Top 3 Bitcoin Taxation Calculation Tools – The Merkle News

This bitcoin price is not only a speculative market, but also an economic calculation. 10k.

This bitcoin price is not only a speculative market, but also an economic calculation. 10k. submitted by moseich to Bitcoin [link] [comments]

This bitcoin price is not only a speculative market, but also an economic calculation. 10k.

This bitcoin price is not only a speculative market, but also an economic calculation. 10k. submitted by nayborksta to btc [link] [comments]

Calculator or formula for price speculation? /r/Bitcoin

Calculator or formula for price speculation? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Why we need privacy: "Oh no! Some old miner moved their coins, Let's panic"

Why we need privacy: submitted by btcMike to Monero [link] [comments]

Statement: IOTA is undervalued. What do you think?

I'm since 2016 "investing" in IOTA. To make a statement of my opinion: IOTA is undervalued. What do you think?
submitted by tradingnomads to IOTAmarkets [link] [comments]

Tesla growth at 30% annually for a decade straight

Tesla is different than legacy car companies and thus justifiably trading at a p/e of 1111. Elon and his fanboys remind me of bitcoin just before the bubble burst. Everyone had FOMO back then as well. As we all know that ended well /s. I am thinking about shorting the stock even though I don’t like trading options as they’re too volatile. Tbh I think it’s mostly young ‘eco oriented’ people who put literally all their ‘life’ savings into the stock and HODL and hope to retire a millionaire as a result. I made some calculations that even if the stock moves fucking sideways for the next 10 years and the earnings kept rising 30% annually, which is of course very unsustainable, the stock would still trade at a P/E of about 80. I mean, what do these speculators think, that it will be the next skynet or something. Even if they believed it they’d get fucked by Elon as all the interesting businesses he is working on (neuralink, spacex) are still privately owned and don’t have anything to do with Tesla. (At least not in the real world)
Tl;dr If Tesla stock moved sideways for the next 10 years and the earnings improved 30% annually it would still be trading at a P/E of around 80
P.s. English is not my first language so pls excuse my mistakes
submitted by TheMels9000 to RealTesla [link] [comments]

I'm kinda ok with MCO -> CRO Swap; a indepth personal view

EDIT: this post https://www.reddit.com/Crypto_com/comments/i2yhuz/open_letter_to_kris_from_one_of_cdcs_biggest/ from u/CryptoMines expresses my sentiments and concerns better than I could ever put into words myself. I'd say read his/her post instead.
Very long post ahead, but TL;DR, I actually see this swap as a positive change, despite fearing for what it may do to my portofolio, and having mixed feelings about its consequences on CDC reputation.Before I start, for the sake of context and bias, here's my personal situation as a CDC user:
  1. I'm just a average Joe, with a 500 MCO Jade card. I bough 50 MCO at 5,22€ in September 2019 and staked for Ruby, then bough 440 MCO at 2.47€ in March 2020 and upgraded to Jade. The total amount of MCO I own is currently 515, and everything above the 500 stake is cashback rewards.
  2. I bought MCO exclusively for the card and bonus Earn interest benefits, and had no plans to unstake my MCO. Now with the swap, definetly won't unstake.
  3. The MCO -> CRO conversion rates increased the fiat value of my MCO in about 1000€.
  4. I own a decent amount of CRO, wich I bought at ~0,031€ in March 2020.
  5. The country where I live is crypto friendly and completely crypto-tax free; I only have to pay income tax if I deposit a certain threshold of fiat in my bank.
Take all these factors into account as possible (if not major) influencers or bias on my opinions; both the emotional and economical ones. Call me a fool or a devil's advocate if you want, but keep your torches and pitchforks down. As we say here on Reddit: "Remember the human".-----------------------------------------------------------------------------------------------------------------------------------------------------
Like all of you, I woke up to find this anouncement, wich came right the #[email protected] out of nowere, and gives you little to no options. Good or bad, this announcement arrived as basicly a "comply or die" choice. Emotionally, this came as both terrifying and disgusting; but rationally, I cannot blame CDC for it.
Because wether we like it or not, CDC is a centralized company, and the MCO tokens were never a stock or legally binding contract; something wich pretty much every crypto company or ICO warns in their T&C and risk warnings. Not to mention the mostly unregulated status of the cryptocurrency and. I'll call this "dishonest" any day, but I cannot see it as a "scammy" since I can't see how they broke any rules or terms.
A scammer would take your money/assets away, but CDC is offering you to swap it for another asset wich you can sell right away if you want. And at current price, it is still worth more or less as much fiat as MCO cost at the 5 $/€ wich was more or less the comunity standard used for calculating the card prices. And by that, I mean that the fiat value of 50/500/5000 MCO (as CRO) is actually not far from the 250/2500/25'000 $/€ that the comunity commonly used as standard when calculating the ROI and (under)valuation of MCO.
So CDC is at least trying to give us the option to get (some) our money back, and not at a unfair rate. If you happened to buy MCO at a price higher than this, I can't see how that's CDC's fault, just as I don't see anyone blaming Bitcoin or Altcoins for getting them stuck at the top of the 2017 bubble burst.
I read many posts in this reddit calling this a "backstab" and "betrayal" of early investors and for the people who "believed in MCO". Emotionally, I share your sentiment.But after thinking it for a while, I'd say this was actually very rewarding for early investors and long term MCO supporters. As CDC clearly sates in the swap rules; nobody is going to lose their card tier or MCO stake benefits (at least not yet), and your stake DOES NOT unstake automatically after 180 days. Actually, so far they never did unstake automatically, you had to manually unstake yourself.
With this in mind, everyone who already got their cards, or at least staked MCO to reserve one, basicly got them 3-5 times cheaper than future users; and IMHO, now the $/€ price of cards feels more fair and sustainable compared to their benefits.So in a sense, everyone who supported and believed on the MCO for its utility (i.e. the card and app benefits) has been greatly rewarded with perks that they get to keep, but are now out of reach for a lot of people.Likewise, the people who believed and invested in CRO (for whatever reason), have also been rewarded, as their CRO tokens now have more utility.
So either the price of CRO crashes down to around 0.05 $/€, or the people who bought MCO/CRO early or cheap are now massively benefited. But then again, so is everyone who bought or mined Bitcoin in its early days, or invested in Bitcoin at crucial points of its history... how is that unfair? Some people bought Ethereum at 1'400 $ on a mix of hopes/promises that it would continue to rise; it didn't. And even today with DeFi and ETH 2.0 ever closer, it is still far from that price.
And I know what some of you are thinking: "The cards aren't avaiable in my country yet, that's why I didn't buy/stake."Well, they weren't avaiable in my country either when I staked 50 MCO. Heck, the cards weren't avaiable in anyones country when MCO started, but many people still bought it and staked it. That's exacly what "early adopter", "long supporter" and "believing in MCO" means.
On the other hand, the people who invested on MCO as a speculative asset and decided to HODL and hoard MCO, hoping for its price to moon and then sell MCO at big profit, had their dreams mercilessly crushed by this swap... and good lord, I feel their pain.But this is also where I'll commit the sin of being judgemental, because IMHO, speculating on MCO never made any sense to me; MCO was a utility token, not a value token, so it should not (and could not) ever be worth more than the value of its utility. That's basicly how stablecoins and PAXG are able to stay stable; because nobody will pay more/less than the value of the asset/service they represent.
Tough now that I'm looking at the new card stake tiers in CRO, I have to give credit to the MCO hodlers I just now criticised; maybe you were right all along. Unless the price of CRO crashes or corrects, I wich case, I un-rest my case.
One thing I'll agree with everyone tough, is that I fell that CDC just suckerpunched it's comunity. Because even if we have no vote on its decisions (wich again, we aren't necessarily entitled to, since they are a privante and centralized business) they should/could have warned that this was in their plans well in advance; if anything to allow those who wouldn't like it to exit this train calmly.
Also the CRO stake duration reset. The mandatory reset of your CRO stake for taking advantage of the early swap bonus feels like another gut-punch.
-----------------------------------------------------------------------------------------------------------------------------------------------------
Now that we got emotional feelings out of the way, here's my sentiment about how this will affect the overall CDC ecossystem.
One common criticism of the sustainability of MCO was that its supply cap could never allow a large number of cards to be issued, and how could CDC keep paying the cashbacks and rebates. On the oposite corner, one of the major criticisms of the sustainability of CRO, was it's ridiculously huge supply cap and inflation caused by the gradual un-freezing and release of more CRO into the system.
But now that MCO and CRO became one, it might just have made both issues more sustainable. Now the huge supply cap of CRO makes more sense, as it allows a much larger number of future users to stake for cards (at higher costs, but still). And because most card cashback is small parcels, this large supply also ensures that CDC can keep paying said cashbacks for a long time; especially since it can be semi-renewable trough the trading fees we pay in CRO.
Before this, the MCO you got as cashback had no use, other than selling it for fiat or speculate on its price. But CRO can be used, at the very least, to receive a discount on trading fees. And everytime you pay trading fees in CRO or spend CRO on a Syndicate event, some of that CRO goes back to CDC, wich they can use to keep paying the cahsback/rebates.
And keep in mind, the technicalities of CRO can be changed, as well as the perks and utilities it can be used for. So even if this current model doesn't fix everything (wich it probably doesn't) it can still be changed to patch problems or expand its use.
Another obvious potentially positive outcome of this, is that now CDC only has to focus on 1 token, so it makes it easier to manage and drive its value. People complained that CDC was neglecting MCO over promoting CRO, but now they can focus on both services (cards/exchange) at the same time. Sure, this might not bring much advantage to the common customer, but its probably a major resource saver and optimizer at corporate levels; wich in the long term ultimately benefits its customers.
Much like Ethereum is undergoing major changes to ensure its scalability, the crypto companies themselves also have to change to acommodate the growing number of users, especially as the cryptomarket and DeFi are growing and becoming more competitive. Business strategies that were once successfull became obsolete, and exchanges that once held near-monopolies had to adjust to rising competitors. There is no reason why CDC shouldn't keep up with this, or at least try to.
Point is, the financial markets, crypto or otherwise, are not a status quo haven. And when something is wrong, something has to be changed, even if it costs. The very rise of cryptocurrencies and blockchain, wich is why we are here in the first place, is a perfect example of this, as it experiments and provides alternatives to legacy/traditional products and technologies.
Was this the best solution to its current problems? Is this what will protect us as customers from a potentially unsustainable business model? I have no idea.
This change ripped me too from my previous more or less relaxed status quo (the safety of the value of the CRO I bough for cheap), along with CRO late investors wich now probably fear for the devaluation of their CRO. To say nothing of the blow this represents for my trust (and I believe everyone elses trust) on CDC and its public relations. It's not what CDC did, it's how they did it.
------------------------------------------------------------------------------------------------------------------------------------------------
Wether you actually bothered to read all I wrote or just skip everything (can't blame you), I'm eager to hear your opinions and whatever criticisms on my opinions you may have.
If you just want to vent at me, you are welcome too; now you can raise your pitchforks and torches.
submitted by BoilingGarbage to Crypto_com [link] [comments]

