What is Bitcoin Mining? | Wealthsimple

What will be your biggest fears and risks to setup mining farm.

What will be your biggest fears and risks to setup mining farm.
https://preview.redd.it/1mc2ilhunwf41.jpg?width=1280&format=pjpg&auto=webp&s=e573bcad9aa13b87ec1a691496268dd1303b70c3
Crypto currency mining is fascinating topic. It is 21st century mining with computer hardware and software. Looking for blocks on the block-chain to be rewarded in crypto currency. To start crypto currency mining business or hobby you have to understand what kind of risks you might face. To start Bitcoin mining you will need and ASIC miner, which is basically bunch of CPUs. This kind of equipment might cost you a lot of capital, so it is a good thing to recognize the risks you might face.
  1. In the early days in Bitcoin mining you could make some profit with your laptop CPU or GPU. These days are long gone, every year new more efficient hardware is been developed. Which makes older hardware obsolete for mining. Meaning that bad timing investment could potentially make your investment worthless.
  2. Hardware failure is very big thing to reduce mining risks. This hardware needs to be run 24/7 to gain the most optimal revenue from mining. Very often these devices/hardware do brake down, asic miners are the worse hardware comparing to GPU. Hashing board failure is common problem on them, which will need additional investment after 6 month from your purchase. If this would happen to your devices.
  3. The one of the hardest parts is not enough profits. Crypto currencies are extremely volatile, one day you could mine in profit the next day you might be at loss. If you are using latest hardware, most important to stay in the game and mine with profit. Is to have cheapest electric rate between all the other miners on network. Electric is everyone biggest OPEX cost, dont even think to start mining as a business large scale if your power costs is above 6-7c a kw/h. It might be profitable to mine with 20c per kw/h today but it might not be anymore tomorrow. Which means you will need to shutdown your mining farm.
  4. Legal risks . Crypto currency is still very new, and it has not been regulated very well. So you might face some kind of crypto currency ban in the country which might affect your mining operation.
  5. Hacking – Use crypto currency safe as possible. You know the good old saying not your keys not your coins. Don’t keep your mined coins on exchange. And use only community trusted mining pools.
  6. And the last of the top 6 is the environmental risk. Choose mining location wisely. Mining hardware most likely will use a lot of power, this is why they will produce a lot of heat. And heat will affect your mining operation. Something like mining container could be an option.
Recognize your risks before starting a mining operation.
Please comment down bellow with any more risks you might think it is worth to mention.
VIDEO - https://www.youtube.com/watch?v=-eNuG04n2zI&feature=youtu.be
submitted by mineshop to gpumining [link] [comments]

Nhom VBC CHROMIA AMA TRANSCRIPT (15/05/2020)

Thai Nhat Minh | Stably:
First of all, can you have a brief introduction about yourself as well as about Chromia? Henrik_hjelte, Sergelubkin
Henrik Hjelte:
Hello. My name is Henrik Hjelte. I am Co-Founder and CEO of Chromia.
I have more than 30 years of experience in programming and a degree in Economics from Uppsala University.
BTW economics and computers = blockchain, so finally found a job that fits me.
I was introduced to the blockchain by the leader of the colored-coins project Alex Mizrahi in 2013
Colored coins project was a very influential thing
It was the first way for user created tokens
bolted on to the only blockchain at the time (almost) bitcoin
We started ChromaWay 2014, with Or Perelman too, to explore if the world was interested in “tokens” and those kind of applications
We worked with enterprise blockchain for some time, but now we are focused on Chromia, a new public platform for mainstream decentralized applications using relational blockchain technology.
Ok, maybe I should tell something about Chromia and not myself too.
Chromia is a better blockchain for building decentralized Apps.
better because it follows the “normal worlds” way of managing data.
A little history: I found a text/description to paste:
Chromia is a brainchild of ChromaWay. ChromaWay has a long record of delivering pioneering projects around the world. We issued Euros on the Bitcoin blockchain with LHV bank, allowed investors to invest in startups in a wholly decentralized way with Funderbeam, digitized the title transfer process with the Swedish land registry, and mediated the green bond market. ChromaWay’s core team created the world’s first protocol to issue tokens already in 2012, when blockchain was called “bitcoin 2.0”. Then ChromaWay introduced the relational model to enterprise blockchains with a consortium database called Postchain. Now Postchain is going public as the foundation for Chromia, a better blockchain for building decentralised Apps.
Chromia is a new public blockchain based on the idea of integrating traditional databases, Relational databases with blockchain security. Chromia is a general purpose blockchain with full smart contract capabilities, just that it is a lot easier to code, even complex applications. You code with an easy to learn new programming language that combines the power of SQL and normal languages but makes it secure in a blockchain context. Up to 1/10 the code-lines vs other blockchains.
If you don’t believe me, check this blog (later, stay in the chat):
https://blog.chromia.com/reasons-for-rell-compactness/
The aim of Chromia is to combine relational databases, which exist in every kind of organization, with blockchains. We want to provide a platform for our users to develop totally decentralized apps securely. Our goal is for Chromia to be seen as the number one infrastructure for decentralized applications.
Think about it: blockchain is about managing data (in a shared context).
And… What do we use to manage data? A Database!
Serge:
Sure! My name is Serge! And I work in Chromia marketing department. Also, I help coordinate various projects inside the company
My background is in Economics and Marketing
Thai Nhat Minh | Stably:
Question 1️⃣
DApp is currently mainly concentrated in the field of games, and its life cycle is basically short, just like the Crypto Kitty is only hot for a while, how to dig the application of DApp in more fields and how to improve the utilization rate of DApp? u/henrik_hjelte u/sergelubkin
Serge:
Good one, let me answer
Gaming is quite a challenging target because good UX is expected, it needs to be fast, responsive, etc. If we can do that, then we can also do all sorts of other stuff.
Also, it lets us experiment with things without a lot of hassle, it’s easier to get users, and so on. It’s also a growing niche within blockchain. You can check our latest game, Mines of Dalarnia https://www.minesofdalarnia.com
We also have Enterprise projects already, for example Green Assets Wallet https://greenassetswallet.org/about that already launched on the first Mainnet version called Bootstrap Net,we also have https://capchap.se built on our tech, more projects like non-profit review platform Impactoria, public land registries, medical projects and so on
Also don’t forget about our fully decentralized social network/forum that is live already on the testnet https://testnet.chromunity.com.
Thai Nhat Minh | Stably:
Question 2️⃣
How will dapp face the world change after the epidemic? u/henrik_hjelte u/sergelubkin
Henrik Hjelte:
Nobody can say for sure, but maybe people will tend to be online more than offline, so demand on online products and dapps as well will increase.
I just came in from an internal demo of a secret project we do, and it can be seen as a way to hang out online (a bit cryptic answer)
There are also interesting use cases of dapps in the medical field.
For example, we participated in the world-wide hackathon Hack for Sweden. Where our submission was to create an app on Chromia blockchain that increases the coordination between countries and hospitals especially during the hard time and COVID19.
Chromia wants to help the European Union (and the world, but we saw problems in the EU…) and its citizens to provide transparency over the necessary medical and protective devices and appliances of which we see shortage during this emergency crisis.
You can watch our promo here https://twitter.com/chromaway/status/1247557274337447938?s=20.
For me it was a fun Hackathon too because for once I got the opportunity to code… I told everyone else I will not do any bossing…
We try to continue this path on medical applications a bit.
Thai Nhat Minh | Stably:
Question 3️⃣
DApps are still not directly embedded in mobile phones like Apps at this moment, and DApps have also been flooded with bet content. How can guests increase the use of DApps and lower the threshold for using DApps? u/henrik_hjelte u/sergelubkin
Serge:
The answer is — better User Experience. We believe that in order for a DApp to be usable and become more widely accepted it has to feel like a normal App. A DApp needs to have quick transactions, scale well & shouldn’t require users to pay for each transaction. This is something that is possible now with using Chromia. It’s an extremely exciting time since we are going to see a new generation of DApps.
On top of that, we think that we might have an ace coming up. We have built a game to demonstrate the powers and possibilities of Chromia. A little bit about the game: In Mines of Dalarnia (https://www.minesofdalarnia.com), players get to explore the vast expanses of interplanetary treasure mines. With an innovative Dalarnia Token system, players can purchase virtual mining plots, and put them up for rent into the community, allowing for real-estate tycoons to earn more Tokens. Mining plots can also undergo their own upgrades, making them more lucrative to explore, as well as a hot property for rental by miners. The game takes advantage of these NFT-based tokens to securely track exchanges, and provide a sense of ownership and wealth to players as they grow their mining and resource empire.
Watch our trailer https://youtu.be/bDXKOp1Asqw and sign-up for the TestNet on the website!
Thai Nhat Minh | Stably:
Question 4️⃣
Many practitioners think that the main reason for restricting the development of DApp is “incomplete infrastructure”. How effective is the current “cross-chain” and “side-chain” solution? u/henrik_hjelte u/sergelubkin
Serge:
Our infrastructure resembles Alibaba Cloud, so a DApp developer just goes and deploys his DApp’s blockchain into it, it’s easy. Also our language Rell https://rell.chromia.com/en/maste is more robust than any other blockchain programming language.Or Azure or AWS
Rell combines the following features:
  1. Relational data modeling and queries similar to SQL. People familiar with SQL should feel at home once they learn the new syntax.
  2. Normal programming constructs: variables, loops, functions, collections, etc.
  3. Constructs which specifically target application backends and, in particular, blockchain-style programming including request routing, authorization, etc.
Rell aims to make programming as convenient and simple as possible. It minimizes boilerplate and repetition. At the same time, as a static type system it can detect and prevent many kinds of defects prior to run-time.
Maybe Henrik wants to add something. :)
Henrik Hjelte:
Yes, I can add some thing
Consider again the real /normal world. What made the apps you use every day? Behind the bank app is a relational database. Web 1.0, “shopping on the internet” was a relational database hooked up to a webpage.
web 2.0: Thefacebook was PhP and MySQL hack
again, a relational database.
So, we aim to make it just as easy to do decentralized apps as normal apps.
Also “the cloud” inspiration is more normal. In Chromia, the dapp developer pays for hosting the application (normally). Not the USERS.
No gas,this is a big usability improvement.
Thai Nhat Minh | Stably:
Question 5️⃣
There are many DApp development platforms on the market. What are the competitive advantages of Chromia? It can be explained in terms of development cost and ease of use that everyone is more concerned about. u/henrik_hjelte u/sergelubkin
Henrik Hjelte:
This what I’m talking about. I think “Ease of use” combined with “Power” is our biggest strength.
Easiness is our core feature thanks to the relational database aspect of our system. Relational databases are run by 85% of the enterprise market at the moment.
And used in 100% of all organizations.
The largest vendor on that market Oracle, has a bigger market cap than bitcoin,
So, this makes it easy for enterprises to integrate our tech stack to their normal systems without the need to redo them, like in most cases where blockchain pilots have failed.
That’s partially why we had success with enterprise customer which are live in the Chromia network.
And: there is a large set of features that relational databases have that alternatives (noSQL) do not have or do not do as well.
And blockchain is very primitive compared to that.
Data indepence, mathematical foundations etc. Large books have been written about it…
On Chromiam It’s very easy for developers to deploy DApps because they already know SQL-style programming. Keep in mind that we worked with customers and developers to build our tech stack while solving problems for them. We didn’t build something unneeded, we had proof of validation from the market.
SQL is top 3rd language in the world (after HTML and javascript).
source: stackoverflow survey 2019, among 90 000 developers…
Top 4 used databases: different flavors of SQL (relational databases)
So, they are used for a reason: Ease of use/programming, power etc.
Also, Rell is our language, is statically typed (means bugs are discovered when programs are written rather than we they run). It is also more compact, up to 1/7 of the code lines of SQL. And have “normal” programming constructs + blockchain programming built in.
Because we require both relational database properties and more security than SQL, currently Rell is the only choice. It is really easy to learn, please go check https://rell.chromia.com/en/maste.
Chromia also provides news to the database developer community….
millions of developers in potential.
OK, bear this in mind when you wonder how we can compete with blockchain X… Blockchain X is a fart in the ocean compare to the SQL world 😊
Bach Tuyet
You have organized many AMA sessions to the international community in general and Vietnam in particular. What do you most want to get after AMA sessions from the community? u/henrik_hjelte
Sergey
I’ll take this one:) our goal is to grow the community
  1. We want people to join our channels such as telegram, twitter, email also our decentralized forum https://testnet.chromunity.com and participate in discussions
  2. We want people to try our dapps such as Mines of Dalarnia
  3. We want to get feedback and understand the most important issues people care about Chromia and the blockchain industry in general
  4. We want to get more developers building on top of Chromia
LBTS:
What was your motivation for creating RELL and not use other languages? What benefits? Why name it RELL also?
Henrik Hjelte:
We have a private/federated relational blockchain called Postchain, and it allows SQL. But that can work in a small environment when you know all parties, and if you are really careful in checking code. But not for a more secure, distributed on the web setup, so we had to make it more secure (Deterministic, statically typed).
In the process, we also took the opportunity to make it cool and nice.
Also: it is simply not possibly to use evm, jvm, or web assembly. We need/want a database in the bottom. Postgresql is our virtual machine. You do not reimplement that…. 10+ years codebase….
Lee:
Being part of the gamer community, I would like to know what you would think about collaborating with a MOBA, RPG or Arcade game or some kind of project?
Henrik Hjelte:
We are already collaborating with some smaller studios. For bigger fish, we want to show them what is completely unique and visionary with Chromia, and we think we need various examples. So, first arcade game MoD (linked above) is one example, it is not the full potential or anything but a start. In this summer, krystopia 2 a puzzle game from Antler Interactive will be released.
What is even cooler is the “demo project” we do together with them, where we will show how a mutliplayer game with real blockchain features will work.
I just saw it an hour ago and was blown away
OH, and there is another studio releasing something very cool. Full logic on chain strategy game. Chain of Alliance.
oyibo pepper:
Do you encourage HACKATHON programs for intending Developers to test their skills and build on RELL
Can you explain more about CHROMIA AMBASSADORS PROGRAM, CAN I BECOME AN AMBASSADOR
Serge:
Yes, you can, but you will need to change your avatar 🤣
Seriously, we are growing our Chromians community if you want to become one please ping our admins in Chromia telegram group.
Also, we are planning virtual hackathons soon, please subscribe to stay updated
Infinite Crypto:
Since the Chromia project is currently working on the Ethereum blockchain ERC20 standard!
But we know that there are a lot of scalability issues with Ethereum, so why would you choose the Ethereum blockchain over other scalable blockchains? Do you have any plans for Mainnet launch of Chromia?
Henrik Hjelte:
ETH is just used in a pre-phase for tokens. We will have our own mainnet tokens interchangable with ETH.
Oyinbo pepper
What’s CHROMIA SSO and SDK, how can I get started
Henrik Hjelte
Both are 3 letters. That is what they have in common.
SDK = software development kit, check docs on https://rell.chromia.com
SSO = single sign on. A unique UX improvement. You approve an app in your wallet (vault) with super ease. no need to remember codes
sso: https://blog.chromia.com/chromia-sso-the-whys-and-the-whats/
We have a fundamentally different model from bitcoin and ethereum and the likes. The blockchain is not run by anonymous computers in basement and student dorms across the world. We have more of known identities, so 51% attacks is protected not by PoW/PoS but other consensus. Please see our whitepaper. Note that we are not noobs when it comes to this, our CTO Alex has published papers in academic journals on consensus etc. from 2013, and done several important ideas for blockchain. Sidechains we think he was first with, tokens too.
Sheron Fernando:
Is there any plan to makes partnership with local cryptocurrency developers from each country to make $CHR usage more worldwide?
Serge:
Yes, we are looking for cooperation with more external developers. Send me a message if you are interested in developing something on Chromia.
Stella:
What are the underlying problems in the Dapps today that can be solved with the Chromia protocol?
Serge:
  1. Scalability — on Chromia your dapp can have unlimited numbers of users thanks to parallel scaling
  2. Easiness of use — you don’t need external wallets, no need to buy crypto to pay for gas etc
  3. Cost — in general to deploy the dapp and to use the dapp
Marcel Lagacé:
Why build this platform? What is Chromia mission? What are the most prominent features of the platform? Can you clarify the use case for this feature?
Henrik Hjelte:
We build the platform to fix the problems with blockchains, that we ourselves have experienced since 2014 (before ethereum existed).
LBTS:
Can you tell us about Chromia developers? How motivated and experienced are they to always deliver the best products?
Henrik Hjelte:
I can tell you that we recruit developers that are really good, from all parts of the world. Vietnam has been a hub because we found many good, so in Ukraine.
How can we say “we have so good developers”? First one thing that is a bit different is that we are pretty experienced in leadership team of development. I do not code much anymore since I’m a CEO. But I do have now over 30 years of experience. Got published and was payed when I was 15. First full-time professional developer job at 18. Have released open-source projects used by 10: s of thousand developers.
And Alex, our CTO is Extremely good. That is why I recruited him to my old startup 2006 or so… So: we have experience to sort out good developers from bad.
Marcel Lagacé:
Does Chromia staking model is different from other staking platform??
What are the beneficial advantages of chromia staking system?
Serge:
The main difference is that we have independent Providers, entities that are not connected. These serious players are exchanges, data centres, professional staking companies. They provide a backbone of the ecosystem and host dapps. Like Amazon servers in the cloud. They cannot have stake bigger than the maximum thus they can’t control the network. This is probably the main difference with classic DPoS networks
Nguyen Duy Bao:
A lot of people will want to know what the strength of Chromia is but I want to know the weaknesses and problems Chromia faces ? How do you plan to solve it?
Henrik Hjelte:
A weakness I guess is weak compared to “competition”. And there are some blockchain projects that got crazy amount of funding. So how can we compete with that, when they can hire more developers for example? Well here is what experience comes into play: More developers does not always increase productivity a lot, it is diminishing returns. You can see many large projects, with 100 of developers fail miserably with no results.
And actually, sometimes true with marketing spend too. It is generally good with money, but if you are a bit clever you can compete also on marketing with less money than your competition.
Please follow Chromia on Social Media:
Website: https://www.chromia.com
Twitter: https://twitter.com/chromia
FaceBook: https://www.facebook.com/teamchromia
LinkedIn: https://www.linkedin.com/company/chromia
Telegram: https://t.me/hellochromia
Decentralized Social network Chromunity: https://testnet.chromunity.com
Free-to-Play Blockchain Game Mines of Dalarnia: https://www.minesofdalarnia.com
submitted by dam30 to Teamchromia [link] [comments]

