Mine Bitcoin, Save the Planet. - The Capital - Medium

The Unofficial Cardano FAQ - V3

(if you would like to add information or see mistakes, just comment below and I will credit you)
What is Cardano? Cardano is an open source and permissionless "Third Generation" blockchain project being developed by IOHK. Development and research started in 2015, with the 1.0 mainnet launching in 2017. Cardano blockchain is currently being developed into two layers. The first one is the ledger of account values, and the second one is the reason why values are transferred from one account to the other.
  1. Cardano Settlement Layer (CSL) - The CSL acts as the ledger of account or balance ledger. This is an idea created as an improvement of bitcoin blockchain. It uses a proof-of-stake consensus algorithm known as Ouroboros to generate new blocks and confirm transactions.
  2. Cardano Computation Layer (CCL) - The CCL contains the data how values are transferred. Since the computation layer is not connected to balance ledger, users of the CCL can create customized rules (smart contracts) when evaluating transactions. (https://support.bitkub.com/hc/en-us/articles/360006678892-What-are-the-two-layers-of-Cardano-)
IOHK has the contract with an undisclosed party to develop the project until the end of 2020, at which point the community may elect another development team - on the assumption that the voting infrastructure has been completed. However CEO Charles Hoskinson has stated that they will develop the project until it is completed, and they are simply financed until the end of 2020.
Cardano was the first project built on a peer-reviewed scientific development method, resulting in dozens of research papers produced by IOHK. Among these papers is Ouroboros Genesis, proving that a Proof of Stake protocol can be just as secure as Proof of Work - which was originally developed for Bitcoin, and refined for Ethereum. This PoS protocol considerably lowers the resources cost to maintain network while still maintaining security and network speed.
Cardano as a financial infrastructure is not yet completed, With significant development to be rolled out.
What were the other two generations of blockchain? Gen 1 was Bitcoin. It exists by itself and talks to nobody but Bitcoin. It is capable of peer to peer transactions without a third party in such a way that you cannot cheat the system. This was a major step forward for the E-cash concept that people have been working on for the 20 years prior.
Gen 2 was Ethereum and other smart-contract platforms that allow other coins and platforms to be built on top of their infrastructure. These coins can interact with others on the platform, but cannot interact with other platforms. Meaning it is still not truly interoperable. Most Gen 2 blockchains are also using Proof of Work likes Bitcoin, which effects scaling. Also missing is a built-in method to pay for upgrades and voting mechanics for decision making.
Gen 3 blockchains are a complete package designed to replace the current financial infrastructure of the world. Cardano is using Proof of Stake to ensure security and decentralisation(Shelley). Scaling through parallel computation (Hydra in Basho), Sidechains to allow the platform to interact with other platforms (Basho), and also include mechanisms for voting for project funding, changes to the protocol and improvement proposals (Voltaire). Finally smart contracts platform for new and established projects that are developer friendly (Goguen).
Who is the team behind Cardano? There are three organisations that are contributing to the development of Cardano. The first is the Cardano Foundation, an objective, non-profit organisation based in Switzerland. Its core responsibilities are to nurture, grow and educate Cardano users and commercial communities, to engage with authorities on regulatory and commercial matters and to act as a blockchain and cryptocurrency standards body. The second entity is IOHK, a leading cryptocurrency research and development company, which holds the contract to develop the platform until 2020. The final business partner is Emurgo, which invests in start-ups and assists commercial ventures to build on the Cardano blockchain.
www.Cardano.org www.emurgo.io https://cardanofoundation.org/en/
What is the difference between Proof of Work and Proof of stake? Both these protocols are known as “consensus protocols” that confirm whether a transaction is valid or invalid without a middleman like Visa or your bank. Every node (active and updated copy of the blockchain) can agree that the transaction did take place legitimately. If more than half validators agree, then the ledger is updated and the transaction is now secured. Proof-of-Work (PoW) happens when a miner is elected to solve an exceptionally difficult math problem and gets credit for adding a verified block to the blockchain. Finding a solution is an arduous guessing game that takes a considerable amount of computing power to compete for the correct answer. It is like “pick a number between 1 and one trillion” and when you get it right, you get $30,000 in Bitcoin, so the more computers you have working on it, the faster you can solve it. Also the more people who are trying to solve the same block, the harder the algorithm, so it may become 1 in 20 trillion. The downside is the massive amounts of power required to run the computers that run the network, and the slow pace that blocks are solved. To “Hack” a PoW system, you need 51% of the computing power, which would allow you to deny transactions, or spend the same coin twice. At the moment there are 8 main mining operations for bitcoin, and 4 of them make up more that 51% of the mining power.
PoS instead selects a coin at random that already exists, and the person who owns that coin is elected to put the work in to validate the block. This means there is no contest and no guessing game. Some computer power is required, but only a fraction of a PoW system. The complex nature of selecting a coin that exists on the correct and longest chain and is owned by someone who can complete the block, AND in such a way that it is secure AND that computer currently running AND that person also having an incentive to complete the work, has made the development of PoS very slow. However only a few years ago it wasn’t even possible. In this method, the more of the coin (ADA) you stake, the more likely you are to be selected to close a block. Cardano also allows you to delegate your stake to someone else to validate the block so they do the work, and you share in the reward for doing so.
To “hack” a PoS blockchain you need to own 51% of the tokens, which is significantly harder than owning 51% of the computing power.
What is ADA and how is it different to Cardano? Cardano is the name of the network infrastructure, and can be thought of like a rail network. ADA is the native token that has been developed alongside Cardano to facilitate the network operation. This helps confusion and maintains distinction, compared to Ethereum being the native token of Ethereum. Similar to bitcoin or any other token, ADA can be sent peer to peer as payment, but is also the reward for running the network, and what is taken as transaction fees.
In this metaphor “Cardano” is the train tracks, that everything runs on. A stake pool would be the locomotive, facilitating transactions on the network while ADA is the coal that powers the locomotive. The train carriages are Decentralised applications (Dapps) that are also running on cardano tracks, but are not actively powering the network.
What is staking Cardano is a Proof of Stake protocol, and uses already existing coins like a marker to ensure security. The protocol chooses a coin at random and the owner of that coin is elected to validate a block of transactions. Staking is the process of adding your ADA coins to a Pool that has the resources to run the network. If the pool you have chosen to "delegate" your stake to is chosen to close/validate a block, then you get a portion of the rewards. The ADA never leaves your wallet, and you can "undelegate" whenever you like. this increases stability of the network and also gives an incentive to pool operators to invest the time and hardware required to run a pool.
What is a stake-pool and how does it work? Cardano.org FAQ on the issue goes into much more detail
A stake pool is where the computing power of the network takes place. During ITN there was 1200 registered stake pools while 300 were creating blocks. You can manage your own stake-pool or delegate your ADA to an already registered pool. Rewards are determined by the protocol, however the pool may elect to charge fee Percentages, or flat rate fee to upkeep their pool.
Can I Stake my ADA right now? The staking testnet has closed, If you participated in the Incentivised Test Net and earned rewards, instructions to check the balance are here.
However if you have just purchased some or it was held on an exchange, then you will need to wait until the Shelley mainnet launch happening at the end of July 2020.
Where do I stake my ADA? Daedalus Flight wallet, and Yoroi Wallet (as a chrome extension) are the current best options. Adalite and several other third-party wallets also exist. Coinbase will also allow staking as a custodial service, and many exchanges may offer “staking as a service” so you can leave your coins on the exchange and still earn rewards if you enjoy trading. I do not recommend leaving coins on an exchange unless you are actively trading.
What are the staking rewards now and what can I expect on a return in the future? The Incentivised Test Net (ITN) Delivered 10%-15%pa returns on average. The future of staking will most likely be lower, but will depend on the amount of ADA staked across the network and the amount of network traffic.
Check https://staking.cardano.org/en/calculato for a clearer picture.
what is a Pledge? To stop one person operating many pools, the rewards that a pool earns will vary depending on the amount of personal ADA they “pledge” to open the pool. This means that 50 pools with a 1,00ADA pledge each will be overall less profitable than 1-2 pool with the max ADA pledge (unknown but likely around 300k). Even if the 50 pools have the same over stake delegated by other users and have a better chance of being selected to close a block, the 50 pools may receive lower rewards.. (at least that is the theory)
Who is IOHK? IOHK is a for-profit software engineering company founded by CEO Charles Hoskinson and Jeremy Wood in 2015 that has taken a scientific approach to the development of blockchain. IOHK started with “first principles” and looked at questions like “what is a blockchain” and “what should a blockchain be able to do” rather than accepting the established paradigm of Bitcoin and Ethereum. IOHK was originally Input Output Hong Kong, but is now Input Output Global and is based in Wyoming USA employing over 230 staff. IOHK has established research labs in several universities in order to complete the Cardano project, and is also developing Ethereum Classic, Atala, Mantis and possibly other Blockchain related programs and infrastructure.
Who is Charles? Charles Hoskinson is an early adopter of cryptocurrencies, American entrepreneur and cryptocurrency specialist. Charles Co-founded Ethereum with Vitalik Buterin and 5-8 others, However he only worked on that project for approximately six-months. Charles is now the CEO of IOHK and the director of The Bitcoin Education Project.
Why isn’t ADA on coinbase? Cardano and coinbase have recently connected in a big way. With IOHK turning over all their ADA to the custodial services of Coinbase. This means that Cardano and Coinbase have been working together for some time and there is a strong partnership forming. Staking and cold storage will be available and trading on Coinbase will most likely become available after the release of Shelley (although no official word yet)
Why Doesn’t Cardano have a Wikipedia Page? Wikipedia has strict guidelines on what can be turned into an article. As there has been no coverage of Cardano from mainstream media or “noteworthy” sources, there is no article yet. Wikipedia will also not accept sources from IOHK as they are not considered “reliable” and must come from a third party. This will most likely change soon.
Cardano does have a dedicated community driven wiki
https://cardanowiki.info/wiki/Home
What is Atala and why do I care?*
Atala is a suite of services being developed on top of the cardano blockchain by IOHK that focusses on credential certification, for things like education, work history and degrees (Atala Prism). Product counterfeiting protection through registering products on a blockchain and create taper-proof provenance. This does not only apply to Gucci handbags, but also medication, art, and anything that can be counterfeited (Atala Scan). As well as supply chain tracking to see issues and inefficiencies with greater transparency(Atala Trace).
Im new, how much is a good investment?
Cardano is still a speculative market and although there is amazing potential here, it is still only potential. When investing in any High risk market like Crypto, only every invest what you are willing to lose. Cardano may be testing the 10c barrier now. But in March it dumped to 1.7c. And if you suddenly need your money back during the dump then you are out of luck. Do your research before you FOMO in. Start with a small amount and send it between wallets and exchanges to understand how the system works. Store your private keys offline (or online cloud service but encrypted) with a method that is unlikely to be damaged AND have multiple copies. So in the case of a house fire or a blow to the head, or the cloud service being shutdown/destroyed, you do not lose your money.
Timelines
https://roadmap.cardano.org/en/
Shelley Decentralisation rollout and news
Goguen smart contract rollout
Voltaire Voting mechanics – no official roll out timeline (though promised for 2020)
Basho scaling and sidechains – no official roll out time line (most likely 2021)
submitted by YourBestMateRobbo to cardano [link] [comments]

Butters lose their minds when trying to defend Bitcoin's energy use

It would be hilarious if it wasn't so sad.
Here are some examples.
Currently Bitcoin mining consumes around 40,000,000 MW, which is roughly 0.2% of the world’s energy production. In the future it may consume around 10–20% of the world’s energy production, at least a 100x multiple from here, at the same time as supporting the world’s $80tn global economy, which is also a order of magnitude of 100 from where we are today.
Nope, I don't see any problem here!
Here's another genius:
In the hunt for cheap energy sources, we will unlock greater economic abundance in the real world. Bitcoin, through the harnessing of these new or disparate energy sources, not only moves us forward to a Kardeshev Type I economy but may bring us closer to a Kardeshev Type I energy civilization (We’re ~0.72 on the Kardashev Scale). With Bitcoin mining as an incentive, it may shrink the time we get to T1 from 200 years to less than a few decades. After reaching Type I status, there is less of a need to restrict the growth of energy consumption, which increases the standard of living for everyone.
Or, the glass is half empty, that white powder in your nose will lose its effect soon after writing this article, and we actually accelerate global warming to win a prize in a zero-sum game created by a speculative bubble that hasn't fallen apart yet because it's very easy to use for scams. Anyway, I'm an optimist so I'm planning on going out tomorrow and rolling coal with my SUV, to incentivize cleaner fuels. I predict that by rolling coal, I will help bring about the singularity. WHAT YOU GONNA DO ABOUT IT HUH, LIBCUCK STATIST SCUM?
Oh wait, how stupid of me. Bitcoin doesn't use enough electricity to bring us forward as a species. The banking industry uses far more electricity than bitcoin and actually accomplishes more than 3 transactions per second with it! This can mean only one thing: The banks are bringing us closer to a Kardeshev Type I energy civilization!
According to the article that trigger this discussion, Bitcoin annual Twh consumption is 28.67 , so currently more than 3 times more efficient than a very conservative calculation of the cost of the global banking system. Of course you will argue that the banking systems does more than handling a currency which is true but the difference is large enough that I do not think is that relevant. Even if only 30% of banks electricity consumption was the comparable part to Bitcoin, that will still make Bitcoin more efficient.
If we're comparing the entire banking industry to Bitcoin, are you including the tulip bulb container err hardware wallet I need to "be my own bank"? Are you including the full nodes we need to run 24/7 to serve as hubs on the lightning network? Are you including the servers of the big trading exchanges? Are you including the hundreds of people who work as customer support for the average big exchange? Are you including the Bitcoin ATM's where people can launder their cash? Are you including the data centers that run behind online wallets?
Calculating branch consumption is more tricky since there are lots of things to take into account like size of the branch or number of employees as well as several things consuming electricity like lights, cooling, computers, monitors, etc. And they are not open 24 x 365 so after looking at a couple of articles, I have decided to settle for a conservative number 10 kwh per branch assuming an average branch has 10 light bulbs, two air conditioning units that are only use 20% of the time and 12 desktop computers running an average of 12 hours a day, 20 days a month through the year.
Customer service peasants (subhuman plebs who can't code) work in the dark at 2AM in India without air conditioning to check your passport, this is how Bitcoin saves money compared to the banking industry.
Another expert suggests that perhaps people just like to stare at a blockchain, as if it were a work of art!
My point is that understanding the nature of proof-of-work and the incentives of mining valid blocks, as well as the security properties and thus the value of proof-of-work, might help to shift the perspective from “energy wasted” to “energy used for creating something valuable”. Most people value beautiful marble statues. A rising number of people value a chain of valid blocks.
I'm personally guessing people like staring at a blockchain because they imagine they're sitting on a pile of money without contributing to society, but what do I know.
Bitcoin Uses a Lot of Energy, But Gold Mining Uses More
One speculative bubble fueled by the greed of antisocial libertarians consumes more energy than another bubble fueled by the greed of antisocial libertarians. Perhaps we should consider investing money in projects that actually accomplish something, rather than buying tokens to hoard. I heard the exotic uncontacted tribe of almost anyone who's not an antisocial libertarian invests in this manner. I also heard you have more money today if you bought 1000 dollar worth of an index fund fifty years ago than 1000 dollar worth of gold, but perhaps society will collapse soon because of bitcoin mining induced global warming and your pile of gold/bitcoin will make you the village chief of a post-apocalyptic nightmare when everyone else's stock portfolio goes to zero.
submitted by yourasiansidekick to Buttcoin [link] [comments]

What A Day: American Carnage by Brian Beutler, Priyanka Aribindi & Crooked Media (08/05/19)

”Members of the press, what the fuck...”—Beto O’Rourke to a political media that refuses to see President Trump for what he is

Vote Them Out

Two terrorist gunmen, including a white nationalist who was emboldened by President Trump, murdered over 30 people in El Paso, TX, and Dayton, OH, over the weekend. Now Republicans, led by Trump, are desperately ducking and deflecting widespread demands for them to pass background-check legislation and denounce the President’s complicity.
Here’s the latest.
What happened? First, a man armed with a military-style assault rifle posted a hate-filled, anti-immigrant screed on the white natonalist online organizing hub 8chan, before entering an El-Paso Wal-Mart and murdering at least 22 people. The so-called “manifesto” used terms like “invaders” to describe Hispanic immigrants and “fake news” to describe the media—words taken directly from Trump. Hours later, another white man, similarly armed, killed nine people, including his own sister, in a 30-second gun rampage at a bar in Dayton. The Texas gunman is in custody, and police killed the Dayton gunman.
How has the public responded? In two ways. First, there’s the overwhelming majority of people of good faith who take the problem seriously. They have engaged in a conversation about fighting and deradicalizing white supremacists, holding media and tech outlets that enable them accountable, and passing gun control measures. Democrats have called on the Senate to return from recess to pass H.R. 8, a bipartisan bill that would require everyone trying to purchase a firearm to undergo a background check.
How have Republicans responded? By ignoring the problem and blaming people and influences that have nothing to do with it.
In other words, Republicans at all levels of government are too cowardly or bigoted to do anything about this. That’s not surprising at this point—Republicans are completely invested in or in agreement with Trump’s racism and his efforts to encourage racism among his supporters to maintain his grip on power. But it is still shocking and unacceptable. The only solution is to end their careers resoundingly next November, and to never let them or people like them within a mile of public office ever again.
What can you do?

