Gridcoin - Rewarding Scientific Distributed Computing

Mining pools are socialist

Hi Bitcoin geeks! I noticed a funny fact in the way cryptocurrency mining works... Given that the rewards for mining Bitcoin are basically random, and that you would have to control a vast amount of computing power to make it worth your while to mine "solo", most miners have joined mining pools which redistribute rewards in a much more predictable and stable way. But isn't this precisely the underlying logic of the idea of socialism?
Take the example of single payer healthcare, which uses the reverse logic to rewards: if you posit that each human being is exposed to an equal "risk" of certain diseases like cancer or breaking a leg by slipping on new ice, it makes perfect sense to all pay a relatively low amount to a single payer health insurance rather than run the risk of paying a huge amount should you be unlucky. Of course, you could say that it's not all that random etc. But if we start from the premise that it is, then it's the same thing!
The same for fire insurance, or unemployment benefits... You pool your resources together in order to avoid being the "sucker" if you are unlucky enough to have your house catch fire or be fired from work...
I found it interesting because many Bitcoin users are of the "Anarchic" or "Anarcho-capitalist" type. So it's quite funny that they are willing to socialize gains rather than leave things to "chance", but not socialize losses (where it's about each person covering his/her own risk)... :-D Any thoughts?
submitted by Marmamus to Bitcoin [link] [comments]

November Announcement

Parallel Paths for BiblePay - Future IT and Roadmap
By: Rob Andrews - Founder

We learned a lot in 2018 that was not readily apparent during launch, and as in all businesses, we need to make adjustments in order to be viable. Our core vision is not changing: We still benefit orphans by giving 10% of our monthly emission, we are partially green on our mining side (our cancer miners are doing valuable work), we are CPU based - therefore anyone can mine us, we are Christian at our core - but appeal to everyone as a utility, we are deflationary and appeal to conscious investors who would like to see a more Christian investment, we have an intelligent team capable of taking us to our destination, we spread the gospel through the blockchain, and we innovate new gospel features.

However, with the rapid pace of changes in this space, it is understandable we need to make some changes unless we wish to stagnate.

One major change to our roadmap is our official position on Stratis. Although we still stand behind stratis and their core mission, and wish to remain informed and align ourselves with the potential value in the stratis codebase, many factors influence using stratis-c# as the primary production platform. The considerations being evaluated include: The latest bitcoin security commits, segwit, BLS and BLS secret-sharing, Dash's evolution commits, the lightning network, on chain storage, etc. In general, I want to first give kudos to the main devs of stratis. They are doing something almost impossible in order to get stratis to be compatible with the latest bitcoin version. Where we have to make our decision however, is weighing the benefits of the most cutting edge - to be released features in bitcoin and dash. Biblepay has discovered that it needs certain boilerplate abilities, and, pending IPFS integration, maps to IPFS, Segwit and potentially some of the latest Dash features (for reasons explained later).

Additionally, there are over 100 features that have been added to bitcoin and dash-QT, that the existing features users have become very accustomed to (for example coin control), the HD wallets supporting features, etc. In light of this, I will be recommending that we adjust our roadmap to move stratis to 'R&D (research and development)' for future consideration and integration, but we move the Dash rebase to our more short term priorities. The goal is for us to do the due diligence on rebasing biblepay to have the latest dash features, so that we can leverage some of the latest features to store our IPFS relationship in a more resilient manner (IE our business objects). In summary, this means pushing Stratis out to 2022 and considering it an R&D project, and moving Dash Rebase to June 2019. Also relying on Dash's release as our PR event to be released with any other large BBP feature that is worthy of a giant PR event.

Changes for IPFS:
IPFS allows BiblePay to store files on our own network in a decentralized way. To use IPFS efficiently, we need to become a private IPFS network. This requires two additional features to be added to our core (private swarming and leased-pinning).

NOTE: R&D test cases have proven IPFS can run in its own private network with a BiblePay swarm key, can auto-pin successfully, and IPFS mining can be made provable with range requests.

Reasons for IPFS:
There are many very useful reasons biblepay would want IPFS: Allows us to store business objects (think letters, expenses, revenue, contacts, object-votes, gospel-links, Christian-video-uploads, etc). Realize that storing business objects gives BiblePay a revenue stream. A revenue stream cements BiblePay as a utility - and that is important over the long term so that we always pass the Howey test. Passing the Howey test allows us to be listed on the largest most credible exchanges. It also shields us from legal damage, and allows us to partner with the most credible partners.

