Litecoin Mining Calculator - Updated 2020 CoinWarz

Can someone tell me how to calculate bitcoin mining profit. I want to build my own model in excel I just need the formula. Thanks!

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Can someone tell me how to calculate bitcoin mining profit. I want to build my own model in excel I just need the formula. Thanks! /r/BitcoinMining

Can someone tell me how to calculate bitcoin mining profit. I want to build my own model in excel I just need the formula. Thanks! /BitcoinMining submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Formula for calculating mining amount expected? /r/Bitcoin

Formula for calculating mining amount expected? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

The Retrospect and Prospect of the Crypto Economy——The Development and Evolution of the Consensus Mechanism (Three)

The Retrospect and Prospect of the Crypto Economy——The Development and Evolution of the Consensus Mechanism (Three)

https://preview.redd.it/45wwtygv2rc51.png?width=567&format=png&auto=webp&s=a5f51ea3c620d478231c39e32f198eb64d801897
Foreword
The consensus mechanism is one of the important elements of the blockchain and the core rule of the normal operation of the distributed ledger. It is mainly used to solve the trust problem between people and determine who is responsible for generating new blocks and maintaining the effective unification of the system in the blockchain system. Thus, it has become an everlasting research hot topic in blockchain.
This article starts with the concept and role of the consensus mechanism. First, it enables the reader to have a preliminary understanding of the consensus mechanism as a whole; then starting with the two armies and the Byzantine general problem, the evolution of the consensus mechanism is introduced in the order of the time when the consensus mechanism is proposed; Then, it briefly introduces the current mainstream consensus mechanism from three aspects of concept, working principle and representative project, and compares the advantages and disadvantages of the mainstream consensus mechanism; finally, it gives suggestions on how to choose a consensus mechanism for blockchain projects and pointed out the possibility of the future development of the consensus mechanism.
Contents
First, concept and function of the consensus mechanism
1.1 Concept: The core rules for the normal operation of distributed ledgers
1.2 Role: Solve the trust problem and decide the generation and maintenance of new blocks
1.2.1 Used to solve the trust problem between people
1.2.2 Used to decide who is responsible for generating new blocks and maintaining effective unity in the blockchain system
1.3 Mainstream model of consensus algorithm
Second, the origin of the consensus mechanism
2.1 The two armies and the Byzantine generals
2.1.1 The two armies problem
2.1.2 The Byzantine generals problem
2.2 Development history of consensus mechanism
2.2.1 Classification of consensus mechanism
2.2.2 Development frontier of consensus mechanism
Third, Common Consensus System
Fourth, Selection of consensus mechanism and summary of current situation
4.1 How to choose a consensus mechanism that suits you
4.1.1 Determine whether the final result is important
4.1.2 Determine how fast the application process needs to be
4.1.2 Determining the degree to which the application requires for decentralization
4.1.3 Determine whether the system can be terminated
4.1.4 Select a suitable consensus algorithm after weighing the advantages and disadvantages
4.2 Future development of consensus mechanism
Last lecture review: Chapter 1 Concept and Function of Consensus Mechanism plus Chapter 2 Origin of Consensus Mechanism
Last lecture review: Chapter 3 Common Consensus Mechanisms

Chapter 3 Common Consensus Mechanisms (Part 2)
Figure 6 Summary of relatively mainstream consensus mechanisms

https://preview.redd.it/2yepvjjy2rc51.png?width=567&format=png&auto=webp&s=acaed31fa6106ac2f501fe2cb284f66bb2258a0e
Source: Hasib Anwar, "Consensus Algorithms: The Root Of The Blockchain Technology"
The picture above shows 14 relatively mainstream consensus mechanisms summarized by a geek Hasib Anwar, including PoW (Proof of Work), PoS (Proof of Stake), DPoS (Delegated Proof of Stake), LPoS (Lease Proof of Stake), PoET ( Proof of Elapsed Time), PBFT (Practical Byzantine Fault Tolerance), SBFT (Simple Byzantine Fault Tolerance), DBFT (Delegated Byzantine Fault Tolerance), DAG (Directed Acyclic Graph), Proof-of-Activity (Proof of Activity), Proof-of- Importance (Proof of Importance), Proof-of-Capacity (Proof of Capacity), Proof-of-Burn ( Proof of Burn), Proof-of-Weight (Proof of Weight).
Next, we will mainly introduce and analyze the top ten consensus mechanisms of the current blockchain.
》DBFT
-Concept:
Delegated Byzantine fault tolerance. The improved Byzantine fault-tolerant algorithm makes it suitable for blockchain systems. The system consists of nodes, delegators (who can approve blocks), and speakers (who proposes the next block). It is a consensus algorithm that guarantees fault tolerance implemented inside the NEO blockchain.
-Principle:
In this mechanism, there are two participants: the professional bookkeeper "bookkeeping node" and the ordinary users in the system.
Ordinary users vote based on the proportion of holding stake to determine the bookkeeping node. When a consensus is required, a spokesperson is randomly selected from these bookkeeping nodes to draw up a plan, and then other bookkeeping nodes will vote basing on the Byzantine fault tolerance algorithm.That is, majority principle. If more than 66% of the nodes agree to the spokesperson’ plan, a consensus is reached; otherwise, the spokesperson is re-elected and the voting process is repeated.
-Representative application: Neo, etc.
》PoA
-Concept:
Proof of authority. That is, certified by some accredited accounts, these accredited accounts are called "validators". The software that the verifier runs that supports the verifier to place transactions in blocks.
-Principle:
Three conditions:
  1. The identity must be formally verified on the chain, and the information can be cross-verified in a publicly available domain;
  2. The qualifications must be difficult to obtain, so that the rights of the verification block obtained are precious enough;
  3. The authoritative inspection and procedures must be completely unified.
With PoA, every individual has the right to become a verifier, so there is an incentive to maintain the position of the verifier once acquired. By attaching a reputation to the identity, the verifier can be encouraged to maintain the transaction process. Because the verifier does not want to gain a negative reputation, it will lose its hard-won verifier status.
-Representative applications: VeChain, etc.
》DAG
-Concept:
Directed acyclic graph. Each newly added unit in the DAG is not only added to the long chain block, but added to all the previous blocks, verifying each new unit and confirming its parent unit and the parent unit of the parent unit, and gradually confirming until the genesis unit. As the hash of its parent unit is included in its own unit, the blockchains of all transactions are connected to each other to form a graph-like structure with time.
-Principle:
In the DAG network, each node can be a trader and a validator, because the transaction processing in DAG is done by the transaction node itself. Taking IOTA as an example, IOTA’s Tangle led
ger does not need to pay transaction fees while ensuring high-speed transaction processing. However, it does not mean that the transaction is free, because in this ledger, the initiation of each transaction needs to verify the other two random transactions first, and connect the transaction initiated by itself to these two transactions, so the responsibility that miners on the blockchain bear is distributed to all traders. The DAG method of processing transactions can be called asynchronous processing mode.
Figure 10 The difference between the traditional blockchain structure and the DAG structure

https://preview.redd.it/1xfssxj03rc51.png?width=553&format=png&auto=webp&s=95c382f81943c9a188a89ac6b2dadf64446589e6
-Representative applications: IOTA, etc.
》PoET
-Concept:
Proof of elapsed time. That is, it is usually used in a permissioned blockchain network. It can determine the mining rights of the block holders in the network. The permissioned blockchain network requires any prospective participants to verify their identity before joining. According to the principles of the fair lottery system, each node is equally likely to become the winner.
-Principle:
Each participating node in the network must wait for a randomly selected period, and the first node to complete the set waiting time will get a new block. Each node in the blockchain network will generate a random waiting time and sleep for a set time. The node that wakes up first, that is, the node with the shortest waiting time, wakes up and submits a new block to the blockchain, and then broadcasts the necessary information to the entire peer-to-peer network. The same process will be repeated to find the next block.
Two factors:
  1. Participating nodes will naturally select a random time in nature, rather than deliberately;
  2. The winner did complete the waiting time.
-Representative application: HyperLedger Sawtooth, etc.
》PoSV
-Concept:
Proof of stake velocity. Proposed by Reddcoin, drawing on the concept of "money circulation speed" in economics, it mainly allocates bookkeeping rights based on the coin age of nodes participating in the competition.
-Principle:
PoSV also allocates accounting rights according to the coin age of the nodes participating in the competition, but modifies the coin age calculation formula to a function of exponential decay of growth rate. Taking Reddcoin as an example, Reddcoin sets the half-life of the coin age growth rate to 1 month. Assuming that the unit token can accumulate 1CoinDay coin age on the first day, only 0.5CoinDay coin age can be accumulated on the 31st day, and only 0.25CoinDay coin age can be accumulated on the 61st day, and so on. In this way, the nodes are encouraged to use the token to conduct a transaction after holding the token for a period of time, thereby restarting the calculation of the coin age and increasing the circulation speed of the token in the network.
-Representative applications: Reddcoin, etc.
Table 2 Comparison of the advantages and disadvantages of current mainstream consensus mechanisms

https://preview.redd.it/kb04i7eh3rc51.png?width=1236&format=png&auto=webp&s=42de13bc99afaf258c0a740a6618e2d579b59100
Source: network resources
Chapter 4 Summary of the Selection and Status Quo of Consensus Mechanism
4.1 How to choose a consensus mechanism that suits you
Step 1: Determine whether the final result is important
For some applications, the end result is very important. If you are building a new payment system that can support very small amounts, it is acceptable for the transaction result to change. Similarly, if you are creating a new distributed social network, 100% guarantee that the status is updated immediately is not particularly necessary. On the contrary, if you are creating a new distributed protocol, the final result is critical to the user experience. For example, Bitcoin has a final confirmation time of about 1 hour, Ethereum has a final confirmation time of about 6 minutes, and Tendermint Core only has a final confirmation time of 1 second.
Step 2: Determine how fast the application process needs to be
If you are building a game, is it reasonable to wait 15 seconds before each action? Due to the low block processing time of Ethereum, games built on it will cause poor user experience due to Ethereum's throughput. However, the application for the transfer of housing property rights can be run on Ethereum. Use the Cosmos SDK to build an application that allows developers to freely use Tendermint Core. It has a short block processing time and high throughput, and is capable of processing 10,000 transactions per second. You can reduce the required communication overhead and speed up the application by setting the maximum number of validators for the application.
Step 3: Determine the application's demand for decentralization
Some applications such as games may not require very high censorship resistance as a by-product of decentralization. In theory, does it really matter that the validator can create a cartel in the game and reverse the transaction result for profit? If it is not important, a blockchain such as EOS may be more suitable for your needs because of the fast transaction speed and free fees. However, some applications such as autonomous banks are more powerful and decentralized. Although Ethereum is considered to be decentralized, some supporters claim that Ethereum's mining pool is an important part of centralized platform, although there are actually only 11 validators (mining pools). One of the major benefits of building your own blockchain instead of building on a smart contract platform is that you can customize the way the application completes verification. However, it is difficult to build your own blockchain, so the Cosmos SDK is very useful, you can easily build your own blockchain and customize the degree of decentralization you need.
Step 4: Determine whether the system can be terminated
If you are building a new application similar to a distributed ride-sharing service, then ensuring 24/7 service must be the first priority, even if there are occasional errors in accounting similar to transactions. One of the properties of Tendermint Core is that if there is a disagreement between network validators, the network will suspend operations instead of proceeding erroneous transactions. Applications such as decentralized exchanges require correctness at all costs-if there is a problem, it is far better to suspend trading on the decentralized exchange than there may be trading problems.
Summary: Choose a suitable consensus algorithm after weighing the advantages and disadvantages
All in all, there is no single best consensus algorithm. Each consensus algorithm has its own value and advantages. You need to have your own judgments and choices. However, by understanding the relevant processes of the consensus mechanism, including proposals and agreements, and establishing a framework to consider the types of consensus algorithms that your application may require, you should be able to make wiser decisions.
4.2 Future development of consensus mechanism
The consensus algorithm is one of the core elements of the blockchain. Although there are more than 30 consensus mechanisms listed in the article, there are still many niche consensus mechanisms that may not be discussed. As the blockchain technology is gradually known and accepted by the public, more and more newer and better consensus algorithms may appear in the future, which may be brand-new consensus algorithms, and more should be improvement and optimization version based on the current consensus algorithm.
After 2016 and 2017 years’ fast development, the current consensus algorithm does not have a recognized evaluation standard, but is generally more biased towards fairness and decentralization, as well as some technical related issues, such as energy consumption and scalability , Fault tolerance and security, etc. However, blockchain technology must be combined with requirements and application scenarios, and the consensus mechanism algorithm and incentive mechanism are inseparable. How to customize a suitable consensus mechanism according to the characteristics of your own project and optimize the current consensus mechanism will become the future direction of consensus mechanism development
CelesOS
As the first DPOW financial blockchain operating system, CelesOS adopts consensus mechanism 3.0 to break through the "impossible triangle", which can provide high TPS while also allowing for decentralization. Committed to creating a financial blockchain operating system that embraces supervision, providing services for financial institutions and the development of applications on the supervision chain, and formulating a role and consensus ecological supervision layer agreement for supervision.
The CelesOS team is dedicated to building a bridge between blockchain and regulatory agencies/financial industry. We believe that only blockchain technology that cooperates with regulators will have a real future. We believe in and contribute to achieving this goal.
📷Website
https://www.celesos.com/
📷 Telegram
https://t.me/celeschain
📷 Twitter
https://twitter.com/CelesChain
📷 Reddit
https://www.reddit.com/useCelesOS
📷 Medium
https://medium.com/@celesos
📷 Facebook
https://www.facebook.com/CelesOS1
📷 Youtube
https://www.youtube.com/channel/UC1Xsd8wU957D-R8RQVZPfGA
submitted by CelesOS to u/CelesOS [link] [comments]

