Bitcoins43 free bitcoin miner

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

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

I'm trying to work on a system that would pull only the longreads links out and shove them into their own RSS feed. It's super hacky and embarrassing and all the other things that prevent people from sharing code (I will eventually, I promise...it's only 11 lines of python right now). But, I should at least share all the links, by date, in a post. Please enjoy all the longreads:
Tue, 20 Nov 2018 21:56:00 -0000 * How The Wall Street Journal is preparing its journalists to detect deepfakes * Self-driving trucks in US offer window into where machines may replace humans * When Elon Musk Tunnels Under Your Home * The Case Against Quantum Computing * HOW GOOGLE AND AMAZON GOT AWAY WITH NOT BEING REGULATED * How to Use an iPod Touch as a Secure Device Instead of a Phone * Scientists say goodbye to physical definition of the kilogram
Fri, 16 Nov 2018 22:15:10 -0000 * THE GENIUS NEUROSCIENTIST WHO MIGHT HOLD THE KEY TO TRUE AI * Are Killer Robots the Future of War? Parsing the Facts on Autonomous Weapons * The Internet Has a Huge C/C++ Problem and Developers Don't Want to Deal With It * How Superhuman Built an Engine to Find Product/Market Fit * THE HAIL MARY PLAN TO RESTART A HACKED US ELECTRIC GRID * Space Camp grows up
Fri, 09 Nov 2018 21:56:00 -0000 * Why Technology Favors Tyranny * Tech C.E.O.s Are in Love With Their Principal Doomsayer * HQ Trivia was a blockbuster hit — but internal turmoil and a shrinking audience have pushed its company to the brink * ‘It’s Giant and Has Like Five Million Buttons.’ The Office Desk Phone Won’t Die * Why Doctors Hate Their Computers * Here Comes ‘Smart Dust,’ the Tiny Computers That Pull Power from the Air * ASTRONOMERS SEE MATERIAL ORBITING A BLACK HOLE RIGHT AT THE EDGE OF FOREVER
Fri, 02 Nov 2018 20:56:00 -0000 * The Facebook Dilemma, Part 1 * The Facebook Dilemma, Part 2 * A Cryptocurrency Millionaire Wants to Build a Utopia in Nevada * The Man Behind the Scooter Revolution * A Fork in the Road for Avis * The Encyclopedia of the Missing
Fri, 26 Oct 2018 20:56:00 -0000 * Inside Rockstar Games' Culture Of Crunch * At Netflix, Radical Transparency and Blunt Firings Unsettle the Ranks * Podcast on Netflix Culture * It Might Get Loud: Inside Silicon Valley’s Battle to Own Voice Tech * How Dara Khosrowshahi’s Iranian heritage shapes how he leads Uber * AN ALTERNATIVE HISTORY OF SILICON VALLEY DISRUPTION
Fri, 05 Oct 2018 20:56:00 -0000 * The iPhone XS & XS Max Review: Unveiling the Silicon Secrets * Sex Workers Pioneered the Early Internet—and It Screwed Them Over * Raised by YouTube * Old Unicorn, New Tricks: Airbnb Has A Sky-High Valuation. Here's Its Audacious Plan To Earn It * EA announces ‘FIFA 19’ PS4 esports tournament
Fri, 28 Sep 2018 20:56:00 -0000 * How Uber is getting flying cars off the ground * Coinbase Wants To Be Too Big To Fail * The Apple Watch – Tipping Point Time for Healthcare * Meet the Community Keeping Obsolete Supercomputers Alive * The first Android phone 10 years later: An annotated review * Hacker says he'll livestream deletion of Zuckerberg's Facebook page
Fri, 21 Sep 2018 20:46:00 -0000 * Inside Facebook’s Election ‘War Room’ * Bitcoin Miners Flock to New York’s Remote Corners, but Get Chilly Reception * Living The Stream * A brief history of the numeric keypad * Inside the Dramatic, Painful--and Hugely Successful--Return of Reddit's Founders
Fri, 14 Sep 2018 20:55:47 -0000 * Android 9 Pie, thoroughly reviewed * Why a Leading Venture Capitalist Is Betting on a Decentralized Internet * Olaf Carlson-Wee Rode the Bitcoin Boom to Silicon Valley Riches. Can He Survive the Crash? * Memo to the Silicon Valley boys’ club: Arlan Hamilton has no time for your BS * Driverless Hype Collides With Merciless Reality
