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PBS->Making Sense says bitcoin mining is about checking random numbers...

Just watch this, she said they check if a random number solves the problem. WTF? I'm not sure the exact process, but I thought it was solving a very complex math problem, not just random number guessing.
is this correct? Do miners just randomly guess at the answers?
submitted by KarlJay001 to BitcoinMining [link] [comments]

PBS NewsHour with Judy Woodruff: Trade Tensions; Bill Clinton on #MeToo; Ex-CIA Director John Brennan; Immigration Bill; Bitcoin Mining; Books for Africa; Lessons for Sale (June 7, 2018)

Trade disputes loom large as President Trump and other world leaders head to the G7 summit; Lawmakers head toward a bill on immigration; Former President Bill Clinton on #MeToo; One-on-one with former CIA Director John Brennan; Why bitcoin is eating up massive amounts of energy; Books for Africa; Teachers selling lessons online.
Watch on YouTube.
submitted by Megaseelanti to CableNewsArchive [link] [comments]

PBS->Making Sense says bitcoin mining is about checking random numbers... /r/BitcoinMining

PBS->Making Sense says bitcoin mining is about checking random numbers... /BitcoinMining submitted by SimilarAdvantage to BitcoinAll [link] [comments]

PB Mining announces cheapest Bitcoin Cloud Mining Rates

PB Mining announces cheapest Bitcoin Cloud Mining Rates submitted by anirgu to Bitcoin [link] [comments]

Filecoin | Development Status and Mining Progress

Author: Gamals Ahmed, CoinEx Business Ambassador
A decentralized storage network that transforms cloud storage into an account market. Miners obtain the integrity of the original protocol by providing data storage and / or retrieval. On the contrary, customers pay miners to store or distribute data and retrieve it.
Filecoin announced, that there will be more delays before its main network is officially launched.
Filecoin developers postponed the release date of their main network to late July to late August 2020.
As mentioned in a recent announcement, the Filecoin team said that the initiative completed the first round of the internal protocol security audit. Platform developers claim that the results of the review showed that they need to make several changes to the protocol’s code base before performing the second stage of the software testing process.
Created by Protocol Labs, Filecoin was developed using File System (IPFS), which is a peer-to-peer data storage network. Filecoin will allow users to trade storage space in an open and decentralized market.
Filecoin developers implemented one of the largest cryptocurrency sales in 2017. They have privately obtained over $ 200 million from professional or accredited investors, including many institutional investors.
The main network was slated to launch last month, but in February 2020, the Philly Queen development team delayed the release of the main network between July 15 and July 17, 2020.
They claimed that the outbreak of the Coronavirus (COVID-19) in China was the main cause of the delay. The developers now say that they need more time to solve the problems found during a recent codecase audit.
The Filecoin team noted the following:
“We have drafted a number of protocol changes to ensure that building our major network launch is safe and economically sound.” The project developers will add them to two different implementations of Filecoin (Lotus and go-filecoin) in the coming weeks.
Filecoin developers conducted a survey to allow platform community members to cast their votes on three different launch dates for Testnet Phase 2 and mainnet.
The team reported that the community gave their votes. Based on the vote results, the Filecoin team announced a “conservative” estimate that the second phase of the network test should begin by May 11, 2020. The main Filecoin network may be launched sometime between July 20 and August 21, 2020.
The updates to the project can be found on the Filecoin Road Map.
Filecoin developers stated:
“This option will make us get the most important protocol changes first, and then implement the rest as protocol updates during testnet.” Filecoin is back down from the final test stage.
Another filecoin decentralized storage network provider launched its catalytic test network, the final stage of the storage network test that supports the blockchain.
In a blog post on her website, Filecoin said she will postpone the last test round until August. The company also announced a calibration period from July 20 to August 3 to allow miners to test their mining settings and get an idea of how competition conditions affected their rewards.
Filecoin had announced earlier last month that the catalytic testnet test would precede its flagship launch. The delay in the final test also means that the company has returned the main launch window between August 31 and September 21.
Despite the lack of clear incentives for miners and multiple delays, Filecoin has succeeded in attracting huge interest, especially in China. Investors remained highly speculating on the network’s mining hardware and its premium price.
Mining in Filecoin
In most blockchain protocols, “miners” are network participants who do the work necessary to promote and maintain the blockchain. To provide these services, miners are compensated in the original cryptocurrency.
Mining in Filecoin works completely differently — instead of contributing to computational power, miners contribute storage capacity to use for dealing with customers looking to store data.
Filecoin will contain several types of miners:
Storage miners responsible for storing files and data on the network. Miners retrieval, responsible for providing quick tubes for file recovery. Miners repair to be carried out.
Storage miners are the heart of the network. They earn Filecoin by storing data for clients, and computerizing cipher directories to check storage over time. The probability of earning the reward reward and transaction fees is proportional to the amount of storage that the Miner contributes to the Filecoin network, not the hash power.
Retriever miners are the veins of the network. They earn Filecoin by winning bids and mining fees for a specific file, which is determined by the market value of the said file size. Miners bandwidth and recovery / initial transaction response time will determine its ability to close recovery deals on the network.
The maximum bandwidth of the recovery miners will determine the total amount of deals that it can enter into.
In the current implementation, the focus is mostly on storage miners, who sell storage capacity for FIL.

