Bitcoin Halving 101: What Is It and Why Does It Matter ...

Minimum Viable Issuance - Why Ethereum’s lack of a hard cap on ETH issuance is a good thing.

This post will explain how the argument used by the average Bitcoin maximalist, thinking that they have found Ethereum’s achilles heel when talking about issuance is actually highlighting one of Ethereum’s strong points and one of the main threats to the longevity of the Bitcoin network.
So first let’s answer the question which I know many people have about Ethereum:

What is Ethereum’s ETH issuance schedule?

Ethereum has an issuance policy of Minimum Viable Issuance. So what does this mean exactly? It means that the issuance of ETH will be as low as possible while also maintaining a sufficient budget to pay miners (and soon to be stakers) to keep the network secure. For example, if ETH issuance was halved, miners would drop off the network and stop mining as it is no longer profitable for them to mine. As a result, the network would be less secure as it would cost less money for an attacker to control 51% of the hash power and attack the network. This means that the Ethereum community plans to change ETH issuance as time goes on to maintain a reasonable security budget which will keep the network secure but will also keep inflation in check. We have done this twice in the past with EIP-649 and EIP-1234 which reduced block rewards from 5 ETH per block to 3 ETH and from 3 ETH to 2 ETH respectively. I previously made a graph of ETH issuance over time here: https://redd.it/it8ce7
So while Ethereum doesn’t have a strictly defined issuance schedule, the community will reject any proposals which either put the security of the network at risk such as the recent EIP-2878, or we will reject proposals which will lead to excessive network security and therefore an unnecessarily high inflation rate (or we will accept proposals which reduce issuance after price rises and therefore the security budget rises). This means that when Bitcoiners accuse the Ethereum Foundation of being no better than a central bank because they can “print more Ether”, this is completely untrue. Any proposals made by the EF which would increase issuance unnecessarily would be rejected by the community in the same way that a proposal to increase the supply of Bitcoin from 21 million to 22 million would be rejected. There is a social contract around both Bitcoin’s and Ethereum’s issuance schedules. Any networks or proposals which break the social contracts of 21 million Bitcoins and minimal viable issuance of Ether would be a breach of these contracts and the new proposed network would be labeled by the community as illegitimate and the original network would live on.

So why is minimum viable issuance better than a hard cap?

Minimum viable issuance is better than a hard cap because it puts the most important part of the network first - the security. MVI ensures that the Ethereum network will always have a security budget which keeps the cost of a 51% attack impractically high. Bitcoin on the other hand, halves its security budget every 4 years until eventually only the transaction fees pay for network security. This means that every 4 years, the amount of money paying for network security halves until eventually, the value of attacking the network becomes greater than the security budget and someone performs a 51% attack (technically the security budget only halves if terms of BTC not in dollars. However, even if the price of Bitcoin more than doubles in the time that the security budget halves, the ratio of security budget to value secured on the network still halves, doubling the financial viability of performing a network attack). The strategy to pay for the security budget once Bitcoin issuance stops is for transaction fees to secure the network since transaction fees are paid to miners. Not only does this have its own security problems which I won’t detail here, but unless Bitcoin scales on layer 1 (layer 2 scaling solutions have their own security mechanisms separate from L1), then fees would have to cost well in the thousands of dollars to secure a trillion dollar market cap Bitcoin that is secured by nothing but fees. If Bitcoin maximalists want a 10 trillion or 100 trillion dollar market cap then expect fees to go up another 10 or 100 times from there.
Ethereum on the other hand, will be able to keep its network secure with approximately 1-2% annual issuance being paid to stakers under ETH 2.0. This is because not all of the network will be staking, so if 33 million of the approximately 110 million Ether in existence stakes under ETH 2.0, then paying this 33 million Ether 6% a year (a very decent yield!) would cost just under 2 million ETH per year which would equate to less than 2% annual ETH inflation. This is also before considering EIP-1559 which will burn a portion of transaction fees which will counter the effect of this inflation and potentially even make ETH deflationary if the sum of all burned transaction fees are greater than the annual inflation. Also, under ETH 2.0, an attacker performing a 51% attack would get his funds slashed (they would lose their funds) if they attack the network, meaning that they can only perform a 51% attack once. However, in Bitcoin, anyone who controls 51% of the mining hash power could perform multiple 51% attacks without losing everything like they could in ETH 2.0.
So in conclusion, while Ethereum doesn’t have the guaranteed anti-inflation security of a hard cap, it does have the guarantee of always paying it’s miners (or stakers under ETH 2.0) enough to keep the network secure. In contrast, while Bitcoin’s social contract may guarantee a hard cap of 21 million, it cannot simultaneously guarantee network security in the long run. Eventually, its users will have to decide if they want a secure network with more than 21 million coins or a tax to pay for security or an insecure network with super high fees and a hard cap of 21 million Bitcoin.
Disclaimer: The details I covered around 51% attacks and network security are simplified. I am not an expert in this field and things are a lot more nuanced than I laid out in my simplifications above.
submitted by Tricky_Troll to ethfinance [link] [comments]

Minimum Viable Issuance - Why Ethereum’s lack of a hard cap on ETH issuance is a good thing.

This post will explain how the argument used by the average Bitcoin maximalist, thinking that they have found Ethereum’s achilles heel when talking about issuance is actually highlighting one of Ethereum’s strong points and one of the main threats to the longevity of the Bitcoin network.
So first let’s answer the question which I know many people have about Ethereum:

What is Ethereum’s ETH issuance schedule?

Ethereum has an issuance policy of Minimum Viable Issuance. So what does this mean exactly? It means that the issuance of ETH will be as low as possible while also maintaining a sufficient budget to pay miners (and soon to be stakers) to keep the network secure. For example, if ETH issuance was halved, miners would drop off the network and stop mining as it is no longer profitable for them to mine. As a result, the network would be less secure as it would cost less money for an attacker to control 51% of the hash power and attack the network. This means that the Ethereum community plans to change ETH issuance as time goes on to maintain a reasonable security budget which will keep the network secure but will also keep inflation in check. We have done this twice in the past with EIP-649 and EIP-1234 which reduced block rewards from 5 ETH per block to 3 ETH and from 3 ETH to 2 ETH respectively. I previously made a graph of ETH issuance over time here: https://redd.it/it8ce7
So while Ethereum doesn’t have a strictly defined issuance schedule, the community will reject any proposals which either put the security of the network at risk such as the recent EIP-2878, or we will reject proposals which will lead to excessive network security and therefore an unnecessarily high inflation rate (or we will accept proposals which reduce issuance after price rises and therefore the security budget rises). This means that when Bitcoiners accuse the Ethereum Foundation of being no better than a central bank because they can “print more Ether”, this is completely untrue. Any proposals made by the EF which would increase issuance unnecessarily would be rejected by the community in the same way that a proposal to increase the supply of Bitcoin from 21 million to 22 million would be rejected. There is a social contract around both Bitcoin’s and Ethereum’s issuance schedules. Any networks or proposals which break the social contracts of 21 million Bitcoins and minimal viable issuance of Ether would be a breach of these contracts and the new proposed network would be labeled by the community as illegitimate and the original network would live on.

So why is minimum viable issuance better than a hard cap?

Minimum viable issuance is better than a hard cap because it puts the most important part of the network first - the security. MVI ensures that the Ethereum network will always have a security budget which keeps the cost of a 51% attack impractically high. Bitcoin on the other hand, halves its security budget every 4 years until eventually only the transaction fees pay for network security. This means that every 4 years, the amount of money paying for network security halves until eventually, the value of attacking the network becomes greater than the security budget and someone performs a 51% attack (technically the security budget only halves if terms of BTC not in dollars. However, even if the price of Bitcoin more than doubles in the time that the security budget halves, the ratio of security budget to value secured on the network still halves, doubling the financial viability of performing a network attack). The strategy to pay for the security budget once Bitcoin issuance stops is for transaction fees to secure the network since transaction fees are paid to miners. Not only does this have its own security problems which I won’t detail here, but unless Bitcoin scales on layer 1 (layer 2 scaling solutions have their own security mechanisms separate from L1), then fees would have to cost well in the thousands of dollars to secure a trillion dollar market cap Bitcoin that is secured by nothing but fees. If Bitcoin maximalists want a 10 trillion or 100 trillion dollar market cap then expect fees to go up another 10 or 100 times from there.
Ethereum on the other hand, will be able to keep its network secure with approximately 1-2% annual issuance being paid to stakers under ETH 2.0. This is because not all of the network will be staking, so if 33 million of the approximately 110 million Ether in existence stakes under ETH 2.0, then paying this 33 million Ether 6% a year (a very decent yield!) would cost just under 2 million ETH per year which would equate to less than 2% annual ETH inflation. This is also before considering EIP-1559 which will burn a portion of transaction fees which will counter the effect of this inflation and potentially even make ETH deflationary if the sum of all burned transaction fees are greater than the annual inflation. Also, under ETH 2.0, an attacker performing a 51% attack would get his funds slashed (they would lose their funds) if they attack the network, meaning that they can only perform a 51% attack once. However, in Bitcoin, anyone who controls 51% of the mining hash power could perform multiple 51% attacks without losing everything like they could in ETH 2.0.
So in conclusion, while Ethereum doesn’t have the guaranteed anti-inflation security of a hard cap, it does have the guarantee of always paying it’s miners (or stakers under ETH 2.0) enough to keep the network secure. In contrast, while Bitcoin’s social contract may guarantee a hard cap of 21 million, it cannot simultaneously guarantee network security in the long run. Eventually, its users will have to decide if they want a secure network with more than 21 million coins or a tax to pay for security or an insecure network with super high fees and a hard cap of 21 million Bitcoin.
Disclaimer: The details I covered around 51% attacks and network security are simplified. I am not an expert in this field and things are a lot more nuanced than I laid out in my simplifications above.
submitted by Tricky_Troll to ethtrader [link] [comments]

How does cryptocurrency works?

How does cryptocurrency works?
When we were a much smaller society, people could trade in the community pretty easily, but as the distance in our trade grew, we ended up inventing institutions such as banks, markets, stocks etc. that help us to conduct financial transactions. The currencies we are operating with nowadays are bills or coins, controlled by a centralized authority and tracked by previously mentioned financial institutions. The thing is, having a third party in our money transactions is not always what we wish for. But fortunately, today we have a tool that allows us to make fast and save financial transactions without any middlemen, it has no central authority and it is regulated by math. Sounds cool, right? Cryptocurrency is this tool. It is quite a peculiar system, so let’s take a closer look at it.
by StealthEX

Layers of a crypto-cake

Layer 1: Blockchain

First of all – any cryptocurrency is based on the blockchain. In simple words, blockchain is a kind of a database. It stores information in batches, called blocks that are linked together in a chronological way. As the blockchain is not located in one place but rather on thousands of computers around the globe, the blockchain and the transactions thus are decentralized, they have no head center. The newest blocks of transaction are continuously added on (or changed) to all the previous blocks. That’s how you get a cryptocurrency blockchain.
The technology’s name is a compound of the words “block” and “chain”, as the “blocks” of information are linked together in a “chain”. That’s how crypto security works – the information in the recently created block depends on the previous one. It means that no block can be changed without affecting the others, this system prevents a blockchain from being hacked.
There are 2 kinds of blockchain: private and public. Public, as goes by its name, is publicly available blockchain, whereas private blockchain is permissioned, which only a limited number of people have access to.

Layer 2: Transaction

In fact, everything begins with the intention of someone to complete a transaction. A transaction itself is a file that consists of the sender’s and recipient’s public keys (wallet addresses) and the amount of coins transferred. The sender begins by logging in into his cryptocurrency wallet with the private key – a unique combination of letters and numbers, something you would call a personal password in a bank. Now the transaction is signed and the first step which is called basic public key cryptography is completed.
Then the signed (encrypted) transaction is shared with everyone in the cryptocurrency network, meaning it gets to every other peer. We should mention that the transaction is firstly queued up to be added to the public ledger. Then, when it’s broadcasted to the public ledger, all the computers add a new transaction to a shared list of recent transactions, known as blocks.
Having a ledger forces everyone to “play fair” and reduce the risk of spending extra. The numbers of transactions are publicly available, but the information about senders and receivers is encrypted. Each transaction holds on to a unique set of keys. Whoever owns a set of keys, owns the amount of cryptocurrency associated with those keys (just like whoever owns a bank account owns the money in it). This is how peer-to-peer technology works.

Layer 3: Mining

Now let’s talk about mining. Once confirmed, the transaction is forever captured into the blockchain history**.** The verification of the block is done by Cryptocurrency Miners – they verify and then add blocks to the public ledger. To verify them, miners go down on the road of solving a very difficult math puzzle using powerful software, which is that the computer needs to produce the correct sequence number – “hash” – that is specific to the given block, there is not much chance of finding it. Whoever solves the puzzle first, gets the opportunity to officially add a block of transactions to the ledger and get fresh and new coins as reward. The reward is given in whatever cryptocurrency’s blockchain miners are operating into. For example, BTC originally used to reward miners in 50 BTC, but after the first halving it decreased to 25 BTC, and at present time it is 6.25 BTC. The process of miners competing against each other in order to complete the transactions on the network and get rewarded is known as the Proof-of-Work (PoW) algorithm, which is natural for BTC and many other cryptocurrencies. Also there are another consensus mechanisms: Proof-of-Stake (PoS), Delegated Proof-of-Stake (dPoS), Proof-of-Authority (PoA), Byzantine Fault Tolerance (BFT), Practical Byzantine Fault Tolerance (pBFT), Federated Byzantine Agreement (FBA) and Delegated Byzantine Fault Tolerance (dBFT). Still, all of them are used to facilitate an agreement between network participants.
The way that system works – when many computers try to verify a block – guarantees that no computer is going to monopolize a cryptocurrency market. To ensure the competition stays fair, the puzzle becomes harder as more computers join in. Summing it up, let’s say that mining is responsible for two aspects of the crypto mechanism: producing the proof and allowing more coins to enter circulation.

