Bitcoin: A Peer-to-Peer Electronic Cash System

This is bitcoi.in, "Gold collapsing, Bitcoin UP", these days

Submitter scar (newb):
....
Another interesting aspect is the citation of the whitepaper:
"Wright, C. (Pseudonym: Nakamoto, S). Bitcoin: A Peer-to-Peer Electronic Cash System; Whitepaper: Sydney, Australia, October 2008."
( Norway, bitsko, Golarz Filip and 4 others like this.)
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Dissertation

Andrés Guadamuz "Copyright and the Blockchain' (2018) Sept/Oct I.N.L 1
Michele Finck, Blockchain, Regulation and Governance in Europe (Cambridge University Press 2018)
Thomas Buocz, “Bitcoin and the GDPR: allocating responsibility in distributed networks” https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3297531
Rob Sumroy, Duncan Mykura and Ian Ranson, “Blockchain and the GDPR: Reconcilable Differences?https://www.slaughterandmay.com/what-we-do/publications-and-seminars/publications/client-publications-and-articles/b/blockchain-and-the-gdpr-reconcilable-differences/
Tom Cox and Andrew Solomon, “Blockchain: is the GDPR already outdated?”: https://www.kingsleynapley.co.uk/insights/blogs/data-protection-blog/block-chain-is-the-gdpr-out-of-date-already (news article)
Matthias Berberich and Malgorzata Steiner, “Blockchain technology and the GDPR - how to reconcile privacy and distributed ledgers?” – available on heinonline but signing in is temperamental so follow the link in this page to access https://libguides.napier.ac.uk/nubs/law
https://jolt.richmond.edu/blockchain-demystified-a-technical-and-legal-introduction-to-distributed-and-centralised-ledgers/ - cited in Anne Rose’s article. Lengthy but will likely provide good analysis of legal challenges.
https://edpl.lexxion.eu/data/article/12327/pdf/edpl_2018_01-007.pdf - “blockchain and GDRP”. Is cited in Anne Rose’s article in reference to controllers of blockchain systems but will most likely include other topics of discussion in this area. Lengthy but READ

Rob Sumroy, Duncan Mykura and Ian Ranson, Blockchain and the GDPR: Reconcilable Differences?https://www.slaughterandmay.com/what-we-do/publications-and-seminars/publications/client-publications-and-articles/b/blockchain-and-the-gdpr-reconcilable-differences/
Note that this link is a summed up version of the following full publication:
https://view.pagetiger.com/March-of-the-blocks/1
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Points of Interest for the Introduction
Points will include info that provides social/legal background to the issue. These points may concern either the journey that blockchain/ Bitcoin has been on so far i.e. driving factors, 2008 crash etc, or it may concern the GDPR and what caused the legislation to be implemented. Just take notes as I see relevant from the articles.
Satoshi’s white paper referenced. This will also, most likely, be referenced in my introduction so this is the proper citation – S Nakamoto, ‘Bitcoin: A Peer-to Peer Electronic Cash System’ [2008] https://bitcoin.org/bitcoin.pdf
Could find a quote from Andreas M. Antonopoulos in one of his books with regard to blockchain.
According to International Data Corporation’s Worldwide Semi-annual Blockchain Spending Guide, worldwide spending on blockchain solutions is predicted to reach $11.7 billion in 2022. Citation – IDC, ‘Worldwide Semi-annual Blockchain Spending Guide’ [2018] https://www.idc.com/trackeshowproductinfo.jsp?prod_id=1842
GDPR Citation – Regulation (EU) 2016/679 of the European Parliament and the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (Data Protection Directive)
European Parliament has dictated the importance of GDPR compliance in blockchain system - European Parliament Distributed ledger technologies and blockchains: building trust with disintermediation (3 October 2018) http://www.europarl.europa.eu/doceo/document/TA-8-2018-0373_EN.pdf?redirect
Possibly look for a use case of each type of system (public/ centralised) to include in the intro.
Note that ‘blockchain’ can have many intended definitions. In Anne Rose’s article she defines it at a ‘fundamental’ level as a “distributed ledger based on cryptographic technology”.
European Parliament, Distributed ledger technologies and blockchains: building trust with disintermediation (3 October 2018) http://www.europarl.europa.eu/doceo/document/TA-8-2018-0373_EN.pdf?redirect – the parliament recommended that before general adoption of blockchain across the EU, trust must first be gained by the masses. This will entail education and proactive awareness of the field through training programmes etc. Note this is similar wording to Rose’s article so may need to change if used.
As another note on the definition of blockchain, Finck in her article “Blockchain and the general data protection regulation: Can distributed ledgers be squared with European data protection law”, defines it as Distributed Ledger Technology (DLT). She footnotes this by saying that there are a number of terms that exist, each with an emphasis on a particular aspect of the technology. She states “ given the lack of definitional consensus, the terms are use synonymously. – will need to include something along the same line as this.
NOTE – that in the same article by Finck, the intro includes discussion on BOTH the GDPR and blockchain so will be relevant when making points in the introduction about the background.
Again, in the same article above, Finck elaborates on the GDPRs effect on DLT. The right to data protection is a fundamental right as set out by Article 8(1) of the Charter of Fundamental Rights. Article 8(2) then goes on, personal data 'must be processed fairly for specified purposes and on the basis of the consent of the person concerned or some other legitimate basis laid down by law’. The Charter furthermore provides that everyone has a right to access personal data relating to them, including a right to have such data rectified (Art 8(2)). Article 16 TFEU moreover states that the Parliament and the Council shall lay down rules relating to the protection of individuals with regard to the processing of personal data by Union institutions, bodies, offices and agencies, and by the Member States when carrying out activities that fall within the scope of Union law (Art 16(2) TFEU). Most of this not my own words.
Further, suggests that the GDPR (replacing 1995 Data Protection Directive) has a dual objective; 1) seeks to promote fundamental rights through a high level of rights protection of natural persons and, 2) it pursues an economic aim in seeking to remove the obstacles to personal data flows between the various Member States (Art 1(1) GDPR and Recital 10 GDPR). The GDPR also emphasizes that whereas data protection enjoys the status of a fundamental right it is not an absolute right but must rather be considered in relation to its function in society and be balanced against other fundamental rights in respect of the proportionality principle (Recital 4 GDPR). Again, not my own words.
The structure of a network of nodes can either be centralised (one single central node), decentralised (a relatively small number of central nodes), or distributed (no central nodes). See Cf. Paul Baran, ‘On distributed communications: I. Introduction to distributed communications networks’ (1964) 1 www.rand.org/content/dam/rand/pubs/research_memoranda/2006/RM3420.pdf this link also provides a useful Figure to illustrate how these different networks look.
Before 25 May 2018, the central legal source for data protection at the European Union (EU) level was Directive 95/46/EC (‘Data Protection Directive – DPD’). Divergent ways of implementing the Directive in the EU Member States resulted in different legal standards and therefore different levels of protection (Recital 9 GDPR). The GDPR, which has now replaced the DPD, aims to create ‘a … more coherent data protection framework in the Union, backed by strong enforcement, given the importance of creating the trust that will allow the digital economy to develop across the internal market’ (Recital 7 GDPR) – found at https://poseidon01.ssrn.com/delivery.php?ID=963020092123086109000085120064025073033078047010022006094075126002103117011026115007006058039044111113028125000095120067006102123082069048092107121073092104088006125073013044098103127102072001127114102112085124104001090026091089121102031024083121109117&EXT=pdf
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Thinking in Systems: A Cryptocurrency Primer

