3 Best Bitcoin Mining Hardware ASICs For 2019-2020
GPU vs ASIC Mining ! Which One is Better ? - 2020 updated
ASIC Mining Vs GPU Mining : Which one is Best Right Now?
5 Best Bitcoin Mining Hardware ASIC Machines (2020 Rigs)
Epic Cash Vitex Exchange AMA
What is EPIC CASH? Epic Cash is the final point in the journey toward true P2P internet cash, the cornerstone of a private financial system. The Epic currency aims to become the world’s most effective privacy-protecting form of digital money. In order to fulfill that goal, it satisfies the three principal functions of money: 1. Store of Value — can be saved, retrieved, and exchanged at a later time, and of predictable value when retrieved; 2. Medium of Exchange — anything accepted as representing a standard of value and exchangeable for goods or services; 3. Unit of Account — the unit by which the value of a thing is accounted for and compared. Website: http://epic.tech Whitepapers: http://epic.tech/whitepaper Epic Cash Community: https://t.me/EpicCash Miner Chat: https://t.me/EpicMiners Gitlab: gitlab.com/epiccash Twitter: twitter.com/EpicCashTech Social Media: http://epic.tech/social-media Exchanges: https://epic.tech/service-list Oleg✌🏻 Hello community! Our AMA with EPIC begins🚀 We are very happy to have you here, on our joint AMA👌 So, lets start! The very first question for you. Can you introduce yourself? Max Freeman | Epic Cash | Mimblewimble I’m Max Freeman, which stands for “Maximum Freedom for Mankind” — we believe that the existing fiat money system enslaves people by unfairly confiscating their wealth through inflation. By using an honest money system such as Epic, we can improve the quality of life for billions of people worldwide. Yoga Dude Hello, I am Yoga Dude 🙂 I handle Marketing and PR, in crypto since 2011 started as Bitcoin miner, and in 2014 in Monero, and in 2015 in Ethereum, oh and briefly in DOGE for fun and unexpected profit. Heard about Epic Cash while learning about the Mimblewimble algo and joined the team last year. JLong I am John, Doing the general engineering and managerial work Max Freeman | Epic Cash | Mimblewimble I have been involved in early stage cryptos for the past 3 years, after building a global trading business for the past 20 years. Oleg✌🏻 nice to meet you🙂 Max Freeman | Epic Cash | Mimblewimble Epic is a decentralized community project like Bitcoin or Monero, there is no central authority or corporation involved. We had no ICO and no premine, we had a fair launch at 0 supply last September. Yoga Dude Great to meet everyone :) Oleg✌🏻 Here we go the 1st question for you ~ 1. What is Epic Cash about? Yoga Dude Epic Cash is designed to fulfill Satoshi’s original vision of P2P electronic cash, adjusting for what we learned from Bitcoin, a medium of exchange that is fast, free, open to all, while being private and fungible. We launched in September 2019 as a Proof of Work mineable crypto, without an ICO or a premine. Oleg✌🏻 Look like a real Bitcoin🙂 Yoga Dude with privacy and fungibility 😄 Oleg✌🏻 Sounds cool! move on to the next question… 2. What makes Epic Cash better than Monero or other privacy coins? Max Freeman | Epic Cash | Mimblewimble First off, we have a lot of respect for Monero and other privacy coins, we learned a lot from what they did right and what they did wrong, Our blockchain is much lighter than Monero or Bitcoin, our transaction engine is faster than Monero or ZCash. We use a three mining algo approach to allow more users the ability to obtain Epic Cash. We are a new, highly undervalued, coin and we look great not only for future use but for today's investment. Our blockchain is 90+% smaller than Monero or Bitcoin. Coins such as Zcash have optional privacy. Epic makes all transactions private, and it is impossible to trace movements of coins by watching wallet addresses. Oleg✌🏻 Young and hot😋 security and privacy level is very important now but… 3. Why copy the same supply economics as Bitcoin? Yoga Dude It is hard to compete with the success of Bitcoin today, part of the elegance and the appeal of Bitcoin is the responsible emission rate, terminating at 21million highly sub dividable coins. Like the Bitcoin supply curve, Epic Cash encourages early adopters, and with subsequent halvenings maintains a gradually diminishing flow of additional currency while preserving the overall value. Max Freeman | Epic Cash | Mimblewimble In 2028, the supply of Epic matches that of Bitcoin and they stay in sync until the final coin is mined in 2140. We have 4 halvenings between now and then, which is demonstrated in Bitcoin to drive the value over market cycles. Epic is a chance for people who were late to Bitcoin to ride the wave and not miss their opportunity this time. Oleg✌🏻 Interesting! 4. Why Choose Epic Cash over Grin and Beam? Max Freeman | Epic Cash | Mimblewimble First of all, we have tremendous respect for all Mimblewimble currencies and their talented teams, they all taught us a lot and we are thankful for that. Without sounding too contentious, the choice seems obvious. We offer the same core tech, but with a much more responsible emission curve — Grin is an endless fountain of emission and inflation (60 per second forever), and Beam is even more frontloaded outpacing even Grin’s aggressive emission schedule for the next several years… We respect Grin and Beam, we learned from them, and we believe we are the next evolutionary step. Additionally, as we mentioned earlier, we offer more ways to mine Epic Cash, both with GPU and CPU and ASICs, this gives us more potential users and miners, vs Grin and Beam that are only mineable with GPUs. Yoga Dude Yes, all that ☝️😄 Oleg✌🏻 I hope the miners read it all carefully 👌 Next question 5. Why have a development fund tax and what will it be used for? Yoga Dude Dev fund tax today is at a reasonable 7.77% dropping by 1.11% every year until it hits zero. As Epic Cash grows in value these funds will become increasingly more relevant in additional technical, marketing, and fintech partnerships developments. Oleg✌🏻 Very smart! 6. What is the advantage of 3 mining algorithms? Max Freeman | Epic Cash | Mimblewimble By having multiple mining algorithms we are able to attract CPU, GPU, and ASIC miners simultaneously. Currently all other Mimblewimble currencies are mineable with GPU only ignoring a large segment of CPU miners. Monero made a splash migrating to the RandomX CPU mining algo. Epic Cash from the beginning embraces all mining communities. Many miners are successfully using older hardware such as Xeon processors to help secure the network. We use RandomX for CPU, ProgPow for GPU, and Cuckoo for ASIC. Longer term, our flexible architecture means we can have many algorithms, not just 3. Our roadmap includes an allocation for SHA3 Keccak, which will help further decentralize the network and keep it unstoppable. Yoga Dude We love miners 🙂 and Epic Cash can be mined with laptops and gaming rigs 🙂 Oleg✌🏻 A wide selection of mining methods is a great way to create a stable, decentralized and large network👌 Let’s talk about persons… 7. Who are the people developing Epic Cash? Yoga Dude We are blessed with a very talented team of skilled developers with diverse backgrounds, many of them are volunteers who believe in what Epic Cash stands for and contribute with product and usability innovation. Our teams main focus is to make Epic Cash the best, most secure, most user friendly and usable product on the market, without making it unnecessarily techie, with as much mainstream user appeal as possible. This is a serious challenge but we are up for it 😄 Max Freeman | Epic Cash | Mimblewimble It is also important to note that we are a truly open ecosystem that anyone can participate in. Our community has developed wallets, mining pools, educational content, and much else besides. We are not limited by the funding generated during an ICO or VC investment, our users are an essential element of our team. Oleg✌🏻 Sounds very attractive. 8. What do you think is currently lack in today’s crypto? Max Freeman | Epic Cash | Mimblewimble We believe there is not enough privacy, anonymity and fungibility, although there is a growing awareness in the community as to why these are necessary. People are waking up to the fact that privacy is a right for everyone but today it is being exploited and violated by corporations, governments and unscrupulous individuals. Privacy does not mean that you have something to hide. We have doors on our houses, curtains on our windows, we wear clothes, and we have security on our bank accounts and businesses, not because we are criminals. Fungibility (the property of not being able to distinguish one unit of currency from another) also has become a hot issue as people have started to get in trouble because of someone else’s misdeeds. Tainted money (coins that are blacklisted or restricted) is a problem for Bitcoin and Ethereum, the top two cryptos today. Mimblewimble eliminates the risk of tainted coins making them indistinguishable from each other. With traceable coins, you always have to worry if the coins you are getting were involved in a hack, or perhaps the darknet. Oleg✌🏻 It’s good to see strong and safe coin in our time Let’s talk about your future… 9. What does the Epic Cash roadmap look like going forward? Yoga Dude First and foremost, we are focused on security and usability. We are working on a new, improved GUI wallet to incorporate the community feedback on ways to improve it. We are in the process of completing final testing phases for the next iteration of Epic Cash which will make it more secure and stable. Once that is done, we will be rolling out Android and iOS support to make Epic Cash usable on leading smartphones and smartwatches. Beyond that without going into too much detail we are focused on continuous evolution of privacy, ease of mining, and overall speed and usability. And of course we are constantly looking to add more exchanges both with and without KYC. Oleg✌🏻 Are you working on Android and IOS wallet ? What will your application be? Max Freeman | Epic Cash | Mimblewimble Yes, we will release a mobile wallet this year. It will bring us one step closer to people being able to actually use cryptocurrency as money in daily life. Yoga Dude The idea is to be able to access Epic Cash from any platform and device Max Freeman | Epic Cash | Mimblewimble Epic is very lightweight, which means that low-end devices such as smartwatches can participate. Oleg✌🏻 Ok, got it. Thanks for clarification! 10. What else can you tell us about Epic Cash? Max Freeman | Epic Cash | Mimblewimble Well one thing I really want to mention is our great Epic Cash community. We’ve been building a decentralized community organically, without the talk of price pumps, pressure to HODL and other BS crypto-gimmicks. Our community is truly global and consists of developers, volunteers, miners, and other Epic enthusiasts spreading the word about Epic Cash, helping us reach millions of people around the world to improve their quality of life through social media and directly. Everyone is an evangelist, everyone is an influencer, everyone has the power to make the world a better place to live in. As we continue to grow — the future looks Epic 😊 Yoga Dude Definitely the community! We got a talented crowd of very cool and motivated people from all over the world! Oleg✌🏻 Thank you guys, for such informative answers 🙂 Now we proceed to Section 3, where a Community can ask their questions to the EPIC team Now I’ll open chat for the quite some time … Oleg✌🏻 Thank you all, dear community! EPIC team, please choose the 10 best questions you want to answer. AngeI Everyone likes Privacy & Epic Cash provides their Best Privacy to users But, Which Technologies are being used by Epic Cash to make Blockchain very Private and Completely untrackable ? Max Freeman | Epic Cash | Mimblewimble From the wallet to the node, Epic uses Dandelion++ to bounce transactions around the world before they go into the mempool for mining. Within the blockchain itself, Cut-Through merges all transactions in a block together, with CoinJoin automatically mixing all coins. Beyond that, there are no addresses, so it’s impossible to watch someone’s wallet. Arnold Even litecoin is implementing mimblewimble, Don’t you think it’s a significant threat for Epic if they implement it, then why would anyone use a less popular and a new cryptocurrency. Max Freeman | Epic Cash | Mimblewimble LTC is implementing mw as an “extension block”, meaning that it is optional and not all transactions will use it. This is very different than the core protocol leveraging mw to make all transactions private and all coins fungible. Aluta Why Epic cash so much focus on fungibility? Does fungibility matters that much? Max Freeman | Epic Cash | Mimblewimble Fungibility is going to be one of the key issues within the cryptocurrency space in the coming years. Today, if you accept traceable coins from a seller, you are liable if they have ever been used in any illegal activity. This has led to a two tier market where freshly minted coins sell for more than circulated coins. When coins are fungible, like Epic, you don’t have to worry that you will run into a problem when an exchange or merchant blocks your transaction. Joxes It is a pleasure. When I first researched EpicCash, google showed me a youtube video that talked about how to mine with EpicCash. It made me ask: is this mining activity profitable so far? We are in the early stages of development I guess, what adoption strategies are you taking to have sustained growth? is it feasible to reach N ° 500 rank in coinmarketcap in the medium term? Yoga Dude When I got into crypto, it was by mining Bitcoin back in 2011 when you could still solve blocks on a single computer, but Bitcoin at the time was anything but profitable 😄 Today Epic Cash is still new, still young, and still undervalued. I believe it is mining-worthy because of its potential, not because of today’s price. By allowing Epic Cash to be mined with GPU and CPU on gaming rigs, servers, and even laptops we offer maximum public participation in our project. More people involved in the project, the more evangelists there are. We empower people to mine Epic Cash and to promote it. S.P.A.D.E What new features of Epic Cash provide that Grin or Beam does not offer. Why do we need Epic Cash? Max Freeman | Epic Cash | Mimblewimble They are great coins, but there are some ways in which Epic improves. Epic has better tokenomics than Grin and a more sustainable model than Beam, that has a company behind it that needs to repay investors via its high dev tax. this article explains in more detail https://medium.com/@frodofreeman/overview-of-mimblewimble-cryptocurrencies-7c70be146f50 Sahil What’s the Minimum Hardware / setup Required for Mining of EPIC Cash coins? Is Mining Profitable and Can we Mine EPIC Cash coins at Home? Max Freeman | Epic Cash | Mimblewimble It is possible to mine on an ordinary laptop or desktop from the last 5 years, sometimes older. Epic is open to everyone, and our friendly community is standing by to help you get started at t.me/epicminers Erven James Sato “TOKEN BURN” is BENEFECIAL for any projects, in able to CONTROL THE NUMBER OF TOKEN CIRCULATION and TO PROVIDE GREATER INCENTIVES TO INVESTORS. Does your GREAT PROJECT have plan about TOKEN BURN? Xenolink For deflating projects It is beneficial to drive the demand / scarcity / and price up in a faster pace. Epic Cash is here for the organic long run not the short run. However when it comes to long term economics elastic supplies whether inflating or deflating will not be a solid long term economic model. This has been heavily discussed already with Bitcoins inelastic Fixed 21 million supply in the past. Having a fixed model demonstrates good long term economics without worrying about balancing a deflating/inflating model. Bitcoin is a perfect example of a 21 million inelastic