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cheapest and easiest bitcoin mining setup for first timer
What do i need to download, what do i need to buy, etc. i understand i need to buy a raspberry pi computer, a couple bit miners, a cooling fan, and that's about it. what do i download and what else is there to purchase?
Top 10 Ways To Make Money With Cryptocurrency By Trading
https://preview.redd.it/wuqdths9eaj51.jpg?width=2400&format=pjpg&auto=webp&s=72b078a3339091e0511c612b10ff6877037e0dfe Cryptocurrencies need no introduction. In more than ten years, it has managed to become one of the most revolutionary changes in the work of digital transactions. However, when it comes to its applications, cryptocurrency has become a key attraction for many investors. When we talk about cryptocurrency, Bitcoin becomes a default choice. Although more than 5000 cryptocurrencies are floating in the market, Bitcoin remains the apple of the eye of many investors. So, here we are going to discuss what are the ten ways of making money with cryptocurrency or Bitcoin. 10 Ways To Make Money Using Cryptocurrency Trading : 1.HODLing- Buy and Hold Bitcoin- This is a simple rule of trading wherein the investor buys Bitcoin or cryptocurrency with an intent to hold it for a long time and then selling it in the future. It is a kind of long-term investment. 2.Bitcoin Arbitrage- In this, the investor buys Bitcoin at a low price from the cheapest exchange and then selling it at a higher price on another exchange. The difference in the price between the two platforms becomes the low-risk profit for the arbitrate trader. 3.Bitcoin futures trading- It allows the traders to assess the pricing of Bitcoin without actually owning the cryptocurrency. It works on betting long or short against the price of Bitcoin, or other cryptocurrencies. 4.Bitcoin solo mining- If you have a setup of a Bitcoin miner, then you can start as a solo-miner. You would need massive hash rates for this. 5.Bitcoin mining pools- It happens when different miners come together to increase the hashpower, it eventually helps in generating Blocks faster as the difficulty becomes more. 6.Bitcoin cloud mining- If you want to start mining in Bitcoin, then there is an option of hiring mining equipment in a remote location. The mining takes place remotely where it is affordable to mine. 7.Bitcoin network marketing- Different companies are offering bitcoin mining investment via structure where people get a commission on referral. These systems combine cryptocurrencies and network marketing. 8.Bitcoin affiliate programs- There are cryptocurrency companies that also give rewards in Bitcoin to the people who refer to a new customer. You can join any Bitcoin affiliate program and connect with other users on social media. For example, you can join the Bitcoin affiliate program, and then create YouTube videos about the product. 9.Bitcoin faucets- These are websites where you pay in Satoshis ( the smallest fraction of a bitcoin, 0.00000001 BTC)to complete a task like downloading the apps, completing the survey, or watching ads or videos. 10.Binary Trading with bitcoin- These have been there in the world of finance for a long time, and now it is moving in the world of cryptocurrencies. For example, you have two options to choose for Bitcoin price is $3000 now (at 10 AM), or you can invest in price, which is more than $3000 by 6 PM. Say the price of Bitcoin is higher than $3000 at 5 PM, then you can sell it at this time. Conclusion- These are a few of the ways that help you make money and earn more with Bitcoin or cryptocurrency.
Someone wants to perform a 51% attack on Einsteinium. Because I think that is not cool (not because of the moral aspect, but because it is a very easy task), I cordially invited him to try Burst. 51% attack susceptibility of small PoW coins is a well-known and long-standing problem. Since the attacks on Bitcoin Gold - classified as 'rare' by Forbes - and Verge we know it's not just theoretical. https://www.crypto51.app/ lists the theoretical cost for several PoW cryptocurrencies. There you also can see why I consider an attack on Einsteinium a very easy task. So we all believe Burst is pretty resistant to 51% attacks - but how resistant exactly? Here's my stab at it: First off, there is no such thing as "cost per 1h", because you have the upfront cost and time required to plot. I will assume some exceptionally talented and well funded hacker group could pull it off in 1 month at slightly lower cost than I was able to find. 1 month seems to be the minimum one can find in storage rentals. Therefore: 1 Month of 240 Petabyte of storage space: ~$5033165 (based on AWS S3 standard storage - not infrequent access - for "more than 500TB requirement" this is listed at $0.021 per GB per month, so I assumed $0.02 * 1024 * 240 * 1024) The capacity to plot this space within 1 month I base on the luxurious PMR 10TB Ironwolfs, not some SMR disks. If I assume each disk to be potentially plotted at its max speed (~ 220 MB/s) within 14 hours, I have 2 choices:
as many plotters as possible in parallel
plot in a way so we are finished in 1 month minus 1 hour (let's say 715 hours for the inevitable reserve even for 1337 hackers)
240 PiB in 10TB Ironwolfs is 27007 HDDs If a batch needs 14hours and I need to be finished in 715 hours, I have 51 sequential batches at most. Meaning, I need to plot roughly 530 HDDs per batch Plotting at 220 MB/s meaning 225280 KB/s, or 13516800 KB/min - meaning 52800 nonces/min Let's assume a p2.8xlarge AWS instance could plot 16 HDDs at once, we would need 34 such instances each priced $7.2/hour, meaning $245/h this would leave us at surprisingly low $175175 plotting cost Total cost: $5208340 If I choose to go for the ASAP plotting, I would need 1688 p2.8xlarge instances for 2 hours (if you want 1 hour of pure compute time, there is setup time and then you pay for each started hour) meaning even lower $24308. Total cost: $5057473 I'm making here lots of assumptions in favor of the hacking endeavor. Like:
The resources actually being available. In my experience Amazon puts quotas on the use far below what would be needed here
I'm assuming cheaper availability of both storage as well as compute instances than the cheapest prices I could find
I'm assuming theoretical performance (e.g. one/each GPU in p2.8xlarge being capable to deliver 141600 nonces/min)
So my best case (for the hacker) scenario is $5M cost of a 1h 51% attack on Burstcoin. If the person would choose to mine and sell the Burst before the attack, he could theoretically have mined 1.74 million Burst in the "slow plot" case, representing $17400. This could either be subtracted from the total cost or assumed to have been paid for all the adverse events (for the hacker) that'd were likely to occur in such an attack scenario In the "fast plot case" mining revenue would be roughly double of that: ~$34800 What was surprising for me, that the cost for plotting is not the major component, but that it's actually the capacity that puts a big barrier in there. On the other hand, if you think about it, it makes sense. $5M attack cost on a $20M coin makes this attack expensive by 25% of the MktCap. Bitcoin has an attack cost of around $512,349 per hour, which is 0.00045028505054496202% of the MktCap Of course the protection of Bitcoin results from the fact that there is no one available who had the material to rent you that capacity for 1 hour. Still, you read right: in absolute numbers, it is 10 times more expensive to attack Burstcoin, than it is to attack Bitcoin. In relative numbers (profitability), Burstcoin would be a more than 55000 times more bitter pill than Bitcoin. I really tried not to make Burstcoin look nicer here. No one is helped if we would hide behind some delusions of some grand protection. These numbers are about as good as my estimate gets for now and I am aware they may look "too good to be true" (as did the 500 000 more energy efficient numbers at first). You are also cordially invited to refute these numbers. edit: You can actually vote (not for a final verdict, just to get the general sentiment) if the Burst community as such should officially challenge anyone to try: https://twitter.com/PoC_Consortium/status/1049238312714682369
How to get a public static ip for your local lightning node
My lightning node is a node that is running locally on my server hardware in my house down under, far from the New Jersey Digitalocean datacenter, which is what will come up if you look up the ip of the node. This is done via an OpenVPN tunnel from your local machine to a VPS. I am doing this by renting a VPS from Digitalocean for $20 a month (2 vCPUs, 2GB RAM) running Ubuntu 18.04. You can do this just as easily on a $5 a month VPS with 1 vCPU and 1GB RAM or even a $2.50 a month VPS from Vultr with 512MB RAM. I needed the extra power because I have many web services running there as well. This setup allows me to have a highly available lightning node, not affected by my home IP address changing. If you are using a mobile connection or have a CGNAT, you wont be able to port forward for your lightning node. This setup allows you to do so. You can also use this to make a portable lightning node, which can get you a full lightning node wherever you have power and internet, without having to mess with network settings. If you don't want others to know your home IP, this is a good option for privacy.
Setup a local lightning node, preferably on a linux machine. I followed the Raspibolt tu`ial (with some tweaks) on a 2 vCPU and 8GB RAM VM running Ubuntu 16.04.
Get a VPS with a static IP address. Digitalocean and Vultr VPSs already are. This VPS wont need much power, so get the cheapest one you can.
