1/ People often ask me why I’m so “against” Ethereum. Why do I go out of my way to point out flaws or make analogies that put it in a bad light?Intro
2/ First, ETH’s architecture & culture is opposite that of Bitcoin, and yet claims to offer same solutions: decentralization, immutability, SoV, asset issuance, smart contracts, …Agree! I personally find Ethereum culture far saner, though I am a bit biased :)
Second, ETH is considered a crypto ‘blue chip’, thus colors perception of uninformed newcomers.
3/ I've followed Ethereum since 2014 & feel a responsibility to share my concerns. IMO contrary to its marketing, ETH is at best a science experiment. It’s now valued at $13B, which I think is still too high.Not an argument
4/ I agree with Ethereum developer Vlad Zamfir that it’s not money, not safe, and not scalable. https://twitter.com/VladZamfistatus/838006311598030848 …I'm pretty sure Vlad would say the exact same thing about Bitcoin
@VladZamfir Eth isn't money, so there is no monetary policy. There is currently fixed block issuance with an exponential difficulty increase (the bomb).
5/ To me the first red flag came up when in our weekly hangout we asked the ETH founders about to how they were going to scale the network. (We’re now 4.5 years later, and sharding is still a pipe dream.)The core principles have been known for years, the core design for nearly a year, and details for months, with implementations on the way. So sharding is definitely not at the pipe dream stage at this point.
Ethereum's Joe Lubin in June 2014: "anticipate blockchain bloat—working on various sharding ideas". https://www.youtube.com/watch?v=oJG9g0lCPU8&feature=youtu.be&t=36m41s …
6/ Despite strong optimism that on-chain scaling of Ethereum was around the corner (just another engineering job), this promise hasn’t been delivered on to date.Sure, sharding is not yet finished. Though more incremental stuff has been going well, eg. uncle rates are at near record lows despite very high chain usage.
7/ Recently, a team of reputable developers decided to peer review a widely anticipated Casper / sharding white paper, concluding that it does not live up to its own claims.That review was off the mark in many ways, eg. see https://twitter.com/technocrypto/status/1071111404340604929, and by the way CBC is not even a prerequisite for Serenity
Unmerciful peer review of Vlad Zamfir & co's white paper to scale Ethereum: "the authors do NOT prove that the CBC Casper family of protocols is Byzantine fault tolerant in either practice or theory".
8/ On the 2nd layer front, devs are now trying to scale Ethereum via scale via state channels (ETH’s version of Lightning), but it is unclear whether main-chain issued ERC20 type tokens will be portable to this environment.Umm... you can definitely use Raiden with arbitrary ERC20s. That's why the interface currently uses WETH (the ERC20-fied version of ether) and not ETH
9/ Compare this to how the Bitcoin Lightning Network project evolved:Ok
elizabeth stark @starkness: For lnd: First public code released: January 2016 Alpha: January 2017 Beta: March 2018…
10/ Bitcoin’s Lightning Network is now live, and is growing at rapid clip.Sure, though as far as I understand there's still a low probability of finding routes for nontrivial amounts, and there's capital lockup griefing vectors, and privacy issues.... FWIW I personally never thought lightning is unworkable, it's just a design that inherently runs into ten thousand small issues that will likely take a very long time to get past.
Jameson Lopp @lopp: Lightning Network: January 2018 vs December 2018
11/ In 2017, more Ethereum scaling buzz was created, this time the panacea was “Plasma”.Yay, Plasma!
@TuurDemeester Buterin & Poon just published a new scaling proposal for Ethereum, "strongly complementary to base-layer PoS and sharding": plasma.io https://twitter.com/VitalikButerin/status/895467347502182401 …
12/ However, upon closer examination it was the recycling of some stale ideas, and the project went nowhere:Just because Peter Todd rejected something as "insecure" doesn't mean that it is. In general, the ethereum research community is quite convinced that the fundamental Plasma design is fine, and as far as I understand there are formal proofs on the way. The only insecurity that can't be avoided is mass exit vulns, and channel-based systems have those too.
Peter Todd @peterktodd These ideas were all considered in the Treechains design process, and ultimately rejected as insecure.
13/ The elephant in the room is the transition to proof-of-stake, an “environmentally friendly” way to secure the chain. (If this was the plan all along, why create a proof-of-work chain first?)Umm... we created a proof of work chain first because we did not have a satisfactory proof of stake algo initially?
@TuurDemeester "Changing from proof of work to proof of stake changes the economics of the system, all the rules change and it will impact everything."
14/ For the uninitiated, here’s a good write-up that highlights some of the fundamental design problems of proof-of-stake. Like I said, this is science experiment territory.And here's a set of long arguments from me on why proof of stake is just fine: https://github.com/ethereum/wiki/wiki/Proof-of-Stake-FAQ. For a more philosophical piece, see https://medium.com/@VitalikButerin/a-proof-of-stake-design-philosophy-506585978d51
15/ Also check out this thread about how Proof of Stake blockchains require subjectivity (i.e. a trusted third party) to achieve consensus: https://forum.blockstack.org/t/pos-blockchains-require-subjectivity-to-reach-consensus/762?u=muneeb … and this thread on Bitcoin: https://www.reddit.com/Bitcoin/comments/59t48m/proofofstake_question/Yes, we know about weak subjectivity, see https://blog.ethereum.org/2014/11/25/proof-stake-learned-love-weak-subjectivity/. It's really not that bad, especially given that users need to update their clients once in a while anyway, oh and by the way even if the weak subjectivity assumption is broken an attacker still needs to gather up that pile of old keys making up 51% of the stake. And also to defend against that there's Universal Hash Time.
16/ Keep in mind that Proof of Stake (PoS) is not a new concept at all. Proof-of-Work actually was one of the big innovations that made Bitcoin possible, after PoS was deemed impractical because of censorship vulnerability.Oh I definitely agree that proof of work was superior for bootstrap, and I liked it back then especially because it actually managed to be reasonably egalitarian around 2009-2012 before ASICs fully took over. But at the present time it doesn't really have that nice attribute.
