Tuesday, December 3, 2019

[EVENT] John McAfee Works On Bitcoin in Cuba

Following John McAfee's entry into Cuba, the government has been allowing him to his own devices. Even after a clearly failed Presidential Election whose campaign motto was "Do not vote for me," the Republic has been warn to this man.

This man hasn't been the best to Cuba.

Within the first week of arriving on June 23rd (after his "cruise ship was 'sabotaged'") he demanded that Cuban officials escort him to destinations as "CIA agents were attempting to assassinate him." Despite Cuban Internet Laws, John McAfee bypassed this and posted on twitter public updates about himself, his surroundings and even some images of Cuban Government officials.

In early-July, he got into a fist-fight with a plain-clothes Cuban Police Officer who was questioning John McAfee's plans in Cuba. He presumed him to be a CIA spy. It reflected extremely poorly but was kept hidden from the Cuban public and world-wide.

Once he was brought to the higher estates in Cuba, he had become more politically active. He criticized and opinionated almost every Cuban Law, almost trying to encourage it in ways that Batista once reigned but he was almost always ignored.

Now, he was finally being asked to do what he came to do.

Working with the Ministry of Economy and Planning, specifically Minister Alejandro Gil Fernández, John McAfee started to work with existing founder BitcoinCuba Fernando Villar. Their first step was education.

"Cuba’s new mission is to inform average Cubans and the small tech community about the use of digital currencies like Bitcoin. Cubans have much to gain from using this currency and technology, especially now that they are in a position to leapfrog current financial and telecommunication infrastructures."

They offered another, realistic alternative that the currency could be used for, such as international transactions. "Cubans are not using credit or debit cards and most do not have a bank account. Bitcoin and blockchain can serve the needs of the unbanked, including entrepreneurs and individuals on the island. For instance, an entrepreneur in Cuba can offer their goods or services and get paid for it by a customer any where in the world instantly. A family wanting to send money to relatives in Cuba, using Bitcoin, would now have a method that is faster and cheaper than ever. This will take some time to be a reality but it’s already happening around the world. IT does not even have to be specifically bitcoin but another cryptocurrency that is more stable if their concerns are transfer times."

This is a reference to how quickly the bitcoin market numbers changes.


The Ministry also did reach out to Google, finally picking them up on their offer to expand faster internet services and specifically faster web-page speeds. John McAfee himself asked a favor of Google of "expanding Google Fiber across the island."

The Ministry has stated that they are willing to make a loan to pay it back in full. La Presidenta was initially unable to verify this statement but soon backed it.

Besides working with Google, massive educational campaigns expand around the island, even ranging to America's Gitmo Bay to properly teach the people on cryptocurrency and its benefits. "Think of it as another way to get income, an unregulated stock program that the Government is willing to back."


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[uncensored-r/BitcoinMarkets] [Daily Discussion] Wednesday, December 04, 2019

The following post by AutoModerator is being replicated because some comments within the post(but not the post itself) have been silently removed.

The original post can be found(in censored form) at this link:

np.reddit.com/r/ BitcoinMarkets/comments/e5tijy

The original post's content was as follows:


Thread topics include, but are not limited to:

  • General discussion related to the day's events
  • Technical analysis, trading ideas & strategies
  • Quick questions that do not warrant a separate post

Thread guidelines:

  • Be excellent to each other.
  • Do not make posts outside of the daily thread for the topics mentioned above.

Other ways to interact:


[Daily Discussion] Wednesday, December 04, 2019

Thread topics include, but are not limited to:

  • General discussion related to the day's events
  • Technical analysis, trading ideas & strategies
  • Quick questions that do not warrant a separate post

Thread guidelines:

  • Be excellent to each other.
  • Do not make posts outside of the daily thread for the topics mentioned above.

Other ways to interact:


[Altcoin Discussion] Wednesday, December 04, 2019

Thread topics include, but are not limited to:

  • Discussion related to recent events
  • Technical analysis, trading ideas & strategies
  • General questions about altcoins

Thread guidelines:

  • Be excellent to each other.
  • All regular rules for this subreddit apply, except for number 2. This, and only this, thread is exempt from the requirement that all discussion must relate to bitcoin trading.
  • This is for high quality discussion of altcoins. All shilling or obvious pumping/dumping behavior will result in an immediate one day ban. This is your only warning.
  • No discussion about specific ICOs. Established coins only.

If you're not sure what kind of discussion belongs in this thread, here are some example posts. News, TA, and sentiment analysis are great, too.

Other ways to interact:


Have a Look at the Most Valuable Companies in Crypto Space

Many things have been said about the champions who have been at the forefront of making things happen in the crypto space but not much has been known about them. The list below and the descriptions indicate the biggest companies in the industry not only by valuation and capitalization but also by goodwill and corporate presence both online and offline as well. They shall be listed in no particular order of preference. 

Ripple (Valuation of about $5 Billion)

Many people have heard one way or the other about Ripple Labs Inc. It is widely associated with the now popular XRP token as it uses this coin in its solutions. Ripple Labs owns and runs RipppleNet. Driven by what is referred to as the Ripple Protocol Consensus Algorithm (RPCA), RippleNet is used for all kinds of transactions between financial institutions but with the introduction of new tools different kinds of platforms will be able to run off it making Ripple be not only the darling of the financial services sector but also to be one of the cryptocurrency companies to watch out for come next year. Ripple has been tipped to be worth about $5 billion.

