Bitcoin Farm: How to Create and Buy a Bitcoin Farm in 2020 ...

How are FPGAs used in trading?

A field-programmable gate array (FPGA) is a chip that can be programmed to suit whatever purpose you want, as often as you want it and wherever you need it. FPGAs provide multiple advantages, including low latency, high throughput and energy efficiency.
To fully understand what FPGAs offer, imagine a performance spectrum. At one end, you have the central processing unit (CPU), which offers a generic set of instructions that can be combined to carry out an array of different tasks. This makes a CPU extremely flexible, and its behaviour can be defined through software. However, CPUs are also slow because they have to select from the available generic instructions to complete each task. In a sense, they’re a “jack of all trades, but a master of none”.
At the other end of the spectrum sit application-specific integrated circuits (ASICs). These are potentially much faster because they have been built with a single task in mind, making them a “master of one trade”. This is the kind of chip people use to mine bitcoin, for example. The downside of ASICs is that they can’t be changed, and they cost time and money to develop. FPGAs offer a perfect middle ground: they can be significantly faster than a CPU and are more flexible than ASICs.
FPGAs contain thousands, sometimes even millions, of so-called core logic blocks (CLBs). These blocks can be configured and combined to process any task that can be solved by a CPU. Compared with a CPU, FPGAs aren’t burdened by surplus hardware that would otherwise slow you down. They can therefore be used to carry out specific tasks quickly and effectively, and can even process several tasks simultaneously. These characteristics make them popular across a wide range of sectors, from aerospace to medical engineering and security systems, and of course finance.
How are FPGAs used in the financial services sector?
Speed and versatility are particularly important when buying or selling stocks and other securities. In the era of electronic trading, decisions are made in the blink of an eye. As prices change and orders come and go, companies are fed new information from exchanges and other sources via high-speed networks. This information arrives at high speeds, with time measured in nanoseconds. The sheer volume and speed of data demands a high bandwidth to process it all. Specialized trading algorithms make use of the new information in order to make trades. FPGAs provide the perfect platform to develop these applications, as they allow you to bypass non-essential software as well as generic-purpose hardware.
How do market makers use FPGAs to provide liquidity?
As a market maker, IMC provides liquidity to buyers and sellers of financial instruments. This requires us to price every instrument we trade and to react to the market accordingly. Valuation is a view on what the price of an asset should be, which is handled by our traders and our automated pricing algorithms. When a counterpart wants to buy or sell an asset on a trading venue, our role is to always be there and offer, or bid, a fair price for the asset. FPGAs enable us to perform this key function in the most efficient way possible.
At IMC, we keep a close eye on emerging technologies that can potentially improve our business. We began working with FPGAs more than a decade ago and are constantly exploring ways to develop this evolving technology. We work in a competitive industry, so our engineers have to be on their toes to make sure we’re continuously improving.
What does an FPGA engineer do?
Being an FPGA engineer is all about learning and identifying new solutions to challenges as they arise. A software developer can write code in a software language and know within seconds whether it works, and so deploy it quickly. However, the code will have to go through several abstraction layers and generic hardware components. Although you can deploy the code quickly, you do not get the fastest possible outcome.
As an FPGA engineer, it may take two to three hours of compilation time before you know whether your adjustment will result in the outcome you want. However, you can increase performance at the cost of more engineering time. The day-to-day challenge you face is how to make the process as efficient as possible with the given trade-offs while pushing the boundaries of the FPGA technology.
Skills needed to be an FPGA engineer
Things change extremely rapidly in the trading world, and agility is the name of the game. Unsurprisingly, FPGA engineers tend to enjoy a challenge. To work as an FGPA engineer at a company like IMC, you have to be a great problem-solver, a quick learner and highly adaptable.
What makes IMC a great fit for an FPGA engineer?
IMC offers a great team dynamic. We are a smaller company than many larger technology or finance houses, and we operate very much like a family unit. This means that, as a graduate engineer, you’ll never be far from the action, and you’ll be able to make an impact from day one.
Another key difference is that you’ll get to see the final outcome of your work. If you come up with an idea, we’ll give you the chance to make it work. If it does, you’ll see the results put into practice in a matter of days, which is always a great feeling. If it doesn’t, you’ll get to find out why – so there’s an opportunity to learn and improve for next time.
Ultimately, working at IMC is about having skin in the game. You’ll be entrusted with making your own decisions. And you’ll be working side by side with super smart people who are open-minded and always interested in hearing your ideas. Market making is a technology-dependent process, and we’re all in this together.
Think you have what it takes to make a difference at a technology graduate at IMC? Check out our graduate opportunities page.
submitted by IMC_Trading to u/IMC_Trading [link] [comments]

Transcript of discussion between an ASIC designer and several proof-of-work designers from #monero-pow channel on Freenode this morning