Bitcoin Evolution

Bitcoin Evolution
Bitcoin Evolution
Bitcoin evolution was imagined following quite a while of investigation into cryptography by programming designer, Satoshi Nakamoto (accepted to be an alias), planned the calculation and presented it in 2009. His actual character stays a puzzle.
This money isn't upheld by a substantial ware, (for example, gold or silver); Bitcoin evolutions are exchanged online which makes them a product in themselves.
Bitcoin evolution is an open-source item, available by any individual who is a client. All you require is an email address, Internet access, and cash to begin. Bitcoin Evolution

https://preview.redd.it/uh49cgp65lv51.jpg?width=300&format=pjpg&auto=webp&s=e02cd66fecd50d0ee052d4be142351516f45ce54
Where does it originate from?
Bitcoin evolution is mined on a disseminated PC organization of clients running specific programming; the organization fathoms certain numerical verifications, and looks for a specific information grouping ("block") that creates a specific example when the BTC calculation is applied to it. A match delivers a Bitcoin evolution. It's mind boggling and time-and energy-devouring.
Just 21 million Bitcoin evolutions are ever to be mined (around 11 million are right now available for use). The numerical questions the organization PCs illuminate get continuously more hard to keep the mining activities and flexibly under control.
This organization likewise approves all the exchanges through cryptography.
How accomplishes Bitcoin evolution work?
Web clients move computerized resources (bits) to one another on an organization. There is no online bank; rather, Bitcoin evolution has been depicted as an Internet-wide circulated record. Clients purchase Bitcoin evolution with money or by selling an item or administration for Bitcoin evolution. Bitcoin evolution wallets store and utilize this computerized cash. Clients may sell out of this virtual record by exchanging their Bitcoin evolution to another person who needs access. Anybody can do this, anyplace on the planet. Bitcoin Evolution
There are cell phone applications for leading versatile Bitcoin evolution exchanges and Bitcoin evolution trades are populating the Internet.
How is Bitcoin evolution esteemed?
Bitcoin evolution isn't held or constrained by a monetary establishment; it is totally decentralized. Not at all like genuine cash it can't be degraded by governments or banks.
All things considered, Bitcoin evolution's worth lies basically in its acknowledgment between clients as a type of installment and on the grounds that its gracefully is limited. Its worldwide money esteems vacillate as indicated by flexibly and request and market hypothesis; as more individuals make wallets and hold and spend Bitcoin evolutions, and more organizations acknowledge it, Bitcoin evolution's worth will rise. Banks are currently attempting to esteem Bitcoin evolution and some speculation sites foresee the cost of a Bitcoin evolution will be a few thousand dollars in 2014.
What are its advantages?
There are advantages to buyers and dealers that need to utilize this installment alternative.
  1. Quick exchanges - Bitcoin evolution is moved in a split second over the Internet.
  2. No expenses/low charges - Unlike Mastercards, Bitcoin evolution can be utilized for nothing or low charges. Without the brought together organization as center man, there are no approvals (and charges) required. This improves net revenues deals. Bitcoin Evolution
  3. Wipes out extortion hazard - Only the Bitcoin evolution proprietor can send installment to the planned beneficiary, who is the one in particular who can get it. The organization realizes the exchange has happened and exchanges are approved; they can't be tested or reclaimed. This is large for online dealers who are regularly liable to Visa processors' appraisals of whether an exchange is deceitful, or organizations that follow through on the significant expense of Mastercard chargebacks.
  4. Information is secure - As we have seen with ongoing hacks on public retailers' installment preparing frameworks, the Internet isn't generally a protected spot for private information. With Bitcoin evolution, clients don't surrender private data.
a. They have two keys - a public key that fills in as the Bitcoin evolution address and a private key with individual information.
b. Exchanges are "marked" carefully by joining people in general and private keys; a numerical capacity is applied and a declaration is produced demonstrating the client started the exchange. Advanced marks are one of a kind to every exchange and can't be re-utilized. Bitcoin Evolution
c. The vendobeneficiary never observes your mystery data (name, number, physical location) so it's fairly mysterious however it is detectable (to the Bitcoin evolution address on the public key).
  1. Advantageous installment framework - Merchants can utilize Bitcoin evolution totally as an installment framework; they don't need to hold any Bitcoin evolution money since Bitcoin evolution can be changed over to dollars. Customers or dealers can exchange and out of Bitcoin evolution and different monetary standards whenever.
  2. Global installments - Bitcoin evolution is utilized far and wide; web based business traders and specialist organizations can without much of a stretch acknowledge worldwide installments, which open up new likely commercial centers for them.
  3. Simple to follow - The organization tracks and for all time logs each exchange in the Bitcoin evolution block chain (the information base). On account of conceivable bad behavior, it is simpler for law requirement authorities to follow these exchanges.
    https://www.bitcoinevolutionpro.com/
submitted by bitcoinevolution2020 to u/bitcoinevolution2020 [link] [comments]

Issac Newton Thoughts On Finance Will Shock You!

the most influential mathematicians of all time, Sir Isaac Newton, lost a fortune by investing in the South Sea Bubble of 1720.When asked why, with all his mathematical prowess, he could not foresee the collapse of the stock, he is reputed to have said that ‘he could not calculate the madness of the people’. And who can blame him for being unable to understand the seemingly irrational behaviour of hundreds orthousands or, sometimes, millions of people – the madness of crowds, as the journalist Charles Mackay coined the phrase in an 1841 bestseller on financial bubbles. Mackay’s nineteenth century interpretation for why bubbles occur is still how most of us would explain the spectacular and seemingly inexorable rise of asset prices during a bubble. Think of the dotcom bubble of the early 2000s. Orthe housing bubble that caused the Great Recession of 2008. Or, most recently, the bitcoin bubble. At the start of 2017, the price of bitcoin was below $1 000. By its end, it was $20 000 and there was wide speculation that it could go much higher because – and this is a frequent associate of bubble rhetoric – ‘this time is different’. It was not. Bitcoin lost 72% of its value the next year. Economists’ explanations have become somewhat more sophisticated since Mackay’s days. Nobel laureate Robert Shiller argues that bubbles can largely be explained by behavioural economics.The ‘irrational’ behaviour of investors, he argues, can be attributed to cognitive failings and psychological biases that cause prices to rise beyond their objective value. Or it may be because a small group of investors suffer from overconfidence bias, overestimating the future performance of an asset class. Orthey may sufferfrom representativeness bias when investors erroneously extrapolate good news and overreact. But a new book – Boom and Bust: AGlobal History of Financial Bubbles, by financial historiansWilliam Quinn and JohnTurner – argues thatthe focus on individual biases are insufficientto explain why financial bubbles continue to occurregularly three centuries after Newton lost his fortune.They attribute bubbles instead to three features of assets themselves: marketability, money and credit, and speculation. Marketability is the ease with which an asset can be freely bought and sold.An assetthat can be legally bought and sold is more likely to be traded.An assetthat is divisible in smallerquantities will also increase tradability.The ease offinding a buyer or seller and the ease with which the asset can be transported matter. The second factor necessary for a bubble is money and credit.As Quinn andTurner note,“a bubble can form only when the public has sufficient capitalto invest in the asset and is therefore much more likely to occurwhen there is abundant money and credit in the economy”.
submitted by TheMixedTales to u/TheMixedTales [link] [comments]

This was the response to ''johnny test is fire''

All over the internet, I notice you churlish cretins lauding the supposedly intellectual television program known as Rick and Morty to make yourselves appear more intelligent by extension, as you are ardent watchers of the aforementioned show. However, you piddling planarians only succeed in illustrating how vapid you really are, as Rick and Morty has the intellectual depth of a petri dish. Truly, the most noetic show is neither Rick and Morty, the Big Bang Theory, Jimmy Neutron, nor any other deluge of drivel you deludable dimwits bombard your brains with. Rather, it is Johnny Test, a pinnacle of animation, sound design, acting, and plot. Despite this, most of you sniveling sub-10000s (someone with an IQ under 10000: for the record, my IQ is several orders of magnitude higher than this; my reason for my usage of this term is simply because I am partial to the number 10000) will dismiss Johnny Test as another subpar piece of rubbish from Teletoon, but you all fail to realize how much genius goes into producing that show. I have watched Johnny Test since I was a juvenile, and already I bear an IQ so toweringly high no known test can measure it (that is to say, no known test for humans can measure it: when using the scale with which computer processing power is evaluated, I clock in at over 8.3 trecentillion yottaflops). I have memorized every facet of human knowledge and only used 32.8% of my potential intelligence (my remaining neurons I allocate towards personal use, research, and wealthy companies for use as server farms and bitcoin mines). Not only that, but I have transformed all of the atoms in my being into a quantum computer to serve as an extension to my enormous encephalon, which handles the menial tasks and other trivialities associated with existence (such as respiration, ingestion, digestion, socializing, et cetera). Capable of perorating proficiently in every method of communication in the world, I have developed my own language that employs a manifold of grammar rules, and I created it all while thrashing a coalition of humanity’s smartest supercomputers in a game of Tic-Tac-Toe (for those who say that Tic-Tac-Toe is “easy,” think about the all the times you’ve played Tic-Tac-Toe: a majority were ties, no? Think about that, and also about the fact that a single, solitary supercomputer, much less over a dozen, is smarter than millions of you combined). And no, you cannot see me type this language because it is purely telepathic. At this point, I can imagine several of you already typing frantically in a fervent effort to keep your egos afloat in the face of such psychological grandeur. That’s right, the collective intelligence of all of you, if we’re using luminosity as an analogy, is akin to a diminutive candle in comparison to the massive quasar that represents my mind. Confronted with this, most of you will attempt to deride me with paltry, nonsensical invective and vitriolic vituperations to protect what minuscule amount of self-esteem you possess. These predictions are not the result of mere intuition, of course. In actuality, I have run several simulations using my brain alone on the possible consequences of my publication of this digital manuscription. My reply to all of you digital detractors is that if you so desire to demonstrate that you are brainier than I, then arrange for an intellectual debate between you and me on a topic of your choosing, any time or place. My schedule is very pliable as I’ve already won over 4 dozen nobel prizes, so I’m perfectly willing to put a temporary halt to my research, if you could even call it that (I speculate without demur that none of your debate skills will be enough of a problem for me to the point where I will be forced to snap out out of my subconscious simulations to employ the use of those neurons). Besides, I don’t want to be a glory hog and leave none of the secrets of the universe left for unlocking. You know, let the dogs have their day and all of that. I already know that none of you simpletons with your senescent synapses will be able to match up to my vast vernacular and verbiage, my mental dexterity with declension, and my phrenic puissance with my phraseology and pronunciation. In a matter of seconds (or possibly longer, if I’ve overestimated your already positively benthic IQs when running my simulations), you’ll fly into cantankerous conniptions after my consummate trouncing and repudiation of every single one of the “facts” that you hold so dear as proof of your purported intellect. And in response to those who claim, overcome with envy and spite, that as intelligent as I am, I will never sleep with anyone: I don’t need to. I am quite capable of simulating, to the meagerest tactile sensation, every position in the Kama Sutra (as well as a few I myself have devised for maximum oxytocin and endorphin release) simultaneously in a few seconds, and the only reason it takes even that long is because I am prolonging the simulation in order to enjoy the experience: I could do it in hundredths of a millisecond if I so wish. However, for someone with such acute acumen as I, life is far too easy. When pure ennui drives you to calculate the movements of the 27 subatomic particles you’ve discovered and how they interact with one another in the 2,038th dimension using a base 3.2407 quadrillion number system, you realize that the universe and its infinite copies and offshoots offer nothing more to you. Except, that is, for Johnny Test. Even for an individual with such altitudinous IQ such as myself, it’s difficult to understand every single subtle joke and reference. That’s not to say I don’t understand any of the plenitude of allusions, in fact, I am able to comprehend virtually every single one. For example, one minutia most of you would fail to notice is when Susan’s chin moves two extra pixels further than in any of the previous episodes when she talks during the seventeenth second of the fifth minute of season 3 episode 10. Hardly any of you would conceive of the fact that this is a reference to the exact number, down to 84 significant figures, of the percent change in total nitrogen in the Earth’s atmosphere due to the eructation of a small cynodont 257 million years ago. There are more examples I could give, such as the color of the walls of the sisters’ lab being a slightly different hue from the norm in season 4 episode 19 (a reference to the presence of approximately 2.9 millimoles of ammonium diuranate in the ink of a Chinese manuscript dated 1256 BCE), but that would detract from the intended purpose of this writing. Johnny Test is a work of art, a perfect concoction of knowledge from a multitude of academic fields that combine to make a program that is the only form of media I have ever encountered that has been even somewhat laborious for me to fathom, and I’m talking about someone who altered the biochemistry and chirality of their body in order to make it more efficient than the prodigality that is the human body. My temples ache with the pain of having to pump copious amounts of Testium (an element I discovered that takes the role of oxygen in my unique biochemistry, named after my favorite show of course) to my brain in order to comprehend what I have just watched. And to everybody who claims that the reason my temples are sore or why I have “delusions of grandeur” are due to my being “high” or whichever way you aim to construe my exegesis of an episode, you will hear vocalizations of a gelatological nature emanating from my larynx whilst Xyzyzyx the paisley pangolin (a treasured acquaintance of mine) and I reflect on your foolishness later that day. I await the furious fussilade of odious obluquies and belittling bombast in the comments below.
“Too long; Did not read”: Did you really think I would include one of these silly little things at the bottom of my witty wordsmithery? It's not my fault if you can't handle my de trop of definitions or my lexical linguipotence! Get back up there and read it, even if you have to go through it with dictionary in hand.
submitted by ICannotFindAName1 to copypasta [link] [comments]