Circle (about $3 Billion)

While Circle is quite popular these days with its hands in many pies in the crypto space, this cryptocurrency unicorn started out as a service where you could buy Bitcoin with credit card and has grown to be one of the most dynamic organizations out there also with its own stablecoin USDcoin which is tied to the United States Dollar. Sources indicate that Circle achieved its $3 billion valuation after a funding round of about $100 million last year.

Bitmain (about $12 Billion)

Now everyone knows that Bitmain is by far the largest cryptocurrency corporate organization by sheer size and valuation. Owning the world’s largest cryptocurrency mining facilities and being a major hardware manufacturer of cryptocurrency mining equipment, Bitmain has overtaken just about everyone else to be at the top when it comes to valuations. This does not mean however that it hasn’t had its share of corporate issues. Sources estimated last year that the total valuation of Bitmain stood at $12 billion.

Binance (about $2 Billion) 

Binance is quite popular in the crypto space as it is one of the most popular cryptocurrency exchanges at the moment. Its premier position in terms of trading volume (as the second largest) has only made it more obvious that it holds the top spot in the hearts and minds of many within the industry. Apart from trading cryptocurrencies, Binance is also known for other products such as Binance Coin and its decentralized trading blockchain Binance Chain. CEO Changpeng “CZ” Zhao has indicated that Binance is worth at least $ 2 billion or more.

Canaan Creative (about $2 Billion)

While maybe not many new people know about this particular cryptocurrency mining company, Canaan Creative is also one of the leaders when it comes to cryptocurrency mining. Even though the company itself hasn’t been dong well as of late, it is still punching above its weight when it comes to having superstar status. Reports have it that the recent IPO places it at a little over $ 2 billion.

Coinbase (about $8 Billion)

We all know Coinbase and its cryptocurrency exchange platform were one way or the other going to be on the list. With other products such as the recently introduced Coinbase Prime, Coinbase Custody and even Coinbase Commerce, Coinbase is indeed on a curve to grow exponentially. So much so that the cryptocurrency exchange put its valuation at $8 billion last year after finishing its series E round of financing.

BitMEX (around $3 Billion)

With an innovative cryptocurrency trading platform that offers more than the usual trading of cryptocurrencies ( futures and perpetual contracts as well), BitMEX enables traders to use the necessary leverage to enhance the potential for profit as well. Reports indicate that BitMEX is worth $3.6 billion from last year although other reports contradict this and put the valuation at around $1 billion.

Robinhood (about $7 Billion)

Robinhood has created a more centrist appeal than many other cryptocurrency trading platforms. This has led to its massive success as its main focus are the millennials. Robinhood took off in the beginning as a fee-free stock trading platform. Its valuation at around $7 billion was reportedearlier this year and this, of course, makes it be a force to be reckoned within the industry.

Block.One (around $3 Billion)

Block.One has been one of those organizations that have scaled through all the odds when it comes to corporate-startup challenges. Being a contender for the throne of king of Decentralized Applications, Block.One it has been reported has a valuation of about $3 billion with a significant majority of its holdings in fiat assets surprisingly for a company that rules its share of the crypto space.

Kraken (about $4 Billion)

Kraken is one of the premier cryptocurrency exchanges. This goes without saying that the recent acquisition of a futures trading platform and the closing of its last funding round to the tune of $13 million had quite a bit to do with its recent $ 4 billion valuation. It has, of course, raised the bar for the cryptocurrency trading platform whose future had reportedly been in the doldrums prior to the acquisition and new funding round.

Is It All about Money?

While the performance of the companies is as important as the reason that they were set up or are operational in the first place, the basic reason for the consideration of the most valued companies in terms of valuation is to gauge the health of the corporate actors currently on the big stage within the crypto space. 

This also indicates the direction that the sphere is going in; the direction of greater adoption and inclusion in normal day-to-day events. One thing is certain from the above: a new industry has been born and those who can catch the “crypto-fire” may one day be also among these above-listed companies as many others are in fierce pursuit of being unicorns themselves.


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Forecast and Perspective of Ethereum in 2020

Ethereum is the most famous and largest altcoin, attracting the attention of not only experienced traders, but also cryptocurrency community novice users. All of them are interested in how much Ethereum will cost in 2020? Many people remember how in 2017 the coin grew more than 40 times, but this record was followed by a natural rollback in value.

ETH Features at a Glance

This blockchain platform is quite popular, so the forecast of the Ethereum exchange rate is a popular topic in the market. Moreover, the network has a relatively low transaction speed. At the end of 2017, a large decentralized application CryptoKitties appeared, which loaded Ethereum with a critical number of transactions (the network almost stopped working).

Until now, one of the problems of the cryptocurrency network is its scalability - even Vitaly Buterin himself speaks about this. The main technological features of the project include:

· Proof-of-stake mechanism

· sharding protocol;

· Plasma protocol.

Each cryptocurrency platform has a consensus mechanism that determines how transactions are verified. ETH uses the same model as BTC - Proof-of-stake. It creates a complex puzzle, and the solution requires great power. Having the right equipment, the user can connect to the network and solve puzzles (mining). Cryptocurrency is given as a reward.

Ethereum sharding is a protocol for changing a transaction verification process. Each node supporting the blockchain confirms a separate transaction. A node is a device connected to a network to implement an asset transfer confirmation. At the moment, there are more than 16 thousand individual nodes in the ETH network.

The essence of sharding is that it groups nodes. Each group is a shard working with different parts of a transaction. This approach improves the efficiency of verification and confirmation of transfers, increasing the maximum number of transactions per second.

