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An extensive guide for cashing out bitcoin and cryptocurrencies into private banks

Hey guys.
Merry Xmas !
I am coming back to you with a follow up post, as I have helped many people cash out this year and I have streamlined the process. After my original post, I received many requests to be more specific and provide more details. I thought that after the amazing rally we have been attending over the last few months, and the volatility of the last few days, it would be interesting to revisit more extensively.
The attitude of banks around crypto is changing slowly, but it is still a tough stance. For the first partial cash out I operated around a year ago for a client, it took me months to find a bank. They wouldn’t want to even consider the case and we had to knock at each and every door. Despite all my contacts it was very difficult back in the days. This has changed now, and banks have started to open their doors, but there is a process, a set of best practices and codes one has to follow.
I often get requests from crypto guys who are very privacy-oriented, and it takes me months to have them understand that I am bound by Swiss law on banking secrecy, and I am their ally in this onboarding process. It’s funny how I have to convince people that banks are legit, while on the other side, banks ask me to show that crypto millionaires are legit. I have a solid background in both banking and in crypto so I manage to make the bridge, but yeah sometimes it is tough to reconcile the two worlds. I am a crypto enthusiast myself and I can say that after years of work in the banking industry I have grown disillusioned towards banks as well, like many of you. Still an account in a Private bank is convenient and powerful. So let’s get started.
There are two different aspects to your onboarding in a Swiss Private bank, compliance-wise.
*The origin of your crypto wealth
*Your background (residence, citizenship and probity)
These two aspects must be documented in-depth.
How to document your crypto wealth. Each new crypto millionaire has a different story. I may detail a few fun stories later in this post, but at the end of the day, most of crypto rich I have met can be categorized within the following profiles: the miner, the early adopter, the trader, the corporate entity, the black market, the libertarian/OTC buyer. The real question is how you prove your wealth is legit.
1. Context around the original amount/investment Generally speaking, your first crypto purchase may not be documented. But the context around this acquisition can be. I have had many cases where the original amount was bought through Mtgox, and no proof of purchase could be provided, nor could be documented any Mtgox claim. That’s perfectly fine. At some point Mtgox amounted 70% of the bitcoin transactions globally, and people who bought there and managed to withdraw and keep hold of their bitcoins do not have any Mtgox claim. This is absolutely fine. However, if you can show me the record of a wire from your bank to Tisbane (Mtgox's parent company) it's a great way to start.
Otherwise, what I am trying to document here is the following: I need context. If you made your first purchase by saving from summer jobs, show me a payroll. Even if it was USD 2k. If you acquired your first bitcoins from mining, show me the bills of your mining equipment from 2012 or if it was through a pool mine, give me your slushpool account ref for instance. If you were given bitcoin against a service you charged, show me an invoice.
2. Tracking your wealth until today and making sense of it. What I have been doing over the last few months was basically educating compliance officers. Thanks God, the blockchain is a global digital ledger! I have been telling my auditors and compliance officers they have the best tool at their disposal to lead a proper investigation. Whether you like it or not, your wealth can be tracked, from address to address. You may have thought all along this was a bad feature, but I am telling you, if you want to cash out, in the context of Private Banking onboarding, tracking your wealth through the block explorer is a boon. We can see the inflows, outflows. We can see the age behind an address. An early adopter who bought 1000 BTC in 2010, and let his bitcoin behind one address and held thus far is legit, whether or not he has a proof of purchase to show. That’s just common sense. My job is to explain that to the banks in a language they understand.
Let’s have a look at a few examples and how to document the few profiles I mentioned earlier.
The trader. I love traders. These are easy cases. I have a ton of respect for them. Being a trader myself in investment banks for a decade earlier in my career has taught me that controlling one’s emotions and having the discipline to impose oneself some proper risk management system is really really hard. Further, being able to avoid the exchange bankruptcy and hacks throughout crypto history is outstanding. It shows real survival instinct, or just plain blissed ignorance. In any cases traders at exchange are easy cases to corroborate since their whole track record is potentially available. Some traders I have met have automated their trading and have shown me more than 500k trades done over the span of 4 years. Obviously in this kind of scenario I don’t show everything to the bank to avoid information overload, and prefer to do some snacking here and there. My strategy is to show the early trades, the most profitable ones, explain the trading strategy and (partially expose) the situation as of now with id pages of the exchanges and current balance. Many traders have become insensitive to the risk of parking their crypto at exchange as they want to be able to trade or to grasp an occasion any minute, so they generally do not secure a substantial portion on the blockchain which tends to make me very nervous.
The early adopter. Provided that he has not mixed his coin, the early adopter or “hodler” is not a difficult case either. Who cares how you bought your first 10k btc if you bought them below 3$ ? Even if you do not have a purchase proof, I would generally manage to find ways. We just have to corroborate the original 30’000 USD investment in this case. I mainly focus on three things here:
*proof of early adoption I have managed to educate some banks on a few evidences specifically related to crypto markets. For instance with me, an old bitcointalk account can serve as a proof of early adoption. Even an old reddit post from a few years ago where you say how much you despise this Ripple premined scam can prove to be a treasure readily available to show you were early.
*story telling Compliance officers like to know when, why and how. They are human being looking for simple answers to simple questions and they don’t want like to be played fool. Telling the truth, even without a proof can do wonders, and even though bluffing might still work because banks don’t fully understand bitcoin yet, it is a risky strategy that is less and less likely to pay off as they are getting more sophisticated by the day.
*micro transaction from an old address you control This is the killer feature. Send a $20 worth transaction from an old address to my company wallet and to one of my partner bank’s wallet and you are all set ! This is gold and considered a very solid piece of evidence. You can also do a microtransaction to your own wallet, but banks generally prefer transfer to their own wallet. Patience with them please. they are still learning.
*signature message Why do a micro transaction when you can sign a message and avoid potentially tainting your coins ?
*ICO millionaire Some clients made their wealth participating in ETH crowdsale or IOTA ICO. They were very easy to deal with obviously and the account opening was very smooth since we could evidence the GENESIS TxHash flow.
The miner Not so easy to proof the wealth is legit in that case. Most early miners never took screenshot of the blocks on bitcoin core, nor did they note down the block number of each block they mined. Until the the Slashdot article from August 2010 anyone could mine on his laptop, let his computer run overnight and wake up to a freshly minted block containing 50 bitcoins back in the days. Not many people were structured enough to store and secure these coins, avoid malwares while syncing the blockchain continuously, let alone document the mined blocks in the process. What was 50 BTC worth really for the early miners ? dust of dollars, games and magic cards… Even miners post 2010 are generally difficult to deal with in terms of compliance onboarding. Many pool mining are long dead. Deepbit is down for instance and the founders are MIA. So my strategy to proof mining activity is as follow:
*Focusing on IT background whenever possible. An IT background does help a lot to bring some substance to the fact you had the technical ability to operate a mining rig.
*Showing mining equipment receipts. If you mined on your own you must have bought the hardware to do so. For instance mining equipment receipts from butterfly lab from 2012-2013 could help document your case. Similarly, high electricity bill from your household on a consistent basis back in the day could help. I have already unlocked a tricky case in the past with such documents when the bank was doubtful.
*Wallet.dat files with block mining transactions from 2011 thereafter This obviously is a fantastic piece of evidence for both you and me if you have an old wallet and if you control an address that received original mined blocks, (even if the wallet is now empty). I will make sure compliance officers understand what it means, and as for the early adopter, you can prove your control over these wallet through a microtransaction. With these kind of addresses, I can show on the block explorer the mined block rewards hitting at regular time interval, and I can even spot when difficulty level increased or when halvening process happened.
*Poolmining account. Here again I have educated my partner bank to understand that a slush account opened in 2013 or an OnionTip presence was enough to corroborate mining activity. The block explorer then helps me to do the bridge with your current wallet.
*Describing your set up and putting it in context In the history of mining we had CPU, GPU, FPG and ASICs mining. I will describe your technical set up and explain why and how your set up was competitive at that time.
The corporate entity Remember 2012 when we were all convinced bitcoin would take over the world, and soon everyone would pay his coffee in bitcoin? How naïve we were to think transaction fees would remain low forever. I don’t blame bitcoin cash supporters; I once shared this dream as well. Remember when we thought global adoption was right around the corner and some brick and mortar would soon accept bitcoin transaction as a common mean of payment? Well, some shop actually did accept payment and held. I had a few cases as such of shops holders, who made it to the multi million mark holding and had invoices or receipts to proof the transactions. If you are organized enough to keep a record for these trades and are willing to cooperate for the documentation, you are making your life easy. The digital advertising business is also a big market for the bitcoin industry, and affiliates partner compensated in btc are common. It is good to show an invoice, it is better to show a contract. If you do not have a contract (which is common since all advertising deals are about ticking a check box on the website to accept terms and conditions), there are ways around that. If you are in that case, pm me.
The black market Sorry guys, I can’t do much for you officially. Not that I am judging you. I am a libertarian myself. It’s just already very difficult to onboard legit btc adopters, so the black market is a market I cannot afford to consider. My company is regulated so KYC and compliance are key for me if I want to stay in business. Behind each case I push forward I am risking the credibility and reputation I have built over the years. So I am sorry guys I am not risking it to make an extra buck. Your best hope is that crypto will eventually take over the world and you won’t need to cash out anyway. Or go find a Lithuanian bank that is light on compliance and cooperative.
The OTC buyer and the libertarian. Generally a very difficult case. If you bought your stack during your journey in Japan 5 years ago to a guy you never met again; or if you accumulated on https://localbitcoins.com/ and kept no record or lost your account, it is going to be difficult. Not impossible but difficult. We will try to build a case with everything else we have, and I may be able to onboard you. However I am risking a lot here so I need to be 100% confident you are legit, before I defend you. Come & see me in Geneva, and we will talk. I will run forensic services like elliptic, chainalysis, or scorechain on an extract of your wallet. If this scan does not raise too many red flags, then maybe we can work together ! If you mixed your coins all along your crypto history, and shredded your seeds because you were paranoid, or if you made your wealth mining professionally monero over the last 3 years but never opened an account at an exchange. ¯_(ツ)_/¯ I am not a magician and don’t get me wrong, I love monero, it’s not the point.
Cashing out ICOs Private companies or foundations who have ran an ICO generally have a very hard time opening a bank account. The few banks that accept such projects would generally look at 4 criteria:
*Seriousness of the project Extensive study of the whitepaper to limit the reputation risk
*AML of the onboarding process ICOs 1.0 have no chance basically if a background check of the investors has not been conducted
*Structure of the moral entity List of signatories, certificate of incumbency, work contract, premises...
*Fiscal conformity Did the company informed the authorities and seek a fiscal ruling.
For the record, I am not into the tax avoidance business, so people come to me with a set up and I see if I can make it work within the legal framework imposed to me.
First, stop thinking Switzerland is a “offshore heaven” Swiss banks have made deals with many governments for the exchange of fiscal information. If you are a French citizen, resident in France and want to open an account in a Private Bank in Switzerland to cash out your bitcoins, you will get slaughtered (>60%). There are ways around that, and I could refer you to good tax specialists for fiscal optimization, but I cannot organize it myself. It would be illegal for me. Swiss private banks makes it easy for you to keep a good your relation with your retail bank and continue paying your bills without headaches. They are integrated to SEPA, provide ebanking and credit cards.
For information, these are the kind of set up some of my clients came up with. It’s all legal; obviously I do not onboard clients that are not tax compliant. Further disclaimer: I did not contribute myself to these set up. Do not ask me to organize it for you. I won’t.
EU tricks
Swiss lump sum taxation Foreign nationals resident in Switzerland can be taxed on a lump-sum basis if they are not gainfully employed in our country. Under the lump-sum tax regime, foreign nationals taking residence in Switzerland may choose to pay an expense-based tax instead of ordinary income and wealth tax. Attractive cantons for the lump sum taxation are Zug, Vaud, Valais, Grisons, Lucerne and Berne. To make it short, you will be paying somewhere between 200 and 400k a year and all expenses will be deductible.
Switzerland has adopted a very friendly attitude towards crypto currency in general. There is a whole crypto valley in Zug now. 30% of ICOs are operated in Switzerland. The reason is that Switzerland has thrived for centuries on banking secrecy, and today with FATCA and exchange of fiscal info with EU, banking secrecy is dead. Regulators in Switzerland have understood that digital ledger technologies were a way to roll over this competitive advantage for the generations to come. Switzerland does not tax capital gains on crypto profits. The Finma has a very pragmatic approach. They have issued guidance- updated guidelines here. They let the business get organized and operate their analysis on a case per case basis. Only after getting a deep understanding of the market will they issue a global fintech license in 2019. This approach is much more realistic than legislations which try to regulate everything beforehand.
Italy new tax exemption. It’s a brand new fiscal exemption. Go to Aoste, get residency and you could be taxed a 100k/year for 10years. Yes, really.
Portugal What’s crazy in Europe is the lack of fiscal harmonization. Even if no one in Brussels dares admit it, every other country is doing fiscal dumping. Portugal is such a country and has proved very friendly fiscally speaking. I personally have a hard time trusting Europe. I have witnessed what happened in Greece over the last few years. Some of our ultra high net worth clients got stuck with capital controls. I mean no way you got out of crypto to have your funds confiscated at the next financial crisis! Anyway. FYI
Malta Generally speaking, if you get a residence somewhere you have to live there for a certain period of time. Being stuck in Italy is no big deal with Schengen Agreement, but in Malta it is a different story. In Malta, the ordinary residence scheme is more attractive than the HNWI residence scheme. Being an individual, you can hold a residence permit under this scheme and pay zero income tax in Malta in a completely legal way.
Monaco Not suitable for French citizens, but for other Ultra High Net worth individual, Monaco is worth considering. You need an account at a local bank as a proof of fortune, and this account generally has to be seeded with at least EUR500k. You also need a proof of residence. I do mean UHNI because if you don’t cash out minimum 30m it’s not interesting. Everything is expensive in Monaco. Real Estate is EUR 50k per square meter. A breakfast at Monte Carlo Bay hotel is 70 EUR. Monaco is sunny but sometimes it feels like a golden jail. Do you really want that for your kids?
Dubaï
  1. Set up a company in Dubaï, get your resident card.
  2. Spend one day every 6 month there
  3. ???
  4. Be tax free
US tricks Some Private banks in Geneva do have the license to manage the assets of US persons and U.S citizens. However, do not think it is a way to avoid paying taxes in the US. Opening an account at an authorized Swiss Private banks is literally the same tax-wise as opening an account at Fidelity or at Bank of America in the US. The only difference is that you will avoid all the horror stories. Horror stories are all real by the way. In Switzerland, if you build a decent case and answer all the questions and corroborate your case in depth, you will manage to convince compliance officers beforehand. When the money eventually hits your account, it is actually available and not frozen.
The IRS and FATCA require to file FBAR if an offshore account is open. However FBAR is a reporting requirement and does not have taxes related to holding an account outside the US. The taxes would be the same if the account was in the US. However penalties for non compliance with FBAR are very large. The tax liability management is actually performed through the management of the assets ( for exemple by maximizing long term capital gains and minimizing short term gains).
The case for Porto Rico. Full disclaimer here. I am not encouraging this. Have not collaborated on such tax avoidance schemes. if you are interested I strongly encourage you to seek a tax advisor and get a legal opinion. I am not responsible for anything written below. I am not going to say much because I am so afraid of uncle Sam that I prefer to humbly pass the hot potato to pwc From here all it takes is a good advisor and some creativity to be tax free on your crypto wealth if you are a US person apparently. Please, please please don’t ask me more. And read the disclaimer again.
Trust tricks Generally speaking I do not accept fringe fiscal situation because it puts me in a difficult situation to the banks I work with, and it is already difficult enough to defend a legit crypto case. Trust might be a way to optimize your fiscal situation. Belize. Bahamas. Seychelles. Panama, You name it. At the end of the day, what matters for Swiss Banks are the beneficial owner and the settlor. Get a legal opinion, get it done, and when you eventually knock at a private bank’s door, don’t say it was for fiscal avoidance you stupid ! You will get the door smashed upon you. Be smarter. It will work. My advice is just to have it done by a great tax specialist lawyer, even if it costs you some money, as the entity itself needs to be structured in a professional way. Remember that with trust you are dispossessing yourself off your wealth. Not something to be taken lightly.
“Anonymous” cash out. Right. I think I am not going into this topic, neither expose the ways to get it done. Pm me for details. I already feel a bit uncomfortable with all the info I have provided. I am just going to mention many people fear that crypto exchange might become reporting entities soon, and rightly so. This might happen anyday. You have been warned. FYI, this only works for non-US and large cash out.
The difference between traders an investors. Danmark, Holland and Germany all make a huge difference if you are a passive investor or if you are a trader. ICO is considered investing for instance and is not taxed, while trading might be considered as income and charged aggressively. I would try my best to protect you and put a focus on your investor profile whenever possible, so you don't have to pay 52% tax if you do not have to :D
Full cash out or partial cash out? People who have been sitting on crypto for long have grown an emotional and irrational link with their coins. They come to me and say, look, I have 50m in crypto but I would like to cash out 500k only. So first let me tell you that as a wealth manager my advice to you is to take some off the table. Doing a partial cash out is absolutely fine. The market is bullish. We are witnessing a redistribution of wealth at a global scale. Bitcoin is the real #occupywallstreet, and every one will discuss crypto at Xmas eve which will make the market even more supportive beginning 2018, especially with all hedge funds entering the scene. If you want to stay exposed to bitcoin and altcoins, and believe these techs will change the world, it’s just natural you want to keep some coins. In the meantime, if you have lived off pizzas over the last years, and have the means to now buy yourself an nice house and have an account at a private bank, then f***ing do it mate ! Buy physical gold with this account, buy real estate, have some cash at hands. Even though US dollar is worthless to your eyes, it’s good and convenient to have some. Also remember your wife deserves it ! And if you have no wife yet and you are socially awkward like the rest of us, then maybe cashing out partially will help your situation ;)
What the Private Banks expect. Joke aside, it is important you understand something. If you come around in Zurich to open a bank account and partially cash out, just don’t expect Private Banks will make an exception for you if you are small. You can’t ask them to facilitate your cash out, buy a 1m apartment with the proceeds of the sale, and not leave anything on your current account. It won’t work. Sadly, under 5m you are considered small in private banking. The bank is ok to let you open an account, provided that your kyc and compliance file are validated, but they will also want you to become a client and leave some money there to invest. This might me despicable, but I am just explaining you their rules. If you want to cash out, you should sell enough to be comfortable and have some left. Also expect the account opening to last at least 3-4 week if everything goes well. You can't just open an account overnight.
The cash out logistics. Cashing out 1m USD a day in bitcoin or more is not so hard.
Let me just tell you this: Even if you get a Tier 4 account with Kraken and ask Alejandro there to raise your limit over $100k per day, Even if you have a bitfinex account and you are willing to expose your wealth there, Even if you have managed to pass all the crazy due diligence at Bitstamp,
The amount should be fractioned to avoid risking your full wealth on exchange and getting slaughtered on the price by trading big quantities. Cashing out involves significant risks at all time. There is a security risk of compromising your keys, a counterparty risk, a fat finger risk. Let it be done by professionals. It is worth every single penny.
Most importantly, there is a major difference between trading on an exchange and trading OTC. Even though it’s not publicly disclosed some exchange like Kraken do have OTC desks. Trading on an exchange for a large amount will weight on the prices. Bitcoin is a thin market. In my opinion over 30% of the coins are lost in translation forever. Selling $10m on an exchange in a day can weight on the prices more than you’d think. And if you trade on a exchange, everything is shown on record, and you might wipe out the prices because on exchanges like bitstamp or kraken ultimately your counterparties are retail investors and the market depth is not huge. It is a bit better on Bitfinex. It is way better to trade OTC. Accessing the institutional OTC market is not easy, and that is also the reason why you should ask a regulated financial intermediary if we are talking about huge amounts.
Last point, always chose EUR as opposed to USD. EU correspondent banks won’t generally block institutional amounts. However we had the cases of USD funds frozen or delayed by weeks.
Most well-known OTC desks are Cumberlandmining (ask for Lucas), Genesis (ask for Martin), Bitcoin Suisse AG (ask for Niklas), circletrade, B2C2, or Altcoinomy (ask for Olivier)
Very very large whales can also set up escrow accounts for massive block trades. This world, where blocks over 30k BTC are exchanged between 2 parties would deserve a reddit thread of its own. Crazyness all around.
Your options: DIY or going through a regulated financial intermediary.
Execution trading is a job in itself. You have to be patient, be careful not to wipe out the order book and place limit orders, monitor the market intraday for spikes or opportunities. At big levels, for a large cash out that may take weeks, these kind of details will save you hundred thousands of dollars. I understand crypto holders are suspicious and may prefer to do it by themselves, but there are regulated entities who now offer the services. Besides, being a crypto millionaire is not a guarantee you will get institutional daily withdrawal limits at exchange. You might, but it will take you another round of KYC with them, and surprisingly this round might be even more aggressive that the ones at Private banks since exchange have gone under intense scrutiny by regulators lately.
The fees for cashing out through a regulated financial intermediary to help you with your cash out should be around 1-2% flat on the nominal, not more. And for this price you should get the full package: execution/monitoring of the trades AND onboarding in a private bank. If you are asked more, you are being abused.
Of course, you also have the option to do it yourself. It is a way more tedious and risky process. Compliance with the exchange, compliance with the private bank, trading BTC/fiat, monitoring the transfers…You will save some money but it will take you some time and stress. Further, if you approach a private bank directly, it will trigger a series of red flag to the banks. As I said in my previous post, they call a direct approach a “walk-in”. They will be more suspicious than if you were introduced by someone and won’t hesitate to show you high fees and load your portfolio with in-house products that earn more money to the banks than to you. Remember also most banks still do not understand crypto so you will have a lot of explanations to provide and you will have to start form scratch with them!
The paradox of crypto millionaires Most of my clients who made their wealth through crypto all took massive amount of risks to end up where they are. However, most of them want their bank account to be managed with a low volatility fixed income capital preservation risk profile. This is a paradox I have a hard time to explain and I think it is mainly due to the fact that most are distrustful towards banks and financial markets in general. Many clients who have sold their crypto also have a cash-out blues in the first few months. This is a classic situation. The emotions involved in hodling for so long, the relief that everything has eventually gone well, the life-changing dynamics, the difficulties to find a new motivation in life…All these elements may trigger a post cash-out depression. It is another paradox of the crypto rich who has every card in his hand to be happy, but often feel a bit sad and lonely. Sometimes, even though it’s not my job, I had to do some psychological support. A lot of clients have also become my friends, because we have the same age and went through the same “ordeal”. First world problem I know… Remember, cashing out is not the end. It’s actually the beginning. Don’t look back, don’t regret. Cash out partially, because it does not make sense to cash out in full, regret it and want back in. relax.
The race to cash out crypto billionaire and the concept of late exiter. The Winklevoss brothers are obviously the first of a series. There will be crypto billionaires. Many of them. At a certain level you can have a whole family office working for you to manage your assets and take care of your needs . However, let me tell you it’s is not because you made it so big that you should think you are a genius and know everything better than anyone. You should hire professionals to help you. Managing assets require some education around the investment vehicles and risk management strategies. Sorry guys but with all the respect I have for wallstreebet, AMD and YOLO stock picking, some discipline is necessary. The investors who have made money through crypto are generally early adopters. However I have started to see another profile popping up. They are not early adopters. They are late exiters. It is another way but just as efficient. Last week I met the first crypto millionaire I know who first bough bitcoin over 1000$. 55k invested at the beginning of this year. Late adopter & late exiter is a route that can lead to the million.
Last remarks. I know banks, bankers, and FIAT currencies are so last century. I know some of you despise them and would like to have them burn to the ground. With compliance officers taking over the business, I would like to start the fire myself sometimes. I hope this extensive guide has helped some of you. I am around if you need more details. I love my job despite all my frustration towards the banking industry because it makes me meet interesting people on a daily basis. I am a crypto enthusiast myself, and I do think this tech is here to stay and will change the world. Banks will have to adapt big time. Things have started to change already; they understand the threat is real. I can feel the generational gap in Geneva, with all these old bankers who don’t get what’s going on. They glaze at the bitcoin chart on CNBC in disbelief and they start to get it. This bitcoin thing is not a joke. Deep inside, as an early adopter who also intends to be a late exiter, as a libertarian myself, it makes me smile with satisfaction.
Cheers. @swisspb on telegram
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Bottos chain CEO Li Xiang: The future of data securitization, everyone is Xiaolai Li

