New England New England 6 States Songs: https://www.reddit.com/newengland/comments/er8wxd/new_england_6_states_songs/ NewEnglandcoin Symbol: NENG NewEnglandcoin is a clone of Bitcoin using scrypt as a proof-of-work algorithm with enhanced features to protect against 51% attack and decentralize on mining to allow diversified mining rigs across CPUs, GPUs, ASICs and Android phones. Mining Algorithm: Scrypt with RandomSpike. RandomSpike is 3rd generation of Dynamic Difficulty (DynDiff) algorithm on top of scrypt. 1 minute block targets base difficulty reset: every 1440 blocks subsidy halves in 2.1m blocks (~ 2 to 4 years) 84,000,000,000 total maximum NENG 20000 NENG per block Pre-mine: 1% - reserved for dev fund ICO: None RPCPort: 6376 Port: 6377 NewEnglandcoin has dogecoin like supply at 84 billion maximum NENG. This huge supply insures that NENG is suitable for retail transactions and daily use. The inflation schedule of NengEnglandcoin is actually identical to that of Litecoin. Bitcoin and Litecoin are already proven to be great long term store of value. The Litecoin-like NENG inflation schedule will make NewEnglandcoin ideal for long term investment appreciation as the supply is limited and capped at a fixed number Bitcoin Fork - Suitable for Home Hobbyists NewEnglandcoin core wallet continues to maintain version tag of "Satoshi v0.8.7.5" because NewEnglandcoin is very much an exact clone of bitcoin plus some mining feature changes with DynDiff algorithm. NewEnglandcoin is very suitable as lite version of bitcoin for educational purpose on desktop mining, full node running and bitcoin programming using bitcoin-json APIs. The NewEnglandcoin (NENG) mining algorithm original upgrade ideas were mainly designed for decentralization of mining rigs on scrypt, which is same algo as litecoin/dogecoin. The way it is going now is that NENG is very suitable for bitcoin/litecoin/dogecoin hobbyists who can not , will not spend huge money to run noisy ASIC/GPU mining equipments, but still want to mine NENG at home with quiet simple CPU/GPU or with a cheap ASIC like FutureBit Moonlander 2 USB or Apollo pod on solo mining setup to obtain very decent profitable results. NENG allows bitcoin litecoin hobbyists to experience full node running, solo mining, CPU/GPU/ASIC for a fun experience at home at cheap cost without breaking bank on equipment or electricity. MIT Free Course - 23 lectures about Bitcoin, Blockchain and Finance (Fall,2018) https://www.youtube.com/playlist?list=PLUl4u3cNGP63UUkfL0onkxF6MYgVa04Fn CPU Minable Coin Because of dynamic difficulty algorithm on top of scrypt, NewEnglandcoin is CPU Minable. Users can easily set up full node for mining at Home PC or Mac using our dedicated cheetah software. Research on the first forked 50 blocks on v1.2.0 core confirmed that ASIC/GPU miners mined 66% of 50 blocks, CPU miners mined the remaining 34%. NENG v1.4.0 release enabled CPU mining inside android phones. Youtube Video Tutorial How to CPU Mine NewEnglandcoin (NENG) in Windows 10 Part 1 https://www.youtube.com/watch?v=sdOoPvAjzlE How to CPU Mine NewEnglandcoin (NENG) in Windows 10 Part 2 https://www.youtube.com/watch?v=nHnRJvJRzZg How to CPU Mine NewEnglandcoin (NENG) in macOS https://www.youtube.com/watch?v=Zj7NLMeNSOQ Decentralization and Community Driven NewEnglandcoin is a decentralized coin just like bitcoin. There is no boss on NewEnglandcoin. Nobody nor the dev owns NENG. We know a coin is worth nothing if there is no backing from community. Therefore, we as dev do not intend to make decision on this coin solely by ourselves. It is our expectation that NewEnglandcoin community will make majority of decisions on direction of this coin from now on. We as dev merely view our-self as coin creater and technical support of this coin while providing NENG a permanent home at ShorelineCrypto Exchange. Twitter Airdrop Follow NENG twitter and receive 100,000 NENG on Twitter Airdrop to up to 1000 winners Graphic Redesign Bounty Top one award: 90.9 million NENG Top 10 Winners: 500,000 NENG / person Event Timing: March 25, 2019 - Present Event Address: NewEnglandcoin DISCORD at: https://discord.gg/UPeBwgs Please complete above Twitter Bounty requirement first. Then follow Below Steps to qualify for the Bounty: (1) Required: submit your own designed NENG logo picture in gif, png jpg or any other common graphic file format into DISCORD "bounty-submission" board (2) Optional: submit a second graphic for logo or any other marketing purposes into "bounty-submission" board. (3) Complete below form. Please limit your submission to no more than two total. Delete any wrongly submitted or undesired graphics in the board. Contact DISCORD u/honglu69#5911 or u/krypton#6139 if you have any issues. Twitter Airdrop/Graphic Redesign bounty sign up: https://goo.gl/forms/L0vcwmVi8c76cR7m1 Milestones