Types of cryptocurrency

In the virtual currency world there are a bunch of different cryptocurrency types with their own distinctive features.
The first cryptocurrency is, of course, Bitcoin. Bitcoin is the first crypto coin ever created and used. BTC is the most liquid cryptocurrency in the market and has the highest market cap among all the cryptocurrencies.

Altcoins

The term ‘altcoins’ means ‘alternatives’ of Bitcoin. The first altcoin Namecoin was created in 2011 and later on hundreds of them appeared in crypto-world, among them are Ravencoin, Dogecoin, Litecoin, Syscoin etc. Altcoins were initially launched with a purpose to overcome Bitcoin’s weak points and become upgraded substitutes of Bitcoin. Altcoins usually stand an independent blockchain and have their own miners and wallets. Some altcoins actually have boosted features yet none of them gained popularity akin to Bitcoin. More about altcoins in our article.

Tokens

Token is a unit of account that is used to represent the digital balance of an asset. Basically tokens represent an asset or utility that usually are made on another blockchain. Tokens are registered in a database based on blockchain technology, and they are accessed through special applications using electronic signature schemes.
Tokens and cryptocurrencies are not the same thing. Let’s explain it more detailed:
• First of all, unlike cryptocurrencies, tokens can be issued and managed both centralized and decentralized.
• The verification of the token transactions can be conducted both centralized and decentralized, when cryptocurrencies’ verification is only decentralized.
• Tokens do not necessarily run their own blockchain, but for cryptocurrencies having their own blockchain is compulsory.
• Tokens’ prices can be affected by a vast range of factors such as demand and supply, tokens’ additional emission, or binding to other assets. On the other hand, the price of cryptocurrencies is completely regulated by the market.
Tokens can be:
• Utility tokens – something that accesses a user to a product or service and support dApps built on the blockchain.
• Governance tokens – fuel for voting systems executed on the blockchain.
• Transactional tokens – serve as a unit of accounts and used for trading.
• Security tokens – represent legal ownership of an asset, can be used in addition to or in place of a password.
Tokens are usually created through smart contracts and are often adapted to an ICO – initial coin offering, which is a means of crowdfunding. It is much easier to create tokens, that is why they make a majority of coins in existence. Altcoin and token blockchains work on the concept of smart contracts or decentralized applications, where the programmable, self-executing code is ruling the transactions within a blockchain. By the way, the vast majority of tokens were distributed on the Ethereum platform.

Forks

Generally a fork occurs when a protocol code, on which the blockchain is operating, is being changed, modified and updated by developers or users. Due to the changes, the blockchain splits into 2 paths: an old way of doing things and a new way. These changes may happen because: a disagreement between users and creators; a major hack, as it was with Ethereum; developers’ decision to fix errors and add new functionality. The blockchain mainly splits into hard forks and soft forks. Shortly speaking, coin hard forks cannot work with older versions while soft forks still can work with older versions.
Hard fork – after a hard fork, a new version is completely separated from the previous one, there’s no connection between them anymore, although the new version keeps the data of all the previous transactions but now on, each version will have its own transaction history. In order to use the new versions, every node has to upgrade their software. A hard fork requires majority support (or consensus) from coin holders with a connection to the coin network. If enough users don’t update then you will be unable to get a clean upgrade which could lead to a break in the blockchain.
Soft fork – a protocol change, but with backward compatibility. The rules of the network have been changed, but nodes running the old software will still be able to validate transactions, but those updated nodes won’t be able to mine new blocks. So to be used and useful, soft forks require the majority of the network’s hash power. Otherwise, they risk becoming set out and anyway ending up as a hard fork.

Stablecoins

As it comes from the name, stablecoins are price-stabilized that are becoming big in the crypto world. Still enjoying most of the “typical-cryptocurrency” benefits, it is standing out as a fixed and stable coin, not volatile at all. Stablecoins’ values are stabilized by pegging them to other assets such as the US Dollar or gold.
Stablecoins include Tether (USDT), Standard (PAX), Gemini Dollar (GUSD) which are backed by the US Dollar and approved by the New York State Department of Financial Services.

Conclusion

Now that we hacked into cryptocurrency, you probably understand that it is much less mysterious than it first seemed. Nowadays, cryptocurrencies are making the revolution of the financial institution. For example, Bitcoin is currently used in 96 countries and growing, with more than 12,000 transactions per hour. More and more investors are involved, banks and governments realize that these cutting edge technologies are prone to draw their control away. Cryptocurrencies are slowly changing the world and you can choose – either stand beside and observe or become part of history in the making.
And remember if you need to exchange your coins StealthEX is here for you. We provide a selection of more than 300 coins and constantly updating the cryptocurrency list so that our customers will find a suitable option. Our service does not require registration and allows you to remain anonymous. Why don’t you check it out? Just go to StealthEX and follow these easy steps:
✔ Choose the pair and the amount for your exchange. For example BTC to ETH.
✔ Press the “Start exchange” button.
✔ Provide the recipient address to which the coins will be transferred.
✔ Move your cryptocurrency for the exchange.
✔ Receive your coins.
Follow us on Medium, Twitter, Facebook, and Reddit to get StealthEX.io updates and the latest news about the crypto world. For all requests message us via [[email protected]](mailto:[email protected]).
The views and opinions expressed here are solely those of the author. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Original article was posted on https://stealthex.io/blog/2020/09/29/how-does-cryptocurrency-works/
submitted by Stealthex_io to StealthEX [link] [comments]

Pi Network! This golden project is an opportunity.

  1. What is Pi Network?
Pi Network is a virtual currency that can only be mined or mined on a phone, but does not consume device resources like other free mining applications. Previously Pi Network could include mining applications such as Electroneum (ETN), but this application consumes your device resources to decode the algorithm (Electroneum uses cryptonight algorithm). With Pi Network, when you dig coins will feel the device does not heat up. In addition, you can also turn off the application or turn off the network and still be able to mine coins every 24 hours.

Note:

Pi Network is still in BETA. The project is still in progress which means that there will still be errors and some details of the project are still changing. While many cryptocurrency projects start from pure theory, Pi Network seeks to balance theory with design and people-centered (or experiment with real people to best meet their needs). ). The project appreciates your patience and welcomes your input as we work together to develop products that best meet community needs. Pi does NOT give you free money. This is a long-term project whose success depends on the common contribution of its members. Pi helps people capture economic value, which is held by banks, technology giants (e.g. Facebook, Amazon) and other intermediaries. Pi depends on the contribution of the members. Therefore Pi NetWork is not suitable for those who want to make money quickly.

2. Is Pi Network scam?

Pi is not a hoax. This is an attempt by a group of Stanford University alumni to spread the cryptocurrency to more people. Pi Network's core team is led by two Stanford PhDs and one Stanford MBA, all of which help build the blockchain community at Stanford. There is no guarantee that the project will succeed. However, Pi Network will work hard to make common dreams a reality, while upholding the highest standards of transparency. You can learn more about Pi's core team on the app, or simply by typing these people 's names into the Google search page:
- Nicolas Kokkalis: Head of Technology
- Department Chengdiao Fan: Vincent
- McPhillip Product Manager: Community Manager
📷
https://preview.redd.it/rozcs5h1p4351.png?width=710&format=png&auto=webp&s=c5952d879514c33e643958aab8d5ca5ae382ba41

3. How to make money with Pi Network?

How to exploit Pi
Pi Network does not call you to invest or do anything. Your job is very simple, you just need to have a phone, download the Pi Network app and create an account, press the Start button daily and the PI digging will take place even if your computer is not connected to the internet . You also do not need to open the active application. Pi does not affect your phone performance, does not drain your battery or use your network data. To start earning Pi, check the app every 24 hours and press the lightning button to start mining. You can increase your hourly Pi rate by inviting friends and family to join the community. After 3 days of exploitation, you can increase your income even more by building your security circle, which contributes to the overall security of the network. And remember, veterans of the network have a higher rate of extraction than the members who come after them.
Why are veteran members exploiting more?
Pi's goal is to become a widely distributed and widely used electronic currency in the world. To achieve that goal, Pi encourages members to contribute early to ensure the success of the project (eg network protection and development). To reflect the importance of early contributions, the rate of extraction decreases as more people join the network. At this point, the base mining rate will be halved every time the number of active users increases by 10 times. This ratio will be reduced to zero when the network reaches a certain number of users (for example, 10 million or 100 million). At the time, like Bitcoin, miners would continue to receive rewards with transaction fees, rather than being rewarded with new coins.
What is the Pi Network security circle?
The security circle is a group of 3-5 trusted people built by each Pi member, to prevent fraudulent transactions. While cryptocurrencies like Bitcoin secure their ledgers by forcing mining companies to burn energy (proof of work), Pi still guarantees its ledger when members of the network prove trust with each other. Pi contributors guarantee each other by building up security groups of 3-5 members whom they deem reliable. The security circle should include people you trust not to make fraudulent transactions. The cyber security circles form a global trust chart to determine who can trust to conduct transactions on the Pi ledger.
https://preview.redd.it/rmekfcizo4351.png?width=710&format=png&auto=webp&s=92a054233ec9c1844b32c24b0a06d0a47e9302b1

4. What is the Pi price?

Pi is worth approximately 0 dollars / euro. Yes! If the price is $ 0, then we dig PI do? Also you wonder when PIs will be valuable? While everyone thinks that PIs are not valuable and do not participate, just like when BITCOIN 2008 had no value. If you are a PI holder PI holders have two options to convert PIs into cash:
- Buy goods and services directly with your Pi. Pi Network is building a peer-to-peer market where members can directly spend Pi to buy goods and services. Pi Network aims to start a bank transfer test in its application immediately after Q42019.
- Exchange Pi for cash on cryptocurrency exchanges. Pi will be able to be traded during Phase 3 of the project (such as when launching the Mainnet). At that time, exchanges may choose to list Pi. At this point, Pi's core team focuses on implementing the right technical roadmap to reach phase 3.
(I still remember in 2015, in MMO communities, competing to receive free coins called Raiblocks (XRB) by typing captcha, each type of such a lot of XRB, it can be said that the day that XRB has no price value, almost 0. Later in early 2018 when Raiblocks changed its name to NANO project, the peak of 1 NANO coin reached 34 USD, sweeping away the dream of millionaires of MMO people, because at XRB, they sell very cheaply for each other. You can refer to the NANO price chart below)
https://preview.redd.it/r8rll5eyo4351.png?width=710&format=png&auto=webp&s=235368ab0b53c5e1b09c2c88bd13e345ae26eaae

5. Download the Pi Network application

Pi Network currently supports both Android and iOS operating systems, you can access the Google Play app for Android or App Store for iOS and search by keyword "Pi Network" or click directly at the following link:
https://minepi.com/150791

6. Create an account and dig Pi

Step 1: After downloading the application, you open the application to register for Pi Network account

https://preview.redd.it/n74m2cbxo4351.png?width=640&format=png&auto=webp&s=33dd4f81f6cb952c065457dc1d3d53a20df739bd
In this step you can optionally register your account with Facebook or your phone number. However, you should choose the phone number to make it easier to authenticate your Pi Network account later. Choose your location, enter your phone number and click Go.

https://preview.redd.it/tkh0yo2wo4351.png?width=640&format=png&auto=webp&s=341f067a7269a5b0bc7eb9d04698d8950c06dbff
Then you enter the password and confirm the password. Note that the password must have uppercase characters, special characters like! @ # $% Or your number. Done, click Submit

https://preview.redd.it/pmp9dzjto4351.png?width=640&format=png&auto=webp&s=8712183677f5356ac79fd279e98de4e291e893c7
Then enter the First Name and Last Name.

https://preview.redd.it/f5auh8dso4351.png?width=640&format=png&auto=webp&s=e26c5c9b15548beb0edcbd4df2ac22d27a548405
Finally, the Username (this is the name for me to log into the Pi Network application, don't forget this). After filling all information, click Submit to move to the final step. In this last step, you enter the referral code is @ Leviet74 (this is my code). However, you can enter anyone's referral code. But when entering my code, I am very thankful and if there is any problem that needs support I will be very enthusiastic.
So you have completed the Pi Network registration, now you just leave it to receive coins daily, or go referrals to others to earn more Pi.

https://preview.redd.it/2gio8gxqo4351.png?width=640&format=png&auto=webp&s=1682a4a32e54c60db542699b53bbb5287fa5a8bd
Guide to dig Pi

https://preview.redd.it/1ftbk7qpo4351.png?width=640&format=png&auto=webp&s=2e3af6d16e7a47535957387e8e409bbca4d72d0c
Click Get Started and click on the lightning image to start digging PI.

https://preview.redd.it/70q1n5poo4351.png?width=640&format=png&auto=webp&s=a0c0dc927027d7ad4c1999b4ae9c9a5daf9b6896
The amount of Pi you mine per hour is shown in the Ambassador section. If your lower members mine Pi, you will receive (25% x 0.39pi x the number of people). However, if they are not online for more than 1 day, you will not receive Pi from them, so you press Ping Inactive to push them to notify the application access.

https://preview.redd.it/ptu36tmmo4351.png?width=640&format=png&auto=webp&s=bb70cc8e19ecdb9ccbaa36e5ee52be6dcc68e842
Add people to the security circle
After 3 days of digging Pi, you will open a security circle, what it is, please read the above article, here you can add acquaintances to dig more Pi together.

https://preview.redd.it/84bnhfbjo4351.png?width=710&format=png&auto=webp&s=b8aa75b135d4cf00d75a6f23ad1933cdead901d9
Verify Pi Network account
You need to verify your account so that stage 4 of the project can be withdrawn. To verify Pi Network, access Profile and select Verify as shown:

https://preview.redd.it/h6pkp9tgo4351.png?width=640&format=png&auto=webp&s=5c0a2677b7bed0d39a75a1e825449f4b4503c990
There are two options for verifying your account: getting a verification code (only applicable to the US and Canada) or sending a message to Pi Network. You will have to use option 2 and press Start.
https://preview.redd.it/woyptgmeo4351.png?width=640&format=png&auto=webp&s=d67d1b01deb51d038c1411177a1dd7e0274dfd4e
Then click Open SMS to let Pi Network compose a message to send a 4-digit code.

https://preview.redd.it/ohu1d19ao4351.png?width=710&format=png&auto=webp&s=7a1c8a726b5938280a58f1343feb73223b02ba66
Note that Pi will generate 4-digit code itself, you do not edit anything and just click Submit.
https://preview.redd.it/orymp2vzn4351.png?width=710&format=png&auto=webp&s=c0002a9841fbc4db8ed5a3a040d1ddbd71500e14
If the Pi application verifies that you have successfully verified your account.