fixed supply model that has been proving itself till today. Which is why we are also using the same fixed 21 million supply model. Epic Cash plans to have a solid organic long term future to bring free private fungible money and make this world a better place. Red Z🔥🤙 No one predicted the COVID-19 pandemic while developing their business model. But the crisis and recession of the global economy is our present with you and it affects all sectors, including blockchain. Will you make or have already made changes to the project roadmap, tokenomics? Do you have a plan in case the situation does not improve in the coming months and will affect the crypto industry even more? Yoga Dude One thing we have seen as the result of the COVID-19 is more governments are talking about moving to digital cash — digital dollar in USA, digital Lira in Turkey, etc… If in the past the idea of digital money was not graspable by some people, today its the governments that are educating the people for us about the value of digital currency… What is ironic, the governments, by printing money to solve the economic consequences of COVID-19 also educating the consumer about the true “value” of fiat… What we offer is a touch free, borderless, private, anonymous, fungible currency that can not be printed beyond the initial defined algo. We are more responsible than the printing presses of the governments 🤔 kunlefighter How does the Dandelion++ Protocol, Confidential Transactions (CT) and CoinJoin assist in protecting the privacy of individuals and their transactions on Epic Cash Blockchain? Max Freeman | Epic Cash | Mimblewimble Dandelion++ bounces transactions around before committing them to the blockchain, making it impossible to determine where they originated from. Confidential Transactions means that all tx are private, you can’t tell anything about where the coins have been or who they belonged to. CoinJoin in essence melts down and re-mints each coin every time it is used, making it impossible to track their ownership or usage history. Epic provides comprehensive privacy to everyone, without the compromises that other pre-mimblewimble coins have. Dr Mönica Hello sir @maxfreeman4@Johnsstec@Yogadude Thanks for the ama I notice that Epic Cash has 2 type of new algorithm, progPoW version 0.15.0 and randomX version 1.0.3 NOW , CAN you tell me why you choose these 2 algorithm??? Yoga Dude We went with RandomX because it is a solid and very popular CPU centric algo used by several coins — most recently Monero. Most miners today heavily favor ASICs or GPUs, leaving a lot of solid high end users in the dust unable to mine emerging cryptos. As far as ProgPow, again its an established algo for GPU miners, and thanks to many cryptos starting with Bitcoin/Monero/Ethe etc there is no shortage of GPU rigs out there :) plus again the casual user with a video gaming caliber card can get in on the action. Oleg✌🏻Perfect!It was a great AMA, but it is coming to an end, thanks to everyone who was with us. Thanks EPIC team for taking the time👏. I hope our projects will be able to collaborate even more closely in the future and achieve new successes. Cheers!🎉
I literally have tens of thousands of dollars in top-shelf hardware, looking to repurpose some before selling on eBay to build a NAS system, possibly a dedicated firewall device as well. o_O
Q1) What will you be doing with this PC? Be as specific as possible, and include specific games or programs you will be using.** A1) This will be a dedicated NAS system for my home network. As such, I'm looking to have it: - Host ##TB's of 720, 1080 & up resolution Movies and TV Shows I'm about to begin ripping from a MASSIVE DVD & Blueray collection I have. - My kids are big on Minecraft. I understand it's possible to host your own "worlds" (or whatever they call the maps you can build) on your own "server". I think it would be pretty neat to offer them (& their friends - if can be done 'safely/securely') their own partition on one of my NAS HDD's. - I also have accounts with a couple diff VPN companies... I understand it's possible (?) to sync said VPN's with a NAS, this might be a more relative topic on the next point/purpose... - I'd like to be able to remotely link to this NAS for when I travel overseas and want to stream at my temp location from my house/this NAS. ______________________ Q2) What is your maximum budget before rebates/shipping/taxes?** * A2) Here's where I make matters more complicated than most others would... I've been an advocate for Bitcoin and crypto-currencies in general since 2013. I invested in a small mining outfit back in 2014 (strictly Bitcoin/ASIC's). One of my buddies is the President of a large-scale mining operation (foreign and domestic) and he convinced me to dabble in the GPU mining-space. I made my first hardware purchase in Q4, 2017 and launched a small-scale GPU-Farm in my house since then. I had the rigs mining up until Q3 of 2018 (not cost-efficient to keep on, especially living in SoFlo) and since then, the hardware's been collecting dust (& pissing off my family members since they lost access to 3X rooms in the house - I won't let anyone go near my gear). One of my New Years Resolutions for 2019 was to clear out the house of all my mining equipment so that's all about to go up on eBay. So "budget" is relative to whatever I "MUST" spend if I can't repurpose any of the parts I already have on hand for this build... (Anyone having something I "need" and is looking to barter for one of the items I'll list later on in here, LMK). ______________________ Q3) When do you plan on building/buying the PC? Note: beyond a week or two from today means any build you receive will be out of date when you want to buy.** A3) IMMEDIATELY! :) ______________________ Q4) What, exactly, do you need included in the budget? (ToweOS/monitokeyboard/mouse/etc\)** A4) Well I had a half-assed idea approximately 1 year ago that it might be wise to build a bunch of 'gaming rigs' to sell on eBay with my intended repurposed mining hardware so I went on a shopping spree for like 6 months. That said; I've got a plethora of various other components that aren't even unboxed yet. 90% of the items I've purchased for this additional project were items that were marked down via MIR (mail-in-rebates) & what-not...
AFAIK, there are only 3X items I absolutely do not have which I 'MUST' find. Those would be - 1) Motherboard which accepts "ECC RAM". 2) CPU for said MOBO. 3) Said "ECC RAM".\*
______________________ Q5) Which country (and state/province) will you be purchasing the parts in? If you're in US, do you have access to a Microcenter location?** A5) I'm located in Southwest Florida. No Microcenter's here. Best Buy is pretty much my only option although I am a member of Newegg, Amazon & Costco if that makes any difference? ______________________ Q6) If reusing any parts (including monitor(s)/keyboard/mouse/etc), what parts will you be reusing? Brands and models are appreciated.** A6) In an attempt to better clean up this Q&A, I'm going to list the items I have on-hand at the end of this questionnaire in-case passers-by feel like this might be a TLDR.* (Scroll to the bottom & you'll see what I mean). ______________________ Q7) Will you be overclocking? If yes, are you interested in overclocking right away, or down the line? CPU and/or GPU?** A7) I don't think that's necessary for my intended purpose although - I'm not against it if that helps & FWIW, I'm pretty skilled @ this task already (it's not rocket science). ______________________ Q8) Are there any specific features or items you want/need in the build? (ex: SSD, large amount of storage or a RAID setup, CUDA or OpenCL support, etc)** A8) As stated in A4; ECC RAM is non-negotiable... RAID seems like a logical application here as well. - This will predominantly be receiving commands from MacOS computers. I don't think that matters really but figured it couldn't hurt to let you guys know.\* - I'd also be quite fond of implementing "PFSENSE" (or something of that caliber) applied to this system so I could give my Netgear Nighthawks less stress in that arena, plus my limited understanding of PFSENSE is that it's ability to act as a firewall runs circles around anything that comes with consumer-grade Wi-Fi routers (like my Nighthawks). Just the same, I'm open to building a second rig just for the firewall.\* - Another desirable feature would be that it draws as little electricity from the wall as possible. (I'm EXTREMELY skilled in this arena. I have "Kill-A-Watts" to test/gauge on, as well as an intimate understanding of the differences between Silver, Gold, Platinum and Titanium rated PSU's. As well as having already measured each of the PSU's I have on-hand and taken note of the 'target TDP draw' ("Peak Power Efficiency Draw") each one offers when primed with X amount of GPU's when I used them for their original purpose.\* - Last, but not least, sound (as in noise created from the rig). I'd like to prop this device up on my entertainment center in the living room. I've (almost) all of the top-shelf consumer grade products one could dream of regarding fans and other thermal-related artifacts. - Almost forgot; this will be hosting to devices on the KODI platform (unless you guys have better alternative suggestions?) ______________________ Q9) Do you have any specific case preferences (Size like ITX/microATX/mid-towefull-tower, styles, colors, window or not, LED lighting, etc), or a particular color theme preference for the components?** A9) Definitely! Desired theme would be WHITE. If that doesn't work for whatever reason, black or gray would suffice. Regarding "Case Size". Nah, that's not too important although I don't foresee a mini-ITX build making sense if I'm going to be cramming double digit amounts of TB in the system, Internal HDD's sounds better than a bunch of externals plugged in all the USB ports. ______________________ Q10) Do you need a copy of Windows included in the budget? If you do need one included, do you have a preference?** A10) I don't know. If I do need a copy of Windows, I don't have one so that's something I'll have to consider I guess. I doubt that's a necessity though. ______________________ ______________________ ______________________ **Extra info or particulars:*\* AND NOW TO THE FUN-STUFF... Here's a list of everything (PARTS PARTS PARTS) I have on-hand and ready to deploy into the wild &/or negotiate a trade/barter with: CASES - Corsair Carbide Series Air 540 Arctic White (Model# Crypto-Currency-9011048-WW) - (Probably my top pick for this build). Cooler Master HAF XB EVO (This is probably my top 1st or 2nd pick for this build, the thing is a monster!). Cooler Master Elite 130 - Mini ITX - Black Cooler Master MasterBox 5 MID-Tower - Black & White Raidmax Sigma-TWS - ATX - White MasterBox Lite 5 - ATX - Black w/ diff. Colored accent attachments (included with purchase) NZXT S340 Elite Matte White Steel/Tempered Glass Edition EVGA DG-76 Alpine White - Mid Tower w/ window EVGA DG-73 Black - Mid Tower w/ window (I have like 3 of these) ______________________ CPU's - ***7TH GEN OR BELOW INTEL's ("Code Name Class mentioned next to each one)**\* Pentium G4400 (Skylake @54W TDP) - Intel ARK states is "ECC CAPABLE" Celeron G3930 (Kaby Lake @ 51W TDP) - Intel ARK states is "ECC CAPABLE" :) i5 6402P (Skylake @65W TDP) - Intel ARK states is "NOT ECC CAPABLE" :( i5 6600k (Skylake @ 91W TDP) - Intel ARK states is "NOT ECC CAPABLE" :( i7 6700 (Skylake @ 65W TDP) - Intel ARK states is "NOT ECC CAPABLE" :( i7 7700k (Kaby Lake @ 95W TDP) - Intel ARK states is "NOT ECC CAPABLE" :( ***8TH GEN INTEL's **\* i3-8350K (Coffee Lake @91W TDP) - Intel ARK states is "ECC FRIENDLY" :) I5-8600K (Coffee Lake @95W TDP) - Intel ARK states is "NOT ECC CAPABLE" :( ***AMD RYZEN's **\* Ryzen 3 2200G Ryzen 5 1600 Ryzen 7 1700X ______________________ MOTHERBOARDS - ***7TH GEN AND BELOW INTEL BASED MOBO'S - **\* MSI Z170A-SLI ASUS PRIME Z270-A ASUS PRIME Z270-P ASUS PRIME Z270-K EVGA Z270 Stinger GIGABYTE GA-Z270XP-SLI MSI B150M ARCTIC MSI B250M MICRO ATX (PRO OPT. BOOST EDITION) ***8TH GEN INTEL BASED MOBO'S - **\* EVGA Z370 FTW GIGABYTE Z370XP SLI (Rev. 1.0) MSI Z370 SLI PLUS ***AMD RYZEN BASED MOBO'S - **\* ASUS ROG STRIX B350-F GAMING MSI B350 TOMAHAWK MSI X370 GAMING PRO ASROCK AB350M PRO4 ______________________ RAM - Way too many to list, nothing but 4 & 8GB DDR4 sticks and unfortunately, none are ECC so it's not even worth mentioning/listing these unless someone reading this is willing to barter. At which time I'd be obliged to send an itemized list or see if I have what they're/you're specifically looking for.\* ______________________ THERMAL APPLICATIONS/FANS - JUST FANS - BeQuiet - Pure Wings 2 (80mm) Pure Wings 2 (120mm) Pure Wings 2 (140mm) Silent Wings 3 PWM (120mm) NOCTUA - PoopBrown - NF-A20 PWM (200mm) Specifically for the BIG "CoolerMaster HAF XB EVO" Case GREY - NF-P12 Redux - 1700RPM (120mm) PWM Corsair - Air Series AF120LED (120mm) CPU COOLING SYSTEMS - NOCTUA - NT-HH 1.4ml Thermal Compound NH-D15 6 Heatpipe system (this thing is the tits) EVGA (Extremely crappy coding in the software here, I'm like 99.99% these will be problematic if I were to try and use in any OS outside of Windows, because they barely ever work in the intended Windows as it is). CLC 240 (240mm Water-cooled system CRYORIG - Cryorig C7 Cu (Low-Profile Copper Edition*) A few other oversized CPU cooling systems I forget off the top of my head but a CPU cooler is a CPU cooler after comparing to the previous 3 models I mentioned. I almost exclusively am using these amazing "Innovation Cooling Graphite Thermal Pads" as an alternative to thermal paste for my CPU's. They're not cheap but they literally last forever. NZXT - Sentry Mesh Fan Controller ______________________ POWER SUPPLIES (PSU's) - BeQuiet 550W Straight Power 11 (GOLD) EVGA - 750P2 (750W, Platinum) 850P2 (850W, Platinum) 750T2 (750W, TITANIUM - yeah baby, yeah) ROSEWILL - Quark 750W Platinum Quark 650W Platinum SEASONIC - Focus 750W Platinum ______________________ STORAGE - HGST Ultrastar 3TB - 64mb Cache - 7200RPM Sata III (3.5) 4X Samsung 860 EVO 500GB SSD's 2X Team Group L5 LITE 3D 2.5" SSD's 480GB 2X WD 10TB Essential EXT (I'm cool with shucking) + 6X various other external HDD's (from 4-8TB) - (Seagate, WD & G-Drives) ______________________ Other accessories worth mentioning - PCI-E to 4X USB hub-adapter (I have a dozen or so of these - might not be sufficient enough &/or needed but again, 'worth mentioning' in case I somehow ever run out of SATA & USB ports and have extra external USB HDD's. Although, I'm sure there would be better suited components if I get to that point that probably won't cost all that much). ______________________ ______________________ ______________________ Needless to say, I have at least 1X of everything mentioned above. In most all cases, I have multiples of these items but obviously won't be needing 2X CPU's, Cases, etc... Naturally, I have GPU's. Specifically; At least 1X of every. Single. NVIDIA GTX 1070 TI (Yes, I have every variation of the 1070 ti made by MSI, EVGA and Zotac. The only brand I don't have is the Gigabyte line. My partners have terrible experience with those so I didn't even bother. I'm clearly not going to be needing a GPU for this build but again, I'm cool with discussing the idea of a barter if anyone reading this is in the market for one. I also have some GTX 1080 TI's but those are already spoken for, sorry. It's my understanding that select CPU's I have on this list are ECC Friendly and AFAIK, only 1 of my MOBO's claims to be ECC Friendly (The ASROCK AB350M PRO4), but for the life of me, I can't find any corresponding forums that confirm this and/or direct me to a listing where I can buy compatible RAM. Just the same, if I go w/ the ASROCK MOBO, that means I'd be using one of the Ryzens. Those are DEF. power hungry little buggers. Not a deal-breaker, just hoping to find