Bottos chain CEO Li Xiang: The future of data securitization, everyone is Xiaolai Li
A few days ago, the IFIC International Financial Technology Innovation Summit, hosted by People’s Daily People’s Digital, Sanya City Bureau of Commerce, FINWEX, and Guoyin Jinkong, was held in Sanya. At the meeting, Bottos Chain CEO Li Xiang made the theme “The Hope of Machine Civilization”. The speech shows the basic positioning of the Bottos chain “the infrastructure that focuses on artificial intelligence, the application platform that serves data, algorithms and computing power”, and outlines the evolutionary framework of machine civilization to replace industrial civilization. During the meeting, Golden Finance interviewed the Bottos chain CEO Li Xiang.


Bottos CEO Li Xiang

Golden Finance: Please introduce the development track of the Bottos chain?

Li Xiang: According to different development periods, we divide the Bottos chain into 1.0, 2.0 and 3.0.
From 2017 to 2019, Bottos Chain 1.0 — positioned as an artificial intelligence infrastructure. Our entire team spent a year and a half developing BottosChain from 0 to 1, and open source at the end of May 2018, and officially handed over the community to decentralization in December of the same year. As a self-originating public chain, the Bottos chain BottosChain has its own independent property rights in many key technologies. At present, we have applied for 3 key technology patents, which are very flexible in the whole architecture design. We reserve the interface for the AI ​​empowering blockchain, and at the same time have great advantages in commercial performance, and do everything possible to lower the threshold. From 2019 to 2021, it will be Bottos Chain 2.0 — positioned in the artificial intelligence industry. Our goal is to help 10,000 smart DApps to land, securing massive amounts of user data assets, and letting data, computing power, algorithms and other production materials Fast exchange, spiraling out higher AI wisdom, allowing the industry to achieve a higher premium. From 2022 to 2025, the Bottos chain 3.0 is positioned as a revolution in the AI ​​back-feeding blockchain. Based on the accumulated industrial data and machine intelligence of the Bottos chain 2.0, the Bottos chain will pass the underlying code to the robot to optimize and rewrite. The ultimate goal of the first public chain of artificial intelligence. I believe that by 2025, humans no longer need to work. The machine is not only fully qualified for labor, but also the underlying code of the blockchain. In the future, the Bottos chain platform will be used to divide the value of machines and people. At that time, human intelligence will be You can explore the stars and explore the bigger unknowns.

Golden Finance: What do you think is the biggest value of the blockchain?

Li Xiang: Rather than saying that the blockchain creates new value, it is better to say that the blockchain will not be released from the statistical stock value. For example, each of us is generating massive amounts of data every day. When these data are securitized by the blockchain, everyone is Xiaolai Li. The digital economics of Bottos chain cognition is the use of blockchain technology to redistribute the productivity of the digital economy through data, algorithms, and computational power. The Bottos chain is positioned to carry the evolution of artificial intelligence using blockchain technology, and we must share Data asset securitization will bring huge value dividends.
In the era of the Internet, data is centralized, and data obtained from users at no cost has created giant companies such as BAT. In the blockchain era, personal data will truly belong to individuals. Due to the popularity of 5G-promoted ubiquitous Internet of Things, the silent data of tera-sensors will be activated to generate new artificial intelligence, between individuals and individuals outside the BAT client. Obtaining the possibility of peer-to-peer direct sharing of data, we do not need to snatch data from Internet packets, but exchange data directly from the bottom of the sensor through the Internet of Everything. The exchange and superposition of data and data has spawned the spiral evolution of algorithms and computational forces, and then returns the generated value to the individuals of the data source. We can see that the platform built by the Bottos chain carries the closed-loop value of data, algorithms and computing power in the machine civilization. Artificial intelligence is one of the few blockchain fields that can construct an all-digital closed loop. Artificial intelligence is also the only way to bypass Taobao WeChat. This is the value chain of the centralized application, which is the original intention of the Bottos chain to locate artificial intelligence. In the field of artificial intelligence, the main source of value of Keda Xunfei and Shangtang Technology is the free data source provided by millions of users. We can imagine that the market value of the two companies will be divided into millions of users, and the per capita capital will be renewed. Assigning the scene, this is the mission of the Bottos chain.

