How to Prevent a 51% Attack - Crypto Mining Blog

"Unpacking Silicon Valley sitcom ‘51 percent attack’ in season 5 finale - can it happen in real life? https://t.co/PJ6S1AG2Eh" $btc $ltc $neo $eth #btc #bitcoin #crypto #ethereum

submitted by fcukjerry to BitcoinDayTrade [link] [comments]

07-25 05:57 - 'BW.com threatens ET Classic with 51% attack' (self.Bitcoin) by /u/coinx-ltc removed from /r/Bitcoin within 405-410min

'''
[link]1
Chandler Guo, a representative of one of ethereum’s largest mining pools, BW.com, declared via WeChat this morning that his firm would use its hashing power to attack the Ethereum Classic network.
This is not about whether you are pro or contra hard fork. This is about a Chinese mining pool abusing their power for what they think is right.
This time it is "just" Ethereum Classic but there is no guarantee that they won't use shady and harmful practices on the Bitcoin network. Quite the contrary they showed that they are willing to do whatever it takes to get their will.
Please stay away from Chinese pools.
'''
BW.com threatens ET Classic with 51% attack
Go1dfish undelete link
unreddit undelete link
Author: coinx-ltc
1: www*c*i**esk.*om/e*he*eu*-hard-f**k-cr*ates*c*mp*tin*-c*rrencie*-s*p*ort-e*he*eum-cl**sic-r*ses/
Unknown links are censored to prevent spreading illicit content.
submitted by removalbot to removalbot [link] [comments]

[Altcoin Discussion] Monday, January 20, 2020

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Litecoin’s Dream Of Being Digital Silver Alongside Bitcoin In The Future Will Not Happen

Litecoin’s Dream Of Being Digital Silver Alongside Bitcoin In The Future Will Not Happen submitted by sylsau to CryptoCurrency [link] [comments]

​​31.08-7.09 Good Crypto Weekly Market Summary

​​31.08-7.09 Good Crypto Weekly Market Summary
Quick weekly news:
  • Bitfinex Owner Invests $1M in Dusk’s Security Token Exchange
  • Ethereum Classic Labs Airs New Plan to Stop Future 51% Attacks
  • Government of Bermuda Pilots Stimulus Token in Response to COVID Crisis
Other notable events include:
- People and businesses in the Swiss canton of Zug, home to “Crypto Valley,” will be able to pay their taxes in bitcoin (BTC) or ether (ETH) beginning next February.
- Pornhub, the popular adult entertainment site, has added bitcoin (BTC) and Litecoin (LTC) payment options for its Pornhub Premium product.
Also, be sure to check out top altcoin gainers and losers of the week ⬇️
Crypto for taxes
People and businesses in the Swiss canton of Zug, home to “Crypto Valley,” will be able to pay their taxes in bitcoin (BTC) or ether (ETH) beginning next February. Authorities have partnered with the Zug-based crypto broker and custodian Bitcoin Suisse, which will convert cryptocurrency payments into Swiss francs and hand them over to the tax office. The canton will accept tax payments up to 100,000 CHF (around $109,000) in those cryptos, though no partial payment will be accepted. In his statement, Zug Finance Director Heinz Tannler said the move would help to normalize the use of cryptocurrencies in everyday life.
Porn payments
Pornhub, the popular adult entertainment site, has added bitcoin (BTC) and litecoin (LTC) payment options for its Pornhub Premium product. The company is an example of legal, though untraditional, online businesses struggling with centralized payment processors: PayPal has blocked payments to the site without explanation. The company has accepted verge (XVG) since 2018 and has recently added support for dollar-linked stablecoin tether (USDT).
https://preview.redd.it/dj2meydkfql51.jpg?width=1200&format=pjpg&auto=webp&s=01c3b2507c107769a48c24eb6d3c6e87c30006aa
submitted by Kononenko_Ivan to GoodCrypto [link] [comments]

Lest we forget.

Lest we forget. submitted by Dixnorkel to btc [link] [comments]

what are real advantages of ltc over others?

- what are real advantages of ltc over others?- i mean something truly outstanding, bc im talking in long-term of crypto
- if it doesnt, so what is the different from btc? only transaction speed? any more?

tq!
EDIT: my implicit & actual question is, so if's not much different from btc, too, with PoW how ltc will be against the mother ETH and very promising project like IOTA ???
ps. tbh ltc ppl are quite quality & less bias, i gotta admit ltc's adaptation over years and it just getting better (bc its adaptation)
submitted by Spongky to litecoin [link] [comments]