something a little more conservative in terms of TDP. In closing, I don't really need someone to hold my hand with the build part as much as figuring out which motherboard, CPU and RAM to get. Then I'm DEFINITELY going to need some guidance on what OS is best for my desired purpose. If building 2X Rigs makes sense, I'm totally open to that as well... Rig 1 = EPIC NAS SYSTEM Rig 2 = EPIC PFSENSE (or the like) DEDICATED FIREWALL Oh, I almost forgot... The current routers I'm using are... 1X Netgear Nighthawk 6900P (Modem + Router) 1X Netgear Nighthawk X6S (AC 4000 I believe - Router dedicated towards my personal devices - no IoT &/or Guests allowed on this one) 1X TP-Link Archer C5 (Router). Total overkill after implementing the Nighthawks but this old beast somehow has the best range, plus it has 2X USB ports so for now, it's dedicated towards my IoT devices. ---- I also have a few other Wi-Fi routers (Apple Airport Extreme & some inferior Netgear's but I can only allocate so many WiFi Routers to so many WiFi channels w/out pissing off my neighbors) On that note, I have managed to convince my neighbors to let me in their house/WiFi configuration so we all have our hardware locked on specific, non-competing frequencies/channels so everyone's happy. :) Please spare me the insults as I insulted myself throughout this entire venture. Part of why I did this was because when I was a kid, I used to fantasize about building a 'DREAM PC' but could never afford such. To compensate for this deficiency, I would actually print out the latest and greatest hardware components on a word document, print the lists up & tape to wall (for motivation). I was C++ certified at the age of 14 and built my first PC when I was 7. At the age of 15 I abandoned all hope in the sector and moved on to other aspirations. This entire ordeal was largely based off me finally fulfilling a childhood fantasy. On that note = mission accomplished. Now if I'm actually able to fulfill my desires on this post, I'm definitely going to feel less shitty about blowing so much money on all this stuff over the last couple years. TIA for assisting in any way possible. Gotta love the internets! THE END. :) EDIT/UPDATE (5 hours after OP) - My inbox is being inundated with various people asking for prices and other reasonable questions about my hardware being up for sale. Not to be redundant but rather to expound on my previous remarks about 'being interested in a bartetrade' with any of you here... I did say I was going to sell my gear on eBay in the near future, I also said I wanted to trade/barter for anything relative to helping me accomplish my OP's mission(s). I'm not desperate for the $$$ but I'm also not one of those people that likes to rip other people off. That said; I value my time and money invested in this hardware and I'm only willing to unload it all once I've established I have ZERO need for any of it here in my home first. Hence my writing this lengthy thread in an attempt to repurpose at least a grand or two I've already spent. One of the most commonly asked questions I anticipate receiving from interested bodies is going to be "How hard were you on your hardware?" Contrary to what anyone else would have probably done in my scenario which is say they were light on it whether they were or weren't, I documented my handling of the hardware, and have no problem sharing such documentation with verified, interested buyers (WHEN THE TIME COMES) to offer you guys peace of mind. I have photo's and video's of the venture from A-Z. I am also obliged to provide (redacted) electricity bill statements where you can correlate my photo's (power draw on each rig), and also accurately deduct the excess power my house consumed with our other household appliances. Even taking into consideration how much (more) I spent in electricity from keeping my house at a constant, cool 70-72F year-round (via my Nest thermostat). Even without the rigs, I keep my AC @ 70 when I'm home and for the last 1.5-2 years, I just so happened to spend 85% of my time here at my house. When I would travel, I'd keep it at 72 for my wife & kids. Additionally; I had each GPU 'custom' oveunderclocke'd (MSI Afterburner for all GPU's but the EVGA's).* I doubt everyone reading this is aware so this is for those that don't.... EVGA had the brilliant idea of implementing what they call "ICX technology" in their latest NVIDIA GTX GPU's. The short(est) explanation of this "feature" goes as follows: EVGA GPU's w/ "ICX 9 & above" have EXTRA HEAT/THERMAL SENSORS. Unlike every other GTX 1070 ti on the market, the one's with this feature actually have each of 2/2 on-board fans connected to individual thermal sensors. Which means - if you were to use the MSI Afterburner program on one of these EVGA's and create a custom fan curve for it, you'd only be able to get 1/2 of the fans to function the way intended. The other fan simply would not engage as the MSI Afterburner software wasn't designed/coded to recognize/ communicate with an added sensor (let alone sensor'S). This, in-turn, would likely result in whoever's using it the unintended way having a GPU defect on them within the first few months I'd imagine... Perhaps if they had the TDP power settings dumbed down as much as I did (60-63%), they might get a year or two out of it since it wouldn't run as near as hot, but I doubt any longer than that since cutting off 50% of the cooling system on one of these can't be ignored too long, surely capacitors would start to blow and who knows what else... (Warning = RANT) Another interesting side-note about the EVGA's and their "Precision-X" OveUnderclocking software is that it's designed to only recognize 4X GPU's on a single system. For miners, that's just not cool. My favorite builds had 8X and for the motherboards that weren't capable of maintaining stable sessions on 8, I set up with 6X. Only my EVGA Rigs had 3 or 4X GPU's dedicated to a single motherboard. Furthermore, and as stated in an earlier paragraph, (& this is just my opinion) = EVGA SOFTWARE SUCKS! Precision X wasn't friendly with every motherboard/CPU I threw at it and their extension software for the CLC Close-Loop-Cooling/ CPU water-coolers simply didn't work on anything, even integrating into their own Precision-X software. The amount of time it took me to finally find compatible matches with that stuff was beyond maddening. (END RANT). Which leads me to my other comments on the matter. That's what I had every single 1070 ti set at for TDP = 60-63%. Dropping the power load that much allowed me to bring down (on average) each 1070 ti to a constant 110-115W (mind you, this is only possible w/ "Titanium" rated PSU's, Platinum comes pretty damn close to the Titanium though) while mining Ethereum and was still able to maintain a bottom of 30 MH/s and a ceiling of 32 MH/s. Increasing the TDP to 80, 90, 100% or more only increased my hashrates (yields) negligibly, like 35-36 MH/s TOPS, which also meant each one was not only pulling 160-180W+ (Vs. the aforementioned 115'ish range), it also meant my rigs were creating a significantly greater amount of heat! Fortunately for the GPU's and my own personal habits, I live in South Florida where it's hot as balls typically, last winter was nothing like this one. Increasing my yields by 10-15% didn't justify increasing the heat production in my house by >30%, nor the added electricity costs from subjecting my AC handlers to that much of an extra work-load. For anyone reading this that doesn't know/understand what I'm talking about - after spending no less than 2-3 hours with each. and. every. one. I didn't play with the settings on just one and universally apply the settings to the rest. I found the 'prime' settings and documented them with a label-maker and notepad. Here's the math in a more transparent manner: *** I NEVER LET MY GPU's BREACH 61C, EVER. Only my 8X GPU rigs saw 60-61 & it was the ones I had in the center of the build (naturally). I have REALLY high power fans (used on BTC ASIC MINERS) that were sucking air from those GPU's which was the only way I was able to obtain such stellar results while mining with them. **\* Mining at "acceptable" heat temps (not acceptable to me, but most of the internet would disagree = 70C) and overclocking accordingly brings in X amount of yields per unit. = 'Tweaking' (underclocking) the GPU's to my parameters reduced my yield per unit from -10-15%, but it SAVED me well over 30-35% in direct electricity consumption, and an unknown amount of passive electricity consumption via creating approximately 20%+ less heat for my AC handler to combat. I say all this extra stuff not just for anyone interested in mining with their GPU's, but really to answer (in-depth) the apparent questions you people are asking me in PM's. Something else that should help justify my claims of being so conservative should be the fact I only have/used "Platinum and Titanium" rated PSU's. Heat production, power efficiency and longevity of the hardware were ALWAYS my top priority.* . I truly thought Crypto would continue to gain and/or recover and bounce back faster than it did. If this project had maintained positive income for 12 months+, I'd have expanded one of our sites to also cater to GPU mining on a gnarly scale. Once I have my NAS (& possibly 2nd rig for the firewall) successfully built, I'll be willing/able to entertain selling you guys some/all of the remaining hardware prior to launching on eBay. If there's something you're specifically looking for that I listed having, feel free to PM me with that/those specific item(s). Don't count on an immediate response but what you can count on is me honoring my word in offering whoever asks first right of refusal when the time comes for me to sell this stuff. Fortunately for me, PM's are time-stamped so that's how I'll gauge everyone's place in line. I hope this extra edit answers most of the questions you guys wanted to have answered and if not, sorry I guess. I'll do my best to bring light to anything I've missed out on after I realize whatever that error was/is. The only way anyone is getting first dibs on my hardware otherwise is if they either offer compelling insight into my original questions, or have something I need to trade w/. THE END (Round#2)
Let’s take a lucky guess that you’re here today because you’ve heard a lot about cryptocurrencies and you want to get involved, right? If you’re a community person, Dogecoin mining might be the perfect start for you! Bitcoin was the first in 2009, and now there are hundreds of cryptocurrencies. These new coins (that operate on their own native blockchain) are called altcoins or alternative coins. One popular altcoin is Dogecoin. It can be bought, sold and traded, just like Bitcoin. It can also be mined! So, what is Dogecoin mining? You’ll know what hardware and what software you need to get started. You’ll also know whether or not Dogecoin mining is for you! So, where would you like to start? The beginning? Great choice. Let’s have a quick look at how Dogecoin got started. A (Very) Short History of Dogecoin In 2013, an Australian named Jackson Palmer and an American named Billy Markus became friends. They became friends because they both liked cryptocurrencies. However, they also thought the whole thing was getting too serious so they decided to create their own. Palmer and Markus wanted their coin to be more fun and more friendly than other crypto coins. They wanted people who wouldn’t normally care about crypto to get involved. They decided to use a popular meme as their mascot — a Shiba Inu dog. https://preview.redd.it/rymnyyz1iil31.png?width=303&format=png&auto=webp&s=f138e3fe56eef9c6b0e7f49b84fefc41fb83e5aa Dogecoin was launched on December 6th, 2013. Since then it has become popular because it’s playful and good-natured. Just like its mascot! Dogecoin has become well-known for its use in charitable acts and online tipping. In 2014, $50,000 worth of Dogecoin was donated to the Jamaican Bobsled Team so they could go to the Olympics. Dogecoin has also been used to build wells in Kenya. Isn’t that awesome! Users of social platforms – like Reddit – can use Dogecoin to tip or reward each other for posting good content. Dogecoin has the 27th largest market cap of any cryptocurrency. Note: A market cap (or market capitalization) is the total value of all coins on the market. So, Dogecoin is a popular altcoin, known for being fun, friendly and kind. It’s a coin with a dog on it! You love it already, don’t you? Next, I want to talk about how mining works… What is Mining? To understand mining, you first need to understand how cryptocurrencies work. Cryptocurrencies are peer-to-peer digital currencies. This means that they allow money to be transferred from one person to another without using a bank. Every cryptocurrency transaction is recorded on a huge digital database called a blockchain. The database is stored across thousands of computers called nodes. Nodes put together groups of new transactions and add them to the blockchain. These groups are called blocks. Each block of transactions has to be checked by all the nodes on the network before being added to the blockchain. If nodes didn’t check transactions, people could pretend that they have more money than they really do (I know I would!). Confirming transactions (mining) requires a lot of computer power and electricity so it’s quite expensive. Blockchains don’t have paid employees like banks, so they offer a reward to users who confirm transactions. The reward for confirming new transactions is new cryptocurrency. The process of being rewarded with new currency for confirming transactions is what we call “mining”! https://preview.redd.it/rcut2jx3iil31.png?width=598&format=png&auto=webp&s=8d78d41c764f4fe4e6386da4f40a66556a873b87 It is called mining because it’s a bit like digging for gold or diamonds. Instead of digging with a shovel for gold, you’re digging with your computer for crypto coins! Each cryptocurrency has its own blockchain. Different ways of mining new currency are used by different coins where different rewards are offered. So, how do you mine Dogecoin? What’s special about Dogecoin mining? Let’s see… What is Dogecoin Mining? Dogecoin mining is the process of being rewarded with new Dogecoin for checking transactions on the Dogecoin blockchain. Simple, right? Well no, it’s not quite that simple, nothing ever is! Mining Dogecoin is like a lottery. To play the lottery you have to do some work. Well, actually your computer (or node) has to do some work! This work involves the confirming and checking of transactions which I talked about in the last section. Lots of computers work on the same block of transactions at the same time but the only one can win the reward of new coins. The one that earns the new coins is the node that adds the new block of transactions to the old block of transactions. This is completed using complex mathematical equations. The node that solves the mathematical problem first wins! It can then attach the newly confirmed block of transactions to the rest of the blockchain. Most cryptocurrency mining happens this way. However, Dogecoin mining differs from other coins in several important areas. These areas are;
Algorithm: Each cryptocurrency has a set of rules for mining new currency. These rules are called a mining or hashing algorithm.
Block Time: This is the average length of time it takes for a new block of transactions to be checked and added to the blockchain.
Difficulty: This is a number that represents how hard it is to mine each new block of currency. You can use the difficulty number to work out how likely you are to win the mining lottery. Mining difficulty can go up or down depending on how many miners there are. The difficulty is also adjusted by the coin’s protocol to make sure that the block time stays the same.
Reward: This is the amount of new currency that is awarded to the miner of each new block.