Golden Finance: How do you see the relationship between artificial intelligence and blockchain now?

Li Xiang: Artificial intelligence is productivity, blockchain is production relations, productivity is that I can destroy you, production relationship is that I can’t directly destroy you, but I can offer the best person to destroy. Productivity creates value, and production relations drive productivity, so they are complementary and can be understood as the poles of Tai Chi. So how many blockchains in the future will have a lot of blockchains to help him achieve value, otherwise he can’t live alone because he didn’t make money. Suppose a developer researches an algorithm, including Bitcoin, which is an algorithm that requires a set of value chains to collaborate and a set of cross-organizational value exchange systems to support. Without a value chain and value mitigation, this algorithm cannot be separated. survive. We have restored this form of bitcoin to countless entrepreneurs, technology workers, man-machine warriors, and data providers, so that they can make new money. Intelligent hardware far exceeds the commercial value of traditional hardware. It comes from its semi-soft and semi-hard features. The soft part can not only capture hard information, perform edge calculation, but also self-purify to rewrite the working mode of hardware. We can simply Understood as a line upgrade on Apple phones. But traditional hardware, it is only hard and not soft, his data is wasted, and he can’t self-evolve. So, the combination of soft and hard is a new life state of the new life, which is the basic unit of machine civilization. Everything in the future is soft and hard, it generates data, and the hardware becomes a living body. This kind of living body will evolve from industrial civilization to machine civilization if it evolves from industrial civilization to machine civilization if it evolves into machines that build machines and machines that write programs (we are writing artificial contracts directly with artificial intelligence).

Golden Finance: What difficulties and challenges did Bottos encounter from its inception to the present, and which pits have been crossed?

Li Xiang: From 2017 to 2019, we have experienced some minor storms. In general, it is a challenge all the way, but in the end, it will turn into a growing nectar. The first is the cognitive challenge. We are a revolutionary platform. Therefore, we advocate the spirit of geeks. Only by breaking through the cognition can we change the world. We believe that the artificial intelligence + blockchain can rewrite human civilization. The future is the age of machine civilization. Everyone is worth the money. It can support countless robots. At the same time, everyone is very profitable because he participates in and shares the feast of machine civilization. This is a huge bonus that the Bottos chain hopes to excavate. Secondly, the technical challenge, blockchain + AI is extremely brain-burning, when black technology encounters black technology, if there is no deep understanding of the two industries, there is no great courage and determination, this double track It is very difficult to do it. Finally, there are challenges in the quality of the team. In the process of project development, there will always be a low point. When there are pressures from all sides, there are new people joining the old people on the road, how the core team keeps the initial heart and the front, I think it is the project. The core factor that can ultimately achieve the goal.

Golden Finance: What is the possible type or industry of DAPP in the future Bottos chain?

Li Xiang: Focusing on data and sensor algorithms, there are many application scenarios, such as travel scenarios, smart home scenarios, car networking scenarios, and then there are a large number of scenarios on the mobile side, or reversed according to value, as long as it can correspond to a billion-dollar The centralized enterprise, we all have the possibility to create a mechanism to take back. At present, artificial intelligence has begun to erupt from visual hearing, such as Keda Xunfei and Shangtang Technology, which have begun to gain a lot of application value. The reason is that the standard of the Turing test is to let the machine have the ability to talk with people. This ability comes first from simulating human perception. The meaning of the sensor is to digitally simulate the five senses of people and generate massive data. So now we see that artificial intelligence breaks through from hearing and vision first, because human sensors and radios are the crystallization of human sensors that are close to a hundred years of development, and the sensors of touch, smell and taste need to evolve gradually. . With five senses, we also need to think about thinking. Google’s man-machine war is the application of thinking. With thinking and driving feedback, Google’s Boston Power Robot is the application that drives feedback. Google is a monument to artificial intelligence, its valuation is more than 800 billion US dollars, and countless Keda Xunfei in the world are catching up with speed. It is conceivable that the Bottos chain stands at a dawn moment when a great era is about to open. We not only hope to remind the birth of countless Google, but also hope that these “new Google” will repay the millions of wealth of Xiaolai Li.

If you aren’t already in our group, please join now! https://t.me/bottosofficial
Bottos Website | Twitter |Facebook | Telegram
submitted by BOTTOS_AI to Bottos [link] [comments]

Elaborating on Datadash's 50k BTC Prediction: Why We Endorse the Call

As originally published via CoinLive
I am the Co-Founder at CoinLive. Prior to founding Coinlive.io, my area of expertise was inter-market analysis. I came across Datadash 50k BTC prediction this week, and I must take my hats off to what I believe is an excellent interpretation of the inter-connectivity of various markets.
At your own convenience, you can find a sample of Intermarket analysis I've written in the past before immersing myself into cryptos full-time.
Gold inter-market: 'Out of sync' with VIX, takes lead from USD/JPY
USD/JPY inter-market: Watch divergence US-Japan yield spread
EUUSD intermarket: US yields collapse amid supply environment
Inter-market analysis: Risk back in vogue, but for how long?
USD/JPY intermarket: Bulls need higher adj in 10-y US-JP spread
The purpose of this article is to dive deeper into the factors Datadash presents in his video and how they can help us draw certain conclusions about the potential flows of capital into crypto markets and the need that will exist for a BTC ETF.
Before I do so, as a brief explainer, let's touch on what exactly Intermarket analysis refers to:
Intermarket analysis is the global interconnectivity between equities, bonds, currencies, commodities, and any other asset class; Global markets are an ever-evolving discounting and constant valuation mechanism and by studying their interconnectivity, we are much better positioned to explain and elaborate on why certain moves occur, future directions and gain insights on potential misalignments that the market may not have picked up on yet or might be ignoring/manipulating.
While such interconnectivity has proven to be quite limiting when it comes to the value one can extract from analyzing traditional financial assets and the crypto market, Datadash has eloquently been able to build a hypothesis, which as an Intermarket analyst, I consider very valid, and that matches up my own views. Nicolas Merten constructs a scenario which leads him to believe that a Bitcoin ETF is coming. Let's explore this hypothesis.
I will attempt to summarize and provide further clarity on why the current events in traditional asset classes, as described by Datadash, will inevitably result in a Bitcoin ETF. Make no mistake, Datadash's call for Bitcoin at 50k by the end of 2018 will be well justified once a BTC ETF is approved. While the timing is the most challenging part t get right, the end result won't vary.
If one wishes to learn more about my personal views on why a BTC ETF is such a big deal, I encourage you to read my article from late March this year.
Don't Be Misled by Low Liquidity/Volume - Fundamentals Never Stronger
The first point Nicholas Merten makes is that despite depressed volume levels, the fundamentals are very sound. That, I must say, is a point I couldn't agree more. In fact, I recently wrote an article titled The Paradox: Bitcoin Keeps Selling as Intrinsic Value Set to Explode where I state "the latest developments in Bitcoin's technology makes it paradoxically an ever increasingly interesting investment proposition the cheaper it gets."
However, no article better defines where we stand in terms of fundamentals than the one I wrote back on May 15th titled Find Out Why Institutions Will Flood the Bitcoin Market, where I look at the ever-growing list of evidence that shows why a new type of investors, the institutional ones, looks set to enter the market in mass.
Nicholas believes that based on the supply of Bitcoin, the market capitalization can reach about $800b. He makes a case that with the fundamentals in bitcoin much stronger, it wouldn't be that hard to envision the market cap more than double from its most recent all-time high of more than $300b.
Interest Rates Set to Rise Further
First of all, one of the most immediate implications of higher rates is the increased difficulty to bear the costs by borrowers, which leads Nicholas to believe that banks the likes of Deutsche Bank will face a tough environment going forward. The CEO of the giant German lender has actually warned that second-quarter results would reflect a “revenue environment [that] remains challenging."
Nicholas refers to the historical chart of Eurodollar LIBOR rates as illustrated below to strengthen the case that interest rates are set to follow an upward trajectory in the years to come as Central Banks continue to normalize monetary policies after a decade since the global financial crisis. I'd say, that is a correct assumption, although one must take into account the Italian crisis to be aware that a delay in higher European rates is a real possibility now.
![](https://coinlive.io/ckeditor_assets/pictures/947/content_2018-05-30_1100.png)
Let's look at the following combinations: Fed Fund Rate Contract (green), German 2-year bond yields (black) and Italy's 10-year bond yield (blue) to help us clarify what's the outlook for interest rates both in Europe and the United States in the foreseeable future. The chart suggests that while the Federal Reserve remains on track to keep increasing interest rates at a gradual pace, there has been a sudden change in the outlook for European rates in the short-end of the curve.
While the European Central Bank is no longer endorsing proactive policies as part of its long-standing QE narrative, President Mario Draghi is still not ready to communicate an exit strategy to its unconventional stimulus program due to protectionism threats in the euro-area, with Italy the latest nightmare episode.
Until such major step is taken in the form of a formal QE conclusion, interest rates in the European Union will remain depressed; the latest drastic spike in Italy's benchmark bond yield to default levels is pre-emptive of lower rates for longer, an environment that on one hand may benefit the likes of Deutsche Bank on lower borrowing costs, but on the other hand, sets in motion a bigger headache as risk aversion is set to dominate financial markets, which leads to worse financial consequences such as loss of confidence and hence in equity valuations.
![](https://coinlive.io/ckeditor_assets/pictures/948/content_2018-05-30_1113.png)
Deutsche Bank - End of the Road?
Nicholas argues that as part of the re-restructuring process in Deutsche Bank, they will be facing a much more challenging environment as lending becomes more difficult on higher interest rates. At CoinLive, we still believe this to be a logical scenario to expect, even if a delay happens as the ECB tries to deal with the Italian political crisis which once again raises the question of whether or not Italy should be part of the EU. Reference to an article by Zerohedge is given, where it states:
"One day after the WSJ reported that the biggest German bank is set to "decimate" its workforce, firing 10,000 workers or one in ten, this morning Deutsche Bank confirmed plans to cut thousands of jobs as part of new CEO Christian Sewing's restructuring and cost-cutting effort. The German bank said its headcount would fall “well below” 90,000, from just over 97,000. But the biggest gut punch to employee morale is that the bank would reduce headcount in its equities sales and trading business by about 25%."
There is an undeniably ongoing phenomenon of a migration in job positions from traditional financial markets into blockchain, which as we have reported in the past, it appears to be a logical and rational step to be taken, especially in light of the new revenue streams the blockchain sector has to offer. Proof of that is the fact that Binance, a crypto exchange with around 200 employees and less than 1 year of operations has overcome Deutsche Bank, in total profits. What this communicates is that the opportunities to grow an institution’s revenue stream are formidable once they decide to integrate cryptocurrencies into their business models.
One can find an illustration of Deutsche Bank's free-fall in prices below:
![](https://coinlive.io/ckeditor_assets/pictures/946/content_2018-05-30_1052.png)
Nicholas takes notes of a chart in which one can clearly notice a worrying trend for Italian debt. "Just about every other major investor type has become a net seller (to the ECB) or a non-buyer of BTPs over the last couple of years. Said differently, for well over a year, the only marginal buyer of Italian bonds has been the ECB!", the team of Economists at Citi explained. One can find the article via ZeroHedge here.
![](https://coinlive.io/ckeditor_assets/pictures/953/content_2018-05-30_1451.png)
Equities & Housing to Suffer the Consequences
Nicholas notes that trillions of dollars need to exit these artificially-inflated equity markets. He even mentions a legendary investor such as George Soros, who has recently warned that the world could be on the brink of another devastating financial crisis, on lingering debt concerns in Europe and a strengthening US dollar, as a destabilizing factor for both the US's emerging- and developed-market rivals.
Ray Dalio, another legend in the investing world and Founder of Bridgewater Associates, the world’s largest hedge fund, "has ramped up its short positions in European equities in recent weeks, bringing their total value to an estimated $22 billion", MarketWatch reports.
Nicholas extracts a chart by John Del Vecchio at lmtr.com where it illustrates the ratio between stocks and commodities at the lowest in over 50 years.
As the author states:
"I like to look for extremes in the markets. Extremes often pinpoint areas where returns can be higher and risk lower than in other time periods. Take the relationship between commodities and stocks. The chart below shows that commodities haven not been cheaper than stocks in a generation. We often hear this time it is different” to justify what’s going on in the world. But, one thing that never changes is human nature. People push markets to extremes. Then they revert. "
![](https://coinlive.io/ckeditor_assets/pictures/954/content_2018-05-30_1459.png)
Bitcoin ETF the Holy Grail for a Cyclical Multi-Year Bull Run
It is precisely from this last chart above that leads Nicholas to believe we are on the verge of a resurgence in commodity prices. Not only that but amid the need of all this capital to exit stocks and to a certain extent risky bonds (Italian), a new commodity-based digital currency ETF based on Bitcoin will emerge in 2018.
The author of Datadash highlights the consideration to launching a Bitcoin ETF by the SEC. At CoinLive, our reporting of the subject can be found below:
"Back in April, it was reported that the US Securities and Exchange Commission (SEC) has put back on the table two Bitcoin ETF proposals, according to public documents. The agency is under formal proceedings to approve a rule change that would allow NYSE Arca to list two exchange-traded funds (ETFs) proposed by fund provider ProShares. The introduction of an ETF would make Bitcoin available to a much wider share of market participants, with the ability to directly buy the asset at the click of a button, essentially simplifying the current complexity that involves having to deal with all the cumbersome steps currently in place."
Nicholas refers to the support the Bitcoin ETF has been receiving by the Cboe president Chris Concannon, which is a major positive development. CoinLive reported on the story back in late March, noting that "a Bitcoin ETF will without a doubt open the floodgates to an enormous tsunami of fresh capital entering the space, which based on the latest hints by Concannon, the willingness to keep pushing for it remains unabated as the evolution of digital assets keeps its course."
It has been for quite some time CoinLive's conviction, now supported by no other than Nicholas Merten from Datadash, that over the next 6 months, markets will start factoring in the event of the year, that is, the approval of a Bitcoin ETF that will serve as a alternative vehicle to accommodate the massive flows of capital leaving some of the traditional asset classes. As Nicholas suggests, the SEC will have little choice but to provide alternative investments.
Bitcoin as a Hedge to Lower Portfolios' Volatility
Last but not least, crypto assets such as Bitcoin and the likes have an almost non-existent correlation to other traditional assets such as stocks, bonds, and commodities, which makes for a very attractive and broadly-applicable diversification strategy for the professional money as it reduces one’s portfolio volatility. The moment a Bitcoin ETF is confirmed, expect the non-correlation element of Bitcoin as a major driving force to attract further capital.
Anyone Can Be Wrong Datadash, But You Won't be Wrong Alone
Having analyzed the hypothesis by Nicholas Merten, at CoinLive we believe that the conclusion reached, that is, the creation of a Bitcoin ETF that will provide shelter to a tsunami of capital motivated by the diversification and store of value appeal of Bitcoin, is the next logical step. As per the timing of it, we also anticipate, as Nicholas notes, that it will most likely be subject to the price action in traditional assets. Should equities and credit markets hold steady, it may result in a potential delay, whereas disruption in the capital market may see the need for a BTC ETF accelerate. Either scenario, we will conclude with a quote we wrote back in March.
"It appears as though an ETF on Bitcoin is moving from a state of "If" to "When."
Datadash is certainly not alone on his 50k call. BitMEX CEO Arthur Hayes appears to think along the same line.
On behalf of the CoinLive Team, we want to thank Nicholas Merten at Datadash for such enlightening insights.
submitted by Ivo333 to BitcoinMarkets [link] [comments]

