Craig Wright Claims Satoshi Nakamoto 'Never ... - Bitcoin News

r/FCH Frequently Asked Questions (FAQ)

What is FCH ?
fch was created to foster and support free and open FreeCash discussion, FreeCash news, and exclusive AMA (Ask Me Anything) interviews from FreeCash early participants and developers! FreeCash is a free-evolved electronic currency system. A distributed, worldwide, decentralized cryptocurrency. It is the upgrade of Bitcoin and Bitcoin Cash system with new features and lower cost to take experiment on.

What is FreeCash (FCH)
FreeCash (FCH) is an improvement of Nakamoto’s original Bitcoin framework. It summarizes the experience of bitcoin development in the past 11 years and upgrades the underlying framework of BTC and BCH due to the existing problems of both. FreeCash is implemented with Governance Funds to intensive the contribution to the ecosystem by rewarding developers, it also support harmony forking to keep reproductive and prosperity.
For more information about FreeCash, please visit https://www.reddit.com/FCH/comments/fr3cbz/freecash_is_an_upgrade_of_satoshi_nakamotos/

What is the Governance Funds? How does it work?
The Governance Funds is an inner intensive funds generated from coinbase to encourage the developers and contributors, it is a part of the Proof of Work consensus. Instead of giving all the block rewarding to the miners FCH takes a certain amount to the Governance Funds.
The Governance Funds is distributed every 144000 blocks (approximately 4 months) by the assessment of the contribution. There would be Assessment committees consisted with the contributors with the most contributions in the last term to evaluate the weight.
To see how to submit your contribution, please visit: https://www.reddit.com/FCH/comments/fr3z44/governance_funds_the_first_contribution_assessment/

How does it support forking?
Ecology encourages fork competition. Under the premise of reorganization protection, independent naming, and protection of property rights, official websites, browsers, wallets, and exchange will provide support for the fork in advance. The 100-day maturity period of the governance fund will ensure that the interests of the governance team and the competing team are compatible. Forking is no longer a war but a source of reproduction and prosperity.

What is CID? How does it work?
CID is the short term of Crypto Identity. It is the underling frame of the application layer built on FreeCash, with CID it would be very convenient to access to the different applications, which is like a common user name. The best example is like you can login Spotify with Facebook account, compared to this the Crypto Identity would be even easier. Since it is like a master key to every door of different applications. Not only in DAPP based on FreeCash, it is also connectable with traditional apps like WeChat, Snapchat... It is also necessary to register CID to participate in the Governance Distribution.
A person could have multiple addresses as well as CIDs, each CID could have multiple tags like "Developer", Translator" ... which is like your roles in the crypto world.
To see how to register CID, please visit: https://www.reddit.com/FCH/comments/fr83o4/how_to_register_cid/
submitted by SongyanXXX to FCH [link] [comments]

The core concepts of DTube's new blockchain

Dear Reddit community,
Following our announcement for DTube v0.9, I have received countless questions about the new blockchain part, avalon. First I want to make it clear, that it would have been utterly impossible to build this on STEEM, even with the centralized SCOT/Tribes that weren't available when I started working on this. This will become much clearer as you read through the whole wall of text and understand the novelties.
SteemPeak says this is a 25 minutes read, but if you are truly interested in the concept of a social blockchain, and you believe in its power, I think it will be worth the time!

MOVING FORWARD

I'm a long time member of STEEM, with tens of thousands of staked STEEM for 2 years+. I understand the instinctive fear from the other members of the community when they see a new crypto project coming out. We've had two recent examples recently with the VOICE and LIBRA annoucements, being either hated or ignored. When you are invested morally, and financially, when you see competitors popping up, it's normal to be afraid.
But we should remember competition is healthy, and learn from what these projects are doing and how it will influence us. Instead, by reacting the way STEEM reacts, we are putting our heads in the sand and failing to adapt. I currently see STEEM like the "North Korea of blockchains", trying to do everything better than other blockchains, while being #80 on coinmarketcap and slowly but surely losing positions over the months.
When DLive left and revealed their own blockchain, it really got me thinking about why they did it. The way they did it was really scummy and flawed, but I concluded that in the end it was a good choice for them to try to develop their activity, while others waited for SMTs. Sadly, when I tried their new product, I was disappointed, they had botched it. It's purely a donation system, no proof of brain... And the ultra-majority of the existing supply is controlled by them, alongside many other 'anti-decentralization' features. It's like they had learnt nothing from their STEEM experience at all...
STEEM was still the only blockchain able to distribute crypto-currency via social interactions (and no, 'donations' are not social interactions, they are monetary transfers; bitcoin can do it too). It is the killer feature we need. Years of negligence or greed from the witnesses/developers about the economic balance of STEEM is what broke this killer feature. Even when proposing economical changes (which are actually getting through finally in HF21), the discussions have always been centered around modifying the existing model (changing the curve, changing the split, etc), instead of developing a new one.
You never change things by fighting the existing reality.
To change something, build a new model that makes the existing model obsolete.
What if I built a new model for proof of brain distribution from the ground up? I first tried playing with STEEM clones, I played with EOS contracts too. Both systems couldn't do the concepts I wanted to integrate for DTube, unless I did a major refactor of tens of thousands of lines of code I had never worked with before. Making a new blockchain felt like a lighter task, and more fun too.
Before even starting, I had a good idea of the concepts I'd love to implement. Most of these bullet points stemmed from observations of what happened here on STEEM in the past, and what I considered weaknesses for d.tube's growth.

NO POWER-UP

The first concept I wanted to implement deep down the core of how a DPOS chain works, is that I didn't want the token to be staked, at all (i.e. no 'powering up'). The cons of staking for a decentralized social platform are obvious: * complexity for the users with the double token system. * difficulty to onboard people as they need to freeze their money, akin to a pyramid scheme.
The only good thing about staking is how it can fill your bandwidth and your voting power when you power-up, so you don't need to wait for it to grow to start transacting. In a fully-liquid system, your account ressources start at 0% and new users will need to wait for it to grow before they can start transacting. I don't think that's a big issue.
That meant that witness elections had to be run out of the liquid stake. Could it be done? Was it safe for the network? Can we update the cumulative votes for witnesses without rounding issues? Even when the money flows between accounts freely?
Well I now believe it is entirely possible and safe, under certain conditions. The incentive for top witnesses to keep on running the chain is still present even if the stake is liquid. With a bit of discrete mathematics, it's easy to have a perfectly deterministic algorithm to run a decentralized election based off liquid stake, it's just going to be more dynamic as the funds and the witness votes can move around much faster.

NO EARLY USER ADVANTAGE

STEEM has had multiple events that influenced the distribution in a bad way. The most obvious one is the inflation settings. One day it was hella-inflationary, then suddently hard fork 16 it wasn't anymore. Another major one, is the non-linear rewards that ran for a long time, which created a huge early-user advantage that we can still feel today.
I liked linear rewards, it's what gives minnows their best chance while staying sybil-resistant. I just needed Avalon's inflation to be smart. Not hyper-inflationary like The key metric to consider for this issue, is the number of tokens distributed per user per day. If this metric goes down, then the incentive for staying on the network and playing the game, goes down everyday. You feel like you're making less and less from your efforts. If this metric goes up, the number of printed tokens goes up and the token is hyper-inflationary and holding it feels really bad if you aren't actively earning from the inflation by playing the game.
Avalon ensures that the number of printed tokens is proportional to the number of users with active stake. If more users come in, avalon prints more tokens, if users cash-out and stop transacting, the inflation goes down. This ensures that earning 1 DTC will be about as hard today, tomorrow, next month or next year, no matter how many people have registered or left d.tube, and no matter what happens on the markets.

NO LIMIT TO MY VOTING POWER

Another big issue that most steemians don't really know about, but that is really detrimental to STEEM, is how the voting power mana bar works. I guess having to manage a 2M SP delegation for @dtube really convinced me of this one.
When your mana bar is full at 100%, you lose out the potential power generation, and rewards coming from it. And it only takes 5 days to go from 0% to 100%. A lot of people have very valid reasons to be offline for 5 days+, they shouldn't be punished so hard. This is why all most big stake holders make sure to always spend some of their voting power on a daily basis. And this is why minnows or smaller holders miss out on tons of curation rewards, unless they delegate to a bidbot or join some curation guild... meh. I guess a lot of people would rather just cash-out and don't mind the trouble of having to optimize their stake.
So why is it even a mana bar? Why can't it grow forever? Well, everything in a computer has to have a limit, but why is this limit proportional to my stake? While I totally understand the purpose of making the bandwidth limited and forcing big stake holders to waste it, I think it's totally unneeded and inadapted for the voting power. As long as the growth of the VP is proportional to the stake, the system stays sybil-resistant, and there could technically be no limit at all if it wasn't for the fact that this is ran in a computer where numbers have a limited number of bits.
On Avalon, I made it so that your voting power grows virtually indefinitely, or at least I don't think anyone will ever reach the current limit of Number.MAX_SAFE_INTEGER: 9007199254740991 or about 9 Peta VP. If you go inactive for 6 months on an account with some DTCs, when you come back you will have 6 months worth of power generation to spend, turning you into a whale, at least for a few votes.
Another awkward limit on STEEM is how a 100% vote spends only 2% of your power. Not only STEEM forces you to be active on a daily basis, you also need to do a minimum of 10 votes / day to optimize your earnings. On Avalon, you can use 100% of your stored voting power in a single mega-vote if you wish, it's up to you.

A NEW PROOF-OF-BRAIN

No Author rewards

People should vote with the intent of getting a reward from it. If 75% of the value forcibly goes to the author, it's hard to expect a good return from curation. Steem is currently basically a complex donation platform. No one wants to donate when they vote, no matter what they will say, and no matter how much vote-trading, self-voting or bid-botting happens.
So in order to keep a system where money is printed when votes happen, if we cannot use the username of the author to distribute rewards, the only possibility left is to use the list of previous voters aka "Curation rewards". The 25% interesting part of STEEM, that has totally be shadowed by the author rewards for too long.