@TuurDemeester TIL Proof-of-stake based private currency designs date at least back to 1998. https://medium.com/swlh/the-untold-history-of-bitcoin-enter-the-cypherpunks-f764dee962a1 …
17/ Over the years, this has become a pattern in Ethereum’s culture: recycling old ideas while not properly referring to past research and having poor peer review standards. This is not how science progresses.Tuur Demeester added,I try to credit people whenever I can; half my blog and ethresear.ch posts have a "special thanks" section right at the top. Sometimes we end up re-inventing stuff, and sometimes we end up hearing about stuff, forgetting it, and later re-inventing it; that's life as an autodidact. And if you feel you've been unfairly not credited for something, always feel free to comment, people have done this and I've edited.
[email protected] has been repeatedly accused of /criticised for not crediting prior art. Once again with plasma: https://twitter.com/DamelonBCWS/status/895643582278782976 …
18/ One of my big concerns is that sophistry and marketing hype is a serious part of Ethereum’s success so far, and that overly inflated expectations have lead to an inflated market cap.Ok, go on.
19/ Let’s illustrate with an example....
20/ A few days ago, I shared a critical tweet that made the argument that Ethereum’s value proposition is in essence utopian....
@TuurDemeester Ethereum-ism sounds a bit like Marxism to me:
- What works today (PoW) is 'just a phase', the ideal & unproven future is to come: Proof-of-Stake.…
21/ I was very serious about my criticism. In fact, each one of the three points addressed what Vitalik Buterin has described as “unique value propositions of Ethereum proper”. https://www.reddit.com/ethereum/comments/5jk3he/how_to_prevent_the_cannibalism_of_ethereum_into/dbgujr8/ …...
22/ My first point, about Ethereum developers rejecting Proof-of-Work, has been illustrated many times over By Vitalik and others. (See earlier in this tweetstorm for more about how PoS is unproven.)See above for links as to why I think proof of stake is great.
Vitalik Non-giver of Ether @VitalikButerin: I don't believe in proof of work!
23/ My second point addresses Ethereum’s romance with the vague and dangerous notion of ‘social consensus’, where disruptive hard-forks are used to ‘upgrade’ or ‘optimize’ the system, which inevitably leads to increased centralization. More here:See my rebuttal to Tuur's rebuttal :)
24/ My third point addresses PoS’ promise of perpetual income to ETHizens. Vitalik is no stranger to embracing free lunch ideas, e.g. during his 2014 ETH announcement speech, where he described a coin with a 20% inflation tax as having “no cost” to users.Yeah, I haven't really emphasized perpetual income to stakers as a selling point in years. I actually favor rewards being as low as possible while still being high enough for security.
25/ In his response to my tweet, Vitalik adopted my format to “play the same game” in criticizing Bitcoin. My criticisms weren't addressed, and his response was riddled with errors. Yet his followers gave it +1,000 upvotes!Ok, let's hear about what the errors are...
Vitalik Non-giver of Ether @VitalikButerin: - What works today (L1) is just a phase, ideal and unproven future (usable L2) is to come - Utopian concept of progress: we're already so confident we're finished we ain't needin no hard forks…
26/ Rebuttal: - BTC layer 1 is not “just a phase”, it always will be its definitive bedrock for transaction settlement. - Soft forking digital protocols has been the norm for over 3 decades—hard-forks are the deviation! - Satoshi never suggested hyperbitcoinization as a goal.Sure, but (i) the use of layer 1 for consumer payments is definitely, in bitcoin ideology, "just a phase", (ii) I don't think you can make analogies between consensus protocols and other kinds of protocols, and between soft forking consensus protocols and protocol changes in other protocols, that easily, (iii) plenty of people do believe that hyperbitcoinization as a goal. Oh by the way: https://twitter.com/tuurdemeestestatus/545993119599460353
27/ This kind of sophistry is exhausting and completely counter-productive, but it can be very convincing for an uninformed retail public.Ok, go on.
28/ Let me share a few more inconvenient truths....
29/ In order to “guarantee” the transition to PoS’ utopia of perpetual income (staking coins earns interest), a “difficulty bomb” was embedded in the protocol, which supposedly would force miners to accept the transition.The intended goal of the difficulty bomb was to prevent the protocol from ossifying, by ensuring that it has to hard fork eventually to reset the difficulty bomb, at which point the status quo bias in favor of not changing other protocol rules at the same time would be weaker. Though forcing a switch to PoS was definitely a key goal.
30/ Of course, nothing came of this, because anything in the ETH protocol can be hard-forked away. Another broken promise.How is that a broken promise? There was no social contract to only replace the difficulty-bombed protocol with a PoS chain.
Tuur Demeester @TuurDemeester: Looks like another Ethereum hard-fork is going to remove the "Ice Age" (difficulty increase meant to incentivize transition to PoS). https://www.cryptocompare.com/coins/guides/what-is-the-ethereum-ice-age/ …
32/ This was criticized by P2P & OS developers as a reckless notion, given that every smart contracts is actually a “de novo cryptographic protocol”. In other words, it’s playing with fire. https://bitcointalk.org/index.php?topic=1427885.msg14601127#msg14601127 …See above
33/ The modular approach to Bitcoin seems to be much better at compartmentalizing risk, and thus reducing attack surfaces. I’ve written about modular scaling here...To be fair, risk is reduced because Bitcoin does less.
34/ Another huge issue that Ethereum has is with scaling. By putting “everything on the blockchain” (which stores everything forever) and dubbing it “the world computer”, you are going to end up with a very slow and clogged up system.We never advocated "putting everything on the blockchain". The phrase "world computer" was never meant to be interpreted as "everyone's personal desktop", but rather as a common platform specifically for the parts of applications that require consensus on shared state. As evidence of this, notice how Whisper and Swarm were part of the vision as complements to Ethereum right from the start.
Christopher Allen @ChristopherA: AWS cost: $0.000000066 for calc, Ethereum: $26.55. This is about 400 million times as expensive. World computer? https://hackernoon.com/ether-purchase-power-df40a38c5a2f …
35/ By now the Ethereum bloat is so bad that cheaply running an individual node is practically impossible for a lay person. ETH developers are also imploring people to not deploy more smart contract apps on its blockchain.Umm.... I just spun up a node from scratch last week. On a consumer laptop.