Hardware recommendations

The current system specifications recommended for running the miner are:
Compared to the hardware requirements for running a validity checker, these standards are much higher — although they definitely deserve it. Since these will not increase in the presumed future, the money spent on Filecoin mining hardware will provide users with many years of reliable service, and they pay themselves many times. Think of investing as a small business for cloud storage. To launch a model on the current data hosting model, it will cost millions of dollars in infrastructure and logistics to get started. With Filecoin, you can do the same for a few thousand dollars.
Proceed to mining
Deals are the primary function of the Filecoin network, and it represents an agreement between a client and miners for a “storage” contract.
Once the customer decides to have a miner to store based on the available capacity, duration and price required, he secures sufficient funds in a linked portfolio to cover the total cost of the deal. The deal is then published once the mine accepts the storage agreement. By default, all Filecoin miners are set to automatically accept any deal that meets their criteria, although this can be disabled for miners who prefer to organize their deals manually.
After the deal is published, the customer prepares the data for storage and then transfers it to the miner. Upon receiving all the data, the miner fills in the data in a sector, closes it, and begins to provide proofs to the chain. Once the first confirmation is obtained, the customer can make sure the data is stored correctly, and the deal has officially started.
Throughout the deal, the miner provides continuous proofs to the chain. Clients gradually pay with money they previously closed. If there is missing or late evidence, the miner is punished. More information about this can be found in the Runtime, Cut and Penalties section of this page.
At Filecoin, miners earn two different types of rewards for their efforts: storage fees and reward prevention.
Storage fees are the fees that customers pay regularly after reaching a deal, in exchange for storing data. This fee is automatically deposited into the withdrawal portfolio associated with miners while they continue to perform their duties over time, and is locked for a short period upon receipt.
Block rewards are large sums given to miners calculated on a new block. Unlike storage fees, these rewards do not come from a linked customer; Instead, the new FIL “prints” the network as an inflationary and incentive measure for miners to develop the chain. All active miners on the network have a chance to get a block bonus, their chance to be directly proportional to the amount of storage space that is currently being contributed to the network.
Duration of operation, cutting and penalties
“Slashing” is a feature found in most blockchain protocols, and is used to punish miners who fail to provide reliable uptime or act maliciously against the network.
In Filecoin, miners are susceptible to two different types of cut: storage error cut, unanimously reduce error.
Storage Error Reduction is a term used to include a wider range of penalties, including error fees, sector penalties, and termination fees. Miners must pay these penalties if they fail to provide reliability of the sector or decide to leave the network voluntarily.
An error fee is a penalty that a miner incurs for each non-working day. Sector punishment: A penalty incurred by a miner of a disrupted sector for which no error was reported before the WindowPoSt inspection.
The sector will pay an error fee after the penalty of the sector once the error is discovered.
Termination Fee: A penalty that a miner incurs when a sector is voluntary or involuntarily terminated and removed from the network.
Cutting consensus error is the penalty that a miner incurs for committing consensus errors. This punishment applies to miners who have acted maliciously against the network consensus function.
Filecoin miners
Eight of the top 10 Felticoin miners are Chinese investors or companies, according to the blockchain explorer, while more companies are selling cloud mining contracts and distributed file sharing system hardware. CoinDesk’s Wolfe Chao wrote: “China’s craze for Filecoin may have been largely related to the long-standing popularity of crypto mining in the country overall, which is home to about 65% of the computing power on Bitcoin at discretion.”
With Filecoin approaching the launch of the mainnet blocknet — after several delays since the $ 200 million increase in 2017 — Chinese investors are once again speculating strongly about network mining devices and their premium prices.
Since Protocol Labs, the company behind Filecoin, released its “Test Incentives” program on June 9 that was scheduled to start in a week’s time, more than a dozen Chinese companies have started selling cloud mining contracts and hardware — despite important details such as economics Mining incentives on the main network are still endless.
Sales volumes to date for each of these companies can range from half a million to tens of millions of dollars, according to self-reported data on these platforms that CoinDesk has watched and interviews with several mining hardware manufacturers.
Filecoin’s goal is to build a distributed storage network with token rewards to spur storage hosting as a way to drive wider adoption. Protocol Labs launched a test network in December 2019. But the tokens mined in the testing environment so far are not representative of the true silicon coin that can be traded when the main network is turned on. Moreover, the mining incentive economics on testnet do not represent how final block rewards will be available on the main network.
However, data from Blockecoin’s blocknetin testnet explorers show that eight out of 10 miners with the most effective mining force on testnet are currently Chinese miners.
These eight miners have about 15 petabytes (PB) of effective storage mining power, accounting for more than 85% of the total test of 17.9 petable. For the context, 1 petabyte of hard disk storage = 1000 terabytes (terabytes) = 1 million gigabytes (GB).
Filecoin craze in China may be closely related to the long-standing popularity of crypt mining in the country overall, which is home to about 65% of the computing power on Bitcoin by estimation. In addition, there has been a lot of hype in China about foreign exchange mining since 2018, as companies promote all types of devices when the network is still in development.
“Encryption mining has always been popular in China,” said Andy Tien, co-founder of 1475, one of several mining hardware manufacturers in Philquin supported by prominent Chinese video indicators such as Fenbushi and Hashkey Capital.
“Even though the Velikoyen mining process is more technologically sophisticated, the idea of mining using hard drives instead of specialized machines like Bitcoin ASIC may be a lot easier for retailers to understand,” he said.
Meanwhile, according to Feixiaohao, a Chinese service comparable to CoinMarketCap, nearly 50 Chinese crypto exchanges are often somewhat unknown with some of the more well-known exchanges including and Biki — have listed trading pairs for Filecoin currency contracts for USDT.
In bitcoin mining, at the current difficulty level, one segment per second (TH / s) fragmentation rate is expected to generate around 0.000008 BTC within 24 hours. The higher the number of TH / s, the greater the number of bitcoins it should be able to produce proportionately. But in Filecoin, the efficient mining force of miners depends on the amount of data stamped on the hard drive, not the total size of the hard drive.
To close data in the hard drive, the Filecoin miner still needs processing power, i.e. CPU or GPU as well as RAM. More powerful processors with improved software can confine data to the hard drive more quickly, so miners can combine more efficient mining energy faster on a given day.
As of this stage, there appears to be no transparent way at the network level for retail investors to see how much of the purchased hard disk drive was purchased which actually represents an effective mining force.
The U.S.-based Labs Protocol was behind Filecoin’s initial coin offer for 2017, which raised an astonishing $ 200 million.
This was in addition to a $ 50 million increase in private investment supported by notable venture capital projects including Sequoia, Anderson Horowitz and Union Square Ventures. CoinDk’s parent company, CoinDk, has also invested in Protocol Labs.
After rounds of delay, Protocol Protocols said in September 2019 that a testnet launch would be available around December 2019 and the main network would be rolled out in the first quarter of 2020.
The test started as promised, but the main network has been delayed again and is now expected to launch in August 2020. What is Filecoin mining process?
Filecoin mainly consists of three parts: the storage market (the chain), the blockecin Filecoin, and the search market (under the chain). Storage and research market in series and series respectively for security and efficiency. For users, the storage frequency is relatively low, and the security requirements are relatively high, so the storage process is placed on the chain. The retrieval frequency is much higher than the storage frequency when there is a certain amount of data. Given the performance problem in processing data on the chain, the retrieval process under the chain is performed. In order to solve the security issue of payment in the retrieval process, Filecoin adopts the micro-payment strategy. In simple terms, the process is to split the document into several copies, and every time the user gets a portion of the data, the corresponding fee is paid. Types of mines corresponding to Filecoin’s two major markets are miners and warehousers, among whom miners are primarily responsible for storing data and block packages, while miners are primarily responsible for data query. After the stable operation of the major Filecoin network in the future, the mining operator will be introduced, who is the main responsible for data maintenance.
In the initial release of Filecoin, the request matching mechanism was not implemented in the storage market and retrieval market, but the takeover mechanism was adopted. The three main parts of Filecoin correspond to three processes, namely the stored procedure, retrieval process, packaging and reward process. The following figure shows the simplified process and the income of the miners:
The Filecoin mining process is much more complicated, and the important factor in determining the previous mining profit is efficient storage. Effective storage is a key feature that distinguishes Filecoin from other decentralized storage projects. In Filecoin’s EC consensus, effective storage is similar to interest in PoS, which determines the likelihood that a miner will get the right to fill, that is, the proportion of miners effectively stored in the entire network is proportional to final mining revenue.
It is also possible to obtain higher effective storage under the same hardware conditions by improving the mining algorithm. However, the current increase in the number of benefits that can be achieved by improving the algorithm is still unknown.
It seeks to promote mining using Filecoin Discover
Filecoin announced Filecoin Discover — a step to encourage miners to join the Filecoin network. According to the company, Filecoin Discover is “an ever-growing catalog of numerous petabytes of public data covering literature, science, art, and history.” Miners interested in sharing can choose which data sets they want to store, and receive that data on a drive at a cost. In exchange for storing this verified data, miners will earn additional Filecoin above the regular block rewards for storing data. Includes the current catalog of open source data sets; ENCODE, 1000 Genomes, Project Gutenberg, Berkley Self-driving data, more projects, and datasets are added every day.
Ian Darrow, Head of Operations at Filecoin, commented on the announcement:
“Over 2.5 quintillion bytes of data are created every day. This data includes 294 billion emails, 500 million tweets and 64 billion messages on social media. But it is also climatology reports, disease tracking maps, connected vehicle coordinates and much more. It is extremely important that we maintain data that will serve as the backbone for future research and discovery”.
Miners who choose to participate in Filecoin Discover may receive hard drives pre-loaded with verified data, as well as setup and maintenance instructions, depending on the company. The Filecoin team will also host the Slack (fil-Discover-support) channel where miners can learn more.
Filecoin got its fair share of obstacles along the way. Last month Filecoin announced a further delay before its main network was officially launched — after years of raising funds.
In late July QEBR (OTC: QEBR) announced that it had ceded ownership of two subsidiaries in order to focus all of the company’s resources on building blockchain-based mining operations.
The QEBR technology team previously announced that it has proven its system as a Filecoin node valid with CPU, GPU, bandwidth and storage compatibility that meets all IPFS guidelines. The QEBR test system is connected to the main Filecoin blockchain and the already mined filecoin coin has already been tested.
“The disclosure of Sheen Boom and Jihye will allow our team to focus only on the upcoming global launch of Filecoin. QEBR branch, Shenzhen DZD Digital Technology Ltd. (“ DZD “), has a strong background in blockchain development, extraction Data, data acquisition, data processing, data technology research. We strongly believe Filecoin has the potential to be a leading blockchain-based cryptocurrency and will make every effort to make QEBR an important player when Mainecoin mainnet will be launched soon”.
IPFS and Filecoin
Filecoin and IPFS are complementary protocols for storing and sharing data in a decentralized network. While users are not required to use Filecoin and IPFS together, the two combined are working to resolve major failures in the current web infrastructure.
It is an open source protocol that allows users to store and transmit verifiable data with each other. IPFS users insist on data on the network by installing it on their own device, to a third-party cloud service (known as Pinning Services), or through community-oriented systems where a group of individual IPFS users share resources to ensure the content stays live.
The lack of an integrated catalytic mechanism is the challenge Filecoin hopes to solve by allowing users to catalyze long-term distributed storage at competitive prices through the storage contract market, while maintaining the efficiency and flexibility that the IPFS network provides.
Using IPFS
In IPFS, the data is hosted by the required data installation nodes. For data to persist while the user node is offline, users must either rely on their other peers to install their data voluntarily or use a central install service to store data.
Peer-to-peer reliance caching data may be a good thing as one or multiple organizations share common files on an internal network, or where strong social contracts can be used to ensure continued hosting and preservation of content in the long run. Most users in an IPFS network use an installation service.
Using Filecoin
The last option is to install your data in a decentralized storage market, such as Filecoin. In Filecoin’s structure, customers make regular small payments to store data when a certain availability, while miners earn those payments by constantly checking the integrity of this data, storing it, and ensuring its quick recovery. This allows users to motivate Filecoin miners to ensure that their content will be live when it is needed, a distinct advantage of relying only on other network users as required using IPFS alone.
Filecoin, powered by IPFS
It is important to know that Filecoin is built on top of IPFS. Filecoin aims to be a very integrated and seamless storage market that takes advantage of the basic functions provided by IPFS, they are connected to each other, but can be implemented completely independently of each other. Users do not need to interact with Filecoin in order to use IPFS.
Some advantages of sharing Filecoin with IPFS:
Of all the decentralized storage projects, Filecoin is undoubtedly the most interested, and IPFS has been running stably for two years, fully demonstrating the strength of its core protocol.
Filecoin’s ability to obtain market share from traditional central storage depends on end-user experience and storage price. Currently, most Filecoin nodes are posted in the IDC room. Actual deployment and operation costs are not reduced compared to traditional central cloud storage, and the storage process is more complicated.
PoRep and PoSt, which has a large number of proofs of unknown operation, are required to cause the actual storage cost to be so, in the early days of the release of Filecoin. The actual cost of storing data may be higher than the cost of central cloud storage, but the initial storage node may reduce the storage price in order to obtain block rewards, which may result in the actual storage price lower than traditional central cloud storage.
In the long term, Filecoin still needs to take full advantage of its P2P storage, convert storage devices from specialization to civil use, and improve its algorithms to reduce storage costs without affecting user experience. The storage problem is an important problem to be solved in the blockchain field, so a large number of storage projects were presented at the 19th Web3 Summit. IPFS is an important part of Web3 visibility. Its development will affect the development of Web3 to some extent. Likewise, Web3 development somewhat determines the future of IPFS. Filecoin is an IPFS-based storage class project initiated by IPFS. There is no doubt that he is highly expected.
Resources :
submitted by CoinEx_Institution to filecoin [link] [comments]