Plasma is a protocol for removing excess data from the main blockchain in order to free up space. When creating a new smart contract, it enters the network automatically. Even unfinished contracts fill the blockchain, which creates extra time delays. The Plasma protocol creates an additional layer on the core network used for unfinished smart contracts.

When the smart contract is completed, it is sent to the main blockchain. Buterin recently announced that he is looking for ways to implement sharding and the Plasma protocol in the near future, that will solve the scalability of the network and achieve speeds of thousands of transactions per second.

The prospects for Ethereum in 2020 are highly dependent on the plans implementation. If everything is done, the course and capitalization will rush up. Follow ETH forecasts on our website so you don’t miss important events.

Ethereum situation at the end of 2019

There are still few forecasts for the Ethereum price in 2020, since analysts are interested in the current situation - what will happen to the coin before the end of the year? According to the Coin Metrics portal, the average daily commission for transfers of coins on the ETH network exceeds this figure for Bitcoin. This suggests that the demand for Buterin’s network is very high today.

As a means of transferring money, Ethereum is very popular. A new record was set by the consumption of GAS on the network per day, which suggests that users conduct more complex operations, create new smart contracts and consume more GAS.

Over the past six months, the hash rate has been rising. Now it reaches 190T, that is, miners are positive and believe in a favorable forecast for the Ethereum exchange rate by the end of the year. As of the end of October 2019, the value of the coin is $ 186 with a capitalization of $ 20.1 billion and a daily trading volume of $ 9.7 billion.

Many expect an update to Ethereum 2.0, which is due to take place in early January 2020. Ethereum 2.0 is a large-scale computer that will turn the network into a decentralized blockchain platform with support for thousands of transactions per second. They will be processed very cheaply, so token transfer fees will decrease. Electricity costs will also be reduced, which are now quite high due to the Proof of Work mining algorithm.

At the moment, ETH mining requires asics or powerful graphics cards, and after updating Ethereum 2.0, the blockchain will switch to Proof-of-Stake. This algorithm does not require the use of equipment and electricity. Only a wallet with coins is needed. The larger their stock, the greater the owner’s earnings.

At the moment, several popular stablecoins operate on the Ethereum blockchain, including:

· Tether (USDT)

· Dai (DAI)

· Gemini Dollar (GUSD)

· Paxos Standard (PAX)

· TrueUSD (TUSD)

· USD Coin (USDC)

Their total capitalization exceeds $ 3 billion, most of which is owned by USDT. If the creation of stablecoins on Ethereum is allowed at the legislative level, the coin will definitely develop, and very actively.

Ethereum Growth Background

Everyone is interested in the Ethereum forecast for 2020, as this coin has high volatility. Cost greatly depends on many factors, namely:

  1. Speculative fraud. Investors should always control the situation and buy up coins when the rate drops, and then not be greedy and sell them when they increase by 10-15%.

  2. Technology development. Increasing the speed of transactions and attracting the largest companies will increase the capitalization and exchange rate.

  3. Economic forces. These include the popularization of virtual coins.

  4. Transaction security.

  5. Country Policy. The attitude of government bodies towards cryptocurrencies in general.

  6. News background.

At the moment, the main prerequisite for growth, which will give the coin great prospects, is the introduction of Ethereum 2.0.

Ethereum Forecast for 2020

Popular cryptanalyst Bobby Ullery predicts the Ethereum exchange rate for 2020, expecting an increase in the market capitalization of the coin to a trillion dollars. ETH, according to the analyst, will take ¼ part of the cryptocurrency market.

He came to such bold conclusions after studying the situation. The issue of coins is not limited by anything, and based on Ullery’s forecast, the rate should rise several times and exceed 10-11 thousand dollars per token.

Analysts at Long Forecast are also very optimistic. They make a forecast for the ETH exchange rate, according to which coins will cost about 720 dollars at the beginning of the year. Subsequently, before the summer, the price should decline and fluctuate within 470-670 dollars. Accordingly, starting from current values, the price of Ethereum will rise 3-4 times.

Specialists from the CoinKr portal also engaged in the technical analysis of cryptocurrency. Their data suggests that in early 2020, Ethereum should cost more than $ 700, and by the end of the year it will rise to $ 1,500.

In general, experts' forecasts are optimistic, and several conclusions can be made based on other analytical reviews:

· The cost of the coin depends significantly on whether the developers will be able to implement the promised technical innovations, implement the Plasma and Sharding protocols.

· The popularity of a coin depends on the frequency and effectiveness of smart contracts.

· Increased demand for other coins is driving the rise in ETH.

Should you buy Ethereum Today?

There are many unpredictable turns in the world of cryptocurrencies, so it’s difficult to definitely talk about buying coins. Now the situation has stabilized, but at any moment everything can turn in the other direction. At the moment, the price of ETH is $ 150, so it is better to wait for a small pullback to the level of $ 123-130 and buy, waiting for the introduction of technical innovations in early January.


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Beginner's Guide to Trading Crypto. Part 9

Cryptocurrency Coin Vs Token: The Hierophants Of The Crypto Market

The cryptocurrencies market is rapidly changing as new terms are emerging along with their technological backing. But no matter how advanced blockchain technologies may become, the fundamental pillars of the market are the token and the coin. The irony is that many market participants do not yet know the difference between the two terms, or may even consider knowing those differences redundant. That is a pity, since the crypto coin vs token dilemma has been around for years and can never have too much explanation.

https://preview.redd.it/u8n6oqkt4g241.png?width=763&format=png&auto=webp&s=ef16e7cf5b10a9e0f78559243aca57a9711250cb

What Is A Token?