Secure the VPS. I used this tutorial. Essentially, setup a non root user, use ssh keys, and setup ufw. Also make sure to allow port 9735 through ufw for lightning. I also additionally made adjustments to the ssh config and installed fail2ban.
Setup an OpenVPN server on the VPS. I used this tutorial.
Install on OpenVPN client on the local linux machine and connect to the server. The tutorial from step 4 shows how to this. Keep this connected for step 6.
SSH into the VPS and figure out the OpenVPN IP address of the client. It should be 10.8.0.x. To figure out the x, setup a simple python web server or something on the local machine on port 8000 or something and open the port on ufw in the local machine. Keep the OpenVPN connection, and use a new ssh session when accessing your local machine. Don't kill the OpenVPN connection, as it may complicate things when finding the ip. mkdir testweb cd testweb echo hello >> index.html sudo ufw allow 8000 python -m SimpleHTTPServer 8000
SSH back into the VPS. Run the curl command below, and try all the numbers between 2-10 for x. When you get hello as your output, then you found the right IP. I found mine at 6. You may have to try higher numbers, but this is unlikely. You can kill your python webserver on your local machine once you find it. curl 10.8.0.x:8000
Once you have the IP, you want to make this static, so it doesn't change when you reconnect. This is done on the VPS side, so ssh back into the VPS. This tutorial worked for me. Just make sure to change values like the CommonName and and the IP to match yours (client1 and 10.8.0.x). If it doesn't work search "make openvpn ip static" and look around.
SSH into your local machine, and make the OpenVPN connection persistent. You can kill the OpenVPN connection now. Doing this and this worked for me. If it doesn't work search "openvpn keepalive" or "openvpn auto connect linux" or "make openvpn connection persistent linux".
Restart your local machine, and make sure it connects on boot. Do the python webserver test again, and make sure the same ip is shown on the VPS, and it is still accessible.
SSH back into the VPS. Now, you have to port forward with iptables. you have to add the 2 lines below starting with -A PREROUTING in the same place in your /etc/ufw/before.rules file. Here is what mine looks like. Change the x to your OpenVPN IP. Do sudo ufw disable and sudo ufw enable to restart ufw to update your changes. *nat :POSTROUTING ACCEPT [0:0] -A PREROUTING -i eth0 -p tcp -m tcp --dport 9735 -j DNAT --to-destination 10.8.0.x:9735 -A PREROUTING -i eth0 -p udp -m udp --dport 9735 -j DNAT --to-destination 10.8.0.x:9735 -A POSTROUTING -s 10.8.0.0/8 -o eth0 -j MASQUERADE COMMIT
SSH into your local machine. Change your lnd.conf to match with this setup, like changing the externalip. Here is what my config looks like, a slight tweak from the Raspibolt one: [Application Options] debuglevel=info maxpendingchannels=5 alias=GCUBED [LND] color=#68F442 listen=0.0.0.0:9735 externalip=184.108.40.206:9735 [Bitcoin] bitcoin.active=1 bitcoin.mainnet=1 bitcoin.node=bitcoind [autopilot] autopilot.active=1 autopilot.maxchannels=5 autopilot.allocation=0.6
Do a sudo service lnd restart to restart lnd and apply the changes. Remember to do a lncli unlock after any restarts. Your lnd node should now have a public static ip. Look it up a few hours after you do this on 1ml, your ip should be the one of your VPS now.
I am monitoring this for free with uptimerobot. It will notify you if it has gone down. So far mine has been running for 3 days and hasn't gone down. EDIT: Formatting EDIT 2: The main reason I didn't use a ddns or a hidden service was mainly for high uptime, and low latency. I am planning on developing a lapp with this node and I didn't want to risk any downtime. Running lightning as a hidden service is a great idea as well, this tutorial shows how to achieve something similar with the clearnet. EDIT 3: You can achieve a similar result from using TOR
Dogecoin (DOGE): The Shiba Inu Meme That Turned Into A Major Cryptocurrency
https://preview.redd.it/nn02rwgxta221.png?width=660&format=png&auto=webp&s=eb7066777df5f7e7f1b680da2af1691008afff11 https://cryptoiq.co/dogecoin-doge-the-shiba-inu-meme-that-turned-into-a-major-cryptocurrency/ Atsuko Sato adopted a Shiba Inu from an animal shelter, and eventually took the famous Doge picture in 2010. The picture itself is entrancing, something like a hybrid between the Mona Lisa and a disturbed Shiba Inu. It is impossible to tell what exactly the shibe is thinking, leaving people open to interpret its thoughts. Someone on the internet posted the shibe’s possible thoughts all over the image in pastel colors (below image), and the Doge meme was born, and soon proliferated across the internet. This is ultimately what led to the creation of Dogecoin, a cryptocurrency ranked #21 on CoinMarketCap with a market cap of USD 279 million. Although Dogecoin started with just a meme, it now has one of the most active communities in the crypto space, and will likely be a major cryptocurrency long term. https://preview.redd.it/qs7prtlzta221.png?width=369&format=png&auto=webp&s=19cf1de4d845864c6923fc350971832a12b06d4f Billy Markus and Jackson Palmer were cryptocurrency enthusiasts who also loved the Doge meme, and that led them to launch Dogecoin on 6 December 2013. There were only 59 cryptocurrencies on CoinMarketCap when Dogecoin was listed, and Dogecoin was certainly the first memecoin. Dogecoin rapidly became successful, with the first Dogecoin rally on 19 December 2013. Dogecoin’s early success led to numerous other crypto enthusiasts launching meme and joke coins, but none of them succeeded in the long run. Dogecoin is the only memecoin that has become a major cryptocurrency, most of the others have totally failed. Practically all of the cryptocurrencies that have launched in 2017 and 2018 utilized initial coin offerings (ICOs), making them impossible to obtain without buying them. Dogecoin on the other hand had a humble and fair launch, with zero premine, and profitable mining from the beginning. Dogecoin uses the Scrypt Proof of Work algorithm, and back when Dogecoin launched it was easy to earn significant amounts of Dogecoin with a personal or gaming computer. This made Dogecoin very attractive to crypto miners, since miners could earn numerous coins even with the cheapest mining setup, versus Litecoin mining where it took weeks or months to earn an entire Litecoin. There is definitely a psychological boost when miners receive entire coins rapidly, versus small fractions of a coin. To this day Dogecoin continues to be a #1 choice for people mining via Scrypt Proof of Work on personal computers, which causes a continuous flow of new users into the Dogecoin community. This gives Dogecoin a competitive edge over many of the newer cryptocurrencies. What makes Dogecoin truly unique is its active and friendly community. There are many Dogecoin forums and chats, but the dogecoin subreddit is the central nerve of the Dogecoin world. Back in 2014 and 2015 Dogecoin tips were raining down from the sky in dogecoin, which caused many people that never used cryptocurrency before to begin using Dogecoin, since they would get some Dogecoins for free, and then begin using and talking about Dogecoin. This made dogecoin and Dogecoin itself fun, if not addicting. Tipping continues to this day on dogecoin. The atmosphere of tipping and friendliness made dogecoin the perfect environment for crypto newcomers. New crypto users learned about creating their first wallet, mining cryptocurrency, trading cryptocurrency, developing crypto apps, and how to objectively analyze ongoing events in the crypto space, and were rewarded throughout the process. Compare this to the central nerve of the Bitcoin community, which is Bitcoin and Bitcointalk, which has very useful information, but a more aggressive community and barely any tipping. Fundamentally this is because the Bitcoin community is focused on making money, while the Dogecoin community is focused on giving away money to build a better world. Dogecoin continues to onboard many new crypto users, and numerous veteran crypto users like Dogecoin and continue to buy it and use it, since that is where they started. Just like people grow up in a certain place and like to stay there or visit, many crypto users grew up in the Dogecoin community and never stop coming back. Essentially, Dogecoin is the gateway to the crypto space, and will probably hold that position long term. There is no other crypto community that is so focused on helping others, since most crypto communities are focused on competitive money making. Therefore, Dogecoin appears to have the right stuff to stay near the top of the CoinMarketCap rankings for the foreseeable future.
IOTA is an open-source distributed ledger protocol launched in 2015 that goes 'beyond blockchain' through its core invention of the blockless ‘Tangle’. The IOTA Tangle is a quantum-resistant Directed Acyclic Graph (DAG), whose digital currency 'iota' has a fixed money supply with zero inflationary cost. IOTA uniquely offers zero-fee transactions & no fixed limit on how many transactions can be confirmed per second. Scaling limitations have been removed, since throughput grows in conjunction with activity; the more activity, the more transactions can be processed & the faster the network. Further, unlike blockchain architecture, IOTA has no separation between users and validators (miners / stakers); rather, validation is an intrinsic property of using the ledger, thus avoiding centralization. IOTA is focused on being useful for the emerging machine-to-machine (m2m) economy of the Internet-of-Things (IoT), data integrity, micro-/nano- payments, and other applications where a scalable decentralized system is warranted.