morning joe

Stocks are set to end the week on a high note after four of the biggest tech stocks - Apple (NASDAQ:AAPL), Amazon (NASDAQ:AMZN), Facebook (NASDAQ:FB) and Alphabet (GOOG, GOOGL) - reported quarterly results that beat high expectations. Apple easily exceeded estimates on the top and bottom lines, and announced a four-for-one stock split, sending shares past the $400 threshold in after-hours trading. Amazon's sales soared, and operating income nearly doubled compared with the big drop analysts had expected. Facebook posted 11% revenue growth and issued stronger-than-expected sales guidance for the current quarter. Results from Google's parent were a bit murkier, showing the company's first-ever year-over-year decline in advertising revenue, but sales from its cloud-computing segment came in well above expectations. Big Tech has been Wall Street's mainstay this year, and the latest quarterly results look to accelerate that trend. Amazon and Apple are up 65% and 31%, respectively, in 2020, while Facebook and Alphabet each have gained more than 14% over the period. With all four stocks moving higher in after-hours trading, the tech titans likely will add more than $200 billion to their combined market value.
U.S. economy shrank by a third in Q2
The Commerce Department said U.S. gross domestic product collapsed at a 32.9% annualized rate in the second quarter, the steepest decline since the government started keeping records in 1947, as COVID-19 crushed consumer and business spending. Meanwhile, in a sign of a faltering jobs market, the number of workers applying for initial unemployment benefits rose for the second straight week, to 1.43 million, after nearly four months of decreases following a late-March peak. The Q2 economic contraction came as states imposed lockdowns in March and April to contain the coronavirus and then lifted restrictions in May and June, allowing growth to resume. Economists expect the third quarter to show growth, but the summer rise in infections likely will temper gains.
Senate fails to advance jobless benefits extension
Meanwhile, no signs of progress are evident in talks between Republicans and Democrats over a new coronavirus relief bill. The U.S. Senate failed yesterday to advance an effort to extend a $200 per week supplement to unemployment insurance benefits. Senate Republicans and the White House had sought to cut the supplement from $600 through September, after which those collecting unemployment benefits would get 70% of their previous wages when combined with state benefits. While much of the focus has been on the expiration of the additional $600-per-week of unemployment benefits, an eviction moratorium is receiving increasing attention as well.
China factory activity expands for fifth straight month
China’s official manufacturing purchasing managers' index came in better than expected, rising to 51.1 in July from 50.9 in June for its highest reading since March. July marked the fifth consecutive month that the closely watched measure of China's factory activity topped the 50 mark that separates expansion from contraction. Combined with China's official non-manufacturing purchasing managers' index, which indicated a slight deceleration in the service sector, the data suggests China's factories have returned to pre-coronavirus levels but consumer demand remains much weaker, which means inventory is piling up.
Chinese-backed hackers reportedly targeted Moderna for vaccine data
China rejects charges that hackers linked to its government targeted Moderna (NASDAQ:MRNA) to steal data related to research on a coronavirus vaccine. Citing an unnamed U.S. security official, Reuters reported yesterday that Chinese hackers targeted the U.S. biotech firm earlier this year. Moderna said it had been in contact with the FBI and was made aware of the suspected "information reconnaissance activities" by a hacking group mentioned in last week's Justice Department indictment, where two Chinese nationals were accused of spying on the U.S., including three unnamed U.S.-based targets involved in medical research to fight COVID-19. The two other unnamed medical research companies mentioned in the Justice Department indictment are described as biotech companies based in California and Maryland - descriptions that could fit Gilead Sciences (NASDAQ:GILD) and Novavax (NASDAQ:NVAX). Go deeper: J&J (NYSE:JNJ) COVID-19 vaccine candidate shows positive effect in primate study.
Amazon's $10 billion Internet satellite plan wins FCC approval
While overshadowed by the company's earnings, Amazon.com's (AMZN) tech ambitions got a boost as the FCC approved its $10B plan to put thousands of satellites in the sky to provide high-speed Internet to unserved and underserved areas. The company's Project Kuiper - using 3,200 low Earth orbit satellites - would compete in that area with the Starlink project at SpaceX (SPACE).
Australia to force Google, Facebook to pay for news
Australia will become the first country in the world to force Facebook (FB) and Google (GOOG, GOOGL) to pay publishers for the news content featured on its sites. It will give the companies three months to negotiate fair pay with media businesses there, a move to ensure competition and consumer protection as well as a sustainable media landscape. Other companies are likely to be targeted for similar moves by Australia's government later.
U.K. fraud office charges Airbus subsidiary over Saudi deal
The U.K.'s major economic crimes investigator has charged Airbus' (OTCPK:EADSY) subsidiary GPT Special Project Management and three individuals in connection with a defense contract the country arranged with Saudi Arabia. Airbus says the Serious Fraud Office's investigation related to contractual arrangements that predated its acquisition of the subsidiary. The charges represent a step forward in one of the SFO's most politically sensitive probes, which has been viewed as a potential threat to the U.K.'s relationship with the Saudis. Go deeper: Airbus works to slow cash burn, puts brakes on production.
What else is happening...
Walmart (NYSE:WMT) memo points to cutting jobs in 'streamlining.'
Facebook (FB) finally securing rights to show music videos.
Twitter (NYSE:TWTR) account breach involved phone-based phishing attacks on employees.
Thursday's Key Earnings Apple (AAPL) +6.3% PM on strong earnings, stock split. Amazon (AMZN) +5.5% PM on strong Q2 earnings, Q3 guidance. Alphabet (NASDAQ:GOOG) flat PM after soft ad revenue. Facebook (FB) +5.9 PM on strong earnings, user growth. Ford Motor (NYSE:F) +2.5% PM despite seeing weak FY demand. Gilead Sciences (GILD) -3.6% PM as pandemic disrupts earnings. US Steel (NYSE:X) flat PM after Q2 loss, upbeat Q3 guidance. Electronic Arts (NASDAQ:EA) flat PM after Q2 beat, better-than-expected FY guidance. LTC Properties (NYSE:LTC) -3.2% AH as Q2 rental revenue takes a hit. Xilinx (NASDAQ:XLNX) -2.7% PM on in-line Q2, outlook. Stryker (NYSE:SYK) -2.8% AH despite Q2 beat. Vertex Pharmaceuticals (NASDAQ:VRTX) +1% AH on robust Q2 Trikafta sales. OPKO Health (NASDAQ:OPK) -6% PM after healthy Q2 earnings. Atlassian (NASDAQ:TEAM) -7% PM on FQ4 customer weakness, downside EPS forecast. Exact Sciences (NASDAQ:EXAS) -3% AH on pandemic disrupting Q2 revenue. Expedia (NASDAQ:EXPE) -6% PM after massive Q2 bookings dip. Seattle Genetics (NASDAQ:SGEN) -2% AH despite Q2 beat. Cabot Oil & Gas (NYSE:COG) flat PM after Q2 beat, unchanged guidance. XPO Logistics (NYSE:XPO) -4% AH on weak Q2 shipping metrics. Shake Shack (NYSE:SHAK) -4.8% AH on Q2 miss, pulled Q3 guidance.
Today's Markets In Asia, Japan -2.82%. Hong Kong -0.47%. China +0.71%. India -0.26%. In Europe, at midday, London -0.17%. Paris +0.01%. Frankfurt +0.27%. Futures at 6:20, Dow +0.13%. S&P +0.19%. Nasdaq +0.84%. Crude +0.45% to $40.05. Gold +1.48% to $1,995.90. Bitcoin +1.83% to $11,161. Ten-year Treasury Yield -1.3 bps to 0.53%
Today's Economic Calendar 8:30 Personal Income and Outlays 8:30 Employment Cost Index 9:45 Chicago PMI 10:00 Consumer Sentiment 1:00 PM Baker-Hughes Rig Count 3:00 PM Farm Prices
submitted by upbstock to Optionmillionaires [link] [comments]

The influence of halving on the development of the cryptosphere

The influence of halving on the development of the cryptosphere
Hello, dear community. In this post, we will tell you about the influence of halving on the development of the cryptosphere.
What is halving?
It’s probably from the name that Halving is a halving. That is, with each new halving, the reward of miners for each block added to the blockchain is halved. Currently, miners receive a reward of 12.5 bitcoins per block. Remuneration reduction occurs every 4 years or after approximately every 210 thousand blocks added.
How does it affect the cryptosphere?
In such a situation, different cryptocurrencies can behave differently. In the best case, cryptocurrency can grow in price. Due to this, the profitability of mining can increase, thereby reducing the likelihood of the “51% attack”. However, this will also lead to a decrease in the yield of the asset’s extraction. In the worst case, there will be a decrease in the number of miners and a drop in the value of the coin.
It is very difficult to make accurate predictions about the development of the cryptosphere, which is typical for cryptocurrencies in general.
“The study shows that assets carrying out halving - both before and after it - do not work better than other market participants. In terms of the two most notable cryptocurrencies with Bitcoin (BTC) and Litecoin (LTC) halving, we see the opposite behaviour,” said Strix Leviathan experts.
In PZM Cash, each member of the network receives a reward for his work. It consists of two parts: commissions from the total amount of transactions that are included in the block (here some realize the ability to set a higher commission in their transaction so that the miner has an incentive to add a transaction to the block he forms), and a fixed fee for the block (for mining). A fixed block reward may decrease over time, for example, how bitcoin halving works.
Thanks to the improved PoS algorithm, a very wide circle of users got the opportunity to participate in the network and receive rewards in PZM Cash.
Join the PZM Cash community and get your rewards!
https://preview.redd.it/9j1xw47z32s41.png?width=1200&format=png&auto=webp&s=dc5fa4e4db51210094d93354d2a53790e7311fa4
submitted by PZMCash to PZMCash [link] [comments]

Cryptocurrency technical analysis: bears drive the crypto market movement

Cryptocurrency technical analysis: bears drive the crypto market movement

Cryptocurrency technical analysis: bears drive the crypto market movement
The negative sentiment continues to reign in the crypto asset market, as indicated by technical and fundamental analyzes. Thus, the drop in demand for many top altcoins caused by the bitcoin correction has already led to the fact that the bears have reached many targets located in the support area. At the same time, several interesting events took place on the crypto market over the past working week. On July 15, it became known that the Chinese authorities will test the digital yuan on the largest supplier of groceries and food delivery Meituan Dianping. The work of the Chinese CBDC is already being tested by McDonald’s corporations, Starbucks and DiDi, the largest taxi aggregator in the Middle Kingdom. On June 16, Samsung announced the start of a partnership with Stellar, within which the developments of the blockchain project will be integrated into the Samsung Blockchain Keystore and Samsung Galaxy smartphones. Also, one cannot fail to note the large-scale hacking of the social network Twitter. On the night of July 15–16, unknown attackers gained access to 130 accounts of prominent businessmen, politicians and opinion leaders. As a result, fake Elon Musk, Changpen Zhao, Bill Gates and Barack Obama posted messages calling for bitcoins to be sent to them, which allowed them to collect 12.86 BTC.

