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Royal Vegas Casino Canada 50 free spins bonus on jackpot games

Royal Vegas Casino Canada 50 free spins bonus on jackpot games

Royal Vegas Casino Full Review
Looking for free spins to Royal Vegas Casino Canada? Here you are: 50 free spins on Mega Moolah Abslolootely Mad Jackpot? In addition, get $1200 welcome offer across your first 3 payments.
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Bonuses & Promotions

We appreciate the bonus and promotional program that this casino has put together for its players for a few reasons.
The first is that the site and the program are not overwhelming and packed with a reload bonus here and a reload bonus there and throw in some free spins three times a day as long as you make ten deposits a week. You know, that type of thing…
Instead, there’s a standard welcome bonus package that’s nothing different than most that you’ll find through internet casinos. But, what creates some real value add opportunities are the loyalty program plus the limited time promotions.
We’re going to detail the current promotion for you in just a minute but, what’s great about it is that there’s no deposit required If you’re on the site to do some betting, you can get in on the action and have some fun participating and spinning the wheel for prizes. It’s frustrating to see some great rewards up for grabs but then read the small print and find out that it’ll cost you hundreds to even get in the running, and that’s not the case here. Play your favorite game and wager as you normally would, and you’re part of the promotion.
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$1,200 Welcome Bonus Package + 50 Free Spins

New players can get in on a three-part reward that includes both a deposit match plus some free spins on three different designated slot games. That’s good news. The not quite as good news is that you have to rollover the bonus 40 times before you can cash anything out. This site offers two types of tracking, though, so you’ll need to get further clarification on meeting any wagering requirement and find out if you’re on a percentage tracking system or in protected bonus mode as it will make a difference.

The Welcome Package

  • #1: 100% matching bonus up to $400 plus 50 free spins on MEGA MOOLAH
  • #2: 100% matching bonus up to $400
  • #3: 100% matching bonus up to $400

Limited Time Promotions

Royal Vegas features a current promotion that runs for about a month or so, and it also provides information on past contests so new players can get a good idea of what to expect in the future.
When we checked in, the current promotion was “Wild Wins” with a €300,000 instant prize pool at stake. This is the kind of bonus that we like to see because it’s not tied into a deposit requirement. Those types of things get old. You want some extra value while you’re playing instead of having to fund your player account over and over again.
So, the way Wild Wins works (say that three times fast) is that you log in and play your favorite game in the casino. The more you bet, the faster you fill your progress bar with rewards points. Every time you get up to 100% on that meter, you get a spin on the jungle wheel
The jungle wheel has prizes that include free spins, rewards points, or a trip to the bonus round where you can get in on the big stuff. They’re all instant prizes, and you can spin as many times as you fill that progress bar.
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Royal Vegas Rewards Program

If you’re familiar with online casino VIP programs, you’ll immediately understand this one. It’s a four-tiered club, and every new player is automatically enrolled as soon as they complete registration of their betting account.
The tiers are:
  • Silver
  • Gold
  • Platinum
  • Diamond
Silver is the starting point and, just to get the ball rolling, new members get 2,500. From there, points are earned based on your betting, with slots providing one point for every credit bet. Some table games provide at a rate of one point per five credits but, when you get to Classic Blackjack and All Aces Video Poker, you need to do some substantial wagering. It takes 100 credits to earn one point when you play those two games.
As soon as you earn 10,000 in one month, you hit the Gold status and then you’ll receive a birthday present, accelerated earnings, and a monthly loyalty bonus. Get all the way to Platinum with 75,000 points in one month, and all of those rewards are multiplied significantly. Plus, once you reach 5,000 points you can convert them to cash whenever you want. They exchange at €1 for every 1,000 points redeemed. Cash to points and points to cash.

Money Transfers – In and Out

If you’ve read some of our reviews, you may have noticed that we like full disclosure when it comes to banking. We want to see options right up front for everyone to review and not hidden behind a password so that customers need to register to find out if they can even deposit using their financial accounts.
While this casino does provide a good, detailed list of all of the available financial providers that they use for deposits and withdrawals, what it doesn’t provide is accurate information on their turnaround times for processing and any fees that may be imposed.
It does say that some fees may apply, and we do know that there is a minimum 24 hour waiting period before an internal approval is made on cash out requests, but that’s the extent of it.
We’re putting the focus on this because cash outs with Royal Vegas are one of the most discussed topics in player forums about the casino. You will see some very complimentary comments stating they had money in hand within seven days. But, you’ll also find some people report that they went through a very lengthy withdrawal process and didn’t feel that customer service did much to help them or clarify things.
Just like opinions, money issues will vary from person to person so we can’t give a definitive answer here, but you will want to keep this information in mind if you are someone who demands a quick turnaround as you may not find one through this site.
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Deposit Options

It’s typical for a casino to have many ways to deposit and fewer withdrawal methods and that is also the case here. But, there are so many withdrawal options that the expanded “cash in” list goes on and on. Unless you are a Bitcoin user, your preferred banking method is surely on this list.
The minimum deposit for all of these methods is 10. However, you can sign up with a lower minimum deposit, but then forfeit the free spins that are included in the welcome bonus package.
That’s quite a list, isn’t it?! There are some other currency restrictions but just click on banking and then the deposit tab and you’ll be able to review the currency options that specifically apply to you.

Withdrawals

There aren’t specific guidelines on payout approvals and fees. The internal approval takes a minimum of 24 hours and could take longer and then it’s in the hands of the payment processor or bank.
  • Visa Credit Card
  • Visa Debit Card
  • Solo
  • Neteller
  • Skrill
  • ecoPayz
  • Entropay
  • Instant Banking by Citadel
  • WebMoney
  • CartaSi by Moneybookers
  • Diners Club
  • GiroPay by Moneybookers
  • Solo by Moneybookers
  • Nordea by Moneybookers
  • Sofort by Moneybookers
  • Cheque
  • iDebit
As far as fees, we contacted customer service and were told that any charges depend on the method that you’re using. They don’t have published guidelines, so you will want to keep that in mind. We highly suggest contacting customer service and providing your country, currency, the financial method you’re selecting, and approximate transfer amount and get all of the details up front, so you’re not disappointed later.

Game Variety

Thumbs up to Royal Vegas for providing a great variety that includes specialty, video poker, some unusual table games, and both reel and video slots courtesy of Microgaming. Not all of them appear in the mobile casino, so specialty players need to pull up the full website version.

Audio and Video Quality

As long as you have Flash installed first, the user interface is very easy, and the quality is as good as it gets with these particular titles. We found them to be fast loading and the graphics crisp and clear.

Software

  • Microgaming
  • Evolution Gaming
  • Netent

Mobile Casino

171 games appeared for us on an Android device. While we couldn’t find the specialty games, slots, table games, video poker, and the full live casino area were all ready to go for us with a clear picture and touchscreen operation.

Slots: 350 (148 on mobile)

The slot banks are all together as there aren’t different versions separated out, but you can sort them alphabetically or search for a particular title to quickly locate your favorite. Slots can also be played in free play mode so you can try out some without risking money at the same time.

A Few of the Newer Games Include

  • 108 Heroes – Multiplier Fortunes
  • Gnome Wood
  • Emoti Coins
  • Oink Country Love
You can even filter the games with a Hot and Cold designation. If you use that particular function, you’ll get a new list of games with either flames or a snowflake next to them, which is kind of a fun way to narrow down your selections.

Some of the Reel Slots

  • Jurassic Jackpot
  • Bar Bar Black Sheep
  • 7 Oceans
  • Couch Potato
  • Flo’s Diner
  • Jester’s Jackpot
  • Wheel of Wealth
  • Jewel Thief
  • Joker 8000
  • Gladiators Gold

Video Slots

And, what Microgaming is known for, those intricate video slots with amazing graphics and video, and featuring some unusual bonus games.
  • Jungle Jim El Dorado
  • Thunderstruck II
  • Shoot!
  • Jurassic Park
  • Bridesmaids
  • Jekyll and Hyde
  • MegasSpin – Break da Bank Again
  • Game of Thrones
  • Wheel of Wealth – Multiplayer
  • Hitman

Progressive Jackpots

When you talk about slots provided by Microgaming, the focus is usually more on the progressive jackpots as this software giant offers some of the more well-known big money games. Royal Vegas provides a running total of the current combined progressive amounts available on the site. Just in case you were wondering, it was $6.2 million when we last checked.
  • Mega Moolah
  • Mega Moolah Isis
  • Major Millions
  • Cash Splash
  • Treasure Nile
  • King Cashalot
  • Tunzamunni
  • Fruit Fiesta
  • Lots a Loot
  • Jackpot Deuces
  • Wow! Pot
  • Cyberstud Poker
Major Millions, Fruit Fiesta, and Lots a Loot each have two versions, a three reel and a five reel but boast the same top payout amounts.

Video Poker: 26 (seven on mobile)

It can get monotonous to talk about video poker as it’s typically not well-represented on online casinos compared to its presence in brick and mortars. When it is online, there are usually only a few of the most basic games like Jacks or Better and Deuces Wild. While this site’s video poker collection isn’t what you would call massive, there are some fun variations that we appreciate, as it gives those poor neglected poker players some choices.
  • Tens or Better
  • Louisiana Double
  • Deuces Wild 4 Up
  • Aces and Faces Poker
  • Cyberstud Poker
  • Deuces and Joker Power Poker
  • All American
  • All Aces
  • Bonus Poker Deluxe
  • Aces and Eights

Table Games: 50 (eight on mobile)

When you access the table game area, you’ll see 58 tables as opposed to 50 but that’s because the live dealer tables are also included, and we’re breaking them out so you can get a better picture of what this casino has to offer.
A few of the “non live” options include:
  • Double Exposure Blackjack
  • Vegas Strip Blackjack Gold
  • Big Five Blackjack Gold
  • Multi Wheel Roulette Gold
  • Three Card Poker Gold – Single Hand
  • Baccarat Gold
  • Hold ’em High Gold
  • High-Speed Poker
  • European Blackjack Gold Series High Streak
  • Craps

Scratch Cards: 20 (zero on mobile)

Although we didn’t find any of these games on our smartphone, there are plenty of specialty type games on the full website for instant or download play.
  • Flip Card
  • Wild Champions
  • Mumbai Magic
  • Card Climber
  • Golden Ghouls
  • Bowled Over
  • Plunder the Sea
  • Offside and Seek
  • Halloweenies
  • Dawn of the Bread

Casual Games: 33 (zero on mobile)

Another section that we couldn’t find in the mobile casino, but this casual games section has a lot of variety to it
  • Hexaline
  • Keno
  • Four by Four
  • Whack a Jackpot
  • Max Damage and the Alien Attack
  • Pharoah Bingo
  • Electro Bingo
  • Pick ‘N Switch
  • Beer Fest
  • Bubble Bonanza

Live Casino: eight (eight on mobile)

Although live casino doesn’t appear in the middle menu where all of the other gaming menu items are featured, there is a live casino selection from the top menu. Oddly enough, though, when you click on it, it takes you to the main slots area. At first, we didn’t think there was a live casino, but when we headed into the table game section, there were eight live tables in action.
Except for Live Dream Catcher, the tables in the in this area are provided by Evolution Gaming.
  • Live Dream Catcher
  • Live Blackjack
  • Private Blackjack (2)
  • Live Casino Hold ’em
  • Live Caribbean Stud Poker
  • Live Roulette
  • Live 3 Card Poker

Customer Service

  • Contact Email: via contact form
  • Contact Phone (Canada): 1-866-7452416
  • Contact Phone (Australia): 1-800-658640
  • Contact Phone (other areas): different numbers per language in the contact us area
  • WhatsApp: +27 76 073 9635
  • Skype: Link on Contact Page
  • Live Chat: Available 24/7
We did make contact with the customer service department to clarify a few things about their banking minimums and fees. In some forums, we saw that players weren’t answered promptly, but our live chat started within one minute. The most we waited for a reply to one of the questions was three minutes.
On the other hand, we weren’t overwhelmed with the quality of the responses. It was like pulling teeth to try to get an answer and, when we did, it was short and barely scratched the surface of what we asked. So, we can certainly understand the frustration that some people experienced, especially if they were trying to get information on a payout they’re owed.

Summary

When we look at a casino that features one and only one software provider, it’s difficult to be creative in our assessment. Microgaming is a top company and offers some of the best games around, so slot players who know these games already know what to expect.
If you pull up the Microgaming website and look at their top “creations,” you’ll find most, if not all, of them on Royal Vegas, not to mention those big jackpot providers like Major Millions.
We do like that this site offers more than just a focus on slots. The specialty games area is chock full of possibilities for people who would rather play something different. There are a lot of players who enjoy keno or bingo or scratch offs, and they’re all set as long as they play the full site version and aren’t mobile casino players.
Video poker and table games are plentiful and have a good variety in addition to a suitable quantity.
Evolution Gaming is behind the live dealer tables, and it’s one of the best for this type of “real person” table action, so that’s another feather in Royal Vegas’ cap.
Taking a look the rest of the service, though, there are some positives and negatives.
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submitted by freespins1 to u/freespins1 [link] [comments]

r/Ethereum - I wrote this to explain Ethereum in depth to newbies. Please check for accuracy!