7. How to draw Pi?

You cannot withdraw the Pi. You will be able to withdraw Pi or exchange Pi for other currencies during Phase 3 of the project, when Pi switches to a completely decentralized blockchain. Phase 1 of Project Pi is on March 14, 2019 (Pi Day). In Stage 1, your balance is being recorded to wait for the day Pi reaches the mainnet (Phase 3). The transfer or withdrawal of Pi is restricted until the mainnet launch, to prevent fraudulent actions, such as clone users to dig Pi, then transfer Pi to another account and legalize the process. verify your account and use that nefarious Pi number.

8. Should you dig Pi on multiple phones?

No, you SHOULD NOT dig PI on many devices. Pi Network adheres to a strict rule, meaning that only one account can be used per person. Pi Network uses a multi-pronged strategy to ensure that fake accounts cannot exploit Pi
First, the Pi network uses Google Recaptcha v3 to know which devices are operated by humans or robots. (This technology is completely invisible to most users, because they are real people, but robots can see the captcha if the google algorithm captures them.) Over time, Pi Network is developing a machine learning algorithm based on actual user exploitation behavior to predict bots.
Second, the Pi consensus algorithm (security circle) makes it easy to detect fake accounts. The fake account will not have enough real people to link to them through the security circle. Thus fake accounts will have less linkage with the rest of the network. This anomaly is easy to detect with computer algorithms.
Finally, when Pi enters Stage 3 and 4 - Mainnet, only authenticated accounts can exist. Buy

9. Where to buy and sell Pi?

Currently, there is only 1 exchange, AACoin listed PI (https://www.aacoin.com/trade/PI\_USDT) in the form of short purchase and sale, meaning that they buy and sell PI but do not actually own any PI. Because PIs have not been withdrawn until entering phase 3 (mainnet), all PI trading platforms are fraudulent. The Pi Core team also issued a warning. In addition, users should not buy and sell Pi transactions on the black market through the sale of accounts, because all of us have not been able to price Pi, so there are many potential risks.
https://preview.redd.it/d6lzfxfxn4351.png?width=710&format=png&auto=webp&s=c61ce72af1a56af4367c32b441ddfe25b9462a30
submitted by thanhbkpr to u/thanhbkpr [link] [comments]

HOW BITCOIN HALVING AFFECTS ITS PRICE

HOW BITCOIN HALVING AFFECTS ITS PRICE

How Bitcoin Halving Works


https://preview.redd.it/sw73yxkkcep51.jpg?width=4501&format=pjpg&auto=webp&s=fec470c75c71ffe1a27d5c09b59d255018fddd85
Each Bitcoin block is mined every 10 minutes on average, which is approximately 144 blocks per day. The Bitcoin production decreases by half every 210,000 blocks or approximately every four years. The last halving event took place in May 2020 and Bitcoin miners currently receive block reward of 6.25 bitcoins per block. Subsequently, roughly 900 bitcoins are mined every day until the next Bitcoin halving event in 2024. This is how new bitcoins are created.

Bitcoin Halving and Price Increase


https://preview.redd.it/e75ijhcpcep51.jpg?width=1046&format=pjpg&auto=webp&s=8d88529e75b55e8309350875cd16cbe68526c7ab
Bitcoin’s inflation rate is decreasing based on the mathematical algorithm, unlike the inflation rate of fiat currencies. We expect that the lack of new supply will cause the future increased demand for Bitcoin. Besides that, Bitcoin halving has been historically an extremely positive event for Bitcoin price action. Based on the Kraken cryptocurrency exchange data, halvening kicked off Bitcoin bull runs with price appreciation of 9,000% and 3,000% in 2012 and 2016, respectively.

Next Bitcoin Halving Event in 2024


https://preview.redd.it/cbru7x9rcep51.jpg?width=1440&format=pjpg&auto=webp&s=f2b765d2a7685fad23c96ebc128b7098a9daf51e
Next Bitcoin halving event is expected in 2024, when Bitcoin block reward will be reduced to 3.125 bitcoins per block from the current amount of 6.25 bitcoins per block. This means the daily Bitcoin supply will be reduced to approximately 450 bitcoins per day from the current supply of approximately 900 bitcoins per day. We assume that Bitcoin price will continue increasing in the foreseeable future, due to the algorithmically predetermined decrease of its supply and presumably steady if not increasing demand for Bitcoin from both institutional and retail investors.
You can learn more about Bitcoin investment products and strategies here.
Legal Disclosure: The information contained in this article is the property of Digital Finance LLC and cannot be republished without our prior permission.
Digital Finance is a Washington, DC, financial company that specializes exclusively in the Bitcoin market. We provide easy and compliant exposure to digital assets and help our customers from all over the world to instantly buy Bitcoin and earn up to 6% annually on their Bitcoin holdings.
submitted by MaximNurov to u/MaximNurov [link] [comments]

Bitcoin is (the best) money for reasons different of what you think

Too much people have a bad understanding of money. We all know that here. But even in Bitcoin, we often read this :
"Bitcoin is money because it is store of value, medium of exchange and wil be unit of account thanks its fixed supply".
This is misleading, those are the functions of money, if a money furfils them well it is a good money but stuff can have these functions without being money.

So what money IS really ?

Simple: a money is a bank IOU. Money is created when a bank gives a loan. Against the IOU, the bank asks the borrower to give it an IOU for the same amount plus interest and Money is destroyed when the principal of the loan is redeem (the bank's IOU vanished, but borower's IOU interest are still there). When we talk about money, we are in fact talking about a banking system, nothing less, nothing more.

In the case of fiat money, the central bankers owns the banking systems. The "regulation" is the set of rules of issuance of fiat (the credit issuance work is made by the commercial banks). When the central bank says it wants X% of inflation it sets how well its money is unit of account. "Stabilize the prices", "avoid hyperinflation" truely means "maintain credibility of the banking system". That's why banks are always saved too, they are just the right arm of the central bank to issue credit, they are the money itself.
Precious metal like gold are popular as a good way to physically represent an IOU because scarcity and durability make them good collateral in case the bank who issues the IOU disappears but it is not money in itself (it also lacks the medium of exchange function because gold can be faked). Gold standard was just a way to issue IOU so that it furfills the store of value and unit of account function automatically and add medium of exchange function (it is easier to check a dollar is a a real one than gold) creating a very good money. This was the choice of the FED before 1971 (and the dollar becames the international money as it was the best money).
So a money is always issued by a banking system as it wish to issue it (meaning it determines who get the loans), a bank provides by its network (of ATMs, of payment processors, of credit agencies...) easy ways to exchange its IOU and backed the IOU to give them credibility. Before all banks were private but when the states started to have one, they centralized all the banking system around it and private banks were forced to issue IOU against state bank's IOU, giving birth to the central banking system and so fiat money (as money = banking system's IOU). State money don't need collateral because you need to pay taxes in state money: the collateral is that you can pay taxes and so not ending up in prison. State money is a violent but hidden freedom restriction.

So now, why Bitcoin is money ?

The Bitcoin's tokens are the IOU of a bank. Who is the central bank ? The Bitcoin protocol. Each node is a bank who applies strict rules of IOU issurance: loans are for miners, preferably the first ones as the supply schedule says. "Run a full node to be your own bank" is litteral, by validating Bitcoin's rules you are like a bank in the current banking system, except the central bank doesn't exist, it is just a protocol you follow with others. The only difference between Bitcoin and classical banking system is that the protocol doesn't ask an IOU to the miners in exchange for the newly created money to destroy it later, it is as if the miners made in fact a deposit of their computational work and the returned IOU value depends of supply schedule and difficulty.
Now, is Bitcoin a good money ? The answer is a bit subjective but mainly yes, it is certainly the best money if we look at how it has the three functions of the money (store of value, medium of exchange, unit of account). The IOU are valuable by the same principle of fiat money is valuable: you can use the Bitcoin ledger only if you pay at least the minimum relay fees... in bitcoins ! You also have to pay additionnal transaction fees but you can also pay them to a miner directly in something else but chance are low he found a block himself. Notice however that nothing force you to use the ledger so Bitcoin is peacefull contrary to state money. Bitcoin's IOU are extremly easy to exchange since if you don't find full node for that, you can just build one as soon as you have internet access ! So bitcoins are the absolute best medium of exchange. And finally, unit of account is more subjective but in expectation the best choice is indeed choosing a capped supply to get a form of price stability.

So there you have it: Bitcoin is money because it is a (peer-to-peer) banking system. It has the three functions of money. Bitcoin is valuable because you need to pay in Bitcoin's IOU to use its ledger (which is valuable for many applications because it is backed by miners' work). Bitcoin is the best medium of exchange because it is permissionless and decentralized: if there is no bank to process your payment, you can build one for you. And finally, the capped supply is the best way to have a unit of account function when you can't adjust the money supply to the economical context automatically.

That's why Bitcoin is the best money for me, if it is not the best it is at least a very good one (many are worse) moreover it is peaceful.


PS : what about shitcoins ? Well they have a value to use their ledger as Bitcoin, but that's all.
Bitcoin's rules take care of your ability to run a full node, not shitcoins, so they are not good medium of exchange (censorship possible). Shitcoins ledger are not as valuable as Bitcoin's one since it has less work. And finally many of them didn't choose a capped supply and the ones who premined or issue a big part of tokens to funders effectively give them the control of the issuance schedule of IOU, so a node is not a true bank: nothing to insure unit of account.

PPS : transaction fees have nothing to do with medium of exchange function. Minimum relay fees is the real taxe imposed to use the ledger and gives value to the token by opening access to the work of miners (it is a commitment to avoid spam). Transaction fees is something else, it is a way for the network to pay miners for their computational work with or without issuing more IOU's depending of the schedule. As miners will mine only if they earn enough money, and as the value of the money first came from this work in the ledger, a valuable Bitcoin-like cryptocurrency can stay valuable only if it has high enough transaction fees (newly issued IOU's included, they are the hidden inflation taxe imposed to all money users if high !). Those transaction fees depends of the congestion which happens when users use the network more than what allows it to stay in consensus, they naturally increase with usage of the ledger and will incitivise miners to mine more in the short term (this will be observed when transaction fees will represent most of the block reward). So the value of the Bitcoin's IOU will also comes from the value of what people can achieve with this ledger when block's subsidy will be lower after some halvings. It is true that transaction fees paid by users (and not issued) restrict the case where the ledger can be used. But the fact that it is used by very few people doesn't make it bad ! (particulary if you can transact IOU's with other networks without the ledger)
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Experts Predict New All-Time High For Bitcoin This Year

Experts Predict New All-Time High For Bitcoin This Year

According To Experts, Bitcoin Still Has A Momentum That Will Allow It To Reach New All-Time Highs
Bitcoin is expected to hit a new all-time high just a day after Christmas, according to the crypto analyst, Vijay Boyapati. The expert claims that Bitcoin would see a massive spike in its price if the digital currency follows the exact same trajectory that it followed after the 2016 halving event.
The “halving” cuts in half the reward Bitcoin miners receive for validating transactions on the blockchain. Bitcoin’s network underwent three halving events, the first one being in 2012. The second event occurred 4 years later – in 2016, while the third halving took place on May 11, 2020.
Source: Ecoinometrics
According to Boyapati, there has been 100 days since the last Bitcoin halving, with current price of the digital currency еqual to 59.4% of the previous all-time high record. The expert also adds “How does this compare to the 2016/17 cycle? If we project % of ATH in 2016 to now, 100 days after halving, Bitcoin was $10,887”, Boyapati wrote on Twitter.
The predictions of the crypto expert are based on the 2016/2017 post-halving price movements of the leader in digital currencies. Also, the analyst noted that if comparing the movements of Bitcoin after the 2016 halving, the price per BTC could be expected to reach around $325,000 by October 2021.
“The peak of the cycle would occur on October 19th, 2021, but we are ahead of schedule right now” Boyapati tweeted.
However, crypto traders saw a short-term price correction, after Bitcoin’s price went above $12,000 on August 17. Just a day after Bitcoin marked a yearly high of $12,359.06, the market saw a steep correction, which drove Bitcoin prices back to $11,769.77, as of press time.
One of the possibilities behind Bitcoin’s correction is the U.S. national bank’s announcement of the continuation of bond-buying and near-zero interest rate policy. The situation drove investors off safe-haven assets like Bitcoin and gold and redirected them into buying USD, which is at its two-year low.
Nevertheless, crypto expert Lark Davis considers that Bitcoin still has the momentum to break above its all-time high record, as long the cryptocurrency stays above its technical indicators.
“Understand that Bitcoin drop by about 24% and still be above the 200-day moving average which means this market is still basically bullish AF”, Davis tweeted.
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Bitcoin Hashrate Has Hit a New Record-High Again, Here's Why It's Optimistic