The token is the most basic form of asset available on the crypto market. Tokens are digital assets, which are issued by a project on the blockchain. Their main purpose is serving as means of payment for goods and services within the framework of the project ecosystem. They also grant their holders the right of participation in the network through joining groups or even voting much like a share on the financial market. 

There are two types of tokens, the utility and security tokens. Utility tokens are exactly what their name implies, they are used as means for achieving a goal, much like a token in the subway, which, once entered into the machine, will give the holder the right to take a ride. On the other hand, security tokens are representative of a project’s share and give their holders the right to expect profit in the future much like a security on the financial market.

The most comment abbreviation on the market is ERC-20 and many people would ask “What are ERC-20 tokens?” There are two main types of standards for tokens, the ERC-20 and the ERC-721. ERC-20, or Ethereum Request For Comment (20 stands for the number assigned to the standard by the programmers) is the most popular programming standard used for the operation of smart contracts on the Ethereum blockchain. ERC-721 is much less frequently encountered, but it is a free and open standard as well. It is used for building non-fungible tokens on the Ethereum blockchain. Unlike ERC-20 tokens, which are all the same in their standard, each ERC-721 token is unique by virtue of its nature.

There are many other standards on the market with their own unique characteristics, for example ERC-223, which is a variation of ERC-20 with added functionality, the ERC-777, which is an improved version of ERC-20. There are also the ERC-1155, ERC-1337 and others.

What Is A Coin?

Coins are the firstborn of the crypto market with the greatest value. Coins are the original digital money built on the basis of cryptographic technologies with blockchain at their core. Just like money, coins were designed to hold value and bear it over time. The blockchain serves as the substitute for banks and provides transparency and fraud-free operation for coins. Coins have many of the main characteristics of money, since they are fungible, divisible into smaller portions, acceptable as an equivalent of money at outlets for goods and services, portable like cash or bank cards, durable thanks to their electronic nature, and have a limited supply, or emission. Bitcoin, Ripple, Litecoin, Monero and many others are coins.

Two of the main characteristics of coins that set them apart from all other assets are:

  1. Coins can be mined from a limited emission pool, and they can be sent or received like ordinary money;
  2. Coins are meant to act only as money and are not used in any particular project as an asset for receiving goods or services provided by that project.

The Difference Between Coins And Tokens

If we were to sum up the crypto token vs coin dilemma, then we have to look at the essence of the coins and tokens together.

Coins are money that does not act within the framework of any project as a means of gaining goods or services, they act as a store of value and either appreciate or depreciate over time, and coins can be mined from a limited issuance pool.

Tokens cannot be mined, they act as either utility assets granting access to goods and services within the framework of a specific project, or as a security and share equivalent of a project. They are non-fungible and can be bought at exchanges from the issuing projects. Most tokens are pre-mined and cannot be mined beyond the limited issuance.

https://preview.redd.it/be0drk7z4g241.png?width=799&format=png&auto=webp&s=2d383f4f1b1992dfcb83e1dc69a0f9792c17adf6

Coin Vs Token: Where To Buy?

Coins and tokens can be bought or sold on exchanges. The most popular means of buying tokens and coins is through the use of US Dollars or other Coins. Tokens cannot be exchanged for other tokens in essence, since exchanges operate with coins or fiat currencies, like the US Dollar. To buy the tokens of a project, traders must either use fiat currencies or buy coins and then buy the tokens. The same applies for coins, which can only be bought for other coins or fiat currencies.

There are dozens of exchanges on the market, but one of the most convenient is Binance. We invite everyone to visit Binance and try it out to evaluate its convenience and broad range of functions.

Forming Up

The ICO phenomenon swept across the market in 2017-2018, but few actually thought that the ICO, or Initial Coin Offering is not the same as an ITO, or Initial Token Offering. Most projects that went under the title of an ICO did not offer coins, but tokens. Therefore, before launching an asset, a project must first decide what its asset is – a coin or a token.

If we consider the ICO token vs coin dilemma in general, it is important to understand that only coins bear value like money in general, while tokens are confined to a certain project and only grant access to its goods or services.

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Would an Intranet for every Country kill Cryptocurrencies?

After the events that happened in Iran ( complete internet blackout that lasted for 2 weeks ) I am very worried for the future of cryptocurrencies considering the lengths that some totalitarian governments are willing to go to stop them. If each country suddenly decides to have its own "whitelist" intranet, this would certainly damage the usability of cryptocurrencies, including Bitcoin. coincidentally the price drop of Bitcoin happened around the same time that Iran's internet was blacked out. many Iranians have mining operations or own cryptocurrencies and use them to trade with other countries instead of carrying cash. but during the 2-week blackout, everything stopped.

If you are interested, I wrote this medium article that explains Iran's Internet and how cryptocurrencies could help its people and why a decentralised internet is needed alongside decentralised currencies.

Lets debate.


Would an Intranet for every Country kill Cryptocurrencies?

After the events that happened in Iran ( complete internet blackout that lasted for 2 weeks ) I am very worried for the future of cryptocurrencies considering the lengths that some totalitarian governments are willing to go to stop them. If each country suddenly decides to have its own "whitelist" intranet, this would certainly damage the usability of cryptocurrencies, including Bitcoin. coincidentally the price drop of Bitcoin happened around the same time that Iran's internet was blacked out. many Iranians have mining operations or own cryptocurrencies and use them to trade with other countries instead of carrying cash. but during the 2-week blackout, everything stopped.