Bitcoin

On the four-hour chart, bitcoin develops a very clear movement along the levels from the point of view of technical analysis. After retesting the resistance at $9500 and the lower boundary of the “Triangle” pattern, BTC quotes rushed down to the first target at $9150. If in the coming days the price consolidates below the support level, then in the short term we should expect the development of a downtrend. The closest targets for sellers will be $9000 and $8760 (38.2% correction at Fibonacci levels). At the same time, the persistence of negative sentiment in the stock market will be a signal for the digital currency market, which will continue to fall until the beginning of autumn and the recovery of the business cycle.
In the long term, this may lead to a decline to supports at $8330 and $8050. But in order to push the price lower, the bears will need to exert enormous forces. Moreover, from these levels, whales will begin to gain new positions, which will push the bitcoin price up and launch a medium-term growth trend. It will confirm its departure above the 200-day simple moving average (SMA) line and the closing of Japanese candlesticks above $9500. In the long term, this will make it possible to achieve medium-term goals in the form of clusters of $9,900- $10,000 and $10,400- $10,500.

BTC / USD chart, four-hour timeframe

So far, the first cryptocurrency also cannot form a global trend, and this has led to the fact that Bitcoin continues to consolidate movement within the $8900 cluster (50% correction at Fibonacci levels) — $9580. BTC quotes have already dropped below the $9,300 level, which could lead to sales up to $8,900. In the future, we should expect Bitcoin to test the targets of $8600 and $8220, where the 200-day moving average (MA) line and the lower border of the technical analysis model “Triangle” (on the chart below, its borders are marked in orange).
For a short time, BTC quotes may even drop to supports at $7400 and $6800, but the forecast for the price rebound back up and the formation of a long-term upward trend seems more likely. This will allow Bitcoin to reach the $10,000 and $10,500 levels, and their subsequent breakout will allow the asset to rush to the $11,000, $11,200- $11,300 and $11,800 levels by the end of the year.

BTC / USD chart, daily timeframe

Ethereum

The altcoin market is also developing neutral dynamics so far, but more and more signals appear on the charts that speak in favor of the development of a downward movement.
Big capital is not yet ready to acquire digital assets at a price that has grown strongly since March.
Ether price develops along the $233 level (11.4% Fibonacci retracement line) and within the framework of consolidation within the $220- $251 range. The drop in the total demand for digital assets will lead to a decrease in the cost of ether towards the first target in the form of consolidation of $195- $200, where the 200-day MA line is located. The further course of trading will be determined by the appearance or absence of demand for cryptocurrencies. In the long term, by the end of the year, we should expect a move above $251 to the resistance areas of $280, $300 and $320.

ETH / USD chart, daily timeframe

Litecoin

On the daily chart, Litecoin continues to consolidate above the support boundaries in the form of a $40- $42 cluster, which takes the form of the Andrews Pitchfork technical analysis model. The development of the downward dynamics will lead to the fact that the cost of LTC will drop to $36 and $30.60. But in the medium term, we should expect the quotes to move above the 200-period MA line, which passes in the resistance area of $47.45. Overcoming it in the coming months will allow LTC quotes to soar to the levels of $51.50 (38.2% correctional level along the Fibonacci lines), $56.80, $60.80, $65 and $70.

LTC / USD chart, daily timeframe

Bitcoin Cash

The Bitcoin fork began to decline after the breakout and a very clear retest of the lower boundary of the technical analysis model “Triangle” (on the chart below, its boundaries are marked in pink). At the same time, the Bitcoin Cash quotes remain within the framework of a broader consolidation in the form of the “Horizontal Channel” $200- $272. However, the priority trading scenario remains a decline in Bitcoin Cash to the $200 level. There is also a high probability of updating the March lows in the $170 and $150 regions.
However, in the months ahead, expect BCH to move above $272, where the 200-day SMA line passes, paving the way to the $305, $356 and $400 levels.

BCH / USDT chart, daily timeframe

XRP

XRP is also under the influence of bears, leading to a decline towards the resistance level at $0.2050. In the coming weeks, the asset may test the support at $0.18, where the lower border of the Descending Triangle model lies. The development of the downward movement will allow XRP to test the support at $0.16 and $0.1470.
But in the medium term, a signal for a reversal of the downtrend may appear in the event of a break above the 200-day MA line passing at the level of $0.2360. If this happens, then in the second half of 2020 XRP will be able to reach important targets at the levels of $0.2540, $0.27, $0.2860 and $0.30.

XRP / USD chart, daily timeframe

Binance Coin

Binance Coin tried to break the bottom of the Ascending Triangle, but failed. The current quotes are supported by the 200-day SMA line and the boundaries of the $15.30- $16 area. Maintaining the downward momentum will allow BNB to rush down to the supports at $13.80 and $11.50.
But the most likely scenario looks like a final consolidation above the 200-day MA. This will open the way to the current resistances at $17 and $18.14, as well as the first target in the form of a $19.36- $20 cluster. Testing of the $21.30 and $23.50 levels is also expected in the coming months.

BNB / USDT chart, daily timeframe
Now more and more crypto assets are showing a willingness to succumb to bearish pressure, which will send quotes into a short decline that will last over the next few weeks. But by the end of the year, we should expect the activity of whales, which will begin to massively buy cryptocurrencies. This will undoubtedly send their value into a long-term upward rally.
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submitted by Smart_Smell to Robopay [link] [comments]

When Circle & ABRA say that BTC will be the backbone of everything - are they just "avoiding" correcting themselves to mean LTC>

Can someone explain why we have heard the narrative that ABRA choose LTC to be it's underlying backbone but they had to start out with BTC at launch, but it doesn't get pushed much. I have had a Chat with Ahmed at ABRA recently where he confirmed they are all switched over to LTC now as of the first of the year.
At the same time I've read articles that Jack Dorsey (I think) believes BTC will be the sole backbone for all on the blockchain. But, I thought LTC and LN and Atomic Swaps were all created so that LTC could essentially take the "backbone," role for BTC transactions.
So I don't quite understand what is happening when Bill at Abra and Jack at Circle speak SOLELY about Bitcoin in this way. Are they just thinking that the BTC brand is so much stronger - so why confuse people about LTC's critical role - and just lump it all in and call it "the Bitcoin / Blockchain?"
Can someone confirm what is going on here?
submitted by danpolage to litecoin [link] [comments]

PoW or PoS: The Difference Between Mined and Non-Mined Crypto

PoW or PoS: The Difference Between Mined and Non-Mined Crypto
The whole crypto world discusses how Ethereum will switch from Proof of Work to Proof of Stake now. This change can significantly affect the cryptocurrency market. What are the positive and negative sides of PoW and PoS?
Cryptocurrencies can be divided into two types: those that can be mined (Bitcoin, Litecoin, Monero) and pre-mined ones (Ripple, Stellar, Cardano, EOS, NEO).

What is the big difference?

Although they differ in the method of generation, the basis of both types of crypto is the same: verification. Every transaction processed by the network must be verified by someone to ensure that virtual money has not been spent twice. Here we are talking about the difference in the verification process. Transaction groups are combined into a block; after verification, the block joins other previously confirmed blocks, and create a chain of transactions, or blockchain.

PoW: Mined Crypto

Mining is a process in which individuals, groups, or companies solve complex mathematical equations to verify transaction blocks using powerful computers. These math problems are part of the encryption process that protects transactions from cybercriminals and third party access.
The first who solves the problem and signs a block of transactions receives a reward. The miner, who confirmed the block of transactions e.g. in the Bitcoin network, receives a reward in BTC.

Disadvantages of Mined Crypto

  • Mining can be very expensive due to the large amounts of electricity consumed. In mined crypto with less capitalization, competition is usually lower than in BTC.
  • BTC mining requires special ASIC chips, that are combined into huge farms. Electricity is one of the main expenses for these projects. That is why China, where electricity is relatively cheap, has become a home to four of the five largest Bitcoin mining companies in the world.
  • Mining farms have to spend significant money funds on new equipment, which becomes out of date very fast.
  • Large projects need additional cooling, as servers and graphics cards heat up to high temperatures during operations.
  • The Proof-of-Work model is potentially vulnerable to a 51% attack (when a group of people with 51% of the computing power gains control of the network and its participants). For popular cryptocurrencies such as Bitcoin (BTC), Litecoin (LTC), and Monero (XMR) this is not a problem due to their large capitalization. However, minor cryptocurrencies with long block processing times and low daily volumes are risking a lot.