Выдержка и терпение - путь к успеху

Выдержка и терпение - путь к успеху
«Инвестирование должно напоминать наблюдение за тем, как сохнет краска или как растет трава. Если вам нужен азарт, то возьмите 800 долларов и поезжайте в Лас-Вегас», — эти слова принадлежат Полу Самуэльсону, американскому экономисту, лауреату Нобелевской премии по экономике.
Поверьте на слово, этот человек точно понимал, о чем говорит.
Терпение, выдержка и умение ждать – это одни из самых ключевых навыков, чтобы стать успешным инвестором.
Согласно опросам, основная масса неудачного инвестиционного опыта приходится не на проекты, которые соскамились, а на так называемый эффект «ФОМО» (FOMO аббревиатура английской фразы «fear of missing out») означает боязнь упустить выгоду. Такое чувство испытывают инвесторы и трейдеры, которые «вышли» т.е. продали свои активы, а после этого цена резко ушла вверх.
Например, представьте, что чувствуют инвесторы криптовалюты Bitcoin которые распродали свои активы по 300, 500 или даже 1000 долларов, а ведь были и такие кто продавал по 5$ или 10$. Если бы они не испугались рисков, хладнокровно пережили бы все взлеты и падения, и додержали свои монеты до сегодняшнего дня, то большинство из них стали долларовыми миллионерами.
Такая же ситуация не только с инвесторами Bitcoin, а и с инвесторами большинства криптовалют.
Возьмите для примера ситуацию с криптовалютой Yusra Global. В конце 2019 года многие продавали свои монеты по 1$ и считали, что они хорошо заработали, продав полученные монеты в качестве вознаграждение от системы. Однако уже в марте монета торговалась по 1,52$, а в мае 2,09$… Сегодня Yusra торгуется по 2,58$. Таким образом люди, которые распродались перед новым годом, сегодня могли продать эти же монеты на сумму больше в 2,5 раза. Плюс, количество монет в кошельке за это время увеличилось бы за счет монет, полученных в качестве вознаграждения за доверие от системы.
Вышесказанное является лучшим подтверждением, что слова «в инвестировании в выигрыше остается тот, кто умеет ждать!» не просто красивая цитата, а неопровержимая истина!
⬇ Больше полезной и интересной информации по ссылкам: 🌐 Сайт: 🧰 Веб-кошелек: 📩 Telegram-чат:
#YusraGlobal #Yusra #Yusra_Global #криптовалюта #криптовалюты #cryptocurrency #crypto #blockchain #блокчейн #mining #майнинг #token #токен #Bitcoin #BTC #Биткоин #вознаграждениезадоверие #ОтзывыYusra #СообществоYusra
submitted by Yusra_Global to Yusra_Global [link] [comments]

Venezuela tests Bitcoin payments for some passports (current BTC/USD price is $9,330.95)

Latest Bitcoin News:
Venezuela tests Bitcoin payments for some passports
Other Related Bitcoin Topics:
Bitcoin Price | Bitcoin Mining | Blockchain
The latest Bitcoin news has been sourced from the Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools.
submitted by coinsaladcom to CoinSalad [link] [comments]

Simp Hub DarkRP

Simp Hub DarkRP - M9K - Meth -Weed - Bitcoin- Experienced Admins

Hi! First of all thank you for giving your time to read this.
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We can guarantee to offer you experienced admins who will offer as much support as possible throughout.
We aren't looking for any donations yet, we are still in the process of developing the server further to create a donation system.
If anyone is however wanting to donate in order to progress the server further and help with funding, you are welcome to do so by contacting me privately, and we will offer you a custom job with a custom playermodel and spawn weapons for just you.
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Or alternatively, type into your console: connect
If you wish to download our workshop mods prior to joining, or see any errors, subscribe to this collection: 📷Simp-Hub DarkRP By: LionheartedOfficial content of Simp-Hub DarkRP
Discord Join our Discord!
submitted by Lionhearted72 to GMServers [link] [comments]

[showerthought] when ETH and BCH were fragmented, Greg Maxwell & buddies stepped in to help keep mining the derelict chains (now ETC and BitcoinClashic)...
Isn't it interesting that nobody is harassing BSV in the same way by mining its derelict branches, even though it's much more vulnerable than ETH or BCH?
Isn't it interesting that the BSV folks are totally unconcerned about this state of affairs, almost as if they know they have nothing to worry about from Core trolls.
Where is BSV Clashic? Where are the haters mining the stuck chains?
edit: in hindsight i would have left Greg's name out of the title because I'm not aware of his involvement in Bitcoin Clashic but I can't edit the title so this edit will have to suffice
submitted by jessquit to btc [link] [comments]

Latest Wallet Release Features Live Charts and Price Tracking (current BTC/USD price is $5,905.11)

Latest Bitcoin News:
Latest Wallet Release Features Live Charts and Price Tracking
Other Related Bitcoin Topics:
Bitcoin Price | Bitcoin Mining | Blockchain
The latest Bitcoin news has been sourced from the Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools. Follow us on Twitter @CoinSalad.
submitted by coinsaladcom to CoinSalad [link] [comments]

John McAfee: MGT Capital Announces Purchase of 2,000 additional Bitmain S9 Antminer Rigs

John McAfee: MGT Capital Announces Purchase of 2,000 additional Bitmain S9 Antminer Rigs submitted by craftercrafter to btc [link] [comments]

Why The Bitcoin Price Could Hit $50000 In 2020 (current BTC/USD price is $7,351.85)

Latest Bitcoin News:
Why The Bitcoin Price Could Hit $50000 In 2020
Other Related Bitcoin Topics:
Bitcoin Price | Bitcoin Mining | Blockchain
The latest Bitcoin news has been sourced from the Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools. Follow us on Twitter @CoinSalad.
submitted by coinsaladcom to CoinSalad [link] [comments]

so I did 5minutes of digging and OH MY GOD

this picture popped up yesterday where we see fake satoshi and former convict bitcoin judas having a good time with some "hee ladies" guy.
Well turns out he is Calvin Ayre. He made it on the homeland security top ten most wanted list and another agency.
He likes prostitutes, blows, and seems to be especially tight with bitcoin judas.
now he states that its time to fix all the damages the two top cryptos have caused.... damn this sounds menacing.
These are the people attacking bitcoin and pushing for the technical abomination of a fork bec&sh.
If you want to bet your money on their success, maybe think twice.
bonus: John McAfee, wanted for murder in Belize and our beloved Jihad Vu are on board as well.
edit: this seems to get some traction so here are even more goodies on:
(more to come)
---------------------------------general goodies for the folks who have missed them---------------------------------
real Satoshi on being unrelated
a fulfilling prophecy from late July
submitted by cutepoops to Bitcoin [link] [comments]

the hash rate for the last year, and the squeeze that miners find themselves in

Here's the Bitcoin hash rate over 2018:
The price peak was Dec 2017 - but hash rate was 6x that by Aug 2018, at 1/3 the price.
Why did they build out so much? Because mining 1 BTC cost way less than 1 BTC during the bubble.
Hash rate changes approximately every two weeks. But building and deploying single-purpose mining hardware - which means the Bitmain Antminer S9, the most efficient miner - has a rather longer lead time.
So they were making bank in the bubble. And Bitmain was pumping out S9s as fast as possible!
And selling them at what the market could bear - they were $1000 in May 2017, $3000 in Dec 2017, $500 in May 2018 ... gouge while the gouging is good.
The price just crashed, and the hash rate is now dropping off sharply. So everyone's getting squeezed - the cost of mining 1 BTC is circling 1 BTC.
Bitmain too - their disastrous Bitcoin Cash folly has left them with 1 million BCH in "inventory", that they can't sell off because there's no buyers, because "market cap" is BS.
Bitmain's new Antminer S15 is due late next month. These immediately make the S9 obsolete. You can bet Bitmain are running as many of these themselves as they can make, before they go on public sale - Bitmain run over 50% of the hash rate (in multiple pools), they're their own biggest customer.
submitted by dgerard to Buttcoin [link] [comments]

