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Saturday, November 13, 2021
The AIBC Conference in Malta from 15th to 19th November is seen as one of the world's premier blockchain and crypto events. Speakers include Justin Sun of Tron, Brooke Pierce of the Bitcoin Foundation, and Ivan on Tech from Youtube.
The AIBC Conference in Malta from 15th to 19th November is seen as one of the world's premier blockchain and crypto events. Speakers include Justin Sun of Tron, Brooke Pierce of the Bitcoin Foundation, and Ivan on Tech from Youtube.
We'll be showcasing CryptoPerformance at the AIBC Conference, and we'd like to encourage you to join us! You can find us at Booth S63.
#AIBCconference #CPCblockchain #CPCchain #blockchain #business #digital #future #opportunity #cryptoperformance #finance #financialindependence #fintech #cryptomarket #elite #cryptonaires #onlinesecurity #justinsun #bitcoin #brookepierce #malta
Why Nobody Can Hack a Blockchain
A typical slip-up that new cryptographic money financial backers make is to confound the hacking of a blockchain with that of a computerized trade. Though tragically concentrated advanced trades get hacked more than they ought to, decentralized blockchain hacks are exceptionally uncommon, as they are difficult to accomplish and give minimal motivation to do.
In this post, we see what makes blockchains — as applied in the digital money area — impenetrable to security breaks. Cryptocurrency Frauds
What Makes a Blockchain Withstand Hacks?
Decentralized and Open-Source Protocols
The blockchains behind most cryptographic forms of money are shared (P2P), open-source and public, permitting everybody with the right hardware and information to look in the engine. This is essential to cultivate straightforwardness and draw in purchasers.
A blockchain includes distinctive innovative instruments cooperating towards a shared objective. For example, there are agreement instruments like proof of work (PoW) and proof of stake (PoS) that ensure the organization by alleviating digital assaults from programmers.
A blockchain's decentralized nature implies that its organization is dispersed across numerous PCs known as hubs. This wipes out a weak link. At the end of the day, it is basically impossible to "cut the head off the snake" — on the grounds that there isn't any head.
The design of a blockchain decides how the hubs coordinate in checking an exchange prior to being focused on the convention. On account of Bitcoin and other PoW frameworks like Bitcoin Cash, at least 51% of the hubs should consent to the exchange before responsibility.
Hashing Algorithm
Every exchange is known as a square, and the interconnection of a few exchanges turns into a blockchain. Outstandingly, a square has cryptographic components that make it remarkable. An organization's hashing calculation decides the subtleties. For instance, the Bitcoin blockchain utilizes the twofold SHA-256 hash work, which takes exchange information and hashes/packs it into a 256-cycle hash.
By making it difficult to turn around the hashed esteem, an exchange becomes unyielding. Each square in a chain contains a particular arrangement of information from the past block. In this way, regardless of whether a malignant entertainer picks apart the hash, the resultant square would be out of sync with the remainder of the squares since it will have an alternate hash yield, hence making the framework reject it.
51% Attacks Are Improbable
The more extended a blockchain exists and the more new clients it draws in, the more outlandish it is to experience a 51% assault because of its developing hash power.
Note that for a programmer to pick apart an exchange's hash, they need to control basically 51% of a blockchain's power.
This turns out to be restrictively costly at one point. Along these lines, considering the size of set up blockchains like Ethereum and Bitcoin, such a situation is almost unthinkable.
What might be said about Quantum Computing?
Another justification for why it's significantly harder to hack a blockchain is that on the off chance that the square being re-hashed is at the center of the chain, the aggressor would need to re-hash past squares to adjust their chronicled stamp to the new square.
For Bitcoin, this is just conceivable with the up and coming age of quantum processing, which right now doesn't exist. What's more, in any event, when it does, who's to say there will not be a blockchain-based quantum guard system to moderate quantum assaults?
PoS-Based Hacks
In PoS-based frameworks, stakes decide the strength of the organization. To intricate, this implies those clients who have appointed or effectively locked their local blockchain resources for take an interest in exchange handling and tracking down new squares. On such frameworks, an assault happens when a programmer controls a greater part of the stake.
This is conceivable when the programmer amasses more than 51% of all coins available for use. For legitimate organizations like the advancing Ethereum 2.0 stage, this is everything except inconceivable. Envision attempting to find the assets to purchase up 51% of ETH's current $68 billion market cap!
Financial aspects of a 51%
You can't organize a covertness 51% assault without making a lot of shortage, as your buying of coins will make the accessible ones soar in worth to staggeringly significant levels. Alternately, when the blockchain members discover you own a greater part of the coins, they will probably sell their possessions, subsequently slumping the market with overabundance supply. So you'll wind up purchasing high, and selling low!