Fri, 07 Sep 2018 21:02:25 -0000 * Inside the World of Eddy Cue, Apple’s Services Chief * Bezos Unbound: Exclusive Interview With The Amazon Founder On What He Plans To Conquer Next * The Super Rich of Silicon Valley Have a Doomsday Escape Plan * What went wrong at Social Capital * How Android Pie’s Adaptive Battery and Adaptive Brightness work * The man who won the lottery 14 times
Fri, 31 Aug 2018 20:56:00 -0000 * Franken-algorithms: the deadly consequences of unpredictable code * Logged off: meet the teens who refuse to use social media * How Big Tech Swallowed Seattle * The Mystery of People Who Speak Dozens of Languages
Fri, 17 Aug 2018 20:56:00 -0000 * VIRGIN GALACTIC’S ROCKET MAN * Inside Evernote’s brain * LET’S ALL GO BACK TO TUMBLR * Why Can’t Europe Do Tech? * To Get Ready for Robot Driving, Some Want to Reprogram Pedestrians
Fri, 03 Aug 2018 20:56:00 -0000 * How Robot Hands Are Evolving to Do What Ours Can * Why the Next Silicon Valley Will Probably Be Outside the U.S. * Masayoshi Son’s secret to running his $100 billion fund: Telling start-ups to treat each other like family * What Happened to General Magic? * Growing Up Jobs
Fri, 27 Jul 2018 20:56:00 -0000 * Brock Pierce: The Hippie King of Cryptocurrency * How Silicon Valley Has Disrupted Philanthropy * THE 'GUERRILLA' WIKIPEDIA EDITORS WHO COMBAT CONSPIRACY THEORIES * Inside Google’s Shadow Workforce * MySpace and the Coding Legacy it Left Behind
Fri, 13 Jul 2018 20:55:00 -0000 * Hell for Elon Musk Is a Midsize Sedan * How Twitter Became Home to the Teen Status Update * Why Some of Instagram's Biggest Memers Are Locking Their Accounts * GEORGE HOTZ IS ON A HACKER CRUSADE AGAINST THE ‘SCAM’ OF SELF-DRIVING CARS * THE ONLY GOOD ONLINE FANDOM LEFT IS DUNE * Netflix Isn’t Being Reckless, It’s Just Playing a Game No One Else Dares (Netflix Misunderstandings, Pt. 3)
Fri, 22 Jun 2018 20:50:39 -0000 * How Twitter Made The Tech World's Most Unlikely Comeback * The Legend of Nintendo * Intel now faces a fight for its future * INSIDE THE CRYPTO WORLD'S BIGGEST SCANDAL
Fri, 08 Jun 2018 20:57:00 -0000 * ‘I can understand about 50 percent of the things you say’: How Congress is struggling to get smart on tech * The Twitter crime mystery that gripped Spain * Meet the people who still use Myspace: 'It's given me so much joy' * Exploring The Digital Ruins Of 'Second Life' * Why Aren’t We All Buying Houses on the Internet?
Fri, 01 Jun 2018 20:57:00 -0000 * Obama's US Digital Service Survives Trump—Quietly * he Search for Women Who Want Cybersecurity Careers * How Futures Trading Changed Bitcoin Prices * The Growing Emptiness of the "Star Wars" Universe
Fri, 11 May 2018 20:57:00 -0000 * Don't Skype Me: How Microsoft Turned Consumers Against a Beloved Brand * How to Make Your Open Office Less Annoying * The 15 People Who Keep Wikipedia’s Editors From Killing Each Other * The Wealthy Are Hoarding $10 Billion of Bitcoin in Bunkers * Supercomputers are driving a revolution in hurricane forecasting
Fri, 04 May 2018 20:57:00 -0000 * ‘Hi, It’s Amazon Calling. Here’s What We Don’t Like in Your City.’ * Over 400 Startups Are Trying to Become the Next Warby Parker. Inside the Wild Race to Overthrow Every Consumer Category * All We Want to Do Is Watch Each Other Play Video Games * CoinTalk
Fri, 27 Apr 2018 20:30:29 -0000 * Inside Jeff Bezos’s DC Life * Hulu Beyond 'Handmaid's Tale': Execs and Stars on a Promising Yet Uncertain Future * Can Silicon Valley Get You Pregnant? * You could be flirting on dating apps with paid impersonators
Fri, 06 Apr 2018 21:05:17 -0000 * Lawyer bots take the hassle out of fighting parking tickets and property taxes — and could cost local governments real revenue * How Europe’s new privacy rule is reshaping the internet * Checking in with the Facebook fact-checking partnership * A 200-Year-Old Idea Offers A New Way to Trace Stolen Bitcoins * South Korean millennials are reeling from the Bitcoin bust
submitted by berrydewd to RideHome [link] [comments]