If you are interested, I wrote this medium article that explains Iran's Internet and how cryptocurrencies could help its people and why a decentralised internet is needed alongside decentralised currencies.

Lets debate.


Brief introduction to Joinmarket (coinjoin implementation), incl setup guides for RaspiBolt and RaspiBlitz nodes

To understand the purpose and functionality of Joinmarket, you should first understand the basics of the CoinJoin mechanism. Some basic level introduction to CoinJoin can be found here:

https://bitcoinmagazine.com/articles/coinjoin-combining-bitcoin-transactions-to-obfuscate-trails-and-increase-privacy-1465235087 (includes a brief description of Joinmarket as well)

https://en.bitcoin.it/wiki/CoinJoin


What is Joinmarket?

Joinmarket is essentially a wallet with a very specific purpose: it enables users to do automated coinjoins (mixing of UTXOs) with each other. The user can assume the role of a Maker, offering their coins as being available for coinjoins, thus providing liquidity and earning small fees if their coins are being chosen for a mixing round. Or the user can assume the role of a Taker, choosing from the pool of available coins to initiate a mixing round.

Of course, the roles are not permanently fixed and the user can switch between them at any time desired. The coins never leave the user’s wallet and can be transferred out at any given point in time, so the wallet is non-custodial and trustless. Joinmarket requires the user to use their own node for that purpose.

So besides the basic wallet functionality, Joinmarket serves as a platform to match coinjoin Makers and Takers. Both profit in increased privacy for their coins, and Makers additionally profit from the small fees the Takers pay. The matching and mixing processes happen automatically, users only need to adjust some few settings (or simply use the default ones), fund their wallet and run the software.

For the role of a Maker the user runs the “Yield Generator” (automated script creating an offer), and for the role of a Taker there are two options of either sending a single coinjoined payment or to run the “Tumbler” for multiple coinjoins. Again, all these are automated functions, only requiring the funding of the wallet and starting the software with some few parameters.

Although Joinmarket has been available for almost four years and has a dedicated user base (and a stable liquidity pool), there is quite a hurdle for the set up as it requires working with command line interface. But it can be done by simply copypasting commands from the various guides. There is also a basic GUI (graphic user interface) available after the set up process.

More information:

Bitcoin Wiki (high level overview): https://en.bitcoin.it/wiki/JoinMarket

GitHub (source code, installation, technical infos): https://github.com/JoinMarket-Org/joinmarket

Video presentation by u/belcher_ (one of the creators): https://www.youtube.com/watch?v=hJZnkm0jW5E

Video demo by u/waxwing (one of the creators): https://www.youtube.com/watch?v=hwmvZVQ4C4M

Joinmarket subreddit: https://reddit.com/r/joinmarket/


Joinmarket set up guide for RaspiBolt: https://github.com/kristapsk/raspibolt-extras/blob/master/joinmarket.md

RaspiBlitz: https://github.com/openoms/bitcoin-tutorials/blob/master/joinmarket/README.md

[Note: if you only want to use Joinmarket as a Taker (using the Tumbler or the Sendpayment options) you don’t necessarily need the guides for RaspiBolt/RaspiBlitz. You can simply install Joinmarket on your desktop and let it connect to your node (you only need to adjust the joinmarket.cfg file, and possibly your bitcoin.conf file on your node, so Joinmarket can connect to it). You will need a running node in any case though (it can be a pruned node).

The reason why you would want to install Joinmarket on a Raspibolt/Raspiblitz itself is that when using the Maker feature (Yield Generator), it should be running continuously so Takers can take up your offer at any time they wish.]



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How Bitcoin Can Be Hacked. One Way to Do it. (Not clickbait)

I refer to this post at https://www.reddit.com/r/ethfinance/comments/e52zyc/vertcoin_network_sabotaged_by_another_51_attack/.

There is something we can learn from this event. Vertcoin is a fork of Bitcoin protocol. So by right, technically, if Vertcoin can be attacked successfully, so can Bitcoin. Although maybe nobody have yet to figure out the way, sometime in the past I have a rough idea on how this can be made possible. While Vertcoin was successfully attacked by way of having more than 50% of its hashing power, the same requirement may not be necessary with Bitcoin, as we understand the longest chain takes precedence to become the main chain. So the question is, how can an attacker successfully reorg the Bitcoin chain cheaply, without having majority hashing power, and still be able to create the longest chain?

Theoretically, I can think of one approach. Here's how I think it is possible.

  1. An attacker (with full node of Bitcoin blockchain for all its historical data) process his mining offline, while continue to maintain the full node online, for most current data feed purpose.
  2. With this offline chain, the attacker possesses 100% of all the hashing power with no competition. Of course, this offline chain will still have all the actual historical record of all Bitcoin transactions details.
  3. With this 100% hashing power, the attacker identifies which block to reorg (no matter how old this block is) and re-mine all the blocks starting from there, offline, for their hashes.
  4. As he is the sole miner in his own offline chain, he will be able to overcome the mining difficulty and obtain all the hashes of all the blocks that will be reorged, up to the latest block.
  5. The attacker proceed to do multiple of his own transactions (offline, of course) beyond the most current transactions that are being done on the online chain, to obtain all the necessary hashes of his transactions.
  6. With all the hashes he found from reorg-ing his offline chain, he returns to the online chain that everyone is in, introduces all the hashes from all the way back to the block he intends to reorg up to the latest, plus further transactions of his own (already done offline, with all the needed hashes), and create the longest chain.