Sep 3, 2018 - Genesis block was mined, NewEnglandcoin created
Sep 8, 2018 - github source uploaded, Window wallet development work started
Sep 11,2018 - Window Qt Graphic wallet completed
Sep 12,2018 - NewEnglandcoin Launched in both Bitcointalk forum and Marinecoin forum
Sep 14,2018 - NewEnglandcoin is listed at ShorelineCrypto Exchange
Sep 17,2018 - Block Explorer is up
Nov 23,2018 - New Source/Wallet Release v1.1.1 - Enabled Dynamic Addjustment on Mining Hashing Difficulty
Nov 28,2018 - NewEnglandcoin became CPU minable coin
Nov 30,2018 - First Retail Real Life usage for NewEnglandcoin Announced
Dec 28,2018 - Cheetah_Cpuminer under Linux is released
Dec 31,2018 - NENG Technical Whitepaper is released
Jan 2,2019 - Cheetah_Cpuminer under Windows is released
Jan 12,2019 - NENG v1.1.2 is released to support MacOS GUI CLI Wallet
Jan 13,2019 - Cheetah_CpuMiner under Mac is released
Feb 11,2019 - NewEnglandcoin v1.2.0 Released, Anti-51% Attack, Anti-instant Mining after Hard Fork
Mar 16,2019 - NewEnglandcoin v220.127.116.11 Released - Ubuntu 18.04 Wallet Binary Files
Apr 7, 2019 - NENG Report on Security, Decentralization, Valuation
Apr 21, 2019 - NENG Fiat Project is Launched by ShorelineCrypto
Sep 1, 2019 - Shoreline Tradingbot project is Launched by ShorelineCrypto
Dec 19, 2019 - Shoreline Tradingbot v1.0 is Released by ShorelineCrypto
Jan 30, 2020 - Scrypt RandomSpike - NENG v1.3.0 Hardfork Proposed
Feb 24, 2020 - Scrypt RandomSpike - NENG core v1.3.0 Released
Jun 19, 2020 - Linux scripts for Futurebit Moonlander2 USB ASIC on solo mining Released
Jul 15, 2020 - NENG v1.4.0 Released for Android Mining and Ubuntu 20.04 support
Jul 21, 2020 - NENG v18.104.22.168 Released for MacOS Wallet Upgrade with Catalina
Jul 30, 2020 - NENG v22.214.171.124 Released for Linux Wallet Upgrade with 8 Distros
Aug 11, 2020 - NENG v126.96.36.199 Released for Android arm64 Upgrade, Chromebook Support
Aug 30, 2020 - NENG v188.8.131.52 Released for Android/Chromebook with armhf, better hardware support
2018 Q3 - Birth of NewEnglandcoin, window/linux wallet - Done
2018 Q4 - Decentralization Phase I
Blockchain Upgrade - Dynamic hashing algorithm I - Done
Cheetah Version I- CPU Mining Automation Tool on Linux - Done
2019 Q1 - Decentralization Phase II
Cheetah Version II- CPU Mining Automation Tool on Window/Linux - Done
Blockchain Upgrade Dynamic hashing algorithm II - Done
2019 Q2 - Fiat Phase I
Assessment of Risk of 51% Attack on NENG - done
Launch of Fiat USD/NENG offering for U.S. residents - done
Initiation of Mobile Miner Project - Done
2019 Q3 - Shoreline Tradingbot, Mobile Project
Evaluation and planning of Mobile Miner Project - on Hold
Initiation of Trading Bot Project - Done
2019 Q4 - Shoreline Tradingbot
Shoreline tradingbot Release v1.0 - Done
2020 Q1 - Evaluate NENG core, Mobile Wallet Phase I
NENG core Decentralization Security Evaluation for v1.3.x - Done
Light Mobile Wallet Project Initiation, Evaluation
2020 Q2 - NENG Core, Mobile Wallet Phase II
NENG core Decentralization Security Hardfork on v1.3.x - Scrypt RandomSpike
Light Mobile Wallet Project Design, Coding
2020 Q3 - NENG core, NENG Mobile Wallet Phase II
Review on results of v1.3.x, NENG core Dev Decision on v1.4.x, Hardfork If needed
Light Mobile Wallet Project testing, alpha Release
2020 Q4 - Mobile Wallet Phase III
Light Mobile Wallet Project Beta Release
Light Mobile Wallet Server Deployment Evaluation and Decision
06-22 13:24 - 'Six times more BTC on Ethereum than on its own Lightning Network' (self.Bitcoin) by /u/neocarmack removed from /r/Bitcoin within 22-32min
''' 1.6 times The total value of BTC locked in Ethereum is a round 55m usd (5,800 WBTC), almost 6 times more than in its own lightning network, where BTC locked is 9m usd ( 950 BTC), [Source: https://defipulse.com/lightning-network]1 [Source: https://defipulse.com/wbtc]2 2. Why it is happening Wrapped Bitcoin (WBTC) in the above figure, is an ERC-20 token. Each token represents a ERC20 version of Bitcoin on the Ethereum blockchain. The purpose of transferring “native” BTC to ERC20-BTC is that users can exchange various type of value in the world’s largest ecosystem via huge number of DApps. On BTC and BTC-only lightning network, there is only one thing users can do: transfer bitcoin from here to there. It is a limitation that the potential value/power of BTC can not be unleashed. This why users transfer bitcoin to Etherium. 