Atomic Wallet; Let's Get Bitcoin with Our Credit Card!

Atomic Wallet; Let's Get Bitcoin with Our Credit Card!
https://preview.redd.it/nck9d9uw0lx21.png?width=640&format=png&auto=webp&s=8894783d1823779bafce7284d16d89190dcd362e
Hello Everyone! I feel so lucky today. I finally discovered a wallet that understands me. And I understand Atomic too.
Atomic wallet; do not look at the words "user-friendly" in quotation marks. I put it in quotes to get your attention. Atomic wallet is a gorgeous wallet design. I want to write this definition for Atomic wallet with both dark and big letters.

User-Friendly.

You may think I'm exaggerating, but those who have met Atomic wallet before are understanding and smiling.
Let me tell you my story from the beginning. When I first met blockchain technology, I was dazzled by what extraordinary technology could do. I was very impressed with revolutionary innovations such as P2P, distributed ledger technology, artificial intelligence algorithms, smart contracts, Internet of Things (IoT) and Big Data. I believe that digital money is our future, like everyone else affected by blockchain technology. I also wanted to buy crypto-money and be a crypto-money investor. Then don't ask — a real disappointment. As a user of crypto living in Turkey, it is almost impossible to buy crypto-money from one of the well-known Turkish sites with your debit card. It was also a nightmare to buy, and trade any digital currency with your traditional lira.
📷
https://preview.redd.it/4kynmkyozkx21.jpg?width=276&format=pjpg&auto=webp&s=44182dbae6c05c81ab86f9ab1b496b7d258be2f0
There were many blockchains such as Bitcoin, Ethereum, EOS, and Stellar. Many projects were launched every day. Almost every project opened its wallet. It was hard to go to the stock markets to trade with these coins and tokens, to make crypto-money that I wanted to save, to keep tens of public and private keys of the wallets. It was supposed to be a computer programmer, not a computer user. This is my complaint about the difficulty of handling and the complexity of the process. Besides, many stock markets don't give you your private key. You deliver all your personal information and the private key of your wallet to the stock exchange authorities. Hacking events or the negligence of the stock market workers can cause you to suffer a lot of damage at a time. Central stock markets are spooky. Finally, the commissions they receive during the transaction will cause you to get 20% more expensive each coin.
I'm sure those of you who haven't studied computer technology like me have understood me. I can write a book enough to tell me what happened to a coin I want to invest in. But it's not what I want to say to you. I want to talk about Atomic wallet, the one I just met today, who saved me from these troubles. Today I want to write a few words for the atomic wallet I encountered while researching to buy bitcoin. I'il tell you about the bitcoin purchase experience I've been through.
📷
https://preview.redd.it/huplw4ru0lx21.png?width=640&format=png&auto=webp&s=11e8888a69effb3295b778bd843d213640e6986a

WHY DID I CHOOSE ATOMIC WALLET?

First of all, it's a non-centralized wallet. It's crucial for security. A stock market supports up to (more than 300) coins. It only opens with the password you know. And private key is yours. Atomic wallet; wallet, stock market, and exchange platform. It has an excellent user-friendly interface (I'll show you the screen outputs at the bottom), not just the desktop, but also the mobile application options if you want to. Before further ado, I'll show you a short video that teaches me how to get Bitcoin. I have done the process efficiently with what is said in the video. Once you watch, You will not make mistakes in the process, and your fear will disappear, I promise.
https://youtu.be/V9Igzp9K37k

Now I'd like to share with you the adventure of getting Bitcoin with Atomic wallet. Should we start by downloading atomic wallet first? You can download your friendly atomic friend to your computer by pressing hereI start by opening my Atomic wallet on the desktop.
📷
https://preview.redd.it/jfhu2pbq0lx21.png?width=640&format=png&auto=webp&s=9d1f7e73547f8ee256d86a7e0db1a8ccb7d2f598
On this page, you can easily open your wallet with your password. With all the ease and helpfulness of Atomic wallet:
📷
https://preview.redd.it/tzhi0svn0lx21.png?width=605&format=png&auto=webp&s=bc1b382cac38e9eb28714a3339803efc11fe1f5c
All you must do here is press the Buy crypto tab from the menu on the left. The following screen will appear to you.
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https://preview.redd.it/p1272r4m0lx21.png?width=605&format=png&auto=webp&s=4858c1b8f026bcac77f04c22a5c02dfd0fb5d0d9
If you examine the screen on the left, you write how much USD you want to invest for the bitcoin. I tried to buy a $ 100 bitcoin. On this screen, I want to tell you about the Simplex platform, which you will see in the bottom left. Simplex, a strategic partner of atomic wallet, is an EU licensed card processing company.
📷
https://preview.redd.it/rxw4il7k0lx21.png?width=605&format=png&auto=webp&s=0f7b6a84baa31b9de86195e9edb221e73baa6281
When you want to get bitcoin, you need to introduce yourself to the system and provide your billing information when you are trading for the first time. After submitting your e-mail and phone number to Simplex, you will be presented with the payment screen.
📷
https://preview.redd.it/jgakxysb0lx21.png?width=605&format=png&auto=webp&s=f0342facc7d1d5e931b1746330da405f2236da4b
After this screen, you need to do KYC to protect yourself from illegal activities such as dirty money or terrorist financing. You only do this once, and then the system recognizes you. Do you worry about giving your data and bank card information here? Let me immediately explain that simplex works with an EU license and your personal data are secured.
📷
https://preview.redd.it/r65widve0lx21.png?width=640&format=png&auto=webp&s=556b55b40f14cb47f2da13a72952967e8c49bba4
It's that easy. No money transfer to exchange sites through banks. Don't buy bitcoin with high commissions on the stock market. Then don't move those Bitcoins paying the transfer fee back to their wallet. And with more than 300 coins and tokens, we have it now. The stock market is waiting for us in our digital wallet. The transaction fee is only 2%.

Summarize:

I'm not making investment recommendations for this project. However, I would recommend that you use our atomic friend. Atomic on the Binance DeX stock market. Whether Atomic Wallet's the iOS or Android app for your phone, or the desktop app, you can always experience the atomic wallet. You will understand that you have encountered one of the most robust projects.
Written By: N.ipek Celik
naz14: 0x3b19a4a034fd3687ba803a18f677927893dfeff
1.Note: As soon as you start trading in your wallet, there's an online help box that offers help from the bottom right corner of your screen, which is very comforting.
2.Note: I am adding links to guide you to download the wallet below and purchase the most preferred coins. I wish you all plenty of earnings.

Useful Links:

Atomic Wallet: https://atomicwallet.io
Buy Bitcoin - https://atomicwallet.io/buy-bitcoin
Buy Litecoin - https://atomicwallet.io/buy-litecoin
Buy Ethereum - https://atomicwallet.io/buy-ethereum
Buy Ripple - https://atomicwallet.io/buy-ripple
Buy Bitcoin Cash - https://atomicwallet.io/buy-bitcoin-cash
submitted by ipek1435 to ICOAnalysis [link] [comments]

My biased look at Sigil (SGL)

DISCLAIMER:
  1. I am invested in this coin, so please take what I have to say with a grain of salt. I do seriously not want to encourage any novice traders (if they survived the dump at least) to naively flock to it (even though this would certainly raise the price)
  2. I want you to be aware that a motivating factor for my post is the weekly bounty that is awarded to those who advertise this coin.
READ: TAKE WHAT I SAY WITH A GRAIN OF SALT, DO YOUR RESEARCH, AND THINK FOR YOURSELF
I don't want to scare potential readers away with this, I just want to play with open cards so that we can have a basis of trust.
This is a compilation of the most important sources on this project. I want you to get an overview of the token, current state of the project, the community and last but not least the mining business. I found this coin through u/Joshalata 's post about how he finds and mines newborn cryptos. It's a great read, and I give kudos to him for leading me here.
Introduction
So, with all of that out of the way, what is Sigil? In their announcement post on bitcointalk, they described their project as follows:
That is nothing that you couldn't get out of their post, so let's pick it apart, shall we?
The Token
As stated in their post, as of now, the max supply will be 50,000,000 SGL.
That puts it into the ballpark of Litecoin (51M circulating/84M max), Bitcoin (21M max), Dash (~19M max) and other coins of higher value, not that that in itself is an indicator of future value.
What sets it apart from other emerging altcoins is the fact that there will be NO ICO to fund their efforts.
All costs associated with establishing this token (development cost, listing fees etc.) are paid out of the devs own pockets, as well as a 5% premine to keep them alive in the meantime. However, only 30% of that premine goes towards the developers and research. The rest is allocated to marketing, legal, and the bounty program , which should be emphasized.
500k SGL are currently being distributed over the bounty program, which rewards community members for completing tasks that generate exposure, such as making a reddit post (hah), doing a video or just generally contributing to the community and the project in some helpful manner (artwork etc.)
At the moment, SGL is already listed on coinhouse, and at its peak traded for ~12$, before sitting comfortably between ~0.50$ at the time of writing this post. As of the 16th of Jan., the developer has contacted Coinexchange, Kucoin, Stocks.Exchange and 27 others in order to get us as much exposure as possible. Expect Updates soon!
The Project
At the moment, decentralized crowdfunding is a market niche without competitors. Filling that gap provides Sigil the potential it requires to be successful where altcoins without a product fail.
As found in their whitepaper, traditional crowdfunding platforms take a sizable cut of the raised funds to cover the companies' expenses, such as general fees as well as fees for payment processing, taxes and marketing.
Sigil's developers estimate that only 60-80% of the raised funds actually end up in the pockets of those leading the campaign. This is where their platform, codenamed Sigil Go, comes in. Through the use of blockchain technology, these fees could be greatly diminished since the process of payment requires nothing more than the transaction fees to sustain miners and stake holders.
At the moment, Wallets for Windows, Linux and Mac are available, providing a robust interface and ease of use through both fast transaction times and fast synchronization.
The roadmap, which is found in the whitepaper, restricts itself to a realistic number of goals.
  • during Q1, the Sigil team will work on getting listed on a number of exchanges, paying the listing fees themselves.
  • Q2 will mark the launch of the Sigil Go Beta, their main project, as well as Wallets for Android and iOS.
  • Q3 will be dedicated to enabling Atomic Swaps in order to trade SGL for other cryptos.
  • lastly, Q4 will be used to launch the Lightning Network, which is focused on reducing both transaction times as well as fees.
The Community
At the moment, we are a small and humble community, with their slack featuring around a thousand members that are actively participating in the giveaways, mining discussions as well as bounties and trading shenanigans.
What stood out to me when I first joined was just how much direct contact there is between community and developers. If you have any questions, whether it is about bounties, the state of development or the mining pool, you can expect that the devs will keep in contact with you.
Giveaways are hosted daily (as often as twice a day), bounties are plentiful, and should the main mining pool be down, you can bet your behind there is no shortage of people reporting it, as well as the devs actively communicating with us in order to resolve the issue ASAP.
Which I guess brings us to...
The Mining
I first stumbled upon Sigil with the intention to mine a low difficulty, high potential coin that could find a market gap for itself, and I think I found what I was looking for.
Mining is done via Neoscrypt algorithm, which currently seems to favor Nvidia cards for its power efficiency and the fact that overclocking both memory and core clock doesn't seem to affect the hashrate by a significant margin, making low TDP mining the way to go.
The announcement post has a useful guide for getting started, but for everyone that just wants to do a quick test drive, I will provide a little quickstart guide:
DISCLAIMER: THE .7z's CONTAINING CCMINER AND NSGMINER ARE STRICTLY FOR ILLUSTRATING THE MINING PROCESS.
I DO NOT TAKE ANY CREDIT FOR THE WORK KLAUST AND GHOSTLANDER HAVE DONE TO PROVIDE US WITH THE SOFTWARE.
I AM ONLY PROVIDING EXAMPLES FOR THE WINDOWSx64 OPERATING SYSTEM, SORRY LINUX USERS :(
  • download the wallet at their website
  • register at the main pool (0% fee, highly configurable, live stats)
  • under "My Account" -> "My Workers" register a new worker with a name and a password.
  • a) If you are using Nvidia GPUs, download this
  • b) If you are using AMD GPUs, download this
  • Extract the folder, open it, right click on the start.bat and then select "edit"
  • Replace "Username" with the name you registered on the pool, "Workername" with the name of your registered worker, and "Workerpassword" with the password you set for your Worker
  • Save and Exit
  • run the start.bat
  • hope that I did everything correctly
  • Your miner should work now, check the Stats on your Dashboard to gauge Performance
If the miner does not work, I either messed up or there are incompatibilities. In any case, refer to the guide to set it up correctly, or to get info on CPU miners as well as support for other operating systems.
In Conclusion
I cannot predict whether this will be a success or a project destined to fail, noone can. However, for me at least, the project seems promising, the roadmap seems realistic and I've grown to like the community.
Sigil is in its early stages, and if you want, you can join the ride. In the end, isn't this also a crowdfunding campaign? ;)
submitted by Dezli to altcoin [link] [comments]