PoS: Non-Mined Crypto

At the other end of the spectrum are pre-mined cryptocurrencies such as Ripple (XRP), Stellar, Cardano, EOS, and NEO.
In the PoS model, super-powered computers are not needed, and participants do not compete for the right to sign the next block. Thus, the costs of this approach are significantly lower. Transaction verification is carried out by cryptocurrency owners. The more cryptocurrencies you have, the longer you own it, the higher the probability that you will be selected to check the transaction block.
Certain mechanisms are built into the system that prevents the dominance of large cryptocurrency holders over the verification process. There are many random ways to select owners who get the right to sign a transaction block. This ensures that small holders have a chance to participate in the process.

Disadvantages of Non-Mined Crypto

Despite the fact that the costs of the Proof-of-Stake method are lower, PoS has its drawbacks.
  • Such cryptocurrencies are not threatened by an attack of 51%, however, another trouble replaces it — a person who posses 51% of all tokens in circulation can gain control of the network and its participants. Of course, in the case of cryptocurrencies with high capitalization, the possibility of this scenario is low, but small partners may suffer from this vulnerability.
  • The Proof-of-Stake model also gives major owners additional votes in determining the future development of the network. Most NEO tokens) belong to several founders, for instance. This helps increase transaction speed and reduces consensus-building time, but also makes cryptocurrency too centralized. In other words, in the PoS model, large players gain significant power, which is theoretically impossible with the PoW model.

Which method is better?

Both methods have their pros and cons. Nevertheless, sooner or later, some of the largest mined currencies (e.g. BTC) will reach their token limit. At this point, they will have to switch to Proof-of-Stake. Since it significantly reduces power consumption and doesn't require powerful computers, gradually all crypto including BTC will switch to a non-mined model just like Ether did.

Keep up with the news of the crypto world at CoinJoy.io
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https://preview.redd.it/2ticyj57a6051.png?width=3300&format=png&auto=webp&s=2ed429625a45588ef371862af3bc1f71a23c34a3
submitted by CoinjoyAssistant to ethtrader [link] [comments]

Charlie Lee (Litecoin founder) wants to enable Segwit on LTC. We can see how Segwit runs with such drastic economic policy changes. If it proves fine on LTC, perhaps both sides in Bitcoin can come together & adopt it. Much better to test on a $189 Million market cap versus BTC's $15 Billion!

Hear me out.
This may very well be the way to break the current gridlock between Segwit adoption and bigger blocks.
If Segwit happens to prove to be not so great, then Bitcoin can proceed with other scaling solutions like raising the block size limit.
Personally I think enabling Segwit on Litecoin will be a bad decision for many reasons (which have already been covered many times). But I'm willing to be surprised. More likely though, I think it will show everyone actually we do not want SegWit running on Bitcoin. And this would be great for moving forward.
https://medium.com/@SatoshiLite/my-vision-for-segwit-and-lightning-networks-on-litecoin-and-bitcoin-cf95a7ab656b#.ahj5uyu49
submitted by BiggerBlocksPlease to btc [link] [comments]

30+ Reasons Why Cryptocurrencies Are Worthless

1)It is possible to change the code through a miner vote or a fork and change the total supply or anything. DASH did it : they reduced the total supply from 84M to 18.9M a few years ago. They could also increase it to 999 Trillions if they wanted to so that millions of DASH are mined every week.

2)You can also fork bitcoin anytime , start over from 0 and claim it's the real bitcoin. (BCH , BSV , BTG , LTC , BCD etc)

3)Why would you pay $10,000 for a digital collectible unit called BTC when you can use BCH or TRX or LTC .. you name it. They work just as fine and cost less. There is no rarity like in gold.

4)Think of any amount you hold in ethereum as a gift card to use smart contracts on the ETH blockchain. Ridiculous. You’d rather hold a wal mart gift card or even simply cash.

5)Private keys may be bruteforced as we speak. Quintillions entries a second. When they’ll have enough bitcoins under control , they could move them all at once instantly.(At least 45,000 ETH have been stolen this way for now through ethereum bandit)SHA 256 is too old , bitcoin is 10 years old , it is not secure enough , quantum computing could potentially break it.

6)And that’s if people don’t find a way to create an infinite amount of coins to sell on exchanges.. it happened with monero , stellar , bitcoin , zcash , zcoin , eos , etc..

proofs :

“Bitcoin , Coindesk : “The Latest Bitcoin Bug Was So Bad, Developers Kept Its Full Details a Secret”an attacker could have actually used it to create new Bitcoin — above the 21 million hard-cap of coin creation — thereby inflating the supply and devaluing current bitcoins.”

Stellar : “Stellar Inflation: Glitch Leads to 2.25 Billion Extra XLM Printed”

Monero : “A bug in the Monero (XMR) wallet software that could enable fake deposits to exchanges has been recently brought to public attention through a Medium post”

Zcoin : Forged coins were created, but not exceeding 1% of the circulating supply. We will release further details on exact numbers when Sigma is released.

EOS : “Hackers Forge Billion EOS Coins to Steal Real Crypto From DEX “

Zcash : “Zcash Team Reveals It Fixed a Catastrophic Coin Counterfeiting Bug” etc..

7)Segwit , and especially Lightning network is a very complex technology and it will inevitably have flaws , bugs , it will be exploited and people will lose money. That alone can cause bitcoin to drop very low levels.

8)Then miners may be losing millions so they will stop mining , blocks may be so slow , almost no transaction will come though , and bitcoin may not have enough time to reach the next difficulty adjustement. This is reffered to as a death spiral. Then every crypto even those with no mining involved may crash hard.

9)Many crypto wallets are unsafe and have already caused people to lose all their investment , including the infamous “parity wallet”.

10)It is NOT trustless. you have to trust the wallet you’re using is not just generating an address controlled by the developper , you have to trust the node the wallet connects to is an honest node , you have to trust a Rogue state or organization with enough computing power will not 51% attack the network. etc..

11)Bitcoin is NOT deflationary. Bitcoins are created every blocks (roughly every 10 minutes) and you wil be dead by the time we reach the 21 million current hard cap.

12)Bitcoin price may artificially be inflated by Tether.

13)It’s an energy waste , an environmental catastrophy.

14)The only usecases are money laundering , tax evasion , gambling , buying on the dark net , evading sanctions and speculation.

15)Governments will ban it if it gets too big , and they have a big incentive to do so , not only for the obscure usecases but also because it threatens the stability of sovereign currencies. Trump could kill bitcoin with one tweet , force fiat exchanges to cease activity.

16)Most cryptos are scams , the rest are just crazy speculative casino investments.

17)It is pyramidal : early adopters intend to profit massively while last comers get crushed. That's not how money works. The overwhelming majority of crypto holders are buying it because they think they will be able to sell it to a higher price later. Money is supposed to be rather stable. That's why the best cryptocurrencies are USDT USDC etc..

18)The very few stores accepting bitcoin always have the real price in the local currency , not in bitcoin. And prices like 0.00456329 BTC are ridiculous !

19)About famous brokers listing bitcoin : they have to meet the demand in order to make money , it doesn't mean they approve it , some even short it (see interactive broker's CEO opinion on bitcoin)

20)People say cash is backed by nothing and losing value slowly , and yes it is very flawed , but there is a whole nation behind it , it's accepted everywhere , you can buy more things with it.

21)Everybody in crypto thinks that there will be a new bullrun and that then , they will sell. But because everybody thinks it will happen , it might not happen. The truth is past performance doesn’t indicate future performance and it is absolutely not guaranteed that there will ever be another bullrun. The markets are unpredictable.

22)Also BTC went from about $0.003 to the price it is today , so don’t think it’s cheap now.

23)There is no recourse if you’re scammed/hacked/made a mistake in the address etc. No chargebacks. But it might be possible to do a rollback (blockchain reorganization) to reverse some transactions. BSV did it.

