Bitcoin Miner for sale eBay

[For Sale] Butterfly Labs 5 GH/s Jalapeño ASIC Bitcoin Miner - runs at ~6.7 to 7.3 GH/s stable

I want to sell: Butterfly Labs 5 GH/s Jalapeño ASIC Bitcoin Miner
The price in BTC (includes shipping): 1 BTC to 134Z2Sv5B7UwUhoSxypaXGyjqHKWoTWUgv
I am willing to ship to: USA (others negotiable and not for free)
Images of my product: http://imgur.com/a/EcgZh
Proof of hardware and hash rate in images linked above. Note that trail off at end of graphs is from shutting down the miner purposefully.
I am the first owner, and I received this miner directly from Butterfly Labs less than 48 hours ago. I still have the original box, power supply, USB cable, and of course the miner.
After tinkering with it for a few hours I have successfully mined Bitcoins (BTC), Freicoin (FRC), and Zetacoin (ZET) using my MacBook Pro and the miner GUI Asteroid. Pretty cool stuff. I have a few fractions of BTC in my wallet now so I can say that, "I mined cryptocurrencies back when I was your age" to the grandkids one day.
Now that my curiosity is sated, I'd like to pass this ASIC on to another aspiring minetinkeregeek and let them have a go at it. I can offer help if you are running Mac OS X.
If you are in the Seattle, WA area I'll deliver in person and help you get it up and running.
submitted by JLHawkins to SeaList [link] [comments]

Bi•Fury 5 GH/s USB Miner is for sale on cryptothrift.com for Bitcoin and Litecoin https://cryptothrift.com/auctions/crypto-mining-asic/bi%e2%80%a2fury-5-ghs-usb-miner-2/

Bi•Fury 5 GH/s USB Miner is for sale on cryptothrift.com for Bitcoin and Litecoin https://cryptothrift.com/auctions/crypto-mining-asic/bi%e2%80%a2fury-5-ghs-usb-miner-2/ submitted by duetschpire to cryptothrift [link] [comments]

5 gh/s bifury Fastest usb miner on the market is for sale on cryptothrift.com for Bitcoin and Litecoin https://cryptothrift.com/auctions/crypto-mining-asic/5-ghs-bifury-fastest-usb-miner-on-the-market-2/

5 gh/s bifury Fastest usb miner on the market is for sale on cryptothrift.com for Bitcoin and Litecoin https://cryptothrift.com/auctions/crypto-mining-asic/5-ghs-bifury-fastest-usb-miner-on-the-market-2/ submitted by duetschpire to cryptothrift [link] [comments]

Bi•Fury 5 GH/s USB Miner is for sale on cryptothrift.com for Bitcoin and Litecoin https://cryptothrift.com/auctions/crypto-mining-asic/bi%e2%80%a2fury-5-ghs-usb-miner/

Bi•Fury 5 GH/s USB Miner is for sale on cryptothrift.com for Bitcoin and Litecoin https://cryptothrift.com/auctions/crypto-mining-asic/bi%e2%80%a2fury-5-ghs-usb-mine submitted by duetschpire to cryptothrift [link] [comments]

Butterfly Labs Jalapeno 7+ GH/s BFL ASIC Miner - For Parts - Not Working is for sale on cryptothrift.com for Bitcoin and Litecoin https://cryptothrift.com/auctions/crypto-mining-asic/butterfly-labs-jalapeno-7-ghs-bfl-asic-miner-for-parts-not-working-5/

submitted by duetschpire to cryptothrift [link] [comments]

5 gh/s bifury Fastest usb miner on the market is for sale on cryptothrift.com for Bitcoin and Litecoin https://cryptothrift.com/auctions/crypto-mining-asic/5-ghs-bifury-fastest-usb-miner-on-the-market/

5 gh/s bifury Fastest usb miner on the market is for sale on cryptothrift.com for Bitcoin and Litecoin https://cryptothrift.com/auctions/crypto-mining-asic/5-ghs-bifury-fastest-usb-miner-on-the-market/ submitted by duetschpire to cryptothrift [link] [comments]

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submitted by A_lot_of_damage123 to AdvertiseEverything [link] [comments]

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submitted by MULTIELECTRONICS to u/MULTIELECTRONICS [link] [comments]

Obelisk's Sia ASICs - Full Details

https://obelisk.tech
Sia is releasing a 28nm, full-custom ASIC. This ASIC will be a complete package, similar to an antminer. You will receive a mining box that includes chips, power supplies, etc. Minimal setup will be required to get the miner working.
The miner is in early development already. We have begun the process of chip design, hardware design, and supply chain management. We have had conversations with previous ASIC manufacturers, and we have been warned about delays, unexpected costs, and myriads of pitfalls that throw off estimations. For this reason, we have set a conservative shipping date of June 2018. If the miners are ready sooner, they will be shipped sooner. If all goes well (and it rarely does, especially for first time manufacturers), we could see the miners shipping before March 2018.
Following the presale, we will be posting a development roadmap on our website that includes all the major steps of development. We will be crossing off steps in the roadmap as we complete them, which will allow the community to follow our progress, have visibility into delays, and will be able to see the places where we are ahead of or behind schedule.
The estimated hashrate is 100 GH/s. We will not know the exact hashrate until later in the development process, however we have confidence that 100 GH/s is a low bar to hit. We may end up shipping miners with a much higher hashrate, and will continue updating the estimated hashrate as we get more accurate estimates for how the chips will perform. The estimated power draw is 500w, though it may be significantly less.
The price of the unit is going to be $2499. Chip manufacturing is expensive, supply chains are expensive, and there are a lot of single-time costs that go into making miners. Future batches will likely have lower prices, however they will also ship later.
We will be selling the miners for Bitcoin. We expect the sale volume to be very large (in the tens of millions of dollars), and we feared that the Sia cryptocurrency would not have enough liquidity to handle all of that volume, resulting in the price rising quickly as people scramble to buy Siacoin for the ASIC, and then the price falling quickly as we convert the Siacoin to USD. This is the worst of both worlds - participants buy the siacoin at a premium, and then we sell them at a discount. Bitcoin has much, much deeper liquidity, and we can sell large volume of Bitcoin quickly without moving the price too much.
We will be converting the Bitcoin to USD as fast as possible. If the price fluctuates by more than 5% before we are able to convert, we will need to request more coins to cover the difference, or cancel the order. If the price fluctuates upwards by more than 5% before we convert, we will return the difference.
The sale and shipment of ASICs on the Sia network is going to dramatically increase the hashrate. When considering how much revenue you may get from a unit, please take into account the fact that we are selling enough units to potentially 10x or 100x the difficulty. If another ASIC manufacturer decides to start selling Sia ASICs, the hashrate may go up by more than just the number of units we sell. Please also consider that the block reward is decreasing. Today, the block reward is about 189,000 siacoins per block. By June 2018, our ship date, the block reward is going to be closer to 135,000 siacoins per block, decreasing by 1 siacoin per block (or 4320 siacoins per month).
The presale will be open for 7 days. There is no rush - people who buy on the fourth day will receive the same treatment as people who buy on the first day. The sale will not close early, and while we reserve the right to deny purchases, we have chosen not to put a cap on the number of units sold. We may pre-sell additional batches before the first batch ships. The first batch will have priority when we begin shipping, and if the later batches will be shipping shortly after, those later batches will be sold at a higher price. People who buy in on the first batch will receive both price preference and shipping date preference as a reward for taking on the most risk.
Obelisk is the company that will be producing these chips. Obelisk is a fully owned subsidiary of Nebulous Inc. Nebulous is the company that employs all of the Sia core developers.
Obelisk has plans for growth in the future. None of these plans are finalized as we are primarily focusing on shipping this miner, but potential future products include:
Finally, we plan to introduce decentralized mining pools into the Sia ecosystem before we ship the miners. Hosts will have the option of running their own mining pool, and then miners can detect the hosts by checking the blockchain and the peer network, forming payment channel contracts with them and participating in fully decentralized mining. This should help alleviate the pool centralization that is seen in most PoW cryptocurrencies.
We are very excited about our new company, and hope that you share in our excitement. Feel free to ask any questions.
submitted by Taek42 to siacoin [link] [comments]

Bitcoin Mining Hash Rate Plummets To 35 EH/s, Increasing Centralization Of Bitcoin Mining

Bitcoin Mining Hash Rate Plummets To 35 EH/s, Increasing Centralization Of Bitcoin Mining

https://preview.redd.it/7qe13wsg3yz11.jpg?width=600&format=pjpg&auto=webp&s=cdb3cb372c118e1bde3b75332739ab61ca868e21
http://genesisblocknews.com/bitcoin-mining-hash-rate-plummets-to-35-eh-s-increasing-centralization-of-bitcoin-mining/
The Bitcoin mining hash rate had been exponentially increasing from 2009 through August 2018, from MH/s, to GH/s, to TH/s, to PH/s, and now EH/s. The all-time record high for Bitcoin’s mining hash rate was 62 EH/s on 26 August 2018.
After that point the trend broke, and Bitcoin’s mining hash rate plateaued. This was due to a combination of two factors. First, the Bitcoin bear market brought Bitcoin’s price down from USD 20,000 to about USD 6,500, making mining much less profitable. Second, Bitcoin’s mining difficulty had been rapidly rising despite the bear market, as all the new hash power came online. The end result was there was no more room to profitably add hashing power to the Bitcoin network.
It was thought that Bitcoin’s support level was solidly at USD 5,800, but that paradigm broke when Bitcoin Cash forked, the Securities and Exchange Commission began to launch catastrophic civil penalties against initial coin offerings (ICOs), and the launch of physical Bitcoin futures on Bakkt was delayed. This trifecta of extremely bad news within 1 week has brought Bitcoin’s price down to USD 4,400.
This unexpected crash in Bitcoin’s price has been destructive for the mining industry. Many mining farms were right at the break even point, or perhaps even losing some money, but expecting Bitcoin to go up in the near future so they kept mining. Now Bitcoin’s hash rate has plummeted to 35 EH/s, implicitly indicating about 25 EH/s of Bitcoin mining rigs have been taken offline since they are no longer profitable due to electricity costs.
This represents billions of USD of Bitcoin mining equipment going to complete waste, since Bitcoin mining rigs have no real use besides mining Bitcoin. The events unfolding in the Bitcoin mining space could spell doom for mining rig manufacturers. Now the market for rigs is completely over-saturated, and any demand for rigs has probably dried up. Mining rig manufacturers could perhaps rectify this by rapidly developing cutting-edge technology, like what Bitmain did when they recently released 7 nm rigs.
Speaking of Bitmain, no matter how good their technology is, unless Bitcoin’s price rises soon they are going to experience their lowest sales numbers in history. There is a chance this will throttle their attempt at an initial public offering (IPO) on the Hong Kong Stock Exchange, and if that IPO falls apart that will send more shockwaves through the crypto space.
On a final note, Bitcoin mining supersites that cost hundreds of millions of USD have been popping up across the globe recently, and these have been forcing personal miners out of business, since the supersites are far more cost effective per unit of hash rate. The crash in Bitcoin’s mining hash rate we are seeing right now could very possibly be individual miners collectively shutting down their rigs, leaving just the supersites. This could drastically increase the centralization of the Bitcoin mining network, and therefore increase the centralization of Bitcoin itself.
GenesisBlockNews believes it is a dangerous trend for Bitcoin’s hash rate to increasingly be in the control of a select few corporations.
submitted by turtlecane to Bitcoin [link] [comments]

Asicpower AP9-SHA256 Review


Asicpower AP9-SHA256 Review

Bitmain is regarded as one of the most influential companies in the ASIC mining industry. It is estimated that they have manufactured approximately 53% of all mining equipment.Without including their mining profits, that’s around $140 million dollars in sales. These figures are staggering, but Bitmain’s monopoly of the Bitcoin ASIC market may come to an end, following the release of PowerAsic’s asicpower AP9-SHA256.