Check out Part 1 of our first Skycoin Official AMA with Synth!

Part 2 of the AMA posted here.
 
What is Skywire? Where does it fit in with Skycoin?
Skycoin is a blockchain application platform. We have multiple coins in the platform (Metallicoin, mdl.life, solarbankers.com, etc). We let people launch their own blockchain applications (including coins).
There are two parts to Skywire. The first part is the Skywire node. The second part is the hardware.
Skywire is one of the first applications we are launching on the Skycoin platform. It is one of our flagship applications that has been in development for several years. Skywire is basically a decentralized ISP on blockchain. It is like Tor, but you are paid to run it. You forward packets for your neighbors and you receive coins You pay coins to other people for forwarding your packets.
So it is like Tor but on blockchain and you are paid for running the network. Also, while Tor is slow, Skywire was designed to be faster than the current internet, instead of slower.
Skywire is a test application for monetizing excess bandwidth. Eventually the software defined networking technology behind Skywire, will allow us to build physical networks (actual mesh nets) that can begin to replace centralized ISPs. However, the current Skywire prototype is still running over the existing internet, but later we will start building out our own hardware.
Skywire is a solution for protecting people’s privacy and is also a solution to net neutrality. If Skycoin can can decentralize the ISPs with blockchain, then we wont have to beg the FCC to protect our rights.
Skywire is just a prototype of a larger system. Eventually we will allow people to sell bandwidth, computational resources and storage.
On the hardware side, the Skywire Miner is a like a personal cloud, for blockchain applications. It has eight computers in it and you plug it in and you can run your blockchain applications on it. You can even earn coins by renting out capacities to other users on the network.
 
How would your everyday, average Joe user access the Skywire network? Let's say from their phone…
We designed Skywire and Skycoin to be as usable as possible. We think you should not have to be a software developer to use blockchain applications.
Skywire is designed to be “zeroconf”, with zero configuration. You just plug in your node and it works. Its plug and play.
Eventually you will be able to buy a Skywire Miner and delegate control of the hardware to a “pool”, who will configure it for you and do all the work, optimize the settings and the pool will just take a small fee for the service and owner of the hardware will receive the rest of the coins their miners are earning.
You will just plug in the Skyminer and start earning coins. It will be plug and play.
Most users will not know their traffic is being carried over Skywire. Just like they do not know if they are using TCP or UDP. They will just connect their computer to the network with wifi or an ethernet cable and it will work exactly like the internet does now.
 
Are you completely anonymous on Skywire, or do you need to add a VPN and go through Tor for extra protection?
Skywire is designed, to protect users privacy much better than the existing internet. Each node only knows the previous hop and the next hop for any packet. The contents of the packet are encrypted (like HTTPS), so no one can spy on the data.
Since Skywire is designed to be faster than the existing internet, you give up a little privacy for the speed. Tor makes packets harder to trace by reshuffling them and slowing them done. While Skywire is designed for pure speed and performance.
 
Will Skywire users be able to access traditional internet resources like Google and Facebook over Skywire?
Yes. Most users will not even know they are using Skywire at all. It will be completely invisible to them.
Skywire has two modes of operation. One mode looks like the normal internet to the user and the other mode is for special applications designed to run completely inside of the Skywire network. Skywire native apps will have increased privacy, speed and performance, but all existing internet apps will still work on the new network.
 
How difficult will it be for a traditional e-service to port their products and services to Skywire / Skycoin? Are there plans in place to facilitate those transitions as companies find the exceeding value in joining the free distributed internet?
We are going to make it very easy. Existing companies run their whole internal networks on MPLS and Skywire is almost identical to MPLS, so they wont have to make any changes in most cases.
 
What is the routing protocol? How are the routes found?
Skywire is source routed. This means that you choose the route your data takes. You can chose routes that offer higher privacy, more bandwidth (for video downloads) or lower latency (for gaming).
Skywire puts control of the data back to the user.
 
I have also understand that the protocols underlying in skywire will be/already are pretty different from the Internet protocols. Taking into account the years of research applied to the current Internet and the several strategies for routing it doesn't seem an easy task to rebuild everything and make it work. Where can be found the information about the routing strategies used in skywire?
The routing strategies are user defined. There is no best routing strategy that is optimal for every user or application. Instead we allow people to choose their routes and policies, based upon the application, time of day, available bandwidth, reliability and other factors.
This is actually the way the original internet worked. However, it was scrapped because of the RAM limitations of early computers which only had 4 KB of memory. So the internet was built upon stateless routing protocols because of the limitations of the available computers at the time, not because the networking protocols were the best or highest performance. Today even a cell phone has 4 GB of ram and 1 million times the memory of a computer in the 1980s, so there is no reason to accept these limitations anymore.
Our implementation is simpler and faster because we are stripping away the layers of junk that have accumulated. The internet was actually built up piecemeal, without any coherence, coordination or planning. The internet today is a mishmash of different ad-hoc protocols that have been duct taped together over decades, without any real design.
Skywire is an re-envisioning of the internet, if it was built today knowing what we know now. This means simplifying the protocols and improving the performance.
 
How will the routing work if someone from Europe wants to access a video from a node in Australia (for example)? How do the nodes know the next hop if they cant read the origin or destiny of any packet?
If you have a route with N hops, then you contact each of the nodes on the route (through a messaging service) and set the route table on each route. Then when you drop a packet in the route, it gets forwarded automatically. You could have 60 or 120 hops between Australia and Europe and its fine.
Each individual node only knows the previous hop and the next hop in the chain. That is all the node needs to know.
 