24)In case of a financial crisis , the speculative assets would crash the most and bitcoin is far from being a non speculative safe heaven ; and governments might ban it to prevent fiat inflation to worsen.

25) Having to write down the private key somewhere or memorize it is a security flaw ! It’s insane to think a system like this will gain mass adoption.

26) The argument saying governments can not ban it because it is decentralized (like they banned drugs) doesn’t work for cryptos. First , drugs are much harder to find and much more expensive and unsafe because of the ban , and people are willing to take the risk because they like it. But if crypto is banned , value will drop too much , and if you can’t sell it for fiat without risking jail , goodluck to find a buyer. Fiat exchanges could close. Banks could terminate every crypto related bank account. And maybe then the mining death spiral would happen and kill all cryptos.

27) Crypto doesn’t exist. It’s like buying air. It’s just virtual collectibles generated by a code. Faguzzi, fugazzi, it’s a whazzie, it’s a whoozie.. it’s a.. fairy dust. It doesn’t exist. It’s never landed. It’s no matter, it’s not on the elemental chart. It… it’s not fucking real!

28) Most brilliant guys have come out and said Bitcoin was a scam or worthless. Including Bill Gates , Warren Buffet , The Wolf Of Wall Street…

29) Inflation is necessary for POW , BTC code will have to be changed to bypass the 21M cap or mining will die ! If BTC code is not changed to allow for miners to be paid reasonably , they will cease mining when the bitcoin block reward gets too low.Even monero understood it ,the code will have to be changed to allow for an infinite bitcoin supply (devaluating all current bitcoins) or the hash will decrease and the security of bitcoin will decrease dramatically and be 51% attacked

30) Don’t mix up blockchain and cryptos. Even blockchain is overrated. But when you hear this or that company is going blockchain , it doesn’t mean they support cryptocurrencies.

31) Craig Wright had a bitcoin mining company with Dave Kleinman (he died) and on january 1 2020 he claims he will be able to access the 1.1M BTC/BCH/BTG from the mining trust. He may or may not dump them on the market , he also said BTC had a fatal flaw and that by 2019 there will be no more BTC.

32) Hacks in cryptos are very common and usually massive. Billions of dollars in crypto have been stolen in the last 6 years. In may 2019 Binance was hacked and lost 7,000 BTC (and it’s far from being the biggest crypto hack).

33) Bitcoin was first. It's an ancient technology. Newer blockchains have privacy, smart contracts, distributed apps and more.Bitcoin is our future? Was the Model T the future of the automobile? (John Mc Afee)

34) IOTA investiguating stolen funds on mainnet. IOTA shuts down the whole network to deal with trinity wallet attack.

35) Compared to bitcoin other cryptos work just as fine and don't waste so much energy.

36 ) Everytime miners disagree on the updates it will create another version of bitcoin : problem of governance and legitimacy.

37) Cryptos are only legitimate if they act as a credit for a redeemable asset like USDT or gold backed coins.


While the native language of the writter is not english , I think you get the point and it doesn't make it any less relevant.
submitted by OverTheRedHills to u/OverTheRedHills [link] [comments]

Namecoin is currently 51% attack vulnerable right now.

I know this belongs in /namecoin, but there isn't a lot of activity there, and I'm curious what they could do with this, as its all about a blockchain hopefully someone here can help me understand this a little better. Thanks in advance for anything I learn of this, it's fascinating to me.
Ghash.io has 54.4% nmc hashpower.
My original post...
http://www.reddit.com/Namecoin/comments/1v7ypd/namecoin_is_51_vulnerable_right_now_wont_this/
submitted by DeviousNes to Bitcoin [link] [comments]

Another notch in fair value's cap - An analysis from the University of Texas alleges Tether manipulation of BTC's price and cryptocurrency markets in general. Fair value remains wholly immune to such manipulation however!

Edit: This thread is being heavily downvoted, most likely by the Monero community which trolls and attacks this information whenever they get the opportunity. Originally around 15-20 upvotes, they make sure to keep it at 9-11 now. Fair value exposes that Monero's true economy is a small fraction of what exchange price says it is, thus the abject and instant hatred of this information. This is censorship and the Monero community should be shunned for engaging in it.
Link - University of Texas – Tether is used to provide price support and manipulate Bitcoin price
The most important parts:
First, if the Tether founders, like most early cryptocurrency adopters and exchanges, are long on Bitcoin, they have a large incentive to create an artificial demand for Bitcoin and other cryptocurrencies by ’printing’ Tether. Similar to the inflationary effect of printing additional money, this can push cryptocurrency prices up.
Second, the coordinated supply of Tether creates an opportunity to manipulate cryptocurrencies. When prices are falling, the Tether creators can convert their Tether into Bitcoin in a way that pushes Bitcoin up and then sell some Bitcoin back into dollars to replenish Tether reserves as Bitcoin price rises.
Tether is created, moved to Bitfinex, and then slowly moved out to other crypto-exchanges, mainly Poloniex and Bittrex. Interestingly, almost no Tether returns to the Tether issuer to be redeemed, and the major exchange where Tether can be exchanged for USD, Kraken, accounts for only a small proportion of transactions. Tether also flows out to other exchanges and entities and becomes more widespread over time as a medium of exchange.
Ok, so here we are. We've discussed this before. As others have noticed, as well as myself this should be familiar territory, right? Tl;dr Fair value is a much better way for us to price our coins than using exchanges. Why is this? Well read the article and quote above. The site where they calculate it is:
https://www.coinfairvalue.com/
And their reference page for further reading is here:
https://www.coinfairvalue.com/reference/
The way this manipulation works is that these groups use Tether to support their assets and make them look better on exchanges. This is not inline with investor demands or activity, which means its speculation designed to create long term uncertainty in the real price of the underlying assets in question (BTC and so-called 'alt' coins). I.e. MANIPULATION. This is done mainly to force the narrative on us that BTC remains the huge dominating cryptocurrency with a majority of the market share.
Also, as another user points out in the comments, to make blockstream coins look bigger. So that's Monero, LTC and BTC. But it is all a mirage. By fair value, e.g. BTC is only about 30% of the entire community and falling. This is as opposed to BTC's ~60% dominance by exchange price.
Monero is even worse, on CMC Monero has a market cap of 1.54 billion. Fair value shows Monero's only worth $495,181,957 or 1/3rd its exchange market cap. Also don't forget that Monero's fair value was artificially 'boosted' by $10 early this year during a significant bear market that almost saw the coin destroyed. That boost was never removed, so Monero's fair value is likely $10 less than what it is now, making it even smaller.
BTC is not useful for POS. According to Ryan Taylor who is the CEO of Dash Core Group (DCG) the protocol developers for Dash, about 95% of retail payments still happen at the point of sale in real life. That means that if you can't do that you're not a real currency. We know that other coins such as Dash and Bitcoin Cash are faster and more reliable, plus they both offer at least wallet-level support for privacy features. BTC offers Wasabi but I'm not sure how usable it is with the fee situation.
The point is that, like some other coins, BTC's usage and dominance in the market is illusory. And the means by which that illusion is maintained is price rigging. THIS IS WHY WE NEED TO SWITCH TO FAIR VALUE. Fair value is IMMUNE to exchange price rigging. COMPLETELY. If it seems like I'm yelling its because I am. We literally have the solution to this problem staring us in the face for a year and a half at least now and do not use it.
Because it relies on intrinsic data for each coin, instead of external 'exchange pricing', fair value is immune to the following:
  1. to whale movements (large buys/sells on exchanges),
  2. price manipulation (because you'd have to control all four variables in order to manipulate it, which would require controlling all economic participants, so its kind of like POW in that you require a 51% majority to rewrite a block. With fair value, you need to control some majority of the actual chains economic activity to manipulate it. While with price OTOH you only have to control an average across a few low-liquidity exchanges, which is easy).
  3. BTC pricing of entire market, since fair value relies on each chain's data only and doesn't price one chain in the currency of another like exchanges do with BTC and the entire alt market
  4. Biases towards coins with larger supplies. Market cap = price * supply, but supply is an arbitrarily chosen number which means coins with larger supplies will be artificially larger than coins with smaller ones.This must be accounted for or discounted like the TDS - Total Discounted Supply that fair value uses. Basically, fair value is a pro-tool that allows us to peek behind the veil so to speak and see what the real value of our cryptocurrency economies are free from manipulation and bias. I.e. 'Fair'.
How is fair value immune to price manipulation?
Understand what fair value is and what price is. They are actually the same thing. The difference, however, comes in how they're calculated and arrive at their value. Exchange price is closer to an 'educated guess' than an actual measurement, so the example below is a bit more generous than it should be. Fair value, however, is a direct measurement of the value the people who own the coins are giving them away for. To vizualize this difference, imagine trying to figure out how fast a car is going on a stretch of road. Now, let's say you have two experimenters, exp. 1 and 2.
Exp 1 is given access to the total trip location data for the car as well as a data from the digital stopwatch used to time the run. The stopwatch starts as soon as the car crosses a laser sight at the beginning and the same at the end. Meanwhile, Exp 2 is given a stopwatch and told to stand at the finish line, visually confirm the beginning of the test, and start the stopwatch. Also, they are to stop the watch manually as soon as the car passes. Which experimenter is likely to have the more accurate conclusion of the car's velocity?
Its obvious that exp 1 should come out on top most of the time, but why? Because his data is more reliable than exp 2. Sure, if you gave exp 2 10 test laps to average it out, a coffee to keep from being bored, and a good stop watch you should be able to get some close results. But what if the experimenter has bad eyesight? Slow reaction time? Is malicious/paid off/biased for some reason?
In these cases, there's a lot more room to fudge the data and come up with bad answers. That's the difference between fair value and exchange price. Exchange price is an educated guess at what the people who hold cryptocurrencies think they're worth; however, this guess is almost completely disconnected from the blockchains themselves, since exchange trades happen almost entirely off-chain.
As you can see from this article, there are several flaws to the exchange pricing mechanism that allow easy manipulations to take place under cover of the sea of data that is crypto transactions. The entire market being priced in one asset (BTC) being a huge one. You can literally wipe billions of dollars of value out of the market using just one asset. Do we know any people who like doing things like that? Hmm, I wonder.
Fair value is cryptocurrency pricing done the right way. Using data from the blockchain, i.e.
  1. Daily transactions
  2. Total discounted Supply (different than just issued coins)
  3. Basket
  4. Velocity
Fair value is able to much more accurately assess the true price that the people who own the coins are selling them for. And because fair value comes from the chains themselves instead of exchanges, which do not make the vast majority of their trades on-chain, fair value is completely immune to every problem that plagues our price reviews on exchanges! Fair value is priced by each coin's data so no "BTC crashes entire market" again. No whale moves manipulating the price (unless its an actual whale making an actual price, but even then the larger the market becomes the more the whale turns into a minnow). No more Tether shenanningans! Fair value is what we didn't know we needed, way before we needed it.
submitted by thethrowaccount21 to btc [link] [comments]