The idea is to take the mining difficulty offline (to make it manageable by eliminating miner competition by being the sole miner), figure out all the hashes of all the reorged blocks, offline, return to online mining, reorg the online chain by introducing all the new hashes found from offline mining to the online chain, and maintain the reorged chain as the longest chain to supplant the actual online Bitcoin blockchain.

Theoretically, with sufficient resource and expertise to do it optimally, the effort to reorg should be cheap, fast, and easy to implement, without the need to possess 51% mining power.

One constraint is that the attacker needs to mine his offline chain concurrently and in parallel with the online chain because he needs to keep track of the latest transaction details committed on the online block, to reorg them offline for the reorged hashes, that he will introduce online.

To be able to mine (or reorg) his offline chain concurrently and in parallel with the online chain, he will need a smart algorithm for that concurrency and parallelism. Such need for concurrency and parallelism is important NOT to reorg the chain, but to successfully supplant the actual online chain with the attacker's own newest transaction blocks for the longest chain.

Why a 51% hashing power is not necessary?

As mining is all about brute force + a lot of good luck, a miner does not necessarily need to have 51% hashing power to successfully mine a block, otherwise all small miners would die out already by now.

All he need is just damn good luck at the right time for that split second advantage (or maybe just 10 minutes minimum) to supplant the actual chain with his reorged chain successfully.

No need to have 51% mining power. And no need to have multi million budget to do it.

Disclaimer: My approach is just a theory.


How Bitcoin Can Be Hacked. One Way to Do it. (Not clickbait)

I refer to this post at https://www.reddit.com/r/ethfinance/comments/e52zyc/vertcoin_network_sabotaged_by_another_51_attack/.

There is something we can learn from this event. Vertcoin is a fork of Bitcoin protocol. So by right, technically, if Vertcoin can be attacked successfully, so can Bitcoin. Although maybe nobody have yet to figure out the way, sometime in the past I have a rough idea on how this can be made possible. While Vertcoin was successfully attacked by way of having more than 50% of its hashing power, the same requirement may not be necessary with Bitcoin, as we understand the longest chain takes precedence to become the main chain. So the question is, how can an attacker successfully reorg the Bitcoin chain cheaply, without having majority hashing power, and still be able to create the longest chain?

Theoretically, I can think of one approach. Here's how I think it is possible.

  1. An attacker (with full node of Bitcoin blockchain for all its historical data) process his mining offline, while continue to maintain the full node online, for most current data feed purpose.
  2. With this offline chain, the attacker possesses 100% of all the hashing power with no competition. Of course, this offline chain will still have all the actual historical record of all Bitcoin transactions details.
  3. With this 100% hashing power, the attacker identifies which block to reorg (no matter how old this block is) and re-mine all the blocks starting from there, offline, for their hashes.
  4. As he is the sole miner in his own offline chain, he will be able to overcome the mining difficulty and obtain all the hashes of all the blocks that will be reorged, up to the latest block.
  5. The attacker proceed to do multiple of his own transactions (offline, of course) beyond the most current transactions that are being done on the online chain, to obtain all the necessary hashes of his transactions.
  6. With all the hashes he found from reorg-ing his offline chain, he returns to the online chain that everyone is in, introduces all the hashes from all the way back to the block he intends to reorg up to the latest, plus further transactions of his own (already done offline, with all the needed hashes), and create the longest chain.

The idea is to take the mining difficulty offline (to make it manageable by eliminating miner competition by being the sole miner), figure out all the hashes of all the reorged blocks, offline, return to online mining, reorg the online chain by introducing all the new hashes found from offline mining to the online chain, and maintain the reorged chain as the longest chain to supplant the actual online Bitcoin blockchain.

Theoretically, with sufficient resource and expertise to do it optimally, the effort to reorg should be cheap, fast, and easy to implement, without the need to possess 51% mining power.

One constraint is that the attacker needs to mine his offline chain concurrently and in parallel with the online chain because he needs to keep track of the latest transaction details committed on the online block, to reorg them offline for the reorged hashes, that he will introduce online.

To be able to mine (or reorg) his offline chain concurrently and in parallel with the online chain, he will need a smart algorithm for that concurrency and parallelism. Such need for concurrency and parallelism is important NOT to reorg the chain, but to successfully supplant the actual online chain with the attacker's own newest transaction blocks for the longest chain.

Why a 51% hashing power is not necessary?

As mining is all about brute force + a lot of good luck, a miner does not necessarily need to have 51% hashing power to successfully mine a block, otherwise all small miners would die out already by now.

All he need is just damn good luck at the right time for that split second advantage (or maybe just 10 minutes minimum) to supplant the actual chain with his reorged chain successfully.

No need to have 51% mining power. And no need to have multi million budget to do it.

Disclaimer: My approach is just a theory.


FAQs, Resources, and Information Megathread

Introduction

This FAQ and information thread serves to inform both new and existing users about common Bitcoin topics that readers coming to this Bitcoin subreddit may have.

What is /r/bitcoincashbch?

The /r/bitcoincashbch reddit community was originally created as a community to discuss bitcoin. On the original /r/btc subreddit it was discovered that moderators were heavily censoring discussions that were not inline with their own opinions. People from all three camps (BCH, BSV, and BTC) all suffered from imposed arbitrary unilateral censorship, politically motivated and undisincentivized due to the vacuum of power and the lack of any real checks and balances. David Shares (/u/BitcoinXio), former BuzzFeed and alternative-news spam article extraordinaire, was the main perpetrator behind this censorship.