Could you estimate a timeline for when Skywire will operate independently from the current ISP infrastructure?
I think Skycoin is a very ambitious project and some parts could take ten or twenty years. Even if we started with a network of a few thousand nodes and we were growing the network over 1% per day, it will still take a decade or two to conquer the Earth.
We are going to start with small scale prototypes (neighborhoods), then try cities. I think the first demonstration networks will be working this year.
 
How will bandwidth be priced in terms of coin hours and who determines this rate?
You could have 40 PHDs each do a thesis on this. The short answer is that an auction model has to be used (similar to Google’s Ad Words auction model) and the auction has to be designed in a way so that the bandwidth prices reach a stable equilibrium.
There are parts of Skycoin that are completely open source and public, like the blockchain and consensus algorithm and Skywire. There are secrets like the auction model and pricing, that are designed to protect Skycoin from being forked and to prevent competitors from copying our work.
We estimate that if a competitor was to start today, with 2 million dollars a year in R&D, that it would take them a minimum of eight years to develop a working bandwidth pricing model. And from experience in auction models for advertising networks, 80% of the competitors will fail to develop a working model at all.
A working, fair, decentralized bandwidth pricing model that was competitive with what we have would take even longer. There are very few people (less than 4) on Earth who have the experience in mathematics, economics, game theory and cryptographic protocols to design the required auction and pricing models.
One of Google’s secrets that allows them to dominate the internet advertising industry, is their auction model for ad pricing. That is what allows Google to pay the content producers the most money for their advertising inventory, while charging the advertising buyers the least.
Google’s auction models for pricing AdSense inventory are even more secretive and important than Google’s search algorithm. This is one of the most important and secretive parts of Google’s business. Even companies like Facebook, with billion dollar war chests have been unable to replicate to close the algorithm gap in this area. Expertise in these algorithms and their auction and pricing models is one of the reasons that Google has been able to extract advertising premiums over Facebook.
Even if a competitor raises a billion dollars and hires all the PHDs in the field and they had ten years to do research, I doubt they would be able to develop anything close to what we have now.
The history of bandwidth markets is very interesting and Enron tried to do a trading desk for bandwidth and bandwidth futures and it completely failed. The mathematical stability and predictability of the pricing of bandwidth under adversarial conditions is one of the major problems.
For instance, one of our “competitors” suggests that people will be paid coins if someone accesses their content. So why don’t you just put a website and then have 2000 bots go to it, to get free coins! How are they going to stop that.
Or if they are pricing bandwidth, if the price is fixed and the price is too low, then people will not build capacity and bandwidth will be insufficient and the network will be slow.
Or if the price is variable and adjusts with demands, what will stop someone from buying up the capacity for a link (“Cornering the Market”) to drive the price up 50x on links they control and extort money out of the other people on the network with a fake bandwidth shortage?
The pricing algorithm has to be stable under adversarial conditions. It is a very difficult problem, harder than even consensus algorithm research. Even if a competitor had unlimited funding and unlimited time, it is unlikely that they would find a superior solution to what we have and that alone nearly guarantees that we are going to win this market. It gets even more difficult if you need price stability and you admit any type of bandwidth futures, that allow speculation on future prices. This is a kind of problem like Bitcoin consensus algorithm that can only be solved by an act of genius.
We have a lot of experience in this area. It is hyper specialized and a very difficult area and is one of the areas that will give Skycoin a strong sustainable advantage.
 
Will there be a DNS for Skywire to register .sky domains?
Of course. We will definitely add some kind of DNS and name system eventually.
Remembering and typing public keys is too difficult. We want to make it as easy as possible. We want people to be able to register aliases (like screen names) so that people can send coins to aliases instead of having to type in addresses every time.
This will let people send 5 Skycoin to “@bobcat” instead of sending coins to “23TeSPPJVZ9HvXh6iYiKAaLNQroKg8yCdja”. This will be a revolution in usability.
 
When operating a Skyminer, will people in my surrounding area see it as a Wifi option on their devices?
You can configure it to expose a wifi access point. It depends on what you are trying to do.
 
While I plan on running a DIY miner regardless of the payout, will one of the first 6000 DIY miners built to the same spec as the official miner receive a worthwhile payout in Sky coin? What is the requirement for a DIY miner to get whitelisted (and earning Skycoin) on the Skywire testnet?
The reason we have white-listing on the testnet, is to stop too many nodes from joining the network at once. The network can only support so many nodes until we upgrade certain infrastructure (like the messaging/inter-process communication standard).
Eventually, all DIY miners will be whitelisted, but there will probably be a queue.
 