Want to scrap RMT? Reduce cheating and hatcheting? Dissolve the meta? Open your mind and let's talk.

Disclaimer #2: I wrote this early yesterday morning and since then, the podcast happened and FIR Flea Market was announced. I have redacted some sections as a response.
Disclaimer: I know this is a long read and contains many sensitive subjects such as Secure Containers, the Flea Market, and Soft Skills, but it is simply a compiled list of ideas and in no way am I demanding for ultimate order in my favor or holding anybody else's ideas in contempt. I understand that my ideals may drastically differ from others. I only wrote this because of my passion for this game and my desire to see it succeed in the scope of what the devs outlined it to be, or at least how we interpret it: a hardcore looter shooter. I implore you guys to offer your own suggestions, ideas, and pick apart mine. This thread should only serve as the foundation for a greater Tarkov.
First, let's establish some terms to better differentiate between the two types of cheaters. There are consumer cheaters who use programs to gain an advantage over other players simply for the satisfaction of winning. Then, there are commercial cheaters, who are using these same programs but in order to generate an income in real life.
Commercial cheating will always be prolific in any video game that offers players transferable goods, and for as long as there is real money profit to be made, the benefits will continue to outweigh the risks. Any security expert can tell you that no lock is unpickable, no chain is unbreakable, and no password is unsolvable, but that doesn't mean we should all keep our doors unlocked, bikes unchained, and our passwords as "1234". And while a chain might not prevent your expensive road bike from getting stolen, having a chain, a disk lock, lojack, and the front wheel taken with you will certainly deter the grand majority of otherwise would-be thieves, who will of course, make an attempt on the less-protected bike adjacent to yours instead.
Battleye is a good start, the equivalent of a quality bike chain if you will, but of course--enough to stop most consumer cheaters, though not enough to stop most commercial cheaters. So let's ask ourselves: Where should intervention be focused on the most? We could target the cheat providers, but they'll keep writing more cheats. A game of cat and mouse. We could target the (commercial) cheaters, but they'll just buy more accounts and more cheats with the money they made cheating. Cat and mouse. Who else, then, if not the problem? They aren't the problem. Your every-day player. He is the problem. Small businesses are closing for good because the risk of COVID-19 is preventing customers from supporting their establishment. Let's increase the risk for the RMT customer to get the product that they paid for.
How? Make secure containers "read-only". Anything in your container can be "used" i.e. meds, keys, loose rounds for magazine packing, but nothing can be taken out or put in. It will then act as a non-transferable stash that can safeguard your valuables. No more accidentally dropping your S I C C case full of keys and then getting killed. However.. want to drop a keycard, case of bitcoins, or other valuables to a friend or a customer? It has to start and end the raid outside of either persons' secure container. This puts tradeable goods at risk for both the buyer and seller for the entirety of the raid, and not just at the extract when the transaction is made.
This simultaneously makes PVP more rewarding. Now, when you murder that pistoling who risked nearly nothing and put an annoying crack in your shiny, expensive face shield, you'll be able to take the graphics card or LEDX off of his body to remind him that his chances at those items would have been greater had he risked some gear of his own. More gear taken into raids is more gear taken out of the economy. Combined with the current weight system, this is a necessary and intuitive money sink.
On the topic of money sinks, let's consider changing how insurance works. Rather than insure items, we could insure ourself. Pay Prapor or Therapist a reasonable, fixed fee in advance to recover any goods left on our body (only what was taken IN to the raid. I was exploring the idea of having the game take a snapshot of your corpse's entire inventory upon the conclusion of the raid and sending it in the mail, but it would be too easy to abuse for RMT purposes. The seller could give the customer a backpack full of bitcoins and kill him in a bush for example). Because the body is insured and not each individual item, things such as ammo and meds could be returned without the bloat of having an insurance status on each individual bullet in a magazine, the primary reason I believe ammo to not be insurable currently. The fee could scale with the "safety" of the map. For example, Prapor's boys would probably feel less comfortable scouring Reserve for your dead body than a place like Factory, and thus the fee for body recovery on Reserve could be upwards of 100K and unless you were completely stripped, you would still probably make money back on unlooted ammo/meds alone. Factory on the other hand, because of how small the map is and therefore easy to find dead PMCs, the fee could be a reasonable 10K.
This does two things:
First, it stops insurance fraud. Dumping your gear (to ditch a thermal or wear someone else's kit, guaranteeing you get yours back) or your dead buddy's gear into a bush is unimmersive and bad for the economy. The current insurance system unreasonably rewards squad play for the wrong reasons, effectively removing the penalty for death if at least 1 competent person in the group survives (I personally frequent 3-5 man squads and it just feels unfair how much gear I get back when I die).
Second, it sets up a new dynamic in place of insurance fraud. Now, if you want your buddy to get his stuff back, you have to defend his body or extract with his gear. This rewards scavs for properly scavenging, looking for the fruitful casualties of groups that made it out. This is good for the economy, as the punishment for death almost always will result in a transfer of wealth to those who work for it and not a retention of wealth for non-solos.
Next up, the Flea Market.
It has been expressed many times by streamers that the Flea Market has ruined the game and should be removed but on the other hand, there were people complaining that level 15 was too high of a level to access the Flea Market and it has since become available earlier. I believe that the Flea Market is the core reason this game experiences the stagnant meta that it does. Global stock and personal limits from traders mean nothing when you can just visit the Flea Market and stockpile VALs and SR3Ms to run EVERY raid. Of course I am nobody to try and force anybody to play a certain way or use a certain loadout, but I do believe that the game would be more exciting if rare loadouts were actually rare. One solution is to make the Flea Market "find in raid" only. Not only would this be another nail in the RMT coffin (it would prevent customers from selling transacted barter items for exorbitant prices), but it would mark the first true player-driven economy by removing flipped goods from traders.
Traders could offer a (per-person, not global) tailored, but random assortment of goods each restock that you can piece together a kit from rather than a static array of goods unlocked by loyalty level. The (loyalty) level of the player would determine the frequency and strength of their goods. At Prapor LL4 for example, you may see VALs pop up more often, but once you buy them, that's all, and you have to wait until next restock and he might not even have any by then either. You might see a VAL available at lower loyalties as well, but even less frequently. Traders could then scale their prices dynamically to global demand (not the old, abusable system. This one would change the price incrementally based on purchase frequency. Global purchase frequency rising on a specific item? Global price on that item raises accordingly). This is good for the economy and, combined with making the Flea Market "find in raid" only, I believe it to be a solution to stagnant meta. How cool was it when you were new and killed that guy who had an SV-98 that you had to examine because you hadn't seen it until now? You'd get that feeling more often this way. Lastly, if the "find in raid" status is spoofable by cheaters, add a server-side check for the status.
Now on to weapon attachments.
Because of how unusable most stock rifles feel, there is a huge appeal for sticking as many appendages as possible to rifles to achieve that sweet <70, or god forbid, <40 recoil. Many of the attachments in the game go untouched because they don't offer even close to the arbitrary stat benefits of those in the meta. It is such a shame, as one of Tarkov's greatest strengths is the weapon modding system. I believe a step in the right direction would be to improve base weapon stats around the board (excluding weapons with fewer attachments such as the DVL) and and then nerf and bring each attachment more in line with each other, especially some of the outliers. Compare the RK-2 to the VPG for example. As such though, if an unmodded weapon vs a modded weapon wasn't night and day, it would promote significantly more weapon and attachment diversity. Of course some people are still going to min-max no matter how insignificant the benefits are. I would just like to be able to use a shortened SA-58 and be remotely competitive with a BMD'd 21" CASV SA-58. Or be able to C-clamp a Zhukov AK-102 without a foregrip and not lose to an equal-skill player 3/5 times who has the same gun, but with an RK-2.
Soft skill requirements for tasks and upgrades should be removed. They incline people to figure out ways of abusing the system and given people a reason to endorse it in order to progress through the task lines and upgrade their hideout. Soft skills should only be a passive reward for playing the game, not something people feel obligated to abuse. Additionally, PMCs should start at a higher level of soft skills, say... 10, to reflect the training and experience they received during employment. It doesn't make sense that untrained scavs have the same physical and mental capabilities as professional soldiers.
Certain skills as well can benefit greatly from a rework. Let's look at the following:

Strength
The elite perk is incredibly overpowered, but only because of how extreme it is. It could be changed so that each level of Strength increments a small % of the current elite perk, such as 0.5% per level, and then an additional 5% or so for elite, so at level 51, only 70% of the weight from worn gear would be counted. Run speed and Jump height could be reduced, and the leveling speed increased.
On the topic of gear weight, now that the weight system has been introduced and we get slower the heavier we get, could flat movement speed penalties from armor be removed? 6B43 already weighs 20KG. Why does it also slow for an additional 42%? Nobody uses heavy armor anymore because the extra protection is not worth the forfeiture of loot AND lowered base movement speed AND lowered sensitivity/ergonomics. Sensitivity inconsistency is another issue and most consider it a cardinal sin in FPS games.

Recoil Control
Heavily reduce the benefits. -0.3% recoil per level totaling -15% at level 50. As well, -0.4% recoil on the first shot per mouse click. The elite perk could be an additional 5% reduction on the first shot per mouse click. This would be a nice buff to semi-autos and make them more competitive against the current laser beam meta guns.

Search
The elite perk, again, is overpowered. Perhaps starting at Search level 0, we should be able to search two items at the same time, but at 40% speed each if searching two items at once. If only one item is searched at a time, speed would remain at 100%. With each level, search speed for double search increases by 1% and single search by 2% and the elite perk adds an additional 10%, bringing double search speed up to 100% at level 51 without the black and white difference between levels 50 and 51.

TL;DR: No TL;DR because I know some people will draw wild conclusions before fully understanding the content of the post.
submitted by 1199_Panigale_S to EscapefromTarkov [link] [comments]

Mining and Dogecoin - Some FAQs

Hey shibes,
I see a lot of posts about mining lately and questions about the core wallet and how to mine with it, so here are some facts!
Feel free to add information to that thread or correct me if I did any mistake.

You downloaded the core wallet

Great! After a decade it probably synced and now you are wondering how to get coins? Bad news: You don't get coins by running your wallet, even running it as a full node. Check what a full node is here.
Maybe you thought so, because you saw a very old screenshot of a wallet, like this (Version 1.2). This version had a "Dig" tab where you can enter your mining configuration. The current version doesn't have this anymore, probably because it doesn't make sense anymore.

You downloaded a GPU/CPU miner

Nice! You did it, even your antivirus system probably went postal and you started covering all your webcams... But here is the bad news again: Since people are using ASIC miners, you just can't compete with your CPU hardware anymore. Even with your more advanced GPU you will have a hard time. The hashrate is too high for a desktop PC to compete with them. The blocks should be mined every 1 minute (or so) and that's causing the difficulty to go up - and we are out... So definitly check what is your hashrate while you are mining, you would need about 1.5 MH/s to make 1 Doge in 24 hours!

Mining Doge

Let us start with a quote:
"Dogecoin Core 1.8 introduces AuxPoW from block 371,337. AuxPoW is a technology which enables miners to submit work done while mining other coins, as work on the Dogecoin block chain."
- langerhans
What does this mean? You could waste your hashrate only on the Dogecoin chain, probably find never a block, but when, you only receive about 10.000 Dogecoins, currently worth about $25. Or you could apply your hashrate to LTC and Doge (and probably even more) at the same time. Your change of solving the block (finding the nonce) is your hashrate divided by the hashrat in sum - and this is about the same for Doge and LTC. This means you will always want to submit your work to all chains available!

Mining solo versus pool

So let's face it - mining solo won't get you anywhere, so let's mine on a pool! If you have a really bad Hashrate, please consider that: Often you need about $1 or $2 worth of crypto to receive a payout (without fees). This means, you have to get there. With 100 MH/s on prohashing, it takes about 6 days, running 24/7 to get to that threshold. Now you can do the math... 1 MH/s = 1000 KH/s, if you are below 1 MH/s, you probably won't have fun.

