helpful to the community. Your feed back is welcomed. If you have questions or concerns feel free to post here. Start a new topic. I am certain there are other things people can share here that would be of a benefit to the community as small as it may be at the moment. Supporters and fans of Cred CX are welcomed to share what good news the have and what inspires their enthusiasm and support for Cred CX. COME WAVE THE GREEN FLAGS FOR CRED (CX) We are looking into sponsoring a Cred CX airdrop and give aways! Tell your Friends :-) We hope for the best and truly want to see the CRED CX coin succeed "Stay tuned" here for more in depth reports and analysis on (Cred) (CX) John
tldr: Bitcoin allows one individual to give another individual a Bitcoin over the Internet. No accounts with centralized third parties are needed. You don't have to have an account with VISA or MasterCard, or American Express, or Western Union, or PayPal. You don't need a credit card reader. You don't have to fight charge backs or frozen accounts. You don't have to wait 7 days for your check to clear. You don't have to sign up for direct deposit. You also are not limited to how little you can send. Micro payments work within the system (even if they may take longer due to the lack of a transfer fee, but they still work). If you give me your public address, I can send you money. If you want to send me money, you can do so at this address: 1KC2VBpBAoyKgj8bBpQwQK3u8cvF7Agyon
Edit: 1E21HxPRnJKsmSJGiZBNH81K5YMSzsWz68 sent me .01 BTC (~65 cents as I write this). Of course, since that wasn't the point, I have refunded them. And I don't even know who they are!
Where did I get that address? It is just a public keya Bitcoin Address I generated on my smart phone. (See Edit 1 below) I didn't have to ask anyone permission, or sign any papers, or anything. And if you send me a bitcoin (of any amount) I will just get it. I don't need to have an account with anybody. Heck, I could be homeless! And yet you can send me some fraction of a Bitcoin! Wing Bang! If you can do that with a dollar, or a yen, or an Amazon coin, then Bitcoin doesn't add anything to the party. But you can't, can you? To do this, and do it securely, Bitcoin requires computer systems to be distributed all over the world, and they have to process and sign off on all the Bitcoin transactions. This established infrastructure is real value. These systems are paid in Bitcoin as it progresses in its initial inflation. (We call these people running these systems "miners") The initial inflation of Bitcoins we are going through now is more than offset by new users adopting Bitcoin (either for saving or use). This is why their value is rising. Certainly other Crypto Currencies have the same ability, but it is the rate of adoption and the established infrastructure that matter. At the moment, Bitcoin has all these elements. To the extent that other Crypto Currencies establish themselves (litecoin, namecoin, whatever) they too have value. But at the end of the day, Bitcoin does have an intrinsic valueattribute which justifies its value, not in any physical property, but in its unique kinetic property, the ability to move on its own from one account to another. (See Edit 2 below) Edit 1: A Bitcoin address is generated from a public/private key pair, and while it might provide some functionality like a public key, it isn't technically a public key. I didn't think the distinction important, but the discussion below does make a good argument for being accurate that I can't really deny. Edit 2: A long argument about "Intrinsic Value" vs "Subjective Value" theories has prompted me to change the wording to avoid a philosophical argument (to wit, "Can anything have 'Intrinsic Value?'"). The point of this post is to point out Bitcoin has value, and likely that this value is currently undervalued. Maybe by many orders of magnitude. Independent of what theory of value you hold to. Edit 3: Edited and moved to my blog, The Value of Bitcion
Amendments to Full RBF: For all legit Full RBF use-cases, better and simpler solutions than Full RBF exist. --> I call it "R-RBF" for "restricted RBF".
Use case 1: Undo wrong "fat finger" transactions: Solution: Instead of implementing Full RBF into both bitcoin network and wallet, just implement a fixed [N] minute delay into the wallet SW, i.e. wallet will not broadcast the tx until [N] min after user presses "send"! Advantages over Full RBF:
undo time is not a random "avg. 10 min", but exactly [N] min.
N is configurable by the user.
no change of bitcoin SW needed that eases fraudulent double-spending.
extremely easy to implement for wallet SW
Disadvantages over Full RBF:
It takes N extra minutes until 1st confirmation. But in this use case block inclusion speed is not important anyway, otherwise payer wouldn't opt-in for RBF in the first place.