Game Theory: Vin Armani on the machinations of Calvin Ayre

There's a fascinating discussion developing on twitter around a thread Vin Armani is writing in response to a number of Bitcoin Cash figures. The discussion is about the nature of the game that Calvin Ayre is playing. What's Bitcoin SV's motives? Armani thinks it's about taking control of Bitcoin Cash, no matter the costs. And they are willing to mine at a loss for 2 years, or destroy Bitcoin Cash's market value in the process.
Here are some highlights. Keep in mind that I'm skipping a lot and altering the order. Keen to hear people's thoughts.
I figured out back in June that they were trying to split the chain for some reason. It's what made Craig block me (and abandon that particular plan). I didn't fully understand the strategy until now. Now it makes sense.
Ignore Craig. Don't focus on Craig. That's what Calvin wants you to do. That's why he puts Craig out front, because Craig is a blowhard and half of what he says is nonsense. Craig is NOT a poke player.
Craig is Calvin's employee. If you read the reports from the time, it was Calvin who pushed the whole "Craig is Satoshi" narrative. He funded the operation. If Calvin wanted Craig to stop behaving as he is, he could stop him with a single word.
People don't understand what nChain is, but it helps to start with the fact that nChain does not.generste revenue. It is completely funded out.of Calvin's incredibly deep pockets.
And you believe that Calvin is a desperate criminal? That's fine to believe, but I don't think that is an accurate reflection of reality. I have spent time with the man. He is highly intelligent, calm, and calculating.
Now we are on the same page. And now you are on the same page as Calvin and Craig. Read the last sentence:
@CalvinAyre: "Training mind and body for the world’s first #Bitcoin hash war. With the minds of miners now opened to Miners Choice and Nakamoto Consensus, I now believe that hash war will be the new norm. Winning will now be defined by who can take long term pain in protection of your values"
And now statements like this should be crystal clear in their meaning:
I've been trying to explain this
November 15th isn't a BCH "hash war," it's a war for the hearts and minds of exchanges. If an exchange is only running nodes of a particular implementation (say ABC), depositing coins mined from SV post-split coinbase will be impossible. Chain unfollowed by exchanges = worthless
They are willing to completely destroy the value of BCH to "win". They have said as much. This is about winning for Calvin. He doesn't need the money.
We are playing Bitcoin. Bitcoin is an infinite game. You cannot win infinite games. The point of an infinite game is to keep the game going and keep yourself playing.
[…] Poker is a finite game. Calvin is playing Poker, not Bitcoin.
During this event, half of CoinGeek's hash will be running ABC. You can only attack the chain if you are running the software mining that chain. Right now, CoinGeek has 45-50% of total active BCH hash rate. Who knows how much they are planning to rent for battle.
They are betting that it won't take "infinite money." It probably wouldn't takeore than a few weeks of a completely unreliable networkfor exchanges to indefinitely halt trading and the price to effectively crash to pennies. Their bet is the other side will capitulate before that
Exchanges and applications will fatigue first and point exclusively at the SV chain because ABC will be a war zone.
Those exchanges have a fiduciary duty to their depositors to be able to have reliable withdrawals and deposits. That requires pointing their services at nodes with a ledger that is not being constantly reorg'd.
The power on the other side is fundamentally Bitmain. They are in the middle of a huge IPO and their valuation is based, in no small measure on their massive holdings of BCH. They cannot afford to fight & diminish the value of their holdings at this time. It could derail the IPO.
The distributed community will prevail in the long term. That doesn't mean it will win every battle. It doesn't mean that BCH will survive this. Bitcoin will survive. Part of why the distributed community survives is because a network can die without killing Bitcoin.
imaginary_username 1)
[…] if this attack is successful, it'll redefine the entire crypto landscape and possibly destroy the value proposition of all coins, until another genius arises much later and come up with a better consensus and social system.
imaginary_username 2)
I'm not sure people in the industry quite realize how much is at stake here. The outcome will resonate far beyond BCH, even the laziest of BTC whales should be alarmed.
Vin Armani 17)
They can't see it. That's why I said only Calvin and Craig are even aware they are sitting at a poker table. Hard to win at poker if you don't know you are playing. 1)
It's much more complicated game, because it's not a game. Much more is at stake here, we're talking about taking over a multi-billion ($8B-$200B) dollars real world industry with the outcome of becoming the next Bitmain. Things will not go smooth & be simple, it's geopolitics.
Vin Armani 18)
They don't want to be the next Bitmain. They want to be the next Rothschilds. After BCH, their next target will be BTC.

Edit: Updates added.
submitted by CatatonicAdenosine to btc [link] [comments]

A comprehensive review of miner arguments against issuance reduction

First I wanted to start by saying Hudson Jameson did a phenomenal job wrangling all these different stakeholders to the core devs meeting today and playing the part of an effective, neutral moderator. It was a really interesting meeting and great to hear all viewpoints. I'm sure many of you live streamed it as well.
I’m an Ethereum investor and active user, and I took notes on the most prominent miner arguments against issuance reduction along with my thoughts on each. Would love to hear any thoughts or any ones I may have missed.
GPUs that leave network after issuance reduction can be used to attack Network Security (Xin Xu)
Xin Xu argues that a decline in issuance from 3 to 2 (33%) will cause a drop in hashrate by 33%, and that such a large drop in hashrate will lead to an influx of GPUs on the market that can be used to attack Ethereum. This argument is predicated on the idea that hashrate will drop significantly. However, any drop in hashrate will decrease difficulty so mathematically a 33% drop in issuance should have at most a ~18% impact to total hashrate assuming a linear relationship. I don't believe that a drop in Ethereum Network Hashrate from current levels (280 TH/s) to January 2018 levels (230 TH/s) is a doomsday scenario. And the real drop will certainly be much smaller for two reasons. 1) Historical data shows that hashrate is extremely resilient against drops in price as well as issuance (source: 2) Historical data also shows that all Ethereum and Bitcoin issuance reductions were followed by price increases which could partially or completely offset the decline in hashrate.
Issuance Reduction will drive a dramatic shift in hardware composition of the network (Brian Venturo)
Brian Venturo argues that a reduction in issuance will price out GPU miners and cause the network to dramatically shift towards ASIC miners in the short term, increasing mining centralization. However, miners on the call pointed out that currently available ASICS (Antminer E3) is in-line with top GPUs in terms of mining efficiency. It’s only when we compare claims from as-yet unreleased ASIC manufacturers (Innosilicon A10) to 2-year old GPU technology (GTX 1080) that we see any risk of an efficiency gap. Second, the total Ethereum network hashrate is 280 TH/s. This is equivalent to 577,000 Innosilicon A10s, which would cost $3.3 Billion (at $5700 each). Any shift of even 10-20% in Ethereum network hardware composition will be slow and steady, and as we heard on the call, miners looking to spend significant capital on new hardware are considering major ROI headwinds from 1) upcoming shift to PoS and 2) possible exploration of new ASIC-resistant algos like ProgPOW. Both of these would brick current generation ASICS while GPUS would retain their resale value. More work needs to be done exploring ASIC-resistant POW algorithms, and there's no reason why issuance-reduction EIPs should be roadblocked in the interim.
EIP 1295 as an alternative (Brian Venturo)
Brian Venturo cites the current rules around Uncle and Nephew rewards as causing weird incentives that miners are exploiting to maximize uncle rate and squeeze higher issuance out of the network. This is a super interesting point, and one that I would love to see explored in more detail (as the downstream implications could be quite complex) in addition to EIP-1234. There’s no reason why 1295 is mutually exclusive with EIP-1234, and positioning it that way is a clever tactic to delay any issuance reduction. Brian himself suggested an issuance reduction in 2019 on top of EIP-1295.
My Final thought
I am in full support of EIP-1234 as a moderate issuance reduction to reduce Ethereum inflation and the amount we are overpaying miners for security. Looking back on it, last year’s 40% reduction from 5 eth/block to 3 eth/block has turned out to be a phenomenally good decision. Since then, hashrates have increased 3x while price has declined 20% (was $330 pre-fork), all while we reduced inflation by 40%. Another modest issuance reduction is a prudent decision that is a natural step in Ethereum’s growth and consistent with the original vision for inflation. In contrast, a difficulty bomb delay without a corresponding issuance reduction should be viewed as an issuance increase.
The quicker we can get this decision behind us, the better. As long as this question looms, investors will lack confidence in Ethereum’s monetary policy, and mining stakeholders will have massive incentive to decrease Ethereum price until Constantinople to increase the chance they can mine at inflated rates through 2019
submitted by AZA214 to ethtrader [link] [comments]

Long live decentralized bitcoin(!) A reading list

Newbs might not know this, but bitcoin recently came out of an intense internal drama. Between July 2015 and August 2017 bitcoin was attacked by external forces who were hoping to destroy the very properties that made bitcoin valuable in the first place. This culminated in the creation of segwit and the UASF (user activated soft fork) movement. The UASF was successful, segwit was added to bitcoin and with that the anti-decentralization side left bitcoin altogether and created their own altcoin called bcash. Bitcoin's price was $2500, soon after segwit was activated the price doubled to $5000 and continued rising until a top of $20000 before correcting to where we are today.
During this drama, I took time away from writing open source code to help educate and argue on reddit, twitter and other social media. I came up with a reading list for quickly copypasting things. It may be interesting today for newbs or anyone who wants a history lesson on what exactly happened during those two years when bitcoin's very existence as a decentralized low-trust currency was questioned. Now the fight has essentially been won, I try not to comment on reddit that much anymore. There's nothing left to do except wait for Lightning and similar tech to become mature (or better yet, help code it and test it)
In this thread you can learn about block sizes, latency, decentralization, segwit, ASICBOOST, lightning network and all the other issues that were debated endlessly for over two years. So when someone tries to get you to invest in bcash, remind them of the time they supported Bitcoin Unlimited.
For more threads like this see UASF

