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Help with setting up Block Erupter cube with Win 10 without joining a mining pool.
Hello all, the title is pretty self-explanatory. I want to mine solo just to learn; I 'inherited' a buddy's Block Erupter cube, and decided to give it a try. I have been able to access the cube's setup, and am confused as to the last required entry. I have to type in "Miners user;pass". I don't know if this is something I have to create on a website, or if this is the wallet I created in BitCoin core, or something else. Can anyone help?
You have probably read dozens of articles dedicated to this subject before, and likely skipped even more. So why write another one, let alone read it? The short answer is times have changed. Well, times always change. Still, the point is that we may be amidst a paradigm shift in the cryptocurrency space right now even if we don’t feel it yet. by stealthEX Such a fundamental change is possible due to a confluence of several factors. Some of these factors are external and therefore not related to crypto. Others are internal and represent the value-oriented nature of cryptocurrencies. It just happened that all of them got activated under specific conditions at a certain point in time, which is today, give or take.
Economic woes in a post-Covid-19 World
You wouldn’t be far from the truth if you claimed that we haven’t yet pulled through the pandemic, to begin with. Unfortunately, it only makes matters worse unless you are a cryptocurrency investor and don’t care for the rest of humanity. Anyway, the damage has been done, and nothing can change that. We are now entering the phase that is technically called “competitive devaluations” and colloquially known as currency wars. You could also argue that if it didn’t happen at the peak of the coronavirus pandemic, it is not going to happen now. The sad truth is that we are only starting to feel the real pain. Even the deadly coronavirus doesn’t take over the body instantly, while it takes some time on the scale of a few months up to a couple years for the economic disease to spread through the fabric of society, evolve, and then erupt with inflation rates shooting through the roof, among many other nasty things. Please take your seat. The world reserve fiat, the American dollar, is sinking like Titanic, slowly but surely. We can’t say the same about less lucky currencies, though. We won’t dwell on the Venezuelan bolivar and Zimbabwean dollar as they are altogether beyond redemption, but fiats like the Brazilian real and Russian ruble are also balancing on the brink of another landslide devaluation, which they have seen many in the past. Sharp minds in the cryptocurrency space have been telling us about this development for ages. It all looked like a remote possibility in some distant future that as we felt deep down wouldn’t have a chance to come up in our lifetime. As it stands, we were wrong, and the events described are now starting to unfold right before our own eyes. In a strange twist of fate, large-scale cryptocurrency adoption is about to occur along with them, but not through some technical breakthroughs and innovation, or even the much-hyped DeFi, but primarily through the failure of conventional financial systems based on fiat currencies. Rest assured, the top dogs in the cryptocurrency pit are well aware of this dynamic, and they are not going to wait any longer. Grayscale Investments, a multi-billion dollar company behind a host of cryptocurrency trust funds, started to frenziedly buy up bitcoins a couple weeks ago. All in all, it acquired over 17,000 BTC adding to its already quite impressive stash of Bitcoin, now totalling almost 450,000 coins under its management. Love it or leave it, but it amounts to 2.4% of all bitcoins mined to date, including lost, burned, or left for dead as dust in Bitcoin wallets. In essence, it means that their effective share is way higher. But while Grayscale definitely sits at the top of the cryptocurrency investment chain, it is not the only company that went on a buying spree lately. MicroStrategy, a company largely unknown to the wider public, suddenly got religion and swapped over $400 million of its capital into 38,250 BTC. Even Barry Silbert, CEO of Grayscale, commented on this feat in his tweet. Twitter, by StealthEX So whenever there is a hint at price correction, someone comes out of the shadows and picks up a handful of bitcoins from the market propping up the price. Why are they doing this? You already know the answer.
In different words, all that cryptocurrencies had to do was to last long enough until fiat started to fall apart. It does now, and paradoxically such times are also times of great opportunity, Baron Rothschild’s way. The world’s largest cryptocurrency exchange, Binance, has been pushing its cryptocurrency payment card since April when it acquired Swipe, a firm focused on crypto-to-fiat payment cards. At the time of the acquisition Swipe already supported 20 cryptocurrencies and fiat transactions in major currencies. Binance.com, by StaelthEX For European users the Binance card was officially made available in August, and the exchange plans to enter the US market soon. Given its dominance in the crypto arena, it wouldn’t be unreasonable to expect the surge in the cryptocurrency use as a means of payment thanks to this. It is unlikely that people would spend their precious bitcoins, but the packmaster is not the only member of the pack that Binance handles. Cryptos like Litecoin or Bitcoin Cash can easily become currencies of choice to use with Binance debit cards. But what truly makes it a game-changer is the current turmoil in the global economic affairs which may turn out to be a once-in-a-lifetime chance for crypto to pick up where fiat currencies leave, or fail, to be exact. On the other hand, it may be a natural development after all, set in stone by the very first Bitcoin transaction and cemented for good when it got confirmed. Now things start to arrange themselves to fit their preordained layout. We have taken our time. As cryptocurrencies are not internally linked to, or tied by, the lunatic policies of monetary authorities, that is to say, no central bank can ask or force miners to mine more bitcoins, we have the first element in place in the layout for the cryptocurrency mass adoption to occur at the most basic level. In fact, it has always been there, so we just had to wait until the two other elements arrived, even though it took longer than most of us were ready to wait. The second required element in the grand picture of cryptocurrency adoption is the change in attitude toward wealth evaluation. So far the vast majority of people involved in crypto, including its most die-hard supporters, valued their cryptocurrency holdings in fiat terms. Without doubt, it was the US dollar, regardless of your home currency. But when fiat collapses or enters a long period of runaway inflation, people will be ready for a dramatic change in their approaches toward capital assessment as well as spending habits. And here comes the most important part where Binance hits the nail on the head. If you are unable to effortlessly spend crypto in your everyday life, the first two components cannot trigger this change in attitude on their own. We need this third element to make use of what has existed and take advantage of what has come around. In a way, what Binance did, and what its competitors are no doubt going to do as well if they don’t want to miss out on the opportunity, appears to be the part that snugly snaps into place when we finally get there. With Binance payment card, you can “buy the things you love with crypto”. So now the ball is in your court to support the full-scale cryptocurrency adoption coming up. Kidding aside, with fiat turning into trash by leaps and bounds all over the globe, this looks like a very enticing payment option for both the crypto purists and the unbanked. We have seen quite a few such cards in the past, but Binance seems to be adamant on making its variety really popular and actually usable. And then you can ride volatility waves to your financial benefit. If Binance succeeds, that may herald a new era of cryptocurrency adoption, a breakthrough of sorts after so many years of stagnation in this department.
Repercussions and ramifications
It is not like only we, traders and investors alike, see these trends. Governments are also taking notice and paying close attention. They can’t remove cryptocurrencies and they can’t help inflating their national currencies. However, they can still crack down massively on this and similar endeavors, trying to nip them in the bud. We don’t know yet what Uncle Sam is going to say but some muslim countries have been quite vocal in this regard. For example, Egypt has issued a fetva which prohibits bitcoin transactions as being against Sharia, an Islamic religious law. Another mostly Islamic country, Indonesia, has banned the use of cryptocurrencies as a means of payment. Russia, although not Islamic yet, is hellbent on effectively outlawing most cryptocurrency operations despite passing earlier a law on digital assets which is essentially neutral to crypto. To conclude, we must be aware that once things get serious and governments see that their monetary supremacy is being threatened, that they can no longer play their favorite game of inflation tax, they will leave no stone unturned to prevent mass use of crypto as an alternative means of payment. And cryptocurrency payment cards are hands down one of the best tools available for this use on a down-to-earth level, groceries and whatnot. Now you know what their target will be. And don’t forget if you need to exchange your coins StealthEX is here for you. We provide a selection of more than 300 coins and constantly updating the cryptocurrency list so that our customers will find a suitable option. Our service does not require registration and allows you to remain anonymous. Why don’t you check it out? Just go to StealthEX and follow these easy steps: ✔ Choose the pair and the amount for your exchange. For example BTC to ETH. ✔ Press the “Start exchange” button. ✔ Provide the recipient address to which the coins will be transferred. ✔ Move your cryptocurrency for the exchange. ✔ Receive your coins. Follow us on Medium, Twitter, Facebook, and Reddit to get StealthEX.io updates and the latest news about the crypto world. For all requests message us via [email protected]. The views and opinions expressed here are solely those of the author. Every investment and trading move involves risk. You should conduct your own research when making a decision. Original article was posted onhttps://stealthex.io/blog/2020/10/06/cryptocurrency-adoption-a-breakthrough/
Bitcoin hit the $400 cost in November 2015 — something it hadn't done in a year. Expression of bitcoin was arriving at the more standard budgetary distributions around then. An article from Bloomberg gave an account of this cost increment in positive terms once in a while observed from a main standard money related distribution. It expressed, "Bitcoin is having some fantastic luck. Recently we brought up that the virtual money was on a gigantic series of wins. It's up almost 40 percent over the most recent three days." The Bloomberg article noticed that examiner Gil Luria of Wedbush Securities composed the accompanying to customers prior in 2014: "We accept bitcoin and its related blockchain innovation can possibly upset the current money related foundation throughout the following scarcely any years. We accept the estimation of the bitcoin cash (BTC) will profit by this pattern and consequently are starting inclusion of GBTC with an OUTPERFORM rating and $40 value target." Simultaneously in November of 2015, Paul Vigna of The Wall Street Journal wrote in his section, "The cost of bitcoin is flooding, traverse the $400 mark just because since last November, in the midst of an eruption of exchanging action and a flood enthusiasm for the innovation basic the digital money." Bitcoin arrived at a high of $768 in June, 2016, and GBTC moved to a high of $135 around a similar time. At that point bitcoin hit an extremely unpredictable period as an ongoing hack of a bitcoin trade drove costs down. This is characteristic of the benefit, which is obviously not for the tame and preservationist. In any case, is it in any event, something that a speculator ought to consider? https://preview.redd.it/apz11co31gi41.jpg?width=669&format=pjpg&auto=webp&s=13b9a4211f28f0cee15b8172e17e5dba634bc86e Would you be able to Make Money With Bitcoin? Bitcoin is most normally alluded to as an "advanced cash." It's not a physical instrument, however similarly as physical instruments, for example, dollars and coins can be utilized, it can work in its computerized structure as a money to pay for buys. In all actuality, there may not be many retail shops that really acknowledge bitcoin, yet the rundown is developing. It incorporates Overstock.com, Dell, Microsoft, Reeds Jewelers and even the Sacramento Kings. You can even utilize a Visa Mastercard that can be utilized to charge buys that are consequently charged from a shopper's bitcoin wallet. At the point when you order bitcoin as a cash and contrast it with other money venture alternatives, for example, the U.S. dollar or yen, actually bitcoin was the world's best-performing cash in 2010, 2011, 2102, 2013 and 2015. What occurred in 2014? It was the most noticeably awful performing cash! This further shows the unpredictability of bitcoin. Bitcoin as an Alternative Investment Since the estimation of bitcoin can be named in a dollar esteem and can vary up or down dependent on economic situations, it's a type of cash as well as it tends to be seen as a speculation vehicle also. I used to advise individuals not to put resources into anything in the event that you couldn't discover its cost in either a paper or through a trade. Actually bitcoin is exchanged on trades all through the world on a 24-hour premise. You'll generally know the estimation of bitcoin in dollars or your nearby money. In any case, before you bounce in and purchase bitcoin or think about it as a venture, it's essential to perceive that bitcoin or any speculation ought to be a piece of a monetary methodology or plan that depends on your present circumstance, just as your objectives, targets and judicious resource assignment techniques.