Johnny Test

All over the internet, I notice you churlish cretins lauding the supposedly intellectual television program known as Rick and Morty to make yourselves appear more intelligent by extension, as you are ardent watchers of the aforementioned show. However, you piddling planarians only succeed in illustrating how vapid you really are, as Rick and Morty has the intellectual depth of a petri dish. Truly, the most noetic show is neither Rick and Morty, the Big Bang Theory, Jimmy Neutron, nor any other deluge of drivel you deludable dimwits bombard your brains with. Rather, it is Johnny Test, a pinnacle of animation, sound design, acting, and plot. Despite this, most of you sniveling sub-10000s (someone with an IQ under 10000: for the record, my IQ is several orders of magnitude higher than this; my reason for my usage of this term is simply because I am partial to the number 10000) will dismiss Johnny Test as another subpar piece of rubbish from Teletoon, but you all fail to realize how much genius goes into producing that show. I have watched Johnny Test since I was a juvenile, and already I bear an IQ so toweringly high no known test can measure it (that is to say, no known test for humans can measure it: when using the scale with which computer processing power is evaluated, I clock in at over 8.3 trecentillion yottaflops). I have memorized every facet of human knowledge and only used 32.8% of my potential intelligence (my remaining neurons I allocate towards personal use, research, and wealthy companies for use as server farms and bitcoin mines). Not only that, but I have transformed all of the atoms in my being into a quantum computer to serve as an extension to my enormous encephalon, which handles the menial tasks and other trivialities associated with existence (such as respiration, ingestion, digestion, socializing, et cetera). Capable of perorating proficiently in every method of communication in the world, I have developed my own language that employs a manifold of grammar rules, and I created it all while thrashing a coalition of humanity’s smartest supercomputers in a game of Tic-Tac-Toe (for those who say that Tic-Tac-Toe is “easy,” think about the all the times you’ve played Tic-Tac-Toe: a majority were ties, no? Think about that, and also about the fact that a single, solitary supercomputer, much less over a dozen, is smarter than millions of you combined). And no, you cannot see me type this language because it is purely telepathic. At this point, I can imagine several of you already typing frantically in a fervent effort to keep your egos afloat in the face of such psychological grandeur. That’s right, the collective intelligence of all of you, if we’re using luminosity as an analogy, is akin to a diminutive candle in comparison to the massive quasar that represents my mind. Confronted with this, most of you will attempt to deride me with paltry, nonsensical invective and vitriolic vituperations to protect what minuscule amount of self-esteem you possess. These predictions are not the result of mere intuition, of course. In actuality, I have run several simulations using my brain alone on the possible consequences of my publication of this digital manuscription. My reply to all of you digital detractors is that if you so desire to demonstrate that you are brainier than I, then arrange for an intellectual debate between you and me on a topic of your choosing, any time or place. My schedule is very pliable as I’ve already won over 4 dozen nobel prizes, so I’m perfectly willing to put a temporary halt to my research, if you could even call it that (I speculate without demur that none of your debate skills will be enough of a problem for me to the point where I will be forced to snap out out of my subconscious simulations to employ the use of those neurons). Besides, I don’t want to be a glory hog and leave none of the secrets of the universe left for unlocking. You know, let the dogs have their day and all of that. I already know that none of you simpletons with your senescent synapses will be able to match up to my vast vernacular and verbiage, my mental dexterity with declension, and my phrenic puissance with my phraseology and pronunciation. In a matter of seconds (or possibly longer, if I’ve overestimated your already positively benthic IQs when running my simulations), you’ll fly into cantankerous conniptions after my consummate trouncing and repudiation of every single one of the “facts” that you hold so dear as proof of your purported intellect. And in response to those who claim, overcome with envy and spite, that as intelligent as I am, I will never sleep with anyone: I don’t need to. I am quite capable of simulating, to the meagerest tactile sensation, every position in the Kama Sutra (as well as a few I myself have devised for maximum oxytocin and endorphin release) simultaneously in a few seconds, and the only reason it takes even that long is because I am prolonging the simulation in order to enjoy the experience: I could do it in hundredths of a millisecond if I so wish. However, for someone with such acute acumen as I, life is far too easy. When pure ennui drives you to calculate the movements of the 27 subatomic particles you’ve discovered and how they interact with one another in the 2,038th dimension using a base 3.2407 quadrillion number system, you realize that the universe and its infinite copies and offshoots offer nothing more to you. Except, that is, for Johnny Test. Even for an individual with such altitudinous IQ such as myself, it’s difficult to understand every single subtle joke and reference. That’s not to say I don’t understand any of the plenitude of allusions, in fact, I am able to comprehend virtually every single one. For example, one minutia most of you would fail to notice is when Susan’s chin moves two extra pixels further than in any of the previous episodes when she talks during the seventeenth second of the fifth minute of season 3 episode 10. Hardly any of you would conceive of the fact that this is a reference to the exact number, down to 84 significant figures, of the percent change in total nitrogen in the Earth’s atmosphere due to the eructation of a small cynodont 257 million years ago. There are more examples I could give, such as the color of the walls of the sisters’ lab being a slightly different hue from the norm in season 4 episode 19 (a reference to the presence of approximately 2.9 millimoles of ammonium diuranate in the ink of a Chinese manuscript dated 1256 BCE), but that would detract from the intended purpose of this writing. Johnny Test is a work of art, a perfect concoction of knowledge from a multitude of academic fields that combine to make a program that is the only form of media I have ever encountered that has been even somewhat laborious for me to fathom, and I’m talking about someone who altered the biochemistry and chirality of their body in order to make it more efficient than the prodigality that is the human body. My temples ache with the pain of having to pump copious amounts of Testium (an element I discovered that takes the role of oxygen in my unique biochemistry, named after my favorite show of course) to my brain in order to comprehend what I have just watched. And to everybody who claims that the reason my temples are sore or why I have “delusions of grandeur” are due to my being “high” or whichever way you aim to construe my exegesis of an episode, you will hear vocalizations of a gelatological nature emanating from my larynx whilst Xyzyzyx the paisley pangolin (a treasured acquaintance of mine) and I reflect on your foolishness later that day. I await the furious fussilade of odious obluquies and belittling bombast in the comments below.
“Too long; Did not read”: Did you really think I would include one of these silly little things at the bottom of my witty wordsmithery? It's not my fault if you can't handle my de trop of definitions or my lexical linguipotence! Get back up there and read it, even if you have to go through it with dictionary in hand.
submitted by SuckinSum8---D to copypasta [link] [comments]