[08:07:01] lukminer contains precompiled cn/r math sequences for some blocks: https://lukminer.org/2019/03/09/oh-kay-v4r-here-we-come/
[08:07:11] try that with RandomX :P
[08:09:00] tevador: are you ready for some RandomX feedback? it looks like the CNv4 is slowly stabilizing, hashrate comes down...
[08:09:07] how does it even make sense to precompile it?
[08:09:14] mine 1% faster for 2 minutes?
[08:09:35] naturally we think the entire asic-resistance strategy is doomed to fail :) but that's a high-level thing, who knows. people may think it's great.
[08:09:49] about RandomX: looks like the cache size was chosen to make it GPU-hard
[08:09:56] looking forward to more docs
[08:11:38] after initial skimming, I would think it's possible to make a 10x asic for RandomX. But at least for us, we will only make an ASIC if there is not a total ASIC hostility there in the first place. That's better for the secret miners then.
[08:13:12] What I propose is this: we are working on an Ethash ASIC right now, and once we have that working, we would invite tevador or whoever wants to come to HK/Shenzhen and we walk you guys through how we would make a RandomX ASIC. You can then process this input in any way you like. Something like that.
[08:13:49] unless asics (or other accelerators) re-emerge on XMR faster than expected, it looks like there is a little bit of time before RandomX rollout
[08:14:22] 10x in what measure? $/hash or watt/hash?
[08:14:46] watt/hash
[08:15:19] so you can make 10 times more efficient double precisio FPU?
[08:16:02] like I said let's try to be productive. You are having me here, let's work together!
[08:16:15] continue with RandomX, publish more docs. that's always helpful.
[08:16:37] I'm trying to understand how it's possible at all. Why AMD/Intel are so inefficient at running FP calculations?
[08:18:05] midipoet ([email protected]/web/irccloud.com/x-vszshqqxwybvtsjm) has joined #monero-pow
[08:18:17] hardware development works the other way round. We start with 1) math then 2) optimization priority 3) hw/sw boundary 4) IP selection 5) physical implementation
[08:22:32] This still doesn't explain at which point you get 10x
[08:23:07] Weren't you the ones claiming "We can accelerate ProgPoW by a factor of 3x to 8x." ? I find it hard to believe too.
[08:30:20] sure
[08:30:26] so my idea: first we finish our current chip
[08:30:35] from simulation to silicon :)
[08:30:40] we love this stuff... we do it anyway
[08:30:59] now we have a communication channel, and we don't call each other names immediately anymore: big progress!
[08:31:06] you know, we russians have a saying "it was smooth on paper, but they forgot about ravines"
[08:31:12] So I need a bit more details
[08:31:16] ha ha. good!
[08:31:31] that's why I want to avoid to just make claims
[08:31:34] let's work
[08:31:40] RandomX comes in Sep/Oct, right?
[08:31:45] Maybe
[08:32:20] We need to audit it first
[08:32:31] ok
[08:32:59] we don't make chips to prove sw devs that their assumptions about hardware are wrong. especially not if these guys then promptly hardfork and move to the next wrong assumption :)
[08:33:10] from the outside, this only means that hw & sw are devaluing each other
[08:33:24] neither of us should do this
[08:33:47] we are making chips that can hopefully accelerate more crypto ops in the future
[08:33:52] signing, verifying, proving, etc.
[08:34:02] PoW is just a feature like others
[08:34:18] sech1: is it easy for you to come to Hong Kong? (visa-wise)
[08:34:20] or difficult?
[08:34:33] or are you there sometimes?
[08:34:41] It's kind of far away
[08:35:13] we are looking forward to more RandomX docs. that's the first step.
[08:35:31] I want to avoid that we have some meme "Linzhi says they can accelerate XYZ by factor x" .... "ha ha ha"
[08:35:37] right? we don't want that :)
[08:35:39] doc is almost finished
[08:35:40] What docs do you need? It's described pretty good
[08:35:41] so I better say nothing now
[08:35:50] we focus on our Ethash chip
[08:36:05] then based on that, we are happy to walk interested people through the design and what else it can do
[08:36:22] that's a better approach from my view than making claims that are laughed away (rightfully so, because no silicon...)
[08:36:37] ethash ASIC is basically a glorified memory controller
[08:36:39] sech1: tevador said something more is coming (he just did it again)
[08:37:03] yes, some parts of RandomX are not described well
[08:37:10] like dataset access logic
[08:37:37] RandomX looks like progpow for CPU
[08:37:54] yes
[08:38:03] it is designed to reflect CPU
[08:38:34] so any ASIC for it = CPU in essence
[08:39:04] of course there are still some things in regular CPU that can be thrown away for RandomX
[08:40:20] uncore parts are not used, but those will use very little power
[08:40:37] except for memory controller
[08:41:09] I'm just surprised sometimes, ok? let me ask: have you designed or taped out an asic before? isn't it risky to make assumptions about things that are largely unknown?
[08:41:23] I would worry
[08:41:31] that I get something wrong...
[08:41:44] but I also worry like crazy that CNv4 will blow up, where you guys seem to be relaxed
[08:42:06] I didn't want to bring up anything RandomX because CNv4 is such a nailbiter... :)
[08:42:15] how do you guys know you don't have asics in a week or two?
[08:42:38] we don't have experience with ASIC design, but RandomX is simply designed to exactly fit CPU capabilities, which is the best you can do anyways
[08:43:09] similar as ProgPoW did with GPUs
[08:43:14] some people say they want to do asic-resistance only until the vast majority of coins has been issued
[08:43:21] that's at least reasonable
[08:43:43] yeah but progpow totally will not work as advertised :)
[08:44:08] yeah, I've seen that comment about progpow a few times already
[08:44:11] which is no surprise if you know it's just a random sales story to sell a few more GPUs
[08:44:13] RandomX is not permanent, we are expecting to switch to ASIC friendly in a few years if possible
[08:44:18] yes
[08:44:21] that makes sense
[08:44:40] linzhi-sonia: how so? will it break or will it be asic-able with decent performance gains?
[08:44:41] are you happy with CNv4 so far?
[08:45:10] ah, long story. progpow is a masterpiece of deception, let's not get into it here.
[08:45:21] if you know chip marketing it makes more sense
[08:45:24] linzhi-sonia: So far? lol! a bit early to tell, don't you think?
[08:45:35] the diff is coming down
[08:45:41] first few hours looked scary
[08:45:43] I remain skeptical: I only see ASICs being reasonable if they are already as ubiquitous as smartphones
[08:45:46] yes, so far so good
[08:46:01] we kbew the diff would not come down ubtil affter block 75
[08:46:10] yes
[08:46:22] but first few hours it looks like only 5% hashrate left
[08:46:27] looked
[08:46:29] now it's better
[08:46:51] the next worry is: when will "unexplainable" hashrate come back?
[08:47:00] you hope 2-3 months? more?
[08:47:05] so give it another couple of days. will probably overshoot to the downside, and then rise a bit as miners get updated and return
[08:47:22] 3 months minimum turnaround, yes
[08:47:28] nah
[08:47:36] don't underestimate asicmakers :)
[08:47:54] you guys don't get #1 priority on chip fabs
[08:47:56] 3 months = 90 days. do you know what is happening in those 90 days exactly? I'm pretty sure you don't. same thing as before.
[08:48:13] we don't do any secret chips btw
[08:48:21] 3 months assumes they had a complete design ready to go, and added the last minute change in 1 day
[08:48:24] do you know who is behind the hashrate that is now bricked?
[08:48:27] innosilicon?
[08:48:34] hyc: no no, and no. :)
[08:48:44] hyc: have you designed or taped out a chip before?
[08:48:51] yes, many years ago
[08:49:10] then you should know that 90 days is not a fixed number
[08:49:35] sure, but like I said, other makers have greater demand
[08:49:35] especially not if you can prepare, if you just have to modify something, or you have more programmability in the chip than some people assume
[08:50:07] we are chipmakers, we would never dare to do what you guys are doing with CNv4 :) but maybe that just means you are cooler!
[08:50:07] and yes, programmability makes some aspect of turnaround easier
[08:50:10] all fine
[08:50:10] I hope it works!
[08:50:28] do you know who is behind the hashrate that is now bricked?
[08:50:29] inno?
[08:50:41] we suspect so, but have no evidence
[08:50:44] maybe we can try to find them, but we cannot spend too much time on this
[08:50:53] it's probably not so much of a secret
[08:51:01] why should it be, right?
[08:51:10] devs want this cat-and-mouse game? devs get it...
[08:51:35] there was one leak saying it's innosilicon
[08:51:36] so you think 3 months, ok
[08:51:43] inno is cool
[08:51:46] good team
[08:51:49] IP design house
[08:51:54] in Wuhan
[08:52:06] they send their people to conferences with fake biz cards :)
[08:52:19] pretending to be other companies?
[08:52:26] sure
[08:52:28] ha ha
[08:52:39] so when we see them, we look at whatever card they carry and laugh :)
[08:52:52] they are perfectly suited for secret mining games
[08:52:59] they made at most $6 million in 2 months of mining, so I wonder if it was worth it
[08:53:10] yeah. no way to know
[08:53:15] but it's good that you calculate!
[08:53:24] this is all about cost/benefit
[08:53:25] then you also understand - imagine the value of XMR goes up 5x, 10x
[08:53:34] that whole "asic resistance" thing will come down like a house of cards
[08:53:41] I would imagine they sell immediately
[08:53:53] the investor may fully understand the risk
[08:53:57] the buyer
[08:54:13] it's not healthy, but that's another discussion
[08:54:23] so mid-June
[08:54:27] let's see
[08:54:49] I would be susprised if CNv4 ASICs show up at all
[08:54:56] surprised*
[08:54:56] why?
[08:55:05] is only an economic question
[08:55:12] yeah should be interesting. FPGAs will be near their limits as well
[08:55:16] unless XMR goes up a lot
[08:55:19] no, not *only*. it's also a technology question
[08:55:44] you believe CNv4 is "asic resistant"? which feature?
[08:55:53] it's not
[08:55:59] cnv4 = Rabdomx ?
[08:56:03] no
[08:56:07] cnv4=cryptinight/r
[08:56:11] ah
[08:56:18] CNv4 is the one we have now, I think
[08:56:21] since yesterday
[08:56:30] it's plenty enough resistant for current XMR price
[08:56:45] that may be, yes!
[08:56:55] I look at daily payouts. XMR = ca. 100k USD / day
[08:57:03] it can hold until October, but it's not asic resistant
[08:57:23] well, last 24h only 22,442 USD :)
[08:57:32] I think 80 h/s per watt ASICs are possible for CNv4
[08:57:38] linzhi-sonia where do you produce your chips? TSMC?
[08:57:44] I'm cruious how you would expect to build a randomX ASIC that outperforms ARM cores for efficiency, or Intel cores for raw speed
[08:57:48] curious
[08:58:01] yes, tsmc
[08:58:21] Our team did the world's first bitcoin asic, Avalon
[08:58:25] and upcoming 2nd gen Ryzens (64-core EPYC) will be a blast at RandomX
[08:58:28] designed and manufactured
[08:58:53] still being marketed?
[08:59:03] linzhi-sonia: do you understand what xmr wants to achieve, community-wise?
[08:59:14] Avalon? as part of Canaan Creative, yes I think so.
[08:59:25] there's not much interesting oing on in SHA256
[08:59:29] Inge-: I would think so, but please speak
[08:59:32] hyc: yes
[09:00:28] linzhi-sonia: i am curious to hear your thoughts. I am fairly new to this space myself...
[09:00:51] oh
[09:00:56] we are grandpas, and grandmas
[09:01:36] yet I have no problem understanding why ASICS are currently reviled.
[09:01:48] xmr's main differentiators to, let's say btc, are anonymity and fungibility
[09:01:58] I find the client terribly slow btw
[09:02:21] and I think the asic-forking since last may is wrong, doesn't create value and doesn't help with the project objectives
[09:02:25] which "the client" ?
[09:02:52] Monero GUI client maybe
[09:03:12] MacOS, yes
[09:03:28] What exactly is slow?
[09:03:30] linzhi-sonia: I run my own node, and use the CLI and Monerujo. Have not had issues.
[09:03:49] staying in sync
[09:03:49] linzhi-sonia: decentralization is also a key principle
[09:03:56] one that Bitcoin has failed to maintain
[09:04:39] hmm
[09:05:00] looks fairly decentralized to me. decentralization is the result of 3 goals imo: resilient, trustless, permissionless
[09:05:28] don't ask a hardware maker about physical decentralization. that's too ideological. we focus on logical decentralization.
[09:06:11] physical decentralization is important. with bulk of bitnoin mining centered on Chinese hydroelectric dams
[09:06:19] have you thought about including block data in the PoW?
[09:06:41] yes, of course.
[09:07:39] is that already in an algo?
[09:08:10] hyc: about "centered on chinese hydro" - what is your source? the best paper I know is this: https://coinshares.co.uk/wp-content/uploads/2018/11/Mining-Whitepaper-Final.pdf
[09:09:01] linzhi-sonia: do you mine on your ASICs before you sell them?
[09:09:13] besides testing of course
[09:09:45] that paper puts Chinese btc miners at 60% max
[09:10:05] tevador: I think everybody learned that that is not healthy long-term!
[09:10:16] because it gives the chipmaker a cost advantage over its own customers
[09:10:33] and cost advantage leads to centralization (physical and logical)
[09:10:51] you guys should know who finances progpow and why :)
[09:11:05] but let's not get into this, ha ha. want to keep the channel civilized. right OhGodAGirl ? :)
[09:11:34] tevador: so the answer is no! 100% and definitely no
[09:11:54] that "self-mining" disease was one of the problems we have now with asics, and their bad reputation (rightfully so)
[09:13:08] I plan to write a nice short 2-page paper or so on our chip design process. maybe it's interesting to some people here.
[09:13:15] basically the 5 steps I mentioned before, from math to physical
[09:13:32] linzhi-sonia: the paper you linked puts 48% of bitcoin mining in Sichuan. the total in China is much more than 60%
[09:13:38] need to run it by a few people to fix bugs, will post it here when published
[09:14:06] hyc: ok! I am just sharing the "best" document I know today. it definitely may be wrong and there may be a better one now.
[09:14:18] hyc: if you see some reports, please share
[09:14:51] hey I am really curious about this: where is a PoW algo that puts block data into the PoW?
[09:15:02] the previous paper I read is from here http://hackingdistributed.com/2018/01/15/decentralization-bitcoin-ethereum/
[09:15:38] hyc: you said that already exists? (block data in PoW)
[09:15:45] it would make verification harder
[09:15:49] linzhi-sonia: https://the-eye.eu/public/Books/campdivision.com/PDF/Computers%20General/Privacy/bitcoin/meh/hashimoto.pdf
[09:15:51] but for chips it would be interesting
[09:15:52] we discussed the possibility about a year ago https://www.reddit.com/Monero/comments/8bshrx/what_we_need_to_know_about_proof_of_work_pow/
[09:16:05] oh good links! thanks! need to read...
[09:16:06] I think that paper by dryja was original
[09:17:53] since we have a nice flow - second question I'm very curious about: has anyone thought about in-protocol rewards for other functions?
[09:18:55] we've discussed micropayments for wallets to use remote nodes
[09:18:55] you know there is a lot of work in other coins about STARK provers, zero-knowledge, etc. many of those things very compute intense, or need to be outsourced to a service (zether). For chipmakers, in-protocol rewards create an economic incentive to accelerate those things.
[09:19:50] whenever there is an in-protocol reward, you may get the power of ASICs doing something you actually want to happen
[09:19:52] it would be nice if there was some economic reward for running a fullnode, but no one has come up with much more than that afaik
[09:19:54] instead of fighting them off
[09:20:29] you need to use asics, not fight them. that's an obvious thing to say for an asicmaker...
[09:20:41] in-protocol rewards can be very powerful
[09:20:50] like I said before - unless the ASICs are so useful they're embedded in every smartphone, I dont see them being a positive for decentralization
[09:21:17] if they're a separate product, the average consumer is not going to buy them
[09:21:20] now I was talking about speedup of verifying, signing, proving, etc.
[09:21:23] they won't even know what they are
[09:22:07] if anybody wants to talk about or design in-protocol rewards, please come talk to us
[09:22:08] the average consumer also doesn't use general purpose hardware to secure blockchains either
[09:22:14] not just for PoW, in fact *NOT* for PoW
[09:22:32] it requires sw/hw co-design
[09:23:10] we are in long-term discussions/collaboration over this with Ethereum, Bitcoin Cash. just talk right now.
[09:23:16] this was recently published though suggesting more uptake though I guess https://btcmanager.com/college-students-are-the-second-biggest-miners-of-cryptocurrency/
[09:23:29] I find it pretty hard to believe their numbers
[09:24:03] well
[09:24:09] sorry, original article: https://www.pcmag.com/news/366952/college-kids-are-using-campus-electricity-to-mine-crypto
[09:24:11] just talk, no? rumors
[09:24:18] college students are already more educated than the average consumer
[09:24:29] we are not seeing many such customers anymore
[09:24:30] it's data from cisco monitoring network traffic
[09:24:33] and they're always looking for free money
[09:24:48] of course anyone with "free" electricity is inclined to do it
[09:24:57] but look at the rates, cannot make much money
[09:26:06] Ethereum is a bloated collection of bugs wrapped in a UI. I suppose they need all the help they can get
[09:26:29] Bitcoin Cash ... just another get rich quick scheme
[09:26:38] hmm :)
[09:26:51] I'll give it back to you, ok? ha ha. arrogance comes before the fall...
[09:27:17] maye we should have a little fun with CNv4 mining :)
[09:27:25] ;)
[09:27:38] come on. anyone who has watched their track record... $75M lost in ETH at DAO hack
[09:27:50] every smart contract that comes along is just waiting for another hack
[09:27:58] I just wanted to throw out the "in-protocol reward" thing, maybe someone sees the idea and wants to cowork. maybe not. maybe it's a stupid idea.
[09:29:18] linzhi-sonia: any thoughts on CN-GPU?
[09:29:55] CN-GPU has one positive aspect - it wastes chip area to implement all 18 hash algorithms
[09:30:19] you will always hear roughly the same feedback from me:
[09:30:52] "This algorithm very different, it heavy use floating point operations to hurt FPGAs and general purpose CPUs"
[09:30:56] the problem is, if it's profitable for people to buy ASIC miners and mine, it's always more profitable for the manufacturer to not sell and mine themselves
[09:31:02] "hurt"
[09:31:07] what is the point of this?
[09:31:15] it totally doesn't work
[09:31:24] you are hurting noone, just demonstrating lack of ability to think
[09:31:41] what is better: algo designed for chip, or chip designed for algo?
[09:31:43] fireice does it on daily basis, CN-GPU is a joke
[09:31:53] tevador: that's not really true, especially in a market with such large price fluctuations as cryptocurrency
[09:32:12] it's far less risky to sell miners than mine with them and pray that price doesn't crash for next six months
[09:32:14] I think it's great that crypto has a nice group of asicmakers now, hw & sw will cowork well
[09:32:36] jwinterm yes, that's why they premine them and sell after
[09:32:41] PoW is about being thermodynamically and cryptographically provable
[09:32:45] premining with them is taking on that risk
[09:32:49] not "fork when we think there are asics"
[09:32:51] business is about risk minimization
[09:32:54] that's just fear-driven
[09:33:05] Inge-: that's roughly the feedback
[09:33:24] I'm not saying it hasn't happened, but I think it's not so simple as saying "it always happens"
[09:34:00] jwinterm: it has certainly happened on BTC. and also on XMR.
[09:34:19] ironically, please think about it: these kinds of algos indeed prove the limits of the chips they were designed for. but they don't prove that you cannot implement the same algo differently! cannot!
[09:34:26] Risk minimization is not starting a business at all.
[09:34:34] proof-of-gpu-limit. proof-of-cpu-limit.
[09:34:37] imagine you have a money printing machine, would you sell it?
[09:34:39] proves nothing for an ASIC :)
[09:35:05] linzhi-sonia: thanks. I dont think anyone believes you can't make a more efficient cn-gpu asic than a gpu - but that it would not be orders of magnitude faster...
[09:35:24] ok
[09:35:44] like I say. these algos are, that's really ironic, designed to prove the limitatios of a particular chip in mind of the designer
[09:35:50] exactly the wrong way round :)
[09:36:16] like the cache size in RandomX :)
[09:36:18] beautiful
[09:36:29] someone looked at GPU designs
[09:37:31] linzhi-sonia can you elaborate? Cache size in RandomX was selected to fit CPU cache
[09:37:52] yes
[09:38:03] too large for GPU
[09:38:11] as I said, we are designing the algorithm to exactly fit CPU capabilities, I do not claim an ASIC cannot be more efficient
[09:38:16] ok!
[09:38:29] when will you do the audit?
[09:38:35] will the results be published in a document or so?
[09:38:37] I claim that single-chip ASIC is not viable, though
[09:39:06] you guys are brave, noone disputes that. 3 anti-asic hardforks now!
[09:39:18] 4th one coming
[09:39:31] 3 forks were done not only for this
[09:39:38] they had scheduled updates in the first place
[09:48:10] Monero is the #1 anti-asic fighter
[09:48:25] Monero is #1 for a lot of reasons ;)
[09:48:40] It's the coin with the most hycs.
[09:48:55] mooooo
[09:59:06] sneaky integer overflow, bug squished
[10:38:00] p0nziph0ne ([email protected]/vpn/privateinternetaccess/p0nziph0ne) has joined #monero-pow
[11:10:53] The convo here is wild
[11:12:29] it's like geo-politics at the intersection of software and hardware manufacturing for thermoeconomic value.
[11:13:05] ..and on a Sunday.
[11:15:43] midipoet: hw and sw should work together and stop silly games to devalue each other. to outsiders this is totally not attractive.
[11:16:07] I appreciate the positive energy here to try to listen, learn, understand.
[11:16:10] that's a start
[11:16:48] <-- p0nziph0ne ([email protected]/vpn/privateinternetaccess/p0nziph0ne) has quit (Quit: Leaving)
[11:16:54] we won't do silly mining against xmr "community" wishes, but not because we couldn'd do it, but because it's the wrong direction in the long run, for both sides
[11:18:57] linzhi-sonia: I agree to some extent. Though, in reality, there will always be divergence between social worlds. Not every body has the same vision of the future. Reaching societal consensus on reality tomorrow is not always easy
[11:20:25] absolutely. especially at a time when there is so much profit to be made from divisiveness.
[11:20:37] someone will want to make that profit, for sure
[11:24:32] Yes. Money distorts.
[11:24:47] Or wealth...one of the two
[11:26:35] Too much physical money will distort rays of light passing close to it indeed.
submitted by jwinterm to Monero [link] [comments]

Continued censorship involving Ethereum's proposed fork to progPOW.