Risks and advantages of fiat money over gold and cryptocurrencies
Why do people seem to trust fiat currencies so much, despite being nothing but pieces of paper? Because state authorities guarantee that his paper is real money that you can store, exchange, or use to pay for goods and services. We believe that it's nothing but a force of habit. It's been too long since the last crisis that would really devalue the currency of a major country. Of course, we remember that inflation in Germany reached millions of percent after the First World War — but this happened long ago. Of course, we know that the currency of Zimbabwe was recently devalued by a factor of millions – but it's a state that’s been ruled by a dictator until recently. And yes, we see that Venezuela – another authoritarian state – is going through hyperinflation right now. But all this happened or is happening in autocratic countries and can't possibly happen in a civilized state – this is the mantra that we repeat to ourselves. A short historical overview Fiat paper money has only emerged recently. For thousands of years, people used all kinds of items and goods as a means of payment – cowrie shells, gold, copper, bronze, spices, and so on. If at some point, a certain item became too plentiful, its price would fall, and you could therefore get fewer other goods in exchange for it – and vice versa. With time, people realized that paying in cowrie shells, metal bars, or something that could go bad or moldy was too complicated and costly. As with many other issues, it was the ancient Romans who decided to solve the problem once and for all. Every new emperor or dictator made sure to mint coins with their face on them. If there wasn't enough fresh metal available, he would just take coins minted by his predecessor, melt them and make new ones. It's from that point onward that we can track the key problem of fiat money – its constant devaluation. For instance, in early 1st century AD, Romans used denarius – a coin made of pure silver. Just 40 years later, during the reign of Nero, a denarius contained only 94% of silver – and by the end of the century, its silver content fell to 85%. What was the reason? Nero and his successors used this trick to pay less to their creditors. In 2nd century AD, there was less than 50% of silver left in a denarius. In 243, Emperor Philip the Arab reduced the silver content to just 0.05%. After the fall of the Roman Empire in the West, a denarius contained only 0.02% of silver. This way, over the course of roughly 200 years, the inflation of denarii reached several thousand percent. But if we study more recent examples – say, the real value of the US dollar or pound of sterling in the last 200 years – we'll see a similar picture. A forecast for the future Let's go back to the question we asked in the beginning of this article. Why do people trust fiat money? In the past 70 years, we haven't seen any major wars involving developed countries that could radically devalue their currencies. There haven't been any major natural disasters that could seriously damage the economy, either. Sure, such things keep happening in third-world countries, where currencies lose their value due to military coups, uncontrolled printing of new money, and so on. If you ask the population in those third-world countries that have been through hyperinflation how they feel about their fiat money, you'll find that their opinion is just the opposite of that shared by people in the West. That's why gold and jewelry are so popular in the Middle East, and that's why US dollars are in such demand in Latin America. Nobody wants to keep their savings in the local fiat currency – because its long-term stability cannot be guaranteed. Gold is a great way to store value, especially when fiat currency is devalued rapidly for no reason. Here's a simple example. Let's take country Z with a stable economy and equally stable fiat currency. Bob keeps his savings in a deposit account and earns a 5% annual interest. Alice uses her fiat savings to buy physical gold and then either buries it in her garden or stores it in a bank vault. A disaster strikes: a military coup, volcano eruption, flood – you name it. The fiat currency of Z loses most of its value in an instant. And if the government decides to print more money (to pay for disaster relief or as a populist measure), inflation can quickly reach astronomical heights. Bob's savings will be worth nothing – but Alice won't lose anything. If local fiat money is devalued by a factor of 100 relative to the US dollar, its exchange rate relative to gold will fall by a similar amount. Any educated person can understand this – but why are so few people actually buying gold to protect their savings? And why do the majority of people take their money to the bank, even though generations after generations have lost their bank deposits? There is only one issue with storing value in gold: buying it is complicated, costly, and sometimes dangerous. Here we'll cite just a few examples, although we could provide many more: - In many countries you have to pay a fixed tax or VAT when buying gold, ranging from 10% to 25%. This means you'll lose up to a quarter of your money at once. Not such a great investment, is it? - The spread between the buying and selling price of gold often reaches 10%; - Storing gold at home is risky; storing it in a bank vault means paying a fee and can still be dangerous; - In case of a military coup of natural disaster, if you need to exchange your gold for money, you can easily get killed. Modern-day Caracas is a good example: people are attacked even when they are suspected of carrying around as little as $100. Cryptocurrency to the rescue In the context of the issues described above, cryptocurrencies are a god-send for people in third-world countries. Crypto helps preserve the value of money and hide it in case of a crisis. The demand for Bitcoin among the middle class in Africa and Asia is several times higher than in Europe. Why do people prefer Bitcoin and show much less interest in other altcoins? Because the maximum number of Bitcoins is finite. Whatever happens in the world of fiat currencies, even if governments print dozens and hundreds of times more money, new Bitcoins will only enter the market through mining – and over 80% of the total have already been mined. Bitcoin doesn't belong to anyone. There is no organization or country that can control it. In the 10 years that have passed since its launch, nobody has managed to hack the system – while even the leading IT corporations regularly fall victim to hacker attacks. The only real problem is that most holders of fiat money and gold bars find it’s hard to accept Bitcoin's volatility. Indeed, if the BTC price has grown by a factor of 100 or 1000, it could theoretically fall by just as much, completely devaluing one's investment. Who would take such a risk? If only one could invest in digital gold that can't lose its value relative to fiat currencies and free from the risks and complexities of purchasing, storing and selling it that are inherent to physical gold. The future is already here DIGITAL GOLD is a company that has found a solution to the challenge of money storage. In summer 2019, it launched a new stablecoin which serves the purpose of Digital Gold. Now, investors seeking to protect their savings won't have to deal with the costs and dangers of buying physical gold. It's enough to purchase GOLD stablecoins, built on the popular ERC-20 standard. In less than a minute, any person anywhere on the globe can buy $10, $100, or $1000 worth of new digital gold. The tokens will be instantly sent to the buyer's wallet, and the only transaction fee will be the cost of gas. The risk factor is also low, granted that the greatest loss would be losing one's wallet credentials. Exchanging the digital gold back into fiat or another cryptocurrency takes just a minute as well, alongside the gas cost (usually a few cents). Why do we call GOLD stablecoins, digital gold? Because DIGITAL GOLD has pegged it directly to the price of gold at the ratio of 1 token = 1 gram of 99.99% gold. The new stablecoin features several key differences from previous projects that claimed to have gold-pegged tokens:
The number of issued GOLD tokens is equal to the amount of physical gold (in grams) owned by DIGITAL GOLD and stored in a constantly monitored secure vault belonging to BullionStar. Any investor can verify the amount of gold in the vault using the BullionStar audit system at any moment. A total of 7,200 tokens have already been issued, meaning that the company stores 7,200 grams of gold in the vault – a fact confirmed by the BullionStar audit.
New GOLD tokens will only be issued once a new batch of gold is deposited in the vault. For instance, the company might buy 5,000 grams and issue 5,000 new tokens.
DIGITAL GOLD guarantees full liquidity of its tokens. The company is ready to purchase any amount of GOLD through its official marketplace at https://gold.storage/market – at any moment and at a price that’s extremely close to the market price of gold.
If supply seriously exceeds demand, part of the gold can be sold in the commodities market, with a corresponding number of GOLD tokens taken out of circulation.
Market predictions based on realistic (yet purely fictional) scenarios.