Hello ethereum - I'm currently in Singapore exploring all of the cool blockchain tech that's going on here. I'm also writing a blog that aims to explain blockchain technology simply to anyone whose interested. www.cryptoambit.com
If you guys could spot check my Ethereum post for accuracy, I'd appreciate it. If you like it, would also appreciate some subscribers! Thanks
By now, most people know Ethereum as the second most valuable cryptocurrency, currently valued at over $60 billion dollars. Well, it turns out that Ethereum isn't actually a cryptocurrency - it's a software platform that let's programmers build applications on top of blockchain technology. Within the ethereum platform, is a cryptocurrency called ether that is used to power applications built on the Ethereum blockchain.
From Bitcoin to Ethereum
Bitcoin uses a global network of computers that maintain a shared ledger called a blockchain that keeps track of who owns bitcoin. Once blockchain technology was introduced to the world, people realized that blockchains could be used to keep track of anything of value. In 2013, a 19 year old named Vitalik Buterin introduced the Ethereum white paper, which proposed an open source platform that would let programmers build blockchain applications that could facilitate the exchange of money, content, property, shares or anything of value. Much like with Satoshi Nakamoto's paper, Buterin's was met with widespread excitement from software developers around the world who began building toward the vision Buterin laid out.
Much like Bitcoin, Ethereum isn't owned or controlled by any one person. Unlike Bitcoin, whose creator remains anonymous, Ethereum has a leader in Vitalik Buterin (pictured below). While Buterin doesn't control Ethereum in the way that a CEO does, his word carries tremendous weight in dictating the direction of the project - something that is considered a strength or a weakness, depending on who you ask.
Smart Contracts
The basic function that programs built on Ethereum perform are called smart contracts. Smart contracts are digital agreements that execute automatically based on real world data. An easy way to think of them is an "If-then statement." IF condition A exists, THEN perform function B.
Let's say for example Grandma wants to make sure she never forgets to give Little Billy birthday money each year. She could write a smart contract that says IF it's Little Billy's birthday, THEN pay him $10 from Grandma's account. Once this contract is broadcast to the Ethereum network, it will execute automatically each year on Little Billy's birthday.
Smart contracts have applications far beyond improving the reliability and efficiency of Grandmothers around the world. Another simple application of a smart contract is for rental payments: IF date = 1st of the month, THEN pay landlord rent amount. Processes that currently involve manual interactions between two parties can now be automated and the value can be moved in real time over the blockchain rather than settling days later as with traditional banking.
A Real World Example
Ethereum and smart contracts are a big deal because they have the ability to usher in what's been dubbed the "smart economy" - one in which slow manual processes prone to human error and deceit are replaced with automated processes that are completely transparent and trustworthy. A real world example that typifies the new "smart economy" is a project being run by a French insurance company called AXA.
AXA offers a flight insurance product that pays out a policy holder in the event that a flight is delayed by two hours or more. It currently has a product in trial that will pay out insurance claims using smart contracts and the Ethereum blockchain. The smart contract is simple: IF flight is over two hours late, THEN pay policyholder. The smart contract is connected to a database that monitors flight times. If the database shows that the flight is over two hours late, the smart contract is triggered and the policyholder is paid automatically over the blockchain.
Without the smart contract, the policyholder would have to file a claim and wait for the insurance company's claims department to process it, which could take anywhere from 1 to 2 weeks. With the smart contract, neither the insurance company nor the policyholder has to do anything. This also creates trust between the two parties because there are no grey areas - the customer can review the smart contract prior to purchasing the policy and feel comfortable that he will receive his claim in the event of a delay.
Ethereum vs Ether
As stated in the intro, Ethereum is a platform for building blockchain applications using smart contracts. What you may have just purchased on Coinbase is called Ether, which is the cryptocurrency that fuels the Ethereum network.
Ether functions more like a digital commodity than a digital currency. Just like you need gasoline to fuel your car, you need Ether to run applications on the Ethereum blockchain. In the Grandmother example cited above, Grandma would have to purchase small amounts of Ether to fuel her smart contract that pays Little Billy his birthday money.
The Ethereum blockchain functions in the same way as the Bitcoin blockchain: a network of computers run software that validates transactions through majority consensus. The people running these computers are called miners. Bitcoin miners are compensated for their resources by being paid in Bitcoin. Ethereum miners are compensated in Ether. On Little Billy's birthday, Grandma's ether transaction fee will go to whichever miner adds the block containing Grandma's transaction to the blockchain. That miner will also receive new Ether in the process.
The same supply/demand economics that apply to commodities like oil and gas also apply to Ether. Oil is valuable because it powers many of the things we use in our everyday life - it heats our homes and fuels our engines. The more people and enterprises that rely on Ethereum based applications, the higher the demand will be for Ether which will increase its value. As with all cryptocurrencies, there's plenty of speculation baked into the price - speculation that the demand for Ether will increase in the future. Since Ether is valuable, exchangeable and transferable, certain merchants are also starting to accept it as a currency.
dApps - Decentralized Apps
Applications that run smart contracts on the Ethereum blockchain are called "dApps," or decentralized apps. Just as any app developer can build apps on top of Apple's IOS operating system, developers can build on top of Ethereum's blockchain infrastructure. To the end user of a dApp, it might not look and feel any different than the apps you use today. It's the underlying blockchain infrastructure that make them different.
Since dApps function on top of the blockchain, they can be used to transfer value peer-to-peer. To return to our Grandmother example, there could be a dApp that Granny can download that lets her schedule Little Billy's birthday payments without having to code the smart contract herself. dApps are also completely open sourced so other people can access the code and build on top of them. Someone could take the code to the birthday payment dApp and add the ability for Grandma to add a note that says, "Happy Birthday Billy!" Running dApps on the blockchain also offers added security benefits. Since the transactions are distributed and encrypted across the Ethereum blockchain, there is no central place for a hacker to breach and gain access to all of the world's Grandmother to grandson birthday payment data.
At this point, I'm really beating the GrandmotheLittle Billy example to death because I think it represents a simple illustration for the kinds of applications that can be built on the Ethereum blockchain. In reality, the dApps that are being built are much more complex. Here are a few examples:
Ethereum Tokens
So now that you understand that Ethereum is a network for building decentralized applications that require a cryptocurrency called Ether to run, I'm going to introduce a confusing concept. Many dApps built on Ethereum have their own cryptocurrencies or "tokens." In order to interact with the dApps, customers need to purchase the dApp's native token.
Here's a helpful analogy I came across - when you go to a waterpark, you pay the admission fee and in return, you get a wristband. That wristband gives you the ability to ride the waterslides in the water park. With certain dApps, the token is the wristband, and a user must purchase it to interact with whatever the dApp offers.
Let's take a dApp called Golem as an example. Golem lets people rent out their excess computing power to people who need it - kind of like a computer AirBnb. To cite this article from Laura Shin, if I'm a computer graphics artist that wants to render some kind of computationally intense animation, I can purchase Golem tokens that let me tap into the Golem network to generate my animation. I then pay the people who are renting me their computers with the Golem tokens. The Golem token is a form of smart contract and this transaction is recorded on the Ethereum blockchain.
Since Golem tokens are also a cryptocurrency, they can be traded on the free market. If I'm a speculator who has no intention of using the Golem network to rent computing power, I can still buy the Golem token on an exchange in hopes that it appreciates in value. Like bitcoin, there is a fixed supply of Golem tokens so if the demand for the service increases, so will the value of the token. If I bought Golem at its original price of around 1 penny and held it to today, I would have made 35X my initial investment since Golem tokens currently trade around 35 cents a piece.
ICOs
ICO stands for, "Initial Coin Offering" which is a fundraising mechanism for cryptocurrencies which has exploded in popularity this year - the majority of them are held on the Ethereum network. Similar to a kickstarter campaign, they allow entrepreneurs to raise money for projects by giving investors an early opportunity to purchase the cryptocurrency before the final product has been built. If the project is successful, the value of the cryptocurrency will rise in value and early investors can sell it on the open market for a profit.
ICOs have stirred up a lot of controversy because they represent a risky proposition with zero investor protection. Let's say I wanted to build a casino and to finance it, I gave investors the opportunity to buy chips that can be used at my roulette tables once the casino opened. If you bought $100K in roulette chips from me and I decide that I no longer want to build the casino, you're stuck holding worthless chips. If investors don't do their due diligence, they may end up buying tokens for a project whose creators never intended on building it in he first place - the creators walk away with the money and the investors have no way of recouping their funds.
On the other hand, early investors in projects that go on to be successful have the opportunity to make enormous returns. For example, people who invested $1,000 in the Golem ICO would be sitting on $35,000 at it's current price of $0.35 - if it ever goes to $10, they're all millionaires. Another positive aspect of ICOs is that they let anyone, rich or poor get involved in early stage investing. To invest in a company like Twitter or Facebook pre-IPO (initial public offering), you need to be an accredited investor - this basically means you're already a rich person. With ICOs, all you need is an internet connection and a little bit of money and you have the potential to become wealthy by investing in the right projects.
Far From Perfect
Ethereum has the potential to change the way humans transact with one another but it is still a very young technology and it hasn't been without its problems. While the blockchain architecture underlying the Ethereum network is secure, not all of the applications built on top of it are. Faulty code can and has made applications vulnerable to hacking and malfunctions. Here are two prime examples:
DAO Hack - DAO was a dApp built on Ethereum that enabled crowd based venture capital. DAO token holders were given the right to vote on projects they wanted to support - if projects went on to be successful, DAO token holders would receive financial rewards. The DAO ICO received $168 million in funding. The DAO software was hosted on the Ethereum blockchain and was publically visible by all. A hacker spotted a flaw in the DAO's code that enabled him to route $55M in ether held by the DAO into an account that he controlled. The Ethereum team had do do something called a hard fork (something I won't get into now) to reverse return the stolen funds. Parity Wallet Freeze - Parity is a wallet where people store Ether. A flaw in Parity's code let a user delete a specific line of code that was necessary for accessing funds in a Parity wallet. This led to $280 million dollars worth of ether being frozen - it hasn't been stolen but it can't be accessed either. Parity Technologies has proposed another hard fork to correct the issue - something that is sure to divide the Ethereum community and rattle user confidence.
Despite the world changing implications that Ethereum dApps and smart contracts have, the trouble is that any programmer can write them - if they aren't written properly, they can behave in unintended ways and be exploited like in the above listed examples. Ethereum is still a very young network and security issues with dApps and smart contracts will have to be sorted out if its to reach its true aspirations.
Leading The Decentralized Revolution
“Ethereum aims to take the promise of decentralization, openness and security that is at the core of blockchain technology and brings it to almost anything that can be computed.” - Vitalik Buterin
With dApps, smart contracts and blockchain technology, Ethereum is leading the decentralized revolution. Bitcoin is the world's first decentralized currency, that operates on a global network of computers outside of central intermediaries. Ethereum gives programmers a platform to develop a decentralized version of just about anything.
Decentralized networks like Ethereum have the power to remove the intermediaries that currently exist between producer and consumer. Let's take a company like Uber. Uber is a platform that brings people who need rides together with people who have cars. To facilitate this interaction, Uber collects 20% of every ride. With Ethereum and blockchain technology, there is nothing to prevent a bunch of software developers from writing a dApp that creates a decentralized Uber. Instead of 20% per ride, transaction fees are paid to the network and the driver takes home the lions share of the transaction. Tokens can be issued that represent ownership in the network. Coders who work on improving the network can get paid for their efforts in ownership tokens. Non-technical people can come up with marketing campaigns that spread awareness for the network and also get compensated in ownership tokens. As the decentralized Uber network grows and improves, the value of its ownership token increases, rewarding the people that built it. The result is whats referred to as a "Decentralized Autonomous Organization" and theres a strong possibility that DAOs replace a lot of the world's biggest corporations.
This may sound like a radical concept but blockchain technology enables these kinds of decentralized organizations to exist - Ethereum provides the tools for people to go out and build them.
submitted by CryptigoVespucci to ethereum [link] [comments]