The total hash rate of the Bitcoin blockchain network has hit an all-time high, demonstrating an optimistic after the halving. Bitcoin’s third block reward halving in history occurred on May 11, 2020. Immediately after, its hash rate dropped from 121 million terahash per second (TH/s) to 90 million TH/S. The rapid recovery of Bitcoin’s hash rate shows that the mining sector is healthy, which could lead to market stability. A positive catalyst for Bitcoin in the medium-term Following a block reward halving, the hash rate of the Bitcoin network tends to drop substantially. The halving drops the amount of BTC miners can produce by half, causing their revenues to decline. When miners struggle with recurring expenses as a result of lower BTC production, they typically sell their BTC reserves. In the short-term, until a major difficulty adjustment occurs, the risk of miner capitulation or massive selling pressure is low. Alejandro De La Torre, the vice president of Poolin, explained that older machines have become profitable as well. That means even individual miners could be profitable and are likely less compelled to sell BTC. Torre explained: “Yesterday's two-week difficulty re-adjustment saw a decrease of - 2.87% & an average hash rate of 120.57 EH/s. What's interesting here is that the hashrate continues to increase, definitely related to the current #bitcoin price - older machines are profitable again.” Consequently, Torre said the hash rate of the Bitcoin network would likely continue to increase. The difficulty to mine BTC is lower than in previous weeks, and the price of BTC is above $11,000. He noted: “Difficulty is now lower than the last two weeks from 17.35T to 16.85T and the price is much higher so expect strong hashing for the next two weeks, all dependent of the price at the end of the day.” A record-high hash rate merely three months after the halving can be considered an optimistic trend. It shows that due to varying factors, which includes cheaper electricity in Sichuan, China, the mining industry is stable. Many large mining centers are based in Sichuan. Due to the rainy season and the presence of hydropower plants, lower-cost electricity is available for miners. Optimistic market cycle According to data from ByteTree, the net inventory of miners over the past five weeks is hovering at 30 BTC. The data shows that miners have not sold more than they mine, which leads to less selling pressure on BTC. Relatively low selling pressure from miners is a positive factor that could allow BTC to sustain its strong momentum. It also indicates that Bitcoin is on track to recover from the halving before the fourth quarter of this year, demonstrating the resilience of the sector. About the author Joseph Young Joseph Young is an analyst based in South Korea that has been covering finance, fintech, and cryptocurrency since 2013. He has worked with various recognized publications in both the finance and cryptocurrency industries.
submitted by crypto4l1fe to u/crypto4l1fe [link] [comments]

Round up of Cryptocurrency News #2 Week 13/07 - 19/07

Round up of Cryptocurrency News #2 Week 13/07 - 19/07
So much has happened this week! We saw a capitulation point of bitcoin before bears took over and we saw the selling pressure push Bitcoin down toward the $9000USD mark then move back up above $9100USD So far it has been a stable hold, however we may see some more action within the coming weeks.
 
Widespread scamming within the Twitter-sphere, Youtube and other platforms as Bitcoin and other cryptocurrencies may seem like fair game. Cryptocurrencies providing big payouts for scammers without the ability for reversals of accounts. Remember if something seems too good to be true, do some research or just plain do not respond/believe it. Stay safe and careful with your funds!
 
On the brightside, there has been even more adoption of cryptocurrencies as rumours of Paypal utilising cryptocurrency has been confirmed as they are developing crypto capabilities. In addition to this we received exciting news at the start of this week about Binance partnering with Swipe (SXP) and offering a debit card to spend BNB, SXP, BTC and BUSD. ( I will be keeping a swift eye on BNB and Swipe as its utilisation as tokens has just increased 43 fold).
 
Positive news for the Bitcoin network as its hashrate reaches all time high which helps to secure the network further even though mining profits have dropped by 50% from the recent halving. If you didn't know already the last Bitcoin will be expected to be mined in 2140 with its difficulty ever increasing and each time securing the network further. Processing units will have to become faster, stronger and most importantly more cost effective to continue to entice miners for the block rewards and further renewable energy practices.
 
Furthermore we can see Central banks and countries discussing and developing Central Bank Digital Currencies (CBDC). Read more about it here https://www.investopedia.com/terms/c/central-bank-digital-currency-cbdc.asp and check out some of the developments in the world above. This shows the popularity and strong nature of cryptocurrencies. As the saying goes "If you cant beat them, JOIN them".
 
Overall, very solid week full of adoption, animation and anticipation. Another post next week for a weekly round up! See you then but in the mean time join us at our Gravychain Discord.
- DISCORD LINK: https://discord.gg/zxXXyuJ 🍕 Bring some virtual pizza to share 🍕
Come have a chat, stimulate a discussion, ask a question or share some knowledge. We are all friendly crypto enthusiasts up for a chat, supportive and want to help each other with knowledge and investments!
Big thanks to our Telegram and My Crypto HQ for the constant news updates! - The Gravychain Collective: https://t.me/gravychain - My Crypto HQ: https://t.me/My_Crypto_HQ
Important/Notable/Highlights:

Special Mentions:
Other:
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Where is Bitcoin Going and When?

Where is Bitcoin Going and When?

The Federal Reserve and the United States government are pumping extreme amounts of money into the economy, already totaling over $484 billion. They are doing so because it already had a goal to inflate the United States Dollar (USD) so that the market can continue to all-time highs. It has always had this goal. They do not care how much inflation goes up by now as we are going into a depression with the potential to totally crash the US economy forever. They believe the only way to save the market from going to zero or negative values is to inflate it so much that it cannot possibly crash that low. Even if the market does not dip that low, inflation serves the interest of powerful people.
The impending crash of the stock market has ramifications for Bitcoin, as, though there is no direct ongoing-correlation between the two, major movements in traditional markets will necessarily affect Bitcoin. According to the Blockchain Center’s Cryptocurrency Correlation Tool, Bitcoin is not correlated with the stock market. However, when major market movements occur, they send ripples throughout the financial ecosystem which necessary affect even ordinarily uncorrelated assets.
Therefore, Bitcoin will reach X price on X date after crashing to a price of X by X date.

Stock Market Crash

The Federal Reserve has caused some serious consternation with their release of ridiculous amounts of money in an attempt to buoy the economy. At face value, it does not seem to have any rationale or logic behind it other than keeping the economy afloat long enough for individuals to profit financially and politically. However, there is an underlying basis to what is going on which is important to understand in order to profit financially.
All markets are functionally price probing systems. They constantly undergo a price-discovery process. In a fiat system, money is an illusory and a fundamentally synthetic instrument with no intrinsic value – similar to Bitcoin. The primary difference between Bitcoin is the underlying technology which provides a slew of benefits that fiat does not. Fiat, however, has an advantage in being able to have the support of powerful nation-states which can use their might to insure the currency’s prosperity.
Traditional stock markets are composed of indices (pl. of index). Indices are non-trading market instruments which are essentially summaries of business values which comprise them. They are continuously recalculated throughout a trading day, and sometimes reflected through tradable instruments such as Exchange Traded Funds or Futures. Indices are weighted by market capitalizations of various businesses.
Price theory essentially states that when a market fails to take out a new low in a given range, it will have an objective to take out the high. When a market fails to take out a new high, it has an objective to make a new low. This is why price-time charts go up and down, as it does this on a second-by-second, minute-by-minute, day-by-day, and even century-by-century basis. Therefore, market indices will always return to some type of bull market as, once a true low is formed, the market will have a price objective to take out a new high outside of its’ given range – which is an all-time high. Instruments can only functionally fall to zero, whereas they can grow infinitely.
So, why inflate the economy so much?
Deflation is disastrous for central banks and markets as it raises the possibility of producing an overall price objective of zero or negative values. Therefore, under a fractional reserve system with a fiat currency managed by a central bank – the goal of the central bank is to depreciate the currency. The dollar is manipulated constantly with the intention of depreciating its’ value.
Central banks have a goal of continued inflated fiat values. They tend to ordinarily contain it at less than ten percent (10%) per annum in order for the psyche of the general populace to slowly adjust price increases. As such, the markets are divorced from any other logic. Economic policy is the maintenance of human egos, not catering to fundamental analysis. Gross Domestic Product (GDP) growth is well-known not to be a measure of actual growth or output. It is a measure of increase in dollars processed. Banks seek to produce raising numbers which make society feel like it is growing economically, making people optimistic. To do so, the currency is inflated, though inflation itself does not actually increase growth. When society is optimistic, it spends and engages in business – resulting in actual growth. It also encourages people to take on credit and debts, creating more fictional fiat.
Inflation is necessary for markets to continue to reach new heights, generating positive emotional responses from the populace, encouraging spending, encouraging debt intake, further inflating the currency, and increasing the sale of government bonds. The fiat system only survives by generating more imaginary money on a regular basis.
Bitcoin investors may profit from this by realizing that stock investors as a whole always stand to profit from the market so long as it is managed by a central bank and does not collapse entirely. If those elements are filled, it has an unending price objective to raise to new heights. It also allows us to realize that this response indicates that the higher-ups believe that the economy could crash in entirety, and it may be wise for investors to have multiple well-thought-out exit strategies.

Economic Analysis of Bitcoin

The reason why the Fed is so aggressively inflating the economy is due to fears that it will collapse forever or never rebound. As such, coupled with a global depression, a huge demand will appear for a reserve currency which is fundamentally different than the previous system. Bitcoin, though a currency or asset, is also a market. It also undergoes a constant price-probing process. Unlike traditional markets, Bitcoin has the exact opposite goal. Bitcoin seeks to appreciate in value and not depreciate. This has a quite different affect in that Bitcoin could potentially become worthless and have a price objective of zero.
Bitcoin was created in 2008 by a now famous mysterious figure known as Satoshi Nakamoto and its’ open source code was released in 2009. It was the first decentralized cryptocurrency to utilize a novel protocol known as the blockchain. Up to one megabyte of data may be sent with each transaction. It is decentralized, anonymous, transparent, easy to set-up, and provides myriad other benefits. Bitcoin is not backed up by anything other than its’ own technology.
Bitcoin is can never be expected to collapse as a framework, even were it to become worthless. The stock market has the potential to collapse in entirety, whereas, as long as the internet exists, Bitcoin will be a functional system with a self-authenticating framework. That capacity to persist regardless of the actual price of Bitcoin and the deflationary nature of Bitcoin means that it has something which fiat does not – inherent value.
Bitcoin is based on a distributed database known as the “blockchain.” Blockchains are essentially decentralized virtual ledger books, replete with pages known as “blocks.” Each page in a ledger is composed of paragraph entries, which are the actual transactions in the block.
Blockchains store information in the form of numerical transactions, which are just numbers. We can consider these numbers digital assets, such as Bitcoin. The data in a blockchain is immutable and recorded only by consensus-based algorithms. Bitcoin is cryptographic and all transactions are direct, without intermediary, peer-to-peer.
Bitcoin does not require trust in a central bank. It requires trust on the technology behind it, which is open-source and may be evaluated by anyone at any time. Furthermore, it is impossible to manipulate as doing so would require all of the nodes in the network to be hacked at once – unlike the stock market which is manipulated by the government and “Market Makers”. Bitcoin is also private in that, though the ledge is openly distributed, it is encrypted. Bitcoin’s blockchain has one of the greatest redundancy and information disaster recovery systems ever developed.
Bitcoin has a distributed governance model in that it is controlled by its’ users. There is no need to trust a payment processor or bank, or even to pay fees to such entities. There are also no third-party fees for transaction processing. As the ledge is immutable and transparent it is never possible to change it – the data on the blockchain is permanent. The system is not easily susceptible to attacks as it is widely distributed. Furthermore, as users of Bitcoin have their private keys assigned to their transactions, they are virtually impossible to fake. No lengthy verification, reconciliation, nor clearing process exists with Bitcoin.
Bitcoin is based on a proof-of-work algorithm. Every transaction on the network has an associated mathetical “puzzle”. Computers known as miners compete to solve the complex cryptographic hash algorithm that comprises that puzzle. The solution is proof that the miner engaged in sufficient work. The puzzle is known as a nonce, a number used only once. There is only one major nonce at a time and it issues 12.5 Bitcoin. Once it is solved, the fact that the nonce has been solved is made public.
A block is mined on average of once every ten minutes. However, the blockchain checks every 2,016,000 minutes (approximately four years) if 201,600 blocks were mined. If it was faster, it increases difficulty by half, thereby deflating Bitcoin. If it was slower, it decreases, thereby inflating Bitcoin. It will continue to do this until zero Bitcoin are issued, projected at the year 2140. On the twelfth of May, 2020, the blockchain will halve the amount of Bitcoin issued when each nonce is guessed. When Bitcoin was first created, fifty were issued per block as a reward to miners. 6.25 BTC will be issued from that point on once each nonce is solved.
Unlike fiat, Bitcoin is a deflationary currency. As BTC becomes scarcer, demand for it will increase, also raising the price. In this, BTC is similar to gold. It is predictable in its’ output, unlike the USD, as it is based on a programmed supply. We can predict BTC’s deflation and inflation almost exactly, if not exactly. Only 21 million BTC will ever be produced, unless the entire network concedes to change the protocol – which is highly unlikely.
Some of the drawbacks to BTC include congestion. At peak congestion, it may take an entire day to process a Bitcoin transaction as only three to five transactions may be processed per second. Receiving priority on a payment may cost up to the equivalent of twenty dollars ($20). Bitcoin mining consumes enough energy in one day to power a single-family home for an entire week.

Trading or Investing?