Coinbase clears up misconceptions about ASICs, ASIC-resistance and how Proof of work works in new blogpost

Edit this post and my other cross-posts here are being heavily downvote brigaded by the very aggressive and forceful monero community. In the last couple days alone I have lost more than 100 comment karma, from over 1100 to 948, to these aggressive individuals seeking to manipulate the narrative, and 'lean on me' to stop posting information they don't like. This thread itself had roughly 14-17 upvotes. Now 5-8. Proof that I'm being vote brigaded is that I have nearly 3 times the donuts in Ethtrader than I have comment and post karma, COMBINED! This is despite the fact that I rarely post there. Which shows that most people appreciate my posts, but the monero community wants to hide that and control the narrative!
If you look at my comment karma by sub breakdown, visible in this comment here, you can clearly see that if you sum up my comment karma, I should have around ~2200. In dashpay alone I have 1300 comment karma. Yet if you hover over my username, I only have 906. This is due to vote brigading and is damning proof of it.
They refuse to allow discussions to take place naturally because their coin is not very good. Its very slow, you can only spend your funds once every 20 minutes (!!!), and its privacy was severely broken in the past, Monero Privacy Protections Aren't as Strong as They Seem | WIRED , and they are using intimidation and breaking the rules of reddit by massively downvoting my posts and comments to hide this information, like bullies and thugs would do.
Guess what guys? I don't care! TAKE MY COMMENT KARMA DOWN TO 0!! THAT JUST PROVES THAT YOU'RE LOSERS WHO CAN'T ACCEPT THE TRUTH AND THEREFORE MUST RELY ON CENSORSHIP AND COERCION. I WILL NEVER STOP TELLING THE TRUTH ABOUT YOUR COIN AND YOUR TOXIC COMMUNITY, SO DO YOUR WORST!
https://blog.coinbase.com/how-coinbase-views-proof-of-work-security-f4ba1a139da0
There has been a lot of discussion both in btc and the greater cryptocurrency community alike about the importance of POW and how it relates to the economic incentives that undergrid the day-to-day operation of cryptocurrency networks. I believe because so many people do not truly understand the innovation of POW that they become easily confused and fall for scams like POS and ASIC-resistance. Luckily, Coinbase has explained some of their rationale behind their decisions to accept certain coins after a certain number of blockchain confirmations.
Different cryptocurrencies add to their blockchains in different ways. In cryptocurrencies that utilize proof of work, the blockchain is extended by a process known as mining. Miners bundle newly announced transactions together into data structures called blocks, which are added to the blockchain.
A miner attempts to add a block by solving a proof of work puzzle unique to the proposed block. If the miner can find a solution to the puzzle, the miner will announce the block and its solution to the rest of the network. The rest of the network will recognize the valid proof of work solution and consider the proposed block as the most recent addition to the blockchain. Notice that there is no permission required for a miner to produce a block, a fact that allows miners to enter and leave the network at will.
Seems pretty standard, right?
Claim one: It is a security feature for a particular coin’s mining operations to be the dominant application of the hardware used to mine that coin.
This is important as we have seen for smaller coins with larger coins with the same mining hardware. As we've seen with BCH, its possible for larger coins to 'attack' coins with less hashpower, which is why the fliippening is so important for us as a community. As soon as the market prices in the fact that BCH has a superior user experience to BTC, then the miners will 'flip' their hashrate to BCH and BTC will maintain a minority position.
I contend, however, that for this to happen, we first need accurate pricing mechanisms so that when we assess how the market is responding, we are not being mislead by exchange price manipulation which I contend is very heavy currently in this thread: The REAL reason for the price decline or the anatomy of a shakedown! Exchange price manipulation is behind the recent 'decline'. If we use fair value instead to price our coins, we can see an actual, objective comparison. For example, BCH is now only $294.9 to BTC's $9,068.75 or only 3%, but how much of this is exchange manipulation? According to fair value, BCH is actually worth $528.24 while traditional BTC is only worth $6,096.09 for a ratio of ~9% which is 3 times better than exchange price would have you believe!
Owners of the hardware lose the value of their investment if the primary application of the hardware loses value.
Hardware owners are incentivized to consider the long term success of the main application of their hardware. The longer the lifetime of their equipment, the more invested they become in the long-term success of the hardware’s primary application. At time of writing, Bitcoin ASICs are beginning to have significantly longer useful lifespans as efficiency increases of newer models are diminishing.
Another thing they point out is that ASIC resistance is a fool's game:
Algorithm changes to “brick ASICs” simply allow the massive general purpose computational resources of the entire world to mine, and potentially disrupt, a cryptocurrency at will. Coins that have implemented “ASIC-resistant” algorithms have been, empirically, very susceptible to 51% attacks for this very reason. Notable examples of ASIC-resistant coins that have been successfully 51% attacked include BTG, VTC, and XVG. To date, there is not a single case where a coin that dominates its hardware class has been subject to a 51% double spend attack.
As I pointed out earlier this year in this thread, Further evidence that, despite what's detractors desperately want you to believe, fair value is accurately tracking the wealth in the market in real time! Monero's fair value decreases by 40% as miners leave network, Monero also was under a unique, far worse form of 51% attack this year that nearly completely destroyed their community. As further evidence I was correct above, only fair value accurately reflected the change in Monero's worth. The price, on the other hand, remained sky-high. This is heavy evidence of exchange price manipulation and another reason why ASIC resistance doesn't work.
By actively forcing and keeping ASICs off the network, the monero community continued building an ASIC-free ecosystem and economy based on low-hash CPU and GPUs. Which meant that when an asic was actually developed as we know they always will be that economy would be destroyed. You went from a 'large' community of solo miners on CPUs and GPUs to a single entity getting the majority of the hashrate and bankrupting the entire community. This happened wtih every coin when they moved to ASICs. The difference with Monero? Monero's move to ASICs will have been artificially delayed until the community is so large that the introduction will BANKRUPT the majority of economic participants mining! This is worse than a traditional 51% attack and it succinctly summarizes why ASIC resistance is bad idea.
The main takeway:
No algorithm is ever ASIC-proof, merely ASIC-resistant
For any particular computational problem, hardware specialized to solving specifically that problem will always be more efficient than general purpose hardware. In addition to the advantages of writing application-level logic directly into the circuitry, specialized hardware does not need to be burdened by other requirements of general purpose hardware, such as security isolation, clock interrupts, context switching, and other tasks required to support multiple applications. Thus, no proof-of-work algorithm is ever ASIC-proof, merely ASIC-resistant.
Empirically, ASIC-resistant algorithms have repeatedly failed to prevent the development of ASICs. Prominent examples include scrypt (LTC), equihash (ZEC, BTG), ethhash (ETH), and cryptonite[sic] (XMR).
So the takeaways from this are:
  1. If we want to have accurate, objective pricing information, we must use fair value to levelize the supplies between different coins, and to remove false price influences like Tether, whale movements and the fact that exchanges price all coins in BTC, which allows BTC the uncanny ability to move and negatively affect the entire market.
  2. ASIC-resistance is and always has been a fool's game. ASICs are a natural progression of cryptocurrencies that have grown sufficiently in size and popularity, and 'resisting' this move is a form of arrested development akin to 'puberty-resistance' or 'potty-training-resistance'. Its just nonsensical.
In order to make money in cryptocurrencies, we have to keep our heads on straight and not be swept away by popular opinion without good cause. ASIC-resistance is a red-herring that does nothing be destroy the value on your chain. Luckily, most communities like ZCash, Dash, Bitcoin Cash, Bitcoin accept and understand this basic fact. Thanks for reading!
submitted by thethrowaccount21 to ethfinance [link] [comments]