About the asicpower AP9-SHA256

Designed with brand new technology and boasting 94 TH/s per miner, the AP(-SHA256 is the most powerful and efficient Bitcoin miner to date.PowerAsic claims they spent $12 million dollars on research, development, and prototypes.PowerAsic also noted that their miners take advantage of ASICBOOST, an exploit of Bitcoin’s algorithm which improves mining efficiency by 20%.An unusual approach separate Powerasic’s miner to the other manufactures is the implementation of copper heat-sink claimed to have a superior thermal conductivity 69% better than aluminium. Don’t take their words for it but confirm the facts are correct on widely well known and published science documents as this one.The first batch of miners were announced and made available for order in August of 2019, with start scheduled for shipment in September, 2019.
Powerasic claims that the machines are around 40 percent more productive than the most proficient ASIC on the market, Bitmain’s Antminer S17.According to PowerAsic, they started a mining project with the aim to bring much needed competition to the market…We want to ‘make SHA256 great again.Sitting at the hefty price of $2,795.00, the powerasic AP9-SHA256 is far from affordable for the average person. Fortunately, due to the newly born rivalry between Bitmain and Powerasic, the price will probably lower with time and competition.The power supply for this unit is included and integrated in the top-box also including the controler card as a one unit. You will also get standard power cable, network cable, manual and software in the packet. In comparison to the price of the Antminer S17 , the Powerasic AP9-Sha256 is a better value.

Power Supply

The integrated PSU 3300W has a inputVoltage 220V 50Hz 30A. There are 2 fan 40mm., 1 fan 60mm to keep it cool and the power cable 3 legs following CEE 7 standard.Professional mining hardware runs optimally at 220-240V, hence why mining farms step down their own electricity supply to 220-240V. Note that 220V current is only found outside of the US – American outlets are 110V by default. Unless you want to hire an electrician, this could cause some people trouble adapt to the eficient and recomended 220V power needed, still 110V will get the job done, but they are not ideal for optimum mining performance.

Power Consumption

Thanks to the powerasic AP9-HA256’s new 7nm generation of ASIC chips, the AP9-SHA256 has become the most electrically-efficient miner on the market.Consuming merely 30.J/TB, or 2860W from the wall, the 16T is 30% more electrically-efficient than the Antminer S17.

Profitability

Powerasic ’s new ASIC technology is impressive. When compared to its closest competitor, the Antminer S17, the powerasic AP9-HA256 is the clear winner. It hashes at 94 TH/s, as opposed to the S17’s 56 TH/s. Moreover, the the AP9-HA256 consumes 30J/GH, whereas the S17 consumes 39-45J/TB.The difference in power consumption is miniscule, but when it comes to large-scale mining, the the AP9-HA256’s edge will drastically increase the profitability of a mining operation. This ASIC is profitable not only for mining on a large scale, but for the individual miner as well.Take a look at the projected mining profitability of a single miner:Note that is appears profitable even with high electricity costs ($0.1 per KW/h). With $0.05 / KW/h it’s even more profitable:📷Each powerasic AP9-HA256 will generate about $6,009 per year (calculated with 1 BTC=$10,141.5). Mining profitability may vary. You can usethis free profitability calculator to determine your projected earnings.

Is powerasic AP9-HA256 a Scam?

There is been a lot of talk on Twitter that powerasic AP9-HA256 is a scam. It appears it is not, as many users are already claiming to have received their miners.Slush, the creator ot Slush Mining Pool and the TREZOR hardware wallet, claims on Twitter that he has seen units and knows people who have had their miners delivered:

Verdict: Is The Antminer S17 Outdated?

When the first batch of Bitmain’s Antminer S17 ASICs reached the eager hands of miners, they were all the rage. The S17 was renowned as the most efficient ASIC miner on the market. Many used the S17 as the industry’s golden standard.Up until the launch of the powerasic AP9-HA256, it was the golden standard.But, now?Things have changed.Not only is the powerasic AP9-HA256 more powerful than its predecessor from Bitmain, but also more efficient, and therefore, more profitable.Ever since the announcement of the new ASIC, there was widespread speculation of its legitimacy – and rightly so.The Bitcoin community has been plagued with small, phony companies manipulating images of preexisting antminers as a ploy to hype up their fake products. Nevertheless, powerasic AP9-HA256 is taking things seriously, and their first batch of miners have lived up to expectations.The fact of the matter is, Bitmain’s most powerful and efficient antminer has been dethroned by the new reigning king of ASICs: The powerasic AP9-HA256.

Conclusion

Bitmain has dominated the ASIC market since its inception in 2013.There are a few other companies producing ASICs. However, before the creation of PowerAsics AP9-SHA256., Bitmain was the only company with a proven track record that sold efficient miners directly to the public.Powerasic AP9-HA256 has the potential to bring Bitmain’s monopoly to an end. Powerasic AP9-HA256 has a bright future ahead of them. Now that Bitmain has noteworthy competition, it will be interesting to see how it affects the market. The powerasic AP9-HA256 is the best option (for now) for anyone getting started with mining. Powerasic’s innovation should force other ASIC producers to innovate and force other companies to release new miners with better efficiency. So whether you’re buying a miner now or soon, you’re likely to benefit from the development of this new miner. For more, Visit Us: https://asicpower.net/product.php
submitted by farwa786 to u/farwa786 [link] [comments]

Decred Journal — June 2018

Note: You can read this on GitHub, Medium or old Reddit to see the 207 links.

Development

The biggest announcement of the month was the new kind of decentralized exchange proposed by @jy-p of Company 0. The Community Discussions section considers the stakeholders' response.
dcrd: Peer management and connectivity improvements. Some work for improved sighash algo. A new optimization that gives 3-4x faster serving of headers, which is great for SPV. This was another step towards multipeer parallel downloads – check this issue for a clear overview of progress and planned work for next months (and some engineering delight). As usual, codebase cleanup, improvements to error handling, test infrastructure and test coverage.
Decrediton: work towards watching only wallets, lots of bugfixes and visual design improvements. Preliminary work to integrate SPV has begun.
Politeia is live on testnet! Useful links: announcement, introduction, command line voting example, example proposal with some votes, mini-guide how to compose a proposal.
Trezor: Decred appeared in the firmware update and on Trezor website, currently for testnet only. Next steps are mainnet support and integration in wallets. For the progress of Decrediton support you can track this meta issue.
dcrdata: Continued work on Insight API support, see this meta issue for progress overview. It is important for integrations due to its popularity. Ongoing work to add charts. A big database change to improve sorting on the Address page was merged and bumped version to 3.0. Work to visualize agenda voting continues.
Ticket splitting: 11-way ticket split from last month has voted (transaction).
Ethereum support in atomicswap is progressing and welcomes more eyeballs.
decred.org: revamped Press page with dozens of added articles, and a shiny new Roadmap page.
decredinfo.com: a new Decred dashboard by lte13. Reddit announcement here.
Dev activity stats for June: 245 active PRs, 184 master commits, 25,973 added and 13,575 deleted lines spread across 8 repositories. Contributions came from 2 to 10 developers per repository. (chart)

Network

Hashrate: growth continues, the month started at 15 and ended at 44 PH/s with some wild 30% swings on the way. The peak was 53.9 PH/s.
F2Pool was the leader varying between 36% and 59% hashrate, followed by coinmine.pl holding between 18% and 29%. In response to concerns about its hashrate share, F2Pool made a statement that they will consider measures like rising the fees to prevent growing to 51%.
Staking: 30-day average ticket price is 94.7 DCR (+3.4). The price was steadily rising from 90.7 to 95.8 peaking at 98.1. Locked DCR grew from 3.68 to 3.81 million DCR, the highest value was 3.83 million corresponding to 47.87% of supply (+0.7% from previous peak).
Nodes: there are 240 public listening and 115 normal nodes per dcred.eu. Version distribution: 57% on v1.2.0 (+12%), 25% on v1.1.2 (-13%), 14% on v1.1.0 (-1%). Note: the reported count of non-listening nodes has dropped significantly due to data reset at decred.eu. It will take some time before the crawler collects more data. On top of that, there is no way to exactly count non-listening nodes. To illustrate, an alternative data source, charts.dcr.farm showed 690 reachable nodes on Jul 1.
Extraordinary event: 247361 and 247362 were two nearly full blocks. Normally blocks are 10-20 KiB, but these blocks were 374 KiB (max is 384 KiB).

ASICs

Update from Obelisk: shipping is expected in first half of July and there is non-zero chance to meet hashrate target.
Another Chinese ASIC spotted on the web: Flying Fish D18 with 340 GH/s at 180 W costing 2,200 CNY (~340 USD). (asicok.comtranslated, also on asicminervalue)
dcrASIC team posted a farewell letter. Despite having an awesome 16 nm chip design, they decided to stop the project citing the saturated mining ecosystem and low profitability for their potential customers.

Integrations

bepool.org is a new mining pool spotted on dcred.eu.
Exchange integrations:
Two OTC trading desks are now shown on decred.org exchanges page.
BitPro payment gateway added Decred and posted on Reddit. Notably, it is fully functional without javascript or cookies and does not ask for name or email, among other features.
Guarda Wallet integrated Decred. Currently only in their web wallet, but more may come in future. Notable feature is "DCR purchase with a bank card". See more details in their post or ask their representative on Reddit. Important: do your best to understand the security model before using any wallet software.