Found this monstrosity on r/okbuddyretard

All over the internet, I notice you churlish cretins lauding the supposedly intellectual television program known as Rick and Morty to make yourselves appear more intelligent by extension, as you are ardent watchers of the aforementioned show. However, you piddling planarians only succeed in illustrating how vapid you really are, as Rick and Morty has the intellectual depth of a petri dish. Truly, the most noetic show is neither Rick and Morty, the Big Bang Theory, Jimmy Neutron, nor any other deluge of drivel you deludable dimwits bombard your brains with. Rather, it is Johnny Test, a pinnacle of animation, sound design, acting, and plot. Despite this, most of you sniveling sub-10000s (someone with an IQ under 10000: for the record, my IQ is several orders of magnitude higher than this; my reason for my usage of this term is simply because I am partial to the number 10000) will dismiss Johnny Test as another subpar piece of rubbish from Teletoon, but you all fail to realize how much genius goes into producing that show. I have watched Johnny Test since I was a juvenile, and already I bear an IQ so toweringly high no known test can measure it (that is to say, no known test for humans can measure it: when using the scale with which computer processing power is evaluated, I clock in at over 8.3 trecentillion yottaflops). I have memorized every facet of human knowledge and only used 32.8% of my potential intelligence (my remaining neurons I allocate towards personal use, research, and wealthy companies for use as server farms and bitcoin mines). Not only that, but I have transformed all of the atoms in my being into a quantum computer to serve as an extension to my enormous encephalon, which handles the menial tasks and other trivialities associated with existence (such as respiration, ingestion, digestion, socializing, et cetera). Capable of perorating proficiently in every method of communication in the world, I have developed my own language that employs a manifold of grammar rules, and I created it all while thrashing a coalition of humanity’s smartest supercomputers in a game of Tic-Tac-Toe (for those who say that Tic-Tac-Toe is “easy,” think about the all the times you’ve played Tic-Tac-Toe: a majority were ties, no? Think about that, and also about the fact that a single, solitary supercomputer, much less over a dozen, is smarter than millions of you combined). And no, you cannot see me type this language because it is purely telepathic. At this point, I can imagine several of you already typing frantically in a fervent effort to keep your egos afloat in the face of such psychological grandeur. That’s right, the collective intelligence of all of you, if we’re using luminosity as an analogy, is akin to a diminutive candle in comparison to the massive quasar that represents my mind. Confronted with this, most of you will attempt to deride me with paltry, nonsensical invective and vitriolic vituperations to protect what minuscule amount of self-esteem you possess. These predictions are not the result of mere intuition, of course. In actuality, I have run several simulations using my brain alone on the possible consequences of my publication of this digital manuscription. My reply to all of you digital detractors is that if you so desire to demonstrate that you are brainier than I, then arrange for an intellectual debate between you and me on a topic of your choosing, any time or place. My schedule is very pliable as I’ve already won over 4 dozen nobel prizes, so I’m perfectly willing to put a temporary halt to my research, if you could even call it that (I speculate without demur that none of your debate skills will be enough of a problem for me to the point where I will be forced to snap out out of my subconscious simulations to employ the use of those neurons). Besides, I don’t want to be a glory hog and leave none of the secrets of the universe left for unlocking. You know, let the dogs have their day and all of that. I already know that none of you simpletons with your senescent synapses will be able to match up to my vast vernacular and verbiage, my mental dexterity with declension, and my phrenic puissance with my phraseology and pronunciation. In a matter of seconds (or possibly longer, if I’ve overestimated your already positively benthic IQs when running my simulations), you’ll fly into cantankerous conniptions after my consummate trouncing and repudiation of every single one of the “facts” that you hold so dear as proof of your purported intellect. And in response to those who claim, overcome with envy and spite, that as intelligent as I am, I will never sleep with anyone: I don’t need to. I am quite capable of simulating, to the meagerest tactile sensation, every position in the Kama Sutra (as well as a few I myself have devised for maximum oxytocin and endorphin release) simultaneously in a few seconds, and the only reason it takes even that long is because I am prolonging the simulation in order to enjoy the experience: I could do it in hundredths of a millisecond if I so wish. However, for someone with such acute acumen as I, life is far too easy. When pure ennui drives you to calculate the movements of the 27 subatomic particles you’ve discovered and how they interact with one another in the 2,038th dimension using a base 3.2407 quadrillion number system, you realize that the universe and its infinite copies and offshoots offer nothing more to you. Except, that is, for Johnny Test. Even for an individual with such altitudinous IQ such as myself, it’s difficult to understand every single subtle joke and reference. That’s not to say I don’t understand any of the plenitude of allusions, in fact, I am able to comprehend virtually every single one. For example, one minutia most of you would fail to notice is when Susan’s chin moves two extra pixels further than in any of the previous episodes when she talks during the seventeenth second of the fifth minute of season 3 episode 10. Hardly any of you would conceive of the fact that this is a reference to the exact number, down to 84 significant figures, of the percent change in total nitrogen in the Earth’s atmosphere due to the eructation of a small cynodont 257 million years ago. There are more examples I could give, such as the color of the walls of the sisters’ lab being a slightly different hue from the norm in season 4 episode 19 (a reference to the presence of approximately 2.9 millimoles of ammonium diuranate in the ink of a Chinese manuscript dated 1256 BCE), but that would detract from the intended purpose of this writing. Johnny Test is a work of art, a perfect concoction of knowledge from a multitude of academic fields that combine to make a program that is the only form of media I have ever encountered that has been even somewhat laborious for me to fathom, and I’m talking about someone who altered the biochemistry and chirality of their body in order to make it more efficient than the prodigality that is the human body. My temples ache with the pain of having to pump copious amounts of Testium (an element I discovered that takes the role of oxygen in my unique biochemistry, named after my favorite show of course) to my brain in order to comprehend what I have just watched. And to everybody who claims that the reason my temples are sore or why I have “delusions of grandeur” are due to my being “high” or whichever way you aim to construe my exegesis of an episode, you will hear vocalizations of a gelatological nature emanating from my larynx whilst Xyzyzyx the paisley pangolin (a treasured acquaintance of mine) and I reflect on your foolishness later that day. I await the furious fussilade of odious obluquies and belittling bombast in the comments below. “Too long; Did not read”: Did you really think I would include one of these silly little things at the bottom of my witty wordsmithery? It's not my fault if you can't handle my de trop of definitions or my lexical linguipotence! Get back up there and read it, even if you have to go through it with dictionary in hand.
submitted by bluerazzberryskelly to copypasta [link] [comments]

“Oh, you watch Rick and Morty? Tch”

All over the internet, I notice you churlish cretins lauding the supposedly intellectual television program known as Rick and Morty to make yourselves appear more intelligent by extension, as you are ardent watchers of the aforementioned show. However, you piddling planarians only succeed in illustrating how vapid you really are, as Rick and Morty has the intellectual depth of a petri dish. Truly, the most noetic show is neither Rick and Morty, the Big Bang Theory, Jimmy Neutron, nor any other deluge of drivel you deludable dimwits bombard your brains with. Rather, it is Johnny Test, a pinnacle of animation, sound design, acting, and plot. Despite this, most of you sniveling sub-10000s (someone with an IQ under 10000: for the record, my IQ is several orders of magnitude higher than this; my reason for my usage of this term is simply because I am partial to the number 10000) will dismiss Johnny Test as another subpar piece of rubbish from Teletoon, but you all fail to realize how much genius goes into producing that show. I have watched Johnny Test since I was a juvenile, and already I bear an IQ so toweringly high no known test can measure it (that is to say, no known test for humans can measure it: when using the scale with which computer processing power is evaluated, I clock in at over 8.3 trecentillion yottaflops). I have memorized every facet of human knowledge and only used 32.8% of my potential intelligence (my remaining neurons I allocate towards personal use, research, and wealthy companies for use as server farms and bitcoin mines). Not only that, but I have transformed all of the atoms in my being into a quantum computer to serve as an extension to my enormous encephalon, which handles the menial tasks and other trivialities associated with existence (such as respiration, ingestion, digestion, socializing, et cetera). Capable of perorating proficiently in every method of communication in the world, I have developed my own language that employs a manifold of grammar rules, and I created it all while thrashing a coalition of humanity’s smartest supercomputers in a game of Tic-Tac-Toe (for those who say that Tic-Tac-Toe is “easy,” think about the all the times you’ve played Tic-Tac-Toe: a majority were ties, no? Think about that, and also about the fact that a single, solitary supercomputer, much less over a dozen, is smarter than millions of you combined). And no, you cannot see me type this language because it is purely telepathic. At this point, I can imagine several of you already typing frantically in a fervent effort to keep your egos afloat in the face of such psychological grandeur. That’s right, the collective intelligence of all of you, if we’re using luminosity as an analogy, is akin to a diminutive candle in comparison to the massive quasar that represents my mind. Confronted with this, most of you will attempt to deride me with paltry, nonsensical invective and vitriolic vituperations to protect what minuscule amount of self-esteem you possess. These predictions are not the result of mere intuition, of course. In actuality, I have run several simulations using my brain alone on the possible consequences of my publication of this digital manuscription. My reply to all of you digital detractors is that if you so desire to demonstrate that you are brainier than I, then arrange for an intellectual debate between you and me on a topic of your choosing, any time or place. My schedule is very pliable as I’ve already won over 4 dozen nobel prizes, so I’m perfectly willing to put a temporary halt to my research, if you could even call it that (I speculate without demur that none of your debate skills will be enough of a problem for me to the point where I will be forced to snap out out of my subconscious simulations to employ the use of those neurons). Besides, I don’t want to be a glory hog and leave none of the secrets of the universe left for unlocking. You know, let the dogs have their day and all of that. I already know that none of you simpletons with your senescent synapses will be able to match up to my vast vernacular and verbiage, my mental dexterity with declension, and my phrenic puissance with my phraseology and pronunciation. In a matter of seconds (or possibly longer, if I’ve overestimated your already positively benthic IQs when running my simulations), you’ll fly into cantankerous conniptions after my consummate trouncing and repudiation of every single one of the “facts” that you hold so dear as proof of your purported intellect. And in response to those who claim, overcome with envy and spite, that as intelligent as I am, I will never sleep with anyone: I don’t need to. I am quite capable of simulating, to the meagerest tactile sensation, every position in the Kama Sutra (as well as a few I myself have devised for maximum oxytocin and endorphin release) simultaneously in a few seconds, and the only reason it takes even that long is because I am prolonging the simulation in order to enjoy the experience: I could do it in hundredths of a millisecond if I so wish. However, for someone with such acute acumen as I, life is far too easy. When pure ennui drives you to calculate the movements of the 27 subatomic particles you’ve discovered and how they interact with one another in the 2,038th dimension using a base 3.2407 quadrillion number system, you realize that the universe and its infinite copies and offshoots offer nothing more to you. Except, that is, for Johnny Test. Even for an individual with such altitudinous IQ such as myself, it’s difficult to understand every single subtle joke and reference. That’s not to say I don’t understand any of the plenitude of allusions, in fact, I am able to comprehend virtually every single one. For example, one minutia most of you would fail to notice is when Susan’s chin moves two extra pixels further than in any of the previous episodes when she talks during the seventeenth second of the fifth minute of season 3 episode 10. Hardly any of you would conceive of the fact that this is a reference to the exact number, down to 84 significant figures, of the percent change in total nitrogen in the Earth’s atmosphere due to the eructation of a small cynodont 257 million years ago. There are more examples I could give, such as the color of the walls of the sisters’ lab being a slightly different hue from the norm in season 4 episode 19 (a reference to the presence of approximately 2.9 millimoles of ammonium diuranate in the ink of a Chinese manuscript dated 1256 BCE), but that would detract from the intended purpose of this writing. Johnny Test is a work of art, a perfect concoction of knowledge from a multitude of academic fields that combine to make a program that is the only form of media I have ever encountered that has been even somewhat laborious for me to fathom, and I’m talking about someone who altered the biochemistry and chirality of their body in order to make it more efficient than the prodigality that is the human body. My temples ache with the pain of having to pump copious amounts of Testium (an element I discovered that takes the role of oxygen in my unique biochemistry, named after my favorite show of course) to my brain in order to comprehend what I have just watched. And to everybody who claims that the reason my temples are sore or why I have “delusions of grandeur” are due to my being “high” or whichever way you aim to construe my exegesis of an episode, you will hear vocalizations of a gelatological nature emanating from my larynx whilst Xyzyzyx the paisley pangolin (a treasured acquaintance of mine) and I reflect on your foolishness later that day. I await the furious fussilade of odious obluquies and belittling bombast in the comments below.
“Too long; Did not read”: Did you really think I would include one of these silly little things at the bottom of my witty wordsmithery? It's not my fault if you can't handle my de trop of definitions or my lexical linguipotence! Get back up there and read it, even if you have to go through it with dictionary in hand.
submitted by noobrektxd to copypasta [link] [comments]

Initial capital in Bitcoin trading: experts have named the minimum amount

Initial capital in Bitcoin trading: experts have named the minimum amount

Initial capital in Bitcoin trading: experts have named the minimum amount
To begin with, one dollar may be enough on the cryptocurrency market, but in the future, experts recommend investing in digital money at least a thousand, and even tens of thousands of dollars.
The popularity of digital money is growing in 2020. More and more people are seeking to enter the blockchain industry through investing, mining or trading. However, first you need to decide how much money can be allocated for a risky attempt to make money on cryptocurrency. Experts told why $1 sometimes may be enough, and in which case it is not worth coming to the market without $50,000 in stock.