I recently wrote a text post Success to the Successful (or: why the moon is not far enough). In that post I explained Success to the Successful, an example of what is know as a system archetype, a recurring pattern that systems often take on.
I first came across the idea of system archetypes in the book Thinking in Systems: A Primer by Donella Meadows. I would like to use one chapter of this book to analyse cryptocurrencies, as it provides a convenient basis for comparison. I will focus on Dash and Bitcoin because I think this is the illuminating pair to compare, but I will mention others as they become relevant.
Donella Meadows describes a system as a set of things—people, cells, molecules, or whatever—interconnected in such a way that they produce their own behavior over time (p2), and as an interconnected set of elements that is coherently organized in a way that achieves something (p11).
Chapter 6 of this book is titled Leverage Points—Places to Intervene in a System. I will work through them in turn, briefly explain each, and use them to analyse cryptocurrencies. With any luck, this will also show ways to synthesise a cryptocurrency, ie consciously choose properties that meet intended goals. The leverage points are presented in reverse order, that is to say, point 12 is the weakest intervention point, and point 1 is the strongest.
12. Numbers—Constants and parameters such as subsidies, taxes standards
The essence of this point is that changing the tax rate from 18% to 25% or 13% makes no significant change to the was a system works. Donella Meadows says that numbers are dead last on the list of powerful interventions – diddling with the details, rearranging the deck chairs on the Titanic.
This means that it is of no real importance that Bitcoin has a 10 minute average block time, whereas Dash and Litecoin have an average of 2.5 minutes, or that Bitcoin uses SHA256 whereas Litecoin uses scrypt. It also means that the debate between (what is now) Bitcoin Core, XT, and Classic, over whether to have 1, 8, or 2MB blocks, the debate which has stalled Bitcoin development for longer than I can now remember, is over the least important part of the system. Meadows might have also called the block size limit debate in Bitcoin re-arranging deck chairs on the Titanic.
11. Buffers—The size of stabilizing stocks relative to their flows
In a bathtub, the tub is a buffer (or stock), whereas the tap and sinkhole are flows.
Dash has an interesting type of financial stock with its masternode collateral. A large amount of DASH is held by long-term holders to enable the decentralised masternode network, and acts as a sort of saving account for operators. But Meadows says this is a low-leverage point – whether collateral is specifically 1000 DASH, 100 DASH or 10 DASH is probably not significant.
10. Stock-and-Flow Structures—Physical systems and their nodes of intersection
This covers things like plumbing systems and road layouts. What is connected to what can significantly change how a system behaves, as a broken water pipe or a poorly-placed road quickly shows.
Cryptocurrencies don't have many significant physical stock and flow structures. The main one that springs to mind is the location of Bitcoin miners near hydroelectric power stations and other renewable power sources. Proof-of-stake mining removes that physical structure, but I won't consider that further as most top cryptocurrencies are proof-of-stake.
There is another type of structure, which is informational. This actually comes under the higher-leverage point 6. Information Flows, however I will describe them here, as they are revenant to points in between.
Dash has two very powerful structures that Bitcoin lacks.
First, Dash has proof-of-stake voting. Dash is able to collect the opinions of masternode operators (ie large stakeholders), and broadcast them in a verifiable way to the entire network. Bitcoin has no comparable system. It is like large BTC holders are each locked in their own room with only shouting loudly as a means of communication, while large DASH holders have internet connections and videoconferencing.
Second, Dash voting forms part of its treasury system, and controls a flow of money to development projects, which covers all activities that Dash needs. It can increase or decrease these flows at will. Bitcoin development is funded out of deep pockets, and is not necessarily driven by what holders want (as the previous structure is missing). In my mind I see this as a kind of hybrid structure: while technically it is informational (cryptocurrency money is pure information), it behaves in many ways like a flow of gold coins.
9. Delays—The lengths of time relative to the rates of system changes
Delays are the time it takes for one part of a system to react to another. They are the source of oscillations. Business suffers natural booms and busts because (for one reason), the time it takes to build up a business, means that by the time it is fully operational, the market may be oversaturated, and some will be forced to close down. Delays that are too short cause overcompensation, common on car dealer forecourts that routinely over- or under-order new stock. On a shorter scale, this is the source of flash-crashes in the stock market. Long delays make long-term planning impossible, for example building the correct number of power plants.
Mining hardware is extremely sensitive to delay – planning R&D and installation of mining hardware is fraught with uncertainty due to the long time scales involved.
Dash has enormously reduced one kind of delay: consensus formation. Thanks to the structure explained above, it is possible within hours or days to establish consensus of opinion among masternode operators, holding some together some 60% of the currency. For example the 2MB-blocksize proposal was resolved in a few hours. What Donella Meadows describes as diddling with the details was resolved as quickly as such a triviality should be.
8. Balancing Feedback Loops—The strengths of the feedbacks relative to the impacts they are trying to correct
A balancing loop is a structure that tries to correct a system that strays from its goal. For example: a thermostat keeping a room at a comfortable temperature; democratic voting keeping a political party from runaway despotism. Balancing loops are important because reinforcing loops are very powerful, and can throw a system out of control, like a steam engine running faster and faster until it explodes.
Thanks to its treasury system, Dash has a unique balancing feedback loop: the masternode network can cut funding to any project at will. That means that if – say – the Dash Core team adopted the same 1MB block size policy as Bitcoin Core, in defiance of the previous vote, the masternode network can bring the system back into control by cutting funding to Dash Core. This would not be the end of the matter (another Core team would be required to replace them), but it would start to resolve the problem with a much lower delay.
7. Reinforcing Feedback Loops—The strength of the gain of driving loops
This was the topic of the earlier post Success to the Successful (or: why the moon is not far enough), so I would suggest reading that for more detail, as I believe it is a distinguishing feature of Dash among top cryptocurrencies today.
To summarise, Dash has a loop where wise masternode voting funds successful projects, which increase the utility of Dash, which increases the price of DASH, which increases the value of the monthly development budget, which increases Dash's capacity to fund successful projects. Bitcoin does not have this loop: a rising price of BTC does not enable Bitcoin to develop itself more successfully, because development is not paid for with BTC, and it does in any case not have the structure to direct funds based on past success. Dash is inherently more able to develop itself than Bitcoin; it is already developing faster, and its development is accelerating thanks to this loop.
6. Information Flows—The structure of who does and does not have access to information
This is covered under 10. Stock-and-Flow Structures to make the flow of this post easier to read. But note that Meadows considered Information Flows as higher-leverage points, higher even than Balancing Feedback Loops and Reinforcing Feedback Loops.
5. Rules—Incentives, punishments, constraints
This covers everything from the physical laws of nature, through codes of laws enforced by courts, to the rules of trivial board games or casual agreements between friends.
Cryptocurrencies have some very hard rules. For example, to spend any BTC or DASH etc, you must be able to sign a valid transaction transferring the money from you to someone else. No amount of begging or pleading will sway the laws of cryptography, any more than begging or pleading can change the force of gravity.
The rules of the cryptocurrency block reward determine the incentives of participants in a cryptocurrency.
Bitcoin allocates 100% of the block reward to the miner of that block: there is a very strong incentive to mine Bitcoin blocks. However, there is no corresponding incentive for running a Bitcoin node. By splitting the block reward 45% to miners and 45% to masternode operators, Dash has ~4500 masternodes to Bitcoin's ~5500 nodes, despite the currency having a market cap somewhere around 1% of Bitcoin's. Also, Bitcoin has a balancing loop, whereby the more popular Bitcoin becomes, the higher the cost of running a node becomes, and so the lower the net incentive. Only companies and individuals who need to verify every transaction will run a Bitcoin node; with Dash, people will also run nodes because they are paid to do so.
One area where Dash is perhaps lacking in this section is punishments. Dash has an incentive that people are paid to do projects to develop Dash, and funding can be withdrawn if they fail to deliver, but they are not punished if they deceive or defraud. As Donella Meadows put 5. Rules quite high up the list, this suggests that adding punishments to negligently managed or fraudulent development projects might be a high-leverage intervention.
Meadows says that power over rules is real power. Who gets to decide the rules of a blockchain, decides the fate of a cryptocurrency. Who in Bitcoin, and who in Dash, decides whether blocks will be only 1MB in size, or whether they can be larger? In Dash, this is transparent, bearing in mind the complexities we considered earlier. In Bitcoin, it is considerably less so.
4. Self-organisation—The power to add, change, or evolve system structure
This covers evolution, the adaptation of an immune system, ants building a hive, DNA building an ant, members of a society agreeing on its laws.
This point is key why capitalism is superior to communism at generating economic development: the minds of everyone working as an entrepreneur, able to startup up and shut down businesses as they sense real demand, will always outpace the abilities of a central planner with limited information and limited capacity to process it. Simply, it creates a bigger, more adaptable brain out society, a more powerful mind to design and provide infrastructure, goods and services.
Dash has a layer of self-organisation at a higher level than businesses running on the blockchain. The treasury system works like a circulatory system, providing money to its DAO employees like nutrition to vital functions. This enables Dash to create development teams, marketing teams, market research teams, R&D teams, forum moderation teams and so on. The treasury lets Dash participants self-organise into a nervous system, and function as a viable, self-sustaining organisation.
3. Goals—The purpose or function of a system
The goal of a system is what it tries to achieve. The goal of a thermostat is the temperature it wants to maintain the room at. The goal of a political party is to get elected. The goal of a football team is to win the game.
What is the goal of Bitcoin? The Bitcoin whitepaper defines it as a peer-to-peer electronic cash system. What is the goal of Monero? The Monero website defines it as is a secure, private, untraceable currency. Dash? Well, Dash is digital cash – citation needed :)
Note that the block size debate in Bitcoin is really a debate over its goal – is it peer-to-peer cash, or is it a digital settlement layer for a Lightning Network? Dash has a consensus structure to confirm its goal, it has information and money flows to decide and fund its path to its goal, it has balancing loops to keep it in check. Dash has a clear goal; the goal of Bitcoin right now looks simply undefined. It's not clear who is in a position to define it. But Donella Meadows puts Goals way up the list of leverage points at number 3, so this matters enormously.
2. Paradigms—The mind-set out of which the system–its goals, structures, rules, delays, parameters–arises
At this point we may be stepping out of the sphere of any one individual cryptocurrency. What do we want as money? Do we want debt-money created by private institutions? Do we want hard money like gold? Do we want to return to peer-to-peer credit? Do we want centrally-planned money, or market-driven money?
I won't attempt to answer any questions here.
1. Transcending Paradigms
This is the idea to stay unattached, to realise that no one paradigm is true. Maybe the head of a central bank will come to understand the advantages of cryptocurrency systems; maybe a die-hard libertarian will appreciate the positive role regulation and government intervention can have in financial systems. Meadows describes this as to let go into not-knowing. For me it is to accept that everyone has their own mindset and the goals that this entails, and they come to this mindset through experiences no less real or valid than one's own.
At this point we have completely escaped the petty squabbling of 1MB vs 2MB blocks, and opened a discussion on what paradigm of money will best suit the needs of the modern world. That is a debate I think not even Donella Meadows would find easy to resolve.