Downvote rewards

STEEM has always suffered from the issue that the downvote button is unused, or when it's used, it's mostly for evil. This comes from the fact that in STEEM's model, downvotes are not eligible for any rewards. Even if they were, your downvote would be lowering the final payout of the content, and your own curation rewards...
I wanted Avalon's downvotes to be completely symmetric to the upvotes. That means if we revert all the votes (upvotes become downvotes and vice versa), the content should still distribute the same amount of tokens to the same people, at the same time.

No payment windows

Steem has a system of payments windows. When you publish a content, it opens a payment window where people can freely upvote or downvote to influence the payout happening 7 days later. This is convenient when you want a system where downvotes lower rewards. Waiting 7 days to collect rewards is also another friction point for new users, some of them might never come back 7 days later to convince themselves that 'it works'. On avalon, when you are part of the winners of curation after a vote, you earn it instantly in your account, 100% liquid and transferable.

Unlimited monetization in time

Indeed, the 7 days monetization limit has been our biggest issue for our video platform since day 8. This incentivized our users to create more frequent, but lesser quality content, as they know that they aren't going to earn anything from the 'long-haul'. Monetization had to be unlimited on DTube, so that even a 2 years old video could be dug up and generate rewards in the far future.
Infinite monetization is possible, but as removing tokens from a balance is impossible, the downvotes cannot remove money from the payout like they do on STEEM. Instead, downvotes print money in the same way upvotes do, downvotes still lower the popularity in the hot and trending and should only rewards other people who downvoted the same content earlier.

New curation rewards algorithm

STEEM's curation algorithm isn't stupid, but I believe it lacks some elegance. The 15 minutes 'band-aid' necessary to prevent curation bots (bots who auto vote as fast as possible on contents of popular authors) that they added proves it. The way is distributes the reward also feels very flat and boring. The rewards for my votes are very predictable, especially if I'm the biggest voter / stake holder for the content. My own vote is paying for my own curation rewards, how stupid is that? If no one elses votes after my big vote despite a popularity boost, it probably means I deserve 0 rewards, no?
I had to try different attempts to find an algorithm yielding interesting results, with infinite monetization, and without obvious ways to exploit it. The final distribution algorithm is more complex than STEEM's curation but it's still pretty simple. When a vote is cast, we calculate the 'popularity' at the time of the vote. The first vote is given a popularity of 0, the next votes are defined by (total_vp_upvotes - total_vp_downvotes) / time_since_1st_vote. Then we look into the list of previous votes, and we remove all votes in the opposite direction (up/down). The we remove all the votes with a higher popularity if its an upvote, or the ones with a lower popularity if its a downvote. The remaining votes in the list are the 'winners'. Finally, akin to STEEM, the amount of tokens generated by the vote will be split between winners proportionally to the voting power spent by each (linear rewards - no advantages for whales) and distributed instantly. Instead of purely using the order of the votes, Avalon distribution is based on when the votes are cast, and each second that passes reduces the popularity of a content, potentially increasing the long-term ROI of the next vote cast on it.
Graph It's possible to chart the popularity that influences the DTC monetary distribution directly in the d.tube UI
This algorithm ensures there are always losers. The last upvoter never earns anything, also the person who upvoted at the highest popularity, and the one who downvoted at the lowest popularity would never receive any rewards for their vote. Just like the last upvoter and last downvoter wouldn't either. All the other ones in the middle may or may not receive anything, depending on how the voting and popularity evolved in time. The one with an obvious advantage, is the first voter who is always counted as 0 popularity. As long as the content stays at a positive popularity, every upvote will earn him rewards. Similarly, being the first downvoter on an overly-popular content could easily earn you 100% rewards on the next downvote that could be from a whale, earning you a fat bonus.
While Avalon doesn't technically have author rewards, the first-voter advantage is strong, and the author has the advantage of always being the first voter, so the author can still earn from his potentially original creations, he just needs to commit some voting power on his own contents to be able to publish.

ONE CHAIN <==> ONE APP

More scalable than shared blockchains

Another issue with generalistic blockchains like ETH/STEEM/EOS/TRX, which are currently hosting dozens of semi-popular web/mobile apps, is the reduced scalability of such shared models. Again, everything in a computer has a limit. For DPOS blockchains, 99%+ of the CPU load of a producing node will be to verify the signatures of the many transactions coming in every 3 seconds. And sadly this fact will not change with time. Even if we had a huge breakthrough on CPU speeds today, we would need to update the cryptographic standards for blockchains to keep them secure. This means it would NOT become easier to scale up the number of verifiable transactions per seconds.
Oh, but we are not there yet you're thinking? Or maybe you think that we'll all be rich if we reach the scalability limits so it doesn't really matter? WRONG
The limit is the number of signature verifications the most expensive CPU on the planet can do. Most blockchains use the secp256k1 curve, including Bitcoin, Ethereum, Steem and now Avalon. It was originally chosen for Bitcoin by Satoshi Nakamoto probably because it's decently quick at verifying signatures, and seems to be backdoor-proof (or else someone is playing a very patient game). Maybe some other curves exist with faster signature verification speed, but it won't be improved many-fold, and will likely require much research, auditing, and time to get adopted considering the security implications.
In 2015 Graphene was created, and Bitshares was completely rewritten. This was able to achieve 100,000 transaction per second on a single machine, and decentralized global stress testing achieved 18,000 transactions per second on a distributed network.
So BitShares/STEEM and other DPOS graphene chains in production can validate at most 18000 txs/sec, so about 1.5 billion transactions per day. EOS, Tendermint, Avalon, LIBRA or any other DPOS blockchain can achieve similar speeds, because there's no planet-killing proof-of-works, and thanks to the leader-based/democratic system that reduces the number of nodes taking part in the consensus.
As a comparison, there are about 4 billion likes per day on instagram, so you can probably double that with the actual uploads, stories and comments, password changes, etc. The load is also likely unstable through the day, probably some hours will go twice as fast as the average. You wouldn't be able to fit Instagram in a blockchain, ever, even with the most scalable blockchain tech on the world's best hardware. You'd need like a dozen of those chains. And instagram is still a growing platform, not as big as Facebook, or YouTube.
So, splitting this limit between many popular apps? Madness! Maybe it's still working right now, but when many different apps reach millions of daily active users plus bots, it won't fit anymore.
Serious projects with a big user base will need to rethink the shared blockchain models like Ethereum, EOS, TRX, etc because the fees in gas or necessary stake required to transact will skyrocket, and the victims will be the hordes of minnows at the bottom of the distribution spectrum.
If we can't run a full instagram on a DPOS blockchain, there is absolutely no point trying to run medium+reddit+insta+fb+yt+wechat+vk+tinder on one. Being able to run half an instagram is already pretty good and probably enough to actually onboard a fair share of the planet. But if we multiply the load by the number of different app concepts available, then it's never gonna scale.
DTube chain is meant for the DTube UI only. Please do not build something unrelated to video connecting to our chain, we would actively do what we can to prevent you from growing. We want this chain to be for video contents only, and the JSON format of the contents should always follow the one used by d.tube.
If you are interested in avalon tech for your project isn't about video, it's strongly suggested to fork the blockchain code and run your own avalon chain with a different origin id, instead of trying to connect your project to dtube's mainnet. If you still want to do it, chain leaders would be forced to actively combat your project as we would consider it as useless noise inside our dedicated blockchain.

Focused governance

Another issue of sharing a blockchain, is the issues coming up with the governance of it. Tons of features enabled by avalon would be controversial to develop on STEEM, because they'd only benefit DTube, and maybe even hurt/break some other projects. At best they'd be put at the bottom of a todo list somewhere. Having a blockchain dedicated to a single project enables it to quickly push updates that are focused on a single product, not dozens of totally different projects.
Many blockchain projects are trying to make decentralized governance true, but this is absolutely not what I am interested in for DTube. Instead, in avalon the 'init' account, or 'master' account, has very strong permissions. In the DTC case, @dtube: * will earn 10% fees from all the inflation * will not have to burn DTCs to create accounts * will be able to do certain types of transactions when others can't * * account creation (during steem exclusivity period) * * transfers (during IEO period) * * transfering voting power and bandwidth ressources (used for easier onboarding)
For example, for our IEO we will setup a mainnet where only @dtube is allowed to transfer funds or vote until the IEO completes and the airdrop happens. This is also what enabled us to create a 'steem-only' registration period on the public testnet for the first month. Only @dtube can create accounts, this way we can enforce a 1 month period where users can port their username for free, without imposters having a chance to steal usernames. Through the hard-forking mechanism, we can enable/disable these limitations and easily evolve the rules and permissions of the blockchain, for example opening monetary transfers at the end of our IEO, or opening account creation once the steem exclusivity ends.
Luckily, avalon is decentralized, and all these parameters (like the @dtube fees, and @dtube permissions) are easily hardforkable by the leaders. @dtube will however be a very strong leader in the chain, as we plan to use our vote to at least keep the #1 producing node for as long as we can.
We reserve the right to 'not follow' an hardfork. For example, it's obvious we wouldn't follow something like reducing our fees to 0% as it would financially endanger the project, and we would rather just continue our official fork on our own and plug d.tube domain and mobile app to it.
On the other end of the spectrum, if other leaders think @dtube is being tyranical one way or another, leaders will always have the option of declining the new hardforks and putting the system on hold, then @dtube will have an issue and will need to compromise or betray the trust of 1/3 of the stake holders, which could reveal costly.
The goal is to have a harmounious, enterprise-level decision making within the top leaders. We expect these leaders to be financially and emotionally connected with the project and act for good. @dtube is to be expected to be the main good actor for the chain, and any permission given to it should be granted with the goal of increasing the DTC marketcap, and nothing else. Leaders and @dtube should be able to keep cooperation high enough to keep the hard-forks focused on the actual issues, and flowing faster than other blockchain projects striving for a totally decentralized governance, a goal they are unlikely to ever achieve.