Our friends at Ethereum are subject to continued manipulation into forking their coin to progPOW. I decided to post this in /btc because it is the last bastion of free speech in the crypto community.
Today, after drawing attention to the sketchy history of progPOW's original proponent, my post was subjected to massive vote manipulation, and eventually deleted.
I have long suspected that progPOW favors NVIDIA miners, given the deep connections that progPOW's development team has to NVIDIA. Today, the progPOW team freely admitted that AMD miners will suffer a larger hashrate decrease compared to NVIDIA miners, so I created a poll:
Ethereum developers want to fork to ETH to progPOW [1], a proof-of-work algorithm that gives AMD GPUs a stronger hashrate penalty compared to NVIDIA [2][3]. Should Ethereum use ProgPOW for Proof-of-Work? Cast your vote with Ethereum [4].
Sources:
Below is my post that was deleted, in its entirety.
If you are curious about the CSW/Coingeek connection, scroll down.
Previous Posts
Criticism and Soft Power
I have received criticism for my posts mostly due to what people call "character attacks." I have two things to say about that:
  1. I have never engaged in any character attacks. In all cases, the character has made their modus operandi known by themselves, and I have simply shined a light on it. I don't need call people "mentally unstable gentlemen" [--source, Ohgodagirl Twitter] to get my point across.
  2. Algorithm change discussions must include economic and political introspection as well as a discussion of the proposed change's technical details. As I have stated before, progPOW would not exist without the people responsible for creating it. We must look at these people's history, character, prior accomplishments, and industry connections. The discussion must exist outside the scope of the proposed change, not inside of it.
Example: When people criticize my posts for "not looking at the technical details", they are making a mistake. If someone asked "which should we kill more often: baby seals or baby kittens?", we don't all immediately start discussing the optimal relation of kittens-per-second to seals-per-second that can be killed. No, our first reaction is "what the fuck, why should we kill anything?"
Onward
Customer complaints from people who bought cloud contracts from Kristy's previous company:
Coingeek Connection
Previously, I had promised to provide information regarding the CSW/Coingeek and Core Scientific connection.
When I was president of ImageShack.com (2003-2011), someone wanted to buy our company. When this happens, the buyer and seller usually write a purchase agreement similar to the business in which they are involved. This is done to ensure that the purchase is executed. In ImageShack's case, the buyer bought $500,000 worth of advertising from us. The logic was that ImageShack would be acquired, so they actually would pay themselves. If they didn't buy ImageShack, they would owe us $500,000.
Given the partnership between Core Scientific (Kristy's employer) and "Squire Mining" (effectively, Coingeek), I would not be surprised if Coingeek and Core Scientific made such an agreement, as well. In their case, it would likely be a hosting agreement. Since Coingeek has many ASICs, and Core Scientific is a large mining facility, I would not be surprised if those Coingeek ASICs are hosted by Core Scientific.
Individuals close to these parties can verify those claims, but I cannot share the proof at this time without revealing the identity of my sources.
Chatlog Dumps
Today, I also provide public comments from chatlog dumps showcasing Kristy Leigh Anne Minehan's deep connection to NVIDIA:
01/28/2018 - 22:34<@OhGodAGirl> Yo. ystarnaud/sling00: **I'll be meeting NV next week**. I think it's next week. The 4th! Anyway; if you have NVIDIA fixes you need for EthOS or something you want special attention on, PM me. 02/05/2018 - 06:47<@OhGodAGirl> Also I got a USB shaped like a NVIDIA GTX. It's the best thing ever. 02/05/2018 - 06:50<@OhGodAGirl> https://usercontent.irccloud-cdn.com/file/ffwT8M2j/IMG_2726.JPG 02/05/2018 - 06:50<@OhGodAGirl> Look at this adorable little shit. 
"Ah, but there's a catch. These USB drives are extremely rare—Nvidia only cranked out a couple thousand of these drives and will be giving them away to press and "influencers" at E3, along with 1,080 registered GeForce Experience members who are opted in to receive communications from Nvidia."
04/22/2018 - 20:17<@sling00> OhGodAGirl: what does ohgodanethlargement do 04/22/2018 - 20:17< cYnIxX3> https://youtu.be/2mj1nCfFvlI?t=2m16s 04/22/2018 - 20:19< cYnIxX3> sling00, about 10-25mh improvement to 1080 gpus. 04/22/2018 - 20:19< __virus__> about 40-50% improvement afaik 04/22/2018 - 20:21< OhGodAGirl> But...it's not under because NVIDIA asked me not to. 04/21/2018 - 16:51< OhGodAGirl> I have a ton of private tools for Mineority 04/21/2018 - 16:51< OhGodAGirl> Right now our Equihash kernel has a 25% advantage over Claymore. 04/21/2018 - 16:52< PL3> 25% on amds? 04/21/2018 - 16:52< OhGodAGirl> NVIDIA ;) 04/21/2018 - 16:52< PL3> you have claymore nvidia equi miner? 04/21/2018 - 16:52< OhGodAGirl> We're a NV only company. For now. 04/29/2018 - 00:53< OhGodAGirl> So uh, NVIDIA showed ETHlargement at an executive meeting 04/29/2018 - 00:53< OhGodAGirl> They thought it was hillarious 04/29/2018 - 00:53< acv_> that is awesome. 04/29/2018 - 01:22< OhGodAGirl> So many dicks on Youtube though 04/29/2018 - 01:22< OhGodAGirl> "RA RA IT'S A SCAM" 04/29/2018 - 01:22< OhGodAGirl> "RA RA IT WILL STEAL ALL YOUR PRIVKEYS" 04/29/2018 - 01:22< OhGodAGirl> "RA RA NO ONE IS EVER NICE IN THIS WORLD' 04/29/2018 - 01:22< OhGodAGirl> Well dammit I'm a nice person. =( 
submitted by ugtarmas to btc [link] [comments]

Profitable Crypto Mining: ASIC vs GPU, Which One Is Better?

Profitable Crypto Mining: ASIC vs GPU, Which One Is Better?
If you’re new to mining you probably have multiple questions running through your head right now. Good news is that it gets easier with time, assuming that you do your homework and research, and we will try to help you out.
One of the common questions is whether one should choose GPU or ASIC mining and we definitely have some advice on that topic.
When we’re considering classic POW mining we can quickly rule out CPU hardware for not being efficient and FPGA hardware because of its high costs. This leaves you with ASIC and GPU to choose from.

https://preview.redd.it/igev3y4v8pv31.png?width=1920&format=png&auto=webp&s=2a0c9271fc36252181d086e74101d13875619c80

Buying Mining Equipment

Let’s get things straight — you won’t be able to buy ASIC devices in any of you local electronic shops, even in the biggest ones. There are two ways you can get this hardware: buying it online which shouldn’t be a problem these days unless that’s the newest model you’re after. Second option is to find a local company that sells ASIC equipment.
Also, you can try to purchase the equipment directly from the manufacture company, however, mind the huge customs and delivery fees if the company is located abroad.
It is highly recommended to test ASICs before buying them to make sure the equipment works properly.
GPU or graphics cards and other equipment that you will need to build your very own mining farm can be easily purchased at a regular computer store. The only problem you may have is getting the right set of hardware, so make sure to come prepared.
When buying a used (second-hand) graphics card don’t forget to test it.
What’s better?
If you’re not into hardware and have no clue how to set up a farm by yourself buying ASIC equipment would be a better option as you won’t need to build anything yourself.

Warranty Policy

In general, an official warranty policy for ASIC hardware is up to 180 days since the equipment was shipped to the buyer. When the seller is confident about the quality of their equipment, they can offer their personal 1 month warranty.
When you’re buying computer hardware in most of the cases you are getting full 2 year warranty policy including exchange or repairments of the equipment.
What’s better?
Warranty policy is especially important when you have no chance to check the equipment yourself or when you’re buying large inventory of it. Also, if you plan to go with overclocking, you will probably need a decent warranty as well.
We need to add that when you’re using the equipment accordingly and conduct regular maintenance both ASIC and GPU can work past the warranty period.

Setting Up Process

With ASICs it’s simple: you plug and connect it, pick a pool to join and start mining right away.
With GPU, it’s a little complicated. First, you need to build your farm. You will need a framework, motherboard with installed CPU and cooling, storage unit, power supply, risers and video cards. If you have no experience with assembling computer hardware you’re gonna need to save some time and prepare to put extra effort. Once your rig is ready you will have to install OS and optimize it which is usually even harder than setting up a rig. But luckily we’ve got a solution for that. CoinFly can do the work for you and help you with setting up and optimizing your equipment.
What’s better?
Although ASICs are very easy, you shouldn’t quickly give up on GPU mining. If assembling computer hardware is not a big problem for you, CoinFly will help you with setting it up.

Maintenance

ASIC equipment won’t give you too much trouble: it’s safe, stable, and doesn’t require any special knowledge. Maintenance includes cleaning off dust and oiling the fans.
When dealing with rigs, you will have to work a little harder and study the basics about at least graphics cards’ temperatures and operational frequency. A stable workflow depends heavily on the software and as it has a tendency to fail, it could become a problem. Unless you’re using CoinFly — our system will notify you in case of emergency so you can tune your equipment online.
What’s better?
Once again, when it comes to maintaining ASICs are almost trouble-free. GPU rigs are a bit tricky but when using the right tools like CoinFly to monitor their work, it can serve you just fine.

The Noise

ASICs are loud: when you’re in a room with a working ASIC you’re gonna need to shout, so people can hear you.
GPU farms have no such problem. Some of them are almost silent and that doesn’t affect the cooling process at all.
What’s better?
Maybe the level of noise your equipment makes was not the first issue on your list but we recommend you to consider it. ASICs are suitable only for the commercial and industrial premises.

Mining

ASICs can work with only one algorithm and mine one or several types of cryptocurrencies and are perfect for mining Bitcoin and its forks.
GPU rigs are universal: you can mine a huge variety of coins if you set your miner right.
What’s better?
If you want to mine Bitcoin, you gotta go with ASIC. But think again if that’s what you’re really after. After all, you can choose mining any altcoin that you’d like with your GPU rig and then simply exchange it to BTC. And if you’re lucky enough to mine a coin that will do good ASICs do not give you that choice, however, their mining capability is higher.

Relevance of the Equipment

ASICs are quickly getting out of date as the new models come along. Back in the day, the new versions used to come out every half a year and they were 10 times more efficient. In general, you need to change your ASIC hardware every year.
GPU equipment can perfectly serve you for 2 to 3 years and if you wish to sell the graphics card afterwards that wouldn’t be a problem either.
What’s better?
In terms of relevance, it’s probably reasonable to go with the GPU.

Return on Investment

In the long run, the profitableness of ASICs is higher but because the new models are being released quite frequently you cannot expect huge profits. It is always important to do your research and get the most relevant equipment.
GPU hardware will take its time to pay you back but it also depends if you manage to find the right coin to mine that will eventually increase your profits.
What’s better?
ASIC mining is definitely a good option for those who don’t want to constantly monitor the crypto market.
But in the case that you’re interested in what’s happening in the crypto space and you also have time to do your own research, the GPU farm would the better choice. If you’re not willing to spend your efforts on that, CoinFly Autopilot mode will help you mine the most profitable coin on the market automatically.

Conclusion

ASICs are great for people who can provide a non-residential space for mining and not willing to spend too much time and effort for setting up the equipment and stay updated with the latest trends in the crypto industry.
GPU rigs are suitable for mining at home and won’t scare away all the crypto and computer enthusiasts. If you’re just starting your mining journey but not sure how to do it, we recommend to register on CoinFly. From setting up your hardware to tuning it online and picking the best coin to mine at the moment — we’ve got you covered!
submitted by coinfly to CoinFly [link] [comments]

Flashback Friday: When I though I was going to be rich :-)

I was going through my crypto archive and here a picture when time were not just better but unbelievably profitable for a hobby miner (and made me spend a bit too much money on hardware).

This was on 24 January 2018, and I was pulling 0,0026 BTC per day (back then it was 23ish EUR with the EUBTC rate) on 10 low-middle grade GPUs. This was without any kind of OC (I was going full blast, it was just so profitable, lol).
2 * rx570 + 8 Nvidia (3 * 1050ti + 5 1060 6Go).
Now I have 2 more GPUs, finely tuned OC, and I would get around 0,5mBTC/Day (below electricity cost in my region).
https://i.redd.it/ikgdsawsysk11.jpg
I guess when something is too good to be true, it's too good to be true. But I was drawn into it. I was always curious about Bitcoin when BTC was 200 euro but back then it wasn't profitable anyway already because of FPGA and ASIC and I wasn't really clear where to buy BTC that wouldn't scam me of my money. BTC went to 600 euro and I though things have peaked already so I was fuck it I'm too late for the party. I admit FOMO brought me in with the Bullrun end 2017.

Now, we are in september, back in DecembeJanuary I projected that I should BE my initial investment in July and start printing money by then. Right now, I'm something like <30% BE it and the value of my stack is still going down since I've HODL all of my BTC and never sold.

Nowadays, my rig is off because electricity is too expensive to make it run (Western Europe problem I know) so I can't even continue to progress to my BE even when electricity is cheaper at night. Tried mining ETH directly but the difficulty is ridiculous, the value took a nose dive, payout are unpredictably because of pool luck and pplns scheme, tried mining RVN but came late to the party pool luck and payement are even worse on RVN than on ETH.
- I would make more RVN mining ETH and buying RVN with ETH.
- I would also make more ETH mining on Nicehash and purchasing ETH with BTC.
But then, I would be trading so what's the point of mining.

