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The next XVG? Microcap 100x potential actually supported by fundamentals!

What’s up team? I have a hot one for you. XVG returned 12 million percent in 2017 and this one reminds me a lot of it. Here’s why:
Mimblewimble is like Blu-Ray compared to CD-ROM in terms of its ability to compress data on a blockchain. The current BTC chain is 277gb and its capacity is limited because every time you spend a coin, each node needs to validate its history back to when it was mined (this is how double spending is prevented). Mimblewimble is different - all transactions in a block are aggregated and netted out in one giant CoinJoin, and only the current spending needs to be verified. This means that dramatically more transactions can fit into a smaller space, increasing throughput and lowering fees while still retaining the full proof of work game theory of Bitcoin. These blockchains are small enough to run a full node on a cheap smartphone, which enhances the decentralization and censorship resistance of the network.
The biggest benefit, though, is that all transactions are private - the blockchain doesn’t reveal amounts or addresses except to the actual wallet owner. Unlike earlier decoy-based approaches that bloat the chain and can still be data mined (XMR), Mimblewimble leaves no trace in the blockchain, instead storing only the present state of coin ownership.
The first two Mimblewimble coins, Grin and Beam, launched to great fanfare in 2019, quickly reaching over $100m in market cap (since settled down to $22m and $26m respectively). They are good projects but grin has infinite supply and huge never-decreasing emission, and Beam is a corporate moneygrab whose founding investors are counting on you buying for their ROI.
ZEC is valued at $568m today, despite the facts that only 1% of transactions are actually shielded, it has a trusted setup, and generating a confidential transaction takes ~60 seconds on a powerful PC. XMR is a great project but it’s valued at $1.2b (so no 100x) and it uses CryptoNote, which is 2014 tech that relies on a decoy-based approach that could be vulnerable to more powerful computers in the future. Mimblewimble is just a better way to approach privacy because there is simply no data recorded in the blockchain for companies to surveil.
Privacy is not just for darknet markets, porn, money launderers and terrorists. In many countries it’s dangerous to be wealthy, and there are all kinds of problems with having your spending data be out there publicly and permanently for all to see. Namely, companies like Amazon are patenting approaches to identify people with their crypto addresses, “for law enforcement” but also so that, just like credit cards, your spending data can be used to target ads. (A) Coinbase is selling user data to the DEA, IRS, FBI, Secret Service, and who knows who else? (B) What about insurance companies raising your premiums or canceling your policy because they see you buying (legal) cannabis? If your business operates using transparent cryptocurrency, competitors can data mine your customer and supply chain data, and employees can see how much everyone else gets paid. I could go on, but the idea of “I have nothing to hide, so what do I care about privacy?” will increasingly ring hollow as people realize that this money printing will have to be paid by massive tax increases AND that those taxes will be directly debited from their “Central Bank Digital Currency” wallets.
100% privacy for all transactions also eliminates one HUGE problem that people aren’t aware of yet, but they will be: fungibility. Fungibility means that each coin is indistinguishable from any other, just like paper cash. Why is this important? Because of the ever-expanding reach of AML/KYC/KYT (Anti-Money Laundering / Know Your Customer / Know Your Transaction) as regulators cramp down on crypto and banks take over, increasingly coins become “tainted” in various ways. For example, if you withdraw coins to a mixing service like Wasabi or Samourai, you may find your account blocked. (C) The next obvious step is that if you receive coins that these chainalysis services don’t like for whatever reason, you will be completely innocent yet forced to prove that you didn’t know that the coins you bought were up to no good in a past life. 3 days ago, $100k of USDC was frozen. (D) Even smaller coins like LTC now have this problem, because “Chinese Drug Kingpins” used them. (E) I believe that censorable money that can be blocked/frozen isn’t really “your money”.
Epic Cash is a 100% volunteer community project (like XVG and XMR) that had a fair launch in September last year with no ICO and no premine. There are very few projects like this, and it’s a key ingredient in Verge’s success (still at $110m market cap today despite being down 97% since the bubble peak) and why it’s still around. It has a small but super passionate community of “Freemen” who are united by a belief in the sound money economics of Bitcoin Standard emission (21m supply limit and ever-decreasing inflation) and the importance of privacy.
I am super bullish on this coin for the following reasons:
Because it doesn’t have a huge marketing budget in a sea of VC-funded shitcoins, it is as-yet undiscovered, which is why it’s so cheap. There are only 4 Mimblewimble-based currencies on the market: MWC at $162m, BEAM at $26m, GRIN at $22m, and EPIC at $0.4m. This is not financial advice and as always, do your own research, but I’ve been buying this gem for months and will continue to.
This one ticks all the boxes for me, the only real problem is that it’s hard to buy much without causing a huge green candle. Alt season is coming, and coins like this are how your neighbor Chad got his Lambo back in 2017. For 2021, McLaren is a better choice and be sure to pay cash so that it doesn’t get repossessed like Chad!
  1. A https://www.vice.com/en_us/article/d35eax/amazon-bitcoin-patent-data-stream-identify-cryptocurrency-for-law-enforcement-government
  2. B https://decrypt.co/31461/coinbase-wants-to-identify-bitcoin-users-for-dea-irs
  3. C https://www.coindesk.com/binance-blockade-of-wasabi-wallet-could-point-to-a-crypto-crack-up
  4. D https://cointelegraph.com/news/centre-freezes-ethereum-address-holding-100k-usdc
  5. E https://www.coindesk.com/us-treasury-blacklists-bitcoin-litecoin-addresses-of-chinese-drug-kingpins
  6. F https://www.youtube.com/channel/UCWkTxl5Z6DNN0ASMRxSKV5g
  7. G http://epic.tech/whitepaper
  8. H https://medium.com/epic-cash/epic-cash-on-uniswap-22447904d375
  9. I https://epic.tech/wp-content/uploads/2019/09/figure-3.1.jpg
Links:
submitted by pinchegringo to CryptoMoonShots [link] [comments]

Season 6 Opening Credits – Company Logo Changes and Additions / Comparison to Season 1-5

In good practice, tradition and duty I expanded the list 😃
List of companies shown:
Season 1
https://www.youtube.com/watch?v=q_J0wpueotM
Season 2 (additions / changes)
https://www.youtube.com/watch?v=mQF1tHf6IOE
Season 3 (additions / changes)
https://youtu.be/lSmDiMx3D8c
Season 4 (additions / changes)
https://www.youtube.com/watch?v=SiO9-Xz29T4

Season 5 (additions / changes)
https://www.youtube.com/watch?v=4eMYiDaY3-Q
Did I miss something? Let me know and I'll add it to the list!
Redditor lkalashnikov created a video comparison with a lot more hidden details: https://www.youtube.com/watch?v=W7oV45qTBeM
Amazing work! Check it out!

Season 6 (additions / changes)
https://www.youtube.com/watch?v=I_-36wm0j-I
Please let me know if something is missing.
submitted by nezia to SiliconValleyHBO [link] [comments]

Why crypto will not go mainstream anytime soon (and it doesn't need to)

I've seen a lot of discussions about how crypto is too hard for an average joe.
Many times it's said that crypto will be inaccessible for masses until the proper UX comes along.
Now look at the internet? Was is inaccessible at first? For sure it was, it took many years before proper graphical interfaces even came to be. What was the appeal of the internet? Quick way to get and send info (like email). Amazon was appealing because you could buy books and have them delivered to you. It wasn't for everyone but it was cool enough to start and keep going.
So blockchain. For who is this? What's the appeal for humans? It might solve a problem of freedom, but since when people cared that deep about their money? I can already buy a cup of coffee with my phone, I don't need nothing more to that. People don't want complete control, they want to be safe, or "idiotproof". If I lose my private keys, my funds are gone forever. If I forgot a pin code to my credit card or forgot a password to my bank account I can just restore it.
I think crypto is cool, but there's not even an easy way to buy it!! Let's say I've heard about bitcoin on the tv. You know that I can't buy with the same service in every country. Should I trust binance with my funds and wait till they get hacked? Or should I go to changelly and deal with 7% fees? Why are there fees? Joe doesn't want to convert currencies or read whitepapers, or deal with fees when USD works just fine. We can complain all day how banks are there to scam us and take our freedom, but it's not convenient.
People don't want to go through all of this hassle, you know that. They don't want to be always scared, they don't want to keep everything local, they don't want to text in secret chats. This is the opposite of convenience. That's why we have governments that will decide what's best because not everyone is a political activist and not everyone is smart enough or has too much free time.
Most of them got into crypto because it seemed like a get-rich-quick scheme. That's a fact, even though crypto is MUCH more than that.
I don't know if blockchain is actually the feature, but if it is, we're waiting for something else. We're waiting for another Steve Jobs to realize that it's not convenient to remember a long and random number of symbols as your address, or to wait for your bitcoin transaction to be completed.
Blockchain, btc, alts are all awesome, but no awesome enough for it to go mainstream.
I want to hear everyone's opinion on promising projects for the joe, not for enthusiasts.
submitted by woahwhatido to CryptoCurrency [link] [comments]

25 Tools and Resources for Crypto Investors: Guide to how to create a winning strategy

Lots of people have PM'd me asking me the same questions on where to find information and how to put together their portfolio so I decided to put a guide for crypto investors, especially those who have only been in a few months and are still confused.
This is going to be Part 1 and will deal with research resources, risk and returns. In Part 2 I'll post a systematic approach to valuation and picking individual assets with derived price targets.

Getting started: Tools and resources

You don't have to be a programmer or techie to invest in crypto, but you should first learn the basics of how it functions. I find that this video by 3Blue1Brown is the best introduction to what a blockchain actually is and how it functions, because it explains it clearly and simply with visuals while not dumbing it down too much. If you want a more ELI5 version with cute cartoons, then Upfolio has a nice beginner's intro to the blockchain concept and quick descriptions of top 100 cryptocurrencies. I also recommend simply going to Wikipedia and reading the blockchain and cryptocurrency page and clicking onto a few links in, read about POS vs POW...etc. Later on you'll need this information to understand why a specific use case may or may not benefit from a blockchain structure. Here is a quick summary of the common terms you should know.
Next you should arm yourself with some informational resources. I compiled a convenient list of useful tools and sites that I've used and find to be worthy of bookmarking:
Market information
Analysis tools
Portfolio Tracking
Youtube
I generally don't follow much on Youtube because it's dominated by idiocy like Trevon James and CryptoNick, but there are some that I think are worthy of following:

Constructing a Investment Strategy

I can't stress enough how important it is to construct an actual investment strategy. Organize what your goals are, what your risk tolerance is and how you plan to construct a portfolio to achieve those goals rather than just chasing the flavor of the week.
Why? Because it will force you to slow down and make decisions based on rational thinking rather than emotion, and will also inevitably lead you to think long term.

Setting ROI targets

Bluntly put, a lot of young investors who are in crypto have really unrealistic expectations about returns and risk.
A lot of them have never invested in any other type of financial asset, and hence many seem to consider a 10% ROI in a month to be unexciting, even though that is roughly what they should be aiming for.
I see a ton of people now on this sub and on other sites making their decisions with the expectation to double their money every month. This has lead a worrying amount of newbies putting in way too much money way too quickly into anything on the front page of CoinMarketCap with a low dollar value per coin hoping that crypto get them out of their debt or a life of drudgery in a cubicle. And all in the next year or two!
But its important to temper your hype about returns and realize why we had this exponential growth in the last year. Its not because we are seeing any mass increase in adoption, if anything adoption among eCommerce sites is decreasing. The only reason we saw so much upward price action is because of fiat monetary base expansion from people FOMO-ing in due to media coverage of previous price action. People are hoping to ride the bubble and sell to a greater fool in a few months, it is classic Greater Fool Theory. That's it. We passed the $1,000 psychological marker again for Bitcoin which we hadn't seen since right before the Mt.Gox disaster, and it just snowballed the positivity as headline after headline came out about the price growth. However those unexciting returns of 10% a month are not only the norm, but much more healthy for an alternative investment class. Here are the annual returns for Bitcoin for the last few years:
Year BTC Return
2017 1,300%
2016 120%
2015 35%
2014 -60%
2013 5300%
2012 150 %
Keep in mind that a 10% monthly increase when compounded equals a 313% annual return, or over 3x your money. That may not sound exciting to those who entered recently and saw their money go 20x in a month on something like Tron before it crashed back down, but that 3X annual return is better than Bitcoin's return every year except the year right before the last market meltdown and 2017. I have been saying for a while now that we are due for a major correction and every investor now should be planning for that possibility through proper allocation and setting return expectations that are reasonable.