Use case 2: Accellerate "stuck" TXs. Solution: Implement "restricted RBF" instead of Full RBF or FSS-RBF. Instead of allowing arbitrary modifications to the output amounts, only allow small(!) modifications. Concrete: Compared to the first seen TX, the RBF TX's output, for any output address, must not be reduced by more than Rmax = (M-T) btc, where
T is the TX fee of the first seen TX
M is the minimum fee that, acc. to current mem pool, sort of guarantees the tx to be included into next block. There could be many good and simple methods to calculate M (e.g. based on current mem pool or based on a pre-defined quantile of "tx fee per kbyte" from the previous X blocks), and the idea is clear: Make it impossible that the legit recipient looses all his money from his output being completely replaced by miner fees.
Advantages over Full RBF:
No facilitating of arbitrary double spending via RBF.
No incentive for attacker to double-spend because money can only be diverted from recipient's pockets to miner's pockets but not to sender's (=attacker's) pockets. The only "incentive" (rather "motivation") would be to harm the recipient by a small amount, or to save a little bit of tx fees at the expense of the recipient. But the recipient could factor-in that sort of micro-attack carried out by a certain percentage of payments, by requesting an extra 1-2 cent in the payment request.
Unlike "FSS-RBF" (which completely eliminates the micro-incentive of previous bullet), this "R-RBF" variant does not increase TX size at all.
Any other legit(!) use case for Full-RBF that I am missing? Edit: Apparently, Coinjoin/Coinswap scenarios can be done more efficiently with some kind of RBF. It is hardly communicated, so I did not read it before. So in that case still merchants need to implement mechanisms in case some buyer pays by RBF (which should not occur for normal payments acc. to wallet payments, but still some savvy people may launch such transactions intentionally). To avoid the need to implement a whole new scenario, I propose as best practice that the merchant (=recipient) just sends the RBF TX back to input address (to avoid being accused of keeping the money without delivering the product or service), then it is up to the buyer to deal with this, and the buyer will be educated to refrain from doing this next time. Wallets and wallet providers are equally educated to never use RBF for standard TXs. Note: I know that "sending back to input" is not a recommended practice for refunding. But here we are not talking about a standard refund. Here it is suggested as a simple standard practice to educate "users" (rather: "hackers") who do not behave properly, and for this "emergency" it is fully legit to use this method, even if the "improperly behaving user" does not like it. Because the alternative would be to spend big extra efforts designing unnecessary complexity into the recipients SW (new scenarios, states, ...) just because of these hackers - can't see the need or justification for that.
What is Bitcoin? A Step-By-Step Guide For Beginners An in-depth guide by BlockGeeks
An in-depth guide by BlockGeeks Content available at: http://bit.ly/smarterspending If you want to know what is Bitcoin, how you can get it and how it can help you, without floundering into technical details, this guide is for you. It will explain how the system works, how you can use it for your profit, which scams to avoid. It will also direct you to resources that will help you store and use your first pieces of digital currency. What is Bitcoin in a nutshell Small wonder that Bitcoin emerged in 2008 just after Occupy Wall Street accused big banks of misusing borrowers’ money, duping clients, rigging the system, and charging boggling fees. Bitcoin pioneers wanted to put the seller in charge, eliminate the middleman, cancel interest fees, and make transactions transparent, to hack corruption and cut fees. They created a decentralized system, where you could control your funds and know what was going on. Bitcoin has come far in a relatively short time. All over the world, companies, from REEDS Jewelers, a large jewelry chain in the US, to a private hospital in Warsaw, Poland, accept its currency. Billion dollar businesses such as Dell, Expedia, PayPal, and Microsoft do, too. Websites promote it, publications such as Bitcoin Magazine publish its news, forums discuss cryptocurrency and trade its coins. It has its application programming interface (API), price index, and exchange rate. Problems include thieves hacking accounts, high volatility, and transaction delays. On the other hand, people in third world countries may find Bitcoin their most reliable channel yet for giving or receiving money. What is Bitcoin in-depth? At its simplest, Bitcoin is either virtual currency or reference to the technology. You can make transactions by check, wiring, or cash. You can also use Bitcoin (or BTC), where you refer the purchaser to your signature, which is a long line of security code encrypted with 16 distinct symbols. The