PERFECT IMBALANCE

A lot of hard-forking

Avalon is easily hard-forkable, and will get hard-forked often, on purpose. No replays will be needed for leaders/exchanges during these hard-forks, just pull the new hardfork code, and restart the node before the hard-fork planned time to stay on the main fork. Why is this so crucial? It's something about game theory.
I have no former proof for this, but I assume a social and financial game akin to the one played on steem since 2016 to be impossible to perfectly balance, even with a thourough dichotomical process. It's probably because of some psychological reason, or maybe just the fact that humans are naturally greedy. Or maybe it's just because of the sheer number of players. They can gang up together, try to counter each others, and find all sorts of creative ideas to earn more and exploit each other. In the end, the slightest change in the rules, can cause drastic gameplay changes. It's a real problem, luckily it's been faced by other people in the past.
Similarly to what popular and succesful massively multiplayer games have achieved, I plan to patch or suggest hard-forks for avalon's mainnet on a bi-monthly basis. The goal of this perfect imbalance concept, is to force players to re-discover their best strategy often. By introducing regular, small, and semi-controlled changes into this chaos, we can fake balance. This will require players to be more adaptative and aware of the changes. This prevents the game from becoming stale and boring for players, while staying fair.

Death to bots

Automators on the other side, will need to re-think their bots, go through the developement and testing phase again, on every new hard-fork. It will be an unfair cat-and-mouse game. Doing small and semi-random changes in frequent hard-forks will be a easy task for the dtube leaders, compared to the work load generated to maintain the bots. In the end, I hope their return on investment to be much lower compared to the bid-bots, up to a point where there will be no automation.
Imagine how different things would have been if SteemIt Inc acted strongly against bid-bots or other forms of automation when they started appearing? Imagine if hard-forks were frequent and they promised to fight bid-bots and their ilk? Who would be crazy enough to make a bid-bot apart from @berniesanders then?
I don't want you to earn DTCs unless you are human. The way you are going to prove you are human, is not by sending a selfie of you with your passport to a 3rd party private company located on the other side of the world. You will just need to adapt to the new rules published every two weeks, and your human brain will do it subconsciously by just playing the voting game and seeing the rewards coming.
All these concepts are aimed at directly improving d.tube, making it more resilient, and scale both technologically and economically. Having control over the full tech stack required to power our dapp will prevent issues like the one we had with the search engine, where we relied too heavily on a 3rd party tool, and that created a 6-months long bug that basically broke 1/3 of the UI.
While d.tube's UI can now totally run independently from any other entity, we kept everything we could working with STEEM, and the user is now able to transparently publish/vote/comment videos on 2 different chains with one click. This way we can keep on leveraging the generalistic good features of STEEM that our new chain doesn't focuses on doing, such as the dollar-pegged token, the author rewards/donation mechanism, the tribes/communities tokens, and simply the extra exposure d.tube users can get from other website (steemit.com, busy.org, partiko, steempeak, etc), which is larger than the number of people using d.tube directly.
The public testnet has been running pretty well for 3 weeks now, with 6000+ accounts registered, and already a dozen of independant nodes popping up and running for leaders. The majority of the videos are cross-posted on both chains and the daily video volume has slightly increased since the update, despite the added friction of the new 'double login' system and several UI bugs.
If you've read this article, I'm hoping to get some reactions from you in the comments section!
Some even more focused articles about avalon are going to pop on my blog in the following weeks, such as how to get a node running and running for leadewitness, so feel free to follow me to get more news and help me reach 10K followers ;)
submitted by nannal to dtube [link] [comments]

What is Ethereum | Unicoin DCX

What is Ethereum | Unicoin DCX
https://preview.redd.it/s0plb5nbcld31.jpg?width=960&format=pjpg&auto=webp&s=2269639f4f296561f4f1c1f7d79c2c108874e0bc
Ethereum is an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract (scripting) functionality. It supports a modified version of Nakamoto consensus via transaction-based state transitions. Ethereum is the second most popular after bitcoin and getting edge day by day due to its simplicity in the mechanism. 19 years old programmer created a platform to store and perform computerized programs crosswise an international network of scattered nodes.
History
A Canadian programmer named Vitalik Buterin was involved in blockchain technology in 2011, and he founded bitcoin magazine with his partner. He started to think beyond the existing bitcoin technology for more simplification to use in the financial world. Finally, he released the white paper in 2013, stating that the general scripting language of Ethereum. Since then, it attracted investors and entrepreneurs to think about business activities. There was a massive movement in Ethereum and later, it moved up with 13000 per cent in 2017, which was the highest record. The growing value of ethereum forced investors to gauge the effects. However, it was speculators and other traders that were alarmed and sought precaution.
Technology Behind
Ethereum is programmed blockchain technology. Ethereum is working based on peer to peer protocol, which means this network can be accessed by many computers around the world. The modality of Ethereum is different than bitcoin because Ethereum users can use any own code, whereas it was not possible in other bitcoin technologies. The smart contract has all the stored coding system for their users. In Ethereum, they also run the Ethereum Virtual Machine (EVM). This Ethereum Virtual Machine is a supercomputer which is associated with all computing power of the nodes in the overall network system. To execute the smart contracts, the EVM takes small fees in exchange for the computational power consumed by the digital smart contract.
Buying Ethereum
  1. Open account in cryptocurrency exchange
Interested person or the user may open a trading account in any digital currency exchange like Unicoin DCX. This is the first step to comply with the formality and to get an authorized user id and password.
  1. Fund the fiat currency
After opening the account, you need to transfer the fiat currency to your trading account. There are specific fiat currencies which are acceptable, and can you can transfer it into your legit account.
  1. Login in the trading account to place order
You can use your credential to log in to your trading account then there are numbers of cryptocurrencies with the ongoing price. Therefore, you can choose an Ethereum pair and place the order to buy the desired quantity.
  1. Save to wallet
After buying, you can store your Ethereum into your secured wallet. Later, when you want to use, you can use your wallet.
Importance
Ethereum is very popular among technology developers and entrepreneurs. They take the help of Ethereum to create a decentralized business which is not in existence before. This smart contract is prioritized to eliminate third party or middle man to save the transaction cost. Supply chain management and crowdfunding are major areas where Ethereum is highly used. Nowadays, other industries are also entering the crypto world.
Conclusion
Ethereum is a substitute for bitcoin and with a more simplified version, helps users to take advantage of cryptocurrencies in the fast-moving world with fast-moving blockchain technology. Due to this smart contract, business transactions are more secured and cost-effective as well.
Ultimately, investors have to be updated with the crypto world, especially while buy Bitcoin and buy ethereum other Altcoins.
submitted by unicoindcx to u/unicoindcx [link] [comments]

A question to the NEM Dev’s The age of extinction. (Feel free to delete again Nem)