Risk Management

Quanitifying risk in crypto is surprisingly difficult because the historical returns aren't normally distributed, meaning that tools like Sharpe Ratio and other risk metrics can't really be used as intended. Instead you'll have to think of your own risk tolerance and qualitatively evaluate how risky each crypto is based on the team, the use case prospects, the amount of competition and the general market risk.
You can think of each crypto having a risk factor that is the summation of the general crypto market risk (Rm) as ultimately everything is tied to how Bitcoin does, but also its own inherent risk specific to its own goals (Ri).
Rt = Rm +Ri
The market risk is something you cannot avoid, if some China FUD comes out about regulations on Bitcoin then your investment in solid altcoin picks will go down too along with Bitcoin. This (Rm) return is essentially what risk you undertake to have a market ROI of 385% I talked about above. What you can minimize though is the Ri, the aset specific risks with the team, the likelihood they will actually deliver, the likelihood that their solution will be adopted. Unfortunately there is no one way to do this, you simply have to take the time to research and form your own opinion on how risky it really is before allocating a certain percentage to it. Consider the individual risk of each crypto and start looking for red flags:
  • guaranteed promises of large returns (protip: that's a Ponzi)
  • float allocations that give way too much to the founder
  • vague whitepapers
  • vague timelines
  • no clear use case
  • Github with no useful code and sparse activity
  • a team that is difficult to find information on or even worse anonymous
While all cryptocurrencies are a risky investments but generally you can break down cryptos into "low" risk core, medium risk speculative and high risk speculative
  • Low Risk Core - This is the exchange pairing cryptos and those that are well established. These are almost sure to be around in 5 years, and will recover after any bear market. Bitcoin, Litecoin and Ethereum are in this class of risk, and I would also argue Monero.
  • Medium Risk Speculative - These would be cryptos which generally have at least some product and are reasonably established, but higher risk than Core. Things like ZCash, Ripple, NEO..etc.
  • High Risk Speculative - This is anything created within the last few months, low caps, shillcoins, ICOs...etc. Most cryptos are in this category, most of them will be essentially worthless in 5 years.
How much risk should you take on? That depends on your own life situation but also it should be proportional to how much expertise you have in both financial analysis and technology. If you're a newbie who doesn't understand the tech and has no idea how to value assets, your risk tolerance should be lower than a programmer who understand the tech or a financial analyst who is experienced in valuation metrics.
Right now the trio of BTC-ETH-LTC account for 55% of the market cap, so between 50-70% of your portfolio in low Risk Core for newbies is a great starting point. Then you can go down to 25-30% as you gain confidence and experience. But always try to keep about 1/3rd in safe core positions. Don't go all in on speculative picks.
Core principles to minimize risk
  • Have the majority of your holdings in things you feel good holding for at least 2 years. Don't use the majority of your investment for day trading or short term investing.
  • Consider using dollar cost averaging to enter a position. This generally means investing a X amount over several periods, instead of at once. You can also use downward biased dollar cost averaging to mitigate against downward risk. For example instead of investing $1000 at once in a position at market price, you can buy $500 at the market price today then set several limit orders at slightly lower intervals (for example $250 at 5% lower than market price, $250 at 10% lower than market price). This way your average cost of acquisition will be lower if the crypto happens to decline over the short term.
  • Never chase a pump. Its simply too risky as its such an inefficient and unregulated market. If you continue to do it, most of your money losing decisions will be because you emotionally FOMO-ed into gambling on a symbol.
  • Invest what you can afford to lose. Don't have more than 5-10% of your net worth in crypto.
  • Consider what level of loss you can't accept in a position with a high risk factor, and use stop-limit orders to hedge against sudden crashes. Set you stop price at about 5-10% above your lowest limit. Stop-limit orders aren't perfect but they're better than having no hedging strategy for a risky microcap in case of some meltdown. Only you can determine what bags you are unwilling to hold.
  • Diversify across sectors and rebalance your allocations periodically. Keep about 1/3rd in low risk core holdings.
  • Have some fiat in reserve at a FDIC-insured exchange (ex. Gemini), and be ready to add to your winning positions on a pullback.
  • Remember you didn't actually make any money until you take some profits, so take do some profits when everyone else is at peak FOMO-ing bubble mode. You will also sleep much more comfortably once you take out the equivalent of your principal.

Portfolio Allocation

Along with thinking about your portfolio in terms of risk categories described above, I really find it helpful to think about the segments you are in. OnChainFX has some segment categorization to think about:
  • Currency
  • General Purpose Platform
  • Advertising
  • Crowdfunding Platform
  • Lending Platform
  • Privacy
  • Distributed Computing/Storage
  • Prediction Markets
  • IOT (Internet of Things)
  • Asset Management
  • Content Creation
  • Exchange Platform
I generally like to simplify these down to these 7 segments:
  • Core holdings - essentially the Low Risk Core segment
  • Platform segment
  • Privacy segment
  • Finance/Bank settlement segment
  • Enterprise Blockchain solutions segment
  • Promising/Innovative Tech segment
This is merely what I use, but I'm sure you can think of your own. The key point I have is to try to invest your medium and high risk picks in a segment you understand well, and in which you can relatively accurately judge risk. If you don't understand anything about how banking works or SWIFT or international settlement layers, don't invest in Stellar. If you have no idea how a supply chain functions, avoid investing in VeChain (even if it's being shilled to death on Reddit at the moment just like XRB was last month). Buffet calls this "circle of competence", he invests in sectors he understands and avoids those he doesn't like tech. I think doing the same thing in crypto is a wise move.
What's interesting is that often we see like-coin movement, for example when a coin from one segment pumps we will frequently see another similar coin in the same segment go up (think Stellar following after Ripple).
Consider the historic correlations between your holdings. Generally when Bitcoin pumps, altcoins dump but at what rate depends on the coin. When Bitcoin goes sideways we tend to see pumping in altcoins, while when Bitcoin goes down, everything goes down.
You should set price targets for each of your holdings, which is a whole separate discussion I'll go in Part 2 of the guide.

Summing it up

This was meant to get you think about what return targets you should set for your portfolio and how much risk you are willing to take and what strategies you can follow to mitigate that risk.
Returns around 385% (average crypto market CAGR over the last 3 years) would be a good target to aim for while remaining realistic, you can tweak it a bit based on your own risk tolerance. What category of risk your individual crypto picks should be will be determined by how much more greed you have for above average market return. A portfolio of 50% core holdings, 30% medium risk in a sector you understand well and 20% in high risk speculative is probably what the average portfolio should look like, with newbies going more towards 70% core and only 5% high risk speculative.
Just by thinking about these things you'll likely do better than most crypto investors, because most don't think about this stuff, to their own detriment.
submitted by arsonbunny to CryptoCurrency [link] [comments]

Crypto Investing Guide: Useful resources and tools, and how to create an investment strategy

Lots of people have PM'd me asking me the same questions on where to find information and how to put together their portfolio so I decided to put a guide for crypto investors, especially those who have only been in a few months and are still confused.
Many people entered recently at a time when the market was rewarding the very worst type of investment behavior. Unfortunately there aren't many guides and a lot of people end up looking at things like Twitter or the trending Youtube crypto videos, which is dominated by "How to make $1,00,000 by daytrading crypto" and influencers like CryptoNick.
So I'll try to put together a guide from what I've learned and some tips, on how to invest in this asset class. This is going to be Part 1, in another post later I'll post a systematic approach to valuation and picking individual assets.

Getting started: Tools and resources

You don't have to be a programmer or techie to invest in crypto, but you should first learn the basics of how it functions. I find that this video by 3Blue1Brown is the best introduction to what a blockchain actually is and how it functions, because it explains it clearly and simply with visuals while not dumbing it down too much. If you want a more ELI5 version with cute cartoons, then Upfolio has a nice beginner's intro to the blockchain concept and quick descriptions of top 100 cryptocurrencies. I also recommend simply going to Wikipedia and reading the blockchain and cryptocurrency page and clicking onto a few links in, read about POS vs POW...etc. Later on you'll need this information to understand why a specific use case may or may not benefit from a blockchain structure. Here is a quick summary of the common terms you should know.
Next you should arm yourself with some informational resources. I compiled a convenient list of useful tools and sites that I've used and find to be worthy of bookmarking:
Market information
Analysis tools
Portfolio Tracking
Youtube
I generally don't follow much on Youtube because it's dominated by idiocy like Trevon James and CryptoNick, but there are some that I think are worthy of following:

Constructing a Investment Strategy

I can't stress enough how important it is to construct an actual investment strategy. Organize what your goals are, what your risk tolerance is and how you plan to construct a portfolio to achieve those goals rather than just chasing the flavor of the week.
Why? Because it will force you to slow down and make decisions based on rational thinking rather than emotion, and will also inevitably lead you to think long term.

Setting ROI targets

Bluntly put, a lot of young investors who are in crypto have really unrealistic expectations about returns and risk.
A lot of them have never invested in any other type of financial asset, and hence many seem to consider a 10% ROI in a month to be unexciting, even though that is roughly what they should be aiming for.
I see a ton of people now on this sub and on other sites making their decisions with the expectation to double their money every month. This has lead a worrying amount of newbies putting in way too much money way too quickly into anything on the front page of CoinMarketCap with a low dollar value per coin hoping that crypto get them out of their debt or a life of drudgery in a cubicle. And all in the next year or two!
But its important to temper your hype about returns and realize why we had this exponential growth in the last year. The only reason we saw so much upward price action is because of fiat monetary base expansion from people FOMO-ing in due to media coverage. People are hoping to ride the bubble and sell to a greater fool in a few months, it is classic Greater Fool Theory. That's it. Its not because we are seeing any mass increase in adoption or actual widespread utility with cryptocurrency. We passed the $1,000 psychological marker again for Bitcoin which we hadn't seen since right before the Mt.Gox disaster, and it just snowballed the positivity as headline after headline came out about the price growth. However those unexciting returns of 10% a month are not only the norm, but much more healthy for an alternative investment class. Here are the annual returns for Bitcoin for the last few years:
Year BTC Return
2017 1,300%
2016 120%
2015 35%
2014 -60%
2013 5300%
2012 150 %
Keep in mind that a 10% monthly increase when compounded equals a 313% annual return, or over 3x your money. That may not sound exciting to those who entered recently and saw their money go 20x in a month on something like Tron before it crashed back down, but that 3X annual return is better than Bitcoin's return every year except the year right before the last market meltdown and 2017. I have been saying for a while now that we are due for a major correction and every investor now should be planning for that possibility through proper allocation and setting return expectations that are reasonable.
How to set a realistic ROI target
How do I set my own personal return target?
Basically I aim to achieve a portfolio return of roughly 385% annually (3.85X increase per year) or about 11.89% monthly return when compounded. How did I come up with that target? I base it on the average compounded annual growth return (CAGR) over the last 3 years on the entire market:
Year Total Crypto Market Cap
Jan 1, 2014: $10.73 billion
Jan 1, 2017: $615 billion
Compounded annual growth return (CAGR): (615/10.73)1/3 = 385%
My personal strategy is to sell my portfolio every December then buy back into the market at around the beginning of February and I intend to hold on average for 3 years, so this works for me but you may choose to do it a different way for your own reasons. I think this is a good average to aim for as a general guideline because it includes both the good years (2017) and the bad (2014). Once you have a target you can construct your risk profile (low risk vs. high risk category coins) in your portfolio. If you want to try for a higher CAGR than about 385% then you will likely need to go into more highly speculative picks. I can't tell you what return target you should set for yourself, but just make sure its not depended on you needing to achieve continual near vertical parabolic price action in small cap shillcoins because that isn't sustainable.
As the recent January dip showed while the core cryptos like Bitcoin and Ethereum would dip an X percentage, the altcoins would often drop double or triple that amount. Its a very fragile market, and the type of dumb behavior that people were engaging in that was profitable in a bull market (chasing pumps, going all in on a microcap shillcoin, having an attention span of a squirrel...etc) will lead to consequences. Just like they jumped on the crypto bandwagon without thinking about risk adjusted returns, they will just as quickly jump on whatever bandwagon will be used to blame for the deflation of the bubble, whether the blame is assigned to Wall Steet and Bitcoin futures or Asians or some government.
Nobody who pumped money into garbage without any use case or utility will accept that they themselves and their own unreasonable expectations for returns were the reason for the gross mispricing of most cryptocurrencies.