I hope this analysis proves useful to someone. If it has peeked anyone's interested, I wholeheartedly recommend reading the whole of Thinking in Systems, which is both short and accessible to anyone with an inquisitive mind.
(Apologies for any errors, I've typed this quickly in a few spare hours)
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DEMYSTYFYING CRYPTOCURRENCIES, BLOCKCHAIN & ICO IN SIMPLE ENGLISH – REFLECTIONS AND WAY FORWARD FOR 2018

DISCLAIMER: The authors of this article by no means are advocating, advising or persuading anyone to invest in Cryptocurrencies, ICOs or any other form of investment. Investments are subjected to market risks and you must do your own research before investing and seek financial advise and help from qualified personnel. Any businesses or companies quoted in this article have not paid us financially or through any other means for profit or gain. The authors also do not intent to challenge, disrespect or disobey any specific government, institution or personnel of authority including Banks, Financial regulators, governing bodies and laws of the land. All viewpoints in this article are our own and does not relate to any company, partner, employment or body that we are associated with in our day to day life.
THE HEADLINE: As we reflect upon on 2017, it is probably fair to make a bold statement that it has been a phenomenal leap forward for the trio of Blockchain, Cryptocurrency and the ICO. Here is why: • Bitcoin (the most popular cryptocurrency and once defamed as a ‘hyper-coin’) hit another all-time high passing $8000. Today, Bitcoin is worth about $50 billion and has been accepted under the law and tax frameworks of Canada, Australia, and Japan. • Ethereum network (platform) and its own fuel ( coin) Ether has appreciated more than 2,800% since it was launched in 2015. • Underlying Blockchain technology is no more a hype, it is disrupting every industry through its secure public ledger • ICOs have raked in over 3.6 Billion Dollars, the largest ICO in 2017 has been Filecoin raising over 257 Million Dollars. This is the just beginning of the ICO revolution where IPOs and traditional stock exchanges are going to become a thing in the past.
Let’s admit it. We either have a tribe of people who love the whole concept of decentralized and autonomous Peer to Peer network completely secure and away from the control of the regulators and bureaucrats OR you still belong to the other tribe, you think Cryptocurrencies are dark alleys and ‘good’ people should stay away lurking in these areas. We respect views on either side and we would like to just attempt to demystify few basic practical concepts here that one should know if you are new to this so called “Crypto Tribe”.
EVOLUTION OF CRYPTO AND BITCOIN The first internet currency, known as DigiCash, was created by David Chaum and is said to have its origin from Netherlands. This was arguably the first attempt, but the idea failed and the company went bankrupt in 1998. Keeping up with the trend PayPal ( one of the global leaders in Payments Industry) was next to follow-up and became highly successful, but did not create an actual cryptocurrency. So history was made when the first real cryptocurrency, Bitcoin, was invented by someone went by the pseudonym Satoshi Nakamoto in 2008 and went online in 2009. There has been several failed attempts to identify this person. This ground breaking and revolutionary makes it possible to take to replace central authorities, government, watchdogs bureaucrats and politicians with the decentralized blockchain, and take power away from Wall Street. Bitcoin has already broken its own records several times since it started. The chart below will obviously blow your mind if you have not tracked Bitcoin recently. In less than 8 years Bitcoin has given over 8000% return. From 0 to 8000 USD per coin. And ofcourse there are talks of the next bubble and market for Bitcoin crashing down anytime. Really? Let’s address them a bit later in this paper.
The legacy of crypto goes back to the days of World War II when cryptographic systems were devised to securely transmit messages between various parties. All has happened is the technology and evolution has progressed since with the advancement of Computer systems and underlying hardware and software. We hence now have a very powerful system on the network for anyone to harness.
WHAT IS BLOCKCHAIN? A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data. By design, blockchains are inherently resistant to modification of the data. A blockchain can serve as "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way not in citation given. For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority. And that is the latest Wikipedia definition for you. However, in layman terms, what is the best way to explain it? Let’s think of a used-car for a purpose of illustration. The new buyer would like to ensure that the car is genuinely owned by the seller, that the car servicing history is fully up to date and any major issues has been picked up transparently in the car service history. In real world that may not be possible always. Let’s take another example. We go to our regular family doctor ( GP). Their computer has full history of our health records from illness, diagnosis, medicines and treatments. If we go to another city, it would be very important that the new doctor has full information as well. Sometimes things do not work that way. And this is where the power of Blockchain comes into play. Blockchain is like a decentralized and distributed computer or electronic database existing on multiple computers at the same time ( but not owned by any big company specifically atall). The database keeps growing continuously as new sets of key information, or ‘blocks’, are added to it. Each block contains a very important information - timestamp and a link to the previous block. These then actually form a chain, everyone in the network gets a copy of the whole database but the database is not managed by any particular body, person or corporation. Entire old block are preserved forever and new blocks are added to the ledger irreversibly, making it next to impossible to manipulate by faking documents, transactions and other information. And yes, hackers know this and they have no interest in this area as they cannot manipulate here. They will most likely to continue to pry on large private businesses and public sector for ransom not Blockchain for a very long time or may be forever! It is also worthwhile mentioning here that since Blockchain runs on a public network, there are concept of ‘mining’ and rewards to the ‘miners’. In simple terms, people are rewarded for allowing their computers to be used for harnessing the ‘processing power’ of Block execution. Every new transaction on a block ofcourse needs to be executed. Now that you have got a bit of history of the whole Cryptocurrency and Block chain technology mumbo-jumbo, you may be thinking what about another term ICO which everyone keeps talking at the Pub and every now and then on various websites and journals. What are ICO really? Let’s get that out of way as possible.
THE DAWN OF INITIAL COIN OFFERING ( aka ICO) You are probably already familiar with the traditional stock market and the concept of Initial Public Offering ( IPO), so we will not go too deep into it. But in a nutshell, until recently businesses have raised money from the public by listing their businesses on the famous stock exchanges. Ofcourse, it is not possible for Mr. John Smith from a little village selling his home made secret strawberry jam globally until he has deep pockets. Neither he can even dream of getting his business listed on a stock exchange to raise cash from public. Hence listing businesses and raising cash has remain the forte of the big and bold with the backing of Venture Capitalist firms, Private Equity firms and the Brokers. And ofcourse there has been the means of the “Angel Investor” who would give cash by taking significant equity stake in a business started by the entrepreneur with their blood and sweat. Then emerged the concept of “Crowd Funding”. Online project funding websites like kickstarter, crowdcube, seedrs emerged. They allowed entrepreneurs to request for funds from the public. But these methods have raised limited funds, grossly regulated by the local authorities and not everyone could raise money from here. So you may ask what IPOs and Crowdfunding has anything to do with Blockchain