This will be a too long didn’t read for many but for the few enjoy.
I and my three friends were caught up in the age of extinction and were awarded 2 of 4 accounts when the NEM dev in charge couldn’t decide if we were 4 guys or 1 guy with sock puppets.
This was after providing all information and proof that was requested such as linked in accounts and Facebook accounts that were never verified (Ie never messaged) by the dev in addition to volunteering to provide any additional information that could prove definitively one way or the other that we were 4 guys. (an offer which was repeatedly ignored as can be seen in the below emails)
So the question, has the dev team ever considered actually bringing someone in to review the information in an unbiased manner to determine without a doubt that legitimate NEM supporters weren’t turfed? After all the accounts are all still sitting in the development fund so they are there, and the Nem tokens still do exist so they could be issued in order to ensure that the fair egalitarian thing is done.
In our case it came to a coin toss
Also my offer still stands we are willing to all prove that we are real live people who all went to university together who lived in residence ie the same home together and all went to Vegas together as well as any other evidence that you require to prove that you made a mistake.
Ps when are we getting the silver coins…. “original Nemians will get this”
For amusement sake I have included the bitcoin talk emails between my group patmast3r and makoto1337 so if you are all bored feel free to read and watch a little begging a little banter and what became a growing frustration. But if you do manage to read it all you will see that in the end offers of proof were ignored and that makoto1337 wasnt really sure. Oh and if a dev wants to actually read them in btt I would be happy to show them.
Now the facts:
Me and my friends provided all information that was requested of us. We provided linked in account and facebook accounts upon the dev teams request however no one was ever contacted ie messaged to verify if they were legitimate. We offered to provide any additional information that the dev team could think of to prove that we were legitimate. If we were sock puppets having survived the first few rounds of culling why didn’t we take the early tokens that were offered and run, why did we stick around for the additional rounds that the devs made clear were coming? Now to answer some questions that will be forth coming.
Why didn’t you guys bring this up before, we have tried however there has never really been a public forum in which I might get a legitimate answer and until recently did not use reddit as you can see from the age of my account. Why were all of your IP addresses different if you lived in the same place? The answer is that we all lived in the university residence (which we can prove) and we all ran vpn’s because we like a diverse range of Netflix. If you all had different IP’s how did they even associate your accounts and decide you were sock puppets, well we all went for a trip to Vegas to celebrate convocation from University and while we were there we checked on NEM (which we can prove there are picture) Why were your bitcoin talk accounts so new, back then who’s wernt? In order to participate in NEM you needed a BTT account so we signed up for them. Why were to login so far apart and at times one after the other, because I got the guys into NEM and was the driving force prodding them along. If you guys weren’t a sock puppet why didn’t you fight harder?? I did I asked the man in charge and he made his decision so what could I possibly do? Why did you guys take the two accounts in the end instead of holding out. Well when you get fleeced and you get the option of keeping half of your money or none of it you take half. You guys are just a couple of NEM losers looking to cash in now and probably have nothing to do with NEM anymore. Actually after we divided the accounts I was tasked not so long ago with cashing it out, I also still trade a little under half a million in NEM coins on a regular basis. Squibbels
The Age of Extinction Please Read « Sent to: makoto1337 on: March 13, 2015, 11:55:49 PM »
Hello Makoto
I will keep this short as I imagine you are a busy man these days. I am emailing on behalf of myself and three of my buddies J, J and G as we figured that it was best to just send one message and let you decide on a course of action rather than to send four separate messages saying more or less the same thing, however if you would like we can each send you one.
The situation is this, our four accounts have been flagged as sock puppets I am guessing because we are roommates and have moved all accounts to one machine, we didnt realize that this would cause an issue. So my question is what can we do and what do you need from us to prove that without a doubt that these account belong to four separate individuals. If you need we can even send a scanned copy of our driver’s licenses to prove that these belong to four separate individuals.
I convinced my three friends to join Nem because it looked like it could be a fun coin and I came across it when I was getting into mining and attempting to figure out config files for cards.
Anyways I have helped them along the way with figuring out bitcoin clients and the Nem client and purchasing their stakes and so on. One guy knows what he is doing more or less when it comes to this type of thing and the other two don’t really know that much. Basically we are their IT support in most things computer related.....
Initially they were eager to learn however they did not expect the launch to take as long as it has even though I warned them beforehand that it may take a long time and that it might not even launch at all. As a result they have mostly lost interest until the launch and have left account maintenance to me and spend most of their Nem time making fun of me because I convinced them to actually spend money on their stakes where as I got mine for free.
So the facts
We are talking about 4 accounts here not 40 or 50 or 200 like that crazy sock puppet person.
If these four accounts were sock puppets why would I not have simply loaded up on accounts during the free account registration period and avoided paying actual cash for them. I think my one buddy spent like $60 or a $100 buck the plus side to that is I got cash in hand for my bitcoin instead of paying an exchange/withdraw fee.
If these 4 accounts were sock puppets ie pump and dumpers we would have exchanged them for Nxt tokens and dumped them when each stake was worth $3600 but we didnt!
The reason our BTT accounts have been dead is because we for the most part only got them for Nem and are active on your FB page instead I under the Name of blank I am both positive and Negative in my posts as I find it gets the conversation going...... I am also the one that jokingly suggested a Nem Dev date auction.
We recently just threw all of the accounts on to one primary laptop to make life easier since the two guy lost interest in it until launch and G did not feel like deleting his Java again, deleting Nem client files again and then doing another fresh install every time a new beta was posted. We figured it was just easier to run one machines and keep it up to date then once everything launched if it launched we could go from there. We didn’t think that or at least I certainly did not think that since a person could now own/redeem multiple accounts from the exchange that centralizing all accounts would be an issue.
You can look at this two ways I suppose, the first would be that these account belong to four University buddies who hang out with one another a lot and live together or they are sock puppet accounts. Once again we are willing to do whatever is needed to prove that these accounts belong to four separate people some of us more eagerly than others.
So please let us know what we need to do the get this resolved, hope you have a great weekend and thank you for your time Makoto.
makoto1337 Legendary
I am not Dorian Nakamoto. « Sent to: Squibbels on: March 24, 2015, 07:45:35 AM »
Hi,
Sorry for the late reply. Things have been quite busy.
I have no problem with giving you 2 of the 4 stakes. Your story is quite long and I confirmed your facebook account. However, it seems a little strange that the 4 of you would all have different IPs when registering from the same computer in the same house.
Does that sound reasonable?
Squibbels « Sent to: makoto1337 on: March 25, 2015, 05:41:47 AM »
Hello Makoto1337
Thank you for the reply, I can only imagine how busy you guys are getting ready for launch and dealing with account issues such as these.
I can also appreciate how different IP's might look a little strange however the explanation is fairly simple as I mentioned to the mysterious Nem Face Book person. We run Hola in order to experience the joys of American, Canadian and United kingdom netfilx as well as other on-line content. That combined with the fact that we were worried that we would get into this situation where we looked like sock puppets we did our best to avoid that situation basically by changing our vpn.... apparently we failed and then once multiple accounts could be claimed we didn't or at least I didn't think there there would be an issue combining everything and waiting for launch. I imagine no matter how you look at it if you have 2, 3 ,4 or 5 people living in one place they are potentially going to come off as sock puppets. Two accounts are tempting however unless we share them amongst the four of us at least two guys are getting hung out to dry.
We are willing to do whatever you need us to do the prove that we are in fact four guys living at the same place. If you are worried about us being sock puppets and dumping on launch you could always give us some of the accounts back after the launch and in the mean time we could just split the two Nem accounts 4 ways until then. That way we can prove that we arnt just here to pump and dump and if we are sock puppets we wouldn't have any negative effect on the launch of Nem.
Does that sound reasonable or is there something else that we can do to actually get all four of our accounts back?
makoto1337 Legendary I am not Dorian Nakamoto.
Hi,
Sorry for the late reply. We are busy with launch, but will consider your case some more post-launch
Sorry for the inconvenience!
Squibbels
« Sent to: makoto1337 on: March 30, 2015, 12:54:04 AM » « Bcc: patmast3r »
Hello Makoto
G, J, J and myself were wondering if we could get an update on the status of our accounts. We realize that you and the Nem team are probably extremely busy with getting ready for the launch of new however since it has been 16 days since this process was started and our accounts were seized we would really like to get this sorted out.
As we have stated repeatedly we are willing do whatever is needed to prove that we are four roommates and that these accounts belong to four separate guys. Please get back to us as soon as possible since after waiting for a year and checking repeatedly we would really like to actually be part of Nem and the launch of Nem
Thank you for your time.
I am not Dorian Nakamoto. « Sent to: Squibbels on: March 31, 2015, 02:05:08 AM »
All the funds from the accounts marked as socks are being put into a multisig account and will be distributed from there based on the outcome of the appeal process.
Sorry for the inconvenience. Within 1-2 weeks, it should all be settled.
makoto1337 Legendary
Squibbels
Quick questions! Sorry « Sent to: makoto1337 on: March 31, 2015, 01:31:46 AM »
Hey Makoto