Review and Prospect of Crypto Economy-Development and Evolution of Consensus Mechanism (2)

Review and Prospect of Crypto Economy-Development and Evolution of Consensus Mechanism (2)

https://preview.redd.it/a51zsja94db51.png?width=567&format=png&auto=webp&s=99e8080c9e9b1fb5e11cbd70f915f9cb37188f81
Foreword
The consensus mechanism is one of the important elements of the blockchain and the core rule of the normal operation of the distributed ledger. It is mainly used to solve the trust problem between people and determine who is responsible for generating new blocks and maintaining the effective unification of the system in the blockchain system. Thus, it has become an everlasting research hot topic in blockchain.
This article starts with the concept and role of the consensus mechanism. First, it enables the reader to have a preliminary understanding of the consensus mechanism as a whole; then starting with the two armies and the Byzantine general problem, the evolution of the consensus mechanism is introduced in the order of the time when the consensus mechanism is proposed; Then, it briefly introduces the current mainstream consensus mechanism from three aspects of concept, working principle and representative project, and compares the advantages and disadvantages of the mainstream consensus mechanism; finally, it gives suggestions on how to choose a consensus mechanism for blockchain projects and pointed out the possibility of the future development of the consensus mechanism.
Contents
First, concept and function of the consensus mechanism
1.1 Concept: The core rules for the normal operation of distributed ledgers
1.2 Role: Solve the trust problem and decide the generation and maintenance of new blocks
1.2.1 Used to solve the trust problem between people
1.2.2 Used to decide who is responsible for generating new blocks and maintaining effective unity in the blockchain system
1.3 Mainstream model of consensus algorithm
Second, the origin of the consensus mechanism
2.1 The two armies and the Byzantine generals
2.1.1 The two armies problem
2.1.2 The Byzantine generals problem
2.2 Development history of consensus mechanism
2.2.1 Classification of consensus mechanism
2.2.2 Development frontier of consensus mechanism
Third, Common Consensus System
Fourth, Selection of consensus mechanism and summary of current situation
4.1 How to choose a consensus mechanism that suits you
4.1.1 Determine whether the final result is important
4.1.2 Determine how fast the application process needs to be
4.1.2 Determining the degree to which the application requires for decentralization
4.1.3 Determine whether the system can be terminated
4.1.4 Select a suitable consensus algorithm after weighing the advantages and disadvantages
4.2 Future development of consensus mechanism
Last lecture review: Chapter 1 Concept and Function of Consensus Mechanism plus Chapter 2 Origin of Consensus Mechanism
Chapter 3 Common Consensus Mechanisms (Part 1)
Figure 6 Summary of relatively mainstream consensus mechanisms
📷
https://preview.redd.it/9r7q3xra4db51.png?width=567&format=png&auto=webp&s=bae5554a596feaac948fae22dffafee98c4318a7
Source: Hasib Anwar, "Consensus Algorithms: The Root Of The Blockchain Technology"
The picture above shows 14 relatively mainstream consensus mechanisms summarized by a geek Hasib Anwar, including PoW (Proof of Work), PoS (Proof of Stake), DPoS (Delegated Proof of Stake), LPoS (Lease Proof of Stake), PoET ( Proof of Elapsed Time), PBFT (Practical Byzantine Fault Tolerance), SBFT (Simple Byzantine Fault Tolerance), DBFT (Delegated Byzantine Fault Tolerance), DAG (Directed Acyclic Graph), Proof-of-Activity (Proof of Activity), Proof-of- Importance (Proof of Importance), Proof-of-Capacity (Proof of Capacity), Proof-of-Burn ( Proof of Burn), Proof-of-Weight (Proof of Weight).
Next, we will mainly introduce and analyze the top ten consensus mechanisms of the current blockchain.
》POW
-Concept:
Work proof mechanism. That is, the proof of work means that it takes a certain amount of computer time to confirm the work.
-Principle:
Figure 7 PoW work proof principle
📷
https://preview.redd.it/xupacdfc4db51.png?width=554&format=png&auto=webp&s=3b6994641f5890804d93dfed9ecfd29308c8e0cc
The PoW represented by Bitcoin uses the SHA-256 algorithm function, which is a 256-bit hash algorithm in the password hash function family:
Proof of work output = SHA256 (SHA256 (block header));
if (output of proof of work if (output of proof of work >= target value), change the random number, recursive i logic, continue to compare with the target value.
New difficulty value = old difficulty value* (time spent by last 2016 blocks /20160 minutes)
Target value = maximum target value / difficulty value
The maximum target value is a fixed number. If the last 2016 blocks took less than 20160 minutes, then this coefficient will be small, and the target value will be adjusted bigger, if not, the target value will be adjusted smaller. Bitcoin mining difficulty and block generation speed will be inversely proportional to the appropriate adjustment of block generation speed.
-Representative applications: BTC, etc.
》POS
-Concept:
Proof of stake. That is, a mechanism for reaching consensus based on the holding currency. The longer the currency is held, the greater the probability of getting a reward.
-Principle:
PoS implementation algorithm formula: hash(block_header) = Coin age calculation formula: coinage = number of coins * remaining usage time of coins
Among them, coinage means coin age, which means that the older the coin age, the easier it is to get answers. The calculation of the coin age is obtained by multiplying the coins owned by the miner by the remaining usage time of each coin, which also means that the more coins you have, the easier it is to get answers. In this way, pos solves the problem of wasting resources in pow, and miners cannot own 51% coins from the entire network, so it also solves the problem of 51% attacks.
-Representative applications: ETH, etc.
》DPoS
-Concept:
Delegated proof of stake. That is, currency holding investors select super nodes by voting to operate the entire network , similar to the people's congress system.
-Principle:
The DPOS algorithm is divided into two parts. Elect a group of block producers and schedule production.
Election: Only permanent nodes with the right to be elected can be elected, and ultimately only the top N witnesses can be elected. These N individuals must obtain more than 50% of the votes to be successfully elected. In addition, this list will be re-elected at regular intervals.
Scheduled production: Under normal circumstances, block producers take turns to generate a block every 3 seconds. Assuming that no producer misses his order, then the chain they produce is bound to be the longest chain. When a witness produces a block, a block needs to be generated every 2s. If the specified time is exceeded, the current witness will lose the right to produce and the right will be transferred to the next witness. Then the witness is not only unpaid, but also may lose his identity.
-Representative applications: EOS, etc.
》DPoW
-Concept:
Delayed proof of work. A new-generation consensus mechanism based on PoB and DPoS. Miners use their own computing power, through the hash algorithm, and finally prove their work, get the corresponding wood, wood is not tradable. After the wood has accumulated to a certain amount, you can go to the burning site to burn the wood. This can achieve a balance between computing power and mining rights.
-Principle:
In the DPoW-based blockchain, miners are no longer rewarded tokens, but "wood" that can be burned, burning wood. Miners use their own computing power, through the hash algorithm, and finally prove their work, get the corresponding wood, wood is not tradable. After the wood has accumulated to a certain amount, you can go to the burning site to burn the wood. Through a set of algorithms, people who burn more wood or BP or a group of BP can obtain the right to generate blocks in the next event segment, and get rewards (tokens) after successful block generation. Since more than one person may burn wood in a time period, the probability of producing blocks in the next time period is determined by the amount of wood burned by oneself. The more it is burned, the higher the probability of obtaining block rights in the next period.
Two node types: notary node and normal node.
The 64 notary nodes are elected by the stakeholders of the dPoW blockchain, and the notarized confirmed blocks can be added from the dPoW blockchain to the attached PoW blockchain. Once a block is added, the hash value of the block will be added to the Bitcoin transaction signed by 33 notary nodes, and a hash will be created to the dPow block record of the Bitcoin blockchain. This record has been notarized by most notary nodes in the network. In order to avoid wars on mining between notary nodes, and thereby reduce the efficiency of the network, Komodo designed a mining method that uses a polling mechanism. This method has two operating modes. In the "No Notary" (No Notary) mode, all network nodes can participate in mining, which is similar to the traditional PoW consensus mechanism. In the "Notaries Active" mode, network notaries use a significantly reduced network difficulty rate to mine. In the "Notary Public Activation" mode, each notary public is allowed to mine a block with its current difficulty, while other notary public nodes must use 10 times the difficulty of mining, and all normal nodes use 100 times the difficulty of the notary public node.
Figure 8 DPoW operation process without a notary node
📷
https://preview.redd.it/3yuzpemd4db51.png?width=500&format=png&auto=webp&s=f3bc2a1c97b13cb861414d3eb23a312b42ea6547
-Representative applications: CelesOS, Komodo, etc.
CelesOS Research Institute丨DPoW consensus mechanism-combustible mining and voting
》PBFT
-Concept:
Practical Byzantine fault tolerance algorithm. That is, the complexity of the algorithm is reduced from exponential to polynomial level, making the Byzantine fault-tolerant algorithm feasible in practical system applications.
-Principle:
Figure 9 PBFT algorithm principle
📷
https://preview.redd.it/8as7rgre4db51.png?width=567&format=png&auto=webp&s=372be730af428f991375146efedd5315926af1ca
First, the client sends a request to the master node to call the service operation, and then the master node broadcasts other copies of the request. All copies execute the request and send the result back to the client. The client needs to wait for f+1 different replica nodes to return the same result as the final result of the entire operation.
Two qualifications: 1. All nodes must be deterministic. That is to say, the results of the operation must be the same under the same conditions and parameters. 2. All nodes must start from the same status. Under these two limited qualifications, even if there are failed replica nodes, the PBFT algorithm agrees on the total order of execution of all non-failed replica nodes, thereby ensuring security.
-Representative applications: Tendermint Consensus, etc.
Next Lecture: Chapter 3 Common Consensus Mechanisms (Part 2) + Chapter 4 Consensus Mechanism Selection and Status Summary
CelesOS
As the first DPOW financial blockchain operating system, CelesOS adopts consensus mechanism 3.0 to break through the "impossible triangle", which can provide high TPS while also allowing for decentralization. Committed to creating a financial blockchain operating system that embraces supervision, providing services for financial institutions and the development of applications on the supervision chain, and formulating a role and consensus ecological supervision layer agreement for supervision.
The CelesOS team is dedicated to building a bridge between blockchain and regulatory agencies/financial industry. We believe that only blockchain technology that cooperates with regulators will have a real future. We believe in and contribute to achieving this goal.

📷Website
https://www.celesos.com/
📷 Telegram
https://t.me/celeschain
📷 Twitter
https://twitter.com/CelesChain
📷 Reddit
https://www.reddit.com/useCelesOS
📷 Medium
https://medium.com/@celesos
📷 Facebook
https://www.facebook.com/CelesOS1
📷 Youtube
https://www.youtube.com/channel/UC1Xsd8wU957D-R8RQVZPfGA
submitted by CelesOS to u/CelesOS [link] [comments]

It's Good Friday, and a millionaire is about to rise from the ashes (figuratively)! Comment to enter! [Drawing Thread #41]

Praise thy!