Under The Radar

Cloudfare, the internet infrastructure company that hosted 8chan, announced that it would stop hosting the site, which is now struggling to remain online.
8chan was once a relatively obscure online messageboard, nominally devoted to “free speech,” but it quickly became a haven for terrorist mass shooters and violent white supremacists— in other words, a place where people too extreme for 4chan congregate. Before the shooting in El Paso, the gunman posted a four-page, racist manifesto on the site and encouraged its users to spread it widely.
The Christchurch, NZ, terrorist who massacred dozens of Mosque-goers, and the Poway, CA, terrorist, who shot up a synagogue, also uploaded hate-filled screeds to 8chan before murdering innocent religious minorities. The site is home to incels, QAnon conspiracy theorists, and other dangerous, radicalized, overwhelmingly white and male individuals, who are increasingly unwelcome on other online platforms.

Look No Further Than The Crooked Media

On last week’s Lovett or Leave It (the night after his debate appearance): JAY INSLEE. Plus Kara Swisher, Kara Brown, and Ramy Youseff. But seriously—Jay Inslee. And his glasses. 🔥
Gov. Inslee breaks down the debates, the importance of climate change in his campaign, and his newfound title as the "ancient snack" of the Democratic primaries.
Listen

What Else

House Judiciary Committee Chair Jerry Nadler said his committee * could * recommend articles of impeachment against Donald Trump by late fall. Reminder, the purpose of impeachment is to hold numerous public hearings on Trump’s unprecedented criminality before making every representative and senator vote on it, so please don’t skip that part.
North Korea used cyberattacks to steal from banks and cryptocurrency exchanges to amass an estimated $2 billion for its weapons of mass destruction programs, according to a confidential U.N. report. So that’s who probably stole your friend’s bitcoin.
The Dow dropped 760 points on Monday in the year’s worst day of stock trading in response to Chinese retaliation against Trump’s catastrophic trade war. So sick of winning!
Widespread strikes in Hong Kong have canceled and delayed over 100 flights into and out of the city’s airport—one of the world’s busiest. The strikes grew out of months worth of mass protests for greater democracy, an inquiry into alleged police brutality, and the resignation of the city's pro-Beijing leader, Carrie Lam.
Rep. Kenny Merchant (R-TX) became the fourth Texas Republican in the past two weeks—and the eleventh House Republican this year— to announce his retirement ahead of the 2020 elections, reflecting President Trump’s wizard-like ability to use racism to make Democrats play into his hands. Merchant beat his obscure Democratic opponent by only three percentage points in 2018, but this year there will be a competitive Democratic primary in the district.
R. Kelly has been charged with two counts of child prostitution in Minnesota on top of his similar state and federal charges in Chicago and additional federal charges in Brooklyn.
Gannett and GateHouse Media, two of the country’s largest newspaper publishers, will merge, creating a conglomerate of over 250 daily newspapers, and hundreds more weekly ones. The merger is expected to save hundreds of millions of dollars, but the company will still likely cut jobs. According to the Washington Post, “Employment in the newspaper industry fell about 47 percent between 2008 and 2018, a decline worse than coal mining over roughly the same period.” Can’t figure out how to make a profit? MERGE BABY MERGE!
Far-right, anti-Muslim hatemonger Laura Loomer will run for Congress in a heavily Democratic district in Florida, and one wild House Republican and a Fox host couldn’t be happier. Maybe she will chain herself to the entrance of Congress next.

Did You See That Thing?

The man who pleaded guilty to sending 16 pipe bombs to prominent Democrats, liberals, and CNN in October 2018 was sentenced to 20 years in prison on Monday. During his sentencing, his attorney said "We believe that the president's rhetoric contributed to Mr. Sayoc’s actions in this offense." Wasn’t the first or last time.

What A Sponsor!

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Is That Hope I Feel?

“...All of us have to send a clarion call and behave with the values of tolerance and diversity that should be the hallmark of democracy. We should soundly reject language coming out of the mouths of any of our leaders that feeds a climate of fear and hatred or normalizes racist sentiments; leaders who demonize those who don’t look like us, or suggest that other people, including immigrants, threaten our way of life, or refer to other people as sub-human, or imply that America belongs to just one certain type of people… it has no place in our politics and our public life. And it’s time for the overwhelming majority of Americans of goodwill, of every race and faith and political party, to say as much—clearly and unequivocally.” —Barack Obama

Enjoy

BE A GOOD NUMBER NEIGHBOR AND SAY HI
average joe on Twitter: “Shit.
submitted by kittehgoesmeow to FriendsofthePod [link] [comments]

Is Andrew Torba dumb or controlled opposition?(Gab mass email transcript)

GAB Gab Community,
As many of you know the online censorship war has taken an even more extreme turn over the past several months. Not only are hundreds of thousands of people being banned and punished for political opinions on major social networks, but now many influential alternative media personalities and companies are being blacklisted and banned by payment gateways, processors, and even banks. This includes Gab, which has been banned by the payment processors Paypal, Stripe, Square, Coinbase, and Bitpay.
If you want to support alternative media, your favorite content creators, and free speech on the internet then you need to learn about Bitcoin. Bitcoin is free speech money. No bank, no corporation, and no government can stop you from sending or receiving bitcoin. Bitcoin can not be censored by anyone. Instead of putting your trust in a bank or government, both of which can fail at anytime as we've seen in Venezuela, with Bitcoin you are trusting a digital store of value that is backed by math and a decentralized network of "miners" who confirm the legitimacy of transactions.
Many people fixate on the price of Bitcoin. That's not what is important here. What's important is censorship-resistant free speech money and payment processing. As long as you own Bitcoin, you can support any person, business, or cause that you wish without permission from any bank, government, or corporation.
As the writer Beautyon notes: The United States of America can not regulate Bitcoin or stop it. In order to do so, they would need to destroy the First Amendment of the United States. Something that will not be allowed to happen by The People.
We recommend you visit Buybitcoinworldwide.com to learn more and discover the best way for you to buy, store, and use Bitcoin. We also recommend Cash App, which is one of the easiest ways to get bitcoin right on your mobile device. You do not need to buy a full Bitcoin to use it. Just as you can buy a small portion of gold or separate a dollar into loose change: anyone can purchase $5 worth of Bitcoin or even $5 million worth.
Starting today Gab.com is accepting Bitcoin for our optional GabPro service. You can upgrade to GabPro from your profile menu in the top right-hand corner at anytime. GabPro offers additional features such as the ability to apply for verification, lists, bookmarking, and more. Gab does not have ads or collect mass amounts of data like other social networks. GabPro and your support help us keep it that way.
Additionally, we are accepting checks and money orders to our PO Box. These are our only two options for processing payments at the moment. Gab's woes with payment processors are the canary in the coal mine for free speech online. We need your support now more than ever and encourage you to learn about Bitcoin as soon as possible. The future of free speech on the internet depends on it.
GabPro/ Donations Payment Option
Mail check/money order to: PO Box 441 Clarks Summit, PA 18411 Make checks out to: Gab AI Inc Please include a note with your Gab username or we will not be able to give you GabPro. 6 Months: $30 12 Months: $60 5 years: $200 Lifetime: $500
Andrew Torba CEO of Gab.com
Click here to login to your account →
Thanks and remember to speak freely!
submitted by Sk8eM to bitcoincashSV [link] [comments]

BEWARE! this Bitcoin price-correction is definitely NOT Over Yet! (and here's why..)

"So When Is Bitcoin Going Back Up?"
that's what people ask me a lot lately.. as If its some levitating eagle being held down by godawful FUD just before being let free to soar directly up to the moon without pause..
It does make you start to wonder what kind of intrinsic value your product has if you live day to day terrified that someone else is going to accidentally spook the whole crowd down to $0
so here we are nearly the 8th of Feb 2018, BTC at £6000 - $8200k (again) after the first bounce in a little while.
I've been saying for nearly 6 months that bitcoin only really had strong continual support at around £2000 (gbp) it was that price for ages (in terms of bitcoin) everything that happened since 2kGBP seems bubbly to me... but because of the elapsed time since that point (and assuming a continuation of network effect growth) I might expect £2-3k as a baseline but not much more.
Of course to understand the price, one needs to look deeper at the underlying technology, and I hardly ever find anyone who is willing to do this..but it's when doing this.. that bitcoin will blow your mind. When I got interested in Bitcoin over 3 years ago the idea of making a lot of money wasn't the first thing I really I cared about, a few friends and I bought because we saw shops, online merchants, and literally every side of the network miners/users/developers so excited by the symbiotic peer to peer simplicity of trading that we actually believed there was a chance of true financial freedom and sovereignty for all regardless of social standing etc etc..
what we noticed was that 2015 was amazing.. wow the ATMs popping up left right and center.. this is happening... the shops taking btc.. then 2016 onwards that all just kind of fizzled out didn't it? and 2017? there are no ATMs in my nearest city now, what happened to them.. seriously?
the primary use case 'peer to peer electronic cash' (for those that never read the white paper) starting to disappear so early should be the canary in the coal mine, right? If the primary use case has become secondary to a 'store of value' then I find it quite ridiculous. Did you know that the Blockstream guys etc are actually saying that? "Value first... work out usage later" - some of these guys even claim to have economic/financial qualifications, it would be funny if it wasn't sad.
I've watched hours of their videos and if you do it with an open mind you will eventually see through the curtain.. oh and also all these people who are now telling you to look back at the past performance of bitcoin over the years, they tell you: "its done this before"... really? has it?
Well actually no... it really hasn't... that Bitcoin that newbies now look back to through rosy spectacles now does not exist. period.
Rather, a new plethora of Bitcoins exist in its place. It lives on in 3-4 (more I think now) separated forks with duplicated transaction histories as well as source codes which have then each been modified to allow different software consensus rules. The old Bitcoin always bounced back.. (dare I venture to suggest because it had a fantastic value proposition.. and a practical use case.. which got people like Andreus and Roger SO excited about it that thay were hospitalised from sleep-deprived fascination, they would then go on to make full medical recoveries and spend the next years of their life finding fulfilment in communicating what they realised) .. I loved that Bitcoin.. that Bitcoin was one of my big hopes for humanity.... simple... elegent.. bare bones... genius... made you sometimes a little scared with how genius it was... gave you hope for the future of a free-'er' world.
There is one version of Bitcoin with consensus rules that does live on very closely to Satoshi's Bitcoin, I'm not going to say any more here 'cause it's highly contentious and all our posts on this get deleted and we are sick of it... that's part of the reason I've decided to hash my thoughts and fears into the Steemit Blockchain for good.. and now I'm re-posting here on btc to see what happens. (Probably no point posting on bitcoin right?)
Don't get me started on Segregated Witness.. actually.. please do.
I hear so many new people in the last week and a bit asking 'when' the price will go up from here; but, Isn't that the wrong question?
I'd love to hear your thoughts on 'why' you think the price will go up from here? (if you do of course ;)
please comment in the comment box below, I love hearing your thoughts and I find all you on btc have a unique perspective on this.. I'm asking because I want to continue my path of knowledge; not because I want to hammer home my point of view.. I just feel that all you guys, traders, devs, enthusiasts, newcomers, miners can possibly add so much to my viewpoint and I really want to tap into your expertise here.
please feel free to comment and get a discussion started, I'd love to hear any thoughts on whether you agree or disagree with the points I raise.
don't get 'rekt' over-trading #loveAlts #SatoshiWeNeedYouNow
those of us that go forward with our crypto tokens.. just as an aside.,.. I second a different approach that I cannot take credit for, I saw a very prominent crypto/cypherpunk leader explaining it recently in his youtube videos and it makes total sense.. 'Spend and Replace' makes much more sense that HODLing.. we need to spend and USE our crypto of choice.. you should continually use whatever blockchain you claim to believe in daily, and use and encourage others to use it to its limits to test that scaling protocols are working. Your encouragement of others using it should be based on the fact that it is better than cash, better than Debit/Credit cards, and if you are not behind an alt currency that offers this then I question your motives for talking to me.
There are projects out there that offer the kind of utopian usability I am mentioning now, It is just that the scaling debate has just put us back to 2012.
It's just my opinion, but I think the recent drop in BTC-fees is directly caused by HODLing.
I don't use a segwit wallet and my BTC transactions are very cheap, a few months ago the fee bids I use now would probably not go through for a good few days (if at all); so unless there was an upgrade to the network that benefitted non-segwit wallets also then I think the miners are just taking whatever they can now. Massively open to being proved wrong on this though.
I look forward to your dissent.
submitted by WeirdByExtension to btc [link] [comments]

Has the Bitcoin Hash Rate Peaked? Comparisons with Oil Show Interesting Findings

Has the Bitcoin Hash Rate Peaked? Comparisons with Oil Show Interesting Findings

https://preview.redd.it/85lpl2md4e221.png?width=690&format=png&auto=webp&s=2d3bab69f0570a96f55d790d25f1b1ab08c0a49b
https://cryptoiq.co/the-bitcoin-mining-hash-rate-has-similarities-to-peak-oil/
The Bitcoin mining hash rate had been exponentially increasing on average since the genesis block in 2009, from MH/s, to GH/s, to TH/s, to PH/s, to EH/s, and it reached an all-time record high of 62 EH/s on 26 August 2018. Since this peak was reached, the Bitcoin mining hash rate gradually plateaued and has now decreased. The chart of Bitcoin mining hash rate actually looks quite similar to a peak oil chart except on a much faster time-scale, as can be seen in the comparison between Bitcoin’s hash rate over the course of 2 years from Blockchain.com and North Sea oil production from an article in The Oil Drum: Europe by Euan Mearns. As explained below, the dynamics between peak oil and peak Bitcoin mining are similar, with the key difference that Bitcoin mining is decentralized and oil is not.