The fundamental divide in trading revolves around the question of market structure. Many feel that the market operates totally randomly and its’ behavior cannot be predicted. For the purposes of this article, we will assume that the market has a structure, but that that structure is not perfect. That market structure naturally generates chart patterns as the market records prices in time. In order to determine when the stock market will crash, causing a major decline in BTC price, we will analyze an instrument, an exchange traded fund, which represents an index, as opposed to a particular stock. The price patterns of the various stocks in an index are effectively smoothed out. In doing so, a more technical picture arises. Perhaps the most popular of these is the SPDR S&P Standard and Poor 500 Exchange Traded Fund ($SPY).
In trading, little to no concern is given about value of underlying asset. We are concerned primarily about liquidity and trading ranges, which are the amount of value fluctuating on a short-term basis, as measured by volatility-implied trading ranges. Fundamental analysis plays a role, however markets often do not react to real-world factors in a logical fashion. Therefore, fundamental analysis is more appropriate for long-term investing.
The fundamental derivatives of a chart are time (x-axis) and price (y-axis). The primary technical indicator is price, as everything else is lagging in the past. Price represents current asking price and incorrectly implementing positions based on price is one of the biggest trading errors.
Markets and currencies ordinarily have noise, their tendency to back-and-fill, which must be filtered out for true pattern recognition. That noise does have a utility, however, in allowing traders second chances to enter favorable positions at slightly less favorable entry points. When you have any market with enough liquidity for historical data to record a pattern, then a structure can be divined. The market probes prices as part of an ongoing price-discovery process. Market technicians must sometimes look outside of the technical realm and use visual inspection to ascertain the relevance of certain patterns, using a qualitative eye that recognizes the underlying quantitative nature
Markets and instruments rise slower than they correct, however they rise much more than they fall. In the same vein, instruments can only fall to having no worth, whereas they could theoretically grow infinitely and have continued to grow over time. Money in a fiat system is illusory. It is a fundamentally synthetic instrument which has no intrinsic value. Hence, the recent seemingly illogical fluctuations in the market.
According to trade theory, the unending purpose of a market or instrument is to create and break price ranges according to the laws of supply and demand. We must determine when to trade based on each market inflection point as defined in price and in time as opposed to abandoning the trend (as the contrarian trading in this sub often does). Time and Price symmetry must be used to be in accordance with the trend. When coupled with a favorable risk to reward ratio, the ability to stay in the market for most of the defined time period, and adherence to risk management rules; the trader has a solid methodology for achieving considerable gains.
We will engage in a longer term market-oriented analysis to avoid any time-focused pressure. The Bitcoin market is open twenty-four-hours a day, so trading may be done when the individual is ready, without any pressing need to be constantly alert. Let alone, we can safely project months in advance with relatively high accuracy. Bitcoin is an asset which an individual can both trade and invest, however this article will be focused on trading due to the wide volatility in BTC prices over the short-term.

Technical Indicator Analysis of Bitcoin

Technical indicators are often considered self-fulfilling prophecies due to mass-market psychology gravitating towards certain common numbers yielded from them. They are also often discounted when it comes to BTC. That means a trader must be especially aware of these numbers as they can prognosticate market movements. Often, they are meaningless in the larger picture of things.
  • Volume – derived from the market itself, it is mostly irrelevant. The major problem with volume for stocks is that the US market open causes tremendous volume surges eradicating any intrinsic volume analysis. This does not occur with BTC, as it is open twenty-four-seven. At major highs and lows, the market is typically anemic. Most traders are not active at terminal discretes (peaks and troughs) because of levels of fear. Volume allows us confidence in time and price symmetry market inflection points, if we observe low volume at a foretold range of values. We can rationalize that an absolute discrete is usually only discovered and anticipated by very few traders. As the general market realizes it, a herd mentality will push the market in the direction favorable to defending it. Volume is also useful for swing trading, as chances for swing’s validity increases if an increase in volume is seen on and after the swing’s activation. Volume is steadily decreasing. Lows and highs are reached when volume is lower.
Therefore, due to the relatively high volume on the 12th of March, we can safely determine that a low for BTC was not reached.
  • VIX – Volatility Index, this technical indicator indicates level of fear by the amount of options-based “insurance” in portfolios. A low VIX environment, less than 20 for the S&P index, indicates a stable market with a possible uptrend. A high VIX, over 20, indicates a possible downtrend. VIX is essentially useless for BTC as BTC-based options do not exist. It allows us to predict the market low for $SPY, which will have an indirect impact on BTC in the short term, likely leading to the yearly low. However, it is equally important to see how VIX is changing over time, if it is decreasing or increasing, as that indicates increasing or decreasing fear. Low volatility allows high leverage without risk or rest. Occasionally, markets do rise with high VIX.
As VIX is unusually high, in the forties, we can be confident that a downtrend for the S&P 500 is imminent.
  • RSI (Relative Strength Index): The most important technical indicator, useful for determining highs and lows when time symmetry is not availing itself. Sometimes analysis of RSI can conflict in different time frames, easiest way to use it is when it is at extremes – either under 30 or over 70. Extremes can be used for filtering highs or lows based on time-and-price window calculations. Highly instructive as to major corrective clues and indicative of continued directional movement. Must determine if longer-term RSI values find support at same values as before. It is currently at 73.56.
  • Secondly, RSI may be used as a high or low filter, to observe the level that short-term RSI reaches in counter-trend corrections. Repetitions based on market movements based on RSI determine how long a trade should be held onto. Once a short term RSI reaches an extreme and stay there, the other RSI’s should gradually reach the same extremes. Once all RSI’s are at extreme highs, a trend confirmation should occur and RSI’s should drop to their midpoint.

Trend Definition Analysis of Bitcoin

Trend definition is highly powerful, cannot be understated. Knowledge of trend logic is enough to be a profitable trader, yet defining a trend is an arduous process. Multiple trends coexist across multiple time frames and across multiple market sectors. Like time structure, it makes the underlying price of the instrument irrelevant. Trend definitions cannot determine the validity of newly formed discretes. Trend becomes apparent when trades based in counter-trend inflection points continue to fail.
Downtrends are defined as an instrument making lower lows and lower highs that are recurrent, additive, qualified swing setups. Downtrends for all instruments are similar, except forex. They are fast and complete much quicker than uptrends. An average downtrend is 18 months, something which we will return to. An uptrend inception occurs when an instrument reaches a point where it fails to make a new low, then that low will be tested. After that, the instrument will either have a deep range retracement or it may take out the low slightly, resulting in a double-bottom. A swing must eventually form.
A simple way to roughly determine trend is to attempt to draw a line from three tops going upwards (uptrend) or a line from three bottoms going downwards (downtrend). It is not possible to correctly draw a downtrend line on the BTC chart, but it is possible to correctly draw an uptrend – indicating that the overall trend is downwards. The only mitigating factor is the impending stock market crash.

Time Symmetry Analysis of Bitcoin

Time is the movement from the past through the present into the future. It is a measurement in quantified intervals. In many ways, our perception of it is a human construct. It is more powerful than price as time may be utilized for a trade regardless of the market inflection point’s price. Were it possible to perfectly understand time, price would be totally irrelevant due to the predictive certainty time affords. Time structure is easier to learn than price, but much more difficult to apply with any accuracy. It is the hardest aspect of trading to learn, but also the most rewarding.
Humans do not have the ability to recognize every time window, however the ability to define market inflection points in terms of time is the single most powerful trading edge. Regardless, price should not be abandoned for time alone. Time structure analysis It is inherently flawed, as such the markets have a fail-safe, which is Price Structure. Even though Time is much more powerful, Price Structure should never be completely ignored. Time is the qualifier for Price and vice versa. Time can fail by tricking traders into counter-trend trading.
Time is a predestined trade quantifier, a filter to slow trades down, as it allows a trader to specifically focus on specific time windows and rest at others. It allows for quantitative measurements to reach deterministic values and is the primary qualifier for trends. Time structure should be utilized before price structure, and it is the primary trade criterion which requires support from price. We can see price structure on a chart, as areas of mathematical support or resistance, but we cannot see time structure.
Time may be used to tell us an exact point in the future where the market will inflect, after Price Theory has been fulfilled. In the present, price objectives based on price theory added to possible future times for market inflection points give us the exact time of market inflection points and price.
Time Structure is repetitions of time or inherent cycles of time, occurring in a methodical way to provide time windows which may be utilized for inflection points. They are not easily recognized and not easily defined by a price chart as measuring and observing time is very exact. Time structure is not a science, yet it does require precise measurements. Nothing is certain or definite. The critical question must be if a particular approach to time structure is currently lucrative or not.
We will measure it in intervals of 180 bars. Our goal is to determine time windows, when the market will react and when we should pay the most attention. By using time repetitions, the fact that market inflection points occurred at some point in the past and should, therefore, reoccur at some point in the future, we should obtain confidence as to when SPY will reach a market inflection point. Time repetitions are essentially the market’s memory. However, simply measuring the time between two points then trying to extrapolate into the future does not work. Measuring time is not the same as defining time repetitions. We will evaluate past sessions for market inflection points, whether discretes, qualified swings, or intra-range. Then records the times that the market has made highs or lows in a comparable time period to the future one seeks to trade in.
What follows is a time Histogram – A grouping of times which appear close together, then segregated based on that closeness. Time is aligned into combined histogram of repetitions and cycles, however cycles are irrelevant on a daily basis. If trading on an hourly basis, do not use hours.
  • Yearly Lows (last seven years): 1/1/13, 4/10/14, 1/15/15, 1/17/16, 1/1/17, 12/15/18, 2/6/19
  • Monthly Mode: 1, 1, 1, 1, 2, 4, 12
  • Daily Mode: 1, 1, 6, 10, 15, 15, 17
  • Monthly Lows (for the last year): 3/12/20 (10:00pm), 2/28/20 (7:09am), 1/2/20 (8:09pm), 12/18/19 (8:00am), 11/25/19 (1:00am), 10/24/19 (2:59am), 9/30/19 (2:59am), 8/29,19 (4:00am), 7/17/19 (7:59am), 6/4/19 (5:59pm), 5/1/19 (12:00am), 4/1/19 (12:00am)
  • Daily Lows Mode for those Months: 1, 1, 2, 4, 12, 17, 18, 24, 25, 28, 29, 30
  • Hourly Lows Mode for those Months (Military time): 0100, 0200, 0200, 0400, 0700, 0700, 0800, 1200, 1200, 1700, 2000, 2200
  • Minute Lows Mode for those Months: 00, 00, 00, 00, 00, 00, 09, 09, 59, 59, 59, 59
  • Day of the Week Lows (last twenty-six weeks):
Weighted Times are repetitions which appears multiple times within the same list, observed and accentuated once divided into relevant sections of the histogram. They are important in the presently defined trading time period and are similar to a mathematical mode with respect to a series. Phased times are essentially periodical patterns in histograms, though they do not guarantee inflection points
Evaluating the yearly lows, we see that BTC tends to have its lows primarily at the beginning of every year, with a possibility of it being at the end of the year. Following the same methodology, we get the middle of the month as the likeliest day. However, evaluating the monthly lows for the past year, the beginning and end of the month are more likely for lows.
Therefore, we have two primary dates from our histogram.
1/1/21, 1/15/21, and 1/29/21
2:00am, 8:00am, 12:00pm, or 10:00pm
In fact, the high for this year was February the 14th, only thirty days off from our histogram calculations.
The 8.6-Year Armstrong-Princeton Global Economic Confidence model states that 2.15 year intervals occur between corrections, relevant highs and lows. 2.15 years from the all-time peak discrete is February 9, 2020 – a reasonably accurate depiction of the low for this year (which was on 3/12/20). (Taking only the Armstrong model into account, the next high should be Saturday, April 23, 2022). Therefore, the Armstrong model indicates that we have actually bottomed out for the year!
Bear markets cannot exist in perpetuity whereas bull markets can. Bear markets will eventually have price objectives of zero, whereas bull markets can increase to infinity. It can occur for individual market instruments, but not markets as a whole. Since bull markets are defined by low volatility, they also last longer. Once a bull market is indicated, the trader can remain in a long position until a new high is reached, then switch to shorts. The average bear market is eighteen months long, giving us a date of August 19th, 2021 for the end of this bear market – roughly speaking. They cannot be shorter than fifteen months for a central-bank controlled market, which does not apply to Bitcoin. (Otherwise, it would continue until Sunday, September 12, 2021.) However, we should expect Bitcoin to experience its’ exponential growth after the stock market re-enters a bull market.
Terry Laundy’s T-Theory implemented by measuring the time of an indicator from peak to trough, then using that to define a future time window. It is similar to an head-and-shoulders pattern in that it is the process of forming the right side from a synthetic technical indicator. If the indicator is making continued lows, then time is recalculated for defining the right side of the T. The date of the market inflection point may be a price or indicator inflection date, so it is not always exactly useful. It is better to make us aware of possible market inflection points, clustered with other data. It gives us an RSI low of May, 9th 2020.
The Bradley Cycle is coupled with volatility allows start dates for campaigns or put options as insurance in portfolios for stocks. However, it is also useful for predicting market moves instead of terminal dates for discretes. Using dates which correspond to discretes, we can see how those dates correspond with changes in VIX.
Therefore, our timeline looks like:
  • 2/14/20 – yearly high ($10372 USD)
  • 3/12/20 – yearly low thus far ($3858 USD)
  • 5/9/20 – T-Theory true yearly low (BTC between 4863 and 3569)
  • 5/26/20 – hashrate difficulty halvening
  • 11/14/20 – stock market low
  • 1/15/21 – yearly low for BTC, around $8528
  • 8/19/21 – end of stock bear market
  • 11/26/21 – eighteen months from halvening, average peak from halvenings (BTC begins rising from $3000 area to above $23,312)
  • 4/23/22 – all-time high
Taken from my blog: http://aliamin.info/2020/
submitted by aibnsamin1 to Bitcoin [link] [comments]