Risk Management

Quanitifying risk in crypto is surprisingly difficult because the historical returns aren't normally distributed, meaning that tools like Sharpe Ratio and other risk metrics can't really be used as intended. Instead you'll have to think of your own risk tolerance and qualitatively evaluate how risky each crypto is based on the team, the use case prospects, the amount of competition and the general market risk.
You can think of each crypto having a risk factor that is the summation of the general crypto market risk (Rm) as ultimately everything is tied to how Bitcoin does, but also its own inherent risk specific to its own goals (Ri).
Rt = Rm +Ri
The market risk is something you cannot avoid, if some China FUD comes out about regulations on Bitcoin then your investment in solid altcoin picks will go down too along with Bitcoin. This (Rm) return is essentially what risk you undertake to have a market ROI of 385% I talked about above. What you can minimize though is the Ri, the aset specific risks with the team, the likelihood they will actually deliver, the likelihood that their solution will be adopted. Unfortunately there is no one way to do this, you simply have to take the time to research and form your own opinion on how risky it really is before allocating a certain percentage to it. Consider the individual risk of each crypto and start looking for red flags:
  • guaranteed promises of large returns (protip: that's a Ponzi)
  • float allocations that give way too much to the founder
  • vague whitepapers
  • vague timelines
  • no clear use case
  • Github with no useful code and sparse activity
  • a team that is difficult to find information on or even worse anonymous
While all cryptocurrencies are a risky investments but generally you can break down cryptos into "low" risk core, medium risk speculative and high risk speculative
  • Low Risk Core - This is the exchange pairing cryptos and those that are well established. These are almost sure to be around in 5 years, and will recover after any bear market. Bitcoin, Litecoin and Ethereum are in this class of risk, and I would also argue Monero.
  • Medium Risk Speculative - These would be cryptos which generally have at least some product and are reasonably established, but higher risk than Core. Things like ZCash, Ripple, NEO..etc.
  • High Risk Speculative - This is anything created within the last few months, low caps, shillcoins, ICOs...etc. Most cryptos are in this category, most of them will be essentially worthless in 5 years.
How much risk should you take on? That depends on your own life situation but also it should be proportional to how much expertise you have in both financial analysis and technology. If you're a newbie who doesn't understand the tech and has no idea how to value assets, your risk tolerance should be lower than a programmer who understand the tech or a financial analyst who is experienced in valuation metrics.
Right now the trio of BTC-ETH-LTC account for 55% of the market cap, so between 50-70% of your portfolio in low Risk Core for newbies is a great starting point. Then you can go down to 25-30% as you gain confidence and experience. But always try to keep about 1/3rd in safe core positions. Don't go all in on speculative picks.
Core principles to minimize risk
  • Have the majority of your holdings in things you feel good holding for at least 2 years. Don't use the majority of your investment for day trading or short term investing.
  • Consider using dollar cost averaging to enter a position. This generally means investing a X amount over several periods, instead of at once. You can also use downward biased dollar cost averaging to mitigate against downward risk. For example instead of investing $1000 at once in a position at market price, you can buy $500 at the market price today then set several limit orders at slightly lower intervals (for example $250 at 5% lower than market price, $250 at 10% lower than market price). This way your average cost of acquisition will be lower if the crypto happens to decline over the short term.
  • Never chase a pump. Its simply too risky as its such an inefficient and unregulated market. If you continue to do it, most of your money losing decisions will be because you emotionally FOMO-ed into gambling on a symbol.
  • Invest what you can afford to lose. Don't have more than 5-10% of your net worth in crypto.
  • Consider what level of loss you can't accept in a position with a high risk factor, and use stop-limit orders to hedge against sudden crashes. Set you stop price at about 5-10% above your lowest limit. Stop-limit orders aren't perfect but they're better than having no hedging strategy for a risky microcap in case of some meltdown. Only you can determine what bags you are unwilling to hold.
  • Diversify across sectors and rebalance your allocations periodically. Keep about 1/3rd in low risk core holdings.
  • Have some fiat in reserve at a FDIC-insured exchange (ex. Gemini), and be ready to add to your winning positions on a pullback.
  • Remember you didn't actually make any money until you take some profits, so take do some profits when everyone else is at peak FOMO-ing bubble mode. You will also sleep much more comfortably once you take out the equivalent of your principal.

Portfolio Allocation

Along with thinking about your portfolio in terms of risk categories described above, I really find it helpful to think about the segments you are in. OnChainFX has some segment categorization but I generally like to bring it down to:
  • Core holdings - essentially the Low Risk Core segment
  • Platform segment
  • Privacy segment
  • Finance/Bank settlement segment
  • Enterprise Blockchain solutions segment
  • Promising/Innovative Tech segment
This is merely what I use, but I'm sure you can think of your own. The key point I have is to try to invest your medium and high risk picks in a segment you understand well, and in which you can relatively accurately judge risk. If you don't understand anything about how banking works or SWIFT or international settlement layers, don't invest in Stellar. If you have no idea how a supply chain functions, avoid investing in VeChain (even if it's being shilled to death on Reddit at the moment just like XRB was last month).
What's interesting is that often we see like-coin movement, for example when a coin from one segment pumps we will frequently see another similar coin in the same segment go up (think Stellar following after Ripple).
Consider the historic correlations between your holdings. Generally when Bitcoin pumps, altcoins dump but at what rate depends on the coin. When Bitcoin goes sideways we tend to see pumping in altcoins, while when Bitcoin goes down, everything goes down.
You should set price targets for each of your holdings, which is a whole separate discussion I'll go in Part 2 of the guide.

Summing it up

This was meant to get you think about what return targets you should set for your portfolio and how much risk you are willing to take and what strategies you can follow to mitigate that risk.
Returns around 385% (average crypto market CAGR over the last 3 years) would be a good target to aim for while remaining realistic, you can tweak it a bit based on your own risk tolerance. What category of risk your individual crypto picks should be will be determined by how much more greed you have for above average market return. A portfolio of 50% core holdings, 30% medium risk in a sector you understand well and 20% in high risk speculative is probably what the average portfolio should look like, with newbies going more towards 70% core and only 5% high risk speculative.
Just by thinking about these things you'll likely do better than most crypto investors, because most don't think about this stuff, to their own detriment.
submitted by arsonbunny to CryptoMarkets [link] [comments]

Beginners Guide To Using Binance (Buying ALTcoins)

Beginners Guide To Using Binance (Buying ALTcoins)

Hello, Today I am going to give you newcomers a walkthrough on how to setup and use Binance.
Lets Get Started...

STEP 1 - Preparing your Computer for Cryptocurrency Transactions

This is a step most people do not think about. I have been reading more and more about MalWare,Spyware and keyloggers that are specifically targeting Cryptocurrency transactions. If your computer is infected, you could easily lose your cryptos before you even get started. Do some virus scans, malware scans and make sure your antivirus is up to date. I can not stress this enough, make sure your computer is secure before you begin trading cryptos.

STEP 2 - Registration

Once you have a secure PC for setting up your account, you will want to go to https://binance.com Here is a SCREENSHOT of what you will see when you first go to the Binance Website.
Registering is simple. Enter the Email and Password you would like to use and hit register. You will receive an email with a verification link, once you verify your email, your account will be registered.

STEP 3 - 2FA (Two-Factor Authentication)

When you first login you should be greeted by this SCREEN. Depending on how secure you want your account to be, I highly suggest you enable Two-Factor Authentication. What 2FA does is creates a random 6 digit number that changes every 30 seconds. You will also need this code on top of your email and password to login. So if someone does somehow manage to steal your password, you will still be safe as long as they do not have your 2FA device. The only option available is by Google Authenticator which is available for both Android and iOS Smartphones.
Once your ready to begin click the Google Auth Button and it will bring up this SCREEN

STEP 4 - Making a deposit

STEP 5 - Trading

Before you buy your first coins you will want to grab yourself a few Binance Coins or BNB to pay for trading fees. In order to take advantage of the 0.05% trading fees you will need have some BNB. If your only doing small trades, I suggest just buying 1 or 2 BNB to get a feel of how much each trade costs. One of the main reasons to do this is because binance does not allow you to trade in small decimals, so if it ends up taking your fees from the coins your trying to buy, you will be left with untradeable dust. Say you buy 110 XRP and do not have any BNB to pay for the fees. Your fees will now be 1% of the total amount or 1.1 XRP. So you will have 108.9 XRP and will be unable to trade the 0.9 XRP back to Bitcoin or Ethereum. This 0.9 XRP is considered "Dust". Binance is apparently working on a solution to this. Buying BNB is easy. From the Exchange Screen find the BNB/BTC pair (if you deposited Bitcoin) and place a market order to buy some BNB. The method will be the exact same as shown below.
Once you have some Bitcoin or Ethereum loaded into your account your now ready to trade it for other coins. I'm assuming at this point you have done your research and know the coins you want to get into. In this example we are going to use a popular cryptocurrency called XRP or Ripple. Hit the "Exchange" Button on the top left of your screen and go to basic. It will bring up a screen with charts and a bunch of green and red numbers. HERES AN EXAMPLE
There are two types of orders you can make:
If you want to sell your ALTcoins back to Bitcoin or Ethereum then place a market sell order or limit order at the price you want to convert them back.

STEP 6 - Securing your new coins

Depending on if your strategy is too buy and hold, Once you buy your coins you will want to secure them by sending them to the individual wallet made for the coin you bought. In our case we just bought Ripple XRP. So you go back to your "Deposits and Withdrawals" under the "Funds" tab in binance and type in the search bar the coin you want to send out.
Make sure you have the right coin and hit the "Withdrawal" button. You will be brought to a screen where it wants you to enter your wallet address. Here is an example from the "Toast" website Your address would be the string of random letter and numbers above the barcode. Copy and Paste this into the address bad where I labeled "Your Address Here" USE THIS SCREENSHOT AS A REFERENCE Any withdrawal transaction will also be recorded under "History" under the "Funds" tab. Your coins should now show up in your toast wallet.
Be sure when you are researching a coin to buy to also do some research on what wallets are available and how secure they are. Although there are multi-currency wallets, typically you will have 1 wallet for each different coin.
submitted by Mcgillby to CryptoCurrency [link] [comments]

ColossusXT Q2 AMA Ends!