https://preview.redd.it/op5ept1g4e221.png?width=512&format=png&auto=webp&s=2b3b35eb631f31a64ed7beb01f283832bd231e4c

https://preview.redd.it/nfyhlf4h4e221.png?width=678&format=png&auto=webp&s=46a0ca7e11f274c5678f6421b1eebb788eab5197
Geologist M. King Hubbert is the founder of the peak oil theory, which states that there is a point when the maximum extraction rate of petroleum is reached, after which a terminal decline in production ensues. The peak rate of extraction of Bitcoin of course occurred during the period after the genesis block and before the first block halving, when the block reward was at its maximum of 50 Bitcoins. However, this is not the peak rate of mining profitability, since Bitcoin increased in price by orders of magnitude through the year 2017. The peak rate of Bitcoin mining profits undoubtedly was simultaneous with Bitcoin’s all-time record high of USD 20,000 in December 2017.
The reason the peak hash rate did not coincide with the peak rate of Bitcoin mining profits is because the rally happened so quickly that mining operations were not able to add rigs fast enough, so there was a lag effect. Even for mining operations with large amounts of capital it can take months to obtain the amount of mining equipment that they want, and for other mining operations it took even longer because they had to obtain investors, buy land, build infrastructure, and only then could they install the rigs and begin hashing.
The Bitcoin mining hash rate chart implicitly indicates that 30 EH/s of Bitcoin mining equipment has been taken offline due to lack of profitability, which represents tens of billions of USD of wasted rigs. This suggests that Bitcoin miners were caught by surprise by the decline in Bitcoin’s price from USD 20,000 to less than USD 4,000 as of 4 December 2018.
Coming back to the peak oil comparison, the current Bitcoin mining scene is like a rapid version of peak oil, combined with lack of coordination. Oil mining is a centralized and coordinated activity, where the oil is prospected, land is leased out and then an appropriate number of wells are drilled. With oil mining, companies cannot drill as many wells as they want, or drill wells on someone else’s lease, since this is all closely controlled by contractual agreements. Bitcoin mining is decentralized, and no one has a lease or contract to only mine with a certain amount of hash rate. Anyone in the world can run as much Bitcoin mining rigs as they can afford. The effect is that people all around the world are sticking their straws into the Bitcoin mining network all at the same time, and they sucked it dry. Essentially, so many people started up new mining operations at once without coordination, that the Bitcoin mining hash rate went way past its equilibrium, which hurt everyone involved. This is akin to if oil drilling was a decentralized process, and anyone who wanted to drill for oil could drill in the same field. The oil field would be sucked dry really quick, and then most of the drills would be shut down due to lack of profits.
There is hope for Bitcoin miners however. The price of Bitcoin simply has to rally, and all of the disenfranchised miners could restart their rigs, and then it would be back to the races and new rigs could begin being added. However, due to the decentralization of Bitcoin mining, the network hash rate will likely periodically rise past its equilibrium point, leading to catastrophic conditions for miners like we are experiencing today at points in the future. The only thing that could prevent the scenario we are experiencing today is a Bitcoin rally that lasts forever, which is obviously not possible.
James McAvity tweeted that Bitcoin mining is still profitable in the current environment, and does some simple linear calculations to prove this point. He also argues that miners are forced to keep mining due to business agreements, choose to HODL in expectation of a rally, and continue mining in expectation of a downward difficulty adjustment as other miners go offline.
https://twitter.com/jamesmcavity/status/1069669073552736256
Some of what McAvity says is true, but the reality is that Bitcoin mining is a highly non-linear system, and calculating the support level for mining is somewhat pointless, since it is different for every miner. Bitcoin mining profitability depends on Bitcoin’s price, the Bitcoin network hash rate which is directly correlated to mining difficulty, and the technological efficiency of Bitcoin mining rigs. These 3 factors are related in a non-linear and ever-changing way.
Instead of trudging away at trying to develop a set of equations that determine mining hash rate behavior, one could simply look at the Bitcoin mining hash rate chart at the beginning of this article to understand what is going on. Bitcoin mining profitability is different for each individual miner, and the hash rate has trended downwards as individual miners have made the decision to shut down rigs. Clearly there was a fundamental mining profitability support level in the USD 6,000-7,000 range, since that is where Bitcoin’s price was when mining peaked and plateaued. There are clearly numerous miners who became unprofitable on the descent from that level to less than USD 4,000 today, and now approximately 50% of the Bitcoin mining equipment that exists cannot profitably mine. The decrease in Bitcoin’s mining difficulty of 15% on 3 December 2018 could help bring some of those miners back online, at least if the price stays at current levels around USD 4,000, but this will not change the overall trend.
When it comes down to it, Bitcoin’s price is in control of Bitcoin mining profitability, and if the price goes up we could see a reversal of the hash rate downtrend and eventually a 2nd peak in Bitcoin’s network hash rate. However, if price continues to go down, the Bitcoin mining hash rate chart will follow a similar pattern to peak oil charts. The reality will likely be a combination of both. Bitcoin bear markets tend to last years, and get more severe, but eventually the rally comes and then Bitcoin exceeds its all-time record high. This would lead to a steady decrease in Bitcoin’s mining hash rate like the peak oil chart, followed by a rapid re-engagement of old mining rigs that have been taken offline, and then the addition of new generation Bitcoin mining rigs once the equilibrium hash rate exceeds 60 EH/s.
submitted by turtlecane to Bitcoin [link] [comments]

Beware, one or more of the moderators of Dashpay have been

"To learn who rules over you, simply find out who you are not allowed to criticize." - Voltaire
Edit: This morning the moderators of cryptotechnology also shadow deleted and banned me for the same thread highlighting Monero's 51% attack vulnerability! They control many subs and moderator positions! I'm probably going to start posting more on memo.cash and honest.cash now.
Which means that the moderators of dashpay have been compromised. If we're not allowed to criticize people who fud our coin, and if they're allowed to abuse the very rules that were created (mostly based on my fights with XMR trolls and how they were attempting to infiltrate with negativity instead of 'kindness'), then that is a clear signal that the moderators now serve the monero community.
Fortunately, I was banned today from dashpay. I will post the PMs and explain what I think this means for the communtiy.
I received this message today:
I have hidden your post.
5時間前 solarguy2003 から送信
You can't call people liars. We talked about this, please revise your post where you are talking to flenst and told him he is lying less, etc.
Now off the bat, its unusual to receive a warning like this via pm, with no link to the offending post. That's the first thing. The second thing is he's lying. In our discussion we 'didn't talk about this', this user is a MODERATOR he is not stalin. He does not have the power to control free speech nor to selectively interpret the rules, just like a baseball umpire can't turn a strikeout into a home run on his whim. Its his job to make sure the rules are followed, not to throw his weight around. If someone is lying and its proven they are lying then THEY are the aggressor, not the person calling them out.
He had no response for this then nor does he now. Why not? Because this is an attack on the dash community. I am the canary in the coal mine. This is our 'Mike Hearn' moment. Mark this post, in a year come back and see the chaos that has or has not been allowed to fester and grow in our otherwise placid and strong community.
I of course do not pretend to have contributed even 10% of what he did. Only that his message of frustration was the same kind of signal that censorship and manipulation were taking over the community. But unlike his message, this is a bullish message. The Monero coin is undergoing severe strain from the mining situation.
Just like in bitcoin this user flenst, a known member of the very aggressive and hostile monero community who has fudded our coin for over two years, sought to infiltrate and curry favor with our community. He most likely bribed or threatened the mods. I do not make this accusation lightly, I have been harassed by them online for months so I know what I'm talking about. They impersonated me with sockpuppets and followed me around on reddit in a form of online stalking.
From the beginning I recognized his game, use the rules to silence voices that they did not want heard. Today he has struck the first blow.
5時間前 solarguy2003 から送信
You can't call people liars. We talked about this, please revise your post where you are talking to flenst and told him he is lying less, etc.
Calling liars liars IS NOT AGAINST THE rules of the Dash subreddit! If you're lying you are trying to mislead people THAT IS AGGRESSIVE. It doesn't matter how nicely you do it, if you stab someone apologizing profusely as they bleed out it is NOT the same thing as not stabbing them in the first place. What does this mean? It means you have to be careful now. There are 'protected classes' whom 'you are not allowed to criticize' now. I was BANNED for calling flenst a liar.
I have been a member of the Dash community for years, I have fought tirelessly to defeat trolls like and including flenst, and yet he joins our subreddit for a couple of weeks and he has moderator protection now? Banning people for calling him out and not playing along with his pretend-friend game?! This is VERY bullish for Dash!! This the best they can do! They can't even defeat someone who's not on the core team in argument, they have to resort to lies and censorship.
Stay vigilant, stay frosty, because the monero community must be desperate to pull such a brazen move as this! Bank robbery in broad daylight!
submitted by thethrowaccount21 to DashUncensored [link] [comments]

PROFERING SOLUTIONS TO GLOBAL CRYPTOCURRENCIES MINING CHALLENGES-THE SWISS ALPS ENERGY PROJECT

Global mining operations consume electricity more than the entire energy consumption of Denmark. Sophisticated computers employed in mining operations are energy sapping, for instance, the Bitman S9 system requires up to 1400W of electricity supply to carry out mining operations effectively. It is therefore no surprise that one of the leading destination for cryptocurrency mining in the world, Iceland publicly declared that it could no longer provide electricity for the ever energy demanding cryptocurrency mining operations.
This issue is seriously undermining the goal of decentralization which blockchain technologies wants to achieve as energy intensive mining operation have concentrated power in the hands of a few in the industry. Furthermore, running successfully mining farms requires massive investment which has made bulk of investors to resorts to using less environmental friendly such as coal operations in China.
It is based on this background that the Swill Alps Mining and Energy team came up with a laudable project to address the numerous problems associated with cryptocurrencies mining globally. Swiss Alps project would not only provide cheap and readily available energy for mining operations but also ensure that the energy is clean and poise no threat to the environment while ensuring that the once abandon structures located in the Swiss Alps are used to create value.
THE SWISS ALPS SOLUTION
While cryptocurrency miners continuously battled how to solve the energy issues facing their operation. It is saddening to know that thousands of structures are wasting away on the Swiss Alps which could be employed in the provision of affordable and renewable energy for mining operations while also generating revenues for the local authority. The Swiss Alps Mining and Energy therefore came up with a feasible solution that explores the numerous potentials of the Swiss Alps that is providing environmental friendly and renewable energy facilities for mining operations. The Swiss Alps Energy AG various initiative are discussed briefly below:
SAM POWER PLANTS
The Swiss Alps Energy propose to provide her own electricity by acquiring green power plants to ensure provision of cheap and readily available to run her SAM cubes initiative to solve the challenge of inadequate and costly energy for mining purposes. Through ecofriendly energy source such as hydro power-plant, wind power sources and photovoltaic systems called SAM power plants, energy would be supplied to Swiss Alps Energy halls and also individual miners can also equip their facilities with it.
The second phase of the SAM power plants project is built on a peer to peer (P2P) platform which would bring together energy producers and consumers together thereby eliminating third parties in the supply chain and consequently reduction in energy prices. Backed by blockchain technologies and smart contract, digitization and decentralization of energy supply is possible. This surely would place Swiss Alps at the forefront of the emerging leaders in the smart energy sector which no doubt is the future.
SAM CUBES
Sam cubes is a modular mining cubes providing advance automatic mining services with little maintenance. It most interesting feature is the Organic Rankine Cycle system; the first of its kind globally. The Organic Rankine System enables conversion of waste heat generated in the industrial process to electricity representing the highest efficiency energy conversion ever. Furthermore, Sam cubes are self-contained, fast-mountable and with custom ventilation system.
They come in two specifications are denoted SAM Unit 1 and SAM Unit 2 with measurement 4x2x2 meter cube and 8x2x2 respectively. It is relatively easy to set up both models on site and with a favorable weather condition on the Swiss mountain (15 degree Celsius); they do not require air conditioning system to keep them cool.
Sam cubes competitive advantage lies in its efficiency. For instance, operating 50 Asic miners with a combine capacity of 700 TH/s together with GPU rigs of total capacity of 4000 MH/s would mine about 115 Etherum and 19 bitcoin annually using SAM unit 1 while SAM unit 2 would double this outcome. The Sam unit is already in operation and in the future would allow mining of other cryptocurrencies besides just Bitcoin and Etherum.
SAM Smart Mining-samaiX
SamaiX is a decision support system which uses artificial intelligence and historical data to forecast and predict profitable cryptocurrencies coins to mine at a particular time. Users that have interest would have option of joining this service provided in the SAE blockchain to assist them in making informed decisions regarding their mining activities.
SAM CENTRES
Office space called SAM centers would be inaugurated at every location where Sam cubes would be deployed at the Swiss Alpine areas. This would be advantageous to the local community as it would ensure protection of their cultural assets that is the already abandon houses in the area and local authorities would also benefits from tax return. Lastly, Sam centers would contribute to economical activity in the area by employing locally source manpower to provide services such as security and others.
SAM BLOCKCHAIN
SAM Paas
Having a perfect knowledge of market needs, Sam blockchain provides a solution that meets diverse needs of users. At the onset, the platform shall provide 5 to 10 selected blockchain frameworks for users some of which include the Know Your Customer-Anti Money Laundering solution as well as the decentralize distribution of electricity on the blockchain. On this platform, users would have opportunity of customizing their own distributed ledger technology in no time.
SAM KYC-AML
Identity verification remains one of the fundamental challenges facing cryptocurrency acceptance across the globe because of fear of money laundering and disclosure of priviledge information by participants.
Sam KYC-AML would allow online verification of users in a simplified without a centralized storage of users’ information instead it would be based on blockchain technology where users can ready confirm their identity. Even in the event of hacking, user’s identity is secured.
THE INVESTMENT OPPORTUNITY
In order to complete this laudable project, Swiss Alps Energy is raising investment through initial coin offering (ICO). Investors would be issued SAM tokens, SAM tokens is the currency of the SAM blockchain and would be listed in major exchanges for trading. It is an etherum based token (ERC-20) with a huge potential for exponential growth in value based on its usage for all payment in the system. It is therefore no surprise as the project initial coin offering was highly rated by reputable cryptocurrency media. The ratings are provided below:
ICO bench 4.0/5ICO marks 9.3/10IcosBest 4.0/5
Investors can purchase the ICO (SAM tokens) using Bitcoin, Etherum or fiat (paper money). Presently the ICO sale is in stage four and each SAM token is presently $0.80. The total supply of SAM token is 311,011,901 tokens. Unsold tokens would be burnt after the ico.
Project Road Map

the project road map.PNG
For further information regarding this project, please get in touch using any of the following links
Whitepaper
Website
Written by : daseento
Bitcointalk profile link:
https://bitcointalk.org/index.php?action=profile;u=1544370
submitted by Daseento to ICO_Bounty [link] [comments]

SPOILERS [S3E10] Mining for the true meaning and significance of COAL on Mr. Robot...what does it all mean?