I think I'll go deeper the rabbit hole and start mining speculative low diff coins if I can find a good project, but every project I hear from seems to already being past that point so I can't build a bag :-(

I'm happy I haven't got overboard with the spending and I'm glad I've learn many thing in this space along the way. So glad I didn't pull the trigger on a couple of Titan XP, I seriously considered it back when it was still profitable. But being in profit seems to be a concept that I'll probably never reach. So I'll guess "I'm in it for the tech" like so many people can say.

I guess this post will have the merit to warn potential adventurers to reconsider spending any amount of money they are not ready to be parted from.

If however you have "free electricity" I still wish you good luck because at a large scale you still won't BE the initial investment if you want to build today, and at a small scale, you won't make a buck anyway and just provide cheap hashrate to NH buyers.


submitted by Spykwak to NiceHash [link] [comments]

PBaaS- The Age of Merged Mining is Upon Us

PBaaS- The Age of Merged Mining is Upon Us

Full article found here:
https://medium.com/@myschlongis/pbaas-the-age-of-merged-mining-is-upon-us-687f432bcac3

Summary of article below:

satoshi
Founder
Sr. Member
Activity: 364 Merit: 1997 View Profile
Re: BitDNS and Generalizing Bitcoin
December 09, 2010, 09:02:42 PM
Merited by Traxo (1)
#222
I think it would be possible for BitDNS to be a completely separate network and separate block chain, yet share CPU power with Bitcoin. The only overlap is to make it so miners can search for proof-of-work for both networks simultaneously.
The networks wouldn't need any coordination. Miners would subscribe to both networks in parallel. They would scan SHA such that if they get a hit, they potentially solve both at once. A solution may be for just one of the networks if one network has a lower difficulty.
I think an external miner could call getwork on both programs and combine the work. Maybe call Bitcoin, get work from it, hand it to BitDNS getwork to combine into a combined work.
Instead of fragmentation, networks share and augment each other's total CPU power. This would solve the problem that if there are multiple networks, they are a danger to each other if the available CPU power gangs up on one. Instead, all networks in the world would share combined CPU power, increasing the total strength. It would make it easier for small networks to get started by tapping into a ready base of miners.
-Satoshi Nakimoto


These were the anonymously written, prophetic words of Satoshi Nakimoto, posted to bitcointalk nearly a decade ago and yet they describe a concept that today we are only truly realizing. What Satoshi describes is not only an elegant solution to many of today's cryptocurrency shortcomings but if implemented properly, could form the backbone for an entire crypto-economy of secure, scalable, and self sufficient chains, outside of the flawed one we currently have.
This new crypto-economy would need to be backed by a secure chain itself with immunity to 51% attacks and powerful cutting edge technological features supporting anonymity and protection of assets to pass on down to the interconnected chains.

One such cutting edge project is Verus Coin (https://veruscoin.io/).
The lead Technical Developer of Verus is a former VP at Microsoft who also co-founded Microsoft’s Java and .NET platforms.
Verus has a unique, new consensus algorithm called Proof of Power, a 50% PoW/50% PoS algorithm that solves theoretical weaknesses in other PoS systems (Nothing at Stake problem for example) and is provably immune to 51% hash attacks. Verus utilizes zk-snarks tech zero-knowledge proofs and is not "forced private", allowing for both transparent and shielded (private) transactions along with private messages as well. They created their very own hardware equalizing algorithm VerusHash 2.0, that leverages the many hardware advantages intrinsic to modern CPU's architecture, enabling the most decentralizing hardware, CPUs (due to their virtually complete market penetration), to stay relevant as miners for the indefinite future. VerusHash 2.0 is specifically designed to better equalize hashrates across all mining hardware types, allowing CPUs and FPGAs to mine competitively on the same network and by favoring the latest CPUs over older types, has the additional benefit of being a defense against the centralizing potential of botnets.

Verus and the Verus Coin project are community driven, all open source (https://github.com/VerusCoin/VerusCoin) and they are also now currently running a test net of their all new protocol, PBaaS (Public Blockchain as a Service) with merged mining of up to 15 (including Verus) fully independent, secure, scalable chains that all share the properties of the parent chain described above. Check out their Discord to give merged mining a try for yourself.

I do know that merged mining as a concept has been around for a while. There are even some implementations out there too, but not on the scale of what Verus is doing. They are creating an ecosystem fully interconnected and yet independent blockchains that scale and because of their implementation (The bottom link on Merkle Mountain Ranges (MMRs)) they will all be able to be exchanged with each other and converted automatically, like a smart exchange without the need for buyers and sellers. What they are doing is truly revolutionary in it's one click chain creation ease and the fact that it is a massive network of chains (just like each of all the coins we have now) but where people can mine up to 15 projects at a time at no additional energy costs and all the created projects are fully protected. I do understand that other projects are doing great things as well and it was not my aim to downplay that but rather to highlight what can come next and fill in the holes left from a first generation blockchain network.



A Peek at the GUI (Graphical User Interface) version of the wallet
https://preview.redd.it/sa0dzgtyk5v21.jpg?width=1651&format=pjpg&auto=webp&s=08f89d5fbb7682a6fbba105fa8819c906dffcb44
https://preview.redd.it/1f65bfk1l5v21.png?width=3840&format=png&auto=webp&s=daadea4ad6775ac68abad2754944f7afd4ee4e0a


A Peek at the CLI (Command Line Interface) version of the wallet (with GUI) courtesy of a community member.
https://preview.redd.it/pdzpu4p7l5v21.jpg?width=2444&format=pjpg&auto=webp&s=40c17cd47c1d25c98de1e50947949f99dcbc484d


A helpful place for lots of useful information and if you want to learn more, check out their Medium page (https://medium.com/veruscoin)

A rough description of the concepts described above:

-PBaaS: or Public Blockchain as a Service is a revolutionary new take on the blockchain as a service model entirely unique to Verus that offers the tools and necessary means to build on and utilize blockchain technology for business or personal use. It is similar to using a web hosting service to build a website with, but rather than having to build one by yourself from scratch, the service provider supplies the basics and handles all the necessary tasks from general upkeep to infrastructure maintenance. Since Verus doesn't rely on a centralized authority to work, there isn't any one single point of failure in the network, so in the event of a hack, power failure, data breach or loss, Verus' system is immune while the other options aren't. Instead of relying on a centralized system, Verus elegantly does work for the public by utilizing the public to do work.

-Merge Mining: or auxiliary mining is a lesser known cryptographic concept that has been seldom discussed and even less so attempted, but can be found as far back as bitcointalk's earliest days. Unfortunately, development in this area of work has remained largely stagnant due to the numerous difficulties involved in coding it, coupled with the sheer complexity and vast scope involved in the programming work. Fortunately, the development team's years of experience and months of hard work have finally paid off, and now merge mining in it's true form is at last a reality. This means that a miner could find a block for Verus and now hypothetically also earn block rewards for several other projects at the exact same time! With literally nothing to lose, and significantly more to gain, it's a no brainer choice for miners. Now miners who mine for profit can make more with the same energy expenditure, while at the same time still have the option to speculatively mine and hold projects they really believe in or care about. Businesses and individual project creators will benefit too by being able to attach a newly formed project to the hashrate of a larger, more established one. This would provide security and reliability to new projects right away and in their earliest stages, a point where they are most vulnerable. Verus has created the foundation for which any person or business, whether small or large, can safely and easily enter into the blockchain.

A semi-visual descriptive paper on the immense benefits of utilizing Merkle mountain ranges, one of the many technologies implemented in Verus PBaaS- https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2016-May/012715.html




Also, full disclosure for readers or mods, I am also a member of this crypto community among several others and this should not diminish the value of it's content. I wrote this post to highlight a genuine technical achievement in cryptocurrency and if not here, then where do we discuss this?
The lead developer Michael Toutonghi has spent decades in the field programming and is a former Vice President and Technical Fellow at Microsoft, recognized founder and architect of Microsoft's .Net platform, ex-Technical Fellow of Microsoft's advertising platform, ex-CTO, Parallels Corporation, and an experienced distributed computing and machine learning architect. The project he helped create employs and makes use of a diverse myriad of technologies and security features to form one of the most advanced and secure cryptocurrency to date.
What their team has managed to do (in testnet, but open to the public for testing) is truly unique in that they've already built a functional system of fully interconnected blockchains that each are also completely independent from one another and fully scalable, private, secure, and immune to 51% attacks. Public blockchain as a service is their ultimate goal of offering these near infinite, secure blockchains to project creators, mineable for near zero energy and protected from attacks. Secure voting, polling, and identity using the tech are on the not-too-distant horizon.
Even the briefest glance over any of their work and it is easy to see this is not just another bs post. I hope this complies with all the rules. If there is some other place to discuss cryptocurrency and the launch of an all new system within it, please let me know. Things keep getting removed without a word said why. I'm happy to do things the proper way.
submitted by Godballz to CryptoCurrency [link] [comments]

The original proponent of progPOW, Kristy Leigh Anne Minehan, appears to have scammed people with cloud contracts, criticism, and soft power, and chatlog dumps.

Previous Posts
Criticism and Soft Power
I have received criticism for my posts mostly due to what people call "character attacks." I have two things to say about that:
  1. I have never engaged in any character attacks. In all cases, the character has made their modus operandi known by themselves, and I have simply shined a light on it. I don't need call people "mentally unstable gentlemen" [--source, Ohgodagirl Twitter] to get my point across.
  2. Algorithm change discussions must include economic and political introspection as well as a discussion of the proposed change's technical details. As I have stated before, progPOW would not exist without the people responsible for creating it. We must look at these people's history, character, prior accomplishments, and industry connections. The discussion must exist outside the scope of the proposed change, not inside of it.
Example: When people criticize my posts for "not looking at the technical details", they are making a mistake. If someone asked "which should we kill more often: baby seals or baby kittens?", we don't all immediately start discussing the optimal relation of kittens-per-second to seals-per-second that can be killed. No, our first reaction is "what the fuck, why should we kill anything?"
Onward
Customer complaints from people who bought cloud contracts from Kristy's previous company:
Coingeek Connection
Previously, I had promised to provide information regarding the CSW/Coingeek and Core Scientific connection.
When I was president of ImageShack.com (2003-2011), someone wanted to buy our company. When this happens, the buyer and seller usually write a purchase agreement similar to the business in which they are involved. This is done to ensure that the purchase is executed. In ImageShack's case, the buyer bought $500,000 worth of advertising from us. The logic was that ImageShack would be acquired, so they actually would pay themselves. If they didn't buy ImageShack, they would owe us $500,000.
Given the partnership between Core Scientific (Kristy's employer) and "Squire Mining" (effectively, Coingeek), I would not be surprised if Coingeek and Core Scientific made such an agreement, as well. In their case, it would likely be a hosting agreement. Since Coingeek has many ASICs, and Core Scientific is a large mining facility, I would not be surprised if those Coingeek ASICs are hosted by Core Scientific.
Individuals close to these parties can verify those claims, but I cannot share the proof at this time without revealing the identity of my sources.
Chatlog Dumps
Today, I also provide public comments from chatlog dumps showcasing Kristy Leigh Anne Minehan's deep connection to NVIDIA:
01/28/2018 - 22:34<@OhGodAGirl> Yo. ystarnaud/sling00: **I'll be meeting NV next week**. I think it's next week. The 4th! Anyway; if you have NVIDIA fixes you need for EthOS or something you want special attention on, PM me. 02/05/2018 - 06:47<@OhGodAGirl> Also I got a USB shaped like a NVIDIA GTX. It's the best thing ever. 02/05/2018 - 06:50<@OhGodAGirl> https://usercontent.irccloud-cdn.com/file/ffwT8M2j/IMG_2726.JPG 02/05/2018 - 06:50<@OhGodAGirl> Look at this adorable little shit. 
"Ah, but there's a catch. These USB drives are extremely rare—Nvidia only cranked out a couple thousand of these drives and will be giving them away to press and "influencers" at E3, along with 1,080 registered GeForce Experience members who are opted in to receive communications from Nvidia."
04/22/2018 - 20:17<@sling00> OhGodAGirl: what does ohgodanethlargement do 04/22/2018 - 20:17< cYnIxX3> https://youtu.be/2mj1nCfFvlI?t=2m16s 04/22/2018 - 20:19< cYnIxX3> sling00, about 10-25mh improvement to 1080 gpus. 04/22/2018 - 20:19< __virus__> about 40-50% improvement afaik 04/22/2018 - 20:21< OhGodAGirl> But...it's not under because NVIDIA asked me not to. 04/21/2018 - 16:51< OhGodAGirl> I have a ton of private tools for Mineority 04/21/2018 - 16:51< OhGodAGirl> Right now our Equihash kernel has a 25% advantage over Claymore. 04/21/2018 - 16:52< PL3> 25% on amds? 04/21/2018 - 16:52< OhGodAGirl> NVIDIA ;) 04/21/2018 - 16:52< PL3> you have claymore nvidia equi miner? 04/21/2018 - 16:52< OhGodAGirl> We're a NV only company. For now. 04/29/2018 - 00:53< OhGodAGirl> So uh, NVIDIA showed ETHlargement at an executive meeting 04/29/2018 - 00:53< OhGodAGirl> They thought it was hillarious 04/29/2018 - 00:53< acv_> that is awesome. 04/29/2018 - 01:22< OhGodAGirl> So many dicks on Youtube though 04/29/2018 - 01:22< OhGodAGirl> "RA RA IT'S A SCAM" 04/29/2018 - 01:22< OhGodAGirl> "RA RA IT WILL STEAL ALL YOUR PRIVKEYS" 04/29/2018 - 01:22< OhGodAGirl> "RA RA NO ONE IS EVER NICE IN THIS WORLD' 04/29/2018 - 01:22< OhGodAGirl> Well dammit I'm a nice person. =( 
submitted by ugtarmas to ethereum [link] [comments]

Check out Part 1 of our first Skycoin Official AMA with Synth!