If you're here, you're interested in the potential of IOTA, especially what a successful implementation would mean for the price of IOTA tokens. That's my case, too, however the industrial applications and their impact on business are far more interesting to me than the investment opportunity. Since I haven't seen anyone formulate a clear (albeit purely speculative) picture of a future for IOTA, allow me to paint my own. 2019: Not much changes. Positive sentiment in the market leads Bitcoin to hit the $7K mark again, while current ranks are more or less maintained. IOTA reaches up to $0.50 during the summer, then stagnates/slowly slips again. Development continues and the first use cases are unveiled, but the market pays little attention to them. Bitcoin still dominates the news cycle, despite essentially no progress on the dev side. 2020: IOTA begins the year around $0.40. A very short, yet significant dip in the entire market leads people to panic and is then followed by big growth: Bitcoin goes back over $9500 for a little while and other coins go up 20-55%. In the very middle of this run, a big scandal erupts in the cryptocurrency space as one of the first real piece of investigative journalism comes out, exposing the EOS project as a massive fraud. EOS barely slips out of the top 20. The IOTA coordinator is phased out in favor of a distributed coordinator, while full coordicide is being discussed increasingly often. Summer of 2020 sees a lot of people who were hoping to see the bull run continue extremely confused, as the market turns seriosuly bearish again. The IOTA foundation establishes its North American headquarters in silicon valley and rumors start to circulate. The price barely budges and ends the summer at $0.65, with the unveiling of 7 Smart City projects in the works and the end of phase one for the Taipei project, which has increased in scope. Fall and winter are fairly uneventful, however news outlets go full steam ahead and talk of Bitcoin and Ethereum fill various programs. Still barely any mention of anything other than those two. 2021: This year begins with a bang at Hannover Messe, as Fujitsu unveils its fully autonomous smart factory concept, which rely on Bosch hardware, Qubic and IOTA. An initial release of Qubic is rolled out, with more to come during the year. IOTA quickly jumps to $1.00, then steadily climbs to $3.00 during the early summer. For the first time, mainstream news outlets are covering IOTA. Volkswagen announces 20 IOTA-powered charging stations working right now with IOTA, compatible with native wallets installed in VW, and Audi hybrid and electric cars. A week later, a partnership with Nissan, which publicizes its purchase of IOTA tokens, promises hundreds of IOTA-enabled stations in Canada and the US within 3 years and wallets available for 2022 or newer models. Bitcoin slides back up to the $7500 levels and stabilizes. Still no ETFs in play. Q3 and Q4 see the price of IOTA remain somewhat stable, going down to $2.00 at some point, then bouncing back. Academic groups lead the way towards implementing Qubic to perform decentralized computation. Taipei unveils the beginning of the Private ID program, which digitizes a large part of government-issued documents and allows wallet-enabled vehicles to automatically pay for parking, speeding tickets, tolls and more. The Taipei MRT (metro) begins a test run of IOTA. The year closes at $3.15/MIOTA and $7200/BTC. 2022: Things start to happen extremely fast. The pressure on small businesses to offer payments by IOTA grows, so they begin to accommodate customers who come in and pay directly with their phones. After much trial and error in the coordicide project, the network is large and polished enough to completely remove it. IOTA becomes the first fully decentralized, altruistic, secure and feeless cryptocurrency. MOIA announces the results of five years of R&D, alongside its fully autonomous ride-sharing vehicle, the Atlas. Mobility begins to change in Berlin, Hamburg and Helsinki. Plans to expand all over central Europe, North America and China are announced. IOTA quickly jumps to $8.00 by the end of Q1. In Q2, Novo Nordisk announces its use of the Tangle protocol for audit trails and supply chain management. Samsung announces its 'Smart World' ecosystem, which includes appliances and other machines, allowing them to connect to each other and be programmed to automatically make purchases using IOTA. A dozen other companies make similar announcements. The price of an IOTA reaches 50$ at its peak in July, then gets slashed down to $30 for a short while and stabilizes around $35. IOTA is now all over the news. Bitcoin goes down to $5000, then quickly drops even more, ending the year at $3300. 2023: the Lightning network is fully released just as the price of an individual Bitcoin slips back down under $1000 for the first time in over 6 years. "Programmable economy" becomes the buzzword of the year, and 5% of all worldwide factories have begun conversion into automatic demand-centric manufacturing hubs. Kicking off in Houston, Texas, the first city-wide self-balancing peer-to-peer energy grid is launched, using IOTA as currency. By April, 1 MIOTA is valued at just under $80. By May, enthusiasts celebrate the billionth device connected to the Tangle. The network keeps speeding up and reaches an average of 1 second for confirmation.
Wealth Formula Episode 187: Ask Buck Part: Part One
Catch the full episode: https://www.wealthformula.com/podcast/187-ask-buck-part-part-one/ Buck: Welcome back to the show everyone and let's get on with the Ask Buck component of today's show. As a reminder this is part one of two. The next one will be airing next week, but we have lots of questions. I want to make sure we give adequate time and yet not bore the lights out of you by making this into a two-hour show. So the first question from Jeffrey Cattell. Jeffrey asked, hey Buck I had a question about investing with an LLC and mortgages. I had heard that purchasing rental properties inside an LLC limits you to getting a commercial mortgage. Can you discuss the differences between commercial and conventional mortgages and how buying within an LLC affects your options. Yes I can certainly give it a try and of course remember I am not an attorney and I am not an adviser these are my opinions and there are things that I've done etc so don't hold me to it, I'm just giving you my perspective. So let me start out by reminding you a little bit about you know the different kinds of mortgages and they're kind of obvious right I mean there are two really two kinds of mortgages there's two residential there's a commercial mortgage. Now residential mortgages I mean that's the kind that you get for your house that's the kind that you might get for a 1 to 4 unit house or duplex or triplex or quad but you can get a second or third mortgage etc but those are all considered residential mortgages. Pricing is obviously best when it's the first one and it's your primary home but these other residential mortgages that you get as a second or third etc are generally favorable in terms of pricing and amortization and all that stuff as well. Now if your property is already owned by an entity such as an LLC or you're buying it in the name of an LLC by definition you are no longer in the residential category because you're declaring to everybody in the world that this is an investment property in which case you must obtain a commercial mortgage which the major difference between the two frankly is just that the commercial mortgages are more expensive and have less favorable terms than residential ones. So how can you potentially get around this okay. So I let me give you an example and again this is not advice but I'm gonna talk about experience and the experience of others around me so I've had a couple of houses that I own in Chicago one of them that I lived in for a few years and now I rent them all. I bought those houses in my name and therefore at the time we got mortgages and the mortgages are in my name, my wife and my name in this case, but after they were purchased in personal name and mortgages were issued, I then transferred them over especially after obviously when I moved down and I rented the place out into an LLC. So they are now deeded to an entity each shows actually deeded to a separate entity. The process that used to do this is called a quitclaim deed. So if you want to ask your attorney about doing something like this is called a quitclaim deed. Now theoretically and I emphasize the theoretical here if you do this your mortgage could be called. Why? Because in your mortgage usually it's gonna tell you you you know you you know this is a mortgage on you and that if you make these kinds of changes you gotta let them know. In practice though what I have found and this is the part where I keep emphasizing I am not giving you advice is that everyone does this right everyone does a quitclaim deed everyone does it. My dad has been doing this for 50 years and has never had a problem. I'm doing it now and these are major banks they even know about it they don't seem to care. Anyway as long as the mortgage gets paid it seems like no one cares. So bottom line is what most people do what I've done for these smaller properties, buy them in your own name quitclaim deed, so you can't but in your own name get the good better mortgage and then quitclaim. Am I advising you to do that? No. I'm not advising you on anything just what I do what I've done what my dad's done and a lot of people I know have done. Okay all right so that is the first question. Now I'm going to move over to an audio question because some of you weren't chicken. Just kidding I'm kidding about that but audio questions are fun they're fun to hear from people so let's see the so I got have a question here from Garth. Okay Garth here we go. Garth: Hello Dr. Joffrey this is Garth in Portland Oregon. I understand the definition of accredited investor which I am not one but I've also heard a term sophisticated investor and I'm wondering if that is different than accredited investor and if so what do I need to do to get that title? Thanks. Buck: Thanks for the question Garth. So the question really is what is a sophisticated investor? Well first of all why does this matter in the first place it's all accredited sophisticated stuff? Well the answer that, for private placements in real estate a certain kind of offering is frequently used called a Regulation D offering, it's the typical structure. Regulation D, a Regulation D offering allows you to move forward with a private offering without pushing it through the SEC for formal classification as the security. Now why would you not want to file with the SEC? Well there's two reasons really cost in time, it's expensive. But the bigger issue in terms of real estate is a very practical one it's the element of time. So if you're doing an SEC filing and you know on an offering it's gonna take you at least a year to get that through the SEC and contrast that with the fact that when you get a building under contract and you know one of the properties that we do an investor club for example, usually you got some under contract you raise capital you close the building and all that it's happening within three months, so you only usually have a very short period of time, you don't have time to send that to the SEC and let them mess around with it. And the SEC in reality knows this so this is not a new new thing this regulation D, it's been around forever you know but so they provide this as an exception to the rule they say if you're not going to file with the SEC you can still do this legally but it has to be under this kind of exemption Reg D and these are limited, these will be limited to investors that are either accredited which we've talked about before, you make $200,000 a year for two years with a reasonable expectation of doing it again the next year, $300,000 if filing jointly and/or a net worth of $1,000,000 outside of your personal residence. That is an accredited investor. What's a sophisticated investor? Well that's the problem right? So that's that's not very clear, it's not very clear at all and it's a little nebulous and when it's not clear frankly often that becomes the area of abuse. There's no clear definition of a sophisticated investor. Sophisticated investors are supposed to be financially savvy. They're supposed to have experience and knowledge and acumen that makes them more qualified to make decisions about these types of more sophisticated investments than your average Joe. But the problem is that it's essentially up to the fundraiser to determine if an individual is sophisticated or not. Now I have seen situations where people join say a real estate gurus organization and immediately upon paying for the course they are somehow deemed sophisticated and start investing in other students deals within that ecosystem, a bit shady if you ask me but it is what it is. Now that's not to suggest that you in particular are not sophisticated because if you're listening to this show there's a very good chance you are sophisticated, you may you know just understand the language well and you may understand real estate well you may own a bunch of real estate and you want to invest passively in a real estate syndication and in those cases you might be sophisticated, you know. I mean it is a little bit random because you know I run into people who are making you know doctors who are making five hundred thousand dollars a year but they've only made it for eighteen months and so therefore they're not accredited, right? So then you have to make some judgment calls but anyway bottom line is sophisticated is subjective but I think the biggest problem for this terminology is that there really is no safe harbor in my opinion at least that makes it really really difficult to deal with from the side of the operator and therefore in our group in general for investor club it's very rare when we will you know not require the true accredited definition and the reality is most major syndicators won't even consider sophisticated investors who are not accredited for this reason, it just becomes one of those situations you don't want to put yourself in trouble. Okay so let's go to the next question or a couple