Buying an ASIC

You found an old BTC USB-miner with 24 GH/s (1 GH/s = 1000 MH/s) for $80 bucks - next stop lambo!? Sorry, bad news again, this hashrate is for SHA-256! If you want to mine LTC/Doge you will need a miner using scrypt with quite lower numbers on the hashrate per second, so don't fall for that. Often when you have a big miner (= also loud), you get more Hashrate per $ spent on the miner, but most will still run on a operational loss, because the electricity is too expensive and the miners will be outdated soon again. Leading me to my next point...

Making profit

You won't make money running your miner. Just do the math: What if you would have bougth a miner 1 year ago? Substract costs for electricity and then compare to: What if you just have bought coins. In most cases you would have a greater profit by just buying coins, maybe even with a "stable" coin like Doges.

Cloud Mining

Okay, this was a lot of text and you are still on the hook? Maybe you are desperated enough to invest in some cloud mining contract... But this isn't a good idea either, because most of such contracts are scams based on a ponzi scheme. You often can spot them easy, because they guarantee way to high profits, or they fake payouts that never happened, etc.
Just a thought: If someone in a subway says to you: Give me $1 and lets meet in one year, right here and I give you $54,211,841, you wouldn't trust him and if some mining contract says they will give you 5% a day it is basically the same.
Also rember the merged mining part. Nobody would offer you to mine Doges, they would offer you to buy a hashrate for scrypt that will apply on multiple chains.

Alternative coins

Maybe try to mine a coin where you don't have ASICs yet, like Monero and exchange them to Doge. If somebody already tried this - feel free to add your thoughts!

Folding at Home (Doge)

Some people say folding at home (FAH - https://www.dogecoinfah.com/) still the best. I just installed the tool and it says I would make 69.852 points a day, running on medium power what equates to 8 Doges. It is easy, it was fun, but it isn't much.
Thanks for reading
_nformant
submitted by _nformant to dogecoin [link] [comments]

Proposal: re-issue old unspent coins

Preamble


Hello everyone!
Before you start downvoting me, I know this is a proposal that has been submitted many times already, and that there is a strong opposition to this idea. But please, let me expose my arguments and how I imagine this change. I've read a lot of the previous posts and saw a lot of good points on both sides, but I still believe that discussing this idea is worth the time. You have the right to not agree, and if it is the case, please expose your arguments. I'm not here to enforce my idea, I want to share it with you all, have a constructive debate and contribute to the thinking process of making Bitcoin the best it can be. The outcome of this discussion can only be positive in my eyes, as sharing knowledge and opinions is enlightening for everyone.
The topic I'm going to discuss is a forecasting of possible future problems and a proposal to solve them. We can't know for sure how the future will unfold and if these problems will really happen, only time will tell. However, it is important to think about their possibility and come up with a solution before they even happen. The first step is to discuss about the likeliness of their happening. Then we can imagine possible solutions.
I know this post is long, but please read it in its entirety before answering. I will be covering several points in an ordered manner to avoid mixing everything up and be as clear as I can.
With that said, let's start.

A lot of coins are lost, and more will be

The main problem I want to address is lost coins. There will always be a maximum of 21 million bitcoins as you all know. However, a huge amount of coins have been lost in the past already, and more are lost every day. This is not yet a problem, as there is still plenty for everyone despite the scarcity, and also because a good amount is still issued with every new block. Our system is still practical. But as time goes by, less and less bitcoins will be available and usable. In a very long time, there might not be a single satoshi available anymore. This is a bit extreme, but I meant to highlight the fact that the current system is not sustainable in the very long term in my opinion.
Having less bitcoins available increase scarcity and drive the prices up, but it becomes impractical as well. Exchanges could not keep as many coins, dry up and you won't be able to get into the network that way anymore, especially if you're not a trader. I'm talking about so much scarcity that even a single satoshi is worth a lot. We are limited to 10e-8. (Please bear with me, I know it's been suggested to increase the amount of decimals, but I am just exposing the problem for now, not proposing solutions)

Mining will become less profitable

Mining reward decrease with each halving, and eventually, miner will only be rewarded with the fees. This is a side-problem. By that I mean that this is a related but less important point in my argumentation.
Miners need an incentive to mine, and this activity should be profitable, otherwise they would stop. No miners, no network. Will fees be enough to keep them mining? Will fees become incredibly high because of that? Will people still use the network if the fees are so high? I don't have the answer to these questions and it's harder to foresee than the lost coins. Anyway, lower fees are desirable for the users, and higher rewards are desirable for the miners. Any change that could reinforce this statement is welcome.

Proposal: invalidate and re-issue very old unspent UTXOs

To solve the problem of lost coins and too much scarcity, I suggest that very old unspent UTXOs can be invalidated and re-issued as mining rewards.
I understand that it can rightfully be seen as a theft. This is why I want to try to find a balance so more than 99% of re-issued coins are actually lost. I thought that an expiration time of 100 years (about the time of a long life) would be enough to consider that the coins are lost. It would also be enough in the case of a deceased person who didn't give the recovery phrase to their relatives. It is quite unlikely that holdings stay at the same place for so long. We're talking about a long lifetime!
Another way to increase the confidence in re-issuing actually lost coins is to implement a heartbeat into wallets so they move the UTXOs which are going to expire automatically to keep control. There are however legit concerns for cold storage, which would require user actions to trigger the heartbeat. But keep in mind that this heartbeat would probably never be needed in your entire life as the expiration time is so long. Users could also do this heartbeat themselves if they want to of course.
To avoid the miners to censor these transactions in order to try to get more profit (and actually stealing coins for that matter), this heartbeat would be done several years before expiration. I think that there wouldn't be so much incentive to censor these transactions because the profit from the censored heartbeat would come a very long time later. They would rather take the fees from the heartbeat transaction instead.

As a bonus, miners would get more than the fees as their reward. It would help keeping the fees lower and keeping the miners mine. Of course this is not a real solution for this problem, this is just a fortunate side-effect of the re-issuing. The system should not rely on that alone to sustain the network security.

Some people are against this because re-issuing lost coins would decrease scarcity and drive the prices down. I disagree with this statement. The hard limit of 21 million bitcoins will still be there, there will still be scarcity, and it will remain practical. No new coin will be issued. This core principle is kept.

Technically, the following change to the consensus rules would be needed: an unsigned transaction is valid if the inputs are spending UTXOs older than the expiration time or if the transaction has no outputs (everything goes to the miner).

I know there is a strong opposition to this idea among the Bitcoiners, probably because it is quite in contradiction with one of the core principles of the protocol: you are the only one controlling your money. I understand this point of view and I agree with it. This change would indeed create a way in which your coins can become someone else's without your consent. But as everything in life, no solution is perfect and can be either terribly bad or acceptable, depending on the conditions and if a balance has been found or not. I think that the 100 years expiration time plus heartbeat is a fair proposal.

Compared to increasing the decimals

I saw another idea while reading the previous submissions: increase the maximum amount of decimals. This solution would remove the problem of too much scarcity.
I believe that it is just as much in contradiction with the core principles of Bitcoin than re-issuing. That would mean that scarcity doesn't really have any sense anymore, and that we could just print more money, just like fiat.
This is not a bad idea by any means, but it's also an idea that sacrifices something. I think that the price to pay is way higher though.

Both solutions would require a hard fork. I've been proved wrong in the comments: allowing more decimals would apparently not require a hard fork.
However, taking the long expiration time into consideration, re-issuing would not need a hard fork if it's widely accepted and supported by the community. The oldest possible UTXO is currently 10 years old. That means that it could be re-issued in 90 years at minimum. This time span is way enough for the network to implement and spread the change without it taking effect. So when the first expired UTXO is re-issued, everyone in the network would already handle it (again, assuming the change is accepted) and thus, no hard fork would occur. On the other hand, adding another decimal would require a hard fork right away.

Another advantage of coin expiration and re-issuance is that it would prevent the UTXO database to ground unbound. Any unbounded database is not sustainable in the long term. Re-issued UTXOs are not new UTXOs. Adding decimals creates new UTXOs and opens the door to a potentially infinitely large database.

Why not submit the idea to an altcoin?

I'm foreseeing this question being asked to me. I believe in Bitcoin more than any other project when it comes to decentralized money. My aim is to try to make it the best I think it can be, not for the glory of having contributed to it, nor just for the sake of having my idea implemented somewhere. I want it to have meaning, to be relevant. If the community doesn't like the idea, so be it. I won't make another pointless hard fork. I understand that there must be consensus and if there is not, why trying so hard?

Conclusion

In conclusion, I am certain that we will face a problem one day or another regarding lost coins. There are solutions, but none of them is very good nor have support from the community. If we want a robust and sustainable decentralized digital money, we have to make a choice and compromise. Would you rather protect your short term interests in Bitcoin or have it change the world in the long term?

Now let's talk! I'm eagerly waiting for your responses. Please remain civil, expose your opinion without worrying about being downvoted, give arguments, question everything.
submitted by ImAFlyingPancake to Bitcoin [link] [comments]

I earned about 4000% more btc with my android tablet than with a $250 ASIC mini rig setup using GekkoScience Newpac USB miners!

Requirements:
1.) Android Device with access to Google Play Store. *I haven't tried yet but you may be able to use tis on Android TV devces as well by sideloading. If anyone has success before I try, let me know! -Note, I did this with a Samsung Galaxy Tab S6 so its a newer more powerful device. If your android is older, your profts will most likely be less than what I earned but to give a projected range I also tested on my Raspberry Pi 4 running a custom LineageOS rom that doesn't allow the OS to make full use of the Pi's specs and I still got 500 h/s on that with Cloud boost, so about 60% of what my Tab 6 with MUCH Higher Specs does.
**Hey guys. Before I get started i just wanted to be clear about one thing. Yes I have seen those scammy posts sharing "miracle" boosts and fixes. I have a hard time believing stuff online anymore. But this is honestly real. Ill attach photos and explain the whole story and process below. Thanks for taking the time to read and feel free to share any thoughts, concerns, tips, etc*
So last week I finally got started with my first mini rig type mining build. I started getting into crypto about a year ago and it has taken me a long time to even grasp half of the projects out there but its been fun thus far! Anyways my rig was 2 GekkoScience Newpac USB miners, a Moonlander USB miner to pair with an FPGA i already had mining, a 10 port 60W 3.0 USB hub and 2 usb fans. The Newpacs actually are hashing at a combined 280 g/s which is actually better than their reported max hash rate when overclocked. Pleasant surpise and they are simple!! I just wanted to get a moonlander because my fpga already mines on Odocrypt for DGB and I just wanted to experience Scrypt mining and help build the DGB project. The Newpacs are mining BTC though.
After I got everything up and running i checked my payout daily average after 1 week. I averaged .01 a day TOTAL between all three miners with them all perforing ABOVE SPEC!!! I had done research so i knew I wouldnt earn much. More than anything i just wanted to learn. But still. I was kinda surprised in a negative way. Yesterday I actually earned less than .01 Frustrated I went back to scouring the web for new ideas. About a year ago, when II was starting, I saw an app on my iphone called CryptoBrowser that claimed to mine btc on your phone without actually using phone resources using a method of cloud mining. I tried it for a week and quit because I earned like .03 after a ton of use and seemed scammy. Plus my iphone actually would get very hot when doing this so I quit using it as it seemed like a possible scam with all the cryptonight browser mining hacks and malware out there.
Anyways I was on my Galaxy Tab S6 and saw that CryptoBrowser released a "PRO" edition for 3.99 on Google Play. I bought it for Sh*ts and giggles and booted it up. It came with what they called "Cloud Boost" Essentially this is a button you press and it multiplys the estimated hashrate that it gives you device by the number shown on the boost button. (With the purchase of PRO you get one free x10 boost. You can purchase additional boosts to use with other android devices but those are actually pretty pricy. Another x10 boost was like $25 if i remember correctly).
I played with it for about an hour to see if it actually worked like it said it would this time. To my surprise, as i was browsing, my device didnt increase in temperature AT ALL!!!!! I checked my tast manager to confirm and it was indeed true, my memory and usage barely went up. it was giving me an estimated range of 80-105 on the hashrate. Once i pushed the x10 boost button, that went to 800-1150 h/s. I switched my screen to not go to sleep, plugged it to the charge and let it run on the browser page, hashing. When you push the boost button, it runs for 3 hours at the boosted speeds. After that it goes back to normal but if you press the button again, it boosts everything again. There is no limit to how many times you use it. After checking what I earned after 24 hours, I HAD MADE .40 in BTC!!!!! I JUST EARNED OVER 4000% MORE THAN MY $280 MINING RIG EARNED ME!!!! I was blown away. Maybe this was a fluke? I did it again next day. Every 3 hours or so I would push the button again but thats all. Sure enough, .35 that day. Also, it realy BTC. I requested a payout and although it took like 12 hours for them to send me an email stating they had just sent it, I actually did recieve the state amount of BTC within 24 hours in my personal wallet. The fees to send are SUPER LOW!. Like .01
Below I will list the steps I took, along with an explanation of thier "Mining" process on Androids. Reminder, this ONLY WORKS ON ANDROIDS. Also DO NOT use cryptobrowser on a physcal laptop or desktop. I ran it on an old laptop for three days last year and it fried it. It does actually use your hardware on those platforms to mine and it is not efficnet at all as I suspect they prob steal over half of your power for themselves using the REAL RandomX protocol via browser mining which is EXTREMELY INEFFICIENT DONT TRY IT!!
-----How To Do This Yourself:
Cryptotab Browser states the program works on Android devices by estimating what it thinks the hashrate would be for your device specs and siimulates what you would mine in a remote server however you still earn that estimated coin amount. It is not a SHA-256 process or coin that they say is mining, rather it is XMR and they swap that and pay it out to you in BTC Bitcoin. However I know damn well my Tab S6 doesnt hash 80-105 h/s on RandomX because I have done it with a moodified XMRig module i ported to Android. I got 5 h/s a sec if I was getting any hashes at all. But thats besides the point as I still was making money.
Now, when you press that cloud boost button it immediately boosts that hash rate it estimates by the number on the cloud boost. As stated above, you can purchase more boosts and gift them or use them on extra android devices that you may have. Again, they are pricey so I'm not doing that plus it would just mean that I have another device that I have to leave on and open. The boosts come in x2, x4, x6, x8 and x10 variants. Again, they have unlimited uses.
Here is the link to grab yourself CryptoBrowser Pro from CryptoTab. This IS A REFERRAL LINK! This is where I benefit from doing tis tutorial. Like i said, I want to be transparent as this is not a scam but I'm also not doing this out of the love of my heart. Their referral system works in that people that use the donwload the app using your link are your stage 1 referrals. Anytime they are mining, you earn a 15% bonus. So say they mine $.30 one day. You would get paid out an additional $.045 in your own balance (it does not come out of the referred user balance fyi so no worries). Then lets say that referred miner also gets their own referrals. I would get a 10% bonus on whatever THOSE people mine. This goes on and on for like 8 tiers. Each tier the bonus percntage essential halves. So again, I stand to benefit from this but it also is stupid to not make this visible as its WAY CHEAPER, EASIER AND MORE PROFITABLE TO GET BTC USING THIS METHOD THAN IT IS USING ASICS!! THIS EARNS ALMOST AS MUCH BTC AS AN ANTMINER S7 DOES RUNNING 24/7 ONLY WITHOUT THE HUGE ELLECTRICTY BILL AND COSTS!!!!)
Thats it. Again, if you have concerns, let me know or if you have suggestions, other tips, etc... mention those as well!!!
https://cryptotabbrowser.com/8557319
Links to Picture Proof http://imgur.com/gallery/P13bEsB
submitted by Afraid_Balance to earnbitcoin [link] [comments]