Adoption

Merchants:
BlueYard Capital announced investment in Decred and the intent to be long term supporters and to actively participate in the network's governance. In an overview post they stressed core values of the project:
There are a few other remarkable characteristics that are a testament to the DNA of the team behind Decred: there was no sale of DCR to investors, no venture funding, and no payment to exchanges to be listed – underscoring that the Decred team and contributors are all about doing the right thing for long term (as manifested in their constitution for the project).
The most encouraging thing we can see is both the quality and quantity of high calibre developers flocking to the project, in addition to a vibrant community attaching their identity to the project.
The company will be hosting an event in Berlin, see Events below.
Arbitrade is now mining Decred.

Events

Attended:
Upcoming:

Media

stakey.club: a new website by @mm:
Hey guys! I'd like to share with you my latest adventure: Stakey Club, hosted at stakey.club, is a website dedicated to Decred. I posted a few articles in Brazilian Portuguese and in English. I also translated to Portuguese some posts from the Decred Blog. I hope you like it! (slack)
@morphymore translated Placeholder's Decred Investment Thesis and Richard Red's write-up on Politeia to Chinese, while @DZ translated Decred Roadmap 2018 to Italian and Russian, and A New Kind of DEX to Italian and Russian.
Second iteration of Chinese ratings released. Compared to the first issue, Decred dropped from 26 to 29 while Bitcoin fell from 13 to 17. We (the authors) restrain ourselves commenting on this one.
Videos:
Audio:
Featured articles:
Articles:

Community Discussions

Community stats: Twitter followers 40,209 (+1,091), Reddit subscribers 8,410 (+243), Slack users 5,830 (+172), GitHub 392 stars and 918 forks of dcrd repository.
An update on our communication systems:
Jake Yocom-Piatt did an AMA on CryptoTechnology, a forum for serious crypto tech discussion. Some topics covered were Decred attack cost and resistance, voting policies, smart contracts, SPV security, DAO and DPoS.
A new kind of DEX was the subject of an extensive discussion in #general, #random, #trading channels as well as Reddit. New channel #thedex was created and attracted more than 100 people.
A frequent and fair question is how the DEX would benefit Decred. @lukebp has put it well:
Projects like these help Decred attract talent. Typically, the people that are the best at what they do aren’t driven solely by money. They want to work on interesting projects that they believe in with other talented individuals. Launching a DEX that has no trading fees, no requirement to buy a 3rd party token (including Decred), and that cuts out all middlemen is a clear demonstration of the ethos that Decred was founded on. It helps us get our name out there and attract the type of people that believe in the same mission that we do. (slack)
Another concern that it will slow down other projects was addressed by @davecgh:
The intent is for an external team to take up the mantle and build it, so it won't have any bearing on the current c0 roadmap. The important thing to keep in mind is that the goal of Decred is to have a bunch of independent teams on working on different things. (slack)
A chat about Decred fork resistance started on Twitter and continued in #trading. Community members continue to discuss the finer points of Decred's hybrid system, bringing new users up to speed and answering their questions. The key takeaway from this chat is that the Decred chain is impossible to advance without votes, and to get around that the forker needs to change the protocol in a way that would make it clearly not Decred.
"Against community governance" article was discussed on Reddit and #governance.
"The Downside of Democracy (and What it Means for Blockchain Governance)" was another article arguing against on-chain governance, discussed here.
Reddit recap: mining rig shops discussion; how centralized is Politeia; controversial debate on photos of models that yielded useful discussion on our marketing approach; analysis of a drop in number of transactions; concerns regarding project bus factor, removing central authorities, advertising and full node count – received detailed responses; an argument by insette for maximizing aggregate tx fees; coordinating network upgrades; a new "Why Decred?" thread; a question about quantum resistance with a detailed answer and a recap of current status of quantum resistant algorithms.
Chats recap: Programmatic Proof-of-Work (ProgPoW) discussion; possible hashrate of Blake-256 miners is at least ~30% higher than SHA-256d; how Decred is not vulnerable to SPV leaf/node attack.

Markets

DCR opened the month at ~$93, reached monthly high of $110, gradually dropped to the low of $58 and closed at $67. In BTC terms it was 0.0125 -> 0.0150 -> 0.0098 -> 0.0105. The downturn coincided with a global decline across the whole crypto market.
In the middle of the month Decred was noticed to be #1 in onchainfx "% down from ATH" chart and on this chart by @CoinzTrader. Towards the end of the month it dropped to #3.

Relevant External

Obelisk announced Launchpad service. The idea is to work with coin developers to design a custom, ASIC-friendly PoW algorithm together with a first batch of ASICs and distribute them among the community.
Equihash-based ZenCash was hit by a double spend attack that led to a loss of $450,000 by the exchange which was targeted.
Almost one year after collecting funds, Tezos announced a surprise identification procedure to claim tokens (non-javascript version).
A hacker broke into Syscoin's GitHub account and implanted malware stealing passwords and private keys into Windows binaries. This is a painful reminder for everybody to verify binaries after download.
Circle announced new asset listing framework for Poloniex. Relevant to recent discussions of exchange listing bribery:
Please note: we will not accept any kind of payment to list an asset.
Bithumb got hacked with a $30 m loss.
Zcash organized Zcon0, an event in Canada that focused on privacy tech and governance. An interesting insight from Keynote Panel on governance: "There is no such thing as on-chain governance".
Microsoft acquired GitHub. There was some debate about whether it is a reason to look into alternative solutions like GitLab right now. It is always a good idea to have a local copy of Decred source code, just in case.
Status update from @sumiflow on correcting DCR supply on various sites:
To begin with, none of the below sites were showing the correct supply or market cap for Decred but we've made some progress. coingecko.com, coinlib.io, cryptocompare.com, livecoinwatch.com, worldcoinindex.com - corrected! cryptoindex.co, onchainfx.com - awaiting fix coinmarketcap.com - refused to fix because devs have coins too? (slack)

About This Issue

This is the third issue of Decred Journal after April and May.
Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research.
The new public Matrix logs look promising and we hope to transition from Slack links to Matrix links. In the meantime, the way to read Slack links is explained in the previous issue.
As usual, any feedback is appreciated: please comment on Reddit, GitHub or #writers_room. Contributions are welcome too, anything from initial collection to final review to translations.
Credits (Slack names, alphabetical order): bee and Richard-Red. Special thanks to @Haon for bringing May 2018 issue to medium.
submitted by jet_user to decred [link] [comments]

DD on Crypto. Just kidding Allin AMD

Alright, I keep seeing you fucks talk about how "Bitcoin is going to make Nvidia/AMD go to the moon". I'm going to walk all you fucks through bitcoin, crypto currencies, and how they effect the GPU market.
What is Bitcoin?
Bitcoin is a decentralized ledger. That's pretty much it. A set number of bitcoin is generated per block, and each block is solved when a resulting hash is found for the corresponding proof of work. The difficulty is adjusted periodically based on a formula, meaning that as hash rate rises and falls, the number of bitcoins produced per day is roughly the same.
What does Bitcoin have to do with AMD and Nvidia?
Fucking nothing. Bitcoin is mined on proprietary hardware called Application-specific Integrated Circuits (ASICs). Neither AMD or Nvidia produce these.
Why does everyone keep talking about Bitcoin and AMD then?
Because they're fucking retarded and you're listening to retards. Bitcoin runs on the SHA-256 Hashing Function which people have custom hardware for. The Crypto driving GPU sales is ETHEREUM, NOT BITCOIN
What the fuck is Ethereum then?
Don't worry about it. It's for smug assholes who are too edgy for Bitcoin. All you need to know is it runs on a different Hashing function than Bitcoin, so if you weren't a retard you'd probably realize that the proprietary hardware I talked about earlier won't work with it. Currently Ethereum is being mined the same way Bitcoin was when it first started; on GPUs.
When are you going to tell me what to buy
Shut the fuck up, learn something or kill your self.
How many GPUs are being used to mine currently?
Currently the Ethereum Hash Rate is 73,000 GH/s. For upcoming earnings, we should instead look at the period from April to June. April 1st shows a network hash rate of 16,500 GH/s, and June 31st shows 59,200 GH/s, meaning the network hash rate increased by 42,700 GH/s for this upcoming earnings report quarter.
I've linked a decent benchmark for GPU hashrate . You should notice that all of these are quoted in MH/s, versus the Network reporting in GH/s; there are ALOT of fucking GPUs running on the network. A top of the line 1080 puts out about 20-25 MH/s, a good Radeon card does about 30. As a rough estimate, lets assume that the average card mining Ethereum currently produces about 25 MH/s. 42,700GH/s / 25MH/s means that there are 1.7 MILLION more GPUs currently mining ethereum than there were at the beginning of Q1. Based on my personal observations being involved in this, AMD is actually taking a majority market share of the sold cards just due to their superior performance compared to Nvidia's 1080s, and I'd estimate that About 50-60% of the cards currently mining Ethereum are AMD Radeons.
What does this all mean?
AMD are selling their highest margin video cards faster than they can produce them, and at ~250$ a pop with 50%-60% market capture AMD will have sold roughly 200-300 million dollars more in video cards than they did last quarter. AMD quarterly revenue last reported was just under 1 Billion. This is a 20-30% increase in revenue from last quarter, where Ethereum Hash Rate only increased by about 10,000GH/s. Even assuming a modest 30% margin for their video cards, AMD will still have almost 60 million in unexpected earnings this quarter due to crypto mining, which translates to about .06-.1 per share in earnings.
tl;dr
Ethereum will make AMD beat revenue by 20-30%. BUY AMD YOU CUCKS.
submitted by Askmeaboutmyautism to wallstreetbets [link] [comments]

Decred Journal — May 2018

Note: New Reddit look may not highlight links. See old look here. A copy is hosted on GitHub for better reading experience. Check it out, contains photo of the month! Also on Medium