3. Solutions from BTC community It is a huge problem. Losing liquidity is fatal to any economic system, especially to a public chain. Blockstream’s Liquid [[link]7 [[link]8 Blockstream contributes one of the lightning network implementation, and it runs Liquid, which is a federated side chain of BTC mainnet. Liquid has its own ecosystem, world’s leading cryptocurrency exchanges joined its federated network. It has advantages targeting user cases including issue tokens for different scenarios, confidential transactions, unique tokens, digital collectables, and so on. In addition, Liquid now supports lightning transaction for its assets within the side chain network. Hope in the future more applications will move to Liquid ecosystem. OmniBOLT [[link]9 [[link]10 OmniBOLT is a lightning network implementation that supports smart assets(tokens) circulation and exchange. Its onchain settlement layer is Omnilayer, which is proven secure and stable, and have successfully issued billions USDT in the past 5 years. OmniBOLT constructs lightning channels and transactions on top of OmniLayer, therefore various type of values are able to get into the lightning highway, like route 66, to inter-operate, to exchange between each other. Assets from whatever public chains will benefit from the liquidity provided by this highway. This meets the requirements from DeFi, decentralized games, or generally decentralized applications. What is your idea on this subject? What we can do to grow BTC ecosystem? ''' Six times more BTC on Ethereum than on its own Lightning Network Go1dfish undelete link unreddit undelete link Author: neocarmack 1: p*eview.r*d**i****6d*fhvjg6*1.*ng?w*dth=7*5&*mp;*ormat=png&auto=webp&**6da*c*19*c**e**434c5ddd3***5*dd*d*e04373 2: previe*.***d.*t/mx*08*9yjg651.*ng?wi**h=*66&*mp;format=png&*****=web*&**p;s=1bf7fa*70**1c5*3*7**8*70f4*7b4f69*ca6aae 3: d*c*.b**ckstream*co*/liqu*d/i**roductio*-**-l*quid.ht*l 4: *i*h**.com/E*em*nt*P*oject/element* 5: **thub.co**om*ilab*rato*y/obd 6: g****b.com/om**laboratory*OmniBOLT**p*c 7: ***s.*loc*str*am.co*/*iqu*d/intro*u*t*o*-to-l**uid.html]^^3 8: g*thu*.com/*l*ment*Pr*jec*/**ement*]^^4 9: githu*.com*o*n*lab*r*to*y/ob*]^^5 10: gi*h**.c**/omn*laboratory/Om**BOLT-*pec*^^* Unknown links are censored to prevent spreading illicit content.
Not your keys, not your coins! The biggest Norwegian cryptocurrency exchange bitcoinsnorway.com says funds have been stolen because of a vulnerability in the AlphaPoint software and it will sell all its cryptocurrency holdings and send fiat equal to customers balance from may 7, 2019.
This exchange was the biggest in Norway and a traditional exchange in terms of having orderbooks and customer funds both fiat and crypto and they had Bitcoin, Bitcoin Cash and Litecoin, with fiat currencies NOK, USD and EUR. All the news about this is so far only in Norwegian but I can help with some translation and summarize this. Yesterday all customers in Bitcoins Norge / Bitcoins Norway got an email regarding attacks on may 7 of 2019 because of a vulnerability in the AlphaPoint software that somehow AlphaPoint had informed them about and yet they continued operations until July 1, 2019 before deciding to close down the exchange as AlphaPoint was unresponsive in solving the issue. You can read the email in full on their facebook page where they have also published it, although its in Norwegian only: https://www.facebook.com/Bitcoinsnorway/posts/2384228571620303 Big Norwegian online newspapers have written a lot about this case so far (source https://www.reddit.com/BitcoinNO/comments/c7x0j7/dataangrep_på_alphapoint_bitcoins_norge_kunders/esiccn9):
Anonymous Bitcoin ($ANON) Official Bounty Campaign
Official Bounty Campaign
Anonymous Bitcoin (“ANON”) is an advancement of the technology of both the Bitcoin and ZClassic blockchain through a co-fork of both cryptocurrencies. We are introducing differentiating factors deemed important by the community that set us apart from previous forks. Some of these factors include staking through use of masternodes, increased block size and a transparent development process. The Development team will be sharing updates constantly. The fork will provide a 1:1 ratio of Anonymous Bitcoin(“ANON”) to all holders of ZClassic (“ZCL”) and Bitcoin (“BTC”). We are currently working to be listed on multiple exchanges while introducing a complete package of privacy and long-term utility. Anonymous Bitcoin intends to improve upon the way the crypto community utilizes privacy as well as reinvent the way “no coiners” view crypto. As effective communication is key to mass adoption, our marketing strategy aims to reach those not already involved in the cryptosphere.