OK, so in some cool discussions on the post
https://www.reddit.com/MrRobot/comments/7vzvwo/is_price_really_finished/ by u/DrEvil1380,
there have been mentions about the significance of the Congo as the new location for WhiteRose's project. What do the WTP and Congo have in common?
In some exchanges with u/IsomorphicProjection and u/bwandering on this topic, the fact that the mine in Congo is ALSO a COAL MINE (and YES the Luwow mine is mentiond ONLY as a coltan mine by WR...but it DOES offer COAL in addition to coltan) entered the discussion, something I didn't know before today.
I do want to clarify that WZhang mentions ONLY coltan mines at the end of S1, she says NOTHING about coal...I found that info outside the show when I googled the Luwan mines after something bwandering mentioned about coal. That said, coltan is NOT relevant to this discussion....the only thing I want to explore is a possible coal connection that the two locations of WTP and Congo might share.
COAL offers at least one possible/tangible link between the Congo and WTP, even though there are more factors to consider that they could have in common (and I realize there is probably still strong desire for minerals like coltan, cobalt, zinc, etc.). Coal is a possible tie because Morris Canal, which runs through Washington Township, was a primary transport site for coal from the anthracite region of PA to NJ/DE/NY markets and beyond, and its ownership and operation are steeped in a lot of conflicting info, conspiracies, and mystery.
So now I want to get a discussion started on what COAL really could mean to WhiteRose and to the show. Let's gather some details, please add your own to the list below:
  1. COAL can be used as a cheap and (literally) quick and dirty power source for bitcoin mining, and we have plenty of cryptocurrency implications on the show. And of course, using coal as fuel can produce both toxic and, in some cases/processes, radioactive waste products like those associated with the WTP issues.
  2. There were COAL FIRE conspiracy theories about the sinking of the Titanic, and there are Titanic references all over the place on this show. And, of course, the idea that the ocean liner was purposefully sabotaged by coal fire to to eliminate opposition to the creation of the Federal Reserve Bank dovetails nicely with all the possibilities for conspiracies, government, big business, and financial corruption on this show.
  3. Cisco was wearing a baseball hat that said COAL in big, bold letters on the night he was shot.
  4. If anyone could figure out a way to quick-pressure coal into diamonds, wouldn't that be something! OK, this is more of a fun speculation on my part, but that would probably be technology that a lot of people would scheme and kill to produce/control.
EDIT TO ADD
(FIVE 5). Well here is an unexpected and odd find that was actually referenced on USAnetwork's website...Christian Slater read the story "The Coal Thief". Of course, why not? It references both Mr. Robot and coal, so here is the info:
http://www.usanetwork.com/mrrobot/blog/the-mr-robot-cast-talks-about-their-most-memorable-scenes-from-season-2
Of course, the stars were there to talk to their fellow actors about their performances, but the cast also signed fsociety masks and Mr. Robot journals for the SAG Awards Holiday Auction benefiting SAG-AFTRA’s children’s literacy website Storyline Online. Mr. Robot himself, Christian Slater, read The Coal Thief for Storyline Online.
https://www.youtube.com/watch?v=ANZ0P4Edfd8
"The Coal Thief" is billed as "A beautifully illustrated, realistic slice of history with a likable, repentant thief as its hero.". And a strong fatheson dynamic. And a chicken. And a FUCKING WHEELBARROW (which I'm sure is red....). Because MR. ROBOT, dammit!!! ;-) And Christian Slater reading a children's story...whaaaaat???
I swear if our beloved mind-bending show turns out to be an interpretation of taking mind-altering drugs and then telling a childrens' story, or several of them put together, it will fuck with me more than Seinfeld fucks with Leon.
OK, back to the discussion....there were some good posts awhile back by u/kiitsmotto , u/NEOKNIGHT , u/the_stoned_ape , and u/-spartacus- that specifically referenced COAL, so including links to them below and hoping some of these subbers will add their thoughts here. I know there are a TON of bitcoin ideas on the sub and it would take me all day to properly find and cite them all, so I just searched and posted on the ones that specifically mentioned "COAL". Since reddit searches are in no way perfect and you had a great COAL post that didn't turn up here, please post with a link so I can go back and update the post for reference/credit, thanks.
So.....COAL. Has anyone noticed any other relations to coal tying to show possibilities and what the hell it might mean on this show? Please chime in, thanks and cheers! :-)
https://www.reddit.com/MrRobot/comments/3iwaky/plot_derived_from_the_meaning_of_character_names/
https://www.reddit.com/MrRobot/comments/7fd656/spoilers_the_idea_behind_the_show_and_why_a_scifi/
https://www.reddit.com/MrRobot/comments/51lwc6/spoilers_s2e9_washington_twp_plant_bitcoin_theory/
https://www.reddit.com/MrRobot/comments/72dc64/titanic_ecorp/
submitted by MaryInMaryland to MrRobot [link] [comments]

My theory: There was collusion, but Trump ripped off Russia in the deal and has us in a more serious situation than we think. A timeline.

I’m not usually a conspiracy theorist, but it all fit together too well to ignore. Feel free to poke holes in this, I’d like to be proven wrong.
The cold war never ended, it just moved online.
1991 - The cold war is declared over and the internet rises at a lightning pace. Much like the space program had before it. A cyberspace race. By nature of being the bulk of its inventors, the US is untouchable in cyber espionage. The NSA stockpiles all of the malicious code and secret vulnerabilities they can gather and rather than alert the world to them and help create fixes, they leave them active and turn them into tools for their agents to use against foreign powers. Eventually they also turn their attention inward and start using that software against their own people in a surveillance and manipulation program that dwarfs what the KGB had just been destroyed for doing.
2009 - Edward Snowden discovers the NSA running these programs and is outraged by the violation of rights and hypocrisy. He begins complaining in an attempt to get the system shut down and have our dirty little secret ended without national embarrassment. “I had raised these complaints not just officially in writing through email, but to my supervisors, to my colleagues, in more than one office. I did it in Fort Meade. I did it in Hawaii. And many, many of these individuals were shocked by these programs. They had never seen them themselves. And the ones who had, went, "You know, you're right. ... But if you say something about this, they're going to destroy you".
March 2011 – It’s discovered that the US military is developing software to create, spread and control social media sock puppet armies. They promise it’s to use against foreign enemies, we’re told that it’s illegal for them to use against US citizens. https://www.theguardian.com/technology/2011/ma17/us-spy-operation-social-networks
March 2013 - James Clapper blatantly lies to congress and denies the existence of the domestic surveillance program entirely. Snowden says this moment is when he realizes his hope is futile and May 2013 he begins releasing evidence of the collected data to expose the program and force it to stop, then waits out the storm in Hong Kong.
I believe Snowden had an insurance policy. Along with the surveillance data that he had planned to release, he stole an NSA toolkit that would not be released. A drive full of the nastiest bugs and backdoors the NSA could invent that would be released to the public in the event of his death. The US government wouldn’t dare risk it.
July 2013 – The public outrage over what’s been exposed should be astounding…but it’s not. It seems like no one cares. And at this point the NSA knows the toolkit has been stolen, it could destroy us. Desperate times call for desperate measures. The anti-propaganda law is repealed, freeing the US government to use propaganda against its own people. Those sock puppet armies are turned against us and it’s made to look like the majority of the US public doesn’t care about surveillance. Even South Park runs an episode in September mocking people’s indifference to the NSA. https://en.wikipedia.org/wiki/National_Defense_Authorization_Act_for_Fiscal_Year_2013#Smith-Mundt_Modernization_Act_of_2012
https://www.techdirt.com/articles/20130715/11210223804/anti-propaganda-ban-repealed-freeing-state-dept-to-direct-its-broadcasting-arm-american-citizens.shtml
http://foreignpolicy.com/2013/07/14/u-s-repeals-propaganda-ban-spreads-government-made-news-to-americans/
A massive domestic spy program is uncovered and they get away with it. Snowden isn’t a national hero, no one cares and in mid June 2013 the US files charges against him. He took a shot at the king and missed. The US rescinds his passport and demands Hong Kong extradite him. He’ll use his stolen toolkit to avoid a death penalty.
Russia would have suspected Snowden had this insurance policy. They tell him to spite America, they’ll arrange a flight for him from Hong Kong to Ecuador despite his lack of passport, with just a short layover in Russia. The layover becomes permanent when they refuse to finish the flight due to that lack of passport. Russia tells him he now has a choice, hand over the toolkit or you’ll be killed here and your country won’t care. Russia doesn’t care if his death triggers the release, it’s their intention to do that anyway. He holds out for 39 days in the airport but on August 1st 2013 he caves, is given asylum in Russia and Russia is discretely given the master keys to the internet.
The NSA is in an impossible position. They should alert the world that their monster has escaped its cage and help us secure our systems from it. But to do that would be to admit an indefensible extent of surveillance and now manipulation they themselves had carried out for years. The people would overthrow them immediately. In addition, every vulnerability they fix removes it from Russia’s arsenal but also from their own. I suspect they were using some of those vulnerabilities to sabotage the North Korean missile and Iranian nuclear programs. To fix them now would be to let those programs progress unhindered. I suspect this sort of catch-22 is how the Obama administration originally justified the surveillance to itself. And so the US does nothing.
Russia now has almost unfettered access on the internet, a backdoor on every computer manufactured before that date. I believe their Kompromat program became limitless. I believe they gathered every secret that existed to be found, on every member of our government and corporate world and what couldn’t be found could be planted. I’ll reference this again on *April 8 2016. *
February 2014 - Emboldened by our silence Russia moves to take Crimea 6 months later. We do not stay silent.
March 2014 - Obama uses Crimea as a cover to impose crippling sanctions on Russia. It cuts their currency and GDP in half.
November 2014 - Sony suffers a massive hack. Supposedly, by North Korea in retaliation over a Seth Rogan movie. It’s embarrassing but mostly inconsequential. North Korea denies involvement, no one believes them. I believe it’s a message from Russia. “We have the weapon and we know how to use it.”
February 2015 – Kaspersky Labs, a Russian company, exposes to the world how deeply the NSA’s infiltration has gone. All hard drives have been shipped with an NSA backdoor preinstalled. http://www.businessinsider.com/r-russian-researchers-expose-breakthrough-us-spying-program-2015-2
Through 2015 Microsoft makes an oddly strong push to get us all to update to Windows 10. Even bootleggers can get a free upgrade. A disguised evacuation from the badly compromised XP, 7 and 8? Or pushing a new OS into the world to give the NSA a new playing field to regain an advantage on?
I suspect Putin now reaches out to Robert Mercer, financier of data mining company Cambridge Analytica. He offers to make Mercer an American oligarch. Putin will provide the most advanced data gathering tools the NSA could create, Mercer will use them to collect data that lets his candidates target voters with uncanny accuracy and win elections. Kushner later raves about the complexity of their marketing system. https://www.forbes.com/sites/stevenbertoni/2017/05/26/jared-kushner-in-his-own-words-on-the-trump-data-operation-the-fbi-is-reportedly-probing/#619dd401a90f
At the same time, Mercer will share that data with Putin who then uses botnets and other illegitimate means to influence the same voters, in the same direction, but without being visibly connected to the candidate. Later there will be controversy over a server in Trump Tower communicating with a Russian bank. I believe this is that sharing. http://www.cnn.com/2017/03/09/politics/fbi-investigation-continues-into-odd-computer-link-between-russian-bank-and-trump-organization/index.html
In 2015 Cambridge Analytica first backs Ted Cruz. The most hated man in DC and a proven track record of bringing the system to a grinding halt. The obvious choice. But Trumps bombastic personality and Cruz’s lack of one threatens the plan. In December 2015 when a Quinnipiac poll shows Cruz in second place behind Trump, Cambridge Analytica promptly dumps Cruz and picks up Trump. Sometime later Trump paranoidly projects that the only way Hillary can win is by rigging the election.
July 2016 - Trump wins the Republican nomination.
August 2016 - A hacker group called The Shadow Brokers makes the news. I believe this is Putin finally flaunting to the world what he’s done. They tell us they’ve stolen a toolkit from The Equation Group, who have been suspected to be the NSA. The files in the toolkit are NSA but only as recent as 2013, a few months after Snowden’s departure. I suspect the file dates were altered just enough to give Snowden deniability. They release half of them to the public as proof. It’s bad, we’re warned that a lot of horrible malware will come from this for years to come. And now that the code is public, those attacks could plausibly come from anyone. The other half is kept encrypted, promised to be worse, and they comically struggle and fail to sell it on the black market. No one seems willing to touch it.
November 2016 - Our election is hit by an unprecedented number of attacks. 5 per second 24 hours a day in Illinois. 150,000 total in South Carolina. 39 states altogether. Everyone who was anyone took Putin’s free gift and hit us with it. https://www.engadget.com/2017/07/17/south-carolina-150-000-election-day-hacking-attempts/
Trump wins the election.
His first, maybe only job, is to lift the sanctions. Russia needs it done yesterday. Instead, Trump immediately gets into a fight with the media over the size of his inauguration crowd and makes a wild claim of 3 million illegal votes.
I believe Cambridge Analytica using NSA tools, had the ability to analyze every American voter’s online habits and predict their vote. I believe they promised Trump a win over Hillary and gave him a very specific vote count. When Hillary wins the popular vote with 3 million more votes, Trump is paranoid that she must have added her own fake votes which threw his prophesized number. And maybe she did. But with no evidence that he can admit to the rest of us, Trump blames it on illegal immigrants and starts demanding voter information so that he can compare the numbers.
This eats Trumps fragile ego alive. For eternity his legitimacy will be questioned in history books. Trumps attitude toward Russia sours. “You promised me a win and cost me the popular vote, our deal is void.” Trump does what he’s done to so many of the people he’s worked with before and decides he’s not going to pay his end of the deal. He busies himself putting Gorsuch on the SCOTUS, the beginnings of his wall and an immigration ban, ignoring Russia publicly and privately.
The cold war warms up.
January 23 – Trump appoints Ajit Pai to head the FCC. He is hell bent on reversing net neutrality laws, making it legal to throttle or block websites to citizens. Later, congress claims this was a direct order from Trump. Along with being able to predict how people will vote based on their browsing habits, they’ll now be able to directly influence those browsing habits. https://techcrunch.com/2017/08/06/10-members-of-congress-rake-fcc-over-the-coals-in-official-net-neutrality-comment/
February 9 – Jeff Sessions is made Attorney General to defend Trump from both an angry Russia and angry Congress. He’ll later recuse himself and Trump will state that if he had known that he wouldn’t have hired him in the first place.
February 10 – Russia considers giving Snowden to US as a gift. https://www.cnbc.com/2017/02/10/russia-eyes-sending-snowden-to-us-as-gift-to-trump-official-tells-nbc-news.html
February 13 – Trump seemingly is not interested. Michael Flynn’s Russian connections are “discovered” by the White House and he resigns.
February 14 – Russia violates a cold war arms treaty and shows that it has been developing cruise missiles. “I can reach you.” It says to Trump. https://www.nytimes.com/2017/02/14/world/europe/russia-cruise-missile-arms-control-treaty.html
February 14 – Congress starts to question their too-good-to-be-true win and a republican senator calls for an investigation into ties between Trump and Russia. Most squabble over healthcare. http://www.cnn.com/2017/02/14/politics/kfile-roy-blunt-flynn-investigation/index.html
February 27 – Trump makes major cuts to agencies and dumps all $54 billion of it into defense spending. They’re going to need it. https://www.washingtonpost.com/powerpost/trump-to-propose-10-percent-spike-in-defense-spending-massive-cuts-to-other-agencies/2017/02/27/867f9690-fcf2-11e6-99b4-9e613afeb09f_story.html?utm_term=.ed55293971c8
February 28 – Amazon has a major failure and the East coast US suffers an internet outage. http://bgr.com/2017/02/28/internet-outage-amazon-web-services/
March 7 – North Korea finally gets its missiles to survive launch and sends 4 towards a US base in Japan. I suspect Russia has made them aware of the vulnerabilities that had been plaguing their program. The US deploys its own missiles in South Korea. https://www.nytimes.com/2017/03/07/world/asia/thaad-missile-defense-us-south-korea-china.html
March 16 – Dan Coats, an anti-Russia senator is appointed by Trump as Director of National Intelligence, James Clappers old position. Kind of poetic really. A concept stolen from Russia, turned into a monster by Clapper, stolen back by Russia and used to remove Clapper, whose successor is now sent to kill it.
March 23 – Senate Republicans vote to allow the sale of citizen’s private browser history. Making the kind of data collection and manipulation I suspect Cambridge Analytica of doing, now legal for future use. https://www.buzzfeed.com/hamzashaban/the-republican-controlled-senate-votes-to-strip-internet?utm_term=.duwxxZYeY5#.sygwwvZkZj
March 30 – Michael Flynn offers to testify on Russia.
April 4 – 4 days after Tillerson had told Assad he could stay in power, Assad appears to drop chemical weapons on his own people. Assad denies it. The receiving hospital is also hit with conventional weapons in an effort to kill surviving witnesses. I believe it was Russia embarrassing the US.
April 7 – In response Trump hits a nearly empty airfield with 59 Tomahawk missiles. We’re told that it was retaliation against Syria and that Russia was warned beforehand and evacuated. I don’t believe they were. I believe Trump picked the most empty airfield shared by both Syria and Russia where damage would be minimal and bombed it without warning to either of them in an attempt to scare Russia. Russia condemns the strike and suspends air cooperation with the US. The airfield returns to operations the same day.
April 8 - The Shadow Brokers post an open letter to Trump that begins *“Respectfully, what the fuck are you doing?” * and telling him to remember his base, remember who got him elected. Again, I believe this is Putin speaking directly to Trump. He hints at the dirt he either has or can plant on McCain and Lindsay Graham, if only Trump will ask. The things he hints at are extreme. It is at this point that I now suspect Putin has gained this kind of information on a vast majority of our government and business world. Even if the blackmail victims are willing to face the shame to alert us to what’s happening, they’re warned that if the operations is exposed, everyone’s secrets will be released. The country would suddenly need a special election for half of its government and half of its corporations would crumble. It would be chaos. Mutually assured destruction. All anyone caught by Putin can do, is furrow their brow and be deeply disturbed.
In this same letter the Shadow Brokers ask Trump why he hasn’t yet filed charges against all powerful entities in the US. “Doing so, you could be seizing all their IT systems, freeze their financial assets, arrest key leadership.” This was a key step in Putin’s rise to power. I believe that even if Trump and Putin are having a couples squabble, Putin still needs Trump to remember this step. They release more of the NSA code as punishment. https://medium.com/@shadowbrokerss/dont-forget-your-base-867d304a94b1
The emergency siren system in Dallas is set off. https://www.usatoday.com/story/news/2017/04/08/hacker-triggers-all-156-emergency-sirens-dallas/100212412/
April 12 – Tillerson is sent to Moscow to meet with Putin to discuss tensions “over the Syria strike”. They are unable to come to agreements.
April 13 –Trump drops the Mother of All Bombs on Afghanistan for Russia to see.
April 14 - The Shadow Brokers dump more NSA exploits. Included in this batch is EternalBlue, one of the most destructive exploits that’s been seen in years.
April 14 – North Korea, whose missiles can now fly in a more or less straight line, threatens a preemptive strike on the US. The US threatens a strike back. Trump gets out of town and heads to Mar-a-Lago just in case. http://thehill.com/policy/international/328796-north-korean-official-warns-of-preemptive-strike-of-its-own
http://www.nbcnews.com/news/world/u-s-may-launch-strike-if-north-korea-reaches-nuclear-n746366
http://www.cnn.com/2017/04/14/politics/donald-trump-north-korea-mar-a-lago/
April 15 – North Korea unveils an ICBM that can theoretically hit all of the United States. I believe that in exchange for stopping America’s sabotage of their nuclear program, NK is acting as Russia’s nuclear attack dog. He’s long wanted to be the one to do it. Now he’ll have Russian defense if he does.
April 21 - The power grids in New York, LA and San Francisco fail, it’s blamed on mechanical failure. https://www.inverse.com/article/30635-everything-we-know-la-nyc-sf-power-outages
May 9 – Comey is fired by Trump as he works on the Russian investigation. Trump justifies it by quoting and mocking Chuck Schumer with a tweet… *“Cryin' Chuck Schumer stated recently, "I do not have confidence in him (James Comey) any longer." Then acts so indignant.” *
May 12 – The Wanna Cry ransomware scares the world. Built from the previously released EternalBlue exploit, it begins in Russia and races across the globe, locking computers and demanding a bitcoin ransom. It looks to be a catastrophic infection. Our hospitals are particularly crippled by it. The name mocks Trumps own words days before.
May 13 – By dumb luck a kill switch is left in the Wanna Cry code and British security researcher Marcus Hutchins disables it by registering a $10 website domain. What should have been a ransom in the billions of dollars tops out at $130,000. https://www.malwaretech.com/2017/05/how-to-accidentally-stop-a-global-cyber-attacks.html
After the attack, Kaspersky Labs will identify North Korea as being the attacker. North Korea will deny it. Later, Kaspersky will be cut out of the defense budget and banned from US government computers. Later still, Kaspersky will file an antitrust lawsuit against Microsoft, claiming that Windows 10 removes Kaspersky software from users computers when they upgrade.
https://www.cyberscoop.com/kaspersky-banned-us-dod-ndaa-russian-influence/
https://www.theverge.com/2017/6/6/15745164/kaspersky-antitrust-complaint-microsoft-european-commission
May 27 – British airways has a massive system failure which they blame on outsource employee ineptitude. I suspect this is a warning to Theresa May in response to England preventing Wanna Cry. “Stay out of this.” http://www.mirror.co.uk/news/uk-news/british-airways-caused-bank-holiday-10520182
June 7 – Amazon goes down. https://www.theverge.com/2017/6/7/15759046/amazon-product-pages-down-outage-offline-503
June 19 – A cyber analyst finds an unsecured Amazon server owned by GOP voter targeting firm Deep Root Analytics with almost all American voters records and analytics that predict who they will vote for and why. This confirms my suspicions that Cambridge Analytica used the same method to influence the presidential election. I believe that since the March 23 legalization of the selling of citizens browser histories, the GOP has been building its own voter prediction software in order to win the 2018 elections without help from Russia’s stolen data. http://www.zdnet.com/article/security-lapse-exposes-198-million-united-states-voter-records/
June 19 – All major cellular carriers go down. http://www.cbsnews.com/news/cell-phone-internet-outages-reported-across-the-u-s/
June 19 – Microsoft Skype goes down. https://techcrunch.com/2017/06/20/skype-outage-causing-connectivity-issues-company-says-its-a-global-incident/
June 27 – The Petya ransomware, built on EternalBlue, the second iteration of Wanna Cry, hits the world but seems targeted at Ukraine. Paying the ransom in this case does not unlock the data, Petya is tailored for maximum damage. https://en.wikipedia.org/wiki/2017_cyberattacks_on_Ukraine
June 30 – Microsoft Office 365 goes down. https://www.exoprise.com/2016/07/01/office-365-email-outage-june-2016/
July 3 – Chase bank goes down. https://www.washingtonpost.com/news/business/wp/2017/07/03/chase-bank-website-down-ahead-of-independence-day/?utm_term=.2135e79c6c8b
July 3 – NASDAQ suffers an attack. http://www.wired.co.uk/article/nasdaq-hack-july
July 4 – USS Hornet and much of Alameda California are hit by a power failure, 4th of July events are canceled. http://www.eastbaytimes.com/2017/07/04/alameda-power-outage-knocks-out-july-4-celebration-at-uss-hornet/
July 27 – HBO suffers the largest Hollywood hack in history. https://www.cnbc.com/2017/08/02/largest-hollywood-hack-in-history-may-have-compromised-hbo.html
July 30 – East coast power grid goes down. https://www.nytimes.com/2017/07/30/us/outer-banks-evacuation-power.html
Putin is livid.
August 3 - Marcus Hutchins, the man who saved us from Wanna Cry, is arrested by Trumps new CIA director on unrelated charges while he is in the US for a conference. He now faces 40 years in prison. https://www.theguardian.com/technology/2017/aug/03/researcher-who-stopped-wannacry-ransomware-detained-in-us
August 3 – Trump is finally forced to sign the Russian sanctions bill, making his position official. Putin will not be paid for services rendered.
August 5 – Trump schedules a vacation to be out of Washington DC for much of the next month. http://www.cnn.com/2017/08/04/politics/donald-trump-vacation-obama/index.html
I am nervous about August.
submitted by justajackassonreddit to esist [link] [comments]