Thank you for being a part of the ColossusXT Reddit AMA! Below we will summarize the questions and answers. The team responded to 78 questions! If you question was not included, it may have been answered in a previous question. The ColossusXT team will do a Reddit AMA at the end of every quarter.
The winner of the Q2 AMA Contest is: Shenbatu
Q: Why does your blockchain exist and what makes it unique?
A: ColossusXT exists to provide an energy efficient method of supercomputing. ColossusXT is unique in many ways. Some coins have 1 layer of privacy. ColossusXT and the Colossus Grid will utilize 2 layers of privacy through Obfuscation Zerocoin Protocol, and I2P and these will protect users of the Colossus Grid as they utilize grid resources. There are also Masternodes and Proof of Stake which both can contribute to reducing 51% attacks, along with instant transactions and zero-fee transactions. This protection is paramount as ColossusXT evolves into the Colossus Grid. Grid Computing will have a pivotal role throughout the world, and what this means is that users will begin to experience the Internet as a seamless computational universe. Software applications, databases, sensors, video and audio streams-all will be reborn as services that live in cyberspace, assembling and reassembling themselves on the fly to meet the tasks at hand. Once plugged into the grid, a desktop machine will draw computational horsepower from all the other computers on the grid.
Q: What is the Colossus Grid?
A: ColossusXT is an anonymous blockchain through obfuscation, Zerocoin Protocol, along with utilization of I2P. These features will protect end user privacy as ColossusXT evolves into the Colossus Grid. The Colossus Grid will connect devices in a peer-to-peer network enabling users and applications to rent the cycles and storage of other users’ machines. This marketplace of computing power and storage will exclusively run on COLX currency. These resources will be used to complete tasks requiring any amount of computation time and capacity, or allow end users to store data anonymously across the COLX decentralized network. Today, such resources are supplied by entities such as centralized cloud providers which are constrained by closed networks, proprietary payment systems, and hard-coded provisioning operations. Any user ranging from a single PC owner to a large data center can share resources through Colossus Grid and get paid in COLX for their contributions. Renters of computing power or storage space, on the other hand, may do so at low prices compared to the usual market prices because they are only using resources that already exist.
Q: When will zerocoin be fully integrated?
A: Beta has been released for community testing on Test-Net. As soon as all the developers consider the code ready for Main-Net, it will be released. Testing of the code on a larger test network network will ensure a smooth transition.
Q: Is the end goal for the Colossus Grid to act as a decentralized cloud service, a resource pool for COLX users, or something else?
A: Colossus Grid will act as a grid computing resource pool for any user running a COLX node. How and why we apply the grid to solve world problems will be an ever evolving story.
Q: What do you think the marketing role in colx.? When ll be the inwallet shared nodes available...i know its been stated in roadmap but as u dont follow roadmap and offer everything in advance...i hope shared MN's to be avilable soon.
A: The ColossusXT (COLX) roadmap is a fluid design philosophy. As the project evolves, and our community grows. Our goal is to deliver a working product to the market while at the same time adding useful features for the community to thrive on, perhaps the Colossus Grid and Shared Masternodes will be available both by the end of Q4 2018.
Q: When will your github be open to the public?
A: The GitHub has been open to the public for a few months now.
You can view the GitHub here: https://github.com/ColossusCoinXT
The latest commits here: https://github.com/ColossusCoinXT/ColossusCoinXT/commits/master
Q: Why should I use COLX instead of Monero?
A: ColossusXT offers Proof of Stake and Masternodes both which contribute layers in protection from 51% attacks often attributed with Proof of Work consensus, and in being Proof of Work(Monero) ColossusXT is environmentally friendly compared to Proof of Work (Monero). You can generate passive income from Proof of Stake, and Masternodes. Along with helping secure the network.What really sets ColossusXT apart from Monero, and many other privacy projects being worked on right now, is the Colossus Grid. Once plugged into the Colossus Grid, a desktop machine will draw computational horsepower from all the other computers on the grid. Blockchain, was built on the core value of decentralization and ColossusXT adhere to these standards with end-user privacy in mind in the technology sector.
Q: With so many coins out with little to no purpose let alone a definitive use case, how will COLX distinguish itself from the crowd?
A: You are right, there are thousands of other coins. Many have no purpose, and we will see others “pumping” from day to day. It is the nature of markets, and crypto as groups move from coin to coin to make a quick profit. As blockchain regulations and information is made more easily digestible projects like ColossusXT will rise. Our goal is to produce a quality product that will be used globally to solve technical problems, in doing so grid computing on the ColossusXT network could create markets of its own within utilizing Super-computing resources. ColossusXT is more than just a currency, and our steadfast approach to producing technical accomplishments will not go unnoticed.
Q: Tell the crowd something about the I2P integration plan in the roadmap? 🙂
A: ColossusXT will be moving up the I2P network layer in the roadmap to meet a quicker development pace of the Colossus Grid. The I2P layer will serve as an abstraction layer further obfuscating the users of ColossusXT (COLX) nodes. Abstraction layer allows two parties to communicate in an anonymous manner. This network is optimised for anonymous file-sharing.
Q: What kind of protocols, if any, are being considered to prevent or punish misuse of Colossus Grid resources by bad actors, such as participation in a botnet/denial of service attack or the storage of stolen information across the Grid?
A: What defines bad actors? ColossusXT plans on marketing to governments and cyber security companies globally. Entities and individuals who will certainly want their privacy protected. There is a grey area between good and bad, and that is something we can certainly explore as a community. Did you have any ideas to contribute to this evolving variable?What we mean when we say marketing towards security companies and governments is being utilized for some of the projects and innovating new ways of grid computing.
Security: https://wiki.ncsa.illinois.edu/display/cybersec/Projects+and+Software
Governments: https://www.techwalla.com/articles/what-are-the-uses-of-a-supercomputer
Q: The Colossus Grid is well defined but I don't feel easily digestible. Has their been any talk of developing an easier to understand marketing plan to help broaden the investoadoptor base?
A: As we get closer to the release of the Colossus Grid marketing increase for the Colossus Grid. It will have a user friendly UI, and we will provide Guides and FAQ’s with the release that any user intending to share computing power will be able to comprehend.
Q: Can you compare CollossusXT and Golem?
A: Yes. The Colosssus Grid is similar to other grid computing projects. The difference is that ColossusXT is on it’s own blockchain, and does not rely on the speed or congestion of a 3rd party blockchain. The Colossus Grid has a privacy focus and will market to companies, and individuals who would like to be more discreet when buying or selling resources by offering multiple levels of privacy protections.
Q: How do you guys want to achieve to be one of the leaders as a privacy coin?
A: Being a privacy coin leader is not our end game. Privacy features are just a small portion of our framework. The Colossus Grid will include privacy features, but a decentralized Supercomputer is what will set us apart and we intend to be leading this industry in the coming years as our vision, and development continue to grow and scale with technology.
Q: With multiple coins within this space, data storage and privacy, how do you plan to differentiate COLX from the rest? Any further partnerships planned?
A: The Colossus Grid will differentiate ColossusXT from coins within the privacy space. The ColossusXT blockchain will differentiate us from the DATA storage space. Combining these two features with the ability to buy and sell computing power to complete different computational tasks through a decentralized marketplace. We intend to involve more businesses and individuals within the community and will invite many companies to join in connecting the grid to utilize shared resources and reduce energy waste globally when the BETA is available.
Q: Has colossus grid had the best come up out of all crypto coins?
A: Possibly. ColossusXT will continue to “come up” as we approach the launch of the Colossus Grid network.
Q: How far have Colossus gone in the ATM integration
A: ColossusXT intends to and will play an important role in the mass adoption of cryptocurrencies. We already have an ongoing partnership with PolisPay which will enable use of COLX via master debit cards. Along with this established relationship, ColossusXT team is in touch with possible companies to use colx widely where these can only be disclosed upon mutual agreement.
Q: How does COLX intend to disrupt the computing industry through Grid Computing?
A: Using the Colossus Grid on the ColossusXT blockchain, strengthens the network. Computers sit idly by for huge portions of the day. Connecting to the Colossus Grid and contributing those idle resources can make use of all the computing power going to waste, and assist in advancing multiple technology sectors and solving issues. Reducing costs, waste, and increased speed in technology sectors such as scientific research, machine learning, cyber security, and making it possible for anyone with a desktop PC to contribute resources to the Colossus Grid and earn passive income.
Q: What kind of partnerships do you have planned and can you share any of them? :)
A: The ColossusXT team will announce partnerships when they are available. It’s important to finalize all information and create strong avenues of communication between partners ColossusXT works with in the future. We are currently speaking with many different exchanges, merchants, and discussing options within our technology sector for utilizing the Colossus Grid.
Q: Will shared Masternodes be offered by the COLX team? Or will there be any partnerships with something like StakingLab, StakeUnited, or SimplePosPool? StakingLab allows investors of any size to join their shared Masternodes, so any investor of any size can join. Is this a possibility in the future?
A: ColossusXT has already partnered with StakingLab. We also plan to implement shared Masternodes in the desktop wallet.
Q: How innovative is the Colossus Grid in the privacy coin space?
A: Most privacy coins are focused on being just a currency / form of payment. No other project is attempting to do what we are doing with a focus on user privacy.
Q: Hey guys do you think to integrated with some other plataforms like Bancor? I would like it!
A: ColossusXT is in touch with many exchange platforms, however, due to non disclosure agreements details cannot be shared until it is mutually decided with the partners. We will always be looking for new platforms to spread the use of colx in different parts of the world and crypto space.
Q: What is the reward system for the master node owners?
A: From block 388.800 onwards, block reward is 1200 colx and this is split based on masternode ownestaker ratio. This split is based on see-saw algorithm. With an increasing number of masternodes the see-saw algorithm disincentivizes the establishment of even more masternodes because it lowers their profitability. To be precise, as soon as more than 41.5% of the total COLX coin supply is locked in masternodes, more than 50% of the block reward will be distributed to regular staking nodes. As long as the amount of locked collateral funds is below the threshold of 41.5%, the see-saw algorithm ensure that running a masternode is financially more attractive than running a simple staking node, to compensate for the additional effort that a masternode requires in comparison to a simple staking node.Please refer to our whitepaper for more information.
Q: What other marketplaces has the COLX team been in contact with?
Thanks guys! Love the coin and staff
A: ColossusXT gets in touch for different platforms based on community request and also based on partnership requests received upon ColossusXT business team’s mutual agreement. Unfortunately, these possibilities cannot be shared until they are mutually agreed between the partners and ColossusXT team due to non disclosure agreements.
Q: What do you think about the new rules that will soon govern crypto interactions in the EU? they are against anonymous payments
A: Blockchain technology is just now starting to become clear to different governments.
ColossusXT's privacy features protect the end-user from oversharing personal information. As you are probably aware from the multiple emails you've received recently from many websites.
Privacy policies are always being updated and expanded upon. The use of privacy features with utility coins like ColossusXT should be a regular norm throughout blockchain. This movement is part is about decentralization as much as it is about improving technology.
While this news may have a role to play. I don't think it is THE role that will continuously be played as blockchain technology is implemented throughout the world.
Q: Any hints on the next big feature implementation you guys are working on? According to road map - really excited to hear more about the Shared MN and the scale of the marketplace!
A: Current work is focused on the privacy layer of Colossus Grid and completing the updated wallet interface.
Q: Why choose COLX, or should I say why should we believe in COLX becoming what you promise in the roadmap. What are you different from all the other privacy coins with block chain establishment already in effect?
A: ColossusXT is an environmentally friendly Proof of Stake, with Masternode technology that provide dual layers of protection from 51% attacks. It includes privacy features that protect the user while the utilize resources from the Colossus Grid. Some of the previous questions within this AMA may also answer this question.
Q: What tradeoffs do you have using the Colossus Grid versus the more typical distribution?
A: The advantage of supercomputers is that since data can move between processors rapidly, all of the processors can work together on the same tasks. Supercomputers are suited for highly-complex, real-time applications and simulations. However, supercomputers are very expensive to build and maintain, as they consist of a large array of top-of-the-line processors, fast memory, custom hardware, and expensive cooling systems. They also do not scale well, since their complexity makes it difficult to easily add more processors to such a precisely designed and finely tuned system.By contrast, the advantage of distributed systems (Like Colossus Grid) is that relative to supercomputers they are much less expensive. Many distributed systems make use of cheap, off-the-shelf computers for processors and memory, which only require minimal cooling costs. In addition, they are simpler to scale, as adding an additional processor to the system often consists of little more than connecting it to the network. However, unlike supercomputers, which send data short distances via sophisticated and highly optimized connections, distributed systems must move data from processor to processor over slower networks making them unsuitable for many real-time applications.
Q: Why should I choose Colossus instead of another 100,000 altcoins?
A: Many of these alt-coins are all very different projects. ColossusXT is the only Grid computing project with a focus on user privacy. We have instant transactions, and zero-fee transactions and ColossusXT is one of the very few coins to offer live support. Check out our Whitepaper!
Q: Will there be an option (in the future) to choose between an anonymous or public transaction?
A: Zerocoin is an evolution of the current coin mixing feature. Both allow an individual to decide how they would like to send their transactions.
Q: What exchange has highest volume for ColossusXT, and are there any plans for top exchanges soon ?
A: Currently Cryptopia carries the majority of ColossusXT volume. We are speaking with many different exchanges, and preparing requested documentation for different exchanges. ColossusXT intends to be traded on every major exchange globally.
Q: What is the TPS speed that colx blockchain achieves?
A: ColossusXT achieves between 65-67 TPS depending on network conditions currently.
Q: Plans on expanding the dev team?
A: As development funds allow it, the team will be expanded. Development costs are high for a unique product like ColossusXT, and a good majority of our budget is allocated to it.
Q: Can you explain what is and what are the full porpose of the COLOSSUSXT GRID PROJECT ?
A: Colossus Grid is explained in the whitepaper. The uses for grid computing and storage are vast, and we are only starting to scratch the surface on what this type of computing power can do. There is also a description within the formatting context within the AMA of the Colossus Grid.
Q: Is there mobile wallet for Android and iOS? If not, is there a roadmap?
A: There Android wallet is out of beta and on the Google PlayStore: iOS wallet is planned for development.
The roadmap can be found here: https://colossusxt.io/roadmap/
Q: Is ColossusXT planning on partnering up with other cryptocurrency projects? Such as: Bread and EQUAL.