We at Anonymous Bitcoin (“ANON”) are excited to announce that we are launching our Official Bounty Campaign! Our program aims to reward supporters who help raise awareness and spread the message of ANON in the greater crypto community. The campaign focus is centered on high quality content creation and community engagement, with various ways for everyone to contribute.
Hashrate: went from 54 to 76 PH/s, the low was 50 and the new all-time high is 100 PH/s. BeePool share rose to ~50% while F2Pool shrank to 30%, followed by coinmine.pl at 5% and Luxor at 3%. Staking: 30-day average ticket price is 95.6 DCR (+3.0) as of Sep 3. During the month, ticket price fluctuated between a low of 92.2 and high of 100.5 DCR. Locked DCR represented between 3.8 and 3.9 million or 46.3-46.9% of the supply. Nodes: there are 217 public listening and 281 normal nodes per dcred.eu. Version distribution: 2% at v1.4.0(pre) (dev builds), 5% on v1.3.0 (RC1), 62% on v1.2.0 (-5%), 22% on v1.1.2 (-2%), 6% on v1.1.0 (-1%). Almost 69% of nodes are v.1.2.0 and higher and support client filters. Data snapshot of Aug 31.
Obelisk posted 3 email updates in August. DCR1 units are reportedly shipping with 1 TH/s hashrate and will be upgraded with firmware to 1.5 TH/s. Batch 1 customers will receive compensation for missed shipment dates, but only after Batch 5 ships. Batch 2-5 customers will be receiving the updated slim design. Innosilicon announced the new D9+ DecredMaster: 2.8 TH/s at 1,230 W priced $1,499. Specified shipping date was Aug 10-15. FFMiner DS19 claims 3.1 TH/s for Blake256R14 at 680 W and simultaneously 1.55 TH/s for Blake2B at 410 W, the price is $1,299. Shipping Aug 20-25. Another newly noticed miner offer is this unit that does 46 TH/s at 2,150 W at the price of $4,720. It is shipping Nov 2018 and the stats look very close to Pangolin Whatsminer DCR (which has now a page on asicminervalue).
www.d1pool.com joined the list of stakepools for a total of 16. Australian CoinTreeadded DCR trading. The platform supports fiat, there are some limitations during the upgrade to a new system but also no fees in the "Early access mode". On a related note, CoinTree is working on a feature to pay household bills with cryptocurrencies it supports. Three new OTC desks were added to exchanges page at decred.org. Two mobile wallets integrated Decred:
Coinomiadded Decred to their Android and iOS wallets. In addition to the Apple App Store and Google Play you can download the APK directly. Coinomi features an integrated cryptocurrency exchange and is the first company to offer a mobile Decred wallet.
Reminder: do your best to understand the security and privacy model before using any wallet software. Points to consider: who controls the seed, does the wallet talk to the nodes directly or via middlemen, is it open source or not?
Bit Dialsannounced DCR support via GloBee at their bitdials.eu luxury boutique. Their separate supercar and classic car shop bitcars.eu also accepts DCR, either via GloBee or with manual invoicing in case of privacy concerns.
Targeted advertising report for August was posted by @timhebel. Facebook appeal is pending, some Google and Twitter campaigns were paused and some updated. Read more here. Contribution to the @decredproject Twitter account has evolved over the past few months. A #twitter_ops channel is being used on Matrix to collaboratively draft and execute project account tweets (including retweets). Anyone with an interest in contributing to the Twitter account can ask for an invitation to the channel and can start contributing content and ideas there for evaluation by the Twitter group. As a result, no minority or unilateral veto over tweets is possible. (from GitHub)
Meetup in Puebla City, Mexico, organized by @elian. (photo, slides, missed in July issue)
@joshuam discussed Decred and decentralized organizations with Craig Laundy, Federal Minister for Small Business, the Workplace, and Deregulation with the Australian Government, at @YBFVentures. (photos)
Meetup at @TheBlockCafe in Lisbon, Portugal. @mm presented "Decred 101 - Governance with Skin in the Game" and @moo31337 talked about Decred's 2018 roadmap. (photos: 123)
Meetup in Taipei, Taiwan. @morphymore made a short intro of Decred and noted: "After the talk, many have approached to tell me that they literally don’t hear of Decred until today, and are interested in finding out more about the merit of a hybrid consensus system.". Longer report here, some photos and a video are here.