technology and ICOs? Well what if we say that there are investors out there who believe in the disruptive nature of Blockchain Technology and are also early adopters of cryptocurrency such as bitcoin. Then there is whole liberal aspect of the unregulated market which makes the whole world shift towards a very different perspective. Now an entrepreneur could actually raise money for building their business from very early stages ( sometimes from just a concept level) and accepting the money not in traditional currency ( aka Fiat currency) but Cryptocurrency. And further, each of these new projects could even release their own version or token of an underlying cryptocurrency or digital currency. Now that’s sexy and awesome isn’t it? Well, we are not going to down the route here to inform the readers it is good or bad practice in this paper. We will leave that opinion formation to yourself. Now that you got a high level understanding of ICOs, the next thing you may want to know is that it is pretty straight forward to invest into an ICO ( we will cover more in this paper later). But you need to understand is ICOs just like an IPO are for short duration. Usually they last for few weeks (typically 4 weeks). You get bonus Tokens or the crypto coin to invest early. Once the ICO minimum target is reached ( Softcap) the coins gets listed on the CoinExchange and they start trading. Coinexchange? What are these then? Quite simple, just go back to the analogy between a traditional stock and traditional stock exchange. Very simple concept really. How you buy, sell and do the nitty-gritty just differs. Since there are no brokers or regulators involved here. The whole process is really simple and quick. It may worthwhile sharing a quick snapshot of the ICO market worldwide: It is mind boggling to see that new businesses in really concept stages are raising more money than traditional businesses in just few hours of ICOs getting listed. Obviously this is really bothering lot of people in high ranking posts. We are not here to again debate who is right or wrong here. What we essentially want you to understand is some of these ICOs are really shaping the next wave of revolution.
How many of you believed that a Smart Phone with a so called ‘mobile app’ would be worth billion of dollar? Look at Uber, Alibaba, Airbnb, Facebook. Why no one complains about their valuation? May be because these businesses have backing of very large venture capitalists, Private Equity firms? But who runs these VCs and PE firms? Do you really need 70 Billion Dollars to run a Taxi mobile app? We honestly do not know. But what we know for sure is disruptive technologies and businesses built on top of them always have an edge. And then you combine the technology and handover its power to the people you create a social eco-system that is so strong and powerful that it can override and form its own status. And that is what is happening with the ICOs. People are investing into their trust and belief. Now that’s more powerful than any single bank, government or institution !
If you have followed this paper so far, you should have started to get an idea of what is really going on here about the trio – Blockchain Technology, Cryptocurrencices and ICO. However, I am sure you still have may have zillion questions about how you do certain things. Let us try give you answers to some of the most common questions asked by those who really want to get involved.
FREQUENTLY ASKED QUESTIONS Question 1: I am interested in buying and investing into a Cryptocurrency. Should I buy Bitcoin? Answer: Bitcoin is one of the most popular cryptocurrency. We can not advise you anything specific as you need to do your own research. The number of cryptocurrencies available over the internet as of 6 November 2017 was over 1172 and growing. A new cryptocurrency can be created at any time. By market capitalization, Bitcoin is currently (2017-08-19) the largest blockchain network, followed by Ethereum, Bitcoin Cash, Ripple and Litecoin.
Question 2: I am interested in investing into a ICO that what research and due-diligence I need to do ? Answer: We are glad that you mentioned the two magical words “research” and “due-diligence”. That is the most important golden nugget that we want you to take-away from this paper. Never-ever invest into a ICO unless you have researched it for how long it takes to build a strong opinion. Here is a good article that gives some really good tips. One quick tip from us would be ensure that Team is really strong and they are genuine people. http://mashable.com/2017/10/25/survive-ico/#CDVyGFJOiiqF
Question 3: How do I find out about upcoming ICOs and useful related news and press releases? Answer: There are plenty of websites now that can give you early headsup and keep you well informed. Our favourites are ICOBENCH, COINDESK, ICOALERT.
Question 4: Where can we buy and sell ICO and cryptocurrencies? Answer: If you are newbie, it may be a good idea to ask someone in your close network to guide you. There are lots of information and instructional video available on Youtube and other social media network and blogs. Sometimes too much information leads to confusion. You may also want to look into tutorials and training available at UDEMY.COM. But please steer away from self-proclaimed gurus. Do not buy any quick rich scheme related courses and scams. We have found that for beginners https://www.myetherwallet.com/ or https://parity.io/ are good starting point for Ethereum Blockchain related transactions.
Question 5: When is a good time to invest in Cryptocurrency? Answer: We wish we had the crystal ball to give you the answer. If we had this crystal ball in 2009 ( when Bitcoin started), we would be very rich people right now. But with a bit of research and education, you can master this. You need to make your own decision when is the right time for you.
Question 6: ICO and Cryptocurrency are all hype and dodgy? Answer: We are assuming you are a beginner, you do not know enough about Blockchain technology and how it works, you possibly have not spent enough time learning and tracking about cryptocurrencies. There is also a possibility you have never invested in a cryptocurrency or ICO. Or possibly you invested in a ICO that was a scam. You possibly could be a sophisticated investor in property, traditional shares, gold, forex and much more. But may be you do not want to know any more about Digital currencies or Technology as it is not your “comfort zone”. So the question is how much of homework you have done to assess if this whole concept for you is really interesting or completely ruled out? The decision end of the day is yours.
AUTHOR: Avijeet Jayashekhar: Has over 20 years of entrepreneurial, management consulting , Technology leadership in UK Financial Services Industry. He also has a long successful property investment business in UK. In his last stint, as Vice President of Barclays Bank UK, he managed large Technology Programme in next generation technologies such as Artificial Intelligence, Robotic Process automation and Digital Payments including Blockchain. He has track record of setting up 3 successful global Technology businesses. Integrally part of the London Fintech and PropertyTech businesses, he is a popular mentor and speaker. He has a Bachelor’s degree in Electronic and Computer Science, a Business Management Qualification and Project Qualification from Stanford University. He is a British Citizen of Indian origin and lives near London with his family. Linkedin: https://www.linkedin.com/in/avijeetjs/
REFERENCES: https://icobench.com/stats https://www.coinbase.com/ https://www.icoalert.com/ https://www.coindesk.com/information/what-is-a-distributed-ledge https://tokentarget.com/the-evolution-of-the-ico-2017-and-beyond-2/ http://www.ilovegrowingmarijuana.com/the-basics-of-cryptocurrency/ http://www.telegraph.co.uk/technology/0/cryptocurrency/ https://themerkle.com/top-10-cryptocurrency-icos-throughout-2017-to-date/ https://en.wikipedia.org/wiki/Blockchain http://mashable.com/2017/10/25/survive-ico/#CDVyGFJOiiqF https://en.wikipedia.org/wiki/List_of_cryptocurrencies https://en.insider.pro/tutorials/2017-09-04/what-blockchain-laymans-terms/
submitted by techevangelistuk to CryptocurrencyICO [link] [comments]

Subreddit Stats: btc top posts from 2017-01-09 to 2017-02-07 22:40 PDT

Period: 29.80 days
Submissions Comments
Total 999 28052
Rate (per day) 33.52 904.13
Unique Redditors 409 2067
Combined Score 56126 117584