My biased look at Sigil (SGL)

DISCLAIMER:
  1. I am invested in this coin, so please take what I have to say with a grain of salt. I do seriously not want to encourage any novice traders (if they survived the dump at least) to naively flock to it (even though this would certainly raise the price)
  2. I want you to be aware that a motivating factor for my post is the weekly bounty that is awarded to those who advertise this coin.
READ: TAKE WHAT I SAY WITH A GRAIN OF SALT, DO YOUR RESEARCH, AND THINK FOR YOURSELF
I don't want to scare potential readers away with this, I just want to play with open cards so that we can have a basis of trust.
This is a compilation of the most important sources on this project. I want you to get an overview of the token, current state of the project, the community and last but not least the mining business. I found this coin through u/Joshalata 's post about how he finds and mines newborn cryptos. It's a great read, and I give kudos to him for leading me here.
Introduction
So, with all of that out of the way, what is Sigil? In their announcement post on bitcointalk, they described their project as follows:
That is nothing that you couldn't get out of their post, so let's pick it apart, shall we?
The Token
As stated in their post, as of now, the max supply will be 50,000,000 SGL.
That puts it into the ballpark of Litecoin (51M circulating/84M max), Bitcoin (21M max), Dash (~19M max) and other coins of higher value, not that that in itself is an indicator of future value.
What sets it apart from other emerging altcoins is the fact that there will be NO ICO to fund their efforts.
All costs associated with establishing this token (development cost, listing fees etc.) are paid out of the devs own pockets, as well as a 5% premine to keep them alive in the meantime. However, only 30% of that premine goes towards the developers and research. The rest is allocated to marketing, legal, and the bounty program , which should be emphasized.
500k SGL are currently being distributed over the bounty program, which rewards community members for completing tasks that generate exposure, such as making a reddit post (hah), doing a video or just generally contributing to the community and the project in some helpful manner (artwork etc.)
At the moment, SGL is already listed on coinhouse, and at its peak traded for ~12$, before sitting comfortably between ~0.30$ at the time of writing this post. As of the 17th of Jan., the developer has contacted Coinexchange, Kucoin, Stocks.Exchange and 27 others in order to get us as much exposure as possible. Expect Updates soon!
The Project
At the moment, decentralized crowdfunding is a market niche without competitors. Filling that gap provides Sigil the potential it requires to be successful where altcoins without a product fail.
As found in their whitepaper, traditional crowdfunding platforms take a sizable cut of the raised funds to cover the companies' expenses, such as general fees as well as fees for payment processing, taxes and marketing.
Sigil's developers estimate that only 60-80% of the raised funds actually end up in the pockets of those leading the campaign. This is where their platform, codenamed Sigil Go, comes in. Through the use of blockchain technology, these fees could be greatly diminished since the process of payment requires nothing more than the transaction fees to sustain miners and stake holders.
At the moment, Wallets for Windows, Linux and Mac are available, providing a robust interface and ease of use through both fast transaction times and fast synchronization.
The roadmap, which is found in the whitepaper, restricts itself to a realistic number of goals.
  • during Q1, the Sigil team will work on getting listed on a number of exchanges, paying the listing fees themselves.
  • Q2 will mark the launch of the Sigil Go Beta, their main project, as well as Wallets for Android and iOS.
  • Q3 will be dedicated to enabling Atomic Swaps in order to trade SGL for other cryptos.
  • lastly, Q4 will be used to launch the Lightning Network, which is focused on reducing both transaction times as well as fees.
The Community
At the moment, we are a small and humble community, with their slack featuring around a thousand members that are actively participating in the giveaways, mining discussions as well as bounties and trading shenanigans.
What stood out to me when I first joined was just how much direct contact there is between community and developers. If you have any questions, whether it is about bounties, the state of development or the mining pool, you can expect that the devs will keep in contact with you.
Giveaways are hosted daily (as often as twice a day), bounties are plentiful, and should the main mining pool be down, you can bet your behind there is no shortage of people reporting it, as well as the devs actively communicating with us in order to resolve the issue ASAP.
Which I guess brings us to...
The Mining
I first stumbled upon Sigil with the intention to mine a low difficulty, high potential coin that could find a market gap for itself, and I think I found what I was looking for.
Mining is done via Neoscrypt algorithm, which currently seems to favor Nvidia cards for its power efficiency and the fact that overclocking both memory and core clock doesn't seem to affect the hashrate by a significant margin, making low TDP mining the way to go.
The announcement post has a useful guide for getting started, but for everyone that just wants to do a quick test drive, I will provide a little quickstart guide:
DISCLAIMER: THE .7z's CONTAINING CCMINER AND NSGMINER ARE STRICTLY FOR ILLUSTRATING THE MINING PROCESS.
I DO NOT TAKE ANY CREDIT FOR THE WORK KLAUST AND GHOSTLANDER HAVE DONE TO PROVIDE US WITH THE SOFTWARE.
I AM ONLY PROVIDING EXAMPLES FOR THE WINDOWSx64 OPERATING SYSTEM, SORRY LINUX USERS :(
  • download the wallet at their website
  • register at the main pool (0% fee, highly configurable, live stats)
  • under "My Account" -> "My Workers" register a new worker with a name and a password.
  • a) If you are using Nvidia GPUs, download this
  • b) If you are using AMD GPUs, download this
  • Extract the folder, open it, right click on the start.bat and then select "edit"
  • Replace "Username" with the name you registered on the pool, "Workername" with the name of your registered worker, and "Workerpassword" with the password you set for your Worker
  • Save and Exit
  • run the start.bat
  • hope that I did everything correctly
  • Your miner should work now, check the Stats on your Dashboard to gauge Performance
If the miner does not work, I either messed up or there are incompatibilities. In any case, refer to the guide to set it up correctly, or to get info on CPU miners as well as support for other operating systems.
In Conclusion
I cannot predict whether this will be a success or a project destined to fail, noone can. However, for me at least, the project seems promising, the roadmap seems realistic and I've grown to like the community.
Sigil is in its early stages, and if you want, you can join the ride. In the end, isn't this also a crowdfunding campaign? ;)
submitted by Dezli to gpumining [link] [comments]

Subreddit Stats: AskEconomics posts from 2018-07-29 to 2018-10-19 16:52 PDT

Period: 82.20 days
Submissions Comments
Total 984 6990
Rate (per day) 11.97 84.00
Unique Redditors 705 1188
Combined Score 5816 20552

Top Submitters' Top Submissions

  1. 240 points, 28 submissions: benjaminikuta
    1. So, what's the difference between this new trade deal with Mexico and Canada and the old one, and what are the implications? (69 points, 12 comments)
    2. The EU is considering making product life expectancy a mandatory piece of info for consumer electronics. What would the economic implications of that be? (61 points, 24 comments)
    3. What would be a better alternative to Bernie's proposal to tax employers of welfare recipients? (15 points, 68 comments)
    4. What's happening right now with the agriculture industry in South Africa? (15 points, 3 comments)
    5. To what degree is planned obsolescence due to consumer behavior, rather than the other way around? (12 points, 1 comment)
    6. Why do changes in bitcoin price and mining difficulty not have a greater effect on the amount of mining being done? (8 points, 7 comments)
    7. How effectively can negative externalities be quantified? (7 points, 7 comments)
    8. What exactly is "Capitalism" anyway? (7 points, 17 comments)
    9. Are open source projects, such as VLC, subject to market forces? (6 points, 7 comments)
    10. What happened to the agricultural industry in South Africa? (6 points, 0 comments)
  2. 168 points, 37 submissions: Whynvme
    1. When economists refer to industrialization, does it mean a move from agricultural to manufacturing economy? Is the growth in services a different term? (24 points, 6 comments)
    2. Do economists actually calculate consumer surplus empirically, or is it more of s theoretical concept? (19 points, 5 comments)
    3. Does employees of a company with a relatively inelastic demand have an incentive not to care too much? (13 points, 9 comments)
    4. why is ceteris paribus important for analyzing/thinking about the world? (12 points, 7 comments)
    5. Is me making more money than I would necessarily require to work( so more than my 'opportunity wage') for a job an economic inefficiency? or is ineffiency in labor markets a wedge between my marginal revenue product and my wage? (11 points, 3 comments)
    6. With a land value tax, since the supply of land is perfectly inelastic(or less elastic than demand), would theory suggest land owners will pay most of the tax? (10 points, 4 comments)
    7. Are policies such as the gov creating jobs that arent necessary(like gas station attendants) an example of the Broken window fallacy? (7 points, 7 comments)
    8. what is meant by value added? (7 points, 3 comments)
    9. Question about planned economies without price mechanism and forced labor (5 points, 2 comments)
    10. Why does inflation necessarily mean wages will be increasing too? (5 points, 3 comments)
  3. 116 points, 10 submissions: pattersonisagamer
    1. Why do economists believe rent control policies harm the poor instead of carrying out the intent and helping them out greatly? (49 points, 26 comments)
    2. Under Sen Sanders (I-VT) single payer healthcare system he guarantees the average family would pay $466/year on healthcare. Is this true/possible? Would you favor this policy? (27 points, 46 comments)
    3. What is a good type of internship for an undergrad summer going into senior year? (11 points, 6 comments)
    4. What would the economic effect be if the United States removed its $7.25/hr minimum wage? Would you support this? Why/why not? (10 points, 21 comments)
    5. How can you tell if someone's preferences are convex? (7 points, 11 comments)
    6. What is quantitative easing and how does it differ from normal actions taken by the Fed? (4 points, 19 comments)
    7. Is it true that you can make decent money out of college as an independent financial advisor with a BS in Economics/other independent, self employed jobs? (3 points, 6 comments)
    8. What exactly is a negative income tax? Would you support implementing this policy? (3 points, 8 comments)
    9. Carbon tax in the USA? (2 points, 2 comments)
    10. Should we have a central bank? (0 points, 3 comments)
  4. 92 points, 9 submissions: Fart_Gas
    1. Is free public transport a good idea? (44 points, 23 comments)
    2. Will Venezuela's plummeting economy make it a good choice for low-wage industries? (18 points, 8 comments)
    3. Why do some countries without hyperinflation use a foreign currency in everyday life? (10 points, 3 comments)
    4. What might cause sudden inflation? (7 points, 2 comments)
    5. Has any country tried reducing the minimum wage, and ended up with a good result from it? (4 points, 9 comments)
    6. How could ranchers and meat-dependent countries adjust to a world that is switching away from meat due to environmental and health concerns? (3 points, 7 comments)
    7. What is the cause of Taiwan's economic failure? (3 points, 1 comment)
    8. How come rationing in the UK during World War II went rather smoothly? (2 points, 4 comments)
    9. Do boycotts really work? (1 point, 3 comments)
  5. 84 points, 8 submissions: Serpenthrope
    1. Have there been any serious proposals for economic systems that don't use money? (24 points, 67 comments)
    2. Pockets in women's clothing (18 points, 30 comments)
    3. Is there a formal name for this? (16 points, 6 comments)
    4. Could a company ever become quality-control for a market in which they're competing, assuming no government interference? (15 points, 4 comments)
    5. I saw this article on a UN report calling for the dismantling of Capitalism to stop Global Warming, and was wondering what most economists think of the claims? (3 points, 4 comments)
    6. What would the economic impact be if the Extended Family returns? (3 points, 3 comments)
    7. Why are second-hand clothing donations fundamentally different from other types of imports? (3 points, 1 comment)
    8. Peter Navarro and Lyndon Larouche? (2 points, 1 comment)
  6. 80 points, 2 submissions: MrDannyOcean
    1. Announcing a new policy direction for /AskEconomics (68 points, 135 comments)
    2. The new rules for AskEconomics are now in place. Please see the details within. (12 points, 17 comments)
  7. 58 points, 8 submissions: Jollygood156
    1. Why didn't quantitative easing + low interest rates raise inflation high? (20 points, 36 comments)
    2. How do we actually refute MMT? (11 points, 68 comments)
    3. Tax Cuts boost Consumption, but the growth is short term while investments are long term. Why? (11 points, 7 comments)
    4. What is Nominal GDP targeting and why do so many people advocate for it? (6 points, 16 comments)
    5. How exactly are land value taxes calculated? (5 points, 3 comments)
    6. What even is Austerity? (3 points, 3 comments)
    7. During the time of economic upswing is it good to look to balance the budget or run a surplus? (1 point, 7 comments)
    8. How do we know that money is neutral in the longrun? (1 point, 22 comments)
  8. 52 points, 11 submissions: lalze123
    1. Will Bernie's "STOP BEZOS" plan lower the opportunity cost of hiring non-poor workers, thereby harming poor workers? (19 points, 15 comments)
    2. What does the current economic literature say about the effects of net neutrality? (12 points, 0 comments)
    3. What government programs have been empirically proven to help displaced workers from import competition? (5 points, 0 comments)
    4. By how much does lowering the budget deficit lower the trade deficit? (4 points, 4 comments)
    5. How much revenue would a negative income tax require? (3 points, 3 comments)
    6. How would replacing the minimum wage with a negative income tax turn out? (3 points, 4 comments)
    7. Is it possible for advertisements to have signaling effects that are detrimental? (3 points, 3 comments)
    8. Can you have a negative income tax system without inherent tax mechanisms? (1 point, 1 comment)
    9. What are some good studies analyzing the difference in efficiency between markets and central planning? (1 point, 1 comment)
    10. Would economists prefer bilateral/multilateral free trade agreements or unilateral free trade? (1 point, 4 comments)
  9. 48 points, 6 submissions: CanadianAsshole1
    1. If free trade is so good, then why do countries insist on making trade deals? Why can't we just abolish all tariffs? (17 points, 11 comments)
    2. Does the wage gap still exist after controlling for factors like education, career choice, and hours worked (13 points, 39 comments)
    3. Do I understand the problem with"trickle-down" economics correctly? (8 points, 38 comments)
    4. If climate change is such a huge problem, then why aren't countries utilizing nuclear energy more? (6 points, 17 comments)
    5. How much of the Reagan administration's deficits could be attributed to increased defense spending? (3 points, 3 comments)
    6. If automation will result in less jobs, then shouldn't the government stop incentivizing childbirth through tax credits and stop immigration? (1 point, 12 comments)
  10. 48 points, 1 submission: Traveledfarwestward
    1. What do most Economists think about The Economist? (48 points, 26 comments)
  11. 46 points, 8 submissions: Chumbaka
    1. Why is inflation and deflation bad? (12 points, 8 comments)
    2. Can a monopoly also be a monopsony? (10 points, 13 comments)
    3. Can anyone explain why this happens and what it means? (10 points, 3 comments)
    4. Stupid question but : Why does printing lots of money lead to inflation? (5 points, 14 comments)
    5. What do you think of Khan's Academy Economy lessons? (4 points, 2 comments)
    6. What does this stock market fall mean to the economy as a whole? (4 points, 4 comments)
    7. How would an universal free market deal with situations like NK? (1 point, 21 comments)
    8. How do I pick an economist ideology to support? (0 points, 3 comments)
  12. 46 points, 2 submissions: prman222
    1. What is the difference in knowledge between academic economists(Krugman, Acemoglu, Mankiw etc) and hedge fund managers and the like(Soros, James Simons)? (44 points, 5 comments)
    2. is a recession likely to come by 2020? (2 points, 11 comments)
  13. 46 points, 1 submission: TheHoleInMoi
    1. Are there any papers/solid arguments about the benefits of having more local business as opposed to corporate consolidation? (46 points, 2 comments)
  14. 44 points, 1 submission: Akehc99
    1. Those who went into the job market after an Econ Undergrad, what do you do and briefly what does it entail? (44 points, 27 comments)
  15. 44 points, 1 submission: piltonpfizerwallace
    1. What would happen if the US printed $12.3 trillion tomorrow and paid off all of its debt? (44 points, 30 comments)
  16. 43 points, 2 submissions: ConditionalDew
    1. How much would the iPhone be if it was made in the US? (41 points, 15 comments)
    2. Who are some famous people/celebrities that were economics majors? (2 points, 2 comments)
  17. 42 points, 1 submission: Turnt_Up_For_What
    1. You've just been declared supreme potentate of Venezuela. Now how do you fix the economy? (42 points, 24 comments)
  18. 42 points, 1 submission: rangerlinks
    1. Who are the best economist to follow on Twitter? (42 points, 16 comments)
  19. 41 points, 5 submissions: TeaRev1ew
    1. Is there any basis to the theoretic economics of Anarchism? Could such a system work outside of coffee shops/other low level enterprises? (15 points, 18 comments)
    2. Are sovereign wealth funds a new phenomenon? (12 points, 1 comment)
    3. How do state funded enterprises lead to corruption? Is there a difference between developed and developing nations (or a patron-client relationship)? (6 points, 11 comments)
    4. How does releasing a new currency curb inflation in the era of fiat? (5 points, 5 comments)
    5. How do companies do business in states where their government doesn't recognize the sovereign entity? (3 points, 1 comment)
  20. 36 points, 1 submission: JeffGotSwags
    1. What are the most commonly held misconceptions about economics among people with at least some background? (36 points, 34 comments)