Summary / The fundamental tradeoff

A trip to the moon requires a rocket with multiple stages by gmaxwell (must read)
Bram Cohen, creator of bittorrent, argues against a hard fork to a larger block size
gmaxwell's summary of the debate
Core devs please explain your vision (see luke's post which also argues that blocks are already too big)
Mod of btc speaking against a hard fork
It's becoming clear to me that a lot of people don't understand how fragile bitcoin is
Blockchain space must be costly, it can never be free
Charlie Lee with a nice analogy about the fundamental tradeoff
gmaxwell on the tradeoffs
jratcliff on the layering

Scaling on-chain will destroy bitcoin's decentralization

Peter Todd: How a floating blocksize limit inevitably leads towards centralization [Feb 2013] mailing list with discussion on reddit in Aug 2015
Nick Szabo's blog post on what makes bitcoin so special
There is academic research showing that even small (2MB) increases to the blocksize results in drastic node dropoff counts due to the non-linear increase of RAM needed.
Reddit summary of above link. In this table, you can see it estimates a 40% drop immediately in node count with a 2MB upgrade and a 50% over 6 months. At 4mb, it becomes 75% immediately and 80% over 6 months. At 8, it becomes 90% and 95%.
Larger block sizes make centralization pressures worse (mathematical)
Talk at scalingbitcoin montreal, initial blockchain synchronization puts serious constraints on any increase in the block size with transcript
Bitcoin's P2P Network: The Soft Underbelly of Bitcoin someone's notes: reddit discussion
In adversarial environments blockchains dont scale
Why miners will not voluntarily individually produce smaller blocks
Hal Finney: bitcoin's blockchain can only be a settlement layer (mostly interesting because it's hal finney and its in 2010)
petertodd's 2013 video explaining this
luke-jr's summary
Another jratcliff thread

Full blocks are not a disaster

Blocks must be always full, there must always be a backlog
Same as above, the mining gap means there must always be a backlog talk: transcript:
Backlogs arent that bad
Examples where scarce block space causes people to use precious resources more efficiently
Full blocks are fine
High miner fees imply a sustainable future for bitcoin
gmaxwell on why full blocks are good
The whole idea of the mempool being "filled" is wrong headed. The mempool doesn't "clog" or get stuck, or anything like that.


What is segwit

luke-jr's longer summary
Charlie Shrem's on upgrading to segwit
Original segwit talk at scalingbitcoin hong kong + transcript
Segwit is not too complex
Segwit does not make it possible for miners to steal coins, contrary to what some people say
Segwit is required for a useful lightning network It's now known that without a malleability fix useful indefinite channels are not really possible.
Clearing up SegWit Lies and Myths:
Segwit is bigger blocks
Typical usage results in segwit allowing capacity equivalent to 2mb blocks

Why is segwit being blocked

Jihan Wu (head of largest bitcoin mining group) is blocking segwit because of perceived loss of income
Witness discount creates aligned incentives
or because he wants his mining enterprise to have control over bitcoin

Segwit is being blocked because it breaks ASICBOOST, a patented optimization used by bitmain ASIC manufacturer

Details and discovery by gmaxwell
Reddit thread with discussion
Simplified explaination by jonny1000
Bitmain admits their chips have asicboost but they say they never used it on the network (haha a likely story)
Worth $100m per year to them (also in gmaxwell's original email)
Other calculations show less
This also blocks all these other cool updates, not just segwit
Summary of bad consequences of asicboost
Luke's summary of the entire situation
Prices goes up because now segwit looks more likely
Asicboost discovery made the price rise
A pool was caught red handed doing asicboost, by this time it seemed fairly certain that segwit would get activated so it didnt produce as much interest as earlier and and
This btc user is outraged at the entire forum because they support Bitmain and ASICBOOST
Antbleed, turns out Bitmain can shut down all its ASICs by remote control:

What if segwit never activates

What if segwit never activates? with and


bitcoinmagazine's series on what lightning is and how it works
The Lightning Network ELIDHDICACS (Explain Like I Don’t Have Degrees in Cryptography and Computer Science)
Ligtning will increases fees for miners, not lower them
Cost-benefit analysis of lightning from the point of view of miners
Routing blog post by rusty and reddit comments
Lightning protocol rfc
Blog post with screenshots of ln being used on testnet video
Video of sending and receiving ln on testnet
Lightning tradeoffs
Beer sold for testnet lightning and
Lightning will result in far fewer coins being stored on third parties because it supports instant transactions
jgarzik argues strongly against LN, he owns a coin tracking startup
luke's great debunking / answer of some misinformation questions
Lightning centralization doesnt happen
roasbeef on hubs and charging fees and

Immutability / Being a swiss bank in your pocket / Why doing a hard fork (especially without consensus) is damaging

A downside of hard forks is damaging bitcoin's immutability
Interesting analysis of miners incentives and how failure is possible, don't trust the miners for long term
waxwing on the meaning of cash and settlement
maaku on the cash question
Digital gold funamentalists gain nothing from supporting a hard fork to larger block sizes
Those asking for a compromise don't understand the underlying political forces
Nobody wants a contentious hard fork actually, anti-core people got emotionally manipulated
The hard work of the core developers has kept bitcoin scalable
Recent PRs to improve bitcoin scaleability ignored by the debate
gmaxwell against hard forks since 2013
maaku: hard forks are really bad

Some metrics on what the market thinks of decentralization and hostile hard forks

The price history shows that the exchange rate drops every time a hard fork threatens:
and this example from 2017 btc users lose money
price supporting theymos' moderation
old version
older version
about 50% of nodes updated to the soft fork node quite quickly

Bitcoin Unlimited / Emergent Consensus is badly designed, changes the game theory of bitcoin

Bitcoin Unlimited was a proposed hard fork client, it was made with the intention to stop segwit from activating
A Future Led by Bitcoin Unlimited is a Centralized Future
Flexible transactions are bugged
Bugged BU software mines an invalid block, wasting 13 bitcoins or $12k employees are moderators of btc
miners don't control stuff like the block size
even gavin agreed that economic majority controls things
fork clients are trying to steal bitcoin's brand and network effect, theyre no different from altcoins
BU being active makes it easier to reverse payments, increases wasted work making the network less secure and giving an advantage to bigger miners
bitcoin unlimited takes power away from users and gives it to miners
bitcoin unlimited's accepted depth
BU's lying propaganda poster

BU is bugged, poorly-reviewed and crashes

bitcoin unlimited allegedly funded by kraken stolen coins
Other funding stuff
A serious bug in BU
A summary of what's wrong with BU:

Bitcoin Unlimited Remote Exploit Crash 14/3/2017
BU devs calling it as disaster also btc deleted a thread about the exploit
Summary of incident
More than 20 exchanges will list BTU as an altcoin
Again a few days later

User Activated Soft Fork (UASF)

site for it, including list of businesses supporting it
luke's view
threat of UASF makes the miner fall into line in litecoin
UASF delivers the goods for vertcoin
UASF coin is more valuable
All the links together in one place
p2sh was a uasf
jgarzik annoyed at the strict timeline that segwit2x has to follow because of bip148
Committed intolerant minority
alp on the game theory of the intolerant minority
The risk of UASF is less than the cost of doing nothing
uasf delivered the goods for bitcoin, it forced antpool and others to signal (May 2016) "When asked specifically whether Antpool would run SegWit code without a hard fork increase in the block size also included in a release of Bitcoin Core, Wu responded: “No. It is acceptable that the hard fork code is not activated, but it needs to be included in a ‘release’ of Bitcoin Core. I have made it clear about the definition of ‘release,’ which is not ‘public.’”"
Screenshot of peter rizun capitulating

Fighting off 2x HF
b2x is most of all about firing core

Misinformation / sockpuppets
three year old account, only started posting today
Why we should not hard fork after the UASF worked:


Good article that covers virtually all the important history
Interesting post with some history pre-2015
The core scalabality roadmap + my summary from 3/2017 my summary
History from summer 2015
Brief reminders of the ETC situation
Longer writeup of ethereum's TheDAO bailout fraud
Point that the bigblocker side is only blocking segwit as a hostage
jonny1000's recall of the history of bitcoin