Top Submitters' Top Submissions

  1. 3835 points, 41 submissions: Egon_1
    1. "One miner loses $12k from BU bug, some Core devs scream. Users pay millions in excessive tx fees over the last year "meh, not a priority" (529 points, 262 comments)
    2. Charlie Shrem: "Oh cmon. @gavinandresen is the reason we are all here today. Stop attacking people, ...." (256 points, 61 comments)
    3. The core developers don't care about you. Let's fire them by hard fork to Bitcoin unlimited! (231 points, 83 comments)
    4. Bitcoin Core Hashrate Below 80% (211 points, 27 comments)
    5. "Bitcoin is an P2P electronic cash system, not digital gold. If Bitcoin's usefulness as cash is undermined, its value will be undermined too." (198 points, 196 comments)
    6. I like these ads (194 points, 25 comments)
    7. "ViaBTC Transaction Accelerator already help more than 5K delayed transactions got confirmed." (142 points, 27 comments)
    8. Bitcoin Unlimited: Over 800 PH/s (128 points, 21 comments)
    9. ViaBTC produces ZERO empty block in the last month. Best in SPV base mining pool. (117 points, 2 comments)
    10. New ATL (All Time Low) For Bitcoin Core Blocks (114 points, 59 comments)
  2. 2876 points, 24 submissions: ydtm
    1. The debate is not "SHOULD THE BLOCKSIZE BE 1MB VERSUS 1.7MB?". The debate is: "WHO SHOULD DECIDE THE BLOCKSIZE?" (1) Should an obsolete temporary anti-spam hack freeze blocks at 1MB? (2) Should a centralized dev team soft-fork the blocksize to 1.7MB? (3) OR SHOULD THE MARKET DECIDE THE BLOCKSIZE? (354 points, 116 comments)
    2. BU-SW parity! 231 vs 231 of the last 1000 blocks! Consensus will always win over censorship! MARKET-BASED blocksize will always win over CENTRALLY-PLANNED blocksize! People want blocksize to be determined by the MARKET - not by Greg Maxwell & his 1.7MB anyone-can-spend SegWit-as-a-soft-fork blocks. (271 points, 66 comments)
    3. The number of blocks being mined by Bitcoin Unlimited is now getting very close to surpassing the number of blocks being mined by SegWit! More and more people are supporting BU's MARKET-BASED BLOCKSIZE - because BU avoids needless transaction delays and ultimately increases Bitcoin adoption & price! (185 points, 80 comments)
    4. "Notice how anyone who has even remotely supported on-chain scaling has been censored, hounded, DDoS'd, attacked, slandered & removed from any area of Core influence. Community, business, Hearn, Gavin, Jeff, XT, Classic, Coinbase, Unlimited, ViaBTC, Ver, Jihan, Bitcoin.com, btc" ~ u/randy-lawnmole (176 points, 114 comments)
    5. "Why is Flexible Transactions more future-proof than SegWit?" by u/ThomasZander (175 points, 110 comments)
    6. "You have to understand that Core and their supporters eg Theymos WANT a hardfork to be as messy as possible. This entire time they've been doing their utmost to work AGAINST consensus, and it will continue until they are simply removed from the community like the cancer they are." ~ u/singularity87 (170 points, 28 comments)
    7. Blockstream/Core don't care about you. They're repeatedly crippling the network with their DEV-CONTROLLED blocksize. Congestion & delays are now ROUTINE & PREDICTABLE after increased difficulty / time between blocks. Only we can fix the network - using MARKET-CONTROLLED blocksize (Unlimited/Classic) (168 points, 60 comments)
    8. 3 excellent articles highlighting some of the major problems with SegWit: (1) "Core Segwit – Thinking of upgrading? You need to read this!" by WallStreetTechnologist (2) "SegWit is not great" by Deadalnix (3) "How Software Gets Bloated: From Telephony to Bitcoin" by Emin Gün Sirer (146 points, 59 comments)
    9. This trader's price & volume graph / model predicted that we should be over $10,000 USD/BTC by now. The model broke in late 2014 - when AXA-funded Blockstream was founded, and started spreading propaganda and crippleware, centrally imposing artificially tiny blocksize to suppress the volume & price. (143 points, 97 comments)
    10. Now that BU is overtaking SW, r\bitcoin is in meltdown. The 2nd top post over there (sorted by "worst first" ie "controversial") is full of the most ignorant, confused, brainwashed comments ever seen on r\bitcoin - starting with the erroneous title: "The problem with forking and creating two coins." (142 points, 57 comments)
  3. 2424 points, 31 submissions: realistbtc
    1. Remember this picture ? It was a very strong and cool message from around 2014 . Well, sadly it's not true anymore. But it was universally liked in the Bitcoin space , and probably brought here some of us . I remember even luke-jr reposting it somewhere (oh , the hypocrysis!! ). (249 points, 55 comments)
    2. Emin Gun Sirer on Twitter ' My take is the exact opposite: we are now finding out that Segwit isn't necessary and we can get the same benefits via simpler means. " (248 points, 46 comments)
    3. Gavin Andresen on Twitter : ' The purpose of a consensus system is to arrive at one outcome. Participating means accepting the result even if you initially disagree. ' (204 points, 56 comments)
    4. enough with the blockstream core propaganda : changing the blocksize IS the MORE CAUTIOUS and SAFER approach . if it was done sooner , we would have avoived entirely these unprecedented clycles of network clogging that have caused much frustrations in a lot of actors (173 points, 15 comments)
    5. Gavin Andresen on Twitter - 'This can't be controversial... can it? - a definition of Bitcoin' (136 points, 38 comments)
    6. adam back on twitter "contentious forks are bad idea for confidence & concept of digital scarcity. wait for the ETFs. profit. mean time deploy segwit & lightning" - no! a corrupt company like blockstream with a washed out ex cypherpunk like adam are what's bad for Bitcoin . (122 points, 115 comments)
    7. "Bitcoin: A Peer-to-Peer Electronic Cash System" - if you stray from that , you don't get to keep calling it Bitcoin. call it blockstreamcoin, adamcoin, gregcoin, theymoscoin or whatever and go fork off yourself . (112 points, 19 comments)
    8. soon 21 will have to change the scale , because 180 satoshi/KB won't be enough anymore - madness - feel free to send your complaints to greg maxwell CTO of blockstream (112 points, 31 comments)
    9. PSA : if you use a ledger wallet , you risk paying an absurdly high free - see here : 10$ for a 225 bytes 150$ tx - but remember , it's all fine for your elitist and gregonomic friends at blockstream (109 points, 111 comments)
    10. Luke 'the liar' Dashjr : ' My BIP draft didn't make progress because the community opposes any block size increase hardfork ever. ' -- yes , he wrote exactly that !! (96 points, 33 comments)
  4. 2129 points, 43 submissions: increaseblocks
    1. After failing to get 10K bitcoins for stolen NSA exploits, Shadow Brokers post farewell message, dump a cache of Windows hacking tools online (181 points, 23 comments)
    2. Coinbase and the IRS (146 points, 69 comments)
    3. Ryan X. Charles on Twitter - There is a leadership gap in bitcoin left by technical community members who didn't listen to miners, businesses or users. (117 points, 44 comments)
    4. Blockstream Core developer says you should "pay a $5 fee" to get your transaction to go through! (116 points, 32 comments)
    5. $2.50 transaction FEE paid on $37 transaction, still unconfirmed for 24 hours!! (109 points, 37 comments)
    6. Blockstream shareholder gives a little more insight into the company (107 points, 33 comments)
    7. Finished setting up my Unlimited full node. Took just over 24 hrs to sync with a 5 yr old laptop and standard U.S. connection + $50 1TB hard drive! (96 points, 46 comments)