Tuur Demeester @TuurDemeester: But... deploying d-apps on the "Ethereum Virtual Machine" is exactly what everyone was encouraged to do for the past 4 years. Looks like on-chain scaling wasn't such a great idea after all.
36/ As a result, and despite the claims that running a node in “warp” mode is easy and as good as a full node, Ethereum is becoming increasingly centralized.See above
@TuurDemeester Finally a media article touching on the elephant in the room: Ethereum has become highly centralized. #infura https://www.coindesk.com/the-race-is-on-to-replace-ethereums-most-centralized-layeamp?__twitter_impression=true …
37/ Another hollow claim: in 2016, Ethereum was promoted as being censorship resistant…Yes, the DAO fork did violate the notion of absolute immutability. However, the "forking the DAO will lead to doom and gloom" crowd was very wrong in one key way: it did NOT work as a precedent justifying all sorts of further state interventions. The community clearly drew a line in the sand by firmly rejecting EIP 867, and EIP 999 seems to now also be going nowhere. So it seems like there's some evidence that the social contract of "moderately but not infinitely strong immutability" actually can be stable.
Tuur Demeester @TuurDemeester: Pre TheDAO #Ethereum presentation: "uncensorable, code is law, bottom up". http://ow.ly/qW49302Pp92
38/ Yet later that year, after only 6% of ETH holders had cast a vote, ETH core devs decided to endorse a hard-fork that clawed back the funds from a smart contract that held 4.5% of all ETH in circulation. More here: ...See above
39/ Other potential signs of centralization: Vitalik Buterin signing a deal with a Russian government institution, and ETH core developers experimenting with semi-closed meetings: https://twitter.com/coindesk/status/902892844955860993 …,Suppose I were to tomorrow sign up to work directly for Kim Jong Un. What concretely would happen to the Ethereum protocol? I suspect very little; I am mostly involved in the Serenity work, and the other researchers have proven very capable of both pushing the spec forward even without me and catching any mistakes with my work. So I don't think any argument involving me applies. And we ended up deciding not to do more semi-closed meetings.
Hudson Jameson @hudsonjameson: The "semi-closed" Ethereum 1.x meeting from last Friday was an experiment. The All Core Dev meeting this Friday will be recorded as usual.
40/ Another red flag to me is the apparent lack of relevant expertise in the ETH development community. (Check the responses…)I personally am confident in the talents of our core researchers, and our community of academic partners. Most recently the latter group includes people from Starkware, Stanford CBR, IC3, and other groups.
Tuur Demeester @TuurDemeester: Often heard: "but Ethereum also has world class engineers working on the protocol". Please name names and relevant pedigree so I can follow and learn. https://twitter.com/TuurDemeestestatus/963029019447955461 …
41/ For a while, Microsoft veteran Lucius Meredith was mentioned as playing an important role in ETH scaling, but now he is likely distracted by the failure of his ETH scaling company RChain. https://blog.ethereum.org/2015/12/24/understanding-serenity-part-i-abstraction/ …I have no idea who described Lucius Meredith's work as being important for the Serenity roadmap.... oh and by the way, RChain is NOT an "Ethereum scaling company"
42/ Perhaps the recently added Gandalf of Ethereum, with his “Fellowship of Ethereum Magicians” [sic] can save the day, but imo that seems unlikely...Honestly, I don't see why Ethereum Gandalf needs to save the day, because I don't see what is in danger and needs to be saved...
43/ This is becoming a long tweetstorm, so let’s wrap up with a few closing comments.Yay!
44/ Do I have a conflict of interest? ETH is a publicly available asset with no real barriers to entry, so I could easily get a stake. Also, having met Vitalik & other ETH founders several times in 2013-’14, it would have been doable for me to become part of the in-crowd.Agree there. And BTW I generally think financial conflicts of interest are somewhat overrated; social conflicts/tribal biases are the bigger problem much of the time. Though those two kinds of misalignments do frequently overlap and reinforce each other so they're difficult to fully disentangle.
45/ Actually, I was initially excited about Ethereum’s smart contract work - this was before one of its many pivots.Ethereum was never about "smart BTC contracts"..... even "Ethereum as a Mastercoin-style meta-protocol" was intended to be built on top of Primecoin.
Tuur Demeester @TuurDemeester: Ethereum is probably the first programming language I will teach myself - who wouldn't want the ability to program smart BTC contracts?
46/ Also, I have done my share of soul searching about whether I could be suffering from survivor’s bias.Ok, good.
@TuurDemeester I just published “I’m not worried about Bitcoin Unlimited, but I am losing sleep over Ethereum” https://medium.com/p/im-not-worried-about-bitcoin-unlimited-but-i-am-losing-sleep-over-ethereum-b5251c54e66d …
47/ Here’s why Ethereum is dubious to me: rather than creating an open source project & testnet to work on these interesting computer science problems, its founders instead did a securities offering, involving many thousands of clueless retail investors.What do you mean "instead of"? We did create an open source project and testnet! Whether or not ETH is a security is a legal question; seems like SEC people agree it's not: https://www.cnbc.com/2018/06/14/bitcoin-and-ethereum-are-not-securities-but-some-cryptocurrencies-may-be-sec-official-says.html
48/ Investing in the Ethereum ICO was akin to buying shares in a startup that had “invent time travel” as part of its business plan. Imo it was a reckless security offering, and it set the tone for the terrible capital misallocation of the 2017 ICO boom.Nothing in the ethereum roadmap requires time-travel-like technical advancements or anything remotely close to that. Proof: we basically have all the fundamental technical advancements we need at this point.
49/ In my view, Ethereum is the Yahoo of our day - an unscalable “blue chip” cryptocurrency:Got it.
Tuur Demeester @TuurDemeester: 1/ The DotCom bubble shows that the market isn't very good at valuing early stage technology. I'll use Google vs. Yahoo to illustrate.