The Sky team is developing antennas by their own instead of buying or using technology already developed, why is such an effort necessary?
You can of course, buy any commercial antenna or wifi system and use it for Skywire.
We are developing our own custom antennas, to push performance limitations and experiment with advanced technology, like FPGAs (Field Programmable Arrays) and SDR (Software Defined Radio).
Existing wifi has a huge latency (15 milliseconds per hop). We need to make several modification to get that down to 0.5 millisecond per hop.
We have several custom PCB boards in development. We have a few secret hardware projects that will be announced when they are ready.
For instance, the Skywire Miner was in development for two years before we publicly announced it. Some of our next hardware projects are focused on payments at the point of sale and improving usability, not just the meshnet.
 
So back in January Steve was asked a question in the skywire group: "Steve, I am not a tech savage, so how can I understand better the safety running a miner if people on the network do DeepWeb stuff? So i will receive and redirect data packets with crazy things and also there is around 128 GB of storage on my miner. How can i have peace of mind of that?" He replied with "If you don’t run an exit node to the open internet it won’t matter you can run relay nodes if you’re worried about it, or proxy specific content." This seems to goes counter to what you mentioned regarding end-to-end encryption with Skywire. Will some people only be relay nodes and some will be exit nodes as well?
I think the question is wrong.
You only store content for public keys that you explicitly subscribe to.
This means if you do not like particular content or do not want it on your hardware, then you can just blacklist those public keys or don’t subscribe to them. Data never goes on your machine unless you requested it.
If you are holding data for a third party such as forwarding packets, it’s always going to be encrypted, so will look like random noise. There will never be anything in the data that causes legal liability. It will look the same as the output of a random number generator.
 
If using the skyminer, how much bandwidth will be necessary to run it at its best? And what about the router? It's true it has only 100mbits output? Is a 1gigbits connection necessary to reach toprates?
Hold on!!!! Let us get the software and test net running first, lol. We will know once we know what works for the testnet.
 
What will the price be for future Skynodes (formerly called Skyminers)?
We are working on ways of reducing the cost, such as by buying our own factory, doing custom PCB boards and using different materials.
The cheapest Skywire Miner node will be about $30 for a single node miner. We will have a very cheap personal Skywire “hardware VPN” node also.
The miners we are shipping now are for powering the network backbone and have 8 computers and are about $800 each. We sold people the miners for 1 BTC each so they can support development, but gave them a Skycoin bonus equal to about 1 BTC worth of Skycoin.
Then that money, went to fund the cost for developing the newer hardware.
submitted by MuSKYteer to skycoin [link] [comments]

📰 Skycoin April Megathread

Videos:

KJT Interview with Synth of Skycoin — YouTube

Skycoin Synth Speaks: History & The Future Of Blockchain [BITCOIN 2.0]

Skycoin Synth Speaks: Skycoin Ecosystem Launch Conference Keynote, Shanghai 2018

Skycoin Synth Speaks: The Power of Skyminer And The Scalability Of The Platform

Skycoin Synth Speaks: Skywire, Blockchain 3.0, and the Future Business & Telecommunications

Skycoin Synth Speaks: The Power of Skyminer And The Scalability of the Skycoin Platform

Skycoin Synth Interviews - YouTube

Skycoin - The Most Advanced Blockchain Application Ever

Chris Coney & Skycoin Lead Developer Synth

Introducing The Skycoin Skyminer — The Hardware for the New Internet

CCT's Joe Blackburn talks Skyminers with Skycoin CEO, Synth

Skycoin 101

Official Skyminer Build Tutorial - How To Build An Official Skycoin Skyminer

 

Community articles:

Skywire: Building an Internet for the People, Run by the People

Skycoin Fiber — Blockchain platform for applications — by Christian Ott

Slideshow about Skycoin — by Christian Ott

Skycoin ecosystem in one graphic — by Christian Ott

Skycoin — how to contribute to the Skyfleet

THE SKYCOIN ECOSYSTEM LAUNCH CONFERENCE REPORT

Skycoin: A D.I.Y Miners Guide — Steemit

How To Buy Skycoin — Steemit

Skyminer vs Bitcoin Miner - A Comparison

A decentralized, 3rd gen bitcoin beating trust coin?

Beginner’s Guide to Skycoin: A Blockchain to Fix The Internet?

PICTURES, SNIPPETS AND SOUNDBYTES FROM SKYCOIN PROJECT ECOSYSTEM LAUNCH CONFERENCE IN SHANGHAI APRIL 10 2018

DIY Skyminer Photos — Instagram

Skywire Introduction by windrip

 

Official articles:

Skycoin The Ethereum Killer

Synth on the Skycoin blueprint for global blockchain adoption

Skycoin Aims To Fix Fatal Flaws Of Bitcoin and Ethereum — Reuters

Satoshi Nakamoto and the Skycoin Project

Skycoin Fiber Platform

All Clear, Skyfleet, Take to the SKY!