    8. Matt Corallo/TheBlueMatt leaves Blockstream to go work for Chaincode Labs... is the Blockstream house of cards beginning to crumble? (86 points, 175 comments)
    9. 53,000 transactions in the backlog! (75 points, 79 comments)
    10. Doctor ₿ Goss on Twitter: Spending a year on #segwit instead of coordinating blocksize increase may not have been wise. Money that doesn't work is worthless (70 points, 11 comments)
  5. 1590 points, 9 submissions: parban333
    1. Dear Theymos, you divided the Bitcoin community. Not Roger, not Gavin, not Mike. It was you. And dear Blockstream and Core team, you helped, not calling out the abhorrent censorship, the unforgivable manipulation, unbecoming of supposed cypherpunks. Or of any decent, civil persons. (566 points, 87 comments)
    2. nullc disputes that Satoshi Nakamoto left Gavin in control of Bitcoin, asks for citation, then disappears after such citation is clearly provided. greg maxwell is blatantly a toxic troll and an enemy of Satoshi's Bitcoin. (400 points, 207 comments)
    3. Remember: while the blockstream trolls take Peter R out of context, Peter Todd really think Bitcoin should have a 1%/security tax via inflation. (146 points, 92 comments)
    4. So, Alice is causing a problem. Alice is then trying to sell you a solution for that problem. Alice now tell that if you are not buying into her solution, you are the cause of the problem. Replace Alice with Greg & Adam.. (139 points, 28 comments)
    5. SegWit+limited on-chain scaling: brought to you by the people that couldn't believe Bitcoin was actually a sound concept. (92 points, 47 comments)
    6. Remember: the manipulative Adam Back, CEO of Blockstream, want to fool every newcomer that doesn't know better into thinking that he practically invented Bitcoin. (91 points, 22 comments)
    7. Not only segwit support is laughable at the moment for something targeting 95% adoption, but it's actually diminishing. Wallet devs and people that spent resources implementing that ridiculous contraption must feel a bit silly at the moment.... (83 points, 143 comments)
    8. It's ironic that blockstream's concerns about hard forks security are what's actually caused concerns about hard forks security. (46 points, 5 comments)
    9. The Intercept - "Hidden loopholes allow FBI agents to infiltrate political and religious groups" - Just something to consider, right? (27 points, 2 comments)
  6. 1471 points, 10 submissions: sandakersmann
    1. Charlie Shrem on Twitter: "If we don't implement bigger blocks ASAP, Paypal will be cheaper than #bitcoin. I already pay a few dollars per tx. Stop hindering growth." (472 points, 254 comments)
    2. Olivier Janssens on Twitter: "Do you like Bitcoin? Then you like an unlimited block size. The limit was put in place as a temp fix and was never hit before last year." (252 points, 189 comments)
    3. Ryan X. Charles on Twitter: "Bigger blocks will allow more people access to every aspect of bitcoin, enhancing decentralization" (213 points, 179 comments)
    4. Is Bitcoin Unlimited Headed for Activation? (149 points, 38 comments)
    5. Marius Kjærstad on Twitter: "High fees push real economy out of #Bitcoin and makes price driven by speculation. Result is a lower real economy floor to catch the knife." (132 points, 37 comments)
    6. No Primary Litecoin Pool Will Upgrade to Segwit, Says LTC1BTC's Founder (103 points, 60 comments)
    7. Charlie Shrem: "Bitcoin is been built to appreciate or die. That's how it is. It has to continue to grow. If it doesn't grow then it's just gonna go away." (76 points, 15 comments)
    8. G. Andrew Stone & Andrew Clifford: Bitcoin Unlimited (Episode 166) (36 points, 1 comment)
    9. Joseph VaughnPerling on Twitter: "#SegWit on $LTC's safe b/c low TX vol. AnyoneCanSpend TX UTXO unlikely to hit 51% attack cost. On $BTC it'd be insidiously fatal. @SegWit" (21 points, 8 comments)
    10. Bitcoin Plummets After China Launches "Market Manipulation" Investigations Of Bitcoin Exchanges (17 points, 0 comments)
  7. 1408 points, 7 submissions: BeijingBitcoins
    1. LOL - /bitcoin user claims that people aren't being actively silenced; is actively silenced. (307 points, 142 comments)
    2. Reality check: today's minor bug caused the bitcoin.com pool to miss out on a $12000 block reward, and was fixed within hours. Core's 1MB blocksize limit has cost the users of bitcoin >$100k per day for the past several months. (270 points, 173 comments)
    3. Satoshi: "The eventual solution will be to not care how big [block size] gets." (250 points, 75 comments)
    4. Top post on /bitcoin about high transaction fees. 709 comments. Every time you click "load more comments," there is nothing there. How many posts are being censored? The manipulation of free discussion by /bitcoin moderators needs to end yesterday. (229 points, 91 comments)
    5. Bitcoin Unlimited blocks at all time high! (143 of last 1000) (191 points, 56 comments)
    6. Censored in bitcoin: "Bitcoin Core hashrate reaches 79.7%" (91 points, 61 comments)
    7. Bitcoin Transaction Fees - All Time (70 points, 18 comments)
  8. 1235 points, 40 submissions: chinawat
    1. Julian Assange just used the bitcoin block number 447506 as a proof of life. (199 points, 42 comments)
    2. "$3000 donated anonymously to the @internetarchive in bitcoin just now. Made our day!" -- Brewster Kahle on Twitter (97 points, 3 comments)
    3. ‘Barclays took my £440,000 and put me through hell’ | Money (76 points, 22 comments)
    4. Venezuelan Police Arrest Eight Bitcoin Miners in Two Weeks, and the Country's Leading Bitcoin Exchange Suspends Operations (52 points, 2 comments)
    5. The Path To $10,000 Bitcoin (46 points, 11 comments)
    6. How Deutsche Bank Made a $462 Million Loss Disappear (44 points, 6 comments)
    7. "The plan (#mBTC units) has been discussed amongst local #Chinese exchanges, & we believe it will appease the regulators, w/ "lower" prices." -- Bobby Lee on Twitter (43 points, 36 comments)
    8. "Everyone knows that we need to reduce the max block size, but is a one-time drop to 300 kB really the best way?" -- theymos (40 points, 68 comments)
    9. Buy bitcoin from any 7-11 in the Philippines (36 points, 0 comments)
    10. The Race Is On for a Bitcoin ETF (31 points, 14 comments)
  9. 1010 points, 17 submissions: 1and1make5
    1. Last 1000 Blocks - Bitcoin Unlimited overtakes soft-fork-segwit signaling (165 points, 25 comments)
    2. Again: Bigger Blocks Mean More Decentralization - Roger Ver (101 points, 59 comments)
    3. cnLedger on Twitter - "@todu77 Contacted http://BTC.TOP . A different logic was used when dealing w/ (very occasional) empty blc. They'll update to BU only" (94 points, 6 comments)
    4. Controlling your own wealth as a basic human right - Brian Armstrong (93 points, 30 comments)
    5. Last 1000 Blocks - 20% of the Bitcoin mining network supports Bitcoin Unlimited (89 points, 4 comments)
    6. BTC.top current hashrate: ~100 Ph/s (71 points, 5 comments)
    7. Throwback Thursday: BTC.top mined their first BU block 1 month ago with ~31 Ph/s, today they have ~149 Ph/s (68 points, 6 comments)
    8. Epicenter Bitcoin 166 - G. Andrew Stone & Andrew Clifford: Bitcoin Unlimited (63 points, 50 comments)
    9. Coinbase Obtains the Bitlicense (53 points, 19 comments)
    10. Fun fact (doesn't mean anything): In the last 24 hours more blocks have signaled support for Bitcoin Unlimited than soft-fork-segwit (53 points, 5 comments)
  10. 984 points, 20 submissions: seweso
    1. Bitcoin unlimited is an expression of freedom. And freedom will always be misconstrued by paternalists/statists as something dangerous. (120 points, 64 comments)