A seed is a unique identifier that can be described as a combined username and password that grants you access to your IOTA. Your seed is used to generate the addresses and private keys you will use to store and send IOTA, so this should be kept private and not shared with anyone. If anyone obtains your seed, they can generate the private keys associated with your addresses and access your IOTA.
Non reusable addresses
Contrary to traditional blockchain based systems such as Bitcoin, where your wallet addresses can be reused, IOTA's addresses should only be used once (for outgoing transfers). That means there is no limit to the number of transactions an address can receive, but as soon as you've used funds from that address to make a transaction, this address should not be used anymore. Why? When an address is used to make an outgoing transaction, a random 50% of the private key of that particular address is revealed in the transaction signature, which effectively reduces the security of the key. A typical IOTA private key of 81-trits has 2781 possible combinations ( 8.7 x 10115 ) but after a single use, this number drops to around 2754 ( 2 x 1077 ), which coincidentally is close to the number of combinations of a 256-bit Bitcoin private key. Hence, after a single use an IOTA private key has about the same level of security as that of Bitcoin and is basically impractical to brute-force using modern technology. However, after a second use, another random 50% of the private key is revealed and the number of combinations that an attacker has to guess decreases very sharply to approximately 1.554 (~3 billion) which makes brute-forcing trivial even with an average computer. Note: your seed is never revealed at at time; only private keys specific to each address. The current light wallet prevents address reuse automatically for you by doing 2 things:
Whenever you make an outgoing transaction from an address that does not consume its entire balance (e.g. address holds 10 Mi but you send only 5 Mi), the wallet automatically creates a new address and sends the change (5 Mi) to the new address.
The wallet prevents you from performing a second outgoing transaction using the same address (it will display a “Private key reuse detected!” error).
This piggy bank diagram can help visualize non reusable addresses. imgur link [Insert new Safe analogy].
When a new address is generated it is calculated from the combination of a seed + Address Index, where the Address Index can be any positive Integer (including "0"). The wallet usually starts from Address Index 0, but it will skip any Address Index where it sees that the corresponding address has already been attached to the tangle.
Private keys are derived from a seeds key index. From that private key you then generate an address. The key index starting at 0, can be incremented to get a new private key, and thus address. It is important to keep in mind that all security-sensitive functions are implemented client side. What this means is that you can generate private keys and addresses securely in the browser, or on an offline computer. All libraries provide this functionality. IOTA uses winternitz one-time signatures, as such you should ensure that you know which private key (and which address) has already been used in order to not reuse it. Subsequently reusing private keys can lead to the loss of funds (an attacker is able to forge the signature after continuous reuse). Exchanges are advised to store seeds, not private keys.
You can track the current cheapest way to buy IOTA at IOTA Prices. It tells you where & how to get the most IOTA for your money right now. There's an overview of the exchanges available to you and a buying guide to help you along. IOTAPrices.com monitors all major fiat exchanges for their BTC & ETH rates and combines them with current IOTA rates from IOTA exchanges for easy comparison. Rates are taken directly from each exchange's official websocket. For fiat exchanges or exchanges that don't offer websockets, rates are refreshed every 60 seconds.
What is MIOTA?
MIOTA is a unit of IOTA, 1 Mega IOTA or 1 Mi. It is equivalent to 1,000,000 IOTA and is the unit which is currently exchanged. We can use the metric prefixes when describing IOTA e.g 2,500,000,000 i is equivalent to 2.5 Gi. Note: some exchanges will display IOTA when they mean MIOTA.
Can I mine IOTA?
No you can not mine IOTA, all the supply of IOTA exist now and no more can be made. If you want to send IOTA, your 'fee' is you have to verify 2 other transactions, thereby acting like a minenode.
Where should I store IOTA?
It is not recommended to store large amounts of IOTA on the exchange as you will not have access to the private keys of the addresses generated.
A seed is a unique identifier that can be described as a combined username and password that grants you access to your wallet. Your seed is used to generate the addresses linked to your account and so this should be kept private and not shared with anyone. If anyone obtains your seed, they can login and access your IOTA.
How do I generate a seed?
You must generate a random 81 character seed using only A-Z and the number 9. It is recommended to use offline methods to generate a seed, and not recommended to use any non community verified techniques. To generate a seed you could:
IOTA seed = 81 characters long, and you can use A-Z, 9
Giving 2781 = 8.7x10115 possible combinations for IOTA seeds
Now let's say you have a "super computer" letting you generate and read every address associated with 1 trillion different seeds per second.
8.7x10115 seeds / 1x1012 generated per second = 8.7x10103 seconds = 2.8x1096 years to process all IOTA seeds.
Why does balance appear to be 0 after a snapshot?
When a snapshot happens, all transactions are being deleted from the Tangle, leaving only the record of how many IOTA are owned by each address. However, the next time the wallet scans the Tangle to look for used addresses, the transactions will be gone because of the snapshot and the wallet will not know anymore that an address belongs to it. This is the reason for the need to regenerate addresses, so that the wallet can check the balance of each address. The more transactions were made before a snapshot, the further away the balance moves from address index 0 and the more addresses have to be (re-) generated after the snapshot.
What happens if you reuse an address?
It is important to understand that only outgoing transactions reveal the private key and incoming transactions do not. If you somehow manage to receive iotas using an address after having used it previously to send iotas—let's say your friend sends iotas to an old address of yours—these iotas may be at risk. Recall that after a single use an iota address still has the equivalent of 256-bit security (like Bitcoin) so technically, the iotas will still be safe if you do not try to send them out. However, you would want to move these iotas out eventually and the moment you try to send them out, your private key will be revealed a second time and it now becomes feasible for an attacker to brute-force the private key. If someone is monitoring your address and spots a second use, they can easily crack the key and then use it to make a second transaction that will compete with yours. It then becomes a race to see whose transaction gets confirmed first. Note: The current wallet prevents you from reusing an address to make a second transaction so any iotas you receive with a 'used' address will be stuck. This is a feature of wallet and has nothing to do with the fundamental workings of IOTA.
What does attach to the tangle mean?
The process of making an transaction can be divided into two main steps:
The local signing of a transaction, for which your seed is required.
Taking the prepared transaction data, choosing two transactions from the tangle and doing the POW. This step is also called “attaching”.
The following analogy makes it easier to understand:
Step one is like writing a letter. You take a piece of paper, write some information on it, sign it at the bottom with your signature to authenticate that it was indeed you who wrote it, put it in an envelope and then write the recipient's address on it. Step two: In order to attach our “letter” (transaction), we go to the tangle, pick randomly two of the newest “letters” and tie a connection between our “letter” and each of the “letters” we choose to reference.
The “Attach address” function in the wallet is actually doing nothing else than making an 0 value transaction to the address that is being attached.
Why is my transaction pending?
IOTA's current Tangle implementation (IOTA is in constant development, so this may change in the future) has a confirmation rate that is ~66% at first attempt. So, if a transaction does not confirm within 1 hour, it is necessary to "reattach" (also known as "replay") the transaction one time. Doing so one time increases probability of confirmation from ~66% to ~89%. Repeating the process a second time increases the probability from ~89% to ~99.9%.
How do I reattach a transaction.
Reattaching a transaction is different depending on where you send your transaction from. To reattach using the GUI Desktop wallet follow these steps:
Click 'Show Bundle' on the 'pending' transaction.
Click 'Rebroadcast'. (optional, usually not required)
Wait 1 Hour.
If still 'pending', repeat steps 1-5 once more.
Does the private key get revealed each time you reattach a transaction?
When you use the reattach function in the desktop wallet, a new transaction will be created but it will have the same signature as the original transaction and hence, your private key will not revealed a second time.
What happens to pending transactions after a snapshot?
IOTA Network and Nodes
What incentives are there for running a full node?
IOTA is made for m2m economy, once wide spread adoption by businesses and the IOT, there will be a lot of investment by these businesses to support the IOTA network. In the meantime if you would like to help the network and speed up p2p transactions at your own cost, you can support the IOTA network by setting up a Full Node. Running a full node also means you don't have to trust a 3rd party light node provider. By running a full node you get to take advantage of new features that might not be installed on 3rd party nodes.
How to set up a full node?
To set up a full node you will need to follow these steps:
Download the full node software: either GUI, or headless CLI for lower system requirements and better performance.
Get a static IP for your node.
Join the network by adding 7-9 neighbours.
Keep your full node up and running as much as possible.
A detailed user guide on how to set up a VTS IOTA Full Node from scratch can be found here.