We were just wondering if you were still going to activate two of our accounts prior to launch and if so which of the two. We were just checking out the new client and kept getting a 121 error.
Sorry for bugging you it is just that we are really excited about the New Zealand launch on the first!!!!!
If you cant turn two of the accounts on prior to launch and prior to further looking into our account we understand
If you can please indicate which of our two accounts will come back on-line
Squibbels
« Sent to: makoto1337 on: March 31, 2015, 07:57:55 PM » « Bcc: patmast3r »
Hello Makoto
Sadly I doubt that you and the Nem team can fully appreciate the level of inconvenience and disappointment that this is really causing the people that you have labeled as sock puppet. We have waited for 13 months for this coin to launch with multiple maybe launches and have gotten excited each time only to be disappointed with a delay.
Now as Nem readies for launch or well actually has just launched after 13 months of waiting we are now being asked or rather being told to wait another 1 to 2 weeks until the Nem team sits down and decides how plausible each of our stories are and whether or not we will be granted the privilege of being allocated our Nem stakes.
Now I one hundred percent agree that this should have been and needed to be done however they way you guys executed it couldnt be more horrible one the Name ie age of extinction that was a big slap in the face for everyone that was nailed innocent or otherwise. 2. Anyone that was a true sock puppet most probably laundered there Btt account through via Nxt tokens the moment you offered them 3. The fact that you had plenty of time to do it pre launch assuring that everyone could be part of launch instead you guys pull this the month of launch and leave a bunch of Nemians holding the bag. Basically saying hey we dont really care about you guys thanks for investing and waiting but we dont really need you around for the launch and hey maybe we will get back to you later. You guys didnt say this however thats what you actions have said.
So congrats on burning a bunch of people really interested in Nem heck I cant even run as a Node because I am not part of the genesis and I sure as heck am not putting more money into a coin that just burnt me and my roommates at launch.
I am sure that you have heard this before however I felt that I should at least have the right to voice my opinion hey who know maybe you will give the four of us our accounts maybe you will decide hey that I/we have sent to many emails and pissed you guys off so we wont get anything.
Regardless of what you decide with mine and my roomates accounts if you truly value and actually care about your community and are as egalitarian as you say. I think the Nem team should consider including a short apology to each account that they deem valid as well as a small compensation of additional Nem for making them miss the Nem launch necessary or not. After all the first two weeks of a new launch are the most exciting and have a tone of potential to sell and buy with the fluctuating price. In my case I was hoping to sell high and buy low to increase my overall Nem holdings however I clearly cant do that now.
Anyways there is my rant Nem team I will endeavor to continue keeping my posts civil however I cant really speak for G, K, and J, after all they are their own people and I am surprised that they have even started complaining on your fb page.
Have a great launch as I am sure it will be fun
makoto1337 Legendary I am not Dorian Nakamoto.
« Sent to: Squibbels on: April 01, 2015, 04:48:49 AM »
Sorry for the inconvenience. We will get things sorted out fairly soon.
Squibbels
« Sent to: makoto1337 on: April 01, 2015, 06:09:12 AM » « Bcc: patmast3r »
That is beyond the point, today for example as I am sure you know Nem coin was trading for around $15,000 per stake only for about 20 minutes or so. Regardless I could have liquidated my share like many other did clear all of my debt and then bought back in for six shares at 2 bitcoin per share and hung out for the long term.
However due to the devs poor planing I and many other merely got to watch, and yes it was poor planning you guys could have done this early enough that it would have been resolved in time for launch.
Regardless that opportunity is well past and there will not be any big spikes with the chance to buy back in at a lower cost perhaps there will be a few minor ones if Nem hits other exchanges however they will be minimal. I imagine Nem will make it to .01 or .02 cents eventually in a year or so but hey after 13 months waiting for a final shafting without even the ability to be a node whats another 12 or 24 months.
Anyways my suggestion stands that the dev issue and appolagy and some form of compensation for whomever you deem worth of a Nem stake might make them a little less pissed about losing out on the same opportunity that was presented to the rest of the Nem community to you know make 15k and participate in launch.
Anyways I am clearly annoyed so before I say something inappropriate I will leave it here and maybe all get a reply saying hey where do we send your guys nem or hey you pissed us off and we had decided that you guys are sock puppets and no we wont bother taking you up on your offer to provide whatever we want as proof that you are four guys.
Just try looking at it from our point of view watching from the side lines.
Have a good one
Squibbels
makoto1337 Legendary
« Sent to: Squibbels on: April 01, 2015, 06:46:58 AM »
Sorry that you missed the chance to dump
Anyway, I looked at your data a little more and it is not so convincing that you are all real people.
Post counts ranged from 1-6, accounts were registered 8-10 days after NEM was started, and all 4 accounts did not log in for between 148 and 152 days on BTT. Bobthebuilder23 and Squibbels both were last active at the same time as of the analysis.
I'm not trying to be mean or anything. We will probably end up giving you 2 of the 4 accounts, but even then I am not sure because all the accounts could be controlled by another user. We will think about this some more, rather than just rejecting outright, though.
« Sent to: makoto1337 on: April 01, 2015, 07:18:40 AM »
There you go twisting my words Dump no, trade yes.
After all Nem coin is a currency if you dont use it what is the point of it. If you can trade it for say 20 bit coins and then re-buy it at 2 why wouldnt you heck if I had my account today and things went well I would have my node running be up $6,000 and would have 10 Nem accounts to hold long term instead of one. After all isnt that what the bulk of nemians were doing today or should they just sit back and look at all there pretty Nem?
What can I say I look at potential and profit and I trade real stock in my spare time, I dont have much yet but I have learned a few things such as there will probably be a spike as each exchange takes on Nem so there is an opportunity to sell high and buy low and the more it is traded the more it will be traded like any currency, commodity or company on txm is.
Secondly I told you I got my roomates on board they registered got there accounts and waited I am Squibbels the squirrel as it is my gaming name G is Bob the builder he was probably a little more active as he is a miner after a while account maintenance fell to one machine and mainly me, even now they are only making the few odd posts on FB because they realized how shafted they just got. I imagine if you look back as per analysis many nemians registered a btt account got a Nem stake and didnt look back except for notifications but hey if you can get them from the guy sitting next to you or via facebook where most people are pretty much permanently logged in why would you bother with btt.
As far as the you might be a sock puppet or you might be four guys the thing I find funny is that we have offered to provided you with whatever poof that four people can reasonable provide that they live together and yet you don't seem interested. Seems like a real thorough process. So flip a coin or let us prove that we are who we say we are if this is really a egalitarian process rather then just a couple of guys sitting in a room saying hmm he/she has a good story but that guy over there we arent so sure.
Anyways I have said what I have to say so there really isnt much more that I can do/say. So I guess all wait for one of three emails
B, G, J and K where can we send your Nem Guys please provide us with x info so we can get this sorted out. Great story guys but your out have a good one. Or some other variation .
Anyways regardless of how the devs could have handled this prior to launch good job on a successful coin launch and no crashes.
Have a good one.
makoto1337 Legendary
I am not Dorian Nakamoto.
« Sent to: Squibbels on: April 01, 2015, 07:35:13 AM »
I must give you credit for being persistent
Can you give me some linkedin/facebook pages, etc? Something to prove these are real people? So far I am just getting messages from you, so it would help make your case better with more evidence. Otherwise, people are allowed 2 accounts (1 for themselves, 1 for a loved one), so that is probably the decision that will be made.
Anyway, I was awake until 3 AM, so you probably don't want me to make a firm decision today
« Sent to: makoto1337 on: April 01, 2015, 03:19:09 PM » « Bcc: patmast3r » I find that you do not get anywhere unless you are willing to be persistent so all take that as a compliment.
Firstly I can assure you in regards to one account for you one for a loved one that I do not love any of these guys. Well maybe G face.
To prove that other three guys are real people here are copy/pasted links to there fb accounts.
https://www.facebook. https://www.facebook. https://www.facebook.
If you need anything else feel free to let me know or message one of those guys.
Have a good day.
makoto1337 Legendary
« Sent to: Squibbels on: April 01, 2015, 03:28:13 PM »
Thanks for the quick reply.
Which FB profile is with which BTT acct?
Squibbels « Sent to: makoto1337 on: April 01, 2015, 07:11:41 PM » Bit coin talk accounts are Me Squibbels
and If I recall correctly bitcoin talk accounts for the other three are as follows
Bobthebuilder23 https://www.facebook.com/ DoctorNem https://www.facebook.com/ FredandBob https://www.facebook.com/
Thanks for the quick reply.
makoto1337 Legendary
« Sent to: Squibbels on: April 09, 2015, 07:02:23 AM » Quote Reply Delete The earliest that stakes will be sent out is on the 19th. You'll be in the first batch if we decide in your favor
« Sent to: makoto1337 on: April 09, 2015, 05:24:08 AM » Reply with quoteQuote ReplyReply Remove this messageDelete
Hello Makoto1337
I have been busy getting ready for my finals so haven't checked in here much lately. We were just wondering if there has been any update in regards to ourselves and Nem as I believe the first mentioned redemption for claims is coming up on the tenth here.
Have a good evening.
Squibbels
makoto1337 Legendary I am not Dorian Nakamoto.
« Sent to: Squibbels on: April 10, 2015, 08:44:19 AM »
Hi,
Sorry for the late reply.
We will give back 2 of the 4 accounts. Which 2 would you like to have?
« Sent to: makoto1337 on: April 11, 2015, 08:24:53 PM » « Bcc: patmast3r »
.... Very well, if that is what you guys have decided you might as well split the nem or xem equally amongst our four accounts. I have listed our account wallet names and addresses below. Feel free to let me know if you need anything further ie there is an issue with the addresses.
makoto1337 Legendary Thank you for your reply. We will give back stakes to Squibbels and Bobthebuilder23. Feel free to further share them with others in the future. They will be sent out next week
submitted by Sha_Bi to nem [link] [comments]