Overview of Major Risks of Buying Nyancoins - Version 6

This is the sixth version of the NYAN risks document (based on v5 (v4 (v3 , v2 and original)). These are obsoleted periodically as the old ones get archived to allow for comments again via a new post, to re-examine the risks in light of changes, and for greater visibility.
The purpose of these documents is to provide a best-effort discussion of major risk factors in gambling on NYAN, modeled on the risks disclosure in a 10k (annual report) which is mandated for publicly traded companies in the United States. This document is provided with no guarantee that major risk factors have not been missed, and it is important to recognize my (coinaday) personal bias from holding about one-third of the total supply of NYAN.
Please comment on any risks which are not mentioned here or additional aspects of risks here you think should be further emphasized or any other possible disclosure you think would be helpful to a person considering gambling on NYAN.
Executive summary
Nyancoins have no exchange, no core developer at the moment, uncertain demand, have had inconsistent blocks, are very vulnerable to 51% attacks, have the potential for serious bugs, an uncertain legal situation, concentrated ownership, low liquidity, depend upon the Internet, may be addictive, and could make you wealthy, which has been alleged to lead to more problems.
Introduction: This is my best attempt to collect every major risk factor from buying Nyancoins, although I can offer no warranty of fitness for this information for any purposes. I believe in honesty and forthrightness. Having this available and obvious is a simple matter of basic decency. Much, hopefully all, of this information has been discussed previously in /nyancoins, but this document in particular is about being up-to-date and central. This page will be updated clearly as appropriate if situations change on a best-effort basis (which may mean updates do not happen for months at times, unfortunately; please ping for faster updates).
If you believe that I am missing something, please note any other major risks you see in the comments.
Exchanges:
Nyancoins are not currently traded on any exchange. It may be listed on one minor exchange but have no volume there. Obviously an unlisted cryptocurrency is in a bad situation. I hope to see us gain a listing on an exchange which supports low volume coins in 2020 but I have no current prospect of this and it should be considered a longshot at best.
Previously we traded on Trade Satoshi and prior to that on Cryptopia and prior to that on Cryptsy. All three exchanges failed us (Trade Satoshi delisted without allowing withdrawal; Cryptopia delisted and failed to provide withdrawal and then went bankrupt; Cryptsy went bankrupt). This is a further reminder that exchanges are a major risk and one should be extremely careful to not keep more coins on there than one can comfortably afford to lose.
In theory, there are decentralized exchange technologies, notably CATE; however, I think we currently lack some needed APIs for this. I'm not certain but we haven't demonstrated the capability yet. On-Reddit exchanges are also possible with tipbots, but require trust as they are not atomic. It should be possible to build an "exchangebot" similarly, although I'm not currently aware of one, but my concept would still have the bot as a trusted central party.
Atomic cross-chain transactions seem to me like a very promising core technology ultimately for building exchanges which can be more proveably secure. They could also allow exchanges to share a common listing protocol as well without having to trust the other exchanges (at least, beyond the core protocol development and maintenance; tanstaafl). This is not yet accomplished though and in the meantime we remain vulnerable to periodic exchange failures.
Core developer: Although we have good general tech support in this community and have put up supporting infrastructure, there is not anyone officially currently working on core client code. This is a significant problem for the long-term, although we are not in any immediate known need of changes.
ImASharkRawwwr has returned to the community and may do future client updates, but I'm leaving the lack of core developer risk unchanged until there is an update released. This is not intended as a slight in any way but merely being cautious in the risks document and recognizing that we aren't certain when or if there will be a next release.
Demand: NYAN was introduced in 2014 and during the second half of that year had so little demand that it almost died out. In January 2015 I got involved in the coin and for most of 2015 and 2016 I was the majority of the buying pressure. I base these statements on my recollection of the trading history so far and the fact that I have acquired more than 120 million coins, somewhere around 41% of the coins (latest hodling report, June 2017), as well as my observations that I had usually had the leading major bid, and usually the leading bid regardless of size.
In 2017, I have generally not been a major factor in the demand, as I haven’t had money to spare to gamble on NYAN. In June 2017, we have had a spike in buying from an unknown source.
It is unknown whether significant demand for NYAN will continue. Because its value is purely speculative, it is entirely possible that demand for NYAN could simply end. This is a fundamental risk in gambling on NYAN; it is entirely possible that its value will go to zero and not recover.
By the end of 2019, we lost exchange listing. I know of no current demand for NYAN. I hope to see us listed and demand exist in the future but should not be relied upon. NYAN last traded around 9 satoshi according to coinmarketcap but it may well not even trade that high even if relisted someday - there could be a flood of selling and no buyers.
Inconsistent blocks:
Although NYAN is designed to produce a block every minute, there have been times where there has been more than 24 hours between blocks. This results because of an imperfect difficulty function and low base hashing, along with price fluctuations, which can combine to have a low difficulty making the coin attractive for a flood of hashing power which can lead the difficulty function to overcompensate, leaving it stuck with a high difficulty no longer profitable to mine.
I haven’t observed this lately, that is, I don’t recall incidents of this in 2017, but I’ve been paying far less attention to it as well. It is entirely possible for this to recur, as the difficulty function is not fixed (it would require a hard fork to fix it). We seem to have more baseline hashing which helps to avoid this, but it is possible for us to lose that.
A workaround is to use large transaction fees (I've set my client to 337 NYAN) which is enough to cause pools to generally solve a block even if the chain were otherwise stuck. It may be possible to include a better difficulty function in a hard fork client, but it is unknown when if ever this would be done and it's not yet clear what design improvement if any would fix this.
51% attack: Because of the generally quite low hashing power on NYAN, it is highly vulnerable to a 51% attack. Either a leading pool or a new one could choose to do a denial-of-service attack, whether for extortion, lulz, or some other reason (like coinaday being annoying). Such an attack is capable of preventing any transaction processing for as long as it is sustained. I consider this a relatively low risk since I expect we would simply wait it out (and potentially not even notice such an attack for quite a while given the low volume of transactions currently), but it is definitely a potential vulnerability.
Bugs: It is possible that there are bugs in the underlying code. I have never read through all of the bitcoin or nyancoin code, of any version, nor even studied the original bitcoin whitepaper in depth (by the way, we oughta make up a nyancoin whitepaper or ten someday), meaning I have no professional or technical knowledge about whether or not the system is fundamentally sound. I've been going based on "it seems to be working, so it's probably fine", which is, shall we say, more of an engineering than scientific approach.
I have heard reference to a "time warp" bug vulnerability in the KGW difficulty function which Nyancoins has. I do not know details and my understanding is a fix to this would require a fork to change the difficulty function, so I do not anticipate a fix before NYAN3, the term for an eventual hard fork, but it is unknown when if ever this would be done. I consider this vulnerability to be likely to be related to the fundamental weakness to difficulty spikes after large amounts of hashing jumps on the network. Hostile (or simply passing interest with large capacity) hashing does degrade the performance of the network. As a workaround, this class of attack can be mitigated with a transaction to 'unstick' the chain after, since the difficulty function will adjust in the next block after enough wall-time has passed since the last block (so only need one high difficulty solve which can be triggered by a transaction fee).
Legal: Bitcoin faces uncertain legal situations in almost every country. Nyancoin is even more uncertain, as people tend to consider bitcoin and not address impacts on altcoins. Between the potential tax implications and banking regulations and currency laws, there are a wide variety of ways a person could make a felony-level mistake. This can be somewhat mitigated by merely buying and holding, as you won't be responsible for KYC/AML presumably (although an argument could be made in your purchase), and presumably unrealized capital gains wouldn't be taxable (but I am neither a lawyer nor accountant nor any sort of expert on the relevant accounting laws in any country).
Somehow getting legal opinions for Nyancoins in every country would be very useful in my opinion. If Bitcoin and altcoins are well-studied in a given country it should be relatively easy to adapt those opinions and research to Nyancoins, but it would still require some pro bono work in any case. So...hopefully we'll get some lawyer Nekonauts someday who are willing to semi-officially give us an opinion. In the meantime...hope that common sense can save you. If you sell Nyancoins directly, you're going to need to comply with the KYC/AML types of laws of your country. If you're going to do banking operations...may the central bank have mercy on your soul.
I think the best advantage we have is the same bitcoin had for its first years: we're too small for anyone to care. But since we plan to grow significantly, we need to be aware of our legal issues upon scale. Which is to say, whether or not you're allowed to sell 10,000 NYAN to your friend probably has a lot to do with whether your friend legally acquired whatever is being offered in exchange, and whether the value of what you get in return is above a certain level or not. I'm not going to try guessing that level precisely because I know I'll be wrong. $1 is probably fine. $10,000 is probably illegal without some significant licensing. I would suggest either not touching fiat or else deliberately capping it without verification after getting an independent local expert legal opinion.
concentration: The fact that I hold about 41%(? not sure the exact percentage as of Dec 2017 ; need to do updated survey to check; 41% sounds slightly high to me but I'll see...I'll try to update by the end of the year or shortly after) of the currently outstanding NYAN could be a major risk factor, particularly if I do not act in the best long-term interests of the strength of Nyancoins. For instance, I could pull my bids, sell only a small part of my holdings, crash the market, and potentially buy a lot of volume for a lower price. While I cannot foresee any circumstance under which I would do this, it is certainly conceivable that I could be financially, legally, or morally obligated to do so if I were to become insolvent.
Liquidity: There is very little trading activity in NYAN. Therefore, large purchases will drive the price up and large sales will drive the price down. This means that entering and exiting a position is likely to result in "slippage", so even if the price has increased slightly overall since the time before one entered a position to the time before one exits it, it is quite possible that the overall trade will be neutral or negative as a result of the pressure on the market. For an extreme example, my own position would be essentially impossible to exit from the market without crashing the price, and even so it would likely be difficult to find buyers even at a satoshi, based on that I currently am the majority of the bids on the market. This is closely tied to the concentration risk but if I were to exit NYAN for any reason or simply fail to continue to renew bids the liquidity would dry up even further.
At the end of 2019, having no exchange, there is functionally zero liquidity. In theory peer to peer trading could still be done but I’m unaware of any.
Internet outage: if the Internet goes down, we hit a very nasty scenario. We can't process transactions, and all the miners go into a race to make 'useless' blocks on their own. If the Internet were never to come back up, Nyancoins would be dead. If there is a daylong internet outage, the longest blockchain discovered after, presumably representing the most hashing power dedicated to empty blocks during that outage, will win. So I suppose the block rewards in that case are for having the faith in Nyancoins to keep hashing and storing the blockchain during the day without the Internet.
addictive: This was a curiosity to me when I started. Now it's an obsession for me. I'm constantly thinking about how I can help to smooth the path for Nyancoins to grow stronger and better and more valuable. You may find that once you start to realize the impact you can have upon Nyancoins, and that Nyancoins can have upon you, that you start to become addicted as well. It is possible to substitute another addiction in its place, such as dogecoins or pcp, but it is not recommended.
Nyancoin addictions are considered 'mostly harmless'. The exception is if you go 'full coinaday' and start to accumulate more than 10% of your assets in Nyancoins. In this, this is essentially a variety of gambling addiction. I would argue that it beats roulette because you can tilt the odds in your favor, but then, I would argue that, wouldn't I?
mo' nyan mo' problems: Some people have claimed that more money leads to more problems. Since nyan is money, it follows as a consequence of the conjecture. Should this be the case, your increasing nyan could potentially lead to such problems in the future as: enhanced attention from revenue collection services of all kinds (governmental and private), swarms of fake friends and gold-diggers, excessive risk-taking as a result of feelings of invincibility, an increase in certain varieties of targeted marketing, possible disqualification for asset-based welfare for you (or even your children, for instance college financial assistance), an inability to remember how many houses you own, or other serious problems.
Conclusion
The lack of any exchange trading Nyancoins is a major risk factor in its future survival. If it is listed, the lack of development is likely the next most serious. The coin currently survives but whether it will continue to do so in the future is far from certain. If those of us who have found or come back to NYAN choose to keep it alive, I believe it still has a chance at surviving into a stronger future.
This self-certified infallible message has been brought to you as a Public Service Announcement of the NYAN Public Relations Council, a transparent front organization of notoriously lovable philanthropist and major NYAN hodler coinaday.
submitted by coinaday to nyancoins [link] [comments]