@eSizeDave introduced Decred to the SILC Undergraduate Program students at @YBFVentures. (photo)
OKEx Global Meetup Tour in Ho Chi Minh City, Vietnam. @joshuam gave a brief presentation covering the history of Decred, how the project functions, and the importance of governance. Afterwards he joined a panel discussion and spoke about Decred's incentives for long term viability. (video, video, photo)
Blockchain Futurist Conference in Toronto, Canada. @zubairzia0 noted: "Devs and the community were held in high regard for the people who knew about decred ... one positive thing I remember was someone defending us saying 'Decred does not need a booth', I believe that comment was reflective of the quality of projects being showcased at the conference.". (photo)
Meetup at @YBFVentures in Melbourne, Australia. @joshuam discussed Decred with Graham Stuart, U.K. Minister for International Trade. (news, photos)
Small meetup with Jackson Palmer in Melbourne, Australia. (photo)
Hawthorne Street Fair in Portland, USA. Raedah Group was out answering questions about crypto and Decred. (photos)
Blockchain APAC in Melbourne, Australia. @joshuam joined a panel discussion with reps from banking, university and ISO/TC 307. @eSizeDave reports: "This enterprise conference was indeed a whole lot better than I expected. The presentations were actually full of very worthwhile information from credible people, articulated aptly to a very government, academic, and corporate crowd, who genuinely took on board valuable insights. Good to know some of these key people are Decred holders and stakers as well. I got to use the entire day to speak directly with some of the most pivotal personalities in this particular populace. Ongoing relationships have been built and strengthened.". (photos: 123)
For those willing to help with the events:
BAB: Hey all, we are gearing up for conference season. I have a list of places we hope to attend but need to know who besides @joshuam and @Haon are willing to do public speaking, willing to work booths, or help out at them? You will need to be well versed on not just what is Decred, but the history of Decred etc... DM me if you are interested. (#event_planning) The Decred project is looking for ambassadors. If you are looking for a fun cryptocurrency to get involved in send me a DM or come talk to me on Decred slack. (@marco_peereboom, longer version here)
One private work channel was successfully migrated to Matrix.
Stylish room avatars were set.
@Haon has prepared a short guide to help new Matrix users get started and join the Decred rooms.
A thread was started to discuss changes to Decred jargon with the intent to make it more consistent and accessible to newcomers. The question whether changing "official" terminology requires stakeholder approval was touched in this thread and in #documentation.
Project fund transparency and constitution were extensively discussed on Reddit and in #general.
Pre-proposal to use Politeia to approve Politeia as a legitimate decision-making tool for Decred.
Reddit: substantive discussion about Decred cons; ecosystem fund; a thread about voter engagement, Politeia UX and trolling; idea of a social media system for Decred by @michae2xl; how profitable is the Obelisk DCR1. Chats: cross-chain trading via LN; plans for contractor management system, lower-level decision making and contractor privacy vs transparency for stakeholders; measuring dev activity; what if the network stalls, multiple implementations of Decred for more resilience, long term vision behind those extensive tests and accurate comments in the codebase; ideas for process for policy documents, hosting them in Pi and approving with ticket voting; about SPV wallet disk size, how compact filters work; odds of a wallet fetching a wrong block in SPV; new module system in Go; security of allowing Android app backups; why PoW algo change proposal must be specified in great detail; thoughts about NIPoPoWs and SPV; prerequisites for shipping SPV by default (continued); Decred vs Dash treasury and marketing expenses, spending other people's money; why Decred should not invade a country, DAO and nation states, entangling with nation state is poor resource allocation; how winning tickets are determined and attack vectors; Politeia proposal moderation, contractor clearance, the scale of proposals and decision delegation, initial Politeia vote to approve Politeia itself; chat systems, Matrix/Slack/Discord/RocketChat/Keybase (continued); overview of Korean exchanges; no breaking changes in vgo; why project fund burn rate must keep low; asymptotic behavior of Decred and other ccs, tail emission; count of full nodes and incentives to run them; Politeia proposal translations and multilingual environment. An unusual event was the chat about double negatives and other oddities in languages in #trading.
DCR started the month at USD 56 / BTC 0.0073 and had a two week decline. On Aug 14 the whole market took a huge drop and briefly went below USD 200 billion. Bitcoin went below USD 6,000 and top 100 cryptos lost 5-30%. The lowest point coincided with Bitcoin dominance peak at 54.5%. On that day Decred dived -17% and reached the bottom of USD 32 / BTC 0.00537. Since then it went sideways in the USD 35-45 / BTC 0.0054-0.0064 range. Around Aug 24, Huobi showed DCR trading volume above USD 5M and this coincided with a minor recovery. @ImacallyouJawdy posted some creative analysis based on ticket data.