questions from the same individual so that's fine too, okay from Ron. Ron: I have a question about Bitcoin. Where do the new bitcoins come from in short I know we are accurate we have and they create blocks in those blocks we store transactions and the miners get a fee for building a block that's 12 Bitcoin I believe so are those 12 bitcoins also getting into relation we'll end up with those 21 million bitcoins in the end or is there something else? So that's my question can you help me with that. Thank you. Buck: Sure Ron pretty straightforward I mean without getting into too much technical the new Bitcoin you mentioned you know the whole mining basically the new Bitcoin come from doing the mathematical work to solve these complex mathematical problems that's what these supercomputers do those are the miners and then there's a competition whoever gets the answer first as you mentioned gets rewarded with this fee, they get rewarded with Bitcoin and that's weird those Bitcoin are actually generated so that's what it means to mine Bitcoin and you're also right they'll never be more than 21 million Bitcoin you know so that's one of the true values of Bitcoin is that it is a finite thing there’ll never be more than 21 million so the fact that some go out of circulation to get lost etc it's deflationary in that regard. The last thing I guess I would point out is you know what happens after mining is complete with 21 million well basically miners get paid for exchanges transfers etc at that point but it'll be interesting to see how that all turns out at that point. All right I think Ron has another question here and I think it's related. Ron: Hello there Buck. Ron again here with a question, a what-if scenario. What if my thousand dollar worth of Bitcoin explodes and all of a sudden it's 1 million and I started with storing it on my Ledger Nano S. Is that still a good way to go when it's about a million or maybe 10 million or do I need to have some other methods in place due to spread risks or to be safe? Please let me know. Thank you. Bye bye. Buck: Alright well a good question you know what Ron is talking about is the Ledger Nano S which is a hardware wallet it basically is something that's stored offline. Now listen that's what makes it so resistant to you know any kind of hacking right so you're not it's you're not online if you're not online no one can get to you, you know a hacker and Russia can't get to you, you know. But so if you suddenly end up with a million dollars of Bitcoin or more the reality is that in terms of the ledger it's just as bulletproof as before. I think the issue becomes when people have you know when they get like several million dollars a Bitcoin or Bitcoin million you know multi millionaires and billionaires or whatever then you know I may become a little nerve-racking just to have this little ledger around here right you may want to have you might want to have a little bit more protection than that in which case you might consider some kind of a custodian service like Gemini etc, but that's you know that's not necessary because one of the things about Bitcoin one of the appeals is that itself the ability to self custodian this stuff right you don't need a bank for this. And so I guarantee you that people are walking around with millions of dollars on their ledgers. Now I will point out that you know Ledger Nano S is just one Hardware wallet and you can get a lot more sophisticated and complicated type things you can even get a like a multi signature wallet Hardware wallet would that would require you know multiple people's keys in order to get to the cryptocurrency which you know I mean if you end up with a ton of money in crypto currency that's you know that's probably something that you might want to do. Okay next question from John Jillette. Hi Buck love your podcast been extremely helpful in increasing my financial intelligence. There's been talk about impending financial crisis from well-known economist Dent, Rickards and Schiff. What do you believe in the percentage chance that we go into a 2008 like financial crisis in the next couple years? Also as the recession is always coming how much dry powder do you recommend having at this point in the cycle scoop up deals when there's “blood in the streets”? Good question John the problem in my view with those guys that you talked about Harry Dent, Jim Rickards, Peter Schiff all super smart guys right and Harry Dent was on the show recently, is that they've all been predicting the same darn thing for at least four or five years now, right? I mean and it hasn't happened and when there is some sort of pull back because as you said there's always gonna be a recession at some point why is it after you blood in the street, you know? The bottom line is that you know Harry Dent in our last show even said you know I said dude it's hard to predict when right yeah it's hard to predict one I absolutely admit that. So what do you do then because let me give you an example of the counter risk to this whole you know this whole world of fear-mongering, and I'm not saying those guys are just doing that on purpose for that reason, I mean I do think that you know if your whole thing is like the world is coming to an end and you need to buy gold and your major business is selling gold then you know it's a little bit hard to swallow sometimes but let me give you an example of what could happen. So six years ago because you know I said before that Peter and you know all these guys have been talking about for five years at least about how you know everything's going to hell. Six years ago there was a company that we work with now called Western Wealth Capital and Investor Club and they have an investor who has put in twenty five thousand dollars and every deal for the last six years and they have a really unique model of people within our group know a lot about it. The total of seven hundred fifty thousand dollars was invested out-of-pocket during that period of time but the principle is now worth four million dollars. Now those are pretty exceptional numbers right that comes out to you know an annualized return of about a hundred percent and I'm not saying that that is you know what's going to happen in the future, but what I would skew to consider is what if we'd been listening to that advice for five years now? If this person had done that would they have done well? Okay well obviously not because you know if you stopped investing because of because of fear then you didn't make any money. Is it a guarantee that they would have lost money? Absolutely not. I mean listen these deals are really solid they go in there and they start to de-risk these things right away by driving up net operating income and maybe you know maybe wouldn’t have made as much money, but would it have lost a bunch of money? Well personally I just don't I don't think so. Now listen I'm not saying there will not be a recession. As I said eventually there will be. The problem is that we cannot time it and we cannot really quantify the magnitude. As much as people would love to talk about this blood and the street thing I mean the major mainstream economists and ITR Economics who I like don't think it's gonna be that big, they think it's gonna be stuck to the manufacturing and industrial sectors. So what do we do? So what do I do? I should say that I stick to quality assets and quality areas, I create value the moment you know that and then we create value in those assets the moment we acquire them, right? So that helps that whole value add concepts helps de-risk any project by dynamically decompressing cap rates. So think about it you you know you you buy something at a certain cap rate all the sudden you're driving in net operating income and you dynamically decompress your cap rates you have a better margin over your debt burden your risk is significantly lowered and if you can get all of your money out of the deal with a refinance all of your risk is gone okay. So now if there is a downturn and you're in one of these things you want to be in a position where you can ride out the storm with assets you already own and then, and then, this is the important part, lean into the downturn right lots of people freeze up when things go south or but the right thing to do is to be greedy when others are scared. So by continuing to deploy on a regular basis my personal belief is that you can volume average your way through a downturn and get capital preservation and then hopefully pick up some really cheap assets, ride them back up and hopefully it you know you end up in really good shape. That's my own approach to this. I'm not sitting around waiting for zombies to you know erupt out of the ground and start you know only accepting silver dollars, you know from a monster box. I'm just that's just not I just don't see it. As for the current financial climate I'd say the banks are, and I think again most economists would tell you that the banks are in a lot better shape than they were in 2008. I don't think that there's necessarily anything that looks like 2008. I think GDP has grown at a record for a record length of time it's been sluggish but on the other hand you know so in other words there will be some kind of recession eventually but why does it need to be blood in the streets? See we have to remember that before 2008 there was such thing as a recession that you just hear about like three months after it happened right it doesn't always have to be cataclysmic. Now you know talking about these guys you know Peter Schiff himself talks about you know the nature of this crisis that he sees happening and what he describes it as, is a dollar crisis. And if it's a dollar crisis what that means is it's gonna result in inflation. Now inflation is good for real estate. Conversely you've got Harry Dent who's talking about a deflationary recession which I have a harder time believing because of how it affects our own ability to pay you know Treasury holders, US Treasury holders, but you know even Harry thinks in his scenario that well you might as well you know own multifamily real estate because the demographics would suggest that that would be a safe place to be now Harry's a demographics guy. Now listen who knows what'll really happen just because Harry said that and Peter said that and I said this it could be completely something different, but if you do nothing and keep all your money in a bank you're guaranteed to lose money with inflation in my opinion because again I don't think it's gonna be deflationary I've been over that before. And as for dry powder it’s always good to have some obviously right I mean it's always good to have some, so it's hard to quantify how much. The way I have done it is I use as you may know I'm sure you know by now I am an advocate for Wealth Formula Banking because I like the option of you know being able to borrow etc. now for this purpose I use Wealth Formula Banking because it's it's sort of a source of liquidity for me that I can access very quickly that it's out of the banking system but how much dry powder I keep, generally relies on my contribution to the Wealth Formula Banking policy every year. So it's one of the things that sort of keeps me honest right I have to put a certain amount every year in there all the way up to the paid up perdition's and so that's basically circulating as my you know almost like a bond portfolio of liquidity in case I need it, so that's how I do it. But that being said, I'm also in a situation where I am very incentivized to invest rather than to keep my money around or invest in anything that's not real estate so I probably could do a better job with keeping a little bit more dry powder around. Anyway right now, so Wealth Formula Banking that's where my dry powder is and like I said that's where it keeps me disciplined, but I do not have a crystal ball and I don't really I'd really don't foresee myself anything horrible happening so I mean if I did if I was sure of it I'd probably I'm sure I would just you know have a bunch of money sitting around but I don't see any serious indication of that frankly. You know and I should point out I saw today you know Ray Dalio came out and said even about the stock market that he's bullish still right on the stock market, right? I'm not saying I'm bullish on the stock market but the point is there's some still some big names not really like hiding out in shorting markets at this point. So anyway I don't know that I even came close to answering your question but I talked a lot so let's see here. Next question Jason got an audio question. Jason: Buck, this is Jason Beck from The Rock Arkansas. Wanted to see if you had come across any good ways to utilize raw land investments for a tax-advantaged purpose. I've got some land that is timber and some more land that is pasture that we keep some horses on. I want to see if you had seen anybody utilize either various schedules on their tax returns or creation of entities to try to gain some tax advantage from those type of investments? Buck: Yeah the big one that comes to mind Jason is conservation easements. Now you know as soon as I say that a lot of people think oh that's that one thing that's kind of like that the IRS hates and they write articles about to try to scare people off of them and that's actually not totally the case the thing that IRS really hates are the syndicated conservation easements even those you know they're totally lawful but what I'm talking about is conservation easements on your own land which really are not controversial for the most part at all. So basically here's how that works okay. Effectively what you do in a conservation easement is you commit your land you still keep it you don't give it but you're giving up certain rights, you remember like yeah if you do any kind of real estate you know there's land rights there's ground rights all that kind of stuff. Anyway, in this case you're giving up the right to develop the land and or or in some cases if it's a mining situation, giving up the right to drill on the land. And if you do that what's interesting is that and what's powerful is that you can if you’ve done it appropriately get a valuation on your lands maximum value if it were to be used for that other purpose. Well let's give a give you an