purchaser decodes the code with his smartphone to get your cryptocurrency. Put another way; cryptocurrency is an exchange of digital information that allows you to buy or sell goods and services.The transaction gains its security and trust by running on a peer-to-peer computer network that is similar to Skype, or BitTorrent, a file-sharing system. Bitcoin Transactional properties: 1.) Irreversible: After confirmation, a transaction can‘t be reversed. By nobody. And nobody means nobody. Not you, not your bank, not the president of the United States, not Satoshi, not your miner. Nobody. If you send money, you send it. Period. No one can help you, if you sent your funds to a scammer or if a hacker stole them from your computer. There is no safety net. 2.) Pseudonymous: Neither transactions or accounts are connected to real world identities. You receive Bitcoins on so-called addresses, which are randomly seeming chains of around 30 characters. While it is usually possible to analyze the transaction flow, it is not necessarily possible to connect the real world identity of users with those addresses. 3.) Fast and global: Transaction is propagated nearly instantly in the network and are confirmed in a couple of minutes. Since they happen in a global network of computers they are completely indifferent of your physical location. It doesn‘t matter if I send Bitcoin to my neighbour or to someone on the other side of the world. 4.) Secure: Bitcoin funds are locked in a public key cryptography system. Only the owner of the private key can send cryptocurrency. Strong cryptography and the magic of big numbers makes it impossible to break this scheme. A Bitcoin address is more secure than Fort Knox. 5.) Permissionless: You don‘t have to ask anybody to use cryptocurrency. It‘s just a software that everybody can download for free. After you installed it, you can receive and send Bitcoins or other cryptocurrencies. No one can prevent you. There is no gatekeeper. Judd Bagley: What is BlockchainThe creator of bitcoin figured out a way to let two entities confidently trade directly with one another, without the need to rely on all these intermediaries. The key is mathematics. As long as we both trust in math, we can be confident the exchange to occur as expected. Bitcoin uses public key cryptography and an innovative approach to bookkeeping to achieve the authorization, balance verification, prohibition on double spending, delivery of assets and record inalterability described above. And it happens in near real time at no cost. Cryptography ensures authorization. You need a private key to transact. And your key is complex enough that it would take the best computer longer than the earth has existed to crack it. In other words, it’s essentially unhackable. – Director of Communications at Overstock.com and Chief Evangelist at t0.com Where can I find Bitcoins? First, we would recommend you read this in-depth guide for buying Bitcoin. You can get your first bitcoins from any of these four places. A cryptocurrency exchange where you can exchange ‘regular’ coins for bitcoins, or for satoshis, which are like the BTC-type of cents. Resources: Coinbase and LocalBitcoins in the US & Canada, and BitBargain UK and Bittylicious in the UK. A Bitcoin ATM (or cryptocurrency exchange) where you can change bitcoins or cash for another cryptocurrency. Resources: Your best bets are BTER and CoinCorner A classified service where you can find a seller who will help you trade bitcoins for cash. Resources: The definitive site is LocalBitcoins. You could sell a product or service for bitcoins. Resources: Sites like Purse. Caution! Bitcoin is notorious for scams, so before using any service look for reviews from previous customers or post your questions on the Bitcoin forum. How does Bitcoin work? Without getting into the technical details, Bitcoin works on a vast public ledger, also called a blockchain, where all confirmed transactions are included as so-called ‘blocks.’ As each block enters the system, it is broadcast to the peer-to-peer computer network of users for validation. In this way, all users are aware of each transaction, which prevents stealing and double-spending, where someone spends the same currency twice. The process also helps blockchain users trust the system. “Unlike traditional currencies, which are issued by central banks, Bitcoin has no central monetary authority. Instead it is underpinned by a peer-to-peer computer network made up of its users’ machines, akin to the networks that underpin BitTorrent, a file-sharing system, and Skype, an audio, video and chat service. Bitcoins are mathematically generated as the computers in this network execute difficult number-crunching tasks, a procedure known as Bitcoin “mining”. The mathematics of the Bitcoin system were set up so that it becomes progressively more difficult to “mine” Bitcoins over time, and the total number that can ever be mined is limited to around 21 million. There is therefore no way for a central bank to issue a flood of