50/ I’ll close with a few words from Gregory Maxwell from 2016,: https://bitcointalk.org/index.php?topic=1427885.msg14601127#msg14601127 …See my rebuttal to Greg from 2 years ago: https://www.reddit.com/ethereum/comments/4g1bh6/greg_maxwells_critique_of_ethereum_blockchains/
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Thailand Ministry Of Finance To Launch Blockchain-Based Visitor VAT Refund ServiceAccording to the Bangkok Post, the Thai Ministry of Finance plans to introduce a blockchain-based value-added tax (VAT) for foreign tourists from the end of November. Thai Financial Minister Uttama Savanayana said that blockchain-based technology will speed up the refund process for visitors because once the store enters information into the system, the purchase details will be shared with the tax department and customs department based on the blockchain.
German And South African Regulators Issue Fraud Warnings On Karatbars InternationalIn Germany, according to a recent press release by BaFin, the Federal Financial Supervisory Authority of Germany, a cease and desist order has been issued against Karatbit. The order is to stop the company from its unauthorized electronic money business in Germany.As for South Africa, the Financial Sector Conduct Authority issued its own press release warning the public to not deal with Karatbars International, as it is not authorized in terms of the Financial Advisory and Intermediary Services Act, to render any financial advice and intermediary services. The press release continues that the authority was informed that the company has been offering investments to customers through WhatsApp, a messaging platform.
China’s Army Considering A Blockchain Rewards System, ReportChina’s military could implement a blockchain rewards system to manage personnel data and incentivize its workforce, the Global Times reported on Nov. 18. Citing a People’s Liberation Army (PLA) Daily report, the Global Times underscores that the blockchain system would likely not involve financial incentives, but would be used as an innovation strategy for the military’s management.
Yahoo And LINE Announce Basic Agreement On Business Integration; Both Of Them Have Crypto ExchangesYahoo parent company Z Holdings (ZHD) and LINE formally announced that they had a basic agreement on business integration. On Nov 13, it was reported that the companies were approaching integration in the media reports. If Yahoo, which has the cryptocurrency exchange TAOTAO, and LINE, which also operates the cryptocurrency exchange BITMAX, will be integrated, it will have a major impact on the cryptocurrency industry.
BTC — BTC fell briefly yesterday, rebounding after falling to $8368 at the lowest level and falling after hitting $8620 at the highest level.In terms of capital flow, the net inflow in 24 hours was 3 billion yuan, a significant increase over the previous day.On the 4-hour K-line, the slope of the downward trend rate is slowing down, the trading volume continues to shrink, and the volatility has also dropped to a new low in recent years.At this stage, the disk support and pressure are weak, only part of the energy is needed, and it is easy to pull up. It is not difficult to break through the pressure of 8600 and 8800 dollars, and 9000 dollars is the strong pressure level.But it doesn’t make much sense to pull it up. The market information hasn’t been restored.The overall trend is roughly between $8400 and $8600.In terms of operation, the spot continues to hold, while the futures are not recommended for operation.
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Encrypted project calendar（November 18, 2019）
Maker (MKR): 18 November 2019 MCD Launch “BIG changes to terminology are coming with the launch of MCD on Nov. 18th Say hello to Vaults, Dai, and Sai.”Vexanium (VEX): 18 November 2019 Nodes Blockchain Summit Vexanium will collaborate with Nodes Community to hold a blockchain conference called the Nodes Blockchain Summit.OKB (OKB): 18 November 2019 Utrecht Workshop “EVENT: We’re going back to basics with #101 workshops on #CryptoTrading in Utrecht & AmsterdamSantiment Network Token (SAN): 18 November 2019 Reddit AMA “…@Santimentfeed will be conducting its first Reddit AMA on the@EthfinanceRsubreddit on Monday, November 18, 2019 from 12pm to 3pm EST”.Decentralized Currency Assets (DCA): 18 November 2019 Added to Echoestrader “Decentralize Currency Assets(DCA) support’s the first crypto algorithm exchange goes live on november 18th 2019.”Aeternity (AE): and 5 others 18 November 2019 [TWITTERPOST] Shift Money 2019 conference from Nov 18–19 in Croatia.Maker (MKR): 18 November 2019 MCD Launch “BIG changes to terminology are coming with the launch of MCD on Nov. 18th Say hello to Vaults, Dai, and Sai.”Pundi X (NPXS): 18 November 2019 Binance Italian AMA “On November 18 at 3:00 pm CET, @binance Italian group will host AMA series with @peko0413 !”Crypto.com Coin (CRO): 18 November 2019 Exchange Closed Beta “Closed Beta starts the week of 18 Nov.”
Encrypted project calendar（November 19, 2019）
Lisk (LSK): 19 November 2019 Lisk.js “We are excited to announce liskjs2019 will take place on November 19th. This all day blockchain event will include…”Aion (AION): 19 November 2019 Hard Fork “Leading up to the hard fork on November 19th-20th, 2019 the Unity — Aion Kernel will be upgraded by node operators.”Enigma (ENG): 19 November 2019 Open Community Call The first Enigma Open Community Call is Tuesday, Nov 19th, 11AM ET! important updates on our protocol, the Genesis Game, and our road ahead.Lisk (LSK): 19 November 2019 Berlin Meetup “Ahead of LiskJS2019, our partners Berlin Valley are hosting a startup industry networking event, #DigitalTalents, tomorrow. “BitMax Token (BTMX): 19 November 2019 BitMax Delisting BitMax removes BTMXP/BTC, ETH/USDC, ETH/PAX, BAT/ETH, ZEC/ETH, DASH/ETH, LAMB/ETH, ZIL/ETH, COVA/ETH, ETC/ETH, FET/ETH, LAMBS/ETH, XTZ/ETH.