TL;DR of the TL;DR:
In Case You Missed It:
  • So I'm going to be unavailable for the next few hours. Quick notes, this thread will close at 0:00 UTC (8 PM ET) due to me being late by thirteen minutes. As a side effect, comment retrieval will occur, centered at 3:00 UTC (11 PM ET). Not good enough, I was not able to get online before that. 4:00 UTC (12 AM ET) it is! 5:00 UTC (1 AM). Apparently, Pydroid need a repository plug-in, whatever that means. Hope I stay up for that long.
  • The /millionairemakersmeta discussion thread is up, and be welcome to donate to the past winner.
  • UNDER CONSTRUCTION, though can't guarantee it'll get repaired.
TL;DR:
Leave a comment on this thread, replies won't count. A random user will be chosen, and everyone donates a dollar to make a millionaire. You are welcome to spread this thread via upvoting, telling friends and family, and sharing on social media!
  • [If you'd like to be reminded to donate to the winner through PM via the RemindMeBot, click here!](UNAVAILABLE)
What is this, anyway?
Three years ago, a Redditor posted an idea in /Showerthoughts that speculated the fact, if a million people picked a certain Redditor and all donated just $1, they would have the power to make someone a millionaire.
This subreddit is an embodiment of that showerthought, and the monthly drawings are the attempts to make it happen.
We need your help to keep this running, which amounts to only $1 a month to make someone's day. In the long term, that’s $120 every decade, which is much more affordable than other expenses. How does it work? Below, you will find an explanation on entering, rules to keep in mind, the selection, and other important things to note.
How to enter:
  • REQUIRED: Leave only one (1) top level comment in reply to this thread! Replying to other comments will not count. It is highly recommended to comment "RemindMe! 3 days Donation for /millionairemakers", which will remind you via PM to donate. That's it!
Important Rules:
  • Only ONE top level comment per person (replies and subsequent-level comments aren't included), but feel free to reply to other comments. Making duplicate top level comments may result in exclusion from entering. Go to me to ensure you don't accidentally double comment.
  • If, by any chance, you do double comment, delete any extra duplicates ASAP, ideally before the thread is locked, as any chosen draws found to violate this will not be eligible to win, and will be banned from the subreddit.
  • Your account must be older than 30 days with some amount of activity. Throwaway accounts with very minimal activity will also not be eligible. This is to prevent multiple entries from the same person.
How will the winner be picked and how can you donate?
  • After 24 hours, this thread will close, and the method of selection will begin.
  • While attempts to make the selection method similar to 2017’s have been performed, it still varies from the original. For an example from a prior drawing, see [Draw #36]. For archival purposes, please click here for the original selection method.
  • Method's TL;DR: Your number is assigned by sorting the comments by old, resulting in the first commenter being 1. The list of comments will be publicly released for the community to verify per their own accord. The subreddit then waits for a randomly generated block (a string of numbers) from Bitcoin's blockchain, after a preselected date and time, and calculates the winner using a formula described in the posts mentioned above.
  • Comment IDs are downloaded at 2:00 UTC, three hours following the thread being locked. There will be an official run at the time listed. If it is shown that there are any technical difficulties, the retrieval of the comments will be delayed by an hour, following the same procedures.
  • While not necessary, to determine if you are on the list, please go to your comment and save it. The comment ID is what gets recorded and selected, which looks like this: e3yxpj4.
  • The Draw is held at 16:00 UTC the Sunday after comments have been downloaded, unless stated otherwise. Using the Bitcoin blockchain, the third block yet to be mined will be used to select a winner.
  • The user who created the winning comment will be informed of their luck and will provide any information necessary for their chosen payment methods (mods will help set this up if needed).
  • The generous Reddit community donates to this lucky person, hopefully making some worthy soul a millionaire! A donation table will be stickied to the winner’s post, giving users the freedom in how they donate.
  • The lucky Redditor follows up with a thank you within the next days, revealing to the community exactly how much was raised and thanking their generosity.
Reminders
  • Take the time you have available now to setup your PayPal, Square Cash, and Google Wallet account, and/or cryptocurrency wallets. (Note: Some services may not be available depending on where you reside.)
  • To buy any cryptocurrencies, you may use Coinbase for purchases using your bank account.
  • To store cryptocurrencies, there are many accessible wallets, and if you win, you will be guided on which ones to download. For Bitcoin and Bitcoin Cash, it’s recommended to use the Electrum and Electron Cash wallet for Mac, Linux, and PC.
  • Please try your best to donate a $1, no matter who wins. Every single dollar, cent, anything really counts, so please take the effort to remember and go through with it.
  • If you want to be reminded to donate, please comment "RemindMe! 3 days Donation for /millionairemakers".
  • Spread the word! The more people who participate, the better this gets for everyone! There has been a correlation between this subreddit making it in /all and an increase in donations.
  • Try to cross-post to relevant subs, and upvote. There is a correlation between reaching /all and the amount of donations for the winner. (Please don't spam other subs though. We're not trying to make any enemies here.)
  • If you are under 18, please talk to your parents to get their consent to participate and use their help to setup a PayPal account.
MOST IMPORTANTLY
Remember, this is about generosity, making history, and coming together to make someone's life better. It takes three minutes to donate a bit to the winner, whether you're well off and want to donate a couple bucks, or going through tough times and can only donate a few pennies. Every cent counts.
Note about legality: This is NOT a lottery. You don't have to pay to enter. No prizes are given away directly by the moderators of this subreddit (the moderators will never even touch your donations; this is done voluntarily). As for gift taxes, according to the IRS, they're paid by the donor, and any donations under $15,000 is not taxable.
If a lone $1 can get you stuff, imagine the possibilities with $1,000,000. You can get stuff, stuff, and stuff!
One million dollars can help do things. Spread the word: have your friends and family comment, post the link to your friendly-neighborhood social media network, and share it to anyone interested.
Let's make an egg-cellent millionaire!
haiku
(This is an altered generic template thread.)
submitted by lilfruini to millionairemakers [link] [comments]

Exam week is almost over, and with it comes making a millionaire! Comment to enter! [Drawing Thread #42]

I forgot to change the leading title.

Overslept. Comment collection will be performed on 10 AM ET (14:00 UTC), following standard procedure. Someone deleted their comment, there will be a second attempt at 11 AM ET (15:00 UTC), again via standard procedures. A trial will be performed a few minutes before the set time, right at the set time, and thirty minutes after. Drawing the winner will begin at 16:00 UTC.
TL;DR of the TL;DR:
  • To enter, comment only once to this post. Replies to other comments will not count. Good luck!
In Case You Missed It:
  • The /millionairemakersmeta discussion thread is up, and be welcome to donate to the past winner.
  • UNDER CONSTRUCTION, please wait!
TL;DR:
Leave a comment on this thread, replies won't count. A random user will be chosen, and everyone donates a dollar to make a millionaire. You are welcome to spread this thread via upvoting, telling friends and family, and sharing on social media!
What is this, anyway?
Three years ago, a Redditor posted an idea in /Showerthoughts that speculated the fact, if a million people picked a certain Redditor and all donated just $1, they would have the power to make someone a millionaire.
This subreddit is an embodiment of that showerthought, and the monthly drawings are the attempts to make it happen.
We need your help to keep this running, which amounts to only $1 a month to make someone's day. In the long term, that’s $120 every decade, which is much more affordable than other expenses. How does it work? Below, you will find an explanation on entering, rules to keep in mind, the selection, and other important things to note.
How to enter:
  • REQUIRED: Leave only one (1) top level comment in reply to this thread! Replying to other comments will not count. It is highly recommended to comment "RemindMe! 3 days Donation for /millionairemakers", which will remind you via PM to donate. That's it!
Important Rules:
  • Only ONE top level comment per person (replies and subsequent-level comments aren't included), but feel free to reply to other comments. Making duplicate top level comments may result in exclusion from entering. Go to me to ensure you don't accidentally double comment.
  • If, by any chance, you do double comment, delete any extra duplicates ASAP, ideally before the thread is locked, as any chosen draws found to violate this will not be eligible to win, and will be banned from the subreddit.
  • Your account must be older than 30 days with some amount of activity. Throwaway accounts with very minimal activity will also not be eligible. This is to prevent multiple entries from the same person.
How will the winner be picked and how can you donate?
  • After 24 hours, this thread will close, and the method of selection will begin.
  • While attempts to make the selection method similar to 2017’s have been performed, it still varies from the original. For an example from a prior drawing, see [Draw #36]. For archival purposes, please click here for the original selection method.
  • Method's TL;DR: Your number is assigned by sorting the comments by old, resulting in the first commenter being 1. The list of comments will be publicly released for the community to verify per their own accord. The subreddit then waits for a randomly generated block (a string of numbers) from Bitcoin's blockchain, after a preselected date and time, and calculates the winner using a formula described in the posts mentioned above.
  • Comment IDs are downloaded at 2:00 UTC, three hours following the thread being locked. (See addendum above.) There will be an official run at the time listed. If it is shown that there are any technical difficulties, the retrieval of the comments will be delayed by an hour, following the same procedures.
  • While not necessary, to determine if you are on the list, please go to your comment and save it. The comment ID is what gets recorded and selected, which looks like this: e3yxpj4.
  • The Draw is held at 16:00 UTC the Sunday after comments have been downloaded, unless stated otherwise. Using the Bitcoin blockchain, the third block yet to be mined will be used to select a winner.
  • The user who created the winning comment will be informed of their luck and will provide any information necessary for their chosen payment methods (mods will help set this up if needed).
  • The generous Reddit community donates to this lucky person, hopefully making some worthy soul a millionaire! A donation table will be stickied to the winner’s post, giving users the freedom in how they donate.
  • The lucky Redditor follows up with a thank you within the next days, revealing to the community exactly how much was raised and thanking their generosity.
Reminders
  • Take the time you have available now to setup your PayPal, Square Cash, and Google Wallet account, and/or cryptocurrency wallets. (Note: Some services may not be available depending on where you reside.)
  • To buy any cryptocurrencies, you may use Coinbase for purchases using your bank account.
  • To store cryptocurrencies, there are many accessible wallets, and if you win, you will be guided on which ones to download. For Bitcoin and Bitcoin Cash, it’s recommended to use the Electrum and Electron Cash wallet for Mac, Linux, and PC.
  • Please try your best to donate a $1, no matter who wins. Every single dollar, cent, anything really counts, so please take the effort to remember and go through with it.
  • If you want to be reminded to donate, please comment "RemindMe! 3 days Donation for /millionairemakers".
  • Spread the word! The more people who participate, the better this gets for everyone! There has been a correlation between this subreddit making it in /all and an increase in donations.
  • Try to cross-post to relevant subs, and upvote. There is a correlation between reaching /all and the amount of donations for the winner. (Please don't spam other subs though. We're not trying to make any enemies here.)
  • If you are under 18, please talk to your parents to get their consent to participate and use their help to setup a PayPal account.
MOST IMPORTANTLY
Remember, this is about generosity, making history, and coming together to make someone's life better. It takes three minutes to donate a bit to the winner, whether you're well off and want to donate a couple bucks, or going through tough times and can only donate a few pennies. Every cent counts.
Note about legality: This is NOT a lottery. You don't have to pay to enter. No prizes are given away directly by the moderators of this subreddit (the moderators will never even touch your donations; this is done voluntarily). As for gift taxes, according to the IRS, they're paid by the donor, and any donations under $15,000 is not taxable.
If a lone $1 can get you a pencil, imagine the possibilities with $1,000,000. You can get preparation books, prepare for college, or even raise money for a graduation party!
One million dollars can help do things. Spread the word: have your friends and family comment, post the link to your friendly-neighborhood social media network, and share it to anyone interested.
Let's make a millionaire!
submitted by lilfruini to millionairemakers [link] [comments]

We're springing into a new season, and with it, a chance to be made a millionaire! Comment to enter! [Drawing Thread #40]

March onwards!

Updates (all of which are edited in):
These retrievals will start at 3:45 UTC, 4:00 UTC, and 4:30 UTC respectively.
TL;DR of the TL;DR:
  • To enter, comment only once to this post. Replies to other comments can be posted, but will not count as an entry. Good luck!
In Case You Missed It:
TL;DR:
What is this, anyway?
Three years ago, a Redditor posted an idea in /Showerthoughts that speculated the fact, if a million people picked a certain Redditor and all donated just $1, they would have the power to make someone a millionaire.
This subreddit is an embodiment of that showerthought, and the monthly drawings are the attempts to make it happen.
We need your help to keep this running, which amounts to only $1 a month to make someone's day. In the long term, that’s $120 every decade, which is much more affordable than other expenses. How does it work? Below, you will find an explanation on entering, rules to keep in mind, the selection, and other important things to note.
How to enter:
  • REQUIRED: Leave only one (1) top level comment in reply to this thread! Replying to other comments will not count. It is highly recommended to comment "RemindMe! 3 days Donation for /millionairemakers", which will remind you via PM to donate. That's it!
Important Rules:
  • Only ONE top level comment per person (replies and subsequent-level comments aren't included), but feel free to reply to other comments. Making duplicate top level comments may result in exclusion from entering. Go to me to ensure you don't accidentally double comment.
  • If, by any chance, you do double comment, delete any extra duplicates ASAP, ideally before the thread is locked, as any chosen draws found to violate this will not be eligible to win, and will be banned from the subreddit.
  • Your account must be older than 30 days with some amount of activity. Throwaway accounts with very minimal activity will also not be eligible. This is to prevent multiple entries from the same person.
How will the winner be picked and how can you donate?
  • After 24 hours, this thread will close, and the method of selection will begin.
  • While attempts to make the selection method similar to 2017’s have been performed, it still varies from the original. For an example from a prior drawing, see [Draw #36]. For archival purposes, please click here for the original selection method.
  • Method's TL;DR: Your number is assigned by sorting the comments by old, resulting in the first commenter being 1. The list of comments will be publicly released for the community to verify per their own accord. The subreddit then waits for a randomly generated block (a string of numbers) from Bitcoin's blockchain, after a preselected date and time, and calculates the winner using a formula described in the posts mentioned above.
  • Comment IDs are downloaded at 2:00 UTC, three hours following the thread being locked. There will be an official run at the time listed. If it is shown that there are any technical difficulties, the retrieval of the comments will be delayed by an hour, following the same procedures.
  • While not necessary, to determine if you are on the list, please go to your comment and save it. The comment ID is what gets recorded and selected, which looks like this: e3yxpj4.
  • The Draw is held at 16:00 UTC the Sunday after comments have been downloaded, unless stated otherwise. Using the Bitcoin blockchain, the third block yet to be mined will be used to select a winner.
  • The user who created the winning comment will be informed of their luck and will provide any information necessary for their chosen payment methods (mods will help set this up if needed).
  • The generous Reddit community donates to this lucky person, hopefully making some worthy soul a millionaire! A donation table will be stickied to the winner’s post, giving users the freedom in how they donate.
  • The lucky Redditor follows up with a thank you within the next days, revealing to the community exactly how much was raised and thanking their generosity.
Reminders
  • Take the time you have available now to setup your PayPal, Square Cash, and Google Wallet account, and/or cryptocurrency wallets. (Note: Some services may not be available depending on where you reside.)
  • To buy any cryptocurrencies, you may use Coinbase for purchases using your bank account.
  • To store cryptocurrencies, there are many accessible wallets, and if you win, you will be guided on which ones to download. For Bitcoin and Bitcoin Cash, it’s recommended to use the Electrum and Electron Cash wallet for Mac, Linux, and PC.
  • Please try your best to donate a $1, no matter who wins. Every single dollar, cent, anything really counts, so please take the effort to remember and go through with it.
  • If you want to be reminded to donate, please comment "RemindMe! 3 days Donation for /millionairemakers".
  • Spread the word! The more people who participate, the better this gets for everyone! There has been a correlation between this subreddit making it in /all and an increase in donations.
  • Try to cross-post to relevant subs, and upvote. There is a correlation between reaching /all and the amount of donations for the winner. (Please don't spam other subs though. We're not trying to make any enemies here.)
  • If you are under 18, please talk to your parents to get their consent to participate and use their help to setup a PayPal account.
MOST IMPORTANTLY
Remember, this is about generosity, making history, and coming together to make someone's life better. It takes three minutes to donate a bit to the winner, whether you're well off and want to donate a couple bucks, or going through tough times and can only donate a few pennies. Every cent counts.
Note about legality: This is NOT a lottery. You don't have to pay to enter. No prizes are given away directly by the moderators of this subreddit (the moderators will never even touch your donations; this is done voluntarily). As for gift taxes, according to the IRS, they're paid by the donor, and any donations under $15,000 is not taxable.
If a lone $1 can get you seeds (I'm running out of ideas), imagine the possibilities with $1,000,000. You can rake, bake, or skate freely (there aren't many stand-out features in March)!
One million dollars can help give relief to some debts. Spread the word: have your friends and family comment, post the link to your friendly-neighborhood social media network, and share it to anyone interested.
Let's spring up/grow a millionaire!
Pollen has fallen.
Here comes a sneeze and a wheeze.
The winner's calling.
Edits are for reclarification and updates.
submitted by lilfruini to millionairemakers [link] [comments]