Development

dcrd: Significant optimization in signature hash calculation, bloom filters support was removed, 2x faster startup thanks to in-memory full block index, multipeer work advancing, stronger protection against majority hashpower attacks. Additionally, code refactoring and cleanup, code and test infrastructure improvements.
In dcrd and dcrwallet developers have been experimenting with new modular dependency and versioning schemes using vgo. @orthomind is seeking feedback for his work on reproducible builds.
Decrediton: 1.2.1 bugfix release, work on SPV has started, chart additions are in progress. Further simplification of the staking process is in the pipeline (slack).
Politeia: new command line tool to interact with Politeia API, general development is ongoing. Help with testing will soon be welcome: this issue sets out a test plan, join #politeia to follow progress and participate in testing.
dcrdata: work ongoing on improved design, adding more charts and improving Insight API support.
Android: design work advancing.
Decred's own DNS seeder (dcrseeder) was released. It is written in Go and it properly supports service bit filtering, which will allow SPV nodes to find full nodes that support compact filters.
Ticket splitting service by @matheusd entered beta and demonstrated an 11-way split on mainnet. Help with testing is much appreciated, please join #ticket_splitting to participate in splits, but check this doc to learn about the risks. Reddit discussion here.
Trezor support is expected to land in their next firmware update.
Decred is now supported by Riemann, a toolbox from James Prestwich to construct transactions for many UTXO-based chains from human-readable strings.
Atomic swap with Ethereum on testnet was demonstrated at Blockspot Conference LATAM.
Two new faces were added to contributors page.
Dev activity stats for May: 238 active PRs, 195 master commits, 32,831 added and 22,280 deleted lines spread across 8 repositories. Contributions came from 4-10 developers per repository. (chart)

Network

Hashrate: rapid growth from ~4,000 TH/s at the beginning of the month to ~15,000 at the end with new all time high of 17,949. Interesting dynamic in hashrate distribution across mining pools: coinmine.pl share went down from 55% to 25% while F2Pool up from 2% to 44%. [Note: as of June 6, the hashrate continues to rise and has already passed 22,000 TH/s]
Staking: 30-day average ticket price is 91.3 DCR (+0.8), stake participation is 46.9% (+0.8%) with 3.68 million DCR locked (+0.15). Min price was 85.56. On May 11 ticket price surged to 96.99, staying elevated for longer than usual after such a pump. Locked DCR peaked at 47.17%. jet_user on reddit suggested that the DCR for these tickets likely came from a miner with significant hashrate.
Nodes: there are 226 public listening and 405 normal nodes per dcred.eu. Version distribution: 45% on v1.2.0 (up from 24% last month), 39% on v1.1.2, 15% on v1.1.0 and 1% running outdaded versions.

ASICs

Obelisk team posted an update. Current hashrate estimate of DCR1 is 1200 GH/s at 500 W and may still change. The chips came back at 40% the speed of the simulated results, it is still unknown why. Batch 1 units may get delayed 1-2 weeks past June 30. See discussions on decred and on siacoin.
@SiaBillionaire estimated that 7940 DCR1 units were sold in Batches 1-5, while Lynmar13 shared his projections of DCR1 profitability (reddit).
A new Chinese miner for pre-order was noticed by our Telegram group. Woodpecker WB2 specs 1.5 TH/s at 1200 W, costs 15,000 CNY (~2,340 USD) and the initial 150 units are expected to ship on Aug 15. (pow8.comtranslated)
Another new miner is iBelink DSM6T: 6 TH/s at 2100 W costing $6,300 (ibelink.co). Shipping starts from June 5. Some concerns and links were posted in these two threads.

Integrations

A new mining pool is available now: altpool.net. It uses PPLNS model and takes 1% fee.
Another infrastructure addition is tokensmart.io, a newly audited stake pool with 0.8% fee. There are a total of 14 stake pools now.
Exchange integrations:
OpenBazaar released an update that allows one to trade cryptocurrencies, including DCR.
@i2Rav from i2trading is now offering two sided OTC market liquidity on DCUSD in #trading channel.
Paytomat, payments solution for point of sale and e-commerce, integrated Decred. (missed in April issue)
CoinPayments, a payment processor supporting Decred, developed an integration with @Shopify that allows connected merchants to accept cryptocurrencies in exchange for goods.

Adoption

New merchants:
An update from VotoLegal:
michae2xl: Voto Legal: CEO Thiago Rondon of Appcívico, has already been contacted by 800 politicians and negotiations have started with four pre-candidates for the presidency (slack, source tweet)
Blockfolio rolled out Signal Beta with Decred in the list. Users who own or watch a coin will automatically receive updates pushed by project teams. Nice to see this Journal made it to the screenshot!
Placeholder Ventures announced that Decred is their first public investment. Their Investment Thesis is a clear and well researched overview of Decred. Among other great points it noted the less obvious benefit of not doing an ICO:
By choosing not to pre-sell coins to speculators, the financial rewards from Decred’s growth most favor those who work for the network.
Alex Evans, a cryptoeconomics researcher who recently joined Placeholder, posted his 13-page Decred Network Analysis.

Marketing

@Dustorf published March–April survey results (pdf). It analyzes 166 responses and has lots of interesting data. Just an example:
"I own DECRED because I saw a YouTube video with DECRED Jesus and after seeing it I was sold."
May targeted advertising report released. Reach @timhebel for full version.
PiedPiperCoin hired our advisors.
More creative promos by @jackliv3r: Contributing, Stake Now, The Splitting, Forbidden Exchange, Atomic Swaps.
Reminder: Stakey has his own Twitter account where he tweets about his antics and pours scorn on the holders of expired tickets.
"Autonomy" coin sculpture is available at sigmasixdesign.com.

Events

BitConf in Sao Paulo, Brazil. Jake Yocom-Piatt presented "Decentralized Central Banking". Note the mini stakey on one of the photos. (articletranslated, photos: 1 2 album)
Wicked Crypto Meetup in Warsaw, Poland. (video, photos: 1 2)
Decred Polska Meetup in Katowice, Poland. First known Decred Cake. (photos: 1 2)
Austin Hispanic Hackers Meetup in Austin, USA.
Consensus 2018 in New York, USA. See videos in the Media section. Select photos: booth, escort, crew, moon boots, giant stakey. Many other photos and mentions were posted on Twitter. One tweet summarized Decred pretty well:
One project that stands out at #Consensus2018 is @decredproject. Not annoying. Real tech. Humble team. #BUIDL is strong with them. (@PallerJohn)
Token Summit in New York, USA. @cburniske and @jmonegro from Placeholder talked "Governance and Cryptoeconomics" and spoke highly of Decred. (twitter coverage: 1 2, video, video (from 32 min))
Campus Party in Bahia, Brazil. João Ferreira aka @girino and Gabriel @Rhama were introducing Decred, talking about governance and teaching to perform atomic swaps. (photos)
Decred was introduced to the delegates from Shanghai's Caohejing Hi-Tech Park, organized by @ybfventures.
Second Decred meetup in Hangzhou, China. (photos)
Madison Blockchain in Madison, USA. "Lots of in-depth questions. The Q&A lasted longer than the presentation!". (photo)
Blockspot Conference Latam in Sao Paulo, Brazil. (photos: 1, 2)
Upcoming events:
There is a community initiative by @vj to organize information related to events in a repository. Jump in #event_planning channel to contribute.

Media

Decred scored B (top 3) in Weiss Ratings and A- (top 8) in Darpal Rating.
Chinese institute is developing another rating system for blockchains. First round included Decred (translated). Upon release Decred ranked 26. For context, Bitcoin ranked 13.
Articles:
Audios:
Videos:

Community Discussions

Community stats: Twitter 39,118 (+742), Reddit 8,167 (+277), Slack 5,658 (+160). Difference is between May 5 and May 31.
Reddit highlights: transparent up/down voting on Politeia, combining LN and atomic swaps, minimum viable superorganism, the controversial debate on Decred contractor model (people wondered about true motives behind the thread), tx size and fees discussion, hard moderation case, impact of ASICs on price, another "Why Decred?" thread with another excellent pitch by solar, fee analysis showing how ticket price algorithm change was controversial with ~100x cut in miner profits, impact of ticket splitting on ticket price, recommendations on promoting Decred, security against double spends and custom voting policies.
@R3VoLuT1OneR posted a preview of a proposal from his company for Decred to offer scholarships for students.
dcrtrader gained a couple of new moderators, weekly automatic threads were reconfigured to monthly and empty threads were removed. Currently most trading talk happens on #trading and some leaks to decred. A separate trading sub offers some advantages: unlimited trading talk, broad range of allowed topics, free speech and transparent moderation, in addition to standard reddit threaded discussion, permanent history and search.
Forum: potential social attacks on Decred.
Slack: the #governance channel created last month has seen many intelligent conversations on topics including: finite attention of decision makers, why stakeholders can make good decisions (opposed to a common narrative than only developers are capable of making good decisions), proposal funding and contractor pre-qualification, Cardano and Dash treasuries, quadratic voting, equality of outcome vs equality of opportunity, and much more.
One particularly important issue being discussed is the growing number of posts arguing that on-chain governance and coin voting is bad. Just a few examples from Twitter: Decred is solving an imagined problem (decent response by @jm_buirski), we convince ourselves that we need governance and ticket price algo vote was not controversial, on-chain governance hurts node operators and it is too early for it, it robs node operators of their role, crypto risks being captured by the wealthy, it is a huge threat to the whole public blockchain space, coin holders should not own the blockchain.
Some responses were posted here and here on Twitter, as well as this article by Noah Pierau.

Markets

The month of May has seen Decred earn some much deserved attention in the markets. DCR started the month around 0.009 BTC and finished around 0.0125 with interim high of 0.0165 on Bittrex. In USD terms it started around $81 and finished around $92, temporarily rising to $118. During a period in which most altcoins suffered, Decred has performed well; rising from rank #45 to #30 on Coinmarketcap.
The addition of a much awaited KRW pair on Upbit saw the price briefly double on some exchanges. This pair opens up direct DCR to fiat trading in one of the largest cryptocurrency markets in the world.
An update from @i2Rav:
We have begun trading DCR in large volume daily. The interest around DCR has really started to grow in terms of OTC quote requests. More and more customers are asking about trading it.
Like in previous month, Decred scores high by "% down from ATH" indicator being #2 on onchainfx as of June 6.