How do I get a static IP?
To learn how to setup a hostname (~static IP) so you can use the newest IOTA versions that have no automated peer discovery please follow this guide.
How do I find a neighbour?
Are you a single IOTA full node looking for a partner? You can look for partners in these place:
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Upgrading from an FX-8350 to a R7-1700. Just a bit about me – I have been building computers since the mid 80’s. I missed the 8-inch floppy disk era, but came on board when dual 5.25” was considered mainstream and a 10-megabyte full-height HDD was the mark of a power user. The first computer I built for my own enjoyment was an AMD X5-133 (a factory overclocked 486 faster than the Pentium-75), and I’ve used a wide variety of systems since then, including a Pentium Pro-200 which served me well in college and a K6-2 which I took to quite a few LAN parties. While I’ve always had Intel notebooks, my PC’s have been AMD for quite some time now. I decided to upgrade my current main machine, which is an FX-8350 with a mild 4.4Ghz overclock. I was using 2x8GB Crucial Ballistix DDR3-1600 and a Sapphire Radeon Fury Nitro. While I know the R5-1600x would be a better bet for a pure gaming build, I have a soft spot for 8-core machines. I had been tempted to pull the trigger on an i7-7700k for a while, but the timing never worked out. But when I found the R7-1700 at a deep discount and an X370 motherboard on the shelf next to it – I couldn’t resist the siren call of a new build. Here are my thoughts about the process: AM4 is physically the same as AM3 from a build perspective, except for the mounting holes. I don’t know what was so important about making the holes have different offsets, but this makes it much more difficult to get quality cooling. Not all manufacturers have brackets yet, and I’m still waiting on Cooler Master to release the brackets for my Siedon 240. The new motherboard feels very different from my AM3 board. My FX-8350 sat on an ASUS M5A99FX Pro R2.0. It was, for lack of a better word, a very workstation-ish board. 4 PCIx16 slots, 10x USB ports (2 of the USB 3.0), triple USB 2.0 front panel headers (and a USB 3.0 front panel header as well), eSATA on the rear panel, beefy VRM and Northbridge cooling, Toslink output for audio, and so on. The board itself is full of tiny components, support chips, and ports. Granted, many of these connectors are outdated (eSATA and USB2.0), and the PCIe is only 2.0 instead of current-gen 3.0, but there is a LOT of connectivity. Few people paired an FX chip with triple of quad-GPU for gaming, but I know a fair number of people used these for bitcoin mining back before there was widespread ASIC support and back then GPU mining was the most cost-effective way to mint cryptocurrency. Extra PCIe slots could be used for dedicated video capture, PCI-based storage, a RAID card, etc... Having 4 full-size slots allows this kind of flexibility. The new motherboard is an Asrock Fatal1ty x370 Gaming K4. It does not feel very workstation-ish at all. It has only two 16x PCIe slots (and when they are both in use they are only 8x), 8 USB ports on the rear panel, and a much less “busy” motherboard. Very few support chips litter its surface. Instead of a workstation component, it feels much more like a luxury consumer product. This is not a bad thing – just something I noticed while building the system. The rear IO shield is red and black to match its gaming aesthetic, it includes things like premium audio (including a very nice headphone amplifier for the front panel connectors), and while it only has 8x USB ports on the back, 6 of them are USB 3.0 and two of them (including a type-C connector) are USB 3.1 gen2. It includes RGB LED’s under the chipset heatsink and three separate RGB LED controller ports (one of which is used for the boxed cooler), Intel gigabit Ethernet, and dual M.2 slots (one of which connected directly to the CPU). It is very different in “feel” from the older ASUS board, even down to things like a shroud for the external connectors and metal-reinforced PCI slots. I must say, its more aggressive appearance and near-empty areas appeal to me. It does, however, funnel the builder into a particular configuration: limited fast storage through the M.2 slots, slow(er) storage through the 6x SATA ports, all external devices should be USB 3. Personally, these limitations didn’t restrict me for this build, since that was how I was going to set it up anyway, but the fewer connectivity choices might cause some pause for others. The only thing I don’t like about this board is the 20 second POST times. 20 seconds every time. Resuming from sleep is very fast, just reboots are slow. That’s really it. I have no substantive complaints other than that – well, and the memory speed limitations – more on that below. The Wraith Spire cooler is without doubt the best looking box cooler I’ve ever seen. The symmetrical cylinder look, combined with the LED logo and RGB ring are very striking. I can see why many people have asked to order one, though I think for the 1700X and 1800X they are better off without it. I’ll explain why further down. Initial hardware setup was very easy. I was able to flash to the newest 2.0 BIOS without any hassle using a DOS USB flash boot drive. The 2.0 BIOS has the newest AGESA code from AMD, as well as support for the R5 processors and better DDR4 compatibility. I didn’t want to cheap out on RAM since apparently Ryzen is sensitive to DDR4 speeds for the latency between cores. I bought the cheapest 16GB DDR4-3200 kit I could find (the EVGA SuperSC 2x8GB), for which I paid $115. While I was not able to get it to boot at 3200, I could get 2933 simply by activating XMP, then manually changing the speed from 3200 to 3000. I then tested it with MemTest86 for two complete cycles, which it passed without errors. I have encountered zero memory issues with these RAM sticks running at 2933. Since this motherboard does not officially support DDR4-3200 at all, I figure this is a good outcome. I am curious to know whether anyone has gotten 3200 on this board – that is, whether the lack of 3200 memory on Asrock’s QVL is a marketing issue or an actual hardware limitation – but I didn’t want to spend nearly double that amount in order to get AM4 verified memory (G.Skill’s FlareX), and 2966 seemed fast enough from the benchmark results I had read. My old setup had a Samsung 850 EVO 256gb SATA6 drive as the primary boot/gaming drive. It seemed plenty fast but it had become too small for my needs, so this seemed like a good opportunity to buy a new SSD. I originally thought the NVMe drives would be out of my price range, but I bought the Intel 600p 512GB drive for only $10 more than I would have paid for a premium SATA6 drive. Though the 600p is without doubt the SLOWEST NVMe drive out there, it has 3x the read speed as the SATA6 drives, and most of what I am doing with it is trying to get quicker load times. If I was using it for professional workloads (as a video editing scratch drive, for example), I would need much higher sustained write speeds and then Samsung would be the obvious answer. I just didn’t want to spend an extra $80 on write performance that I’d never notice, and the 600p has been an excellent boot/gaming drive. Ok, back to the Wraith Spire. I tend to have bad luck with the silicon lottery. My FX-8350 was not able to be stable above 4.4Ghz with reasonable temperatures. I was hoping I would be able to get better results from the R7-1700, since general reports indicated that it overclocked well. Unfortunately, it is difficult to tell how good of an overclock I am getting since I can find no good information about maximum recommended temperatures for this chip. Some people say 75c is the maximum safe temp. Others say 75c is a fine everyday 24/7 temp. Others say they are running it at 80c all the time without any issues at all. Steve at Techspot was getting 88c and 90c when overclocking the 1600X and 1500X using the stock coolers and without any instability – were those dangerous temps or totally fine? Nobody seems to know. I like my overclocks to be set-and-forget. I want to get it dialed in and then leave it for years without worrying that it will burn up or degrade or that in this or that application I have to turn back to stock speeds because of the thermals. Since I don’t know what max safe thermals are, I just have to guess based on stock thermals. For stock speeds, the Wraith Spire does a good job. It is very quiet, and after a few BIOS fan-curve tweaks, it keeps the chip around 35-38 at idle, and around 68-70 on Prime95 (Small FFT, for maximum temperature generation). Incidentally, it also hits 70 if I run Cinebench a bunch of times in a row as well, so I don’t consider the Small FFT test to be totally unrealistic for the load this chip might encounter. From what I can tell, these are good normal temps. I can get 3.5Ghz by simply changing the multiplier and leaving the voltage at stock. This gives Cinebench numbers around the 1550 mark (roughly 6900k levels). Prime95 shows a modest boost in temperatures of 3-4 degrees C, and was stable even for several hours. If I push it to 3.6Ghz at stock voltage the system is unstable. At 3.7Ghz (the 1700’s boost speed for single-threaded loads) it is stable only if I give it 1.3v. While that is a totally fine voltage (AMD recommends up to 1.35v for 24/7), the Wraith Spire cannot handle a Prime95 Small FFT load anymore. I shut down the test and reverted the OC when the CPU read 89c. Given the fact that the Spire was meant to cool a 65w chip (and so probably is rated at no more than 85-95w), this is not a terribly surprising temperature – I wish I knew if it was dangerous. I have no doubt that a 240mm radiator or even a decent tower cooler will be more than enough to cool down my 3.7Ghz R7-1700. I am a little jealous of the people who just set the multiplier to 3700 and are good to go – lower voltages probably mean the Spire would be enough. But for me, it was not to be. I was halfway tempted to see at what temperature the chip would reduce its clock speed, but I didn’t want to burn up a chip I had just bought – might as well wait until I get bigger and better cooling to OC it to the 3.8-3.9 I hope it will reach. Other than the OC temps it has been smooth sailing. Gaming feels more fluid than with the FX, even in games that I always thought were GPU-limited and/or running at 60fps with VSYNC on. Especially games that are sensitive to single-core performance (Heroes of the Storm is my latest addiction) there is a definite boost in 1% low and 0.1% low FPS. I have been using the Ryzen Balanced power plan from AMD and it seems to do a fantastic job keeping temps low when idle and letting the cores ramp up really fast when needed. I need to test whether the lack of core parking prevents it from hitting the 3.7Ghz boost as much as the regular Balanced plan allows. I think a simple CineBench single-thread comparison will do the trick. I also tried streaming a bit – and it was able to generate 1080p60fps at x264-medium settings without being noticeable while in game. Later I edited some video of my kids – the final render speed was SOOOO fast. I am, on the whole, very happy with my upgrade. I get better single-core performance, much much better multi-core performance, along with faster disk speeds, and a more modern platform (with RGB lighting, M.2, USB 3.1, etc…). Now if only I could find out appropriate temperatures…..