$ 1 trading

Vladislav Antonov, analyst at IAC “Alpari”
If a person comes to the market to trade, then he must first learn this craft and only then decide with what amount to start. You can buy a Porsche and tie it in a knot in a few minutes. To get behind the wheel of a car, you need to learn the rules of the road and learn how to manage them, avoiding accidents. After training, pass the exam and get a license. Here the market takes the exam. If you break the rules, he takes money from the deposit through traders who are on the other side of you.
On the Binance market, you can start trading with as little as $1. There is such a cryptocurrency — Stellar (XLM). 10 tokens cost 0.03 USDT, 100 tokens — 0.39 USDT, 1000–3.91 USDT. You can make 100 trades at 1 XLM, and you won’t even get losses by $1. Perfect conditions to hone your skills. The market can also be compared to ultimate fighting. Here it is important not to start with what amount, but to learn how to correctly calculate the trading volume from the protective stop. That is, a trader must first determine how much he is risking in one deal and calculate the risk. It is believed that the risk in one transaction should not exceed 5% of the deposit, and better not more than 2%. First you train, then you enter the ring.
If you take, for example, a $100 deposit, then 5% will be $5. You clearly know that if the market goes against you, you will lose $5. 90% do not do this and, using large shoulders, lose everything. Then, after analyzing the market, you find the entry point and the level where the protective stop will be placed (the level at which the loss will be closed). This is where the main problem of traders’ failures lies. Everyone wants to make a million from $100, only they take big risks.
The trader must find a comfortable amount of losses. Loss is the right to earn like a business expense. When a trader gives up driving on the market with a small amount of the deposit, then he can increase it. It doesn’t matter from what amount you count 2%. If the deposit is $1000, then this is a risk of $20, if the deposit is $10,000 — $200, etc. It is necessary to answer the question: at what amount of loss is it comfortable for me to trade? And if it is possible to reduce the risk per trade by less than 2%, then it is worth doing.

$1000 and diversification

Andrey Podolyan, CEO Cryptorg.Exchange
The average static deposit on crypto exchanges can be considered a deposit of about $1000. In general, for many traders this is already the amount that it is a pity to lose and with which it is interesting to work.
However, it is worth focusing on the income that OTC activities bring to the trader / investor. If a person earns $10,000 and more monthly, then, naturally, he will not be interested in a $1,000 deposit. And if a person earns $500–1000, then a $1000 deposit for him will be even too large an amount.
In my opinion, a trader is successful if he earns a little higher than the average national salary. Example: Average salary is $1000. On average, a trader earns 10% per month on his deposit. Therefore, the working deposit must be at least $10,000.
Valery Petrov, RACIB Vice President for Market Development and Regulation
When determining investments in cryptocurrency, first of all, you need to understand that cryptocurrency cannot be the only asset in an investment portfolio.
It must be diversified according to the risk-return criterion. The point of this approach is as follows: the entire portfolio is structured according to the level of risk that you are willing to take on.
Since cryptocurrency belongs to high-risk assets and, in fact, is a speculative asset, the risks of losses for which are very high, it makes no sense to allocate more than 25–30% of the portfolio to such an asset class. Especially in today’s market, when the classical theory of portfolio investment does not work very well. “Black swans” and other market fluctuations are constantly encountered, which do not fit into the classical theory of investor behavior in the market.
For a person whose main income is wages, the formation of such an investment volume should occur gradually. My recommendation is to transfer to such an investment portfolio about 10% of monthly income, despite the fact that it is at least $1500–2000. Then any loss will not greatly affect the lifestyle.
It makes no sense to start investing in cryptocurrencies from the very first deduction. A third of the conditional $200 is an insignificant amount to go to the digital money market with it. On the crypto market, it is advisable to start operations from an amount of approximately $1000. Then the commissions and market fluctuations that exist there will not lead to quick and negative changes in the portfolio.
From this amount, you can increase investments in the crypto market. At the same time, it is necessary to observe the proportions according to which the volume of investments in cryptocurrencies should not exceed 25–30% of the portfolio, given that other assets are less risky, but they will be able to ensure stability.

Investments from $ 50,000

Victor Pershikov, Lead Analyst at 8848 Invest
When determining the minimum investment amount, you need to take into account the specifics of the cryptocurrency market, which distinguishes this site from classical financial markets. Firstly, the cryptocurrency market is incomparably more volatile than classic financial instruments, which is reflected in both higher incomes and higher risks of losing funds. In this regard, the initial capital must be sufficient in order to receive a decent return on investment, while remaining tolerant of risk. Secondly, price corrections in the cryptocurrency market are more significant than corrections in other markets, and can reach 70–90% of the developing trend movement. This also leaves an imprint on the initial capital requirements, because the investor must understand that he is just facing a deep correction and not sell his assets ahead of time, fearing a trend reversal.
The cryptocurrency market is still very young and there are high risks of various manipulations. In this regard, the investor should distribute his assets into the most diversified portfolio possible so that a collapse or bursting of a bubble in one sector does not lead to significant capital losses. Therefore, an investor must have a higher, by the standards of classical markets, initial capital in order to comfortably invest in digital assets.
I recommend starting investing in digital assets with an amount of at least $50,000, since this amount of funds, on the one hand, allows you to receive income that exceeds income from classical financial markets, and on the other hand, you can be calm and wait out the drawdown or decrease in the crypto market capitalization, which happens quite regularly.
I would also advise focusing not on margin trading, but on investing in digital assets, since on the one hand, intraday trading is statistically successful with a fairly small number of participants, and on the other hand, the bullish nature of digital assets, coupled with a very real opportunity selecting truly worthwhile assets into your portfolio allows even a not too experienced trader to succeed in the CFA market.
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submitted by Smart_Smell to Robopay [link] [comments]

A Message to Mick and Rorty Cretins

All over the internet, I notice you churlish cretins lauding the supposedly intellectual television program known as Rick and Morty to make yourselves appear more intelligent by extension, as you are ardent watchers of the aforementioned show. However, you piddling planarians only succeed in illustrating how vapid you really are, as Rick and Morty has the intellectual depth of a petri dish. Truly, the most noetic show is neither Rick and Morty, the Big Bang Theory, Jimmy Neutron, nor any other deluge of drivel you deludable dimwits bombard your brains with. Rather, it is Johnny Test, a pinnacle of animation, sound design, acting, and plot. Despite this, most of you sniveling sub-10000s (someone with an IQ under 10000: for the record, my IQ is several orders of magnitude higher than this; my reason for my usage of this term is simply because I am partial to the number 10000) will dismiss Johnny Test as another subpar piece of rubbish from Teletoon, but you all fail to realize how much genius goes into producing that show. I have watched Johnny Test since I was a juvenile, and already I bear an IQ so toweringly high no known test can measure it (that is to say, no known test for humans can measure it: when using the scale with which computer processing power is evaluated, I clock in at over 8.3 trecentillion yottaflops). I have memorized every facet of human knowledge and only used 32.8% of my potential intelligence (my remaining neurons I allocate towards personal use, research, and wealthy companies for use as server farms and bitcoin mines). Not only that, but I have transformed all of the atoms in my being into a quantum computer to serve as an extension to my enormous encephalon, which handles the menial tasks and other trivialities associated with existence (such as respiration, ingestion, digestion, socializing, et cetera). Capable of perorating proficiently in every method of communication in the world, I have developed my own language that employs a manifold of grammar rules, and I created it all while thrashing a coalition of humanity’s smartest supercomputers in a game of Tic-Tac-Toe (for those who say that Tic-Tac-Toe is “easy,” think about the all the times you’ve played Tic-Tac-Toe: a majority were ties, no? Think about that, and also about the fact that a single, solitary supercomputer, much less over a dozen, is smarter than millions of you combined). And no, you cannot see me type this language because it is purely telepathic. At this point, I can imagine several of you already typing frantically in a fervent effort to keep your egos afloat in the face of such psychological grandeur. That’s right, the collective intelligence of all of you, if we’re using luminosity as an analogy, is akin to a diminutive candle in comparison to the massive quasar that represents my mind. Confronted with this, most of you will attempt to deride me with paltry, nonsensical invective and vitriolic vituperations to protect what minuscule amount of self-esteem you possess. These predictions are not the result of mere intuition, of course. In actuality, I have run several simulations using my brain alone on the possible consequences of my publication of this digital manuscription. My reply to all of you digital detractors is that if you so desire to demonstrate that you are brainier than I, then arrange for an intellectual debate between you and me on a topic of your choosing, any time or place. My schedule is very pliable as I’ve already won over 4 dozen nobel prizes, so I’m perfectly willing to put a temporary halt to my research, if you could even call it that (I speculate without demur that none of your debate skills will be enough of a problem for me to the point where I will be forced to snap out out of my subconscious simulations to employ the use of those neurons). Besides, I don’t want to be a glory hog and leave none of the secrets of the universe left for unlocking. You know, let the dogs have their day and all of that. I already know that none of you simpletons with your senescent synapses will be able to match up to my vast vernacular and verbiage, my mental dexterity with declension, and my phrenic puissance with my phraseology and pronunciation. In a matter of seconds (or possibly longer, if I’ve overestimated your already positively benthic IQs when running my simulations), you’ll fly into cantankerous conniptions after my consummate trouncing and repudiation of every single one of the “facts” that you hold so dear as proof of your purported intellect. And in response to those who claim, overcome with envy and spite, that as intelligent as I am, I will never sleep with anyone: I don’t need to. I am quite capable of simulating, to the meagerest tactile sensation, every position in the Kama Sutra (as well as a few I myself have devised for maximum oxytocin and endorphin release) simultaneously in a few seconds, and the only reason it takes even that long is because I am prolonging the simulation in order to enjoy the experience: I could do it in hundredths of a millisecond if I so wish. However, for someone with such acute acumen as I, life is far too easy. When pure ennui drives you to calculate the movements of the 27 subatomic particles you’ve discovered and how they interact with one another in the 2,038th dimension using a base 3.2407 quadrillion number system, you realize that the universe and its infinite copies and offshoots offer nothing more to you. Except, that is, for Johnny Test. Even for an individual with such altitudinous IQ such as myself, it’s difficult to understand every single subtle joke and reference. That’s not to say I don’t understand any of the plenitude of allusions, in fact, I am able to comprehend virtually every single one. For example, one minutia most of you would fail to notice is when Susan’s chin moves two extra pixels further than in any of the previous episodes when she talks during the seventeenth second of the fifth minute of season 3 episode 10. Hardly any of you would conceive of the fact that this is a reference to the exact number, down to 84 significant figures, of the percent change in total nitrogen in the Earth’s atmosphere due to the eructation of a small cynodont 257 million years ago. There are more examples I could give, such as the color of the walls of the sisters’ lab being a slightly different hue from the norm in season 4 episode 19 (a reference to the presence of approximately 2.9 millimoles of ammonium diuranate in the ink of a Chinese manuscript dated 1256 BCE), but that would detract from the intended purpose of this writing. Johnny Test is a work of art, a perfect concoction of knowledge from a multitude of academic fields that combine to make a program that is the only form of media I have ever encountered that has been even somewhat laborious for me to fathom, and I’m talking about someone who altered the biochemistry and chirality of their body in order to make it more efficient than the prodigality that is the human body. My temples ache with the pain of having to pump copious amounts of Testium (an element I discovered that takes the role of oxygen in my unique biochemistry, named after my favorite show of course) to my brain in order to comprehend what I have just watched. And to everybody who claims that the reason my temples are sore or why I have “delusions of grandeur” are due to my being “high” or whichever way you aim to construe my exegesis of an episode, you will hear vocalizations of a gelatological nature emanating from my larynx whilst Xyzyzyx the paisley pangolin (a treasured acquaintance of mine) and I reflect on your foolishness later that day. I await the furious fussilade of odious obluquies and belittling bombast in the comments below. “Too long; Did not read”: Did you really think I would include one of these silly little things at the bottom of my witty wordsmithery? It's not my fault if you can't handle my de trop of definitions or my lexical linguipotence! Get back up there and read it, even if you have to go through it with dictionary in hand.
submitted by Communiconfidential to copypasta [link] [comments]

500 to 5000 MCO Upgrade Strategy

Currently the 500 MCO tier is sort of the sweet spot for most users where a lot of valuable perks kick in. When I first purchased MCO it was under $3 USD, so going straight to the 500 tier was an obvious choice. I was planning to put some Stablecoins and Bitcoin into earn, so the added 2% bonus in-kind in earn, plus the 3% card cashbacks and Netflix reimbursement made the choice economically beneficial quite quickly. Less than a year later the benefits have provided me a larger return on investment than if I had done otherwise.
I have been eyeing the upgrade to the 5000 tier, but I wanted to do an analysis of what sort of upgrade strategy makes sense to optimize ROI weighted against risks and if I'm even the right candidate for such an investment. With the price of MCO being higher, it's not such a clear decision. I will outline my thought process below.
Assumptions - These are the assumptions that I am working with for my analysis. Working with a different set of assumptions will affect the decision making process differently for different people.
Based on the above assumptions we can now look at different upgrade pathways and see which options make the most sense. This thought process is a place to start and can be adjusted to each person's individual case.