Reality.

I've been reading this sub for a while and I've made the point that I think many of the users are in fact more delusional than the "butters" that they criticize. I did not find the thoughful or humorous criticism of bitcoin that I was looking for here. The internet creates echo chambers and this is definitely one. So this is a thread about what is actually happening. Here's a few things I've learned that I believe to be true. Feel free to disagree.
My personal conclusion from this is that, most of the criticism of Bitcoin that occurs on this sub is not really that bitcoin isn't working but that Bitcoin has not fullfilled the overly optimistic vision put forward by some of its early proponents. So for example, it hasn't replaced credit cards. When in fact it is outperforming the expectations of its creators.
Another major criticism is that bitcoin is used for crime. I don't like drugs personally but I also know that governments that have tried to stop the drug trade have always failed and increased violence in the process. If people buy drugs online, it really is better for everyone than buying them on the street. I see the illicit use of bitcoin as part of the pioneer species of an ecosystem not the final state.
If technologies such as payment channel networks continue to develop we may see a resurgence of interest in using bitcoin for legitimate purchases.
So almost every prediction that has been touted by this sub has turned out to be wrong, and many of it's most vocal members consistently resort to conspiracy theories to explain a reality that does not fit their model.
In other words: you've become what you hate.
In other words: the skullfucks will continue until morale improves.
submitted by biglambda to Buttcoin [link] [comments]

[Long] In defense of the idea of "post-scarcity"... kinda

It has come to my attention that on this subreddit and many others, the idea of humanity becoming a "post scarcity society" is seen as laughable, and its proponents pitiful and uneducated.
It is not difficult to see why people would think this. Right now, we live in a world of consumer capitalism, which is characterized by private ownership of the means of production, wage labour, and the exchange of goods and services on a market as opposed to a planned economy. Market economies generally create price points through the ever alternating conditions of supply and demand, that is the higher the demand and the lower the supply of a good, the higher the price will be and sometimes vice versa. Now, in this capitalist market system, value is dictated by this principle of supply and demand, and so an imperative precondition for capitalism is the scarcity of resources. If there were no or little resource scarcity, it would be impossible for any market system, including capitalism, to function at all.
With that said...
Throughout human history we have gained ever easier and more convenient access to resources. The earliest example of this was during the neolithic revolution, where hunter-gather tribes were settling down and beginning to invest their time majorly in agriculture, but also in the area of crafts. This dawn of civilization brought with it many perks for the human race. People no longer needed to hunt for food, and had a sense of safety in their respective community. At the end of it, humanity had much greater access to resources than they did in paleolithic times - this was also of course the advent of the division of labour.
The next big "jump" we made as a race was during the industrial revolution, where the combine harvester made many agrarians redundant, so they flooded to the cities to work in factories, this was the beginning of commodity production. Good that previously only the wealthy could afford were now available to the masses because factories were so efficient in their production. The resource we used for power at the time was steam and coal, which gave us electricity.
Recently we have had another big leap as a civilization. The internet has given us near limitless access to cheap and free information that has led to a boom in the education sector. These days, anyone can gain a new skill by taking an online course or simply through self learning.
Today we are beginning to transition away from fossil fuels and into renewable energy in a big way, and this is only going to become evermore the case. But here's the thing with renewables, they are self sufficient, they require little resources to maintain and run. Renewables thus have a net marginal cost of near zero in the long term. And on top of that, with experimental nuclear projects such as the ITER project and various governments mandating the research of MSRs, there are even more ways to generate energy than ever before.
Energy is becoming more and more abundant, setting the precedent for post-scarcity.
However, its not just about energy, its also about information and resources. We are making technological strides in areas of agriculture, in nanotechnology, and in so many other areas. There is an experimental method of recycling that exists called molecular sorting, whereby waste is taken and, via nanotechnology, disassembled into its individual components to be reused for other stuff. Countries like Japan are investing heavily in vertical farming, which if we were going for post scarcity could generate an abundance of food for the population in combination with the synthesizing of meat and dairy produce. Food has the same problem as energy, you use it or you lose it, at least today. However, imagine having massive storage containers positioned next to your nearest vertical farm that would cryogenically freeze most of the food produced on the urban farm, a "food battery" if you will. It would take a lot of energy, sure, but with what I have previously stated I think we've got that covered. And of course, there's water. With water I find we kind of have a paradox, Earth is 70% water yet many countries have dire water shortages. Of course I don't need to worry since I live in the UK where weather conditions are mostly favorable in this case, but that's besides the point. Desalination is becoming a big thing now, and its not hard to see why. With this technology, we can filter out saline seawater into drinkable water quite effectively, and it has served some nations such as Israel quite well, and also in parts of California in the US. It's a technology that can be used rather strategically, and can address much of the world's issues with access to clean water. Not to mention if you engineered your desalination plant in a certain way it could double as a hydro plant for electricity.
Oh yeah, not to mention a list of things like advances in robotics, AI, asteroid mining, fusion rockets, warp drives (we can create negative effective mass now btw), VR, AR, MagLev trains, and so on and so forth.
That leaves a couple of things left. The first is housing. Of course no matter how much you try to think otherwise, and unless you've built a Dyson ring, you can pretty much assume that land is inherently scarce.
But contrary to what you might think, this isn't actually a problem at all. There is an organisation called the vertical city institute which is based in China. It's proposal is simple. New cities should be built vertically and not horizontally. The structure or multiple of them would be built spacious enough so that the inhabitants would feel like they have enough space, and elements of nature such as vegetation would be integrated into the city design giving people access to green spaces even when they are on the 100th floor.
The specifications don't go into too much detail, but I have played around with the idea in my head and have came up with a few additions. I personally am a big fan of modular design. With the conception of so-called "Smart apartments" today, people are able to fit more and more stuff inside less and less space. This concept got me thinking, what if we took this idea to the extreme a little? Imagine a 10 metre x 10 metre room. Inside the walls of this room are decently sized storage spaces. Say you wanted the whole living space to be a lounge, you would retrieve a sofa of your choosing from the storage spaces in the walls of this space, maybe some lamps and a coffee table. Now imagine you don't want this living space to be a lounge anymore, you want it to be a personal gym instead, the same principle would apply. With the right automation technology such as robotics, you could change the setting of your living space repetitively, and this would render things like 10-bed mansions obsolete; in fact with this idea you essentially have all the functionality of a mansion inside one room. Privacy isn't an issue either since if you have multiple people staying in one of these living spaces, you could spit the room into multiple sections, and these could have different independent settings of their own.
But wheat about access to nature? There's one big advantage I haven't discussed about vertical cities. Building cities this way saves a ton of land, that could be used for recreational space or even further agriculture outside of the cities. This has the positive knock on effect of not disturbing nature and thus nurturing further biodiversity.
There's one last thing I want to address in this discussion, and that is resource allocation. Now you may be thinking "if you need to allocate resources in any specific way then you haven't achieved post-scarcity", and this is true to some extent. Let me confuse you a little, despite all I have talked about in this post, scarcity is something that is inevitable in a finite universe. In addition, if goods are being produced in ubiquity, but no one can access them, then that creates scarcity - and so you have to do something about it.
You can distribute goods in a variety of ways, the most high tech of them being via automated drones. The big question though is how you allocate those goods and resources. The answer to that problem may come closer than you might think. The technology behind bitcoin and other cryptocurrencies, the blockchain, has many alternate uses. In combination with the internet of things, a more advanced form of the blockchain could be used as a decentralized network that would catalog the earth's resources and distribute them via request. This AI driven "resource management system" would not govern people, but would instead be subservient to people's everyday needs.
The amalgamation of all what I have stated above would not create "post-scarcity", that much is impossible since we live in a finite universe. However, it is possible to create such thing as a "perceived post scarcity" or "access abundance" as I like to call it, through the methods stated above.
Possible counter-arguments:
Human population: I predict that as the third world gains access to healthcare, education, and reproductive facilities, the world population will stabilize eventually leading to a situation where we have gradually more resources per head; I do not predict any exponential growth in the world population.
Extraordinary requests/hoarding etc: Obvious nonsense requests for resources will be rejected unless they have a valid reason, this could be decided through democratic means. Also, its unlikely anyone would hoard since it wouldn't benefit them, as with access abundance they would always have access to the things they need or want.
I hope this post wasn't too lengthy and I look forward to hearing your responses to my ideas.
Edited for typos, if you find any more please notify me.
submitted by MeleeMeistro to Futurology [link] [comments]

Bitcoin Mining & The Beauty Of Capitalism

Authored by Valentin Schmid via The Epoch Times,
While the price of bitcoin drops, miners get more creative... and some flourish.
The bitcoin price is crashing; naysayers and doomsayers are having a field day. The demise of the dominant cryptocurrency is finally happening — or is it?
Bitcoin has been buried hundreds of times, most notably during the brutal 90 percent decline from 2013 to 2015. And yet it has always made a comeback.
Where the skeptics are correct: The second bitcoin bubble burst in December of last year and the price is down roughly 80 percent from its high of $20,000. Nobody knows whether and when it will see these lofty heights again.
As a result, millions of speculators have been burned, and big institutions haven’t showed up to bridge the gap.
This also happened on a smaller scale in 2013 after a similar 100x run-up, and it was necessary.