Of Wolves and Weasels - Day 148 - DOGE4DOGE - Building a Worldwide Brand
Hey all, GoodShibe here! With our Bootstrap Service Economy starting to take shape, I think now is an excellent time for us to talk about Marketing and Advertising and how we're actually more than just a coin - why we're building a Worldwide Brand. And why that's a great thing. You see, I read a post today from slipstream- Reading comments on hacker news and found this interesting comment related to dogecoin... Which got me thinking. See, traditionally, I've never been a 'sales' person or an 'Advertising' person. In fact, I have, especially when I was younger, espoused a very... uh... Bill Hicks-ish (warning: NSFW language) approach to the topic. So what changed? Mostly, my perspective. Marketing and Advertising are tools, no more or less bad than hammers or power saws. Heck, I spent all last weekend Advertising for the Lego Movie without even realizing it. (Seriously, I'm not being paid for this, but check it out, it's awesome). But we do it all the time. We want people to know about and appreciate the same things that we do. We tell people where to try good food, where the best grocery deals are, where the cheapest gas is, what Radio stations we like, what TV shows and movies we're watching. If you've ever used a Foursquare-ish app to announce your location, you're Advertising for someone - doing their work for them. If you've ever raved about how awesome Game of Thrones is... you're Advertising. Most of us don't realize it, but there's actually quite a difference between Marketing and Advertising. Advertising is only about getting the word out there - it is only a small part of the Marketing process. But Marketing itself covers quite a large number of other factors: "Market research, media planning, public relations, product pricing, distribution, customer support, sales strategy, and community involvement." (From above, linked article) And, whether we realize it or not, we're actively taking part in this process, daily. Here's a brief set of examples, just off the top of my head: Market Research - What are the other coins doing? What's Bitcoin/Litecoin/etc doing? Media Planning - Hey, let's help get the Jamaican Bobsled Team to Sochi. Public Relations - See our What is Dogecoin Video Product Pricing - How many threads exist about us watching the price and waxing poetic about where it should and shouldn't be? Distribution - Tipping Customer Support - /Dogeducation, for one. HowToDoge.com, DogecoinTutorial.com, all sorts of options there. Sales Strategy - DOGE4DOGE is all about helping our coin gain acceptance locally and worldwide Community Involvement - I'm pretty sure this one goes without saying Where Marketing and Advertising go to the Dark Side is when it becomes about Lies. When you can't actually sell the product on its merits. The International Brand that we're building with Dogecoin is something that WE'VE had a say in every step of the way. Our symbol, our coin, has come to represent our values of Fun and Kindness, Compassion and Camaraderie - worldwide, no matter what language you speak. We fight for the the Underdoge - and we believe that the future of money is in showing appreciation for people, instantly, no matter where they are in the world. Financially empowering the people who are working to make their world a more fun, more interesting, better place to live. No one person did this. You did, all of us did. Because we wanted it bad enough. We took a joke and made the world laugh along with us - and there is more joy and laughter and fun and kindness in the world... thanks to you. Thanks to Dogecoin. So while some people might scoff and roll their eyes, I feel that we should continue to pick up and use the tools that we've been given. Because 'Money' is the least revolutionary thing about us. We're not 'going' to change the world. We ARE changing the world. And we're only just getting started. It's 9:05AM EST and we're at 81.05% of DOGEs found. Our Global Hashrate is holding strong at ~46 Gigahashes per second and our Difficulty is down from ~866 to ~713. As always, I appreciate your support! GoodShibe DOGE4DOGE - Bootstrap Service Economy - Shibes helping Shibes for Dogecoins - Add yourself to this list in the comments! Huge ups to calyxa for taking the time put this crazy list in order and add categories. Thank you!! Cryptocurrency-related:
mojud is offering Energy Consumption Simulation for any kind of building, following most of the international regulations, including ASHRAE 90.1 (that is the most famous and used one). This includes renewable energy and energy efficiency measures.
Panda78 is offering PLC programming in Allen Bradley.
jfkfhhfj is offering Printed Circuit Board design. PM if interested.
carnage123 is offering to do simple CAD design work for CNC capable machines (generating simple flat patterns and simple 3d models) for home projects. 20,000 doge an hour.
TheOneThatSaid is offering to help improve or create physical products (design for assembley/design for manufactoring) as an mechinical engineer. Details
Game Tutorial - On-line and Board Games:
Chiajiaho1 is offering all forms of gaming tutorials from LoL, Dota2 to hearthstone!
Fubby2 is offering to teach League of legends for Dogecoin. "I am diamond 2 in that game which is in the top 0.35% on my server." Please PM if interested.
getjenky is offering to Duo Queue with you on League of Legends for Doge, "I'm a Platinum III player. Can't guarantee wins though, and I'd like it if we both had fun playing, I could teach you a thing or two as well."
internobang is offering to teach you to play Go (Baduk), or help to improve your game, for 299 doge an hour! (newbies up to 10 kyus in rank!)
Graphics, Video and Art - Tutorial and Service:
1923and1939 - creator and editor of the Very Much Wow Dogecoin Magazine - is offering to create incredible flyers, websites, print publications, business cards, brochures and more. Check out their work on FirstCointact.
hfn64 - creator of the What is Dogecoin? Video - is offering to edit any after effects or cinema 4d template to include the buyer's name/text request for Doge. They can also do professional sound design!
justvaow is offering to teach basic Photoshop, After Effects, Premiere and/or Sony Vegas skills.
Nicapizza is offering 3d printed things for doge. PM if interested.
dogememe is offering Norwegian lessons over skype. "I'm not a teacher but I'm a native speaker and I'm sure I can do a good job. I accept doge, or if you speak German, Greek, Mandarin or Japanese we can help each other." PM if interested.
Jnk11207 is offering to tutor in Spanish for Dogecoin.
MrGurzo is offering to give lesson in speaking Italian for Dogecoin. "I'm not a teacher but a native speaker, my level of english it's quite good".
nvincent is offering to tutor you in German for Dogecoin.
Kobaek is offering to translate between Latin, English, German and Danish, and teach Danish and basic German and Latin as well. And English, too, for the stray ESL.
Greek19 is offering lessons on speaking Greek for 5k per hour
aboumich is offering to teach you basic Music Theory for Dogecoin.
djchaze is offering intro music lessons for electronic producers. Also does soundtracks for games.
InterFlex is offering to master tracks for Dogecoin. Starting at 20k.
Healdb is offering to teach a class on how to program Reddit Bots for Dogecoin! Will also design a Bot for you, if you prefer: http://bots4doge.com
poltergeistt is offering classes on cross-platform game development in Haxe
soverydoge is offering to troubleshoot CSS / HTML issues for 62,000 D/hr. "It's my full-time job, why not help the Dogeconomy in the evening hours as well?"
DeathRay77 is offering to give Computer Security Advice in exchange for Doge. He is a CISSP and CEH.
artsdruid is offering to tutor lower division classes of geology/geography/meteorology, also geography of California
Writing / Editing:
1point618 is offering to help you fix up your resume for Dogecoin. 25k for consult on how to improve an existing resume, 50k Doge to help you write a resume from scratch (includes phone time). Design help, multiple draft reviews, and added phone time available by request. No Doge will be converted: it will all be tipped and spent as Doge.
JFColeman is offering Copywriting, feature writing, anything journalism related.