StopAndDecrypt published an extensive article "ASIC Resistance is Nothing but a Blockchain Buzzword" that is much in line with Decred's stance on ASICs. The ongoing debates about the possible Sia fork yet again demonstrate the importance of a robust dispute resolution mechanism. Also, we are lucky to have the treasury. Mark B Lundeberg, who found a vulnerability in atomicswap earlier, published a concept of more private peer-to-peer atomic swaps. (missed in July issue) Medium took a cautious stance on cryptocurrencies and triggered at least one project to migrate to Ghost (that same project previously migrated away from Slack). Regulation: Vietnam bans mining equipment imports, China halts crypto events and tightens control of crypto chat groups. Reddit was hacked by intercepting 2FA codes sent via SMS. The announcement explains the impact. Yet another data breach suggests to think twice before sharing any data with any company and shift to more secure authentication systems. Intel and x86 dumpsterfire keeps burning brighter. Seek more secure hardware and operating systems for your coins. Finally, unrelated to Decred but good for a laugh: yetanotherico.com.
About This Issue
This is the 5th issue of Decred Journal. It is mirrored on GitHub, Medium and Reddit. Past issues are available here. Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research. Feedback is appreciated: please comment on Reddit, GitHub or #writers_room on Matrix or Slack. Contributions are welcome too. Some areas are collecting content, pre-release review or translations to other languages. Check out @Richard-Red's guide how to contribute to Decred using GitHub without writing code. Credits (Slack names, alphabetical order): bee, Haon, jazzah, Richard-Red and thedecreddigest.
I'm fairly familiar with bitcoin and economics and there are a few things that trouble me about the bitcoin community in general and this subreddit in particular:
Price fluctuations make bitcoin unattractive for use as a day-to-day currency
Price fluctuations make bitcoin unattractive for investment and lending
Bitcoins are basically backed by dollars (or other fiat currencies)
And most importantly, the cheerleaders here don't seem to recognize any of this.
And by the way, this is all coming from someone who would love to see bitcoin succeed as a stable currency. The promise of bitcoin seems to be two pronged; first, it's like cash that's better than cash. There are no middle men, no (low) transaction fees, no delays, and no chargebacks, but it's secure and works across the globe. Second, it's libertarian friendly because it's free from direct government or corporate regulation or manipulation. However, the community that espouses these promises, doesn't seem to really believe in them when it comes down to brass tacks. Use as Day-to-Day Currency Bitcoin booms and busts are not good for bitcoin adoption. Wild fluctuations in price are not a good quality to have in a currency. Even strong increases, without later busts, are not good for bitcoin-as-a-currency. People want a currency to be boring and stable. However many people here cheer wildly and become incredibly smug about bitcoin's "success" when the price soars. This forum doesn't seem to value bitcoin-as-a-currency, it values bitcoin-as-a-speculative-commodity. I decided to checkout BitcoinStore to see what shopping with bitcoins would be like. I checked out the price of two different goods there and at Amazon. The first was a Pentax MX-1 12 MP Black Digital Camera. At BitcoinStore it was 0.4773 BTC / $348.89. At Amazon it was $263.99. So not only is it cheaper at Amazon, but I don't have to go through the hassle of converting my USD into BTC to get it. How much will it cost me in fees just to make the conversion? The second item was a Fellowes 55-Piece Computer Tool Kit. At BitcoinStore it was 0.0574 BTC / $41.78, and at Amazon it was $36.99. Why would someone go through the hassle and cost of converting USD into BTC just to pay higher prices? But, the higher prices weren't the primary the issue. While shopping, the price per BTC changed from $730.91 to $727.90, and the price of the camera went from 0.4773 BTC to 0.4793 BTC... While I was shopping! Can you imaging wheeling your shopping cart around the grocery store, putting things in your cart at one price, and by the time you get to the checkout, it's a different price? And not because the inherent price of the things you're buying changed, but because of your own currency's fluctuations? That's crazy. For bitcoin merchants this happens of course because everything is really priced in dollars, but more on that later. Use as Investment/Lending Obviously, there can be utility in investing in bitcoins, lot's of people are speculating on bitcoin. However, investing with bitcoins is another matter. Let's say I lend you $1000 and expect $1100 back from you in one year. That could be a good deal for both of us. Or, you know, if I don't think you're great with money, maybe I'd say that's a bad deal. Either way, we have a stable currency with which to value the transaction. With bitcoin I can't see how either the lendeinvestor nor the borrower would be able to accept that deal since neither has any idea what the value of bitcoins will be at the end of the year. The price could change so much that the 10% in interest charged could be meaningless in the face of the value change. This reminds me of the situation we were in when the government was trying to buy toxic assets. The market was frozen because no one knew what a good price should be. It wasn't just that they were valued very low, at least then people could agree on a price, it was that no one had any idea what the value was so no one wanted to buy or sell. Backed By USD Before my shopping experiment at BitcoinStore I honestly didn't know how they priced their goods. I didn't know whether the prices were in BTC (and the equivalent prices in USD fluctuated), or whether they really priced their goods in USD and the price in