Reasons IPFS cannot be at the Sanctuary level:
There are very important reasons to first explain that Sanctuary investments are important for BiblePay's sustainability (investors buy sancs for ROI, and that allows us to fund our orphan operations). However, the harder we make biblepay to setup sancs, the harder it is for an investor to gain access to the investment. Therefore, to continue to be compatible with turnkey masternode services such as GIN and Apollon, we must not force hard requirements on sancs, such as requiring them to host IPFS files. If we do require a sanc to host a public IPFS node (with firewall requirements, public data sharing) we also risk a model that penalizes sanc payments when some 'investor' sancs do not perform. Therefore it is recommended to leave Sanctuaries as they are; not hosting IPFS files.

Reasons IPFS should be at the mining level:
So that we can offer turnkey Sanctuaries, we may offer IPFS mining.

The concept of a content economy:
The content economy is a concept Rob is considering for BiblePay. This is an environment where the user becomes more of a Christian community member. In this model, users are rewarded in BBP for doing important tasks, such as watching a Christian video upload and voting on it. (The users UTXO weight in the vote would drive the net vote weight, as the assumption is those with more weight hold more voting power). Consider that one with low weight could otherwise destroy the credibility of the poll-object.

In this model, Christians find worthy youtube videos that edify other users, and upload the video in the 'Christian Video upload page'. Most of the rewards would be paid by distinct UTXO weight to the voters. This would reward those that spend the time in evaluating items with the actual rewards.
(We will need to discuss giving the ability to cite bad votes from one community member to another, such as : Report Voter - with enough votes against a member we may consider adjusting a voters reputation score).

Outgoing orphan letters may also be voted in the same way (IE in general, any object marked as votable will have a voting list available, and apt for rewards).
Pay-to-preach sermons can be recorded by a community member and uploaded as a Christian video. The video would be voted in an identical way as other Christian video uploads. Rob is working on testing an opensource video upload tool to be integrated in that will automatically convert a youtube video into an IPFS document upload.

One of the goals of the content-economy is to make BiblePay a platform that appeals to Christians so they feel comfortable to come back and actually check it for new content.I envision making BiblePay into a useful platform, one in which Christian's feel compelled to regularly use.One of the use cases I envision is having members pick a very edifying subject, such as Rapture, and uploading Christian videos only on Rapture for the Rapture area. Then, those interested in Rapture log in every day and follow the Rapture area, etc. Other areas such as end-time-visions, can be created etc.
To have PODC or No-PODC:Realize, that IPFS mining will only affect the heat miners. IPFS mining modifies POBH to be IPFS-POBH mining, a greener blend - and PODC still exists in this scenario and plays well with IPFS.

However, one concept we will be discussing in a new dedicated forum thread is the viability of POOM (proof of orphan mining). This is only a concept, and could potentially replace PODC. The core of the concept is re-directing the electric costs used for PODC into personal monthly orphan sponsorships. And creating a sanctuary review process to individually approve each individual orphan receipt (with a governance vote good for 30 days). In this scenario, we trade the PODC electric expenses for monthly orphan sponsorships, which could be very valuable for our community - since it is estimated that we could sponsor over 1000 monthly orphans with the equiv. electric savings. (POOM is also interesting in the sense that it solves our centralized fiat-liquidation vendor payment risk issue(s)).

What are the devs working on:

Additional updates:

submitted by tdashmike to BiblePay [link] [comments]