Once realized, the subreddit subscribers began to openly question the censorship which led to virtually the entire BSV community being censored, the BTC community being picked off from the bottom up, and all other dissenters getting outcasten as blasphemers against Bitcoin ABC. Reasons for censorship include unfair standards on arbitrarily defined "abuse" while allowing much much worse abuse to occur, unfair standards on arbitrarily defined spam, flat-out lies, and personal grudges. Although many emails and interactions were endeavored, no intervention from the bitcoin.com leadership ever resolved the issues. Many of us are still banned to this day, despite doing everything in our power to try to be let back in and take second chances or ask for a fair trial of our actions.

Why is censorship bad for Bitcoin?

As demonstrated above, censorship has become prevalent in almost all of the major Bitcoin communication channels.  "Censorship can really hinder a society if it is bad enough. Because media is such a large part of people’s lives today and it is the source of basically all information, if the information is not being given in full or truthfully then the society is left uneducated [...] Censorship is probably the number one way to lower people’s right to freedom of speech." It's important to think critically and independently, and have an open mind.

What is the goal of /r/bitcoincashbch?

This subreddit is a diverse community dedicated to the success of bitcoin. /r/bitcoincashbch honors the spirit and nature of Bitcoin being a place for open and free discussion about Bitcoin without the interference of moderators. The only real thing regulated by moderators is interpersonal conduct, as initiating personal attacks are not allowed. We enforce this rule to keep a positive, cohesive, and friendly atmosphere. Subscribers at anytime can look at and review the public moderator logs.

What is Bitcoin?

Bitcoin is a digital currency, also called a virtual currency, which can be transacted for a low-cost nearly instantly from anywhere in the world. Bitcoin also powers the blockchain, which is a public immutable and decentralized global ledger. Unlike traditional currencies such as dollars, bitcoins are issued and managed without the need for any central authority whatsoever. There is no government, company, or bank in charge of Bitcoin. As such, it is more resistant to wild inflation and corrupt banks. With Bitcoin, you can be your own bank. Read the Bitcoin whitepaper to further understand the schematics of how Bitcoin works.

What is Bitcoin Cash?

Bitcoin Cash (ticker symbol: BCH) is an updated version of Bitcoin which solves the scaling problems that have been plaguing Bitcoin Core (ticker symbol: BTC) for years. Bitcoin (BCH) is just a continuation of the Bitcoin project that allows for bigger blocks which will give way to more growth and adoption. You can read more about Bitcoin on BitcoinCash.org or read What is Bitcoin Cash for additional details.

How do I buy Bitcoin?

You can buy Bitcoin on an exchange or with a brokerage. If you're looking to buy, you can buy Bitcoin with your credit card to get started quickly and safely. Make sure to do your homework first before choosing an exchange to ensure you are choosing the right one for you. See below in "Resources" for more information.

How do I store my Bitcoin securely?

After the initial step of buying your first Bitcoin, you will need a Bitcoin wallet to secure your Bitcoin. Knowing which Bitcoin wallet to choose is the second most important step in becoming a Bitcoin user. Since you are investing funds into Bitcoin, choosing the right Bitcoin wallet for you is a critical step that shouldn’t be taken lightly. Use this guide to help you choose the right wallet for you.

Why is my transaction taking so long to process?

Bitcoin transactions typically confirm in ~10 minutes. A confirmation means that the Bitcoin transaction has been verified by the network through the process known as mining. Once a transaction is confirmed, it cannot be reversed or double spent. Transactions are included in blocks.

If you have sent out a Bitcoin transaction and it’s delayed, chances are the fee you used wasn’t enough to out-compete others causing it to be backlogged. The transaction won’t confirm until it clears the backlog. This typically occurs when using the Bitcoin Core (BTC) blockchain due to poor central planning.

If you are using Bitcoin (BCH), you shouldn't encounter these problems as the block limits have been raised to accommodate a massive amount of volume freeing up space and lowering transaction costs.

Why does my transaction cost so much, I thought Bitcoin was supposed to be cheap?

As described above, transaction fees have spiked on the Bitcoin Core (BTC) blockchain mainly due to a limit on transaction space. This has created what is called a fee market, which has primarily been a premature artificially induced price increase on transaction fees due to the limited amount of block space available (supply vs. demand). The original plan was for fees to help secure the network when the block reward decreased and eventually stopped, but the plan was not to reach that point until some time in the future, around the year 2140. This original plan was restored with Bitcoin (BCH) where fees are typically less than a single penny per transaction.

What is the block size limit?

The original Bitcoin client didn’t have a block size cap, however was limited to 32MB due to the Bitcoin protocol message size constraint. However, in July 2010 Bitcoin’s creator Satoshi Nakamoto introduced a temporary 1MB limit as an anti-DDoS measure. The temporary measure from Satoshi Nakamoto was made clear three months later when Satoshi said the block size limit can be increased again by phasing it in when it’s needed (when the demand arises). When introducing Bitcoin on the cryptography mailing list in 2008, Satoshi said that scaling to Visa levels “would probably not seem like a big deal.”

What is the block size debate all about anyways?

The block size debate boils down to different sets of users who are trying to come to consensus on the best way to scale Bitcoin for growth and success. Scaling Bitcoin has actually been a topic of discussion since Bitcoin was first released in 2008; for example you can read how Satoshi Nakamoto was asked about scaling here and how he thought at the time it would be addressed. Fortunately Bitcoin has seen tremendous growth and by the year 2013, scaling Bitcoin had became a hot topic. For a run down on the history of scaling and how we got to where we are today, see the Block size limit debate history lesson post.