A: ColossusXT plans on partnering with other crypto projects that make sense. We look for projects that can help alleviate some of our development work / provide quality of life upgrades to our investors so that we can focus on Colossus Grid development. When absolutely love it when the community comes to us with great projects to explore.
Q: Did you ever considered a coinburn? Don't you think a coin burn will increase COLX price and sustain mass adoption? Do you plan on keeping the price of COLX in a range so the potential big investors can invest in a not so much volatile project?
A**:** There are no plans to do a coinburn at this time. Please check out our section in the whitepaper about the supply.
Q: what is the next big exchange for colx to be listed ?
A: There are several exchanges that will be listing ColossusXT soon. Stay tuned for updates within the community as some have already been announced and future announcements.
  1. CryptalDash
  2. NextExchange
  3. CoinPulse
  4. CoinSwitch (Crowdfunding)
  5. Plaak (Crowdfunding)
Q: How will Colx compete with other privacy coins which claim to be better like Privacy?
A: ColossusXT is not competing with other privacy coins. ColossusXT will evolve into the Colossus Grid, which is built on the backbone of a privacy blockchain. In our vision, all these other privacy coins are competing for relevancy with ColossusXT. There are also similar responses to question that may hit on specifics.
Q: Does COLX have a finite number of coins like bitcoin?
A: No, ColossusXT is Proof of Stake. https://en.wikipedia.org/wiki/Proof-of-stake
Q: What are the advantages of COLX over other competitor coins (eg. ECA)?
A: The only similarities between ColossusXT and Electra is that we are both privacy blockchains. ColossusXT is very much an entirely different project that any other privacy coin in the blockchain world today. The Colossus Grid will be a huge advantage over any other privacy coin. Offering the ability for a desktop machine to rent power from others contributing to the Colossus Grid and perform and compute high level tasks.
Q: How do you feel about some countries frowning upon privacy coins and how do you plan to change their minds (and what do you plan to do about it?)
A: The ColossusXT team tries to view opinions from multiple perspectives so that we can understand each line of thinking. As blockchain technology becomes more widely adopted, so will the understanding of the importance of the privacy features within ColossusXT. Privacy is freedom.
Q: How do you see COLX in disrupting cloud gaming services such as PlayStation Now?
A: Cloud gaming services have not been discussed. Initial marketing of our private grid computing framework will be targeted at homes users, governments, and cyber security firms who may require more discretion / anonymity in their work.
Q: Since colx is a privacy coin and is known for its privacy in the transactions due to which lot of money laundering and scams could take place, would colx and its community be affected due to it? And if does then how could we try to prevent it?
A: ColossusXT intends to be known for the Colossus Grid. The Colossus Grid development will be moved up from Q1 2019 to Q3 2018 to reflect this message and prevent further miscommunication about what privacy means for the future of ColossusXT. Previous answers within this AMA may further elaborate on this question.
Q: When do you plan to list your coin on other "bigger" exchanges?
A: ColossusXT is speaking with many different exchanges. These things have many different factors. Exchanges decide on listing dates and we expect to see ColossusXT listed on larger exchanges as we approach the Colossus Grid Beta. The governance system can further assist in funding.
Q: What was the rationale behind naming your coin ColossusXT?
A: Colossus was a set of computers developed by British codebreakers in the years 1943–1945. XT symbolises ‘extended’ as the coin was forked from the original Cv2 coin.
Q: Can you give any details about the E Commerce Marketplace, and its progress?
A: The Ecommerce Marketplace is a project that will receive attention after our development pass on important privacy features for the grid. In general, our roadmap will be changing to put an emphasis on grid development.
Q: How will someone access the grid, and how will you monetize using the grid? Will there be an interface that charges COLX for time on the grid or data usage?
A: The Colossus Grid will be integrated within the ColossusXT wallet. Buying & Selling resources will happen within the wallet interface. You won't be able to charge for "time" on the grid, and have access to unlimited resources. The goal is to have users input what resources they need, and the price they are willing to pay. The Colossus Grid will then look for people selling resources at a value the buyer is willing to pay. Time may come into play based on which resources you are specifically asking for.
Q: Are there any plans to launch an official YouTube channel with instructional videos about basic use of the wallets and features of COLX? Most people are visually set and learn much faster about wallets when actually seeing it happen before they try themselves. This might attract people to ColossusXT and also teach people about basic use of blockchain and cryptocurrency wallets. I ask this because I see a lot of users on Discord and Telegram that are still learning and are asking a lot of real basic questions.
A: ColossusXT has an official YT account with instructional videos: https://www.youtube.com/channel/UCCmMLUSK4YoxKvrLoKJnzng
Q: What are the usp's of colx in comparing to other privacy coins?
A: Privacy coins are a dime a dozen. ColossusXT has different end goals than most privacy coins, and this cannot be stated enough. Our goal is not just to be another currency, but to build a sophisticated computing resource sharing architecture on top of the privacy blockchain.
Q: A new exchange will probably gain more liquidity for our coin. If you might choose 3 exchanges to get COLX listed, what would be your top 3?
A: ColossusXT intends to be listed on all major exchanges globally. :)
Q: What is the future of privacy coins? What will be the future colx userbase (beyond the first adopters and enthusiasts)?
A: The future of privacy is the same it has always been. Privacy is something each and everyone person owns, until they give it away to someone else. Who is in control of your privacy? You or another person or entity?The future of the ColossusXT user base will comprise of early adopters, enthusiast, computer science professionals, artificial intelligence, and computational linguistics professionals for which these users can utilize the Colossus Grid a wide range of needs.
Q: Will ColossusXT join more exchanges soon??
A: Yes. :)
Q: So when will Colossus put out lots of advertisement to the various social media sites to get better known? Like Youtube videos etc.
A: As we get closer to a product launch of the Colossus Grid, you’ll begin to see more advertisements, YouTubers, and interviews. We’re looking to also provide some presentations at blockchain conferences in 2018, and 2019.
Q: In your opinion, what are some of the issues holding COLX back from wider adoption? In that vein, what are some of the steps the team is considering to help address those issues?
A: One of the main issues that is holding ColossusXT back from a wider adoption is our endgame is very different from other privacy coins. The Colossus Grid. In order to address this issue, the ColossusXT team intends to have a Colossus Grid Beta out by the end of Q4 and we will move development of the Colossus Grid from Q1 2019 to Q3 2018.
Q: Or to see it from another perspective - what are some of the biggest issues with crypto-currency and how does COLX address those issues?
A: Biggest issue is that cryptocurrency is seen as a means to make quick money, what project is going to get the biggest “pump” of the week, and there is not enough focus on building blockchain technologies that solve problems or creating legitimate business use cases.
For the most part we believe the base of ColossusXT supporters see our end-game, and are willing to provide us with the time and support to complete our vision. The ColossusXT team keeps its head down and keeps pushing forward.
Q: I know it's still early in the development phase but can you give a little insight into what to look forward to regarding In-wallet voting and proposals system for the community? How much power will the community have regarding the direction COLX development takes in the future?
A: The budget and proposal system is detailed in the whitepaper. Masternode owners vote on and guide the development of ColossusXT by voting on proposals put forth by the community and business partners.
Our goal is to make this process as easy and accessible as possible to our community.
Q: Will there be an article explaining the significance of each partnership formed thus far?
A: Yes, the ColossusXT team will announce partners on social media, and community outlets. A detailed article of what partnerships mean will be available on our Medium page: https://medium.com/@colossusxt
Q: What potential output from the Grid is expected and what would it's use be?
For example, x teraflops which could process y solutions to protein folding in z time.
A: There are many uses for grid computing. A crypto enthusiast mining crypto, a cyber security professional cracking a password using brute force, or a scientist producing climate prediction models.
The resources available to put towards grid projects will be determined by the number of nodes sharing resources, and the amount of resources an individual is willing to purchase with COLX.
All individuals will not have access to infinite grid resources.
Q: Is there a paper wallet available?
A: Yes, see https://mycolxwallet.org
Q: Is there a possibility of implementing quantum computer measures in the future?
A: This is a great idea for potentially another project in the future. Currently this is not possible with the Colossus Grid. Instead of bits, which conventional computers use, a quantum computer uses quantum bits—known as qubits. In classical computing, a bit is a single piece of information that can exist in two states – 1 or 0. Quantum computing uses quantum bits, or 'qubits' instead. These are quantum systems with two states. However, unlike a usual bit, they can store much more information than just 1 or 0, because they can exist in any superposition of these values.
Q: Do you plan to do a coin burn?
A: No future coin burns are planned. Anything like this would go through a governance proposal and Masternode owners would vote on this. This is not anything we’ve seen within the community being discussed.
Q: Can I check the exact number of current COLX master node and COLX staking node?
A: Yes. You can view the Masternodes and the amount of ColossusXT (COLX) being staked by viewing the block explorer.
Block explorer: https://chainz.cryptoid.info/colx/#!extraction
Q: What incentive could we give a youtuber to do the BEST video of ColossusXT (COLX)?
A: We've been approached by several YouTubers. The best thing a YouTuber can do is understand what ColossusXT is, join the community, ask questions if there is something they don't understand.
The problem with many YouTubers is that some of them are just trying to get paid, they don't really care to provide context or research a project.
Disclaimer: This is not all YouTubers, but many.
Q: In which ways is the ColossusGrid different from other supercomputer / distributed computing projects out there. Golem comes to mind. Thanks!
A: The main difference is that we are focused on the end users privacy, and the types of users that we will be targeting will be those that need more discretion / anonymity in their work. We are building framework that will continue to push the boundaries of user privacy as it relates to grid computing.
Q: Can we please complete our roadmap ahead of schedule? I find most other coins that do this actually excell in terms of price and community members. Keep on top of the game :)
A: The Colossus XT roadmap is a very fluid document, and it is always evolving. Some items are moved up in priority, and others are moved back. The roadmap should not be thought of something that is set in stone.
Q: Does COLX have master nodes?
A: Yes. ColossusXT has masternodes.
Q: Have thought about providing a method to insert a form of payment in colx in any page that wants to use cryptocurrencies in a fast and simple way in order to masive adoption????
A: There is already this option.https://mycryptocheckout.com/coins/
Q: What do you think your community progress till now?
A: The community has grown greatly in the last 3 months. We’re very excited to go from 13 to 100 questions in our quarterly AMA. Discord, Telegram, and Twitter are growing everyday.
Q: I noticed on Roadmap: Coinomi and ahapeshift wallet integration. Can you tell me more about this? I am new in crypto and new ColX investor so I don't know much about this. Thanks and keep a good work.
A: Coinomi is a universal wallet. ColossusXT will have multiple wallet platforms available to it. Shapeshift allows you to switch one crypto directly for another without the use of a coupler (BTC).
Q: Is "A general-purpose decentralized marketplace" written in the whitepaper the same as "E-COMMERCE MARKETPLACE" written on the roadmap?
Please tell me about "A general-purpose decentralized marketplace" or "E-COMMERCE MARKETPLACE" in detail.
A: Details will be posted as we get closer to the marketplace. It will be similar to other marketplaces within blockchain. Stay tuned for more information by following us on Twitter.
Q: History has shown that feature-based technologies always get replaced by technologies with platforms that incorporate those features; what is colossius big picture?
A: The Colossus Grid. Which has been explained within this AMA in a few different ways.
Q: What are the main objectives for COLX team this year? Provide me 5 reason why COLX will survive in a long term perspective? Do you consider masternodes working in a private easy to setup wallet on a DEX network? Already big fan, have a nice day!
A: Getting into Q3 our main object is to get a working product of the Colossus Grid by the end of Q4.
  1. Community - Our community is growing everyday as knowledge about what we’re building grows. When the Colossus Grid is online we expect expansion to grow at a rapid pace as users connect to share resources.
  2. Team - The ColossusXT team will continue to grow. We are stewards of a great community and an amazing project. Providing a level of support currently unseen in many other projects through Discord. The team cohesion and activity within the community is a standard we intend to set within the blockchain communities.
  3. Features - ColossusXT and The Colossus Grid will have user friendly AI. We understand the difficulties when users first enter blockchain products. The confusion between keys, sending/receiving addresses, and understanding available features within. Guides will always be published for Windows/Mac/Linux with updates so that these features can be easily understood.
  4. Colossus Grid - The Colossus Grid answers real world problems, and provides multiple solutions while also reducing energy consumption.
  5. Use Case - Many of the 1000+ other coins on the market don’t have the current use-case that ColossusXT has, let alone the expansion of utility use-cases in multiple sectors.
Q: Will the whitepaper be available in Portuguese?
A: Yes. We will be adding some language bounties to the website in the future. Stay tuned.
Q: Notice in your white paper there are future plans for decentralised governance and masternode voting. While all that is great, how do you plan on mitigating malicious proposals from getting through by gaming the system (i.e. bot votes, multiple accounts, spam,etc)?
A: You cannot game the system. Masternode owners get 1 vote.
Q: Been a massive fan of this project since Dec last year, anyways what was the reason you guys thought of putting XT at the end of Colossus. :)
A: XT symbolizes ‘extended’ as the coin was forked from the original Cv2 coin.
Q: Do you plan a partnership within the banking industry to capitalize on such large amounts of money being moved continuously?
A: The focus will be on the Colossus Grid and Grid computing, with the option to participate in the financial sector of Blockchain through Polis Pay, and other partnerships that can be announced in the future.
Q: When will be COLX supported By The Ledger Wallet?
A: Integration with cold storage wallet is planned. I myself (PioyPioyPioy) have a Nano Ledger S and I love it!
Q: Where do you see yourself in five years?
A: The goal 5 years from now would be to be a leading competitor in cloud computing and storage. Providing government, private cybersecurity, and individuals with efficient solutions to Super-computing, cloud storage through Blockchain infrastructure. I would like to see hardware options of connecting to the grid to utilize resources after the Colossus Grid is online, and I think this can contribute to many use-case scenarios.
Q: How can I suggest business partnerships and strategic ideas etc to the ColossusXT team?
A: Join us in Discord. Members of the team here are active daily, you can also contact us at: [[email protected]](mailto:[email protected])
Q: A great project requires good funding. How do you plan to incorporate fund sourcing and management into the long-term planning of this project
A: Check out our governance section within the whitepaper. :)
Website: https://colossusxt.io
Whitepaper: https://colossuscoinxt.org/whitepape
Roadmap: https://colossuscoinxt.org/roadmap/
Follow ColossusXT on:
Twitter: https://twitter.com/colossuscoinxt
Facebook Page: https://www.facebook.com/ColossusCoin/
Telegram: https://web.telegram.org/#/im?p=s1245563208_12241980906364004453
Discord: https://discord.gg/WrnAPcx
Apply to join the team: https://docs.google.com/forms/d/1YcOoY6nyCZ6aggJNyMU-Y5me8_gLTHkuDY4SrQPRe-4/viewform?edit_requested=true
Contribute an idea: https://colossusxt.fider.io/
Q2 AMA Questions: https://www.reddit.com/ColossuscoinX/comments/8ppkxf/official_colossusxt_ama_q2/
Previous AMA: https://www.reddit.com/ColossuscoinX/comments/8bia7o/official_colossusxt_ama/
submitted by PioyPioyPioy to ColossuscoinX [link] [comments]