Part 2 of the AMA posted here.
 
What is Skywire? Where does it fit in with Skycoin?
Skycoin is a blockchain application platform. We have multiple coins in the platform (Metallicoin, mdl.life, solarbankers.com, etc). We let people launch their own blockchain applications (including coins).
There are two parts to Skywire. The first part is the Skywire node. The second part is the hardware.
Skywire is one of the first applications we are launching on the Skycoin platform. It is one of our flagship applications that has been in development for several years. Skywire is basically a decentralized ISP on blockchain. It is like Tor, but you are paid to run it. You forward packets for your neighbors and you receive coins You pay coins to other people for forwarding your packets.
So it is like Tor but on blockchain and you are paid for running the network. Also, while Tor is slow, Skywire was designed to be faster than the current internet, instead of slower.
Skywire is a test application for monetizing excess bandwidth. Eventually the software defined networking technology behind Skywire, will allow us to build physical networks (actual mesh nets) that can begin to replace centralized ISPs. However, the current Skywire prototype is still running over the existing internet, but later we will start building out our own hardware.
Skywire is a solution for protecting people’s privacy and is also a solution to net neutrality. If Skycoin can can decentralize the ISPs with blockchain, then we wont have to beg the FCC to protect our rights.
Skywire is just a prototype of a larger system. Eventually we will allow people to sell bandwidth, computational resources and storage.
On the hardware side, the Skywire Miner is a like a personal cloud, for blockchain applications. It has eight computers in it and you plug it in and you can run your blockchain applications on it. You can even earn coins by renting out capacities to other users on the network.
 
How would your everyday, average Joe user access the Skywire network? Let's say from their phone…
We designed Skywire and Skycoin to be as usable as possible. We think you should not have to be a software developer to use blockchain applications.
Skywire is designed to be “zeroconf”, with zero configuration. You just plug in your node and it works. Its plug and play.
Eventually you will be able to buy a Skywire Miner and delegate control of the hardware to a “pool”, who will configure it for you and do all the work, optimize the settings and the pool will just take a small fee for the service and owner of the hardware will receive the rest of the coins their miners are earning.
You will just plug in the Skyminer and start earning coins. It will be plug and play.
Most users will not know their traffic is being carried over Skywire. Just like they do not know if they are using TCP or UDP. They will just connect their computer to the network with wifi or an ethernet cable and it will work exactly like the internet does now.
 
Are you completely anonymous on Skywire, or do you need to add a VPN and go through Tor for extra protection?
Skywire is designed, to protect users privacy much better than the existing internet. Each node only knows the previous hop and the next hop for any packet. The contents of the packet are encrypted (like HTTPS), so no one can spy on the data.
Since Skywire is designed to be faster than the existing internet, you give up a little privacy for the speed. Tor makes packets harder to trace by reshuffling them and slowing them done. While Skywire is designed for pure speed and performance.
 
Will Skywire users be able to access traditional internet resources like Google and Facebook over Skywire?
Yes. Most users will not even know they are using Skywire at all. It will be completely invisible to them.
Skywire has two modes of operation. One mode looks like the normal internet to the user and the other mode is for special applications designed to run completely inside of the Skywire network. Skywire native apps will have increased privacy, speed and performance, but all existing internet apps will still work on the new network.
 
How difficult will it be for a traditional e-service to port their products and services to Skywire / Skycoin? Are there plans in place to facilitate those transitions as companies find the exceeding value in joining the free distributed internet?
We are going to make it very easy. Existing companies run their whole internal networks on MPLS and Skywire is almost identical to MPLS, so they wont have to make any changes in most cases.
 
What is the routing protocol? How are the routes found?
Skywire is source routed. This means that you choose the route your data takes. You can chose routes that offer higher privacy, more bandwidth (for video downloads) or lower latency (for gaming).
Skywire puts control of the data back to the user.
 
I have also understand that the protocols underlying in skywire will be/already are pretty different from the Internet protocols. Taking into account the years of research applied to the current Internet and the several strategies for routing it doesn't seem an easy task to rebuild everything and make it work. Where can be found the information about the routing strategies used in skywire?
The routing strategies are user defined. There is no best routing strategy that is optimal for every user or application. Instead we allow people to choose their routes and policies, based upon the application, time of day, available bandwidth, reliability and other factors.
This is actually the way the original internet worked. However, it was scrapped because of the RAM limitations of early computers which only had 4 KB of memory. So the internet was built upon stateless routing protocols because of the limitations of the available computers at the time, not because the networking protocols were the best or highest performance. Today even a cell phone has 4 GB of ram and 1 million times the memory of a computer in the 1980s, so there is no reason to accept these limitations anymore.
Our implementation is simpler and faster because we are stripping away the layers of junk that have accumulated. The internet was actually built up piecemeal, without any coherence, coordination or planning. The internet today is a mishmash of different ad-hoc protocols that have been duct taped together over decades, without any real design.
Skywire is an re-envisioning of the internet, if it was built today knowing what we know now. This means simplifying the protocols and improving the performance.
 
How will the routing work if someone from Europe wants to access a video from a node in Australia (for example)? How do the nodes know the next hop if they cant read the origin or destiny of any packet?
If you have a route with N hops, then you contact each of the nodes on the route (through a messaging service) and set the route table on each route. Then when you drop a packet in the route, it gets forwarded automatically. You could have 60 or 120 hops between Australia and Europe and its fine.
Each individual node only knows the previous hop and the next hop in the chain. That is all the node needs to know.
 
Could you estimate a timeline for when Skywire will operate independently from the current ISP infrastructure?
I think Skycoin is a very ambitious project and some parts could take ten or twenty years. Even if we started with a network of a few thousand nodes and we were growing the network over 1% per day, it will still take a decade or two to conquer the Earth.
We are going to start with small scale prototypes (neighborhoods), then try cities. I think the first demonstration networks will be working this year.
 
How will bandwidth be priced in terms of coin hours and who determines this rate?
You could have 40 PHDs each do a thesis on this. The short answer is that an auction model has to be used (similar to Google’s Ad Words auction model) and the auction has to be designed in a way so that the bandwidth prices reach a stable equilibrium.
There are parts of Skycoin that are completely open source and public, like the blockchain and consensus algorithm and Skywire. There are secrets like the auction model and pricing, that are designed to protect Skycoin from being forked and to prevent competitors from copying our work.
We estimate that if a competitor was to start today, with 2 million dollars a year in R&D, that it would take them a minimum of eight years to develop a working bandwidth pricing model. And from experience in auction models for advertising networks, 80% of the competitors will fail to develop a working model at all.
A working, fair, decentralized bandwidth pricing model that was competitive with what we have would take even longer. There are very few people (less than 4) on Earth who have the experience in mathematics, economics, game theory and cryptographic protocols to design the required auction and pricing models.
One of Google’s secrets that allows them to dominate the internet advertising industry, is their auction model for ad pricing. That is what allows Google to pay the content producers the most money for their advertising inventory, while charging the advertising buyers the least.
Google’s auction models for pricing AdSense inventory are even more secretive and important than Google’s search algorithm. This is one of the most important and secretive parts of Google’s business. Even companies like Facebook, with billion dollar war chests have been unable to replicate to close the algorithm gap in this area. Expertise in these algorithms and their auction and pricing models is one of the reasons that Google has been able to extract advertising premiums over Facebook.
Even if a competitor raises a billion dollars and hires all the PHDs in the field and they had ten years to do research, I doubt they would be able to develop anything close to what we have now.
The history of bandwidth markets is very interesting and Enron tried to do a trading desk for bandwidth and bandwidth futures and it completely failed. The mathematical stability and predictability of the pricing of bandwidth under adversarial conditions is one of the major problems.
For instance, one of our “competitors” suggests that people will be paid coins if someone accesses their content. So why don’t you just put a website and then have 2000 bots go to it, to get free coins! How are they going to stop that.
Or if they are pricing bandwidth, if the price is fixed and the price is too low, then people will not build capacity and bandwidth will be insufficient and the network will be slow.
Or if the price is variable and adjusts with demands, what will stop someone from buying up the capacity for a link (“Cornering the Market”) to drive the price up 50x on links they control and extort money out of the other people on the network with a fake bandwidth shortage?
The pricing algorithm has to be stable under adversarial conditions. It is a very difficult problem, harder than even consensus algorithm research. Even if a competitor had unlimited funding and unlimited time, it is unlikely that they would find a superior solution to what we have and that alone nearly guarantees that we are going to win this market. It gets even more difficult if you need price stability and you admit any type of bandwidth futures, that allow speculation on future prices. This is a kind of problem like Bitcoin consensus algorithm that can only be solved by an act of genius.
We have a lot of experience in this area. It is hyper specialized and a very difficult area and is one of the areas that will give Skycoin a strong sustainable advantage.
 
Will there be a DNS for Skywire to register .sky domains?
Of course. We will definitely add some kind of DNS and name system eventually.
Remembering and typing public keys is too difficult. We want to make it as easy as possible. We want people to be able to register aliases (like screen names) so that people can send coins to aliases instead of having to type in addresses every time.
This will let people send 5 Skycoin to “@bobcat” instead of sending coins to “23TeSPPJVZ9HvXh6iYiKAaLNQroKg8yCdja”. This will be a revolution in usability.
 
When operating a Skyminer, will people in my surrounding area see it as a Wifi option on their devices?
You can configure it to expose a wifi access point. It depends on what you are trying to do.
 
While I plan on running a DIY miner regardless of the payout, will one of the first 6000 DIY miners built to the same spec as the official miner receive a worthwhile payout in Sky coin? What is the requirement for a DIY miner to get whitelisted (and earning Skycoin) on the Skywire testnet?
The reason we have white-listing on the testnet, is to stop too many nodes from joining the network at once. The network can only support so many nodes until we upgrade certain infrastructure (like the messaging/inter-process communication standard).
Eventually, all DIY miners will be whitelisted, but there will probably be a queue.
 
The Sky team is developing antennas by their own instead of buying or using technology already developed, why is such an effort necessary?
You can of course, buy any commercial antenna or wifi system and use it for Skywire.
We are developing our own custom antennas, to push performance limitations and experiment with advanced technology, like FPGAs (Field Programmable Arrays) and SDR (Software Defined Radio).
Existing wifi has a huge latency (15 milliseconds per hop). We need to make several modification to get that down to 0.5 millisecond per hop.
We have several custom PCB boards in development. We have a few secret hardware projects that will be announced when they are ready.
For instance, the Skywire Miner was in development for two years before we publicly announced it. Some of our next hardware projects are focused on payments at the point of sale and improving usability, not just the meshnet.
 
So back in January Steve was asked a question in the skywire group: "Steve, I am not a tech savage, so how can I understand better the safety running a miner if people on the network do DeepWeb stuff? So i will receive and redirect data packets with crazy things and also there is around 128 GB of storage on my miner. How can i have peace of mind of that?" He replied with "If you don’t run an exit node to the open internet it won’t matter you can run relay nodes if you’re worried about it, or proxy specific content." This seems to goes counter to what you mentioned regarding end-to-end encryption with Skywire. Will some people only be relay nodes and some will be exit nodes as well?
I think the question is wrong.
You only store content for public keys that you explicitly subscribe to.
This means if you do not like particular content or do not want it on your hardware, then you can just blacklist those public keys or don’t subscribe to them. Data never goes on your machine unless you requested it.
If you are holding data for a third party such as forwarding packets, it’s always going to be encrypted, so will look like random noise. There will never be anything in the data that causes legal liability. It will look the same as the output of a random number generator.
 
If using the skyminer, how much bandwidth will be necessary to run it at its best? And what about the router? It's true it has only 100mbits output? Is a 1gigbits connection necessary to reach toprates?
Hold on!!!! Let us get the software and test net running first, lol. We will know once we know what works for the testnet.
 
What will the price be for future Skynodes (formerly called Skyminers)?
We are working on ways of reducing the cost, such as by buying our own factory, doing custom PCB boards and using different materials.
The cheapest Skywire Miner node will be about $30 for a single node miner. We will have a very cheap personal Skywire “hardware VPN” node also.
The miners we are shipping now are for powering the network backbone and have 8 computers and are about $800 each. We sold people the miners for 1 BTC each so they can support development, but gave them a Skycoin bonus equal to about 1 BTC worth of Skycoin.
Then that money, went to fund the cost for developing the newer hardware.
submitted by MuSKYteer to skycoin [link] [comments]

GRAFT NETWORK: AMA - questions and answers (summary from Discord)

Question 1
Could you talk a little about the software development process that Graft uses? What development methodology does Graft use? Is it an industry-standard model (such as agile, incremental, or waterfall) or something custom designed? Perhaps you could walk us through how the process works, for example how a concept goes from initial idea to implementation to testing to competition?

We use an agile methodology with two-week sprints. The system is quite complex with many components that we have to time together into planned releases. We started with formal testing but are quickly migrating towards community supported rollouts. You can see how various pieces stitch together looking at our development roadmap.

Question 2
"I currently scan various blockchain projects"". Ive noticed several unresponded pull requests that seem to be ignored"" In understanding C++ for a number of years. They seem to be solutions for a drastic fix. I can not involve myself in a blockchain that the dev doesn't fix issues in a timely manner. How can i invest with any courage the dev and the project is community oriented if they do not listen to pull requests! Is there any particular reason why PR are being ignored and is the super node RTA going to launch without any review from all pull requests?"