Time to Catch Up

What most speculators and even some serious proponents of the independent and decentralized monetary system don’t understand: Bitcoin needs these pauses to make improvements in its infrastructure.
Exchanges, which could not handle the trading volumes at the height of the frenzy and did not return customer service inquiries, can take a breather and upgrade their systems and hire capable people.
The technology itself needs to make progress and this needs time. Projects like the lightning network, a system which delivers instant bitcoin payments at very little cost and at virtually unlimited scale is now only available to expert programmers.
A higher valuation is only justified if these improvements reach the mass market.
And since we live in a world where everything financial is tightly regulated, for better or worse, this area also needs to catch up, since regulators are chronically behind the curve of technological progress.
And of course, there is bitcoin mining. The vital infrastructure behind securing the bitcoin network and processing its transactions has been concentrated in too few hands and in too few places, most notably China, which still hosts about 70 percent of the mining capacity.

The Case For Mining

Critics have always complained that bitcoin mining consumes “too much” electricity, right now about as much as the Czech Republic. In energy terms this is around 65 terawatt hours or 230,000,000 gigajoules, costing $3.3 billion dollars according to estimates by Digiconomist.
For the non-physicists among us, this is around as much as consumed by six million energy-guzzling U.S. households per year.
All those estimates are imprecise because the aggregate cannot know how much energy each of the different bitcoin miners consumes and how much that electricity costs. But they are a reasonable rough estimate.
So it’s worth exploring why mining is necessary to begin with and whether the electricity consumption is justified.
Anything and everything humans do consumes resources. The question then is always: Is it worth it? And: Who decides?
This question then leads to the next question: Is it worth having and using money? Most people would argue yes, because using money instead of barter in fact makes economic transactions faster and cheaper and thus saves resources, natural and human.

_Merchants exchange goods with the inhabitants of Tidore, Indonesia, circa 1550. Barter was supplanted by using money because it is more efficient. (Archive/Getty Images)_If we are generously inclined, we will grant bitcoin the status of a type of money or at least currency as it meets the general requirements of being recognizable, divisible, portable, durable, is accepted in exchange for other goods and services, and in this case it is even limited in supply.
So having any type of money has a price, whether it’s gold, dollar bills, or numbers on the screen of your online banking system. In the case of bitcoin, it’s the electricity and the capital for the computing equipment, as well as the human resources to run these operations.
If we think having money in general is a good idea and some people value the decentralized and independent nature of bitcoin then it would be worth paying for verifying transactions on the bitcoin network as well as keeping the network secure and sound: Up until the point where the resources consumed would outweigh the efficiency benefits. Just like most people don’t think it’s a bad idea to use credit cards and banks, which consume electricity too.
However, bitcoin is a newcomer and this is why it’s being scrutinized even more so than the old established players.

Different Money, Different Costs

How many people know how much electricity, human lives, and other resources gold mining consumes or has consumed in the course of history? What about the banking system? Branches, servers, air-conditioning, staff? What about printing dollar notes and driving them around in armored trucks?
What about the social effects of monetary mismanagement of bank and government money like inflation as well as credit deflations? Gold gets a pass here.
Most people haven’t asked that question, which is why it’s worth pointing out the only comprehensive study done on the topic in 2014. In “An Order of Magnitude” the engineer Hass McCook analyzes the different money systems and reaches mind-boggling conclusions.
The study is a bit dated and of course the aggregations are also very rough estimates, but the ball park numbers are reasonable and the methodology sound.
In fact, according to the study, bitcoin is the most economic of all the different forms of money.
Gold mining in 2014 used 475 million GJ, compared to bitcoin’s 230 million in 2018. The banking system in 2014 used 2.3 billion gigajoules.
Over 100 people per year die trying to mine gold. But mining costs more than electricity. It consumes around 300,000 liters of water per kilogram of gold mined as well as 150 kilogram (330 pounds) of cyanide and 1500 tons of waste and rubble.
The international banking system has been used in all kinds of fraudulent activity throughout history: terrorist financing, money laundering, and every other criminal activity under the sun at a cost of trillions of dollars and at an order of magnitude higher than the same transactions done with cryptocurrency and bitcoin.
And of course, while gold has a relatively stable value over time, our bank and government issued money lost about 90 percent of its purchasing power over the last century, because it can be created out of thin air. This leads to inflation and a waste of physical and human resources because it distorts the process of capital allocation.

_The dollar has lost more than 90 percent of its value since the creation of the Federal Reserve in 1913. (Source: St. Louis Fed)_This is on top of the hundreds of thousands of bank branches, millions of ATMs and employees which all consume electricity and other resources, 10 times as much electricity alone as the bitcoin network.
According to monetary philosopher Saifedean Ammous, author of “The Bitcoin Standard,” the social benefit of hard money, i.e. money that can’t be printed by government decree, cannot even be fathomed; conversely, the true costs of easy money—created by government fiat and bank credit—are difficult to calculate.
According to Ammous, bitcoin is the hardest money around, even harder than gold because its total supply is capped, whereas the gold supply keeps increasing at about 1-2 percent every year.
“Look at the era of the classical gold standard, from 1871, the end of the Franco–Prussian War, until the beginning of World War I. There’s a reason why this is known as the Golden Era, the Gilded Age, and La Belle Epoque. It was a time of unrivaled human flourishing all over the world. Economic growth was everywhere. Technology was being spread all over the world. Peace and prosperity were increasing everywhere around the world. Technological innovations were advancing.
“I think this is no coincidence. What the gold standard allowed people to do is to have a store of value that would maintain its value in the future. And that gave people a low time preference, that gave people the incentive to think of the long term, and that made people want to invest in things that would pay off over the long term … bitcoin is far closer to gold. It is a digital equivalent of gold,” he said in an interview with The Epoch Times.
Of course, contrary to the gold standard that Ammous talks about, bitcoin doesn’t have a track record of being sound money in practice. In theory it meets all the criteria, but in the real world it hasn’t been adopted widely and has been so volatile as to be unusable as a reliable store of value or as the underlying currency of a productive lending market.
The proponents argue that over time, these problems will be solved the same way gold spread itself throughout the monetary sphere replacing copper and seashells, but even Ammous concedes the process may take decades and the outcome is far from certain. Gold is the safe bet for sound money, bitcoin has potential.
There is another measure where bitcoin loses out, according to a recent study by researchers from the Oak Ridge Institute in Cincinnati, Ohio.
It is the amount of energy expended per dollar for different monetary instruments. One dollar worth of bitcoin costs 17 megajoules to mine versus five for gold and seven for platinum. But the study omits the use of cyanide, water, and other physical resources in mining physical metals.
In general, the comparisons in dollar terms go against bitcoin because it is worth relatively less, only $73 billion in total at the time of writing. An issue that could be easily fixed at a higher price, but a higher price is only justified if the infrastructure improves, adoption increases, volatility declines, and the network proves its resilience to attacks over time.
In the meantime, market participants still value the fact they can own a currency independent of the government, completely digital, easily fungible, and limited in supply, and relatively decentralized. And the market as a whole is willing to pay a premium for these factors reflected in the higher per dollar prices for mining bitcoin.

The Creativity of Bitcoin Mining

But where bitcoin mining lacks in scale, it makes up for it in creativity.
In theory—and in practice—bitcoin mining can be done anywhere where there is cheap electricity. So bitcoin mining operations can be conducted not where people are (banking) or where government is (fiat cash) or where gold is (gold mining)—it can be done everywhere where there is cheap electricity
Some miners are flocking to the heat of the Texan desert where gas is virtually available for free, thanks to another oil revolution.
Other miners go to places where there is cheap wind, water, or other renewable energy.
This is because they don’t have to build bank branches, printing presses, and government buildings, or need to put up excavators and conveyor belts to dig gold out of the ground.
All they need is internet access and a home for the computers that look like a shipping container, each one of which has around 200 specialized bitcoin mining computers in them.
“The good thing about bitcoin mining is that it doesn’t matter where on earth a transaction happens, we can verify it in our data center here. The miners are part of the decentralized philosophy of bitcoin, it’s completely independent of your location as well,” said Moritz Jäger, chief technology officer at bitcoin Mining company Northern Bitcoin AG.

Centralized Mining

But so far, this decentralization hasn’t worked out as well as it sounds in theory.
Because Chinese local governments had access to subsidized electricity, it was profitable for officials to cut deals with bitcoin mining companies and supply them with cheap electricity in exchange for jobs and cutbacks. Sometimes the prices were as low as 2 dollar cents to 4 dollar cents per kilowatt hour.
This is why the majority of bitcoin mining is still concentrated in China (around 70 percent) where it was the most profitable, but only because the Chinese central planners subsidized the price of electricity.
This set up led to the by and large unwanted result that the biggest miner of bitcoin, a company called Bitmain, is also the biggest manufacturer of specialized computing equipment for bitcoin mining. The company reported revenues of $2.8 billion for the first half of 2018.

Tourists walk on the dunes near a power plant in Xiangshawan Desert in Ordos of Inner Mongolia, in this file photo. bitcoin miners have enjoyed favorable electricity rates in places like Ordos for a long time. (Feng Li/Getty Images)Centralized mining is a problem because whenever there is one player or a conglomerate of players who control more than 50 percent of the network computing power, they could theoretically crash the network by spending the same bitcoin twice, the so called “double spending problem.“
They don’t have an incentive to do so because it would probably ruin the bitcoin price and their business, but it’s better not to have to rely on one group of people controlling an entire money system. After all, we have that exact same system with central banking and bitcoin was set up as a decentralized alternative.
So far, no player or conglomerate ever reached that 51 percent threshold, at least not since bitcoin’s very early days, but many market participants always thought Bitmain’s corner of the market is a bit too close for comfort.
This favorable environment for Chinese bitcoin mining has been changing with a crack down on local government electricity largess as well as a crackdown on cryptocurrency.
Bitcoin itself and mining bitcoin remain legal in China but cryptocurrency exchanges have been banned since late 2017.
But more needs to be done for bitcoin to become independent of the caprice of a centralized oppressive regime and local government bureaucrats.

Northern Bitcoin Case Study

Enter Northern Bitcoin AG. The company isn’t the only one which is exploring mining opportunities with renewable energies in locations other than China.
But it is special because of the extraordinary set up it has for its operations, the fact that it is listed on the stock exchange in Germany, and the opportunities for scaling it discovered.
The operations of Northern Bitcoin combine the beauties of bitcoin and capitalism in one.
Like Texas has a lot of oil and free gas and it makes sense to use the gas rather than burn it, Norway has a lot of water, especially water moving down the mountains due to rainfall and melting snow.
And it makes sense to use the power of the movement of the water, channel it through pipes into generators to create very cheap and almost unlimited electricity. Norway generates north of 95 percent of its total electricity from hydropower.

A waterfall next to a hydropowerplant near Sandane, Norway, Oct. 25, 2018. (Valentin Schmid/The Epoch Times)Capitalism does not distinguish between renewable and fossil. It uses what is the most expedient. In this case, it is clearly water in Norway, and gas in Texas.
As a side note on the beauties of real capital and the fact that capital and the environment need not be enemies, the water in one of the hydropowerplants close to the Northern Bitcoin facility is piped through a generator made in 1920 by J.M. Voith AG, a company from Heidenheim Germany.
The company was established in 1867 and is still around today. The generator was produced in 1920 and is still producing electricity today.

Excess Power

In the remote regions of Northern Norway, there aren’t that many people or industry who would use the electricity. And rather than transport it over hundreds of miles to the industrial centers of Europe, the industries of the future are moving to Norway to the source of the cheap electricity.
Of course, it is not just bitcoin mining, but other data and computing heavy operations like server farms for cloud computing that can be neatly packaged into one of those containers and shipped up north.
“The containers are beautiful. They are produced in the middle of Germany where the hardware is enabled and tested. Then we put it on a truck and send it up here. When the truck arrives on the outside we lift it on the container vehicle. Two hours after the container arrives, it’s in the container rack. And 40 hours later we enable the cooling, network, power, other systems, and it’s online,” said Mats Andersson, a spokesman for the Lefdal Mine data center in Måløy, Norway, where Northern Bitcoin has its operations. Plug and play.

A Northern Bitcoin data container inside the Lefdal Mine data center, in Måløy, Norway. (Northern Bitcoin)If the cheap electricity wasn’t enough—around 5 cents per kilowatt hour compared to 17 cents in Germany—Norway also provides the perfect storage for these data containers, which are normally racked up in open air parks above the ground.
Also here, the resource allocation is beautiful. Instead of occupying otherwise useful and beautiful parcels of land and nature, the Northern Bitcoin containers and others are stored in the old Lefdal olivine mine.
Olivine is a mineral used for steel production and looks green. Very fitting. Hence also the name of the data center: Lefdal Mine.
“We take the green mineral out and we take the green IT in,” said Andersson.

Efficiency, Efficiency

Using the old mine as storage for the data center makes the whole process even more resource efficient.
Why? So far, we’ve only been talking about bitcoin mining using a lot of energy. But what for? Before you have actually seen the process in action—and it is similar for other computing operations—you cannot imagine how bizarre it is.
Most of the electricity is used to prevent the computers from overheating. So it’s not even the processors themselves; it’s the fans which cool the computer that use the most juice.
This is where the mine helps, because it’s rather cool 160 meters (525 feet) below sea level; certainly cooler than in the Texas desert.
But it gets even better. On top of the air blow-cooling the computer, the Lefdal data center uses a fresh water system to pump through the containers in pipes.
The fans can then circulate air over the cool pipes which transfer the heat to the water. One can feel the difference when touching the different pipes.
The fresh water closed circle loop then completes the “green” or resource efficiency cycle by transferring its heat to ice cold water from the nearby Fjord.
The water is sucked in through a pipe from the Fjord, the heat gets transferred without the water being mixed, and the water flows back to the Fjord, without any impact on the environment.
To top it all off, the mine has natural physical security far better than open air data centers and is even protected from an electromagnetic pulse blast because it’s underground.

_The Nordfjord near Måløy, Norway. The Lefdal data center takes the cold water from the fjord and uses it to cool the computer inside the mine. (Valentin Schmid/The Epoch Times)_Company Dynamics

Given this superlative set up, Northern Bitcoin wants to ramp up production as fast as possible at the Lefdal mine and other similar places in Norway, which have more mountains where data centers can be housed.
At the moment, Northern Bitcoin has 15 containers with 210 mining machines each. The 15 containers produce around 5 bitcoin per day at a total cost of around $2,500 dollars at the end of November 2018 and after the difficulty of solving the math problems went down by ~17 percent.
Most of it is for electricity; the rest is for leasing the containers, renting the mine space, buying and writing off the mining computers, personnel, overhead, etc.
Even at the current relatively depressed prices of around $4000, that’s a profit of $1500 per bitcoin or $7,500 per day.
But the goal is to ramp it up to 280 containers until 2019, producing 100 bitcoin per day. Again, the company is in the sweet spot to do this.
As opposed to the beginning of the year when one could not procure a mining computer from Bitmain even if one’s life depended on it, the current bear market has made them cheap and relatively available both new and second had from miners who had to cease operations because they can’t produce at low bitcoin prices.