Blockchain Wallets

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What a Blockchain Wallet is? What is its purpose?
Find the answer after reading this article.
Public/Private Key
The public key is the digital code you give to someone that wants to transfer ownership of a unit of cryptocurrency to you; and a private key is what you need to be able to unlock your own wallet to transfer a unit of a cryptocurrency to someone else. The encoding of information within a wallet is done by the private and public keys. That is the main component of the encryption that maintains the security of the wallet. Both keys function in simultaneous encryption systems called symmetric and asymmetric encryption. The former, alternatively known as private key encryption, makes use of the same key for encryption and decryption. The latter, asymmetric encryption, utilizes two keys, the public and private key, wherein a message-sender encrypts the message with the public key, and the recipient decodes it with their private key. The public key uses asymmetric algorithms that convert messages into an unreadable format. A person who possesses a public key can encrypt the message for a specific receiver.
Accessing wallets
Methods of wallet access vary depending on the type of wallet being used. Various types of currency wallets on an exchange will normally be accessed via the exchange’s entrance portal, normally involving a combination of a username/password and optionally, 2FA (Two factor authentication, which we explain in more detail later). Whereas hardware wallets need to be connected to an internet enabled device, and then have a pin code entered manually by the user in possession of the hardware wallet in order for access to be gained. Phone wallets are accessed through the device on which the wallet application has been downloaded. Ordinarily, a passcode and/or security pattern must be entered before entry is granted, in addition to 2FA for withdrawals.
Satoshi Nakamoto built the Satoshi client which evolved into Bitcoin in 2009. This software allowed users to create wallets and send money to other addresses. However, it proved to be a nightmarish user experience, with many transactions being sent to incorrect addresses and private keys being lost. The MtGox (Magic the Gathering Online exchange, named after the original intended use of the exchange) incident, which will be covered in greater detail later, serves as a reminder of the dangers present in the cryptosphere regarding security, and the need to constantly upgrade your defenses against all potential hacks. The resulting loss of 850k BTC is a still unresolved problem, weighing heavily on the victims and the markets at large. This caused a huge push for a constantly evolving and improving focus on security. Exchanges that developed later, and are thus considered more legitimate and secure, such as Gemini and Coinbase, put a much greater emphasis on vigilance as a direct result of the MtGox hacking incident. We also saw the evolution of wallet security into the physical realm with the creation of hardware wallets, most notable among them the Ledger and Trezor wallets.
Types of Wallets & Storage Methods
The simplest way to sift through the dozens of cryptocurrency storage methods available today, is to divide them up into digital and non-digital, software and hardware wallets. There are also less commonly used methods of storage of private keys, like paper wallets and brain wallets. We will examine them all at least briefly, because in the course of your interaction with cryptocurrencies and Blockchain technology, it is essential to master all the different types of hardware and software wallets. Another distinction must be made between hot wallets and cold wallets. A hot wallet is one that is connected to the internet, and a cold wallet is one that is not. Fun fact: The level below cold storage, deep cold storage has just recently been implemented by the Regal RA DMCC, a subsidiary of an internationally renowned gold trading company licensed in the Middle East. After having been granted a crypto trading license, Regal RA launched their “deep cold” storage solution for traders and investors, which offers the ability to store crypto assets in vaults deep below the Almas Tower in Dubai. This storage method is so secure that at no point is the vault connected to a network or the internet; meaning the owners of the assets can be sure that the private keys are known only to the rightful owners.
Lets take a quick look at specific features and functionality of varieties of crypto wallets. Software wallets: wallet applications installed on a laptop, desktop, phone or tablet. Web Wallets: A hot wallet by definition. Web Wallets are accessible through the web browser on your phone or computer. The most important feature to recognize about any kind of web wallet, is that the private keys are held and managed by a trusted third party. MyEtherWallet is the most commonly used non-exchange web wallet, but it can only be used to store Ethereum and ERC-20 tokens.
Though the avenue of access to MEW is through the web, it is not strictly speaking a web wallet, though this label will suffice for the time being. The MEW site gives you the ability to create a new wallet so you can store your ETH yourself. All the data is created and stored on your CPU rather than their servers. This makes MEW a hybrid kind of web wallet and desktop wallet. Exchange Wallets: A form of Web Wallet contained within an exchange. An exchange will hold a wallet for each individual variety of cryptocurrency you hold on that exchange. Desktop Wallets: A software program downloaded onto your computer or tablet hard drive that usually holds only one kind of cryptocurrency. The Nano Wallet (Formerly Raiwallet) and Neon wallet for storage of NEO and NEP-5 tokens are notable examples of desktop wallets Phone Wallets: These are apps downloaded onto a mobile phone that function in the same manner as a desktop wallet, but actually can hold many different kinds of cryptocurrency. The Eidoo Wallet for storing Ethereum and its associated tokens and Blockchain Wallet which currently is configured to hold BTC, ETH and Bitcoin Cash, are some of the most widely used examples.
Hardware wallets — LedgeTrezoAlternatives
Hardware wallets are basically physical pathways and keys to the unique location of your crypto assets on the Blockchain. These are thought to be more secure than any variety of web wallet because the private key is stored within your own hard wallet, an actual physical device. This forcibly removes the risk your online wallet, or your exchange counter party, might be hacked in the same manner as MtGox. In hardware wallet transactions, the wallet’s API creates the transaction when a user requests a payment. An API is a set of functions that facilitates the creation of applications that interact and access features or data of an operating system. The hardware then signs the transaction, and produces a public key, which is given to the network. This means the signing keys never leave the hardware wallet. The user must both enter a personal identification number and physically press buttons on the hardware wallet in order to gain access to their Blockchain wallet address through this method, and do the same to initiate transfers.
Paper Wallets
Possibly the safest form of cryptocurrency storage in terms of avoiding hacking, Paper Wallets are an offline form of crypto storage that is free to set up, and probably the most secure way for users, from beginners to experts, to hold on to their crypto assets. To say it simply, paper wallets are an offline cold storage method of storing cryptocurrency. This includes actually printing out your public and private keys on a piece of paper, which you then store and save in a secure place. The keys are printed in the form of QR codes which you can scan in the future for all your transactions. The reason why it is so safe is that it gives complete control to you, the user. You do not need to worry about the security or condition of a piece of hardware, nor do you have to worry about hackers on the net, or any other piece of malware. You just need to take care of one piece of paper!
Real World Historical Examples of Different Wallet Types
Web Wallet: Blockchain.info Brief mechanism & Security Blockchain.info is both a cryptocurrency wallet, supporting Bitcoin, Ethereum and Bitcoin cash, and also a block explorer service. The wallet service provided by blockchain.info has both a Web Wallet, and mobile phone application wallet, both of which involve signing up with an email address, and both have downloadable private keys. Two Factor Authentication is enabled for transfers from the web and mobile wallets, as well as email confirmation (as with most withdrawals from exchanges). Phone Wallet: Eidoo The Eidoo wallet is a multi-currency mobile phone app wallet for storage of Ethereum and ERC-20 tokens. The security level is the standard phone wallet level of email registration, confirmation, password login, and 2 factor authentication used in all transfers out. You may find small volumes of different varieties of cryptocurrencies randomly turning up in your Eidoo wallet address. Certain projects have deals with individual wallets to allow for “airdrops” to take place of a particular token into the wallet, without the consent of the wallet holder. There is no need to be alarmed, and the security of the wallet is not in any way compromised by these airdrops.
Neon Wallet
The NEON wallet sets the standard for web wallets in terms of security and user-friendly functionality. This wallet is only designed for storing NEO, Gas, and NEP-5 tokens (Ontology, Deep Brain Chain, RPX etc.). As with all single-currency wallets, be forewarned, if you send the wrong cryptocurrency type to a wallet for which it is not designed, you will probably lose your tokens or coins. MyEtherWallet My Ether Wallet, often referred to as MEW, is the most widely used and highly regarded wallet for Ethereum and its related ERC-20 tokens. You can access your MEW account with a hardware wallet, or a different program. Or you can also get access by typing or copying in your private key. However, you should understand this method is the least safe way possible,and therefore is the most likely to result in a hack. Hardware: TrezoLedger Brief History Mechanism and Security A hardware wallet is a physical key to your on-chain wallet location, with the private keys contained within a secure sector of the device. Your private key never leaves your hardware wallet. This is one of the safest possible methods of access to your crypto assets. Many people feel like the hardware wallet strikes the right balance between security, peace of mind, and convenience. Paper Wallet Paper wallets can be generated at various websites, such as https://bitcoinpaperwallet.com/ and https://walletgenerator.net/. They enable wallet holders to store their private keys totally offline, in as secure a manner as is possible.
Real World Example — Poor Practices
MtGox Hack history effects and security considerations MtGox was the largest cryptocurrency exchange in the world before it was hacked in 2014. They were handling over 70% of BTC transactions before they were forced to liquidate their business. The biggest theft of cryptocurrency in history began when the private keys for the hot wallets were stolen in 2011 from a wallet.dat file, possibly by hacking, possibly by a rogue employee. Over the course of the next 3 years the hot wallets were emptied of approximately 650000 BTC. The hacker only needed wallet.dat file to access and make transfers from the hot wallet, as wallet encryption was only in operation from the time of the Bitcoin 0.4.0 release on Sept 23rd 2011. Even as the wallets were being emptied, the employees at Mt Gox were apparently oblivious to what was taking place. It seems that Mt Gox workers were interpreting these withdrawals as large transfers being made to more secure wallets. The former CEO of the exchange, Mark Karpeles, is currently on trial for embezzlement and faces up to 5 years in prison if found guilty. The Mt Gox hack precipitated the acceleration of security improvements on other exchanges, for wallets, and the architecture of bitcoin itself. As a rule of thumb, no small-to-medium scale crypto holders should use exchange wallets as a long-term storage solution. Investors and experienced traders may do this to take advantage of market fluctuations, but exchange wallets are perhaps the most prone to hacking, and storing assets on exchanges for an extended time is one of the riskiest ways to hold your assets.
In a case strikingly similar to the MtGox of 2011–2014, the operators of the BitGrail exchange “discovered” that approximately 17 million XRB ($195 million worth in early 2018) were missing. The operators of the exchange were inexplicably still accepting deposits, long after they knew about the hack. Then they proceeded to block withdrawals from non-EU users. And then they even requested a hard fork of the code to restore the funds. This would have meant the entire XRB Blockchain would have had to accept all transactions from their first “invalid” transaction that were invalid, and rollback the ledger. The BitGrailexchange attempted to open operations in May 2018 but was immediately forced to close by order of the Italian courts. BitGrail did not institute mandatory KYC (Know your customer) procedures for their clients until after the theft had been reported, and allegedly months after the hack was visible. They also did not have 2 factor authentication mandatory for withdrawals. All big, and very costly mistakes.
Case Study: Good Practice Binance, the Attempted Hack
During the 2017 bull run, China-based exchange Binance quickly rose to the status of biggest altcoin exchange in the world, boasting daily volumes that surged to over $4 billion per day in late December. Unfortunately, this success attracted the attention of some crafty hackers. These hackers purchased domain names that were confusingly similar to “binance.com”. And then they created sufficiently convincing replica websites so they could phish traders for their login information. After obtaining this vital info, the scammers created API keys to place large buy orders for VIAcoin, an obscure, low volume digital currency. Those large buy orders spiked VIA’s price. Within minutes they traded the artificially high-priced VIA for BTC. Then they immediately made withdrawal requests from the hacked BTC wallets to wallets outside of the exchange. Almost a perfect fait accompli! But, Binance’s “automating risk management system” kicked in, as it should, and all withdrawals were temporarily suspended, resulting in a foiled hacking attempt.
Software Wallets Web/Desktop/Phone/Exchange Advantages and Limitations
As we said before, it is inadvisable to store crypto assets in exchange wallets, and, to a lesser extent, Web Wallets. The specific reason we say that is because you need to deliver your private keys into the hands of another party, and rely on that website or exchange to keep your private key, and thus your assets, safe. The advantages of the less-secure exchange or web wallets, are the speed at which you can transfer assets into another currency, or into another exchange for sale or for arbitrage purposes. Despite the convenience factor, all software wallets will at some point have been connected to the internet or a network. So, you can never be 100% sure that your system has not been infected with malware, or some kind of keylogging software, that will allow a third party to record your passwords or private keys. How well the type of storage method limits your contact with such hazards is a good way to rate the security of said variety of wallet. Of all the software wallets, desktop and mobile wallets are the most secure because you download and store your own private key, preferably on a different system. By taking the responsibility of private key storage you can be sure that only one person has possession of it, and that is you! Thereby greatly increasing the security of your crypto assets. By having their assets in a desktop wallet, traders can guard their private key and enjoy the associated heightened security levels, as well keep their assets just one swift transfer away from an exchange.
Hardware Wallets Advantages and Limitations
We briefly touched on the features and operation of the two most popular hardware wallets currently on the market, the Ledger and Trezor wallets. Now it will be helpful to take a closer look into the pros and cons of the hardware wallet storage method. With hardware wallets, the private keys are stored within a protected area of the microcontroller, and they are prevented from being exported out of the device in plain text. They are fortified with state-of-the-art cryptography that makes them immune to computer viruses and malware. And much of the time, the software is open source, which allows user validation of the entire performance of the device. The advantages of a hardware wallet over the perhaps more secure paper wallet method of crypto storage is the interactive user experience, and also the fact that the private key must at some stage be downloaded in order to use the paper wallet. The main disadvantage of a hardware wallet is the time-consuming extra steps needed to transfer funds out of this mode of storage to an exchange, which could conceivably result in some traders missing out on profits. But with security being the main concern of the vast majority of holders, investors and traders too, this slight drawback is largely inconsequential in most situations.
Paper Wallets Advantages and Limitations
Paper wallets are thought by some to be the safest way to store your crypto assets, or more specifically, the best method of guarding the pathways to your assets on the Blockchain. By printing out your private key information, the route to your assets on the Blockchain is stored 100% offline (apart from the act of printing the private key out, the entire process is totally offline). This means that you will not run the risk of being infected with malware or become the victim of keylogging scams. The main drawback of using paper wallets is that you are in effect putting all your eggs in one basket, and if the physical document is destroyed, you will lose access to your crypto assets forever.
Key things to keep in mind about your Wallet Security: Recovery Phrases/Private Key Storage/2FA/Email Security
Recovery phrases are used to recover the on-chain location for your wallet with your assets for hardware wallets like ledgers and Trezors that have been lost. When you purchase a new ledger for example, you just have to set it up again by entering the recovery phrase into the display and the lost wallets will appear with your assets intact. Private key storage is of paramount importance to maintain the safety of your on-chain assets! This should be done in paper wallet form, or stored offline on a different computer, or USB device, from the one you would typically use to connect to the 2 Factor Authentication (2FA) sometimes known as “two step authentication”. This feature offers an extra security layer when withdrawing funds from cryptocurrency wallets. A specialized app, most commonly Google Authenticator, is synced up to the exchange to provide a constantly changing code. This code must be entered within a short time window to initiate transfers, or to log into an exchange, if it has also been enabled for that purpose.
You must always consider the level of fees, or the amount of Gas, that will be needed to carry out the transaction. In times of high network activity Gas prices can be quite high. In fact, in December 2017 network fees became so high that some Bitcoin transactions became absolutely unfeasible. But that was basically due to the anomalous network congestion caused by frantic trading of Bitcoin as it was skyrocketing in value. When copying wallet addresses, double check and triple check that they are correct. If you make a mistake and enter an incorrect address, it is most likely your funds will be irretrievably lost; you will never see those particular assets again. Also check that you haven’t input the address of another one of your wallets that is designed to hold a different variety of cryptocurrency. You would similarly run the very great risk of losing your funds forever. Or, at the very least, if you have sent the wrong crypto to a large exchange wallet, for example on Coinbase, maybe you could eventually get those funds back, but it would still entail a long and unenjoyable wait.
How to Monitor Funds
There are two ways to monitor you funds and your wallets. The first is by searching for individual wallet addresses on websites specifically designed to let you view all the transactions on a particular Blockchain. The other is to store a copy of your wallet contents on an application that tracks the prices of all cryptocurrencies. Blockchain.info is the block explorer for Bitcoin, and it allows you to track all wallet movements so you can view your holdings and all the historical transactions within the wallet. The Ethereum blockchain’s block explorer is called Ether scanner, and it functions in the same way. There is a rival to Ether scanner produced by the Jibrel Network, called JSearch which will be released soon. JSearch will aim to offer a more streamlined and faster search method for Ethereum blockchain transactions. There are many different kinds of block explorer for each individual crypto currency, including nanoexplorer.io for Nano (formerly Rai Blocks) and Neotracker for NEO. If you simply want to view the value of your portfolio, the Delta and Blockfolio apps allow you to easily do that. But they are not actually linked to your specific wallet address, they just show price movements and total value of the coins you want to monitor.
That’s not all! You can learn how to transfer and monitor the funds in and out of your wallet by clicking on the link.
To be continued!
UBAI.co
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submitted by UBAI_UNIVERSITY to u/UBAI_UNIVERSITY [link] [comments]