Top Commenters

  1. BainCapitalist (2631 points, 654 comments)
  2. RobThorpe (864 points, 280 comments)
  3. zzzzz94 (719 points, 147 comments)
  4. Calvo_fairy (715 points, 198 comments)
  5. smalleconomist (605 points, 179 comments)
  6. Cross_Keynesian (489 points, 94 comments)
  7. bbqroast (458 points, 103 comments)
  8. penguin_rider222 (428 points, 128 comments)
  9. riggorous (330 points, 115 comments)
  10. Integralds (326 points, 65 comments)
  11. whyrat (314 points, 68 comments)
  12. MrDannyOcean (248 points, 42 comments)
  13. isntanywhere (201 points, 64 comments)
  14. RedditUser91805 (179 points, 30 comments)
  15. emeraldcity27 (161 points, 8 comments)
  16. CapitalismAndFreedom (143 points, 66 comments)
  17. raptorman556 (142 points, 34 comments)
  18. LucasCritique (132 points, 30 comments)
  19. lawrencekhoo (129 points, 19 comments)
  20. roboczar (120 points, 21 comments)

Top Submissions

  1. So, what's the difference between this new trade deal with Mexico and Canada and the old one, and what are the implications? by benjaminikuta (69 points, 12 comments)
  2. Announcing a new policy direction for /AskEconomics by MrDannyOcean (68 points, 135 comments)
  3. The EU is considering making product life expectancy a mandatory piece of info for consumer electronics. What would the economic implications of that be? by benjaminikuta (61 points, 24 comments)
  4. Why do economists believe rent control policies harm the poor instead of carrying out the intent and helping them out greatly? by pattersonisagamer (49 points, 26 comments)
  5. What do most Economists think about The Economist? by Traveledfarwestward (48 points, 26 comments)
  6. Are there any papers/solid arguments about the benefits of having more local business as opposed to corporate consolidation? by TheHoleInMoi (46 points, 2 comments)
  7. What would happen if the US printed $12.3 trillion tomorrow and paid off all of its debt? by piltonpfizerwallace (44 points, 30 comments)
  8. Those who went into the job market after an Econ Undergrad, what do you do and briefly what does it entail? by Akehc99 (44 points, 27 comments)
  9. Is free public transport a good idea? by Fart_Gas (44 points, 23 comments)
  10. What is the difference in knowledge between academic economists(Krugman, Acemoglu, Mankiw etc) and hedge fund managers and the like(Soros, James Simons)? by prman222 (44 points, 5 comments)

Top Comments

  1. 124 points: emeraldcity27's comment in Why do economists believe rent control policies harm the poor instead of carrying out the intent and helping them out greatly?
  2. 74 points: BainCapitalist's comment in What would happen if the US corporate income tax was abolished?
  3. 56 points: Calvo_fairy's comment in Could someone explain the wage gap and whether it's a myth or not.
  4. 56 points: RedditUser91805's comment in The EU is considering making product life expectancy a mandatory piece of info for consumer electronics. What would the economic implications of that be?
  5. 55 points: TheBellmanHimself's comment in Why is the Soviet Union generally considered to be a "failure"?
  6. 55 points: hbtn's comment in Why are Little Caesar's cheese pizzas the same price as its pepperoni pizzas?
  7. 54 points: arctigos's comment in What do most Economists think about The Economist?
  8. 49 points: sethg's comment in Why do economists believe rent control policies harm the poor instead of carrying out the intent and helping them out greatly?
  9. 47 points: RedditUser91805's comment in You've just been declared supreme potentate of Venezuela. Now how do you fix the economy?
  10. 47 points: smalleconomist's comment in What are the most commonly held misconceptions about economics among people with at least some background?
Generated with BBoe's Subreddit Stats
submitted by subreddit_stats to subreddit_stats [link] [comments]