CleverMining is at 44.4%! Someone do something about it!

CleverMining is at 44.4%! Someone do something about it! submitted by xblackdemonx to dogecoin [link] [comments]

Pathetic upvote manipulation

70 upvotes on a bad news, this manipulation is so obvious, it's pathetic.
You must really be afraid of Litecoin to dedicate so much time to manipulate the votes and spread fallacies. Keep on messing with this sub as much as you want, keep on running your bot, there will never be only one coin, there's nothing in the world without an alternative, just try to give one exemple, only one ?
Also, there's a reason why all other coins, even the most unknown and weak ones, are not as slow as yours. Yes, your coin is the slowest coin of all ! Now explain me why other coins are not as slow if it doesn't matter ? Why other coins copied Litecoin model successfully (Doge), but all the coins that copied your slow model are failures ? Who in his right mind would create today a coin with a total transaction time of 1 hour ? Seriously ???
Hellooo ! If there are already so many coins, there's a reason for that, if Litecoin hashrate exploded and companies are selling asics and others build big scrypt farms, there's a reason for that too. That's too bad the universe doesn't bend to you will.
I pity you, angry slow coin supporter, autism is a tragedy.
submitted by cryptodroid to litecoin [link] [comments]

To the FUD distributors...

To the FUD distributors... submitted by thistime1 to dogecoin [link] [comments]

Coinbase clears up misconceptions about ASICs, ASIC-resistance and how Proof of work works in new blogpost

Edit this post and my other cross-posts here are being heavily downvote brigaded by the very aggressive and forceful monero community. In the last couple days alone I have lost more than 100 comment karma, from over 1100 to 948, to these aggressive individuals seeking to manipulate the narrative, and 'lean on me' to stop posting information they don't like.
This thread itself had roughly 8-10 upvotes. Now 0-1. If you look at my comment karma by sub breakdown, visible in this comment here, you can clearly see that if you sum up my comment karma, I should have around ~2200. Yet if you hover over my username, I only have 906. This is due to vote brigading and is damning proof of it.
They refuse to allow discussions to take place naturally because their coin is not very good. Its very slow, you can only spend your funds once every 20 minutes (!!!), and its privacy was severely broken in the past, Monero Privacy Protections Aren't as Strong as They Seem | WIRED , and they are using intimidation and breaking the rules of reddit by massively downvoting my posts and comments to hide this information, like bullies and thugs would do.
Guess what guys? I don't care! TAKE MY COMMENT KARMA DOWN TO 0!! THAT JUST PROVES THAT YOU'RE LOSERS WHO CAN'T ACCEPT THE TRUTH AND THEREFORE MUST RELY ON CENSORSHIP AND COERCION. I WILL NEVER STOP TELLING THE TRUTH ABOUT YOUR COIN AND YOUR TOXIC COMMUNITY, SO DO YOUR WORST!
https://blog.coinbase.com/how-coinbase-views-proof-of-work-security-f4ba1a139da0
There has been a lot of discussion both in btc and the greater cryptocurrency community alike about the importance of POW and how it relates to the economic incentives that undergrid the day-to-day operation of cryptocurrency networks. I believe because so many people do not truly understand the innovation of POW that they become easily confused and fall for scams like POS and ASIC-resistance. Luckily, Coinbase has explained some of their rationale behind their decisions to accept certain coins after a certain number of blockchain confirmations.
Different cryptocurrencies add to their blockchains in different ways. In cryptocurrencies that utilize proof of work, the blockchain is extended by a process known as mining. Miners bundle newly announced transactions together into data structures called blocks, which are added to the blockchain.
A miner attempts to add a block by solving a proof of work puzzle unique to the proposed block. If the miner can find a solution to the puzzle, the miner will announce the block and its solution to the rest of the network. The rest of the network will recognize the valid proof of work solution and consider the proposed block as the most recent addition to the blockchain. Notice that there is no permission required for a miner to produce a block, a fact that allows miners to enter and leave the network at will.
Seems pretty standard, right?
Claim one: It is a security feature for a particular coin’s mining operations to be the dominant application of the hardware used to mine that coin.
This is important as we have seen for smaller coins with larger coins with the same mining hardware. As we've seen with BCH, its possible for larger coins to 'attack' coins with less hashpower, which is why the fliippening is so important for us as a community. As soon as the market prices in the fact that BCH has a superior user experience to BTC, then the miners will 'flip' their hashrate to BCH and BTC will maintain a minority position.
I contend, however, that for this to happen, we first need accurate pricing mechanisms so that when we assess how the market is responding, we are not being mislead by exchange price manipulation which I contend is very heavy currently in this thread: The REAL reason for the price decline or the anatomy of a shakedown! Exchange price manipulation is behind the recent 'decline'. If we use fair value instead to price our coins, we can see an actual, objective comparison. For example, BCH is now only $294.9 to BTC's $9,068.75 or only 3%, but how much of this is exchange manipulation? According to fair value, BCH is actually worth $528.24 while traditional BTC is only worth $6,096.09 for a ratio of ~9% which is 3 times better than exchange price would have you believe!
Owners of the hardware lose the value of their investment if the primary application of the hardware loses value.
Hardware owners are incentivized to consider the long term success of the main application of their hardware. The longer the lifetime of their equipment, the more invested they become in the long-term success of the hardware’s primary application. At time of writing, Bitcoin ASICs are beginning to have significantly longer useful lifespans as efficiency increases of newer models are diminishing.
Another thing they point out is that ASIC resistance is a fool's game:
Algorithm changes to “brick ASICs” simply allow the massive general purpose computational resources of the entire world to mine, and potentially disrupt, a cryptocurrency at will. Coins that have implemented “ASIC-resistant” algorithms have been, empirically, very susceptible to 51% attacks for this very reason. Notable examples of ASIC-resistant coins that have been successfully 51% attacked include BTG, VTC, and XVG. To date, there is not a single case where a coin that dominates its hardware class has been subject to a 51% double spend attack.
As I pointed out earlier this year in this thread, Further evidence that, despite what's detractors desperately want you to believe, fair value is accurately tracking the wealth in the market in real time! Monero's fair value decreases by 40% as miners leave network, Monero also was under a unique, far worse form of 51% attack this year that nearly completely destroyed their community. As further evidence I was correct above, only fair value accurately reflected the change in Monero's worth. The price, on the other hand, remained sky-high. This is heavy evidence of exchange price manipulation and another reason why ASIC resistance doesn't work.
By actively forcing and keeping ASICs off the network, the monero community continued building an ASIC-free ecosystem and economy based on low-hash CPU and GPUs. Which meant that when an asic was actually developed as we know they always will be that economy would be destroyed. You went from a 'large' community of solo miners on CPUs and GPUs to a single entity getting the majority of the hashrate and bankrupting the entire community. This happened wtih every coin when they moved to ASICs. The difference with Monero? Monero's move to ASICs will have been artificially delayed until the community is so large that the introduction will BANKRUPT the majority of economic participants mining! This is worse than a traditional 51% attack and it succinctly summarizes why ASIC resistance is bad idea.
The main takeway:
No algorithm is ever ASIC-proof, merely ASIC-resistant
For any particular computational problem, hardware specialized to solving specifically that problem will always be more efficient than general purpose hardware. In addition to the advantages of writing application-level logic directly into the circuitry, specialized hardware does not need to be burdened by other requirements of general purpose hardware, such as security isolation, clock interrupts, context switching, and other tasks required to support multiple applications. Thus, no proof-of-work algorithm is ever ASIC-proof, merely ASIC-resistant.
Empirically, ASIC-resistant algorithms have repeatedly failed to prevent the development of ASICs. Prominent examples include scrypt (LTC), equihash (ZEC, BTG), ethhash (ETH), and cryptonite[sic] (XMR).
So the takeaways from this are:
  1. If we want to have accurate, objective pricing information, we must use fair value to levelize the supplies between different coins, and to remove false price influences like Tether, whale movements and the fact that exchanges price all coins in BTC, which allows BTC the uncanny ability to move and negatively affect the entire market.
  2. ASIC-resistance is and always has been a fool's game. ASICs are a natural progression of cryptocurrencies that have grown sufficiently in size and popularity, and 'resisting' this move is a form of arrested development akin to 'puberty-resistance' or 'potty-training-resistance'. Its just nonsensical.
In order to make money in cryptocurrencies, we have to keep our heads on straight and not be swept away by popular opinion without good cause. ASIC-resistance is a red-herring that does nothing be destroy the value on your chain. Luckily, most communities like ZCash, Dash, Bitcoin Cash, Bitcoin accept and understand this basic fact. Thanks for reading!
submitted by thethrowaccount21 to CryptoTechnology [link] [comments]