How Do Blockchains (Rarely) Get Hacked Then? Reply: Hash Rate
Great inquiry. It comes down to the strength of an organization. Outstanding 51% assault casualties incorporate Ethereum Classic, Bitcoin Gold, Electroneum, and most as of late Grin. The Ethereum Classic organization utilizes the PoW agreement calculation. In spite of the fact that Bitcoin utilizes a similar calculation, ETC has a much lower number of hubs and diggers getting the framework. Accordingly, it has lesser handling power, making it simpler for an aggressor to take control.
The Future of Blockchain Hacks
Up until this point, no one has without any help hacked a blockchain. All things considered, it's typically a gathering of malevolent entertainers or the center dev group that work together to break a blockchain's security. Nonetheless, as blockchain stages get more grounded through an expansion of hubs or stakers, the chance of hacking a decentralized organization is progressively moving towards nothing.
Also, more up to date blockchain frameworks use scholastically demonstrated procedures that would require profoundly specific quantum PCs to hack.
To summarize everything — assuming you at any point hear somebody saying that a "blockchain was hacked!" you currently have the devices to (affably) right them and send them out the door.
This article contains connections to outsider sites or other substance for data purposes just ("Third-Party Sites"). The
/r/technology top posts: Nov 13, 2021
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You shall not pinch to zoom: Rittenhouse trial judge disallows basic iPad feature\ (4849 comments)
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Paralysed mice walk again after gel is injected into spinal cord\ (1321 comments)
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International Space Station swerved to narrowly avoid Chinese space junk. A major impact would be a disaster\ (374 comments)
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Johnson & Johnson plans to split into two companies, separating consumer health business\ (283 comments)
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Discord Backs Off of Crypto After Entire Internet Yells at CEO\ (140 comments)
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Microsoft to Block Windows 11 Browser Workarounds\ (130 comments)
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The Metaverse Is the Ultimate Surveillance Tool | Silicon Valley is rushing to build the next big thing and people should be skeptical of their intent.\ (95 comments)
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Technology Requirement In Infrastructure Bill Means New Cars Will Be Equipped With Anti-Drunk Driving Sensors\ (90 comments)
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Gen Z is behaving recklessly online - and will live to regret it\ (36 comments)
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Vizio’s profit on ads, subscriptions, and data is double the money it makes selling TVs\ (34 comments)
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Tesla vehicle in ‘Full Self-Driving’ beta mode ‘severely damaged’ after crash in California\ (30 comments)
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The Facebook — now Meta — exec leading the metaverse mission reportedly said VR can be 'toxic,' and it will be 'practically impossible' to moderate how people behave\ (26 comments)
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Costco discloses data breach after finding credit card skimmer\ (25 comments)
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Miami Mayor Wants to Give Residents Free Bitcoin, Become Tax-Free City\ (24 comments)
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Space Launch Start-Up Just Used A Giant Centrifuge To Fling A Projectile Into The Upper Atmosphere\ (22 comments)
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iPhone X with USB-C port sells for $86,001 on eBay\ (16 comments)
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State Department urgently tells employees to change passwords 'immediately'\ (10 comments)
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OWC Announces PCIe SSD Capable of 26GB/s Data Transfer and 64TB Capacity\ (10 comments)
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It’s electric inside Seattle’s auto show: Ford F-150 Lightning, BMW iX and driving Bill Gates’ Porsche\ (7 comments)
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Fifty percent of Facebook Messenger’s total voice traffic comes from Cambodia. Here’s why | Keyboards weren't designed for Khmer. So Cambodians have just decided to ignore them\ (5 comments)
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China's JD sold $15.6 million of iPhone 13 in first two seconds of sales event\ (3 comments)
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Hackers Targeted Apple Devices in Hong Kong for Widespread Attack\ (2 comments)
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Snap sued for misrepresenting impact of Apple privacy changes\ (1 comments)
Are you wondering what exactly everyone’s talking about when they mention the Bitcoin top? Here’s an intro about Bitcoin blow-off tops.
If you follow discussions about the price at the moment, you see more and more people voicing strong opinions if the Bitcoin price reached its peak or not. The underlying question considers whether Bitcoin will have another lengthy bear market at all. To form your own opinion, it helps to know more about the discussed price movements. Bitcoin’s price shifts considerably, so it’s hard to distinguish the top from Bitcoin’s regular shenanigans.
A blow-off top shows a rapid price increase during which you can expect significant FOMO. Then, a steep drop follows. Both movements tend to happen with high volume, the amount of Bitcoin traded per time period. In the past two halving cycles, blow-off tops marked the start of bear markets that brought Bitcoin down by ~80%.
This description has been rather abstract so far, so let’s take a look at the actual tops from 2013 and 2017.