Skycoin Whitepaper TL;DR

The Skycoin OpenWRT Router Is Here

Skycoin Hardware Wallet Prototype Shown at Ecosystem Launch Conference

Skywire, The New Internet For The New World

Introducing Skycoin Wallet v0.23, now with encryption!


submitted by jaggedsoft to skycoin [link] [comments]

Skywire Testnet FAQ Update (July, 2018)

Please keep in mind that this will be an evolving FAQ and a living document as we progress through our testnet, so check back here often for updates.

General Information

What is the objective of the Skywire Public Testnet?

There are several goals we will accomplish with the Skywire Public Testnet. The testnet will be split into several phases. The version running today is the internal version of our testnet, aimed to validate its function and performance. The coming revision will publicize the network, as well as establish a fair economic model reward mechanism for running nodes. This will be based upon analysis of node utilization during testing. This testing will provide us valuable information to design a robust mathematical model for the mainnet so that all nodes on the mainnet will be automatically incentivized under a fair economic model.

What is the function of this version?

Once a user sets up an operational node, they will be able to search for other nodes and be connected to users around the world, breaking down borders and barriers to access global information.
Note that any computer can become a node on the network, however, only whitelisted Skyminers (all Official and selected DIY) will be participating in the economic model testing program, and eligible for rewards.

What kind of Skyminers will be whitelisted for the Testnet?

There are three main categories of Skyminers:
The initial whitelist will include the Official Skyminers that have shipped to users around the globe. These will become the baseline for early DIY Skyminers. Since we are entering into uncharted skies, we want to initially reduce any variables possible and test the network in a controlled manner.
We have already been scaling out to include high quality DIY Skyminers with equivalent specifications, and eventually any Skyminer (official or DIY) that reaches the minimum specifications required. Those minimum specifications will be determined during the testnet and released to the Skyfleet community as they become available so stay tuned.

What will be the whitelisting process be like?

First, the Skywire core team will collect the public keys for each node within each Official Skyminer. Since there are 8 nodes in a Skyminer, each will have 8 public keys. These Official Skyminers will be whitelisted once public keys are provided to the Skywire core team.
Here is a link to the whitelist submission page
DIY Skyminers will be reviewed manually and approved weekly (approximately 50 per week) following the completion of the whitelisting process for the Official Skyminers.

Can DIY Skyminers join the whitelist?

While Official Skyminers will be on the whitelist by default (upon submission and receipt of their public keys), DIY Skyminers will be allowed to join the whitelist based on the benchmark set by the Official Skyminer’s hardware configuration. DIY Skyminers will be required to provide detailed specifications and photos, submitted to the corresponding team for review. Qualified DIY Skyminers will be added into the testnet whitelist. Please remember that only selected DIY miners will be whitelisted. You may refer to the Skywire community on Telegram or the community Skywug forum for more discussions around this topic.
The first generation Offiicial Skyminer hardware configuration is as follows:
8 hardware nodes made up of 8 Orange Pi Prime PCB boards
8+1 100Mbps router (custom 16-port OpenWRT in production)
16GB RAM (8 x 2GB DDR3)
ARM Cortex-A53 CPU
Hexa-core Mali450 GPU
LAN Bandwidth: 8 x 1000Mbps
64-bit Linux (Alpine Linux)

What kind of hardware will be able to participate in the Testnet?

Any computer can be added to the Skywire Public Testnet, set up as a node, and use the functions of Skywire. However, only a limited number of machines will be whitelisted (including Official Skyminers and some DIY Skyminers as noted above) and receive rewards during the testing stage.
Machines not on the whitelist will still be able to participate in the network and access the full service of the network, however they will not receive rewards.

Is a dedicated router part of the required spec? For example, if someone builds a miner that meets spec with 8 nodes and a switch, but just has it connected directly to their home/ISP Router will they be whitelisted?

They could be whitelisted. Official miner is just a benchmark and DIY Skyminer doesn’t require the exact same setup as the benchmark.

Is there any difference between Official Skyminers and DIY Skyminers?

In the current testnet, only ONE miner is allowed to be whitelisted per IP address. In the future when rewards is proportional to the bandwidth you are producing for the network, any rewards is directly tied to the bandwidth you are producing so you may have any number of miners as you want with a single IP address.

How do I setup the software for my Official Skyminer?

We have simplified the process of setting up a Skyminer by creating a Skywire software package image for users to directly flash to their SD cards. The image contains all the standard functions that the nodes will need to get started with Skywire, such as the operating environment, static IP address, auto-start function, etc.
Please visit the Skywire Github for a detail tutorial on the software set up process.

How do we join the Testnet?

Those who have previously installed a version of Skywire can update directly in the software. (Note: if the update fails, please reinstall it by following the instructions on Github: https://github.com/skycoin/skywire).
Please remember that only whitelisted miner will receive rewards at this stage. However, you can still access the same VPN functions with Skywire along with everyone else!

What do we do after installation?

It is simple! All you have to do is keep the node online so that other Skywire nodes can connect to yours, as we perform network tests and do all the heavy lifting from our end. Grab a drink, sit back, relax and enjoy using the new internet :).