BTC fluctuated. After seeing the price of the camera fluctuate in order to keep the price the same in dollars it became obvious that bitcoins only have value right now because they're backed by the dollar. The only reason they're worth anything to anyone is because someone somewhere can get dollars back out. Otherwise the stores wouldn't peg their prices in USD, they would price them in BTC. But of course they can't do that because of the wild price fluctuations, who's going to buy a 5BTC consumer camera at this point? Interestingly, the shipping cost is quoted directly in USD in their FAQ without even the pretension of pricing in bitcoins. The fact that they (and I assume all other merchants) are really pricing in USD should tell you something. How much commerce do you think could happen in a world where one day a six pack of beer costs $10, then the next it's $1? The reason this happens in the bitcoin world is that bitcoins are actually backed by dollars! Everyone is always converting their prices to and from dollars to figure out how many BTC to charge. For all the talk of an anarcho capatilist crypto currency that's free of Fed manipulation, it seems awfully strange that every transaction is truly thought of in terms of dollars. This reminds me of an episode of Planet Money where they go to a libertarian free market utopia meetup where you can buy and sell unregulated beer and bacon with gold. Except everyone's constantly checking the price of gold to adjust their prices to make sure they're still getting the same price in dollars. Because everyone, even these anarcho-capatilist-fed-hating-libertarians, trust the value of dollars more than the value of gold. Just like every merchant that accepts bitcoins trusts dollars more than they trust bitcoins. So much for being free of manipulation. Maybe bitcoin's slogan should be, "Bitcoins, backed by the full faith and credit of the US dollar." Speculation Delusion Among those who only care about bitcoin as an investment opportunity, and don't care about its use to buy and sell actual things, there seems to be a lot of self and communal delusion. This is what you read on reddit when the price goes up:
That's the reason this "bubble" will never pop. Nobody will sell for chump change, when they know they can just wait for a few months and get dat profit. So is everyone else, that's why it can't go down. Better buy now, until it goes even higher. Hahah, I know that special bitcoin feeling :) Don't be afraid to jump in, water is really warm here
And this is what you read when the price goes down:
I bought in March. After it crashed I was laughing and bought more. This recent crash I wasn't able to buy more, but I would if I could. Welcome to Bitcoin.
Think about these reactions... So it's always good news no matter what the price does? Here's another way to think about it: redditors seem to like theories to be falsifiable and mock beliefs that aren't. I'm assuming bitcoin investors believe their investments to be sound and logical. This would require some model of the real world that suggests the price of bitcoin will go up. To be a good model, it must be falsifiable, right? So what would falsify this model? What series of events would be necessary to make these investors believe bitcoin isn't a smart investment? Neither the price going way up nor crashing seem to do so. Final Thoughts Again, I want bitcoin to succeed... as an awesome, hyper-liquid, international currency that's free from bank and exchange fees. I want to be able to buy anything anywhere in the world without worrying if it's going to be accepted or if there's a fee. I travel a lot and I've had so many annoyances with exchanging currencies and sending money to people abroad that I'm just sick of it. I've been hit with so many exchange fees and foreign transaction fees. I've had to use western union to send money to someone to rent an apartment. I mean, WESTERN UNION?! What century am I living in? I've arranged a multi-day tour for which I had to pay around $1000 in cash when I got there. My debit card limits wouldn't allow for that, and I wasn't going to do a cash advance on my credit card. So I thought the safest and easiest way to bring that money over was in travelers checks. Of course, upon arriving, I found that no bank in that country would cash travelers checks any more (I don't blame them, but I thought like western union, this might still be something that people do). Luckily the tour guide had a friend with a store that took credit cards so the friend charged my card and would give the tour guide the money when it came in from the credit card company minus the transaction fee. That means the tour guide paid the card processing fee and had to wait up to a month to get his money, I had to pay a foreign transaction fee, and I paid a fee to buy the useless travelers checks that I ended up depositing back into my checking account upon returning home. And this was only because we were lucky enough to have a guy so flexible and helpful about the payment. So please don't think I'm just being a detractor and pooh-poohing on something that could be great. It's just that I see the "community" as being highly anti-productive. Edit: formatting and typos
How do I calculate taxes without complete records?
I bought bitcoin using around 10 different methods (including Coinbase and 3 other exchanges, VirWox, Paypal, Venmo, and BTC ATM's) over the past 4 years. I sold it back using just 5 different methods (Coinbase, Gemini, ItBit, BTC ATM's, and one Virwox (paypal payments)). Coinbase was nice enough to send email transactions for every buy/sell/send/receive. Gemini and ItBit, too. But I used a few other places, like CoinMX and TruCoin which are out of business and did not send me detailed email receipts...I only have record of the USD I sent to them. Over the past 4 years, I've spent ~$100,000 on bitcoin, and only cashed out $50,000. I'm not holding any coin. I don't know what the hell to do in order to calculate this.