Northern Bitcoin containers inside the Lefdal Mine data center in Måløy, Norway. (Northern Bitcoin)What about the data shipping containers? They are manufactured by a company called Rittal who is the world market leader. So it helps that the owner of Rittal also owns 30 percent of the Lefdal mine, providing preferential access to the containers.
Northern Bitcoin said it has enough capital available for the intermediate goal of ramping up to 50 containers until the end of year but may tap the capital markets again for the next step.
The company can also take advantage of the lower German corporate tax rate because revenue is only recorded when the bitcoin are sold in Germany, not when they are mined in Norway.
Of course, every small-cap stock—especially bitcoin companies—have their peculiarities and very high risks. As an example, Northern Bitcoin’s financial statements, although public, aren’t audited.
The equipment in the Lefdal mine in Norway is real and the operations are controlled by the Lefdal personnel, but one has to rely on exclusive information from the company for financials and cost figures, so buyer beware.

Norway Powerhouse?

Northern Bitcoin wants to have 280 containers, representing around 5 percent of the network’s computing power.
But the Lefdal mine alone has a capacity to power and cool 1,500 containers in a 200 megawatt facility, once it is fully built out.
“Here you have all the space, power, and cooling that you need. … Here you can grow,” said Lefdal’s Andersson.

A mine shaft in the Lefdal Mine data center in Måløy, Norway. The whole mine will have a capacity for 1500 containers once fully built out. (Valentin Schmid/The Epoch Times)The Norwegian government was behind an initiative to bring computing power to Norway and make it one of the prime destinations for data centers at the beginning of this decade.
To that effect, the local governments own part of the utility companies which operate the power plants and own part of the Lefdal Mine and other locations. But even without notable subsidies (i.e. cash payments to companies), market players were able to figure it out, for everybody’s benefit.
The utilities win because they can sell their cheap electricity close to home. The computing companies like IBM and Northern Bitcoin win because they can get cheap electricity, storage, and security. Data center operators like Lefdal win because they can charge rent for otherwise unused and unneeded space.
However, in a recent about face, the central government in Oslo has decided to remove cryptocurrency miners from the list of companies which pay a preferential tax rate on electricity consumption.
Normally, energy intensive companies, including data centers, pay a preferential tax on electricity consumed of 0.48 øre ($0.00056 ). According to a report by Norwegian media Aftenposten, this tax will rise to 16.58 øre ($0.019) in 2019 for cryptocurrency miners exclusively.
The argument by left wing politician Lars Haltbrekken who sponsored the initiative: “Norway cannot continue to provide huge tax incentives for the most dirty form of cryptocurrency output […] [bitcoin] requires a lot of energy and generates large greenhouse gas emissions globally.”
Since Norway generates its electricity using hydro, precisely the opposite is true: No greenhouse gas emissions, or any emissions for that matter would be produced, if all cryptomining was done in Norway. As opposed to China, where mining is done with coal and with emissions.
But not only in Norway is the share of renewable and emission free energy high. According to research by Coinshares, Bitcoin’s consumes about 77.6 percent of its energy in the form of renewables globally.
However self-defeating the arguments against bitcoin mining in Norway, the political initiative is moving forward. What it means for Northern Bitcoin is not clear, as they house their containers in Lefdal’s mixed data center, which also has other clients, like IBM.
“It’s not really decided yet; there are still big efforts from IT sectors and parties who are trying to change it. If the decision is taken it might apply for pure crypto sites rather than mixed data centers, like ours,” said Lefdal’s Andersson.
Even in the worst-case scenario, it would mean an increase from ~5 cents to ~6.9 cents per kilowatt hour, or 30 percent more paid on the electricity by Northern Bitcoin, which at ~$3250 would still rank it among the most competitive producers in the world.
Coinshares estimates the average production price at $6,800 per Bitcoin at $0,05 per kilowatt hour of electricity and an 18-months depreciation schedule, but concedes that a profitable miner could “[depreciate] mining gear over 24-30 months, or [pay] less for mining gear than our estimates.”
Jäger says Northern Bitcoin depreciates the equipment over three years and has obtained very favorable prices from Bitmain, making its production much more competitive than the average despite the same cost of electricity. In addition, the natural cooling in the mine also reduces electricity costs overall.

Cheap Producer Advantage

At the moment, however, the tax could be the least of any miners worry, as the bitcoin price is in free-fall.
But what happens when the price crashes further? Suffice it to say that there was bitcoin mining when the dollar price was less than 1 cent and there will be bitcoin mining at lower prices thanks to the design of the network.
Mao Shixing, the founder of mining pool F2pool estimated 600,000 miners have shut down since the November crash in price, according to a report by Coindesk.
As it should be in a competitive system, the most energy intensive and obsolete machines are shut down first.
As with every other commodity, when the price drops, some miners will leave the market, leaving space for cheaper competitors to capture a bigger share. But with bitcoin this is a bit simpler than with copper or gold for example.
When a big copper player goes bankrupt, its competitors have to ramp up production and increase cost to increase their market share. With bitcoin, if 3,000 computers get taken off the total mining pool, they won’t be able to mine the approximately 5 bitcoin any longer.
However, because the difficulty of solving the computationally intensive cryptographic tasks of bitcoin decreases automatically when there are fewer computers engaged in the task, the other players just have to leave their machines running at the same rate for the same cost and they will split the 5 bitcoin among them.
“The moment the price goes down, our production price will go down as well,” said Jäger, a process that already happened from November to December when the difficulty decreased twice in November and the beginning of December.
This naturally favors players like Northern Bitcoin, which are producing at the lower end of the cost spectrum. They will be the ones who shut down last.
And this is a good thing. The more companies like Northern Bitcoin, and countries like Norway—even with the extra tax—the more decentralized the bitcoin system.
The more computers there are in different hands mining bitcoin, the more secure the system becomes, because it will be ever more difficult for one player to reach the 50 percent threshold to crash the system. It is this decentralized philosophy which has kept the bitcoin system running for 10 years. Whether at $1 or $20,000.
submitted by rotoreuters to zerohedge [link] [comments]

AUSTRAILIA - Old power plant locks up again - for Bitcoins

Old power plant locks up again - for Bitcoins In fact, Singleton's Redbank coal-fired power plant in Australia has been shut down in 2014 due to environmental concerns - identified as the largest CO2 sinner among all Australian power plants in 2007. At the beginning of 2019, however, it will go online again. The reason: investors want to produce cheap electricity for the bitcoin industry.
Blockchain center directly in the power plant The plan of the two partners: They want to open a "blockchain center" in the power plant - in which Blockchain is the decentralized database technology behind the Bitcoin - which is to be supplied with cheap electricity from the power plant, which is expected to go online in early 2019 , Bitcoins could be mined in the center, but other blockchain applications could be run as well.
Competitive - Right now the Bitcoin scene is concentrating on North China, where you also have very cheap electricity from coal power available - you want it to be particularly low electricity prices. When the Redbank power plant back on the grid, they want to sell the electricity produced there - or at least a significant part of it - at wholesale prices, about 20 percent below the usual market price, to blockchain companies.
submitted by Pitsche1 to Bitcoin [link] [comments]

Expect for Finance, What Blockchain Application Scenario Will Break Out?

The power battle between Bitmain and Craig Steven Wright has just turned off. Many people haven’t been recovered from this battle. Another fierce of bear market has hit. Bitcoin has fallen 14% in 24 hours and the price has fallen down to below $4,700. It has fallen into an abyss that never bottoms out. I believe that this result has already defeated most people's psychological defense. The technical term of blockchain seems to be tied to a financial war. Although the financial scenario is the most successful application area of ​​the blockchain, it should never be a tool for capitalists to collect money.

Code of Lucky Draw : 2FDOZ8DA
Use it in http://live.vena.network/#/main

Jump out of this capital carnival and let us think about the point of penetration in the blockchain expect for the financial scenario. Throughout the history of mankind, the rise of every technological revolution has been accompanied by a substantial increase in production efficiency. As the productivity increases and the quality of life is improved, human needs for the spiritual world are more eager. After eating my fill and dress warmly, I began to think about the ultimate proposition of the soul torture type of "where to come, where to go."

We are eager to realize our ideals. This ideal must be unrelated to the power of money, or weakly related, and all technological revolutions are, on the surface, a mechanical conclusion that raises production and creates new tools, but fundamentally All of them have improved the happiness index of human beings through the improvement of technology. Only when the technological achievements are widely applied by all mankind, and not just a lazy carnival, will it become truly universal and valuable.

It is same with blockchain.

We will not talk about the distant concepts of the universe and AI, a new technology should aim to solve the basic needs of human beings, or to improve efficiency on the basis of the original. From this perspective, we are more grounded. Then we can list what are the basic needs of human beings?

Eating, wearing, living, travelling, sex and love.

Looking back at the historical scientific and technological revolution, the emergence of steam engines has driven the development of metallurgy, coal mining and textile industry. Industrialization has made textiles no longer a burden for ordinary families. In the Internet era, China has a website where merchants can build their own online stores, and goods can be sold at a lower price than physical stores, thereby increasing competitiveness. Consumers can browse thousands of dollars in one hour without leaving home. A product, low-cost purchase of novelty fun things and stylish and comfortable clothes, the site name is Taobao. The above two technological revolutions have solved the human demand for “wearing”.

The steam engine also gave birth to the emergence of trains, which brought the booming of the transportation industry, accelerated the transmission of goods, and stimulated the replacement speed and population flow rate of commodities in different regions. After that, energy continued to innovate, from firepower and gasoline to the current electricity-fueled high-speed rail. These inventions solved the human demand for “travelling”.

The electric lamp prolonged the time of production and life, and made mankind get rid of the shackles of the night. The invention of electricity also produced household appliances such as televisions, refrigerators, computers, etc., and solved the demand for “living” in a certain dimension.

The emergence of the Internet has brought about a big explosion of information. Information flows at high speed in the network. We can find anything we want to find through search engines. Besides knowledge, it is also filled with the "beautiful things" that most people can't touch in reality. Tokyo-Hot, Aoi Sola and Japanese Adult movies, if the other party suddenly talked about these terms in your chatting with friends and colleagues, everyone will smile and will have suddenly a tacit understanding. We can't deny that watching movies is detrimental to physical and mental health, but it does solve the most basic physiological needs. Thus,Internet solves the human need of "sex".

In 1997, a thing called a chat room was born on the Internet. In the same year, a network novel called "First Intimate Contact" became popular. It described a romantic and beautiful story that the lovers cannot be together. The story is that the boy and girl who had never met before. They met, dated, and fell in love in the chat room. Then the girl left without saying goodbye, and finally concealed her leaving because of illness. This is probably the online version of "Your Name", which triggered the resonance and fantasies of countless netizens.

Since then, people have begun to explore the Internet with eagerness, try and expect themselves to be able to marry a certain kind of romance. The Internet stimulates and satisfies people's desire for love in the subconscious. Everyone suddenly finds that in the unknown and huge There seems to be an infinite possibility in the online world. Two years later, in February 1999, a tool that focused on instant online chat was launched, and later became the largest chat tool in China. Its name is QQ. This is the Internet to solve the human need for "love."

And for the basics of the basics, we seem to be not good enough to "eat". After the documentary "Food Company" revealed the high development of industrial civilization, food safety has reached a point that cannot be ignored. The fast food industry has become a means for large food company operators to accumulate wealth and realize their desires regardless of human health. On this issue, our positive textbook is Grandpa Yuan Longping, which also allows me to tell the truth, this hybrid rice has solved the demand for “eat” of 7.1 billion people around the world.

In short, the problem that the blockchain will solve should be based on the above-mentioned scientific and technological revolution, and first deal with the basic survival problems of mankind. At present, many high-quality projects have been developed in the above fields. From this perspective, it seems that more attention can be paid to these projects. Just in the most successful financial field of the moment, the blockchain attracts the attention of the widest public, but there are still many things that the blockchain can do to improve happiness.
submitted by VenaNetwork to VenaProtocol [link] [comments]

My Collection of information for when someone states where does Bitcoin, or Crypto-currencies derive their value