Encrypted project calendar（November 20, 2019）
OKB (OKB): 20 November 2019 OKEx Cryptour Odessa Ukr “Join us in Odessa as we journey through Ukraine for our OKEx Cryptour!DAPS Token (DAPS): 20 November 2019 Partnership with SWFT “Everyone will have $DAPS mobile wallets, atomic swaps and much more starting on the 20th of November!”Aragon (ANT): 20 November 2019 Draft Proposal Deadline “Draft proposals for Aragon Network Vote #5 are due in one week, on November 20 at 16:00 UTC…”IOTA (MIOTA): 20 November 2019 Smart City Expo Wilfried Pimenta, our Director of Business Development, will be among the speakers at the AI & Blockchain Summit in the Smart City Expo Worl…Bitcoin Fast (BTCF): 20 November 2019 BTCF Snapshot Snapshot taken of BTCF holders at 8:00 am (GMT-6).Credits (CS): 20 November 2019 AMA AMA with Credits team at 15:00 UTC.
Encrypted project calendar（November 21, 2019）
Cardano (ADA): and 2 others 21 November 2019 Meetup Netherlands (AMS) “This meetup is all about how to decentralize a blockchain, the problems and differences between Proof-of-Work and Proof-of-Stake…”Cappasity (CAPP): 21 November 2019 Virtuality Paris 2019 “Cappasity to demonstrate its solution for the interactive shopping experience at Virtuality Paris 2019.”Horizen (ZEN): 21 November 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.OKB (OKB): 21 November 2019 OKEx Talks — Johannesburg “Join us the largest city of South Africa — Johannesburg where we will host our OKEx Talks on the 21st Nov.”IOST (IOST): 22 November 2019 Singapore Workshop Join the Institute of Blockchain for their 2nd IOST technical workshop in Singapore on 22 Nov 2019. The workshop includes IOST’s key tech.OKB (OKB): 22 November 2019 St. Petersberg Talks “Join us in St. Petersberg on 22 Nov as we answer your questions on Crypto Security. “NEM (XEM): 21 November 2019 SME Thought Leadership “SME Thought Leadership Series Forum #2” in Selangor, Malaysia from 8:30 AM — 2:30 PM.Stellar (XLM): 21 November 2019 NYC Meetup “Stellar Blockchain Meetup ft. FIC Network and Sam Conner’s Meridian Recap” in NYC from 6–8 PM.Waves (WAVES): 21 November 2019 Edinburgh Workshop “Next Thursday, we’re running a practical workshop on building DeFi products & designing Smart Contracts in your city!”
Encrypted project calendar（November 22, 2019）
IOST (IOST): 22 November 2019 Singapore Workshop Join the Institute of Blockchain for their 2nd IOST technical workshop in Singapore on 22 Nov 2019. The workshop includes IOST’s key techOKB (OKB): 22 November 2019 St. Petersberg Talks “Join us in St. Petersberg on 22 Nov as we answer your questions on Crypto Security. “Zenon (ZNN): 22 November 2019 Awareness Fund Payout “Distribution of the fund takes place every Friday until Pillars Lock-in Phase is completed.”
Encrypted project calendar（November 23, 2019）
Californium (CF) and 1 other: 23 November 2019 Greece Meetup “On November 23, the Greek #Cryptocurrency Community Meetup will take place in Greece!”
Encrypted project calendar（November 25, 2019）
0x (ZRX): 25 November 2019 0x V3 Proposal Live “The 0x v3 proposal was approved and will go live on Ethereum mainnet starting November 25th!”Dynamic Trading Rights (DTR): 25 November 2019 Chain Migration “On November 25 at 23:00 CET, TokensNet will make a migration of the $ELI token from Ethereum blockchain to Bitcoin Cash blockchain…”
Encrypted project calendar（November 27, 2019）
OKB (OKB): 27 November 2019 OKEx Cryptour Vinnytsia “Join us in Vinnytsia as we journey through Ukraine for our OKEx Cryptour!”Fetch.ai (FET): 27 November 2019 London Meetup “Join us on 27 November @primalbasehq to hear an exciting progress report as we prepare for the launch of our #mainnet”
Encrypted project calendar（November 28, 2019）
Horizen (ZEN): 28 November 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.
Encrypted project calendar（November 29, 2019）
Zenon (ZNN): 29 November 2019 Awareness Fund Payout “Distribution of the fund takes place every Friday until Pillars Lock-in Phase is completed.”
Encrypted project calendar（November 30, 2019）
Ethos (ETHOS): 30 November 2019 (or earlier) Rebranding “In November, we unveil the broker token, a dynamic utility token to power our commission-free crypto trading and broker platform, Voyager.”Digitex Futures (DGTX): 30 November 2019 Public Testnet Launch “…We can expect to see the world’s first zero-commission futures trading platform live on the Ethereum public testnet from 30th November.”Monero (XMR): 30 November 2019 Protocol Upgrade “Preliminary information thread regarding the scheduled protocol upgrade of November 30.”Chiliz (CHZ): 30 November 2019 (or earlier) Fiat to CHZ Exchanges “We will add another two fiat to $CHZ exchanges in November…”Skrumble Network (SKM): 30 November 2019 (or earlier) P2P & Group Calling “P2P & Group Video Calling,” during November 2019.Aergo (AERGO): 30 November 2019 (or earlier) Mainnet 2.0 Upgrade Mainnet 2.0 Protocol update by end of November.Akropolis (AKRO): 30 November 2019 (or earlier) Beta Release “All functionality has been deployed to mainnet.”Nash Exchange (NEX): 30 November 2019 (or earlier) Mobile Strategy Phase 2 “Phase 2 of our mobile strategy will be live soon with our wallet and portfolio app hitting stores in November!”Akropolis (AKRO): 30 November 2019 (or earlier) Beta Release “All functionality has been deployed to mainnet.”Pakcoin (PAK): 30 November 2019 Staking Mobile App Android app for staklet is going to be launched on November 30th.
Encrypted project calendar（December 1, 2019）
Auxilium (AUX): 01 December 2019 AUX Interest Distribution Monthly interest distribution by Auxilium Interest Distribution Platform for coinholders. Also supports charity.I/O Coin (IOC): 01 December 2019 Pos Reward Halving IOC block reward halving is happening on December 1st 2019.