Now, let’s compare how DogeCoin mining works compared to Litecoin and Bitcoin… Mining Comparison Bitcoin uses SHA-256 to guide the mining of new currency and the other two use Scrypt. This is an important difference because Scrypt mining needs a lot less power and is a lot quicker than SHA-256. This makes mining easier for miners with less powerful computers. Fans of Litecoin and Dogecoin think that they are fairer than Bitcoin because more people can mine them. Note: In 2014, Litecoin and Dogecoin merged mining. This means they made it possible to mine both coins in the same process. Dogecoin mining is now linked with Litecoin mining. It’s like two different football teams playing home games in the same stadium! Mining Dogecoin is a lot faster than mining Litecoin or Bitcoin. The block reward is much higher too! Don’t get too excited though (sorry!). Dogecoin is still worth a lot less than Bitcoin and Litecoin. A reward of ten thousand Dogecoin is worth less than thirty US Dollars. A reward of 12.5 Bitcoin is currently worth 86,391.63 US Dollars! However, it’s not as bad as it sounds. Dogecoin mining difficulty is more than one million times less than Bitcoin mining difficulty. This means you are much more likely to win the block reward when you mine Dogecoin. Now I’ve told you about what Dogecoin mining is and how it works, would you like to give it a try? Let’s see what you need to do to become a Dogecoin miner… How to Mine Dogecoin There are two ways to mine Dogecoin, solo (by yourself) or in a Dogecoin mining pool. Note: A Dogecoin pool is a group of users who share their computing power to increase the odds of winning the race to confirm transactions. When one of the nodes in a pool confirms a transaction, it divides the reward between the users of the pool equally. Dogecoin Mining: Solo vs Pool When you mine as a part of a Dogecoin pool, you have to pay fees. Also, when the pool mines a block you will only receive a small portion of the total reward. However, pools mine blocks much more often than solo miners. So, your chance of earning a reward (even though it is shared) is increased. This can provide you with a steady new supply of Dogecoin. If you choose to mine solo then you risk waiting a long time to confirm a transaction because there is a lot of competition. It could be weeks or even months before you mine your first block! However, when you do win, the whole reward will be yours. You won’t have to share it or pay any fees. As a beginner, I would recommend joining a Dogecoin pool. This way you won’t have to wait as long to mine your first block of new currency. You’ll also feel like you’re part of the community and that’s what Dogecoin is all about! What You Need To Start Mining Dogecoin Before you start Dogecoin mining, you’ll need a few basics. They are;
A PC with either Windows, OS X or Linux operating system.
An internet connection
A Shiba Inu puppy (just kidding!)
You’ll also need somewhere to keep the Dogecoin you mine. Go to Dogecoin’s homepage and download a wallet. Note: A wallet is like an email account. It has a public address for sending/receiving Dogecoin and a private key to access them. Your private keys are like your email’s password. Private keys are very important and need to be kept completely secure. There are two different types; a light wallet and a full wallet. To mine Dogecoin, you’ll need the full wallet. It’s called Dogecoin Core. Now that you’ve got a wallet, you need some software and hardware. Dogecoin Mining Hardware You can mine Dogecoin with;
Your PC’s CPU: The CPU in your PC is probably powerful enough to mine Dogecoin. However, it is not recommended. Mining can cause less powerful computers to overheat which causes damage.
A GPU: GPUs (or graphics cards) are used to improve computer graphics but they can also be used to mine Dogecoin. There are plenty of GPUs to choose from but here are a few to get you started;SAPPHIRE Pulse Radeon RX 580 ($426.98)Nvidia GeForce GTX ($579.99)ASUS RX Vega 64 ($944.90)
A Scrypt ASIC Miner: This is a piece of hardware designed to do one job only. Scrypt ASIC miners are programmed to mine scrypt based currencies like Litecoin and Dogecoin. ASIC miners are very powerful. They are also very expensive, very loud and can get very hot! Here’s a few for you to check out;Innosilicon A2 Terminator ($760)Bitmain Antminer L3 ($1,649)BW L21 Scrypt Miner ($7,700)
Dogecoin Mining Software Whether you’re mining with an ASIC, a GPU or a CPU, you’ll need some software to go with it. You should try to use the software that works best with the hardware you’re using. Here’s a short list of the best free software for each choice of mining hardware;
CPU: If you just want to give mining a quick try, using your computer’s CPU will work fine. The only software I would recommend for mining using a CPU only is CPU miner which you can download for free here.
GPU: If you mine with a GPU there are more software options. Here are a few to check out;CudaMiner– Works best with Nvidia products.CGminer– Works with most GPU hardware.EasyMiner– User-friendly, so it’s good for beginners.
Scrypt ASIC miner:MultiMiner– Great for mining scrypt based currencies like Litecoin and Dogecoin. It can also be used to mine SHA-256 currencies like Bitcoin.CGminer and EasyMiner can also be used with ASIC miners.
Recommendations You’re a beginner, so keep it simple! When you first start mining Dogecoin I would recommend using a GPU like the Radeon RX 580 with EasyMiner software. Then I would recommend joining a Dogecoin mining pool. The best pools to join are multi-currency pools like Multipool or AikaPool. If you want to mine Dogecoin but don’t want to invest in all the tech, there is one other option… Dogecoin Cloud Mining Cloud mining is mining without mining! Put simply, you rent computer power from a huge data center for a monthly or yearly fee. The Dogecoin is mined at the center and then your share is sent to you. All you need to cloud mine Dogecoin is a Dogecoin wallet. Then choose a cloud mining pool to join. Eobot, Nice Hash and Genesis Mining all offer Scrypt-based cloud mining for a monthly fee. There are pros and cons to Dogecoin cloud mining; The Pros
It’s cheaper than setting up your own mining operation. There’s also no hot, noisy hardware lying around the house!
As a beginner, there isn’t a lot of technical stuff to think about.
You get a steady supply of new currency every month.
Cloud mining pools don’t share much information about themselves and how they work. It can be hard to work out if a cloud mining contract is a good value for money.
You are only renting computer power. If the price of Dogecoin goes down, you will still have to pay the same amount for something that is worthless.
Dogecoin pools have fixed contracts. The world of crypto can change very quickly. You could be stuck with an unprofitable contract for two years!
It’s no fun letting someone else do the mining for you!
Now you know about all the different ways to mine Dogecoin we can ask the big question, can you make tons of money mining Dogecoin? So, Is Dogecoin Mining Profitable? The short answer is, not really. Dogecoin mining is not going to make you a crypto billionaire overnight. One Dogecoin is worth 0.002777 US Dollars. If you choose to mine Dogecoin solo, it will be difficult to make a profit. You will probably spend more money on electricity and hardware than you will make from Dogecoin mining. Even if you choose a Dogecoin pool or a cloud pool your profits will be small. However, if you think I am telling you to not mine Dogecoin, then you’re WRONG! Of course, I think you should mine Dogecoin! But why? Seriously… Well, you should mine Dogecoin because it’s fun and you want to be a part of the Dogecoin family. Cryptocurrency is going to change the world and you want to be part of that change, right? Mining Dogecoin is a great way to get involved. Dogecoin is the coin that puts a smile on people’s faces. By mining Dogecoin you’ll be supporting all the good work its community does. You’ll learn about mining from the friendliest gang in crypto. And who knows? In a few years, the Dogecoin you mine now could be worth thousands or even millions! In 2010, Bitcoin was worthless. Think about that! Only you can choose whether to mine Dogecoin or not. You now know everything you need to know to make your choice. The future is here. So, what are you going to do?
I'm sorry for this view of mine and that is exactly why I wasn't paying any attention to the ICO Reviews up until now. But sadly I just watched the AuthPaper one and I must say stop it just stop reviewing these things or at least try to do it differently (more on this at the end). This is the TL;DR version I guess. But I will try to argue this. All I'm writing is at the top of my head so I didn't check out all the data/stats and so on. But for I don't make my money reviewing complicated stuff like ICO's/Blockchains please take that with a grain of salt. My criticism is obviously two fold the first part is that I don't like blockchain technology and I inherently don't trust it. The second part is more general why I think David Pakman should not review them at all, or not in the current format. So let's start with the latter
David Pakman should not review ICO/Blockchain/Cryptocurrencys
This will obviously be an ad hominem attack, but I hope a fair one. The first big issue with david reviewing ICO's for me is the most obvious. Cryptocurrencys try to solve so much it might not be possible for any single person to have expertise on all of those topics just to mention a few david commented on
AuthPaper: Data Delivery
Ceek: VR music concerts
Cocos-BCX: Ingame item trade?
Coti: The best payment system out there cause ...?
Jinbi: Gold asset trading?
Shivom: DNA fucks crypto
These in itself are very complicated industries or topics and require either insight into the topic at hand and additionally insight into the industry these Cryptocurrencys are build around. Cocos-BCX For the COCOS-BCX one for instance it is highly questionable that the game industry itself will use COCOS-BCX. One might say but COCOS-2D is used by a lot of game developers. And obviously that is correct and to me that seems the whole Idea of BCX basically enabling easy gamedev inclusion of ItemStores in OpenSource games. Which is totally reasonable, but why does BCX need to be a Blockchain based cryptocurrency. Basically enabling an Ingame Trading API and a store connected to it solves the same Issue, but that would not produce the same publicity and probably not the same investment. More to this point later. One might answer but this wouldn't allow the gamedevs to verify that an item is the "same" or that these items are limited and scarce. This is not entirely true and has very serious downsides. It is in itself a topic that needs to be talked about. There are serious economic/philosophical/psychological arguments with the whole concept of selling these items. I would really like an in-depth analysis on that topic. And to make a rather unfair comparison in an ICO Review of NRA-GunCoin the moral issues with such a concept would be delved into. So to make the point I'm trying to make clear. For a good indepth review of Cocos-BCX we would need to know how many games are build using Cocos-2d, we would need to know if blockchain would really relate to game funding. We would need actual arguments for or against turning digital data into assets. We would need information on other solutions that might already be out there and why they don't deliver the same without the blockchain. So in davids review I'm missing a fucking review. He's not making these point at all or just in one sentence. This is not a critical review. I could find out all this data in like 30mins of google research. Maybe I'm wrong but it seems David just read their advertisement and that's it turning him into a bad salesman. AuthPaper The AuthPaper one is again really interesting I give you that but there are so much issues with it. First we have verified data transfer already. There is actually no issue at all. Nearly every data transfer in the internet is done using checksums and a lot of them are using cryptographic methods already. I know that there are issues with for instance emails I get that but why is AuthPaper really solving that better than a different or new email-protocol. Who in fact really has the problem of data transfer AuthPaper tries to solve. Is there another solution out there? Why don't we connect BitTorrent to a payment system for instance? What are the security concerns of sharing data encrypted to the world. I mean yes cryptography is supposed to be secure today but in 20years nobody can really guarantee that the data is still safe. Maybe that will be decrypted on a homebox. Or there is an error in the cryptographic algorithm that will release the whole data to the world. If you can't delete the data what happens with copyright claims or child pornography, I mean stuff like this happened already and obviously this might make it illegal to take part in AuthPaper. I took me like 5min to think about these issues. Should I really believe that David did a fair review that is supposed to tell me more about AuthPaper than their advertiser pitch? In a sense the only thing I can take out of this is there is no review here. No review it's just a repeat. I'm not going into the rest of the ICO reviews. But I think there are legitimate points for every review that have to be made if you really review an ICO. So to conclude why David should not review these ICO's:
He's not putting work into these reviews
He's not analyzing the overall business in the area of the problem that the ICO tries to solve
He's not comparing the solution of the ICO vs. a non cryptocurrency solution
He does not have the expertise in all these very different fields and he's by far not making up for it with experts or more research
He cannot give financial advice and shouldn't
He is not critical at all or at least not in the same sense as his critique of politics that I like so much!
He just sounds like a 3rd class salesman that just joined an MLM
Where's Pat in all this? I wonder if Pat would be the sidekick of a bad host of a sales TV-Show
General points to blockchain technology
Okay with criticizing David and his show out of they way. Some explanation might in order why I'm critical of blockchain technology as a whole. I think this is not needed but it is firstly an interesting topic that the david pakman show should definitely delve into more by far more but also for people reading this it might also give more insight why I am overly critical of david in this post. Cryptocurrencys are inefficient I think to everybody this is clear, the Proof-of-Work concept using mined hashes must be comparable to the worth of the transaction, and it must compete with the general market for CPU/GPU/ASIC power. This roughly means that it must be more or as valuable1 for a miner to mine than it is for the overall market to use these resources for other deeds. This is a huge issue. And right now it works because of different prices for electricity. Or because miners expect rising value of the mined assets or just for fun. But just picture this given a CPU based hash the whole IT industry will compete and has to compete with cryptocurrencys because of the Proof-of-Work concept over limited resources. Basically Cryptocurrencys based on mining will create as much work as needed for their system. This seems to be a total inverse of economics because it is supposed to be an extremely inefficient solution. Just compare BitCoin to normal Credit Card Money transfer or paypal. Yes one could argue that BitCoin has properties like anonymity or transparency but is it really the correct/best way to reach these goals by accepting forced inefficiency? Don't we have the obligation to stop BitCoin trading for instance because it results in a massive use of real valuable resources. Cryptocurrencys are not "always" democratic / transparent / anonymous Again to argue this in general is difficult and might not hit the mark an all Cryptocurrencys. And it is not entirely true. But I just want to make the point that the transparency of a given system is based on the user base. This assumes a democratic nature of the user base meaning everybody has some kind of equality in the process. This is highly controversial as BitCoin miners in China at certain time points had nearly seized over 50% of the mining. So the democratic nature can just be verified at the current moment. And it does rely on (1) very heavily. This results in a loss of transparency because by nature the whole system is anonymous. So we might not even know if BitCoin is democratic/transparent right now because we can't for sure know if all participants share some kind of equality. Secondly all these attributes rely on the algorithm used and the cryptography. Meaning the whole system is broken if one of those parts is broken. This means that the whole system might be worthless tomorrow because there is an effective attack on SHA-2. And thirdly the anonymity in BitCoin is rather weak. Yes BitCoin is anonymous but there is no deniability built into the system. There is a reason for BitCoin laundering after all. This might not be true for all cryptocurrencys but it is for a lot of them. And this exposes a huge load of meta data to everybody in the world. Cryptocurrencys can't forget This I think might also be solved or is solved already. But while this is often hailed as good it is inherently bad or at least poses risks. Cryptographic algorithms might be broken with newer Hardware. Data might be illegal or just owning them might be prosecuted as a sever crime maybe without even knowing what the data is. This stuff happened already. Cryptocurrencys don't really solve anything new This is very important to me. And I might be totally wrong about this. But do they really solve a problem that can't be solved otherwise in a similar manner. I don't think so. And one might say I have the burden of proof. But I think I don't as it is very hard for me to prove that basically every cryptocurrency is solveable by other means. But If you are of this opinion please really try to bend your head around this. Because I know some of these things will be complicated to solve or rely on governmental intervention. And I must say arguing where does the money to do this come from or this is just not as interesting to people as a cryptocurrency are valid arguments for sure. But then they also need to account for the downsides of cryptocurrencys. And saying this needs to be transparent or anonymous is an interesting proposition overall, that again might be solved differently too. In a sense BitCoin for instance solved the issue of anonymous paying for illegal stuff (yeah i know this might be a bit to hard) because it created a lawless arbiter of trust. This does not mean that a bank didn't do the same think thousands years ago. It just means that BitCoin is able to do this on a much bigger scale and for nearly everybody instead of for really really rich people. And it is questionable if we should even have such a thing. Cryptocurrencys are ponzi schemes or like MLM's This is probably really hard to argue in general and I'm not fluent in economics. But Cryptocurrencys basically create worth out of nothing this needn't mean that they are a ponzi scheme, but it means that they can just be worth as much as the problem they solve is worth. And they might stop to solve that problem at any point because of the above. But don't you have to invest in cryptocurrencys before taking part. Isn't your return from your investment deeply tied to the ability of the cryptocurrency to gain new investements. Aren't the profits generated by Cryptocurrencys shared pretty unequal. And aren't cryptocurrencies and blockchain pitched in the media right now as the new cyber the best solution for back pain you have ever heard of, it helps you loose 200 pounds in one week (I mean win 200). Just looking at the spread of cryptocurrency is like looking at ponzi schemes and MLM's. And they revenue or investment they gather from even huge companys and investors is ludicrous. While this maybe means that they are really that good I don't see an argument made that would in anyway justify such claims. Apart from it's working already. Conclusion So Cryptocurrencies are new and interesting. But they are also really dangerous and risky. To asses their credibility and verify their integrity one needs a lot of knowledge and for most of us it just means trusting some kind of scientific authority and the community. While a lot of what they do is already done by lame old solutions by companies that I would rather invest into. Maybe not the same amount of return right now but at least there is an authority I can sue for false claims, they work within a legal framework that my government can regulate and they are by far more effective.