Relevant External

David Vorick (@taek) published lots of insights into the world of ASIC manufacturing (reddit). Bitmain replied.
Bitmain released an ASIC for Equihash (archived), an algorithm thought to be somewhat ASIC-resistant 2 years ago.
Three pure PoW coins were attacked this month, one attempting to be ASIC resistant. This shows the importance of Decred's PoS layer that exerts control over miners and allows Decred to welcome ASIC miners for more PoW security without sacrificing sovereignty to them.
Upbit was raided over suspected fraud and put under investigation. Following news reported no illicit activity was found and suggested and raid was premature and damaged trust in local exchanges.
Circle, the new owner of Poloniex, announced a USD-backed stablecoin and Bitmain partnership. The plan is to make USDC available as a primary market on Poloniex. More details in the FAQ.
Poloniex announced lower trading fees.
Bittrex plans to offer USD trading pairs.
@sumiflow made good progress on correcting Decred market cap on several sites:
speaking of market cap, I got it corrected on coingecko, cryptocompare, and worldcoinindex onchainfx, livecoinwatch, and cryptoindex.co said they would update it about a month ago but haven't yet I messaged coinlib.io today but haven't got a response yet coinmarketcap refused to correct it until they can verify certain funds have moved from dev wallets which is most likely forever unknowable (slack)

About This Issue

Some source links point to Slack messages. Although Slack hides history older than ~5 days, you can read individual messages if you paste the message link into chat with yourself. Digging the full conversation is hard but possible. The history of all channels bridged to Matrix is saved in Matrix. Therefore it is possible to dig history in Matrix if you know the timestamp of the first message. Slack links encode the timestamp: https://decred.slack.com/archives/C5H9Z63AA/p1525528370000062 => 1525528370 => 2018-05-05 13:52:50.
Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research.
Your feedback is precious. You can post on GitHub, comment on Reddit or message us in #writers_room channel.
Credits (Slack names, alphabetical order): bee, Richard-Red, snr01 and solar.
submitted by jet_user to decred [link] [comments]

My concerns about SmartCash

Hello folks!
I have been doing a lot of reading about the SmartCash cryptocurrency recently. SmartCash claims to be a private cryptocurrency that also focuses on a community-centered model.
However, a lot of what I've found has concerned me.
But first - I'd like to invite anyone with an opposing point of view to share their opinions after reading this. I'm not in this to spread baseless accusations, I just want an educated conversation. Please do not downvote simply because you disagree; instead, read my post, make a comment and discuss the topic with me. I've sent PM's to several people who support SmartCash in order to let them make their opinions clear.
That said, let's go through this point by point - we'll start with the distribution.
From the official SmartCash website:
Traditional cryptocurrencies, like Bitcoin, reward only the miners while neglecting the other actors that play an active role in maintaining, developing and promoting the project. SmartCash is a community-centric cryptocurrency, where community and development comes first. 80% of the block reward has been allocated to fund SmartHive community proposals as well as the Hive Teams. 20% of the remaining block reward has been allocated to Mining (5%) and SmartRewards (15%).
In the name of staying unbiased, I am going to acknowledge my ideological beliefs about mining, as well as my own personal biases as a miner, that miners should receive 100% of the rewards for the work they did. With this out of the way, let's discuss the mathematics of SmartCash's block reward distribution.
80% goes to community projects, 15% goes to SmartRewards (staking equivalent, but not used for consensus), and 5% goes to the miners. In theory, this will lead to 95% less miners than normal, ensuring miners get paid roughly the same. In practice, this won't necessarily be true.
But the existence of fewer miners also presents many issues. There have been several 51% attacks against cryptocurrencies that give all block rewards to miners - Krypton in 2016, Feathercoin in 2013, and Dashcoin (a cryptonote fork DSH, not DASH) by MinerGate in April of 2017.
Chain consensus with SmartCash is determined entirely by proof of work, not proof of stake; therefore you do not need to own any coins in order to attack the network and achieve 51% hashrate.
In the case of a cryptocurrency that gives miners 5% of the block rewards, achieving 51% of nethash is quite easy, because fewer people will be mining. SmartCash's current network hashrate is 10 Th/s or 10 trillion hashes per second; a conservative estimate for a GTX 1080's hashrate is 1 Gh/s or 1 billion hashes per second. Therefore, the network is currently secured by the equivalent of 10,000 GTX 1080 GPUs.
Given that this GPU costs approximately $500, it would take about $5 million to conduct a 51% attack on the network. At nicehash prices of ~0.3 BTC/TH/S/Day, this would cost ~$60,000 per day, taking into account a necessary raise in the offered price to 'persuade' more people to switch to Keccak algo, as only 2TH/s is currently for sale on Nicehash.
Even worse, Keccak (Smartcash’s hashing algorithm) was specifically designed to be ASIC-friendly. From the official Keccak website:
Keccak, the winner of the SHA-3 competition, is blazing fast when implemented on dedicated (ASIC) or programmable (FPGA) hardware.
So if somebody ever modified a Keccak ASIC for mining, it would also be easy to conduct a 51% attack.
Let’s move on. Remember how they said that 80% of the block rewards go to a community fund? That address is here, and it controls 55% of the SmartCash in existence. This address is used to fund proposals that are voted on by the community. The problem is that the private key to this address is owned by the developers - and regardless of their past honesty, this system still requires trust in them. A trust-required system is directly contrary to the principles of cryptocurrency. The developers, despite your trust in them, could still sell some of those coins at any time.
Next up we'll discuss SmartCash's privacy. SmartCash uses the Zerocoin protocol for privacy, as it was forked from Zcoin. Zerocoin breaks the link between sender and receiver, but unlike Zerocash and ringCT, it does not hide the transaction amount. Furthermore, SmartCash's privacy is optional, and it is transparent by default. Transparency by default is bad for the following reasons:
(1) it reduces the anonymity set
(2) it makes private transactions inherently more suspicious
(3) it allows sender to harm the privacy of recipient
(4) it makes it impossible to hide your wealth
(5) it makes the currency non-fungible.
My last concern with SmartCash is the coin distribution. Currently, as shown on the SmartCash Rich List, the top 100 addresses control 98.42% of funds. This is a highly unbalanced situation, and it also means that the vast majority of SmartCash wealth is held by a small number of people. With Bitcoin, the top 100 addresses control roughly 32% of funds, which is not perfect, but certainly much better.
In summary, SmartCash is a great idea - a private, community-oriented cryptocurrency - but it is executed in a suboptimal manner.
I would be happy to hear your opinions on this, whether you agree or disagree.
-KnifeOfPi2
submitted by KnifeOfPi2 to CryptoCurrency [link] [comments]

Segwit not going to happen until August .

Jihan going to F*** us until August to prove a point he can do whatever he wants . Antminer L3+ Was produced in November 2016 https://bitcoinwisdom.com/litecoin/difficulty at that time the whole Litecoin Network was 1,500 Gh/s . From November 2016 till February 2017 Litecoin network increased another 1000 Gh/s to 2,500 Gh/s . Therefore, Jihan must produced around 2000 Antminer L3+ running at 504 Mh/s and He might sold some or all of it . The total of all of the Gh/s Litecoin community has is around 2,300 Gh/s , anything above is in Jihan controlled. Based on the time frame Jihan sales Antminer L3+ , He sales a few for April 15 , May 15 , June 15 but a lot for July 15 and July 15 is still selling . He will always have on hand more Gh/s to block 75% Segwit and also USAF at 51%. People are buying Antminer L3+ like crazy. He collects the money, it won't be refunded (you can't force a refund by wire transfers or Bitcoin transfers) . I think that he will produce around 14,000 Antminer L3+ to bring the whole Litecoin Network to around 10,000 Gh/s by around August with a lot of L3+ ship around July 15. Why 14,000 Antminer L3+ miners because it is give Antminer L3+ owners a little profit. Why July 15 because it going to give him enough time to produce fourteen thousands Antminer L3+ miners. Segwit will happen around August because at that time Jihan won't have the hash rate to block USAF and Litecoin price will go up. Jihan starts producing new Miner Antminer L4 .. to be continue ...
submitted by upcdeal to litecoin [link] [comments]

Bitcoin Tax Attorney here. I am around for discussion or questions related to Bitcoin Tax treatment, including tax planning opportunities for businesses and individuals.

Anyone have issues with their tax returns due to lots of Bitcoin usage or from the sale and disposition of Bitcoin? Anyone looking for any tax favorable planning opportunities? Either as an individual who sold a bunch for profit or for a business who has begun accepting Bitcoin for the first time.
My practice has focused on helping both individuals and businesses for Bitcoin tax related matters for much of this year. I am available for discussion here in the comments, and for more specific matters, please PM me.
I'm a tax attorney based in Los Angeles and big bitcoin fan and miner going way back. I've been lurking hear on bitcoin for years. I was a miner back in 2011-2013, build my own custom rigs with 6 Radeon 7970s.
Then I was among the first to receive a couple of BFL's 5 gh/s cubes and then one of the first 50 Gh/s. (I knew that was a lawsuit waiting to happen against BFL. Scoundrels) Good memories all around. I still have my spreadsheets keeping track of what I mined. Altogether, with the pools, I mined over 100 bitcoin. Alas, I sold many of them when the price was $300 or less.
All this time I was focusing on tax law, finishing Tax LLM courses in Los Angeles. So, it was inevitable that the two interests would merge. I ended up writing a proposal to treat Bitcoin as currency as opposed to property.
Here is a link to my paper on this which Tax Notes published as their cover story a few months back, which was completely unexpected but kinda cool to see this niche interest rewarded.
Paper: "Bitcoin: Property or Currency?" http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2708188
Got to go on a State Bar Delegation to DC to enlighten folks with the power to actually do something about it. Delegation met with IRS Chief Counsel, including people who drafted the Notice treating Bitcoin as property. Also folks from Treasury Dept, Senate Finance Committee, House Ways & Means, etc.
I urged for currency treatment (as opposed to property treatment) of Bitcoin and other cryptocurrencies, in fact anything built on the basis of the Blockchain meant as a mode to transact money.
If any of you guys had to do your taxes this year, and have bought and spent a lot of Bitcoin, or even just mined and sold, you probably know some of the difficulties I'm alluding to without even mentioning.
Should we really have to calculate capital gains/loss on the purchase of a cup of coffee at your neighborhood cryptocurrency friendly coffee shop, for example? Even with purchases at Overstock.com or Dell, you were technically supposed to calculate capital gains and losses and provide supporting backup on your tax returns this year.
What a practical and administrative nightmare for both taxpayers and for the IRS who has to wade through this. I feel like some of what I wrote got through to them. As we all know, government lags far behind emerging technologies. But they did seem genuinely interested, and I do not believe my paper and proposal fell upon deaf ears.
I have my own law office these days and work with or for many attorneys on various matters, just as I have a number of attorneys assist me. No such thing as a pure solo practitioner these days. No man can afford to be an island.
This tax year has been very rewarding and helped a great many tax clients with Bitcoin issues from anything to bookkeeping to strategic planning for the short-term as well as long-term.
Any accountant knows the terms LIFO and FIFO, but there's seemingly no hard and fast rules for measurement for when a particular bitcoin was bought and sold for purposes of calculating gains/losses. Also, no hard and fast rules as to where the particular market price of Bitcoin is found on a particular day.
Everything is loose, open to interpretation by the tax payer, and with strategic guidance, can prove incredibly tax favorable ultimately. It is wise for a business to accept Bitcoin for many reasons, including that broad opportunity for interpretation while staying true to the property guidance.
So, it is ultimately very taxpayer friendly due to this broad leeway. More than that, treating bitcoin and cryptocurrencies as property rather than currency is also taxpayer friendly by definition. Your bitcoin gains will only be taxed at your capital gains rate instead of as ordinary income, a higher rate.
I assisted a lot of individuals and even businesses who accepted bitcoin for the first time this year. I intended to post on /bitcoin before to offer my services and to also just allow people to send me questions, which I am happy to discuss in private for free.
I got pretty slammed up to tax day, but I'm free now. Just hit me up by private message or shoot me an email at thebitcoinlawyer at g mail.
Any questions or thoughts, I'll be around. I'm often around /bitcoin anyway. Love this community. And if I can serve as help for any of you, all the better. Thanks.
TL;DR Bitcoin Tax Attorney available for discussion on tax issues here in comments, or for more personalized issues, hit me up by PM
submitted by BitcoinTaxAttorney to Bitcoin [link] [comments]