new Bitcoins and devalue those already in circulation.” What is Bitcoin? A Step-By-Step Guide For BeginnersSave How can I store my bitcoins? To see how the system works, imagine someone called Alice who’s trying out Bitcoins. She’d sign up for a cryptocurrency wallet to put her bitcoins in. The Bitcoin Wallets There are three different applications that Alice could use. Full client – This is like a standalone email server that handles all aspects of the process without relying on third-party servers. Alice would control her whole transaction from beginning to end by herself. Understandably, this is not for beginners. Lightweight client – This is a standalone email client that connects to a mail server for access to a mailbox. It would store Alice’s bitcoins, but it needs a third-party-owned server to access the network and make the transaction. Web client – This is the opposite of “full client” and resembles webmail in that it totally relies on a third-party server. The third party replaces Alice and operates her entire transaction. You’ll find wallets that come in five main types: Desktop, mobile, web, paper and hardware. Each of these has its advantages and disadvantages. How do I buy and sell stuff with Bitcoins? Here’s the funny thing with Bitcoins: there are no physical traces of them as of dollars. All you have are only records of transactions between different addresses, with balances that increase and decrease in their records that are stored on the blockchain. To see how the process works, let’s return to Alice. Example of a Bitcoin transaction Alice wants to use her Bitcoin to buy pizza from Bob. She’d send him her private “key,” a private sequence of letters and numbers, which contains her source transaction of the coins, amount, and Bob’s digital wallet address. That “address” would be another, this time, the public sequence of letters and numbers. Bob scans the “key” with his smartphone to decode it. At the same time, Alice’s transaction is broadcast to all the other network participants (called “nodes”) on her ledger, and, approximately, ten minutes later, is confirmed, through a process of certain technical and business rules called “mining.” This “mining” process gives Bob a score to know whether or not to proceed with Alice’s transaction. The transaction between Alice and Bob What is Mining? Mining, or processing, keep the Bitcoin process secure by chronologically adding new transactions (or blocks) to the chain and keeping them in the queue. Blocks are chopped off as each transaction is finalized, codes decoded, and bitcoins passed or exchanged. Miners can also generate new bitcoins by using special software to solve cryptographic problems. This provides a smart way to issue the currency and also provides an incentive for people to mine. The reward is agreed-upon by everyone in the network but is generally 12.5 bitcoins as well as the fees paid by users sending transactions. To prevent inflation and to keep the system manageable, there can be no more than a fixed total number of 21 million bitcoins (or BTCs) in circulation by the year 2040, so the “puzzle” gets increasingly harder to solve. What do I need to know to protect my Bitcoins? Here are four pieces of advice that will help your bitcoins go further. As you’d do with a regular wallet, only store small amounts of bitcoins on your computer, mobile, or server for everyday uses, and keep the remaining part of your funds in a safer environment. Backup your wallet on a regular basis and encrypt your wallet or smartphone with a strong password to protect it from thieves (although, unfortunately, not against keylogging hardware or software). Store some of your bitcoins in an offline wallet disconnected from your network for added security. Think of this as a bank, while you, generally, keep only some of your money in your wallet. Update your software. For added protection, use Bitcoins’ multi-signature feature that allows a transaction to require multiple independent approvals to be spent. Spending some time on these steps can save your money. We recommend the Nano Ledger S – Hardware Wallet Nano Ledger S is just as secure as the other two hardware wallets. It is popular because of its relatively low price of $65 compared to its competitors. Being smaller than KeepKey, it is more portable and easier to carry around. It is a hardware wallet that comes at a very competitive price. What else do I need to know? Protect your address: Although your user identity behind your address remains anonymous, Bitcoin is the most public form of transaction with anyone on the network seeing your balances and log of transactions. This is one reason why you should change Bitcoin addresses with each transaction and safeguard your address. You can also use multiple wallets for different purposes so that your balance and transaction history remain private from those who send you money. Your confirmation score: As said, you receive a confirmation score of about 10 minutes before you make your purchase. Different wallets