Stablecoin (Fiat) to MCO pathway

At today's price of ~$4.85 USD at time of writing, it would cost $21,825 USD to upgrade directly into the 5000 tier by buying 4500 additional MCO. This gives additional benefits of 2% in earn, 1% on card, and 8% vs 6% on staked MCO.
The variables we need to look at to find out if this makes sense over the next year are: assets in Earn and annual card spend.
The opportunity cost of putting the money into MCO is a 4% yield on $21,825 (12% in Earn minus 8% staked in MCO) minus a 2% yield on 500 MCO, or roughly $824.50.
We also open ourselves up to exchange rate volatility, there is a very real, non-0% chance that the crypto market collapses, or that MCO itself collapses in value. There is also a chance it will go way up. If you are looking to hold the MCO, or crypto in general, for longer periods of time, we need to sort of normalize the projected trend to figure out ROI. That means ignoring big jumps and drops, or retroactively thinking you could have made or lost money by trading in and out… that falls under trading and speculation. In general, most of us think the crypto market is going up, but by how much and how fast are variables that need to be considered in how exposed to crypto you want to be
In order to make this pathway a positive ROI, we need to make an additional $824.50 through the added benefits in Earn and card spending over the course of one year. What does that look like?
Assets in Earn*0.02 + Card spend*0.01>824.50 
Examples:
If you don't have roughly $35-40k in Earn, upgrading to 5000 Tier makes very little sense IMO.
Full Account Examples (Assuming today's crypto prices):
Case 1 and 2 are very similar in total assets, but case 2 provides the better return after one year ($20,760 - $17,735.50 = $3,024.50) at the cost of being more exposed to crypto.

Bitcoin to MCO pathway via Drip

Another option to consider is upgrading to the 5000 tier via Bitcoin. I mention "Drip" in the header because I imagine most people able to do a lump sum conversion would encounter a taxable event and would be less inclined to go that route. Utilizing a drip format will upgrade on a longer time scale, but result in negligible taxable gain. It also keeps crypto exposure at roughly the same level throughout the process.
The benefits from going to MCO from BTC is a higher interest rate for MCO being staked at 6% vs BTC in Earn at 5.5%; I also assume CDC will be able to keep the 6% on MCO longer than they can keep the rate high on BTC. The drawbacks are less liquidity on MCO, potentially more volatility, and potential loss of value relative to BTC in Satoshis (we'll ignore the last point since we are assuming a similar sat ratio over time).
Another thing to mention, if we want to upgrade over the course of one year, BTC holdings need to be pretty sizable at $400,000 That's a little unreasonable for most people, so let's assume a smaller holding of $100,000 btc like the two cases above. This will take three years to accomplish and the equation gets a bit more complicated in this situation.
Basically if you take the above situation and plug it into a compound interest calculator, compounding quarterly, it takes almost 3 years exactly to drip your way into the 5000 tier. We can mostly ignore any change in crypto USD value as long as the MCO/BTC ratio stays similar.
If you definitely want to go to the 5000 tier, the question becomes purchase lump sum via Fiat or drip via crypto.
The opportunity cost of dripping is the lost 2% gain in earn over the course of 3 years (which as you'll see below, could be significant if the market jumps quickly at which point purchasing via Fiat becomes prohibitively expensive). But the benefit is that you maintain your current crypto exposure in the case of a major bear market where you could potentially purchase via Fiat at a much lower price.

Exit Strategy

I think it's important to think about an exit strategy. In my opinion, upgrading to the 5000 tier only really makes sense if you are having a lot of assets in Earn. The added 1% on card spend and other perks pales in comparison to the added 2% on Earn with a large amount of assets. It's also my opinion that MCO should only be a small portion of a crypto portfolio. Regardless, if MCO is your main holding you are betting on the crypto market going up, because the added 5000 tier benefits won't comparatively amount to much over a year anyway.
If crypto prices stay the same the benefits to holding MCO stay flat, but as crypto prices rise, the incentives change. Imagine we go on a huge bull run and the market goes up 20x. I bet a lot of people will want to rebalance and cash in some of that profit. It's quite possible holding 5000 MCO becomes too big of a risk for the benefits received.
What's nice is that CDC seems to have thought about the optimal profile for people to get to the 5000 tier level...like I stated above, people with significant assets in Earn.
Imagine the person in Case 2 above in an environment where the crypto market shoots up 20x.
In this situation, it makes sense to rebalance your portfolio and take some earnings off the table. However, it actually makes a lot of sense to keep the 5000 MCO staked and rebalance away from BTC into Stablecoins. Look at the yearly earnings of different options below:
As you can see, losing the bonus 2% in earn cuts your profit over the course of a year.
CDC was quite thoughtful in changing the award structure for the added 2% in Earn. It should keep early adopters from leaving if the market goes up, and should actually attract newly minted crypto whales as they rebalance out of other cryptos. This should keep the MCO price strong for a long time and give confidence to people investing in MCO.

Conclusion

I think upgrading to the 5000 tier can make a lot of sense for certain people. But after reaching the 5000 tier I would probably immediately cash out all rewarded MCO to Stablecoins to compound at a higher interest rate and just maintain the 5000 level. Unless there are some dramatic new rewards for the 50,000 level I don't see the value proposition to go for Black. Perhaps an additional 2% in Earn, but that is probably not sustainable to the company.
Let me know what you think, or if I made any mistakes.

Edit: Changed numbers to reflect 8% earned on staked MCO at the 5000 Tier level. This makes the upgrade more compelling.

submitted by gym7rjm to Crypto_com [link] [comments]

How To End The Cryptocurrency Exchange "Wild West" Without Crippling Innovation


In case you haven't noticed the consultation paper, staff notice, and report on Quadriga, regulators are now clamping down on Canadian cryptocurrency exchanges. The OSC and other regulatory bodies are still interested in industry feedback. They have not put forward any official regulation yet. Below are some ideas/insights and a proposed framework.



Many of you have limited time to read the full proposal, so here are the highlights:

Offline Multi-Signature

Effective standards to prevent both internal and external theft. Exchange operators are trained and certified, and have a legal responsibility to users.

Regular Transparent Audits

Provides visibility to Canadians that their funds are fully backed on the exchange, while protecting privacy and sensitive platform information.

Insurance Requirements

Establishment of basic insurance standards/strategy, to expand over time. Removing risk to exchange users of any hot wallet theft.


Background and Justifications


Cold Storage Custody/Management
After reviewing close to 100 cases, all thefts tend to break down into more or less the same set of problems:
• Funds stored online or in a smart contract,
• Access controlled by one person or one system,
• 51% attacks (rare),
• Funds sent to the wrong address (also rare), or
• Some combination of the above.
For the first two cases, practical solutions exist and are widely implemented on exchanges already. Offline multi-signature solutions are already industry standard. No cases studied found an external theft or exit scam involving an offline multi-signature wallet implementation. Security can be further improved through minimum numbers of signatories, background checks, providing autonomy and legal protections to each signatory, establishing best practices, and a training/certification program.
The last two transaction risks occur more rarely, and have never resulted in a loss affecting the actual users of the exchange. In all cases to date where operators made the mistake, they've been fully covered by the exchange platforms.
• 51% attacks generally only occur on blockchains with less security. The most prominent cases have been Bitcoin Gold and Ethereum Classic. The simple solution is to enforce deposit limits and block delays such that a 51% attack is not cost-effective.
• The risk of transactions to incorrect addresses can be eliminated by a simple test transaction policy on large transactions. By sending a small amount of funds prior to any large withdrawals/transfers as a standard practice, the accuracy of the wallet address can be validated.
The proposal covers all loss cases and goes beyond, while avoiding significant additional costs, risks, and limitations which may be associated with other frameworks like SOC II.

On The Subject of Third Party Custodians
Many Canadian platforms are currently experimenting with third party custody. From the standpoint of the exchange operator, they can liberate themselves from some responsibility of custody, passing that off to someone else. For regulators, it puts crypto in similar categorization to oil, gold, and other commodities, with some common standards. Platform users would likely feel greater confidence if the custodian was a brand they recognized. If the custodian was knowledgeable and had a decent team that employed multi-sig, they could keep assets safe from internal theft. With the right protections in place, this could be a great solution for many exchanges, particularly those that lack the relevant experience or human resources for their own custody systems.
However, this system is vulnerable to anyone able to impersonate the exchange operators. You may have a situation where different employees who don't know each other that well are interacting between different companies (both the custodian and all their customers which presumably isn't just one exchange). A case study of what can go wrong in this type of environment might be Bitpay, where the CEO was tricked out of 5000 bitcoins over 3 separate payments by a series of emails sent legitimately from a breached computer of another company CEO. It's also still vulnerable to the platform being compromised, as in the really large $70M Bitfinex hack, where the third party Bitgo held one key in a multi-sig wallet. The hacker simply authorized the withdrawal using the same credentials as Bitfinex (requesting Bitgo to sign multiple withdrawal transactions). This succeeded even with the use of multi-sig and two heavily security-focused companies, due to the lack of human oversight (basically, hot wallet). Of course, you can learn from these cases and improve the security, but so can hackers improve their deception and at the end of the day, both of these would have been stopped by the much simpler solution of a qualified team who knew each other and employed multi-sig with properly protected keys. It's pretty hard to beat a human being who knows the business and the typical customer behaviour (or even knows their customers personally) at spotting fraud, and the proposed multi-sig means any hacker has to get through the scrutiny of 3 (or more) separate people, all of whom would have proper training including historical case studies.
There are strong arguments both for and against using use of third party custodians. The proposal sets mandatory minimum custody standards would apply regardless if the cold wallet signatories are exchange operators, independent custodians, or a mix of both.