We pay attention to all pull requests. Pull requests however are not "just push an approve" button activity - they have to be vetted, tested, incorporated into the release schedule, and timed for the appropriate network update (fork) - all these things take time and are gated by the development and release schedule.

Question 3
It is appreciated that the Graft Team have said many times that people who buy GRFT aren't investors. But if GRFT is truly a 'community' coin then it would help if someone is available to give one consistent message from the Graft team to the people that form the community. There is often misinformation and confusion in the telegram and elsewhere because there isn't someone from the core team that is managing communication with the community. Will you be hiring an individual or team to manage communication with the community?

We are sometimes constrained as to what we can share due to incomplete conceptual framework (we start out with broad brush strokes and then fill in the details as we move closer to implementation), private info from 3rd parties that we're not at liberty to share (such is often the case with exchanges or other partners), or simply are working on something that may or may not pan out and we try to avoid situations where we overpromise and underdeliver. As engineers, we tend to communicate once something is done and no uncertainties remain - we're learning however to communicate more, bear with us :)"

Question 4
In the current alpha implementation, the RTA SuperNode requires a hot wallet with full spend keys on the VPS running the SuperNode. This seems dangerous: if we imagine graft at $1, that means a T4 is holding a hot wallet worth a quarter of a million USD, which makes it a tempting target for hacks—someone who gains access to the VPS could steal the entire stake plus any transaction fees. Why did Graft decide to go with a hot wallet approach as opposed to the cold-stake approach (of submitting stakes as time-locked transactions on the blockchain) commonly used by other Masternode systems?

First, it's important to take into account the specifics of the Cryptonote protocol - proof of balance in a CryptoNote wallet is not as easy as doing the same in ""regular"" non-private blockchains. Second, we are aware of this issue and already have it in the backlog, so it will be resolved in the future RTA release.

Question 5
"The recently announced stimulus plan for supernodes was unveiled without any details at all as to how it will work. This has led the community taking wild guesses as to how it might work (e.g. with the unofficial calculator floating around) and what the payoffs might be. Proper planning for potential supernode operators requires the actual details. When do you plan to formalize the stimulus payoff details so that people can start deciding whether or not they want to run supernodes?"

The stimulus plan will take a bit of flushing out. We have defined the general direction and the targets for the incentives and will be filling in the details as we get to the roll out stage. The goal is to make the network perform at roughly 100k tx monthly volume.

Question 6
There has been quite some discussion recently on the GRAFT blockchain telegram channel about the upcoming Monero CNv2 fork and the impact it may have on the GRAFT blockchain. Some are convinced that the fork will lead to a substantial migration of ASIC/FPGA hashrate to GRAFT (being the most profitable CNv1) from XMR. This in turn could lead to centralization of the network, a potential drop in value (as the farms are less like to hold their GRAFT) and even outright attacks. It would be great to get more information from you on this topic, if you plan to fork to CNv2 or any of the CNv1 derivates in the coming months?

The GRAFT dev team is working on the patch. We will announce the date of the hard fork shortly

Question 7
Where are we with Verifone and Ingenico exactly? What will be procedure for merchant to turn on GRAFT as currency on their POS machines, and will it require manual update?

Regarding Verifone software - it is done and ready for the rest of the network - of course there are iterations and updates happening on that as we go as all these things are interconnected. Using GRAFT on Verifone terminals only requires Engage-compatibility. Engage is their app platform - they are rolling it out to various models starting with the newest / most capable ones. To enable GRAFT, the merchant has to go to Verifone marketplace, add the app to their merchant account, configure the wallet and few other payment gateway options. As simple as that. Regarding Ingenico - we are waiting for the platform upgrade from their side and opening API's - tentatively Q1 2019, so for now our primary goal is to get the Verifone terminal to work flawlessly.

Question 8
Could you briefly share the Graft Team marketing plan and road marks that you are following to implement the plan?

Here's an example of what we're thinking and driving towards. https://www.graft.network/merchant-service-provide . Please keep in mind however, that this is a decentralized, community project, so core team's involvement in marketing and distribution is focused on working on core software and integrations.

Question 9
Many people have attempted to send coins from the mobile wallet to Cryptopia. The transaction fails because the mobile wallet does not support non-integrated payment ID's. The users then contact Cryptopia about the lost coins and then Cryptopia asks for a payment ID. There are a few problems with this all too common scenario, but the biggest problem in my opinion is that the mobile wallet does not provide access to transaction ID's. Will the mobile wallet soon be able to display transaction ID's?

Cryptopia is the only exchange that does not support integrated addresses. We've contacted their devs several times and asked to implement this support. They promised to do it but never provided any ETA. By the way, they do not support integrated address for Monero or other CryptoNote coins, not just GRAFT. Here is the latest response from Cryptopia devs: "We’ve escalated this issue and hope to have an ETA for you in the near future. We haven’t forgotten about it." 2) In the next releases of the wallets we plan to add both detached payment id & full transaction history (including Tx ID).

Question 10
When will the results of the RTA alpha testing (bug reports/fixes/etc.) be made public? Or if they won't be, when will you start accepting public bug reports for RTA supernodes?

As you may have noticed, we have started communicating the development status on a weekly basis providing lots of details to the community. The results of the testing feed back into the development with the end result of a public alpha and then beta state of the product.

Question 11
Do you plan to conduct any external security audit of the platform (RTA/Exchange brokers/etc.) before the final production release?

One-time security audits are largely ineffective (subpar, expensive, and short lived) as the code changes literally every day. The code is open to the community to examine and find bugs. We're also looking into implementing a bug bounty program. (Note that both GRAFT co-founders are CISSP certification holders and have serious infosec background.)

Question 12
What is the long-term plan for continuing Graft’s management? Some other coins have defined organization structures that are designed to continue without the present Dev teams. Has the Graft team thought about how Graft will be managed on an ongoing basis once the project reaches maturity?

Good question. We recognize that there is a natural evolution in a decentralized project governance as the project matures. We are considering a DAO path potentially, taking notes from other leading projects, and looking to incorporate some of the innovative models (like quadratic voting) that provide equalized participation.

Question 13
Multiple sites out there already support payments with cryptocurrency. How's GRAFT different?

The primary purpose of the GRAFT project is to build a DECENTRALIZED payment network - the fact that it can process crypto payments is one of the important by-products, not the be all and end all. The devil is in the details - centralized payment brokers go against the principles of decentralization and they don't scale. GRAFT's goal is a decentralized payment network with no borders, no single party controls, no (or marginalized) banks, agnostic to the currency you pay with.

Question 14
I've heard that early supernode holders will be incentivized to participate in the graft network and I applaud that. Doesn't it make sense to incentivize merchants to encourage graft usage by offering a transaction fee holiday for some time period up front? You could still pay the network supernode participants out of the coins set aside for incentives (or not). I think that incentivizing the vendor will go MUCH further towards promoting crypto adoption.

Yes, we're thinking about incentivizing other eco-system participants and have thought about waving the transaction fees for the merchants for period of time. It's not clear whether it's strong enough of an incentive for them to adopt a new payment network if they didn't have an interest in it before. We are thinking that the focus with merchants should be on creating awareness in the industries that are notoriously hard to get merchant services in, as well as making it super easy for them to integrate GRAFT into their existing systems and processes.

Question 15
Service Brokers are going to be One of the most critical part of the Graft Ecosystem. Considering an example where Bitcoin payment is made by a buyer and Merchant's payout choice is in Fiat USD. This is the most obvious use case I could think of. And the kind of liquidity needed for converting BTC to USD is going to be huge (to make settlement seemless). I fear individuals (SN owners) could provide this liquidity. Unless a major exchange could be a service broker I personally feel this will be difficult. Hard fact being we are facing difficulties in listing Graft on a bigger exchange, so what's the plan on getting a high liquidity exchange?

You're right - payout brokers are one of the keys to the functional network. We anticipate the liquidity to come from both smaller and larger brokers. The plan is that once the project gains recognition and adoption in the marketplace, the exchanges will open up as it's a very lucrative market for them. At this time we have a number of smaller payout brokers who have registered their intent to provide these services to the network.

Question 16
One problem with almost every cryptocurrency is the boundless growth of the blockchain data. One of the numbers that got pulled from the reward post was 100k transactions per day. Graft transactions average about 12kB, so put those together and you get the blockchain growing by 1.2GB/day. It'll hit nearly 100 gigs after 2 months, nearly 500 gigs after a year.Does Graft have any long-term plan to reduce that storage requirement at the node and/or supernode level?

This is common problem for all blockchains, not just a specific problem to GRAFT. The current short-term solution is merging recent Monero code which introduced a new method of proofs for confidential transactions - Bulletproof - which is supposed to reduce the blockchain size by 80%. https://web.stanford.edu/~buenz/pubs/bulletproofs.pdf https://monero.stackexchange.com/questions/6781/what-are-bulletproofs

Final Question
We appreciate your efforts to involve the community in the project, how would you like to improve this relationship over the next few months?

Thanks for this question. As a decentralized project, we have to really pull back on implementing roll-out and adoption plans for the network and rely on the community to take over and form their own geographic and industry clusters with their own promotion and business plans for the network. We will know that the network is thriving if there are initiatives, ideas, local governance, and business models that go well beyond what was envisioned by the founding team

OK - One last question
How does GRAFT handle void transaction? Is that similar to void transaction of Credit card's?

oid transactions are typically handled by the point of sale, before it even comes to the settlement. If payment is processed, some payment processors allow voiding such transaction. On blockchain it is impossible to reverse (void) a transaction after it is added to the transaction pool (even before it's added to the block), so RTA "void" should be replaced by refund (return) transaction.




submitted by graft-network to Graft [link] [comments]

RightMesh AMA Answers

Thank you for your interest in our project and for submitting questions over the past week for our first AMA!
 
Please see below for our answers. Question thread available here. If you would like further clarification on any of the below, please join our Telegram channel to speak directly with the team.
 
The RightMesh Team
 
 
 

I like you guys the most because you're a BCORP with a great purpose, but what does your organization do better than the competition? Thank you.

 
Thank you for your kind words about our B Corp status, it’s something we pride ourselves on at Left and RightMesh! For those who are not familiar, Left, the parent company of RightMesh, is a certified B-Corp and has won numerous awards for community engagement and corporate culture. B Corps are for-profit companies certified by the non-profit B Lab to meet rigorous standards of social and environmental performance, accountability, and transparency. As a certified B Corp, Left is committed to doing business “right” – for the good of all. There are over 2,400 B Corps in over 50 countries, covering 130 industries. Some notable B Corps include Ben & Jerry’s, Warby Parker, Patagonia, Etsy, Plum Organics, and of course, Left!
 
We believe there are several differentiating factors about RightMesh, spanning from our organization to our technology. These include:
 
 

Culture & Values:

 
Left’s founders, Chris Jensen and John Lyotier, had a dream to create a company built on core values and an anything-is-possible attitude that can make this planet a better place. We have been recognized as the “Best Employer in BC (British Columbia, Canada)” by Small Business BC, and we are a two-time winner of the BC Tech Community Engagement Award. All employees get to participate in our “Dream Program” in which the company supports us to fulfil our personal dreams and ambitions, and we are given unlimited work hours for volunteering in our community.
 

Team Expertise:

 
The RightMesh team consists of over 100 PhDs, Scientists, Developers, Entrepreneurs, Business Strategists and other experts who have in-depth expertise in Mesh technologies, blockchain and building successful businesses.
 
RightMesh has offices in Vancouver, Canada and Khulna, Bangladesh. We also have project contributors and partners working from Zug, Switzerland and Los Angeles, United States.
 
A key differentiating factor is the fact that our team has strong experience in scaling teams which will be extremely important to the success of RightMesh in the future following our TGE.
 

Executive Team Overview

 
John Lyotier, Co-founder and CEO  
Co-Founder & CEO, RightMesh. John is one of the co-founders and is a key contributor to the global strategy, vision, and technology roadmap for RightMesh, its parent company Left, and all its subsidiary brands. John is an entrepreneur and a successful marketer with more than 20 years of experience in promoting, launching, designing, and jumpstarting new businesses and products through innovative marketing concepts. Under his leadership, the parent company, Left, has gained a national reputation as being a “Best Workplace” award winner while being the first back-to-back recipient of the BC Tech Association’s Tech Impact Award for Community Engagement, recognizing the best company in BC for balancing “Work, Life, and Play”. With RightMesh, he is focused on bringing connectivity to the next billion.
 
Chris Jensen, Co-founder and COO  
Chris began his career in the UK working for multinationals and banks and continued in the banking and brokerage industry upon moving to Canada. He has a strong understanding of the finance markets and has lived the pain of raising capital for early stage companies during the beginning stages of growth, from 25 to 80+ employees. He has founded several start-up companies in his career. In his role as CEO for Left and COO at RightMesh, Chris thrives on understanding the big picture and on moving the levers that drive the company forward. This includes financing, strategic partnerships, and corporate development. Chris holds a BSc (Honours) in Economics and History from Queen Mary University of London.
 
Dr. Jason Ernst, CTO and Chief Networking Scientist  
Jason holds a PhD in the field of Mesh Networking and Heterogeneous Wireless Networks as well as a M.Sc. on Scheduling Techniques for Wireless Mesh Networks, both from the Applied Computing faculty at the University of Guelph. An adjunct professor at the University of Guelph, Jason has more than 30 published papers on wireless networks, cognitive agents, FPGAs, and soft-computing topics and has presented his research at international conferences around the world. Jason is the only Canadian member of the ACM Future of Computing Academy and a member of their executive committee. Prior to joining Left, Jason was the CTO of Redtree Robotics, which designed robots that made use of multiple radio technologies to ensure pervasive connectivity to each other and their operators.
 