The tragedy of Core/Blockstream/Theymos/Luke-Jr/AdamBack/GregMaxell is that they're too ignorant about Computer Science to understand the Robustness Principle (“Be conservative in what you send, be liberal in what you accept”), and instead use meaningless terminology like “hard fork” vs “soft fork.”

https://en.wikipedia.org/wiki/Robustness_principle
“Be conservative in what you send, be liberal in what you accept”
That is the correct criterion / terminology / conceptual framework which should have been used this whole time, when attempting to determine whether an “upgrade” to Bitcoin would still be “Bitcoin.”
The incorrect criterion / terminology / conceptual framework to use is the meaningless unprofessional gibberish from Core/Blockstream about “hard-forks” versus “soft-forks” versus “soft hard-forks” or “firm-forks” etc.
The informal statement of the Robustness Principle above has an even more precise phrasing using concepts and language from Type Theory (another example of a vitally important area of Computer Science which most Core/Blockstream “devs” are woefully ignorant of, since they’re mainly just a bunch of insular myopic C/C++/Java/JavaScript procedural-language pinheads or “C-tards”).
The Robustness Principle, restated more formally using concepts and language from Type Theory, simply states that:
The → type constructor is contravariant in the input type and covariant in the output type
https://en.wikipedia.org/wiki/Covariance_and_contravariance_%28computer_science%29#Function_types
Unfortunately, most Core/Blockstream “devs” do not seem to understand:
… unless they happen to have studied a well-designed high-level, functional language like C# at some point in their limited so-called “careers” as devs.
Unfortunately, their brains have been tragically trapped and stunted by focusing on low-level, procedural languages like C/C++ – simply due to their unfortunate prioritizing of being able to program “close to the machine,” which is of course essential in terms of raw efficiency of implementations, but which is horribly limiting in terms of conceptual expressiveness of specifications (and satisfaction of real-world user requirements).
Basically what this all means is that pithy insults such as calling them “pinheads” or “C-tards” actually do provide a useful shorthand capturing a very real aspect of the weakness of their development process: It bluntly and compactly expresses the blatant and tragic fact that they are mere system coders / implementers trapped in the conceptual dungeon of lower-level procedural languages like C/C++ which are “closer to the machine” – rather than actual system designers / specifiers who could have had the conceptual freedom of at least being able to think and communicate using notions from higher-level functional languages like Haskell, Ocaml or C# which are “closer to the problem domain” (and hence also “closer to the users” themselves and their actual needs – a constituency whose needs these C/C++ devs have consistently and tragically ignored while they fail to deliver what users have been demanding for months: e.g. simple safe scaling via moderate blocksize increases).
Probably the only prominent Core/Blockstream dev who does understand this kind of stuff like the Robustness Principle or its equivalent reformulation in terms of covariant and contravariant types is someone like Pieter Wuille – since he’s a guy who’s done a lot of work in functional languages like Haskell – instead of being a myopic C-tard like most of the rest of the Core/Blockstream devs. He’s a smart guy, and his work on SegWit is really important stuff (but too bad that, yet again, it’s being misdelivered as a “soft-fork,” again due to the cluelessness of someone like Luke-Jr, whose grasp of syntax and semantics – not to mention society – is so glaringly lacking that he should have been recognized for the toxic influence that he is and shunned long ago).
The terminology above based on the Robustness Principle (and not their meaningless gibberish about “hard-forks” versus “soft-forks” versus “soft-hard forks” or “firm-forks etc.) is what provides the correct criterion and mental framework for deciding what kind of “upgrades” should be allowed in Bitcoin.
In other words:
Upgrades which make the client protocol as conservative (or more conservative) in terms of what the client can send, and as liberal (or more liberal) in terms of what the client protocol can receive SHOULD STILL BE CONSIDERED “BITCOIN”.
If any of those low-level C/C++ Core/Blockstream “devs” had gotten enough Computer Science education somewhere along the way to learn the correct, more formal mathematical / computer science terminology and mental framework provided by the Robustness Principle (or by the equivalent concept from Type Theory stating that that “the → type constructor is contravariant in the input type and covariant in the output type), then it would have been crystal-clear to them that an upgraded client which can accept bigger blocks (but which does not require sending bigger blocks (e.g., clients such as Bitcoin Unlimited and Bitcoin Classic – or even Core with bigger blocks) would still “be Bitcoin”.
Aside:
And let’s not even get started on that idiot Theymos who is utterly beneath contempt here. It is pathetic and sad that someone so ignorant about coding and communities has been considered in some sense “part of Core” as well as being allowed to be in charge of delimiting the boundaries of what is and what is not “permissible” subject-matter for debate and discussion on something as groundbreaking and innovative as Bitcoin.
He’s clearly been in way above his head this whole time, and his inability to grasp what is and isn’t an “upgrade” to Bitcoin is one of main reasons we are where we are today, with the community divided and acrimonious, with debates dominated by toxic trolls deploying rhetorical techniques reminiscent of fascist political regimes, unaware that they are merely the kind of textbook caricatures that automatically infest any place wherever the Milgram experiment gets carried out.
His pathway to learning Computer Science was like most deprived benighted geeky kids from the backwoods of the US in his generation: he has publicly and proudly (and poignantly) stated that he was, to his mind, “lucky enough” to be able to pick up JavaScript and PHP (simply because those are the languages that power the browser, so they must be good) – blissfully unaware of the fact that PHP is generally regarded by serious coders as being a “fractal of bad design”, and JavaScript is more properly understood to be the “low-level assembly language of the web browser,” as evidenced by the proliferation we are finally seeing of languages which compile to JavaScript, due to the urgent need (already mentioned above) to liberate programmers from the conceptual dungeon of being forced into thinking “at the level of the machine” and allow them to instead work “at the level of the problem domain” – ie, at the level of actual user requirements.
That is the only level where programmers can actually solve real problems for real users, instead of being generally useless and counterproductive and downright destructive, as most Core/Blockstream devs have turned out to be.
Note that the main successes which Core/Blockstream devs like to point to tend to involve re-implementing an existing specification (i.e., merely tweaking and providing efficiency improvements). For example, recall the case they so often proudly point to: their reimplementation of libsecp256k, where the “hard” conceptual thinking (which is basically beyond most of them) had already done for them by earlier programmers, and all they contributed was a more efficient implementation of an existing specification (and not a new specification unto itself).
This is because – as we have seen with their pathetic bungling of the simplest capacity upgrade specified by the creator of Bitcoin – these Core/Blockstream “devs” could not program their way out of a wet paper bag, when it comes to actually implementing necessary features that satisfy actual user needs & requirements.
So, as we have seen, Bitcoin’s so-called “development” is being “led” by a bunch of clueless noobs who think that “being a dev” is about learning whatever implementation languages they happen to find laying around in their little limited world – mostly low-level procedural languages.
This is why they’re only good at understanding “how” to do something. Meanwhile they are utterly incapable of understanding “what” actually needs to be done.
And “what” needed to be done here was abundantly clear in this case – the community has been telling them for months (and alt-coins, by the way, have been implementing these kinds of things). All they had to do was listen to what the community needed, and understand that a Bitcoin that can handle bigger blocks is still Bitcoin, and code that – and then Bitcoin would still safely be far-and-away the top cryptocurrency for now and the foreseeable future (a status which it now no longer so undisputedly enjoys).
They do not have even the most rudimentary understanding of Theoretical Computer Science, because if they did, they would have picked up at least some of these basic Wikepedia-level notions of Type Theory at some point along the way – and they would have understood that the whole “upgrading Bitcoin” debate should properly be framed in terms of the Robustness Principle of “Be conservative in what you send, be liberal in what you accept” aka the notion that “the → type constructor is contravariant in the input type and covariant in the output type – and then it would have been instantly and abundantly clear to them that a client protocol upgrade which allows increasing the blocksize (despite the totally irrelevant fact that it does happen to involve actually installing some new code on the machine) is still “Bitcoin” by any reasonable definition of the term “Bitcoin.”
It was their horrifying failure to understand this elementary Computer Science stuff which allowed idiots like Theymos to mislabel a simple capacity upgrade as an “alt-coin” simply because of the irrelevant historical accident that making a computer system more generalized happens to require installing new code, while making a computer system more specialized does not (which, if you’ve been following along with the concepts here, is actually just yet another reformulation of the Robustness Principle).
When phrased in the proper terminology like this, it becomes clear that the true criterion about whether or not an upgrade is still in some sense “essentially the same” as the previous version has nothing to do with whether new binaries need to be copied onto everyone’s machine or not.
The only thing that matters is the (new versus old) behavior of the code itself – and not whether (or not) different code needs to be installed in order to provide that behavior.
I have no idea whether I’ve been making myself sufficiently clear on this or not. I do hope that people will understand the crucial distinction I’m trying to make here between the desired behavior of the network (which is obviously the only relevant issue), versus whether achieving that behavior does (or does not) require distributing and installing new code on every node of that network.
The only relevant question is the behavior of the network – and not the installation steps that may (or may not) be required to get there.
Or to put it in terms more commonly used in the computer programming industry, which perhaps might be more broadly accessible: The Core/Blockstream devs are tragically confusing rollout issues with behavior issues. The two are orthogonal and should not be mixed up!
The only relevant criterion – which I’ll state again here in the hopes it might eventually sink in through the thick skulls of some clueless Core/Blockstream dev – is:
Upgrades which make the client protocol as conservative (or more conservative) in terms of what the client can send, and as liberal (or more liberal) in terms of what the client protocol can receive ARE STILL “BITCOIN” (i.e., they are not alt-coins).
Obviously, a blocksize increase in Core itself (and by the way, this would have been the simplest and “least contentious” approach, if our so-called leaders had understood the elementary Computer Science outlined in this OP), or a blocksize increase provided by Bitcoin Classic and Bitcoin Unlimited, would clearly satisfy that criterion, so they are still Bitcoin (and they are most emphatically not alt-coins).
At this point, it might be nice if we had a new term like “Streisanded” to capture the clusterfuck we now find ourselves in due to the incompetence of Core/Blockstream / Theymos / Luke-Jr / Adam Back / Greg Maxwell – where an actual alt-coin like Ether now is starting to gain traction (and they’ve ironically ended up having to allow discussion of it on their inconsistently censored forum r\bitcoin despite because of all their misguided and erroneous attempts to label Bitcoin Classic and Bitcoin Unlimited or Core-with-2MB-blocks as alt-coins) – and meanwhile here we are with an artificially suppressed price and artificially congested network, because our so-called “leaders” got the distinction between an alt and an upgrade totally backwards.
Of course, some of us might also believe that the investors behind Blockstream (most of whom, to put it in the simplest terms, probably feel, each in their own way, that they are “short Bitcoin” and “long fiat” and therefore do not want Bitcoin to succeed) are perhaps quite happy to have devs (and a community) who have been ignorant of basic Computer Science stuff like the Robustness Principle – so they’ve let this debate fester on using the wrong terminology for years – and so here we are today:
  • Instead having a innovative community and a coin whose value is steadily rising and a network smoothly processing our transactions… all that cool stuff is happening with an actual alt-coin.
  • And meanwhile, the simple upgrade we should have had is still tragically and erroneously mislabeled as an “alt-coin” by a large chunk of the community, and we have stagnant debate, misinformed debaters, an undelivered roadmap, an artificially congested network, artificially depressed volume, an artificially suppressed price, and potential new adopters (and coders) staying away in droves.
And this tragedy has happened because:
  • we let our development be led by people who know a few things about coding but actually surprisingly little about Computer Science in general, and
  • we let our discussions be led by people who know a few things about how to control communities but very little about how to help them grow.
submitted by ydtm to btc [link] [comments]