NaldotheShibe is offering to provide script coverage or script consultation for doge. Can also do narration for doge (for video or books). "Mods can PM me for proof that I know what I'm doing if necessary."
RedStarDawn is offering proofreading and editing for Dogecoin - "I have proofread and edited various written works from college term papers to genealogical compilations to Master's dissertations" There is a flat rate of 7500 Doge, plus a per page fee for anything over 5 pages, to be negotiated.
the-spb is offering to tutor many people in creative writing, poetry, psychology, or most any school subject. Price 1K-5K DOGE/hr but negotiable. PM if interested.
Projects in need of your attention!
The DOGE League: This sounds like it could be a lot of fun for gaming Shibes and, especially, as we look to integrate the Twitch.tv tipbot that should be coming online soon. He seems enthusiastic but could use some help, any Shibes want to give him a hand?
DOGE4BUSINESS: ShibeShen (whom you may remember from this thread) is looking to create a store that caters to Shibes only. Buys things with Fiat but sells them ONLY in Dogecoin. He's also, specifically, asking you what you'd like to see him sell. This is a great opportunity for Shibes and a well-and-true Tycoon Doge who is willing to stick their neck out for us. Give him a moment of your time, please.
DOGE4DEGA - 2nihon needs help from organized Shibes to help with the promotional efforts at Talladega this fall! Please go join them if you can spare the time!
This thread is built to help users joining STRAKS and the STRAKS community. Please make sure to follow our rules (posted in the sidebar and below). Feel free to use this thread to introduce yourself and ask questions no matter how dumb :). This thread should be considered up to date. However, if you find something that is incorrect, out of date, or simply missing then please contact me or other moderators so we can update it. Thank you!
What is STRAKS?
STRAKS (STAK) is a cryptocurrency platform with only one goal in mind. Innovate e-commerce with the use of digital currency to facilitate smooth, instant, and secure e-commerce transactions. With e-commerce sales projected to reach over $2.8 trillion in 2018 and $4.8 trillion in 2021 and Bitcoin showing signs of failure due to increasing fees and the inability to process large amounts of transactions, STRAKS seeks to take hold with the ability to process over 11 million transactions a day, 40 times the amount Bitcoin can process. This ensures that STRAKS will be able to handle every single transaction with a low fee. This keeps your transactions in a secure and trusted blockchain where miners keep your transactions and the networks secure and safe, making it the easiest and cheapest way to securely purchase goods online.
The main attributes of STRAKS are:
With quickly growing global e-commerce sales STRAKS seeks to assert itself by implementing relevant technologies achieved through development that will help make sure e-commerce transactions are smooth and quick.
Open Source development allows anyone to contribute by simply making a pull request through GitHub. With anyone contributing innovation will lead to rapid product enhancements that will strengthen STRAKS market relevance.
Devolved ownership and access rights, this ensures that the application and STRAKS lifespan are not dependent on a single individual. This allows STRAKS future to be safeguarded, but also your investment and partnerships.
Focusing on the importance of its community, the STRAKS development team is collecting feedback and suggestions from the community. Future implementations such a STRAKS-Vote is on the road-map that will allow STRAKS users to propose suggestions then vote on them. Coins collected from voting will form the basis of funding the idea.
With constant optimization towards transaction speeds you can send and receive STRAKS instantly. With the inclusion of Segwit that increase block-size and capacity it will ensure that the network grows. Segwit with the combination of a block interval of just 60 seconds ensures that your transaction with be confirmed quickly and safely.
Nothing is more important to STRAKS than its community and investors. Safe-guarding both is key. To ensure that the currency remains fungible the Zerocoin protocol will be implemented. The currency will maintain equal values irrespective of past transactions, as transactions will remain untraceable and anonymous. This allows STRAKS to protect its long-term market position.
STRAKS seeks to be 100% self-funded, it has one of the lowest PoW fees on the market. A 5% fee on PoW insures that STRAKS is well-funded through its entire lifespan. This will allow STRAKS to support product development, business development, and operational expenses.
Hello cryptocurrency lovers! Welcome to Coin-a-Year, the laziest series yet in the Coin-a-Day publishing empire. This year's coin is Nyancoin (NYAN). I originally covered Nyancoin in an article here in /cryptocurrency published January 4th, 2015. Without (much) further ado, I'm going to include the original report next, unmodified. This is unlike my Coin-a-Week series, where I use strikeout and update in-text. Because this is going to be a longer update, I'll just make all further comments and updates below, just realize that all information below is as of January 4th, 2015 and thus is more than a year out of date as of posting now, at the end of February 2016. Since I use horizontal rules as internal dividers in the original post, I'll use a double horizontal rule to divide the original text from this prelude and the following update. Coin-a-Day Jan 4th Welcome to the fourth installment of Coin-a-Day! To see convenient links to the introduction and the previous entries, please see /coinaday. Today's coin is Nyancoin (NYAN). Summary • ~173.6 million available currently ; 337 million limit  • All-time high: ~0.000024 BTC on February 16, 2014  • Current price: ~3 satoshi  • Current market cap: ~$1,275  • Block rate (average): 1 minute   • Transaction rate: ~25? / last 24 hours; estimated $3-4  • Transaction limit: 70 / second  • Transaction cost: 0 for most transactions  • Rich list: ???  • Exchanges: Cryptsy  • Processing method: Mining  • Distribution method: proof-of-work block rewards and 1% premine for "bounties, giveaways & dev support"   • Community: Comatose  • Code/development: https://github.com/nyancoin-release/nyancoin ; there hasn't been a released code change in 10 months. The new developer has talked about some changes, but has not made a new release. He has given advice about how to keep the network running and operate the client.  • Innovation or special feature: First officially licensed cryptocurrency (from Nyancat) ; "zombie"-coin  Description / Community: So you're probably wondering why in the world we're talking about a coin which has been declared dead and already written off. I actually first selected this coin to illustrate a "deadcoin", but the more I dug into it, the more I was amazed at the shambles I discovered. I am combining the description and community sections for this coin, because the community (or lack thereof) is the central issue for Nyancoin. Substantially all, if not literally all, of the original infrastructure is gone. From the announcement post, the original website has expired. The nyan.cat site itself survives, but has no reference to the coin. The github repo remains, but then there was never much changed from the bitcoin/litecoin original. In fact, the COPYING file doesn't even list "Nyancoin Developers". None of the original nodes seem to be running anymore. @Nyan_Coin hasn't tweeted since July 6th. And that was just to announce posting an admittedly cute picture to facebook which makes a claim for a future which seems never to have developed. Of the original 15 pools, I think all are dead except p2pool, for which at least one node still supports NYAN. The original blockchain explorer, nyancha.in, is still running. The faucet is dead or broken. The original exchanges no longer list it (two of the three having died; SwissCEX having ended its trading as of the first of this year). And so forth. And yet:
[Of course, that scene finishes with knocking out the "recovering" patient so he can be taken away...not to mention the absurdity of including Monty Python in a financial article, but moving right along.] There is still just enough left to Nyancoin to keep it twitching, even if it is on life-support. Whether it's an individual node or whether it's a pool, there are blocks being produced at a steady rate as intended. Transactions are being processed. There is still a market. There is still a block explorer. And there is a dev. It is like a case study in the absolute minimum necessary to keep a coin alive. The most likely outcome is almost certainly a final collapse when one critical piece or another of the infrastructure goes away. And yet in the meantime, a person can own a million NYAN for $8 , and then move this coin quickly and easy, albeit with no particular external demand. It's like the world's most hyped testnet. I think this case presents an interesting example of what happens to an altcoin when its initial support dries up. NYAN coin is more fortunate than some, actually, as there are some where there are no longer any nodes running it nor the original announcement thread (in fact, there was actually a second Nyancoin launched around the same time. But it died hard and its original announcement thread was deleted and at this point I would have no idea how to access it; so "Nyancoin" thus illustrates how hard a coin can die (Nyancoin 2) as well as how it can hang around despite being proclaimed dead, with far more justification behind that pronouncement than there has been for bitcoin (NYAN) ). Footnotes  http://coinmarketcap.com/currencies/nyancoin/  https://bitcointalk.org/index.php?topic=402085.0 Regarding the premine, it's unclear to me where this money is now, since the original poster hasn't been active on BCT since May and the original site is down. However, given that it's only 1%, and about $25 in value right now, there seem to be more significant concerns for NYAN.  http://nyancha.in/chain/Nyancoin - Nyan blockchain explorer; blocks are somewhat inconsistent but somewhere around the 1 minute average  There doesn't seem to be anything automatically doing these stats, so I did visual inspection on about 1500 blocks (about one day) excluding the block generation reward (~250k/day). Most blocks are otherwise empty. I counted about 24 transactions or so scrolling through, with an outlier around 300k NYAN and another around 100k NYAN. In total, about 500k NYAN, excluding the block rewards. This is very approximately $3-4.  