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Understanding the Brave Browser ModelBrave is a more-or-less standard browser that lets users browse, run web apps and display online content. It is free to download and use. Furthermore, Brave remembers site authentication information. When Brave joined the market, it caused a buzz due to its unusual business model. The default ad blocking was viewed by many as a threat to content creators. It changed the traditional way of digital advert delivery. Brave also managed to realize the dream of getting paid to browse.
The Brave Browser User Interfacehttps://preview.redd.it/f6ciyn35frh31.png?width=1034&format=png&auto=webp&s=03a1c5c7975830b14fe28bb613388d6038e56378
Brave offers a clean and crisp interface that is intuitive to use. It has all the elements you would expect in your ideal browser. Furthermore, Brave’s individual tabs support icons for quick identification, and hovering the cursor over a tab offers details on the page in that tab without having to click on the tab and activate it.
The browser also displays statistics about the content the browser has blocked. These statistics are very useful. Furthermore, it displays photos, the current time and shortcuts to your favorite sites. Like other websites, one would expect these features to have an effect on speed. However, this is not the case. Brave is very easy to use, with a streamlined design and the useful option to preview the content of tabs
Brave Rewards System For Content Creators and Users
Content creators depend on ads to sustain their operations. However, the ads are not displayed on Brave browser. So how does Brave browser support online publishers?
The browser has a unique approach when it comes to compensating of creators. Rewarding is done through the Brave Ads network and user donations. Publishers are required to register with the network before qualifying for revenue. Registered publishers earn 55% of the replaced ad revenue.
Brave comes with an inbuilt BAT wallet. This wallet enables users to support their favorite websites. Users can load the wallet and allocate a specified amount of BAT to their preferred sites. The wallet can be funded through Bitcoin, Litecoin, Ethereum, and BAT token. Credit card holders use payment processor Uphold. You can set a monthly budget of BAT to be automatically distributed to sites you frequently visit. You also have the power to set the percentage to be contributed. Brave users are not able to view any ads but still, support their favorite website.
For users, you can earn in BAT by browsing Brave enabled sites. If users consent to replace usual adverts, with anonymous adverts from Brave, they get paid in Basic Attention Token (BAT). A single user gets 15% of the revenue. The revenue depends on the time you spend on Brave Browser.
However, you have to enable Brave ads because the browser blocks all ads by default. Before receiving any payments, the BAT token wallet needs to be activated first.
For users who don’t want to support any website, they neither earn nor contribute. They enjoy fast browsing.
Why Brave Settled For BAThttps://preview.redd.it/kv0t9qqcfrh31.png?width=1600&format=png&auto=webp&s=b216b6a7ec9a4a6ed4441040db84027450f367f1
Current delivery of digital ads relies on tracking browsing history, cookies, search question, and third parties. Brave does not support these tactics. With the use of BAT, the role of intermediaries and tracking is eliminated from the inventory catalog of current ads.
Integration of BAT into the browser involves implementing BAT Ads system. The system displays ads to users based on locally stored information. With the data, ads targeting is done locally.
This Brave Browser model promotes privacy. The browsing history is kept private, as all data required for ad-matching never leaves your system.
We also have quality ads matching. Wrong ad matching is one of the reasons why some users hate ads. With BAT model, a user can select the ads he or she wants to see. Brave’s BAT platform shields the anonymity of users while assuring the authenticity of their viewing.
It is, therefore, safe to say that BAT represents a fundamental rethinking of the way digital ads are delivered. By the time of writing this article, BAT had a market capitalization of $244,798,134. Compared to the dollar, BAT is valued at $0.196773.
How Is Brave Browser Funded?Brave Software’s financial life is shredded in privacy. However, the company managed to raise $35 million in just seconds by selling the BAT cryptocurrency to investors.
Brave has other revenue generation means as it kept a third of the 1.5 billion BATs and as starter seed for browser users’ wallets (300 million BATs). At the current BAT value, Brave’s 200 million equaled just over $70 million. The money will be channeled towards establishing a Blockchain-based digital advertising system.
Benefits of Brave BrowserThe brave browser is gaining popularity. It has been viewed as the next Google chrome. Brave appears to be the solution to challenges that come with regular browsers. Here are some of the unique benefits of using Brave. We’ve also made a Brave vs Google Chrome comparison – you can check that out too and see our unbiased opinion about Brave and it evolution compared to Google’s giant.
Default Ad Blockerhttps://preview.redd.it/9u2bc2qhfrh31.png?width=1402&format=png&auto=webp&s=7f85f0c79ec03d51585da08f36d0a63926fec222
Brave blocks ads automatically. Users are no longer required to search the web for a perfect ad blocker. The auto-blocking protects your device from malware and extensive tracking by advertisers. Brave is also working on a plan to replace ads that appear harmful.
Tracking ads by Brave is accurate. Users are served with the right ads because Brave does the tracking using local data. If an ad is irrelevant to the user, it is pulled down. You get the appropriate ads based on this model. A user’s data stays within the device since we have no third parties involved.
While Brave blocks third-party cookies, the first party cookies are not blocked by default. Users have the option to prevent or enable cookies on a given website.
However, Brave does not block ads displayed in search results. You will be able to see AdWords advertisements within Google’s results. This is because Ad blocking extensions don’t stymie search ads either.
Improved Privacy During BrowsingBlocking of malicious ads automatically allows safe browsing. Brave does not have access to identifiable user data. The anonymity aggregated ad campaign related data is used for accounting. However, this data cannot be traced back to a user’s device.
Brave also comes with additional tactics to boost privacy while browsing. The incorporation of HTTPS everywhere allows usage of web encryption whenever available.
The fingerprinting feature bars third parties from tracking your activity. This feature can be activated in the settings tab.
Brave is FasterBrave’s load speeds emerge on top. Fast browsing is supported by Brave’s lack of thirds party ads. You, therefore, have less content to download before accessing your favorite website. However, Brave’s rendering speeds come a bit after Google Chrome and Mozilla.
You Get Paid To Browser – If You WantThe concept of getting paid for browsing has been a dream. However, Brave browser has changed the game. All you have to do is to enable Brave ads. View the ads and get 15% of the revenue. For content creators, you are supported by users who love your content. All payments are in the form of BAT tokens.