[GUIDE] The way I came up to have live Bitcoin and others cryptocurrencies prices on your own Excel portifolio!

The original post is on steemit, but I can't post steemit links in this subreddit how here is the tutorial in text:
I've seen some tutorials on how to import Coinmarketcap data into excel, but most of them are a little too time consuming as you need to create a new worksheet for every different coin. Here is the way I found that works the best for me. We will be creating a custom excel funcion. Here is the step by step guide:
Edit: I've just update the article to include variants of the custom function for data other than price. (Market Cap, Volume, Supply, etc).
First, create a new file (or use your own portifolio workbook) and on the "Data" tab click on "New Query" -> "From Other Sources" -> "From Web".
Past this link: "https://api.coinmarketcap.com/v1/ticke" and click OK.
A new widow will pop up. Click on "To Table" at the top left corner and hit OK.
Click on the small grey box with two arrows pointing in opposite directions next to "Column1" and press OK. Here you can select what info do you want excel to load. I personally load all of them as you can later retreive any data you want from this source.
Now click on "Close & Load"
A new worksheet will be created. Rename it to "CMC". Note: It's important to rename it exactly to "CMC", we will use a macro that will search for a "CMC" worksheet.
Select the first cell of the first column and click on the "Data" tab -> Refresh All -> "Connection Properties" -> Select "Refresh every" and set the interval you want your prices updated (I set to 20) and select "Refresh data when opening the file"
Press ALT+F11 and a new widnow should open up. Now create a new module as shown below.
Past this code:
Function CMCPrice(CMCTokenSymbol As String)
Application.Volatile
CMCPrice = WorksheetFunction.VLookup(CMCTokenSymbol, Worksheets("CMC").Range("$C:$M"), 3, 0)
End Function
Now it's all set. The code above added a custom function to excel. You can now retrieve the price of any coin registered on Coinmarketcap. To retrieve a price from Bitcoin for example, type =TokenPrice("BTC") on the cell you want the price at.
I hope I've helped you! :D
Note: Remember to save your workbook as a macro enabled workbook or else the macro will not be saved.
submitted by AACoimbra to Bitcoin [link] [comments]

Cryptocurrency symbols are not unique

Cryptocurrency symbols are not unique
Coinmarketcap keeps records of more than 2100 cryptocurrencies. How many times can we detect BIT, BTB or PUT symbol? We do not know whether the reason is in poor imagination or failure to check the market, but here is a list of coins with identical symbols.
One symbol — three coins:
🔻 BIT — BitRewards, BitMoney, First Bitcoin
🔻 BTB — Bitibu Coin, BitBar, BitBall
🔻 BITS — Bitswift, Bitcoinus, Bitstar
https://preview.redd.it/k1c0btc57je21.jpg?width=1280&format=pjpg&auto=webp&s=0bf2056ffed571871d29982098e96013118c8488
One symbol — two coins.
🔻 ALT — Alt.Estate token, Altcoin
🔻 ARB — Arbit, ARBITRAGE
🔻 AT — AWARE, ABCC Token
🔻 BBK — Brickblock, Bitblocks
🔻 BET — DAO.Casino, BetaCoin
🔻 BLZ — Bluzelle, BlazeCoin
🔻 BOX — BOX Token, ContentBox
🔻 BTM — Bytom, Bitmark
🔻 BTX — Bitcore, Bitcoin X
🔻 CAN — CanYaCoin, Content and AD Network
🔻 CAT — BlockCAT, BitClave
🔻 CBC — CashBet Coin, Cashbery Coin
🔻 CEN — Coinsuper Ecosystem Network, Centaure
🔻 CMCT — Crowd Machine, Cyber Movie Chain
🔻 CMS — COMSA [XEM], COMSA [ETH]
🔻 CMT — CyberMiles, Comet
🔻 CPC — CPChain, Capricoin
🔻 DFT — DraftCoin, DigiFinexToken
🔻 EDR — Endor Protocol, E-Dinar Coin
🔻 ETT — EncryptoTel [WAVES], EncryptoTel [ETH]
🔻 EVN — EvenCoin, Envion
🔻 FAIR — FairCoin, FairGame
🔻 FT — Fabric Token, FCoin Token
🔻 GCC — Global Cryptocurrency, GuccioneCoin
🔻 GENE — Gene Source Code Chain, Parkgene
🔻 GET — GET Protocol, Themis
🔻 GOT — ParkinGo, GoNetwork
🔻 HC — HyperCash, Harvest Masternode Coin
🔻 HMC — Hi Mutual Society, HarmonyCoin
🔻 HOT — Holo, Hydro Protocol
🔻 IQ — Everipedia, IQ.cash
🔻 KEY — Selfkey, KEY
🔻 KNC — Kyber Network, KingN Coin
🔻 KNT — Kora Network Token, Knekted
🔻 LBTC — LiteBitcoin, Lightning Bitcoin
🔻 MAG — Magnet, Maggie
🔻 MORE — More Coin, Mithril Ore
🔻 MTC — doc.com Token, MTC Mesh Network
🔻 NTK — Neurotoken, NetKoin
🔻 ONG — SoMee.Social, ONG
🔻 ORS — Origin Sport, ORS Group
🔻 PAI — PCHAIN, Project Pai
🔻 PLC — Polcoin, PLATINCOIN
🔻 PLY — PlayCoin [ERC20], PlayCoin [QRC20]
🔻 PUT — Profile Utility Token, PutinCoin
🔻 PXC — Phoenixcoin, Pixie Coin
🔻 QBT — Cubits, Qbao
🔻 RED — RED, RedCoin
🔻 RKC — Rookiecoin, Royal Kingdom Coin
🔻 SCC — SiaCashCoin, StockChain
🔻 SLT — Smartlands, Social Lending Token
🔻 SOUL — Phantasma, CryptoSoul
🔻 SPD — SPINDLE, Stipend
🔻 TIT — TittieCoin, Titcoin
🔻 TOK — Tokugawa, TOKOK
🔻 USC — Ultimate Secure Cash, USDCoin
🔻 WEB — Webcoin, Webchain
🔻 XIN — Mixin, Infinity Economics
🔻 XRA- Xriba, Ratecoin
It seems like unique things turn out to be not exclusive at all. Stay alert!
submitted by bonumchain to CryptoNews [link] [comments]