My Actual Advice For Getting A Job After TEFL

Starting a life after teaching abroad is the sour end note to most people's expat days. When I left the US for Asia in the early 2010s, the typical options for what to do after were:
  1. Go home, try to find a job, fail, go back to Korea
  2. Indefinite underemployment, followed by a delayed career path
  3. Not going home. Ever.
And realistically, the options haven't changed. Making any kind of career shift is tough, especially since TEFL isn't known for its adaptability to the corporate world. The three main pathways remain, though a few offshoots have cropped up.
The way the business world works has changed since earlier in the decade. With the economy stronger and the technology advancing, you can make a more seamless switch to a new career if you know what you're doing.
All this advice comes from my own experience, and from the stories of other former teachers who also made it out. When you talk to them about their past lives, they always talk about it with a certain relief, warmly, though obvious glad they don't have to go back to it.
I hope you get to feel that sense of relief someday as well.
1. Pick A Skill
Being a decent teacher is probably a skill, but it doesn't mirror neatly with any other job. If your time abroad did actually improve your public speaking, group management, and ability to order soju with your fingers, you'd have to show that to an employer. Just writing them on a resume makes the recruitment AI tosses your CV in the recycling bin.
You're going to have to build another talent. Learning to code is the common answer; common answers aren't what we're looking for. If your dream is to code then you probably already had a yen for it before you left. You don't need me to tell you how cool Node.js is.
More likely, perhaps, is that your major is curséd, marred with some profitless word like 'history' or 'linguistics.' Don't fret too much - most people didn't learn anything in university. Even the STEM majors!
Whatever you did prior to getting paid in foreign currency needs to be reviewed. Mine your previous interests for something profitable. College journalist? Congratulations, you write blog posts now. Art major? Better plunk down for that Adobe subscription. Don't spin the TEFL stuff too much. People can tell.
The odds of finding a job are actually in your favor, provided you can do something people want.
2. Know Where To Look
Most of the people I've known who've successfully 'come back' work in start-ups. The work environments are fairly similar to English academies, and the relative lack of experience isn't as notable as with enterprise companies.
To figure out what you need to learn, check listings on angel.co and indeed.com. The programs, skill sets, and requirements written in job ads are basically your checklists. You don't need to pull off everything, especially if it'd cost you money or time - i.e. another degree. Work with what you have.
My biggest asset in pivoting to a career as a writer was my portfolio. I hadn't done any professional writing since college, but after 5 years of teaching I'd improved somewhat anyway. I started taking gigs on Upwork, then eventually found clients in person as I traveled.
(you always travel for a while after you finish teaching. It's not unemployment - it's an adventure!)
Being able to show my work created a snowball effect for freelance gigs and, eventually, my full-time job. While my portfolio was (and is) more vital than my resume, there's one way to find opportunity that trumps both combined:
3. Network. Network. Network.
The best part about finding a TEFL job is the absolute 0% effort you need to put in. You can spend 10 minutes on Dave's and have a reasonable first-timer offer by the time the sun rises over Mt. Fuji.
Anyone who does more than a year or two of teaching will eventually realize networking is just as important in Seoul as it is in Seattle. Most TEFL jobs suck, and the people who stay somewhere for more than a year must at least tolerate it. (as with soju, beer, and garlic bread, tolerable is about as good as it gets.) There's high turnover at English schools (and startups, naturally), meaning every employee is on the lookout for new hires.
People want to work with people they've met before. Your PC bang pal would much rather sit next to you at work than a complete stranger who might not pass his piss test.
Closer friends can get you better gigs, but even a one-time acquaintance will put you up for something he thinks you won't fuck up.
4. Sustain Yourself.
All of the above can be done while you're teaching abroad. If you're out in the bumblefuck sticks somewhere like Hokkaido or Harbin or god forbid Guro-gu then your options for meeting people are more limited, and real world connections count much more than online ones.
Remember, though, that networking is technically step 3. While you should always keep yourself open to making new contacts, getting an offer is more likely when you're adept at the job description.
I want to tell you to work on yourself outside of teaching hours, whiling away at the craft you've picked. Python courses, Facebook Ad certifications, Mandarin language classes if you're still clinging to that dream. And it's a perfectly reasonable proposition: study hard, work at it, and people will take note of your skill.
The problem I have with this story - which is really only marginally different from my own - is that I've seen it fail more often than not. If you don't already have some buy-in on the career path you want, you'll probably just keep teaching.
For example: to move into professional writing, I made sure to highlight two internships I had in college - one as an editor, the other as a transcriptionist. Neither paid, nor did they contribute much to anything but my penmanship. My English degree, while narrow in utility, did come in handy as well.
The actual copywriting & content creation skills came later, but the reason I stuck with them is because I had the background. Coupled with what I taught myself, those minor resume assets I looked a lot sharper - like they were part of my development. The narrative you can tell about yourself means a lot; if TEFL is just a moment in your life out of many, you'll be more likely to find something new soon.
All of this is a very flowery way to state a simple fact: it's a lot easier to lean than it is to pivot. You may have to put a heavy polish on your customer service or PC building skills, but showing you can do it is the first step to going full-time. You'll also be more likely to stick with the job hunt - which will still probably take a while.
5. Keep Traveling
If you've read this far I'll assume a few things. You are:
With few connections to the rest of the world, you may feel untethered. My advice?
Keep traveling - at least for a while.
Cutting your life neatly from TEFL back to the real world nets you a massive culture shock. With no real basis for what you should be doing, you're stuck between being your old self and the person you are now, who doesn't fit anymore. You'll feel connected still to where you were, and disassociated from where you are.
This isn't meant to frighten you, and it doesn't happen to everyone. The feeling passes eventually, and it's sometimes the best call for certain people - particularly newlyweds who want the Western family support.
If you have the potential to go somewhere new, do it. Backpack throughout the nearby countries like you couldn't do on 2 weeks vacation. Take a volunteer position on a different continent. Make a go out of being a travel blogger, affiliate marketer, or bitcoin asshole.
Token attempts at a digital nomad field are actually some of the most fun to try. I'd encourage everyone to give it a shot - and former TEFL teachers are the best ones to do it. Networking is more challenging the more you move around, but you'll definitely meet a lot of people.
Having a good bit of money is obviously beneficial, just like it will always be forever. If you have enough USD to live decently, you have options. There are places you can live in Asia, South America, Africa, and Europe for less than $1000 a month.
Traveling, at least for a bit, can be hugely positive for your mental health. That's a big boost when you're working on getting back to a new career path. You don't want to let it turn into a resume gap, but hey - you've got that already. What's a few months?
6. Go Where The Jobs Are - Or Get Close.
I don't work in my home country. I will, someday, probably, though it's just as likely I'll go somewhere new.
The advantage to where I live now over Asia is time zones. The state of telecommuting has improved so much that as long as you're sharing daylight with your coworkers, you can basically work from anywhere. I go into the local office most days, but remote work is the strong thread connecting our team.
My opportunities as a writer weren't as plentiful in Asia as they are in the Occident. My income was stymied by a 13 hour time difference with clients, although this won't be true for everyone.
This has serious repercussions for where you choose to go. The worldwide start-up scene is doing well, though you're more likely to get hired where demand is high and supply is relatively low. Work visas are easier to get than you might think. This is where staying open comes in handy.
I'd really only recommend going back home if you have a job lead already. Otherwise, your experience working and living abroad can be an asset. HR knows you're used to the ups and downs of expat living, as well as the nature of being on an international team. It's not a huge boon, but it counts.
Another option is to look for a remote position. These are part of the many Catch-22s of job hunting: you have to have worked remotely before to get a remote job. It's not unheard of to go from TEFL to full-time remote, but it's not exactly easy either.
Volunteering and apprenticeships help, though they're a luxury when you need money. Real-world experiences in a place you'd like to live are the best for this. They'll connect you to other volunteers who can help find you gigs. Seriously - I can't stress how beneficial this was to me, both in terms of portfolio building and networking.
To fund all this, you could turn to the one thing guaranteed to make you money. It starts with VIP and ends with KID, but it really ends with you wondering why you ever listened to me.
Yes, teaching English online is a steady $20/hr income, and I know more people doing that than I do start-up employees. I continue to hope all of them are taking the advice I've never directly given them, as they teach English by night and work on job hunting by day. Most of them are just living day to day. That's fine - we all do, after all - but it's basically the same as teaching at a hagwon, and as hard to get out of the longer you rely on it. Make it work for you if you try it out.
7. Be Lucky.
Look, I've tried to make this comprehensive, sensible, and based on real world results. Even the smoothest transition out of TEFL is still going to be bumpy. There'll be times when you regret it all, times when you let yourself get overeager about a lead, times when you find yourself drifting through Dave's ESL Cafe, just thinking. Just a resume or two to China. You could do a year in China, right?
Yeah. You could always go back to teaching. That was in the back of my mind the entire year I spent wandering through the jobless muck. It still is, in fact - you never know what might change. Both the good and the bad are unpredictable.
Don't get discouraged. Be willing to change tactics when it's needed. None of my advice is iron clad, and most of it won't work for everyone. Maybe you need to be in a certain place, or a particular field, or by a certain date. Stay as flexible with your goals as you can without sacrificing your daily progress as a legitimate prospective employee.
It's not easy, but I swear to you - there are payoffs. If you go about this with the right attitude, every gig, every new acquaintance, every minor victory along the road to change is going to feel really, really good. And when you do get to a place to settle, you'll look back on it all and think - damn.
I'm really glad I didn't go to law school.
submitted by Kasigi_Yabu to TEFL [link] [comments]