example so it's not so nebulous in other words say the alternative of keeping your horse pasture land was to build a multi-million dollar resort and you had all the plans you had architectural drawings etc. In that case you could theoretically get a valuation of how much that resort would be valued at and take the deduction for the amount of the valuation that you got instead of the value that your land currently has. So as you can imagine that could be an enormous potential tax benefit and so I would probably look into that for sure there's some very famous people who use that, Ted Turner CNN that's why he's got so many Buffalo, people say Donald Trump that's one of the reasons why he has so many golf courses but of course we don't see his tax return so we don't know that for sure. Anyway I know the guy you should speak with and I have already sent you a connection via email. Okay next question when evaluating a private placement opportunity I should say I don't I for some reason I don't have a name on this one so I apologize, but when evaluating a private placement opportunity, how important is it to you that the general partner has their own personal money invested in the deal? Well the answer is it depends okay. Let's take Ken McElroy for example let's take Western Wealth Capital and those guys for example Ken's be a better example because Western Wealth Capital I know got a couple of million dollars in every deal but let's take Ken. In the past you know where he was I've invested in as a limited partner in companies deals where you know I neither Ken was putting any money in and does that bother me not really. Why? Well listen I know Ken's model and he doesn't really get rewarded unless the asset performs. I also know Ken personally and know that he works hard, has a lot of integrity and takes pride in his work. He's got a tremendous track record and I also know that it takes a lot of work to do what he does, so not getting rewarded financially until the you know property starts to really perform the way he pro formas it out is a type of sweat equity because what you're talking about ultimately is skin in the game. Does the operator have skin in the game? And the question really I think is better termed you know does the operator have skin in the game? Because the skin in the game can also come in the form of sweat equity. Now if Ken in his case doesn't get paid unless investors get paid, I would definitely consider that skin in the game knowing how much work that is. Now the problem these days in my opinion is that there is you know there's everybody and their mother is a syndicator. And you know what I'm talking about right? So you've got all these people I was in here, I'm a full-time software engineer we're 50 hours a week and oh yeah and I just went to a guru course and I'm you know I'm taking down a twenty five million dollar asset would you like to join me? Those people are everywhere now and in those kinds of deals personally I would never invest anyway. However, if you do you should demand heavy skin in the game through cash why because you don't you know you don't know what they're gonna do, they don’t have a huge track record, they've got full-time jobs this isn't just about plugging in a property manager and taking your cut that's BS you know but honestly I would stay away from those deals all together personally you don't want to be part of someone's learning curve. All right let's see next question I have this via email here, I'm gonna read it. Okay so the next question is from Kenny. Kenny French is asking he says hi Buck I'm a podcast listener and Western Wealth Capital investor as well. I'm currently working with Rod Zabriskie to set up Wealth Formula Banking life insurance policy. So far everything has been going pretty smoothly with one exception. One of the features that I really like about the life insurance policy is it offers a way to have money grow that is protected from creditors and it really gives me a peace of mind to know that I will have a good chunk of money set aside for my family that can't or at least is very difficult for creditors or anyone else to touch. In looking how to hold that policy in a trust LLC personally etc I found out that California, where I live, that's where I live too, has terrible protections for life insurance policies. They only exempt a very small amount less than $20,000 presumably of cash values what we're talking about there, but from the little bit of research I did it looks like a Nevada trust may be the way to go, either way I think this would make for a good podcast topic to do a bit of a dive into so that's why I'm reading that and I got Kenny's okay to do this. So I thought was a good question. So what I did is I actually ran this by Doug Lodmell of Lodmell and Lodmell. Doug is of course my asset protection attorney, very smart guy, all-around good guy. I also want to put a plug in for him if you go to wealthformula.com and you go to there's basically some where you can click there and Doug did this really good webinar on asset protection from sort of the very basic to the more complex and he's just really really good so I would highly recommend you consider using him if any of this stuff is relevant to you. So here's the deal, and here's effectively the answer I've got from Doug: life insurance in many states is already a protected asset, so part of the issue is you got to check in your own state like Kenny did, as in some states like Kenny he's talking about California life insurance turns into pretty much just like an asset like any other asset and it has to be put into an asset protected vehicle. But because it is life insurance, there is an additional consideration of what happens when the policy pays out and how that affects the estate and for that reason there's also an additional choice which is an ILIT which stands for irrevocable life insurance trust. So the issue is that life insurance obviously has a death benefit which could impact the size of your estate and this must be a primary driver for where you hold it. If the death benefit will create or increase in estate tax, then the policy should be held by either an ILIT or another type of gift type trust like a dynasty trust. If the death benefit will not affect the estate tax because the total estate is below the exemption then I would suggest using an asset protection trust asset protection structure to hold the insurance if you are not in a state with good protections. He says it also matters if the insured is using life insurance as a savings vehicle and will need it for their retirement, as often we do with these kinds of things. If so then it is better in an asset protection plan. So I know that was a lot. So first of all if you know you're one of these if you have one of these plans I mean Kenny brings up a very good point you you sure look into this if you're looking for the asset protection component of this too. A few thoughts here okay, first of all you know the first thing to do is check your state and see what kind of protections you have. Next you know the ILIT is certainly an option right I mean it's it's just it's not very expensive it is a couple thousand dollars and you can use that, the problem with that it's difficult to to borrow out of. The next thing to consider is okay how big is that life insurance policy right? If it's three four million bucks, may not be a big deal especially if the rest of your estate is sitting outside of your estate or you've got a plan to have it outside of your estate then you can still figure out you know how to keep you know your estate stuff below you know whatever I think it's probably gonna sunset down to five and a half million or something like that for estate taxes. So in that regard, it seems to me that the smart thing to do would be to use like an asset protection trust which is you know certainly an option that that Doug can help you with, and frankly the nice thing about that is that you know you've got the protection from the creditors and it's still available for retirement. Now if you've got a great big you know death benefit on there, the next step really and actually this step that I've got is a dynasty trust, that was a Nevada dynasty trust and I've got one of those. In that situation though you are getting a trustee involved so you're not directly controlling it. Now I can tell you from personal experience that it's actually relatively not that difficult, you know to work with the trustee, but it does make it a little bit more difficult you know to get the cash available for the insured to use so that's the one thing to consider. Now Doug makes the point that you can also in some situations take an asset protection trust that automatically converts to a dynasty trust at death so then it's really the most flexible tool for most people so that might be the way to go. I think based on what I'm hearing and that's actually different from what I did but you know it was before I met Doug but I might have done like an asset protection trust that converted into a dynasty trust later that might have been what I would have done. Anyway complicated question complicated answer and that's kind of where I'll leave it because I've got a little headache from that last one at this point. So that's it for this week and that is just like half the questions we've got. We've been going on for a while. So that's it for me this week on Wealth Formula Podcast for Ask Buck Part One and we'll be back next week with part two.
The Simulation, The Multiverse, The Blockchain, and the Powers of Prediction acting on the Time-Space Continuum
The Simulation - The Multiverse A popular topic in philosophy and science as of late is the discussion regarding whether we live in a Simulation. This idea might seem modern, or like it was inspired by the Matrix trilogy, but in fact, this idea is as ancient as any. In Hinduism, the creation of the universe is attributed to Brahman - the idea that reality exists within the mind of the creator. This is altogether not terribly different than the story we are told in the Bible - that existence originates from the thoughts of a divine creator. The alpha, the beginning, and the omega, the end - these are points in time that didn't exist until their creation and measurement - more accurately, the measurement, by us, humans. How does this relate to The Simulation? We would have to ask, if this is a Simulation, then what is it a Simulation of? If we can look at the above stories, it is the question that seeks to know, "what would happen between the beginning and end of time?" And in this sense, what you are experiencing is one of the many possibilities that exist in between the beginning and end. You are simply, somewhere in the middle, between those two points, measuring the flow of time and change in reality. The Simulation Hypothesis is proposing that you are existing in a state of quantum infinite possibilities, and measuring the reality that currently appears as data in the form of vibration ( as light, sound, or materialistically), interpreted by your sensory organs, formatted into signals that can be interpreted by your nervous system which through your brain creates what we call, reality. Your recollection of the past reality is stored in your brain as memory - through a series of neural pathways that we cannot observe from the outside of the mind - but we have learned that this mechanism is subject to tampering. The human memory is a terrible way to store data - studies have shown that it is far from perfect. We constantly change how we remember the past so that we can live with ourselves in the present - we avoid taking responsibility for the part we play in the present entirely. We are seeking to justify our behavior in the past to avoid taking blame for the present realities we experience when they are negative. And yet, the memories that we contain about our perception of the past largely shapes how we act in the present, in an attempt to extrapolate the future in pursuit of a better one. Reality, itself, is subject to tampering. In an attempt to understand where we are in the planetary story, we pay attention to “world events” in anticipation that these events will affect us. We hear a story, and are told how it might affect us, and when we are affected, our minds create a cause and effect relationship between the two objects - the cause, and the experienced affect. Future similarities that fit the model to perceived correlations of the past result in modified behavior in the present to mitigate against the expected outcome. In this sense, we are computers made of meat, in a never ending cycle of storing data, observing data for patterns, in an attempt to extrapolate the outcomes of the future. We are walking prediction machines, looking into the past for trends, so we might learn how to craft a better future. Self awareness, and humility - result in our ability to observe how flawed these perceptions have been in the past, but this is in itself, a step in personal growth that many people are largely seemingly incapable of. We are innately aware of our ability to use these pattern recognition abilities to observe unpleasant past experiences in hopes of avoiding similar experiences in the future - and yet, we are also aware of how often our ability to predict the future goes awry - sometimes resulting in the unpleasant reality that we hoped to avoid. In this sense, we are always looking for better data, so that we can try to make better, more accurate, predictions about the future. And this action, of looking for a better authority figure to tell us what needs to happen next to avoid a future we all want, is dangerous in itself. This behavior of outsourcing our concern and contemplation to an authority figure is perhaps the most destructive habit humanity has ever shown itself to be capable of. And so, going back to our creation story, we are a microcosm of a celestial attempt to compute a simply question: What will/has/might happen between the beginning and end of time, as I perceive it? The brutal irony of the question, is that when a meat computer exists within a experiment to see what happens between the beginning and end of time, the meat computer within the calculation has a way of changing the outcome of the cosmic calculation