Overview of Major Risks of Buying Nyancoins - Version 5

This is the fifth version of the NYAN risks document (based on v4 (v3 , v2 and original). These are obsoleted periodically as the old ones get archived to allow for comments again via a new post, to re-examine the risks in light of changes, and for greater visibility.
The purpose of these documents is to provide a best-effort discussion of major risk factors in gambling on NYAN, modeled on the risks disclosure in a 10k (annual report) which is mandated for publicly traded companies in the United States. This document is provided with no guarantee that major risk factors have not been missed, and it is important to recognize my (coinaday) personal bias from holding about one-third of the total supply of NYAN.
Please comment on any risks which are not mentioned here or additional aspects of risks here you think should be further emphasized or any other possible disclosure you think would be helpful to a person considering gambling on NYAN.
Executive summary
Nyancoins have no core developer at the moment, uncertain demand, are traded actively on only one exchange, have had inconsistent blocks, are very vulnerable to 51% attacks, have the potential for serious bugs, an uncertain legal situation, concentrated ownership, low liquidity, depend upon the Internet, may be addictive, and could make you wealthy, which has been alleged to lead to more problems.
Introduction: This is my best attempt to collect every major risk factor from buying Nyancoins, although I can offer no warranty of fitness for this information for any purposes. I believe in honesty and forthrightness. Having this available and obvious is a simple matter of basic decency. Much, hopefully all, of this information has been discussed previously in /nyancoins, but this document in particular is about being up-to-date and central. This page will be updated clearly as appropriate if situations change on a best-effort basis (which may mean updates do not happen for months at times, unfortunately; please ping for faster updates).
If you believe that I am missing something, please note any other major risks you see in the comments.
Core developer: Although we have good general tech support in this community and have put up supporting infrastructure, there is not anyone officially currently working on core client code. This is a significant problem for the long-term, although we are not in any immediate known need of changes.
ImASharkRawwwr has returned to the community and may do future client updates, but I'm leaving the lack of core developer risk unchanged until there is an update released. This is not intended as a slight in any way but merely being cautious in the risks document and recognizing that we aren't certain when or if there will be a next release.
Demand: NYAN was introduced in 2014 and during the second half of that year had so little demand that it almost died out. In January 2015 I got involved in the coin and for most of 2015 and 2016 I was the majority of the buying pressure. I base these statements on my recollection of the trading history so far and the fact that I have acquired more than 120 million coins, somewhere around 41% of the coins (latest hodling report, June 2017), as well as my observations that I had usually had the leading major bid, and usually the leading bid regardless of size.
In 2017, I have generally not been a major factor in the demand, as I haven’t had money to spare to gamble on NYAN. In June 2017, we have had a spike in buying from an unknown source.
It is unknown whether significant demand for NYAN will continue. Because its value is purely speculative, it is entirely possible that demand for NYAN could simply end. This is a fundamental risk in gambling on NYAN; it is entirely possible that its value will go to zero and not recover.
Exchanges:
Trade Satoshi is currently the only exchange for Nyancoins with significant volume. If Trade Satoshi were to fail somehow, it is likely that this would have significant consequences for Nyancoins.
Previously we traded on Cryptopia and prior to that on Cryptsy. Both exchanges failed. This is a further reminder that exchanges are a major risk and one should be extremely careful to not keep more coins on there than one can comfortably afford to lose.
In theory, there are decentralized exchange technologies, notably CATE; however, I think we currently lack some needed APIs for this. I'm not certain but we haven't demonstrated the capability yet. On-Reddit exchanges are also possible with tipbots, but require trust as they are not atomic. It should be possible to build an "exchangebot" similarly, although I'm not currently aware of one, but my concept would still have the bot as a trusted central party.
Atomic cross-chain transactions seem to me like a very promising core technology ultimately for building exchanges which can be more proveably secure. They could also allow exchanges to share a common listing protocol as well without having to trust the other exchanges (at least, beyond the core protocol development and maintenance; tanstaafl). This is not yet accomplished though and in the meantime we remain vulnerable to periodic exchange failures.
Inconsistent blocks:
Although NYAN is designed to produce a block every minute, there have been times where there has been more than 24 hours between blocks. This results because of an imperfect difficulty function and low base hashing, along with price fluctuations, which can combine to have a low difficulty making the coin attractive for a flood of hashing power which can lead the difficulty function to overcompensate, leaving it stuck with a high difficulty no longer profitable to mine.
I haven’t observed this lately, that is, I don’t recall incidents of this in 2017, but I’ve been paying far less attention to it as well. It is entirely possible for this to recur, as the difficulty function is not fixed (it would require a hard fork to fix it). We seem to have more baseline hashing which helps to avoid this, but it is possible for us to lose that.
A workaround is to use large transaction fees (I've set my client to 337 NYAN) which is enough to cause pools to generally solve a block even if the chain were otherwise stuck. It may be possible to include a better difficulty function in a hard fork client, but it is unknown when if ever this would be done and it's not yet clear what design improvement if any would fix this.
51% attack: Because of the generally quite low hashing power on NYAN, it is highly vulnerable to a 51% attack. Either a leading pool or a new one could choose to do a denial-of-service attack, whether for extortion, lulz, or some other reason (like coinaday being annoying). Such an attack is capable of preventing any transaction processing for as long as it is sustained. I consider this a relatively low risk since I expect we would simply wait it out (and potentially not even notice such an attack for quite a while given the low volume of transactions currently), but it is definitely a potential vulnerability.
Bugs: It is possible that there are bugs in the underlying code. I have never read through all of the bitcoin or nyancoin code, of any version, nor even studied the original bitcoin whitepaper in depth (by the way, we oughta make up a nyancoin whitepaper or ten someday), meaning I have no professional or technical knowledge about whether or not the system is fundamentally sound. I've been going based on "it seems to be working, so it's probably fine", which is, shall we say, more of an engineering than scientific approach.
I have heard reference to a "time warp" bug vulnerability in the KGW difficulty function which Nyancoins has. I do not know details and my understanding is a fix to this would require a fork to change the difficulty function, so I do not anticipate a fix before NYAN3, the term for an eventual hard fork, but it is unknown when if ever this would be done. I consider this vulnerability to be likely to be related to the fundamental weakness to difficulty spikes after large amounts of hashing jumps on the network. Hostile (or simply passing interest with large capacity) hashing does degrade the performance of the network. As a workaround, this class of attack can be mitigated with a transaction to 'unstick' the chain after, since the difficulty function will adjust in the next block after enough wall-time has passed since the last block (so only need one high difficulty solve which can be triggered by a transaction fee).
Legal: Bitcoin faces uncertain legal situations in almost every country. Nyancoin is even more uncertain, as people tend to consider bitcoin and not address impacts on altcoins. Between the potential tax implications and banking regulations and currency laws, there are a wide variety of ways a person could make a felony-level mistake. This can be somewhat mitigated by merely buying and holding, as you won't be responsible for KYC/AML presumably (although an argument could be made in your purchase), and presumably unrealized capital gains wouldn't be taxable (but I am neither a lawyer nor accountant nor any sort of expert on the relevant accounting laws in any country).
Somehow getting legal opinions for Nyancoins in every country would be very useful in my opinion. If Bitcoin and altcoins are well-studied in a given country it should be relatively easy to adapt those opinions and research to Nyancoins, but it would still require some pro bono work in any case. So...hopefully we'll get some lawyer Nekonauts someday who are willing to semi-officially give us an opinion. In the meantime...hope that common sense can save you. If you sell Nyancoins directly, you're going to need to comply with the KYC/AML types of laws of your country. If you're going to do banking operations...may the central bank have mercy on your soul.
I think the best advantage we have is the same bitcoin had for its first years: we're too small for anyone to care. But since we plan to grow significantly, we need to be aware of our legal issues upon scale. Which is to say, whether or not you're allowed to sell 10,000 NYAN to your friend probably has a lot to do with whether your friend legally acquired whatever is being offered in exchange, and whether the value of what you get in return is above a certain level or not. I'm not going to try guessing that level precisely because I know I'll be wrong. $1 is probably fine. $10,000 is probably illegal without some significant licensing. I would suggest either not touching fiat or else deliberately capping it without verification after getting an independent local expert legal opinion.
concentration: The fact that I hold about 41%(? not sure the exact percentage as of Dec 2017 ; need to do updated survey to check; 41% sounds slightly high to me but I'll see...I'll try to update by the end of the year or shortly after) of the currently outstanding NYAN could be a major risk factor, particularly if I do not act in the best long-term interests of the strength of Nyancoins. For instance, I could pull my bids, sell only a small part of my holdings, crash the market, and potentially buy a lot of volume for a lower price. While I cannot foresee any circumstance under which I would do this, it is certainly conceivable that I could be financially, legally, or morally obligated to do so if I were to become insolvent.
Liquidity: There is very little trading activity in NYAN. Therefore, large purchases will drive the price up and large sales will drive the price down. This means that entering and exiting a position is likely to result in "slippage", so even if the price has increased slightly overall since the time before one entered a position to the time before one exits it, it is quite possible that the overall trade will be neutral or negative as a result of the pressure on the market. For an extreme example, my own position would be essentially impossible to exit from the market without crashing the price, and even so it would likely be difficult to find buyers even at a satoshi, based on that I currently am the majority of the bids on the market. This is closely tied to the concentration risk but if I were to exit NYAN for any reason or simply fail to continue to renew bids the liquidity would dry up even further.
Internet outage: if the Internet goes down, we hit a very nasty scenario. We can't process transactions, and all the miners go into a race to make 'useless' blocks on their own. If the Internet were never to come back up, Nyancoins would be dead. If there is a daylong internet outage, the longest blockchain discovered after, presumably representing the most hashing power dedicated to empty blocks during that outage, will win. So I suppose the block rewards in that case are for having the faith in Nyancoins to keep hashing and storing the blockchain during the day without the Internet.
addictive: This was a curiosity to me when I started. Now it's an obsession for me. I'm constantly thinking about how I can help to smooth the path for Nyancoins to grow stronger and better and more valuable. You may find that once you start to realize the impact you can have upon Nyancoins, and that Nyancoins can have upon you, that you start to become addicted as well. It is possible to substitute another addiction in its place, such as dogecoins or pcp, but it is not recommended.
Nyancoin addictions are considered 'mostly harmless'. The exception is if you go 'full coinaday' and start to accumulate more than 10% of your assets in Nyancoins. In this, this is essentially a variety of gambling addiction. I would argue that it beats roulette because you can tilt the odds in your favor, but then, I would argue that, wouldn't I?
mo' nyan mo' problems: Some people have claimed that more money leads to more problems. Since nyan is money, it follows as a consequence of the conjecture. Should this be the case, your increasing nyan could potentially lead to such problems in the future as: enhanced attention from revenue collection services of all kinds (governmental and private), swarms of fake friends and gold-diggers, excessive risk-taking as a result of feelings of invincibility, an increase in certain varieties of targeted marketing, possible disqualification for asset-based welfare for you (or even your children, for instance college financial assistance), an inability to remember how many houses you own, or other serious problems.
Conclusion
There are a variety of different risks in buying Nyancoins. I believe the most serious one is the developer issue. If those of us who have found or come back to NYAN abandon it, it could die. Otherwise, I consider the risks generally manageable, but exchange failure or a currently unknown bug could do serious damage to the ecosystem as well.
This self-certified infallible message has been brought to you as a Public Service Announcement of the NYAN Public Relations Council, a transparent front organization of notoriously lovable philanthropist and major NYAN hodler coinaday.
submitted by coinaday to nyancoins [link] [comments]