Coin-a-'Week': Dogecoin

So...this is getting lazier and lazier. I've had a lot of other things going on in my life, so I haven't gotten to doing this update. Sorry. I'm hoping to get back to doing a post a week updating the archives of coinaday.
For a behind-the-scenes view of lazy coverage (spoiler: not really any behind-the-scenes activity at this point), send a message to coinaday (that's me) or /coinaweek (also obviously me) or request a subscription in the comments.
Coin-a-Day Jan 2ndWeek April 10th
Welcome to the second Coin-a-DayCoin-a-Week post! Today's coin is Dogecoin (DOGE).
• ~9799 billion currently; ~5.2 billion added per year [1]
• All-time high: ~$0.002 [2]
• Current price: ~$0.000185 (0.00000059 BTC (59 satoshi)) $ 0.000114 / 47 satoshi [3]
• Current market cap: ~$18$11.3 million [3]
• Block rate (average): 1 minute [4]
• Transaction rate: 16,89047,673 transactions in the last 24 hours, estimated $15.2$2.7 million [5] (???)
• Transaction limit (current): 70 / second [6]
• Transaction cost: 1 DOGE for single input/output; 1 DOGE per extra? [7]
• Rich list: Top 100 addresses hold 21.03%43% (!!) [8]
• Exchanges: Many [9] Also direct sellers which aren't listed.
• Community: Very active and friendly, centered around /dogecoin
• Processing method: Proof-of-work; paid with block reward + transaction fee
• Code / development: ; three core developers; active, friendly, and knowledgeable ; dogetipbot is first to allow direct guilding of comments
• Distribution method: mining
• Innovation or special value: Fun and friendly community
Yesterday we covered the "gold standard" of cryptocurrencies, [Bitcoin]. Today we will introduce the "copper": Dogecoin. DOGE started out essentially as a joke and has become surprisingly popular. Its unique value is primarily its community, centered around /dogecoin.
Dogecoin also is unusual for having a very large number of coins, almost 100 billion at the moment, and having no limit, but instead adding a fixed number every year. This has led to a far lower cost per coin, and may be a part of encouraging generosity with the coin.
Dogecoin transactions are also very fast, with a target of 1 minute for blocks rather than 10 minutes, and difficulty adjustment every block.
Its code was originally based on litecoin, but it has been rebased onto bitcoin. [10]
Dogecoin's community is based in /dogecoin. They are friendly, welcoming, and playful. This makes a stark contrast to the bitcoin subreddit, which tends to be far more serious and often antagonistic, because of the divide between those who believe it has unlimited potential, and the critics who believe it has none, with the moderates sometimes being driven out or shouted down in the noise.
Dogecoin supporters ("shibes"), like bitcoin supporters, frequently reference "to the moon" or similar astronomical phrases in talking about a future rise in value. However, Dogecoin shibes tend to take this less seriously than Bitcoin fanatics. The latter often write posts and articles discussing valuations 10-1000x the current value or more, while the former tend to simply make abstract references to an increase in value.
Merchant adoption is "intermediate": when a single cryptocurrency is accepted, it is generally bitcoin. However, there are payment processors like GoCoin which process BTC, LTC, and DOGE [11]. This three coin combination seems to be the most common expansion beyond BTC so far. There are also a very small dogecoin-only sites like
[1] && && &&
[5] - This seems ever-so-slightly insane to me. But they're right on for the numbers that I do know. But wow, an average transaction value higher than bitcoin??? Perhaps 24 hours is just too small of a sample size to be representative; just a snapshot of activity. My numbers for bitcoin's transaction value were bad from taking's "estimated" which I don't think is good (presumably trying to eliminate some type of transactions as "not really transacting"?) and won't compare well. Switching it out.
[6] && Note that dogecoin is getting about a 25% as many transactions as bitcoin but has a blocksize about 1/40th as big (very roughly); this is because it has ten times as many blocks to divide them between. This also shows that the transaction limit for dogecoin is much further away.
[7] I couldn't find a source that precisely specified the fees, much to my surprise. They seem to be mostly ignored, but I think being precise about this is important. A 1 DOGE fee works for a single input and single output. It is mandatory, unlike bitcoin fees. My recollection was that each extra input / output address adds a DOGE fee, and that it was not precisely based on the kB, but I've seen sources suggesting otherwise as well. Given that I'm writing this with very few hours left in the day, there's not time to send an inquiry to the devs. Your humble correspondent apologizes for any difficulty this lack may cause, and offers to reimburse you up to 5 DOGE for any inaccuracies in the fee descriptions herein.
[8] Almost exactly the same as bitcoin (20.36%)
[10] See the Dogecoin Core 1.7 release for the switch to bitcoin, and earlier for references to Litecoin.
Additional Reading:
/dogecoin - The heart of Dogecoin - general introduction site - dev blog
Donations and Disclosure
Be aware that I am not an expert of any sort and I'm not intending to play one on the Internet. Nothing in this series or on this account is intended as financial advice. These posts are for entertainment and my own edification. The author disclaims all responsibility for any cancer induced.
I currently hold about 250k DOGE and intend to acquire more. In case it wasn't obvious, I'm biased as hell in favor of DOGE, but I'm going to try to keep these generally factual and accurate as best I can. Nonetheless, subjective aspects like the community are important too.
If you would like to donate DOGE to me directly, you may do so at ACCTmefBjpP2x6KC78vAA1Mj39SBzQwAHq.
Oh, I almost forgot! I've posted ~$1 challenges in the first two posts, although no one has attempted them yet. I'll keep going though. Based on, we'll fix this at 5510 DOGE (note that the price has gone back to 58 satoshi from the 59 it was when I wrote the summary; it often goes between these from the last couple weeks I've been watching it (and back to 59)). We'll make it nice and easy in the shibe spirit: The winner is my favorite comment here in shibe speak. I'll contact the winner by private message for an address and confirm in public reply when sent.
Thank you all for reading!
Oh, also, I hadn't decided what tomorrow's coin was going to be yet. So many tempting choices. I'm going to go for:
  • January 3rd: Peercoin
  • January 4th: Nyancoin
  • January 5th: Nxt
Stay tuned!
Edit: Formatting as always...
Afterword: DOGE's price fell fairly significantly in the intervening months. It went down from a fairly stable 60 satoshi to 47 satoshi. I have no idea why. I haven't been following this very closely. Anyone have an opinion on what happened?
I consider the outlook for DOGE to still be very positive based on its community, which drives its value. I expect DOGE will survive because of that, and with survival, I expect its value to grow over time as the cryptocurrency sector grows.
edit: This got a bit shafted on positioning by basically starting out "pre-aged" 9 hours because of the automod holding it back for the links, and me being too lazy to change them over to np. and resubmit (just internal links), but that's my own fault. Thanks Litecoin_Messiah for approving this! Hopefully I'll get closer to a week, and at least under a month, for the next ones...
submitted by coinaday to CryptoCurrency [link] [comments]