Misc (mostly memes)

libbitcoin's Understanding Bitcoin series (another must read, most of it)
github commit where satoshi added the block size limit
hard fork proposals from some core devs
blockstream hasnt taken over the entire bitcoin core project
blockstream is one of the good guys
Forkers, we're not raising a single byte! Song lyrics by belcher
Some stuff here along with that cool photoshopped poster
Nice graphic
gmaxwell saying how he is probably responsible for the most privacy tech in bitcoin, while mike hearn screwed up privacy
Fairly cool propaganda poster
btc tankman
asicboost discovery meme
gavin wanted to kill the bitcoin chain
stuff that btc believes
after segwit2x NYA got agreed all the fee pressure disappeared, laurenmt found they were artificial spam
theymos saying why victory isnt inevitable
with ignorant enemies like these its no wonder we won ""So, once segwit2x activates, from that moment on it will require a coordinated fork to avoid the up coming "baked in" HF. ""
a positive effect of bcash, it made blockchain utxo spammers move away from bitcoin
summary of craig wright, jihan wu and roger ver's positions
Why is bitcoin so strong against attack?!?! (because we're motivated and awesome)
what happened to #oldjeffgarzik
big blockers fully deserve to lose every last bitcoin they ever had and more
gavinandresen brainstorming how to kill bitcoin with a 51% in a nasty way
Roger Ver as bitcoin Judas
A bunch of tweets and memes celebrating UASF | | | | | | | | | | | |
submitted by belcher_ to Bitcoin [link] [comments]

Slit city, Slit, Slit, city y'all

In the comments of one of my other posts i brought up a situation where my Casino Pit Boss pulled a switchblade on someone, so here's that story.
This story begins where all good stories begin, with me flirting with the awesome and attractive cashier at the cage on the tale end of a busier night at the casino, where i'm the only security on this late (usually we tried to have at least 2 on, but sometimes things happen). I'm doing my thing, making myself look like an idiot with the cashier, when there's a commotion on the other side of the room behind me. I turn around and see my Pit Boss walking briskly along the inside curve of tables on the 'pit' side, while a notorious customer, who we will call 'J', is storming along the outside of the pit. My Pit Boss gets my attention and the following occurs:

"He needs to go. He needs to go right now!"
"Call Surveillance, get me a picture of this guy, i want him 86'ed"
I am approaching the guy and am already on the radio anyway. I get close enough to be in his field of view and get his attention.
"Hey, J! Come on...time to go!"
"Fuck this guy! He's racist and he's been on my nuts ever since i started coming here! He's always fucking with me!" -J
"Yeah? Well he's running the show right now, you can come back and talk to the GM about it later, but right now, i need you to leave."
"You know me, you remember when i first started coming here!" -J
"Yeah and we're cool, so i'm telling you, leaving now is the best thing you can do. You can call and talk to the GM about it later, but sticking around and making things worse doesn't play well for you."
This was enough sense to get J to comply and go to the cashier and cash out. While he's doing his thing at the cage (he tipped her, at least, which i appreciate) i'm standing about 10 feet (that's ≈ 3.05 metres 1 foot ≈ 0.30m for you @Bot_Metric) behind him near the edge of the pit listening to the run down from my Pit Boss about what happened.
Apparently J had tried to place an odd bet on a table game that can't evenly pay out that bet...not to mention it's below the table minimum which exists for various reasons, and exceptions can only be made with the Pit Boss's approval and rarely are. This is an issue my Pit Boss and J have gotten into it about before. This upset J, and when my Pit Boss told him he was going to exclude him from the property for 24-hours for his behavior and consistent disregard of gaming rules, he flipped his lid. Metaphorically and physically. He chucked coins around, knocked over some chairs, and went storming, which was where this story started.
Now i think is a good time to tell you a little bit more about J. J was...well...a low-life criminal. He ran a crew in the area, stealing things and selling things, selling drugs, and funding some bitcoin mining on the side. He used the casino to wash money. The problem was that he became a gambling addict, and washing money turned into chasing money. And let me tell you, druggie criminals with gambling addictions don't make for the best tempered customers. Especially ones that have a codeine drank hidden in your car that you don't think i know about. I've dealt with him and his guys regularly, and while i can't say i'm fond of many low-life's or criminals, the one thing about them i can say is that they understand my position. I'm doing my job. It's not personal. They're on one side of things, and i'm on another. I'm not out to get them. I treat them with respect, and they treat me with respect, and even though we butt heads, we usually shake things out pretty clean. It's more than i can say about a lot of the self-entitled customers i had to deal with. So when i told him the best thing he could do was leave, he knew i wasn't trying to give him the run-around.
J is done cashing out, and turns and starts again at my Pit Boss because he's close enough to start things again.
"I'm going to sue you! I have a good Lawyer! I'm going to sue you! You don't have the right to kick me out! That's discrimination!" -J
"Yeah, you do that" -PB
"I'll fuck you up!" -J
"You wanna go you son of a bitch?!" my Pit Boss has had enough. Not shy of conflict, he hops the barrier between the inside and outside of the pit.
I shove myself between them. It's at this point you start wondering why nobody has called the police yet. There's a pretty simple answer to that. It's a rough neighborhood, and we dealt with this sort of thing routinely. The police were also not likely to come anytime soon, and more importantly, my Pit Boss would have to authorize it, and with this guy, he doesn't want to authorize it. He's old school. He wants to deal with this one himself. Off the books.
"You're just a little bitch! I'll kick your ass." -J
"Well, what are you waiting for?" -PB
I'm a PB&J sandwich. I'm in the middle, physically pushing J back and doing my best to convince him he's right done fucked up now and should leave posthaste. When a Pit Boss is tired of your shit and squares up on you with Security ready to do his part, you're clearly over your head.
J starts walking towards the exit, me right behind him, and my Pit boss back a few steps supervising. J is still chirping, but me and the Pit Boss have always been on the same page in these situations. Someone can say whatever they want so long as they're leaving, it's when they stop walking that things become an issue, so he doesn't feel the need to respond to anything he's saying. I'm doing the active listening thing where i say things like "I completely understand." "Yes...yes, i know, i know."
We get to the door, and then outside. This is always another stop for people. Once they get outside they feel the need to start things again. No exception here. J is still chirping, but now he's not headed for his car, he's squared up on the sidewalk ready to pick a fight. Which takes my Pit Boss out of passive mode.
"What are you doing? Are you going to fight me or are you going to leave?" -PB
"I'll do it! I don't give a fuck! You know me, i've done time, i'll do it again!" -J
"It" in this situation probably refers to a gun that may or may not exist on his person.
"Well, come on then!" -PB, pulling a switchblade from his back pocket, clicking it open and keeping it pointed down by his left side.
There's a pause in the action. We've reached a moot point.
I'm still trying to do my best to get J to leave, but i barely exist at the moment.
"Yeah, i see it! I don't give a fuck!" -J
"Well, come on, let's see what you got" -PB
"J, if you try to fight him, all your going to end up doing is fighting me, and that is very bad for you." -My two cents
"Maaaan Fuck you guys" -J as he turns and walks to his SUV and peels out of the parking lot.

I coordinated with Surveillance to get what i needed and started the paperwork. I expected to see J in the area or try and come in again after that sometime, but he never came back.

submitted by sam05_MrRoboto to talesfromsecurity [link] [comments]

Burstcoin: A Diamond In The Rough That Will Prosper Long Term

Burstcoin: A Diamond In The Rough That Will Prosper Long Term
There are currently 2,074 cryptocurrencies on CoinMarketCap, most of which are copycats, driven by pure ICO greed, or just shitcoins in general. As the napalm of SEC enforcement and investor capitulation burns through the crypto space, most of the cryptocurrencies listed on CoinMarketCap will probably be decimated and relegated to the history books. Burstcoin (BURST) sits way back at #223 on CoinMarketCap, with its market cap near USD 10 million, but it is a diamond in the rough. BURST is truly decentralized, launched with zero ICO nor premine, and uses the unique Proof of Capacity mining algorithm. Therefore, GenesisBlockNews believes BURST will easily survive this ongoing crypto armageddon, and will prosper long term.
I first wrote about BURST for BitcoinNews, when I interviewed Burstcoin developer Daniel Jones. You can listen to the interview with Daniel about Burstcoin at this link. At that time BURST was at #248 on CoinMarketCap, and that was during the stable period before this nuclear bear market started. BURST has crawled 25 places up the CoinMarketCap ranks since then, during the worst crypto market conditions in recent memory, showing its grit. This is due to the merits of BURST.
BURST uses Proof of Capacity mining, where mining is done with hard drives instead of raw computational power like with Proof of Work. A 1-time hashing cycle is done, which is called plotting, which fills the hard drive with a tremendous amount of cryptographic hashes and proves the capacity of the hard drive. This plot is read during mining to find the correct cryptographic hash, and whoever finds the answer the quickest in their plot gets the block reward. More hard drive space equals more answers, and therefore more hard drive space increases BURST profits when mining. On average every 4 minutes a block is found, and the block reward is around 750 and decreasing at the rate of 5% per month. The block reward started at 10,000 when BURST launched in 2014, and when mining is done there will be 2.158 billion BURST total.
Proof of Capacity mining uses practically no electricity, making BURST one of the only profitable cryptocurrencies to mine on personal computers. Even if BURST mining only earns about 1-2 BURST per day on a 1 TB hard drive, that is pure profit, versus mining Bitcoin, Litecoin, or Dogecoin, where energy expenses far outweigh mining revenue when using a personal computer.
Since any computer can mine BURST, as long as it has hard drive space, the BURST network is highly decentralized. Currently there is an astonishing 300,000 TB, which is 300 PB, securing the BURST network. That’s equivalent to the hard drive space of hundreds of thousands of personal computers.
Beyond the merits of being decentralized, having a unique algorithm, being profitable for mining and easy to use on personal computers, and having zero premine, the BURST development community is comprised of some of the best blockchain developers. BURST has direct on-chain storage via Cloudburst, which has the ability to immutably store files. As long as BURST exists, files stored with Cloudburst will never be deleted. BURST has built-in smart contract technology that can be used to launch any sort of dApp that one can imagine, and an exchange integrated into the BURST wallet to launch and trade crypto assets. Also, BURST seems to have solved the cryptocurrency scalability problem with The Dymaxion, which is layers of tangle-based Lightning Networks. This allows for infinite transactions at zero fees, while using practically zero energy.
GenesisBlockNews believes BURST will emerge as a survivor no matter how many cryptocurrencies crash and burn during this nuclear bear market. Due to its merits and attributes, BURST is in a strong position to become a major cryptocurrency in the long term, and seems to be ridiculously under priced at the current value of half a cent per BURST.
submitted by turtlecane to burstcoin [link] [comments]