Nyancoin is a basically unmodified, slightly out-of-date bitcoin as far as code goes, and ignoring the change in block rate and total coin supply, as well as the difficulty retarget after every block. So for purposes of estimating maximum possible transaction throughput, I start with bitcoin's estimated 7 transactions per second, and multiply by 10 for having a block on average every minute rather than every 10 minutes. In any event, this limit is not likely to be reached in the foreseeable future.  Like bitcoin, transaction fees appear to be optional in Nyancoin. Unlike bitcoin, there is almost no transaction volume, and coins tend to sit for a relatively long time before being moved. So zero-fee transactions appear to be the norm from looking at a couple transactions on the block explorer.  I couldn't find one. See the disclosure section of this article: your humble correspondent is likely represented in some way on a top 100 if one were to be made or if one exists, despite not holding it directly, depending on how the exchange holds it.  I could not find any other exchanges still listing Nyancoin. SwissCex appears to have disabled it as of a couple days ago. Cryptsy has a notice that the NYAN/BTC market will be closing, but its NYAN/LTC market appears strong.  Essentially all of the original sites, pools, faucets, etc. are dead and there has been very little to replace it. There is basically a single node, or perhaps a very few, which are running the blockchain. However, there is a developer still trying to hold things together, maxvall_dev, maxvall on BCT. He is the last hope for the NYAN.  https://bitcointalk.org/index.php?topic=597877.0 This is the thread where maxvall took over as dev, and it also discusses switching to PoS, which hasn't happened as far as I know.  "zombie"-coin: Not to be confused with ZMB (my god, does it ever end?). This is my term to describe a coin which is "undead": by rights it should be dead. And yet it's still walking around and acting like it's alive. What is it? What's going on? It's quite debatable whether this gives it any special value, but I find it an interesting state, and it's why this was chosen for early coverage. There are plenty of actually popular and successful coins, and we will go onto covering more normal selections; we're looking for variety rather than repetition. But I think this is an interesting example for what can go wrong, and yet in the midst of that, how little it takes for a coin to survive. In fact, it's almost like an alternate history bitcoin to me; this shows the concept that "it was run on one computer before; it can be run on one computer again" to some extent. And there are even some strange pragmatic benefits as well, like having no competition for getting a transaction into a block and thus zero transaction fees.  And, in fact, the author chose to do so today, spending about 0.03 BTC for about 1 million NYAN. Additional Reading • /nyancoins - Like NYAN: mostly dead, but not quite • http://nyan-coin.org/ - new official website • BCT thread listing nodes, xpool (p2pool), for mining information. • americanpegasus predicting in February that NYAN will hit $1; always an entertaining read Giveaway Instead of a challenge today, since NYAN has enough challenges, I decided I would give away 10,000 NYAN to at least the first ten people who ask for it. This still remains at my discretion, but honestly, if you really want, say, 50,000 NYAN and create four new accounts to do so, I'll probably be too amused to say no. I don't expect to get ten requests. If I get more, I'll probably still fulfill them, but as with everything else, this is left to my whim. Donations and Disclosure Okay, this is an important one today because of the tiny market here. I actually hold less USD value in NYAN than in BTC, DOGE, and PPC (although my value in PPC might be about equivalent actually), but I hold more of the total market in NYAN than any of those three. And I'll probably be buying more. So I have a conflict of interest in writing this article. I am not providing financial advice and I do not make any recommendations of any sort on any matters. Make your own decisions; do your own research. Please, I do not want to hear about anyone doing anything "on my advice." I am not offering advice. I personally hold just over 1 million NYAN on Cryptsy right now. Perhaps it would be better if I didn't write any articles about anything I were invested inspeculating on, but I started this series for my own education to further my speculation, so unfortunately, dear reader, your needs come second to my own. tanstaafl; you get what you pay for, and I'm giving you my thoughts. If by some strange quirk of fate you actually own NYAN and enjoyed this article and wished to donate some to me, K7Ho9HghBF6xWwS6JsepE6RAEPyAXbsQCV is mine (first non-empty account I've posted; transferred 1000 NYAN into here earlier from Cryptsy to test that the network and my wallet were actually working). Thank you all for reading and commenting! I've already learned a lot from this process and I look forward to more! Upcoming coins: • January 5th: Nxt • January 6th: Darkcoin • January 7th: Namecoin I'll use alphabetic labeling for footnotes in the updates to avoid any confusion with the footnotes in the original. For simplicity, unchanged items, like the 337 million limit and the 1 minute will not be mentioned, and we'll start with the summary changes. Updates: Summary
Community: We're not quite dead yet; in fact, I think we're getting better! [f]
Code/Development: I have an early draft of NYAN2, but I'm about six months past my initial goal for having it available to use. Life/work/lack of build machine/procrastination. NYAN2 will be a rebase onto a modern LTC codebase which will soft fork to fix a current vulnerability to a fork bug. For now, the network still runs on the same code that it did when I wrote the first article.
Discussion I'm going to consider the community first, since I pointed it out as the weakness and central topic in the last one, then talk about the technical situation briefly, and then review the financial results. The community has been excellent, if I do say so myself. We've got working infrastructure going thanks to the contributions of many Nekonauts (see [f]). Some original Nekonauts have returned or at least popped in from time to time, and new ones like myself have found Nyancoin (I would say given what I wrote in the original, I was still a skeptic of it at that point. Not that skeptics can't be Nekonauts, but I think I'd put my conversion to the cult of nyan shortly after writing that, even though I was already a nillionaire then for the heck of it.) While I do look forward to seeing the community continue to grow in future years and consider that important, I don't think the community is our weakest point any longer; I think it's now our strongest point. I've tried to encourage the community's revival as best I could, including giving away tens of nillions in total, and lots of long rambling articles on my views on ethics and philosophy and frankly it's worked better than I would've really expected (or at least it has coincided with an effective recovery of the community). The community also helped me through at least a couple hard times personally in there as well. The technical situation in Nyancoin is mostly unchanged but slightly improved, although with two additional known vulnerabilities. It's unchanged in that it's the same client. It's improved in that we have an active nyanchain explorer host (nyan.space), and we have a public draft of a plan for a soft forking security fix update in the near future (hopefully by the end of March (although I've slipped these deadlines before and may well miss March for release by a bit, I do think I'm inching closer now and then)). The most serious vulnerability is to forking. This is the bug which hit Peercoin if I recall correctly. NYAN2 is intended to solve this through its soft fork from the LTC fix upstream (from the BTC fix upstream). In the meantime, we've been lucky we haven't been attacked. The tiny marketcap probably helps with not being a particularly attractive attack target. We're not exactly about to pay ransom to move faucet outputs. But that's no excuse; we want this fixed and should have it finally done "soon" (tm). The less serious vulnerability is to a time warp attack in the difficulty function (Kimoto Gravity Well), which relates to general weaknesses it has and issues we've had with large gaps in the block chain because of spikes in the difficulty function causing it to be unprofitable and driving away most of the hash, and then low difficulty and price rise making it attractive to more hash, creating a spike and causing it again. While this is irritating, the chain still works, even if there are fits and starts at times. An important part of the reason I can get away with this is because there is at least one Nekonaut-supporting miner, CartmanSPC, who rescues us from time to time, and did so during the course of this article being written. We have a bunch of pools, but sometimes the hash just isn't there to get us unstuck when the difficulty goes high enough. Another part of the reason I consider it not an especially serious issue is because there's a workaround which works for me (classic bad developer logic): I use a large transaction fee (generally 337 NYAN, although I might have halved it after the most recent halving, I'll probably use 337 again) on my personal wallet by default. If necessary, I use a couple of them. It can make NYAN profitable to mine again despite the higher difficulty and "unstick" the chain. The difficulty function can go back down again in the next block if the gap has been long enough, so that can be enough to keep it going again for a while (although it can also get stuck again irritatingly fast at times). A fix for this will be putting in a better difficulty function for NYAN3, which will require a hard fork. This is tentatively scheduled for feature freeze around the middle of this year, coding to follow, activation sometime early 2017. Financial has been our most disappointing performance. A graph of the 1 year performance right now on coinmarketcap looks pretty sad, showing our fall from a little over 60 satoshi down to around 7 satoshi now. We rose too high, too fast, and I didn't stick with the safe high paying job like a sane person. Instead I hit the road, went to jail, and worked minimum wage. That doesn't sound like a sentence from a cryptocurrency financial review, does it? But the performance of NYAN since the article has been the story of my personal finances, which is the story of my life since then. So, autobiographical coinaday interlude, trying to keep it generally to the most salient points. Well, in 2014 I had been on my way home to Minnesota from California