How Does Brave Browser Work?The brave browser is available on iOS, Android, macOS, Windows, and Linux platforms. Users on these platforms can browse securely, and fast. It accomplishes this without using a lot of your computer’s memory. Unlike most common browsers, Brave does not use much RAM. Brave uses at least 170MB of your RAM. It is important to note that Brave is a chromium based browser. Browsers built on this platform are known to consume a lot of memory, but Brave stands out.
Brave’s Use of Chrome extensionsBrave is set up on the Chromium platform. Chromium is an open-source system that also powers popular browsers like Google Chrome and soon Microsoft Edge. Based on the Chromium capability, you can almost use all Chrome extensions on Brave. The extensions on Chrome can be added to Brave through the Chrome Web Store. Make sure you read messages accompanying extensions carefully. It is up to you to make responsible decisions when installing 3rd party extensions with respect to your data. You can enable, disable, remove and view additional details/options for your installed extensions in the extensions window.
Brave UsersSince 2018, Brave browser users have grown by over 450%. Elsewhere BAT’s active users have grown from 1 million per month in January 2018 to a total of 5.5 million active users in January 2019. As seen above, Brave works along with the Basic Attention Token (BAT). In March 2019, Brave reached over 20 million downloads on the Google Play store for Android devices.
“We are entrepreneurs, too. We understand the Status Quo but we need a less painful system for secure international transactions. Why launch another pointless ICO or TGE, when we can just take the real businesses and help them? Why they should pay monstrous fees for fast and secure transactions if the technology is here and ready to use? This whole token offering gold rush seems over-exaggerated to me.” – Dmitry Vasadin, Founder.ECR team has created a network with a 100 transactions per second bandwidth. They plan to grow the speed responding to community growth. Each transaction is free. Each is protected with a Skrypt encryption protocol. ECR.nodes could be launched on computers with just 1Ghz of processing speed and 2Gb of RAM memory. Node owners only have to sign the transactions to secure the trust in the network’s distribution. Which means that the network can scale fast. That many ECR coins were pre-mined. No more coins will ever be emitted So there is no competition for block rewards. ECR.money propose to business owners a practical tool to transact on a daily basis and open their doors to an audience of millions active crypto users.
changing the difficulty adjustment algorithm doesn’t solve the underlyingI define "users" as those who it it for value transfer (including
issue, hashpower not being aligned with users’ (or owners') interests.
Hodlers have much greater power in hardfork situations than minersNot when hodlers are more evenly split between coins. Miners will prefer
BCH changed its difficulty algorithm, and it is often considered to be toits detriment due to sudden hashpower oscillations
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Here's how naked short-selling works: Imagine you travel to a small foreign island on vacation. Instead of going to an exchange office in your hotel to turn your dollars into Island Rubles, the country instead gives you a small printing press and makes you a deal: Print as many Island Rubles as you like, then on the way out of the country you can settle your account. So you take your printing press, print out gigantic quantities of Rubles and start buying goods and services. Before long, the cash you’ve churned out floods the market, and the currency's value plummets. Do this long enough and you'll crack the currency entirely; the loaf of bread that cost the equivalent of one American dollar the day you arrived now costs less than a cent.http://www.rollingstone.com/politics/news/wall-streets-naked-swindle-20100405
With prices completely depressed, you keep printing money and buy everything of value - homes, cars, priceless works of art. You then load it all into a cargo ship and head home. On the way out of the country, you have to settle your account with the currency office. But the Island Rubles you printed are now worthless, so it takes just a handful of U.S. dollars to settle your debt. Arriving home with your cargo ship, you sell all the island riches you bought at a discount and make a fortune.
If Bitcoin becomes a major currency, then tens of trillions of dollars on the "legacy ledger of fantasy fiat" will evaporate, destroying AXA, whose CEO is head of the Bilderbergers. This is the real reason why AXA bought Blockstream: to artificially suppress Bitcoin volume and price with 1MB blocks.https://np.reddit.com/btc/comments/4r2pw5/if_bitcoin_becomes_a_major_currency_then_tens_of/
Blockstream is now controlled by the Bilderberg Group - seriously! AXA Strategic Ventures, co-lead investor for Blockstream's $55 million financing round, is the investment arm of French insurance giant AXA Group - whose CEO Henri de Castries has been chairman of the Bilderberg Group since 2012.https://np.reddit.com/btc/comments/47zfzt/blockstream_is_now_controlled_by_the_bilderberg/
Bitcoin has its own E = mc2 law: Market capitalization is proportional to the square of the number of transactions. But, since the number of transactions is proportional to the (actual) blocksize, then Blockstream's artificial blocksize limit is creating an artificial market capitalization limit!https://np.reddit.com/btc/comments/4dfb3bitcoin_has_its_own_e_mc2_law_market/
Bitcoin's market price is trying to rally, but it is currently constrained by Core/Blockstream's artificial blocksize limit. Chinese miners can only win big by following the market - not by following Core/Blockstream. The market will always win - either with or without the Chinese miners.https://np.reddit.com/btc/comments/4ipb4q/bitcoins_market_price_is_trying_to_rally_but_it/
The Fed/FOMC holds meetings to decide on money supply. Core/Blockstream & Chinese miners now hold meetings to decide on money velocity. Both are centralized decision-making. Both are the wrong approach.https://np.reddit.com/btc/comments/4vfkpthe_fedfomc_holds_meetings_to_decide_on_money/
So, on the expiration date of the HK stalling / non-scaling non-agreement, Viacoin scammer u/btcdrak calls a meeting with no customer-facing businesses invited (just Chinese miners & Core/Blockstream), and no solutions/agreements allowed, and no transparency (just a transcript from u/kanzure). WTF!?https://np.reddit.com/btc/comments/4vgwe7/so_on_the_expiration_date_of_the_hk_stalling/