Bitcoin for NOOBs looking for feedback

I get a lot of questions about bitcoin from friends and family members. I wrote this up and to the best of my knowledge covers everything a NOOB should know about bitcoin. That being said I probably made some mistakes and welcome any feedback from the community I could get on cleaning up the verbiage. Thanks in advance!
Bitcoin For NOOBS Peer to peer digital currency that is scares. It is digitally secure through cryptography and decentralized through open protocol mining principals.
Peer to peer: USD: paper dollars can be exchanged peer to peer but any other form of USD exchange requires your banks permission to use your own money. In fact if you try to pull out too much paper USD your bank may question you.
BTC: Can be exchanged with no middle man. No bank or government permissions needed for any amount and can be exchanged across the global at any time.
Scarsity USD: Print more money just write an IOU to the banks no big deal. Inflationary.
BTC: The number of BTCs that will ever exists is a fixed number it will never change. Deflationary.
Cryptography: USD: With USD the “keys” to your wallet lie with your identity. If I can gain access to your identity I can gain access to your funds. BTC: Your identity does not travel with the coin ledger. Stealing your identity does not mean your funds can be accessed.
Decentralization USD: The federal reserve banks are owned by unknown individuals. Make no mistake the illuminate exists. When the fed prints money the write those unknown individuals and IOU. Out of thin air wealth is created to individuals not the government. You don’t know who they are and never will. BTC: Anyone can mine bitcoin. You dedicate your hardware to mining aka processing transactions. It costs you money to run that hardware. Your reward for your hardware costs is bitcoin. The mathematical principals behind bitcoin do a check for how many mining machines decided if a transaction is real or not. 51% wins. The more bitcoin is used and the more people that dedicate hardware to mining the more digitally secure it becomes.
Bitcoins case for calling it gold 2.0: Currently bitcoin is not acting like the USD but instead acting more like gold a store of value. Long ago before the dollar gold was the standard. The government attempted to issue greenbacks however no one wanted them since gold was the tradition and was scares in supply. The government decided to back the dollar with federal gold reserves. Federal reserves no longer exist as they once have in fact if you invest in gold via the stock market there is a slim chance it is backed by any type of gold reserve it’s really just all digital money for the most part now a days. While bitcoin is truly limited in supply and scares not only is it a great store of value but it has even more use than gold. It can be exchanged electronically peer to peer across the globe and used via smart contracts etc. A quick google search say that the total value of gold in the world is at roughly 7.5trillon dollars. Gold does has more use than just a store of value via jewlery electronics etc but let’s compare the numbers side by side.
Gold 7.5 trillion BTC market cap 170.5 billion
If you agree BTC is a better store of value or at least a decent store of value since it’s truly limited in supply with more usability then it’s easy to see how much upside potential is left on the table. As the fed continues to put out more money during these economic hard times they are causing inflation while BTC has just undergone a halving aka it’s harder for miners to produce a bitcoin reward meaning deflation. Bitcoin is the perfect place for you to store that big fat government stimulus check if you don’t need the money for awhile.
Edit: added these sections based on feedback from friends.
Dollars and cents: USD: One dollar can be broken down into .01 dollars or 1 cent. This is the smallest unit of measure in USD. BTC: 1 Bitcoin can be broken down into .00000001 bitcoins or 1 sats which is short for Satoshi’s. 1 sat is the smallest unit of measure in terms of BTC.
Owning Bitcoin: You can own bitcoin a few different ways but we will talk about two methods in general. Owning coins through a 3rd party such as Coinbase or Robinhood vs owning your coins via your own hardware wallet. 3rd Party: The platform you use can hold some control over you and limit your funds etc just like a bank. They will take additional fees for each transaction you place etc. This really isn’t what bitcoin was intended for but it’s how most people use it currently. Hardware wallet: You own the currency on a hardware wallet like a Ledger wallet etc. there is no middle man. You own the coin and the “keys”
submitted by JTCampbellJr to Bitcoin [link] [comments]

The strong case for Monero – fulfilling characteristics of the future currency

I wanted to write a short article about the distinct characteristics of Monero, some of which are absolutely necessities in any future currency looking to gaining serious user adoption. Together, these separate Monero quite distinctly from the rest of the crypto field.
This is certainly nothing new to the Monero seniors here, but it might contain some new perspectives, and also give an overview to the newer cryptofolk why Monero is quite unique -

1. Transactions are private by default
The sender, receiver and amount are all hidden in Monero. This is by default, as opposed to some other private cryptocurrencies, such as Zcash, where you can optionally make private transactions. As a result, most transactions in Zcash are transparent, which makes the actual anonymity set small.
In Bitcoin there is no real anonymity, because everything occurs in a transparent blockchain – the sender, receiver and amount are all public information. This has created a market for blockchain analysis, where companies keep track of the of transactions and make profit from this information. Furthermore, because the full history of sent and received Bitcoins and other transparent cryptocurrencies can be analyzed, the newly minted coins are generally more valuable than others. This phenomenon is called ‘taint’, and it exists only in transparent blockchains.
Besides speculative holding, no real-world use will emerge in any blockchain that is transparent. No company is prepared to publicly devolve how much, when and to which suppliers they send funds. Or vice versa, no company wants its competitors to know how many customers have paid them in the last quarter. Similarly, no sensible, privacy-valuing person should be willing to share his or her personal consuming habits with the whole world, forever.

2. Community-driven – no company, no CEO
Most understand cryptocurrencies are decentralized because different stakeholders all over the world participate in the process of mining, verifying and relying information from one stakeholder to another. It is practically impossible to stop this type of well distributed global network from operating.
The network topology, however, is only one part of the decentralization. If everything is controlled by a single entity, it creates a single point of failure. As an example, if everything is funded, developed and coordinated by a single company or a few companies, which funds can be seized, executives jailed and operations stopped, how secure is this cryptocurrency in the end? In Monero, there is no company, no CEO, no office. Everything is coordinated by members of the community, globally.

3. Emission is dis-inflationary and it reduces constantly
Monero’s emission, i.e. generation of new coins, reduces every block (2 minutes). In Bitcoin, the emission is reduced every four years. This causes sudden shocks to the Bitcoin ecosystem, because miners’ rewards are halved. Such a dramatic decrease will inevitably lead to some miners abandoning their mining activities. Because proof-of-work (POW) cryptocurrencies such as Bitcoin and Monero rely on miners to secure the network, any significant decrease in mining is detrimental to the network’s security. On the other hand, the smoother emission in Monero makes mining activities more stable, which improves the security and trust of the whole system.
Another future-proofing factor in Monero is the tail emission, where the block reward will no longer decrease from 0.6 XMR after mid 2022. Minimum block reward incentives miners to continue mining even if the transaction fees do not cover all economic needs of the competing miners.
Comparing this to FIAT currencies, which are inflating 2-6 % each year, Monero’s inflation is asymptotically approaching 0 %. Even though new coins are generated by every block, the amount created per given time period remains constant after mid 2022. Contrast this to the FIAT systems, where the amount of new currency created is always increasing. Due to the compounding effect even moderate inflation in FIAT currencies causes considerable losses to all savers in medium and long term.

4. Block size is dynamic – it scales with number of transactions
Monero’s block size has no cap, which means the amount of transactions that can fit to the block is not limited. To prevent transaction spamming, preventive mechanisms have been built in the protocol.
Cryptocurrencies which implement a hard cap on the block size are susceptible to surging transactions fees. This occurs when there are simply too many transactions trying to make it into the block. Such a phenomenon occurred in Bitcoin during the peak of the last bull-run in January 2018, when the average transaction fees rose above $20.

5. Fair supply – no premine or developer tax
Supply mechanism and distribution are two elemental factors, which affect how capable the cryptocurrency is as a store of value (SOV). If a large majority of the future supply is held by a small group of people, it undermines the trust that the cryptocurrency keeps its value long term. If only a few stakeholders can massively increase the supply side of the market, the downward price risk becomes high. The more distributed the supply, the more stakeholders it takes to influence it.
Two practical implementations that undermine SOV in cryptocurrencies are premine and developer tax. In premine, the founders create a large initial amount of funds for themselves (or for their organization). Premining is an issue in some POW currencies and in all proof-of-stake (POS) cryptocurrencies, because their coin generation is not done by work. Developer tax is implemented in some POW currencies, where a portion of the block reward goes to the founders.

6. Crowdfunding and voluntarism as driving forces
Since the launch of Monero in 2014, all progression has been made by its rich and versatile community. Active members consist of several PhD researchers, developers, UX designers, translators and many other professionals of varying backgrounds. Much of the work has been made possible using crowdfunding, donors being individuals, investors and companies. Some members have participated even pro-bono, which further emphasizes the community’s trust in the project. The fact that the work is enabled by crowfunding and voluntarism is truly a strength, because it is difficult to stop ideology and people who want to be part of such force. This is in stark contrast to company-driven projects, which are much more susceptible to government oversight and control.

7. Mining is more sustainable
Monero’s mining algorithm, Random X, specifically targets general purpose CPUs and it is unsuitable to be mined with application-specific integrated circuits (ASICS). This greatly improves mining decentralization, because mining is feasible on data centers and personal computers. In Bitcoin and many other POW cryptocurrencies mining is only feasible with expensive ASICS, manufactured by just a few companies.
ASIC mined cryptocurrencies are problematic because there are very few companies specializing in mining equipment. Bitcoin’s largest ASIC manufacturer, Bitmain, has had overly much power in the ecosystem. They have stalled Bitcoin’s adoption, caused division among the community and even been one of the principal culprits for the past Bitcoin forks.
Another problem with ASIC manufacturers is their economic advantage over the rest of the mining field. ASIC manufacturers typically utilize their next generation products themselves and start selling them to the consumer market after their mining profits have reduced sufficiently due to the increasing competition. This makes normal miners second tier stakeholders in the ecosystem and it is a cause of further mining centralization.

8. Proven track record
Monero community has been working actively since its inception in 2014. Majority of the work has focused on research and development, with little efforts put to marketing. Unlike some other projects, especially those forked from Bitcoin, Monero project has an extensive technical skillset in its community and it has been one of the leading projects when it comes to both innovation and execution.
One of the Monero’s focus points is applied cryptographic research. Monero has implemented several advancements into the core protocol efficiently and with assurance. All major changes to the Monero protocol have been audited by some of the world’s leading companies specializing in cryptographic analysis, funded by the Monero community.
submitted by truther10 to CryptoCurrency [link] [comments]