100 Reasons to Buy Bitcoin

  1. Bitcoin is the most censorship resistant money in the world.
  2. You don't have to buy a “whole” bitcoin so don't freak out if you look at the price. You can buy a piece of one no problem.
  3. The Dallas Mavericks accept Bitcoin on their website. You don't trust Mark Cuban. He's the best shark.
  4. Bitcoin is the best performing asset of the last decade (better than S&P500).
  5. Diversify your current portfolio.
  6. It's not illegal in the USA.
  7. You holding just one satoshi slightly limits the supply and can rise the price for everyone else.
  8. [In late 2019] hash rate is the highest it has ever been
  9. Suicide insurance; if Bitcoin rises in price there is no worse feeling than regret.
  10. Some of the smartest people in computer science and cryptography are working on it. Trust nerds.
  11. Look at the all time historical chart. No technical analysis just tell me what you think when you look at it.
  12. Money is a belief system... and I want to believe.
  13. Transparent ledger, no funny business going on it's easy to audit.
  14. Elon Musk appears to be a fan. How's that for an appeal to authority
  15. There is a fixed limit in the number of bitcoins that will exist. 21 million bitcoin, 7 billion people on earth. Do the math.
  16. There are so many examples of governments inflating their currency to the point where it becomes unusable. Read the wikipedia page for Venezuela or Zimbabwe.
  17. Altcoins make sacrifices in either security or centralization. There are altcoins out there that claim to be innovating but just check the scoreboard nothing has flipped Bitcoin in market value or even gotten close.
  18. With technology developing at a rate faster than law, governments and for-profit businesses have the ability to monitor our purchases, location, our habits, and all of this has happened without consent. People made jokes and conspiracy theory, but sometimes conspiracy is real. Most people are good, but there is absolutely evil out there. There are absolutely evil people in positions of power. There are absolutely evil people that work together in positions of power. Does anyone actually believe that Jeffrey Epstein committed suicide. Go read about Leslie Wexner. Go read the cypherpunk manifesto.
  19. The upcoming halvening in 2020 will reduce the number of Bitcoin created in each block, making them more scarce, and if history repeats more valuable.
  20. Bitcoin has lower fees than traditional banking.
  21. Gold has the advantage of being a physical thing. But unlike gold you know Bitcoin is not forged, or mixed with another metal, and you can easily break it into tiny pieces and send it over the internet to someone.
  22. Bitcoin could spark new interests maybe you start to read more into economics, computer science, or Brock Pierce.
  23. Bitcoin has survived with no leader, marketing team, public relations, or legal team.
  24. Because Wired magazine said Bitcoin was dead at $2, Forbes said it was dead at $15, NY Times at $208, and CNN at $333.
  25. Just do a cost benefit analysis. What happens if Bitcoin fails and it goes to zero vs. what happens if it succeeds, and becomes world money.
  26. Bitcoin encourages long term thinking, planning, saving. Due to inflation we are punished by holding on to cash. Look up the statistics on the average savings account while we are bombarded with consumerist bullshit like Funko pop heads, Loot crate subscription services, and new syrup flavors for coffee. Currently we are encouraged to spend now, seek immediate gratification, and ignore what we are becoming as Amazon picks out our clothes and toothpaste ships it to the house and we sit and watch streaming services where content is pushed to us and I'm supposed to buy that this garbage is actually “trending”. Our lives have become so comfortable that idiots spend $60 to escape a room and have someone take your picture when you get out. What would our ancestors think.
  27. Maybe you're a day trader looking to use a trading bot in an unregulated market.
  28. Bitcoin has 7 letters in it. Lucky number 7.....
  29. Bitcoin promises to bank the unbanked, and provide services to those not otherwise “qualified” to open a bank account.
  30. It's just cool, don't you want to seem smart to all your friends.
  31. The origin story is so nuts there's going to be a movie or several movies about the early days of Bitcoin. Satoshi Nakamoto remains anonymous to this day. Imagine if the inventor of the cell phone was anonymous.
  32. If you have money to burn, don't buy soda, weed, or some girls private snapchat it's a dead end put it towards Bitcoin and give it to your child in the future.
  33. To avoid getting ripped off by foreign exchange fees just because you were born one place and your friends were born in another place.
  34. Can't live off the grid in your log cabin and still use Mastercard. Bitcoin is one piece of opting out.
  35. If one country adopts BTC as the national currency, it doesn't take much thought to realise that others will follow.
  36. Join a welcoming and unique community. Everyone is super nice because they want your money.
  37. You can stick it to the baby boomers.
  38. You can stick it to the vegans.
  39. You can stick it Roger Ver.
  40. Maybe your IQ is 70 and you'll do whatever CNBC Fast Money recommends.
  41. Maybe a hacker infects your computer, records you doing that thing, and threatens to release the tape if you do not pay them 1.5 Bitcoin.
  42. You're a risk taker looking for some risky investment.
  43. Aliens attack like Independence Day, blow up major cities in major countries, your money is still safe with Bitcoin. As long as there is a some guy, some person, living on an island with a copy of the ledger out there on your'e good. We're all good.
  44. Many proposals to scale the number of transactions, may the best plan win.
  45. One day you might have to use BTC to pay taxes, buy food, and charge your Tesla.
  46. You want to support a political group and remain private.
  47. You can trust math more than you can trust people to set an emission rate.
  48. Government don't know how much you have.
  49. The first response to Bitcoin being published by Hal Finney stated that Bitcoin was positioned to reach million dollar valuation. Hal was the first bull and passed away in 2014, missing a lot #doitforHal.
  50. Baddies can't freeze your money if they mad at you.
  51. The Big Bang Theory mentioned it, maybe you want to be like Sheldon the bazinga guy.
  52. Mid-life crisis.
  53. Be contrarian. In a world where everyone zigs it's sometimes good to zag.
  54. Don't have any hobbies, and you just need a reason to get up in the morning.
  55. Enjoy learning? Bitcoin is a topic where there is so much to learn, and so much development, that it really becomes a never ending journey. For someone who likes learning, it's more productive than speedrunning a video game.
  56. Yolo. You only live once. This isn't a dress rehearsal, if there's something your kind of interested in pursue it. That's true for anything not just Bitcoin. But if you're reading this I'm assuming you're interested.
  57. Bitcoin is not a ponzi scheme. The difference is Bitcoin does not need new people buying in to work, blocks being added will continue even if the community stopped growing.
  58. With religion on the decline maybe you want to join a cult. Crypto twitter is a great echo chamber to meet like minded people.
  59. Satoshi Nakamoto found a way to distribute a global currency in a fair way with the ability to adjust the mining difficulty as we go, it's really incredible. You still need computers and electricity to mine new bitcoin today but it's an extremely fair way for people to earn. There was no premine of Bitcoin. Everyone who has Bitcoin either bought it at what the market said, or they earned it.
  60. No CEO in charge of Bitcoin to make bad decisions or a board of directors that can make changes. The users, an ever growing number, are in charge.
  61. Bitcoin has no days off, it has no workers in charge who can get sick or take a holiday.
  62. Bitcoin has survived 10 years (and more). While there will always be dangers, I'd argue that those first few years it was most vulnerable to fail.
  63. Have some trust in the cypherpunks. Anyone who held and didn't sell bitcoin as it went from pennies to five figures is not looking to get rich. They want to change the world.
  64. Potential president Tulsi Gabbard disclosed owning some.
  65. Digital money is the future, anyone who has tried Venmo can see that. Well Bitcoin is a digitally native asset.
  66. Refugees can use Bitcoin to store their wealth as they flee a failing country.
  67. Bitcoin is an open source project. Anthony Pompliano likes to call it a virus but I like how the author of the Bitcoin Standard describes it. Bitcoin is like a song. As long as one person remembers it you can't destroy a song.
  68. Triple entry accounting. When humans first started recording who owes who what we had single-entry accounting. The king's little brother would keep everything written down, but we had to really trust this guy because he could simply erase a line and that money would be gone. When double-entry accounting started to spread 500 years ago it brought with it massive innovation. Businesses could now form relationships across the ocean as they each kept a record. We did not have innovation again until Satoshi's Bitcoin, where blockchain can be used as the neutral third party to keep record. It might not sound important but blockchain allows us to agree upon an objective reality.
  69. Bitcoin is non-political.
  70. Bitcoin is easy to accept. I mean kind of. It's certainly easier than setting up a bank account.
  71. A sandwich used to cost 10 cents in America, I walk into Subway and they don't even have $5 foot longs anymore. Inflation man..
  72. It's a peaceful protest.
  73. Critics say that mining wastes electricity, but if Bitcoin adoption continues the world will actually be incentivized to produce more renewable energy. There are so many waterfalls and sources of energy in the middle of nowhere right now. People might not see a reason to build a power plant over there now, but in the future it can make business sense. Take that waterfall mine bitcoin, and sell them to the people who can't mine. It allows for a business to sell their energy anywhere.
  74. Get into debates around Bitcoin, build those critical thinking skills.
  75. “Predicting rain doesn't count, building arks does”
  76. “The best time to plant a tree was 20 years ago, the second best time is now.”
  77. "I never considered for one second having anything to do with it. I detested it the moment it was raised. It’s just disgusting. Bitcoin is noxious poison.”
  78. The immaculate conception. No cryptocurrency can have a start the grassroots way Bitcoin did, it's just impossible given how the space has changed.
  79. There are more than 1000x more U.S. dollars today than there were a hundred years ago.
  80. Bitcoin is the largest transfer of wealth this decade from the least curious to the curious.
  81. The concept of the Star Wars Cantina, Galt's Gulch, or young Beat Generation kids sitting in a basement smoking cigarettes and questioning the world can only exist if money remains fungible.
  82. You can send money to your Dad even if he lives in a country run by bad boys.
  83. Memorize your key, and walk around the world carrying your money in your head.
  84. Free speech.
  85. https://www.youtube.com/watch?v=S9JGmA5_unYGmA5_unY
  86. The Federal Reserve is objectively way too powerful.
  87. John Mcafe promised that if bitcoins were not valued at 1 million dollars by the end of 2020 he would eat his own penis on national television. It will be a sad day if we don't hit that 1 million.
  88. The Apple credit card.
  89. If we ever get artificial intelligence it'll be able to interact with Bitcoin.
  90. Katy Perry is aware of crypto so if by some chance you run into her, you get one chance to strike up conversation, so here's your chance to shine. You don't ask for a picture, you don't say she's pretty, or name your favorite song. Take your shot and ask about what type of cold storage she uses for her bitcoin.
  91. Many people are afraid of a world currency because it's associated with a centralized world power taking control. Bitcoin allows for neutral world money.
  92. Stick it to Mark Zuckerberg.
  93. Developers developers developers developers developer developers.
  94. About 85% of the supply has already been mined.
  95. Bitcoin can always improve. As long as the proposal is really good the code can be upgraded, and if the baddies invent ways to hurt the chain we can just fork off it's just code.
  96. Memes
  97. Name recognition and momentum above all other cryptocurrencies.
  98. 3% discount with Bitcoin at Crescent Tide Cremation Services. Nice cant wait to die.
  99. Like having a swiss bank account in your pocket.
  100. Blow up the banks (in minecraft).
submitted by Th3M0rn1ng5h0w to Buttcoin [link] [comments]

Miners do not determine consensus (why the Longest Difficulty Chain Argument is Flawed)

Miners are an important part of consensus. Not only are they nodes themselves, and thus have as much of a voice as any other node in the network, but they perform an essential function in the consensus algorithm of Bitcoin by staking electricity to secure the network through mining blocks.
In determining what blockchain the network will follow, nodes will follow the blockchain with the most accumulated proof of work. This is expressed by seeing which blocks of transactions concatenated through cryptographic signatures is the longest.
Or is it?
This argument, used by S2X supporters such as Xapo and Coinbase, is used to appear as if they are neutral in the issue and aren't explicitly supporting the fork. But to understand why they are maliciously using semantics and half truths to mislead and manipulate the meaning of consensus, let's look at what their argument leads to, and if it is objectively correct to begin with.
By implication of the Longest Difficult Chain argument, miners, who decide which blocks to mine, can determine consensus if a group of them gain 51%+ hashrate by colluding to mine specific blocks. Since S2X has majority hashrate, these companies are effectively expressing support for S2X and have prepared a future justification to make it seem like they are going with consensus, as opposed to the truth: they have already decided which side they want to win. (Unless they genuinely believe consensus is determined by miners, which in my opinion is tantamount to heinous negligence for these multimillion dollar corporations.)
But if consensus is really determined solely by whichever chain is the longest, then the point I'm trying to make is moot. No matter how I would personally feel about it, if 51%+ miners collude to mine a specific chain, making it the longest, they can determine consensus.
Turns out, longest difficulty chain alone does not determine consensus.
Consensus is determined by the longest VALID chain.
This is so important as to why Segwit2x will fail and cost the attackers a lot of money I will repeat this again: CONSENSUS IS DETERMINED BY THE LONGEST VALID CHAIN
Turns out validity is not determined by miners alone. Validity is determined by the reference client the majority of nodes are running (miner or non-miner). Each Bitcoin reference client (such as Bitcoin core for example) has a set of rules, or protocol, that determine what type of transactions and blocks are accepted by the nodes running that protocol.
This is why the statement "We will follow consensus by offering our services and supporting the longest difficulty chain" is a fake offering of peace. It sneakily redefines what consensus means to take legitimacy away from all the other nodes that actually determine real consensus to include just miners.
In essence, this is not true because the majority of nodes' validation rules (Bitcoin Core) do not support the proposed S2X implementation, therefore rejecting S2X blokcs, leading to a hard fork. Newcomers to bitcoin won't know this, but it used to be that hard forks were avoided at all costs because (as we are seeing) they can get messy as fuck. However, the fact that there is going to be a hard fork to begin with shows that even though S2X chain will be longer, S2X CHAIN IS NOT A VALID CHAIN TO BEGIN WITH
Think about how obvious this point is, without even bringing scripts or anything technical in the picture: if longest chain was all that was necessary, the freaking testnet blockchain would be the "true bitcoin". Hell, litecoin would be the "true bitcoin", or ethereum. They obviously don't count because they use totally different rules in their ecosystems, making them a completely separate NON VALID chain in terms of determining which one has the Bitcoin community consensus.
This is all well and good, but the threat isn't quite over yet. In theory all that S2X miners\businesses need to make the attack work is to make the S2X chain more profitable to mine than the bitcoin chain. So in theory, if enough exchanges collude with miners, they can create enough of a market for S2X miners to keep mining S2X.
But as recent exchange (and mining pools!) defections from Segwit2x support points out, if the real consensus is against S2X, it is not worth it to try and attack bitcoin that way. True consensus comes from what reference client fully validating nodes run, and by extension, what blockchain is valid to begin with. If the opinion of nodes (expressed by the reference client they choose to run) was truly irrelevant, then there would be nothing contentious to begin with. Add the fact that exchanges HATE the fact S2X won't add replay protection (another topic for another time), and the chances the attack will succeed are slim to none.
To newcomers in the space: there used to be a time when hard forking was extremely frowned upon by the community because it leads to all sorts of mess, nodes being left out, people potentially losing all their bitcoin etc. Nowadays, it seems as if there's a hard fork waiting to happen every other month.
Do not despair, it is simply a part of Bitcoin's growing pains and in the long run should be welcomed. Bitcoin is on the verge of successfully proving its resilience against what used to be seen as something so dangerous it was almost taboo to speak of: a contentious hard fork with majority hashrate AND exchange support
I hope this makes consensus clear, and if I was factually wrong in any of my statements please correct me. Unlike my previous post explaining the Segwit2x attackin a nutshell. I kept this as factual as possible and refrained from attacking anyone.
Stay crypto
EDIT: Some smart people have pointed out that node count doesn't determine consensus. I expressed myself incorrectly and these people are correct. The point of this post is to introduce an essential caveat to consensus: validity. You can't actually have consensus (as represented by PoW done by miners) if this consensus isn't considered valid by the majority of the network. That being said, validity alone doesn't mean shit without consensus being generated by PoW
Moral of the story: miners are the ones who create consensus, but the reason that isn't a problem is that the WHOLE network decides what consensus means. so if miners deviate from the consensus rules in attempt to attack the network, their consensus won't be valid anymore. beautiful, deliberate, game theoretical based security model :)
submitted by HavocMMA to Bitcoin [link] [comments]

Transcript of discussion between an ASIC designer and several proof-of-work designers from #monero-pow channel on Freenode this morning