Dr. David Wang, Applied Research Engineering Scientist  
Dr. Zehua Wang is the Chief Micropayment Scientist at RightMesh. He received Ph.D. degree from the University of British Columbia (UBC), Vancouver, Canada. He received his master and bachelor degrees in Computer Engineering and Software Engineering, respectively. He holds a research fellow position in UBC. He has published more than 30 peer-reviewed book chapters and papers in topics of mobile ad-hoc networks, blockchain technology, the Internet of Things, and the fifth-generation wireless networks. He has expertise of using optimization and game theories to solve economic problems. He was a recipient of Four-Year-Fellowship and awarded the Graduate Support Initiative Award at UBC. In industry, he has about 10 years experiences of software development. In academia, he served as the technical program committee (TPC) Co-chair of IEEE International Workshop in Smart Multimedia and TPC members in many international conferences, including IEEE ICC, IEEE Globecom, and IEEE VTC, etc. He is a member of IEEE.
 
Saju Abraham, Chief Product Officer  
Saju is a seasoned professional in the realm of mobile and wireless technologies having worked with customers, partners and teams across 19 countries in organizations such as Lucent Technologies, Movius, NEC, OnMobile and Telefónica. His passion for building great products stemmed from his multifaceted experience as a software engineer, architect and product manager, and he currently thrives in bringing multiple cross-functional and cross-cultural teams together to cohesively execute the product strategy for RightMesh. His credentials include a Bachelor’s degree in Computer Science and Engineering and a Postgraduate degree in Management from the Indian Institute of Management, Bangalore.
 
Melissa Quinn, Corporate Development Manager  
Melissa’s passion to empower people to be their best selves is why she has immersed herself in the blockchain, cryptocurrency, and mesh technology world. Heading up Corporate Development for RightMesh, Melissa works closely with the team while constantly seeking Partners, Advisors, and other game changers who are aligned with our vision. She has a BBA from SFU, a background in HR, and a strong desire to put innovative technology at the forefront of doing business as a force for good.
 
Rakib Islam, Co-Founder and CTO of Left  
In his role as CTO, Rakib sets the pace for Left’s application development initiatives, including key recruitment of engineering and mobile technologists. Rakib leads Left Technologies Pty Ltd, Left’s ISO-9000 certified subsidiary in Bangladesh. An active member of BASIS (Bangladesh Association for Software and Information Services), he frequently travels abroad to present an example of the ‘new’ Bangladesh and speak about economic empowerment. Rakib’s credentials include a Master’s Degree in Computer Science and Applications from Pune University, India, as well as being a participant in the US Department of State Professional Fellows Program for Young Entrepreneurs at the University of Oklahoma.
 
Tracy McDonald, Director, Talent & Culture  
With over 10 years working with people to grow their potential, Tracy is passionate about creating dynamic teams that facilitate business growth and positive culture. As an early Lefty, she was instrumental in scaling up the team to over 80 people, without losing the culture that makes Left special and unique. Tracy’s coaching and development work with the Lefties has been recognized with many awards including “Best Workplace in BC” and Community Engagement Winner from the BC Tech Association. Her dedication to making Left a premier workplace, was further recognized when Left became a certified B Corporation. Tracy’s belief in the potential of people allows her to lead with compassion, integrity, and trust. She earned her Bachelor of Science from Simon Fraser University.
 
Dana Harvey, Chief Communications Officer  
Dana harnesses the power of words and technology to engage audiences and compel them to action. As a communications professional with 25+ years’ experience in global markets, Dana combines strong strategic skills with out-of-the-box thinking and the unique ability to craft omnichannel content that resonates and inspires. She has helped large corporations like Nortel, Motorola and IBM develop new markets, managed an international advertising agency, and guided multiple businesses to success through her own communications consultancy. Dana is also an experienced public speaker, passionate about sharing her knowledge and motivating audiences. As an advocate for the full participation of women in all communities, she is especially interested in exploring the positive social and economic impacts RightMesh will bring to women in developing nations and around the world. Dana is co-founder of the Women’s Collaborative Hub, an organization that empowers youth and women from diverse backgrounds. Her credentials include a BA (Honours) in Communications and a Post Baccalaureate Masters (Dean’s List) in Asian Management.
 
Alyse Killeen, Executive Strategist  
Alyse is Managing Partner of StillMark Co. and StillMark Capital, and is one of the very first traditional venture investors to participate as an investor and advisor in the blockchain and cryptocurrency ecosystems. In 2015, the UN Foundation named her a Top 70 Bay Area Digital Leader, and in 2016, Singapore University of Social Sciences (SUSS), a university under the ambit of Singapore’s national Ministry of Education, appointed Alyse as a Fintech Fellow. In 2017, International Business Times (IBT) recognized Alyse’s contribution to the development of the blockchain ecosystem by including her in the 4th position of IBT’s “VCs Powering the Blockchain Boom” List, following Tim Draper, Mark Cuban, and Naval Ravikant of AngelList and MetaStable. Alyse has presented internationally, been featured in many reputable publications, authored a book chapter in the award-winning Handbook of Digital Currency titled “The Confluence of Bitcoin and the Global Sharing Economy”, and in 2017 contributed to the next book in the series, Handbook of Blockchain, Digital Finance, and Inclusion (2017), co-authoring “Global Financial Institutions 2.0” with Dr. R. Chan of the World Bank. In her role as Executive Strategist, Alyse consults with the executive team, including on the development of the team’s network within the blockchain community and introduction to ecosystem leaders.
 

Our Advisors:

 
Our advisory team consists of advisors who believe in the long lasting success of the project. They have been carefully selected to help built RightMesh over multiple years of operation and are not involved solely for the token generation event.
 
Our advisors include:
 
 

Academic Research:

 
Academic research has been core to the design and development of RightMesh thus far, and will continue to be a key driver for us in the future. RightMesh works closely with Universities on academic research on mesh networks, blockchain technology, and payment channels. We are working on research with the University of British Columbia on density simulation and payment channel development. Since early 2017, we’ve been conducting research on mesh networks and connectivity in Arctic / remote regions with:
 
 
We've received grants from NSERC, MITACS and CIRA to support pilot programs thus far and are submitting a MITACS cluster grant to support over 100 graduate student units over the next 3-5 years. This research covers everything from how to design relevant mesh apps in the communities the mesh is operating in, to performance evaluation of the network protocols, to scalability of micropayment channels.
 

Technology:

 
It is also important how the mesh is designed for scalability reasons. Most mesh networking solutions are built around a store and forward and broadcast mechanism. This mechanism is not scalable and congests the network causing complete breakdown of the network. Even a small amount of devices can quickly cause exponential traffic resulting in extremely high delay and low effective throughput for apps running on broadcast protocols. In the RightMesh network, devices directly communicate with another device, and make smart routing decisions along the way.
 
RightMesh implements autonomous role topology/mesh creation layer - which means devices in the RightMesh network will autonomously detect each other and connect - user intervention in the network role is minimized .
 

Other key tech differentiators include:

 
We don't broadcast data. We compute a route between devices. Our protocol was built to use multiple paths (most use a single path and have long recovery times on a broken connection). The RightMesh network protocols can failover, or use multiple paths at the same time. RightMesh doesn't require the phone to be rooted. RightMesh doesn't require extra hardware. RightMesh can share existing Wi-Fi or Cellular Data, many others can only share Cellular Data.
 
 

Partners & Affiliations:

 
 
Answer provided by the RightMesh Team
 
 

Hello, First, congratulations on the big idea! I'm definitely a supporter. (1/2) My question is how far are you into testing your mesh network?

 
Thank you! We’ve spent the last 1.5 years or so building the protocol stack from the ground up, and so most of the testing that has been done has been around testing the functionality of the stack - including node discovery, single-hop and multi-hop communication, multi-path routing, forming mesh networks with heterogeneous wireless links, and app integration.
 
And over time, we steadily have been improving our end-to-end reliable communications protocol. The protocol originally achieved somewhere on the order of a few kbps when we first started because we did e2e acks on every packet. We have since moved to sliding window and selective ack mechanism which has allowed the performance to climb closer to the Mbps range. However, we still have more work to do in order to achieve the theoretical maximums of the individual links (and even faster if combining links).
 
In terms of testing of the scale of a RightMesh network, we've tested with up to 10 hops on a single path, but can likely support more. Right now the largest offline mesh we've had is 30 devices, limited only by the number of devices we had available at that moment in time.
 
Building a performance evaluation framework is one of our next immediate and important tasks, where we can evaluate the performance of the network under various test conditions - for example how the network behaves based on density, and how does the number of hops impact the response time and data that flows through the network.
 

(2/2) Can I assume I'll only be able to participate if I'm in the surrounding locations? For example: Someone in Indonesia is using RightMesh to try and connect to the internet. Is there a possibility for me to help them if I live in a different country? Thank you and keep up the good work.

 
To be a participant in a RightMesh network, you will have to be in close vicinity with another RightMesh powered node (smartphone) in order to be connected to a network. However, it will be possible for community members to operate devices that provide a “superpeer” layer. These would be fixed nodes with stable, reliable, and ideally fast internet connections. They would provide relaying between different geographically separate meshes - for instance between two neighbourhoods that are too far apart for one mesh to cover them both. They would be required to provide tokens in order to facilitate the channels that need to be made between the buyers and sellers. This would allow them to charge a fee for having their tokens locked up in the channels.
 
We will also open source the superpeer, so people will be able to work off our reference superpeer implementation and build their own custom superpeers. This would let them control the strategy the superpeer uses to allocate tokens into channels. We expect to have a release of the superpeer which supports payment channels by next week. At this point in time the solution is proof-of-concept stage, but some testing has been done to support two meshes communicating with each other through a superpeer where the data seller in each mesh is compensated by buyers in each mesh.
 
Answers provided by Dr. Jason Ernst, CTO and Chief Networking Scientist & Saju Abraham, Chief Product Officer
 
 

What do you see as the biggest challenge with taking your technology to market and hitting your usegrowth targets?

 
Density is the biggest challenge of mesh technologies, and one of the reasons why token economies are required to incentivize users to share their signal when it is available.
 
We are looking to bring in users into the RightMesh ecosystem through the work they do in the network, and provide them economic incentives that will encourage further action. What defines work? Being a part of a relay node in the network for instance - that reduces barriers to entry. Or incentivizing users for taking actions in the app or to consume content such as ads. The more opportunities there are for users to earn, the more people that will join, the more developers that will join the ecosystem, leading to more opportunities, and the network effects loop should grow stronger.
 
Answer provided by Saju Abraham, Chief Product Officer & Aldrin D’souza, Product Manager
 
 

(1/3) What is the theoretical maximum mesh size?

 
There isn't really a theoretical limit. We don't have any hard caps on devices in our code, however locally there may be limitations from individual phones. For instance, I've seen some phones in hotspot mode which only support 6 clients connected to it. On other phones sometimes, as few as 3-4 BT connections. So there are some constraints on the topology and the maximum number of connections one device may have, but it is limited more by the devices, the chipset and Android, rather than our software. We can also get around some of these limitations still using our switching technology, however, this will have a noticeable impact on delay.
 

(2/3) Does the transfer rate for users slow as the mesh size increases?

 
This is less a function of the number of users, or devices, and more a function of the demand on the network. A network with many devices and few users actually requesting traffic may perform better than a small network where all of the users are requesting lots of traffic. There is some overhead in the protocol to maintain the connectivity of devices, however this will be minimal in impact compared to the load of traffic from all of the devices. It also depends on where the traffic is going. If it internal to the mesh it may be possible with a dense mesh that RightMesh could support high throughput internally. The bottlenecks would likely occur in cases where there is lots of traffic which requires the Internet, and there are too few people willing to sell or donate Internet data into the network. Compared to other meshes howevever because RightMesh can support multiple paths, we can split the load across all available Internet connections rather than doing something more naiive like rely only on the closest one, for example.
 

(3/3) How do you plan to test a large scale mesh prior to launch?

 
There is lots that we can do with simulation, or combining simulations with some real devices. We also have a large team in Bangladesh that can help support field tests in some very different environment that we are used to in Vancouver.
 
Further, we are working with researchers at UBC and Guelph so that graduate students can apply some of the latest research methods in simulation and performance evaluation to RightMesh. (I myself have a PhD that relied heavily in this area, and we have several other PhDs on the team who can provide expertise to graduate students in this area. We are also working with some other top researchers in this area who will help in ensure we are straining and breaking the network as much as possible before launch).
 
To be more specific, it will be a combination of stressing various components of the system one at a time, along with tests that stress all of the components at once. We are also building software that can automate various scenarios to test how the phones and the library can handle different topologies and connectivity. Before we consider it ready for launch however, we'll need some wide scale tests with real devices and real traffic. This will likely happen by working with friendly partners who believe in the benefits of what the mesh can provide in very localized applications (think a train schedule app in a crowded city for example). This will inevetiably result in parts of the protocol breaking, which will iteratively repair.
 
Once we are satisfied that the network as a whole can maintain stability, tokens properly account for the data being used (verified on the public testnets), and that users of these early partner apps are having a good user experience, we will deploy to the public network.
 
Answers provided by Dr. Jason Ernst, CTO and Chief Networking Scientist
 
 

Have you had direct interest from large enterprise clients wishing to use the mesh technology in their apps/content strategy as yet, or are you having to reach out to them to generate interest?

 
Yes, RightMesh has been receiving direct inquiries from major corporations and organizations every day. These companies are largely interested in reaching emerging markets and regions where connectivity is an issue, and has been inaccessible until now. Mesh technology, being so new, will enable new types of applications to emerge that have not previously been possible, so proof of concepts for both RightMesh and partners will be a key focus. We’re actively in discussion with companies who are interested in integrating RightMesh into mobile applications, dApps, IoT devices and other hardware products to develop pilot projects.
 