What is a hard fork?

A hard fork is when a block is broadcast under a new and different set of protocol rules which is accepted by nodes that have upgraded to support the new protocol. In this case, Bitcoin diverges from a single blockchain to two separate blockchains (a majority chain and a minority chain).

What is a soft fork?

A soft fork is when a block is broadcast under a new and different set of protocol rules, but the difference is that nodes don’t realize the rules have changed, and continue to accept blocks created by the newer nodes. Some argue that soft forks are bad because they trick old-unupdated nodes into believing transactions are valid, when they may not actually be valid. This can also be defined as coercion, as explained by Vitalik Buterin.

Doesn't it hurt decentralization if we increase the block size?

Some argue that by lifting the limit on transaction space, that the cost of validating transactions on individual nodes will increase to the point where people will not be able to run nodes individually, giving way to centralization. This is a false dilemma because at this time there is no proven metric to quantify decentralization; although it has been shown that the current level of decentralization will remain with or without a block size increase. It's a logical fallacy to believe that decentralization only exists when you have people all over the world running full nodes. The reality is that only people with the income to sustain running a full node (even at 1MB) will be doing it. So whether it's 1MB, 2MB, or 32MB, the costs of doing business is negligible for the people who can already do it. If the block size limit is removed, this will also allow for more users worldwide to use and transact introducing the likelihood of having more individual node operators. Decentralization is not a metric, it's a tool or direction. This is a good video describing the direction of how decentralization should look.

Additionally, the effects of increasing the block capacity beyond 1MB has been studied with results showing that up to 4MB is safe and will not hurt decentralization (Cornell paper, PDF). Other papers also show that no block size limit is safe (Peter Rizun, PDF). Lastly, through an informal survey among all top Bitcoin miners, many agreed that a block size increase between 2-4MB is acceptable.

What now?

The core Bitcoin protocol is set in stone, but the various implementation are working on various scaling, privacy, and operability/programmability enhancements. The best way you can contribute to Bitcoin is by building on and using Bitcoin. Start a small business, program a useful application, perform jobs for others in return for Bitcoin Cash, and pay others in Bitcoin Cash when and where possible. We can't get rid of fiat currency by sitting on our hands. The time for change is now.

Resources:

Wallets:

Bitcoin.com (mobile)

Electron Cash (desktop)

Badger (mobile)

Ways to buy Bitcoin Cash:

Bitcoin.com

Coinbase.com

Local.bitcoin.com

Also: Robinhood (allows you to invest in Crypto and Stocks, but you don't control the crypto).

Ways to Spend Bitcoin Cash:

Bitpay.com

Purse.io

Haven

Bitcoin Cash Powered Social Media:

Memo.cash

Member

Read.cash

BCH-Positive YouTube Channels:

Bitcoin.com

Bitcoin BCH

The Future of Bitcoin

Decentralized Thought

Collin Enstad



Trace Mayer: "the eight largest exchanges hold more than 1.925 million BTC»

https://preview.redd.it/5fredegb9d241.jpg?width=900&format=pjpg&auto=webp&s=918aae78cafbea9217e652f62f77938518a1840a

Cryptocurrency entrepreneur Trace Mayer expressed concern that the 8 largest cryptocurrency exchanges are stored 1.925 million BTC worth about $14 billion.

In a tweet, trace Mayer noted that such a volume of BTC stored in exchange wallets poses a danger to the entire industry:

"More than 1.925 million BTC are allegedly stored in the wallets of the exchanges Coinbase, BitMEX, Bitstamp, Bitfinex, Kraken, Bittrex, Coincheck and Poloniex, and are just waiting to be stolen, as has happened many times before."

Mayer refers to many cases of hacking cryptocurrency exchanges. Only in 2019, the upbit, VinDAX, Bitpoint, Bitrue, Binance, Bithumb, DragonEX and Cryptopia exchanges suffered from the actions of hackers.

In the event of security problems on any of the major exchanges mentioned by Mayer, BTC can be lost for a long time or forever. Recently, the analytical company CipherTrace reported that according to the results of the 3rd quarter of 2019, losses from criminal activity in the crypto-currency industry reached $4.4 billion.

Trace Mayer is not the first time to Express concern that users do not control the private keys of their cryptocurrencies. In December last year, Mayer asked that the community on the anniversary of Bitcoin is to move all your BTC to their own wallets. His "proof of the keys" plan has found many supporters, including some well-known people in the industry, such as Nick Szabo.

#bitcoin #exchanges #cryptocurrencies #TraceMayer #security


[uncensored-r/BitcoinMarkets] [Daily Discussion] Tuesday, December 03, 2019

The following post by AutoModerator is being replicated because some comments within the post(but not the post itself) have been silently removed.

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The original post's content was as follows:


Thread topics include, but are not limited to:

  • General discussion related to the day's events
  • Technical analysis, trading ideas & strategies
  • Quick questions that do not warrant a separate post

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[uncensored-r/Bitcoin] Is there a tool to sell a bet?

The following post by cnkumar20 is being replicated because some comments within the post(but not the post itself) have been silently removed.

The original post can be found(in censored form) at this link:

np.reddit.com/r/ Bitcoin/comments/e5czbj

The original post's content was as follows:


if i have a bet on a future event with bitcoin as a currency , is there a way I can sell that bet overtime before the event occurs, If I feel I might loose or on even when the bet has gained value overtime depending on likely of positive result (like passing hot potato)

NOTE: btc is just a popular currency i have used as to explain, it could be any currency I can afford (LOL)