Quick update on Auroracoin

I have been asked by the Auroracoin community to give a statement to respond to some misconceptions about recent events. I do so gladly.
The Auroracoin Airdrop in Iceland has continued to beat my expectaions. As I write this, more than 7% of the Airdrop coins have been dropped, in only 5 days. The Airdrop is going to take a year.
More and more stores are accepting Auroracoin and business where people are even selling and buying cars is taking place between people.
The large media in Iceland has really jumped on the story and there has been a story on TV news night after night and in every major newspaper and web medium.
Iceland is a very close community so just about everyone has now had a crash course in crypto currencies. This is taking Iceland by storm.
A couple of days ago a hard fork took place (at block 5400). It went smoothly and improved transaction times and stability of difficulty.
As the hard fork took place, some people used to opportunity to spread misinformation about it. This is normal in the crypto world, where unscrupulous people sometimes try to create fear. Such talk is to be expected and therefore everything should be taken with a grain of salt.
What actually happened is completely normal. The difficulty of mining had been extremely high. As the difficulty dropped, mining became extremely fast, temporarily, with blocks being mined every few seconds. Under those circumstances it is possible that for a brief period of time, while the difficulty adjusted, that one or two short lived chains may have resulted. That is resolved quickly and the longest chain continues to be mined by the network. This is to be expected under these circumstances.
The project is going well. It continues to be a great opportunity for Icelanders and a great many of them love Auroracoin and intend to use the coming opportunities in their lives.
I hope that an Android wallet will be available soon, which will enable acceptance of AUR in any store that is willing.
All of this has happened in just a few days. I think we in the Auroracoin community can be proud of ourselves. We shall joyously continue.
submitted by baldurodinsson to auroracoin [link] [comments]

Will Bitcoin dump ?!! Etc 51% attack third time and ... Why a 51% attack is impossible on Bitcoin - YouTube

A 51% Attack, or a majority attack, is when one entity controls more than 50% of the hashing power used to mine Bitcoin and could use that majority control to cause a disruption to the network. This entity, or attacker, would have the ability to censor transactions. They could create their own secret blockchain, and use that secret blockchain to disrupt network consensus around transactions by ... Eine 51% Attacke kommt selten vor. Obwohl oft theoretisiert, ist eine 51% Attacke kein akutes Risiko, besonders für die großen Kryptowährungen. Um die Mehrheit der Bitcoin-Hashrate zu kontrollieren, würde ein Angreifer zum Beispiel mehr als 14 Exa-Hash benötigen. Ein Exa-Hash entspricht dem Wert 10^18, um es in Zahlen zu verdeutlichen ... ‘Satoshi Nakamoto’ Mines Over 40% of Bitcoin Cash, Sparks 51% Attack Fear. April 30, 2019 . In Mining News. 0 Shares. By CCN.com: According to blockchain data and CCN/Hacked reporter Greg Thomson, an anonymous miner who embeds the words “Satoshi Nakamoto” into all of the blocks they mine currently controls more than 40% of Bitcoin Cash’s hashrate. Satoshi Nakamoto is killing it in ... Following a similar fate as BitCoin Gold, ZenCash and Verge, LiteCoin Cash (LCC) has become the most recent victim of the dreaded 51% attack. The attack comes hot on the heels of LiteCoin Cash retweeting a picture of self-appointed crypto-promoter John McAfee brandishing a shotgun and ‘presenting’ LCC. From @ether_bots pic.twitter.com ... Also, in May 2018 Charlie Lee tweeted about the attack on Bitcoin Gold. Bitcoin Gold got 51% attacked. Miners have no issue with attacking BTG because if it dies, they could easily switch to mine another coin that also uses Equihash POW. This is not the case for Bitcoin/Litecoin where they are the dominant coin for their respective mining ...

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Will Bitcoin dump ?!! Etc 51% attack third time and ...

=====(tradesanta bot hindi)===== Will Bitcoin dump ?!! Etc 51% attack third time and chainlink acquires oracle solution #tradesanta deutsch #tradesanta re... Hello everyone, In today's video we will learn why a 51% attack is impossible on Bitcoin As you know, Bitcoin makes use of a public ledger which is called "B... Bitcoin Brief - DeFi Hacks, ETC 51% Attack, BCash Forks & Gold vs BTC 👉 Subscribe so you don't miss the next one: http://bit.ly/2QKVDdV Stories: Frequent Gue...

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