Positive news about China and blockchain tech

I got this from a post on /neo
Here People's Daily talks positively about Blockchain. Source: http://m.huoxing24.com/details.html?id=2018022604420563464&channelId=1
google translated text below:
Three asked the block chain
People's Daily reporter Wang concept
Recently, the bitcoin news is very eye-catching, the block chain also followed a fire. Capital markets, the various blockchain stocks share price fluctuations like roller coaster-like soul-stirring. From the responsive capital market, we can see that the blockchain is gaining the upper hand and is highly concerned by all parties.
What is blockchain?
A decentralized distributed ledger database, there is no center, each node of the data storage will be synchronized copy the entire ledger, transparent and difficult to tamper with the information
In recent years, more and more institutions have begun to attach importance to and participate in the development of blockchain technology. From the original bitcoin, Ethereum, to various types of blockchain startups, venture capital funds, and financial institutions, the label "blockchain" has been labeled as "blossoming." Not only that, many people WeChat circle of friends has also been a variety of articles read blockchain article.
So what exactly is the blockchain?
According to the "White Paper on China's Blockchain Technology and Application Development White Paper 2016" issued by the Ministry of Industry and Information Technology: In a broad sense, blockchain technology uses blockchain data structures to verify and store data, and uses distributed node consensus algorithms to generate and update Data, a new distributed infrastructure and computational paradigm that uses cryptography to secure data transmission and access, and programs and manipulates data using intelligent contracts composed of automated scripting code.
He Fei, a senior researcher at the Bank of Communications Research Center at Bank of Communications, made a general explanation: "In short, blockchain is a decentralized distributed ledger database." Decentralization, unlike the traditional centralized approach, is here There is no center, or everyone is the center; distributed ledger database, means that the record is not only stored in the account data at each node, and each node will be synchronized to share the data copy the entire account. At the same time, the blockchain also has the characteristics of deintermediation and information transparency.
"Blockchain technology is essentially a database technology, in particular, is a book technology.Book account records of one or more changes in account assets, transactions, is actually a structure of the most simple database, we usually small books Recorded running account, the bank issued a statement, are typical of the books. "Wang Jun, chief researcher at Tencent Financial Technology Think Tank, said security is a major feature of blockchain technology, mainly in two aspects: First, distributed Storage architecture, the more nodes, the higher the data storage security; the second is its tamper-resistant and decentralized ingenious design, it is difficult for anyone to modify the data according to the rules.
To online shopping transactions, for example, the traditional model is the buyer to buy goods, and then hit the money to third-party payment agencies intermediary platform, such as the seller shipped, the buyer confirmed the receipt, and then by the buyer to pay the agency to hit the money to the seller's account . The trading patterns supported by blockchain technology are different, buyers and sellers can be traded directly without going through any intermediary platform. After the transaction between buyers and sellers, the system publishes the transaction information in the form of broadcast. All the hosts that receive the information record the transaction after confirming the information is correct, equivalent to that all the hosts do the data backup for the transaction. Even if a machine in the future problems, it will not affect the data records, because there are numerous machines as a backup.
Referring to the blockchain, many people associate it with bitcoin, and many even equate the blockchain to bitcoin. He Fei said that bitcoin is a way of presenting blockchain, but the blockchain is not the same as bitcoin. Blockchain is the underlying technology and infrastructure of bitcoin, and bitcoin is the successful application of blockchain, but it does not mean that the blockchain can only be applied to bitcoin.
What is the use of blockchain?
Can solve the financial difficulties, public welfare, supervision, counterfeiting and many other areas of pain and difficulty, but there are many conditions apply
Financial Services is the first application of blockchain technology. The use of blockchain technology can solve the pain points in many fields such as payment, asset management and securities.
Taking the field of payment as an example, the high cost of reconciliation, liquidation and settlement between financial institutions, especially cross-border financial institutions, involves many manual processes, which not only lead to high costs for the client and the backstage business of financial institutions, but also makes Micro-payment business is difficult to carry out. The application of blockchain technology helps to reduce the cost of reconciliation between financial institutions and the cost of dispute resolution, and significantly improves the processing efficiency of payment services. In addition, blockchain technology offers the cost and efficiency benefits of payments, enabling financial institutions to better handle small cross-border payments that were previously considered unrealistic due to high costs and helping to achieve inclusive finance.
For example, in order to solve the problem of high reconciliation between financial institutions, in August 2016, Weixin Bank and Shanghai Huarui Bank launched a reconciliation platform between particle lenders, which is also the first bank in China operating in a production environment Chain application scenario. Zhang Kai Xiang, chief architect of the micro-blockchain blockchain, believes that the problem of the high cost that the traditional "batch file reconciliation" model has not solved for a long time is exactly where blockchain technology comes into play. Subsequently, Luoyang Bank and Changsha Bank also successively accessed the inter-agency reconciliation platform. Through the blockchain technology, the inter-agency reconciliation process in the particle loan business was optimized to realize quasi-real-time reconciliation, improve operational efficiency and reduce operating costs. aims. As of now, the platform has been in stable operation for more than one year, maintaining zero failure and recording the real transaction amount of tens of millions of orders.
In the field of public welfare, blockchain technology is also promising. Ant Financial Gold's first application scenario involving the blockchain is public welfare, which helps a group of hearing-impaired children get a sum of money and then uses blockchain technology to promote more open and transparent public welfare. Hu Danqing, senior product expert of Ant Financial Services Technology Laboratory, said: "The Blockchain Philanthropy Platform is like we have built a post office dedicated to mailing funds on the Internet. Every amount we donate will be packaged into one Parcel, the parcel delivery through the blockchain platform, each passing through a node, we will be covered with a postmark, and finally sent to the hands of the donor.This will ensure that every user donated money is transparent, traceable and difficult to tamper with of."
In counterfeiting goods, blockchain technology can show their talents. Hu Danqing introduction, ant gold clothing blockchain technology used in authentic traceability. At present, some commodities from Australia and New Zealand, such as milk powder, are sweeping with Alipay to know whether it is genuine or not. "Unlike previous merchant input for product information, the blockchain is a way for multiple account bookgers to make a fair, independent and non-repudiation."
For financial regulation, blockchain technology can also play a part. The 2017 FISCO BCOS White Paper on the Bottom-Floor Platform of the Financial Blockchain released by the 2017 Financial Blockchain Partnership (Shenzhen) believes that blockchain provides consistent and easy-to-audit data for financial regulators, Data analytics that oversee financial operations faster and more accurately than traditional audit processes. For example, in the anti-money laundering scenario, the balance and transaction records of each account are traceable, and any step of any transaction will not be out of regulatory sight, which will greatly enhance the anti-money laundering efforts.
Insiders believe that blockchain 1.0 mainly for digital currency; blockchain 2.0 for smart contracts, can be used in financial markets; blockchain 3.0 will be more for the scene, and even create a "blockchain era ".
He Fei believes that blockchain really can solve the pain points in many areas, but the blockchain is not a panacea, there are many conditions apply.
For example, the centralization of blockchain technology is suitable for multi-participant scenarios, and the value of participating in unilateral or bilateral participation is not great. Because of the need to check each node, blockchain technology does not apply to those high-frequency trading activities.
For another example, the blockchain emphasizes transparency and is not suitable for scenes where data privacy is particularly demanding.
Block chain will become a new outlet it?
Technology is not yet mature, to guard against the concept of speculation, in particular, to distinguish between technological innovation or fund-raising innovation, not for the block chain and blockchain
Blockchain concept so fire, the future will become another "Internet +" it?
In recent years, the development ecology of the blockchain has been gradually improved and enriched. The industry believes that with the support of the state policy, which has received widespread attention and financial support, blockchain technology can achieve steady progress. Blockchain technology upside broad prospects, but this should also maintain a commonplace.
"Although the blockchain is now hot, we still think it is still at a very early stage." Hu Danqing said that the concept of blockchain is currently experiencing heat, not heat to solve real-world problems, but to be hot Money-raising, speculation valuation, especially the so-called stir-fried most of the so-called ICO (first token distribution) are financing tool innovation, nothing to do with technological innovation.
Blockchain technology can really create great value, but some risks can not be ignored.
"Blockchain technology is not yet mature, application scenarios are more limited, but should be alert to the concept of capital market speculation." He Fei said that behind the blockchain boom will inevitably have some gimmicks to speculation companies, they do not really To conduct business is only an attempt to go fishing in the capital market. We must guard against the emergence of "bad money driven by good money", which leads to the withdrawal of the real business organizations from the market and the application of blockchain technology.
Ho Dan-ching suggested that regulators should take the initiative to intervene in the current blockchain hotspot, distinguishing between technological innovation and fund-raising and innovation, encouraging government organizations, credible experts and industry participants to jointly help the public recognize and stop the block chain in an all-round way In the name of fund-raising innovation, so that the actual controller of ICO must take responsibility for fund-raising behavior. "The basis for judging technological innovation or fund-raising innovation is, in fact, very clear: whether trust starts or not creates real value by solving the problem of trust."
In the future, we will better promote and use blockchain technology and continue to improve infrastructure and strengthen the formulation of relevant laws and policies.
Wang Jun believes that there is room for optimization and improvement of the core technologies of blockchain such as consensus algorithms. On the other hand, the processing efficiency of blockchain can hardly meet the requirements of some high-frequency application environments in reality. At present, the mainstream blockchain technology platforms all originate from abroad. The domestic blockchain technology service providers should patiently start from the ground floor to make technologies independent and controllable and strive to lead the global blockchain technology development. Businesses with blockchain scenarios should actively embrace new things while scientifically assessing the demand for the link and not blockchain for the blockchain.
He Fei believes that the government can introduce relevant policies to guide those who are interested in joining the R & D application of the blockchain business, and at the same time define some suitable scenarios for the blockchain as well as areas encouraged by the state.
"China's Blockchain Technology and Application Development White Paper 2016" It is suggested that government departments at all levels draw lessons from the advanced practices of developed countries and regions and, in combination with the development of the technology and application of blockchain in our country, promptly introduce support policies for the development of blockchain technology and industry, Key support for key technology research, major demonstration projects, "double" platform construction, system solutions research and development and public service platform construction. At the same time, it is suggested that key domestic enterprises, research institutes, universities and user units strengthen key technologies such as joint cooperation, speeding up consensus mechanisms, programmable contracts, distributed storage and digital signatures.
Grasp the opportunity blockchain
Peking University Guanghua Financial Technology Laboratory researcher Dou Jiali
The birth of the blockchain will significantly reduce the value of transmission costs, once again greatly liberate the productive forces.
Currently, the bottom of the blockchain technology is not yet mature, the infrastructure is not perfect.
Blockchain is difficult to tamper with, share books, distributed features, easier to monitor access, access to more comprehensive real-time regulatory data. The company is located in:
Rapid development of the blockchain is not accidental, it can greatly reduce the cost of information transmission costs. The company is located in:
With the rapid development of blockchain, there is a profound necessity behind it. Since the birth of the Internet, the cost of information dissemination in human society has been greatly reduced, and the leap in information dissemination efficiency has brought about a great liberation of productive forces.
However, the Internet nowadays also has inherent defects. It is more concerned with the delivery of information and less concerned with the ownership of information. Problems such as "data streaking" and "information loss of ownership" have emerged. Some information has strong value attributes, such as remittance transfer information, the delivery of these valuable information needs to rely on third parties to "escort." Therefore, the current value of the information transmission costs remain high.
The birth of the blockchain has brought the dawn of a solution to this problem. Because the blockchain is open and transparent, it is hard to falsify and does not rely on the characteristics of intermediaries, blockchain can realize safe, efficient and low-cost value transmission. People are expected to build value-delivered Internet based on blockchain. In the value internet, the cost of value transmission will be greatly reduced, and productivity will once again be greatly liberated.
The unique advantages of blockchain, such as the use of data, the efficient transmission of value, can be widely used in many industries, such as financial services, contractual contracts, charity, internet of things, etc., and blockchain will change many industries in the future face.
Therefore, the blockchain is by no means a trivial area but an indispensable part of the military forces in the world. We must pay enough attention to it.
Recently, the concept of blockchain is very hot and the blockchain spring seems to have arrived. So, is the outbreak just around the corner?
We should not be so optimistic, so eager. Since the advent of blockchain technology, despite the endless stream of technological innovations and breakthroughs, the large-scale application and practice at the social level is still not enough. The bottom of the blockchain technology is not mature, imperfect infrastructure and did not get a fundamental change.
First of all, the current mainstream blockchain systems, including Bitcoin, Ethereum, etc., are not mature enough to support large-scale real-world business scenarios. Second, in existing systems, value often can only be delivered within the same blockchain, so the seemingly lively blockchain practices actually create more value islands, Value of the Internet, "a beautiful vision diametrically opposed.
However, this stage of the blockbuster bottom-up technology before it can make a substantive breakthrough is precisely a period of strategic opportunities. We should plow deep into technology in the hope that through technological superiority we will be invincible in the future international blockchain competition. If you are anxious to build a castle on a not-so-strong foundation, it is quite possible that you will lose a lot.
Regulatory approach lies in the technology through the blockchain technology itself
The healthy development of the block chain industry, the urgent need for scientific regulation. Due to the mixed use of block-chain workers in the early stages of development, even some practitioners have released some name-only, strategy-based, team-based and untapped "air projects" to attract retail investors with insufficient risk appetite. Not only is it harmful to the industry itself, but it also brings hidden dangers to social stability. On September 4, 2017, 7 ministries and commissions released the "Notice on Preventing the Financing Risk of Token Issuance". For the brutal growth of the industry's tokens financing behavior, it is characterized as "illegal public financing." This is a very timely regulatory intervention, but also a good reference for the follow-up supervision.
The view is that the anonymity of the blockchain and the weakly centralized structure have some degree of natural conflict with the existing regulatory system. In fact, the two do not conflict, the blockchain technology eventually evolved into the "regulatory integration into the technology" model, the blockchain is difficult to tamper with, sharing books, distributed features, easier to monitor access, access to more comprehensive real-time Regulatory data. The regulatory body itself is also involved in technology to monitor the technology through technology itself and will eventually resolve the conflict between blockchain and regulation.
Be a leader in the digital economy
Yu Jian
submitted by socontroversial to thekey [link] [comments]

My biased look at Sigil (SGL)

DISCLAIMER:
  1. I am invested in this coin, so please take what I have to say with a grain of salt. I do seriously not want to encourage any novice traders (if they survived the dump at least) to naively flock to it (even though this would certainly raise the price)
  2. I want you to be aware that a motivating factor for my post is the weekly bounty that is awarded to those who advertise this coin.
READ: TAKE WHAT I SAY WITH A GRAIN OF SALT, DO YOUR RESEARCH, AND THINK FOR YOURSELF
I don't want to scare potential readers away with this, I just want to play with open cards so that we can have a basis of trust.
This is a compilation of the most important sources on this project. I want you to get an overview of the token, current state of the project, the community and last but not least the mining business. I found this coin through u/Joshalata 's post about how he finds and mines newborn cryptos. It's a great read, and I give kudos to him for leading me here.
Introduction
So, with all of that out of the way, what is Sigil? In their announcement post on bitcointalk, they described their project as follows:
That is nothing that you couldn't get out of their post, so let's pick it apart, shall we?
The Token
As stated in their post, as of now, the max supply will be 50,000,000 SGL.
That puts it into the ballpark of Litecoin (51M circulating/84M max), Bitcoin (21M max), Dash (~19M max) and other coins of higher value, not that that in itself is an indicator of future value.
What sets it apart from other emerging altcoins is the fact that there will be NO ICO to fund their efforts.
All costs associated with establishing this token (development cost, listing fees etc.) are paid out of the devs own pockets, as well as a 5% premine to keep them alive in the meantime. However, only 30% of that premine goes towards the developers and research. The rest is allocated to marketing, legal, and the bounty program , which should be emphasized.
500k SGL are currently being distributed over the bounty program, which rewards community members for completing tasks that generate exposure, such as making a reddit post (hah), doing a video or just generally contributing to the community and the project in some helpful manner (artwork etc.)
At the moment, SGL is already listed on coinhouse, and at its peak traded for ~12$, before sitting comfortably between ~0.30$ at the time of writing this post. As of the 17th of Jan., the developer has contacted Coinexchange, Kucoin, Stocks.Exchange and 27 others in order to get us as much exposure as possible. Expect Updates soon!
The Project
At the moment, decentralized crowdfunding is a market niche without competitors. Filling that gap provides Sigil the potential it requires to be successful where altcoins without a product fail.
As found in their whitepaper, traditional crowdfunding platforms take a sizable cut of the raised funds to cover the companies' expenses, such as general fees as well as fees for payment processing, taxes and marketing.
Sigil's developers estimate that only 60-80% of the raised funds actually end up in the pockets of those leading the campaign. This is where their platform, codenamed Sigil Go, comes in. Through the use of blockchain technology, these fees could be greatly diminished since the process of payment requires nothing more than the transaction fees to sustain miners and stake holders.
At the moment, Wallets for Windows, Linux and Mac are available, providing a robust interface and ease of use through both fast transaction times and fast synchronization.
The roadmap, which is found in the whitepaper, restricts itself to a realistic number of goals.
  • during Q1, the Sigil team will work on getting listed on a number of exchanges, paying the listing fees themselves.
  • Q2 will mark the launch of the Sigil Go Beta, their main project, as well as Wallets for Android and iOS.
  • Q3 will be dedicated to enabling Atomic Swaps in order to trade SGL for other cryptos.
  • lastly, Q4 will be used to launch the Lightning Network, which is focused on reducing both transaction times as well as fees.
The Community
At the moment, we are a small and humble community, with their slack featuring around a thousand members that are actively participating in the giveaways, mining discussions as well as bounties and trading shenanigans.
What stood out to me when I first joined was just how much direct contact there is between community and developers. If you have any questions, whether it is about bounties, the state of development or the mining pool, you can expect that the devs will keep in contact with you.
Giveaways are hosted daily (as often as twice a day), bounties are plentiful, and should the main mining pool be down, you can bet your behind there is no shortage of people reporting it, as well as the devs actively communicating with us in order to resolve the issue ASAP.
Which I guess brings us to...
The Mining
I first stumbled upon Sigil with the intention to mine a low difficulty, high potential coin that could find a market gap for itself, and I think I found what I was looking for.
Mining is done via Neoscrypt algorithm, which currently seems to favor Nvidia cards for its power efficiency and the fact that overclocking both memory and core clock doesn't seem to affect the hashrate by a significant margin, making low TDP mining the way to go.
The announcement post has a useful guide for getting started, but for everyone that just wants to do a quick test drive, I will provide a little quickstart guide:
DISCLAIMER: THE .7z's CONTAINING CCMINER AND NSGMINER ARE STRICTLY FOR ILLUSTRATING THE MINING PROCESS.
I DO NOT TAKE ANY CREDIT FOR THE WORK KLAUST AND GHOSTLANDER HAVE DONE TO PROVIDE US WITH THE SOFTWARE.
I AM ONLY PROVIDING EXAMPLES FOR THE WINDOWSx64 OPERATING SYSTEM, SORRY LINUX USERS :(
  • download the wallet at their website
  • register at the main pool (0% fee, highly configurable, live stats)
  • under "My Account" -> "My Workers" register a new worker with a name and a password.
  • a) If you are using Nvidia GPUs, download this
  • b) If you are using AMD GPUs, download this
  • Extract the folder, open it, right click on the start.bat and then select "edit"
  • Replace "Username" with the name you registered on the pool, "Workername" with the name of your registered worker, and "Workerpassword" with the password you set for your Worker
  • Save and Exit
  • run the start.bat
  • hope that I did everything correctly
  • Your miner should work now, check the Stats on your Dashboard to gauge Performance
If the miner does not work, I either messed up or there are incompatibilities. In any case, refer to the guide to set it up correctly, or to get info on CPU miners as well as support for other operating systems.
In Conclusion
I cannot predict whether this will be a success or a project destined to fail, noone can. However, for me at least, the project seems promising, the roadmap seems realistic and I've grown to like the community.
Sigil is in its early stages, and if you want, you can join the ride. In the end, isn't this also a crowdfunding campaign? ;)
submitted by Dezli to cryptomining [link] [comments]

My biased look at Sigil (SGL)