Let’s start with some basics first then we can move forward. Your question is where does Bitcoin derive its value from? Well that is a multifaceted answer. Its Utility creates the demand, plus it has a relatively high scarcity, but that is an over-simplified answer. A few other factors need to be addressed. The first point is the security of the block-chain, and the second is the openness of the block-chain which is derived from the public ledger. It literally records every transaction for public records which are available to any, and everyone to review. This allows it to stand up to public scrutiny, and a thorough technical analysis.
We will start here for you. This is the basis of the whole concept.
A Block-chain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data. By design, block-chains are inherently resistant to modification of the data. A block-chain is defined as an open, distributed ledger that can record transactions between two, or more parties efficiently and in a verifiable, and permanent way. For use as a distributed ledger, a block-chain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.
Block-chains are secure by design and are an example of a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been achieved with a block-chain. This makes block-chains potentially suitable for the recording of events, medical records, and other records management activities, such as identity management, transaction processing, documenting provenance, or food traceability. The invention of the block-chain for bitcoin made it the first digital currency to solve the double spending problem without the need of a trusted authority or central server. The bitcoin design has been the inspiration for other applications. Block-chain also has incorporated the Merkle Tree, and Fast Merkle Trees. A Hash tree or Merkle tree is a tree in which every leaf node is labelled with a data block and every non-leaf node is labelled with the cryptographic hash of the labels of its child nodes. Hash trees allow efficient and secure verification of the contents of large data structures. Hash trees are a generalization of hash lists and hash chains. Demonstrating that a leaf node is a part of a given binary hash tree requires computing a number of hashes proportional to the logarithm of the number of leaf nodes of the tree; this contrasts with hash lists, where the number is proportional to the number of leaf nodes itself. Hash trees can be used to verify any kind of data stored, handled and transferred in and between computers. Currently the main use of hash trees is to make sure that data blocks received from other peers in a peer-to-peer network are received undamaged and unaltered, and even to check that the other peers do not lie and send fake blocks. Suggestions have been made to use hash trees in trusted computing systems. Hash trees are also used in hash-based cryptography.
Hash trees are used in the IPFS, Btrfs and ZFS file systems (to counter data degradation), BitTorrent protocol, Dat protocol, Apache Wave protocol, the Bitcoin and Ethereum peer-to-peer networks, the Certificate Transparency framework, and a number of NoSQL.
Whether you understand it, or not we will be moving more to this as a standard for all most all industries. Yes, the United States is looking at getting rid of Social Security numbers in favor of your identity being stored on the block-chain, in fact it is already in the works as they are in the research of feasibility stage.
What you need to is familiarize yourself with the following regarding block-chain protocols.
Proof of Work (POW) A Proof of Work is a piece of data which is difficult (costly, time-consuming) to produce but easy for others to verify and which satisfies certain requirements. Producing a proof of work can be a random process with low probability so that a lot of trial and error is required on average before a valid proof of work is generated. Bitcoin uses the Hash-cash proof of work system.
One application of this idea is using Hash-cash as a method to prevent email spam, requiring a proof of work on the email's contents (including the to address), on every email. Legitimate emails will be able to do the work to generate the proof easily (not much work is required for a single email), but mass spam emailers will have difficulty generating the required proofs (which would require huge computational resources).
Hash-cash proofs of work are used in Bitcoin for block generation. In order for a block to be accepted by network participants, miners must complete a proof of work which covers all of the data in the block. The difficulty of this work is adjusted so as to limit the rate at which new blocks can be generated by the network to one every 10 minutes. Due to the very low probability of successful generation, this makes it unpredictable which worker computer in the network will be able to generate the next block.
For a block to be valid it must hash to a value less than the current target; this means that each block indicates that work has been done generating it. Each block contains the hash of the preceding block, thus each block has a chain of blocks that together contain a large amount of work. Changing a block (which can only be done by making a new block containing the same predecessor) requires regenerating all successors and redoing the work they contain. This protects the block chain from tampering.
The most widely used proof-of-work scheme is based on SHA-256 and was introduced as a part of Bitcoin. Some other hashing algorithms that are used for proof-of-work include Scrypt, Blake-256, CryptoNight, HEFTY1, Quark, SHA-3, scrypt-jane.
Proof of Stake (POS) Proof-of-stake (POS) is a type of algorithm by which a cryptocurrency block-chain network aims to achieve distributed consensus. In POS-based cryptocurrencies the creator of the next block is chosen via various combinations of random selection and wealth or age (i.e. the stake).In general, a proof of stake algorithm looks as follows. The block-chain keeps track of a set of validators, and anyone who holds the block-chain's base cryptocurrency (in Ethereum's case, ether) can become a validator by sending a special type of transaction that locks up their ether into a deposit. The process of creating and agreeing to new blocks is then done through a consensus algorithm that all current validators can participate in.
There are many kinds of consensus algorithms, and many ways to assign rewards to validators who participate in the consensus algorithm, so there are many "flavors" of proof of stake. From an algorithmic perspective, there are two major types: chain-based proof of stake and BFT-style proof of stake.
In chain-based proof of stake, the algorithm pseudo-randomly selects a validator during each time slot (every period of 10 seconds might be a time slot), and assigns that validator the right to create a single block, and this block must point to some previous block (normally the block at the end of the previously longest chain), and so over time most blocks converge into a single constantly growing chain.
In BFT-style proof of stake, validators are randomly assigned the right to propose blocks, but agreeing on which block is canonical is done through a multi-round process where every validator sends a "vote" for some specific block during each round, and at the end of the process all (honest and online) validators permanently agree on whether or not any given block is part of the chain. Note that blocks may still be chained together; the key difference is that consensus on a block can come within one block, and does not depend on the length or size of the chain after it. This is what Ethereum is moving to later in 2018.
Advantages of POS over POW No need to consume large quantities of electricity in order to secure a block-chain ( it's estimated that both Bitcoin and Ethereum burn over $1 million worth of electricity and hardware costs per day as part of their consensus mechanism). Because of the lack of high electricity consumption, there is not as much need to issue as many new coins in order to motivate participants to keep participating in the network. It may theoretically even be possible to have negative net issuance, where a portion of transaction fees are "burned" and so the supply goes down over time. Proof of stake opens the door to a wider array of techniques that use game-theoretic mechanism design in order to better discourage centralized cartels from forming and, if they do form, from acting in ways that are harmful to the network. Reduced centralization risks, as economies of scale are much less of an issue. $10 million of coins will get you exactly 10 times higher returns than $1 million of coins, without any additional disproportionate gains because at the higher level you can afford better mass-production equipment. Ability to use economic penalties to make various forms of 51% attacks vastly more expensive to carry out than proof of work.
Delegated Proof of Stake (DPOS) Delegated Proof-of-Stake, on the other hand, works slightly differently. It is a more efficient PoS algorithm altogether, and seemingly provides more decentralization when it comes to issuing stake rewards to more people. Moreover, DPOS provides reliably confirmed transactions on the networks that implement this technology. If it were to be added to bitcoin at some point, it could potentially speed up transaction times, even though it would add inflation to the ecosystem as well.
Under the hood, DPOS uses a reputation system and real-time voting to achieve consensus. To be more specific, a panel of trusted parties has to be established, with all of its members eligible to create blocks and prevent non-trusted parties from participating. Delegates, the parties responsible for creating blocks, are unable to change transaction details. However, they can prevent specific transactions from being included in the next network block. This seemingly requires a fair bit of trust, which makes the concept look far less appealing.
However, there is a caveat. Any transaction not included in the next block, or a block failing to create, will mean the next network block is twice the size. In a way, this prevents malicious intent to block certain transactions or blocks being created in the allotted time period. All it does is perhaps slightly delay said transaction or block, but it is seemingly impossible to prevent inclusion and creation in the long run.
Moreover, anyone who behaves in a nefarious way will have their behavior exposed to the public. Community members of the DPOS-capable currencies can vote to have said person removed as a delegate altogether. It appears as if cheating under DPOS rules is not only impossible, but it is not in anybody’s best interest to do so either. It is equally possible to have more or fewer delegates as part of the network, although that may not necessarily be beneficial either. It is always possible to change the number of delegates, though, which is an important factor to keep in mind.
It is also worth mentioning delegates in a DPOS ecosystem are paid for the creation of blocks and inclusion of transactions. However, the delegates can use these funds to pay for marketing or lobbying efforts, which benefit the exposure of the cryptocurrency network as a whole. Network stakeholders determine how much delegates are paid for their efforts.
Delegated Byzantine Fault Tolerance (dBFT) The dBFT (Delegated Byzantine Fault Tolerance) algorithm
Consensus is about trying to maintain one version of truth. Over time we have transactions that we want to record in this ledger (book of truth). Because block-chains run decentralized around the world, and they receive different transactions at different times, they can often disagree about what is truth.
The key is to get consensus one way or another, otherwise all sorts of bad things can happen (double spending).
dBFT Delegated Byzantine Fault Tolerance is a fancy and cool name for a solution to getting eventual consensus under certain conditions.
The condition is really simple: as long as less than 1/3 of bookkeeper nodes are BAD actors, you can get eventual consensus and everyone is happy.
That's the main thing to remember, and I'll explain why 1/3 and not 1/4 or any other fraction.
An Analogy - Painting the walls A King has decided to paint the walls of his castle. He's decided it is either going to be Green (G) or Black (B). He doesn't mind which of the two but he wants consistency throughout the kingdom. And he wants all of his sons and daughters to agree on the color.
So he calls his four painters to come over and sends a signed message to his sons and daughters: I am getting my painters to redecorate my walls. I am torn between Green and Black. To resolve this, I want you, my beloved sons and daughters, to agree on the color and tell my painters and they will paint my walls. As soon as a painter hears from you and you can prove that 2/3 of my family agree on a color, she will start painting that color. Good luck.
The painters are all contactable by any of the sons and daughters. However, due to fighting between the family, the sons and daughters don't all talk to each other directly. Instead they pass messages between them. They all connected, just not directly.
Some of the family is evil and they want to get at least one of the painters to paint the wrong color. The family discuss and decide on the following protocol: 1. The oldest member of the family is elected speaker. He or she will communicate the chosen color with their signature.
Everyone will communicate that color to everyone else (until everyone is informed.) along with their signatures. If you hear from 2/3 of people the same color, then you can call any or all of the painters and tell them. If not, wait for some time and then elect the next oldest member as the speaker and repeat.
These signatures are magic and cannot be forged, and also are without a doubt proof that the person did sign it. Proving consensus protection.
With this setup, we can now prove that as long as less than a 1/3 of the family are evil, it is impossible for any of the painters to get a different message to the others and thereby paint the walls inconsistently.
The proof goes like this. Imagine that the evil members of the family belong to a secret clan F and have managed to insert themselves in between the other family members such that the rest of the family is split into two groups, R1 and R2. R1 members can talk to each other and to F but they can't talk directly to R2. And the same for R2. So F is in control here as they can control what information flows from R1 to R2 and vice versa.
In order for them to exact chaos, they need to get 2/3 of the signatures (including theirs) to be Green and Black. Remember, they can sign Green and pass that message to one person and also sign Black and pass that message to another person.
The next bit is really easy. In order to get 2/3 of the signatures, we need the size of F and R1 (the number of people in those two groups) to be >= 2/3 of the total. We also need that to be true for F and R2. That way R1 members think that it's green (for example) and the other group think it's black and they tell the painters and it all goes wrong.
However, because F is less than a 1/3 (remember, 2/3 people are honest), then it's impossible for BOTH F+R1 and F+R2 to be >= 2/3 x N. By using the fact that F+R1+R2 = N (the total number in the family) and a bit of algebraic rearrangement, you can prove that to get two separate consensus you requires F >= 1/3. Ta da - that's impossible as F < 1/3.
dBFT doesn't guarantee consensus in the sense that it's possible the messaging network is broken and people just can't talk to each other. But it gives protection guarantees that if you do reach consensus you can't then reach some other different consensus later. As long as the bad actors are less than a 1/3 of the bookkeepers (the Family), then everything is all good. This is the important part of ensuring the integrity of the system going forward.
Now that we have stated that You will need to read about the following.
Consensus Nodes (Bookkeeper Nodes) *See dBFT section
Master Nodes *See Full Node, but used in a POS block-chain. These also pay out fees to you for running a Master Node.
Full Nodes These are usually POW block-chains
Full nodes download every block and transaction and check them against Bitcoin's core consensus rules. Here are examples of consensus rules, though there are many more:
· Blocks may only create a certain number of bitcoins. (Currently 12.5 BTC per block.)
· Transactions must have correct signatures for the bitcoins being spent.
· Transactions/blocks must be in the correct data format.
· Within a single block-chain, a transaction output cannot be double-spent.
If a transaction or block violates the consensus rules, then it is absolutely rejected, even if every other node on the network thinks that it is valid. This is one of the most important characteristics of full nodes: they do what's right no matter what. For full nodes, miners actually have fairly limited power: they can only reorder or remove transactions, and only by expending a lot of computing power. A powerful miner is able to execute some serious attacks, but because full nodes rely on miners only for a few things, miners could not completely change or destroy Bitcoin.
Nodes that have different consensus rules are actually using two different networks/currencies. Changing any of the consensus rules requires a hard fork, which can be thought of as creating a new currency and having everyone move to it. Consensus rules are different from policy rules, which specify how a node or miner prioritizes or discourages certain things. Policy rules can be changed freely, and different nodes can have different policy rules. Because all full nodes must use exactly the same consensus rules in order to remain compatible with each other, even duplicating bugs and oddities in the original consensus rules, creating a full node from scratch is extremely difficult and dangerous. It is therefore recommended that everyone who wishes to run a full node use software based on the reference client, which is the only client guaranteed to behave correctly.
At minimum, a full node must download every transaction that has ever taken place, all new transactions, and all block headers. Additionally, full nodes must store information about every unspent transaction output until it is spent. By default full nodes are inefficient in that they download each new transaction at least twice, and they store the entire block chain (>60 GB) forever, even though only the unspent transaction outputs (<2 GB) are required.
Again to give you a slightly different over-simplified answer Bitcoin’s value is derived from the energy it cost to run the block-chain whether its coal-powered, hydro-powered, natural gas powered, or nuclear reactor-powered electricity.
Will Bitcoin be replaced by another block-chain as the reserve standard? Well it’s a possibility, but not likely any time soon. Most new Alt-coins are here to Compliment Bitcoin. Why do I say this? Well the goal is a Decentralized Smart Economy with the least amount of Centralized control possible. The Lightning Network integrates Bitcoin, Litecoin, and Vertcoin.
Bitcoin has 21,000,000 coins when they are finally fully released. This requires ASIC Miners a rather expensive, and specialized Computer. The block times are ten minutes. These for the older versions will still run about $20,000. It may have changed a little since I last looked, but the cutting edge ones will be much more.
Litecoin has 84,000,000 coins when they are finally fully released. This requires ASIC Miners a rather expensive, and specialized Computer. The block times are 2.5 minutes. It’s an improved clone of Bitcoin.
Vertcoin has 84,000,000 coins when they are finally fully released. The average Joe can mine this with a good graphics card. The block times are 2.5 minutes. It’s an modified clone of Litecoin.
Ethereum Is a Smart contract platform. It has many uses cases. Too many to list. This will be moved to a POS block-chain.
NEO Is a Smart contract platform. It has many uses cases. Too many to list. This has a lot of things in common with Ethereum, but at the same time it doesn’t. This uses the dBFT system, and has more common programming languages for Smart Contracts.
ARK this is a Smart Bridge ecosystem. It’s aim is to build bridges to other block-chains. Its aim is to be the hub of this new block-chain economy. Ark has bridged to Bitcoin, and also to Ethereum. They have plans for NEO, and Monero as well in the future. ARK has many other use cases I haven’t discussed, and don’t have time to right now.
These very originally made to compete with each other, but have found ways to coexist, but are also still be competitive with each other at the same time. I have kept this section short. I could spend many more pages writing about these Cryptocurrencies, and many more. These are the building blocks for the Smart Economy.
This is what Bitcoin, and all of the Alt-coins were brought about to fix.
· People used to pay each other in gold and silver. Difficult to transport. Difficult to divide.
· Paper money was invented. A claim to gold in a bank vault. Easier to transport and divide.
· Banks gave out more paper money than they had gold in the vault. They ran “fractional reserves”. A real money maker. But every now and then, banks collapsed because of runs on the bank.
· Central banking was invented. Central banks would be lenders of last resort. Runs on the bank were thus mitigated by banks guaranteeing each other’s deposits through a central bank. The risk of a bank run was not lowered. Its frequency was diminished and its impact was increased. After all, banks remained basically insolvent in this fractional reserve scheme.
· Banks would still get in trouble. But now, if one bank got in sufficient trouble, they would all be in trouble at the same time. Governments would have to step in to save them.
· All ties between the financial system and gold were severed in 1971 when Nixon decided that the USD would no longer be exchangeable for a fixed amount of gold. This exacerbated the problem, because there was now effectively no limit anymore on the amount of paper money that banks could create.
· From this moment on, all money was created as credit. Money ceased to be supported by an asset. When you take out a loan, money is created and lent to you. Banks expect this freshly minted money to be returned to them with interest. Sure, banks need to keep adequate reserves. But these reserves basically consist of the same credit-based money. And reserves are much lower than the loans they make.
· This led to an explosion in the money supply. The Federal Reserve stopped reporting M3 in 2006. But the ECB currently reports a yearly increase in the supply of the euro of about 5%.
· This leads to a yearly increase in prices. The price increase is somewhat lower than the increase in the money supply. This is because of increased productivity. Society gets better at producing stuff cheaper all the time. So, in absence of money creation you would expect prices to drop every year. That they don’t is the effect of money creation.
· What remains is an inflation rate in the 2% range.
· Banks have discovered that they can siphon off all the productivity increase + 2% every year, without people complaining too much. They accomplish this currently by increasing the money supply by 5% per year, getting this money returned to them at an interest.
· Apart from this insidious tax on society, banks take society hostage every couple of years. In case of a financial crisis, banks need bailouts or the system will collapse.
· Apart from these problems, banks and governments are now striving to do away with cash. This would mean that no two free men would be able to exchange money without intermediation by a bank. If you believe that to transact with others is a fundamental right, this should scare you.
· The absence of sound money was at the root of the problem. We were force-fed paper money because there were no good alternatives. Gold and silver remain difficult to use.
· When it was tried to launch a private currency backed by precious metals (Liberty dollar), this initiative was shut down because it undermined the U.S. currency system. Apparently, a currency alternative could only thrive if “nobody” launched it and if they was no central point of failure.
· What was needed was a peer-to-peer electronic cash system. This was what Satoshi Nakamoto described in 2008. It was a response to all the problems described above. That is why he labeled the genesis block with the text: “03/Jan/2009 Chancellor on brink of second bailout for banks.”. Bitcoin was meant to be an alternative to our current financial system.
To answer you on if this is a bubble. I personally do not see it that way at the moment. There will always be corrections in Crypto, or any field of Investing. Yes we have seen an unprecedented meteoric rise in cryptocurrencies there will be severe corrections in the future, but there will not be a ninety-nine percent crash like you are stating unless there is another Great Depression, or severe economic collapse. Cryptocurrencies are currently the greatest potential wealth equalizer around the world.
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