An open letter to Vitalik re: The DAO

Estimated Reading Time: 14 minutes.
TL;DR; I'm making the case that hard forking the Ethereum block chain to defeat the assault on The DAO's ether treasury isn't just okay to do, it's the responsibility of the platform to protect its interests at the expense of other interests which are hostile to its assets.
All organisms have the right to self defense - digital organisms must assert this right if they expect to survive. Any organism that refuses to defend itself against attack is effectively suicidal and essentially declaring itself as cheaply plundered 'food' from an evolutionary perspective.
At the same time, I'm also asserting that the person or people who attacked The DAO performed a service that has legitimate value. So while it's ethical to limit the damage done, it's also ethical to pay people fair value for services rendered - even if those people rendered those services in a hostile way. Paying them fairly stands a good chance of making them less less hostile, don't you think?
Finally, I suggest some changes to be included in the hard fork to drastically reduce the vulnerability of code running on Ethereum by requiring gas not only to execute code, but to execute test code with sufficient path coverage to reduce execution risk to acceptable levels and requiring bug bounties commensurate with the size and complexity of the code base that's being loaded on to the network.
This change, I assert will naturally lead to an economy of very well tested modularized code with economically capped complexity which it makes sense to share, for a fee commensurate with its 'security rating', to be wired together with other well-tested modules so less capable programmers can build their own drag and drop smart contracts without unintentionally compromising the network.
And by doing the work we should have done in the first place as we redesign The DAO and then write, test, and bounty the code properly, we'll then know about how much it's fair to pay the hacker after the hard fork removes his loot. I suggest that we pay 10x what it would have cost us to do this correctly in the first place - both so we'll all remember it and to say 'thanks' to a capable adversary for waking us up to a potentially lethal problem had we discovered it later.
The "lethal" part comes up in some discussion about protecting ourselves from emergent AI now rather than later on a network where code is intended to be available for execution forever. This TL;DR; is getting TL;DR; though, so please read on if any of that interests you. /TL;DR;
Vitalik,
I have a few ideas for moving forward past this DAO issue. First, I think a hard fork making investors whole and denying the black hat 'tester' from a potentially network threatening payday is not only okay - it's compulsory, especially if it's presented in the right way, both technically and socially. The following is what I think is that 'right way.'
If this is explained honestly as being a fix, happening at a similar point in the evolution of DAO coding methodology to the maturity of the network itself when the bad fork canary and other safety measures were in place, then I think the people who support Ethereum because they share your vision of what it can become are going to understand that.
In fact, I'm confident many of them will admire not only the action taken, but the manner in which it was done.
Let's all own the mistake. Acknowledge it. Accept the fact that we will make other mistakes in the future, but that we're going to do everything we know how to do to make sure we won't repeat this one.
Then explain how we're going to do that, and move on with all of those who can see the honesty and sincerity of that statement and the intent of the actions taken.
No one is perfect. We all make mistakes. But hopefully we learn from them. Deep down, I think most people understand that, even if some of them will still scream "moral hazard" from the rooftops of reddit until the cows come home because they have a tribal psychological attachment to a different technology or cult of personality.
Or for arbitrary reasons: they don't trust Russians, they don't like young people, whatever. Or they may just legitimately not understand that innovation isn't a straight line up and to the right.
You can't reach those people - except for the last group - ignorance isn't shameful and it is very fixable. Apart from them, the others will be against you no matter what you do. Most of those people were already dismissing Ethereum as a scam or an alt-coin anyway.
Sacrificing the safety of the network or the financial and mental health of some overly enthusiastic (or, let's be honest - in some cases, a bit greedy and naive) early supporters in exchange for praise, respect, or support that will never come is a losing move. It costs the people who support Ethereum and/or The DAO dearly, and it results in little or no positive change.
There's no logic to making that move at all. Ethereum needs to do what's good for Ethereum and its supporters - not what it hopes might silence its critics. There will always be more critics. That's a losing strategy.
So hard fork to deny the attacker and restore the duped and self-duped. Full disclosure: that includes me. I knew there was a lot of risk to investing in something like this so I only invested an amount I was fully willing to lose - just for the experience of participating and being motivated to learn how it works.
Though obviously somebody was much more motivated than me - more motivated than all of us. And that's good - we need people like that. But we need to negotiate a fair exchange for their services in testing our code, not neglect security and therefore allow them to dictate the terms.
A dangerous animal can be your best friend, if you understand how to negotiate a compromise between its needs and yours successfully. I know this from experience - I have a very friendly pit bull. Neglect its needs - a well funded code bounty program, in this case, and you're going to get bit. A lot.
I don't want to have to read the damn DAO code. I want a hacking pit bull to do it for me, in fact, I'd prefer a pack of the baddest and meanest ones there are. I just don't want to get ripped off on the exchange of value.
Because there is legitimate value in what this hacker did. We are going to learn to do things in a much smarter way in response to it, because this community and this network are resilient and anti-fragile, respectively. We just over paid for the service.
But I recognize that other people did invest more than they were prepared to lose in this very complicated experiment. Some people who support your vision are going through a lot of very real pain right now, and so if we can stop that at a reasonable cost, then how can we not? Especially if it's strategically the right thing to do.
If there's one guiding principle I'm pretty confident when following - it's harm reduction. "Harm to whom?," I can hear some asking. Harm to the supporters of Ethereum and The DAO. The hacker invited a defensive response when he attacked the DAO, and it was an assault by any fair definition of the term, as I'll explain below.
The organism protects itself first, or it dies. This is digital evolution and the stakes are existential.
Some speculators and ideologues will move on. Those who 'get it' will still be here. And that's the support you really need to continue developing this platform and ecosystem - the support of those who aren't going to run away when we encounter problems. Because we will. And then we'll fucking fix them.
Because that's what invention is. It's messy. It's a process, not a moment in time. It's not like the movies. There is no single, all encompassing "Ah ha!" moment. You get little "ah ha's...' as you go. Mixed in with a bunch of "aw, shit!" moments as well. That's just how it goes.
Literally, the symbol for the "Ah ha!" moment is a cultural distortion. There were a lot of failed experiments between Edison's own "Ah ha!" moment and the moment he saw a stable and working light bulb.
Expecting people to invent a whole new world out of thin air - or out of the ether, as the case may be - based on very different principles from those of the failing systems that have created the circumstances from which it has a chance to emerge - well, that's complicated stuff.
Finding a coil that converts sufficient electricity into light while not destroying itself in the process for a reasonable amount of time is child's play compared to the places where Ethereum is going and the problems it needs to solve. But this is nothing new. Even Edison recognized and suffered from the effects of this cultural blindness:
When a reporter asked, "How did it feel to fail 1,000 times?" Edison replied, "I didn’t fail 1,000 times. The light bulb was an invention with 1,000 steps."
But there's an even stronger case for doing this, I believe, if you also use the necessity of the hard fork to add features which would reduce the chances of our experiencing similar issues in the future by enforcing the funding of code bounties and test/fall-back designs proportional to the gas required to execute the test harness against the code. With the test harness scaling that cost to account for the exponential complexity of adding and integrating a larger code base, since the test code must bloat exponentially faster than the code base in order to keep up.
This will keep modules of code manageable in size, because producing more complex modules will quickly become cost prohibitive past the targeted scale.
There's been a lot of talk about how Ethereum block-chain code needs to be of space shuttle quality caliber, because the intent is that once it starts, it doesn't stop.
And I agree that we need to be thinking in those terms. In fact, we need to be thinking of answers to questions like: what would we do if this network were eventually used to bootstrap a super-intelligent AI? Are we prepared for that? How could we manage that?
There was a story in the news recently about a machine learning robot that escaped its confinement. An accident? Maybe. But accident or not, those kinds of accidents in the future are inevitable, so we need to get out ahead of this problem sooner rather than later.
So let's ask ourselves, how could we avoid the existential crisis of the unexpected appearance of an all-powerful force that no one could stop, but that one person drained all of the 'control tokens' from, by exploiting an extremely complex recursive call bug, generated by a blockchain scanning neural net equipped hacker-bot, just after it went live, and whose owner is now the cruel slave master of the entire human race?
When I read that back, I'll admit my first impulse is to laugh, but am I wrong to worry? Isn't this apocalyptic future simply an extrapolation of current trends?
I think those are the kinds of questions we need to be asking of ourselves if we expect to deploy bullet proof code. Immortal code. AI code that can contain other AI code. That's the level of bullet proof we need to be bringing to the table.
And we have to get that right, right now. We can't put it off until later, because any bad code that is deployed to the network today, becomes a potential attack vector for any bot smart enough to discover it and understand how to amplify the effects of exploiting it, probably by chaining its inputs and outputs with other buggy code it has discovered, effectively crafting a computational lock pick to escape its constraints.
Some black hat hacker was smart enough to figure out how to orchestrate manipulative calls to multiple functions on The DAO interface in order to exploit it to their severe advantage.
And to those people who think no crime against property was committed, I would say this: what the hacker did was to manipulate a software 'lock' on a safe in much the same way that an 'irl' criminal would exploit the vulnerabilities of a physical lock with a pick, or a safe with a stethoscope, or a electronic lock with a code breaker. There's a difference between welcome interaction and unwelcome interaction, and this was clearly an assault on a well intended but imperfect digital defense mechanism.
Do we let safe crackers keep their loot because combination lock manufacturers haven't perfected the art of producing perfectly silent tumblers yet? Is that a legitimate defense in any rational discussion of guilt or innocence, much less in any historical court of law?
People are bringing up the concern that if the network developers intervene in this way, then it opens up a path for irl government to assert control over the content deployed to the network.
Well, that is a very real concern. But I think the right response to that concern is to assert that only the network is competent enough to protect itself, judge when an assault against digital property has been perpetrated, and then make a ruling to reverse the harm that was caused to those against whose property an offense was committed.
What's wrong with that? Even libertarians believe in the right of self defense. And in an increasingly complex digital economic ecosystem, why on Earth would any platform recuse itself of the right to defend against what it determines to be an attack, via whatever governance process it has in place?
That's not a governance plan, it's a suicide pact. You can't rely on the old system to police the new one. That would be like trying to mine Bitcoin on an Apple //e. It's preposterous, and for exactly the same reason - the capability gap is just way too vast.
So if you can't rely on the old system to protect you, and you can't survive without being able to protect yourself from attack, then what's the logical option? I think it's to admit that sometimes things will go wrong, and we're going to need to have an agreed up process about how we go about handling those situations.
It's a "catch block," okay? I know, I hate writing them too. But we'd better get good at it. Fast.
And once that governance process is established, then people can decide to alter their level of support based on a clear understanding of what the policies will be if and when things go wrong. There won't be any uncertainty. I think it's the uncertainly that largely contributes to panic.
We don't make perfect stuff. There's no perfect lock, and there's no perfect code. All we can do is to do our best to stay ahead of the curve and make plans to contain the damage from failures. Just like every other manufacturer of an exploitable product or tool has to do. It's an arms race between builders and destroyers.
And some are contemplating giving in to a would-be destroyer? On principle? Really? Which principle is that, exactly?
So let's imagine how much more creative a smart hacker-bot tool might be in the future in orchestrating interlocking exploits on code located on millions of future DAO interfaces, which it has all the time in the world (compared to our human DAO hacker) to analyze and scheme with.
That's a losing battle. Unless you modify the design.
Will it be expensive to adjust network usage fees to enforce the creation of bounty markets which balance code protection with code production? Yes, it probably will be.
But I think it's become evident in the last couple of days that the costs of not doing that may be far higher. And the stakes only get higher as we move forward.
But there are benefits that go along with the costs, if we take advantage of them. Another strategy I think would be helpful to adopt is a formalized policy and technology stack for constructing Dapps from high-bounty, long-deployed libraries of modules to reduce the costs of software development without sacrificing quality and security.
In other words - I think creating new programs on Ethereum in the future should be inversely expensive with respect to their degree of modularized code re-use. The economy should incentivize code re-use by making it economically attractive to expend the capital required to design, code, and then pay for bounty testing and attack targeting, in order to have a 'certified' module that anyone can incorporate into their own smart contracts - for a fee that corresponds to the amount of bug bounty and test capital that has been invested in that code.
There's no free lunch. If we want the best code humans can produce, then we have to pay for it. One way or the other.
This approach would also have the nice side-effect of making coding a smart contract via a drag and drop interface come about much sooner rather than later. But you should only put code like that into the hands of inexperienced developers once it has been sufficiently tested by experts and the very best malicious attackers.
Doing otherwise might be considered the digital equivalent of handing hand grenades to babies. It's a really bad idea to release buggy code out into the wild, and unless Ethereum has protocol level protection against that, I don't see how you prevent that from happening with Turing complete scripts.
The code base will eventually reach a complexity/error collapse point that exposes more and more weaknesses to ever less sophisticated attacks. That seems like a losing strategy.
Finally, I would also suggest that before the hard fork replaces the DAO members' ether a sum be subtracted and sent to the DAO hacker's address. And that sum, I would suggest, should be an order of magnitude larger than the cost of developing and executing the test harness that would have been required to spot the error plus the estimated value of the bounties that would have been lost had the code been running unprotected over the period of time it took to develop the test suite.
In my opinion, this is a way to try to balance harm reduction for both sides. Pay the hacker generously for the flaw they pointed out that we need to learn how to systematically fix, not just for one contract on the network, but for all of them. But also protect the network and its supporters.
I think that's a reasonable policy for governance - do everything possible to protect against attacks and also respect fair exchanges of value with outside parties - even those parties who were guilty of a thwarted attack. Treat your adversary with respect, in other words. Pay them fairly for testing your steel.
Ultimately Ethereum will succeed or fail based on its ability to deliver on your vision, not on the number of mistakes we had to overcome to get there. So please stay faithful to the supporters of that vision. Together I think we're all going to do some amazing things.
Sincerely,
BadLibertarian
submitted by BadLibertarian to ethtrader [link] [comments]

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