Napkin Math: Total Global Average Cost to Mine a bitcoin

I've made a few assumptions below to try to come to a very generalized understanding of what a bitcoin costs to mine on average, globally, post "halvening." I'm not trying to be too precise and would be happy if I was within 10%-15% of what may actually be true. I tried to stay somewhat conservative (I think) in the estimates by assuming that all mining equipment is the best of the best, and that all electricity is relatively cheap (I understand some operations in China don't pay for electricity).
If there are any glaring mistakes, or major issues I've missed which could skew the result significantly, I would appreciate any help. Thanks.
 
ASSUMPTIONS:
   
CALCULATIONS:
Electricity Cost:
 
Depreciation Cost:
NOTE: I assumed a linear depreciation cost over 180 days useful life of the mining rig. I honestly don't know how long people keep miners (professional, not hobbyists). It does appear that new/better models come out about every 6 months though. It also appears that older mining rigs, at most 2 development cycles old, aren't cost effective. I didn't regard it as appropriate to this estimate to include the few 2 year old USB miners that some hobbyists are using in their basement or attic somewhere. Also, I've heard that some mining manufacturers mine with their new stock first before cleaning it up and sending out for sale, further hurting the ROI on older equipment.
 
Combining the Electricity Cost and Depreciation Cost together we get: (Network Electricity Cost Per Coin) + (Depreciation Cost per Coin) = ($43.30) + ($715.79) = $759.09
 
Property, Plant, and Labor Cost: This is tough and can have a lot of factors. I've written down many but to keep this post length somewhat reasonable, I'm going to simply add on a 15% additional cost to the previous total = (1.15) x ($759.09) =
 
So, the Global Total Mining Average Cost to collectively mine a bitcoin at 12.5 coins awarded per block is about: $872.95
 
As we can see, the Depreciation expense is the biggest factor in the estimate. Any adjustments to the assumption of mining equipments' usable life would significantly affect the estimate. Additionally, this estimate is basically a current "snapshot" of the mining landscape and doesn't include network growth and its effects on mining over time.
 
Again, this is just some napkin math I threw together from a base of assumptions and wasn't intended to be exact. I appreciate hearing any major faults you find in the assumptions or methodology and any suggestions you have regarding the numbers.
submitted by uboyzlikemexico to BitcoinMarkets [link] [comments]

Best of Buttcoin: 2014

There's been some fantastic work done in this subreddit spreading disinformation researching, criticising, and debunking bitcoin and its sacred cows over the past year, which I would like to celebrate.
So here's some posts I saved on bitcoin-related topics. But I started saving things too late... So if you have and/or remember any great posts from the past year, dig them up and post them here.
Also, unironically, maybe someone should start a buttcoin wiki

First, three pieces of investigative journalism from Buttcoin's top minds. Here Charlie_Shrem examines the environmental impact of bitcoin mining. Key finding: For every Bitcoin transaction, 47 kilograms of CO2 is released into the atmosphere from the miners alone.
Current hash rate: 261,900,382 GH/s
Number of transactions per day: 71,331
If we assume rather conservatively that 1GH/s = 1 watt on average, then this would mean 261,900,382W is being used to power the network. We can simplify this to 261,900 kW.
Some miners can do better than 1W per 1GH/s, but many if not most do worse (i.e. 2W per 1GH/s to 10W per 1GH/s).
Going by the figure of 0.527kg CO2 / kWh found on this page,
0.527kg CO2 x 261,900 kW x 24 hours = 3,312,511.2 kg CO2 per day
Now,
3,312,511.2 kg CO2 / 71,331 transactions = 46.44 kg CO2 per transaction
For comparison, even going by this Coindesk Article, an ATM produces daily 3.162kg in CO2 emissions.
0.25kwH x 0.527kg CO2 x 24 hours = 3.162kg/day.
That means that the carbon emission for one Bitcoin transaction is equivalent to about 15 ATMs processing perhaps hundreds or thousands of transactions in a day combined.

Earlier this month Frankeh abruptly interrupted remittance-focused annular onanism by issuing a challenge: to find a single instance where bitcoin works out cheaper than a fiat alternative. In case you need to ask... Nope.
Right, there's a bunch of circlejerking happening in /Bitcoin right now so I think it's time to cut through the bullshit one way or another.
Country to send money to.
The biggest remittance markets are China, Indian and the Philippines.
I believe that since /Bitcoin often gives the Philippines as an example of successful Bitcoin remittance then it is the perfect country to use in our challenge.
Country to send money from.
According to this wikipedia article Malaysia and Canada have the biggest expat Filipino communities. 900,000 and 500,000.
So I think we should do the calculations based on both countries.
The methodology
Most people are not paid in Bitcoin. This is a fact. So for our calculation you must start with fiat, and end in fiat. We're not doing these calculations based on future utility of Bitcoin (No, neo. I'm saying...), we're doing them on the current utility.
We will also be doing a bank to bank remittance, because that is nice an constant. We don't need to take into account pick up locations Bitcoin remittance allows and pick up locations normal remittance allows. They'll vary too much.
Time will also not be taken into account, as time doesn't actually matter when it comes to remittance. Now, Bitcoiners might shout about this particular rule but let me explain my logic behind this.
A foreign worker gets paid every Friday. They start the remittance process on the Friday and regardless of if it takes 0, 3, or 5 days their family back in their home country just needs to base their life around money coming in on remitters pay day + 0, 3, or 5 days. Time taken is of no real value when it comes to remittance. All that matters is that it consistently arrives on day x.
As such, any remittance services that take over 5 working days are to be ignored for the sake of this challenge.
The amount
The amount is going to be 25% of the average wage in each of the countries. This isn't extremely scientific because it doesn't particularly need to be, and the figures are hard to come by.
So 1826.75 MYR for Malaysia and 1,398 CAD for Canada.
Don't bother complaining about these, they're just examples.
Few more ground rules
  • We're going to be going from bank/bank card to bank regardless, so we're not interested in banking fees on either side. They will be the same regardless of Bitcoin or WU (for example)
  • It must be from local fiat to foreign fiat.. You can't palm off the conversion fee to the receivers bank to keep fees down.
  • Any remittance service can be used, as long as Bitcoin is involved for people fighting the Bitcoin corner and Bitcoin isn't used for people fighting the WU (or similar) corner.
  • You must go through the process and document all the fees for each. Fees to look out for are currency spreads, transaction fees on exchanges, etc

Finally a recent thread, but commendable all the same. Hodldown presents some research leading to facts overturning years of knowledge in the bitcoin wiki. Even us shills have been laughing at bitcoin's pathetic capability of 7 transactions per second. It turns out, we were out by at least a factor of 2:
The average number of transactions per block right now is: 665 transactions
The average block size is 0.372731752748842mb.
That means the average transaction is 0.00056049887mb. Which means 1mb of transactions (the limit) is 1784 transactions
Assuming a 10 minute block (a whole other can of worms) that means there is 10*60 seconds.
1784/600 isn't 7. It's a 2.97.
Bitcoin at a technical level can not handle even 3 transactions per second.

In one of the frequent bitcoin user invasions, PayingWithActualMone outlines why the "solution in search of a problem" isn't that great of a solution to much either.
On the transaction side: the Bitcoin community seems convinced that banks are ripping them off (which imo they are not), and that it can be fixed by applying some magicsauce over a transaction that is facilitated by banks regardless. So far in practice I haven't seen any evidence of the 'fast' 'cheap' and 'easy' transactions, like most recently with Mollie. They usually compare the fees of BTC>BTC transactions to the fees of Chase Mastercard > a fucking nomad in the Sahara (with consumer protection) to prove their point. The community also seems convinced that the entire world banks the way America does, not realizing that in Europe banking has been dirt cheap for years.
And the security... oh boy the security. Half the population can't manage to go without a virus for one year (not an actual statistic), and now you expect them to secure their coins? People are dumb as shit, and software is always one step behind the exploits. We could of course create Bitcoin banks, but then there isn't much left of the original idea.
On the 'intrinsic value' side: what the hell is wrong with people. If the underlying product is no good in any aspect, why is it worth much? Right now (that's like 5 years after introduction mind you) BTC is used in 3 types of transactions: Silk Road, SatoshiDice & extremely questionable transactions. It does its job well in that aspect, and that's all it will ever be. The community just turned the technology into a giant ponzi, and they don't care as long as they get paid. The people actually doing business in Bitcoin probably don't care about the price that much.

Someone who deleted their account, on the argument that merchant adoption is a cause of the price drop:
That's just an excuse butters use for the price going down.
There's no real difference between selling bitcoin for fiat and exchanging bitcoin for goods and services. Both are a form of sale of bitcoin, an expression of preference for something other than bitcoin.
If on balance, there's more flow of bitcoin into fiat, goods or services than there is a corresponding opposing flow, then it is simply the market expressing the view that bitcoin is overvalued. Therefore, the reduction in the value of bitcoin (as valued in fiat) is a sincere expression of the market's view of what the correct price for bitcoin is.
Think of an example: A true believer has 20 BTC. He exchanges 10 BTC with Dell for a whizzy server. Dell (or another intermediary) sell the 10 BTC at an exchange in return for fiat. The market price of BTC goes down.
The price goes down, simply because a true believer cut his bitcoin holding, he got out. He thought having a server now was worth more to him than 10 tickets to the moon. Which is an expression of a negative view of the future value of bitcoin. A simple "aggressive" sale in trading parlance.