Calling all shibes in Mexico! HUGE business opportunity leveraging the two major bank's ATM networks as Doge-to-Peso ATMs.
I recently learned of a really killer application for bitcoin, and I believe shibes with an entrepreneurial spirit living in Mexico can take that idea and run with it. The ATMs for two of the major banks, Bancomer and Banamex have an option for sending money to persons without the need for a bank card or account, either through SMS (no smartphone required) or email. With a little ingenuity, an adult (you have to be at least 18 to open a bank account) can set-up a "LocalDogecoins" type of business, receiving Doge on his wallet and paying out pesos through his bank account using the bank's own ATM network, with an eBay-type positive-feedback trustworthiness system. People anywhere on earth could send dogecoins-to-pesos to their relatives or friends in Mexico using these ATMs (USD to MXN remittances are roughly 20 Billion a year). Tourists could travel to Mexico taking their dogecoin wallet and send themselves money, withdrawing it a few hours later in the local currency (it takes a few hours because we are dealing with banks). Bancomer has over 6,000 ATMs and Banamex has an even larger number throughout Mexico, and an enterprising shibe can leverage this infrastructure as dogecoin to pesos ATMs. No fiat money crosses borders, only dogecoin, similar to transferring crypto currencies to international exchanges, and the service auto-enforces daily limits so you don't exceed money transmitter limits.
I've discussed Coin.Mx in the /litecoin comments a few times now, so I figured I would go ahead and write a post about them. Coin.Mx is a web service for selling Litecoin/Bitcoin and for buying Litecoin/Bitcoin instantly with a credit card. I haven't used them to sell any coins, so I can only comment on the buying aspect of their service. First and foremost I admit the site looks cheesy. The design reminds me of those "Buy gold for cash" services, and some of the customer testimonials on the home page are almost certainly fake. Second, their fees are deplorably high. All told you're going to end up spending $4 per coin over the regular market price. For that reason alone I can only recommend them if you have no other buying options, and you better hope the value of LTC goes up, or else you're losing money. However you're going to experience similarly high fees using a service like LocalBitcoin. Once you've created an account on the site, the process of buying LTC begins with verifying the credit card you will be using. This step of the process is used to prove that you are not using a stolen credit card number. The verification process involves creating a video recording of you holding up the credit card. I have no idea why a picture isn't sufficient, but the process is simple. You visit a page with an embedded Flash video recorder, and the software uses your webcam to create the video. I read on the Bitcoin forum that there are other ways to verify your card if you don't have a webcam. Customer support usually verifies your card within an hour. Side note: The credit card verification process didn't bother me, because I've had to do similar verification on LocalBitcoins, and the process was far easier than enabling instant buy on Coinbase. I could spend hours talking about my hate for the Coinbase verification process. You can deposit USD into your account after your credit card is verified. You enter the amount you want to deposit, and click a button to charge your credit card. You can deposit as little as $20. Once you have money in your account, you can start buying Litecoin/Bitcoin. The site is setup like an exchange, in that some people are selling coins, and others are looking to buy coins. Like an exchange you can set your own buy price, and purchases are instantaneous if you set your buy price to the current minimum sell price. The whole process of buying coins takes only a few clicks. Once you purchase coins they are deposited into your account, and you are free to withdraw them to your own wallet. The withdraw process takes only a couple clicks, and there's no delay in the transaction. My wallet usually sees the transaction within seconds of clicking the withdraw button. The whole process of depositing USD, buying coins, and withdrawing coins is very quick. It takes me less than a minute. For that reason the site can be dangerous if you have no self control. I made a few impulse purchases when I saw the price of Litecoin rising, which was kind of pointless, but hey... I got the coins. Doing business with Coin.Mx is much like doing business with a pawn shop. They look like a pawn shop, the owners are a little shady like a pawn shop, and the products are over priced like a pawn shop, but pawn shops exist for a reason. No one wants to shop at a pawn shop, but sometimes they are your best or only option. Pros
Withdraws to your wallet are very quick. My wallet usually sees the incoming transaction in under 30 seconds.
The site is easy to use, and the FAQ answers a lot of questions.
They have their phone number and addresses listed right on the home page.
They provide two-factor authentication.
They have a well documented API, and appear to have a solid and dedicated development team.
I contacted their customer service a couple times, and they were reasonably quick to respond.
They seem to be secure, and I have no fears of my credit card data being stolen.
They don't treat Litecoin like a second class citizen.
Their fees are very high. The fee when depositing USD into your account is 3.5%, the fee to buy/sell is 0.5%, and the withdraw fee to another wallet is 0.01 LTC. They really nickel & dime you at every step of the process.
They make it a point to label themselves an "association" or a "club" instead of a company. The distinction could allow them to skirt some regulatory laws.
They use a foreign credit card processor, and credit transactions may be flagged as suspicious by your bank. My bank declined my first deposit, and I had to white list them.
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