Overview of Major Risks of Buying Nyancoins - Version 4

This is the fourth version of the NYAN risks document (based on v3 (v2 and original). These are obsoleted periodically as the old ones get archived to allow for comments again via a new post, to re-examine the risks in light of changes, and for greater visibility.
The purpose of these documents is to provide a best-effort discussion of major risk factors in gambling on NYAN, modeled on the risks disclosure in a 10k (annual report) which is mandated for publicly traded companies in the United States. This document is provided with no guarantee that major risk factors have not been missed, and it is important to recognize my (coinaday) personal bias from holding about one-third of the total supply of NYAN.
Please comment on any risks which are not mentioned here or additional aspects of risks here you think should be further emphasized or any other possible disclosure you think would be helpful to a person considering gambling on NYAN.
Executive summary
Nyancoins have no core developer at the moment, uncertain demand, are traded actively on only one exchange, have had inconsistent blocks, are very vulnerable to 51% attacks, have the potential for serious bugs, an uncertain legal situation, concentrated ownership, depend upon the Internet, may be addictive, and could make you wealthy, which has been alleged to lead to more problems.
Introduction: This is my best attempt to collect every major risk factor from buying Nyancoins, although I can offer no warranty of fitness for this information for any purposes. I believe in honesty and forthrightness. Having this available and obvious is a simple matter of basic decency. Much, hopefully all, of this information has been discussed previously in /nyancoins, but this document in particular is about being up-to-date and central. This page will be updated clearly as appropriate if situations change on a best-effort basis (which may mean updates do not happen for months at times, unfortunately; please ping for faster updates).
If you believe that I am missing something, please note any other major risks you see in the comments.
Core developer: Although we have good general tech support in this community and have put up supporting infrastructure, there is not anyone officially currently working on core client code. This is a significant problem for the long-term, although we are not in any immediate known need of changes.
Demand: NYAN was introduced in 2014 and during the second half of that year had so little demand that it almost died out. In January 2015 I got involved in the coin and for most of 2015 and 2016 I was the majority of the buying pressure. I base these statements on my recollection of the trading history so far and the fact that I have acquired more than 120 million coins, somewhere around 41% of the coins (latest hodling report, June 2017), as well as my observations that I had usually had the leading major bid, and usually the leading bid regardless of size.
In 2017, I have generally not been a major factor in the demand, as I haven’t had money to spare to gamble on NYAN. In June 2017, we have had a spike in buying from an unknown source.
It is unknown whether significant demand for NYAN will continue. Because its value is purely speculative, it is entirely possible that demand for NYAN could simply end. This is a fundamental risk in gambling on NYAN; it is entirely possible that its value will go to zero and not recover.
Exchanges:
Cryptopia is currently the only exchange for Nyancoins with significant volume. If Cryptopia were to fail somehow, it is likely that this would have significant consequences for Nyancoins.
However, there are decentralized exchange technologies, notably CATE, which NYAN2 (my term for the current release, otherwise known as v1.3) should be able to support. On-Reddit exchanges are also possible with tipbots, but require trust as they are not atomic. It should be possible to build an "exchangebot" similarly, although I'm not currently aware of one, but my concept would still have the bot as a trusted central party.
Atomic cross-chain transactions seem to me like a very promising core technology ultimately for building exchanges which can be more proveably secure. They could also allow exchanges to share a common listing protocol as well without having to trust the other exchanges (at least, beyond the core protocol development and maintenance; tanstaafl).
Inconsistent blocks:
Although NYAN is designed to produce a block every minute, there have been times where there has been more than 24 hours between blocks. This results because of an imperfect difficulty function and low base hashing, along with price fluctuations, which can combine to have a low difficulty making the coin attractive for a flood of hashing power which can lead the difficulty function to overcompensate, leaving it stuck with a high difficulty no longer profitable to mine.
I haven’t observed this lately, that is, I don’t recall incidents of this in 2017, but I’ve been paying far less attention to it as well. It is entirely possible for this to recur, as the difficulty function is not fixed (it would require a hard fork to fix it). We seem to have more baseline hashing which helps to avoid this, but it is possible for us to lose that.
A workaround is to use large transaction fees (I've set my client to 337 NYAN) which is enough to cause pools to generally solve a block even if the chain were otherwise stuck. A solution should be included in a hard fork client, but it is unknown when if ever this would be done.
51% attack: Because of the generally quite low hashing power on NYAN, it is highly vulnerable to a 51% attack. Either a leading pool or a new one could choose to do a denial-of-service attack, whether for extortion, lulz, or some other reason (like coinaday being annoying). Such an attack is capable of preventing any transaction processing for as long as it is sustained. I consider this a relatively low risk since I expect we would simply wait it out (and potentially not even notice such an attack for quite a while given the low volume of transactions currently), but it is definitely a potential vulnerability.
Bugs: It is possible that there are bugs in the underlying code. I have never read through all of the bitcoin or nyancoin code, of any version, nor even studied the original bitcoin whitepaper in depth (by the way, we oughta make up a nyancoin whitepaper or ten someday), meaning I have no professional or technical knowledge about whether or not the system is fundamentally sound. I've been going based on "it seems to be working, so it's probably fine", which is, shall we say, more of an engineering than scientific approach.
I have heard reference to a "time warp" bug vulnerability in the KGW difficulty function which Nyancoins has. I do not know details and my understanding is a fix to this would require a fork to change the difficulty function, so I do not anticipate a fix before NYAN3, the term for an eventual hard fork, but it is unknown when if ever this would be done. I consider this vulnerability to be likely to be related to the fundamental weakness to difficulty spikes after large amounts of hashing jumps on the network. Hostile (or simply passing interest with large capacity) hashing does degrade the performance of the network. As a workaround, this class of attack can be mitigated with a transaction to 'unstick' the chain after, since the difficulty function will adjust in the next block after enough wall-time has passed since the last block (so only need one high difficulty solve which can be triggered by a transaction fee).
Legal: Bitcoin faces uncertain legal situations in almost every country. Nyancoin is even more uncertain, as people tend to consider bitcoin and not address impacts on altcoins. Between the potential tax implications and banking regulations and currency laws, there are a wide variety of ways a person could make a felony-level mistake. This can be somewhat mitigated by merely buying and holding, as you won't be responsible for KYC/AML presumably (although arguably an argument could be made in your purchase), and presumably unrealized capital gains wouldn't be taxable (but I am neither a lawyer nor accountant nor any sort of expert on the relevant accounting laws in any country).
Somehow getting legal opinions for Nyancoins in every country would be very useful in my opinion. If Bitcoin and altcoins are well-studied in a given country it should be relatively easy to adapt those opinions and research to Nyancoins, but it would still require some pro bono work in any case. So...hopefully we'll get some lawyer Nekonauts someday who are willing to semi-officially give us an opinion. In the meantime...hope that common sense can save you. If you sell Nyancoins directly, you're going to need to comply with the KYC/AML types of laws of your country. If you're going to do banking operations...may the central bank have mercy on your soul.
I think the best advantage we have is the same bitcoin had for its first years: we're too small for anyone to care. But since we plan to grow significantly, we need to be aware of our legal issues upon scale. Which is to say, whether or not you're allowed to sell 10,000 NYAN to your friend probably has a lot to do with whether your friend legally acquired whatever is being offered in exchange, and whether the value of what you get in return is above a certain level or not. I'm not going to try guessing that level precisely because I know I'll be wrong. $1 is probably fine. $10,000 is probably illegal without some significant licensing. I would suggest either not touching fiat or else deliberately capping it without verification after getting an independent local expert legal opinion.
concentration: The fact that I hold about 41%(? not sure the exact percentage as of Dec 2017 ; need to do updated survey to check; 41% sounds slightly high to me but I'll see...I'll try to update by the end of the year or shortly after) of the currently outstanding NYAN could be a major risk factor, particularly if I do not act in the best long-term interests of the strength of Nyancoins. For instance, I could pull my bids, sell only a small part of my holdings, crash the market, and potentially buy a lot of volume for a lower price. While I cannot foresee any circumstance under which I would do this, it is certainly conceivable that I could be financially, legally, or morally obligated to do so if I were to become insolvent.
Internet outage: if the Internet goes down, we hit a very nasty scenario. We can't process transactions, and all the miners go into a race to make 'useless' blocks on their own. If the Internet were never to come back up, Nyancoins would be dead. If there is a daylong internet outage, the longest blockchain discovered after, presumably representing the most hashing power dedicated to empty blocks during that outage, will win. So I suppose the block rewards in that case are for having the faith in Nyancoins to keep hashing and storing the blockchain during the day without the Internet.
addictive: This was a curiosity to me when I started. Now it's an obsession for me. I'm constantly thinking about how I can help to smooth the path for Nyancoins to grow stronger and better and more valuable. You may find that once you start to realize the impact you can have upon Nyancoins, and that Nyancoins can have upon you, that you start to become addicted as well. It is possible to substitute another addiction in its place, such as dogecoins or pcp, but it is not recommended.
Nyancoin addictions are considered 'mostly harmless'. The exception is if you go 'full coinaday' and start to accumulate more than 10% of your assets in Nyancoins. In this, this is essentially a variety of gambling addiction. I would argue that it beats roulette because you can tilt the odds in your favor, but then, I would argue that, wouldn't I?
mo' nyan mo' problems: Some people have claimed that more money leads to more problems. Since nyan is money, it follows as a consequence of the conjecture. Should this be the case, your increasing nyan could potentially lead to such problems in the future as: enhanced attention from revenue collection services of all kinds (governmental and private), swarms of fake friends and gold-diggers, excessive risk-taking as a result of feelings of invincibility, an increase in certain varieties of targeted marketing, possible disqualification for asset-based welfare for you (or even your children, for instance college financial assistance), an inability to remember how many houses you own, or other serious problems.
Conclusion
There are a variety of different risks in buying Nyancoins. I believe the most serious one is the developer issue. If those of us who have found or come back to NYAN abandon it, it could die. Otherwise, I consider the risks generally manageable, but exchange failure or a currently unknown bug could do serious damage to the ecosystem as well.
This self-certified infallible message has been brought to you as a Public Service Announcement of the NYAN Public Relations Council, a transparent front organization of notoriously lovable philanthropist and major NYAN hodler coinaday.
submitted by coinaday to nyancoins [link] [comments]

Monero Subreddit Stats from last year.

Submissions Comments
Total 994 49530
Rate (per day) 2.73 135.74
Unique Redditors 582 8080
Combined Score 161184 231580

Top Submitters' Top Submissions

  1. 5300 points, 33 submissions: dEBRUYNE_1
    1. Monero GUI 0.12.0.0 "Lithium Luna" Megathread - Download links, instructions for upgrading, guide on how to get started, and guides to resolve common issues (missing a transaction / zero balance, freezing / buggy GUI, transaction stuck as pending, and GUI using all bandwidth) (386 points, 833 comments)
    2. [Reminder] monero is not the appropriate place to discuss the BTC/BCH debate (319 points, 73 comments)
    3. General information regarding the upcoming scheduled network upgrade and a call for community action (305 points, 223 comments)
    4. GUI v0.12.2.0 released! (299 points, 243 comments)
    5. Announcement - Proof-of-Work tweak and a note on key reuse (295 points, 250 comments)
    6. GUI v0.12.3.0 (with direct Ledger support) released! (280 points, 386 comments)
    7. Bitfinex reduces Monero withdrawal fees from 0.04 to 0.0001 XMR! (272 points, 9 comments)
    8. Poloniex also reduces Monero withdrawal fees to 0.0001 XMR! (220 points, 17 comments)
    9. Preliminary information thread regarding the scheduled protocol upgrade of October 18 (214 points, 208 comments)
    10. CLI v0.12.3.0 released! (195 points, 78 comments)
  2. 4228 points, 24 submissions: OsrsNeedsF2P
    1. Saying you don't need privacy because you have nothing to hide is like saying you don't need free speech because you have nothing to say. It's a right to everyone - It's a right to you, me, and even Mark Zuckerberg. (581 points, 138 comments)
    2. The official Fortnite Merch Store is accepting exclusively Monero as a cryptocurrency payment option... (445 points, 80 comments)
    3. Can we stop being assholes to newbies? (359 points, 94 comments)
    4. With all this Monero "is less untraceable than previously thought" FUD, let's all remember that huge fucking bounty of $$$ for anyone who can trace the origin of one of the devs transactions.. (343 points, 131 comments)
    5. Ever wanted to know how Monero is still around today? Well now you don't have to! This post has it all =D (297 points, 66 comments)
    6. Coinmarketcap shows Freewallet as a Monero wallet. Guys, whatever you do.. Don't use Freewallet. It's a scam. (286 points, 93 comments)
    7. SEC wants decentralized exchange creators to register as exchanges. Lol (182 points, 111 comments)
    8. "Please do your part in demanding exchanges to lower their XMR withdraw fee. I am submitting a complaint to Coinex who currently charge 0.04 XMR" - [x-post from /xmrtrader] (169 points, 43 comments)
    9. Can we get some appreciation for the people who maintain the Monero packages on Arch Linux? There are so many available, and every single one I've checked either make the package from source or validate the checksum. Amazing work <3 (156 points, 19 comments)
    10. [WARNING] DROPIL recently made a post announcing support for Monero. MOVE YOUR FUNDS if you used them!!! (119 points, 5 comments)
  3. 3954 points, 13 submissions: KnifeOfPi2
    1. Did John McAfee just sell all of his Monero?? (1277 points, 107 comments)
    2. We need to stop thinking about Monero as a “privacy coin.” (511 points, 200 comments)
    3. Selsta and I just completed the first Ledger-to-Ledger mainnet transactions ever. He sent me 0.1 XMR and I sent 0.4 XMR back. (482 points, 103 comments)
    4. Monero network hashrate just hit 1GH/s! (463 points, 166 comments)
    5. An upcoming Monero project: Render the entire blockchain. Here's a selection of blocks that we've done so far, in an early stage. (224 points, 31 comments)
    6. In Stunning Move, Bitmain Announces It's Launching A Doorstopper Business (193 points, 48 comments)
    7. Another red flag for X Wallet: The source code is incomplete. (190 points, 63 comments)
    8. MONERO IS DEAD! LONG LIVE MONERO! (155 points, 25 comments)
    9. Lithium Luna GUI released! (118 points, 66 comments)
    10. Cake Wallet - introducing Zendesk support! (100 points, 13 comments)
  4. 2421 points, 22 submissions: SamsungGalaxyPlayer
    1. Kasisto POS in 22 seconds (366 points, 76 comments)
    2. "Kudelski Security completed their [bulletproof] report. They found only a few minor issues that are trivial to correct, and no major issues." Overall, a huge win for Monero, bulletproofs, and privacy. Full report will be published soon. (338 points, 100 comments)
    3. Network upgrade scheduled for block 1544555 on 28 March (210 points, 56 comments)
    4. Fungibility is determined by the LOWEST common denominator of privacy, NOT the highest. Monero absolutely excels here. (103 points, 37 comments)
    5. [Discussion] Move to a Fixed Ringsize (102 points, 85 comments)
    6. The Monero Malware Response workgroup website is up! Direct people whose machines have been compromised here! (101 points, 22 comments)
    7. MoneroV: A Trap Laid for Monero Users? (93 points, 45 comments)
    8. Want to get the GUI point release faster? Help translate! (91 points, 18 comments)
    9. Introducing the Breaking Monero Series! (86 points, 26 comments)
    10. ShapeShift is moving to a membership model and will require personal information soon (83 points, 86 comments)
  5. 2295 points, 16 submissions: pinkphloid
    1. Cake Wallet - OPEN SOURCE - Here it is! (383 points, 167 comments)
    2. Our Monero wallet called CAKEWALLET for iOS is live! Please check the link to the Apple App Store below. (347 points, 379 comments)
    3. [MANDATORY UPDATE] Cake Wallet Version 3.0.9 - Network Upgrade Ready! (227 points, 19 comments)
    4. [UPDATE] Cake Wallet version 3.1.4, now with XMR.TO for exchanging XMR to BTC! (133 points, 15 comments)
    5. Cake Wallet - 10,000 unique downloads! (132 points, 29 comments)
    6. Thank for the positive feedback on Cake Wallet! (127 points, 62 comments)
    7. The new Cake Wallet Update version 3.0.1 is out now! (120 points, 50 comments)
    8. [UPDATE] CAKE WALLET 3.1.1 with Monero v0.13.0.4 and other stuff (118 points, 32 comments)
    9. Cake Wallet - UPDATE! (108 points, 75 comments)
    10. CAKE WALLET - new version live now with NEW FEATURES! (102 points, 97 comments)
  6. 2042 points, 16 submissions: Rehrar
    1. Core Team Announcement (344 points, 45 comments)
    2. Project FOSS (212 points, 37 comments)
    3. Write down your seed (200 points, 93 comments)
    4. Bulletproof audit needs some more funding. Details in the comments. (170 points, 55 comments)
    5. Extremely thorough introduction to Monero by cypherperro. Take a look. (122 points, 18 comments)
    6. Defcon Monero Village Update and Summary (116 points, 22 comments)
    7. MRL Bulletproof audit FFS request (115 points, 30 comments)
    8. I, rehrar,went on a YouTube show to talk about Morono (113 points, 28 comments)
    9. Fund the fundings! (107 points, 16 comments)
    10. The anonimal appreciation thread! (107 points, 21 comments)
  7. 1978 points, 15 submissions: Vespco
    1. Edward Snowden on Bitcoin Interview 2018 (at 50 minutes, he says that a traceable public ledger is a bigger problem then scalability) (362 points, 88 comments)
    2. Putting this on my invoices seems like a good way for me to promote Monero, give my customers a discount, & help me acquire more Monero. (325 points, 101 comments)
    3. It's fun to be a part of the Monero economy! (179 points, 26 comments)
    4. Honest Government Ad | Anti Encryption Law (178 points, 32 comments)
    5. Jeez, not much real conversation in here. Just junky news links. (129 points, 76 comments)
    6. The New York State Department of Financial Services just approved the trading of privacy-protecting cryptocurrency. | Coin Center (124 points, 11 comments)
    7. A good way to explain the importance of fungibility to the laymen: Bitcoin Roulette (99 points, 45 comments)
    8. Why I love Botnet & Browser Mining. (86 points, 39 comments)
    9. This needs more praise & attention: An Open Source, Client Side JS implementation that makes monero multisig fairly easy. Github link in comments. (82 points, 14 comments)
    10. Could we get even more cryptographers researching for Monero? (77 points, 31 comments)
  8. 1846 points, 14 submissions: SarangNoether
    1. Bulletproofs: let's raise some funds! (295 points, 94 comments)
    2. January monthly report from Sarang Noether (237 points, 39 comments)
    3. Bulletproofs: The Paper Strikes Back (153 points, 32 comments)
    4. July monthly report from Sarang Noether (142 points, 20 comments)
    5. March monthly report from Sarang Noether (129 points, 22 comments)
    6. August monthly report from Sarang Noether (122 points, 33 comments)
    7. February monthly report from Sarang Noether (119 points, 27 comments)
    8. Sarang is up for three more months! (107 points, 30 comments)
    9. October monthly report from Sarang Noether (102 points, 26 comments)
    10. September monthly report from Sarang Noether (99 points, 25 comments)
  9. 1470 points, 4 submissions: TheFuzzStone
    1. "I do not have any Bitcoin" (1182 points, 96 comments)
    2. Fluffypony at Consensus 2018 (134 points, 33 comments)
    3. Time for Monero "killers"! :-) (91 points, 34 comments)
    4. XMR.RU-report (March) (63 points, 14 comments)
  10. 1468 points, 5 submissions: philkode
    1. Overstock.com accepting Monero (and ETH, BCH, LTC, DASH) (499 points, 36 comments)
    2. Happy 4th Birthday Monero! 🎂🎉🎁 (455 points, 62 comments)
    3. Monero has been added to Debian unstable repo as of yesterday. (321 points, 52 comments)
    4. “Unhackable” BitFi wallet just got hacked (xpost /cryptocurrency) (130 points, 41 comments)
    5. X Wallet to App Store (Soon™) (63 points, 67 comments)