A late entry from jstolfi. A concise description of the Satoshi/Bitcoin origin story .
My understanding is that "Satoshi" had been trying to solve the technical problem of convincing a bunch of anonymous, volunteers to maintain and protect a distributed ledger, with no central authority.
He thought that he had a solution, in the form of a protocol that included PoW, miner rewards, longest chain, etc. The solution seemed to work on paper; but, as a good scientist, he started an experiment in order to check whether it would also work in practice.
For that experiment to be meaningful, it would have been enough if the coin was mined for several years only by a few hundred computer nerds, with the cooperation of some friendly pizza places and bars.
The US$ price of the coin was not important to the experiment, and it was never meant to be a weapon for libertarians, a way to buy drugs or evade taxes, a competitor to credit cards or Western Union, a sound investment or item for day-trading. All those "goals" were tacked onto it afterwards.

bob237 comments on the the absurdity of coinbase and it's touted 'rebuy' scheme,
It gets even better than that, actually. A lot of bitcoiners don't like 'losing' bitcoin, and so coinbase added a popular 'repurchase bitcoin' feature that automatically debits your bank account to replenish the BTC in your coinbase account after a purchase.
The ultimate result then is that you pay coinbase fiat, they take their cut, and then send that fiat on to the merchant. All 'bitcoins' used in the middle of the transaction are not really bitcoins, but just abstractions in coinbase's internal [off-chain] accounting system.
It's a crap version of paypal, no consumer protection and a ton of fees hidden in the spread when you buy your chuck-e-cheese tokens from them.

saigonsquare explains why ubiquitous tipping isn't the the killer app that it has been touted as, and why bitcoiners may fail to grasp this
Most people understand that there are different sorts of interaction. There are purely social interactions, there are quid-pro-quo interactions, and there are market interactions. Mixing those up causes embarrassment and insult. I wouldn't try to pay my mother-in-law ten bucks for cooking Christmas dinner, and I certainly wouldn't try to pay her ten cents. If a waiter suggests I try the raspberry tart, I won't get away with offering to bake him some cookies next week in compensation; if an office mate suggests I have a slice of her birthday cake, I'll be insulted if she brings me a bill for it. If I spend an hour helping my friend move apartments and he thanks me, I'm fine; we're friends helping each other out. If he pays me two bucks, I'm insulted; he's canceled the social nature of the interaction and instead simply bought my labor for a fraction of its going rate. I'm up two bucks but down a friend.
Ancapspergers, not particularly understanding any sort of interaction more complicated than buying a cheeseburger at Wendy's, assume that all interactions are a form of market transaction, and set pricing accordingly. Normal humans get offended by a penny shaving, because it cancels the social nature of the interaction and turns it into a market transaction--and then informs the recipient that his contribution to the transaction was of negligible value.
submitted by occasionallyrude to Buttcoin [link] [comments]

[USA-MO] [H] Bitcoin Miner, Tons of DDR3 Laptop RAM, 1x8GB 1600, 2x4GB 1600, 2x2GB! [W] Crypto, PayPal

Hey everyone! I have some great deals on some SODIMMs in multiple capacities, and a Bitcoin USB Miner!
The Bitcoin Miner was used for a grand total of ~2 hours. It is SOLD OUT everywhere online, and this little miner is a beast. It is the lowest wattage/GH miner on the market, meaning it is the most efficient and powerful in its form factor.
The RAM has all been working system pulls from various laptops I've owned over the past few years. I've since upgraded to all 16GB sticks in my laptop, so this is no longer needed. Sold "AS-IS".
EDIT: Found some more of the 4GB DDR3L 1600 Sticks. 3 are spoken for. But one is left!
If you buy everything, I'll ship it all via USPS 2 Day to you for free. My wife wants me to clear out junk so my loss if your gain!
Timestamps
Item Price
GekkoScience 2PAC REV 2, 15+GH/s USB Miner Make an Offer
SAMSUNG 8GB PC3L 1600 SODIMM $40 SOLD to THESUNSTARECONTEST
MUSHKIN 4GB DDR3L 1600 SODIMM $20 per shipped SOLD to jiekelu & mondba
MUSHKIN 4GB DDR3L 1600 SODIMM $20 Shipped LAST ONE!
SAMSUNG 2GB PC3 1333 SODIMM $5
Everyting $130 + FREE 2 DAY SHIPPING!
EVERYTHING MUST GO! My wife is making me get rid of junk sitting around the house, so I'm open to all reasonable offers.
EDIT: No idea why I have been downvoted to oblivion for my listing.. if there is an issue please let me know and I will gladly fix it! No need to downvote a sale thread!!
submitted by dogesys to hardwareswap [link] [comments]

Buratino Blockchain Solutions: we have found new solutions to old problems

The market of the mining equipment continues to develop strenuously contrary to adverse conditions on the crypto exchanges. Technologies are constantly improving, increasing growth of mining profitability at the reduction of energy consumption and partly compensating negative dynamics of cryptocurrencies rates. However, it automatically increases the complexity of production of new digital coins that form request for creation of more powerful equipment.
Industry is constantly changing and miners need to be able to understand modern trends of the branch. Let’s discuss market tendencies, new technology solutions capability to affect the efficiency of this business, and how exactly our team is ready to help miners.
Mining market today Lets begin with the general review of the market, with emphasis on forecasts of the authoritative research companies. Analysts of the American consulting company Coherent Market Insights are convinced: in the medium term (5–10 years) mining will be profitable. Demand for the new equipment will remain high even during the crypto -markets depression.
According to the last forecast of the company, by 2025 mining industry will exceed the capitalization level of $16,3 billion. The indicator of cumulative average annual growth rate (CAGR), according to experts, will grow by 18,68% from 2017 to 2025.
At the time of posting, the greatest share of computing capacities has been concentrated in Asia. Experts from other large consulting company Technavio consider that the Pacific Rim will take 51% of the general growth of the industry in 2018–2022. Then the share of the Pacific Rim will be reduced below 50% level.
The cause is a hard governmental line of China in relation to crypto industry. It makes miners migrate to other countries of North and South America and Eastern Europe.
According to the Technavio, 33% of the market is now in the New World, but the share of the USA will grow, forcing out China. Coherent Market Insights experts are solidary with colleagues, and also give the future world leadership to North America.
Improvement of production technologies of cryptocurrencies and increase in productivity of the hardware remains a key tendency of the current market. Along with it large producers of microelectronics, such as Samsung and United Microelectronics Corporation are entering the market as suppliers of hi-tech accessories.
The large manufacturing companies (Bitmain Technologies, BitFury, Advanced Micro Devices, etc.) actively develop ASIC systems with bigger energy efficiency and the increased hashrate coefficients. It is important for providing the more effective mining. However alternation of generations in available lines of the equipment happens slowly that opens opportunities for new players, such as our company.
According to the Coinshares company, hashrate of the only one Bitcoin network grows by 300% annually, the efficiency of chips increases by 80%, and their cost falls on average on 50%. So the profitability of digital coins production grows even in conditions of crypto rate instability with the introduction of new technologies in ASIC-mining . 74% of the mining market is the share of ASIC of all configurations in 2017. It is expected that they will continue to dominate.
The process of improvement of the hardware leads to the growth of volumes of the mined coins. But the more is mined, the quicker the algorithm of generation of new blocks in the network complicates. As a result — miners need capacities to grow.
Escalating levels of complexity become nearly the main factor of mining equipment market growth in the medium term. For example, analysts of Technavio predict the increase in growth rates for 2018 by 9,04%.
Increase in productivity as natural selection To be a successful miner means always to work proactively. Anyone who first manages to use more productive mining systems also remains in a prize or at least in the market.
The Forbes.ru magazine describes how the market of a mining is affected by the generation of more productive machines. All of us remember the last year's agiotage around the first ASIC systems for Dash cryptocurrency. Before it was mined only on video cards and brought the monthly income of $1-1,5 thousand from one farm. New miner (DM11G from iBeLink, Antminer D3 from Bitmain and DR-100 from Pinidea) promised income from $5 thousand from each installation.
Those who the first have managed to connect ASIC to Dash network succeeded the most. Their monthly income has made about $6 thousand, but it was not for a long time. The rapid growth of the number of ASIC devices in the network has provoked the same fast increase in complexity of calculations.
Therefore the payback period of one ASIC system has increased from 3-4 to 12 months. As a result, by the end of 2017, the profitability of Dash mining has decreased almost by 3 times (in comparison with September of the same year). In completion to everything, the Dash rate has fallen off in spring 2018.
Production of cryptocurrency is favorable only to those who quickly reacts to the production of the new hardware. Only being guided by new generation equipment or modernizing old ones it is possible not to lose.
Recent leaders VS perspective beginners BitFury and Bitmain remain recognized leaders in the global market in summer 2018. BitFury generally specializes in providing mining decisions under specific projects. Bitmain, on the contrary, is guided by production and sale of the ready-made mining systems.
Today the market is rather highly consolidated and more than a half of all computing capacities belongs to largest companies. Nevertheless, Coherent Market Insights analysts consider that in the near future deconsolidation of branch due to the appearance of new players is expected.
This segment is also interesting to us. With the support of the community on ICO, we will be able to impose market competition to the acting leaders. Just because present devices have a number of problems which are still not solved by anyone except for us.
Support of the only one cryptocurrency, the impossibility of the partial modification, high noise level, high costs of cooling and a lot of things still. Everything remains unresolved.
We plan to put on the market the multi-mining system of the new generation Papa Carlo. The equipment surpasses competitors in all key indicators: energy efficiency, productivity, customizability, the number of coins, etc.
With our development, it will be not just ASIC anymore, but the first real multi-miner, allowing to get fifteen digital currencies on the most popular algorithms SHA-256 and SCRYPT.
It is difficult to overestimate the potential of such a product. Papa Carlo is capable to take the worthy place in the market of the CIS and the whole world. It is enough to compare our technological product to the acting leader of sales - Antminer s9, to estimate all range of advantages of Papa Carlo.
Compare several key indicators of Papa Carlo and Antminer s9:
hashrate of Papa Carlo – 26 Th/s, Antminer s9 – 13,5 Th/s; Papa Carlo processors – 10 nanometers, Antminer s9 – 16 nanometers; the number of Papa Carlo chips – 210, Antminer s9 – 189; energy efficiency of Papa Carlo – 0,065 J/Gh, Antminer s9 – 0,1 J/Gh; Papa Carlo noise level – 35-45 dB, Antminer s9 – 75-80 dB. Conclusion Papa Carlo is a high-performance equipment which can compete with leaders of the market. Our Buratino Blockchain Solutions company provides its development and service.
The issue of own token will allow attracting the capital for scaling of business and distribution our multi-miner. Everyone who wishes to receive exclusive privileges from the producer at a stage of the closed sales can join our tokensale.
submitted by BuratinoBlockChainSo to u/BuratinoBlockChainSo [link] [comments]