of this question. An infinite amount of possibility exists as a result of a meat computer within a computation that is prone to making mistakes, unintentionally. But to err is human, and to be expected when the human doesn't have enough perspective or data at any one moment to make a completely educated guess about what's going to happen next, though the hardware is likely capable of optimizing for the future, if it had enough perspective. In spite of this, we can hopefully observe that the overarching trend is towards “good” - and in that sense, it is seemingly true, that as long as you try your best, you can forget the rest, things seem to trend in the right direction. But we must consider the possibility in every choice ever made, that another choice could have taken place that might echo through the reality of time. Cleaving the possible universe in two directions - some people refer to this as the multiverse - the multiple possible universes that could exist infinitely, in all directions. More simply put, it is all the possible configurations of matter and energy in the universe that could have ever been possible, when including such a fuzzy calculator as the meat computer that the human mind is. The Blockchain The first blockchain technology, Bitcoin, was created by a mysterious figure going under the pseudonym “Satoshi Nakamoto”. It was created to act as a replacement for the banking system that didn't require a third party like Visa, Mastercard, or Bank of America to facilitate. Simply put, it is a system that keeps track of the balances of of the quantity of bitcoin in every account on the network, and keep track of its changes. The intervals that change is permitted to occur on are called, “blocks” - hence the name, blockchain. When you start at the beginning, or alpha/genesis block, there is nothing, and as blocks are created, a more complex arrangement of the balances of bitcoin are created using algorithms to validate the changes from one block to another. More specifically, it is a digital universe that is storing the present configuration of 1’s and 0’s to represent the location of all the bitcoin in existence by way of “wallet” addresses. But, let us imagine for a moment that this system was not accounting for all of the possible locations of “internet money” in “wallets” but instead, was accounting for locations in time and space, and the characteristics of matter and energy at those points. Imagine, that instead this decentralized network of computers was coming to an agreement about reality, not in the sense of how much money each of the users had, but rather how many protons, neutrons, and electrons existed in every possible location in space, and with what amount of energy. Now, every time a block is added to the chain, we are observing the increase/decrease in the presence of energy and particles in each of those possible points in space. If we viewed the changes in these points in space across a progression, we would be observing the change of matter in the flow of time. In this example, the smallest unit of time, is considered to be one block - in physics, the term for the smallest possible unit of time is referred to as a Planck. Physics would tell you that a series of Plancks observed together is what creates a moment in your experience of reality. The change from one planck to another is similar to to the blockchain - your ability to perceive these changes accounts for the continual progression of time as you observe it, which is to be the reality you live in. In the world of blockchain technology, if the machines measuring the change in reality have a disagreement - this can sometimes result in what is called a “fork”. It is when the network of machines measuring, changing, and maintaining the records of the past decide to go their separate ways. Litecoin and bitcoin cash are forks of bitcoin. Ethereum and Ethereum Classic are forks of each other. In this sense, we are watching these blockchain technologies create multiverses every time a fork happens. This is also what is happening in your reality every moment, but you simply cannot access the other forks, because you are experiencing the present reality you measure and choose to participate in while hoping to experience a better future. Prediction What we might consider prediction of the future is in many ways also our creation of that future through action. To think that a desired future is going to come your way simply by wishing for it without participation in the creation of that future is what some might refer to as “magical thinking”. However, inaction is, in itself, a choice that will affect the future. Sometimes, sitting and waiting patiently for change to occur is the right choice. Sometimes, expecting change to occur through inaction is madness. Whether something is madness, or the right choice, largely depends on the outcome, not that actions taken to get there. We do not evaluate a decision based on intention or hope - we base it on results. Results are, after all, the litmus test we use to determine if a choice is a success or not. But hopefully you can see, that the very action of attempting to predict the future, or assuming that one is capable of doing so, inherently changes the future. Which leads to an interesting question - can we predict a desired future, and through the expectation of it to come, actually cause it to manifest it? In short, this is the power of belief and its ability to change the world. It is the Law of Attraction. If you believe that America is going to erupt in cannibalistic anarchy, you might buy a gun, some salt, and pepper. In the presence of these ingredients, it has become that much easier to comfortably eat your neighbor in that horrific future, and thus, created a higher probability of cannibalistic anarchy occuring that drove you to prepare for it. Unfortunately, sales of guns, salt, and pepper are at an all-time high. So in this sense, we should be very afraid. But, perhaps, if we decided collectively that this future is not one that we want to move towards anymore, and predicted a better future for ourselves based on an honest reflection of humanities propensity for cruelty, greed, and madness - that we might be able engineer a prediction mechanism that could use those all too common human traits to manifest a better future. Imagine you are looking out the gap in the blinds of your house - waiting for the race war, or Mad Max future to show itself on your front door. You are deciding whether or not to buy an AR-15 and load up on seasoning and ammunition. The old adage, “Better to have one and not need it” has been the prevailing theory on how to ensure survival in a world where if you don't have a firearm, then in all likelihood, your neighbor does. But what about if we created an alternative that would better suit your needs when the shit hits the fan? Imagine if you could go to a marketplace for prediction, where you could express your worry, certainty, and desire for security in dollars. This already exists in many forms. You can imagine these marketplaces like a sportsbook or bookie for the future. Instead of betting on who is going to win the superbowl, you are betting on the likelihood of an awful outcome that worries you. This is also functionally what an insurance contract is. But imagine if we created an insurance plan that is so competitive in protecting you against the cannibalistic anarchy you are fearing, that instead of buying an AR-15, ammo, and seasoning, you purchased a position in the marketplace where if there was a collapse of society, you would get 500x your investment in a global store of value, like gold, or cryptocurrency. Now, instead of having spent 1,000 USD on an AR-15 and only having a AR-15 to survive the apocalypse with - you have the equivalent of 5,000,000 USD in transferable wealth. You can certainly buy a spare AR-15 at that point. You can also buy any other supplies, like chickens, salt, and pepper - and maybe not need to eat your neighbor. Would we not say that by using such a prediction market, we created a better possible future, where the likelihood of cannibalistic anarchy wasnt increased by the purchase of a firearm? Did the alternative to purchase such a position within a prediction market in fact decrease the likelihood of the awful outcome we had come to fear? Almost certainly. In this sense, simply because we predicted with near certainty that there would be no apocalypse, that the likelihood of an apocalypse decreased. But where would the limits be? How can we know if we never try? Imagine if instead of betting against the apocalypse, there was a 250:1 payout against the likelihood that a base on the moon will be created or discovered this year. In one year, if there was no moon base discovered or created, then the money anyone lost by betting such an outcome would happen could be rolled over into the next year. If in the second year, there was still no moon base discovered or created, the funds could be rolled over an additional time. If no progress was being made on creating a moon base, then we could increase the payout over time to maybe 500:1. Until finally, Elon Musk sees that the costs of creating a moon base is recoverable by way of betting on himself, and builds one, recouping the cost of construction from the prediction market. In this sense, we can imagine a mechanism of prediction that is fueled by greed, fear, wealth, and ambition, that might be able to create or prevent a future that as a species we desire to create in a decentralized way - without ever needing to see our politicians create a compromise to give that future to us. Every moment of your life is an opportunity to create a fork that might lead somewhere better. Often, we simply aren't aware that we have other choices. Maybe its time that we become more aware, before some sort of artificial intelligence becomes aware and makes the choices for us. Conclusion Make no mistake about it - you live in a Simulation on some level. Your very perception of the events of your life is a Simulation that only exists within your own head. When your mind and another mind meet, a compromise of reality must take place if those minds are going to come to cooperate in the pursuit of a better future. On a grander scale, we might be living in a decentralized computational model of reality that only seemingly exists because we perceive the changes through the lenses of our eyes. But hopefully, we exist in a non-deterministic reality, where the past, present, and future are all infinitely configurable and possible. And if all things are possible, then the only thing we can hope to do in the present is increase the probability of our desired possible outcome. But, if we are going to continue to live in fear of each other, rather than cooperate, it seems there is little hope for humanity. We would have to put our faith in the idea that all of us are mirror images of each other, and all want a better future for our families - and hope that a better future has room for us all.
Reddit Block Erupter USB (ASICMiner USB miner) Group Buy!
DUE TO LACK OF INTEREST, I AM CANCELLING THIS EARLYDO NOT SEND FUNDSTHE TEXT IS BEING KEPT FOR ARCHIVAL PURPOSES With the announcement of new USB Mining Hardware from ASICMiner (https://bitcointalk.org/index.php?topic=195004.msg2025318#msg2025318), I'm sure a lot of people are yelling "SHUTUP AND TAKE MY MONEY" but can't quite afford the minimum purchase of "more than 300 devices." I therefor propose a Reddit group buy. Terms: My Responsibilities: Within one hour of making this post, I will send friedcat a private message expressing interest in purchasing a group of Block Erupters. I will keep an encrypted wallet on my computer, with an updated backup of the encrypted wallet.dat on the cloud at all times. Within 72 hours of receipt of confirmed orders for 301 Block Erupters, I will post on this subreddit that the minimum number of orders has been reached, and, if possible, give everyone 24 hours to get final orders in. I reserve the right to place the order immediately, without the above notice, if, in my judgment, delay would risk an inability to secure an order with ASICMiner. Upon receiving Block Erupters from ASICMiner, I will ship all units with tracking information within 72 hours. Upon request, I will provide any of the moderators of this subreddit with my personal information, including full name, address, telephone number, and a copy of state issued ID. If ASICMiner will not accept my order, or if by May 31, 2013, this groupbuy has not received 301 orders, then within 72 hours I will return all bitcoins sent, less transaction fees. ** Your Responsibilities ** To place an order for (a) Block Erupter(s):
Send 2.04 BTC (or 2.14 BTC if shipping outside the US) per Block Erupter ordered to
Post the transaction ID and bitcoin address to use to return coins to in the event that the group buy fails as a new reply in this thread.
Private message me with your shipping address.
** Other Terms ** All disputes under this agreement shall be governed by the laws of the State of California. Parties agree to submit to the personal and exclusive jurisdiction of the courts located within the county of Santa Clara, California. No party to this agreement shall be held liable for failure of ASICMiner to ship Block Erupters. Damages for breach shall be limited to return of bitcoins. In the event that not all orders by reddit users can be filled, Block Erupters will be sent out on a first ordered, first shipped basis. So, other stuff (not part of contract). Let me try to answer some of your likely concerns: This is a scam/Why should I trust you? Of course, you're welcome not to. That being said, here's a few reasons you might think I'm trustworthy:
I've been on Reddit over two years - this would be a very complicated way to scam someone.
I'll be sending mods my personal information so that they (and you) are free to sue me if this turns into a scam.
I'm a law student (see my posts on /lawschool) and currently applying for a moral character determination in California. Scamming you would really screw up my professional career.
I'm requiring that transactions be posted here to increase transparency. People will be able to tell if/when money has been sent, and (if necessary), if/when money has been refunded.