How did we get to the current number of bitcoins in circulation? - George Levy Switching Bitcoin to 100% ASIC Mining Could Increase Security 2000X Types of Hardware Used in Bitcoin Mining Process Cryptocurrency Mining Script - ICO mining script PHP - dogecoin cloud mining script Bitcoin and cryptocurrency mining explained

What is Gridcoin? Gridcoin is an open source cryptocurrency (Ticker: GRC) which securely rewards volunteer computing performed on the BOINC platform.. What is BOINC? BOINC is an open source volunteer computing grid which combines the processing power of individual users for the purposes of scientific research. It is free to use and already home to 30+ projects spanning a range of scientific But with 6-7 big mining players who dictate which fork of bitcoin to mine, the value of BTC or BCC or Segwit or whatever else comes, I have no faith in the value of BTC. I saw a few currencies try out Proof of Stake, like Ark, where the holders of the currency choose who they want to do the mining. The validation process of Bitcoin’s blockchain requires vast amounts of electricity. We demonstrate a methodology for estimating the associated carbon footprint based on IPO filings of major hardware manufacturers, insights on mining facility operations, mining pool compositions, and localization of IP addresses. Our findings provide empirical insights into the carbon footprint of Bitcoin. FoldingCoin is a cryptocurrency reward system designed as part of Stanford University’s [email protected], a project that allows remote users to contribute computing power to run computations for Stanford’s research into how protein folding can aid in combating the effects of degenerative diseases.. About FoldingCoin. Stanford University’s [email protected] project began in 2000 as a way The cryptocurrency market started with just one coin in 2009: Bitcoin. It now includes over 1,500 cryptocurrencies. Here's how the major coin types compare and how people could use them.

[index] [20322] [10822] [39] [234] [17098] [10786] [22486] [12766] [13648] [25744]

How did we get to the current number of bitcoins in circulation? - George Levy

However, with time Bitcoin mining changed, becoming more difficult. Nowadays, equipment investment ranges from about $500 to more than $10,000. Eventually, you will need a Bitcoin wallet. BTC New Earning APP Earn Free Bitcoin Spin and Earn Claim Bouns & Rewards Worldwide APP APP Link in First Comment Refferal Code 1sgfhs18871 Register with referral code and get Rewards My ... Cryptocurrency (Bitcoin, Dogecoin) Cloud mining instead of using the own mining server user can share processing power. Cloud mining means using shared processing power run from remote data centers. Bitcoin mining rigs solves complex math problems, compete for bookkeeping rights and receive block rewards. They usually contain mining chips (ASIC), heat sinks and fans. Mining rigs consume a lot ... New BTC Earning APP Earn Free Bitcoin Without Investment BTC APP Worldwide APP Link in First Comment ( Reward Code 1940) My Telegram I'd @HussainTeachYT THANKS FOR WATCHING ----- FOR ...

Flag Counter