[08:07:01] lukminer contains precompiled cn/r math sequences for some blocks: https://lukminer.org/2019/03/09/oh-kay-v4r-here-we-come/
[08:07:11] try that with RandomX :P
[08:09:00] tevador: are you ready for some RandomX feedback? it looks like the CNv4 is slowly stabilizing, hashrate comes down...
[08:09:07] how does it even make sense to precompile it?
[08:09:14] mine 1% faster for 2 minutes?
[08:09:35] naturally we think the entire asic-resistance strategy is doomed to fail :) but that's a high-level thing, who knows. people may think it's great.
[08:09:49] about RandomX: looks like the cache size was chosen to make it GPU-hard
[08:09:56] looking forward to more docs
[08:11:38] after initial skimming, I would think it's possible to make a 10x asic for RandomX. But at least for us, we will only make an ASIC if there is not a total ASIC hostility there in the first place. That's better for the secret miners then.
[08:13:12] What I propose is this: we are working on an Ethash ASIC right now, and once we have that working, we would invite tevador or whoever wants to come to HK/Shenzhen and we walk you guys through how we would make a RandomX ASIC. You can then process this input in any way you like. Something like that.
[08:13:49] unless asics (or other accelerators) re-emerge on XMR faster than expected, it looks like there is a little bit of time before RandomX rollout
[08:14:22] 10x in what measure? $/hash or watt/hash?
[08:14:46] watt/hash
[08:15:19] so you can make 10 times more efficient double precisio FPU?
[08:16:02] like I said let's try to be productive. You are having me here, let's work together!
[08:16:15] continue with RandomX, publish more docs. that's always helpful.
[08:16:37] I'm trying to understand how it's possible at all. Why AMD/Intel are so inefficient at running FP calculations?
[08:18:05] midipoet ([email protected]/web/irccloud.com/x-vszshqqxwybvtsjm) has joined #monero-pow
[08:18:17] hardware development works the other way round. We start with 1) math then 2) optimization priority 3) hw/sw boundary 4) IP selection 5) physical implementation
[08:22:32] This still doesn't explain at which point you get 10x
[08:23:07] Weren't you the ones claiming "We can accelerate ProgPoW by a factor of 3x to 8x." ? I find it hard to believe too.
[08:30:20] sure
[08:30:26] so my idea: first we finish our current chip
[08:30:35] from simulation to silicon :)
[08:30:40] we love this stuff... we do it anyway
[08:30:59] now we have a communication channel, and we don't call each other names immediately anymore: big progress!
[08:31:06] you know, we russians have a saying "it was smooth on paper, but they forgot about ravines"
[08:31:12] So I need a bit more details
[08:31:16] ha ha. good!
[08:31:31] that's why I want to avoid to just make claims
[08:31:34] let's work
[08:31:40] RandomX comes in Sep/Oct, right?
[08:31:45] Maybe
[08:32:20] We need to audit it first
[08:32:31] ok
[08:32:59] we don't make chips to prove sw devs that their assumptions about hardware are wrong. especially not if these guys then promptly hardfork and move to the next wrong assumption :)
[08:33:10] from the outside, this only means that hw & sw are devaluing each other
[08:33:24] neither of us should do this
[08:33:47] we are making chips that can hopefully accelerate more crypto ops in the future
[08:33:52] signing, verifying, proving, etc.
[08:34:02] PoW is just a feature like others
[08:34:18] sech1: is it easy for you to come to Hong Kong? (visa-wise)
[08:34:20] or difficult?
[08:34:33] or are you there sometimes?
[08:34:41] It's kind of far away
[08:35:13] we are looking forward to more RandomX docs. that's the first step.
[08:35:31] I want to avoid that we have some meme "Linzhi says they can accelerate XYZ by factor x" .... "ha ha ha"
[08:35:37] right? we don't want that :)
[08:35:39] doc is almost finished
[08:35:40] What docs do you need? It's described pretty good
[08:35:41] so I better say nothing now
[08:35:50] we focus on our Ethash chip
[08:36:05] then based on that, we are happy to walk interested people through the design and what else it can do
[08:36:22] that's a better approach from my view than making claims that are laughed away (rightfully so, because no silicon...)
[08:36:37] ethash ASIC is basically a glorified memory controller
[08:36:39] sech1: tevador said something more is coming (he just did it again)
[08:37:03] yes, some parts of RandomX are not described well
[08:37:10] like dataset access logic
[08:37:37] RandomX looks like progpow for CPU
[08:37:54] yes
[08:38:03] it is designed to reflect CPU
[08:38:34] so any ASIC for it = CPU in essence
[08:39:04] of course there are still some things in regular CPU that can be thrown away for RandomX
[08:40:20] uncore parts are not used, but those will use very little power
[08:40:37] except for memory controller
[08:41:09] I'm just surprised sometimes, ok? let me ask: have you designed or taped out an asic before? isn't it risky to make assumptions about things that are largely unknown?
[08:41:23] I would worry
[08:41:31] that I get something wrong...
[08:41:44] but I also worry like crazy that CNv4 will blow up, where you guys seem to be relaxed
[08:42:06] I didn't want to bring up anything RandomX because CNv4 is such a nailbiter... :)
[08:42:15] how do you guys know you don't have asics in a week or two?
[08:42:38] we don't have experience with ASIC design, but RandomX is simply designed to exactly fit CPU capabilities, which is the best you can do anyways
[08:43:09] similar as ProgPoW did with GPUs
[08:43:14] some people say they want to do asic-resistance only until the vast majority of coins has been issued
[08:43:21] that's at least reasonable
[08:43:43] yeah but progpow totally will not work as advertised :)
[08:44:08] yeah, I've seen that comment about progpow a few times already
[08:44:11] which is no surprise if you know it's just a random sales story to sell a few more GPUs
[08:44:13] RandomX is not permanent, we are expecting to switch to ASIC friendly in a few years if possible
[08:44:18] yes
[08:44:21] that makes sense
[08:44:40] linzhi-sonia: how so? will it break or will it be asic-able with decent performance gains?
[08:44:41] are you happy with CNv4 so far?
[08:45:10] ah, long story. progpow is a masterpiece of deception, let's not get into it here.
[08:45:21] if you know chip marketing it makes more sense
[08:45:24] linzhi-sonia: So far? lol! a bit early to tell, don't you think?
[08:45:35] the diff is coming down
[08:45:41] first few hours looked scary
[08:45:43] I remain skeptical: I only see ASICs being reasonable if they are already as ubiquitous as smartphones
[08:45:46] yes, so far so good
[08:46:01] we kbew the diff would not come down ubtil affter block 75
[08:46:10] yes
[08:46:22] but first few hours it looks like only 5% hashrate left
[08:46:27] looked
[08:46:29] now it's better
[08:46:51] the next worry is: when will "unexplainable" hashrate come back?
[08:47:00] you hope 2-3 months? more?
[08:47:05] so give it another couple of days. will probably overshoot to the downside, and then rise a bit as miners get updated and return
[08:47:22] 3 months minimum turnaround, yes
[08:47:28] nah
[08:47:36] don't underestimate asicmakers :)
[08:47:54] you guys don't get #1 priority on chip fabs
[08:47:56] 3 months = 90 days. do you know what is happening in those 90 days exactly? I'm pretty sure you don't. same thing as before.
[08:48:13] we don't do any secret chips btw
[08:48:21] 3 months assumes they had a complete design ready to go, and added the last minute change in 1 day
[08:48:24] do you know who is behind the hashrate that is now bricked?
[08:48:27] innosilicon?
[08:48:34] hyc: no no, and no. :)
[08:48:44] hyc: have you designed or taped out a chip before?
[08:48:51] yes, many years ago
[08:49:10] then you should know that 90 days is not a fixed number
[08:49:35] sure, but like I said, other makers have greater demand
[08:49:35] especially not if you can prepare, if you just have to modify something, or you have more programmability in the chip than some people assume
[08:50:07] we are chipmakers, we would never dare to do what you guys are doing with CNv4 :) but maybe that just means you are cooler!
[08:50:07] and yes, programmability makes some aspect of turnaround easier
[08:50:10] all fine
[08:50:10] I hope it works!
[08:50:28] do you know who is behind the hashrate that is now bricked?
[08:50:29] inno?
[08:50:41] we suspect so, but have no evidence
[08:50:44] maybe we can try to find them, but we cannot spend too much time on this
[08:50:53] it's probably not so much of a secret
[08:51:01] why should it be, right?
[08:51:10] devs want this cat-and-mouse game? devs get it...
[08:51:35] there was one leak saying it's innosilicon
[08:51:36] so you think 3 months, ok
[08:51:43] inno is cool
[08:51:46] good team
[08:51:49] IP design house
[08:51:54] in Wuhan
[08:52:06] they send their people to conferences with fake biz cards :)
[08:52:19] pretending to be other companies?
[08:52:26] sure
[08:52:28] ha ha
[08:52:39] so when we see them, we look at whatever card they carry and laugh :)
[08:52:52] they are perfectly suited for secret mining games
[08:52:59] they made at most $6 million in 2 months of mining, so I wonder if it was worth it
[08:53:10] yeah. no way to know
[08:53:15] but it's good that you calculate!
[08:53:24] this is all about cost/benefit
[08:53:25] then you also understand - imagine the value of XMR goes up 5x, 10x
[08:53:34] that whole "asic resistance" thing will come down like a house of cards
[08:53:41] I would imagine they sell immediately
[08:53:53] the investor may fully understand the risk
[08:53:57] the buyer
[08:54:13] it's not healthy, but that's another discussion
[08:54:23] so mid-June
[08:54:27] let's see
[08:54:49] I would be susprised if CNv4 ASICs show up at all
[08:54:56] surprised*
[08:54:56] why?
[08:55:05] is only an economic question
[08:55:12] yeah should be interesting. FPGAs will be near their limits as well
[08:55:16] unless XMR goes up a lot
[08:55:19] no, not *only*. it's also a technology question
[08:55:44] you believe CNv4 is "asic resistant"? which feature?
[08:55:53] it's not
[08:55:59] cnv4 = Rabdomx ?
[08:56:03] no
[08:56:07] cnv4=cryptinight/r
[08:56:11] ah
[08:56:18] CNv4 is the one we have now, I think
[08:56:21] since yesterday
[08:56:30] it's plenty enough resistant for current XMR price
[08:56:45] that may be, yes!
[08:56:55] I look at daily payouts. XMR = ca. 100k USD / day
[08:57:03] it can hold until October, but it's not asic resistant
[08:57:23] well, last 24h only 22,442 USD :)
[08:57:32] I think 80 h/s per watt ASICs are possible for CNv4
[08:57:38] linzhi-sonia where do you produce your chips? TSMC?
[08:57:44] I'm cruious how you would expect to build a randomX ASIC that outperforms ARM cores for efficiency, or Intel cores for raw speed
[08:57:48] curious
[08:58:01] yes, tsmc
[08:58:21] Our team did the world's first bitcoin asic, Avalon
[08:58:25] and upcoming 2nd gen Ryzens (64-core EPYC) will be a blast at RandomX
[08:58:28] designed and manufactured
[08:58:53] still being marketed?
[08:59:03] linzhi-sonia: do you understand what xmr wants to achieve, community-wise?
[08:59:14] Avalon? as part of Canaan Creative, yes I think so.
[08:59:25] there's not much interesting oing on in SHA256
[08:59:29] Inge-: I would think so, but please speak
[08:59:32] hyc: yes
[09:00:28] linzhi-sonia: i am curious to hear your thoughts. I am fairly new to this space myself...
[09:00:51] oh
[09:00:56] we are grandpas, and grandmas
[09:01:36] yet I have no problem understanding why ASICS are currently reviled.
[09:01:48] xmr's main differentiators to, let's say btc, are anonymity and fungibility
[09:01:58] I find the client terribly slow btw
[09:02:21] and I think the asic-forking since last may is wrong, doesn't create value and doesn't help with the project objectives
[09:02:25] which "the client" ?
[09:02:52] Monero GUI client maybe
[09:03:12] MacOS, yes
[09:03:28] What exactly is slow?
[09:03:30] linzhi-sonia: I run my own node, and use the CLI and Monerujo. Have not had issues.
[09:03:49] staying in sync
[09:03:49] linzhi-sonia: decentralization is also a key principle
[09:03:56] one that Bitcoin has failed to maintain
[09:04:39] hmm
[09:05:00] looks fairly decentralized to me. decentralization is the result of 3 goals imo: resilient, trustless, permissionless
[09:05:28] don't ask a hardware maker about physical decentralization. that's too ideological. we focus on logical decentralization.
[09:06:11] physical decentralization is important. with bulk of bitnoin mining centered on Chinese hydroelectric dams
[09:06:19] have you thought about including block data in the PoW?
[09:06:41] yes, of course.
[09:07:39] is that already in an algo?
[09:08:10] hyc: about "centered on chinese hydro" - what is your source? the best paper I know is this: https://coinshares.co.uk/wp-content/uploads/2018/11/Mining-Whitepaper-Final.pdf
[09:09:01] linzhi-sonia: do you mine on your ASICs before you sell them?
[09:09:13] besides testing of course
[09:09:45] that paper puts Chinese btc miners at 60% max
[09:10:05] tevador: I think everybody learned that that is not healthy long-term!
[09:10:16] because it gives the chipmaker a cost advantage over its own customers
[09:10:33] and cost advantage leads to centralization (physical and logical)
[09:10:51] you guys should know who finances progpow and why :)
[09:11:05] but let's not get into this, ha ha. want to keep the channel civilized. right OhGodAGirl ? :)
[09:11:34] tevador: so the answer is no! 100% and definitely no
[09:11:54] that "self-mining" disease was one of the problems we have now with asics, and their bad reputation (rightfully so)
[09:13:08] I plan to write a nice short 2-page paper or so on our chip design process. maybe it's interesting to some people here.
[09:13:15] basically the 5 steps I mentioned before, from math to physical
[09:13:32] linzhi-sonia: the paper you linked puts 48% of bitcoin mining in Sichuan. the total in China is much more than 60%
[09:13:38] need to run it by a few people to fix bugs, will post it here when published
[09:14:06] hyc: ok! I am just sharing the "best" document I know today. it definitely may be wrong and there may be a better one now.
[09:14:18] hyc: if you see some reports, please share
[09:14:51] hey I am really curious about this: where is a PoW algo that puts block data into the PoW?
[09:15:02] the previous paper I read is from here http://hackingdistributed.com/2018/01/15/decentralization-bitcoin-ethereum/
[09:15:38] hyc: you said that already exists? (block data in PoW)
[09:15:45] it would make verification harder
[09:15:49] linzhi-sonia: https://the-eye.eu/public/Books/campdivision.com/PDF/Computers%20General/Privacy/bitcoin/meh/hashimoto.pdf
[09:15:51] but for chips it would be interesting
[09:15:52] we discussed the possibility about a year ago https://www.reddit.com/Monero/comments/8bshrx/what_we_need_to_know_about_proof_of_work_pow/
[09:16:05] oh good links! thanks! need to read...
[09:16:06] I think that paper by dryja was original
[09:17:53] since we have a nice flow - second question I'm very curious about: has anyone thought about in-protocol rewards for other functions?
[09:18:55] we've discussed micropayments for wallets to use remote nodes
[09:18:55] you know there is a lot of work in other coins about STARK provers, zero-knowledge, etc. many of those things very compute intense, or need to be outsourced to a service (zether). For chipmakers, in-protocol rewards create an economic incentive to accelerate those things.
[09:19:50] whenever there is an in-protocol reward, you may get the power of ASICs doing something you actually want to happen
[09:19:52] it would be nice if there was some economic reward for running a fullnode, but no one has come up with much more than that afaik
[09:19:54] instead of fighting them off
[09:20:29] you need to use asics, not fight them. that's an obvious thing to say for an asicmaker...
[09:20:41] in-protocol rewards can be very powerful
[09:20:50] like I said before - unless the ASICs are so useful they're embedded in every smartphone, I dont see them being a positive for decentralization
[09:21:17] if they're a separate product, the average consumer is not going to buy them
[09:21:20] now I was talking about speedup of verifying, signing, proving, etc.
[09:21:23] they won't even know what they are
[09:22:07] if anybody wants to talk about or design in-protocol rewards, please come talk to us
[09:22:08] the average consumer also doesn't use general purpose hardware to secure blockchains either
[09:22:14] not just for PoW, in fact *NOT* for PoW
[09:22:32] it requires sw/hw co-design
[09:23:10] we are in long-term discussions/collaboration over this with Ethereum, Bitcoin Cash. just talk right now.
[09:23:16] this was recently published though suggesting more uptake though I guess https://btcmanager.com/college-students-are-the-second-biggest-miners-of-cryptocurrency/
[09:23:29] I find it pretty hard to believe their numbers
[09:24:03] well
[09:24:09] sorry, original article: https://www.pcmag.com/news/366952/college-kids-are-using-campus-electricity-to-mine-crypto
[09:24:11] just talk, no? rumors
[09:24:18] college students are already more educated than the average consumer
[09:24:29] we are not seeing many such customers anymore
[09:24:30] it's data from cisco monitoring network traffic
[09:24:33] and they're always looking for free money
[09:24:48] of course anyone with "free" electricity is inclined to do it
[09:24:57] but look at the rates, cannot make much money
[09:26:06] Ethereum is a bloated collection of bugs wrapped in a UI. I suppose they need all the help they can get
[09:26:29] Bitcoin Cash ... just another get rich quick scheme
[09:26:38] hmm :)
[09:26:51] I'll give it back to you, ok? ha ha. arrogance comes before the fall...
[09:27:17] maye we should have a little fun with CNv4 mining :)
[09:27:25] ;)
[09:27:38] come on. anyone who has watched their track record... $75M lost in ETH at DAO hack
[09:27:50] every smart contract that comes along is just waiting for another hack
[09:27:58] I just wanted to throw out the "in-protocol reward" thing, maybe someone sees the idea and wants to cowork. maybe not. maybe it's a stupid idea.
[09:29:18] linzhi-sonia: any thoughts on CN-GPU?
[09:29:55] CN-GPU has one positive aspect - it wastes chip area to implement all 18 hash algorithms
[09:30:19] you will always hear roughly the same feedback from me:
[09:30:52] "This algorithm very different, it heavy use floating point operations to hurt FPGAs and general purpose CPUs"
[09:30:56] the problem is, if it's profitable for people to buy ASIC miners and mine, it's always more profitable for the manufacturer to not sell and mine themselves
[09:31:02] "hurt"
[09:31:07] what is the point of this?
[09:31:15] it totally doesn't work
[09:31:24] you are hurting noone, just demonstrating lack of ability to think
[09:31:41] what is better: algo designed for chip, or chip designed for algo?
[09:31:43] fireice does it on daily basis, CN-GPU is a joke
[09:31:53] tevador: that's not really true, especially in a market with such large price fluctuations as cryptocurrency
[09:32:12] it's far less risky to sell miners than mine with them and pray that price doesn't crash for next six months
[09:32:14] I think it's great that crypto has a nice group of asicmakers now, hw & sw will cowork well
[09:32:36] jwinterm yes, that's why they premine them and sell after
[09:32:41] PoW is about being thermodynamically and cryptographically provable
[09:32:45] premining with them is taking on that risk
[09:32:49] not "fork when we think there are asics"
[09:32:51] business is about risk minimization
[09:32:54] that's just fear-driven
[09:33:05] Inge-: that's roughly the feedback
[09:33:24] I'm not saying it hasn't happened, but I think it's not so simple as saying "it always happens"
[09:34:00] jwinterm: it has certainly happened on BTC. and also on XMR.
[09:34:19] ironically, please think about it: these kinds of algos indeed prove the limits of the chips they were designed for. but they don't prove that you cannot implement the same algo differently! cannot!
[09:34:26] Risk minimization is not starting a business at all.
[09:34:34] proof-of-gpu-limit. proof-of-cpu-limit.
[09:34:37] imagine you have a money printing machine, would you sell it?
[09:34:39] proves nothing for an ASIC :)
[09:35:05] linzhi-sonia: thanks. I dont think anyone believes you can't make a more efficient cn-gpu asic than a gpu - but that it would not be orders of magnitude faster...
[09:35:24] ok
[09:35:44] like I say. these algos are, that's really ironic, designed to prove the limitatios of a particular chip in mind of the designer
[09:35:50] exactly the wrong way round :)
[09:36:16] like the cache size in RandomX :)
[09:36:18] beautiful
[09:36:29] someone looked at GPU designs
[09:37:31] linzhi-sonia can you elaborate? Cache size in RandomX was selected to fit CPU cache
[09:37:52] yes
[09:38:03] too large for GPU
[09:38:11] as I said, we are designing the algorithm to exactly fit CPU capabilities, I do not claim an ASIC cannot be more efficient
[09:38:16] ok!
[09:38:29] when will you do the audit?
[09:38:35] will the results be published in a document or so?
[09:38:37] I claim that single-chip ASIC is not viable, though
[09:39:06] you guys are brave, noone disputes that. 3 anti-asic hardforks now!
[09:39:18] 4th one coming
[09:39:31] 3 forks were done not only for this
[09:39:38] they had scheduled updates in the first place
[09:48:10] Monero is the #1 anti-asic fighter
[09:48:25] Monero is #1 for a lot of reasons ;)
[09:48:40] It's the coin with the most hycs.
[09:48:55] mooooo
[09:59:06] sneaky integer overflow, bug squished
[10:38:00] p0nziph0ne ([email protected]/vpn/privateinternetaccess/p0nziph0ne) has joined #monero-pow
[11:10:53] The convo here is wild
[11:12:29] it's like geo-politics at the intersection of software and hardware manufacturing for thermoeconomic value.
[11:13:05] ..and on a Sunday.
[11:15:43] midipoet: hw and sw should work together and stop silly games to devalue each other. to outsiders this is totally not attractive.
[11:16:07] I appreciate the positive energy here to try to listen, learn, understand.
[11:16:10] that's a start
[11:16:48] <-- p0nziph0ne ([email protected]/vpn/privateinternetaccess/p0nziph0ne) has quit (Quit: Leaving)
[11:16:54] we won't do silly mining against xmr "community" wishes, but not because we couldn'd do it, but because it's the wrong direction in the long run, for both sides
[11:18:57] linzhi-sonia: I agree to some extent. Though, in reality, there will always be divergence between social worlds. Not every body has the same vision of the future. Reaching societal consensus on reality tomorrow is not always easy
[11:20:25] absolutely. especially at a time when there is so much profit to be made from divisiveness.
[11:20:37] someone will want to make that profit, for sure
[11:24:32] Yes. Money distorts.
[11:24:47] Or wealth...one of the two
[11:26:35] Too much physical money will distort rays of light passing close to it indeed.
submitted by jwinterm to Monero [link] [comments]