Why all the legalese? Like I just said, I'm a law student ;-) That being said, this is pretty straight forward. In the first section, I'm saying I'll keep the coins I receive safe, give the reddit community a last chance to get in on the order, place the order promptly, and ship the order. If I can't do that, I'll refund your bitcoins (none of the BFL bullshit where they take your bitcoins, wait for the market to explode, and refund you in cash). If you want to order, send me money, post here with proof that you did so, and PM me where to ship your order to. The other stuff: Don't sue me in timbuktu, don't sue me if ASICMiner does something wrong. If something does go wrong, don't expect anything more than getting your bitcoins back. I will ship out orders first made, first shipped. I don't have bitcoins - can I use paypal or something? Nope; that might make me a money transmitter under FinCEN regs, and I'm not bonded for that. For what it's worth though, I'm in the same boat as you! I'll be using localbitcoins to buy some tomorrow.
This is a somewhat long story. I started with BTC around 2012, first as a curious, then by joining Slush Pool with GPU mining. It was a good time to mine with CPU/GPU, and I could get around 1.0 BTC. It was that time when the block erupters arrived, and ASICS were still at design level. I crawled through faucets getting some satoshis, played a lot of Satoshidice, and finally discovered the first Exchange in Brazil (will not ad them here, even though I still trade with them). Then, on July 2013 I had a little bit less than 3 BTC, when I saw at bitcointalk.org [https://bitcointalk.org/index.php?topic=252180.0;imode] what was to become my doom: a guy(?) called vdragon was selling a batch of BTC Erupters. Those provided more hash power than what I had, with less energy consumption. Lots of other guys were jumping the bandwagon, and I decided to do the same. I "bought" 3 pieces, with a total amount of 2.67 BTC which I calculated would be returned with the new mining power within a couple of months. vdragon was trading them at the market price, and trades like this were happening all the time at the forum. Needless to say all of us who bought the erupters never received them. We opened a thread on the SCAM forum of bitcointalk.org, but it never went further than it. Some investigations pinned vdragon in either England or Germany, but police couldn't do anything else due to lack of evidence and BTC anonymity. After this, I exchanged part of the BTC I had left, keeping only a few cents (0,027 BTC - I don't really know why). I shut down my fill node, and kept following on the news, but the mere fact of remembering I was stupid enough to blindly trust someone without previous research kept me away of the BTC scene. Until last month, at least, when I checked the exchange rate between BTC and BRL. I remembered I had a wallet.dat file, and spent 3 weeks trying every password I have used in my life, until I finally found the correct password. Those 0.027 covered all my losses, and suddenly I saw myself HODLing again. I've watched as much Andreas' videos as possible, read "Mastering Bitcoin" on Github (paper version is on the way), bought a few more cents, installed Mycelium and transferred those 0.027 there. Also, my full node is back online and I'm setting a LN daemon as well. With this amount, I'm trying my best to disseminate the technology to friends and colleagues, and I can proudly say that since last week there are at least 30 new adopters in the city I live, with much more to come. The most interesting part of the story for those who heard me is when I tell them I was fooled, but this fact didn't affected my belief in the technology and its potential. I'm back to the game! TL;DR: Lost 2.67 BTC in a scam, left the community for 4 years, and returned after overcoming the shame of being fooled, influencing people in my city.
I began seriously mining Dogecoin yesterday. I spent the last several days assembling and configuring a computer for this (among other uses). I developed a strong interest in digital currency in the last month, and have been gently wading into this exciting new world that we are all building together. I have a wife, children, and a day job, and have had an unsuccessful time explaining why I'm so interested in this, and why altcoins and Bitcoin are not a pyramid scam, a joke, etc. Here, I hope to explain my personal reasons for choosing to spend time and money in Dogecoin mining, since it may be useful to others coming into digital currencies, as they are gaining more and more press and publicity lately with many articles in the mainstream press on Bitcoin, Coinye, etc. Only a month ago, I began to notice that Bitcoin was really being mentioned a lot in the media. I had known about it for several years, but had assumed it would just go away. It never made sense to me (it does now!), but I didn't spend much time thinking about it. I figured, "after all, there's nothing backing it", and left it at that. Obviously, I knew nothing about currencies or monetary systems at the time, and neglected the fact that nothing tangible backs a USD either. After hearing about the Dread Pirate Roberts / Silk Road bust, I was surprised to learn that Bitcoin was alive and had grown to such an impressive value (it was around $1,000 USD per 1 BTC at the time, as I recall). Later, I heard a longer story about Bitcoin on the radio (on NPR, I believe), and was further surprised that several legitimate, real-life businesses had started to accept Bitcoins. Now, I was hooked, and needed to learn more. By the end of December, I'd read enough about Bitcoin to know I wanted to participate, but wasn't comfortable speculating in it with real money. I knew it wasn't going to be profitable, but in early January, I spent about $40 on a USB ASIC "Block Erupter" for Bitcoin mining. This runs at 334 MH/s (using Bitcoin's SHA-256 algorithm, not Dogecoin's scrypt algorithm). This has been sufficient to generate approximately $0.75 worth of Bitcoins over the last 2 weeks that I've been running it. It gave me something to play with, but was pathetic compared to what the professional miners were doing (measured in TH/s, tens of thousands of times faster than my capability). Reaching their levels required more specialized ASIC hardware (not just a single USB key-sized device). The higher performing Bitcoin mining hardware was all backordered or available only from relatively unestablished companies that I would not want to send thousands of dollars for. Furthermore, the hardware seems to only really be usable for Bitcoin mining; it had no other obvious utility. BUT, through cryptsy it was easily possible to convert other altcoins into BTC or vice-versa. Litecoin, Dogecoin, and others were mentioned in several mainstream news articles. Dogecoin was treated as a joke and novelty. However, on looking into it, along with several other altcoins, I decided it was more than serious. Dogecoin:
has a relatively healthy market cap and volume according to sites like coinmarketcap.com.
has an active reddit community tipping one another in dogecoins (I'd never even been a reddit member before or looked at it, but could see it was awesome)
has real online games and services (casinos, Mincraft servers, etc.) that accept payments in Dogecoin
had several active mining pools and easy to use wallet and mining software on multiple platforms (Windows, Mac, Linux, Android)
seemed to be surviving as a community, despite a pancake in the price
had "bounties" for improvements in the ecosystem, which people seemed to really be ponying up to support
an extremely enthusiastic and engaged community, with numerous posts ("to the moon!", etc.) whenever anything at all seemed to happen to Dogecoin. Whether the event was positive or negative, the enthusiasm was still there.
Few or no other altcoins seemed to have all these properties to the same degree as Dogecoin. I started CPU-mining it immediately, lacking any GPU hardware in my house (I am not a gamer). Even the modest CPU power in my home PCs (used for web surfing, primarily) was able to generate a little less than 1,000 DOGE per day (which was roughly $0.25 - $0.30 at the time). Not super-impressive, but enough to play with and check out the rest of the Dogecoin universe. I became hooked. I decided that not only was this a fun thing to play with, but it was also potentially a very good investment. Not having much spare cash, not having a high risk tolerance, and not having any desire in being a "speculator", I decided that rather than convert USD to Dogecoin, I would build a more capable mining computer. I will share more details on this later, if there is interest. Dogecoin mining on GPUs and CPUs is easy, and the cost of building a machine for this is very reasonable, considering that the machine has many other uses, including:
learning to program with OpenCL
contributing computing power to projects such as Folding @ Home
use as another general-purpose computer or server in the home
This is vastly superior to me, compared to investing the same amount of money in Bitcoin hardware, which is useless for anything else. Rather than speculating in Bitcoins, I decided there was no risk at all in building a computer with high-powered GPUs that would be useful for Dogecoin's scrypt-based altcoin mining, since even if it never made economic sense, I could use the system for many other things. I had not built a PC in over 10 years, and would up spending about $2000. Since yesterday night, I am now mining Dogecoin at a consistent rate of 1.2 MH/s (my hardware can go to 1.6 MH/s, but the temperatures did not seem healthy to me, so I slowed it down while I study them). This is extremely fun, and I'm proud to be contributing to the Dogecoin ecosystem.
According to this guide https://bitcointalk.org/index.php?topic=315477.0 I need the bitcoin core wallet, but can I use Electrum instead? I did a bit of pool mining, but since it's not very profitable with block erupters I am looking at this alternative. Your help is very appreciated!
I've recently started selling large batches of ASICMiner USB's on bitmit, bitcointalk, and coingig. All sales are going well except for on coingig. I received my first coingig order today, the buyer paid, and I shipped and entered the tracking number into coingig. Supposedly, their escrow service is such that as soon as you enter the tracking number, the funds are released to the seller (minus fees). Well it's now been a few hours and I haven't seen a single satoshi! It's a bit concerning when you're selling products that are hundreds of dollars each. I'd love to hear some feedback from others before continuing with their site - I PM'd the owners on reddit and sent an email on the site and haven't heard back. Barring that, I suppose I'll pull my items off the site tonight until this is resolved. RESOLUTION: I heard back from support this evening and through some detective work on their end, found that payment was made to my bitcoin address but for some reason it wasn't being displayed in my blockchain.info mobile or web wallets. To clear things up: if you sell an item on coingig, the proceeds from the sale (minus fees) are credited to your bitcoin address immediately upon providing shipping tracking number. I can now confirm that happened in this case. Their escrow is different than bitmit's in that bitmit requires a positive response from the buyer before the funds are released to the seller.
Im really interested in mining bitcoin but i want to know what you guys think my setup should be what i was thinking was getting a couple of asic usb block erupter and a powered usb hub with a fan and either use it with ny computer or a raspberry pi. I already have the rasppi. Should i just spend some money on a asic miner? What programs should i use (wallet and miner)
I recently started a few cryptocurrency wallets. I even purchased a RasberryPi to create my own little mining rig. I dont intend to get any crazy numbers out of it. Alot of people complain about power concumption with there rigs. Im attempting to make the RasberryPi and the USB Erupters i use solar powered. Adafruit has a decent article on making the RasberryPi solar powered. Im gonna try and make a 1gh/s setup solar power. Its more of a proof of concept then to make any money. Just my new hobby. I currently have a bitcoin, Litecoin and Feathercoin wallet. Possibly gonna add PPcoin to it as well. What you guys think?
