Is Bitcoin Mining on a Laptop Worth It? Digital Trends
Is Bitcoin Mining on a Laptop Worth It? Digital Trends
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Off grid mining help
I have a 3.6 kw solar array with 11.4 kw li-ion battery bank. I have on average an addition 6kw per day that I could use to mine btc. I am planning to use a s9se at 129v with 2 psu’s connected in parallel. I’ll scale the solar later. My problem is that I’ve never mined bitcoin and I’m truly off grid and get my internet via LTE. My plan is to use the usb-c port on my lte surface pro X and plug that directly into the ant miner with an Ethernet adapter. Will this work this way without a router? If not what are my options. Data line is not available. Both my phone and my laptop have unlimited data plan with hotspot. I’m open to purchasing additional pieces of equipment if needed.
[Suggestion] - Long time laptop user who's outgrown portability in need of power/multitasking
Country: United States
Budget: $1,500 (Flexible if the value is there)
This may be a bit of a long post but I want to make sure I provide any additional context if it helps. If I can add any additional information, please just let me know! For the last 10+ years, I've relied on a few different laptops. While I consider myself tech savvy for the most part, I haven't really needed my laptop to be a tank and I've gotten by for what I've done. This is mainly Office, and stuff in Chrome. I used to have a Thinkpad with a dedicated NVIDIA GPU but aside from doing some really simple work in MATLAB, I didn't really take advantage of it... For the last 4-5 years, I've had a Microsoft Surface Pro 4 and have enjoyed it overall. Now, during the quarantine, I'm rediscovering hobbies/interests I haven't really participated in like a decade. I'm starting to use my Surface for a whole bunch more intensive tasks and my computer is starting to struggle. The following categories are a summary of the types of things I've been trying to do or would like to do that my Surface just can't hack it anymore:
My Surface has been getting by with running GameMaker Studio pretty well but that's just at the beginning of me making games. I imagine as my projects get longer and more complex that it will start to give up pretty quickly.
I'd also like to try out Godot/Unity/Unreal Engine and would like something that can handle it.
GIMP runs pretty slow even though it will eventually finish the task. I don't want to be the next digital Da Vinci but having something
Something that could help me dabble in ML/AI would be good. From my understanding this requires more of a GPU?
Right now, I'd like to have a desktop as my "homebase" to do more intensive things so I can have several applications open when I'm working on things that overlap.
This way, I can keep my Surface for more portable uses. I also write and browse the internet but definitely don't need a fullfledged desktop for that.
My difficulty is where to start. Even if there isn't "one PC" that works for me, I would love if anyone could point me in the right direction.
I don't think I need a dedicated NVIDIA GPU that's $5,000. But I also don't want to get the "wrong thing" and have buyer's remorse. I'd love a "Jack of All Trades" kind of PC that will help me dabble in various interests. I don't necessarily need to run the latest games at 500FPS, mine bitcoin, or discover unknown prime numbers... Any help would be greatly appreciated!
I've been browsing several websites lately in shopping for PC upgrade components and I've noticed that my laptop (Surface Pro 2015ish i5-7300U Passive cooling) starts lagging and getting hot while any Newegg page is loaded, regardless of how many other tabs are loaded. I've had a ton of tabs open including multiple Youtube videos and Reddit and no issues whatsoever. Is there something shady going on such as bitcoin mining or is the website just broken somehow?
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A Beginners Guide to Bitcoin, Blockchain & Cryptocurrency
As cryptocurrency, and blockchain technology become more abundant throughout our society, it’s important to understand the inner workings of this technology, especially if you plan to use cryptocurrency as an investment vehicle. If you’re new to the crypto-sphere, learning about Bitcoin makes it much easier to understand other cryptocurrencies as many other altcoins' technologies are borrowed directly from Bitcoin. Bitcoin is one of those things that you look into only to discover you have more questions than answers, and right as you’re starting to wrap your head around the technology; you discover the fact that Bitcoin has six other variants (forks), the amount of politics at hand, or that there are over a thousand different cryptocurrencies just as complex if not even more complex than Bitcoin. We are currently in the infancy of blockchain technology and the effects of this technology will be as profound as the internet. This isn’t something that’s just going to fade away into history as you may have been led to believe. I believe this is something that will become an integral part of our society, eventually embedded within our technology. If you’re a crypto-newbie, be glad that you're relatively early to the industry. I hope this post will put you on the fast-track to understanding Bitcoin, blockchain, and how a large percentage of cryptocurrencies work.
Altcoin: Short for alternative coin. There are over 1,000 different cryptocurrencies. You’re probably most familiar with Bitcoin. Anything that isn’t Bitcoin is generally referred to as an altcoin. HODL: Misspelling of hold. Dank meme accidentally started by this dude. Hodlers are much more interested in long term gains rather than playing the risky game of trying to time the market. TO THE MOON: When a cryptocurrency’s price rapidly increases. A major price spike of over 1,000% can look like it’s blasting off to the moon. Just be sure you’re wearing your seatbelt when it comes crashing down. FUD: Fear. Uncertainty. Doubt. FOMO: Fear of missing out. Bull Run: Financial term used to describe a rising market. Bear Run: Financial term used to describe a falling market.
What Is Bitcoin?
Bitcoin (BTC) is a decentralized digital currency that uses cryptography to secure and ensure validity of transactions within the network. Hence the term crypto-currency. Decentralization is a key aspect of Bitcoin. There is no CEO of Bitcoin or central authoritative government in control of the currency. The currency is ran and operated by the people, for the people. One of the main development teams behind Bitcoin is blockstream. Bitcoin is a product of blockchain technology. Blockchain is what allows for the security and decentralization of Bitcoin. To understand Bitcoin and other cryptocurrencies, you must understand to some degree, blockchain. This can get extremely technical the further down the rabbit hole you go, and because this is technically a beginners guide, I’m going to try and simplify to the best of my ability and provide resources for further technical reading.
A Brief History
Bitcoin was created by Satoshi Nakamoto. The identity of Nakamoto is unknown. The idea of Bitcoin was first introduced in 2008 when Nakamoto released the Bitcoin white paper - Bitcoin: A Peer-to-Peer Electronic Cash System. Later, in January 2009, Nakamoto announced the Bitcoin software and the Bitcoin network officially began. I should also mention that the smallest unit of a Bitcoin is called a Satoshi. 1 BTC = 100,000,000 Satoshis. When purchasing Bitcoin, you don’t actually need to purchase an entire coin. Bitcoin is divisible, so you can purchase any amount greater than 1 Satoshi (0.00000001 BTC).
What Is Blockchain?
Blockchain is a distributed ledger, a distributed collection of accounts. What is being accounted for depends on the use-case of the blockchain itself. In the case of Bitcoin, what is being accounted for is financial transactions. The first block in a blockchain is referred to as the genesis block. A block is an aggregate of data. Blocks are also discovered through a process known as mining (more on this later). Each block is cryptographically signed by the previous block in the chain and visualizing this would look something akin to a chain of blocks, hence the term, blockchain. For more information regarding blockchain I’ve provided more resouces below:
Bitcoin mining is one solution to the double spend problem. Bitcoin mining is how transactions are placed into blocks and added onto the blockchain. This is done to ensure proof of work, where computational power is staked in order to solve what is essentially a puzzle. If you solve the puzzle correctly, you are rewarded Bitcoin in the form of transaction fees, and the predetermined block reward. The Bitcoin given during a block reward is also the only way new Bitcoin can be introduced into the economy. With a halving event occurring roughly every 4 years, it is estimated that the last Bitcoin block will be mined in the year 2,140. (See What is Block Reward below for more info). Mining is one of those aspects of Bitcoin that can get extremely technical and more complicated the further down the rabbit hole you go. An entire website could be created (and many have) dedicated solely to information regarding Bitcoin mining. The small paragraph above is meant to briefly expose you to the function of mining and the role it plays within the ecosystem. It doesn’t even scratch the surface regarding the topic.
How do you Purchase Bitcoin?
The most popular way to purchase Bitcoin through is through an online exchange where you trade fiat (your national currency) for Bitcoin. Popular exchanges include:
There’s tons of different exchanges. Just make sure you find one that supports your national currency.
Bitcoin and cryptocurrencies are EXTREMELY volatile. Swings of 30% or more within a few days is not unheard of. Understand that there is always inherent risks with any investment. Cryptocurrencies especially. Only invest what you’re willing to lose.
Transaction & Network Fees
Transacting on the Bitcoin network is not free. Every purchase or transfer of Bitcoin will cost X amount of BTC depending on how congested the network is. These fees are given to miners as apart of the block reward. Late 2017 when Bitcoin got up to $20,000USD, the average network fee was ~$50. Currently, at the time of writing this, the average network fee is $1.46. This data is available in real-time on BitInfoCharts.
In this new era of money, there is no central bank or government you can go to in need of assistance. This means the responsibility of your money falls 100% into your hands. That being said, the security regarding your cryptocurrency should be impeccable. The anonymity provided by cryptocurrencies alone makes you a valuable target to hackers and scammers. Below I’ve detailed out best practices regarding securing your cryptocurrency.
Two-Factor Authentication (2FA)
Two-factor authentication is a second way of authenticating your identity upon signing in to an account. Most cryptocurrency related software/websites will offer or require some form of 2FA. Upon creation of any crypto-related account find the Security section and enable 2FA.
The most basic form of 2FA which you are probably most familiar with. This form of authentication sends a text message to your smartphone with a special code that will allow access to your account upon entry. Note that this is not the safest form of 2FA as you may still be vulnerable to what is known as a SIM swap attack. SIM swapping is a social engineering method in which an attacker will call up your phone carrier, impersonating you, in attempt to re-activate your SIM card on his/her device. Once the attacker has access to your SIM card he/she now has access to your text messages which can then be used to access your online accounts. You can prevent this by using an authenticator such as Google Authenticator.
The use of an authenticator is the safest form of 2FA. An authenticator is installed on a seperate device and enabling it requires you input an ever changing six digit code in order to access your account. I recommend using Google Authenticator. If a website has the option to enable an authenticator, it will give you a QR code and secret key. Use Google Authenticator to scan the QR code. The secret key consists of a random string of numbers and letters. Write this down on a seperate sheet of paper and do not store it on a digital device. Once Google Authenticator has been enabled, every time you sign into your account, you will have to input a six-digit code that looks similar to this. If you happen to lose or damage the device you have Google Authenticator installed on, you will be locked out of your account UNLESS you have access to the secret key (which you should have written down).