A better way to review these things
I think it is pretty obvious in which direction I am heading. If you really want to review these things. Put time and effort into them, be critical. Do an analysis after the ICO taking place. And in general do your research on the differences of algorithms and cryptographic methods used (even if its boring). For me these reviews feel like pseudoscience and I hope I'm not alone. But maybe I'm lucky and I just got this thing horribly wrong and David or people on this reddit can explain to me what I totally missed. BTW: if you complain that I didn't even put one source in here, you are right but this does not mean that there aren't sources for it. And most important it does not even mean that it is hard to find those sources.
A look into the future regarding Decentralization,ASIC resistance and Vertcoin and other crypto currency (Long Post)
Warning: this post is lengthy because it includes details to understand the current development of Crypto and ASIC resistant Cryptos. I. Decentralization is the fundamental assumption in the block chain security model: I am glad that the recent Vertcoin price hike have brought more people to the awareness of crypto-currency decentralization. As decentralization is an assumption in satoshi's white paper, and hence the fundamental aspect in block-chain's security model. It appears that the block-chain security model is not complete. As you can see, there is an obvious concentration of computing power appears in bitcoin where one or two ASICs manufactures are controlling more than 51% of the network hash power. In satoshi's white paper, the assumption of 1 CPU,1 vote, does not hold indefinitely. Just 5-6 years after the inception of blockchain, we appear to have such machine based on ASIC, and the phenomenon of 1 ASIC, 1*103 or more votes, and the magnitude is only seem to be increasing. Centralization defeats the entire security model of any crypto-currency based on block-chain and its variant. As of the time of the writing the bitcoin network and its public ledger's survival is not based on its invulnerability to rewrite, but based on the fact that the ASIC computing powers that secure the network currently lacks incentive to destroy it. When such incentive arrives the result can be catastrophic. As whoever controls the 51% hash power control the power to modify the block chain. In the Segwit 1 fork, there is worry that the bitcoin chain can not survive. (reference this article for a variety of possibility during a fork where miner controls the majority of hash power: https://medium.com/@jimmysong/uasf-bip148-scenarios-and-game-theory-9530336d953e ). In segwit 2X fork, some miners wants to make their own copy of of the chain, and in the process destroy the original chain. This upcoming fork is much more threatening than every single bitcoin fork comes before it. II. CPU/GPU vs FPGA vs ASIC - you must understand the differences to understand the ASIC resistance movement The decentralization problem is not fully solved yet. the crypto community and its developers are left to fill in the question. As you can see the current approach is to make hashing algorithm to be hard to realize in ASICs. To fully discuss this approach, we must look at the currently available computing hardware architectures. the list go like this: (CPU and GPU)->FPGA->ASICs. The list go from the most general purpose,flexible computing hardware to the least flexible, and specific task computing hardware. The list also go from the worst raw performance(you can say hash power for crypto) to the best raw performance, given a specific task. CPU, and to a extend GPU are general purposed hardware that can be programmed to perform all tasks, while ASIC(Application Specific Integrated Circuits) can only perform a specific task. FPGA(Field Programmable Gate Arrays) - sits somewhere in the middle, it can be reprogram to perform a specific task better than CPUs and GPUs but the performance and durability is worse than ASIC. In therms of computing speed,optimization and hence raw performance on a specific task, the list goes in reverse, this is because hashing algorithms and its calculation can be optimize thru parallelism(I have 10 workers to do 1 task 10 times quicker) and pipe-lining (think factory production pipeline with sequential work stations). CPU and General-Purpose GPUs in our computers exploit parallalism and pipe-lining to a degree, But because they are general hardware, the exploitation is limited because they must accommodate all types of possible computation. ASICs, are develop to only accommodate the required computation in a task, and exploit parallelism and pipe-lining to the extreme, this gives rise to ASICs such as AntMiners, where the performance is more than 3 magnitudes better than CPU and GPU. III. ASIC resistance, and the movement to keep the crypto decentralize The ultimate goal of alt-coin development is to fill in the void of satoshi's block-chain security model. The void is , How to keep the network decentralized in terms of hashrate/s? The obvious answer, the first approach, would be to let the most abundant hardware to perform as well as the least abundant hardware. Thus, make an hashing algorithm so that either a CPU can perform as well as ASICs, or make an algorithm so that it is very very hard(cost prohibited) to develop ASICs for. It appears that this approach is the most successful at the moment, some memory hard algorithms such as Vertcoin's very own Lyra2REv2 has no ASICs currently available. But on the longer time frame, the profit driven development of ASICs is a definite trend, ASIC resistance is a constant Spear vs Shield game. Being ASIC resistance is not necessarily equivalent to being decentralized. There are several ramification of being ASIC resistant. First the algorithm is necessarily more complex and cost more electricity on CPU/GPU to perform. Secondly, Developing ASIC for algorithm such as Lyra2REv2 is hard. Because of this hardness, there are fewer people who can develop this than the amount of people who can develop SHA256*bitcoin ASICs. Maybe in the not too distance future bitmain's monopoly over SHA256 ASICs would end and more of us can purchase a bitcoin ASIC, thus the bitcoin network becomes decentralized again. But because it is harder to develop Lyra2REv2 ASICs, once developed the ASIC monopoly can remain for a very long time enough to destroy the network. Because fewer people can do it, it will be more centralized once developed. This does not mean that Vertcoin's security model is not good. In fact it is very promising. First the hardness to develop Lyra2REv2 ASIC can be to the point of such extrem that no one is able to figure out over an very long period of time. Second, once developed, the devs promise to hard fork the network again with a new algorithm in their tool bag. because the tool bag is unknown, the ASIC development cycle repeats, possibility over a long time. So the Vertcoin's hashing algo Lyra2REv2 is among the best of all crypto. combining with the fact that a promised evolution of hashing algo once ASIC appear, I dare to say that the security/decentralization model is the best in crypto. IV. Further discussion regarding ASICs and Network decentralization and security. paradigm switch regarding ASICs It is in the profit driven nature that an ASIC would apear,Bitcoin already fell, for a memory hard algo, Scrypt and Scrypt-N is thought to be resistant enough, but ASIC appear, thus LiteCoin and The old Vertcoin falls. Vertcoin later forked and adapt to Lyra2 , and sub sequently Lyra2REv2 and remain the most secure coin. For the ones used by GroestleCoin(Groestl), Decred(Blake256), SteinCoin(Stein256) , although there is no ASICs, but over an infinite horizon, the ASIC will appear this coins can all flop over night, if they do not adapt to the changes , Like what Vertcoin can do. I think in the infinitely long term, there are 2 solution. 1st the same as Vertcoin, Keep ASICs out, and keep evolving the unknown puzzle bag for replacement if ASICs appear. 2nd, Amend the algorithm so that the theoretical upper bound in the speed up from ASIC is low. This requires making most calculations sequential and none-associative, with a slow bottle neck. thus parallal and pipe-lining machine can not take too much advantage. After that make ASIC development an open source, community movement, so that the entire community is guarantee to enjoy the advancement in ASICs. This would guarantee that the advantage from a new novel asic is small compare to what the community have, and limit the degree of concentration of hash power. ASIC can also benefit the network by reducing power consumption and increase transaction speed. V. Conclusion The current security model of Bitcoin is flawed and Vertcoin's solution is the current best at tackling the security concern. The promise of evolution of Vertcoin's Lyra2REv2 can be a viable long term solution to the Spear vs Shield game of ASICs. Nonetheless, I think we are making good progress of filling the void. I hope the future decentralization solution of Vertcoin can evolve past the paradigm of strictly ASIC resistance, and considering community driven and fair distribution of ASICs. I hope everyone in crypto can participate in this discussion. Disclosure: I hold Vertcoin, 100% of my porfolio :).
Of Wolves and Weasels - Day 187 - Guest Post: Confessions of a Bitcoiner
Hey all! GoodShibe... on Summer Vacation! Please enjoy this post by Guest Writer Justlite and tip them well ;D) Note: To tip them directly: +dogetipbot @Justlite xxx doge verify I've been part of this Dogecoin community since early January and I have to say the people here constantly amaze me. For me Dogecoin and this community is the future of cryptocurrency and I'm speaking as a long time Bitcoiner. Over a month ago I explained in a previous post why I believe Dogecoin price will rise again and correctly predicted Bitcoin to rise substantially shortly after my post against in the face of several counter arguments late last year. My thoughts have not changed on Dogecoin but I feel it's worth giving my experience on cryptocurrencies as a Bitcoiner in the early days of 2010-13 and how that compares with Dogecoin. I bought Bitcoin and Litecoin in the early days and I can tell you the Bitcoin community back then was hopeful, cheerful and very welcoming...forgive us right now we are at the fighting stage with the established status quo wants to knock Bitcoin down. In the early days we were only known for CPU/GPU mining discussions and tipping one another after each comment. In fact Bitcoin was only ever used to tip and trade but not to buy anything since we didn't have anything available for Bitcoin. We were very brave I mean wiring money to a company in Japan and getting these online things called Bitcoin which doesn't buy anything?! Back then Bitcoin fans were seen as weird and Bitcoin as a complete joke we were idealist and we still are. Many of the people that fought us then were actually the libertarian precious metals community and because gold and silver were tangible and has been money for 5000 years Bitcoin wasn't and was barely a year old. It's hard to argue with them, after all some guy that called himself Satoshi Nakamoto, the Japanese equivalent of Jack Smith, created it but left after a year and no one saw how he looks like. We could understand their concerns, a lot of early Bitcoiners like me also have gold and silver in the belief it will protect our wealth from the next financial collapse. But Bitcoin was created for this purpose too, no more will the 1% have economic power over the 99%, "1 CPU - 1 vote" said Satoshi in his white paper. We are also in the digital era and with all the success the internet is nowadays there still was no internet currency without the excessive charges of credit card companies. Bitcoin changed all that it wasn't just an internet currency it was hoping to be money on every platform in every country, person to person, in at least 10 minutes between any country in any amount for free! Fast forward to present day and we are starting to see that. Of course we have had many setbacks on the way, such as exchanges being hacked, wallets stolen. We weren't so security conscious back then and we learned the hard way. Then we grew in price and popularity and quite recently the government fought us when our dark market Silk Road was shut down by the Feds. We have had 4 price bubbles a lot of sleepless nights I've personally ploughed in tens of thousands of dollars lost a lot of Bitcoins on the way (and also lost 15000 Litecoins) and forced to read articles with declarations of "Bitcoin is dead" after each major price drop. Sound familiar? "History doesn't repeat it self but it does rhyme" Mark Twain That's all part of the growing pains of a disruptive idea. Dogecoin, by comparison, has a whole economy after just 7 months of inception! It's remarkable as I am also a big Litecoin fan and even that community isn't as productive as this. People talk about Dogecoin's PR as it being behind its popularity but I honestly believe there is no intentional PR, I mean where is the PR team? I believe it was a combination of a friendly meme encouraging positive kind people, a internet currency that's easily explainable to anyone, a very mineable coin using your PC/laptop so everyone can get involved in and great online platform such as Reddit to connect like minded users together and everything just snowballed from there. Now Dogecoin is one of the most productive coins out there with several client and core devs, hundreds of retailers, apps, doge specific websites, blogs and charity fundraisers. That's why I believe Dogecoin is undervalued right now. This doesn't mean you should put your life savings into Dogecoin or other cryptocurrencies as they are still a risk and early stage technology. Just buy with what you can afford to lose! So where is Dogecoin heading? - The analysis As long as we still use doge for goods and services and keep the positivity going then I can only see the price of doge going higher and reaching all time highs without the need for manipulation. Over what time frame? Like Bitcoin it won't be overnight and granted there's no supply limit so it will never reach tens or hundreds of dollars but we don't need it to. I honestly want Dogecoin to be a currency and I personally like having whole doges. Ideally I would hope that 1 or even 10 doge will buy 1 loaf of bread or 1 litre of milk at my local grocery store some day. Supply vs Demand As I mentioned before the supply coming to the exchanges from multipools has been immense - it is thought about 160 million doge a day is being mined and sold on exchanges just from miners. This not only exerts a lot of selling pressure but it also encourages weak hands to sell forcing the price down further it's a downward spiral which we have been seeing. Any other coin would have collapsed long ago but doge is no ordinary coin. After the next two halvings in October time it will be down to 40 million a day and low enough to allow for natural demand to outpace the supply causing the price to increase steadily which will give momentum and may then lead to a new all time high and the second bubble. Network Hashrate I'm of the belief that ASICs are a necessary evolution in cryptocurrencies by making a coin secure which will attract investment/adoption and environmentally friendly. With scrypt ASICs large and small coming online the network hashrate has more than doubled in the last 2 months from 40 GH/s to 90 GH/s and while we tend to see a jump in hashrate just before a halvening I attribute this rise to small miners also buying ASICs and a lack of more profitable altcoins. Again that's great for the stability of our coin and this will provide further confidence that Dogecoin is a good crypto to buy/adopt/invest. Deflationary Inflation Sounds confusing so let me explain unlike Bitcoin where there will only be 21 million coins mined, Dogecoin will reach 100 billion coins mined after block 600k and then see 5.25 billion coins mined each year forever which works out as 5.25% inflation in the first year and then 4.99% in the second year and so on. While this may seem a lot I have come to the conclusion that it may be a blessing for Dogecoin as it is thought that 5 billion coins per year would be lost permanently anyway so this will 5.25billion coins would replace the lost coins. The extra 5.25 billion coins per year would be enough to incentivise miners to continue mining doge (which would hopefully be at a high enough price after the 600k block reward) and securing our network. Because Bitcoin has a cap it is seen as a store of value like gold whereas Dogecoin has a infinite supply but at a predictably low yearly increase in fact from 2015 to 2020 Dogecoin will have less yearly inflation than Bitcoin. This can actually encourage people to treat Dogecoin as a true currency to buy everyday items with than as a store of value. I believe that is what Satoshi envisioned Bitcoin to be. What are the whales doing? The top 20 dogecoin addresses which account for 40% of all mined Dogecoin out there haven't sold any of their DOGEs. The whales with large wallets have not sold their DOGE over the course of the last 4 months but the smaller wallets have! Why? The whales are happy to see their DOGE go to zero if they thought it was dying or they have been there and done that and know that perhaps Dogecoin is heading up? I can tell you I have no intention of selling my DOGEs as I believe interesting times are ahead. The Bitcoin Effect Bitcoin has paved the way for a crypto to go from $0.0001 to $1000+ and brought technological development, liberty and a sense of community all in a 5 year timespan. While only $0.00023 Dogecoin has got an ecosystem, a following, funded several charity efforts and a burgeoning economy after only 7 months thanks in part to the network effect of Bitcoin and the rest down to you. All I can say to you all is well done to all of you for being such a positive and productive community. Keep using Dogecoin and check the links at the side bar such as dogedoor.net and suchlist.com so that you can spend, buy, tip and mine doge and spread the word. Now let's go to the moon! TL;DR - Bitcoin had it's ups and downs and not short of haters over the years. Dogecoin is following the same path but in a shorter time frame. After the next 2 halvings Dogecoin price should be rising and adoption will speed up again which will make it a true currency so keep buying using and tipping doge wherever you can. It's 8:09AM EST and we've found 87.24% of our initial 100 Billion DOGEs -- only 12.76% remains until our period of Hyper-inflation ends! Our Global Hashrate is up from ~76 to ~92 Gigahashes per second and our Difficulty is up from ~1196 to ~1351. I Hope you enjoyed today's Guest Post by Justlite! Note: To tip them directly: +dogetipbot @Justlite xxx doge verify GoodShibe
Why Am I making less that before-Market Trends Explained!!