have their own reading. Government taxes and regulations: Government and local municipalities require you to pay income, sales, payroll, and capital gains taxes on anything that is valuable – and that includes bitcoins. The legal status of Bitcoin varies from country to country, with some still banning its use. Regulations also vary with each state. In fact, as of 2016, New York state is the only state with a bitcoin rule, commonly referred to as a BitLicense.As shown in the Table above, zero is the least with the number 3 being the most reliable for average bitcoin transfers. If you’re sending or paying for, something valuable, wait until you, at least, receive a 6. What are the disadvantages of Bitcoin? Bitcoin got off on the wrong foot by claiming an apocryphal person (or persons), Satoshi Nakamoto as its founder. Nakamoto has never been found. Regarding more practical concerns, hacking and scams are the norms. They happen at least once a week and are getting more sophisticated. Bitcoin’s software complexity and the volatility of its currency dissuade many people from using it, while its transactions are frustratingly slow. You’ll have to wait at least ten minutes for your network to approve the transaction. Recently, some Reddit users reported waiting more than one hour for their transactions to be confirmed. Scams to watch out for The four most typical Bitcoin scams are Ponzi schemes, mining scams, scam wallets and fraudulent exchanges. Ponzi Scams: Ponzi scams, or high-yield investment programs, hook you with higher interest than the prevailing market rate (e.g. 1-2% interest per day) while redirecting your money to the thief’s wallet. They also tend to duck and emerge under different names in order to protect themselves. Keep away from companies that give you Bitcoin addresses for incoming payments rather than the common payment processors such as BitPay or Coinbase. Bitcoin Mining Scams: These companies will offer to mine outrageous amounts of bitcoin for you. You’ll have to pay them. That’s the last you’ll see of your money (with no bitcoins to show for it, either). Bitcoin Exchange Scams: Bitcoin Exchange Scams offer features that the typical bitcoin wallets don’t offer, such as PayPal/Credit Card processing, or better exchange rates. Needless to say, these scams leave you in the hang while they siphon your dollars. Bitcoin Wallet Scams: Bitcoin scam wallets are similar to online wallets – with a difference. They’ll ask you for your money. If robbers like the amount, that’s the last you’ll see of your deposit. The address, in other words, leads to them, rather than to you. Of all of these, wallet scams are the most popular with scammers managing to pinch millions. What are the advantages of Bitcoin? The best thing about Bitcoin is that it is decentralized, which means that you can settle international deals without messing around with exchange rates and extra charges. Bitcoin is free from government interference and manipulation, so there’s no Federal Reserve System to hike interest rates. It is also transparent, so you know what is happening with your money. You can start accepting bitcoins instantly, without investing money and energy into details, such as setting up a merchant account or buying credit card processing hardware. Bitcoins cannot be forged, nor can your client demand a refund. It’s small wonder that users call Bitcoin “Money 2.0” or that Bill Gates called it “a techno tour de force An in-depth guide by BlockGeeks Content available at: http://bit.ly/smarterspending
Hey all! This stickied thread is temporary: Data will be moved to wiki so users can update. therealbobsaget proposed the idea of keeping a relatively accurate record of Bitcoin heists. I believe the idea is great, and we can utilize the Wiki to store this information down for historical reasons. From History_of_Bitcoin#Theft_and_exchange_shutdowns:
On 19 June 2011, a security breach of the Mt. Gox Bitcoin exchange caused the nominal price of a bitcoin to fraudulently drop to one cent on the Mt. Gox exchange, after a hacker allegedly used credentials from a Mt. Gox auditor's compromised computer illegally to transfer a large number of bitcoins to himself. They used the exchange's software to sell them all nominally, creating a massive "ask" order at any price. Within minutes the price reverted to its correct user-traded value. Accounts with the equivalent of more than US$8,750,000 were affected. SourceSourceSourceSource
On July 2011, the operator of Bitomat, the third largest Bitcoin exchange, announced that he lost access to his wallet.dat file with about 17,000 bitcoins (roughly equivalent to US$220,000 at that time). He announced that he would sell the service for the missing amount, aiming to use funds from the sale to refund his customers. Source
In August 2011, MyBitcoin, a now defunct Bitcoin transaction processor, declared that it was hacked, which caused it to be shut down, paying 49% on customer deposits, leaving more than 78,000 bitcoins (equivalent to roughly US$800,000 at that time) unaccounted for. SourceSource