Some good points that address critiques of $NEO have gained traction on Reddit recently [email protected] on Twitter

Credits to @ByteSizeCapital
This is his twitter account:
Recently, the following critiques of $NEO have gained traction on Twitter & Reddit without appropriate response:
1) NEO's consensus network is and always will be centralised 2) Consensus nodes need to be centrally approval 3) The number of consensus nodes is too small.
We'll start with NEO's consensus algorithm Delegated Byzantine Fault Tolerance (dBFT).
dBFT shares similiarities with dPoS:
1) Consensus nodes are elected by $NEO holders (1 NEO = 1 vote) 2) Consensus is achieved when >66% of all CNs agree on the next block.
BFT & PoW consensus algorithms each come with their own advantages and disadvantages, summarised in the comparison table. The important differences are in:
  • Node identity management
  • Scalability (no. of nodes)
  • Performance (throughput).
In a PoW blockchain, nodes do not need to "know" each other - anyone can download the mining software and participate in network validation.
PoW consensus is characterised by competition - nodes race to find the unique solution to the hash/nonce calculation.
Because of the competition, the addition of nodes is trivial. Malicious nodes attempting to alter the blockchain need to complete the cumulative PoW to succeed.
In a BFT blockchain, nodes need to "know" each other - 66% of nodes must come to agreement on the next block.
BFT consensus is characterised by cooperation - nodes review transactions in the mempool & suggest the next block. There is no race.
Because of the cooperation, the addition of nodes is difficult. Malicious nodes will succeed if they comprise >66% of the network.
Building the network in a PoW blockchain is easy: persuade others to run your mining software. How? Some things I've noticed:
  • Claim your blockchain does not allow ASIC mining
  • Make a nice logo
  • Market your coin on
  • Memes
  • Call it "Bitcoin [X]".
Building the network in a BFT blockchain is not so easy: you must grow it carefully, ensuring at all times that >66% of nodes are benevolent.
At a critical mass, CNs in a BFT network are able to govern the addition of new nodes - alongside $NEO voters - in a distributed yet coordinated manner.
It is a republic, not a democracy: $NEO owners vote for nodes & existing CNs act as the distributed constitution.
Thus, a BFT network must start centralised and slowly decentralise. How?
1) Vote in trustworthy nodes via a central entity 2) Hold the nodes accountable until the network is large enough 3) Relinquish control of voting & establish a distributed "node constitution" mechanism.
Do the actions of $NEO Council make sense now?
1) Manually voting in corporate nodes like @KPN 2) Holding nodes legally accountable (temporary until critical mass) 3) Distributing the 50 million NEO held by NEO Council over a timeline in the form of strategic investments.
Finally, @coz_official & NEO Council are already working on developing the "node constitution" logic to be implemented once the BFT network is successfully bootstrapped to a certain critical mass.
This is the final step needed to truly decentralise $NEO.
I hope I've brought to light the technical & operational complexity involved in building $NEO.
It's certainly not as easy as forking an existing codebase and changing a few parameters or hashing algorithms.
If the multi-year effort is successful, NEO will be a global, distributed, highly scaleable, high finality (unforkable) & high concurrency network powering Smart Economy.
Owning $NEO is literally owning a share of this network and all $GAS fees. I'm willing to take the risk.
PoW vs. BFT:
NEO Consensus:
NEO Coopetition:
submitted by fairytailzz to NEO [link] [comments]

A tour of the Gridcoin wallet

Hey guys, I thought I would put together an in-depth tour of the Gridcoin wallet software for all of our recent newcomers. Here I'll be outlining all the features and functions the windows GUI wallet has to offer, along with some basic RPC command usage. I'll be using the windows wallet as an example, but both linux and macOS should be rather similar. I'll be including as many pictures as I can as embedded hyperlinks.
Edit: Note that since I originally made this there has been a UI update, so your client will be different colors but all the button locations are in the same place.
This is my first post like this, so please forgive me if this appears a little scatter-brained.
This will not cover the mining setup process for pool or solo miners.
When you launch the wallet software for the first time you should be greeted with this screen.


After that prompt, you should be left sitting on the main overview tab with several fields on it.
From top to bottom:


Now onto the other tabs on the left side. Currently we're on the Overview tab, lets move down to the Send tab. This tab it pretty self-explanatory, you use it if you want to send coins, but I'll go over the fields here:
  • Pay To: Enter a valid gridcoin address to send coins too. Gridcoin addresses always start with an S or and R.
  • Label: Enter a label here and it will put that address in your "address book" under that label for later use. You can leave it blank if you don't want it in your address book.
  • Message: Enter a message here if you want it attached to your transaction.
  • Amount: How many coins you want to send.
  • Add Attachment: Leave this alone, it is broken.
  • Track Coins: This doesn't do anything.


Now down to the Receive tab. Here you should have a single address listed. If you double click on the label field, you can edit it's label.
  • New: Generate a new address.
If you click on an address, the rest of the options should be clickable.
  • Copy: Copy the selected address to your clipboard.
  • Show QR Code: Show a scan-able QR code for the selected address.
  • Sign Message: Cryptographically sign a message using the selected address.


The Transactions tab is pretty boring considering we have no transactions yet. But as you can see there are some sorting tools at the top for when you do have transactions listed.


The Address Book is where all the addresses you've labeled (that aren't yours) will show up.
  • Verify Message: Verifies a message was signed by the selected address.
The rest of the functions are similar to the functions on the Receive tab.


Onto the Voting tab. There wont be any polls because we aren't in sync yet.
  • Reload Polls: Pretty self-explanatory, I've never had to use this.
  • Load History: By default, the wallet will only display active polls. If you want to view past polls you can use this.
  • Create Poll: You can create a network-wide poll. You must have 100,000 coins as a requirement to make a poll. (Creating a poll does not consume the coins)
Here's what the Voting tab will look like once you're in sync


Now onto the context bar menus on the top.
Under File you have:
  • Backup Wallet/Config: This lets you backup your wallet configuration file just in case.
  • Export: You can export your Transactions tab or Address Book in CSV format.
  • Sign message: Does the same thing as on the Receive tab.
  • Verify message: Does the same thing as on the Address Book tab.
  • Exit: Close the wallet.
Under Settings you have:
  • Encrypt Wallet: Encrypts your wallet with a password. (we'll come back to this)
  • Change Passphrase: Allows you to change your encryption password.
  • Options: Opens the options menu. (We'll come back to this)
Under Community you have:
Under Advanced you have:
  • Advanced Configuration: Opens the Advanced Configuration menu. (Not so advanced if you ask me)
  • Neural Network: Allows you to view solo miners project statistics. It will be largely blank if you're not in sync yet.
  • FAQ: Don't touch this, It is broken.
  • Foundation: Don't touch this, It is broken.
  • Rebuild Block Chain: Starts the client syncing from 0. Don't worry, using this will not make you lose coins.
  • Download Blocks: Downloads the latest official snapshot, can help speed up syncing. The download progress tends to sit at 99.99% for a long time, don't worry, it's working.
Under Help you have:
  • Debug window: Opens the debug window. (We'll come back to this)
  • Diagnostics: Don't touch this, it is broken. This has since been fixed. You can use this to see if there is anything wrong with your setup.
  • About Gridcoin: Opens the About Dialog. This gives you your client version and other information.


Now back to the options menu under Settings > Options.
Here we have the options menu main tab:
  • Pay transaction fee: The transaction fee that will be automatically paid when you make a transaction.
  • Reserve: You can reserve an amount so that it will always be available for spending.
  • Start Gridcoin on system login: Pretty self-explanatory
  • Detach databases at shutdown: Speeds up shutdown, but causes your blockchain file to no longer be portable.
On the Network tab:
  • Map port using UPnP: Attempts to connect to nodes through UPnP.
  • Connect through SOCKS proxy: Allows you to connect through a proxy.
The window tab is pretty self-explanatory.
The Display tab is also pretty self-explanatory, with the exception of:
  • Display coin control features (experts only!): This allows you to have a great deal of control over the coins in your wallet, check this for now and I'll explain how to use it further down. Don't forget to click "Apply".