A wallet is what you store Bitcoin and cryptocurrency on. I’ll provide resources on the different type of wallets later but I want to emphasize the use of a hardware wallet (aka cold storage). Hardware wallets are the safest way of storing cryptocurrency because it allows for your crypto to be kept offline in a physical device. After purchasing crypto via an exchange, I recommend transferring it to cold storage. The most popular hardware wallets include the Ledger Nano S, and Trezor. Hardware wallets come with a special key so that if it gets lost or damaged, you can recover your crypto. I recommend keeping your recovery key as well as any other sensitive information in a safety deposit box. I know this all may seem a bit manic, but it is important you take the necessary security precautions in order to ensure the safety & longevity of your cryptocurrency.
Technical Aspects of Bitcoin
Address: What you send Bitcoin to.
Wallet: Where you store your Bitcoin
Max Supply: 21 million
Block Time: ~10 minutes
Block Size: 1-2 MB
Block Reward: BTC reward received from mining.
What is a Bitcoin Address?
A Bitcoin address is what you send Bitcoin to. If you want to receive Bitcoin you’d give someone your Bitcoin address. Think of a Bitcoin address as an email address for money.
What is a Bitcoin Wallet?
As the title implies, a Bitcoin wallet is anything that can store Bitcoin. There are many different types of wallets including paper wallets, software wallets and hardware wallets. It is generally advised NOT to keep cryptocurrency on an exchange, as exchanges are prone to hacks (see Mt. Gox hack). My preferred method of storing cryptocurrency is using a hardware wallet such as the Ledger Nano S or Trezor. These allow you to keep your crypto offline in physical form and as a result, much more safe from hacks. Paper wallets also allow for this but have less functionality in my opinion. After I make crypto purchases, I transfer it to my Ledger Nano S and keep that in a safe at home. Hardware wallets also come with a special key so that if it gets lost or damaged, you can recover your crypto. I recommend keeping your recovery key in a safety deposit box.
What is Bitcoins Max Supply?
The max supply of Bitcoin is 21 million. The only way new Bitcoins can be introduced into the economy are through block rewards which are given after successfully mining a block (more on this later).
What is Bitcoins Block Time?
The average time in which blocks are created is called block time. For Bitcoin, the block time is ~10 minutes, meaning, 10 minutes is the minimum amount of time it will take for a Bitcoin transaction to be processed. Note that transactions on the Bitcoin network can take much longer depending on how congested the network is. Having to wait a few hours or even a few days in some instances for a transaction to clear is not unheard of. Other cryptocurrencies will have different block times. For example, Ethereum has a block time of ~15 seconds. For more information on how block time works, Prabath Siriwardena has a good block post on this subject which can be found here.
What is Bitcoins Block Size?
There is a limit to how large blocks can be. In the early days of Bitcoin, the block size was 36MB, but in 2010 this was reduced to 1 MB in order to prevent distributed denial of service attacks (DDoS), spam, and other malicious use on the blockchain. Nowadays, blocks are routinely in excess of 1MB, with the largest to date being somewhere around 2.1 MB. There is much debate amongst the community on whether or not to increase Bitcoin’s block size limit to account for ever-increasing network demand. A larger block size would allow for more transactions to be processed. The con argument to this is that decentralization would be at risk as mining would become more centralized. As a result of this debate, on August 1, 2017, Bitcoin underwent a hard-fork and Bitcoin Cash was created which has a block size limit of 8 MB. Note that these are two completely different blockchains and sending Bitcoin to a Bitcoin Cash wallet (or vice versa) will result in a failed transaction. Update: As of May 15th, 2018 Bitcoin Cash underwent another hard fork and the block size has increased to 32 MB. On the topic of Bitcoin vs Bitcoin Cash and which cryptocurrency is better, I’ll let you do your own research and make that decision for yourself. It is good to know that this is a debated topic within the community and example of the politics that manifest within the space. Now if you see community members arguing about this topic, you’ll at least have a bit of background to the issue.
What is Block Reward?
Block reward is the BTC you receive after discovering a block. Blocks are discovered through a process called mining. The only way new BTC can be added to the economy is through block rewards and the block reward is halved every 210,000 blocks (approximately every 4 years). Halving events are done to limit the supply of Bitcoin. At the inception of Bitcoin, the block reward was 50BTC. At the time of writing this, the block reward is 12.5BTC. Halving events will continue to occur until the amount of new Bitcoin introduced into the economy becomes less than 1 Satoshi. This is expected to happen around the year 2,140. All 21 million Bitcoins will have been mined. Once all Bitcoins have been mined, the block reward will only consist of transaction fees.
Any computer that connects to the Bitcoin network is called a node. Nodes that fully verify all of the rules of Bitcoin are called full nodes.
In other words, full nodes are what verify the Bitcoin blockchain and they play a crucial role in maintaining the decentralized network. Full nodes store the entirety of the blockchain and validate transactions. Anyone can participate in the Bitcoin network and run a full node. Bitcoin.org has information on how to set up a full node. Running a full node also gives you wallet capabilities and the ability to query the blockchain. For more information on Bitcoin nodes, see Andreas Antonopoulos’s Q&A on the role of nodes.
What is a Fork?
A fork is a divergence in a blockchain. Since Bitcoin is a peer-to-peer network, there’s an overall set of rules (protocol) in which participants within the network must abide by. These rules are put in place to form network consensus. Forks occur when implementations must be made to the blockchain or if there is disagreement amongst the network on how consensus should be achieved.
Soft Fork vs Hard Fork
The difference between soft and hard forks lies in compatibility. Soft forks are backwards compatible, hard forks are not. Think of soft forks as software upgrades to the blockchain, whereas hard forks are a software upgrade that warrant a completely new blockchain. During a soft fork, miners and nodes upgrade their software to support new consensus rules. Nodes that do not upgrade will still accept the new blockchain. Examples of Bitcoin soft forks include:
A hard fork can be thought of as the creation of a new blockchain that X percentage of the community decides to migrate too. During a hard fork, miners and nodes upgrade their software to support new consensus rules, Nodes that do not upgrade are invalid and cannot accept the new blockchain. Examples of Bitcoin hard forks include:
Note that these are completely different blockchains and independent from the Bitcoin blockchain. If you try to send Bitcoin to one of these blockchains, the transaction will fail.
A Case For Bitcoin in a World of Centralization
Our current financial system is centralized, which means the ledger(s) that operate within this centralized system are subjugated to control, manipulation, fraud, and many other negative aspects that come with this system. There are also pros that come with a centralized system, such as the ability to swiftly make decisions. However, at some point, the cons outweigh the pros, and change is needed. What makes Bitcoin so special as opposed to our current financial system is that Bitcoin allows for the decentralized transfer of money. Not one person owns the Bitcoin network, everybody does. Not one person controls Bitcoin, everybody does. A decentralized system in theory removes much of the baggage that comes with a centralized system. Not to say the Bitcoin network doesn’t have its problems (wink wink it does), and there’s much debate amongst the community as to how to go about solving these issues. But even tiny steps are significant steps in the world of blockchain, and I believe Bitcoin will ultimately help to democratize our financial system, whether or not you believe it is here to stay for good.
Well that was a lot of words… Anyways I hope this guide was beneficial, especially to you crypto newbies out there. You may have come into this realm not expecting there to be an abundance of information to learn about. I know I didn’t. Bitcoin is only the tip of the iceberg, but now that you have a fundamental understanding of Bitcoin, learning about other cryptocurrencies such as Litecoin, and Ethereum will come more naturally. Feel free to ask questions below! I’m sure either the community or myself would be happy to answer your questions. Thanks for reading!
Can we talk about sharding and decentralized scaling for Raiblocks?
Introduction This essay contains a healthy dose of math sprinkled with opinion, and I would be the first to admit that my math and personal opinions are sometimes wrong. The beauty of these forums is that it allows us to discuss topics in depth, and with enough group scrutiny we should arrive at the truth. I'm actually a cryptocurrency noob; I've only been looking at it in earnest for a few months, but I've seen enough to conclude that we are in the middle of a revolution, and if I don't intellectually participate somehow, I think I'll regret it for the rest of my life. Here I analyze sharding in a PoS (proof-of-stake) system, and I will show that not only is sharding good, but I will quantify just how beneficial it is to Tps (transactions per second of the whole network) and mps (messages per second processed by each individual node). I use Raiblocks as my point of departure, regarding it as both my inspiration and my object of critique. But much of the discussion should be relevant to any PoS sharded system. As you may know, Raiblocks does not employ ledger sharding, but seeing as every wallet is already in its own separate blockchain, it's basically already half-way there! From an engineering perspective, sharding is low-hanging fruit for a block-lattice structure like Raiblock's, especially when you compare it to how complicated it is for single-blockchain currencies. For the record, I think that Raiblocks will scale just fine according to the current strategy laid out by Colin LeMahieu (u/meor) . By using only full nodes and hosting them in enterprise grade servers (basically datacenters), chances are good that the network will be able to keep up with future Tps (transaction per second) growth. Skeptics have been questioning if people are going to be willing to run nodes pro bono, just to support the network. But I don't doubt that many vendors will jump at the chance. If I'm Amazon, and I've been paying 3% of everything to Visa all these years, when there's an option to basically run my own Visa, I take it. Payment networks like Paypal have been offering free person-to-person payments for years, eating the costs of processing those transactions in exchange for the opportunity to take their cut when those same people pay online vendors like Amazon. This makes business sense because only a minority of transactions are person-to-person anyway. Most payments result from people buying stuff. So, in a sense, vendors like Amazon have already been subsidizing our free transactions for years. By running Raiblocks nodes, they would still be subsidizing our transactions, but it would be a better deal than what they were getting before. But have we forgotten something here? Is this really the dream of the instant, universal, decentralized, uncensorable payment network that was promised and only kinda delivered by Bitcoin? Decentralization comes in a spectrum, and while this is certainly better than a private blockchain like Ripple, the future of Raiblocks that we're looking at is a smallish number of supernodes run by a consortium of corporations, governments, and maybe a sprinkling of die-hard fans. You may ask, but what about the nodes run by you and me on our dinky home computers and cable modem connections? Well, people need to remember that Raiblocks nodes need to talk to each other every time there's a transaction, in order to exchange their votes. The more nodes there are, the more messages have to be received and sent per node per transaction. Having more nodes may improve the decentralization, redudancy, and robustness of the network, but speed it definitely does not. Sure, the SSD of a computer running a mock node will handle 7000 tps, but the real bottleneck is network IO, not disk IO, and how many Comcast internet plans are going to keep up with 7000 x N messages per second, where N is the total number of nodes? If you take the message size to be 260 bytes (credit to u/juanjux's packet-sniffing skills), and the number of nodes to be 1000, that's 1.8 GB/s. Also, if you consider that at least two messages will need to be exchanged with every node (one for the sending wallet, one for the receiving), the network requirements per node becomes 3.6 GB/s. This requirement applies to both the download and upload bandwidth, since in addition to receiving votes from other nodes, you have to announce your own vote to all of them as well. Maybe with multicasting upload requirements can be relaxed, but the overall story is the same: you almost want to convince small players not to run their own nodes, so N doesn't grow too large. Hence, the lack of dividends. So, if we're resigned to running Raiblocks from corporate supernodes in the future, we might want to ask ourselves, why is decentralization so important anyway? For 99.9% of the cases, I actually think it won't matter. People just want their transactions to complete in a low-cost and timely fashion. And that's why I think Ripple and Raiblocks on their current trajectories have bright futures. They are the petty cash of the future. But for bulk wealth storage, you want decentralization because it makes it hard for any one entity to gain control over your money. No government will be able to step in and freeze your funds if you're Wikileaks or a political dissident when your cryptocurrency network is hosted on millions of computers scattered across the internet. I know the millions number sounds outlandish given that Bitcoin itself has fewer than 12k nodes at present, but that's my vision for the future. And I hope that by the end of this essay, you'll agree it's plausible. The main benefit of sharding is that it allows nodes to divide the task of hosting the ledger into smaller chunks, reducing the per-node bandwidth requirements to achieve a certain Tps. I'll show that this benefit comes without having to sacrifice ledger redundancy, so long as sufficient nodes can be recruited. One disadvantage that must be noted is the increased overhead of coordinating a large number of nodes subscribed to partial ledgers. At the very least, nodes will need to know how wealthy other nodes are for voting purposes. However, I don't see how an up-to-the-second update of nodal wealth is necessary, since wealth changes on the timescale of months, if not years. It should be sufficient to conduct a role call once every few weeks to update nodes on who the other nodes are and to impart information about wealth and ledger subscriptions. Nonetheless, in principle this overhead means it is still possible to have too many nodes even with sharding. Raiblocks has a unique advantage over single-chain cryptocoins in that each wallet address is already its own blockchain. This makes it especially amenable to sharding, since each wallet can already be thought of as its own shard! You just need a clever algorithm to decide which nodes subscribe to which wallets. For the purposes of this analysis, I assume a random subscription, so that for example if both you and I subscribe to 10% of the ledger, our subscriptions are probabilistically independent, and we intersect on roughly one percent of the total wallet space. I will also assume that all nodes are identical to each other in bandwidth, though in practice I think each node's owner should decide how much bandwidth he is willing to commit, letting the node's software dynamically adjust its P to maintain the desired bandwidth, where P, or the participation level, is the fraction of the ledger that the node is subscribed to. That way, when the Tps of the network increases over time, each node will use the increasing bandwidth demand as a feedback signal to automatically lower its ledger subscription percentage. Then, all that would be missing for smooth and seamless network growth is a mechanism for ensuring node count growth.