In early August 2012, a lawsuit was filed in San Francisco court against Bitcoinica — a Bitcoin trading venue — claiming about US$460,000 from the company. Bitcoinica was hacked twice in 2012, which led to allegations that the venue neglected the safety of customers' money and cheated them out of withdrawal requests. SourceSource
Bitcoin Savings and Trust:
In late August 2012, an operation titled Bitcoin Savings and Trust was shut down by the owner, allegedly leaving around US$5.6 million in Bitcoin-based debts; this led to allegations that the operation was a Ponzi scheme. SourceSourceSourceSource. In September 2012, the U.S. Securities and Exchange Commission had reportedly started an investigation on the case. Source
In September 2012, Bitfloor, a Bitcoin exchange, also reported being hacked, with 24,000 bitcoins (worth about US$250,000) stolen. As a result, Bitfloor suspended operations. The same month, Bitfloor resumed operations; its founder said that he reported the theft to FBI, and that he plans to repay the victims, though the time frame for repayment is unclear. Source
On 3 April 2013, Instawallet, a web-based wallet provider, was hacked, resulting in the theft of over 35,000 bitcoins which were valued at US$129.90 per bitcoin at the time, or nearly $4.6 million in total. As a result Instawallet suspended operations. Source
On 11 August 2013, the Bitcoin Foundation announced that a bug in a pseudorandom number generator within the Android operating system had been exploited to steal from wallets generated by Android apps; fixes were provided 13 August 2013. Source
A Bitcoin bank, operated from Australia but stored on servers in the USA, was hacked on 23 and 26 October 2013, causing a loss of 4100 bitcoins, worth over A$1 million. Source
Global Bond Limited (GBL):
In Hong Kong a Bitcoin trading platform owned by Global Bond Limited (GBL) vanished with 30 million yuan (US$5 million) from 500 investors on 26 October 2013. Source
After the arrest of SilkRoad's owner, the FBI claims it has confiscated over 144,000BTC. Source
Sheep Market (post-silkroad):
The debate concerning the Sheep Market heist of 96,000+ BTC is still ongoing, there has been talks of the owners simply taking the money and running, while the owners claim that their operations were "hacked". Source
301BTC were taken from SatoshiChrist's blockchain.info wallet. Attack method unknown, what is known is lack of 2FA may have lead to attacks capturing his wallet information from either phone or system.
Predicting bitcoin fees for transactions. Fees are displayed in Satoshis/byte of data. Miners usually include transactions with the highest fees first. Related: Bitcoin Miner Maker Canaan Lost $148M in 2019 As such, those who received their AntMiner S17+ delivery in early April might have originally paid well above the current price of the device. 100% Refund Policy INSURANCE FUND. A 10 million dollar insurance fund is prepared which can fully cover force majeure losses in the turbulent market. ABOUT Voskcoins Bitcoin Cloud Mining Voskcoins Bitcoin Cloud Mining offers you a smart and easy way to invest in bitcoin with zero stress. Our Bitcoin Cloud Mining services are suitable for those who are new to the world of cryptocurrencies, as ... Bitcoin ATM kiosks are machines which are connected to the Internet, allowing the insertion of cash or a credit card in exchange for Bitcoin. They look like traditional ATMs, but they do not connect to a bank account and instead connect the customer directly to a Bitcoin exchange for a localized and convenient way to purchase Bitcoin in person. Common locations for Bitcoin ATMs are inside of a ... Miner charges would be the price your wallet pays to get the calculating power which affirms trades on the Bitcoin and Bitcoin Cash networks. Miner fees aren’t BitPay fees, plus they can’t be reimbursed. These charges can be lower or higher based on the amount of transactions waiting to be verified on the Bitcoin or even Bitcoin Cash networks.
Cryptocurrency Mining Colocation Does Hosting Your Mining Rigs Make Sense?
bitcoin 6000, bitcoin 6 cents, bitcoin 6500, bitcoin 6 figures, bitcoin 60 minutes youtube, 60 minutes bitcoin pizza, avalon 6 bitcoin miner, bitcoin world 6, bitcoin blocks level 6, bitcoin may 6 ... Does cryptocurrency mining make cents anymore? The cents made with mining, depending on your hardware means it no longer makes sense to mine crypto. Let's review the current mining profitability ... The best bitcoin miner what i use was able to mine 0.00003 BTC per day with my GPU,when this miner can mine at least 0.5 BTC per day with your CPU,not with GPU. Yes,this is how much power have ... Graphics card stock has long been tapped out due to cryptocurrency miners, but does what they're doing make any sense? Let's find out. Sign up for Crunchyrol... #bitcoin #bitcoinmining #bitcoinmininghome Is Bitcoin (BTC) mining worth it Dec. 2018? BTC mining ASICs from China profitability in 2018....Bitcoin mining at...