On The Subject Of Insurance
ShakePay has taken the first steps into this new realm (congratulations). There is no question that crypto users could be better protected by the right insurance policies, and it certainly feels better to transact with insured platforms. The steps required to obtain insurance generally place attention in valuable security areas, and in this case included a review from CipherTrace. One of the key solutions in traditional finance comes from insurance from entities such as the CDIC.
However, historically, there wasn't found any actual insurance payout to any cryptocurrency exchange, and there are notable cases where insurance has not paid. With Bitpay, for example, the insurance agent refused because the issue happened to the third party CEO's computer instead of anything to do with Bitpay itself. With the Youbit exchange in South Korea, their insurance claim was denied, and the exchange ultimately ended up instead going bankrupt with all user's funds lost. To quote Matt Johnson in the original Lloyd's article: “You can create an insurance policy that protects no one – you know there are so many caveats to the policy that it’s not super protective.”
ShakePay's insurance was only reported to cover their cold storage, and “physical theft of the media where the private keys are held”. Physical theft has never, in the history of cryptocurrency exchange cases reviewed, been reported as the cause of loss. From the limited information of the article, ShakePay made it clear their funds are in the hands of a single US custodian, and at least part of their security strategy is to "decline[] to confirm the custodian’s name on the record". While this prevents scrutiny of the custodian, it's pretty silly to speculate that a reasonably competent hacking group couldn't determine who the custodian is. A far more common infiltration strategy historically would be social engineering, which has succeeded repeatedly. A hacker could trick their way into ShakePay's systems and request a fraudulent withdrawal, impersonate ShakePay and request the custodian to move funds, or socially engineer their way into the custodian to initiate the withdrawal of multiple accounts (a payout much larger than ShakePay) exploiting the standard procedures (for example, fraudulently initiating or override the wallet addresses of a real transfer). In each case, nothing was physically stolen and the loss is therefore not covered by insurance.
In order for any insurance to be effective, clear policies have to be established about what needs to be covered. Anything short of that gives Canadians false confidence that they are protected when they aren't in any meaningful way. At this time, the third party insurance market does not appear to provide adequate options or coverage, and effort is necessary to standardize custody standards, which is a likely first step in ultimately setting up an insurance framework.
A better solution compared to third party insurance providers might be for Canadian exchange operators to create their own collective insurance fund, or a specific federal organization similar to the CDIC. Such an organization would have a greater interest or obligation in paying out actual cases, and that would be it's purpose rather than maximizing it's own profit. This would be similar to the SAFU which Binance has launched, except it would cover multiple exchanges. There is little question whether the SAFU would pay out given a breach of Binance, and a similar argument could be made for a insurance fund managed by a collective of exchange operators or a government organization. While a third party insurance provider has the strong market incentive to provide the absolute minimum coverage and no market incentive to payout, an entity managed by exchange operators would have incentive to protect the reputation of exchange operators/the industry, and the government should have the interest of protecting Canadians.

On The Subject of Fractional Reserve
There is a long history of fractional reserve failures, from the first banks in ancient times, through the great depression (where hundreds of fractional reserve banks failed), right through to the 2008 banking collapse referenced in the first bitcoin block. The fractional reserve system allows banks to multiply the money supply far beyond the actual cash (or other assets) in existence, backed only by a system of debt obligations of others. Safely supporting a fractional reserve system is a topic of far greater complexity than can be addressed by a simple policy, and when it comes to cryptocurrency, there is presently no entity reasonably able to bail anyone out in the event of failure. Therefore, this framework is addressed around entities that aim to maintain 100% backing of funds.
There may be some firms that desire but have failed to maintain 100% backing. In this case, there are multiple solutions, including outside investment, merging with other exchanges, or enforcing a gradual restoration plan. All of these solutions are typically far better than shutting down the exchange, and there are multiple cases where they've been used successfully in the past.

Proof of Reserves/Transparency/Accountability
Canadians need to have visibility into the backing on an ongoing basis.
The best solution for crypto-assets is a Proof of Reserve. Such ideas go back all the way to 2013, before even Mt. Gox. However, no Canadian exchange has yet implemented such a system, and only a few international exchanges (CoinFloor in the UK being an example) have. Many firms like Kraken, BitBuy, and now ShakePay use the Proof of Reserve term to refer to lesser proofs which do not actually cryptographically prove the full backing of all user assets on the blockchain. In order for a Proof of Reserve to be effective, it must actually be a complete proof, and it needs to be understood by the public that is expected to use it. Many firms have expressed reservations about the level of transparency required in a complete Proof of Reserve (for example Kraken here). While a complete Proof of Reserves should be encouraged, and there are some solutions in the works (ie TxQuick), this is unlikely to be suitable universally for all exchange operators and users.
Given the limitations, and that firms also manage fiat assets, a more traditional audit process makes more sense. Some Canadian exchanges (CoinSquare, CoinBerry) have already subjected themselves to annual audits. However, these results are not presently shared publicly, and there is no guarantee over the process including all user assets or the integrity and independence of the auditor. The auditor has been typically not known, and in some cases, the identity of the auditor is protected by a NDA. Only in one case (BitBuy) was an actual report generated and publicly shared. There has been no attempt made to validate that user accounts provided during these audits have been complete or accurate. A fraudulent fractional exchange, or one which had suffered a breach they were unwilling to publicly accept (see CoinBene), could easily maintain a second set of books for auditors or simply exclude key accounts to pass an individual audit.
The proposed solution would see a reporting standard which includes at a minimum - percentage of backing for each asset relative to account balances and the nature of how those assets are stored, with ownership proven by the auditor. The auditor would also publicly provide a "hash list", which they independently generate from the accounts provided by the exchange. Every exchange user can then check their information against this public "hash list". A hash is a one-way form of encryption, which fully protects the private information, yet allows anyone who knows that information already to validate that it was included. Less experienced users can take advantage of public tools to calculate the hash from their information (provided by the exchange), and thus have certainty that the auditor received their full balance information. Easy instructions can be provided.
Auditors should be impartial, their identities and process public, and they should be rotated so that the same auditor is never used twice in a row. Balancing the cost of auditing against the needs for regular updates, a 6 month cycle likely makes the most sense.

Hot Wallet Management
The best solution for hot wallets is not to use them. CoinBerry reportedly uses multi-sig on all withdrawals, and Bitmex is an international example known for their structure devoid of hot wallets.
However, many platforms and customers desire fast withdrawal processes, and human validation has a cost of time and delay in this process.
A model of self-insurance or separate funds for hot wallets may be used in these cases. Under this model, a platform still has 100% of their client balance in cold storage and holds additional funds in hot wallets for quick withdrawal. Thus, the risk of those hot wallets is 100% on exchange operators and not affecting the exchange users. Since most platforms typically only have 1%-5% in hot wallets at any given time, it shouldn't be unreasonable to build/maintain these additional reserves over time using exchange fees or additional investment. Larger withdrawals would still be handled at regular intervals from the cold storage.
Hot wallet risks have historically posed a large risk and there is no established standard to guarantee secure hot wallets. When the government of South Korea dispatched security inspections to multiple exchanges, the results were still that 3 of them got hacked after the inspections. If standards develop such that an organization in the market is willing to insure the hot wallets, this could provide an acceptable alternative. Another option may be for multiple exchange operators to pool funds aside for a hot wallet insurance fund. Comprehensive coverage standards must be established and maintained for all hot wallet balances to make sure Canadians are adequately protected.

Current Draft Proposal

(1) Proper multi-signature cold wallet storage.
(a) Each private key is the personal and legal responsibility of one person - the “signatory”. Signatories have special rights and responsibilities to protect user assets. Signatories are trained and certified through a course covering (1) past hacking and fraud cases, (2) proper and secure key generation, and (3) proper safekeeping of private keys. All private keys must be generated and stored 100% offline by the signatory. If even one private keys is ever breached or suspected to be breached, the wallet must be regenerated and all funds relocated to a new wallet.
(b) All signatories must be separate background-checked individuals free of past criminal conviction. Canadians should have a right to know who holds their funds. All signing of transactions must take place with all signatories on Canadian soil or on the soil of a country with a solid legal system which agrees to uphold and support these rules (from an established white-list of countries which expands over time).
(c) 3-5 independent signatures are required for any withdrawal. There must be 1-3 spare signatories, and a maximum of 7 total signatories. The following are all valid combinations: 3of4, 3of5, 3of6, 4of5, 4of6, 4of7, 5of6, or 5of7.
(d) A security audit should be conducted to validate the cold wallet is set up correctly and provide any additional pertinent information. The primary purpose is to ensure that all signatories are acting independently and using best practices for private key storage. A report summarizing all steps taken and who did the audit will be made public. Canadians must be able to validate the right measures are in place to protect their funds.
(e) There is a simple approval process if signatories wish to visit any country outside Canada, with a potential whitelist of exempt countries. At most 2 signatories can be outside of aligned jurisdiction at any given time. All exchanges would be required to keep a compliant cold wallet for Canadian funds and have a Canadian office if they wish to serve Canadian customers.
(2) Regular and transparent solvency audits.
(a) An audit must be conducted at founding, after 3 months of operation, and at least once every 6 months to compare customer balances against all stored cryptocurrency and fiat balances. The auditor must be known, independent, and never the same twice in a row.
(b) An audit report will be published featuring the steps conducted in a readable format. This should be made available to all Canadians on the exchange website and on a government website. The report must include what percentage of each customer asset is backed on the exchange, and how those funds are stored.
(c) The auditor will independently produce a hash of each customer's identifying information and balance as they perform the audit. This will be made publicly available on the exchange and government website, along with simplified instructions that each customer can use to verify that their balance was included in the audit process.
(d) The audit needs to include a proof of ownership for any cryptocurrency wallets included. A satoshi test (spending a small amount) or partially signed transaction both qualify.
(e) Any platform without 100% reserves should be assessed on a regular basis by a government or industry watchdog. This entity should work to prevent any further drop, support any private investor to come in, or facilitate a merger so that 100% backing can be obtained as soon as possible.
(3) Protections for hot wallets and transactions.
(a) A standardized list of approved coins and procedures will be established to constitute valid cold storage wallets. Where a multi-sig process is not natively available, efforts will be undertaken to establish a suitable and stable smart contract standard. This list will be expanded and improved over time. Coins and procedures not on the list are considered hot wallets.
(b) Hot wallets can be backed by additional funds in cold storage or an acceptable third-party insurance provider with a comprehensive coverage policy.
(c) Exchanges are required to cover the full balance of all user funds as denominated in the same currency, or double the balance as denominated in bitcoin or CAD using an established trading rate. If the balance is ever insufficient due to market movements, the firm must rectify this within 24 hours by moving assets to cold storage or increasing insurance coverage.
(d) Any large transactions (above a set threshold) from cold storage to any new wallet addresses (not previously transacted with) must be tested with a smaller transaction first. Deposits of cryptocurrency must be limited to prevent economic 51% attacks. Any issues are to be covered by the exchange.
(e) Exchange platforms must provide suitable authentication for users, including making available approved forms of two-factor authentication. SMS-based authentication is not to be supported. Withdrawals must be blocked for 48 hours in the event of any account password change. Disputes on the negligence of exchanges should be governed by case law.

Steps Forward

Continued review of existing OSC feedback is still underway. More feedback and opinions on the framework and ideas as presented here are extremely valuable. The above is a draft and not finalized.
The process of further developing and bringing a suitable framework to protect Canadians will require the support of exchange operators, legal experts, and many others in the community. The costs of not doing such are tremendous. A large and convoluted framework, one based on flawed ideas or implementation, or one which fails to properly safeguard Canadians is not just extremely expensive and risky for all Canadians, severely limiting to the credibility and reputation of the industry, but an existential risk to many exchanges.
The responsibility falls to all of us to provide our insight and make our opinions heard on this critical matter. Please take the time to give your thoughts.
submitted by azoundria2 to QuadrigaInitiative [link] [comments]

Fun Fact: This is the closest a Millionaire Makers drawing thread will get to Christmas Eve! Comment to enter, and let’s make someone’s Christmas while we still can! [Drawing Thread #37]

OBLIGATORY EDIT: Thanks for the Silv'a, kind and generous stranger. For your generosity, have a video of Silver, from the hit video-game, Sonic the Hedgehog 2006, detailing the glorious benefits silver has on the Reddit culture! Thank you. (I hope you liked the joke.)