Hoo Launches BCH & BSV Halving Campaign

Hoo Launches BCH & BSV Halving Campaign
Dear Hoo users,
For BCH and BSV are halving their block rewards this month. Hoo decided to launch campaigns related to the halving. Those who trade BCH and BSV on Hoo will have a chance to share the Halving Gift Packs.
Time: on Apr. 9, 2020- Apr. 13, 2020
Cryptocurrency: BTC, BCH, BSV
Campaign 1: Halving Mining Rewards, Double Trading Bonus
Users who make BTC, BCH and BSV daily transactions during the event are qualified to get the reward. Users whose net buy volume (in USDT) ranked top 3 will get a BCH / BSV Gift Pack!

https://preview.redd.it/uf5xlhq9frr41.png?width=674&format=png&auto=webp&s=a36dededf22872b75f56314fe5fb226f5997fd61
Campaign 2: Bitcoin Family Financing Session, Active Users Enjoy Interest+ Coupon
Hoo’s BVS/BCH/BTC halving earnings are higher than the other exchanges. In addition, Hoo will pick up 20 active trading users daily in Hoo community and send free Hoo coin + interest coupon. Come and enjoy higher profits!

https://preview.redd.it/kbl9r4bdfrr41.png?width=678&format=png&auto=webp&s=5311943f590ed80b073fbe6cf2c8943ae9dc2e0f
https://preview.redd.it/ws7xr4bdfrr41.png?width=667&format=png&auto=webp&s=fa9b2b37e550939ad2544203755889c8205a0d9a
Rules:
  1. Event interval: 00:00:00:00–24:00:00:00(UTC + 8). We will calculate the total net buy value of the three coins in USDT. Top 3 traders will get the Gift Pack;
  2. The second and third prizes of Net Purchase Trading Bonus campaign depend on the price of BCH / BSV on the same day. If the price of BCH is higher than BSV, BCH will be awarded to the second prize and BSV was awarded to the third prize. Vice versa;
  3. Net buying formula: Net Purchase = Buying Volume - Selling Volume ;
  4. Hoo will announce the winners of the daily net purchase ranking and the awards will be distributed within 3 working days;
  5. Hoo interest+ coupon will be disturbed via lucky draw, and launched by hoo community admin(telegram group). Winners will be announced at 13:00(UTC+8) everyday, and the coupon can be directly used to buy any of our financing product during the campaign;
  6. The activity of the final interpretation of the right to the Hoo platform all.

Hoo Team
April 8, 2020
submitted by Hooexchange to u/Hooexchange [link] [comments]

Token distribution for LUCKY users

Token distribution for LUCKY users will be based on the following formula:
Assuming 1000 entries are submitted, 850 users would win LUCKY tokens. The detailed calculation is as follow:
Users participating 10,000
Users that will win 8,500
Total tokens to be distributed 400,000,000
Token awarded to winning users 47,058.
Since LUCKY is distributed for free, the price value of the token will be determined by market forces following the launch, in much the same way as the early days of other cryptocurrencies including Bitcoin, Zcash and Grin.
submitted by Ebyluscious to Luckyio [link] [comments]

Current Bitcoin Carbon Emissions. The numbers. Can we discuss please?

I received a PM from a redditor about a old comment. His PM reads -
So back 10 months ago I posted this comment and you responded with the most reasoned response about the entire Bitcoin network emitting less carbon than a single 747. It made me feel much better about Bitcoin. It also confused me this past few weeks with people posting stories stating that Bitcoin will soon use nearly 0.1% of the world's energy and already consumes more power than every single solar panel in the entire world produces. Those two don't really square, so I looked back and the article you reference was from 2014. I'm curious if you've reevaluated your stance on bitcoin or perhaps have some insight that the current hysteria is just overblown?
Since I've spent the time doing some napkin math (I could be horribly wrong on this, someone please correct me!), I thought I should make this post public for everone to evaulate my maths and my reasoning.
First, I would just redirect to AA's great clip on the subject -
https://www.youtube.com/watch?v=fExR-IKozOY
As for re-evaluating my position, yes, constantly. Im going to do this really quickly, so unsure of accuracy, but should give a rough ball park.
http://www.yousustain.com/footprint/howmuchco2?co2=761+tons
Says its about 761 tons for a 747 to fly 24 hrs.
https://www.thebalance.com/how-much-power-does-the-bitcoin-network-use-391280
Claims 1 watt per 1 second gigahash. Comes out to 343 mW per second. Thats 1234800 mW per hour, which equals 29635200 mWh for 24 hrs. The formula used to calculate megawatt-hours is Megawatt hours (MWh) = Megawatts (MW) x Hours (h). In this case, I've used 24 hours since we are comparing to 24 hours of a 747 flying, so 24 MWh. So currently btc mining has a rate of 1,234,800 per MWh.
Putting 29635200000 (previous mWh * 1000 for kWh) into this government calculator will give you caron comparisons. That calculator claims an equivilent of 2,481,717,074 gallons of gas consumed. Yes, thats nearly 2.5 billion.
To make this comparison more comprehensible....
https://www.eia.gov/tools/faqs/faq.php?id=23&t=10
In 2017, about 143.85 billion gallons (or about 3.40 billion barrels1) of finished motor gasoline were consumed2 in the United States, a daily average of about 391.40 million gallons (or about 9.32 million barrels per day).
This would be equivilent of 6.33 days of gasoline usage in the USA for a single day of mining.
So go go back to our airplane analogy, the carbon calculator says that many mW = 22,055,020 metric tons of carbon emitted.
I do recall looking into the airplane thing back when we were discussing it, and I remember looking at the numbers. Frankly, its impossible to believe those were accurate and im sorry. I should have double checked everything.
According to - https://charts.bitcoin.com/chart/hash-rate
We had around "5EHash" in august of 2017, when that comment was made. We are now at 31EHash, over a 6x fold since that comment was made.
Now that we have the numbers out of the way, some things to consider...
These estimates are based upon the USA's carbon calculators which measures average carbon output based on the varying technologies in the US. According to the wiki the US only is around 12% (in 2016) for renewable energy.
So in general, our energy is pretty damn dirty and we put out a lot more carbon than we sequester.
In that AA video, he talks about the geolocation arbitrage used by miners. This makes a lot of sense. If you are going to invest 50-500 million into a mining operation, are you going to do it in a area where it costs 12 cents per hour (US average), or where it costs 3-4 cents per kwH? See -
https://www.forbes.com/sites/dominicdudley/2018/01/13/renewable-energy-cost-effective-fossil-fuels-2020/#1c69d08e4ff2
Obviously you are going to massively reduce your operational cost as that is what will lead your investment to become profitable.
Fortunately for us, and the world, many of these arbitrage opportunities are in hydroelectric and geothermal energy areas. These plants are designed to be future proofed, so enterprising mining congolmerates will move to areas where they can secure very cheap energy prices. When these companies are currently using 5-15 GwH for their cities, with 50 GwH capacity, they will happily sell their extra capacity to the mining operation since that is a very favorable economic incentive to all parties.
Another factor to consider is that for every single new ASIC design, they are becoming more energy efficient. So even though the hashrate is jumping, I would say the overall energy used by the network will plateau, if it has not already done so. With GMO and other giants like Samsung entering the mining design fray, this will only speed up energy efficiency.
None of this is intended to be a sidestepping of the facts - Clearly the bitcoin network uses a lot of energy. And when you have less regulated countries (china, India), it presents opportunities for locals to setup mining operations inside their locality, which then uses dirty energy, increasing carbon outputs.
The amount of carbon emissions per day (22,055,020 metric tons) that is above is obviously not very accurate when you account for these arbitrage opportunties. We know for a fact many of the largest mining colo's are situated near hydroelectric and Geothermal energy plants, which means that they are practically zero carbon emissions. Since we do not know the location of every miner, due to the decentralized unregulated nature of bitcoin, it is impossible to calculate how much of a reduction of tons of carbon we will get for that calculation.
But even if we are generous, and say 50% of all mining is done on renewables, that still leaves 11 million tons of carbon per day, a pretty staggering amount.
There is also much to hope for with scientists claiming we can be 100% renewable energy across the entire planet. Such as scientists setting to prove through empiracle data that it is feasible to convert the entire planet to 100% renewables. Though it is probably not realistic that this will happen quickly, or even at all. To give perspective, CFC's have been banned for decades and thought not in use for over a decade, yet recent data has shown levels are increasing. There will always be industry willing to destroy the world in the future for short term profit now.
We should also weigh the costs and benefits of this massive network. If bitcoin becomes adopted across the world as a currency, which if you look at places like Japan, it clearly is, then this will enable literal billions of people who are currently unbanked to join into the global financial ecosystem.
The personal financial soverignty that bitcoin brings is of incalcuable value. Whether the carbon emissions are worth these trade offs is a philosophical question that probably does not have an right or wrong answer.
Then we must also evaluate the carbon impact that the bitcoin network would have if cryptocurrencies were to replace traditional financial networks. There are some good analysis on the carbon footprint of banks, and bitcoin mining, coindesk has done several articles, see -
https://www.coindesk.com/microscope-conclusions-costs-bitcoin/
&
https://www.coindesk.com/microscope-true-costs-banking/
If we are properly to examine the impact that cryptocurrency carbon emissions have on society, then we should also examine the reduction of carbon that cryptocurrency networks will have upon the banking sector.
This site Claims AC & Heating results in 47.7 % of the entire USA's electricity usage. This example is just to present a understanding of how much energy these systems use.
How many Banks are there around the world that have their AC on 24/7? I can imagine just that number alone would lead to a staggering level of CO2 emissions. The coindesk article claims 591k bank branches around the world. The above aritcle claims 3.5k watts for a single central air unit. I had a family member that used to run a A/C business and I've been on top of many businesses. A bank will likely have several of those units to keep the place cool, I would estimate between 2-10 depending upon size.
In more good news, Bank branches are declining, and cryptocurrencies will only accelerate this. Lets hope that bitcoin is the amazon of retail brick and mortor closures.
In conclusion, there is a valid and rational concern as to the amount of power that the bitcoin network brings. And instead of being dismissive, we should recognize the incredible rate at which the bitcoin network is growing on an annual basis. From 4.3EHash to 31EHash over the last year, that is about a 8x fold increase.
Since we can assume that the majority of hashpower is coming online in the last year is likely newer models, these units should be at the current efficiencies. The estimates above should be roughly accurate based on this information.
This information will only be used by politicians and media congolmerates to spin a very bad negative impression of the bitcoin network. And you know what? Maybe they are right. Maybe bitcoin is growing into a massive CO2 producing beast that outweighs the benefits that it brings to society.
But how can we reach a consensus on this issue unless we, the hardcore bitcoiners and techophiles, bring the numbers into sunlight and discuss?
submitted by Cryptolution to Bitcoin [link] [comments]

MillionaireMakers Extended Rules and FAQs [Drawing Thread Documentation for Summer and Fall 2019]

List of Drawing Threads:
June 21, 2019: https://old.reddit.com/millionairemakers/comments/c3hu9z/were_changing_things_up_the_format_is_being/
July 19, 2019: https://old.reddit.com/millionairemakers/comments/cfekbw/its_about_to_get_even_cooler_in_here_now_that_a/
August 16, 2019: https://old.reddit.com/millionairemakers/comments/crdy7o/its_been_a_year_since_we_brought_back_millionaire/
September 20, 2019:
October 18, 2019:
November 15, 2019:
List of FAQs:

What is /millionairemakers, anyway?