On the immorality of the mining cartel

The vast majority of the times profit = net benefit/value creation as a result of the subjective theory of value.
But in this scenario where the miners are redirecting inflation to themselves in order to give themselves control over the funding of developers, there is a clear externality being created whereby these miners benefit from money being taken from (via inflation) people who hold Bitcoin cash, and using said money to empower themselves.
It is true that people can simply sell their bch, if they don't like the idea of this cartel having so much control over development. But that doesn't mean that they are not affected by the negative externality. What they invested in and trusted to be a coin where the inflation was only securing the network via mining subsidies, has now been turned into a coin where a significant percent of the inflation is instead of securing the network, being given to a HK company that follows "non debate theory" in order for them to control the path of development. This is a negative externality in two ways, as the owners of the coin are not simply now losing security in their coin but also losing development decentralisation.
Selling your bch after realizing this doesn't mean you weren't negatively affected, it generally will mean you have lost hope in the soundness of this project and are disappointed that what could have been a global decentrally controlled peer to peer cash is now substantially more centralised and closer to legacy systems, resulting in you not seeing it as worth investing in anymore." An argument of mine from earlier today, on discord, on the ethics/externality.
Note: I am not currently selling any Bitcoin cash myself, that was for explanatory purposes.
submitted by soundmoneyio to btc [link] [comments]

Wealth Formula Episode 188: Ask Buck Part 2 (Transcript part 2)

So all right next question and we're already going pretty late this is a long question, okay this is a very long question or at least my answer is going to be very long because this is from Eric. He says this is a hypothetical question if you could participate actively and/or passively and only three of the following alternative investment types over the next five to seven years which ones and why. Okay so there's a long, there's a laundry list of different things here which I think it's useful to go over. These are all things I think the reason Eric has them is because they have been the subject of podcasts of mine over a period of time. Let me give you my personal opinion on each, it's not again not investor advice right this is not it advice, this is my opinion but I'm gonna go through each one that's on this laundry list and just give you a short little feedback from my opinion okay and then I'll come back and I'll give you my three favorites. So self storage units okay I like self storage. I like self storage because it's resilient to the cycles, the recessionary cycles etc and the issue like anywhere else though is you got to find the right operator. You can also you know you could probably learn to do this. I have not necessarily you know learned to do this but I think it's a good business, you know especially with the demographic changes, the boomers as they retire and they leave their you know big houses and they move somewhere warm like Florida or something like that then they got to put their stuff places and that makes it great or you can raise rents very quickly in these things. You basically nickel dime people up you know significantly every year the challenge is finding where do you invest and so I'll tell you that you know I'm not a big fan of funds. I know there are some funds out there I'm not a big fan of them because I like to know what's in the portfolio and I know for a fact that some of the funds are basically you know just a bunch of properties that no one wanted to take down an individual asset necessarily and so they all kind of got grouped together. I like self storage but the deal has to be just right. It has to be just the right location etc etc okay and by the way I think again and from an inflationary standpoint it's a great, great place to be too but you gotta find the right deal. I'm sure we'll get hopefully we'll get one this year in Investor Club. Mobile home parks. Mobile home parks now this should be a good place for hedging the economy because of low-income housing right because of the low income housing play right there's always gonna be people who need it. The problem is okay let me back up there are people who own mobile home parks who are doing really well and if you want to get it in into that I mean hey more power to you I mean there's people who are doing well and and they're making decent money but always just look it as a pure cash flow play okay and if you buy it on your own you may get who knows fifteen twenty percent cash on cash and you know you get a you're gonna know how to run these things. I don't know very much about it. I hear it's not necessarily that hard but you know I mean obviously the professional operators are probably gonna do more with it but you can still make their basically cash counts right now. Here's the problem with investing in them as a limited partner though is that most of funds I see they might be giving you nine ten percent and for me for that kind of low-income housing, I mean this is really like you know Class D stuff right, I mean this is below apartment buildings so nine ten percent is just not enough right and the reason why that you're only getting you know eight nine ten percent is because well I mean the operators are taking the other half usually. If you can learn to buy these on your own then it might be worth it but the reality is that in a fund model or a syndicated model there isn't gonna be a lot of upside there, right? I mean think about it. What do we do in the apartment space? We have the ability to raise rents quite a bit and improve these properties. You can even take a property that has you know currently has residents who are you know C plus residents and all of a sudden you know you've got some hipsters in there and also you've opened up a new completely different kind of asset right? You can do that with apartments but in mobile home parks you really can't do that, you can't do that. I mean seriously like how much can you raise the rent on a mobile home park, you know people are living in mobile home parks if they move up too much then they don't live in mobile home parks anymore so the bottom line is the appreciation on there is gonna be limited. The upside is gonna be limited and that means the annualized return will be limited okay because you're not gonna be able to rely very much on appreciation. It's going to be your cash on cash and think of it that's all. So I'm not a big fan. I'm just not a big fan because if you think about it the next thing on the list here, large multifamily 50-plus units. Well for me this is my number one asset class. I mean people gotta live somewhere and unlike mobile home parks you can get significant IRRs annualized returns by value-add through inflation and gentrification all these things that you really are limited in mobile home parks, you know you can't count on all that with mobile home parks and the reality is for investors if you look in you know Investor Club, our yields are just just as good as but the better than what you're seeing in the funds for mobile home parks and they're much higher quality assets in the right hands. In my opinion is even as a limited partner this continues to be the best place for not only capital preservation and growth capital preservation but also growth in the next five ten years. Okay so small multifamily in other words see you don't want to be a limited partner okay, you want to buy ten, 20 units etc. Well I used to do that more. I don't really do that anymore and I did really well right I mean I did really well with that kind of strategy. If you're a good operator then great go for it. The problem is that okay so say you're buying like a you know a million dollar asset you're gonna put in two hundred, two hundred fifty thousand dollars in that one asset to just buy it. The problem is that the risk profile is significant there if you don't know what you're doing right now as opposed to you know spreading your two hundred, two hundred fifty thousand over four deals in a syndicated deal and getting exposure to you know ten times more doors all of a sudden you've got two million dollars you know you've got two hundred two hundred fifty thousand dollars of equity sitting in one deal and his buck stops with you so if you are comfortable with that by all means I was comfortable with it I didn't necessarily like it and so what I would what I would say is if you're the type of person who really wants to get into the real estate game and be a landlord then go for it otherwise don't. Understand that it's very different to have a ten, twenty unit apartment building than it is a two hundred unit apartment building. One you're a landlord, the other one you're managing a small business so just be aware of that. Single-family homes is the next one on the list and I'll just tell you I just don't like them enough for our, not for our demographic, meaning like accredited investors, because you know you have the ability to do something a lot more scalable right, just through syndications and getting lots and lots of exposures. The thing I don't like about single family homes here's the deal, there's not enough scalability, there's too much Capex, okay so one roof and one furnace each unit and everyone I know who owns five or six single-family homes wishes they didn't own five or six in a single family homes they want to sell them. These get to ten and they're like this is terrible and you know I get a hundred dollars per property and then the next thing you know one month I get a five thousand dollar furnace to replace, so I'm not a big fan. So with multifamily if you're gonna do it on your own I would recommend that an award the way I think that most people who are probably not natural-born landlords should do is its consider syndications. When you get more scale and exposure to more doors, things become more stable, cash flow becomes more stable,there's less risk and in reality what we're seeing in our you know in our limited partnership opportunities is that the returns are you know better than probably most people can do on their own. The next one on the list is agriculture. Agriculture followed by CBD, specialty coffee, chocolate, well so let's start with you know some of these things because I know they've been on my podcast before, and just understand that when I have something on a podcast it does not mean I am advocating for it or saying that you should invest in it or that I even like the deal. All right so let's start with some generalities. Agriculture is fine. The stuff that I see some of the stuff that I'm seeing out there in the podcast ecosystem that you're mentioning concerns me okay and one of them is that I don't like foreign investments very much. I've had some experience with them I've realized the implications of those and I won't do them again, certainly with a smaller operator and the reason for that is that if things go wrong there you have very little recourse okay, yeah very little recourse and it's very difficult you know you have to know your operator very well. You have to trust them because if something happens overseas good luck trying to you know get any sort of retribution, ain't gonna happen right so be very careful with that, I know people get excited about it you know they go on some sort of you know they go on some sort of like investment trip and they come back and you know they're excited, they heard about something like this and it's shiny and bright and stuff like that well why what's the point, I just you know the best place to invest is right here in the US okay. The other thing is agriculture in general I would say it's fine, it's gonna be low yield and also I will say that when there's some thing like it doesn't grow three years and won't yield any cash flow for that period of time what seriously you're okay with that? Okay I'm not. And then on top of that when you sign the contract on these things look at the fine print. Look at what your exit is because you should never invest in anything unless you've thoroughly thought about how you're going to get out of it and some of these things have that problem as well. I'm not a big fan personally. Okay now CBD and I've seen that come up in the ecosystems a lot lately I again I CBD again that space is full of charlatans I would just be careful you know I see stuff people like yeah we're gonna go do this in California right well listen I live in California okay and let me tell you right now everybody I know around here knows this to be true. There is a glut of pot in California you know and apart from a selective highly skilled business people who are in the space, everyone else is gonna get killed, they just are there's this is like you know the horse has already left on this one right. People think I'm gonna do CBD in California guess what there's a few people have thought about this before you and if you're coming into this space and you have no previous experience in you know pot in CBD and all this stuff you're gonna be you're way behind. Okay and the last thing is that unless you are a major player like you got serious pockets behind you I would stay away from this because there is there is like so many laws and so many things to dodge in the space. All I can tell you is I have yet to see you know personally you know from anything that I've been you know sent that's in the US in California anything like that I would be comfortable investing in. Okay now I know there's you know startups and things like that and if you want to spend a little bit of money and those from you know people who know what they're talking about I get it but I would definitely look at that as a fairly high risk thing but for heaven's sake you know just don't listen to a Podcast or you know get an email about hey we're gonna start growing pot in California you want in just please think okay. Let's see the next one I'm going to skip oil and gas because I think I have a question coming up about oil and gas here in a moment. Cryptocurrency again listen it's an asymmetric risk type thing shouldn't be your bread and butter thing at all I mean 5-10 percent max in this bucket of asymmetric risk things that could go I mean the reason I do it is a listen, Bitcoin goes up by you know 10x which I honestly personally think it will you know in the five to 10-year horizon I want to be able to to enjoy that. Now it's not something that I would spend a lot more than that on. Personally I only put money in there that you know keeps me from you know it's the money that I would just spend on things that will you know like a fancy car something like that's what I do. Life settlements okay life settlements just as a reminder what are they? Life settlements are when you buy somebody else's life insurance policies, so maybe somebody's you know 80 years old in real bad health they would like money now they don't have any you know they're not worried about their kids don't need any money anymore so you can buy these policies from them. A lot of times that you know 50 60 cents on the dollar which is a much better deal for them than not getting any money or just you know trying to pull out cash value, it's generally going to be more than the cash value so it's an interesting play. We've talked about this before. We actually have a webinar on it at hedgetheeconomy.com if you're interested. So you're investing life settlements, you know you're basically looking and saying I'm a little worried about the economy and maybe I have a self-directed IRA or solo 401k because you know honestly the other thing is that this is not a tax sheltered type investment so you have to think about that as well, you think to yourself I want to hedge I want a small part of my portfolio something that I feel very comfortable is gonna be there. Well out of all the things that are guarantees in life, death is probably the only one that, people used to say death and taxes but you know I mean the president United States paying taxes has no guarantee in life right I mean death is the only guarantee in life so that it might be worth it, check it out for yourself, hedgetheeconomy.com. Now, notes. Notes it's sort of broad. Notes basically being liens on property for the most part, a lot of times that's what it's indicating. It really depends on the operator you know, I would you know look at it as you know if you look at AHP Servicing you know with Jorge’s company I have looked at this in terms of short-term kind of places to put money for liquidity that I can pull out you know if there's a liquid fund like AHP Servicing for example, but I like appreciation and so that's the problem right, so you might get nine, ten percent cash on cash in notes, you might do a little bit better but you know you're not getting any tax advantages. So with multifamily real estate I mean I can still get nine, ten percent cash on cash and then I get twenty percent plus I are ours typically and you know the nine, ten percent I got is tax deductible so it's really the tax equivalent of making like fifteen percent. So you know fortunately if it's me I do equity over any kind of real estate debt and mostly it's because of the tax advantages. Now if you are gonna do it again, look at your qualified money like IRAs, 401ks etc and you know look at a fund. I also think this is one of those things where you really have to look at the operator. I do like Jorge. He's one of the smartest guys I know so AHP Servicing certainly would be something to consider and I so like liquidity the component of this is a nice place to keep it for a period time. And understand it's not without risk either. This is non-performing paper, but again that's where the operator comes in and you know I think Jorge is a really smart guy so I feel fairly comfortable with that. Gold and silver well honestly I don't see the point as I've said earlier, I mean gold and silver are hedge to inflation so this real estate cash flows and frankly I don't believe in the zombie apocalypse narrative that I have heard before you know where you buy that monster box of silver coins which by the way I did because I drank the kool-aid a few years ago and you know there's this idea that you know you're the only thing that's gonna be able to buy anything is a monster box of silver that's the only thing that people are gonna accept. Well I just don't think that's gonna happen so for me why not buy real estate at least you know you know you can force appreciation etc. Now if you're super paranoid on real estate just you know limit your leverage I'm not saying don't own gold a silver I'm just saying think about it before you go and drink the kool-aid on the you know the fear-based stuff there music royalties and we did have a podcast on that honestly I just don't know much about it but you know some people seem to be doing okay with it I wouldn't make this a core holding unless you were in the business and really know what you're doing. I would put this in your high risk profile. Artwork, similar. Listen I like our work is like gold in my view and if you are an art buff and you really know what you're doing then go for it but I'm not. Some people like vintage cars like me to enjoy it and allow it to appreciate. I think art is similar to that right, so it goes into that pile that I've talked about before where it's like if you have an inch you know if you're one of those people who buys stuff you know nice stuff and you know you want nice stuff well art not fine art and vintage cars are fun but they will appreciate so I think art is similar to that. I know we podcast on fractional ownership apart you don't get the same effect because you know get to keep it in your house but you know you do get to they do keep it in a gallery so that's kind of neat however you know what I'm not a big enough art guy to do this so I'm gonna stick to bread-and-butter stuff instead like real estate, websites, online businesses, if you know what you're doing this can be very profitable. The problem is that most people don't know what they're doing and I have looked into these things a little bit on behalf of people and I've been a little suspicious at least if some of the sites they seem like Ponzi schemes to me but I don't know for sure. Okay but if you know what you're doing with this this is a great space I mean you can make a lot you can make a decent money with this. I've done that private lending well private lending you know as opposed to notes I guess you're just lending to flippers and stuff I mean I would suggest that this is not a bad thing to do if you know how to do it. I know if there's some people who do it pretty fairly prolifically in our group here's what I would suggest though if you're worried about the economy or at all and lending the home flippers is probably one of the riskiest thing you can do but how can you mitigate that risk? Well you may just loan at you know fifty percent loan to value right and in that situation if they can't pay you back at least you've got a property that you can take over at 50 percent of the cost right now. I definitely would not be you know doing super high loan-to-value type notes or private loans and then you know obviously there's some stuff like Lending Club and stuff I have not really you know looked into much, but I think some people have where you can do some of that as well but okay so that's the big list of my favorites. Large scale real estate like apartments and self storage and one that you didn't mention on here that we talked about earlier, Wealth Formula Banking. For me that stocks and bonds that's equity and basically a bond a structure for me right and that makes up 90% of my investments right there and then the rest of its you know shiny stuff, asymmetric risk stuff like Bitcoin gives me exposure to something that could explode and make me a lot of money potentially with a small investment, but if I lose it and won't go crying so you know bottom line is that I mean the the moral of this story is keep it simple. I think one of the things that I noticed that a lot of people are doing because of the podcast ecosystem and I'm somewhat to blame for this because they think you know we do put on different types of things but we've really narrowed that down a lot is that my advice would be that what I have noticed in my own investing success track record over the last 10 years is the stuff that makes money tends to be pretty boring right like real estate I mean at least I've done so many things in the last 10 years and you know the thing that keeps paying me is the stuff that's the most boring. So don't go look out look for shiny objects okay don't look for foreign investments don't look for you know crazy stuff when it comes to your bread-and-butter stuff keep it boring right I mean seriously you know you've got a if you're a limited partner you find a with an operator that keeps delivering why are you looking like for 10 different things. Okay I understand there's a need for some diversity but okay maybe two or three different things and maybe similar types of you know you find good operators you stick with them but you don't need like ten of those I mean it's silly right, just pick a few things and if there's some you know stuff like Bitcoin or something like that really interests you and that's kind of fun for you then you want to buy some you know vintage cars or something like that do that, but stay boring. There's an eloquence about boring that I have experienced in the last decade that I can just say from my experience over time it's not as boring when you get those nice payouts. So anyway we still have a bunch of questions and I've been going for almost an hour so I'm going cut it off and there will be therefore a part 3 Ask Buck. But I do want to thank you and for for having all these questions and we will have part three of Ask Buck next time. Thanks for joining Wealth Formula Podcast. This is Buck Joffrey signing off.
submitted by Buck_Joffrey to u/Buck_Joffrey [link] [comments]