J'ai acheté un mineur USB en Bitcoin à Saint Lazare
Après avoir beaucoup réfléchi à investir dans le minage, fait des calculs, observé le marché, lorgné du côté des BFL Jalapeno, et vu la difficulté monter en flèche, j'ai finalement sauté le pas aujourd'hui en achetant un Block Erupter ASIC Miner usb. Je suis convaincu que nous vivons une révolution, et j'avais envie de posséder un petit bout de cette histoire de crypto devises. Je fais donc un tour sur le net, localise quelques vendeurs, les contacte un par un pour finalement avoir une réponse: Monsieur Spam en a plusieurs, il les écoule à 15€ pour investir dans autre chose. Rendez-vous est pris en plein centre de Paris à midi. Je dépose quelques bitcoins dans mon wallet android, et en route pour ma première transaction crypto devise contre objet tangible. Mon vendeur est en place, nous papotons: développeurs tous les deux, lui s'est mis à miner sur CG il y a longtemps, cette époque bénie où l'on pouvait chauffer son appart en gagnant de l'argent à coup de dissipateurs thermiques :) Les temps changent, la donne est différente; nous sommes convaincus que bitcoin est là pour durer, au moins faire bouger les lignes. Vient le moment de payer. Je sors mon smartphone, scanne le qr code affiché sur le sien, envoie 15 euros, et "DRING" ! La transaction est effectuée quasi-instantanément, les bitcoin sont dans son wallet. Je l'invite au prochain meetup et sur reddit, on se reverra peut être, c'est une petite communauté. Ce qui est impressionnant, c'est que lors d'une transaction de personne à personne dans le monde réel, le processus est extrêmement fluide avec les appli smartphone. 3 clics et boum c'est bon. Easy as cash ! Je pars donc avec ma minuscule machine, et me prépare à miner n'importe quoi à l'aide de CryptoSwitcher et CoinChoose... peu importe le flacon, pourvu qu'on ait l'ivresse. TLDR: j'ai acheté un ASIC avec des bitcoin et ça s'est super bien passé.
We have a new episode of our podcast about Bitcoin! If you speak German, please check it out!
Wieder mal gibt es eine neue Folge des Bitcoinupdates. Andreas+Andreas unterhalten sich ca 38 Minuten darüber was sich in der Welt von Bitcoin getan hat - und streuen dabei eine gute Portion persönliche Meinung ein. http://bitcoinupdate.com/index.php?id=27 Wie immer freuen wir uns über eure Mails an feedback -a- bitcoinupdate.com. Danke an Levin Keller für das wertvolle Feedback. Wenn ihr automatisch über neue Folgen Bescheid bekommen wollt abonniert unseren RSS feed. - Link auf der Homepage http://bitcoinupdate.com Die Themen diesmal:
Right off the bat, I want to specify that I know this is ridiculously unlikely to ever find a block. I just upgraded my mining equipment and I am thinking I would like to use my old block erupters and antminers to run solo mining as a sort of lottery - in case one day I strike it lucky. In the meantime, my main mining equipment will be pointed to my usual pool. This is only for my own enjoyment! That being said, can someone verify if I have this set up properly? I have figured out how to start my Bitcoin-qt in server mode, and I have established the .bat file for BFGminer as: bfgminer.exe -S antminer:all -o 127.0.0.1:8332 -u me -p mypassword --set-device antminer:clock=x0b81 Is that correct? I start it up and have verification that my miners are hashing, but I also get the following line from BFGMiner: "No suitable long-poll found for http://127.0.0.1:8332" I have read on other threads here that if the miners are hashing it is working despite that error line. I would like to make sure as I don't have a background in programming so this is still pretty confusing to me. Also, without specifying a payout address, any new block found will be credited directly to the bitcoin client wallet I am running as a server, correct? The text from the BFGMiner readme file is not clear on this point, and suggests my line should be: bfgminer.exe -S antminer:all -o 127.0.0.1:8332 -u me -p mypassword --set-device antminer:clock=x0b81 --coinbase-addr myaddress --coinbase-sig "something else goes here" Thanks in advance for the help. I know this will probably be fruitless, but I think it will be fun to play these old miners as a Vegas-style gamble and use my main equipment as my "real" mining. I'm asking this partly because the directions in the readme file are vague: "BFGMiner supports solo mining with any GBT-compatible bitcoin node (such as bitcoind). To use this mode, you need to specify the URL of your bitcoind node using the usual pool options (--url, --userpass, etc), and the --coinbase-addr option to specify the Bitcoin address you wish to receive the block rewards mined." While I understand that this means a payout address can be entered, it does not specify if a payout address MUST be entered. I was under the impression that mined coins are paid directly to the bitcoin wallet that functions as a server. " If your bitcoin node does not support longpolling (for example, bitcoind 0.8.x), you should consider setting up a failover pool to provide you with block notifications." I'm pretty sure this is in reference to the long-poll error I am getting, but I'm not sure what it means.
lets play [help the noob] with his mining machine setup
So I bought an miner [erupter cube] to use it as a learning tool on how all this mining works. I was trying to mine dogecoins but doge told me I cannot use this device to mine them and to come to see you guys at bitcoin I got the power supply for it How does the rest work? I plug it into my router and set it up? How do I join a pool? How do I get my coins (if I get any) in my wallet? Any advice would be nice Thanks!
This week in Bitcoin (as an Episode of Game Of Thrones)...
I decided to write a story to explain all the thrilling happenings in the Bitcoin world. I thought it would be a nice break from all the tension. If you like it, I appreciate some nice feedback and maybe I'll write the next episode! I've been getting heavily down-voted in other subs - some people can't see the great drama this stuff makes. I figure also it's a welcome change from the usual memes we're getting! ;) Lord of the Coin Legend has it the Evil Rogerverdel wrote this plan forscore and 3 months ago. The ancient writing told of a plan to take over the city of BlockStream, whose Castle sits high atop a craggy hill. The city's people have lived in peace below for many years. Their wealth bestowed upon them by a magical substance, previously unknown to this world. The substance was a golden mist. It could be held in one's hand but not heavy, yet its power and essence was sure. The Castle above would mold this mist into coins which was then bartered for wine and lamborghini - a special fare made from the intestine of a burrow-living gnome. People would come from all around to trade their wares for this invisible gold. But now, an awful plot was in hatch. The Evil Rogerverdel saw the peace and security of the city and he didn't like it. He didn't like it all. The serene scene of the City of BlockStream shines in Rogerverdel's glowing orb. "You see that?" he says as he looks down upon a hoard of hungry Mongols who sniffle and slobber in ambient mutter. "They live off the blood of your ancestors." The slobbering escalates in agreement. "All of you. It is time to take back what is rightfully ours!" he thunders. "Go and come back in victory!" The deep rumble of a million score erupts as they pierce the air with blood curdling screams. "Come!" he beckons his dragon. "It is time!" Lord Servem, responsible for the city's security, thrusts urgently through the Chapel's doors. He kneels and bows to the High Priest of Development. "Our walls are being breached, your Holiness." he says with a croak in his voice. "It's a full on attack!" "Did you tell them to hold the perimeter?" the High Priest says calmly as he flicks his cloak. "Yes, we've told them to hold, but the weapons. There are many. We cannot fend them off forever." he gasps. "I warned you about this." A voice emanates from the darkness. A slithery, decrepid figure slides into the room. "Didn't I tell you that this would happen? This is what happens when you don't listen." The old hag hisses. "Quiet, woman!" The Priest raises his hand and swats dimissingly. The hag goes tumbling on the floor in a heap. "Why should I listen to you? What do you know? Bring in the LeadDev, now!" he demands from Servem. Hurriedly, the Lord Servem beckons with his hand. A small, bearded dwarf comes waddling in. "How far are we away from deploying the Lightning Defense system?" the High Priest demands. "Errm, we are just about 98% complete." he says wavering. His eyes drift in thought and slowly light up in excitement. "It's amazing" he says as he reflects back on the last few years of his life. It has been a truly great time. There were many wines, lamborghinis and festitivities to be had. And of course, he got to fulfil his life dream of developing a network of orcs that would defend the city against attack. "Before, we could only fit 5 orcs into our delivery box. We have found a way of putting 10! We have never have managed to put so many..." "Enough!" the Priest roars. "When will they be ready?" "Errm, I'm not sure." he whimpers. "Maybe in three months. Maybe in 6 months. We need to get this just right, otherwise we risk our civilians' fortunes. We can't let them get hurt, they depend on us." "Very well." says the High Priest. "Take your time." He gestures to the Lord Servem. "Secure the perimeter. Tell them we'll just need to weather this storm." "Yes, your holiness." With that, Lord Servem makes a hurried exit. He needs to quickly reach William Wallet to tell him to upgrade his forces. Time is of the essence, but it is not in the nature of a Corem to fear. In the Fortress of BlockStream they have been battle-hardened since their youth. They have been taught that it is better to die a painful death than face the uncertainty of the Abyss of the Bloated Blockchain. Rogerverdel's realm of the Abyss was said to be so horrid that it could destroy this very world, should it be exposed. Outside the perimeter of the castle, wave after wave of arrows fly, carpeting the sky in a dark cloud. Lord Servem reaches Wallet at the castle's turret. He stands shoulder to shoulder as Wallet looks despairingly at the damage to the walls. "Do you think we'll survive this, My Lord?" "I think we can, William. Have you deployed SegWit?" Some time ago, SegWit was a secret weapon developed in the dungeons of BlockStream. It was said to magically repel the arrows but so far, they don't seem to have had the desired effect. "Yes, we have." Suddenly, a tremendous bursting noise is heard, followed by a gushing of water. "My god!" screams Servem. "The city's water supply!" A number of screaming civilians get washed out of the Castle perimeter. "Hold on!" yells Servem from his tower. Soon after, a plague of Mongols go running out of the breached walls, screaming obscenities in their own foreign tongue. The Mongols were used by the Corem to produce coins that gave the Kingdom its riches. They turned gears tirelessly while the Corem beat them and told them they would one day be replaced. But right now, they don't have a replacement and it is sure that the gears will slowly grind to a halt. Is that it? Servem wonders. Is this how this ends? A slow, painful slide into the Abyss at the hands of Rogerverdel? It can't be...
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