Now that all of that is out of the way. The first thing you'll want to do is encrypt your wallet. This prevents anybody with access to your computer from sending coins. This is something I would recommend everyone do.
Go to Settings > Encrypt Wallet and create a password. YOU CANNOT RECOVER YOUR COINS IF YOU FORGET YOUR PASSWORD.
Your wallet will close and you will have to start it up again. This time when it opens up, you should have a new button in the bottom left. Now if you want to stake you will have to unlock your wallet. Notice the "For staking only" box that is checked by default. If you want to send a beacon for solo mining or vote, you will need to uncheck this box.


Before we continue, Let's wait until we're in sync. Depending on your internet speeds, this could take from several hours to over a day or 2. This can be sped up by using Advanced > Download Blocks, but this can still take several hours.
This is what an in-sync client should look like. Notice the green check to the right of the Receive tab. All of these icons give you information when you hover your mouse over them.
The lock
The arrow tells you if you're staking. If you aren't staking, it will tell you why you're not staking. If you are staking it will give you an estimated staking time. Staking is a very random process and this is only an estimate, not a countdown.
The connection bars tell you how many connections to the network you have.
The check tells you if you're in sync.


Now I've said "stake" about a million times so far and haven't explained it. Gridcoin is a Proof of Stake (PoS) coin.
Unlike bitcoins Proof of Work (PoW), PoS uses little system resources, so you can use those resources for scientific work. PoS works by users "Staking" with their balance. The higher the balance, the higher the chance to create, or "stake" a block. This means you need to have a positive balance in order to stake. Theoretically, you can stake with any amount over 0.0125 coins, but in practice it's recommended to have at least 2000 coins to reliably stake.
Staking is important for solo miners, because they get paid when they stake. Pool miners don't need to stake in order to get paid however. So if you want to solo mine, you'll need to buy some coins from an exchange or start in the pool first and move to solo when you have enough coins.
In addition to Research Rewards for miners, anyone who holds coins (solo miners, pool miners, and investors) gets 1.5% interest annually on top of your coins. So it can be beneficial for pool miners to stake as well.
Here is a snippet of what a research rewards transaction looks like from my personal wallet. I have a label on that address of "Payout address" as you can see here.


At this point you'll need some coins. You can use one of our faucets like this one or this one to test coin control out.
First let me explain what a UTXO is. UTXO stands for Unspent Transaction Output. Say you have an address with 0 coins in it, and someone sends you 10 coins like I've done here. Those 10 coins are added to that address in the form of a UTXO, so we have an address with one 10 coin UTXO in it.
Now we receive another 5 coins at the same address, like so. Now we have an address with one 10 coin UTXO and one 5 coin UTXO. But how do we view how our addresses are split up into different UTXOs?
Earlier we checked the "Display coin control features" box in Settings > Options > Display. Once that's checked you'll notice there's another section in the Send tab labeled "Coin Control Features". If you click the "Inputs" button, you'll get a new window. And look, there's our 2 UTXOs.
All UTXOs try to stake separately from each other, and remember that the chance a UTXO has to stake is proportional to it's size. So in this situation, my 10 coin UTXO has twice the chance to stake as my 5 coin UTXO. Now wallets, especially ones that make a lot of transactions, can get very fragmented over time. I've fragmented my wallet a little so I can show you what I'm talking about.
How do we clean this up? We can consolidate all this into one UTXO by checking all the boxes on the left and selecting OK.
Now pay attention to the fields on the top:
  • Quantity: The total amount of UTXOs we have selected.
  • Amount: The total amount of coins we have selected.
  • Fee: How much it would cost in fees to send all those UTXOs (more UTXOs = more transaction data = more fees)
  • After Fee: Amount - Fees.
  • Bytes: How large the transaction is in bytes.
  • Priority: How your client would prioritize making a transaction with this specific set of UTXOs selected had you not used coin control.
  • Low Output: If your transaction is less than 0.01 coins (I think).
  • Change: What you will get back in change.
  • custom change address: You can set the address you get your change back at, by default it will generate a new address.
So let's fill out our transaction so we end up with 1 UTXO at the end.
In "Pay To:" Just put any address in your wallet, and for the amount put what it has listed in the "After Fee" Field. Just like this.
Notice how we get no change back.
Now click "Send", we'll be prompted to enter our passphrase and we're asked if we want to pay the fee, go ahead and click "Yes".
Now if we go back to the Overview tab we get this funky icon. If you hover your mouse over it, it says "Payment to yourself", and the -0.0002 GRC is the network transaction fee.
(Ignore the first one, that was me fragmenting my wallet)
Now if we look at the Coin Control menu, we can see that we've slimmed our wallet down from 7 UTXOs to 1.
Now why would you want to use coin control?
2 Situations:
  1. UTXOs less than 0.0125 coins cannot stake. So you can combine a lot of tiny, useless UTXOs into 1 bigger one that can stake.
  2. After a UTXO stakes, it cannot stake for another 16 hours. So if you have 1 large UTXO that is big enough to stake more than once every 16 hours, you can split it into smaller UTXOs which can allow you to stake slightly more often.
  3. By default, the wallet will always generate a new address for change, which can make your wallet get very messy if you're sending lots of transactions. Keep in mind that more UTXOs = larger transactions = more fees.
Sidenote - When you stake, you will earn all research rewards owed reguardless of which UTXO staked. However, you'll earn the 1.5% interest for that UTXO. Not your whole wallet.


A fork is when the network splits into multiple chains, with part of the network on each chain. A fork can happen when 2 blocks are staked by different clients at the same time or very close to the same time, or when your client rejects a block that should have been accepted due to a bug in the code or through some other unique circumstance.
How do I know if I'm on a fork?
Generally you can spot a fork by looking at the difficulty on your Overview tab. With current network conditions, if your difficulty is below 0.1, then you're probably on a fork.
You can confirm this by comparing your blockhash with someone elses, like a block explorer.
Go to [Help > Debug Window > Console]. This is the RPC console, we can use to do a lot of things. You can type help to get a list of commands, and you can type help [command you need help with] (without the brackets) to get information on a command. We'll be using the getblockhash [block number] command.
Type getblockhash [block number] in the console, but replace [block number] with the number listed next to the "Blocks:" field on the Overview tab.
This will spit out a crazy string of characters, this is the "blockhash" of that block.
Now head over to your favorite block explorer, I'll be using gridcoinstats. Find the block that you have the hash for, use the search bar or just find it in the list of blocks.
Now compare your hash with the one gridcoinstats gives you. Does it match?
If it matches, then you're probably good to go. If it matches but you still think you're on a fork, then you can try other block explorers, such as or
If it doesn't match, then you need to try to get off that fork.
How do I get off a fork?
  1. Just wait for an hour or two. 95% of the time your client is able to recover itself from a fork given a little time.
  2. Restart the client, wait a few minutes to see if it fixes itself. If it doesn't restart again and wait. Repeat about 4 or 5 times.
  3. Find where the fork started. Using the getblockhash command, go back some blocks and compare hashes with that on a block explorer so you can narrow down what the last block you and the block explorer had in common. Then use reorganize [the last block hash you had in common]. Note that reorganize takes a blockhash, not a block number.
  4. Use Advanced > Download Blocks.
  5. If none of this works, you can take a look at social media (reddit/steemit) and see what other people are saying.


Your configuration file depends on your operation system:
  • On Windows: %appdata%\GridcoinResearch\
  • On Linux: ~/.GridcoinResearch/
  • On MacOS: /Users/USERNAME/Library/Application/Support/GridcoinResearch/
And it should look like this.
If you open up your gridcoinresearch.conf, you'll see the default one it generated. Note that if you entered your email earlier, the first line will have your email on it instead of "investor". If you decided you want to solo mine but didn't enter your email when you first started the wallet, go ahead and put your email on the first line in place of "investor". If you're a pool miner, just leave it as "investor".
Next, it's recommended that you use the addnodes on the gridcoin wiki. So our gridcoinresearch.conf will look like this.
A useful line for solo miners is PrimaryCPID=[YOUR CPID]. Sometimes your wallet can pick up on the wrong CPID so it's good to have that in there if you're solo mining.


A listening node is a node that listens for blocks and transactions broadcasted from nodes and forwards them on to other nodes. For example, during the syncing process when you're getting your node running for the first time, you're downloading all the blocks from listening nodes. So running a listening node helps support the network.
Running a gridcoin listening node is simple. All you need to do is add listen=1 to your gridcoinresearch.conf and you need to forward port 32749 on your router.
If you don't know how to port forward, I'd suggest googling "How to port forward [your router manufacturer]".

QUICK LINKS Official Website Unofficial Website Block Explorer Block Explorer Faucet Faucet
Gridcoin Wiki
Gridcoin Github
Arikado Pool
And that's all I have for now!
I plan to keep this post up-to-date with changes in the client. So if anyone has any suggestions, have clarifications they want made, or maybe I got something wrong, then please feel free to leave a comment below or PM me!
submitted by Personthingman2 to gridcoin [link] [comments]

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