What's Driving the Bitcoin Revolution: Why $100 worth of Bitcoin is worth more than 100 US Dollars

Those skeptical of bitcoin have a tendency to view it as analogous to certain historical currency manias. Just about every commodity you can think of has been used as money at some point, famously including the giant stone money of Yap island, and Dutch tulipomania.
Tulipomania created economic-history's most famous case of a speculative bubble that went sour. Many, including my own brother, continue to paint bitcoin with the tulip-moniker. A speculative bubble occurs when an asset's price deviates from its intrinsic value.
But because bitcoin is not a stock or a company, people seem to have trouble realizing why bitcoin should have any value at all, and that's what I want to focus on.
The stunning fact is that $100 worth of bitcoin (0.699 BTC as of this writing) is worth more than $100 in any other fiat currency in the world. One way we know this is that people continue to pay fees between 1% - 4% to purchase bitcoin with fiat currencies. Thus, people would rather have $96 - $99 worth of bitcoin than $100 of fiat currency.
The underlying reasons for this are bitcoin's killer features:
This is the economic case for bitcoin, that because bitcoin transactions are irreversible and can be conducted at the cost of pennies, or even for free (if time is no object), regardless of the value being transferred, the result is that retailers find bitcoin extremely attractive--they can improve their profits by nearly the same percentage that they no longer pay Visa/MC/PayPal for payment processing and transaction insurance.
I recently had someone argue that they didn't consider this a killer feature because they believed that Visa could simply lower their transaction fees to remain competitive. This person simply didn't get it. When Visa charges you ~$200 on a $10,000 transaction and a typical bitcoin transaction for the same amount costs $0.13 cents, there's not much room for Visa to lower fees and remain profitable, unless they want to fire 99% of their workforce, sell off every single one of their commercial properties, and abandon fraud protection and a hundred other things they do to remain profitable. Bitcoin defeats the credit card companies on a structural basis which constitutes a classic case of market disruption for which the companies being disrupted have no effective defense.
Because of bitcoin's lower transaction costs, both buyer and retailer should receive and offer better deals of existing goods. At first, retailers will keep prices the same in dollar terms, just price them in bitcoin, and enjoy a significant profit advantage, which their competitors will have to replicate to compete, creating a virtuous cycle of bitcoin adoption among retailers.
But, as retailers in general complete this adoption cycle and begin competing on a bitcoin-basis, they will lower their prices in bitcoin to reflect the lower transaction costs and consumers will begin to benefit directly.
The value of bitcoin to humanity is directly tied to this feature of lower transaction costs which improves the marginal profitability of every single transaction it's used in, meaning in the end lower prices for consumers and raising everyone's standard of living.
That's why bitcoin deserves a market cap of many trillions of dollars, because it has inherent financial advantages in its use, and everyone in the world could profit by using it, making everyone's lives better.
We live in an age where governments believe they have a right to take whatever amount of wages from you that they decide is fair, and to ban the ownership of drugs and weapons they (foolishly) decide they don't want you to own. Bitcoin offers an easy way to circumvent government payment-snooping and ethical gray-markets like Silk Road.
But even if you, like me, have no interest in gray-market transactions, you can take financial privacy that your bank will not give you. By law banks must inform on you to the government, and chances are your purchases are crawled by government computers every single day.
With bitcoin you can conduct as anonymous a transaction as currently possible, connecting to retailers via the TOR network, keeping wallets no one knows you own, etc., etc. Privacy in the bitcoin ecosystem is a topic worth of study to itself.
What I still remember to this day are the words of certain German anarchs I'd met once whom refused to show their face in public anymore or give out their real name--they believe that privacy needed to be taken by each person, not merely expected of other people to give to them.
Perhaps bitcoin's more controversial feature is the expectation of continual deflation over time. Many don't understand how or why this works or what effect it would have on an economy, and some (Keynesians) even think it would harm an economy. Nothing could be further from the truth.
Bitcoin will grow in value as more people begin to demand it as they learn of it. Some have accused bitcoin therefore of being little more than a speculative tulip-bubble. Frankly I would agree with them if it weren't for the fact of lower transaction costs. But it's also true that even without having the lowest transaction costs, bitcoin would probably still be able to survive as a currency in its own right simply from its deflationary policy.
Even after everyone on earth knows about and even uses bitcoin, it would continue to deflate and gain in price as workers became more productive overall, generating more wealth, demanding more goods, and as the population of the planet grows so too will the value of bitcoin.
This makes it good to hold bitcoin for future purposes, which encourages savings, which means people have bitcoin to invest when a really good opportunity comes around, which is how the modern world was built.
Economies become rich the same way people do: by producing more than they consume (and saving it). All the people who say it's good to get rich by borrowing rather than saving ignore that without the savers there would be no one to borrow from.
We are living in a period of historic value-gain that will not often be repeated, and by the time bitcoin's market cap reaches $100 billion would never occur again, so the people who worry about continual volatility should not worry. When bitcoin becomes the native unit of account, volatility (as measured in other currencies) becomes a non-issue.
Much has been made of bitcoin's vulnerability to hackers and the like. But what of the risk of politicians hyperinflating a currency and destroying its value thereby, such as has happened in so many countries around the world.
Bitcoin was founded with the idea of ending the necessity for 3rd party trust in a currency. There's no bitcoin central bank, no equivalent of Bernanke setting fiscal policy, no government controlling supply of bitcoin or abusing it to pump the market on an election year.
Bitcoin replaces the existential risk of a fiat currency with the existential risk of a hacker, or of trusting the robustness of the bitcoin program.
Of the two scenarios, I think it better to risk facing the hacker, because there are very good steps a person can take to be quite sure that a hacker cannot take their bitcoin, and with the advent of hardware wallets this won't even be a big concern anymore.
And as for the robustness of the bitcoin program itself, trust in that can only build with time and use. I think the price increases starting in January are in part a reflection of growing confidence in bitcoin, that it had passed the first big test, the June '11 crash, that the block reward halving experience had proved that mining would continue despite the halving, and the recent blockchain fork showed how the network responds to an emergency bug. Now all we need is someone to attempt a 51% attack and find themselves almost immediately defeated and the stress test will be complete :P
So when you tell someone about bitcoin, when you tell them about the massive uptake in users and the resulting price increase as a result of growing demand, they will imagine it a bubble, but remember to tell them the fact of lower transaction costs. It is the heart of bitcoin adoption.
People want bitcoin because $100 worth of bitcoin is actually worth at least $135 (if you factor in future expected value increases via deflation and discount it to present value, and existing and expected inflation in fiat currencies, and lower overall transaction costs generally which make things cheaper to buy in bitcoin than in dollars). That figure could vary significantly from person to person depending on how fast they think bitcoin adoption will take place (if they do at all), how much they value personal privacy, etc., but this is why people are going to continue to prefer bitcoin over fiat, and move into it slowly but surely.
If this is not a bubble, then it is the world waking up to the true valuation of bitcoin and slowly realizing that this idea is set to change the world.
We live in a historic epoch, and finance will never be the same again.
submitted by Anenome5 to Bitcoin [link] [comments]

Are USB Bitcoin Miners Profitable RIGHT NOW In 2020? Bitcoin Mining in September 2018 - Still Profitable? What Is Bitcoin Mining? Is BITCOIN MINING Profitable RIGHT NOW In Mid 2019? Bitcoin Mining Profitability September 2018

4. Bitcoin Mining Pools. Mining is an extremely competitive game. Even if you buy the best possible miner out there, you’re still at a huge disadvantage compared to professional Bitcoin mining farms.That’s why mining pools came into existence.. The idea is simple – miners group together to form a “pool” so they can combine their mining power and compete more effectively. Will Bitcoin Mining be Profitable After all the Bitcoins Have Been Mined? It is true, once all the bitcoins have been mined, transaction fees will be the sole source of income for miners. The main 1. Investing in Real Bitcoin Cloud Mining Pools. The first sort are real mining pools with real hardware, a location like a hall where they are actually mining and they are gaining profits by crypto mining activity. If you invest in those real mining firms, you participate in their profits which they generate by mining. Bitcoin latest: It's NOT WORTH mining BTC anymore, says leading cryptocurrency academic BITCOIN'S descent below $3,400 yesterday has now confirmed that it is no longer profitable to mine the Mining Profitability . Mining cryptocurrency seems like a no-brainer. Set up a computer to help solve complex math puzzles and you are rewarded with a coin or a fraction of a coin. The first bitcoin miners were able to earn coins relatively quickly just using what computing power they had in their homes.  

[index] [26854] [19268] [14181] [10375] [4292] [5343] [15446] [21446] [23686] [29525]

Are USB Bitcoin Miners Profitable RIGHT NOW In 2020?

17:09 Mining infrastructure + how to be profitable w/ mining business -- business owner vs visionary mentality 17:40 Is it best to buy cryptocurrency/Bitcoin directly or cryptocurrency/Bitcoin ... Bitcoin is a risky investment and you should only invest what you are completely willing to lose. Consult an investment professional before investing anything. Bitcoin mining is not a sure thing... Does cryptocurrency mining make cents anymore? The cents made with mining, depending on your hardware means it no longer makes sense to mine crypto. Let's review the current mining profitability. is bitcoin mining profitable, how to start bitcoin mining, free bitcoin mining, bitcoin mining software, bitcoin mining pool, bitcoin mining meaning, bitcoin mining machine, bitcoin mining companies, Noob's Guide To Bitcoin Mining ... Intro To Building Profitable Mining Rigs - Part 1 ... Does Cryptocurrency Mining Make Cents Anymore?! GPU vs ASIC vs Speculative Mining - Duration: ...

Flag Counter