Three years ago, a Redditor posted an idea in /Showerthoughts that speculated the fact, if a million people picked a certain Redditor and all donated just $1, they would have the power to make someone a millionaire.
This subreddit is an embodiment of that showerthought, and the monthly drawings are the attempts to make it happen.
We need your help to keep this running, which amounts to only $1 a month to make someone's day. In the long term, that’s $120 every decade, which is much more affordable than other expenses. How does it work? Below, you will find an explanation on entering, rules to keep in mind, the selection, and other important things to note.

What are the rules?

  • Only ONE top level comment per person (replies and subsequent-level comments aren't included), but feel free to reply to other comments. Making duplicate top level comments may result in exclusion from entering. Go to me to ensure you don't accidentally double comment.
  • If, by any chance, you do double comment, delete any extra duplicates ASAP, ideally before the thread is locked, as any chosen draws found to violate this will not be eligible to win, and will be banned from the subreddit.
  • Your account must be older than 30 days with some amount of activity. Throwaway accounts with very minimal activity will also not be eligible. This is to prevent multiple entries from the same person.

How will the winner be picked? What is the process?

  • After 24 hours following the submission of the thread, the thread will close, and the method of selection will begin.
  • While attempts to make the selection method similar to 2017’s have been performed, it still varies from the original. For an example from a prior drawing, see [Draw #36]. For archival purposes, please click here for the original selection method.
  • Method's TL;DR: Each comment is assigned a number by sorting the comments by old, starting with 1. The list of comments will be publicly released for the community to verify per their own accord. The subreddit then waits for a randomly generated block (a string of numbers) from Bitcoin's blockchain, after a preselected date and time, and calculates the winner using a formula described in the posts mentioned above.
  • Comment IDs are downloaded at 2:00 UTC, three hours following the thread being locked. There will be an official run at the time listed, and the list of comments will be released right before the [Drawing] takes place. If it is shown that there are any technical difficulties, the retrieval of the comments will be delayed by an hour, following the same procedures.
  • While not necessary, to determine if you are on the list, please go to your comment and save it. The comment ID is what gets recorded and selected, which looks like this: e3yxpj4. To find your comment, download the list, use Ctrl-F, and paste the comment in the search bar. You should find your comment deep inside of the list.
  • The Draw is held at 16:00 UTC the Sunday after the [Drawing Thread], unless stated otherwise. Using the Bitcoin blockchain, the third block yet to be mined will be used to select a winner.
  • The user who created the winning comment will be informed of their luck and will provide any information necessary for their chosen payment methods (mods will help set this up if needed).
  • The generous Reddit community donates to this lucky person, hopefully making some worthy soul a millionaire! A donation table will be stickied to the winner’s post, giving users the freedom in how they donate.
  • The lucky Redditor follows up with a thank you within the next days, revealing to the community exactly how much was raised and thanking their generosity.

What preparations should be made before paying the winner?

  • Take the time you have available now to setup your PayPal, or if you would like to use other services, Square Cash and a Google Pay account. (Note: Some services may not be available depending on where you reside.)
  • While not required, cryptocurrency wallets are also encouraged as another method of payment.
    • To buy any cryptocurrencies, you may use Coinbase for purchases using your bank account.
    • To store cryptocurrencies, there are many accessible wallets, and if you win, you will be guided on which ones to download. For Bitcoin and Bitcoin Cash, it’s recommended to use the Electrum and Electron Cash wallet for Mac, Linux, and PC.
  • If you want to be reminded to donate, please comment "RemindMe! 3 days Donation for /millionairemakers" or click on the link in the TL;DR on the [Drawing Thread].

What else can I do to encourage participation?

  • Spread the word! The more people who participate, the better this gets for everyone! There has been a correlation between this subreddit making it in /all and an increase in donations.
  • Try to cross-post to relevant subs, and upvote. There is a correlation between reaching /all and the amount of donations for the winner. (Please don't spam other subs though. We're not trying to make any enemies here.)
  • Please try your best to donate a $1, no matter who wins. Every single dollar, cent, anything really counts, so please take the effort to remember and go through with it.

Miscellaneous:

  • Note about legality: This is NOT a lottery. You don't have to pay to enter. No prizes are given away directly by the moderators of this subreddit (the moderators will never even touch your donations; this is done voluntarily).
  • Additionally, according to the IRS, gift taxes are paid by the donor, and any donations under $15,000 is not taxable.
  • If you are under 18, please talk to your parents to get their consent to participate and use their help to setup a PayPal account.
  • If you have any questions, you are welcome to ask them in the comments. The rules regarding comments do not apply to /millionairemakersmeta.
submitted by lilfruini to millionairemakersmeta [link] [comments]

An explanation of 0-fee transactions in BCH

This post does not address mobile wallets or SPV wallets.

I am unsure about the ABC GUI wallet but the BitcoinUnlimited GUI wallet has the option to send a transaction with no fee. However, there is a priority requirement enforced by the BCH network that must be met for that free transaction to be included into a block by default (miners can override this but i wont get into that here).

PLEASE NOTE: The following calculation is not 100% correct and the reality is a bit more complicated but this serves as a good general guideline to follow to know if your tx will be accepted with no fee.

To be included in a block with no fee the transaction must destroy at least 1 coinday (57.600.000 "priority points"). The main reason for this is to prevent spam.

You can find how many coindays a transaction will destroy using the following formula: Sum up the "priority points" of each input by multiplying the age of the input in blocks with its value in satoshi. Add all of the "priority points" for all of the inputs together then divide by the size of the tx in bytes (Example below). If the result of that equation is greater than 1coinday (57.600.000) then a miner that supports free transactions under the default configuration will include it in the next block they mine.
The 57.600.000 is the result of COIN * 144 / 250. COIN is the number of satoshis that make up 1 whole bitcoin (100.000.000). 144 is how many blocks are mined in a day on average (6*24). 250 is a number that has to do with the transactions size but i wont get into that right now.

Example: if your tx spends 2 inputs, the first of which is 10 blocks old and has a value of 10.000 satoshi and the second is 20 blocks old and has a value of 7.500 satoshi and the size of the tx is 212 bytes then the transactions priority is (10 * 10.000) + (20 * 7.500) = 250.000 / 212 = ~1.179,25. 1.179,25 is clearly less than 57.600.000 and will need to sit in the mempool for some time to earn enough points to be included in a block. In general the formula favors older transactions that are smaller in size.

I hope this explanation helps you understand the free relay system a little bit better.

Edit: "priority points" is in quotes because its a term i just made up for the value so this explanation was easier to understand. internally in the code it is typically just called dPriority.
Edit for more Information: - By default miners allocation a small percentage of the block (iirc its 5% by default) for free transactions
- this is another less mathy description of the bitcoin days destroyed concept https://en.bitcoin.it/wiki/Bitcoin_Days_Destroyed.
submitted by GregGriffith to btc [link] [comments]

Breaking Down FLETA’s Proof-of-Formulation

Breaking Down FLETA’s Proof-of-Formulation

https://preview.redd.it/m9tv9pmwa9231.png?width=800&format=png&auto=webp&s=eecd16921f710203c220cd32a7bd42b0479d87d3
FLETA is a blockchain service platform designed for decentralized applications (DApps) that solves the underlying scalability issue plaguing the blockchain space, which includes balancing the trio of scalability, speed, and decentralization.
One of FLETA’s major innovations to the blockchain space is the new and novel “Proof-of-Formulation” consensus algorithm that prevents forks by providing real-time confirmation of blocks and transactions. The Proof-of-Formulation consensus algorithm is currently undergoing the patent process through FLETA and the United States Patent office (Application Number: 62717695).
What is a consensus algorithm?
A consensus algorithm is a process used in computer science to reach agreement between multiple parties on a single data value throughout a distributed network. In blockchain networks, consensus is generally focused around block generation and confirmation.
Bitcoin and Ethereum both use the Proof-of-Work (PoW) consensus algorithm for block creation and confirmation of transactions in their respective blockchain networks.
PoW is impractical on a larger scale as it requires the entire network to come to majority consensus, which requires the use of excessive amounts of computing power and resources. As a result, Bitcoin is a slow system that manages only 7 transactions per second. Whereas Ethereum isn’t much better with only 15 to 25 transactions per second.
Proof-of-Formulation
In Proof-of-Formulation (PoF), mining and block generation is done differently compared with existing blockchain platforms. Formulators act as the block generators in the FLETA platform. Observers allow for real time confirmation of the blocks that are generated and prevent double spending.
Formulators

https://preview.redd.it/6t2k3hz0b9231.png?width=615&format=png&auto=webp&s=c119f7b34ebde7678ec0e8c4823448ba5ae6a1f3
Formulators serve as the backbone of the PoF algorithm. Their ranking is based on a score which is calculated by the following formula:
Score: uint64(Phase) << 32 + uint64(binary.LittenEndian.Uint32(hash[:4]))
“Hash” serves as the hash value of the previous block, and “Phase” is a time-related value which shows how many times the RankTable has “turned” or gone through all of the formulators for block generation.
A new formulator in the system takes part in the RankTable with the Largest Phase+1 value.
The purpose of this is to make sure that each Formulator has at least one mining opportunity during each phase and so a different formulator sequence (or ranking) will be made for each phase of block generation. This prevents the potential for attacks and collusion by any malicious Formulators.
Observers
In simple terms, the main role of the Observers is to prevent DDoS attacks and to maintain the security of the entire blockchain network.
To maintain the systematic sequence and process of the system, each formulator will access the observer node in order to hide and mask their IPs. This prevents any form of targeted DDoS attacks on formulators.
Main features of observer nodes include:
  • 5 observer nodes for each Formulator group, 3 of which are required to sign off on a generated block for it to be confirmed
  • Real-time information being received about Formulator’s activities
  • Node status and structure information is revealed to formulators and other users to increase the overall transparency of the network
Fork Prevention under PoF
#1 Discarding Flawed Blocks
If a block generator sends an incorrect block, recipient nodes will discard the block and prepare to receive a new one. In this case, the generator has 1 second to produce a normal block, otherwise the second-ranked formulator will begin creating a new block that will be propagated after 3 seconds if the initial formulator still does not propose a new block.
The observer node will acknowledge that the initial generator failed to create a block within 3 seconds and thus proceeds with the signing process of the block from the second-ranked formulator.
#2 Fork Prevention

https://preview.redd.it/ckay6714b9231.png?width=454&format=png&auto=webp&s=e6b70c16de22a0dadade90d48ae78e20813585c7

As we have seen with the Ethereum and Ethereum Classic, as well as Bitcoin, Bitcoin Cash, and Bitcoin SV splits, forks can be quite detrimental to a blockchain network. The PoF algorithm recitifies this anomaly by making forks impossible to occur.
As 3 out of 5 observer nodes are required to sign off on a block in order to confirm it, forks are simply not possible because the first block with 3 out of 5 signatures will be confirmed as the next block in the chain.
Conclusion
FLETA’s Proof-of-Formulation consensus is not only fast, however it is highly secure as well due to the added layer of protection between Observer nodes, formulators, and the synchronization group.
Unlike PoW consensus, PoF does not require excessive computing resources or depend on the amount of ‘stake’ that someone possesses. Because of this, it reduces the competition about who mines and creates blocks as everyone gets a turn. PoF also has built-in mechanisms to prevent the possibility of any kind of forks. You can learn more about PoF in FLETA’s whitepaper, tech paper, and Alpha Testnet Report.
submitted by fleta-official to fletachain [link] [comments]

From Platform-based Token to the Public Chain, Will CoinEx Embrace a Paradigm Shift?