Epic Cash AMA Recap with CryptoDiffer Community

CryptoDiffer team Hello, everyone! We are glad to meet here: Max Freeman (@maxfreeman4), Project Lead at Epic Cash Yoga Dude (@Yogadude), PR&Marketing at Epic Cash Xenolink (@Xenolink), Advisor at Epic Cash
Max Freeman Project Lead at Epic Cash Thanks Max, we are excited to be here!
Yoga Dude PR&Marketing at Epic Cash Hello Everyone! Thank you for having us here!
Xenolink Advisor at Epic Cash Thank you to the CryptoDiffer team and CryptoDiffer community for hosting us!
CryptoDiffer team Let`s start from the first introduction question: Q1: Can you introduce yourself to the community? What is your background and how did you join Epic Cash?
Yoga Dude PR&Marketing at Epic Cash
Hello! My background is Marketing and Business Development, I’ve been in crypto since 2011 started with Bitcoin, then Monero in 2014, Ethereum in 2015 and at some point Doge for fun and profit. I joined Epic Cash team in September 2019 handling PR and Marketing.
I saw in Epic Cash what was missing in my previous cryptos — things that were missing in Bitcoin and Monero especially.
Xenolink Advisor at Epic Cash
Hello Cryptodiffer Community, I am not an original co-founder nor am I a developer for the Epic Cash project. I am however a community member that is involved in helping scale this project to higher levels. One of the many beauties of Epic Cash is that every single member in the community has the opportunity to be part of EPIC’s team, it can be from development all the way to content producing. Epic Cash is a community driven project. The true Core Team of Epic Cash is our community. I believe a community that is the Core Team is truly powerful. EPIC Cash has one of the freshest and strongest communities I have seen in quite a while. Which is one of the reasons why I became involved in this project. Epic displayed some of the most self community produced content I have seen in a project. I’m actually a doctor of medicine but in terms of my experience in crypto, I have been involved in the industry since 2012 beginning with mining Litecoin. Since then I have been doing deep dive analysis on different projects, investing, and building a network in crypto that I will utilize to help connect and scale Epic in every way I can. To give some credit to those people in my network that have been a part of helping give Epic exposure, I would like to give a special thanks to u/Tetsugan and u/Saurabhblr. Tetsugan has been doing a lot of work for the Japanese community to penetrate the Japanese market, and Japan has already developed a growing interest in Epic. Daku Sarabh the owner and creator of Crypto Daku Robinhooders, I would like to thank him and his community for giving us one of our first large AMA’s, which he has supported our project early and given us a free AMA. Many more to thank but can’t be disclosed. Also thank you to all the Epic Community leaders, developers, and Content producers!
Max Freeman Project Lead at Epic Cash
I’m Max Freeman, which stands for “Maximum Freedom for Mankind”. I started working on the ideas that would become Epic in 2018. I fell in love with Bitcoin in 2017 but realized that it needs privacy at the base layer, fungibility, better scalability in order to go to the next level.
CryptoDiffer team
Really interesting backgrounds I must admit, pleasure to see the team that clearly has one vision of the project by being completely decentralized:)
Q2: Can you briefly describe what is Epic Cash in 3–5 sentences? What technology stands behind Epic Cash and why it’s better than the existing one?
Max Freeman Project Lead at Epic Cash
I’d like to highlight the differences between Epic and the two highest-valued privacy coin projects, Monero and Zcash. XMR has always-on privacy like Epic does, but at a cost: Its blockchain is over 20x more data intensive than Epic, which limits its possibilities for scalability. Epic’s blockchain is small and light enough to run a full node on cell phones, something that is in our product road map. ZEC by comparison can’t run on low end devices because of its zero knowledge based approach, and only 1% of transactions are fully private. Epic is simply newer, more advanced technology than prior networks thanks to Mimblewimble
We will also add more algorithms to widen the range of hardware that can participate in mining. For example, cell phones and tablets based around ARM chips. Millions of people can mine Epic that can’t mine Bitcoin, and that will help grow the network rapidly.
There are some great short videos on our YouTube channel https://www.youtube.com/channel/UCQBFfksJlM97rgrplLRwNUg/videos
that explain why we believe we have created something truly special here.
Our core architecture derives from Grin, so we are fortunate to benefit on an ongoing basis from their considerable development efforts. We are focused on making our currency truly usable and widely available, beyond a store of value and becoming a true medium of exchange.
Yoga Dude PR&Marketing at Epic Cash
Well we all have our views, but in a nutshell, we offer things that were missing in the previous cryptos. We have sound fiscal emission schedule matching Bitcoin, but we are vastly more private and faster. Our blockchain is lighter than Bitcoin or Monero and our tech is more scalable. Also, we are unique in that we are mineable with CPUs and GPUs as well as ASICs, giving the broadest population the ability to mine Epic Cash. Plus, you can’t forget FUNGIBILITY 🙂 we are big on that — since you can’t have true privacy without fungibility.
Also, please understand, we have HUGE respect to all the cryptos that came before us, we learned a lot from them, and thanks to their mistakes we evolved.
Xenolink Advisor at Epic Cash
To add on, what also makes Epic Cash unique is the ability to decentralize the mining using a tri-algo model of Random X (CPU), Progpow (GPU), and Cuckoo (ASIC) for an ability to do hybrid mining. I believe this is an issue we can see today in Bitcoin having centralized mining and the average user has a costly barrier of entry.
To follow up on this one in my opinion one of the things we adopted that we have seen success for , in example Bitcoin and Monero, is a strong community driven coin. I believe having a community driven coin will provide a more organic atmosphere especially when starting with No ICO, or Premine with a fair distribution model for everyone.
CryptoDiffer team
Q3: What are the major milestones Epic Cash has achieved so far? Maybe you can share with us some exciting plans for future weeks/months?
Yoga Dude PR&Marketing at Epic Cash
Since we went live in September of 2019, we attracted a very large community of users, miners, investors and contributors from across the world. Epic Cash is a very international project with white papers translated into over 30 languages. We are very much a community driven project; this is very evident from our content and the amount of translations in our white papers and in our social media content.
We are constantly working on improving our usability, security and privacy, as well as getting our message and philosophy out into the world to achieve mass adoption. We have a lot of exciting plans for our project, the plan is to make Epic Cash into something that is More than Money.
You can tell I am the Marketing guy since my message is less about the actual tech and more about the usability and use cases for Epic Cash, I think our Team and Community have a great mix of technical, practical, social and fiscal experiences. Since we opened our YouTube channels content for community submissions, we have seen our content translated into Spanish, French, German, Polish, Chinese, Japanese, Arabic, Russian, and other languages
Max Freeman Project Lead at Epic Cash
Our future development roadmap will be published soon and includes 4 tracks:
Usability
Mining
Core Protocol
Ecosystem Development
Core Protocol
Epic Server 2.9.0 — this release improves the difficulty adjustment and is aimed at making block emission closer to the target 60 seconds, particularly reducing the incidence of extremely short and long blocks — Status: In Development (Testing) Anticipated Release: June 2020
Epic Server 3.0.0 — this completes the rebase to Grin 3.0.0 and serves as the prerequisite to some important functional building blocks for the future of the ecosystem. Specifically, sending via Tor (which eliminates the need to open ports), proof of payment (useful for certain dex applications e.g. Bisq), and our native mobile app. Status: In Development (Testing) Anticipated Release: Fall 2020
Non-Interactive Transactions — this will enhance usability by enabling “fire and forget” send-to-address functionality that users are accustomed to from most cryptocurrencies. Status: Drawing Board Anticipated Release: n/a
Scaling Options — when blocks start becoming full, how will we increase capacity? Two obvious options are increasing the block size, as well as a Lightning Network-style Layer 2 structure. Status: Drawing Board Anticipated Release: n/a
Confidential Assets — Similar to Raven, Tari, and Beam, the ability to create independently tradable assets that ride on the Epic Blockchain. Status: Drawing Board Anticipated Release: n/a
Usability
GUI Wallet 2.0 — Restore from seed words and various usability enhancements — Status: Needs Assessment Anticipated Release: Fall 2020
Mobile App — Native mobile experience for iOS and Android. Status: In Development (Testing) Anticipated Release: Winter 2020
Telegram Integration — Anonymous payments over the Telegram network, bot functionality for groups. Status: Drawing Board Anticipated Release: n/a
Mining
RandomX on ARM — Our 4th PoW algorithm, this will enable tablets, cell phones, and low power devices such as Raspberry Pi to participate in mining. Status: Needs Assessment Anticipated Release: n/a
The economics of mining Epic are extremely compelling for countries that have free or extremely cheap electricity, since anyone with an ordinary PC can mine. Individual people around the world can simply run the miner and earn meaningful money (imagine Venezuela for example), something that has not been possible since the very early days of Bitcoin.
Ecosystem Development
Atomic Swaps — Connecting Epic to other blockchains in a trustless way, starting with ETH so that Epic can trade on DeFi infrastructure such as Uniswap, Kyber, etc. Status: Drawing Board Anticipated Release: n/a
Xenolink Advisor at Epic Cash
From the Community aspect, we have been further developing our community international reach. We have been seeing an increase in interest from South America, China, Russia, Japan, Italy, and the Philippines. We are working on targeting more countries. We truly aim to be a decentralized project that is open to everyone worldwide.
CryptoDiffer team
Great, thank you for your answers, we now can move to community questions part!
Cryptodiffer Community
You have 3 mining algorithms, the question is: how do they not compete with each other? Is there any benefit of mining on the GPU and CPU if someone is mining on the ASIC?
Max Freeman Project Lead at Epic Cash
The block selection is deterministic, so that every 100 blocks, 60% are for RandomX (CPU), 38% for ProgPow (GPU), and 2% for Cuckoo (ASIC) — the policy is flexible so that we can have as many algorithms with any percentages we want. The goal is to make the most decentralized and resilient network possible, and with that in mind we are excited to work on enabling tablets and cell phones to mine, since that opens it up to millions of people that otherwise can’t take part.
Cryptodiffer Community
To Run a project smoothly, Funding is very important, From where does the Funding/revenue come from?
Xenolink Advisor at Epic Cash
Yes, early on this was realized and in order to scale a project funds are indeed needed. Epic Cash did not start with any funding and no ICO and was organically genesis mined with no pre-mine. Epic cash is also a nonprofit community driven project similar to Monero. There is no profit-driven entity in the picture. To overcome the revenue issue Epic Cash setup a development fund tax that decreases 1% every year until 2028 when Epic Cash reaches singularity with Bitcoin emissions. Currently it is at 7.77%. This will help support the scaling of the project.
Cryptodiffer Community
Hi! In your experience working also with MONERO can you please clarify which are those identified problems that EPIC CASH aims to develop and resolve? What’s the main advantage that EPIC CASH has over MONERO? Thank you!
Yoga Dude PR&Marketing at Epic Cash
First, I must admit that I am still a huge fan and HODLer of Monero. That said:
✅ our blockchain is MUCH lighter than Monero’s
✅ our transaction processing speed is much faster
✅ our address-less blockchain is more private
✅ Epic Cash can be mined with CPU (RandomX) GPU (ProgPow) and Cuckoo, whereas Monero migrated to RandomX and currently only mineable with CPU
Cryptodiffer Community
  1. the feature ‘Cut Through’ deletes old data, how is it decided which data will be deletes, and what are the consequences of it for the platform and therefore the users?
  2. On your website I see links to download Epic wallet and mining software for Linux,Windows and MacOs, I am a user of android, is there a version for me, or does it have a release date?
Max Freeman Project Lead at Epic Cash
  1. This is one of the most exciting features of Mimblewimble, which is its extraordinary ability to compress blockchain data. In Bitcoin, the entire history of a coin must be replayed every time it is spent, and comprehensive details are permanently stored in the blockchain. Epic discards spent transaction inputs and consolidates outputs, storing neither addresses or amounts, only a tiny kernel to allow sender and receiver to prove their transaction.
  2. The Vitex mobile app is great for today, and we have a native mobile app for iOS and Android in the works as well.
Cryptodiffer Community
$EPIC Have total Supply of 21,000,000 EPIC , is there any burning plan? Or Buyback program to maintain $EPIC price in the future?
Who is Epic Biggest competitors?
And what’s makes epic better than competitors?
Xenolink Advisor at Epic Cash
We respect the older generation coins like Bitcoin. But we have learned that the supply economics of Bitcoin is very sound. Until today we can witness how the Bitcoin is being adopted institutionally and by retail. We match the 21 million BTC supply economics because it is an inelastic fixed model which makes the long-term economics very sound. To have an elastic model of burning tokens or printing tokens will not have a solid economic future. Take for example the USD which is an inflating supply. In terms of competitors we look at everyone in crypto with respect and also learn from everyone. If we had to compare to other Mimblewimble tech coins, Grin is an inelastic forever inflating supply which in the long term is not sound economics. Beam however is an inelastic model but is formed as a corporation. The fair distribution is not there because of the permanent revenue model setup for them. Epic Cash a non-profit development tax fund model for scaling purposes that will disappear by 2028’s singularity.
Cryptodiffer Community
What your plans in place for global expansion, are you focusing on only market at this time? Or focus on building and developing or getting customers and users, or partnerships?
Yoga Dude PR&Marketing at Epic Cash
Since we are a community project, we have many developers, in addition to the core team.
Our plans for Global expansion are simple — we have advocates in different regions addressing their audiences in their native languages. We are growing organically, by explaining our ideology and usability. The idea is to grow beyond needing a fiat bridge for crypto use, but to rather replace fiat with our borderless, private and fungible crypto so people can use it to get goods and services without using banks.
We are not limiting ourselves to one particular demographic — Epic Cash is a valid solution for the gamers, investors, techie and non techie people, and the unbanked.
Cryptodiffer Community
EPIC confidential coin! Did you have any problems with the regulators? And there will be no problems with listing on centralized exchanges?
Xenolink Advisor at Epic Cash
In terms of structure, we are carefully set up to minimize these concerns. Without a company or investors in the picture, and having raised no funds, there is little scope to attack in terms of securities laws. Bitcoin and Ethereum are widely acknowledged as acceptable, and we follow in their well-established footprints in that respect. Centralized exchanges already trade other privacy coins, so we don’t see this as much of an issue either. In general, decentralized p2p exchange options are more interesting than today’s centralized platforms. They are more censorship resistant, secure, and privacy-protecting. As the technology gets better, they should continue to gain market share and that’s why we’re proud to be partnered with Vitex, whose exchange and mobile app work very well.
Cryptodiffer Community
What are the main utility and real-life usage of the #EPIC As an investor, why should we invest in the #EPIC project as a long-term investment?
Max Freeman Project Lead at Epic Cash
Because our blockchain is so light (only 1.16gb currently, and grows very slowly) it is naturally well suited to become a decentralized mobile money standard because people can run a full node on their phone, guaranteeing the security of their funds. Scalability in Bitcoin requires complicated and compromised workarounds such as Lightning Network and light clients, and these problems are solved in Epic.
With our forthcoming Mobile Mining app, hundreds of millions of cell phones and tablets will be able to easily join the network. People can quickly and cheaply send money to one another, fulfilling the long-envisioned promise of P2P electronic cash.
As an investor, it’s important to ask a few key questions. Bitcoin Standard tokenomics of disinflation and a fixed supply are well proven over a decade now. We follow this model exactly, with a permanently synchronized supply from 2028, and 4 emission halvings from now until then, with our first one in about two weeks. Beyond that, we can apply some simple logical tests. What is more valuable, money that can only be used in some cases (censorable Bitcoin based on a lack of fungibility) or money that can be used universally? (fungible Epic based on always-on privacy by default). Epic is also poised to be a more decentralized and therefore resilient network because of wider participation in mining. Epic is designed to be Bitcoin++ Privacy, Fungibility, Scalability
Cryptodiffer Community
Q1. What are advantages for choosing three mining algorithms RandomX+, ProgPow and CuckAToo31+ ?