2013 and 2017 Halving Cycle Comparison
As you can see, both cycles had a price pullback shortly before the top. The local top before this pullback, if it happens again, will be misidentified as the top by many investors. Then, Bitcoin has another incredible rally to the blow-off top before it cracks with force in the other direction.
When Bitcoin begins its downtrend, it might be interrupted by brief periods of recovery. Bitcoin’s price rises, and investors start buying again with the expectation of the bull run to continue. Nevertheless, the price doesn’t reach the price levels of the prior blow-off top and continues its prolonged decline.
Consider indicators that your idea of the situation is wrong rather than right. What if the price climbs back up dangerously close to the point you identified as blow-off top? In this case, Bitcoin might very well continue a walk to higher prices in a last-cycle/supercycle scenario. What if the supposed last pullback before the top starts to look dangerously like an actual blow-off top? Thinking like this keeps you grounded and prepares you for these emotional situations.
Knowing about the past cycles is a powerful help, but you shouldn’t blindly assume that history will repeat itself. Nevertheless, you can prepare well in case it rhymes. Take the time to contemplate how different events will affect your plan and how you want to act in specific situations. I hope this has contributed to helping you stay in control in the turbulent times ahead.
If you like intros like this, consider checking out my weekly newsletter, The Bitcoin Espresso ☕ .
If you’re unsure about the relevance of halving cycles, you can also check out my recent post about the topic.
Friday, November 12, 2021
Bitcoin is possibly the biggest scam in human history.
If Bitcoin became the global currency, it could be the biggest, cleverest scam in human history. If Bitcoiners could convince the world to use their 21 million digital tokens to buy and sell EVERYTHING, it’s pretty easy to understand that each of those tokens would represent thousands of times more buying power than they do today. Over time, as hundreds of trillions of dollars worth of buying power became condensed into a mere 21 million digital tokens, the earliest “adopters” who saved as much bitcoin as they could as early as they could, would see their buying power grow exponentially without doing any work or adding any value to the economy themselves.
The earliest “adopters” could outbid most of the “late adopters” for real estate, cars, or anything really, and still have plenty of buying power remaining to do it again and again. The only people they would have to worry about or compete with would be other mega-rich “early adopters” but since there would be relatively few of them there wouldn’t be much competition to worry about. They could buy up large segments of the real estate market and increase the rent, making them even richer yet again, and all the “late adopters” would have relatively little leverage or buying power to fight back. You could try building more housing, but the “early adopters” keep outbidding everyone on building materials too, just so they can hoard it and create artificial scarcity.
Ultimately, if bitcoin became the global currency it would mean that a bunch of clever greedy parasites managed to scam most of the world into selling them almost everything for next to nothing. I think it would make a great movie, but I’d much rather see it as fiction than based on real events.
A Myth, a Legend, some Rumours & Facts
This is going to be a post about the myths, legends, rumours and facts of Shiba.
Lets start right away:
A myth is Shiba has Whales that control a large percentage of Shiba. This is a big myth and is easily explained by looking at the Top holders of Shiba. The number 1 holder is a dead wallet, where Shiba is burned permanently. This causes incorrect figures on coinmarketcap as you will see below:
Top 11 Wallets (1st is a dead wallet)
As you can clearly see coinmarketcap actually includes the dead wallet in the Top 10 Holders percentage calculations. I deem this a myth and you can review all the data raw directly from their site: https://coinmarketcap.com/currencies/shiba-inu/holders/ . Frustrating to see as news articles pick this up and continue to perpetuate this myth, but now you know or you already you knew and you can spread the news.
Rumour Answered: Is Robinhood going to list Shiba? - Strong possibility is a yes. There seems to be a delay but then that would be down to ensuring that they have adequate supply, risk assessment for Shiba pricing but the most importantly in light of the recent security issue they would need to get their house in order first. They are in a very serious situation right now and need to have it fixed, we do not want a compromised exchange selling Shiba.
Rumour Answered: Is Kraken going to list Shiba? - All answers point to a yes, whenever someone asks their Twitter help they do confirm that the listing of Shiba is a yes but cannot confirm when. Again this is ensuring they have adequate supply.
Fact Discussed: I think I should clarify how this generally works with the exchanges - what they will do is typically approach developers first. All good cryptos have a point of contact for exchange listings for general promotion of the crypto which also includes ensuring there is good liquidity, some cryptos sell to exchanges at deep discounts as the exchange agrees a minimum level of service in terms of trade.
For instance/example Robinhood sent a email questionnaire out with a list of a few cryptos including Shiba, which allowed a respondent to choose cryptos they liked. This would allow Robinhood to compare demand for each one and because some cryptos on that list were already trading on Robinhood they know roughly what the demand could be for one vs another, (provided they had enough data cohorts to form a trend). So for example if they send it out to 100 people and it has BTC, ETH and Shiba, with a response of 80% 10% 10% respectively they would glean from that the demand for Shiba would be similar to ETH. If the reply was 20% 20% 60% respectively then they would know that Shiba is going to be quite a popular currency at 3x BTC or 3x ETH's demand.