What is Lesschain?

Blockless Chain grants you a unique opportunity to discover a brand new DAG stream and discover a new way to use blockchain 4.0 technology. We have developed a user-friendly, non-disruptive algorithm for mining cryptocurrency that provides an excellent user experience to keep your users happy. Unlike other existing cross-platform solutions on the market, our technology is based on native mining: it supports lots of mobile device architectures to provide you with the most effective solution. As a result, LessChain consumes less power, works faster and shows higher performance.
About Lesschain The project of Lesschain aims to provide an extensible and flexible blockchain that supports digital asset transactions, data access, and process control through a hierarchical structure. It creates a framework to allow users to execute smart contracts in an efficient manner. Besides, it provides an architecture for development that uses the underlying infrastructure to generate sub-blockchains quickly and easily. It is a blockchain platform that provides the necessary components for the erection of sub-blockchains, and provides solutions for the testing of new ideas, the deployment of private chains, the processing of complex tasks, and the application of smart contracts.
Since the introduction of blockchain technology in 2008 by Nakamoto Satoshi's Bitcoin project, the technology has been developing rapidly. In the past decade, developers have explored this new field of blockchain technology with great enthusiasm, trying to expand the application of blockchain, increase the efficiency of blockchain and promote the commercialization of blockchain.
The native digital currency in the blockchain system plays a crucial role in blockchain promotion, such as bitcoin in the bitcoin system, Ether in the Ethereum system, and so on. These native digital currencies not only promote more participants to enter the blockchain ecosystem but also provide more effective solutions for the existing payment systems.
It is certain that the current blockchain technology is still in the early stages of development. The existing blockchain system has one or more of the following problems
EXCHANGE LIST
Binance
Huobi
Kucoin
Bibox
Qryptos
Satoexchange
BIGone
Bitrue
Bilaxy
Bit-Z
Linkcoin
SECURE WALLET
Ledgerwallet
Trezor
submitted by icoinformation2021 to Lesschain [link] [comments]

What is Wide Energy?

A platform based on blockchain technology with a smart structure to grow and develop green energy.
Based on the world-wide ,decentralized blockchain technology,we aim to innovate efficient and secure ways to a bright and clean future.We are striving to achieve affordable and continuous supply of renewable energy and it's optimal utilization.
About Wide Energy Blockchain is a public ledger of all transactions taken place. Blockchain was invented by Satoshi Nakamoto. The first application of blockchain technology was a digital coin called bitcoin, a peer-to-peer electronic cash system , released in 2009. As it is decentralized,it is impossible to be controlled or changed by one authority.It is made up of Series of blocks containing a cryptographic hash of the previous block,a timestamp and transaction data.The first block is called Genesis.Blocks are linked together consecutively.Miners verify transactions and add them to blockchain. Miners verify transactions and add them to blockchain. The importance and necessity of energy is known to all.The world is severely dependant on energy in every aspect. Traditional energy sources are becoming less and less everyday.Pollution is the main problem of the world at present and we know enough about the impact of fossil fule on pollution. Another reason to increase the renewable energy demand is prime cost.Production of fossil energy is more expensive than green energy.Undoubtedly, the main demand of humanity is renewable energy in future. Wide Energy is researching and developing new ways to meet this future fundamental demand using potent global blockchain technology and creating it's own powerful cryptocurrency. Our main goal is to create the best ways to optimal production and use of energy in future.We are striving to keep the world clean and neat for next generations.
EXCHANGE LIST
Binance
Huobi
Kucoin
Bibox
Qryptos
Satoexchange
BIGone
Bitrue
Bilaxy
Bit-Z
Linkcoin
SECURE WALLET
Ledgerwallet
Trezor
submitted by icoinformation2021 to WideEnergy [link] [comments]

So you think you know about BTC? Everyone who is interested in BTC should read this...