Q2. Beam and Grin use MimbleWimble protocol, so what are difference for Epic? All of you will be friends for partners or competitors?
Max Freeman Project Lead at Epic Cash
RandomX and ProgPow are designed to use the entirety of a CPU / GPU’s unique processing capabilities in a way that other types of hardware don’t work as well. You can run RandomX on a GPU but it doesn’t work nearly as well as a much cheaper CPU, for example. Cuckoo is a “memory hard” algorithm that widens the range of companies that can produce the hardware.
Grin and Beam are great projects and we’ve learned a lot from them. We inherited our first codebase from Grin’s excellent Rust design, which is a better language for community participation than C++ that Beam currently uses.
Functionally, Mimblewimble is similar across the 3 coins, with standard Confidential Transactions, CoinJoin, Dandelion++, Schnorr Signatures and other advanced features. Grin is primarily ASIC-targeted, Beam is GPU-targeted, and Epic is multi-hardware.
The biggest differences though are in tokenomics and project structure. Grin has permanent inflation of 60 coins per block with no halvings, which means steady erosion of value over time due to new supply pressure. It also lacks a steady funding model, making future development in jeopardy, particularly as the per coin price falls. Beam has a for-profit model with heavy early inflation and a high developer tax. Epic builds on the strengths of these earlier mimblewimble projects and addresses the parts that could be improved.
Cryptodiffer Community Some privacy coin has scalability issues! How Epic cash will solve scalability issues? Why you choose randomX consensus algorithem?
Xenolink Advisor at Epic Cash
Fungibility means that you can’t distinguish one unit of currency from another, in example Gold. Fungibility has recently become a hot issue as people have been noticing Bitcoins being locked up by exchanges which may of had a nefarious history which are called Tainted Coins. In example coins that have been involved in a hack, darknet market transactions, or even processing coin through a mixer. Today we can already see freshly mined Bitcoins being sold at a premium price to avoid the fungibility problem Bitcoin carries today. Bitcoin can be tracked by chainalysis and is not a fungible cryptocurrency. One of the features that Epic has is privacy with added fungibility, because of Mimblewimble technology, Epic has no addresses recorded and therefore nothing can be tracked by chainalysis. Below I provide a link of an example of what the lack of fungibility is resulting in today with Bitcoin. One of the reasons why we chose the Random X algo. is because of the easy barrier of entry and also to further decentralize the mining. Random X algo can be mined on old computers or laptops. We also have 2 other algos Progpow (GPU), and Cuckoo (ASIC) to create a wider decentralization of mining methods for Epic.
Cryptodiffer Community
I’m a newbie in crypto and blockchain so how will Epic Cash team target and educate people who don’t know about blockchain and crypto?
What is the uniqueness of Epic Cash that cannot be found in other project that´s been released so far ?
Yoga Dude Pr&Marketing at Epic Cash
Actually, while we have our white paper translated into over 30 languages, we are more focused on explaining our uses and advantages rather than cold specs. Our tech is solid, but we not get hung up on pure tech talk which most casual users do not need to or care to understand. As long as our fundamentals and tech are secure and user friendly our primary goal is to educate about use cases and market potential.
The uniqueness of Epic Cash is its amalgamation of “whats good” in other cryptos. We use Mimblewimble for privacy and anonymity. Our blockchain is much lighter than our competitors. We are the only Mimblewimble crypto to use a unique cocktail of mining algorithms allowing to be mined by casual miners with gaming rigs and laptops, while remaining friendly to GPU and CPU farmers.
The “uniqueness” is learning from the mistakes of those who came before us, we evolved and learned, which is why our privacy is better, we are faster, we are fungible, we offer diverse mining and so on. We are the best blend — thats powerful and unique
Cryptodiffer Community
Can you share EPIC’s vision for decentralized finance (DEFI)? What features do EPIC have to support DEFI?
Yoga Dude PR&Marketing at Epic Cash
We view Epic as ideally suited to be the decentralized digital reserve asset of the new Private Internet of Money that’s emerging. At a technology level, atomic swaps can be created to build liquidity bridges so that wrapped Epic tokens (like WBTC, WETH) can trade on other networks as ERC20, BEP2, NEP5, VIP180, Algorand and so on. There is more Bitcoin value locked on Ethereum than in Lightning Network, so we will similarly integrate Epic so that it can trade on networks such as Uniswap, Kyber, and so on.
Longer term, if there is market demand for it, thanks to Scriptless Script functionality our blockchain has, we can build “Confidential Assets” (which Raven, Tari, and Beam are all also working on) that enable people to create tokenized assets in a private way.
Cryptodiffer Community
If you could choose one celebrity to promote Epic-cash, who that would be?
Max Freeman Project Lead at Epic Cash
I am a firm believer that the strength of the project lies in allowing community members to become their own celebrities, if their content is good enough the community will propel them to celebrity status. Organic celebrities with small but loyal following are vastly more beneficial than big name professional shills with inflated but non caring audiences.
I remember the early days of Apple when an enthusiastic dude named Guy Kawasaki became Apple Evangelist, he was literally going around stores that sold Apple and visited user groups and Evangelized his belief in Apple. This guy became a Legend and helped Apple become what it is today.
Epic Cash will have its OWN Celebrities
Cryptodiffer Community
How does $EPIC solve scalability of transactions? Current blockchains face issues with scalability a lot, how does $EPIC creates a solution to it?
Xenolink Advisor at Epic Cash
Epic Cash is utilizing Mimblewimble technology. Besides the privacy & fungibility aspect of the tech. There is the scalability features of it. It is implemented into Epic by transaction cut-through. Which means it allows nodes to remove all intermediate transactions, thus significantly reducing the blockchain size without affecting its validation. Mimblewimble also does not use addresses like a BTC address, and amount of transactions are also not recorded. One problem Monero and Bitcoin are facing now is scalability. It is evident today that data is getting more expensive and that will be a problem in the long run for those coins. Epic is 90% lighter and more scalable compared to Monero and Bitcoin.
Cryptodiffer Community
what are the ways that Epic Cash generates profits/revenue to maintain your project and what is its revenue model ? How can it make benefit win-win to both invester and your project ?
Max Freeman Project Lead at Epic Cash
There is a block subsidy of 7.77% that declines 1.11% per year until 0, where it stays after that. As a nonprofit community effort, this extremely modest amount goes much further than in other projects, which often take 20, 30, even 50+ % of the coin supply. We believe that this ongoing funding model best aligns the long term incentives for all participants and balances the compromises between the ends of the centralized/decentralized spectrum of choices that any project must make.
Cryptodiffer Community
Q1 : What are your major goals to archive in the next 3–4 years?
Q2 : What are your plans to expand and gain more adoption?
Yoga Dude Pr&Marketing at Epic Cash
Max already talked about our technical plans and goals in his roadmap. Allow me to talk more about the non technical 😁
We are aiming for broader reach in the non technical more mainstream community — this is a big challenge but we believe it is doable. By offering simpler ways to mine Epic Cash (with smart phones for example), and by doing more education we will achieve the holy grail of crypto — moving past the fiat bridges and getting Epic Cash to be accepted as means of payment for goods and services. We will accomplish this by working with regional advocacy groups, community interaction, off-line promotional activities and diverse social media targeting.
Cryptodiffer Community
It seems to me that EpicCash will have its first Halving, right? Why a halving so soon?
Is a mobile version feasible?
Max Freeman Project Lead at Epic Cash
Our supply emission catches up to that of Bitcoin’s first 19 years after 8 years in Epic, so that requires more frequent halvings. Today’s block emission is 16, next up are 8, 4, 2, and then finally 0.15625. After that, the supply of Epic and that of BTC stay synchronized until maxing out at 21m coins in 2140.
Today we have a mobile wallet through the Vitex app, a native mobile wallet coming, and are working on mobile mining.
Cryptodiffer Community
What markets will you add after that?
Yoga Dude PR&Marketing at Epic Cash
Well, we are aiming to have ALL markets
Epic Cash in its final iteration will be usable by everyone everywhere regardless of their technical expertise. We are not limiting ourselves to the technocrats, one of our main goals is to help the billions of unbanked. We want everyone to be able to mine, buy, and most of all USE Epic Cash — gamers, farmers, soccer moms, students, retirees, everyone really — even bankers (well once we defeat the banking industry)
We will continue building on the multilingual diversity of our global community adding support and advocacy groups in more countries in more languages.
Epic Cash is More than Money and its for Everyone.
Cryptodiffer Community
Almost, all cryptocurrencies are decentralized & no-one knows who owns that cryptocurrencies ! then also, why Privacy is needed? hats the advantages of Private coins?
Max Freeman Project Lead at Epic Cash
With a public transparent blockchain such as Bitcoin, you are permanently posting a detailed history of your money movements open for anyone to see (not just legitimate authorities, either!) — It would be considered crazy to post your credit card or bank statements to Twitter, but that’s what is happening every time you send a transaction that is not private. This excellent video from community contributor Spencer Lambert https://www.youtube.com/watch?v=0blbfmvCq\_4 explains better than I can.
Privacy is not just for criminals, it’s for everyone. Do you want your landlord to increase the rent when he sees that you get a raise? Your insurance company to raise your healthcare costs because they see you buying too much ice cream? If you’re a business, do you want your employees to see how much money their coworkers make? Do you want your competitors to trace your supplier and customer relationships? Of course not. By privacy being default for everyone, cryptocurrency can be used in a much wider range of situations without unacceptable compromises.
Cryptodiffer Community
What are the main utility and real-life usage of the #EPIC As an investor, why should we invest in the #EPIC project as a long-term investment?
Xenolink Advisor at Epic Cash
Epic Cash can be used as a Private and Fungible store of value, medium of exchange, and unit of account. As Epic Cash grows and becomes adopted it can be compared to how Bitcoin and Monero is used and adopted as well. As Epic is adopted by the masses, it can be accepted as a medium of exchange for store owners and as fungible payments without the worry of having money that is tainted. Epic Cash as a store of value may be a good long term aspect of investment to consider. Epic Cash carries an inelastic fixed supply economic model of 21 million coins. There will be 5 halvings which this month of June will be our first halving of epic. From a block reward of 16 Epic reduced to 8. If we look at BTC’s price action and history of their halvings it has been proven and show that there has been an increase in value due to the scarcity and from halvings a reduction of # of BTC’s mined per block. An inelastic supply model like Bitcoin provides proof of the circulating supply compared to the total supply by the history of it’s Price action which is evident in long term charts since the birth of Bitcoin. EPIC Plans to have 5 halvings before the year 2028 to match the emissions of Bitcoin which we call the singularity event. Below is a chart displaying our halvings model approaching singularity. Once bitcoin and cryptocurrency becomes adopted mainstream, the fungibility problem will be more noticed by the general public. Privacy coins and the features of fungibility/scalability will most likely be sought over. Right now a majority of people believe that all cryptocurrency is fungible. However, that is not true. We can already see Chainalysis confirming that they can trace and track and even for other well-known privacy coins today such as Z-Cash.
Cryptodiffer Community
  1. You aim to reach support from a global community, what are your plans to get spanish speakers involved into Epic Cash? And emerging markets like the african
  2. How am I secure I won’t be affected by receiving tainted money?
Max Freeman Project Lead at Epic Cash
Native speakers from our community are working to raise awareness in key markets such as mining in Argentina and Venezuela for Spanish (Roberto Navarro called Epic “the holy grail of cryptocurrency” and Ethiopia and certain North African countries that have the lowest electricity costs in the world. Remittances between USA and Latin American countries are expensive and slow, so Epic is also perfect for people to send money back home as well.
Cryptodiffer Community
Do EPICs in 2020 focus more on research and coding, or on sales and implementation?
Yoga Dude PR&Marketing at Epic Cash
We will definitely continue to work on research and coding, with emphasis on improved accessibility (especially via smartphones) usability, security and privacy.
In terms of financial infrastructure will continuing to add exchanges both KYC and non KYC.
Big part of our plans is in ongoing Marketing and PR outreach. The idea is to make Epic Cash a viral sensation of sorts. If we can get Epic Cash adopters to spread the word and tell their family, coworkers and friends about Epic Cash — there will be no stopping us and to help that happen we have a growing army of content creators, and supporters.
Everyone with skin in the game gets the benefit of advancing the cause.
Folks also, this isn’t an answer to the question but an example of a real-world Epic Cash content —
https://www.youtube.com/watch?v=XtAVEqKGgqY
a challenge from one of our content creators to beat his 21 pull ups and get 100 epics! This has not been claimed yet — people need to step up 🙂 and to help that I will match another 100 Epic Cash to the first person to beat this
Cryptodiffer Community
I was watching some videos explaining how to send and receive transactions in EpicCash, which consists of ports and sending links, my question is why this is so, which, for now, looks complex?
Let’s talk about the economic model, can EpicCash comply with the concept of value reserve?
Max Freeman Project Lead at Epic Cash
In V3, which is coming later this summer, Epic can be sent over Tor, which eliminates this issue of port opening, even though using tools like ngrok.io, it’s not necessarily as painful as directly configuring the router ports. Early Lightning Network had this issue as well and it’s something we have a plan to address via research into non-interactive transactions. “Fire and Forget” payments to an address, as people are used to in Bitcoin, is coming to Epic and we’re excited to develop functionality that other advanced mimblewimble coins don’t yet have. We are committed to constant improvement in usability and utility, to make our money system the ease of use leader.
We are involved in the project (anyone can join the Freeman Family) because we believe that simply by choosing to use a form of money that better aligns with our ideals, that we can make a positive change in the world. Some of my thoughts about how I got involved are here: https://medium.com/epic-cash/the-freeman-family-e3b9c3b3f166
Max Freeman Project Lead at Epic Cash
Huge thanks to our friends Maks and Vladyslav, we welcome everyone to come say hi at one of our friendly communities. It is extremely early in this journey, our market cap is only 0.5m right now, whereas the 3 other mimblewimble coins are at $20m, $30m and $100m respectively. Epic is a historic opportunity to follow in the footsteps of legends such as Bitcoin and Monero, and we hope to become the first Top 5 privacy coin project.
Xenolink Advisor at Epic Cash
Would like to Thank the Cryptodiffer Team and the Cryptodiffer community for hosting us and also engaging with us to learn more about Epic. If anyone else has more questions and wants to know more about EPIC , can find us at our telegram channel at https://t.me/EpicCash .
Yoga Dude Pr&Marketing at Epic Cash
Thank you, CryptoDiffer Team, and this wonderful Community!!!
Cryptodiffer TEAM
Thank you everyone for taking your time and asking great questions
Thank you for your time, it was an insightful session
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A Bitcoin halving event is when the reward for mining Bitcoin transactions is cut in half. This event also cuts in half Bitcoin's inflation rate and the rate at which new Bitcoins enter circulation. 1. What does Bitcoin Halving Mean? To understand what The Bitcoin Halving is, you must first understand the basics of Bitcoin mining.In short, new Bitcoins come into the world as a reward for miners whenever they mine a Bitcoin block.. When Satoshi Nakamoto set up the rules for the Bitcoin protocol he stated two important things, among others:. First, that the supply of Bitcoin is finite and ... The first bitcoin halving, in 2012, slashed the reward for mining a block from 50 BTC to 25 BTC. In 2016, the halving event cut rewards again to 12.5 bitcoin per block mined, and when the 2020 ... Bitcoin is unique, however, since the block reward schedule is public. All Bitcoin users and miners know the approximate date of each halving, meaning the Bitcoin price may not be affected when the halving happens. Bitcoin’s first block halving happened on November 28, 2012. The block reward dropped from 50 bitcoins per block to 25 per block. Bitcoin Halving Fundamental Meaning. Since an average of 6 blocks is mined per hour, and halving occurs every 210,000 blocks, the reward is decreased every 4 years (adjusted in one direction or another). The reward for mining will be reduced by 50% compared to what it has been before.

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