    2. My hope for Bitcoin Unlimited is not to force a hardfork upon everyone, but to break through the censorship, to open minds. (106 points, 88 comments)
    3. Core threatening a POW change makes absolutely no sense whatsoever. (97 points, 58 comments)
    4. "We will run a SegWit release in production by the time [a 2MB hardfork] is released in a version of Bitcoin Core." (94 points, 84 comments)
    5. Blocked by Peter Todd for pointing out he started the propaganda war with his slippery slope video. (92 points, 41 comments)
    6. I can't wait to spend everyone's SegWit funds on a hard-forked >1Mb chain. ~ Seweso (72 points, 72 comments)
    7. BashCo putting his Bitcoin ignorance on display by stating "60,000 #Bitcoin transactions don't just magically appear out of thin air. #spam" (66 points, 12 comments)
    8. Bitcoin Core developers discussing and deciding on Bitcoin economics again (47 points, 13 comments)
    9. Reaction to: why-bitcoin-unlimiteds-emergent-consensus-gamble (46 points, 9 comments)
    10. "@seweso Show me an instance where core pushed out a change and cost miners a block reward." ~ I can do that ;) (37 points, 6 comments)
  11. 883 points, 16 submissions: Shock_The_Stream
    1. Emin Gün Sirer: Finally getting to the crux of the battle. LN/Segwit/fee-market are a synonym for "high fees." Nothing about this tech requires high fees. (155 points, 78 comments)
    2. BTC.TOP !! - New Alltime High for BU blocks @199 ! BTC.TOP alone just mined 4 BU blocks within 47 minutes (115 points, 26 comments)
    3. The great halvening of Samson's Segwit Pool: Mission accomplished! 1 yr: 12.50%, 6 month: 11.10%, 1 month: 7.83%, 1week: 6.67%, 4 days: 6% (107 points, 56 comments)
    4. Surpise: SegWit SF becomes more and more centralized - around half of all Segwit signals come from Bitfury ... (107 points, 45 comments)
    5. BS of the week by Rusty Russell: "If segwit doesn't activate, something is badly broken in Bitcoin" (102 points, 97 comments)
    6. Slush pool: Incredible bad luck for the Bitcoin Unlimited voters (43 points, 26 comments)
    7. The Bitfury Attack (43 points, 38 comments)
    8. 799! Jiang Zhuo'er teared down this wall! (40 points, 13 comments)
    9. Did Slush just stop mining segwit with the 'don't care' voters? (39 points, 36 comments)
    10. Fortune favours the bold: BTC.TOP with 300% luck today (30 points, 2 comments)
  12. 754 points, 10 submissions: AQuentson
    1. Price Shoots Up as Miners Checkmate and Bitcoin Unlimited Surpasses Segwit. (113 points, 28 comments)
    2. One Transaction Will Cost $400 if Bitcoin Hits $10,000 According to Jameson Lopp (104 points, 39 comments)
    3. Bitcoin Core Developer: Satoshi's Design Doesn't Work (100 points, 78 comments)
    4. Wow! Had no idea the BitcoinMarkets subreddit is completely censored. (90 points, 29 comments)
    5. F2Pool Will Not Upgrade Its Bitcoin Pool to Segwit "Anytime Soon" (89 points, 21 comments)
    6. The Bitcoin Market Needs Big Blocks, Says Founder of BTC.TOP Mining Pool (82 points, 21 comments)
    7. Almost $1 Billion Worth of Bitcoins Stuck in Transaction Backlog (72 points, 8 comments)
    8. ViaBTC's Hashrate Increases to 12 Percent (58 points, 2 comments)
    9. “The protocol debate is not my priority." - Jihan Wu, Bitmain's Founder (24 points, 13 comments)
    10. Wow! Almost $1 Billion Worth of Bitcoin is Stuck, Can't Move - What Happens if no Block is Found in One Hour (as has happened before) Will Bitcoin Literally Break Down? (22 points, 14 comments)
  13. 744 points, 10 submissions: BobsBurgers3Bitcoin
    1. Bitcoin Unlimited 1.0.0 has been released (274 points, 130 comments)
    2. Censored in r\Bitcoin: "35.8 Cents: Average Transaction Fee so far in 2017. The Average Transaction Fee in 2016 was 16.5 Cents" (260 points, 123 comments)
    3. 35.8 Cents: Average Transaction Fee so far in 2017. The Average Transaction Fee in 2016 was 16.5 Cents (74 points, 18 comments)
    4. Former Fed Employee Fined $5,000 for Using Computer for Bitcoin (37 points, 5 comments)
    5. Bitcoin: Why It Now Belongs in Every Portfolio (26 points, 0 comments)
    6. Bitcoin is 'a great hedge against the system' and could be the new gold (18 points, 1 comment)
    7. Bitcoin Will Change Money Like the Internet Changed Video (15 points, 0 comments)
    8. Is Warren Buffett Wrong About Bitcoin? (14 points, 3 comments)
    9. Bitseed Review – A Plug & Play Full Bitcoin Node (13 points, 2 comments)
    10. Bitcoin is soaring (and Business Insider does not change the title of the almost identical article published 3 weeks ago by the same author) (13 points, 1 comment)
  14. 732 points, 10 submissions: specialenmity
    1. Fantasy land: Thinking that a hard fork will be disastrous to the price, yet thinking that a future average fee of > $1 and average wait times of > 1 day won't be disastrous to the price. (209 points, 70 comments)
    2. "Segwit is a permanent solution to refuse any blocksize increase in the future and move the txs and fees to the LN hubs. The chinese miners are not as stupid as the blockstream core devaluators want them to be." shock_the_stream (150 points, 83 comments)
    3. In response to the "unbiased" ELI5 of Core vs BU and this gem: "Core values trustlessness and decentralization above all. Bitcoin Unlimited values low fees for on-chain transactions above all else." (130 points, 45 comments)
    4. Core's own reasoning doesn't add up: If segwit requires 95% of last 2016 blocks to activate, and their fear of using a hardfork instead of a softfork is "splitting the network", then how does a hardfork with a 95% trigger even come close to potentially splitting the network? (96 points, 130 comments)
    5. luke-jr defines "using bitcoin" as running a full node. Dictates that the cost of moving money ( a transaction) should exceed "using bitcoin". Hah (38 points, 17 comments)
    6. If it's not activating that is a strong evidence that the claims of it being dire were and continue to be without substance. nullc (36 points, 23 comments)
    7. I'm more concerned that bitcoin can't change than whether or not we scale in the near future by SF or HF (26 points, 9 comments)
    8. "The best available research right now suggested an upper bound of 4MB. This figure was considering only a subset of concerns, in particular it ignored economic impacts, long term sustainability, and impacts on synchronization time.." nullc (20 points, 4 comments)
    9. At any point in time mining pools could have increased the block reward through forking and yet they haven't. Why? Because it is obvious that the community wouldn't like that and correspondingly the price would plummet (14 points, 14 comments)
    10. The flawed mind of jstolfi (13 points, 17 comments)
  15. 708 points, 7 submissions: knight222
    1. BTC.TOP operator: “We have prepared $100 million USD to kill the small fork of CoreCoin, no matter what POW algorithm, sha256 or scrypt or X11 or any other GPU algorithm. Show me your money. We very much welcome a CoreCoin change to POS.” (241 points, 252 comments)
    2. For those who missed it, this is how the hardfork with Bitcoin Unlimited will happen. (173 points, 79 comments)
    3. Blocks mined with Bitcoin Unlimited reaching 18% (133 points, 28 comments)
    4. Bitcoin Unlimited is less than 1% away from outpacing Segwit for the last 1000 blocks mined (90 points, 44 comments)
    5. BU nodes peaked in the last days (28 points, 6 comments)
    6. Blockstream never tried to compromise but they will (too late). This is why: (22 points, 4 comments)
    7. BTC.TOP is having a good day (21 points, 6 comments)