fyi - the use of the word "scheme" is not used negatively!
BASIC FEATURES
Bitcoin is probably the most successful — and probably most controversial — virtual currency scheme to date. Designed and implemented by the Japanese programmer Satoshi Nakamoto in 2009, the scheme is based on a peer-to-peer network similar to BitTorrent, operating at a global level and used as a currency for all kinds of transactions (for both virtual and real goods and services). It thereby competes with official currencies like the euro or US dollar. The scheme maintains a database that lists product and service providers which currently accept Bitcoins. These products and services range from intemet services and online products to material goods and professional or travel/tourism services. Bitcoins are divisible to eight decimal places enabling their use in any kind of transaction, regardless of the value. Although Bitcoin is a virtual currency scheme, it has certain innovations that make its use more similar to conventional money.
Bitcoins are not pegged to any real-world currency. The exchange rate is determined by supply and demand in the market. There are several exchange platforms for buying Bitcoins that operate in real time. Mt.Gox is the most widely used currency exchange platform and allows users to trade US dollars for Bitcoins and vice versa. As previously stated, Bitcoin is based on a decentralised, peer- to-peer (P2P) network, i.e. it does not have a central clearing house, nor are there any financial or other institutions involved in the transactions. Bitcoin users perform these tasks themselves. In the same vein, there is no central authority in charge of the money supply.
In order to start using Bitcoins, users need to download the free and open-source software. Purchased Bitcoins are thereafter stored in a digital wallet on the user’s computer. Users have several incentives to use Bitcoins. Firstly, transactions are anonymous, as accounts are not registered and Bitcoins are sent directly from one computer to another. Also, users have the possibility of generating multiple Bitcoin addresses to differentiate or isolate transactions. Secondly, transactions are carried out faster and more cheaply than with traditional means of payment. Transactions fees, if any, are very low and no bank account fee is charged.
ECONOMIC FOUNDATIONS OF BITCOIN
The theoretical roots of Bitcoin can be found in the Austrian school of economics and its criticism of the current fiat money system and interventions undertaken by governments and other agencies, which, in their view, result in exacerbated business cycles and massive inflation.
The following ideas are generally shared by Bitcoin and its supporters:
— They see Bitcoin as a good starting point to end the monopoly central banks have in the issuance of money.
— They strongly criticise the current fractional-reserve banking system whereby banks can extend their credit supply above their actual reserves and, simultaneously, depositors can withdraw their funds in their current accounts at any time.
— The scheme is inspired by the former gold standard.
TECHNICAL DESCRIPTION OF BITCOIN
The technical aspects of this system are complex and not easy to understand without a sound technical background. Therefore, a comprehensive explanation of the underlying technical mechanism of Bitcoin lies outside the scope of this report. This section aims simply to provide a basic description of the functioning of this virtual currency scheme. According to the founder, Nakamoto (2009), an electronic coin can be defined as a chain of digital signatures. Each owner of the currency (P') has a pair of keys, one public and one private. These keys are saved locally in a file and, consequently, a loss or deletion of the file would mean that all Bitcoins associated with it are lost as well.
A simplified illustration of a chain of transactions from one node to another can be found here. The virtual coin shown in the picture is the same one, but at different points in time. To initiate the transaction, the future owner P‘ has to first send his public key to the original owner P0. This owner transfers the Bitcoins by digitally signing a hash6 of the previous transaction and the public key of the future owner. Every single Bitcoin carries the entire history of the transactions it has undergone, and any transfer from one owner to another becomes part of the code. The Bitcoin is stored in such a way that the new owner is the only person allowed to spend it.
All signed transactions are then sent to the network, which means that all transactions are public transactions, although no information is given regarding the involved parties. The key issue to be addressed by the system is the avoidance of double spending, i.e. how to prevent a coin being copied or forged, especially considering there is no intermediary validating the transactions. The solution implemented is based on the concept of a “time stamp”, which is an online mechanism used to ensure that a series of data have existed and have not been altered since a specific point in time, in order to get into the hash. Each time stamp includes the previous time stamp in its hash, forming a chain of ownership. By broadcasting the new transactions, the network can verify them. The systems that validate the transactions are called “miners” — essentially these are extremely fast computers in the Bitcoin network which are able to perform complex mathematical calculations that aim to verify the validity of transactions. The people who use their systems to undertake this mining activity do so on a voluntary basis, but they are rewarded with 50 newly created Bitcoins every time their system finds a solution.
“Mining” is therefore the process of validating transactions by using computing power to find valid blocks (i.e. to solve complicated mathematical problems) and is the only way to create new money in the Bitcoin scheme.
According to Nakamoto (2009): “if a greedy attacker is able to assemble more CPU power than all the honest nodes, he would have to choose between using it to defraud people by stealing back his payments, or by using it to generate new coins. He ought to find it more profitable to play by the rules, such rules that favour him with more new coins than everyone else combined, than to undermine the system and the validity of his own wealth”.
MONETARY ASPECTS OF BITCOIN
The Bitcoin scheme is designed as a decentralised system where no central monetary authority is involved. Bitcoins can be bought on different platforms. However, new money is created and introduced into the system only via the above-mentioned mining activity, i.e. by rewarding the “miners” who perform the crucial role of validating all transactions made, with new Bitcoins. Therefore, the supply of money does not depend on the monetary policy of any virtual central bank, but rather evolves based on interested users performing a specific activity. According to Bitcoin, the scheme has been technically designed in such a way that the money supply will develop at a predictable pace The algorithms to be solved (i.e. the new blocks to be discovered) in order to receive newly created Bitcoins become more and more complex (more computing resources are needed). As explained on its website} the rate of block creation is approximately constant over time: six per hour, one every ten minutes. However, the number of Bitcoins generated per block is set to decrease geometrically, with a 50% reduction every four years. The result is that the number of Bitcoins in existence will reach 21 million in around 2040. From this point onwards, miners are expected to finance themselves via transaction fees. In fact, this kind of fee can already be charged by a miner when creating a block.
The fact that the supply of money is clearly determined implies that, in theory, the issuance of money cannot be altered by any central authority or participant wanting to “print” extra money. According to Bitcoin supporters, the system is supposed to avoid inflation, as well as the business cycles originating from extensive money creation. However, the system has been accused of leading to a deflationary spiral. The total supply of Bitcoins is expected to grow geometrically until it reaches a finite limit of 21 million. If, however, the number of Bitcoin users starts growing exponentially for any reason, and assuming that the velocity of money does not increase proportionally, a long-term appreciation of the currency can be expected or, in other words, a depreciation of the prices of the goods and services quoted in Bitcoins. People would have a great incentive to hold Bitcoins and delay their consumption, thereby exacerbating the deflationary spiral. The extent to which this could be a problem in reality is not clear. Two remarks should be made. Firstly, the deflation hypothesis entails an assumption which is not realistic at this stage, i.e. that many more people will want to receive Bitcoins in return for goods or in exchange for paper money. However, Bitcoin is still quite immature and illiquid which is a clear disincentive for its use. Secondly, Bitcoinis not the currency of a country or currency area and is therefore not directly linked to the goods and services produced in a specific economy, but linked to the goods and services provided by merchants who accept Bitcoins. These merchants may also accept another currency (e. g. US dollars) and therefore, the fact that deflation is anticipated could give rise to a situation where merchants adapt the prices of their goods and services in Bitcoins.
SECURITY INCIDENTS AND NEGATIVE PRESS
From time to time, Bitcoin is surrounded by controversy. Sometimes it is linked to its potential for becoming a suitable monetary alternative for drug dealing and money laundering, as a result of the high degree of anonymity.“ On other occasions, users have claimed to have suffered a substantial theft of Bitcoins through a Trojan that gained access to their computer.” The Electronic Frontier Foundation, which is an organisation that seeks to defend freedom in the digital world, decided not to accept donations in Bitcoins anymore.
However, practically identical problems can also occur when using cash, thus Bitcoin can be considered to be another variety of cash, i.e. digital cash. Cash can be used for drug dealing and money laundering too; cash can also be stolen, not from a digital wallet, but from a physical one; and cash can also be used for tax evasion purposes. The question is not so much related to the format of money as such (physical or digital), but rather to the use people make of it. Nevertheless, if the use of digital money in itself complicates investigations and law enforcement, special requirements may be needed. Therefore, the real dimension of all these controversies still needs to be further analysed.
Bitcoin has also featured in the news, in particular following a cyberattack perpetrated on 20 June 2011, which managed to knock the value of the currency down from USD 17.50 to USD 0.01 within minutes. Apparently, around 400,000 Bitcoins (worth almost USD 9 million) were involved. According to currency exchange Mt.Gox, one account with a lot of Bitcoins was compromised and whoever stole it (using a Hong Kong based IP to login) first sold all the Bitcoins in there, only to buy them back again immediately afterwards, with the intention of withdrawing the coins. The USD 1,000/ day withdrawal limit was active for this account and the hacker was only able to exchange USD 1,000 worth of Bitcoins. Apart from this, no other accounts were compromised, and nothing was lost.
This chart shows the evolution of Bitcoin’s exchange rate on the Mt.Gox exchange platform during the hours of the incident, and is also the expression of how an immature and illiquid currency can almost completely disappear within minutes, causing panic to thousands of users. The problem was related to a particular trading platform — Mt.Gox — which did not have strong enough security measures.
In a more recent case (May 2012), the exchange platform Bitcoinica lost 18,547 Bitcoins from its deposits following a cyberattack, in which sensitive customer data might also have been obtained.”
A PONZI SCHEME?
Another recurrent issue is whether Bitcoin works like a Ponzi scheme or not. The US Securities and Exchange Commission defines a Ponzi scheme in the following terms:
"A Ponzi scheme is an investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors. Ponzi scheme organizers often solicit new investors by promising to invest funds in opportunities claimed to generate high returns with little or no risk. In many Ponzi schemes, the fraudsters focus on attracting new money to make promised payments to earlier-stage investors and to use for personal expenses, instead of engaging in any legitimate investment activity.“
On the one hand, the Bitcoin scheme is a decentralised system where — at least in theory — there is no central organiser that can undermine the system and disappear with its funds. Bitcoin users buy and sell the currency among themselves without any kind of intermediation and therefore, it seems that nobody benefits from the system, apart from those who benefit from the exchange rate evolution (just as in any other currency trade) or those who are hard-working “miners” and are therefore rewarded for their contribution to the security and confidence in the system as a whole. Moreover, the scheme does not promise high returns to anybody. Although some Bitcoin users may try to profit from exchange rate fluctuations, Bitcoins are not intended to be an investment vehicle, just a medium of exchange.
“Bitcoin is an experiment. Treat it like you would treat a promising internet start-up company: maybe it will change the world, but realise that investing your money or time in new ideas is always risky."
However, it is also true that the system demonstrates a clear case of information asymmetry. It is complex and therefore not easy for all potential users to understand. At the same time, however, users can easily download the application and start using it even if they do not actually know how the system works and which risks they are actually taking. Therefore, although the current knowledge base does not make it easy to assess whether or not the Bitcoin system actually works like a pyramid or Ponzi scheme, it can justifiably be stated that Bitcoin is a high-risk system for its users from a financial perspective, and that it could collapse if people try to get out of the system and are not able to do so because of its illiquidity.
WOOOHOOO KNOWLEDGE=POWER
Thanks to...
Source: ECB Europa - Virtual Currency Schemes 2012
submitted by audibleadderall to Bitcoin [link] [comments]

Crooked Lawyer used Dorian Nakamoto's unwanted publicity from Newsweek article for fraud.

On October, 2014 a Website called newsweeklied.com was created, supposedly to raise money for an attempt to sue Newsweek over its article on Dorian Nakamoto. http://money.cnn.com/2014/10/14/technology/nakamoto-newsweek-bitcoin/
The Website was a scam, they never had any intention to represent Dorian.
Here is what caused my suspicion.
When you now visit the website you get a message "Website Expired This account has expired. If you are the site owner, click below to login. SQUARESPACE"
The website's Whois information shows the website was registered on October 03, 2014.
Internet Archive's Wayback Machine archived copy of the website newsweeklied.com (https://web.archive.org/web/20141014012228/http://www.newsweeklied.com/home) leads to this bitcoin wallet address for donations 1LK3uHXhXPzR6M7AfAMQk4vBgTtQLw2kGC
If you look up the bitcoin address it shows that the wallet received confirmed payment's from Oct 12 to Oct 24. https://blockchain.info/address/1LK3uHXhXPzR6M7AfAMQk4vBgTtQLw2kGC?offset=50&filter=0
I don't think it's a coincidence that a SQUARESPACE free trial expires after 14 days and all payments sent to the wallet is within that 14 day period. I believe it was canceled after 14 days or they only paid for a one month subscription because it was a scam.
After further doing a little research I now see that my suspicion was warranted. The archived website has the name and address of his "lawyer" c/o Kirschner & Associates 1100 Echo Park Avenue Los Angeles, CA 90026-4213
One simple Google search and Bingo, he's a crooked ambulance chasing "Lawyer". http://www.yelp.com/biz/law-office-of-ethan-d-kirschner-los-angeles
Even Andreas M Antonopoulos (who set up the bitcoin wallet for Dorian) was suspicious of the Lawyers intentions. I wonder though why he didn't inform Dorian. https://twitter.com/DanielJonss/status/521786895156908033 https://twitter.com/aantonop/status/521854456829186048
So to the 86 folks out there who kindly donated 2.09 BTC, just letting you know you were scammed. https://blockchain.info/address/1LK3uHXhXPzR6M7AfAMQk4vBgTtQLw2kGC?offset=50&filter=0
submitted by DrSalted to Bitcoin [link] [comments]

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