DISCLAIMER:
  1. I am invested in this coin, so please take what I have to say with a grain of salt. I do seriously not want to encourage any novice traders (if they survived the dump at least) to naively flock to it (even though this would certainly raise the price)
  2. I want you to be aware that a motivating factor for my post is the weekly bounty that is awarded to those who advertise this coin.
READ: TAKE WHAT I SAY WITH A GRAIN OF SALT, DO YOUR RESEARCH, AND THINK FOR YOURSELF
I don't want to scare potential readers away with this, I just want to play with open cards so that we can have a basis of trust.
This is a compilation of the most important sources on this project. I want you to get an overview of the token, current state of the project, the community and last but not least the mining business. I found this coin through u/Joshalata 's post about how he finds and mines newborn cryptos. It's a great read, and I give kudos to him for leading me here.
Introduction
So, with all of that out of the way, what is Sigil? In their announcement post on bitcointalk, they described their project as follows:
That is nothing that you couldn't get out of their post, so let's pick it apart, shall we?
The Token
As stated in their post, as of now, the max supply will be 50,000,000 SGL.
That puts it into the ballpark of Litecoin (51M circulating/84M max), Bitcoin (21M max), Dash (~19M max) and other coins of higher value, not that that in itself is an indicator of future value.
What sets it apart from other emerging altcoins is the fact that there will be NO ICO to fund their efforts.
All costs associated with establishing this token (development cost, listing fees etc.) are paid out of the devs own pockets, as well as a 5% premine to keep them alive in the meantime. However, only 30% of that premine goes towards the developers and research. The rest is allocated to marketing, legal, and the bounty program , which should be emphasized.
500k SGL are currently being distributed over the bounty program, which rewards community members for completing tasks that generate exposure, such as making a reddit post (hah), doing a video or just generally contributing to the community and the project in some helpful manner (artwork etc.)
At the moment, SGL is already listed on coinhouse, and at its peak traded for ~12$, before sitting comfortably between ~0.30$ at the time of writing this post. As of the 17th of Jan., the developer has contacted Coinexchange, Kucoin, Stocks.Exchange and 27 others in order to get us as much exposure as possible. Expect Updates soon!
The Project
At the moment, decentralized crowdfunding is a market niche without competitors. Filling that gap provides Sigil the potential it requires to be successful where altcoins without a product fail.
As found in their whitepaper, traditional crowdfunding platforms take a sizable cut of the raised funds to cover the companies' expenses, such as general fees as well as fees for payment processing, taxes and marketing.
Sigil's developers estimate that only 60-80% of the raised funds actually end up in the pockets of those leading the campaign. This is where their platform, codenamed Sigil Go, comes in. Through the use of blockchain technology, these fees could be greatly diminished since the process of payment requires nothing more than the transaction fees to sustain miners and stake holders.
At the moment, Wallets for Windows, Linux and Mac are available, providing a robust interface and ease of use through both fast transaction times and fast synchronization.
The roadmap, which is found in the whitepaper, restricts itself to a realistic number of goals.
  • during Q1, the Sigil team will work on getting listed on a number of exchanges, paying the listing fees themselves.
  • Q2 will mark the launch of the Sigil Go Beta, their main project, as well as Wallets for Android and iOS.
  • Q3 will be dedicated to enabling Atomic Swaps in order to trade SGL for other cryptos.
  • lastly, Q4 will be used to launch the Lightning Network, which is focused on reducing both transaction times as well as fees.
The Community
At the moment, we are a small and humble community, with their slack featuring around a thousand members that are actively participating in the giveaways, mining discussions as well as bounties and trading shenanigans.
What stood out to me when I first joined was just how much direct contact there is between community and developers. If you have any questions, whether it is about bounties, the state of development or the mining pool, you can expect that the devs will keep in contact with you.
Giveaways are hosted daily (as often as twice a day), bounties are plentiful, and should the main mining pool be down, you can bet your behind there is no shortage of people reporting it, as well as the devs actively communicating with us in order to resolve the issue ASAP.
Which I guess brings us to...
The Mining
I first stumbled upon Sigil with the intention to mine a low difficulty, high potential coin that could find a market gap for itself, and I think I found what I was looking for.
Mining is done via Neoscrypt algorithm, which currently seems to favor Nvidia cards for its power efficiency and the fact that overclocking both memory and core clock doesn't seem to affect the hashrate by a significant margin, making low TDP mining the way to go.
The announcement post has a useful guide for getting started, but for everyone that just wants to do a quick test drive, I will provide a little quickstart guide:
DISCLAIMER: THE .7z's CONTAINING CCMINER AND NSGMINER ARE STRICTLY FOR ILLUSTRATING THE MINING PROCESS.
I DO NOT TAKE ANY CREDIT FOR THE WORK KLAUST AND GHOSTLANDER HAVE DONE TO PROVIDE US WITH THE SOFTWARE.
I AM ONLY PROVIDING EXAMPLES FOR THE WINDOWSx64 OPERATING SYSTEM, SORRY LINUX USERS :(
  • download the wallet at their website
  • register at the main pool (0% fee, highly configurable, live stats)
  • under "My Account" -> "My Workers" register a new worker with a name and a password.
  • a) If you are using Nvidia GPUs, download this
  • b) If you are using AMD GPUs, download this
  • Extract the folder, open it, right click on the start.bat and then select "edit"
  • Replace "Username" with the name you registered on the pool, "Workername" with the name of your registered worker, and "Workerpassword" with the password you set for your Worker
  • Save and Exit
  • run the start.bat
  • hope that I did everything correctly
  • Your miner should work now, check the Stats on your Dashboard to gauge Performance
If the miner does not work, I either messed up or there are incompatibilities. In any case, refer to the guide to set it up correctly, or to get info on CPU miners as well as support for other operating systems.
In Conclusion
I cannot predict whether this will be a success or a project destined to fail, noone can. However, for me at least, the project seems promising, the roadmap seems realistic and I've grown to like the community.
Sigil is in its early stages, and if you want, you can join the ride. In the end, isn't this also a crowdfunding campaign? ;)
submitted by Dezli to CryptoCurrency [link] [comments]

My biased look at Sigil (SGL)

DISCLAIMER:
  1. I am invested in this coin, so please take what I have to say with a grain of salt. I do seriously not want to encourage any novice traders (if they survived the dump at least) to naively flock to it (even though this would certainly raise the price)
  2. I want you to be aware that a motivating factor for my post is the weekly bounty that is awarded to those who advertise this coin.
READ: TAKE WHAT I SAY WITH A GRAIN OF SALT, DO YOUR RESEARCH, AND THINK FOR YOURSELF
I don't want to scare potential readers away with this, I just want to play with open cards so that we can have a basis of trust.
This is a compilation of the most important sources on this project. I want you to get an overview of the token, current state of the project, the community and last but not least the mining business. I found this coin through u/Joshalata 's post about how he finds and mines newborn cryptos. It's a great read, and I give kudos to him for leading me here.
Introduction
So, with all of that out of the way, what is Sigil? In their announcement post on bitcointalk, they described their project as follows:
That is nothing that you couldn't get out of their post, so let's pick it apart, shall we?
The Token
As stated in their post, as of now, the max supply will be 50,000,000 SGL.
That puts it into the ballpark of Litecoin (51M circulating/84M max), Bitcoin (21M max), Dash (~19M max) and other coins of higher value, not that that in itself is an indicator of future value.
What sets it apart from other emerging altcoins is the fact that there will be NO ICO to fund their efforts.
All costs associated with establishing this token (development cost, listing fees etc.) are paid out of the devs own pockets, as well as a 5% premine to keep them alive in the meantime. However, only 30% of that premine goes towards the developers and research. The rest is allocated to marketing, legal, and the bounty program , which should be emphasized.
500k SGL are currently being distributed over the bounty program, which rewards community members for completing tasks that generate exposure, such as making a reddit post (hah), doing a video or just generally contributing to the community and the project in some helpful manner (artwork etc.)
At the moment, SGL is already listed on coinhouse, and at its peak traded for ~12$, before sitting comfortably between ~0.30$ at the time of writing this post. As of the 17th of Jan., the developer has contacted Coinexchange, Kucoin, Stocks.Exchange and 27 others in order to get us as much exposure as possible. Expect Updates soon!
The Project
At the moment, decentralized crowdfunding is a market niche without competitors. Filling that gap provides Sigil the potential it requires to be successful where altcoins without a product fail.
As found in their whitepaper, traditional crowdfunding platforms take a sizable cut of the raised funds to cover the companies' expenses, such as general fees as well as fees for payment processing, taxes and marketing.
Sigil's developers estimate that only 60-80% of the raised funds actually end up in the pockets of those leading the campaign. This is where their platform, codenamed Sigil Go, comes in. Through the use of blockchain technology, these fees could be greatly diminished since the process of payment requires nothing more than the transaction fees to sustain miners and stake holders.
At the moment, Wallets for Windows, Linux and Mac are available, providing a robust interface and ease of use through both fast transaction times and fast synchronization.
The roadmap, which is found in the whitepaper, restricts itself to a realistic number of goals.
  • during Q1, the Sigil team will work on getting listed on a number of exchanges, paying the listing fees themselves.
  • Q2 will mark the launch of the Sigil Go Beta, their main project, as well as Wallets for Android and iOS.
  • Q3 will be dedicated to enabling Atomic Swaps in order to trade SGL for other cryptos.
  • lastly, Q4 will be used to launch the Lightning Network, which is focused on reducing both transaction times as well as fees.
The Community
At the moment, we are a small and humble community, with their slack featuring around a thousand members that are actively participating in the giveaways, mining discussions as well as bounties and trading shenanigans.
What stood out to me when I first joined was just how much direct contact there is between community and developers. If you have any questions, whether it is about bounties, the state of development or the mining pool, you can expect that the devs will keep in contact with you.
Giveaways are hosted daily (as often as twice a day), bounties are plentiful, and should the main mining pool be down, you can bet your behind there is no shortage of people reporting it, as well as the devs actively communicating with us in order to resolve the issue ASAP.
Which I guess brings us to...
The Mining
I first stumbled upon Sigil with the intention to mine a low difficulty, high potential coin that could find a market gap for itself, and I think I found what I was looking for.
Mining is done via Neoscrypt algorithm, which currently seems to favor Nvidia cards for its power efficiency and the fact that overclocking both memory and core clock doesn't seem to affect the hashrate by a significant margin, making low TDP mining the way to go.
The announcement post has a useful guide for getting started, but for everyone that just wants to do a quick test drive, I will provide a little quickstart guide:
DISCLAIMER: THE .7z's CONTAINING CCMINER AND NSGMINER ARE STRICTLY FOR ILLUSTRATING THE MINING PROCESS.
I DO NOT TAKE ANY CREDIT FOR THE WORK KLAUST AND GHOSTLANDER HAVE DONE TO PROVIDE US WITH THE SOFTWARE.
I AM ONLY PROVIDING EXAMPLES FOR THE WINDOWSx64 OPERATING SYSTEM, SORRY LINUX USERS :(
  • download the wallet at their website
  • register at the main pool (0% fee, highly configurable, live stats)
  • under "My Account" -> "My Workers" register a new worker with a name and a password.
  • a) If you are using Nvidia GPUs, download this
  • b) If you are using AMD GPUs, download this
  • Extract the folder, open it, right click on the start.bat and then select "edit"
  • Replace "Username" with the name you registered on the pool, "Workername" with the name of your registered worker, and "Workerpassword" with the password you set for your Worker
  • Save and Exit
  • run the start.bat
  • hope that I did everything correctly
  • Your miner should work now, check the Stats on your Dashboard to gauge Performance
If the miner does not work, I either messed up or there are incompatibilities. In any case, refer to the guide to set it up correctly, or to get info on CPU miners as well as support for other operating systems.
In Conclusion
I cannot predict whether this will be a success or a project destined to fail, noone can. However, for me at least, the project seems promising, the roadmap seems realistic and I've grown to like the community.
Sigil is in its early stages, and if you want, you can join the ride. In the end, isn't this also a crowdfunding campaign? ;)
submitted by Dezli to CryptoMarkets [link] [comments]

Bitcoin Transactions Explained BITCOIN Will Crash w/ Stock Market! Why!? How Long!? - YouTube VIRTUAL MINING FARM (BITCOIN) BITCOIN MINING DIFFICULTY EXPLAINED IN 10 MINUTES! BITCOIN DIFFICULTY ADJUSTMENT  Satoshi Nakamoto's Wallet  Market Analysis and Bitcoin News

* Based on current mining difficulty and Bitcoin price. View historical difficulty for BCH and BTC ** Daily fee covers electricity and maintenance costs. The contract will end if the total revenue from the past 30 days is less than the total daily fee for the same period. Bitcoin.com global pool network . Already have your own hardware or datacenter? Connect to our pool to maximize your ... There’s an old folktale about a factory worker who is suspected of stealing. One evening, the worker leaves the factory with a wheelbarrow that’s covered with cloth. The security guard lifts the cloth to check underneath but finds it is empty and lets the worker pass. The next evening, the factory worker again approaches the gate to leave and the guard again inspects the wheelbarrow, only ... For many of our users mining in this pool was their first experience with bitcoin. I hope you enjoyed it and that you are still part of the bitcoin community. Hopefully Bitminter was a useful service for you. Best of luck for the future. Advertisements. Using bitcoins. You can pay for goods and services with bitcoins. Try the open market OpenBazaar or the freelancer market Rein. Get furniture ... Extrapolating bitcoin difficulty or price is pure voodoo. It is much easier to predict the relationship of the two parameters in form of the Mining Factor. The Mining Factor 100 is the value in USD of the bitcoins you can generate if you let a 100MHash/s miner run for 24 hours. If the Mining Factor 100 rises above $2 or so everybody buys mining equipment and thus increases difficulty. If it ... Difficulty Adjustments; Importance of Bitcoin Mining Software. The main job of the software is to deliver the mining hardware’s work to the rest of the Bitcoin network and to receive the completed work from other miners on the network. Bitcoin mining software monitors this input and output of your miner while also displaying statistics such as the speed of your miner, hashrate, fan speed and ...

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Bitcoin Transactions Explained

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