From Platform-based Token to the Public Chain, Will CoinEx Embrace a Paradigm Shift?
The platform-based tokens shine in 2019, but such prosperity does not cover the disadvantage of their single use. How to find new application scenarios in addition to repurchase and destruction, and transaction fee deduction? The answer given by Binance is to expand the ecosystem of the public chain and develop the platform token into a public-chain token in a broader sense like ETH.
Not long ago, CoinEx announced its plan to launch a public chain. The CET will not just be a token listed on the platform, but also the basic token in the ecosystem of public chains. Unlike the Binance Chain whose partners serve as its nodes, CoinEx Chain chooses nodes according to the votes of ordinary users. Obviously, this is another paradigm shift for the platform-based tokens to expand the application scenarios.
CoinEx Chain is a public chain created by CoinEx’s professional blockchain underlying R&D team for DEX. Different from other DEXs, CoinEx uses three public chains: DEX public chain, Smart public chain and Privacy public chain, three of which parallel each other. They focus on transactions, smart contracts, and privacy respectively, and interoperate through “IBC protocols”.
How to get involved in CoinEx Chain’s ecosystem? A detailed interpretation of the CoinEx DEX’s public-chain node recruitment is provided below.
How to participate in the CET nodes election?
CoinEx’s nodes election rules are simple: Any holder who stakes at least 5 million CET on the chain is qualified, and the first 42 spots in the rankings will automatically be valid validators entitled to the right to generate a block and share proceeds. It should be noted that the process of electing a node is continuous and each block will be ranked.
Responsibilities of validators include preventing double signing and DDos attacks, being online all the time, upgrading nodes and configuration, building the private key storage architecture, and participating in community governance. Besides, there are server hardware requirements for running a node as below:
https://preview.redd.it/qhqk6uliftt31.png?width=1366&format=png&auto=webp&s=02addf13f8d9e619b70ba75e3a6eef2f1313e6f9
After the mainnet is online (expected in early November), the CET withdrawn from CoinEx can be staked on the chain. Once completed, the staking can be canceled at any time, but it takes 21 days for the CET to return to the account.
Private investors holding less than 5 million CET will be entitled to the voting power in the election of validators and receive bonus as rewards.
How are the returns on being a CET validator?
With a study on CoinEx’s node return model, you may find returns on validators mainly come from two parts, respectively, the block reward and transaction fee.
The transaction fee includes the gas fee in the usual sense and the function fee. Relevant gas fees will be charged for any transaction initiated on the chain, and the corresponding function fee will be charged for special operations on the DEX chain. For example, equivalent to a DEX broker, a node will charge users for such operations as order matching, token issuing, trading pairs creating, automated market making with Bancor and address alias setting.
In terms of block rewards, the CoinEx Foundation will provide a total of 315 million CET for five consecutive years. To be specific, it will send out about 105 million CET in the first year and 10 CET for block rewards. Similar to the bitcoin design, block rewards will gradually decrease over time, yet at various levels of frequency. Every year 2 CET will be deducted from the reward for each block.
https://preview.redd.it/tmocf00lftt31.png?width=1566&format=png&auto=webp&s=e68bed2c3513e4665a2101229a0d781ff31f53f5
The basic data of CoinEx is shown in the figure below. According to this condition, the estimated annual income of transaction fee for CoinEx’s validators comes at around 38 million CET, and, if calculated at 50% for the staking rate of the whole network, the annualized rate of return for CoinEx’s validators is 10%.
That is to say, in a case of successful re-election of CoinEx’s validators, the basic token-standard return rate will be around 10% for the first year. This figure will be higher due to the relatively small total stakes in the beginning.
How to calculate the actual income of the year?
Here we’ve summarized a calculation formula where numbers can be quickly inserted for your reference. Suppose the total stakes on a node are a, p% of which is the CET staked by the node itself and q% of which is CET entrusted to be staked by retail traders, the total stakes of the whole network are b, the actual returns distributed by the whole network are c, and the commission ratio of the node is k, then the actual income of the validator for the year is ac(p%+kq%)/b.
For example. Suppose the total stakes at a node are 10 million CET, including 8 million CET staked by the node itself and 2 million CET staked by ordinary CET holders and the commission ratio of the node is 10%. Calculated with the total stakes of the whole network being 1 billion CET and the actual returns distributed being 150 million CET, the actual income of the validator for the year is 1.23 million CET. In such conditions, the annualized rate of return for CET is around 15.3%.
So we can see that the actual income of the CoinEx’s validators can be divided into two parts in terms of asset ownership: incomes from CET staked by the node itself and commissions from CET staked by ordinary holders.
https://preview.redd.it/4ghx0sloftt31.png?width=634&format=png&auto=webp&s=7b8df5a18cc8033c77473017cee7182f1c080c8b
In other words, if a validator can keep the CET public chain in safety, contribute to the development of CoinEx’s ecosystem, and help it gain more attention and favor from ordinary users, it can receive an annualized income that is higher than the basic staking income. Retail users may stake their CET on more professional and responsible nodes, as well as sharing the dividends of the node and the CET public chain.
In the nodes election, the Matthew effect has always been a topic of criticism. So will ordinary token holders drive the centralization of validators according to CoinEx’s rules? The answer is no. Yet just as in the case with all other PoS models, inevitable is moderate centralization, or in other words, the trade-off between decentralization and centralization. That is because, at least mathematically, the annual income from CET staked by retail traders on different validators relies on k, which is the commission ratio of the node, with a and q% of retail traders holding the same amount of CET remaining the same. That is to say, in terms of economic efficiency alone, the income of the retail trader’ votes for different nodes does not depend on the scale, but on the proportion of transaction fee and more implicit reasons such as the security and reliability (or reputation) of a node.
There are many other public chains adopting the “Supernodes” election, and what are the advantages and disadvantages of CoinEx?
There are many public chains adopting such “Supernodes” election mechanism, among which EOS and IOST are best known. So what are the similarities and differences in the nodes election between CoinEx and its counterparts?
From the perspective of the nodes election, IOST needs 2.1 million votes (one vote for one token). According to the price of 0.0044 US dollars when this document is published, it costs at least USD 9,300, a really low threshold. Blocks.io shows that EOS now requires about 290 million votes (30 votes for one token) for the top 21 supernodes. According to EOS REX’s data, if a consortium without a user base wants to get a block-generating right by renting tokens, it will cost around USD 2.55 million a year, approximately RMB 18 million. By contrast, the threshold for a CoinEx Chain’s node is only 5 million CET, a moderate cost of USD 100,000 approximately estimated at USD 0.02.
In terms of hardware, according to the hardware configuration mentioned above, it costs USD 1,000 per year. The estimated operating cost of AWS for t3.xlarge is USD 1,458 per year, and one master with a backup costs only USD 2,916 a year. (The specific data will change slightly in practice.) Take the recommended server for running a node when EOS officially announced its node election. It uses Amazon AWS EC2 host x1.32x Large, with 128-core processor, 2TB memory, 2x1920GB SSD storage space and 25Gb network bandwidth. The operating cost of such a server, with one master and one backup, is: 13.338*24*2 = USD 640 a day. (The bandwidth cost allocated to the day is negligible.) It is thus obvious that CoinEx costs less, avoiding the waste arising from servers such as EOS and thus eliminating the intangible cost.
From the number of nodes, CoinEx Chain has 42 validators, EOS has 21 block-generating nodes per round, and IOST has 63. CoinEx Chain stays in the middle of the decentralization-and-efficiency trade-offs. In addition, the estimated hardware cost of the CET node election is USD 1,000 a year, which is relatively low.
Overall, CoinEx Chain’s nodes election is designed in a reasonable way, which is destined to be a milestone for CoinEx. Once “trade-driven mining” at CoinEx and it has even gone through “repurchase and destruction”. Now it targets the DEX public chain, which is deemed as a paradigm shift that lifts CET out of the pattern of being platform-based tokens. Let’s look forward to its future development.
Follow CoinEx Chain on Social Channels:
Twitter: https://twitter.com/CoinExChain
Facebook: https://www.facebook.com/CoinExChainOfficial/
Telegram: https://t.me/CoinExChainOrg
submitted by CoinExcom to Coinex [link] [comments]

How to Get The Most Profitable Cryptocurrencies to Mine and More in Google Sheets

Original Medium post found here: https://medium.com/spreadstreet/how-to-get-the-most-profitable-cryptocurrencies-to-mine-and-more-in-google-sheets-7b2ad2ebbdcd
One of the most challenging aspects of cryptocurrency mining is finding the most profitable coins to mine.
A few services exist, but nothing beats what the creators of WhatToMine.com have done in a few short months.
The big benefit of the data offered by WhatToMine is a ranking of cryptocurrencies by mining profitability.
The =SS() function, available in Google Sheets as part of the Spreadstreet Google Sheets Add-in, allows the user to pull in two seperate endpoints from the WhatToMine API:
  1. Stats — Used to compare the profitability of all GPU based cryptocurrencies
  2. ASIC — Used to compare the profitability of all ASIC coins

How to install

1. Go to the “Add-ons” menu, and click on “Get add-ons”.

Get Add-ons Menu

2. On the Add-ons panel, search for “Spreadstreet”, click on “+ FREE” to install it.

Click on +Free to install

3. Choose under which account you want to install the Add-on.

Choose Gmail Account

4. Spreadstreet needs to connect to an external API, click on “Allow”.

Click "Allow" when prompted
Note on security: All add-ins within the store go through a review. This is a wonderful security measure, especially in the Crypto industry, which is rife with scams and hacks.

5. Make sure the add-on is activated in your sheet:

  1. Go to Add-on > Spreadstreet > Help
  2. Click on View in store , then click on Manage and check Use in this document:
Click "Use in this document"
Tadaa You are now able to use the =SS() function to pull in all sorts of amazing data within the cryptocurrency space.
Example =SS() usage

How to use for GPU-Mineable Coins

How does WhatToMine calculate profitability for GPU-mineable cryptocurrencies?
What is the calculation missing?
Get most profitable GPU coins
Call the function =SS(“get-stats-whattomine”, true) to return various stats from GPU-minable cryptocurrencies.
Example usage using the GUI:
Open the Add-in

Click “Add” to view the list of available APIs

Click on the “WhatToMine” icon

Click “Stats”

Click “Insert”

Click “Run”. This will paste values into the currently selected Cell, and save that in the main GUI for future retrieval

Example usage using the =SS() Formula:

=QUERY(A:W,”select A, T where T is not null order by T desc”) returns the most profitable GPU-minable cryptocurrencies.

How to use for ASIC-Mineable Coins

How does WhatToMine calculate profitability for ASIC-mineable cryptocurrencies?
What is the calculation missing?
Get most profitable ASIC coins
Call the function =SS(“get-asic-whattomine”, true) to return various stats from ASIC-minable cryptocurrencies.
Example usage:

=QUERY(A:W,”select A, T where T is not null order by T desc”) returns the most profitable GPU-minable cryptocurrencies.

Common issues and how to fix:

  1. Do not keep your sheet open at all time. This will prevent the rates from refreshing. The rates will auto-refresh each time you re-open your sheet.
  2. The add-on may not work right away on other old spreadsheets. You need to do this to activate Spreadstreet: Open the old sheet, click the menu Add-ons / Spreadstreet / Help / View in store, and then click Manage and in the dropdown menu click Use in this document .

RESOURCES

Download the add-in: https://spreadstreet.io/tools/google-sheets-add-in
Help: https://spreadstreet.io/docs
First time install and login: https://www.youtube.com/watch?v=aLjtPR4T2bg
WhatToMine Stats endpoint help: https://spreadstreet.io/knowledge-base/whattomine-api-get-stats-endpoint/

RELATED POSTS

Is Genesis Mining Worth it? A Genesis Mining Profitability Calculator You’ll Actually Use
How to Create an Ethereum Mining Calculator from Start to Finish
10 Statistical Price Predictions for 10 Cryptocurrencies
Bitcoin Madness: How to Simulate Bitcoin Prices in Google Sheets
submitted by 1kexperimentdotcom to gpumining [link] [comments]

The fundamentals of bitcoin as an asset exist and they are stupider than you can imagine