messages per second received/sent per individual node
total number of nodes
transactions per second processed by the whole network
fractional participation level of an individual node
role call frequency
From the definitions, it should be apparent that (1) R = NP There are two types of messages that nodes have to deal with, transaction messages and role-call messages. Transaction messages are those related to updating the ledger when money is sent from one wallet to another. For each transaction, each node presiding over the sending wallet/shard will need to
Broadcast its vote to the other R members of the shard. In the normal case this is a thumbs up signal and no conflict resolution is required.
Receive votes from the other R members of the shard
Broadcast its thumbs up to the R members of the receiving wallet/shard
Each node presiding over the receiving wallet/shard will need to
receive thumbs up signals from the R members of the sending wallet/shard
Therefore, on a macro level upload and download requirements are the same. (Two messages sent, two messages received.) Role-call messages are those related to disseminating an active directory of which nodes are participating in which wallets and information about nodal wealth. Knowledge about each individual node is broadcasted to the network at a rate of k. I think 10-6 Hz is reasonable, for an update interval of 12 days. For each update, all R nodes presiding over the wallet of the node whose information is being shared will broadcast their view of the node's wealth to all N nodes. Therefore, from the perspective on an individual node:
The rate that role-call messages are received is kRN.
The rate that role-call messages are sent is k(# node wallets presided over)N = k(NP)N = kRN.
Again, upload and download rates are the same. Since upload and download rates are symmetric (which intuitively should be true since every message that is sent needs to be received), the parameter mps can be used equally to describe upload and download bandwidth. (2) mps = 2R(PTps) + kRN, where the two terms correspond to the transaction and role-call messages, respectively. Using (1), (2) can be rewritten as (3) mps = 2R2Tps/N + kRN Here, we see an interesting relationship between the different message categories and the node count. For a fixed ledger redundancy R and Tps, the number of transaction messages is inversely proportional to the number of nodes. This is intuitive. If all of a sudden there are twice as many nodes and ledger redundancy remains the same, then each node has halved its ledger subscription and only has to deal with half as many transactions. This is the "many hands make light work" phenomenon in action. On the other hand, the number of role-call messages increases in proportion to the number of nodes. The interplay between these two factors determines the sweet spot where mps is at a local minimum. Since the calculus is straightforward, I'll leave it as an exercise to the reader to show that (4) N_sweetspot = (2RTps/k)1/2 Alternatively, another way of looking things is to consider mps to be fixed. This may be more appropriate if each node is pegged at its committed bandwidth. Then (3) describes the relationship between the ledger redundancy and N. You may ask how this can be reconciled with (1), which seems to imply that N and R are directly proportional, but in this scenario each node is dynamically adjusting its ledger subscription P in response to a changing N to maintain a constant bandwidth mps. In this view, the sweet spot for N is where R is maximized. Interestingly, regardless of which view you take, you arrive at the same expression for the sweet spot (4). If N < N_sweetspot, then transaction messages dominate the total message count. The system is in the transaction-heavy regime and needs more nodes to help carry the transaction load. If N > N_sweetspot (the node-heavy regime), transaction messages are low, but the number of role-call messages is large and it becomes expensive to keep the whole network in sync. When N = N_sweetspot, the two message categories occur at the same rate, which is easily verified by plugging (4) back into (3). This is when the network is at its most decentralized: message count per node is low while redundancy is high. Note that N_sweetspot increases as Tps1/2. This implies that, as transaction rate increases, the network will not optimally scale without somehow attracting new people to run nodes. But the incentives can't be too good either, or N may increase beyond N_sweetspot. Ideally, a feedback mechanism using market forces will encourage the network to gravitate towards the sweet spot (more on this later). One special case is where P=1 and N=R. This is when the network is at its most centralized operating point, with every single node acting as a full node. This minimizes node count for a given redundancy level R and is how Raiblocks is currently designed. I will show that for most real-world numbers, the role-call term is so small as to be negligible, but the mps is many orders of magnitude higher than in the decentralized case because of the large transaction term. Assuming that we are able to keep the network operating at its sweet spot, by plugging (4) into (3), we arrive at (5) mps_sweetspot = R3/2(8kTps)1/2 If instead we plug N=R into (3), we arrive at (6) mps_centralized = 2RTps + kR2 So, we see that in the decentralized case the mps of individual nodes increases as the square root of Tps, a much more sustainable form of scaling than the linear relationship in the centralized case. And now, the moment we've all been waiting for: plugging various network load scenarios into these formulas and comparing the most decentralized case to the most centralized. Real world operation will be somewhere in between these two extremes.
packet size (bytes)
transaction fee ($)
Total monthly dividends
Decentralized node requirements
node traffic (bytes/s)
Total Network Traffic (bytes/s)
Yearly Network Traffic (bytes)
Decentralized node income
monthly per node ($)
Centralized node requirements
node traffic (bytes/s)
Total Network Traffic (bytes/s)
Yearly Network Traffic (bytes)
Centralized node income
monthly per node ($)
Yes, I did sneak a transaction fee in there, which is anathema to the Raiblocks way. But I wanted to incentivize people to run nodes. Observe that income per gigabyte remains the same, independent of network Tps, because both total income and total bandwidth scale proportionally to Tps. The decentralized case has half the income/GB because the role-call overhead doubles network activity. In either case, the income per GB depends on transaction fee and is independent of network load. An interesting number to check online is the price/GB that various ISP's charge. With Google Fiber, it is possible to purchase bandwidth as low as $0.00076 per GB, meaning that it may be possible for nodes to be profitable even if fees were lowered by another order of magnitude. As time progresses, bandwidth costs will only go down, so fees may be able to be lowered even further past that. But because of electricity and other miscellaneous costs, I think a one cent transaction fee is probably pretty close to what people need to incentivize them to run nodes. With sharding, even many home broadband connections today can feasibly support 100,000 transactions per second, with each node subscribed to about one ten thousandth of the total ledger and handling about 7 MB/s. Getting 14 million people to run nodes may seem like a tall order, but the financial incentives are there. Just look at all the people who have rushed to do GPU mining. Here, bandwidth replaces hashing power as the tool used for mining. According to a study done by Cisco, yearly internet traffic is projected to reach 3.3 ZB by 2021. Looking at the table, that means if we ever reach 100,000 Tps, Sharded Raiblocks traffic would be equal to the rest of the world combined. Yikes! But if you think about it, nobody along the way is taking on an unbearable load. Users pay low fees for transactions. Nodes get dividends. ISPs get additional customers. The only ones who lose out are Visa, Paypal, and banks. With such a large network presence, the cultural impact of this coin would be huge. That, in addition to the sheer number of participants running nodes as side businesses would cement this as the coin of the people. From a macro level, I see no red flags that would indicate this is economically or technically infeasible. Of course, the devil's in the details so I'm posting this to see if people think I'm on the right track. To me, it seems that the possibilities are tantalizing and someone needs to build a test net to see if this idea flies (u/meor, if any of this sounds appealing, are you guys hiring? ;) ). Musings I've only scratched the surface and there are many other topics that are worthy of deeper discussion:
Efficient assignment and announcement of ledger subscriptions for each node
Feedback control mechanism for transaction fee amount to nudge the network towards its N/√Tps sweet spot
Culling slow nodes from the network using economic incentives
Dividend distribution without creating too many extra transactions
Fair dividend distribution based on bandwidth committed
First of all, I think it is right to say that it wouldn’t be fair for the recent reddit to be entirely attributed to the recent 130% rise in GRS price – The price has gone a lot higher when SegWit was activated and a lot higher in the runup to the previous release announcement (22nd September) and was arguably at the ‘floor’ when it was discovered by us. I’d like to give a little bit of a backstory on the recent discovery of GRS by a small group of people in a hope you realise this isn’t just shilling some shit-coin for a pump and dump. It was never our intention to come across as shilling and certainly not our intention to attract ‘pump and dump’ groups. We merely searched for SegWit-activated coins, and the main one that kept popping up was Groestlcoin, in posts that didn’t even mention Litecoin or Vertcoin. We thought that it was worth investigating further and decided to do some more research, and the more we found we more we realised that this was a genuine diamond amongst the rocks. 