In addition to these inbound inquiries, we have an outbound strategy as well, where we’ve identified key verticals that would benefit from mesh enabled applications. In the near term, over the next year while we harden the RightMesh protocol, we plan to focus on working with partners who provide services like emergency communications, distance education, medical services, and messaging applications, to name a few.
 
We see the need to work with a variety of different types of partners from international NGOs to brand names in order to test various use cases (ex. emergency medical alerts or content distribution from content providers). Our partnership strategy will evolve over time as our protocol matures.
 
We will publish announcements as per our effective disclosure policy once anything is material.
 
If your organization is interested in discussing a partnership or collaboration with RightMesh, we'd love to hear from you! Please email us at [email protected].
 
Answer provided by Brianna MacNeil, Product Manager, Blockchain
 
 

First let me say this product is revolutionary, I know if availability is solved there is no reason not to use this. My question is regarding your choice of an erc20 token, wasn't it more suitable to choose something like IOTA for constant payment of internet access? Are you planning for the payments to be made every second per MB consumed or something like that? Thanks

 

Related question: How exactly to you intend to use microtransactions considering high Tx fees from the Ethereum network?

 
Thank you very much for your feedback!
 
First, for context, let’s explain why and how RightMesh is using blockchain technology. Firstly, the protocol is integrated with Ethereum to uniquely identify each node (smartphone/device) in the mesh network by assigning it a MeshID in a similar way that a MAC address is assigned an IP address. Secondly, participation in the network is incentivized through an ERC20 token, called RMESH, and the network uses a custom implementation of µRaiden to allow for micropayments of micro amounts of data in the network.
 
We are supporters of Ethereum and its strong development community. Scalability and reducing transaction fees are two of the biggest challenges that the Ethereum community is working on now. But, while that is happening, we have also been looking at our own protocol design to minimize the need of Ethereum transactions and tackle the problem of scalability.
 
Every microtransaction that occurs on a RightMesh network does not need to be secured on the blockchain - that is vastly inefficient. That’s why we’ve been relying on a payment channel design based on µRaiden that allow micro transactions to occur in the network between nodes without transaction fees, and not being dependant on the blockchain for every transaction. We think this has to be a joint community effort, and so we’ve published the work we’ve done in porting the µRaiden libraries to Java to be used in our Android libraries.
 
We also believe that being a part of the Ethereum community also means contributing to it and helping it to move forward.
 
We hope that the work we have been doing on µRaiden and porting the libraries to other languages - specifically Java so it could be used in Android applications - will benefit other projects who plan to use the Ethereum network for microtransactions: https://github.com/RightMesh/microraiden-java
 
Answer provided by Saju Abraham, Chief Product Officer
 
 

If Google/Alphabet succeed with Project Loon, will this damage RightMesh's market?

 
If Google’s Project Loon succeeds, it would be a win for everyone and the planet. The same goes for the SpaceX satellite initiatives, the OneWeb project, Facebook’s global internet initiatives, 5G networks, and the success of other mesh networking technologies in the blockchain space.
 
We each share the goal of bringing connectivity to the nearly 4 billion people who do not have access to internet and connectivity. At the end of the day, we, RightMesh, aim to lift millions out of poverty by providing them with access to the societal and economic benefits afforded by the internet and access to information. This is not something that can be solved by one entity. It will take the combination of different solutions and approaches to make this a reality.
 
One major strength of RightMesh is that we can solve last mile connectivity, which is incidentally complementary to many other projects in the space. There is a good opportunity for us to potentially collaborate with some forward-thinking wireless companies, MVNOs, and corporations working on global connectivity projects, to provide last mile delivery.
 
Answer provided by John Lyotier, CEO & Brianna MacNeil, Product Manager, Blockchain
submitted by BreezyZebra to RightMesh [link] [comments]

Attention all cryptocurrency aficionados, we have a problem. Stop trading, and read this, then resume. Seriously, stop.

Go ahead, click on the handle and see that I just made it a couple of hours ago. It's ok, I don't blame you, the validity of opinions totally depend on time stamps. Like, I don't need to stay anonymous right?
There is a major communications gap between the technical, developer side, and the two groups who can actually take Bitcoin to established places: the investors, and the masses. I'm from a family of investors, and I also have a thing for technical stuff, which is why I'm spelling this out down for whomever doesn't seem to see the big problem.
Just like the majority of the population doesn't understand what a block or class is, I have a feeling lots of people on our side don't really understand what goes through the average person's on a daily basis.
While the people leading the march towards cryptocurrencies, Bitcoin in particular, are extremely able and intelligent, they have one big flaw: they're not talented business people. These are the same people that mark most low level questions on stack exchange as "unproductive", and 'off topic', and close them, even though those questions end up being the first result of a Google search. You might think that they know better. No, they don't. As harsh as it may sound, they are the Wozniaks who don't care about profitability, and they are adamant to believe that the pure beauty of their coin's technology will save the day. The other day I was speaking with a miner, and I expressed my concerns about Ripple. He asked whether or not it was open source, I said no. He immediately said, "Well then, it won't go anywhere, it's not open source, it's shit". This is a perfect example of the lack of foresight and flexibility which is at the heart of what will be BTC's downfall. It's time to realize that Bitcoin needs a Jobs, or it'll join the likes of Netscape and AskJeeves.
Bitcoin will be killed because of a lack of marketing, narrow sighted supporters, and the clout of altcoins curtailing it.
Look at my concerns about Ripple, a corporation claiming to be a decentralized cryptocurrency p2p network. Ripple has recently gained popularity, partly due to nice, Apple-esque publicity stunts, lots of shills (please, blogs on Forbes, could you be more obvious), and a website I actually feel inclined to browse. Decentralized is a buzzword for ripple, and nobody reads the second line, where they mention that to them, decentralization means having bases in multiple locations. Also surprising is the fact that they have completely severed themselves from their ties to Mt.Gox. Sure, way to gain my trust. They're holding on to half of the XRP to dole out? Thank you, but I do not need welfare.
Another nice example is Litecoin. Two months ago, I read about Litecoin, and the fact that the founder was brother to the CEO of BTC China. Speaking with a friend, I foresaw the rise of Ltc, and surprise surprise, the Lee brothers have played a nice game: http://video.cnbc.com/gallery/?play=1&video=3000219884. A single Reddit post as to why the owner of a BTC exchange refuses to take LTC, and the price drops. Amazing what a name drop and some Reddit posts can do, no?
Smart investors look for stability, and uniqueness. What will make the next big thing stand out, and will it be worth my money. Can it be easily used and understood by the masses, without making them feel dumb (iPhone vs Android, MacOS, Windows vs Linux, OpenOffice vs Microsoft Office, standard vs automatic). Sure there will be adopters of the opensource, I myself prefer standard to automatic any day, but I as a single person, don't matter, the masses, who can make 1 person a millionaire with the purchase of a .99c app, matter.
If I, the investor, see a new altcoin coming out by the hour, with a supposed new unique "specialness", not only will I feel that the main contender, Bitcoin, is lacking and not a stable and secure investment, but I'll also doubt the validity of the rest of the cryptocurrency world all together. Think about it like this, to th real investors, Sumerian and C# look awfully similar, and they need the comprehensible English words to reassure me. Go to yahoo.com, what do you see? For them, mining happens underground where you send canaries. They do not understand hashes, they don't understand ASIC, SHA-266, FPGA, and you'll be lucky if they can tell you what a CPU does. Frankly, they shouldn't, it's not their job.
Bitcoin's success depends on institutionalized money investing into the network, giving it validity, and making it an established form of currency. The more altcoins there are, the more institutions will shy away from investing: Why would they? They don't talk code, they talk money, and this one break in communication is enough to dump cryptocurrencies down the drain. Those comparing BTC to gold: there isn't a Gold 2.0, 3.0, 4.0, coming out every other day. Gold is valuable because it's unique. Altcoins destroy that uniqueness for BTC. No, Richard Branson saying he likes BTC is not enough, and no, a store in Timbuktu accepting BTC, while very comforting, will not take this anywhere. You need major players for the long term.
I want BTC to do well and become established, not because of personal investment, but because I am truly sick and tired of the big people in governments and the F500s determining everything that has to do with our lives, be it ripping us off with trade agreements that should be constitutional referendums, tax hikes on our hard earned money, or what is good or not for me to consume and put into my body.
Unfortunately, it seems like we as a society aren't ready for it yet, and seem to prefer the "pump and dump" method to altruistic sacrifices for the greater good of cryptocurrency. I don't blame anyone, we're only human, but I do hope I'm wrong.
TL;DR: Bitcoin will be destroyed by altcoins due to lack of marketing to the masses (it doesn't look sexy, ok!), and the diffusion of capital. Altcoins will go nowhere because institutionalized investment and public interest will fall due to instability. This will cause the drop of value in all cryptocurrencies, and investors will lose millions. Altcoin creators: Stop diluting the market to make a name for yourselves, start working on BTC to make it a name for everyone. Altcoin buyers: 0.5 gram of gold is worth more than 1 gram of silver. Just because you don't own one entire BTC, it doesn't make you less cool.
submitted by 2ltcornot2 to Bitcoin [link] [comments]

¿Miner to buy bitcoins?

Since the bitcoins acquired monetary value bitcoiners almost all have been at some point the following question: Should involved in mining, or does better directly buy bitcoins?

One factor often mentioned, but really should not determine the answer, is the level of difficulty in obtaining bitcoins via mining. All we know is that it will be related in direct proportion to the computational power to provide the total mining and computational power of the network will increase or decrease according to the price of bitcoin (miners tend to invest more, and keep their computers on longer if the price justifies bitcoin). But nobody knows what the level of difficulty in the future - even approximately, as no one knows for sure what the price of bitcoin in the future.
These are the factors to consider:
Access to technology. Cost of electricity. Space available for mining devices to work without disturbing the owner. Time to devote to the hardware and software updates. Time to replace or repair any damaged parts. Knowledge of the fundamentals of Bitcoin. Miner horizon. Miner risk appetite. In short, the balance must do each. But whatever the decision (to undermine, undermine and buy or buy), remember that it has never been very profitable mine bitcoins immediately settle. Luiscar, our guest columnist for today, focuses on the last three factors - the most important, yet which little is said about them - to explain why:
At the time when the difficulty was 1 mine, the miners spent electricity while bitcoins had no value, as they passed a few cents worth, it was better to spend 20 of them to acquire a lot of those who have the computer working constantly generating heat and noise, and consuming electricity. And so you can extrapolate this thought until today.
So why is this so? Well, for one simple law is the market and that higher investment risk greatest potential gains. The mining investment is less risky, especially before the ASICs, which direct purchase bitcoins. In the event that the criptomoneda happen to be zero, a buyer of bitcoins would lose all their investment, while a miner would retain the value of your equipment. The differentiating factor is reduced with mining systems by ASIC, since these devices are so specific that their market value will be correspondingly lower than the previous FPGAs and much lower than the old rigs GPU in the case of a stage bitcoin failure. That is, with the advent of the risk assumed ASICs miner approximates taking a buyer currency, so that the decision to opt for the mining industry is becoming more diffuse with respect to the purchase.
submitted by kumeraa to Bitcoin [link] [comments]

FPGA based Bitcoin Miner One of THE WORST INVESTMENTS in Cryptocurrency EVER  SQRL ... Are FPGA Miners Profitable? Hash Altcoin Blackminer F1 ... GARDEN FPGA prototype Bitcoin Mining with FPGAs (EC551 Final Project)

A step-by-step tutorial on how to buy bitcoin and where is the best place to buy bitcoin. Learn all about bitcoin wallets, exchanges, buy & sell bitcoins. Bitcoin mining difficulty will usually only drop if Bitcoin prices do, but if that happens then your Bitcoin is worth less, which also pushes back the break-even point. As such, even if a cloud mining contract looks like it will be profitable, you’re still more likely to lose more than you earn. In the rare cases where a cloud mining contract turns out to be profitable, it will have been ... FPGA Bitcoin Mining. A Field Programmable Gate Array (FPGA) is an integrated circuit designed to be configured after being built. This enables a mining hardware manufacturer to buy the chips in ... Search for jobs related to Fpga bitcoin or hire on the world's largest freelancing marketplace with 15m+ jobs. It's free to sign up and bid on jobs. Bitcoin Farm from FPGA (Field Programmable Gate Array) Such designs are a programmable matrix aimed at processing data at hyper speeds. Components do not take up much space, therefore, the second generation of bitcoin farms is characterized by more compact sizes. FPGAs are much more efficient than mining on GPUs and far superior to mining on CPUs. However, the device cannot be compared with ...

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FPGA based Bitcoin Miner

This is the video showing the final project of EC551 in Spring semester,2015. This project, Bitcoin mining, is done by group "Bitminers". The group members a... ELE 432- FPGA Bitcoin Miner - Duration: 4:08. Burak 14,597 views. 4:08. Tiny YOLO v1 on FPGA inference comparisons (NVDLA small configuration) - Duration: 3:45. Nichox Luo 610 views. 3:45 ... Bitcoin mining 2 x DE2-115 Altera FPGA using slush pool mining proxy - Duration: 0:19. M J 155 views. 0:19 . Intel Demonstration of FPGA-based AlexNet Deep Learning Processing - Duration: 2:36 ... BTCGARDEN bitcoin miner FPGA prototype. This video is unavailable. Watch Queue Queue One of the worst investments in the Bitcoin and cryptocurrency space EVER wasn't actually a coin, token, or crypto project, it was actually a mining rig or m...

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