Santa Claus is coming! …and apparently it’s a 100,000 people in a red trench coat.

Edit: There are three deleted comments. The drill is to run the code again at 3:00 UTC, with a trial run before and after.
Quick Announcement:
On December 28, 2018, one week after this drawing, I will conduct a survey to help determine this subreddit’s direction. Additionally, the moderation team will unveil a new Discord server at the same time for our subscribers to discuss the subreddit and the drawing. Here are some questions you can expect (updated):
  • What day of the month would you like the /MillionaireMakers drawing to be held?
  • Should the code be further streamlined to acquire comment IDs at a faster and just pace? (Context: There's new code that can be used to prevent further cases of cheating, but it also changes the process.)
  • What is the best cryptocurrency blockchain to choose the winner from?
  • Should the [Drawing Thread] post's format be revamped in the future?
  • Should there be monthly or seasonal announcements the Monday of the [Drawing Thread]'s week?
If you would like to see something specific change over here at /MillionaireMakers, please click here! Your comments will help determine any additional questions the moderation team should ask the subscribers.
TL;DR: Leave a comment on this thread. A random user will be chosen, and everyone donates a dollar to make a millionaire. You are welcome to spread this thread via upvoting, telling friends and family, and sharing on social media! If you'd like to be reminded to donate to the winner by RemindMeBot, click here!
What is this, anyway?
Three years ago, a Redditor posted an idea in /Showerthoughts that speculated the fact, if a million people picked a certain Redditor and all donated just $1, they would have the power to make someone a millionaire.
This subreddit is an embodiment of that showerthought, and the monthly drawings are the attempts to make it happen.
We need your help to keep this running, which amounts to only $1 a month to make someone's day. In the long term, that’s $120 every decade, which is a much more affordable price than other expenses. How does it work? Below, you will find an explanation on entering, rules to keep in mind, the selection, and other important things to note.
How to enter:
  • REQUIRED: Leave only one (1) top level comment in reply to this thread! Replying to other comments will not count. It is highly recommended to comment "RemindMe! 3 days Donation for /millionairemakers", which will remind you via PM to donate.
Important Rules:
  • Only ONE top level comment per person (replies and subsequent-level comments aren't included), but feel free to reply to other comments. Making duplicate top level comments may result in exclusion from entering. Go to me to ensure you don't accidentally double comment.
  • If, by any chance, you do double comment, delete any extra duplicates ASAP, ideally before the thread is locked in 24 hours, as any chosen draws found to violate this will not be eligible to win, and will be banned from the subreddit.
  • Your account must be older than 30 days with some amount of activity. Throwaway accounts with very minimal activity will also not be eligible. This is to prevent multiple entries from the same person.
How will the winner be picked and how can you donate?
  • After 24 hours, this thread will close, and the method of selection will begin.
  • While attempts to make the selection method similar to 2017’s have been performed, it still varies from the original. For an example from a prior drawing, see [Draw #36]. For archival purposes, please click here for the original selection method.
  • Method's TL;DR: Your number is assigned by sorting the comments by old, so the first commenter will be 1, and the list of comments will be publicly released. The subreddit then waits for a randomly generated block (a string of numbers) from Bitcoin's blockchain, after a preselected date and time, and calculates the winner using a formula described in the posts mentioned above.
  • Comment IDs are downloaded at 2:00 UTC, three hours following the thread being locked. There will be a trial run prior to the time listed, one at the time listed, and one trial run thirty minutes after. If it is shown that the deletion of comments has occurred between any of the trial runs, or technical difficulties, the retrieval of the comments will be delayed by an hour, following the same procedures. For [Drawing Thread #37], this has occurred, and retrieval of comments will be delayed to 3:00 UTC.
  • While not necessary, to determine if you are on the list, please go to your comment and save it. The comment ID is what gets recorded and selected, which looks like this: e3yxpj4.
  • The user who created the winning comment will be informed of their luck and will provide any information necessary for their chosen payment methods (mods will help set this up if needed).
  • The generous Reddit community donates to this lucky person, hopefully making some worthy soul a millionaire! A donation table will be stickied to the winner’s post, giving users the freedom in how they donate.
  • The lucky Redditor follows up with a thank you within the next days, revealing to the community exactly how much was raised and thanking their generosity.
Reminders
  • Take the time you have available now to setup your PayPal, Square Cash, and Google Wallet account, and/or cryptocurrency wallets. (Note: Some services may not be available depending on where you reside.)
  • To buy any cryptocurrencies, you may use Coinbase for purchases using your bank account.
  • To store cryptocurrencies, there are many accessible wallets, and if you win, you will be guided on which ones to download. For Bitcoin and Bitcoin Cash, it’s recommended to use the Electrum and Electron Cash wallet for Mac, Linux, and PC.
  • Please try your best to donate a $1, no matter who wins. Every single dollar, cent, anything really counts, so please take the effort to remember and go through with it.
  • If you want to be reminded to donate, please comment "RemindMe! 3 days Donation for /millionairemakers".
  • Spread the word! The more people who participate, the better this gets for everyone! There has been a correlation between this subreddit making it in /all and an increase in donations.
  • Try to cross-post to relevant subs, and upvote. There is a correlation between reaching /all and the amount of donations for the winner. (Please don't spam other subs though. We're not trying to make any enemies here.)
  • If you are under 18, please talk to your parents to get their consent to participate and use their help to setup a PayPal account.
MOST IMPORTANTLY
Remember, this is about generosity, making history, and coming together to make someone's life better. It takes three minutes to donate a bit to the winner, whether you're well off and want to donate a couple bucks, or going through tough times and can only donate a few pennies. Every cent counts.
Note about legality: This is NOT a lottery. You don't have to pay to enter. No prizes are given away directly by the moderators of this subreddit (the moderators will never even touch your donations; this is done voluntarily). As for gift taxes, according to the IRS they're generally paid by the donor, and any donations under $14,000 is not taxable.
If a lone $1 can get you a Dollar Tree-worthy present, imagine the possibilities with $1,000,000. You can go invite your family to a Disney World vacation, invite friends without hesitation, or put up Christmas decorations!
One million dollars can be enough to make someone’s Christmas. Spread the word: have your friends and family comment, post the link to your friendly-neighborhood social media network, and share it to anyone interested.
LET'S GIVE THE GIFT THAT KEEPS ON GIVING!
A Christmas delight,
With people dear, near, and cheer.
The winner’s tonight!
submitted by lilfruini to millionairemakers [link] [comments]

AMPL - ELI5 101 Guide (long)

AMPL is designed to be an elastic supply currency (but NOT exactly a $1 stable coin). If the price is above $1 then the supply increases (called a rebase) - [assuming a rebase supply re-calculation of 5% for simplicity] if you hold 1000 tokens, the next day you have 1050, at the same market rate. This happens every 24 hours. It also is weighted so at $1.01 the rebase is around 1%, at $1.20 it is around 5%. DAILY. . . Yes. "daily compound interest coin"... The same is true in price decreases. The negative rebase reduces the supply. You have 1000 tokens at $1, if the price drops to $0.90 you will have 950 tokens.
The idea is that it incentivises both buying and selling to bring the price back to equilibrium. It is ELASTIC.
If you held 1000 tokens at $1, 15 days later the price has DOUBLED to $2, simplified to 5% daily averaged for 15 days straight, you now have 2000 tokens, valued at $2 each, so $4000 total: a 400% return, not just a 100% return. Probably at this point traders sell, having an amazing profit, the price adjusts down, and the rebase % lowers and it comes closer to $1 again.
The same is of course true going down from $1 to $0.50, holders *might get rekt here - this is a traders.. a coin for intelligent traders.
You should be only concerned with total market cap of the system than AMPLs individual price going up.
For instance if the total market cap of AMPLs is $10 Million and you own $1 Million of that (10%). If the market cap grows to $100 Million you’ll still own 10% if you didn’t sell or buy any. So you would now own $10 Million AMPLs at $1.
Likewise if the total market cap of AMPL drops to $1 Million and you didn’t buy or sell your position you would now own $100,000 AMPLs (still 10%). The rules are actually pretty simple. Everyone’s account is increased and or decreased at the same rate (given the current price of AMPLs)
The interesting stuff - LIQUIDITY INCENTIVES.
If daily 1% compound interest wasnt enough then the Ampleforth "geyser" liquidity program just launched 3 days ago.
$1+ million has been locked into it, LPs earn incentives for providing liquidity to the AMPL-ETH market on uniswap. In 3 days it is now the 8th largest pool on uniswap.
This geyser is a "trial", but for 3 months, giving out 75k extra AMPL tokens to LPs. * however, there have been 3x positive supply rebases since it started, so the 75k has turned into 77.6k (i.e. alternatively if you had $75k of ample 3 days ago, with 3x supply increases - which are auto changed in ALL wallets - then now you have $77.6k ($2.6k profit!)
Next
Links:
https://www.ampleforth.org/dashboard/ - see history of supply changes and price.
https://www.ampleforth.org/geyse - liquidity incentive "gesyer" app , click to the stats tab to see how much locked up and apr for incentives.
https://www.ampltalk.org/app/forum/ampl-geyser-19/topic/about-the-geyser-21/ - official article explaining the geyser liquidity incentives indepth and guide to getting involved.
Be careful, this one is risky, but it's early stages, its a large idea, but small cap eth-defi fit product.
Last breadcrumbs; Brandon the CTO and Brian from coinbase were roommates at Rice, and Brian is a PERSONAL investor. Also strong links to LINK - using Chainlink for the price oracle which is needed, and Brandon and Sergey have done 2 podcasts together. Also , Brandon was just on the Charlie Schrem podcast :)
submitted by milkproofrobot0x to CryptoMoonShots [link] [comments]

Filecoin | Development Status and Mining Progress

Author: Gamals Ahmed, CoinEx Business Ambassador
https://preview.redd.it/5bqakdqgl3g51.jpg?width=865&format=pjpg&auto=webp&s=b709794863977eb6554e3919b9e00ca750e3e704
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 Gate.io 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.
IPFS
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 :
  1. https://www.coindesk.com/filecoin-pushes-back-final-testing-phase-announces-calibration-period-for-miners
  2. https://docs.filecoin.io/mine/#types-of-miners https://www.nasdaq.com/articles/inside-the-craze-for-filecoin-crypto-mining-in-china-2020-07-12؟amp
  3. https://www.prnewswire.com/news-releases/qebr-streamlines-holdings-to-concentrate-on-filecoin-development-and-mining-301098731.html
  4. https://www.crowdfundinsider.com/2020/05/161200-filecoin-seeks-to-boost-mining-with-filecoin-discove
  5. https://zephyrnet.com/filecoin-seeks-to-boost-mining-with-filecoin-discove
  6. https://docs.filecoin.io/introduction/ipfs-and-filecoin/#filecoin-powered-by-ipfs
submitted by CoinEx_Institution to filecoin [link] [comments]

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