254th in market cap, first to activate SegWit, Lightning Network in full development, the list was endless – and seemingly nobody knew about it which was insanity. In several places we saw that no marketing was done or being actively planned, and it was up to the community to market the coin if they wanted to whilst the 20+ developers keep cracking on to try and be the first to more developments. We contacted the lead developer, ‘Jackielove4u’ and started a plan to try and market the coin, first by creating a Discord channel for discussions and then by trying to get their great features out to the world and aim for slow-and-steady growth. In hindsight, a bit more finesse would have been better and the reddit posts got a little out-of-hand, if I didn’t know any better I would have seen GRS as a coin being shilled too on Reddit, and I have accused people of doing the same with Vertcoin in the past. So I thought I’d try to clear up some misconceptions and give one targeted response post to the cries of shilling and try to give the facts to the best of my knowledge, whilst trying to give an unbias opinion as much as I can based on my views and the views of the response that we’ve had. PROS: • Segwit Enabled Enabled first) • Low-Power Mining – This is a selling point but people have said the power consumption is on-par with Vertcoin. I think the mining uses 2 rounds of Groestl algorithm hashing to make it more secure but is still very low on power consumption and hardware wear • Lightning Network currently in development • They have had an easy miner solution since 2015 – Although I’d be the first to admit it is a little clunky, but is openly on Git for improvements. • 3 iOS wallets (Including a shared wallet), 11 android wallets (1x Secure BIP147, 1x Including sending GRS via SMS, 1x ability to use NFC tags as encryption keys), 11 blackberry wallets (Secure), 3 web wallets and 10 desktop wallets with varying features / designs – More to come on the differences soon. • Over 80 electrum servers • Working testnet • Hosts their own block explorer • Officially maintained by the Bitcoin Debian packaging team • Ubuntu PPA available • ASIC resistant, profitable CPU and GPU mining (And has an ARM miner apparently!) We’re just brushing the surface of the great tech that is being developed by the GRS developers. CONS: • Elephant in the room – The name. People have called it ugly, most don’t know how to pronounce it (It’s Groosel-coin). The developers are open to a rebrand pending a community vote in 2018. • I’ve heard a few times ‘that logo looks like a cross between google and wordpress’. Again the logo is open to rebrand/redesign pending a vote (open for suggestions/examples!) but there is some significance in it. The ‘2’ in the logo is for the 2 rounds of Groestl algorithm hashing that is used. • Obviously little or no marketing up until this point. Marketing is important (if not vital) for the success of a coin so we’re trying to spread some awareness. • Lots of internet posts saying that it is a scam coin. From what I can see it seems to be because the coin has been ‘pumped-and-dumped’ a few times? By that logic, most coins are scam coins? The block reward dropped 6% a week when it was first launched specifically to prevent pump-and-dumps. • Rumours of a pre-mine of 0.2% (240,000 coins) when it was first created. I haven’t gotten to the bottom of this to confirm or deny, but if it was true it seems to have been given as rewards for some early marketing (where those odd naked women pictures come from) and some early bounty rewards to get the ball rolling. No pre-mine is ideal but its personally something I can look over now if it IS true. • Over 70% of the mined coins are owned by the top 100 addresses. Again, this is clearly an issue that many other coins also are facing (albeit some to a lesser extent). I can only guess that the more time that passes being a lesser-known coin, the greater risk that this becomes as the same miners mine for a longer period of time. Not sure if this matters much but it’s also worth noting that 24% of the mined coins appear to be on Bittrex currently. TL:DR – Trying not to shill GRS, just trying to get the word out. Criticisms about the coin have been noted by the developers and they are very open to change and improvements suggested if they are the popular vote. I recommend that you research more into the coin, coin the discord on https://discord.gg/8VURndr and make a decision based on your own research whether you'd see something in, and like to support the coin. Apologies for such a long post..
Transcript of Open Developer Meeting In Discord - 5/10/2019
[Dev-Happy] Blondfrogs05/10/2019 Channel should be open now Chill05/10/2019 you all rock! just getting that out of the way :wink: Tron05/10/2019 Cheers everyone. theking05/10/2019 Hi fabulous dev team! Hans_Schmidt05/10/2019 Howdy! Tron05/10/2019 No specific agenda today. Questions? Has everyone seen Zelcore wallet, and Spend app? theDopeMedic05/10/2019 Any major development status updates that haven't been listed in #news? Synicide05/10/2019 How was the meetup yesterday? I heard it would be recorded, it is uploaded anywhere yet? Tron05/10/2019 And Trezor support on Mango Farm assets? @Synicide Yes it was recorded. The Bitcoin meetup organizer has the video. I talked about Ravencoin, but mostly about the stuff that was being built on/with/for Ravencoin. There was about 70% overlap with folks who were at the Ravencoin meetup in March. Synicide05/10/2019 awesome, looking forward to watching it when it's available Tron05/10/2019 I'll hit up James and see if he's posting the video. S1LVA | GetRavencoin.org05/10/2019 @theDopeMedic I'd follow github if youre interested in development status Synicide05/10/2019 zelcore looks super slick. Been meaning to research its security more with the username/pw being stored on device Chill05/10/2019 How is the progress on the restricted assets and testnet coming along? A secondary question would be about the approximate fork timeframe. S1LVA | GetRavencoin.org05/10/2019 Has anyone heard from the community dev (BW) working on Dividends? Rikki RATTOE Sr. SEC Impresantor05/10/2019 Any word on BW and his progress w dividends? @S1LVA | GetRavencoin.org LOL Tron05/10/2019 @S1LVA | GetRavencoin.org Great question. I haven't heard. Synicide05/10/2019 last meeting BlondFrogs said he would try to connect with BW as he was sick with the flu at the time. Maybe he has an update S1LVA | GetRavencoin.org05/10/2019 I've tried to get in contact, but with no success. Rikki RATTOE Sr. SEC Impresantor05/10/2019 Got a funny feeling... Jeroz05/10/2019 Last time we left off with someone mentioning a foundation and Tron saying let’s discuss that next time iirc kryptoshi05/10/2019 Has anyone taken a look at the merits for this proposal? Thoughts? https://medium.com/systems-nexus/modified-x16r-algorithm-proposal-for-constant-hash-rate-in-short-time-164711dd9044 Medium Modified X16R algorithm proposal for constant hash rate in short time Interpretation Lens V. a0.01 Tron05/10/2019 I did see it. Does anyone think this is a problem? Synicide05/10/2019 It looks interesting... but I'm not sure what it is trying to solve. Looking at netstats, our 1 hour average block time is perfectly 1 minute S1LVA | GetRavencoin.org05/10/2019 Last I heard from him he expressed how important finishing the code was. I wouldnt jump to conclusions on his absence within the community. Synicide05/10/2019 x16r by nature will fluctuate, but DGW seems to be doing a good job keeping consistent block times Tron05/10/2019 Because of relatively broad distribution across the algorithms, the block times are fairly consistent. It is possible, but very, very unlikely to get a sequence that takes up to 4x longer, but that's super rare, and only 4 minutes. We did some timing analysis of the algorithms early on. A few are 1/2 as long as SHA-256 and some are up to 4x longer. But when you randomly select 16 it usually comes out about even. Synicide05/10/2019 1hr avg: 1.02min - 24hr avg: 1min I think we should focus on building, and not trying to fix what isnt necessarily broken Tron05/10/2019 Agreed. Rikki RATTOE Sr. SEC Impresantor05/10/2019 Agreed Tron05/10/2019 Is everyone ok with the frequency (every other week) of this discussion? Jeroz05/10/2019 (Added thumbs down to measure) Tron05/10/2019 @Jeroz Did you do thumbs-up and thumbs down? S1LVA | GetRavencoin.org05/10/2019 Seems appropriate. Its not like the devs dont poke around here and chat anyways. Tron05/10/2019 Anything critical that we should be aware of? Jeroz05/10/2019 When I need a dev, I poke a dev. When that dev is unavailable. I poke another one :smiley: Hans_Schmidt05/10/2019 BlondFrogs was testing some github code last month to create a dividends snapshot database of asset holders at a given blockheight. Is that planned for inclusion? That's the only thing needed for dividends. Jeroz05/10/2019 I hope I didn’t offend any devs With poking around Rikki RATTOE Sr. SEC Impresantor05/10/2019 Was thinking voting would be an excellent use case for restricted assets. Local communities, nations, etc... could kyc their residents radiodub05/10/2019 Is x16r will remain fpga mineable Tron05/10/2019 @Jeroz We're hard to offend. Chill05/10/2019 Is the general dev feeling that the next fork should and will include everything needed for the next 6-9 months (barring something completely unforeseen)? Jeroz05/10/2019 I know :smile: Tron05/10/2019 @radiodub Nearly impossible to stop FPGAs and still keep GPUs Jeroz05/10/2019 About that: voting is another hard fork right? Not too soon? Tron05/10/2019 FPGAs can be reprogrammed as fast. It is silicon (true ASIC) that we can obsolete with a tiny change. @Jeroz Messaging, voting, Tags, Restricted Assets would require a hard fork (upgrade). We could do them each individually, but folks get weary of upgrades, so current plan is to roll them together into one. MrFanelli™05/10/2019 Good idea Jeroz05/10/2019 Oh voting too? MrFanelli™05/10/2019 People will like that Jeroz05/10/2019 I thought that was coming later Tron05/10/2019 Voting is the one that isn't being worked on now. Tags and Restricted assets have taken precedence. Jeroz05/10/2019 I know. But you plan on waiting to fork until voting is also done? That would have my preference tbh But I can see an issue with too many things at the same time Tron05/10/2019 If someone wants to step in, we've had one of our devs sidelined and he was working on BlockBook support so more light wallets can connect to Ravencoin. Mostly test cases needed at this point. S1LVA | GetRavencoin.org05/10/2019 Thats a pretty large upgrade.. Bigger surface for unknowns Rikki RATTOE Sr. SEC Impresantor05/10/2019 At what point would RVN community consider moving to ASICs because having a Bitcoin level of security would eventually be needed? MrFanelli™05/10/2019 Never rikki Tron05/10/2019 @S1LVA | GetRavencoin.org 100% Lots of testing on testnet and bounties. [Dev-Happy] Blondfrogs05/10/2019 I am here :smiley: Tron05/10/2019 @Rikki RATTOE Sr. SEC Impresantor There's nothing inherently wrong with ASICs but it tends to centralize to data centers and less opportunity for anyone to just run their gaming rig overnight and collect RVN. Welcome Blondfrogs MrFanelli™05/10/2019 Asics are too expensive. If we want normal people to mine, then we cant be an asic network Rikki RATTOE Sr. SEC Impresantor05/10/2019 @Tron True but what happens when the chain needs a Bitcoin level of protection? Tron05/10/2019 More GPUs, more FPGAs MrFanelli™05/10/2019 Nvidia loves ravencoin :stuck_out_tongue: Chill05/10/2019 ok, so we are pro FPGAs 𝕿𝖍𝖊 𝕯𝖔𝖓 𝕳𝖆𝖗𝖎𝖘𝖙𝖔 CEO ∞05/10/2019 Build it and they will come Tron05/10/2019 It's all relative. It is cost to attack. If an ASIC isn't available for rent, then only option is rental of non-allocated GPUs Rikki RATTOE Sr. SEC Impresantor05/10/2019 @Chill Eventually everyone will need FPGAs to be profitable on RVN, at that point I don't see why we just don't make the switch to ASICs Tron05/10/2019 Also, as much as we don't focus on price, the price does matter because it determines the amount of electricity and hardware will be deployed to get the block reward. Price increase means more security, more mining means more security means higher price. It's a circle. Chill05/10/2019 someone tell that to the twitter handler HailKira05/10/2019 you guys adding seedphrase to desktop wallet? [Dev-Happy] Blondfrogs05/10/2019 @HailKira We will, just is not a high priority right now. MrFanelli™05/10/2019 Twitter handle wants rvn ded Rikki RATTOE Sr. SEC Impresantor05/10/2019 I just don't see much difference between ASIC and FPGA and I'd rather have the added nethash an ASIC will provide once GPUs are virtually kicked off the network kryptoshi05/10/2019 I'm at 11 GB future proof Tron05/10/2019 That also limits miners to big money, not gaming rigs. Synicide05/10/2019 @Rikki RATTOE Sr. SEC Impresantor you have to keep in mind the 'added nethash' is all relative Rikki RATTOE Sr. SEC Impresantor05/10/2019 FPGAs will limit miners to big $$$ too IMO Tron05/10/2019 @kryptoshi New algo x16r-12G requires 12GB :frowning: Seal <:cricat:> Clubber05/10/2019 But sperating smaller gb cards would lead to less adoption if we ever become a mainstream coin. Adpotion of mining that is Chill05/10/2019 but we are a mainstream coin