Top Commenters

  1. Adrian-X (3622 points, 821 comments)
  2. H0dl (3157 points, 563 comments)
  3. Bitcoinopoly (2732 points, 345 comments)
  4. knight222 (2319 points, 361 comments)
  5. MeTheImaginaryWizard (2043 points, 429 comments)
  6. Ant-n (1818 points, 387 comments)
  7. todu (1756 points, 265 comments)
  8. seweso (1742 points, 328 comments)
  9. awemany (1690 points, 401 comments)
  10. Shock_The_Stream (1647 points, 217 comments)
  11. Helvetian616 (1578 points, 206 comments)
  12. Egon_1 (1478 points, 162 comments)
  13. realistbtc (1299 points, 95 comments)
  14. BitcoinIsTehFuture (1231 points, 139 comments)
  15. LovelyDay (1226 points, 196 comments)
  16. thcymos (1172 points, 117 comments)
  17. BeijingBitcoins (1098 points, 58 comments)
  18. Yheymos (1061 points, 69 comments)
  19. steb2k (1058 points, 238 comments)
  20. ydtm (987 points, 132 comments)
  21. dontcensormebro2 (975 points, 106 comments)
  22. chinawat (972 points, 223 comments)
  23. increaseblocks (934 points, 73 comments)
  24. segregatedwitness (921 points, 101 comments)
  25. Annapurna317 (874 points, 146 comments)
  26. DaSpawn (817 points, 162 comments)
  27. insette (808 points, 91 comments)
  28. TanksAblazment (803 points, 150 comments)
  29. blockstreamcoin (787 points, 133 comments)
  30. MeatsackMescalero (774 points, 95 comments)
  31. satoshis_sockpuppet (745 points, 126 comments)
  32. BitcoinXio (739 points, 50 comments)
  33. jstolfi (734 points, 183 comments)
  34. singularity87 (720 points, 90 comments)
  35. Richy_T (704 points, 163 comments)
  36. redlightsaber (690 points, 138 comments)
  37. Leithm (686 points, 74 comments)
  38. ErdoganTalk (668 points, 252 comments)
  39. BitcoinPrepper (665 points, 89 comments)
  40. reddaxx (664 points, 105 comments)
  41. r1q2 (660 points, 110 comments)
  42. papabitcoin (653 points, 79 comments)
  43. 2ndEntropy (632 points, 76 comments)
  44. FormerlyEarlyAdopter (608 points, 92 comments)
  45. Coolsource (595 points, 116 comments)
  46. Peter__R (589 points, 43 comments)
  47. timepad (570 points, 62 comments)
  48. Rawlsdeep (564 points, 109 comments)
  49. themgp (560 points, 46 comments)
  50. ForkiusMaximus (558 points, 89 comments)

Top Submissions

  1. Dear Theymos, you divided the Bitcoin community. Not Roger, not Gavin, not Mike. It was you. And dear Blockstream and Core team, you helped, not calling out the abhorrent censorship, the unforgivable manipulation, unbecoming of supposed cypherpunks. Or of any decent, civil persons. by parban333 (566 points, 87 comments)
  2. "One miner loses $12k from BU bug, some Core devs scream. Users pay millions in excessive tx fees over the last year "meh, not a priority" by Egon_1 (529 points, 262 comments)
  3. Charlie Shrem on Twitter: "If we don't implement bigger blocks ASAP, Paypal will be cheaper than #bitcoin. I already pay a few dollars per tx. Stop hindering growth." by sandakersmann (472 points, 254 comments)
  4. nullc disputes that Satoshi Nakamoto left Gavin in control of Bitcoin, asks for citation, then disappears after such citation is clearly provided. greg maxwell is blatantly a toxic troll and an enemy of Satoshi's Bitcoin. by parban333 (400 points, 207 comments)
  5. The debate is not "SHOULD THE BLOCKSIZE BE 1MB VERSUS 1.7MB?". The debate is: "WHO SHOULD DECIDE THE BLOCKSIZE?" (1) Should an obsolete temporary anti-spam hack freeze blocks at 1MB? (2) Should a centralized dev team soft-fork the blocksize to 1.7MB? (3) OR SHOULD THE MARKET DECIDE THE BLOCKSIZE? by ydtm (354 points, 116 comments)
  6. LOL - /bitcoin user claims that people aren't being actively silenced; is actively silenced. by BeijingBitcoins (307 points, 142 comments)
  7. Massive censorship on "/bitcoin" continues by BitcoinIsTehFuture (296 points, 123 comments)
  8. Charlie Shrem on Twitter: "You can talk about anything in BTC and it won't be auto deleted" by BitcoinXio (291 points, 69 comments)
  9. Bitcoin Unlimited blocks exceed Core for first time, 232 vs. 231 of last 1,000 by DNVirtual (282 points, 84 comments)
  10. As relevant as it's always been by iopq (276 points, 15 comments)

Top Comments

  1. 151 points: nicebtc's comment in "One miner loses $12k from BU bug, some Core devs scream. Users pay millions in excessive tx fees over the last year "meh, not a priority"
  2. 123 points: 1DrK44np3gMKuvcGeFVv's comment in "One miner loses $12k from BU bug, some Core devs scream. Users pay millions in excessive tx fees over the last year "meh, not a priority"
  3. 117 points: cryptovessel's comment in nullc disputes that Satoshi Nakamoto left Gavin in control of Bitcoin, asks for citation, then disappears after such citation is clearly provided. greg maxwell is blatantly a toxic troll and an enemy of Satoshi's Bitcoin.
  4. 117 points: seweso's comment in Roger Ver banned for doxing after posting the same thread Prohashing was banned for.
  5. 113 points: BitcoinIsTehFuture's comment in Dear Theymos, you divided the Bitcoin community. Not Roger, not Gavin, not Mike. It was you. And dear Blockstream and Core team, you helped, not calling out the abhorrent censorship, the unforgivable manipulation, unbecoming of supposed cypherpunks. Or of any decent, civil persons.
  6. 106 points: MagmaHindenburg's comment in bitcoin.com loses 13.2BTC trying to fork the network: Untested and buggy BU creates an oversized block, Many BU node banned, the HF fails • /Bitcoin
  7. 98 points: lon102guy's comment in bitcoin.com loses 13.2BTC trying to fork the network: Untested and buggy BU creates an oversized block, Many BU node banned, the HF fails • /Bitcoin
  8. 97 points: bigboi2468's comment in contentious forks vs incremental progress
  9. 92 points: vbuterin's comment in [Mark Friedenbach] There is a reason we are generally up in arms about "abusive" data-on-blockchain proposals: it is because we see the potential of this tech!
  10. 89 points: Peter__R's comment in contentious forks vs incremental progress
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Blocklogy - How Bitcoin system works? Satoshi Nakamoto Read a paper: Bitcoin - A Peer-to-Peer Electronic Cash System Kryptos im Blick. Spezial: Bitcoin, das trojanische Pferd der Finanzelite? The maths behind bitcoin

Satoshi Nakamoto, Bitcoin: A Peer-to-Peer Electronic Cash System (full-text). This paper proposes a solution to the double-spending problem using a peer-to-peer, distributed timestamp server to generate computational proof of the chronological order of transactions. The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes. These are the sources and citations used to research Bitcoin: A Peer-to-Peer Electronic Cash System. This bibliography was generated on Cite This For Me on Sunday, May 7, 2017 Download Citation Bitcoin: A Peer-to-Peer Electronic Cash System A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another ... Bitcoin.org is a community funded project, donations are appreciated and used to improve the website. ... Bitcoin: A Peer-to-Peer Electronic Cash System. The paper that first introduced Bitcoin. Satoshi Nakamoto's original paper is still recommended reading for anyone studying how Bitcoin works. Choose which translation of the paper you want to read: English (Original) Bahasa Indonesia ... Bitcoin: A Peer-to-Peer Electronic Cash System Satoshi Nakamoto [email protected] www.bitcoin.org Abstract. A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still ...

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Blocklogy - How Bitcoin system works?

Und ist es tatsächlich so, dass die NSA noch vor dem Whitepaper Satoshi Nakamotos “Bitcoin: A Peer-to-Peer Electronic Cash System” sich mit einer Art Bitcoin beschäftigt hat: How to make a ... This lecture covers the following topics: Overview of Peer-to-Peer Electronic Cash System Transactions Timestamp Server Proof of Work Steps to run the networ... Bitcoin - A purely peer-to-peer version of electronic cash to be sent directly from one party to another. To know more about the Blockchain, Bitcoin network and how it works, Download Blocklogy App. The mathematics of bitcoin and blockchain explained in an easy way: the key to cryptocurrencies. Reference: Nakamoto, S., "Bitcoin: A Peer-to-Peer Electronic Cash System", https://bitcoin.org ... Built with: LEGO Digital Designer Bitcoin: A Peer-to-Peer Electronic Cash System by Satoshi Nakamoto Money Goes Virtual: The Bitcoin Bourse by Milken Institute and featuring Gavin Andresen.

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