Of Wolves and Weasels - Day 360 - Special Edition: On Paycoin / Shibe Saturday #3

Hey all, GoodShibe here!
Today is Shibe Saturday! However I feel that today's regularly scheduled Shibe Saturday post needs to be set aside for a bit of a breakdown on the current Paycoin situation that's unfolding. If you're here for Shibe Saturday, please pop to the end of this post for a list of all the fantastic merchants that we have available to us plus you can use our new Dogecoin Prize List (beta) to help you figure out what you can buy with the DOGE that you have! :D)
On Paycoin:
One of the good things about having experience is the ability to recognize patterns as they emerge. The more experience you have, the quicker you tend to notice when things are going sideways before they go sideways. Quiet signs that others might not yet notice will ping off of your peripheral. Red flags go up quicker.
Sometimes you end up being wrong, sure. But the thing is that at the end of the day, you're paying attention. You're watching. You're ready.
As the FoundeCreator of the Dogecoin Defense Force (/DogecoinDefenseForce) I used to see all sorts of people buying GAW-brand miners and such. Heck, GAW had quite a bit of good standing across multiple crypto-communities back in the day when they used to sell actual physical miners that would rest in your home.
Here's an article from back when GAW partnered with Zeus back in May-ish of last year.
Zeus Miners Hosting Deal With GAWMiners Brings A New Manufacturer To The World Market
But here's the thing: You're creating a machine that literally prints money.
And once you realize that, well...
First came the multiple waves of 'better' and 'better' miners.
They'd sell one generation of miners then start selling the next gen within months, while selling the 'last' gen at deep discounts. The newer machines with easier access to hashpower were pushing up the difficulty, making it harder for those who'd had the earlier generations to make even a fraction of their money back.
People who'd just bought the 'last' gen, months earlier, found themselves in an arms race to keep up.
And the star started to fall.
Then came the idea of 'hosted miners'. You could buy the physical miner, they would hold it for you, pay the electricity and you'd get the coins (for a small fee). At first you could actually write to them and get them to send you the miner, if you wanted. Then you couldn't. You were also stuck mining wherever they wanted to mine.
If you wanted to mine some other altcoin or whatnot, tough luck. You got the coins they gave you and then you had to swap them out for the coin you wanted.
Then came 'Hashlets'. You bought a tiny slice of the pie. Pay X number of dollars, get X number of 'Hashlets'... only there was no actual physical 'end' to the number of Hashlets that there could be. So if you'd gone crazy and bought a share equal to 1% of the total number of available Hashlets, over time, as they added more power, etc to the network, your 'share' decreased. Add in a 'maintenance fee' that just happened to end up soaking up whatever little money you were actually making, and, well, you come to the harsh realization that you've just paid them to build a mining network off of your back.
Sure, you still 'owned' the hashlets, but only in name. You'd never, ever see any money from them.
Heck, you can't even buy physical miners from them anymore (outside of one bitcoin Rocketbox and used bundles of incredibly outdated Gridseeds).
Now it's just all-Hashlets, all the time. And why wouldn't they? Selling virtual, always shrinking, slices of a server farm is way, way more profitable for them than selling hardware.
But is it profitable for you?
Feel free to ask around, to talk to any number of the home-based miners who've been burned over the last year.
So, then comes talk of Hashcoin... then Paycoin and all these pie-in-the-sky claims. I can go into detail but this /Bitcoin post sums it all up rather nicely:
GAW Miners - Liars, Frauds - A brief recap of what we know.
And all along the way, people who know have been trying to say 'stay away' and 'be careful' - because these aren't the actions of a company with your best interests at heart.
So, what's different about Paycoin, why do people seem so much more 'up at arms' than they were before?
Because people appear to be buying in, en masse... and they appear to be getting hurt already. Claims of users being banned just for asking pointed questions and claims of lack of transparency and frustration from those who bought in based on promises that Josh had made.
What's worse, it seems like those who are actively defending Paycoin are acting like this thing is all being overblown. And maybe it would be... if not for all of the shady stuff in the past that I'd just listed (let alone all the stuff I'm sure I'm forgetting).
At the end of the day, coins like Paycoin damage the entire credibility of the Crypto-sphere and help re-enforce negative views of all cryptocurrencies.
The people burned here, in this fire, will not be coming back - moreso, they will be out there telling everyone they know to stay away from all cryptos.
This is another reason why so many Crypto-communities are standing together. They've seen this coming, they've warned people away -- and now that this thing seems to be catching fire and blowing up, they're trying to protect others from hopping into the flames with those already engulfed.
It's sad to say but the history here, all the things that came before Paycoin, has lead me to believe that what we're seeing is a company run amok, high on waves of endless greed - and, unfortunately, a whole lot of pissed off/frightened/angry investors who are caught in the middle.
Stay safe out there, my friends!
Shibe Saturday!
Only have a bit of Dogecoin?
Use our Dogecoin Prize List (Beta) to figure out what you can buy with the DOGEs that you have!
Great businesses to spend your Dogecoins on this Shibe Saturday!
  • Coinplay.io sells Steam keys for cool Indie videogames for Dogecoin!
  • Dogetunes.net offers a vast array of Music for sale by Shibes for Dogecoin!
  • DogecoinAthletics.com sells dogecoin-themed clothing and accessories!
  • FrontierVapor.com sells eCigarette 'juice' and accessories for Dogecoin!
  • Gamerzheat sells Steam keys for games for Dogecoin.
  • PexPeppers.com is a well-known business that sells fantastic hot sauces, pepper jellies and even locally-sourced honey for Dogecoin!
  • ShibeSeeds.com is offering a vast selection of Seeds, for growing your own herbs and plants and veggies! Use Discount code 'SATURDAY' to save 25%!
Dogecoin Business Directories!
Use these to help you find businesses that accept Dogecoins!
We also have the 'Hire a Shibe' wiki! (Shibes hiring Shibes to work for Dogecoin!) and Dogerr.com which also allows Shibes to post their skills/abilities and get paid in Dogecoin!
It's 8:55AM EST and we've found 97.25% of our first 100 Billion DOGEs -- only 2.75% remains until we hit our soft cap! Our Global Hashrate is up slightly from ~1270 to ~1280 Gigahashes per second and our Difficulty is down slightly from ~20232 to ~19363.
As always, I appreciate your support!
GoodShibe
submitted by GoodShibe to dogecoin [link] [comments]

BFL 5 GH/s Miner Demo Butterfly Labs 50 Gh/s ASIC Bitcoin Miner SHA-256 UNBOXING - Bitmain Antminer D3 DASH X11 Miner 19.5 GH/s - 4K Butterfly Labs 5 GH/s ASIC Bitcoin mining rig, the Jalapeno Part 1 Butterfly Labs 5 GH/s ASIC Bitcoin Miner (Jalapeno) Review ...

(20) 20 product ratings - Bitmain Antminer S9 13.5 TH/s Bitcoin Miner - FREE SHIPPING. $199.95. Free shipping. 64 watching. Watch. Obelisk SC1 - Siacoin Miner - GEN 1. $150.00. $21.67 shipping. or Best Offer. Watch. Bitmain Antminer T17+ 64TH/s SHA-256 BTC / BCH Miner . $2,800.00. Free shipping. or Best Offer. Watch. Bitmain Antminer s15 - 28Th/s - Bitcoin Miner. $750.00. Free shipping. Watch ... 1X Bitmain Antminer K5 miner Ckb Miner Eaglesong Algo . $1,100.00. Almost gone. DPS-1200FB DPS-750RB DPS-750UB Common Slot MEGA Adapter - BTC, Ham, RC, Hobby . $13.99. Almost gone. Antminer B7 E3 B3 T9+ Control Board flawless - Comes WITH programming FREE . $29.50. 3 left. Metered Cryptocurrency Mining PDU - 4x C13 and 2x C19 Outlets . $99.50. 5 sold. Power Supply for Bitmain Antminer DR3. $87 ... 5.0V: USB Charge Current: Max. 2A: Dimensions: 84.5 x 56.5 x 29 mm: Temperature: 40°C (in 25°C environment) Bitcoin Hashrate: 5.5 GH/s: Bitcoin Mining Mode: AntPool Solo Mode (Forced) Item Status: Brand New: Customs Declaration: US $19 Processing Speed (GH/s) 13500. Power Use (W) 1600W. Hash Algorithm. SHA-256, SHA-256d, X11, Scrypt. Compatible Currency. Bitcoin, Digitalcoin, Digibyte, Bitcoin Cash, Namecoin, Peercoin . Dimensions. Weight. 7kg. Show More Show Less. More items related to this product. item 1 Antminer S9 13.5TH/s Bitcoin ASIC Miner - With Bitmain APW3++ PSU Inbcluded! USA 1 - Antminer S9 13.5TH/s Bitcoin ASIC ... Bitmain Antrouter R1 Wifi Solo Bitcoin Miner. The Bitmain AntRouter isn’t exactly a USB miner, but it is similar. It’s low cost, but with that you get a low GH/s at just 5.5 GH/s which is a little over $1 per year. The plus side is it works as a wireless router, so you can do some mining while providing internet for all your devices.

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BFL 5 GH/s Miner Demo

I pre-ordered an Antminer D3 in September '17 and it finally arrived in very late november. Want to store your Bitcoin and Altcoins safe? Buy a Ledger Nano S Hardware Wallet for maximum safety ... The Butterfly Labs 5 GH/s Jalapeno. This is the small ASIC miner from Butterfly Labs. Free 5 gh/s power and mine bitcoin and 5 altcoin . ANTEX CLOUD MINING links :-https://antex.cloud/r/7an _____ Support Social site page ÷ Fac... Hi everyone, It’s 2019 and this is a ASIC miner for sale 2019. I am selling this crap ASIC miner cryptocurrency mining rig. The machine still does work perfe... SUBSCRIBE FOR MORE HOW MUCH - http://shorturl.at/arBHL GekkoScience NewPac USB Miner - https://bit.ly/2RIQgdX GekkoScience 8 Port USB Hub - https://bit.ly/2x...

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