Seal <:cricat:> Clubber05/10/2019 Mains stream as in what eth did Tron05/10/2019 @Rikki RATTOE Sr. SEC Impresantor I agree. Not a perfect solution. Steelers05/10/2019 Is this a Dev meeting or Algo meeting :smiley: Seal <:cricat:> Clubber05/10/2019 But if we ever go mem lane. We should aim for 6 or 8gb. Tron05/10/2019 Open to other questions. Rikki RATTOE Sr. SEC Impresantor05/10/2019 @Tron Probably not the time and the place to have this discussion as we stand currently but IMO we're gonna have this conversation for real eventually Seal <:cricat:> Clubber05/10/2019 Most cards have 6gb now. kryptoshi05/10/2019 Why 12 gb ? Such a massive jump Seal <:cricat:> Clubber05/10/2019 ^ Would also like to know Tron05/10/2019 @kryptoshi I was joking. You said you had 11GB card. Seal <:cricat:> Clubber05/10/2019 Haha You got em good I cant imaghine the face he had when he was 1gb short Lel Rikki RATTOE Sr. SEC Impresantor05/10/2019 That's what she said kryptoshi05/10/2019 Hahaha MrFanelli™05/10/2019 need a 2080ti Seal <:cricat:> Clubber05/10/2019 How much does the VII have? 16? [Dev-Happy] Blondfrogs05/10/2019 Any other questions you have for us? Hans_Schmidt05/10/2019 @[Dev-Happy] Blondfrogs You were testing some github code last month to create a dividends snapshot database of asset holders at a given blockheight. Is that planned for inclusion? That's the only thing needed for dividends. Chill05/10/2019 a dev might want to contact Crypto Chico for some 'splaining [Dev-Happy] Blondfrogs05/10/2019 I still haven't contacted the developer that was working on dividends. Was pretty busy with some other stuff. I will contact him this next week, and see where we are at for that. Rikki RATTOE Sr. SEC Impresantor05/10/2019 Chico doesn't do interviews, shame. Tron would be a much needed interview for his community [Dev-Happy] Blondfrogs05/10/2019 As far as releasing dividends, I can be released at anytime the code is finished and doesn't require any voting or hardfork to occur kryptoshi05/10/2019 Android asset aware wallet? Seal <:cricat:> Clubber05/10/2019 Is in beta right Tron05/10/2019 Testing went well today on Android. Nearing release. [Dev-Happy] Blondfrogs05/10/2019 as it is a mechanism that is wallet specific liqdmetal05/10/2019 no protocol level dividends you guys are saying? [Dev-Happy] Blondfrogs05/10/2019 correct Tron05/10/2019 DM me if you want to test Android with Asset support. I'll send you the .APK. Rikki RATTOE Sr. SEC Impresantor05/10/2019 RVN gonna be on tZero wallet? :yum: liqdmetal05/10/2019 why not? what is the logic on non-protocol dividends assets + protocol dividends is nirvana [Dev-Happy] Blondfrogs05/10/2019 dividends is pretty much sending payments to addresses. Right now, you would have to do this manually. The dividends code, will allow this to be done quicker and easier. No consensus changes are required. Tron05/10/2019 New Android wallet is BIP44 and original Android wallet is BIP32/BIP39 so the words will not find the funds. You'll need to send them to another wallet, and then send them to new BIP44 derived address. liqdmetal05/10/2019 we already have payments to addresses so dividends is not a feature so much as simple wallet script Hans_Schmidt05/10/2019 @[Dev-Happy] Blondfrogs The dividend code changes look risky'er to me than messaging. Would you consider "tags" branch test-ready? [Dev-Happy] Blondfrogs05/10/2019 Not yet @Hans_Schmidt Dividends is easier then you would think if coded correctly. I still haven't seen the code from the community developer. Excited to view it though. Hans_Schmidt05/10/2019 @[Dev-Happy] Blondfrogs Sorry- I meant restricted, not dividend kryptoshi05/10/2019 @Tron on the Android wallet, anyone successfully added their own node and got it to sync faster? Always have issues. I have a supped up node and cannot get it to work with the Android wallet... [Dev-Happy] Blondfrogs05/10/2019 @Hans_Schmidt Oh, that makes more sense. Yes, they are very risky! That is why we are going to create a new bug bounty program for restricted assets testing. Rikki RATTOE Sr. SEC Impresantor05/10/2019 Once the network does get flooded w FPGAs, should we even consider changing the algo a couple times a year? That would only give bitstream developers added time to hoard their creations for themselves Kind of like they're already doing with their x16r bitstreams :yum: kryptoshi05/10/2019 Flooded... lol... like that hardware has mass production scale like gpus...come on dude MrFanelli™05/10/2019 Bip44 wallet? :smiley: Rikki RATTOE Sr. SEC Impresantor05/10/2019 @kryptoshi Eventually yes, where there's $$$ to be made, people make things happen MrFanelli™05/10/2019 So can we trade from that in the new Binance Dex when RVN get listed? kryptoshi05/10/2019 @Rikki RATTOE Sr. SEC Impresantor Yes Soon TM lol. :soontm: Tron05/10/2019 @kryptoshi There are some things we can do to speed it up. For a new wallet, it shouldn't need to sync. For recovered wallet, it needs to sync from beginning of BIP44 wallet support on iOS so words can be moved between the two. Other options include grabbing the first derived address and looking it up on an explorer to see when it was first used and sync from there. Another option is to add an optional number with the 12 words so it knows when to start syncing. There isn't a good reason on an SPV wallet to sync before the seed was created. kryptoshi05/10/2019 Cool. Glad you are looking at speedup options.. :right_facing_fist: :left_facing_fist: [Dev-Happy] Blondfrogs05/10/2019 @MrFanelli™ If the binance dex support RVN deposits. I am sure you would be able to send from it MrFanelli™05/10/2019 Has binance reached out for any info or anything? I seen that we ranked in some voting competition they had on twitter for an ama Rikki RATTOE Sr. SEC Impresantor05/10/2019 I believe we'll need to create a fund of approximately $300,000 in order to get a BNB-RVN asset created and listed on the Binance FDEX [Dev-Happy] Blondfrogs05/10/2019 In order to work with binance we need Ravencoin integrated into Blockbook. Tron05/10/2019 @MrFanelli™ I've reached back out to Binance on the AMA. MrFanelli™05/10/2019 Awesome :smile: kryptoshi05/10/2019 @Tron you are a natural on the interviews... cool as a cucumber. :sunglasses: Tron05/10/2019 Thanks @kryptoshi [Dev-Happy] Blondfrogs05/10/2019 Cool. We are done for today. Please don't ask us any more questions :smiley: Tron05/10/2019 Thanks everyone!!!! [Dev-Happy] Blondfrogs05/10/2019 Cya everyone!! S1LVA | GetRavencoin.org05/10/2019 Cya happy feet, Thanks Thanks Tron Seal <:cricat:> Clubber05/10/2019 :bepbep:
While listening to the Core Devs Meeting #54 this morning, I realized that the factual trade-offs around ProgPow need to be better defined so that we can truly hear the community's take on this issue. It is a lot to put on the core team, and everyone seems to want more participation in this debate. An audit of ProgPow is necessary, but it will not lead to a decision on whether to implement it or not. In talking about the trade-offs of ProgPow until the end of such audit, let's just assume it works as expected. I'll start by saying that it has been extremely difficult and frustrating for me to understand the tradeoffs of ProgPow, despite being actively involved in the community. I can only imagine how difficult it might be for the average ETH stakeholder to have an opinion on whether ProgPow is a good idea or not. The conspiracy theories that have surfaced around ProgPow have certainly not contributed to the debate, and I'd like to take this opportunity to focus on facts, not speculation. If you just tuned in, a good place to start is the question what is ProgPow? ELI15: ProgPow is a module based on CUDA to better parallelize specific functions of Ethash on Nvidia architectures and increase computational efficiency. My back-of-the-envelope math shows that, under ProgPow, GPUs mining ProgPow-Ethash would be 1.5x more efficient than Plain-Ethash. Also, ProgPow allows the algorithm's parameters to be programmatically changed to prevent an integrated circuit (in an ASIC) to have an edge on efficiency over commodity GPUs in the long-run. ELI5: ProgPow makes GPUs more efficient and allows Ethash to change in a way that curbs the advantage ASICs have over GPUs in the long-run. The issue(?) of decreased hashing power EF Security Lead Martin Swende said in the call today that he expects ProgPow to cut difficulty in half, which would in turn lead to lower hashing power being allocated to the network. Since Plain-Ethash would have different parameters than ProgPow-Ethash, their hashrates are not comparable in terms of security. Think of Plain-Ethash and ProgPow-Ethash as different algorithms. Still, all else equal, a 50% decrease in difficulty "doesn't sound too good" as u/Souptacular put it in the call today. That is because, even though hashrates are not comparable, the aggregate amount of electricity required to potentially attack the network is decreased, meaning, the cost of an attack might be lower post-ProgPow. However, I also recognize that there are social factors that also need to be considered in the decision of implementing ProgPow. Based on my conversations, hobbyist miners have a love/hate relationship with Ethereum. Ethash's hardness to ASIC has brought to Ethereum a lot of individual miners and small operations who, through mining pools, contribute to a large amount of the current hashrate. Competition with larger operations is lower on Ethereum than say, Zcash, given the much decreased efficiency gains when using ASICs on Ethash. This is the "love" in the sentence above. The "hate" is the realization that the network will eventually adopt PoS and that, until then, block rewards will continue to decrease. This is painful, especially at current price levels. This coalition of smaller operations believes that the adoption of ProgPow would level the playing field even further and make mining Ethash more fair. Not adopting ProgPow may lead this coalition of retail miners to leave Ethereum. This ismaybe the main reason why large mining pools like Ethermine are pro-ProgPow. The worst-outcome-possible would be for these miners to fork their coalition out of the protocol. The issue of ASIC centralization Another argument pro-ProgPow that keeps popping up is that ASICs contribute to centralization, which has been an ongoing problem for Bitcoin and many other protocols that employ algorithms that are not as hard as Ethash. u/vbuterinhas said in the past that he does not believe mining centralization concerns are as relevant to Ethash as other algos. And after surveying the Ethash ASIC market, I tend agree with him. It all seems to comes down to efficiency and the degree of centralization in the ASIC manufacturing industry. Ethash ASICs are only 2x more efficient than state-of-the-art GPUs; a much lower efficiency coefficient than SHA-256 ASICs, which are 1000x more efficient. There are now eleven different models of Ethash ASICs in the market, and three fiercely competitive manufacturers producing them (BITMAIN, Innosillicon and PandaMiner). Had BITMAIN been the only entity in the Ethash ASIC market, I would be more concerned about centralization, but that does not seem to be the case. Ultimately, we should remember that ProgPow does not eliminate existing ASICs from the market - it only makes existing GPUs more efficient on a relative basis. Also, the activation of ProgPow would not prevent these manufacturers from developing a ProgPow-compatible ASIC. The most important factor to consider right now is network security. Even more so because the PoW chain will be an integral component of the first stages of the new Serenity roadmap. PoS validators stake their funds on the PoW chain and, as such, the entire system relies on a sufficiently large number of miners to not abandon Ethereum. From my understanding, due to the use of Nvidia's CUDA, GPU miners running RX580s and RX Vegas (which are based on AMD) would not be able to mine ProgPow (please fact-check if I'm wrong). We don't know the proportion of miners running AMD versus Nvidia versus ASICs. Core developers are focusing on whether ProgPow does what it is supposed to do, hence the focus on an audit, but that might not be the right question. The way I see it, the right question should be (assuming ProgPow works): in what scenario will network security be optimized in terms of cumulative electricity expenditure allocated to Ethash? u/5chdn