Hi folks recently I had been following reditt and it's pretty funny to see people jumping into crypto currency mining without understanding the basics and how markets in general work.I would like to answer some of these questions here Q1.Why is Nicehash payment soo low compaired to couple of months back.Even after bit coins has recoverd in value since A- 4 Reasons 1.Sudden Influx of new miners into nicehash and into the mining game in general due to the bull run (up market) in crypto currencies that we say in the past couple of months .On the day A Video on NH by Youtuber austin Evans was relseased we recorded a sudden increase in the global hashing power,which was never seen before .AFTER EVERY SUDDEN RISE THERE IS A SUDDEN FALL.-economics 101 2.Remeber NH doesn't mine a single coin it mines algorithim that can be shared by multiple coins and you are generally paid based on several factors like Btc/$ rates,current rates of other mined currencies like ZCASH (equihash),ETH (daggerhashimoto),etc and most importantly the SUPPLY (no.of gpus pointed at HN) Vs. DEMAND (No.Of buyers buying the hashing power coming out of the gpus).Since more people discoverying about the eazy 1 click "Sell hashing power" feature on NH and have no idea about the complicated "buying hashing power" section leads to more SUPPLY less DEMAND = LOW PAYOUTS 3.On NH You are only decrypting a gpu supported algorithm which is shared by many coins,all of these coins also known as alt coins are pegged against Bitcoins which is inturn by most people pegged against the dollar.So the change in the value of any one of these factors ie.Hashing PoweAlt coin demand and difficulty/Bitcoins value/Dollar fiat currency value can change your daily payout. 4.zcash,eth and other gpu mined coins still didnot fully recover to the value it had a couple of monts ago its recovering very slowly 4.Low Demand from buyer of hashing power due to uncertanity in the mining world due to Changes been made into the bitcoin system on August 1 August 1 Uncertanity = Scared Market = Low demand =Bear Run (down market).Read more only about that Note- Nicehash payouts has increased around 30% as bitcoin rates to dollar rate had also shown a similar up trend,since you are paid in mBtc or bitcoins in general never compare your NH Bitcoin payments with fiat currency ($€£¥,etc) because that $10 that you hold in btc now can be $30 in the future if bitcoin rates rises in the future.Happened in the past with my friends who sold a lot of mined bit coins in 2013 for mere dollars ,the value of those bit coins are now in millions.Then again if Btc crashes your held $10 in bitcoins can fall to mere 0. Since sometimes history repeats holding mined or bought btc for some time is more profitable than selling now.The price of btc will standardise one day if more and more people start adopting btc payments and there will be marginal profits to be made then by trading or mining coins (eg .modern fiat currency trading or gold trading).Again it's just a speculation based on historical analysis. Q2.When will my GPU's become FREE A1.NOW,ie.if you scored your cards before gpu prices skyrocketed if you sell them now the money you made till now by mining will be free+extra premium for the cards.Mosr cards come with 3yrs warrenty so that helps with the sale Your GPU ROI is paid the day you make 40% of what you paid for your gpu by mining ,the other 60% of the ROI can comes from selling your cards.These days even used cards are sold for 110% the price of the Box price as new cards are sold for 150-200% the original price. Price of mining/gaming grade GPU is at all time high now even though Gtx 1070/1080 and Amd RX cards are nearing the 2nd half of there life cycle .We see new faster and cheaper cards every 2 years or so.so the price of your mining cards will keep going down from now on as new surplus stock of these cards will be out in August-September and New mining cards are coming out around September aswell.Better invest in new cards to stay ahead in the mining game. Q3.They why dont You sell your cards You are Mining right? A1.Im under the assumption that Bitcoins will one day touch $5000 mark one day.so what ever I'm mining now if compared to the my investment and the current market I will be making my ROI in 1year plus or maybe never as difficulty of mining increases every now and then but I think bitcoin is a very functional form to currency it can add a lot of value to our society (FUN FACT-Do you know private bank can print free money,Google it up) bit coins patches all the problems with out current centralised money system making us slave for the govt.Bitcoins is the future of money So if i follow this single idea of bit coins getting to $5000 one day my $100 is btc today will be around $280 approx. Or could be $50 . YOU CAN NEVER ACCURATELY SPECULATE IN AN OPEN MARKET.So Stop fantasizing about getting rich quick by mining if you can do it then so the guy living next door.Have trust on crypto coins use them to buy stuff that helps making the whole currency valuable and your coins as well. Q4.Mining Via NH vs Mining Altcoin directly vs Mining bit coins vs trading coins. A1.Mining Via NH-Hassle free,Paid in btc,auto switching,optimised and stable than all.Saves a lot of time=More hashing time=more earning. You do pay a small % as frees but that's negligible compared to the time it saves. Mining Directly - Hasselous,manual setup,non noob friendly,you get to keep all the profits plus you are mining an alt coin directly so if your cards are good at one or two coins then more profit here plus you are look the market and mine anything that high today Or would increase in a couple of days and sell later for a huge profit.Smart human auto switching makes you more money than NH. It's more fun but takes more time. Mining Bitcoins-No You can't,too difficult to mine btc with gpu the Chinese got a lot of the bitcoin mining mega farms. Trading coins-Always profitable bought bit coins last month,sold yesterday making a sweet $3000 profit in 3 weeks.Buy now and sell later will always make you some profit since bit coins are finite in number like gold,you can't create new bit coins out of thin air.so if bitcoin catches and more people know about it it's value can go though the roof. Q4.Any better way to mine? ASIC vs Bitman miners vs Gpu rigs A4. Now folkes asic miners (bitman miners) eta can mine better than any gpu in the market they are specifically built for mining a certain algorithm(coin) ie.No auto switching .So if the coin falls in value you are left with the most advance and expensive door stopper in the world.No one would touch the hardware and it's value could be zero in a day.Usually these miners loose all it's value in 1 yr or 2 as difficulty increases Not so with GPUs.Say I have 2 gtx1070 and a gtx 970 bought for say $1300 (same price as a asic miner) mining 24/7 and I earn some bit coins (surely a bit less than mining on an asic) but again next year say all my cards become unprofitable by mining then I'm still the owner of with a super advance and a very expensive gaming rig on which I can do multiple display and also multiple instance of gaming. I can sell the 1070 and 970 to a gamer with 2yr warranty on those cards and I can make the reminder as gaming never falls out of favour.Remeber these cards can still decrypt other stuff like Wi-Fi passwords and physical stimulation and calculations in minutes,that's how hard mining has got and difficulty will increase overtime. Q.Any suggestions ? A.I can share my plans Gameplan 1=Buy Newer cards quick in September ,Enjoy higher mining payouts,others will follow,mining hardware increases in price,then market crashes for sometime,you made your money,sell your cards for 100-150% the original value.Live happy every and after Gameplan2-Buy bit coins today,wait till the prices reaches another all time high ,happens every year,Sell and don't forget to live happy every and after, A happy man is some one with no money to worry about. -My Father said to me the day I started mining.
4. Spreadstreet needs to connect to an external API, click on “Allow”.
Click "Allow" when prompted Note on security: All add-ins within the store go through a review. This is a wonderful security measure, especially in the Crypto industry, which is rife with scams and hacks.
5. Make sure the add-on is activated in your sheet:
Go to Add-on > Spreadstreet > Help
Click on View in store , then click on Manage and check Use in this document:
Data returned includes: Coin, ID, Tag, Algorithm, Block Time, Block Reward, Block Reward 24, Last Block, Difficulty, Difficulty 24, Net Hash, Exchange Rate, Exchange Rate Volume, Exchange Rate Currency, Market Cap, Estimated Rewards, Estimated Rewards 24, BTC Revenue, BTC Revenue 24, Profitability, Profitability 24, Lagging, and Timestamp
Example usage using the GUI: Open the Add-in Click “Add” to view the list of available APIs Click on the “WhatToMine” icon Click “Stats” Click “Insert” Click “Run”. This will paste values into the currently selected Cell, and save that in the main GUI for future retrieval Example usage using the =SS() Formula: =QUERY(A:W,”select A, T where T is not null order by T desc”) returns the most profitable GPU-minable cryptocurrencies.
How to use for ASIC-Mineable Coins
How does WhatToMine calculate profitability for ASIC-mineable cryptocurrencies?
SHA-256 values are adapted for Antminer S9, Scrypt for L3+ and X11 for D3.
Price is formulated from the following exchanges: Abucoins, Bitfinex, Bittrex, Bleutrade, Cryptopia, HitBTC, Poloniex, YoBit
Hash rate and wattage vary by algorithm. See the main page of WhatToMine for default values
Calculations are based on mean values, so final results will vary
What is the calculation missing?
Calculation does not account for future changes in price
Calculation does not account for future changes in network hash rate
Block rewards are fixed, future block reward reductions not taken into consideration
No significant changes to the underlying algorithm are assumed (for example, the Casper update)
Get most profitable ASIC coins Call the function =SS(“get-asic-whattomine”, true) to return various stats from ASIC-minable cryptocurrencies.
Data returned includes: Coin, ID, Tag, Algorithm, Block Time, Block Reward, Block Reward 24, Last Block, Difficulty, Difficulty 24, Net Hash, Exchange Rate, Exchange Rate Volume, Exchange Rate Currency, Market Cap, Estimated Rewards, Estimated Rewards 24, BTC Revenue, BTC Revenue 24, Profitability, Profitability 24, Lagging, and Timestamp
Example usage: =QUERY(A:W,”select A, T where T is not null order by T desc”) returns the most profitable GPU-minable cryptocurrencies.
Common issues and how to fix:
Do not keep your sheet open at all time. This will prevent the rates from refreshing. The rates will auto-refresh each time you re-open your sheet.
The add-on may not work right away on other old spreadsheets. You need to do this to activate Spreadstreet: Open the old sheet, click the menu Add-ons / Spreadstreet / Help / View in store, and then click Manage and in the dropdown menu click Use in this document .
As I read in the official advertisement, Monero authors decided to choose an algorithm for which no ASICs exist (yet?) The idea was to have people mining solo using idle cycles of their computers, which would help the network to become more distributed and resistant to attacks (or political pressure from powerful miner pools). The reality is that ppl use GPU rigs and almost everyone mines for pools, as the chance of finding a block solo is almost zero. Comparing hash power distribution, XMR doesn't look much more fragmented than BTC. Of course, 26% from Unknown looks MUCH better than 2.6% but still there are a couple of big players wielding well over 10% of power each. I'm not trying to make accusations here, just being curious, as I'm fresh to XMR myself. Is that power share an expected result? If not, are there any plans of mitigating it? Can you recommend some good reads touching this topic?