tldr; tldr; Hodling is deflationary and all those wild price swings from bitcoin are changes in the fundamental value of bitcoin. Really.
tldr; Imagine there is a market where $100 worth of goods are sold every day using 100 bitcoins which cycle around. Then each bitcoin would be worth $1. Now suppose that 50 of the bitcoins were being held in anticipation of growing in value so only 50 bitcoins were cycling each day. For all the goods in the market to be sold every day each bitcoin will now be worth $2.
Introduction There has been a lot of discussion about what the fundamental value of bitcoin is. The consensus view in this subreddit is that the fundamental value is zero. I argue in this post that the fundamental value of bitcoin is whatever the price is right now, or a something close to it. This is because the fundamentals of bitcoin are stupid. Unimaginably stupid.
Bitcoin as Currency Bitcoin is a terrible currency compared to normal statist filthy fiat. Bitcoins are often permanently lost due to hacking or easily made mistakes. Transactions take considerable time to be confirmed. The price is highly volatile. But this post isn’t going into those issues in depth.
There is little evidence for mainstream Bitcoin use. A report by Morgan Stanley on the acceptance of Bitcoin from online retailers found that only 3 out of the 500 online retailers tracked accepted Bitcoin payments, a decrease from 5 in the previous year. The report concluded: “Bitcoin acceptance is virtually zero and shrinking”.
The number of transaction on darknet markets is large. On darknet markets users buy illegal products using cryptocurrencies (not just Bitcoin). Due to their illegal nature, it is impossible to know the exact value of transactions that take place on them. Between February 2011 and July 2013 the darknet market Silk Road had 1,229,465 transactions comprising 9,519,644 bitcoins in revenue. Darknet markets, along with ransomware payments are the only uses where there is evidence of a substantial number of bitcoin transactions taking place.
To work at scale darknet markets require cryptocurrency to pay for goods on sale. The anonymous nature of cryptocurrency allows transactions to take place without the buyer or the seller knowing anything about each other (although if a buyer has drugs mailed to them the seller will know who they are). If darknet markets used another form of payment then law enforcement could buy something and then track both the money going to the seller and the commission paid to the darknet market. It isn’t true as many people have claimed that nothing backs bitcoin. Bitcoin is backed by darknet markets.
There are a few kinds of people who buy bitcoin and want to spend it. They include drug buyers, those who need to pay off ransomware, money launders, fraudsters, and a few others but for simplicity’s sake I will just call them drug buyers. Likewise, there are a few types of people who sell products for bitcoin but again for simplicity’s sake I will call them drug sellers.
Non-circularity Bitcoin is a currency with a property that I call non-circularity. With Actual Money, when I buy something in a shop, the money I paid with goes towards the wages of the staff, rent and the products themselves among other expenses. This money then flows on to others. When a drug seller receives bitcoin in exchange for their drugs they can’t use the bitcoin to pay for their groceries or to pay their rent. They must exchange the bitcoin for filthy fiat to buy food. The inability to use bitcoin for further purchases means it is a non-circular currency. Bitcoin is a medium of a medium of exchange.
A full bitcoin transaction thus consists of three parts:
  1. A drug buyer goes to a bitcoin exchange to get bitcoin in exchange for filthy fiat
  2. The drug buyer goes to the DNM to exchange bitcoin for drugs from the drug seller
  3. The drug seller goes to the bitcoin exchange to get filthy fiat in exchange for bitcoin
An exchange is any place which matches buyers and sellers of bitcoin. This includes online exchanges like Coinbase as well as LocalBitcoins which matches people for face to face transactions. As nobody receives bitcoin for payment except drug dealers, the only place for drug buyers to get bitcoin is an exchange. The extreme volatility of bitcoin means that drug buyers and sellers try to complete the process as quickly as possible and avoid holding onto bitcoin.
Perfect Price Unstickiness For normal currencies prices are sticky. That means that nominal prices do not respond quickly to changing economic conditions. In contrast bitcoin has what I call perfect price unstickiness so the price of goods in bitcoin changes almost perfectly to changes in the value of bitcoin.
This is because prices for items which can be bought with bitcoin are never actually set in bitcoin, probably due to the high volatility. Instead they are set in fiat. The amount in fiat can either be listed directly, so $US50 for these drugs, or the price can be listed in the converted amount of bitcoin, 0.005BTC if 1 BTC = $US10,000. Changes in the price of bitcoin on exchanges are instantly reflected in the prices of drugs in bitcoins on darknet markets.
Hodling Another feature of bitcoin that should be considered is that people hodl bitcoin. The word comes from a typo of ‘hold’. Bitcoin is often bought on exchanges not for use as a currency to buy drugs, but as an asset in expectation of a price rise. Hodlers are the third type of user of bitcoin along with drug buyers and drug sellers. Although they don’t use it.
What’s the difference between an asset that is held and one that is hodled? This is admittedly vague, but an asset is hodled if it is being held, it can be held for long periods at low costs, it can but isn’t generating any income and there are no plans to generate income from it soon.
Cash under the mattress is being hodled, cash in my wallet that I am going to buy stuff with soon is not. Money in my bank account is generating income and so is not hodled. Bitcoin held in anticipation of price rises is being hodled. Bitcoin bought to buy drugs but which has not been used yet is not. Gold stored in a vault is being hodled, gold used for electronics purposes is not (jewellery is a harder case). A vacant block of land with no plans to develop it or use it for anything is being hodled but one that is soon going to have an apartment block built on it is not.
Commodities can be held and do not generate income until sold but it is expensive to hold most commodities for long periods of time. This prevents most commodities from being hodled.
Velocity The velocity of money is the average number of times a unit of fiat changes hands in a period. You can skip the next three paragraphs as they are a little annoying and you can get by without them. Just know that I am defining the velocity of bitcoin as what the velocity of bitcoin would be if no bitcoin was being hodled.
Due to hodling, the velocity of bitcoin under the conventional definition can vary wildly. Consider two cases. Both have 100 bitcoins, 100 transactions a day and all non-hodled bitcoins are spent each day. The first has no hodled bitcoins, the second 50 hodled bitcoins. The first has a velocity of bitcoin of 1 transaction per day, the second is 0.5 per day.
I want a definition of velocity of bitcoin that is not impacted by changes in hodling. I did consider doing this analysis through changes in velocity but the final formula is easier to understand if we find a definition of velocity of bitcoin that is independent of the level of hodling.
The definition that achieves this is (Length of Time)/(Average length of time to complete transaction). When there is no hodling the two definitions agree but the new definition is unchanged by any rise or fall in the level of hodling, which is what we need. From this point on when I refer to the velocity of bitcoin I am referring to the second definition.
The actual time to complete a bitcoin transaction seems to be over a week. In an interview one vendor claimed that it took one week for the bitcoin to be released from escrow and longer to convert it to actual money.
Intuitive argument Assume that the amount of drugs sold on darknet markets changes little from week to week. If the price of bitcoin doubles over the week then the number of bitcoins flowing through the darknet markets will halve. So where have the bitcoins gone? Drug buyers and sellers don’t have them. The only option is hodlers. In fact, it was the hodlers buying the bitcoins that caused the price to change.
Formula The conventional formula for the relationship between velocity of money (V), nominal amount of money (M), price level (P) and real economic activity (Q) is
V*M = P*Q
I am going to change that equation slightly so it now concerns the velocity of bitcoin (V), the total number of bitcoins (M), the price level of bitcoin (P), the total value in fiat of all economic transactions (Q) and the proportion of bitcoins that are hodled (h). If h*M bitcoins are being hodled then there are (1-h)*M bitcoins being used in economic transactions. The new equation is
V*(1-h)*M = P*Q
Next we isolate P:
P = V*(1-h)*M/Q
If the price level changes from 1 to 1.1 that means that there has been 10% inflation over the period and that the value of bitcoin has fallen. To find the value of a single bitcoin we have to take the reciprocal of P and that gives a formula for the true value of bitcoin:
1/P = Q/[V*(1-h)*M]
In the rest of the post when I write the price of bitcoin I mean the price bitcoin sells for on exchanges. I establish in the next section that this price must be close to the true value of bitcoin.
Equilibrium This section uses the flow of bitcoin model established earlier. We assume no activity from hodlers and that economic users do not hodl bitcoin (not true but it simplifies and does not hurt the model). Furthermore, we assume that all activity on the bitcoin exchanges happens, then all activity on the darknet markets happens. Drug sellers sell their bitcoin to drug buyers, then drug buyers use the bitcoin to buy drugs on the darknet markets. Neither the exchanges or the darknet markets charge commissions. I use specific numbers but my reasoning is easily generalizable.
To establish why the equation is true we must consider what happens if the actual price is higher or lower than the price given by the formula. First let us suppose that the price is lower than the price predicted by the formula. Over the time period of a day suppose that Q = 100 (so $100 worth of transactions a day), V = 1 (transactions take a day), M = 100 (100 bitcoins) and h = 0.5 (50 bitcoins are hodled). This gives a predicted price of $2. Suppose the price is instead $1.
Every day there are $100 worth of drugs available to be sold and buyers willing to buy $100 worth of drugs. At a price of $1 and with only 50 bitcoins available for economic use each day that means that only $50 worth of drugs can be sold. This would drop Q to 50 and immediately correct the equation.
However, there are buyers and sellers who want more drug dealing than that. Some buyers are not going to be able to get their drugs given the current price. Some of them will be willing to pay higher prices for bitcoin to guarantee they can have their drugs. Suppose that the drug sellers have 50 bitcoins (hodlers also have 50). They want to sell their 50 bitcoins to drug buyers on an exchange. Some drug buyers then bid the price of bitcoin up to $1.10 (for example). This benefits other drug buyers as now $55 worth of drug transactions can take place each day. In this way, the price will be bid up to $2, the equilibrium price.
If the price is $1 and the drug buyers have the 50 bitcoins then they will spend the bitcoins to buy $50 worth of drugs and then we are in the situation above.
Now suppose the reverse happens and the actual price is higher than the predicted price. Let the actual price be $4, with all the same example values from the previous example, so the predicted price is $2. On the exchange drug sellers have 50 bitcoins worth $200 to sell. Drug buyers want to buy $100 worth of bitcoin. At this price only 25 bitcoins are sold. To ensure they sell more of their bitcoin, drug buyers bid down the price. If the price does not immediately reach $2 then the left-over bitcoins will be held by the drug sellers until the next day when the price will be bid down again.
The drug sellers holding bitcoin for a few extra days is not the same as hodling because they are actively trying to sell them on an exchange but they haven’t because the price isn’t in equilibrium. They could instead decide to sell only 25 bitcoins and hodl the other 25. This would raise h to 0.75 and the price would be in equilibrium again.
Now suppose that the drug buyers have 50 bitcoins and the price is $4. Then $100 worth of drugs are bought with 25 bitcoins. The drug sellers will not be able to sell their bitcoin as drug buyers already have enough bitcoin to buy the next round of drugs they want. The drug buyers spend their last 25 bitcoin and drug sellers now have 50 bitcoins and the situation is as above.
In conclusion, the price of Bitcoin is fundamentally determined by speculators and brought into equilibrium by criminals.
Inflows and Outflows of Hodling The previous section treated the level of hodling as constant, except when drug buyers or sellers decide to hodl extra bitcoins that are in their possession. Now we will treat the amount of hodled bitcoins as changing. The next topic to consider is the relationship between filthy fiat spent to hodl bitcoins and the bitcoin price.
To calculate how much it costs to raise the hodl ratio from 0 to h we assume that the bitcoins are bought continuously. We integrate the function Q/[M*V*(1-t/M)] between 0 and h*M. The result is (Q/V)ln[1/(1-h)].
To double the price of bitcoin by taking h from 0 to 0.5 will cost (Q/V)ln(2). In fact, it will always cost this amount to double the price of bitcoin as we can see by finding the difference between the total value of hodled bitcoin when we consider hodling levels of h and (h+1)/2.
This means that the price of bitcoin rises exponentially when a constant amount of new money buys bitcoin to hodl. I would illustrate this with a log-scale graph but I don’t know where to find one. It also means that the market capitalisation of a cryptocurrency gives very little idea about how much the cryptocurrency is worth. It is an impossibility for all hodlers to receive the Actual Money that they think their bitcoin is worth.
Volatility People hoping to get rich and their buying and selling bitcoin is what causes bitcoin’s extreme volatility. Theoretically this could be stopped if there was a bank where hodlers could deposit their bitcoins and earn interest. However, for this to work would require the existence of a bitcoin bank which is not a Ponzi which seems like an unlikely outcome.
Hodling Gold A quick digression into gold, but I suspect someone has already thought of what follows. We can consider gold like a conventional commodity with conventional supply and demand curves (the real world for all commodities is more complicated but this is going to be quick). But people also hodl gold. If hodlers decide to buy $100 million worth of gold produced in the year, then that will change the equilibrium price. The new price is such that the difference between the quantity demanded by non-hodlers and the quantity supplied at that price multiplied by the price is 100 million.
If the overall level of hodling declines then the reverse happens. The hodlers sell an amount of gold, that amount is the difference between the amount supplied and demanded. The hodlers earn that amount multiplied by the new lower price. (I assumed people bought a fiat amount of gold and sold a volume of gold to make things easier).
Without another hodler to take on the gold or an improvement in market conditions, the hodlers are guaranteed a loss. To make a profit hodling gold you need there to be hodlers to sell it on to (or an improvement in the underlying factors). It follows that all the gold hodled in the world today cannot be sold without causing the fundamentals of gold to collapse. With 40% of the gold produced in 2017 being hodled this will eventually become a significant issue.
Full Reserve Banking Another place where we can consider the impact of hodling is full reserve banking. It is a form of banking where banks are required to have cash on hand equal to the full amount in all demand deposit accounts. The bank does not lend this money. This contrasts with the present system where banks are only required to have a certain fraction of this amount on hand, called fractional reserve banking. Money in a fractional reserve bank account is not being hodled (or is, but to a more limited degree) as it is being lent on to other people and it is generating income for the depositor.
Deposits under full reserve banking are hodling. They are like cash stuffed under a mattress but have better security. In a recession people increase their saving rates. Much of this additional saving will be in liquid assets because of fears of economic trouble. This rise in deposits under full reserve is an increase in hodled cash which then causes deflation. This is a big problem in a recession. (Somebody else has probably already made this observation).
Velocity and Value Consider the equation of bitcoin’s value again. Notice that the value increases when V decreases. Which means that the length of time to complete a transaction has increased. Bitcoin is an asset and a currency and its value as an asset increases as the length of time it takes to complete a transaction increases. This is a minor bit of stupidity which surprised me but seems obvious in retrospect as if bitcoins take longer to be processed then they must be worth more so that all transactions can happen. (This is assuming that a decrease in V does not also cause a decrease in Q which might be caused by drug buyers and sellers switching to a different cryptocurrency).
Hodler Behavior With one exception which I might make in another post I make no assumptions about hodler behaviour. I think they are buying and selling with no rational basis. But there are two rational reasons why someone would expect the price of bitcoin to rise: increased economic activity using the cryptocurrency in the darknet markets or an increased level of hodling in the future. The DNM is an actual economic activity but due to its illegality knowing anything about the amounts involved is impossible for almost everyone as is predicting their trends. Future hodling levels are also impossible to predict, unless you run a pump and dump. We can’t expect any sort of rational behavior from hodlers.
Nakamoto Scheme Preston Byrne developed the concept of a Nakamoto Scheme to describe cryptocurrencies because of how they differed from Ponzis and pyramid schemes. While bitcoin has been frequently called a Ponzi or pyramid scheme it is clearly something different. There are no “dividends” paid or any sort of organised structure. There are similarities, notably early adopters make their money at the expense of later adopters. Like in pyramid schemes hodlers try to convince new people to join in.
It is best to consider bitcoin as a type of asset which is uniquely suited for a pump and dump. When hodlers buy bitcoin, and encourage others to do the same (the pump) the fundamental price of bitcoin really is raised by these actions which helps the pump.
To add to Byrne’s work, we should put the properties of cryptocurrency assets at the centre of the scheme. A Nakamoto scheme works like this: first create a cryptocurrency and keep most of it for yourself. Then release it and try to get as many other people hodling as possible and try to get the darknet markets to adopt it (I’m looking at you Monero). This increases the fundamental value of the asset. Then dump your hodlings. Pocket the actual money. This is probably legal right now. But I’m not a law-knowing person.
For the hodler the Nakamoto scheme is like going to a party. You arrive and leave later on. If there are more people at the party when you leave compared to when you arrived then you’ve made a profit. There is also drug dealing going on at the party. The change in the level of drug dealing also impacts your profits. You have to try and get more people to come to the party and be careful of everyone else at the party who have the exact same incentives as you. It is a weird new form of scam.
Lower bound on price While the price of bitcoin can theoretically be infinitely high there is a lower bound on the price when the hodling ratio is zero. For given levels of Q, V and M the value of bitcoin can never go below Q/[V*M] (the highest possible price for bitcoin is when 1 satoshi is equal to the value of a transaction).
Some bitcoins have been permanently lost due to people losing their wallet keys or bitcoins being sent to the wrong address. If we suppose that H is the proportion of coins that have been permanently lost then the actual lower bound is Q/[V*(1-H)*M]. Note that a hodler losing their coins does not change the present fundamental value of bitcoin.
What could cause bitcoin’s price to go lower? Besides a mass hodler sell-off the obvious reason is a permanent decline in Q. What could cause this? Law enforcement have successfully shut down many darknet markets but others have replaced them quickly. What could really hurt darknet markets is increased government scrutiny of exchanges. When governments realise that bitcoin has no use beyond criminal transactions and speculation they might decide to treat every bitcoin transaction as inherently suspicious and regulate exchanges heavily. This will make bitcoin much harder to use for criminal transactions and thus greatly decrease Q and the value of bitcoin.
Previous work This post is not entirely original. Satoshi himself said that if a bitcoin user wanted to give a donation to everyone else then they should delete the keys to their wallet and increase the value of everybody else’s bitcoins. I realised that someone who hodled a bitcoin would temporarily have the same effect.
More significantly Joseph C Wang came up with a formula very similar to mine. A significant difference is that he thought increased economic activity with bitcoin would not cause an increase in bitcoin’s value but an increase in its velocity. My model has nominal prices of drugs in bitcoin falling when Q increases. Wang has prices remaining the same and the velocity of bitcoin increasing to handle the extra transactions. I developed my formula before I became aware of Wang’s work.
Further Topics This post is over 4000 words so I have not gone into depth on a few subjects like the costs of block rewards (higher than you think), shocks like darknet market shutdowns, why bitcoin can’t fall to a liquidity trap, how to value a cryptocurrency that isn’t being used for economic transactions and why it makes sense that bitcoin and bcash had a higher combined value at the time of the fork compared to bitcoin alone. If there is demand I’ll put together a second post which will cover these issues.
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10 Statistical Price Predictions for 10 Cryptocurrencies — January 2018