Furthermore, the developers usually sell direct to the exchange without making the sale public in terms of showing on official figures - if this was a stock exchange then typically (in most instances) the treasury of the company would be required to disclose this but because the cryptos themselves are generally unregulated there is no requirement for them to make this.
Therefore when you see very large transactions take place and you wonder why it didn't affect the price then its usually an exchange having liquidity made available by the developers. Most of the time the exchanges won't actually pay a penny for this and the funds only start coming in once customers start buying hence why the price won't increase. But in cases where the crypto is hugely popular then they will make a payment and sometimes a premium over the long term!
The exchanges mostly use an internal ledger system so they will report the transactions back to the developer or other requisite party, but they do not report the actual internal addresses within their system unless the authorities require them to do so for criminal purposes. So once we all start buying on these exchanges the price will then start rising as this goes from the unsold liquidity pool to the allocated accounts pool.
The exchanges may then offer their clients options to stake i.e. provide additional liquidity to assist the exchange in providing liquidity if their are unforeseen issues hence why you have termed staking periods (instant access, 1 month, 3 months and so on...) this allows an exchange to not break any clauses within its request for liquidity from the developer and avoids the exchange from paying a premium over and above what they require. Don't forget they have pre-purchased this at a heavily discounted price, in some cryptos it could be as great as 50% or even more for those that have not issued their whole supply.
Exchanges also offer margin trading too which is a great way to make quick money as you can usually wipe out the smaller margin traders within a few trades but they keep coming back as its akin to gambling. Now here's my little secret of how to make money in cryptos and one we've been doing with equity/shares/bonds for many years and its so simple.. price arbitrage. I did this with a few less well known coins this past weekend, but you will see that Coinbase for example is usually slightly slower in updating its price than Crypto.com so you have a chance for about 30 seconds to see if something is falling or rising allowing you to jump out. Anyway this is a trading topic which I will leave for another post.
Legend has it that you will lose all your money if you leave it in an exchange. Well this was prevalent some years back with Bitcoin, but with regulated exchanges (ones that ask for your KYC etc.. ) you will find that they have certain criteria they have to meet with the regulators to provide a certain level of protection for you in the event of hacks etc... also exchanges could help you undo an internal transaction if you really mess up in a big way... but rarely. I read an analogy that buying coins with an exchange and leaving it in the exchange is like buying a sofa and leaving it in the shop. Well I think that's rather fallacious, a good fallacy but a fallacy nonetheless.
When you buy shares/bonds in a traditional financial setting you contact a stockbroker for instance who arranges to buy the stock/bond for you. You need to have it in a stockbroking account nowadays rather than the old paper shares or bearer bonds, same principle with coins, you buy it and leave it in the exchange. Taking it out is like walking down the road with bearer shares, someone could steal it and its now 100% theirs. You could trip up and the wind takes it (akin to forgetting your passcodes etc...).
I do recommend if you have super significant holdings to speak to banks on how to protect yourself - the biggest private banks offer these services and have done for the last 3 years so they are used to coin millionaires - they will ensure your taxes are dealt with in an efficient way too. Some may recommend you create a trust and transfer some of the holdings to a trust (you incur a gain when you do this), but then afterwards the trust will be a separate, usually offshore entity legally avoiding any taxes - again a bank will direct you on this. Do not trust anyone in forums or on websites - physically goto a big private bank like JP Morgan, UBS, Credit Suisse, Coutts (the Queen uses this one - minimum $5m wealth to open facilities with them).
Rumours of Kanya West being part of Shiba because Shytoshi tweeted about it is just a rumour and completely unnecessary to be spread. Shiba does not need one character to represent us in order to be mainstream - Shiba is mainstream. It is better for us to have 100 characters, I always ask the question what happens if Elon Musk passes away for whatever reason tomorrow... how much of Tesla's share price is directly attributable to him. We never want this situation of one star, its better to have many so no one star can control the price of Shiba. What if they get a better secret offer from another coin one day - they could say what they like and damage Shiba. Be careful of anointing kings or queens.
Fact, Shiba has for weeks now battered twitter non-stop with tweets, so much so that we are now rarely mentioned as trending but we are always trending! This is a great thing and we should keep going. Shiba is listing on other exchanges, we had a listing on an indian exchange DCX:
Finally I just want to say thank you to all of you for really positive comments and for taking your valuable time out of your busy day to read what I write here. Keep messaging me topics you'd like me to cover and I will research it for you guys as best as I can. Thank you.
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