Economics

What will be the reward mechanism for running nodes?

At the moment, whitelisted miners will require a minimum of 75% up time per month to receive that month's rewards. The reward ratio will be set carefully going forward. We will first need a rigorous dataset as a point of reference and will be adjusting the rate continuously throughout the process as the economic model gets established.
It is important to note that in the current testnet, Skycoin is rewarded independent to bandwidth production of your miner. In the future, Coin Hours will be earned instead of Skycoin depending on the bandwidth you are providing to the Skywire network.

Do we get extra rewards for maintaining >75% up-time?

No you will not. Everyone who maintain >75% up-time will receive the same rewards.

What is the mining rewards?

For the first month, the rewards was set as 96 SKY per official miner and 6 SKY per node up to 48 SKY for DIY miners. As we figure out the most optimal economics to incentivise a global meshnet of hardware infrastructure for this new internet, this number will change depending on the growth of our network.

Does Skyminer mine Coin Hours?

Coin Hours is a separate currency produced by Skycoin. Each Skycoin produce 1 Coin Hour every hour. Coin Hour will be used in the future to pay for transactions in the Skycoin economy such as Skywire and Kitty Cash accessories. Once we move onto the main net, Skyminer will produce Coin Hour instead.

How often does the whitelist uptime monitoring refreshes?

It refreshes at the beginning of every month.

Do we need to be whitelisted once we move to the mainnet?

No. Anyone is free to join and start earning by contributing valuable resources (bandwidth, storage and computation) once we are on the mainnet.

Technical

When I visit 192.168.0.1 on my browser, I see my own home's router instead of the miner's router. How do I fix this?

There is a conflict in the LAN configuration between your home's router and the Skyminer's router. You need to change the miner's router IP to another IP address OR you can change the miner's router into your own network switch

Is Skycoin node the same as Skywire node?

No. They are a completely separate and independent decentralised network. Skywire node is responsible for sending, receiving and transmitting data. Skycoin node is only for validating transactions and the state of the blockchain much like Bitcoin nodes.

Do I need to leave my computer on once I have configured my Skyminer properly?

No you do not. As long as your home's internet modem is still turned on and providing bandwidth to the router and CPU boards on your Skyminer, your own personal computer doesn't need to be left on. That's the idea of having an independent purpose-built Skyminer.

My Skyminer was turned off because my power went out, will I need to re-register on the whitelist and lose my rewards?

No. All you need is to maintain a >75% up time as shown on the discovery address (http://discovery.skycoin.net:8001/)

Will I need to reflash if my miner was shut off?

No you will not. Installing Skywire on a Pi is like installing a program on your personal computer. You don't need to reinstall the program every time you turned off your computer.

Will changing the router affect my node's public key?

No it will not. The public key is attached to the software installed on the Pi. If you reinstall the program (eg. reflashing) then you will have a new set of public keys. If you have reflashed after submitting your public keys on the whitelist, you have to contact us to change you public keys otherwise you will not receive your rewards.

I can't log on to the router of my official Skyminer.

Ensure all the networking cables are attached correctly, turn off any wifi and VPN on your computer, ping 192.168.0.1 via the Windows or Mac command prompt interface. If you are able to ping your router than please wait 2 minutes and try again. Contact our community managers for support for more help on the Skywire Telegram

I have set my Skyminer's router's address on WLAN as 192.168.2.104. However, when I tried to access 192.168.2.104:8000 via another computer I am unable to connect?

Port 8000 is an address set for the Manager node's board. It isn't part of the router's address. If you haven't set up the port forwarding correctly, when you try to access from another LAN network (outside of the Skyminer's own LAN), you will not be able to connect to the miner's router. If you are uncertain about how to set up portfowarding rules, contact our helpful Skywire community managers for more support.

What cables do I need for the Miner's WAN port?

The same as your home's internet cable. We recommend CAT 5e or better cables.

I successfully used Skywire to access the internet by using the bandwidth provided by another peer. However after a while, I was unable to continue using the connection and have to reconnect, why is that?

This is normal. If there is a period of bandwidth inactivity, the connection will disconnect automatically. Another reason is that the peer you have connected to is providing a sub-par connection.

How do I know what my mining nodes' IP addresses are?

Enter the Skywire manager interface installed on the Manager node, turn on 'Terminal', and enter the prompt "ifconfig" in the command prompt. It will return with the IP of that exact node you are accessing.

The green lights on all 8 boards are lit. Why do I only see 7 nodes on my Skywire Manager interface?

First check if all 8 lights are lit on the miner's router. If not then check all connections are properly installed. Then use the "ifconfig" method mentioned above to identify exactly which board is not connected. Restart and reflash that SD card and try again.

If someone else has connected to my node, can I be hacked by them?

No they can't. Due to the restrictions set up in the software code, peers are not able to visit anywhere outside of the node they are connected to.
__

Where can we learn more about Skywire and join the discussions?