Top Commenters

  1. dEBRUYNE_1 (3762 points, 1243 comments)
  2. KnifeOfPi2 (3311 points, 347 comments)
  3. OsrsNeedsF2P (3189 points, 505 comments)
  4. fluffyponyza (3027 points, 272 comments)
  5. gingeropolous (2554 points, 320 comments)
  6. cryptochangements34 (2522 points, 261 comments)
  7. SarangNoether (2269 points, 185 comments)
  8. SamsungGalaxyPlayer (2108 points, 221 comments)
  9. john_alan (1993 points, 218 comments)
  10. smooth_xmr (1944 points, 279 comments)

Top Submissions

  1. Did John McAfee just sell all of his Monero?? by KnifeOfPi2 (1277 points, 107 comments)
  2. Paypal shares your personal data with over 600 companies! That's why we need Monero! by 0xf3e (1184 points, 146 comments)
  3. "I do not have any Bitcoin" by TheFuzzStone (1182 points, 96 comments)
  4. Found In Warsaw - Don't Buy Monero: Cryptocurrencies harm the banking system and can weaken the government by SecretApe (1114 points, 110 comments)
  5. Monero transactions are about to get 80% cheaper and faster. by WillMTB (1056 points, 120 comments)
  6. Bye bye ASICs by Swericor (874 points, 380 comments)
  7. Upvote if you would like to see @fluffyponyza as a guest on Joe Rogan Podcast by xmr_karnal (840 points, 44 comments)
  8. All right, my cat had kittens and I just realised one of them has Monero-like logo on its head 😂😂 by JNKO266 (817 points, 79 comments)
  9. Credit, where credit is due! by Experts-say (796 points, 53 comments)
  10. Yesterday I thought it might be fun to create some vintage crypto posters for a handful of coins. This was the first one I came up with. Bonus points if you spot similarities from an old movie by Beemoe4 (722 points, 67 comments)

Top Comments

  1. 495 points: mr670wl's comment in Found In Warsaw - Don't Buy Monero: Cryptocurrencies harm the banking system and can weaken the government
  2. 474 points: kieranc001's comment in Monero Zero looks like a scam, can you please confirm?
  3. 380 points: deleted's comment in Found In Warsaw - Don't Buy Monero: Cryptocurrencies harm the banking system and can weaken the government
  4. 356 points: deleted's comment in Ledger Hardware Wallet - Monero integration : some news #6
  5. 331 points: last_of_the_romans's comment in Monero transactions are about to get 80% cheaper and faster.
  6. 323 points: svenroy777's comment in "I do not have any Bitcoin"
  7. 311 points: deleted's comment in Did John McAfee just sell all of his Monero??
  8. 255 points: KnifeOfPi2's comment in Monero transactions are about to get 80% cheaper and faster.
  9. 237 points: live9free1or1die's comment in Banning privacy coins because of terrorism/drugs/laundering is like banning people from being allowed to have sex in privacy because pedophiles also like privacy.
  10. 203 points: fluffyponyza's comment in Botnets are Ruining the Integrity of the Monero Network
Generated with BBoe's Subreddit Stats (Donate)
Inspired by a post I found on /Pivx by turtleflax.
submitted by OsrsNeedsF2P to Monero [link] [comments]

Subreddit Stats: Monero top posts from 2018-01-03 to 2019-01-02 13:47 PDT

Period: 364.01 days
Submissions Comments
Total 994 49530
Rate (per day) 2.73 135.74
Unique Redditors 582 8080
Combined Score 161184 231580

Top Submitters' Top Submissions

  1. 5300 points, 33 submissions: dEBRUYNE_1
    1. Monero GUI 0.12.0.0 "Lithium Luna" Megathread - Download links, instructions for upgrading, guide on how to get started, and guides to resolve common issues (missing a transaction / zero balance, freezing / buggy GUI, transaction stuck as pending, and GUI using all bandwidth) (386 points, 833 comments)
    2. [Reminder] monero is not the appropriate place to discuss the BTC/BCH debate (319 points, 73 comments)
    3. General information regarding the upcoming scheduled network upgrade and a call for community action (305 points, 223 comments)
    4. GUI v0.12.2.0 released! (299 points, 243 comments)
    5. Announcement - Proof-of-Work tweak and a note on key reuse (295 points, 250 comments)
    6. GUI v0.12.3.0 (with direct Ledger support) released! (280 points, 386 comments)
    7. Bitfinex reduces Monero withdrawal fees from 0.04 to 0.0001 XMR! (272 points, 9 comments)
    8. Poloniex also reduces Monero withdrawal fees to 0.0001 XMR! (220 points, 17 comments)
    9. Preliminary information thread regarding the scheduled protocol upgrade of October 18 (214 points, 208 comments)
    10. CLI v0.12.3.0 released! (195 points, 78 comments)
  2. 4228 points, 24 submissions: OsrsNeedsF2P
    1. Saying you don't need privacy because you have nothing to hide is like saying you don't need free speech because you have nothing to say. It's a right to everyone - It's a right to you, me, and even Mark Zuckerberg. (581 points, 138 comments)
    2. The official Fortnite Merch Store is accepting exclusively Monero as a cryptocurrency payment option... (445 points, 80 comments)
    3. Can we stop being assholes to newbies? (359 points, 94 comments)
    4. With all this Monero "is less untraceable than previously thought" FUD, let's all remember that huge fucking bounty of $$$ for anyone who can trace the origin of one of the devs transactions.. (343 points, 131 comments)
    5. Ever wanted to know how Monero is still around today? Well now you don't have to! This post has it all =D (297 points, 66 comments)
    6. Coinmarketcap shows Freewallet as a Monero wallet. Guys, whatever you do.. Don't use Freewallet. It's a scam. (286 points, 93 comments)
    7. SEC wants decentralized exchange creators to register as exchanges. Lol (182 points, 111 comments)
    8. "Please do your part in demanding exchanges to lower their XMR withdraw fee. I am submitting a complaint to Coinex who currently charge 0.04 XMR" - [x-post from /xmrtrader] (169 points, 43 comments)
    9. Can we get some appreciation for the people who maintain the Monero packages on Arch Linux? There are so many available, and every single one I've checked either make the package from source or validate the checksum. Amazing work <3 (156 points, 19 comments)
    10. [WARNING] DROPIL recently made a post announcing support for Monero. MOVE YOUR FUNDS if you used them!!! (119 points, 5 comments)
  3. 3954 points, 13 submissions: KnifeOfPi2
    1. Did John McAfee just sell all of his Monero?? (1277 points, 107 comments)
    2. We need to stop thinking about Monero as a “privacy coin.” (511 points, 200 comments)
    3. Selsta and I just completed the first Ledger-to-Ledger mainnet transactions ever. He sent me 0.1 XMR and I sent 0.4 XMR back. (482 points, 103 comments)
    4. Monero network hashrate just hit 1GH/s! (463 points, 166 comments)
    5. An upcoming Monero project: Render the entire blockchain. Here's a selection of blocks that we've done so far, in an early stage. (224 points, 31 comments)
    6. In Stunning Move, Bitmain Announces It's Launching A Doorstopper Business (193 points, 48 comments)
    7. Another red flag for X Wallet: The source code is incomplete. (190 points, 63 comments)
    8. MONERO IS DEAD! LONG LIVE MONERO! (155 points, 25 comments)
    9. Lithium Luna GUI released! (118 points, 66 comments)
    10. Cake Wallet - introducing Zendesk support! (100 points, 13 comments)
  4. 2421 points, 22 submissions: SamsungGalaxyPlayer
    1. Kasisto POS in 22 seconds (366 points, 76 comments)
    2. "Kudelski Security completed their [bulletproof] report. They found only a few minor issues that are trivial to correct, and no major issues." Overall, a huge win for Monero, bulletproofs, and privacy. Full report will be published soon. (338 points, 100 comments)
    3. Network upgrade scheduled for block 1544555 on 28 March (210 points, 56 comments)
    4. Fungibility is determined by the LOWEST common denominator of privacy, NOT the highest. Monero absolutely excels here. (103 points, 37 comments)
    5. [Discussion] Move to a Fixed Ringsize (102 points, 85 comments)
    6. The Monero Malware Response workgroup website is up! Direct people whose machines have been compromised here! (101 points, 22 comments)
    7. MoneroV: A Trap Laid for Monero Users? (93 points, 45 comments)
    8. Want to get the GUI point release faster? Help translate! (91 points, 18 comments)
    9. Introducing the Breaking Monero Series! (86 points, 26 comments)
    10. ShapeShift is moving to a membership model and will require personal information soon (83 points, 86 comments)
  5. 2295 points, 16 submissions: pinkphloid
    1. Cake Wallet - OPEN SOURCE - Here it is! (383 points, 167 comments)
    2. Our Monero wallet called CAKEWALLET for iOS is live! Please check the link to the Apple App Store below. (347 points, 379 comments)
    3. [MANDATORY UPDATE] Cake Wallet Version 3.0.9 - Network Upgrade Ready! (227 points, 19 comments)
    4. [UPDATE] Cake Wallet version 3.1.4, now with XMR.TO for exchanging XMR to BTC! (133 points, 15 comments)
    5. Cake Wallet - 10,000 unique downloads! (132 points, 29 comments)
    6. Thank for the positive feedback on Cake Wallet! (127 points, 62 comments)
    7. The new Cake Wallet Update version 3.0.1 is out now! (120 points, 50 comments)
    8. [UPDATE] CAKE WALLET 3.1.1 with Monero v0.13.0.4 and other stuff (118 points, 32 comments)
    9. Cake Wallet - UPDATE! (108 points, 75 comments)
    10. CAKE WALLET - new version live now with NEW FEATURES! (102 points, 97 comments)
  6. 2042 points, 16 submissions: Rehrar
    1. Core Team Announcement (344 points, 45 comments)
    2. Project FOSS (212 points, 37 comments)
    3. Write down your seed (200 points, 93 comments)
    4. Bulletproof audit needs some more funding. Details in the comments. (170 points, 55 comments)
    5. Extremely thorough introduction to Monero by cypherperro. Take a look. (122 points, 18 comments)
    6. Defcon Monero Village Update and Summary (116 points, 22 comments)
    7. MRL Bulletproof audit FFS request (115 points, 30 comments)
    8. I, rehrar,went on a YouTube show to talk about Morono (113 points, 28 comments)
    9. Fund the fundings! (107 points, 16 comments)
    10. The anonimal appreciation thread! (107 points, 21 comments)
  7. 1978 points, 15 submissions: Vespco
    1. Edward Snowden on Bitcoin Interview 2018 (at 50 minutes, he says that a traceable public ledger is a bigger problem then scalability) (362 points, 88 comments)
    2. Putting this on my invoices seems like a good way for me to promote Monero, give my customers a discount, & help me acquire more Monero. (325 points, 101 comments)
    3. It's fun to be a part of the Monero economy! (179 points, 26 comments)
    4. Honest Government Ad | Anti Encryption Law (178 points, 32 comments)
    5. Jeez, not much real conversation in here. Just junky news links. (129 points, 76 comments)
    6. The New York State Department of Financial Services just approved the trading of privacy-protecting cryptocurrency. | Coin Center (124 points, 11 comments)
    7. A good way to explain the importance of fungibility to the laymen: Bitcoin Roulette (99 points, 45 comments)
    8. Why I love Botnet & Browser Mining. (86 points, 39 comments)
    9. This needs more praise & attention: An Open Source, Client Side JS implementation that makes monero multisig fairly easy. Github link in comments. (82 points, 14 comments)
    10. Could we get even more cryptographers researching for Monero? (77 points, 31 comments)
  8. 1846 points, 14 submissions: SarangNoether
    1. Bulletproofs: let's raise some funds! (295 points, 94 comments)
    2. January monthly report from Sarang Noether (237 points, 39 comments)
    3. Bulletproofs: The Paper Strikes Back (153 points, 32 comments)
    4. July monthly report from Sarang Noether (142 points, 20 comments)
    5. March monthly report from Sarang Noether (129 points, 22 comments)
    6. August monthly report from Sarang Noether (122 points, 33 comments)
    7. February monthly report from Sarang Noether (119 points, 27 comments)
    8. Sarang is up for three more months! (107 points, 30 comments)
    9. October monthly report from Sarang Noether (102 points, 26 comments)
    10. September monthly report from Sarang Noether (99 points, 25 comments)
  9. 1470 points, 4 submissions: TheFuzzStone
    1. "I do not have any Bitcoin" (1182 points, 96 comments)
    2. Fluffypony at Consensus 2018 (134 points, 33 comments)
    3. Time for Monero "killers"! :-) (91 points, 34 comments)
    4. XMR.RU-report (March) (63 points, 14 comments)
  10. 1468 points, 5 submissions: philkode
    1. Overstock.com accepting Monero (and ETH, BCH, LTC, DASH) (499 points, 36 comments)
    2. Happy 4th Birthday Monero! 🎂🎉🎁 (455 points, 62 comments)
    3. Monero has been added to Debian unstable repo as of yesterday. (321 points, 52 comments)
    4. “Unhackable” BitFi wallet just got hacked (xpost /cryptocurrency) (130 points, 41 comments)
    5. X Wallet to App Store (Soon™) (63 points, 67 comments)