This disastrous, desperate meeting is the latest example of how Bitcoin's so-called "governance" is being hijacked by some anonymous scammer named u/btcdrak who created a shitcoin called Viacoin and who's a subcontractor for Blockstream - calling yet another last-minute stalling / non-scaling meeting on the expiration date of Core/Blockstream's previous last-minute stalling / non-scaling non-agreement - and this non-scaling meeting is invite-only for Chinese miners and Core/Blockstream (with no actual Bitcoin businesses invited) - and economic idiot u/maaku7 who also brought us yet another shitcoin called Freicoin is now telling us that no actual solutions will be provided because no actual agreements will be allowed - and this invite-only no-industry no-solutions / no-agreements non-event will be manually transcribed by some guy named u/kanzure who hates u/Peter__R (note: u/Peter__R gave us actual solutions like Bitcoin Unlimited and massive on-chain scaling via XThin) - and as usual this invite-only non-scaling no-solutions / no-agreements no-industry invite-only non-event is being paid for by some fantasy fiat finance firm AXA whose CEO is head of the Bilderberg Group which will go bankrupt if Bitcoin succeeds.**
vampireban wants you to believe that "a lot of people voted" and "there is consensus" for Core's "roadmap". But he really means only 57 people voted. And most of them aren't devs and/or don't understand markets. Satoshi designed Bitcoin for the economic majority to vote - not just 57 people.https://np.reddit.com/btc/comments/4ecx69/uvampireban_wants_you_to_believe_that_a_lot_of/
Satoshi Nakamoto, October 04, 2010, 07:48:40 PM "It can be phased in, like: if (blocknumber > 115000) maxblocksize = largerlimit / It can start being in versions way ahead, so by the time it reaches that block number and goes into effect, the older versions that don't have it are already obsolete."https://np.reddit.com/btc/comments/3wo9pb/satoshi_nakamoto_october_04_2010_074840_pm_it_can/
The moderators of r\bitcoin have now removed a post which was just quotes by Satoshi Nakamoto.https://np.reddit.com/btc/comments/49l4uh/the_moderators_of_rbitcoin_have_now_removed_a/
theymos 1/31/2013: "I strongly disagree with the idea that changing the max block size is a violation of the 'Bitcoin currency guarantees'. Satoshi said that the max block size could be increased, and the max block size is never mentioned in any of the standard descriptions of the Bitcoin system"https://np.reddit.com/btc/comments/4qopcw/utheymos_1312013_i_strongly_disagree_with_the/
"Even a year ago I said I though we could probably survive 2MB" - nullchttps://np.reddit.com/btc/comments/43mond/even_a_year_ago_i_said_i_though_we_could_probably/
Greg Maxwell used to have intelligent, nuanced opinions about "max blocksize", until he started getting paid by AXA, whose CEO is head of the Bilderberg Group - the legacy financial elite which Bitcoin aims to disintermediate. Greg always refuses to address this massive conflict of interest. Why?https://np.reddit.com/btc/comments/4mlo0z/greg_maxwell_used_to_have_intelligent_nuanced/
The most upvoted thread right now on r\bitcoin (part 4 of 5 on Xthin), is default-sorted to show the most downvoted comments first. This shows that r\bitcoin is anti-democratic, anti-Reddit - and anti-Bitcoin.https://np.reddit.com/btc/comments/4mwxn9/the_most_upvoted_thread_right_now_on_rbitcoin/
Be patient about Classic. It's already a "success" - in the sense that it has been tested, released, and deployed, with 1/6 nodes already accepting 2MB+ blocks. Now it can quietly wait in the wings, ready to be called into action on a moment's notice. And it probably will be - in 2016 (or 2017).https://np.reddit.com/btc/comments/44y8ut/be_patient_about_classic_its_already_a_success_in/
I think the Berlin Wall Principle will end up applying to Blockstream as well: (1) The Berlin Wall took longer than everyone expected to come tumbling down. (2) When it did finally come tumbling down, it happened faster than anyone expected (ie, in a matter of days) - and everyone was shocked.https://np.reddit.com/btc/comments/4kxtq4/i_think_the_berlin_wall_principle_will_end_up/
We now know the miners aren't going to do anything. We now know that a minority fork can survive. Why are we not forking right now?https://np.reddit.com/btc/comments/4vieve/we_now_know_the_miners_arent_going_to_do_anything/
Roger Ver's mining pool Bitcoin.com has decided to not support a proposal that aims to redirect 12.5% of Bitcoin Cash block rewards to a development fund.The post Bitcoin.com withdraws from Bitcoin Cash proposal to divert part of block rewards to dev fund appeared first on The Block. Bitcoin halved on May 11, 2020, around 3 pm est. A Bitcoin halving event is when the reward for mining Bitcoin transactions is cut in half. This event also cuts in half Bitcoin's inflation rate ... Ethereum's block reward does not halve like Bitcoin's, so there is no countdown. What is the Bitcoin Clock? The Bitcoin clock has been around since 2011. In 2018, the owner let the domain expire. We revamped the site and restored it to its original vision. Is the Halving Necessary? The halving is necessary. This is how Bitcoin controls its supply. Once the block subsidy expires, transaction ... Bitcoin mining has long ceased to be profitable for the majority of hobbyist miners. So when the upcoming halving in May 2020 slashes the block reward in half, will that spell the end even for ... Digital money that’s instant, private, and free from bank fees. Download our official wallet app and start using Bitcoin today. Read news, start mining, and buy BTC or BCH.
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In six weeks the number of Bitcoins produced with each new block will be reduced to six and a quarter. This reward halving has long been predicted to put upward pressure on the price. SPONSORED BY ... 19:50 Block Reward Halvening; What this means for Price, etc. 23:00 $2,500 Bitcoin Soon? Price Always Spikes when Supply Disruption Happen in Bitcoin 29:00 Where to Get More from Trace & His Final ... - Bitcoin's halving effect on Bitcoin mining block reward - Halving and Bitcoin's circulating supply - How supply relates to price - Mining incentives may change - Bitcoin historical halvings and ... Bitcoin is about to experience its third block reward halving, reducing the BTC created each block from 12.5 to 6.25! Halving will forever change Bitcoin mining and reduce its mining profitability ... Learn more about Blockchain, how Bitcoin mining works and how the system rewards the miners on the Blocklogy App. Download: https://play.google.com/store/app...