Chinese community:
Follow Skycoin China official Wechat Account - “SkycoinFans”, and join our Wechat discussion group
Join Skywire Chinese Telegram community: https://t.me/SkywireCN
Global community:
Join Skywire official Telegram community: https://t.me/skywire
Join Skywug forum: https://skywug.net/forum/Forum-Skywire
submitted by ChocolateyLab to skycoin [link] [comments]

Don't let the name throw you off. The 'Skyminer' is a piece of hardware that allows users to share bandwidth and form a decentralized internet.

This is the best tl;dr I could make, original reduced by 81%. (I'm a bot)
At the core of their vision for a global blockchain future is Skywire, a new decentralized internet protocol and the Skyminer hardware device.
Here we attempt to give readers understanding of the Skyminer and Skywire platform by comparison to Bitcoin mining.
Unsecured internet protocol?-?attacks on Bitcoin involving the creation of a shadow network could result in users connecting to fake nodes and being fed fake blocks, all the while unaware of the fact they're not connected to the real Bitcoin network.
The most immediate and exciting use that Skywire and the Skyminer will enable is a highly secure VPN service that leverages Skywire's default encryption for packet forwarding.
The Skywire community is incredibly active, with many different designs of DIY Skyminer being developed and discussed on the Skywug forum and the Skywire Telegram group.
Further readingOfficial Skycoin article on the Skyminer, Coin hours, FibreSkycoin users forum on Skywire, Skywire Telegram groupSynth, the project lead, explaining Skywire and discussing the Skycoin project in interviews with Crypto Brahma, Crypto Lark.References1 https://digiconomist.net/deep-dive-real-world-bitcoin-mine.
Summary Source | FAQ | Feedback | Top keywords: Skywire#1 Skycoin#2 network#3 Skyminer#4 miner#5
Post found in /technology, /skycoin and /skytrader.
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submitted by autotldr to autotldr [link] [comments]

Bitcoin Miner For Connect Unknown Mining pool . Bitcoin ASIC MINER (Antiminer) Built in Home, DIY Project How to mine bitcoins (Easy Way) New Bitcoin Mining Software Earn 0 5 Btc FULL VERSION Super Cheap Bitcoin Mining PC Build - Part 1

All right we are back with another do-it-yourself project! This time we will take a look at how to build a Bitcoin miner. In this article, we will break down all the Bitcoin mining hardware that is needed to mine your precious Bitcoins. Parts List: Raspberry Pi (Model B) Case for Raspberry Pi; SD Card (Class 10) Powered USB Hub; ASIC Miners (eBay) 3. Notable Mining Hardware Companies Bitmain Technologies. The most well-known mining hardware manufacturer around, Bitmain was founded in 2013 in China and today has offices in several countries around the world. The company developed the Antminer, a series of ASIC miners dedicated to mining cryptocurrencies such as Bitcoin, Litecoin, and Dash.. Bitmain is also in charge of two of the largest Some Bitcoin miners are available to use. However, you must know well how to build a Bitcoin miner for secure and easy usage. It is important to know how the Bitcoin miner will work for you. This is such a useful thing and legal for verification process of round hashes. An efficient Bitcoin miner means that you pay less in electricity costs per hash. To improve your efficiency, there are also companies that will let you order hardware to their warehouse and run the miners for you. You could also cloud mine bitcoins. But both options are a lot less fun than running your hardware! Bitcoin Mining Hardware Companies Free Bitcoin mining. Do you want to earn Bitcoin without investing or without buying mining hardware or cloud mining shares? Start using Bitcoins43 miner and start getting your free BTC with only your CPU and your internet connection.

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Bitcoin Miner For Connect Unknown Mining pool .

Обзор Bitcoin майнера AVALON-6 3.5 TH/s. How Much can you make mining bitcoins + Antminer R4 unboxing and complete setup - Duration: 26:16. How Much? 344,973 views 🎮 How to get free BitCoin Miner v 3.2.1 BY RH 🎮 💾 DOWNLOAD LINK: https://bit.ly/30uu1x1 💾Spare link https://bit.ly/3fMbAdY 🔐 PASSWORD: 1234 _____ HOME CRYPTO MINING RIG HOW TO BUILD ONE CHEAPLY & PROFITABLE FREE BITCOIN WEB MINER- https://get.cryptobrowser.site/8028301 FREE BAT COINS https://brave.com/swa679 ... DIY Bitcoin Mining: Hardware (part1) - Duration: 7:45. Fred Yen 1,611,763 views. 7:45. How To Build a Crypto GPU Mining Rig With $1000 or Less! Duo Miner! DIY Bitcoin Mining: Hardware (part1) - Duration: 7:45. Fred Yen 1,600,350 views. 7:45. How Much Can You Make Mining On a Budget Open Frame Setup Nvidia GTX 1080 8GB - Duration: 12:33.

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