Top Commenters

  1. dEBRUYNE_1 (3762 points, 1243 comments)
  2. KnifeOfPi2 (3311 points, 347 comments)
  3. OsrsNeedsF2P (3189 points, 505 comments)
  4. fluffyponyza (3027 points, 272 comments)
  5. gingeropolous (2554 points, 320 comments)
  6. cryptochangements34 (2522 points, 261 comments)
  7. SarangNoether (2269 points, 185 comments)
  8. SamsungGalaxyPlayer (2108 points, 221 comments)
  9. john_alan (1993 points, 218 comments)
  10. smooth_xmr (1944 points, 279 comments)

Top Submissions

  1. Did John McAfee just sell all of his Monero?? by KnifeOfPi2 (1277 points, 107 comments)
  2. Paypal shares your personal data with over 600 companies! That's why we need Monero! by 0xf3e (1184 points, 146 comments)
  3. "I do not have any Bitcoin" by TheFuzzStone (1182 points, 96 comments)
  4. Found In Warsaw - Don't Buy Monero: Cryptocurrencies harm the banking system and can weaken the government by SecretApe (1114 points, 110 comments)
  5. Monero transactions are about to get 80% cheaper and faster. by WillMTB (1056 points, 120 comments)
  6. Bye bye ASICs by Swericor (874 points, 380 comments)
  7. Upvote if you would like to see @fluffyponyza as a guest on Joe Rogan Podcast by xmr_karnal (840 points, 44 comments)
  8. All right, my cat had kittens and I just realised one of them has Monero-like logo on its head 😂😂 by JNKO266 (817 points, 79 comments)
  9. Credit, where credit is due! by Experts-say (796 points, 53 comments)
  10. Yesterday I thought it might be fun to create some vintage crypto posters for a handful of coins. This was the first one I came up with. Bonus points if you spot similarities from an old movie by Beemoe4 (722 points, 67 comments)

Top Comments

  1. 495 points: mr670wl's comment in Found In Warsaw - Don't Buy Monero: Cryptocurrencies harm the banking system and can weaken the government
  2. 474 points: kieranc001's comment in Monero Zero looks like a scam, can you please confirm?
  3. 380 points: deleted's comment in Found In Warsaw - Don't Buy Monero: Cryptocurrencies harm the banking system and can weaken the government
  4. 356 points: deleted's comment in Ledger Hardware Wallet - Monero integration : some news #6
  5. 331 points: last_of_the_romans's comment in Monero transactions are about to get 80% cheaper and faster.
  6. 323 points: svenroy777's comment in "I do not have any Bitcoin"
  7. 311 points: deleted's comment in Did John McAfee just sell all of his Monero??
  8. 255 points: KnifeOfPi2's comment in Monero transactions are about to get 80% cheaper and faster.
  9. 237 points: live9free1or1die's comment in Banning privacy coins because of terrorism/drugs/laundering is like banning people from being allowed to have sex in privacy because pedophiles also like privacy.
  10. 203 points: fluffyponyza's comment in Botnets are Ruining the Integrity of the Monero Network
Generated with BBoe's Subreddit Stats (Donate)
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Overview of major risks in buying Nyancoins, version 3

EDIT: THIS VERSION IS NOW ARCHIVED AND OUT-DATED. PLEASE SEE VERSION 4 FOR UPDATES.
This is the third version of the NYAN risks document (v2 and original). These are updated periodically as the old ones get archived to allow for comments again, to re-examine the risks in light of changes, and for greater visibility.
The purpose of these documents is to provide a best-effort discussion of major risk factors in gambling on NYAN, modeled on the risks disclosure in a 10k (annual report) which is mandated for publicly traded companies in the United States. This document is provided with no guarantee that major risk factors have not been missed, and it is important to recognize my (coinaday) personal bias from holding about one-third of the total supply of NYAN.
Please comment on any risks which are not mentioned here or additional aspects of risks here you think should be further emphasized or any other possible disclosure you think would be helpful to a person considering gambling on NYAN.
Executive summary
Nyancoins have uncertain demand, are traded actively on only one exchange, have had inconsistent blocks, are very vulnerable to 51% attacks, have the potential for serious bugs, an uncertain legal situation, concentrated ownership, depend upon the Internet, may be addictive, and could make you wealthy, which has been alleged to lead to more problems.
Introduction: This is my best attempt to collect every major risk factor from buying Nyancoins, although I can offer no warranty of fitness for this information for any purposes. I believe in honesty and forthrightness. Having this available and obvious is a simple matter of basic decency. Much, hopefully all, of this information has been discussed previously in /nyancoins, but this document in particular is about being up-to-date and central. This page will be updated clearly as appropriate if situations change on a best-effort basis (which may mean updates do not happen for months at times, unfortunately; please ping for faster updates).
If you believe that I am missing something, please note any other major risks you see in the comments.
Demand: NYAN was introduced in 2014 and during the second half of that year had so little demand that it almost died out. In January 2015 I got involved in the coin and for most of 2015 and 2016 I was the majority of the buying pressure. I base these statements on my recollection of the trading history so far and the fact that I have acquired more than 120 million coins, somewhere around 41% of the coins (latest hodling report, June 2017), as well as my observations that I had usually had the leading major bid, and usually the leading bid regardless of size.
In 2017, I have generally not been a major factor in the demand, as I haven’t had money to spare to gamble on NYAN. In June 2017, we have had a spike in buying from an unknown source.
It is unknown whether significant demand for NYAN will continue. Because its value is purely speculative, it is entirely possible that demand for NYAN could simply end. This is a fundamental risk in gambling on NYAN; it is entirely possible that its value will go to zero and not recover.
Exchanges:
Cryptopia is currently the only exchange for Nyancoins with significant volume. If Cryptopia were to fail somehow, it is likely that this would have significant consequences for Nyancoins.
However, there are decentralized exchange technologies, notably CATE, which NYAN2 (my term for the current release, otherwise known as v1.3) should be able to support. On-Reddit exchanges are also possible with tipbots, but require trust as they are not atomic. It should be possible to build an "exchangebot" similarly, although I'm not currently aware of one, but my concept would still have the bot as a trusted central party.
Atomic cross-chain transactions seem to me like a very promising core technology ultimately for building exchanges which can be more proveably secure. They could also allow exchanges to share a common listing protocol as well without having to trust the other exchanges (at least, beyond the core protocol development and maintenance; tanstaafl).
There is also a tiny market available on Novaexchange now. I am intending to try this out eventually, but as of this writing (Oct 7 2016 originally; still true as of June 21 2017), its volume is insignificant. So it may be a possible backup in case Cryptopia went down, but there would still be major disruption in our market if that happened.
Inconsistent blocks:
Although NYAN is designed to produce a block every minute, there have been times where there has been more than 24 hours between blocks. This results because of an imperfect difficulty function and low base hashing, along with price fluctuations, which can combine to have a low difficulty making the coin attractive for a flood of hashing power which can lead the difficulty function to overcompensate, leaving it stuck with a high difficulty no longer profitable to mine.
I haven’t observed this lately, that is, I don’t recall incidents of this in 2017, but I’ve been paying far less attention to it as well. It is entirely possible for this to recur, as the difficulty function is not fixed (it would require a hard fork to fix it). We seem to have more baseline hashing which helps to avoid this, but it is possible for us to lose that.
A workaround is to use large transaction fees (I've set my client to 337 NYAN) which is enough to cause pools to generally solve a block even if the chain were otherwise stuck. A solution should be included in a hard fork client, but it is unknown when if ever this would be done.
51% attack: Because of the generally quite low hashing power on NYAN, it is highly vulnerable to a 51% attack. Either a leading pool or a new one could choose to do a denial-of-service attack, whether for extortion, lulz, or some other reason (like coinaday being annoying). Such an attack is capable of preventing any transaction processing for as long as it is sustained. I consider this a relatively low risk since I expect we would simply wait it out (and potentially not even notice such an attack for quite a while given the low volume of transactions currently), but it is definitely a potential vulnerability.
Bugs: It is possible that there are bugs in the underlying code. I have never read through all of the bitcoin or nyancoin code, of any version, nor even studied the original bitcoin whitepaper in depth (by the way, we oughta make up a nyancoin whitepaper or ten someday), meaning I have no professional or technical knowledge about whether or not the system is fundamentally sound. I've been going based on "it seems to be working, so it's probably fine", which is, shall we say, more of an engineering than scientific approach.
I have heard reference to a "time warp" bug vulnerability in the KGW difficulty function which Nyancoins has. I do not know details and my understanding is a fix to this would require a fork to change the difficulty function, so I do not anticipate a fix before NYAN3, the term for an eventual hard fork, but it is unknown when if ever this would be done. I consider this vulnerability to be likely to be related to the fundamental weakness to difficulty spikes after large amounts of hashing jumps on the network. Hostile (or simply passing interest with large capacity) hashing does degrade the performance of the network. As a workaround, this class of attack can be mitigated with a transaction to 'unstick' the chain after, since the difficulty function will adjust in the next block after enough wall-time has passed since the last block (so only need one high difficulty solve which can be triggered by a transaction fee).
Legal: Bitcoin faces uncertain legal situations in almost every country. Nyancoin is even more uncertain, as people tend to consider bitcoin and not address impacts on altcoins. Between the potential tax implications and banking regulations and currency laws, there are a wide variety of ways a person could make a felony-level mistake. This can be somewhat mitigated by merely buying and holding, as you won't be responsible for KYC/AML presumably (although arguably an argument could be made in your purchase), and presumably unrealized capital gains wouldn't be taxable (but I am neither a lawyer nor accountant nor any sort of expert on the relevant accounting laws in any country).
Somehow getting legal opinions for Nyancoins in every country would be very useful in my opinion. If Bitcoin and altcoins are well-studied in a given country it should be relatively easy to adapt those opinions and research to Nyancoins, but it would still require some pro bono work in any case. So...hopefully we'll get some lawyer Nekonauts someday who are willing to semi-officially give us an opinion. In the meantime...hope that common sense can save you. If you sell Nyancoins directly, you're going to need to comply with the KYC/AML types of laws of your country. If you're going to do banking operations...may the central bank have mercy on your soul.
I think the best advantage we have is the same bitcoin had for its first years: we're too small for anyone to care. But since we plan to grow significantly, we need to be aware of our legal issues upon scale. Which is to say, whether or not you're allowed to sell 10,000 NYAN to your friend probably has a lot to do with whether your friend legally acquired whatever is being offered in exchange, and whether the value of what you get in return is above a certain level or not. I'm not going to try guessing that level precisely because I know I'll be wrong. $1 is probably fine. $10,000 is probably illegal without some significant licensing. I would suggest either not touching fiat or else deliberately capping it without verification after getting an independent local expert legal opinion.
concentration: The fact that I hold about 41% of the currently outstanding NYAN could be a major risk factor, particularly if I do not act in the best long-term interests of the strength of Nyancoins. For instance, I could pull my bids, sell only a small part of my holdings, crash the market, and potentially buy a lot of volume for a lower price. While I cannot foresee any circumstance under which I would do this, it is certainly conceivable that I could be financially, legally, or morally obligated to do so if I were to become insolvent.
Internet outage: if the Internet goes down, we hit a very nasty scenario. We can't process transactions, and all the miners go into a race to make useless blocks on their own. If the Internet were never to come back up, Nyancoins would be dead. If there is a daylong internet outage, the longest blockchain discovered after, presumably representing the most hashing power dedicated to empty blocks during that outage, will win. So I suppose the block rewards in that case are for having the faith in Nyancoins to keep hashing and storing the blockchain during the day without the Internet.
addictive: This was a curiosity to me when I started. Now it's an obsession for me. I'm constantly thinking about how I can help to smooth the path for Nyancoins to grow stronger and better and more valuable. You may find that once you start to realize the impact you can have upon Nyancoins, and that Nyancoins can have upon you, that you start to become addicted as well. It is possible to substitute another addiction in its place, such as dogecoins or pcp, but it is not recommended.
Nyancoin addictions are considered 'mostly harmless'. The exception is if you go 'full coinaday' and start to accumulate more than 10% of your assets in Nyancoins. In this, this is essentially a variety of gambling addiction. I would argue that it beats roulette because you can tilt the odds in your favor, but then, I would argue that, wouldn't I?
mo' nyan mo' problems: Some people have claimed that more money leads to more problems. Since nyan is money, it follows as a consequence of the conjecture. Should this be the case, your increasing nyan could potentially lead to such problems in the future as: enhanced attention from revenue collection services of all kinds (governmental and private), swarms of fake friends and gold-diggers, excessive risk-taking as a result of feelings of invincibility, an increase in certain varieties of targeted marketing, possible disqualification for asset-based welfare for you (or even your children, for instance college financial assistance), an inability to remember how many houses you own, or other serious problems.
Conclusion
There are a variety of different risks in buying Nyancoins. I believe the most serious one is the demand issue. If those of us who have found or come back to NYAN abandon it, it could die. Otherwise, I consider the risks generally manageable, but exchange failure or a currently unknown bug could do serious damage to the ecosystem as well.
This self-certified infallible message has been brought to you as a Public Service Announcement of the NYAN Public Relations Council, a transparent front organization of notoriously lovable philanthropist and major NYAN hodler coinaday.
submitted by coinaday to nyancoins [link] [comments]