Upgrading from an FX-8350 to a R7-1700. Just a bit about me – I have been building computers since the mid 80’s. I missed the 8-inch floppy disk era, but came on board when dual 5.25” was considered mainstream and a 10-megabyte full-height HDD was the mark of a power user. The first computer I built for my own enjoyment was an AMD X5-133 (a factory overclocked 486 faster than the Pentium-75), and I’ve used a wide variety of systems since then, including a Pentium Pro-200 which served me well in college and a K6-2 which I took to quite a few LAN parties. While I’ve always had Intel notebooks, my PC’s have been AMD for quite some time now. I decided to upgrade my current main machine, which is an FX-8350 with a mild 4.4Ghz overclock. I was using 2x8GB Crucial Ballistix DDR3-1600 and a Sapphire Radeon Fury Nitro. While I know the R5-1600x would be a better bet for a pure gaming build, I have a soft spot for 8-core machines. I had been tempted to pull the trigger on an i7-7700k for a while, but the timing never worked out. But when I found the R7-1700 at a deep discount and an X370 motherboard on the shelf next to it – I couldn’t resist the siren call of a new build. Here are my thoughts about the process: AM4 is physically the same as AM3 from a build perspective, except for the mounting holes. I don’t know what was so important about making the holes have different offsets, but this makes it much more difficult to get quality cooling. Not all manufacturers have brackets yet, and I’m still waiting on Cooler Master to release the brackets for my Siedon 240. The new motherboard feels very different from my AM3 board. My FX-8350 sat on an ASUS M5A99FX Pro R2.0. It was, for lack of a better word, a very workstation-ish board. 4 PCIx16 slots, 10x USB ports (2 of the USB 3.0), triple USB 2.0 front panel headers (and a USB 3.0 front panel header as well), eSATA on the rear panel, beefy VRM and Northbridge cooling, Toslink output for audio, and so on. The board itself is full of tiny components, support chips, and ports. Granted, many of these connectors are outdated (eSATA and USB2.0), and the PCIe is only 2.0 instead of current-gen 3.0, but there is a LOT of connectivity. Few people paired an FX chip with triple of quad-GPU for gaming, but I know a fair number of people used these for bitcoin mining back before there was widespread ASIC support and back then GPU mining was the most cost-effective way to mint cryptocurrency. Extra PCIe slots could be used for dedicated video capture, PCI-based storage, a RAID card, etc... Having 4 full-size slots allows this kind of flexibility. The new motherboard is an Asrock Fatal1ty x370 Gaming K4. It does not feel very workstation-ish at all. It has only two 16x PCIe slots (and when they are both in use they are only 8x), 8 USB ports on the rear panel, and a much less “busy” motherboard. Very few support chips litter its surface. Instead of a workstation component, it feels much more like a luxury consumer product. This is not a bad thing – just something I noticed while building the system. The rear IO shield is red and black to match its gaming aesthetic, it includes things like premium audio (including a very nice headphone amplifier for the front panel connectors), and while it only has 8x USB ports on the back, 6 of them are USB 3.0 and two of them (including a type-C connector) are USB 3.1 gen2. It includes RGB LED’s under the chipset heatsink and three separate RGB LED controller ports (one of which is used for the boxed cooler), Intel gigabit Ethernet, and dual M.2 slots (one of which connected directly to the CPU). It is very different in “feel” from the older ASUS board, even down to things like a shroud for the external connectors and metal-reinforced PCI slots. I must say, its more aggressive appearance and near-empty areas appeal to me. It does, however, funnel the builder into a particular configuration: limited fast storage through the M.2 slots, slow(er) storage through the 6x SATA ports, all external devices should be USB 3. Personally, these limitations didn’t restrict me for this build, since that was how I was going to set it up anyway, but the fewer connectivity choices might cause some pause for others. The only thing I don’t like about this board is the 20 second POST times. 20 seconds every time. Resuming from sleep is very fast, just reboots are slow. That’s really it. I have no substantive complaints other than that – well, and the memory speed limitations – more on that below. The Wraith Spire cooler is without doubt the best looking box cooler I’ve ever seen. The symmetrical cylinder look, combined with the LED logo and RGB ring are very striking. I can see why many people have asked to order one, though I think for the 1700X and 1800X they are better off without it. I’ll explain why further down. Initial hardware setup was very easy. I was able to flash to the newest 2.0 BIOS without any hassle using a DOS USB flash boot drive. The 2.0 BIOS has the newest AGESA code from AMD, as well as support for the R5 processors and better DDR4 compatibility. I didn’t want to cheap out on RAM since apparently Ryzen is sensitive to DDR4 speeds for the latency between cores. I bought the cheapest 16GB DDR4-3200 kit I could find (the EVGA SuperSC 2x8GB), for which I paid $115. While I was not able to get it to boot at 3200, I could get 2933 simply by activating XMP, then manually changing the speed from 3200 to 3000. I then tested it with MemTest86 for two complete cycles, which it passed without errors. I have encountered zero memory issues with these RAM sticks running at 2933. Since this motherboard does not officially support DDR4-3200 at all, I figure this is a good outcome. I am curious to know whether anyone has gotten 3200 on this board – that is, whether the lack of 3200 memory on Asrock’s QVL is a marketing issue or an actual hardware limitation – but I didn’t want to spend nearly double that amount in order to get AM4 verified memory (G.Skill’s FlareX), and 2966 seemed fast enough from the benchmark results I had read. My old setup had a Samsung 850 EVO 256gb SATA6 drive as the primary boot/gaming drive. It seemed plenty fast but it had become too small for my needs, so this seemed like a good opportunity to buy a new SSD. I originally thought the NVMe drives would be out of my price range, but I bought the Intel 600p 512GB drive for only $10 more than I would have paid for a premium SATA6 drive. Though the 600p is without doubt the SLOWEST NVMe drive out there, it has 3x the read speed as the SATA6 drives, and most of what I am doing with it is trying to get quicker load times. If I was using it for professional workloads (as a video editing scratch drive, for example), I would need much higher sustained write speeds and then Samsung would be the obvious answer. I just didn’t want to spend an extra $80 on write performance that I’d never notice, and the 600p has been an excellent boot/gaming drive. Ok, back to the Wraith Spire. I tend to have bad luck with the silicon lottery. My FX-8350 was not able to be stable above 4.4Ghz with reasonable temperatures. I was hoping I would be able to get better results from the R7-1700, since general reports indicated that it overclocked well. Unfortunately, it is difficult to tell how good of an overclock I am getting since I can find no good information about maximum recommended temperatures for this chip. Some people say 75c is the maximum safe temp. Others say 75c is a fine everyday 24/7 temp. Others say they are running it at 80c all the time without any issues at all. Steve at Techspot was getting 88c and 90c when overclocking the 1600X and 1500X using the stock coolers and without any instability – were those dangerous temps or totally fine? Nobody seems to know. I like my overclocks to be set-and-forget. I want to get it dialed in and then leave it for years without worrying that it will burn up or degrade or that in this or that application I have to turn back to stock speeds because of the thermals. Since I don’t know what max safe thermals are, I just have to guess based on stock thermals. For stock speeds, the Wraith Spire does a good job. It is very quiet, and after a few BIOS fan-curve tweaks, it keeps the chip around 35-38 at idle, and around 68-70 on Prime95 (Small FFT, for maximum temperature generation). Incidentally, it also hits 70 if I run Cinebench a bunch of times in a row as well, so I don’t consider the Small FFT test to be totally unrealistic for the load this chip might encounter. From what I can tell, these are good normal temps. I can get 3.5Ghz by simply changing the multiplier and leaving the voltage at stock. This gives Cinebench numbers around the 1550 mark (roughly 6900k levels). Prime95 shows a modest boost in temperatures of 3-4 degrees C, and was stable even for several hours. If I push it to 3.6Ghz at stock voltage the system is unstable. At 3.7Ghz (the 1700’s boost speed for single-threaded loads) it is stable only if I give it 1.3v. While that is a totally fine voltage (AMD recommends up to 1.35v for 24/7), the Wraith Spire cannot handle a Prime95 Small FFT load anymore. I shut down the test and reverted the OC when the CPU read 89c. Given the fact that the Spire was meant to cool a 65w chip (and so probably is rated at no more than 85-95w), this is not a terribly surprising temperature – I wish I knew if it was dangerous. I have no doubt that a 240mm radiator or even a decent tower cooler will be more than enough to cool down my 3.7Ghz R7-1700. I am a little jealous of the people who just set the multiplier to 3700 and are good to go – lower voltages probably mean the Spire would be enough. But for me, it was not to be. I was halfway tempted to see at what temperature the chip would reduce its clock speed, but I didn’t want to burn up a chip I had just bought – might as well wait until I get bigger and better cooling to OC it to the 3.8-3.9 I hope it will reach. Other than the OC temps it has been smooth sailing. Gaming feels more fluid than with the FX, even in games that I always thought were GPU-limited and/or running at 60fps with VSYNC on. Especially games that are sensitive to single-core performance (Heroes of the Storm is my latest addiction) there is a definite boost in 1% low and 0.1% low FPS. I have been using the Ryzen Balanced power plan from AMD and it seems to do a fantastic job keeping temps low when idle and letting the cores ramp up really fast when needed. I need to test whether the lack of core parking prevents it from hitting the 3.7Ghz boost as much as the regular Balanced plan allows. I think a simple CineBench single-thread comparison will do the trick. I also tried streaming a bit – and it was able to generate 1080p60fps at x264-medium settings without being noticeable while in game. Later I edited some video of my kids – the final render speed was SOOOO fast. I am, on the whole, very happy with my upgrade. I get better single-core performance, much much better multi-core performance, along with faster disk speeds, and a more modern platform (with RGB lighting, M.2, USB 3.1, etc…). Now if only I could find out appropriate temperatures…..