TL;DR: I simulated a 1-year movement of 10 top cryptocurrencies using an advanced statistical method called geometric Brownian motion, which you can find below. I also created a spreadsheet to simulate prices of ~24 different cryptocurrencies, which you can download here: https://docs.google.com/spreadsheets/d/1eUIgBowJs2NyKw7kYbx5z_VeCOxsMQdNELfbngs4XnY/copy. The sheet utilizes a paid add-in, which I provide free of cost to those who are less fortunate.

THE MYSTERY OF PRICE MOVEMENT

So, you’re sitting at your computer with money to invest.
You have made some good money already in the market, but you want more.
Cryptocurrencies have reached a record $600 billion in market value after the recovery, with the inevitable $700 billion mark right around the corner.
The price movement of top currencies remains a mystery. But it doesn’t have to be.

THE PAIN OF UNCERTAINTY

Cryptocurrencies are volatile, irrational beasts.
Simple methods of forecasting grossly oveunderestimate the potential of a volatile currency.
For example, moving averages are used frequently to estimate future prices. Moving averages, however, suffer from many pitfalls that make them poor estimators of volatile markets.
Every great and successful investor has a plan. You will add one more tool to your arsenal today.

A BETTER METHOD FOR ESTIMATING CRYPTO PRICES

In my prior article about estimating the movement of Bitcoin Prices, I spoke of a method that is used frequently in the stock world to estimate prices.
This method is a Monte Carlo simulation using the geometric Brownian motion model.
I won’t cover off on the full methodology here, but essentially I am going to:
  1. Get historical daily prices for 10 top cryptocurrencies
  2. Calculate daily returns
  3. Simulate a year
  4. Simulate a year many times
By the end of the article, you will have the following:
A note on forecasting, simulations, and recommendations: Monte Carlo simulations are to be used as guidelines and tools, not as gospel. I am not offering financial or investing advice.

BITCOIN

What is Bitcoin?

You know what Bitcoin is, stop it.

One-Year Simulation

1-Year Simulation of Bitcoin Prices and Returns

One-Year Simulated 1,000 Times

1-Year Bitcoin Prices Simulated 1,000 times

Verdict

We can be 95% certain that Bitcoin prices will fall between $9,095, and $371,588 with a median of $60,837.

BITCOIN CASH

What is Bitcoin Cash?

From the Bitcoin Cash project website:
“Bitcoin Cash is peer-to-peer electronic cash for the Internet. It is fully decentralized, with no central bank and requires no trusted third parties to operate.”
Really, it was an additional currency that was created after a fork from Bitcoin core.

One-Year Simulation

1-Year Simulation of Bitcoin Cash Prices and Returns

One-Year Simulated 1,000 Times

1-Year Bitcoin Cash Prices Simulated 1,000 times

Verdict

We can be 95% certain that Bitcoin Cash prices will fall between $197, and $180,288 with a median of $4,839.

ETHEREUM

What is Ethereum?

Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.
Ethereum has been busy recently. Multiple steps have been pushed in motion for the upcoming large change — reaching a new consensus method.
From Jordan Daniel at ethnews.com:
Ethereum’s Byzantium hard fork was only one half of a two-part process designed to transition the decentralized application platform to a new method for reaching consensus — proof-of-stake. The next hard fork, called Constantinople, was recently discussed during an Ethereum core developer meeting and could include Vitalik Buterin’s Casper update.

One-Year Simulation

1-Year Simulation of Ethereum Prices and Returns

One-Year Simulated 1,000 Times

1-Year Ethereum Prices Simulated 1,000 times

Verdict

We can be 95% certain that Ethereum prices will fall between $193, and $8,027 with a median of $1,267.

EOS

What is EOS?

EOS is a blockchain-based, decentralized operating system, designed to support commercial-scale decentralized applications by providing all of the necessary core functionality, enabling businesses to build blockchain applications in a way similar to web-based applications.

One-Year Simulation

1-Year Simulation of EOS Prices and Returns

One-Year Simulated 1,000 Times

1-Year EOS Prices Simulated 1,000 times

Verdict

We can be 95% certain that EOS prices will fall between $0.98, and $1,386 with a median of $33.

LITECOIN

What is Litecoin?

Litecoin’s claim to fame is faster transaction processing times. It uses a scrypt-based mining proof-of-work algorithm to target the regular computers and GPUs most people already have.
The ability to target regular computers and GPU’s happens to be a huge differentiator from the crowded mining population of Bitcoin.

One-Year Simulation

1-Year Simulation of Litecoin Prices and Returns

One-Year Simulated 1,000 Times

1-Year Litecoin Prices Simulated 1,000 times

Verdict

We can be 95% certain that Litecoin prices will fall between $42, and $12,241 with a median of $745.

OMISEGO

What is OmiseGO?

OmiseGO is building a couple of things:
  1. Decentralized exchange
  2. Liquidity provider mechanism
  3. Clearinghouse messaging network
  4. Asset-backed blockchain gateway
OmiseGO is not owned by any single one party. Instead, it is an open distributed network of validators which enforce behavior of all participants.
According to Blocknight:
Also, OmiseGo counts Vitalik Buterin (Ethereum), and Joseph Poon (Lightning Network Co Author) among their advisers. Joseph Poon is actually billed as author of the OmiseGo whitepaper.
Those are some pretty big names.

One-Year Simulation

1-Year Simulation of OmiseGO Prices and Returns

One-Year Simulated 1,000 Times

1-Year OmiseGO Prices Simulated 1,000 times

Verdict

We can be 95% certain that OmiseGO prices will fall between $0.62, and $185.35 with a median of $8.56.

NEO

What is NEO?

NEO (formerly known as AntShares) is a smart asset platform and the first open source public blockchain project in China. Smart assets are the combination of smart blockchain contracts and digital assets.

One-Year Simulation

1-Year Simulation of NEO Prices and Returns

One-Year Simulated 1,000 Times

1-Year NEO Prices Simulated 1,000 times

Verdict

We can be 95% certain that NEO prices will fall between $3, and $3,076 with a median of $115.

RIPPLE

What is Ripple?

Ripple is a system created for banks to enable immediate payments and lower costs.
The vision of the Ripple creators is to allow a bank transfer in a few seconds (instead of the horribly annoying 2–3 business days).
Of note, is that Ripple is a U.S. based company. From the xrphodor blog:
Ripple is a US-based company.
Why is this an important point to consider? A US-based company like Ripple is subject to some very stringent laws regarding securities trading and money transmission. These include requirements that define how Ripple might interact with crypto markets and both institutional and retail crypto traders.

One-Year Simulation

1-Year Simulation of Ripple Prices and Returns

One-Year Simulated 1,000 Times

1-Year Ripple Prices Simulated 1,000 times

Verdict

We can be 95% certain that Ripple prices will fall between $0.05, and $163 with a median of $2.71.

MONERO

What is Monero?

Monero attempts to solve privacy and fungibility issues that persist in Bitcoin.
Part of the algorithm for Monero automatically mixes transactions with previous transactions and does this by implementing ring signatures.

One-Year Simulation

1-Year Simulation of Monero Prices and Returns

One-Year Simulated 1,000 Times

1-Year Monero Prices Simulated 1,000 times

Verdict

We can be 95% certain that Monero prices will fall between $68, and $8,142 with a median of $760.

Zcash

What is Zcash?

From the Blockchainhub infographic:
Zcash is a permissionless cryptocurrency that can fully protect the privacy of transactions using zero-knowledge cryptography.

One-Year Simulation

1-Year Simulation of ZCash Prices and Returns

One-Year Simulated 1,000 Times

1-Year ZCash Prices Simulated 1,000 times

Verdict

We can be 95% certain that Zcash prices will fall between $54, and $6,259 with a median of $549.

YOUR VERY OWN FORECASTING TOOL

Since i’m so nice, I went ahead and created a forecasting tool for you to use:
https://docs.google.com/spreadsheets/d/1eUIgBowJs2NyKw7kYbx5z_VeCOxsMQdNELfbngs4XnY/copy

SERVICES USED:

  1. Google Sheets
  2. Spreadstreet Google Sheets Add-in
  3. StockTwits
  4. CoinMarketCap API
Full disclosure: The google sheets add-in is a 14-day free trial, and $15 per month after. However, no one should be refused access on the basis of money (especially true for students and less fortunate). Send me a message, and I will make sure you are not left in the dark.

A NOTE ON SECURITY

Users have expressed hesitation about running a google sheets add-in on their main computer, so I will attempt to ease those concerns:

WHAT IT PULLS:

GETTING THE SPREADSHEET TO WORK FOR YOU

Install the Spreadstreet add-in for Google Sheets
Get sheet ready for use with the add-in
After logging into the add-in, change the dropdown reference

TROUBLESHOOTING

  1. Important Open the template, click the menu Add-ons / Spreadstreet / Help / View in store, and then click Manage and in the dropdown menu click “Use in this document.”
  2. A reload of the entire worksheet fixes quite a few problems.
  3. Deleting and re-pasting the formula in A1 of the “Candles” tab fixes things as well.
  4. If all else fails, drop me a message
  5. The “SELECT CURRENCY” cell in the Analysis tab (B3) refreshes the pull. Change the results for new data.
When I try and change a coin, I get a #DIV/0 error
Login to the Spreadstreet add-in, and keep the window open. Try changing the dropdown again.
I have tried logging in, activating the template with “Use in this document” and refreshed the sheet…still nothing.
Head to the “Data” tab. Delete the formula in cell A1, and repaste the following: =SS(“candles-bitfinex”, ticker, “1D”, “hist”, true, “”, “”, “”, “0”)

CONCLUSION

Whether you are investing in Bitcoin, Ethereum, or SpankCoin, it is imperative to have a plan. Most notably, a worst-case scenario.
The Monte Carlo simulation is a fantastic way to get a range of prices for a cryptocurrency. And after reading this, you can see how the final values change drastically depending on what you are looking at.
I urge you to download the sheet and try your own hand at simulating different coins. The sheet is setup to pull in every single coin from CoinMarketCap.
Cheers, and happy hunting
Original article can be found here: https://medium.com/@spreadstreet/10-statistical-price-predictions-for-10-cryptocurrencies-january-2018-3dcf04bf9d9a

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submitted by 1kexperimentdotcom to CryptoMarkets [link] [comments]

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