Uh, I’m Marketing Specialist (Guerrilla) I’m so glad you brought this up! It’s the one thing that LTC lacks in and it’s ironic because LTC is the only coin deserving of a full-time marketing team. I think people are starting to finally realize that it’s all about the marketing, word of mouth and branding in crypto. To put this into perspective as a self-funded/semi-retired internet entrepreneur, I’ll tell you exactly what caused my successes and failures. Initially (when I was young), I would launch a service or product in which I used 90% of the budget for development and 10% left over for marketing resulting in failure. At this point if I ever launch a new product or service online 70%+ of the entire budget would be allocated towards the marketing, so I can’t stress the importance of this. 1 million CNY ($150k) applied to a dev team is absolutely incredible, but LTC desperately needs a monthly marketing budget as well. It would be fantastic if these Scrypt mining manufactures or farms could consider that expense the cost of doing business. $5k a month starting budget could really do wonders for creating awareness. You can see here that we desperately need to address this issue: (sleeping giant) https://www.google.com/trends/explore?q=litecoin There’s really no need for a DM regarding the marketing unless someone is brought on to manage a campaign, but I would like to give feedback publicly on what I’ve seen so far (since I’m all about community/transparency and appreciate feedback). I can be very direct and hurt people’s feelings, but the only thing that matters is the success of LTC for the sake of humanity (financial freedom from total economic enslavement), so here are my thoughts below. 1.) Current Slogan. I’d like to first go over the silver analogy since Xinxi mentioned it earlier in a reddit post. Right off the bat there are pros and cons that I see with this association. Pros: During a BTC pump breaking ATH’s it is very beneficial being known as the Silver to Bitcoin’s gold as we’ve already seen demonstrated with the pump in late 2013. People feel that they missed the BTC boat and turn to an alternative that is underpriced and somewhat similar to BTC. Bitcoin paves the infrastructure path while Litecoin trails behind receiving all the benefits, such as the hardware wallet support. It positions Litecoin as a “non-threating” alternative to Bitcoin and acts as a logical trading pair. If you like BTC, then theoretically you should like LTC as well. The Bitcoin association to a digital gold is very powerful because many cultures still understand it as a monetary metal throughout history. I remember in 2011 the BTC community was really pushing that deep psychological comparison. In 2013, Bitcoin hit parity with gold reaching $1,200 and LTC at $48 which is also very similar to what we saw with physical silver. That was not by accident, but now that BTC has hit that objective I don’t hear thought leaders comparing it too gold much anymore and they claim one Bitcoin will be worth 1 million dollars feeding into that gold fever hype. The other issue with changing silver analogy is that Coblee literally designed LTC to be the silver to Bitcoin’s gold and produced 4x more inflation. LTC is also deflationary similar to gold, silver and Bitcoin so logically I guess it only makes sense. PM comparison takes a very complicated concept and helps simplify it for your average man on the street. Cons: What I don’t like about the silver association. So I believe most here will agree that Gold feels like it’s more important/sought after than Silver. Considering historically kings have access to gold and commoners have access to the silver. I do believe it’s hard for people to chant and cheer, “We’re #2, We’re #2, We’re #2!!!”. Do you see what I mean here? It’s hard to get Excited about that for people and the same goes with hoarding LTC vs BTC. It also creates a dependency on Bitcoin for eternity and keeps LTC under the thumb of the BTC overlords (I know some of them and they hate LTC). The association should be more like Pepsi and Coke or Ying to Yang and one could technically still operate without the other. If LTC dies (I doubt this), then people will forget about the silver association and just continue chanting for Bitcoin #1/Gold2.0/21 Million/I’m Rich Bitches. If BTC dies or is bottlenecked to death it would be nice for LTC to still exist in the minds of the crypto community and that dependence is also dangerous for LTC (as we keep seeing Bitcoins lack of scaling). You’ll notice every time BTC bottlenecks transactions that the price rally gets cut short again which affects the potential LTC rally. This is also a big part of why hedging out of BTC into alts such as LTC is important, but many think why would I hold LTC when I can just hold BTC so they invest in something totally different like ETH as a hedge. The other issue is the ratio and stability of LTC when the ratio both snaps back (short-term) and is suppressed (long-term), so it doesn’t make for the most stable currency when this occurs (although a 40x gain in value again would be nice). Many precious metal bugs will state that the physical gold/silver ratio should be around 1:16 ounces and technically if BTC/LTC had identical network-effect the value ratio would be closer to 1:4. Right now, we’re nearing 1:200 which is absurd. Not only that, this association is not so accurate because the gold and silver volume/ratio of atoms on this earth is unknown. While the tokens to exist currently and in the future are precisely known with BTC/LTC (1:4) which means LTC is actually even more undervalued than physical silver to physical gold. It would be nice to talk about LTC without ever having to mention BTC and I do feel it’s a setback, but at this point maybe necessary especially considering this next BTC pump. 2.) Slogan Suggestion. As you can see I am really on the fence about the silver analogy, so maybe we can just leave it as an unspoken association as we seen Bitcoiners mentioning gold analogy less and less. The funny thing is Coblee and Xinxi totally changed the game with LTC while nobody noticed. It’s so different that I almost think this one change alone has put the silver branding into question. By adding CT transactions and Segwit it provides enough differentiation from BTC to make it a more worthwhile hedge for wealth storage (This is important and helps maintain a higher per coin price). For those that want to save their earnings in a more private blockchain they now have a reason to transfer some BTC over to LTC or bypass it as a means of storage and we already know it’s much better for transfer. Coblee states fungiblity reasons, but I already know people will be taking a second look at LTC after this is implemented because I personally don’t like when people can see all my transactions at a particular address, so having both a fully public and private blockchain is a must. Not only that he knows about the censoring of coins for associations with the dark web even if you weren’t directly involved and that hurts fungibility, so once again the right decisions are being made. With that said, I would personally prefer LTC being considered the “The Swiss Bank of Money”. Money and Currency are actually two VERY different things by the way while gold/silver being money and currency being a derivative of that money. Obama was recently at South by Southwest and gave a speech mentioning crypto directly. It would be hilarious if we embraced his terminology of crypto. https://www.youtube.com/watch?v=YsDijAoxG9g “It’s like having a Swiss Bank Account in Your Pocket.” Another interesting point is the ironclad privacy that Swiss Banks were known for has been completely undermined by the US probing and global FATCA compliance for all other banks globally. There is no safe haven anymore and in a subtle way this almost alludes to LTC being the last bastion of financial freedom. Picture this, but instead LTC: http://i.imgur.com/yrQYmxO.jpg (The financial system is being completely turned upside down with some countries going to negative interest rates… AKA you pay them for holding your money, so that picture is very accurate.) 3.) Litecoin Constitution or Oath. I will eventually get to the marketing aspect, but this all ties into everything, such as word of mouth. Every great company has a motto, a country a constitution or religions with commandments. It is important because it condenses down why we are here, our beliefs, what we are fighting for, our principles and what is out of scope of the vision or deemed acceptable. We’ve seen glimpses of this from Coblee like when he mentioned after an altcoin forked due to a theft that LTC will never hardfork due to a theft (So, let’s outline it for everyone). This is so important that I could even see a URL being dedicated to it so the world is clear as too what LTC is and stands for. An example of what this would look like: Litecoin Beliefs/Oath: - LItecoin will strive to be as transparent as possible in all aspects of development, marketing, future updates. - Litecoin will strive to remain as decentralized as possible while maintaining a pristine blockchain. All aspects of management for social media and other platforms will also remain decentralized. - Litecoin will never reverse or roll back the blockchain or fork due to a theft or unauthorized transaction. - Litecoin will strive to operate the most financially fair network of wealth storage and transfer as possible. - Litecoin will always strive to bring modern financial access from the richest to the poorest and most remote people on earth. - ETC ETC. Something like this needs to be in place in the event Charlie goes MIA or anyone else in management so we have our guide stone in place. A wealthy individual looking to speculate in LTC and store his wealth there would feel much more comfortable if he knew what LTC stands for. The examples I gave above are how I perceive LTC but writing it in stone would make everything clear for everyone. 4.) Enthusiastic Keynote Speaker. While I love Charlie to death and he’s fighting the good fight it would be nice to see someone like an Andreas equivalent for LTC (English/Chinese speaker would be incredible). When I hear Andreas speak about BTC I literally get goosebumps and my faith/passion is restored in crypto because sometimes we get beat down when our family and friends can’t see the “lite”. While I believe Charlie should never stop spreading awareness at as many events as possible he doesn’t come off as being very confident and a bit shy (which is fine). What I would like to see is high energy, passion, excitement and a confidence in LTC that is unshakeable. Assume the sale man! Charlie observed BTC operating in the wild, made a few tweaks and somehow made a better version of it capable of more yet incredibly stable/functional (without the suspect Satoshi early miner stash). However, I do understand it being difficult to hype LTC when there is not much to talk about since BTC hit all the talking points and LTC was no different other than 4x. For the future we really need to stress the scalability and fungibility improvements. 5.) Thinking out of the box. Xinxi’s paper wallet suggestion if done on a grand scale could be quite massive for adoption despite how primitive it sounds. This is the type of thinking we need to bring LTC functionality/awareness to the masses. Get creative/think outside the box and reach out to the appropriate companies/visionaries or start a business (we need more entrepreneurs and now is the time to get involved and solidify your spot in the industry). Some examples: a. In previous posts we discussed the paper wallets for LTC. If I were to walk up to any person on the street and explain to them that I had one LTC paper wallet in my hand worth $4 and I would be willing to sell it to them for $5 and explained it was rare and similar to Bitcoin (second largest), in addition hit $48 in the past and could happen again and BTC is currently at $780.. I guarantee I could sell them on the spot. That could literally be turned in a business model and scaled as one idea that seems silly, but with awesome potential. b. Tonight I watched the unveiling of the new Tesla solar home roof in addition to the PowerWall 2 unit. Seen here: https://www.youtube.com/watch?v=dRqSkR4ENAg Who’s to say we couldn’t contact Tesla and integrate a Scrypt Asic chip into their future PowerWall 3 unit and offset homeowner’s extra battery power into the form of crypto. I mine BTC, LTC, DASH, ETH/ETC and LTC is by far the most profitable to mine, so maybe this actually could be viable. It’s out of the box and worth looking into from a technical standpoint. Coblee literally lives down the street and could meet with them. c. Another idea could be a sidechain mobile mining concept. I’ve thrown that idea around with the LTC devs, just to see what their thoughts were. It would have to be structured in a very particular way to work, but I believe there could be some merit there as well to draw in new users. I would really love some feature to be offered through this additional hash/computational power via a sidechain and potentially something like a Dash masternode for the monthly yield since for some the simple buy and HODL method doesn’t work for them. LTC is supposed to be “money”, so monthly yield is inappropriate similar to how gold doesn’t produce monthly yield by its very nature. 5.) More Accessible Scrypt Miners. It looks like Alcheminer is gone and Titans are no longer obtainable leaving really only Innosilicons terminators older ones and the newer ones coming. It would be nice if we had more affordable smaller miners for your average joe. GPU dominates the word of mouth aspect because of accessibility. Any gamer can get involved, he gets a few coins and then tells his friends being that there is also financial incentive for him to spread awareness. It would be great if we could see more scrypt manufactures producing something to fill this niche. 6.) Localbitcoins.com equivalent. I don’t want to offend anyone again, but the litecoinlocal.net website really does need work. Aesthetically it doesn’t look as visually appealing as LBC and also does not function as well. The .net extension is also not so favorable, so maybe they could acquire a .com equivalent and 301 it. In addition, I see little to no available trades which also does not bode well on the psyche of potential LTC investors. LBC is really a major backbone to Bitcoin adoption considering its functionality for the community and allows people to buy BTC in a more anonymous fashion. Plus, the owner of LBC makes great profit so there is much incentive for running a high caliber local exchange. 7.) Marketing. There really is no marketing for LTC and I’ve never seen any marketing efforts on behalf of the LTC association other than maybe some sponsored ads on reddit (which is fine). This really does need to change because when we saw Dogecoin doing the Nascar stuff or Jamaican bob sled team, I was thinking my god why can’t we get a budget going to spread awareness. While I believed even at the time that their particular choices were foolish I was impressed that they were actually trying to bring about public awareness for Doge. We can maintain interactions on all the social profiles we want in the world, but we really need to be paying for ad placement on networks such as YouTube, Facebook, Reddit, Twitter, etc etc. A/B split testing with a test budget would be wise and gauge interaction via a landing page. Side note: It’s funny one of my first projects when I was a kid was a penny stock newsletter site accessible via monthly subscription. We ran ads that were very professional and reasonable such as “Join our newsletter and receive monthly returns up to 20%-30%”. At the time that was very reasonable and realistic based on our track record/advice. The only problem was the ads performed horribly, but then eventually we said screw it and ran ridiculous ads like, “GAINZ of 30000X, GET RICH, GET BITCHES, LIVE ON BEACH IN PARADISE”…. And it worked almost too well. This tells me humans react off greed and dreams of grandeur. I see these claims with altcoins that get pumped which claims of “next Bitcoin” or will “overthrow Bitcoin”. I think that’ more sensational for most people and fills their dreams of becoming rich overnight. There’s those types of people and then there are the more ideological type like we see in the BTC community such as miners that will continue to mine at a loss because they believe so strongly in BTC or the HODLRS that won’t sell even when BTC loses half its value in 48 hours and people are shitting their pants. It would be nice if we could appeal to all demographics. I keep hearing about the LTC Association meetings. Why don’t we publicly post the meeting day/time do it via Google Hangouts so we can all listen in on the conversation. We really need to build a sense of community and that’s lacking as well. Outreach programs could also be a very inexpensive form of marketing. Such as contacting Twitch.tv for potential integration of LTC. If the fundamentals were explained I’m sure there would be successes in furthering adoption of the technology. If the Litcointalk.org website is not going to get fixed can we at least 301 it to the litecointalk.io address for now? Seeing "Hacked" at the top of the site doesn't instill confidence again... Not so great for branding... lol … to be continued. I’m starting to ramble. It’s 3am here and I’m half asleep. I’ll continue writing more on potential marketing efforts/ideas I’ve had (tomorrow). In the meantime, I’ve love to hear feedback on things I’ve shared so far.
[F.A.Q.] Vertcoin ASIC-Resistance – All the answers you need
[F.A.Q.] Vertcoin ASIC-Resistance – All the answers you need For those who don't know me, I'm a student of Computer Science and Networking hosted by Pisa's University and Sant'Anna (which, simply put, is the Italian equivalent of M.I.T.). I have been with Vertcoin almost since the beginning, I've studied it in detail along with many other coins. The above was written to convince you that I know what I'm saying. In a huge amount of threads, especially on Reddit, I keep on reading questions like:
What if someone makes an ASIC?
Also Litecoin said that Scrypt was ASIC-resistant, can this happen to Vertcoin in the future!?!
What if a factory decides to invest a huge amount of money because for whatever reason Vertcoin becomes so valued that... bla bla bla?!?!?
The Answer Part 1 First of all I have to clarify what an ASIC is. No, I won't use any technicality except for that which can't really be avoided. An ASIC is a piece of circuitry. It is like a GPU. You plug it and it does a given job. The main difference is that an ASIC is explicitly made to do really specific work. This leads to really high performances compared to more generic hardware like GPUs or CPUs. To achieve this, an ASIC has to be built in a really specific way. This means that also the famous N value of Scrypt has to be hardcoded within. Hardcoded can be interpreted in two ways:
There entire board has the algorithm strictly implemented in the hardware. This means that N is “stored” in a non-changeable way. This is the best way to implement an ASIC, it is actually the definition of ASIC. Performance is crazy fast (e.g. Bitcoin ASICs)!