[Thursday, March 15 2018] A short-ish history of new features on Reddit; Nova Scotia becomes 1st Canadian province to ban cat declawing; WEST MIAMI-DADE - FIU pedestrian bridge collapses, people trapped underneath; Sheriff who pocketed $750K from inmate food fund bought beach house for $740K
rammen4 The leaders of France, Germany, the US and UK have issued a joint statement stating "This is the first offensive use of a nerve agent in Europe since the Second World War", calling it an assault on UK sovereignty. Comments || Link
mvea Stephen Hawking's final Reddit post was an ominous warning about the future of humanity and capitalism: “The trend seems to be toward the second option, with technology driving ever-increasing inequality” Comments || Link
been_zhak_unt Can we fix it? The repair cafes waging war on throwaway culture. When fixing items is actively discouraged by manufacturers, recycling becomes a political act, say Repair Cafe volunteers Comments || Link
GoodGriefWhatsNext Princess Elizabeth, in peasant blouse and cotton skirt, and her husband, Prince Philip, in checkered shirt and blue jeans, enjoy an old-fashioned hoedown at a private party in Ottawa, Canada, October 11, 1951 [1213 x 997] Comments || Link
PM_ME_CUTE_OTTERS While river otters usually mate for life, sea otters are polygamous, and their mating ritual is so rough that it was found responsible for 11% of all fresh southern sea otters deaths from 2000 to 2003. Comments || Link
Everyday we’ll feature a selected small subreddit and its top content. It's a fun way to include and celebrate smaller subreddits.
Of Wolves And Weasels - Day 22 - A New Chapter Begins
Hey all! GoodShibe here, This is an exciting time for Dogecoin right now - I mean outside of all the new shibes flooding into this sub - we're starting to do something that very few coins have managed: A legal, direct exchange from DOGE to USD/CAD currency and back. This is happening, starting today, over at Vault of Satoshi. Yes, there are some hurdles to jump through - legal stuff, mostly - but it's there and it's up. It exists. Not only does this show an incredible amount of confidence in our currency -- it's a lot of work to even start to put together an exchange from USD/CAD to cryptos -- but considering that our currency is only around 7 Weeks old that tells you exactly how hard we've all been working. Every tip to a new user, every funny little Dogecoin meme, every $20 ad tossed up on Reddit, every act of compassion and charity - little by little we're bringing people to us, our confidence and compassion and flat-out sense of fun is infectious. In a time of world turmoil, of uncertainty, we're still doing what we do best -- and people want to be a part of that. This is a HUGE victory for us. It's also an important victory for us in another sense, as it allows us to begin the process of detaching ourselves, at least partially, from Bitcoin. This is both good and bad in that when Bitcoin rises, historically, we've gone with them -- and when they fall, so to do we. We're not cutting the cord entirely, but considering that the main way to get DOGE has been buying BTC and converting it to DOGE through an exchange, this will allow us to forego one major step in the chain. And as more and more exchanges start to come on board, allowing us to move freely to and from DOGE, this cord may even end up being cut entirely. Meaning we'll be on our own. If that's not both exhilarating and scary as heck, I don't know what is. But it's coming down the pipe. And maybe sooner than we think. The timing also works well because of the level of FUD (Fear, Uncertainty and Doubt) going around in Bitcoin as of late. Yes, on the surface, everything's fine - they've been getting great adoption rates lately and really are doing quite well (and I wish them well). But there's a general uncertainty building thanks to articles like this: Mega Default In China Scheduled For January 31 Additional Sources Confirm China’s Payment Processor Ban, Bitcoin Price Falls $200 Now, yes, these articles are around/over a month old, but both articles -- being from reputable sources -- say one very important point: On January 31st, Chinese New Year, the People's Republic of China will be closing all 3rd party payment processors. This further limits people's ability to exchange - and use - Bitcoin in China. Bitcoin's greatest rise and fall was because of the influx of -- and outpouring of -- Chinese investors last year and the sting, while mostly healed, can still be felt in stories like this. And rightly so, it was one heck of a sting. You see, when the Chinese Government put regulations on Bitcoin, a lot of investors panicked - thinking that Bitcoin was being outright banned (which was wholly untrue). That panic fed into a massive campaign of fear and disinformation, causing... well, pretty much a mass hysteria, leading to investors ditching the currency almost as fast as they'd bought it up... and that caused a severe and violent crash. Now, granted, this move has been telegraphed for a very long time (over a month now) so it should be no surprise and that when the 31st hits, those who wanted out will have already gotten out. But there's still that sense of uncertainty, wondering exactly how smooth the transition will be. For Dogecoin, a decent chunk of our growth has been from Bitcoiners looking to diversify their portfolios, looking to protect themselves from these sorts of general gloom and doom scenarios that push their currency down. Hopefully, once the 31st passes with a smooth transition, BTC will start its climb again. But for Dogecoin, having these exchange options open to us, it can and will insulate our currency from these sorts of issues. The biggest problem was that Bitcoin was entering a market where the Government hadn't yet decided what to do about Cryptocurrencies - so all eyes were focused on what the PRoC were going to do about it. Which, again, created uncertainty. Seeing how Bitcoin blew up like it did, and how China has a history of knocking down things when they get too big on their own (see QQ China's first uber-successful virtual currency) it all makes sense... in hindsight (20/20 vision being what it is and all). The good thing about Dogecoin is that we're being exchanged in a market that has already made themselves pretty clear about how they feel about cryptocurrencies - Canada treats them like a commodity - which should help protect us, barring a sudden change of attitude/regulation from the Canadian Government. All-in-all, this is truly the start of something huge for Dogecoin. Not only is this a severe blow to scammers (which, as mod of /Dogecoinscamwatch, fills me with endless amounts of joy) but a lot of eyes will be watching VoS, and if they start making money - good money - others will jump in to grab a slice of that pie (which will further help stabilize our DOGEs). And that's why NOW is the time to capitalize on it. We need to get more outreach efforts off the ground, more charitable responses. I'll be donating 20,000 DOGE (10K from me, 10K from ericnakagawa) - on top of the 5K I've already given - to BellLetsTalk on Twitter, a campaign to raise awareness for Mental Health. They don't take Dogecoins, but hopefully, when they see that there's a decent amount of them coming in, they'll be amenable to it. Money is money is money, right? Especially now that they can exchange those cryptos on Vault of Satoshi and get their money's worth. Incidentally, that 15K Doge I'm donating is ENTIRELY from you. Your tips. What you've given to me, I am giving back in outreach. That 5K I gave to Notch, to try and get his attention (Which, sadly, it seems, did not work) was also from you. So far your tips have amounted to approximately 40,000 DOGE since I've started doing 'Of Wolves and Weasels' and I've been using most of that money on outreach, on tipping, and doing what I can to help spread the word. (I'm saving a bit for myself too, hope you don't mind :D) Let's keep on getting the word out there, folks! We're doing amazing things -- and even better things are waiting for us, just out there on the horizon. It's 8:38AM EST, we're at 38.65% of DOGEs found. Our Global Hashrate is down into a semi-stable ~77 Gigahashes per second - after a massive spike to ~224 very early this morning - and our Difficulty is falling from ~1070 to ~1011. Looks like another nice day to hit the mines, people! Let's get to it! :D) As always, I appreciate your support! GoodShibe EDIT: I've set up This Thread for anyone who'd still like to join in and make a donation to the BellLetsTalk fund, even though the big day has passed. Thank you all!
2 predictions I make for the "Surface Phone" + comment yours!
It will only allow the execution of x86 apps in Continuum mode/when connected to a larger display
Reason: Legacy Win32 apps were not designed with small form factor touchscreens in mind, and most of them will show really bad scaling problems on a screen that fits something like a 1920x1080 or 2560x1440 resolution on a 5-6" canvas when they can't even adapt correctly to the fairly common "high"DPI laptop screens of today. No, so long as you use the phone as a phone you will have UWP Apps at your disposal and Win32 apps will likely be greyed out similar to how WinRT8.1 apps are greyed out when you use a Windows 10 Mobile phone in Continuum mode. It might also have some strategic value, as Surface devices are popular in business and among professionals, and as they use the phone as a phone they will notice things they can do in continuum mode with x86 apps that they wish they could do on the go too, but can't - this might lead to more old apps being rewritten for the UWP, maybe as a lighter version (like Microsoft did with the Office Mobile suite). Also, Microsoft already said they will bring Win32 apps to the store - through project Westminster - and I believe this may be important for the Surface Phone as phone users are used to getting apps from the store, and not only is it more tedious to download programs from the internet and install them on a phone, but also the oft-bundled adware or famous browser toolbar installers might cause issues on the new device due to its possibly customized OS (I say it's going to be Windows 10 Mobile + Win32 comaptibility, not desktop Win 10)
It will have a display dock similar to munchkin/the HD-500 that we currently see on sale for the Lumia 950 and 950 XL (to which it will be backwards-compatible because USB Type-C obviously) BUT I say they will make a new dock for the Surface line (just like they did last year again with the Pro 3 dock revised to the Pro 4-era dock) that will be able to connect an external GPU to any 2016-era-and-newer Surface device - bei it Surface Pro 5, Surface Book 2 or Surface Phone - thanks to USB Type-C and Thunderbolt it doesn't matter. Basically this except way more elegant and with Ethernet as well on it
Reason: Not only are U-class Intel Processors (ultra-low-power) becoming standard in ultrabooks, they're also actually powerful enough for basically anything save for the most extreme tasks (say bitcoin mining e.g.) - this is great, but the only thing still lacking in todays mobile devices is therefore the graphics performance. And Microsoft showed us with last years Surface Book Gen.1 that they are working on making a dockable GPU that can be removed mid-operation work, and they are not afraid to include this functionality on their Surface brand premium devices. I say why would the Surface phone possibly not have something similar? Yes, the Surface Book connects via PCI-e to its GPU, and the Surface Phone would probably have to do it via Thunderbolt/USB-C BUT the connector is not what matters, what matters is that Windows 10 - and maybe a little custom software from Microsoft - can make dockable and "plug and play" GPUs a thing on a device running Windows 10, which the Surface Phone will obviously. Tell me your predictions in the comments, another idea I had was a "type" cover that's really just a nice big trackpad so you don't obscure the screen when you use it but I'm not 100% on that, especially since Dan Rubino has hinted since then that a few people that might have seen the device have reported a keyboard-accessory to go with it, and a trackpad is not a keyboard.