[far future concept] Nyanshares, Nythereumbits, and all-in on 37 rainbow

I'm hoping to work for the Nu project on documentation and development. We'll see how that works out. But just from doing some refreshing of my Nu knowledge, and from a thread I posted about a DiploCoin idea on /cryptocurrency, I've had the idea I'll describe herein.
This is not projected for anytime soon. NYAN2 and NYAN3 are important for security fixes and a demonstration of basic technical capacity. Mobile and lightweight wallets are going to be a nice addition. This is a next-generation project, probably not for implementation before 2018 at the earliest, after the aforementioned core NYAN projects are complete.
The concept for Nyanshares (NYS ? NYAN-SR?) is a culmination of my earlier ideas about trying to have dividends for NYAN hodling, as well the idea of having a friendly PoS sidekick coin for NYAN. It will be a fork of Nushares, with three ways of generating coins: the first will be a token 100 Nyanshares for myself I'll hardcode in to bootstrap the chain from. The second will be a 1% annual staking inflation. The third will be "HODL" messages which is the, so far as I know, new idea here: it's like a cross-chain stake. A NYAN signature of a Nyanshares address is the message (along with the NYAN address and Nyanshares address), and from that, the "days destroyed" if the coins at that address were spent is computed and Nyanshares are awarded in some proportion (perhaps 1 Nyanshare for each 365 NYAN coindays, so 1 NYAN held for a year would generate 1 Nyanshare with a HODL message). Of course if the same address is claimed again, then only the days since the last claim are valid.
So this gives us a PoS network of NYAN hodlers. My initial concept for this was basically a strawpolling system. Voting NYAN on the Nyanchain will be demonstrated with the NYAN3 hard fork, and theoretically on-chain polling should be possible continuously on any manner of thing. But perhaps the Nyanshares, reflecting the core hodler sentiment, might also be a useful signal, like a Senate versus a House (in theory more conservative representatives of larger stakeholders versus more democratic representation of all stakeholders). That may seem totally unnecessary, as it does to me, but it could be a cool tool and fun to play with.
One major distinction is that I would not envision this as the value-gaining portion of the system. Nyanshares would be designed for mostly novelty purposes. Its votes would not be binding on NYAN. Instead, it would be intended as a supporting entity to NYAN. So if Nyanshares were popular enough to have demand on a secondary market, the Nyanshareholders could authorize additional Nyanshare creation, and use the proceeds to buy NYAN on the open market and hodl or use for encouraging nyan somehow. Selling Nyanshares would not be a core goal however, in part because of not designing it to gain, or even hold, any particular value. But as a PoS chain with 1-min block times, it should be a reliable counterpart in its own right and perhaps useful for purposes I don't see right now.
Now Nu also has Nubits, which are pegged at the USD. This peg has held very well. When there is additional demand for nubits, they are created and sold and the proceeds go to the Nushareholders.
Originally I thought of Nyanbits as the tie here and didn't really see any point to them, but we could have a tiny market in them and hold a peg at a dollar just for the heck of it as an experiment to show we can, following the Nu model on a much smaller scale.
But then in thinking about the DiploCoin thread again and the Nu / Ethereum hybrid I'd proposed there ultimately, I realized that such a cross would be a nice innovation to plug into this idea. So imagine that we have a subsidiary coin controlled by Nyanshares where the peg is held to NBT (USD) like it is with Nu, but where that subsidiary chain actually operates as an Ethereum clone. Call this: Nythereumbits.
This would be an improvement over Ethereum in the same way that Nubits is an improvement over Bitcoins: by holding a constant peg, people could actually plan for the expenses of using the network reasonably (of course, this would imply needing to also increase capacity to meet demand or otherwise expenses could still rise, but at least they would not rise merely from increased demand for the computing token). Access to the system could remain cheap while profits accrue, in this particular setup, first to the Nyanshareholders as proceeds for creation of new Nythereumbits, and then the Nyanshareholders could invest/gamble those proceeds into open market purchases of NYAN...possibly on a nyan-themed fork of the B&C Exchange which uses NYAN as the core base-pair and where proceeds are similarly reinvested back into the core NYAN asset? ;-D
The Rainbow 37 concept is a separate one, but just decided to combo post this anyhow. I was smoking and had this idea, of course. I was thinking about analogies for my position in NYAN, as I often do, and I was thinking about Roulette and having a large bet on one of the numbers, like 37 or something. And I was thinking to myself, unable for the life of me to remember how the red/black coloring scheme went in roulette without looking it up, when I realized that the roulette wheel only goes up to 36...
So a bet of "37", regardless of color, on roulette, would be even more crazy than better "edge" on a "heads or tails" bet. At least the edge is conceptually possible. There is no 37 on a roulette wheel. There are zeros, and double zeroes in the US at least, but no 37s anywhere I believe.
0 is probably actually closer to our odds of reaching $1 than betting on 36 on a roulette wheel would be: The roulette wheel is 1:37 or 1:38, depending. Based on how far we have to go from our current market price to $1, it seems fair to say our odds right now are lower than 1% objectively speaking.
Of course, I believe we can affect the odds, and I hope and expect we'll somehow win ultimately, but I think the market risk premium is somewhat fair given how unlikely that looks from the outside.
Keep on keepin' on y'all. It will be truly legendary if we pull this off ultimately. :-)
submitted by coinaday to nyancoins [link] [comments]

How Bitcoins can save us from the banks

TL;DR: money makes the world go 'round. buy bitcoins before the dollar collapses.
Global trends should be making everything cheaper, faster, and easier. But some things remain the same. Americans still aren't taught how to critically think in public schools. People across the globe are still hungry. Isn't it obvious that the people who make the rules, and the people who make the money - the people in charge - are not using this power and money for good?
The reason these problems still exist is simply that fixing them is not profitable. But "profitable" is soon going to be an outdated notion. Money won't matter, if we reach the point where the whole world has been stripped to the bare earth and a few giant corporations own everything. In that world, who'll give a shit what's profitable? Everyone's lives will be equally bad, except for those at the top.
The money system is controlled, collectively, by the bankers. (-1-, -2-) The banks create their profits by loaning money to companies and governments, creating debt. All that new debt has interest attached; the interest charges on the USA's debt, for the year 2010, were about half of the 2010 income tax revenue. (Right - half of 'our tax money' goes to the interest fees on Uncle Sam's credit card. After the other half is spent on other line items, there's still a couple trillion dollars worth of other bills. We've just been letting them pile up on the kitchen table for a couple of decades. See IOUSA, streaming on Netflix, or this data-packed site for further info on the USA's astronomical debt.)
The US is cheating right now by making more money to pay some of these debts. (The Fed is not part of the government. It's a private corporation whose shares are owned by... Surprise! More bankers - JP Morgan, Chase Manhattan, Goldman Sachs, etc. These are the owners who get half of our tax dollars each year. Remember when we had to bail these same guys out a couple years back, because they bet all the mortgages at a roulette table and lost all their money? Fun times!)
Understandably, other countries are grumbling about the US's unfair advantage. The dollar's value has just been dropping steadily since the Fed was invented 1933 - but since modern finance is based entirely on the dollar ('the world's reserve currency'), allowing the dollar to fail would be a very messy prospect. No countries have been willing to call us out on our shenanigans so far. But nothing good lasts forever; saying that the dollar can't fail is simply wishful thinking. Even the Council on Foreign Relations says that economically, we're no stronger than the rest of the G20.
Wouldn't it be nice to neatly sidestep this collapsing system? We might have a chance with "Bitcoins." Bitcoins are a cryptocurrency. They're anonymous, and transactions can't be chargedback. This means, that for the first time ever, we might be able to set up a real free market, free of meddling by banks and governments. Digital cash brings a paradigm shift - for example, since bitcoins are anonymous, the government can't look in your bank account to see how much tax money they can take. There's many interesting ramifications of this idea; for one, if you want to buy drugs anonymously with anonymous cash no one can stop you.
Bitcoins exist in a peer to peer network of clients, who run the Bitcoin software. All nodes talk to each other and follow an agreed-upon set of rules. These rules handle stuff like the exchange of bitcoins, preventing cheaters from spending coins that they don't own, and minting more money. The system seems pretty robust so far; and as more people use it, it gets stronger. There are 5.7 million bitcoins right now; worth about $0.75 each. The minting process will gradually slow down as the total supply of bitcoins approaches 21 million. I bought a couple hundred bitoins myself, because a) they're cool and b) if the system gets widely adopted, the value of each bitcoin will see some impressive gains.
See bitcoin.org for the official client, mybitcoin.com for a much easier to use web client, bitcoin.it for a wiki. Go buy some bitcoins before the dollar collapses. Follow @bitcoinnews, check out the bitcoin.org forums and trade anything over the counter in #bitcoin-otc on chat.freenode.net. There's also /bitcoin.
Technical details -
Bitcoin is based on public-key crypto. Imagine a big pool of bitcoins; and imagine that each one has a different lock on it. These locks are here to prevent coins from being spent without the matching key. Everyone can see and examine all of the coins and the locks, but the keys are secret... only the person with the key can unlock the lock and spend the coin. Bitcoins are digital cash - if you lose the key to the lock on your bitcoins, you have no way to ever get a new one to unlock the coin. It's like dropping change down a storm drain.
So, owning the key means that you effectively 'own' that coin. When a coin is 'spent,' the old lock and key are destroyed and new, different ones are created. The new owner gets the new key; now he 'owns' the coin because he's the only one who is allowed to spend it.
You spend bitcoins in "transactions." Let's say Alice owes Bob ten bitcoins for some data. Alice sends out a message to the network, saying 'I am transferring ownership rights of these coins to Bob'. From now on, Bob owns the coins. The system makes a note of this transaction, and a few minutes later, the transaction is recorded in a "block." Blocks are lists of recent transactions that prove the transfer of ownership. About 6-8 blocks are usually generated per hour, so each block generally contains about ten minutes of transaction history.
Every time a block is created, the creator is rewarded with some bitcoins. This is how bitcoins are created. There's a chain of blocks going all the way back to the first bitcoin that was created, in 2009; new bitcoins trickle in at a constant rate. (Over a period of decades this rate will slow to a trickle and stop; the total number of bitcoins that will ever exist is 21 million.)
The transaction record stored in the chain of blocks is complete. There is a hard record of every bitcoin transaction that has ever taken place. Clients can look through this history to check if a transaction is legitimate - if Alice sends Bob her bitcoins, the network as a whole will cry foul when she tries to send the same ones to Claire later. This prevents cheating, because anyone who tries to simply create new bitcoins out of thin air will be ignored, since there's no record of the coins existing.
However, note that until the Alice-Bob transaction is recorded in a block or three, ("confirmed,") it might be possible for Alice to send Claire the same bitcoins. In this case, the official ruling is, whichever transaction ends up in the next block counts as valid. (The nodes generating blocks will include the first transaction they receive, and ignore the later attempts.) Either Bob or Claire would get the bitcoins, the other would be SOL. So, to completely trust a transaction, you need to wait for the transaction to be confirmed.
Incidentally I am planning a cross country road trip next month funded entirely by bitcoins. Follow me on Twitter, it's going to be an epic adventure! I plan on making a podcast and blog about my travels (maybe a documentary too if I can get my hands on a camera.)
submitted by therealPlato to trees [link] [comments]

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