There is a specific hardware unit that stores the N value in a changeable way. However, to achieve this change a “firmware upgrade” is needed. This means that some sort of dynamism has to be put in the ASIC board and anything that is able to “adapt” directly leads to a huge decrease in performance. The board that comes out is an hybrid between an FPGA and an ASIC. These are the actual ASICs that are coming out for Litecoin right now. Why? Because they are prototypes,and easier to change if something unexpected occurs and that's why Performance/Watt ratio is good, but pure performance vs GPUs simply sucks.
Part 2a “Ok, let's assume the above is clear. How does this makes Vertcoin ASIC-resistant forever or for at least a long period of time (I mean decades)?” If you have this question in your mind, I wasn't that clear. Apologies, let me answer again: With N changing periodically the first type of ASIC is trivially killed. Why? Because, let's suppose that 1 VTC is worth, I don't know, $1.000.000. A company says “wow! Let's make an ASIC, who cares how much it costs, look at that!”. They start to make the ASIC, they design it, make a couple of prototypes, do an Alpha test, then a Beta tes..... ops N changed! We lost I don't know how much money and time. You may say they can prevent it and directly build the ASIC for the next N. Ok. Supposing that this company has the market value of Google (otherwise technology would cost so much to do a predicted-ASIC that even thinking about it would make the company immediately bankrupt), the ASIC would be viable and working for just one time frame. After that the only thing that could be done with it is throw it in the trash. Now, who is the miner that spends money for something that will work for a couple of years and then becomes completely useless? Most of all, who is the company that will actually sell them instead of using them for themselves? Because this is what actually happens, new and powerful ASICs are already there, up and working, then they are sold after they've been used to gain even more, and no one tells you. Part 2b “Ok, but what about re-programmable ASICs? You said these can adapt N!” First of all, I should leave the university just because I've written the word “re-programmable” near the word “ASIC”. I apologize to my professors and the degree committee. The point in this case resides behind two things: Memory Bandwidth and Technology progress. Many know that one of the big changes with Adaptive-N Scrypt (ANS) is the amount of memory it requires. So, many say, ok let's create an ASIC with 1 Terabyte of on board memory and bye bye ANS. Forgetting the fact that putting a huge amount of memory on a board means removing the area which should be reserved for the computational part, thus directly killing the performance; the point isn't only the amount of memory but also how fast memory interacts with the computational part. This speed is directly proportional to the amount of memory bandwidth (edit: it is not the same, it is an assumption for the sake of simplicity). This, and please use the same theory before buying the “New Superpower GPU” which has 32GB of VRAM instead of the 4GB predefined for the SAME chip, is a huge obstacle. The bandwidth will always be a bottleneck for the Scrypt algorithm, no matter what N is, and you can't simply change the bandwidth on an ASIC (nor you can on a GPU without changing the GPU itself). Moreover, and here it comes the technology progress part, you can't even think that an ASIC will easily equip the same circuitry and level of technology a GPU has. GPUs are built in packs of thousands, costs are spread! ASICs are build one by one, in many cases even “on request”: costs have to be fully payed and they are huge! Really huge! That's why, ok, an adaptive ASIC can be built, but:
It should be clear that it won't be as fast as a non adaptive ASIC (e.g. actual Bitcoin's and future Litecoin's), and I'm speaking of hundreds of times slower.
It will last for a few months before being surpassed again, not by a new ASIC version, but by a GPU! Because the GPU market is constantly progressing and is way bigger, and will always be because it is, magic words, “General Purpose”.
That's all folks. I hope I've been clear and at least a little bit funny in the explanation, I know these are hard concepts if studied deeply. That's why I've chosen such a passionate way of writing. I hope my English was good enough too, it's not my mother tongue. I could even try to make a prediction on how much Adaptive-N Scrypt will be enough. I have some rough idea, but I won't. It's “enough” to say that it will be “enough” :) P.S. When you see questions like the ones I've written, please don't avoid them, they deserve explanation and many times Reddit makes it difficult to find the answer. Simply redirect to this thread if you think it was explanatory. P.P.S. There's no need of tipping, I've written this to be clear for everyone and help the community growing. Don't tip, do your part by focusing on what you know how to do. It will surely help the community back! P.P.P.S. I promise this is the last. Obviously the first part of the second P.S. can be skipped. Tip if you want. Hahahahahah! Edit: Some typo correction. Thanks to KimDaebak
1- Primecoin is the First non Hash-Cash PoW Crypto-Currency.
"Primecoin is the first to show that a proof-of-work algorithm could exist to compute things other than cryptographic hash functions."
2- Naturally Scarce
Primecoin is naturally scarce (not artificially) -no hard limit and this is crucial for its long term continuity and its ability to adapt to market conditions.
According to the last estimations, the total supply is going to be ~55 Millions XPM. (peercointalk.org) You don't have to worry about inflation, neither facing blunt deflation (encountered in bitcoin/litecoin)
3- Very fast confirmations - 1min/block 4- Elastic supply
ING economist: "A bitcoin algorithm needs to be developed that smoothly matches money supply & demand"
This is hard-coded in Primecoin: difficulty going down gets corrected upwards because miners are encouraged to mine, having more reward subsidy.
When difficulty is dropping (i.e. miners leave the network), reward-revenue is recalculated upwards so that they come back in, ensuring the network security elastically vs price bumps.
5- Primecoin is sustainable
"Primecoin does not use a fixed cap money supply model like bitcoin as described in the primecoin paper, instead its mining output is associate with Moore's Law. It should have much slower drop of mining subsidy than bitcoin in the longer term (10+ years) thus much less affected than bitcoin in terms of risk of low security level. If Moore's law stops at some point then primecoin block subsidy would become relatively constant, rather than tending to zero as in the case of bitcoin (note though primecoin inflation rate is still tending to zero)."
"When the proof-of-work mint rate approaches zero, there is less and less incentive to mint proof-of-work blocks. Bitcoin is insecure."
"Primecoin has still good scarcity property similar to gold while network security is maintained without the need to raise transaction fee."
"Long-term bitcoin security relies mainly on transaction fees. Primecoin realistically would continue to have some subsidy long term, so is less reliant on transaction fees for security."
6- Primecoin is currently the “fairest” coin to mine
"The Primecoin algorithm is ASIC/FPGA hostile, and even GPU mining is not economically viable at the moment. While it is certainly possible to create specialized mining equipment, it is far more difficult and expensive to develop chips for high speed modular arithmetics. In contrast to SHA-256/Scrypt mining, those chips would also be multi-use and could be applied for other purposes after the next generation hits the market. In a sense, Primecoin is currently the “fairest” coin to mine, as it is purely CPU/GPU based. [...] Besides this, Primecoin already offers a number cloud mining providers, which inevitability will be the final stage in the specialized-mining-chip-race. For example, ASIC supplier KnCMiner recently announced not to produce mining rigs for household use anymore, as non-industrial grade power supply is not sufficient."
7- Primecoin can introduce new participants to the new digital economy
"In a Free Market, there's Free Will (and Creativity) as driver for Actions - and fundamentally Primecoin (almost philosophically) provides us with the ability/choice of applying our Ingenuity on Mining."
"With Primecoin, people who like to mine cryptocurrencies have a better choice to mine, to get more benefit out of the mining activity & environmental cost."
"Primecoin complements the goal here as it produces additional scientific value from the consumed energy. So people who like to mine cryptocurrency for whatever reason have a better choice to mine, to get more benefit out of the mining activity and environmental cost."
With Primecoin, you can actually and effectively Innovate and Improve on Mining Technologies and Techniques, on 2 lines: Hardware and Software. This is radically different from hash-cash PoW. In essence you have twice as much possibilities to earn revenues.
8- Proof-of-work cryptos will gradually transition toward energy-multiuse, ie providing both security & technological computing values. And Primecoin is the pioneer in this realm.
"One year after primecoin's public debut, the cryptocurrency designers are still focused on mixing hash functions with hash-cash proof-of-work, or finding ever more 'cpu friendly' proof-of-work; Primecoin's unique proof-of-work remains the first and one of the very few useful and actually interesting proof-of-work designs, that preserves the decentralization property of cryptocurrency."
9- Primecoin has anti-centralization features
Brute force hashing random numbers, under rigid guidelines(the more CPU, the stronger) doesn't work to mine primecoins - there's no known rules to find prime chains.
Elastic reward re-calibration, in real-time (reward gets immediately lower if difficulty would happen to rise)
10- Primecoin captures the Wasted Energy of Bitcoin's Algorithm - The mining is actually useful
"The reason why Primecoin-like “useful POWs” are the most promising is that, if the computations are useful enough, the currency’s “waste factor” can actually drop below zero, making the currency a public good."
"The innovative prime proof-of-work in Primecoin not only provides security and minting to the network, but also generates a special form of prime number chains of interest to mathematical research. Thus primecoin network is energy-multiuse, compared to bitcoin network. Primecoin is designed to sustain a prosperous mining market and high level of security, while maintaining good scarcity property like gold. Primecoin also processes payment transactions 10x faster than bitcoin network."
"Primecoin's proof-of-work is still pretty much the only alternative proof-of-work in production other than hashcash. By alternative proof-of-work, is meant alternative proof-of-work consensus. Interestingly, Primecoin also tries to address bitcoin's energy problem, from a different angle. In a free market, there is bound to be [the] coexistence of energy intensive currencies and energy efficient currencies, meaning, people have free will to consume energy to produce currency for example, mining gold. So Primecoin would demonstrate, such energy consumption can be made energy-multiuse, while preserving the critical decentralization property."
11- Primecoin has direct by-products
"Bitcoin hashing or mining provides no meaningful by-product whereas Primecoin delivers the chains of prime numbers. Primecoin is the first cryptocurrency with such property."
"Prime numbers are very useful. They are important in cryptography, and used in many encryption systems. The larger the list of known primes grows, and as the value of the numbers increases, the security of encryption methods utilizing them improves. Understanding prime numbers is also very important for high level mathematics, physics, and engineering. All non-prime numbers can be constructed from two or more prime numbers, yet a prime number itself cannot be created from any other number. Prime numbers are the building blocks of math. The more we understand about primes, we more we understand about mathematics. The more we understand about mathematics, the more we understand about the universe, and everything in it."
"For example, Primecoin provides financial incentive to these math research (e.g. research about the twin prime conjecture), if your theory advancement can provide a better mining algorithm for Primecoin mining. Twin prime is a special case of bi-twin chain. A bi-twin chain of length two, that is."
"With Primecoin, it's possible to do a proof-of-work consensus other than hashcash and have potential math research along with the fact that FPGA / ASIC development incentive may lead to problems being solved that have never happened before. It's possible, when you have ASIC primality testing chips, the computation capability in these fields would make a giant leap. That could also indirectly help theoretical research."
"Primecoin has delivered. It now holds 5 out of 21 world records in simultaneous prime numbers."
2 potential direct applications of the prime chains from Primecoin network:
Banking on Prime Numbers The prime number chains discovered by the Primecoin network may ultimately make RSA Encryption - and therefore banking in general - more secure by contributing longer prime numbers to use for RSA Encryption; the longer the prime number, the more difficult it is to "break" the encryption.
Hardware Testing & Innovation Since the early days of computing, programs for discovering prime numbers have been developed as a way to test new hardware These by-products include improved computer processors and hardware components, which can be applied to improve computer models used in the science, medical, and engineering industry.
12- Primecoin has been developed by Sunny King, one of the most talented crypto-technologists of the rank of Satoshi Nakamoto
Sunny King along with his team continues to grow Primecoin network and is currently developing a Sidechain technology for Primecoin, that is a common infrastructure to make it easier for developers to create decentralized and distributed data applications (of the sort of: namecoin, storj, peershare, datacoin )
So, you want to be a Cryptominer! In that case, you would want to read this article thoroughly to sought out which is best for you ASIC Mining Vs GPU Mining ?As you all know, Crypto-mining or Mining is one of the ways to actually earn Cryptocurrencies, be it Bitcoin or any Altcoin, besides other methods like trading or buying Crypto coins for fiat currency.With the current mining buzz going ASIC mining has become the most commonplace option when it comes to Bitcoin mining, and with good reason. These tools are capable of mining at a profit for their users, which is something other tools can’t do. When you compare the ASIC mining tools to the GPU or CPU tools, you will find that the ASIC tools are going to draw quite a bit less ASIC vs GPU debate. This debate has been going on since about 2013. While the debate is usually focused on the future of the blockchain, definition of "distributed computing"(many small players, or few large players) and how to best avoid 51% attack, I will focus on long term profit from a miner's perspective. These figures are staggering, but Bitmain’s monopoly of the Bitcoin ASIC market may come to an end, following the release of Halong Mining’s DragonMint 16T ASIC. About the DragonMint 16T Designed with brand new technology and boasting 16 TH/s per miner, the 16T is the most powerful and efficient Bitcoin miner to date. ASIC vs. GPU mining – Profitability in Bear Markets This post is for those of you who are thinking on either starting mining or expanding your existing mining farms . There is a lot of controversy regarding both ASIC and GPU mining .
CPU's vs GPU's vs ASIC -gpu, asic mining -minebox 12 rx5700 gpu mining rig, asic ethereum mining #18
GPU MINING DEAD?! Bitmain Antminer Z9 EQUIHASH ASIC MINER 10000 Sols @ 300 watts - Duration: 13:47. VoskCoin 40,023 views GPU vs A10 ASIC Mining Ethereum Comparison - Duration: 7:51. BuriedONE 11,325 views. ... T4D #84 - Pt 2 Bitcoin Mining, BFL ASIC vs FPGA vs GPU vs CPU - Duration: 28:50. mjlorton 63,621 views. The Outlook on Cryptocurrency Mining - GPU vs ASIC vs FPGA - Duration: 19:57. ... Should You Buy An Antminer USB Bitcoin ASIC Miner In 2020? - Duration: 17:49. DrUnlimited 10,693 views. Which is more profitable between GPU and Asic Mining in 2019? Both GPU rigs and Asic miners are heavily overpriced due to the fact that so many people want to get into Cryptocurrency mining. Gpu or cpu mining for groestl coin gpu vs asic bitcoin mining Gpu vs asic mining probitability 2020 ... gpu vs a10 asic mining ethereum comparison. gpu mining vs asic mining in 2019 which is ...