Hope all is well guys. Thank you for the feedback on our last Bitcoin Trading Intelligence newsletter. Hope this one addresses some of those points. Feedback and any other comments are welcome. If you like this and want more, you can now reserve your spot in our Bitcoin Trading Intelligence platform. Note on the Flash Crash: On August 18th the Bitcoin market experienced a flash crash on a number of exchanges, led by Bitfinex. It appears, according to swap data there was a number of large positions which closed in tandem causing a whipsaw effect, accelerated by market panic. Thankfully it does appear this was an isolated issue, and not a fundamental break down of the market. The price touched $160s on Bitfinex, and has since recovered to the $230 region, signaling this may have been entirely a result of an issue with an exchange or exchanges. We’ll know more in the coming days, but at this time we believe this to be the case. We’ve selected Bitstamp for our charts, as it did not have as drastic a reaction which can affect technical analysis. Fundamental Analysis: The entire setup of the market is clouded with bearish sentiment amplified the impacts of the BitLicense and the news of the first Bitcoin-XT Block being mined. Here is a review of what has happened fundamentally in the market over the past week and a half. On a global scale, the acceptance of Bitcoin in many countries has been on the rise as weaker economies are evidently turning to cryptocurrencies as their exit option, indicated by the increase in the trading volumes of Latin American Countries. The high inflation rate and unstable economy in countries like Argentina and Brazil have caused a massive surge in the trading volumes of Bitcoins in Latin America increasing more than 120%. This might be a reverberation from the increased number of newly registered users in Greece over the past few weeks which increased by 600%. In Europe, despite Germany’s recent negative press about Greek bailout, Berlin remains one of the major attractions for Venture Capitalists, with Bitcoin Startups and the overall ecosystem continuing to prosper. With more than $2.2 Billion invested in startups in Germany and a considerable percentage of them being Bitcoin startups, the future of cryptocurrency in Germany looks promising. The surprise “one off depreciation” of the Yuan by the People’s Bank of China early in the week led to price divergences and limited bull runs in USD and CNY exchanges as people invested with Yuan saw the Bitcoin market as a good hedging opportunity. Adding to the already strengthening sentiment of growing Venture Capital investments in bitcoin, Japanese exchange ‘bitFlyer’ was able to raise $4 million for their next round of funding, despite the ripples caused by the arrest of Mark Karpeles, former CEO of Mt Gox earlier this month. Bitcoin got a boost from more traditional finance firm PricewaterhouseCooper’s which promoted the use of Bitcoin and Blockchain Technologies for its clients. The report stated categorically that Cryptocurrencies open the door for revolutionary technological possibilities and would disrupt the existing financial Industry in a positive way. With things going awry after the BitLicense debacle, the long awaited Gemini Exchange is a ray of hope for the residents of New York with the Winklevoss twins filing the paperwork for operating an exchange in New York in accordance with the new policies. Edward Snowden’s statements about bitcoin, particularly saying that the technology is inherently flawed citing the ‘51 % mining attack’ as a structural weakness problem created negative sentiment in mainstream press. On the positive side, he added that the basic principles of systems based on decentralized tokenization models might continually provide more value to society. In the midst of the negative mainstream sentiment Bitcoin XT released their completed version of the software on the 15th of August. Unfortunately, many mainstream articles surfaced calling the first Bitcoin-XT block meaning Bitcoin has forked. On one hand it is a vote for the change in protocol, but the network, almost exclusively, continue to run on the core implementation. Predictions say the full switch could happen mid-2016, but the exaggerated news has had a short term impact on the mainstream perception of Bitcoin and potentially the market. While things were already looking tight because of BitLicense, The Financial Crimes Enforcement Network (FinCEN), has issued a new ruling stating startups seeking to tokenize commodities for Blockchain based trading have to be licensed in all the 50 states. On the heels of new regulation, SABR, a New York Based startup has just raised one million dollars to fulfill its goal of providing law enforcement with a view beneath the surface of multiple block chains. SABR aims to detect and prevent bitcoin and other digital currencies being used for illicit purposes. How these developments in regulation and security will help or harm the bitcoin community will be seen in due time. Technical Analysis: Long Term: On a weekly scale, the market has been predominantly sideways with choppy moves from 255-271, until finally completing the bearish arc of the sideways swing by breaking the support zone around 250 and trading at 220 levels. The Bollinger bands in the weekly chart still remain parallel showing that the market is in the expected zone and judging by the regression lines, is setting up for a bull trend after consolidation. On a long term scale, taking a position right now for a long term trade would be premature as the sentiment in the market is not clear. The RSI is approaching the oversold region while the MACD just took a bearish turn without crossing the zero line. The proper indication for setting up long term trades would be reading the setup of the market in terms of 5 SMA and Bollinger bands. As soon as both Bollinger Bands and the 5 SMA become trending in the upward direction after significant consolidation, entering into trades with a long term plan is more justified. Proper entry points for such trades would be around the 217 region with stops below 214. If the market is trending, possible exit points could be 255, 271 and 317. If the market breaks to the downside, breaking the support zone at 217, weekly lower Bollinger band and previous swing lows are possible targets. Midterm: If we look at the daily chart, the break of the zone of support around 250-255 signaled move in the market that has the run the price down to 221. The reversal was very quick with less volume, showing that the 217-220 zone is a good support zone which can be tested soon because of the still trending bearish setup in the daily chart. With the Bollinger bands and SMA’s pointing downwards, the setup is going to remain bearish for some time until a base of consolidation is formed. The descending triangle as shown in the daily chart between the downward trendline and support line at 217 might result in higher volumes being traded in the coming days. In which direction the break out would be or the setup would change will depend on how the market approaches the vertex of the triangle. The MACD is showing a bearish signal in the short term and the RSI crossed 30 into the oversold region but is now coming close to leaving the oversold region. In the medium term, it appears that it is going to be bearish/sideways for some time. A trade setup shorting at the 5 SMA cross and looking for positions on the retracements was a good opportunity during the sell off. Short term: The market crashed by a huge percentage on Tuesday when the trading price of Bitcoin dropping to the 160s on some exchanges, although Bitstamp did not have as severe a reaction. Though it was immediately backed by a green retracement candle, the sentiment is predominantly bearish even in the 240 minute chart with little corrections. The market is expected to trade in this range for some time before either consolidating and going for a reversal or crashing down further. Some of the good trades in this range would be picking longs on the support level until the market closes in on the triangle as shown on the daily chart. Shorting around the lower Bollinger band, and 5 SMA with expectation of a crash down back to the 217 levels could also be profitable, although these trades have to be done with a tight stop loss. Sentiment Analysis: The overall sentiment of the market has continued bearish with BitLicense and “Bitcoin Forking” leading the way. However, the sentiment on the banking front is picking up speed with Visa deploying a block chain research team on the 12th August in Bangalore to study the possible applications of the Blockchain. Deutsche Bank has recently backed Blockchain Technology and bitcoins by making some positive statements about how bitcoins hold the key for the future of financial services. Another positive enforcer to the sentiment is Blockchain.info has exceeded 4 million users. With companies like BitX and ecoins making payment through bitcoins via debit cards infrastructure possible, further research to adapt bitcoin to the existing financial system and other applications seems more likely. Continued adoption by European merchants and an Indonesian crowd funding platform accepting bitcoins, gives hope that bitcoin is slowly gaining a grip on the traditional financial world. It’s still unsure about how the forking news will affect the price of Bitcoin. Major exchanges like Bitfinex have said the major exchanges will come together in agreement if a major shift happens, as there main concern is supporting as many customers as possible. Developments in Blockchain: The Blockchain is may play a key role in the Music Industry. Revelator builds software that allows artists and record labels to manage, track and market their music all from one application. The company sees the blockchain as an opportunity to simplify music rights, which remain complicated and difficult to verify, with a new Intellectual Property (IP) management system that will allow artists to register their works on an immutable ledger. They have partnered with Colu for this project. On another front, ItBit has revealed details about the Bankchain project, a private consensus based ledger system aimed at providing enterprise financial solutions. With this, the New York based exchange has joined other Blockchain firms which are trying to seek the attention of banks that want to utilize the efficiencies of distributed Blockchain technology with private blockchains. Technocorner: The past week and a half has majorly been a week of innovation where ‘ecoin’ and ‘BitX’ have launched Hybrid debit cards. These debit cards are aimed to facilitate interchangeable payments in bitcoins or fiat currencies. ecoin plans to merge the bitcoin infrastructure with the existing financial climate, by taking a widely accepted form of payment like debit cards and combining it with Bitcoin to create a new Hybrid Cryptocurrency debit card. BitX is working on technology so users can also spend bitcoin offline without any internet connection. BitX and ZAZOO have announced this partnership that enable BitX users to use VCpay which works as an alternative for plastic cards. Another interesting development is the BitcoinAlert Project, with the BitcoinAlert app that analyzes the prices historically and alerts about prices to buy or sell bitcoins. But the Technological development that trumped everything else this week would have to be ‘Filament’. Filament has raised $5 million in series A funding led by Bullpen capital, Verizon Ventures and Samsung Ventures. Filament is a decentralized IoT software stack that uses the bitcoin blockchain to enable devices to hold unique identities on a public ledger. By creating a smart device directory, Filament's IoT devices will be able to securely communicate, execute smart contracts and send microtransactions. Article with the charts can be found here: http://www.benzinga.com/news/15/08/5779058/bitcoin-flash-crashed-this-week
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