when I was pulled over leaving Eureka, Nevada for speeding (got sloppy and went 45 approaching the 45 sign and thus technically still in the 35; bored cop seeing out-of-state plates). My vehicle reeked of weed, what with having been in Mendocino County previously with no intention of traveling out of the county much less state anytime soon but family emergency brought me back, and the end result was a citation for possession of cannabis and paraphernalia along with the speeding. Fast forward to the beginning of 2015, I'm settled into a good software position and start looking more at cryptocurrency in my spare time. I write the coin-a-day series for a bit and then got annoyed and quit after a while when trying to do one a day on top of an actual job was too much for me (along with some annoyance over criticism; I can be rather thin-skinned at times). But I had gotten interested in Nyancoin, and started buying it up more and more with extra money I was making. And then comes the crash. I had to stop putting as much in as I realized that where I was living and what I was working on wasn't going to work out for me and I needed to figure something else out. So, as I seem wont to do, I went on a roadtrip. I quit my job. And I went back for the court date for my citations and refused to pay, instead spending 10 days in jail rather than pay ~$1400 (I actually had the money in cash available to me if I chose to pay as a backup if I chickened out, but the judge annoyed me enough that I really preferred to be jailed instead of paying, as stupid as that sounds since I'm quite sure the judge didn't care in the least one way or another). After that, I went back to roadtrip lifestyle for a while. It was a nice period. A lot of beautiful scenery; a lot of reading. Eventually, I busted up my car pretty badly...a couple times actually, the second time for good. Fast forwarding through the rest of the year, I worked a couple minimum wage jobs to pay bills and avoid cubicle life and kill some time until I figured out what I was going to do next. Just recently I quit as delivery boy after getting a speeding ticket (I swear, I'm not as horrible of a driver as this makes me sounds, although I have had a bad tendency to speed in the past, which I really have curbed to almost nothing; but I'm clearly not good enough) and am currently writing a Coin-a-Year article with a friend's incentive and applying to do documentation and development with the Nu project. Okay, so what did any of that have to do with NYAN? Well, it's the mess of a life that has led to the fall of the price from 60 satoshi to 7 satoshi. If instead my life history for the time since the article had been simply "I was happily employed writing software", then I don't believe we would have dropped below 20 satoshi. It's easy to see in hindsight. If anyone can lend me a time machine, I'm sure I can get some condensed instructions which should improve performance significantly. Otherwise, just going to have more chalked up for the "character building" tally. So, lessons learned if you are the major buy support for your coin: you need long-term reserves. Whatever you put in bids can be taken out in a moment by a dump for no apparent reason. This is particularly true if you may be quitting your cushy, high-paying job and wandering around without income for an extended period of time. Rather obvious, but hey, maybe someone else can learn from my mistakes. If I'd been bidding as cautiously as I am now from the beginning, I think the price would probably be somewhere from 10-20 satoshi now instead of around 7 satoshi. It's especially unfortunate given that I wanted to be able to demonstrate the more consistent growth possible building a stable store of value, as opposed to the pump and dumps common in altcoins. And instead we had a pump-and-dump looking graph ourselves after I bid up higher than I was able to sustain, and a large (10+ nillion) instadump crashed the market all the way back down to 1 satoshi momentarily. We've had a few large (2+ nillion) dumps since, but nothing that large. We haven't generally had that large of bids though either. It's hard to know when I've exhausted the supply at a price level, when it sometimes waits for a couple weeks or even more and then fills all the bids at once. But I want to maximize the minimum price paid because I think that's important for building confidence in a store of value long-term, which is one of my core goals for NYAN. At the same time, we're still up from the lowest parts of the floor and where I found it. Since I own about 30% [g], the very cheapest supply has been taken off the market. I plan to keep on buying up "cheap NYAN" as much as I can. I've bought up to 60 satoshi before, I'll probably buy up that high this time around. I've got a token 100,000 NYAN ask at 300 satoshi; I hope never to sell lower. Conclusions Now I try to wrap it all together as if I saw this all coming and am the wise expert, despite having had about 90% drop in price in the last year after bidding too high. My original concept was taking the "minimum viable coin" and reviving it to a powerhouse as a textbook example in how to do it. Part of my core concept in this is the arbitrariness of value: throughout history, humans have chosen any number of things as a store of value for the time: salt, large rocks, certain metals, disks, marked sticks, and so forth. While there has generally been a certain logic in the choice, in that there is a locally restricted supply in one way or another, and so forth, from the perspective of other centuries or cultures the choices can seem quite strange. Growing up, I was always struck by how strange the notion of salt being limited and valuable seemed in a world where people were trying to reduce intake and large amounts could be bought for trivial sums. And yet, a key nutrient necessary for life fundamentally makes more sense as being valuable than notched sticks or printed paper or a piece of plastic with some encoded information. Humans have perpetually come up with stranger and stranger ways of storing and transferring value. Each new step, as always, comes with its own disadvantages and, frankly, has generally appeared nonsensical at best and fraudulent at worst to the status quo. Which doesn't mean that each new attempt is valuable. The gold bugs always like to point out that every fiat currency ultimately returns to its true value of zero. And the skeptics of cryptocurrency argue that all cryptocurrencies will eventually return to their true value of zero. It's certainly possible. And it's possible the USD will hyperinflate someday. I tend to try the moderate view for a plausible guess of the future. By that type of logic, I would guess that over the course of decades, USD will in general lose value, and cryptocurrency will tend to slowly gain value. That might not seem the moderate view, but USD not losing value over decades would be truly shocking. And hyperinflation has been predicted since the USD went off the gold standard, or before. So some amount of inflation less than hyperinflation seems like the safe guess (but then, the Titanic arriving would also have seemed like the safe guess to me). And with cryptocurrency, I think it's clear by now the technology will continue to survive. So my first question is with what overall value as a market? It could go down, of course, but that seems unlikely in an already small, young market. Even if all the current crop die off and are replaced, whatever cryptocurrencies are around should be able to do better than a handful of billion in market cap in my view. I believe that cryptocurrency has a bright future ahead of it. The best coins should ultimately survive and thrive. But I've been wrong on most of my major calls so far, like for instance when I thought BTC was over-priced around $5-$10. I think Nyancoin can have an important role to play in the future of cryptocurrency in the years and decades to come, but it's a massively speculative long-shot. See also Nyancoin risks document. But like Linus Torvalds' autobiography, I try to keep "Just for Fun" as a core motto and principle. It's makes for a good hobby project because there will always be more to work on, with a core community motto of TO INFINITY AND BEYOND! Disclaimers / Sponsorship: As I said before:
I am not providing financial advice and I do not make any recommendations of any sort on any matters. Make your own decisions; do your own research. Please, I do not want to hear about anyone doing anything "on my advice." I am not offering advice.
And I'll reiterate that I own about 30% [g] of the current supply of NYAN, which makes me by definition maximally biased. Also, I'm not sure what's up with the address from the first post. It doesn't show up in my current wallet as a recognized address. So, anyhow, don't send there. :-) If you'd like to donate, please consider sponsoring a coin-a-day or coin-a-week article. This is the first sponsored article. This Coin-a-Year article has been brought to you by spydud22 's generous patronage. I'd been meaning to do a Coin-a-Week article on Nyancoin for a while, but between wanting to "wait until the price recovered a bit" and general procrastination, then it seemed like it would make a good Coin-a-Year article, and then I wanted to wait until the price recovered a bit more...anyhow, so thank you spydud22, for causing me to finally do this. :-) Footnotes
[a] nyan.space/chain/Nyancoin ; as of block 1091430, 263738786.71890615 NYAN outstanding. This is slightly over 50% more than the last report, which is what we would expect, since it had existed for about a year then, and has approximately annual halvings. The first year generated about 50% of total supply; the second year generated about 25% of total supply. We should expect in a year to have about 17% (one-sixth) more than we have now.
[b] https://www.cryptopia.co.nz/Exchange?market=NYAN_BTC ; this is the only market reflected in coinmarketcap and it is the primary one on which I trade. Cryptopia also has other base pairs which operate at significantly higher spreads (lower bids; higher asks) and have minimal volume. In the time since the last report, NYAN has traded as high as 60 satoshi (and briefly a little higher at times), but over the last almost twelve months since a peak about a year ago, the price has been generally declining overall, as a gross oversimplification of a lot of movements. This has been an effect of me not being able to keep buying as much and there being large dumps I wasn't expecting from time-to-time. Now I'm taking the approach of building large (one or more nillion (million NYAN)) bids on each price as I slowly work my way back up again in order to be able to handle possible dumps with less price shock.
[c] coinmarketcap.com/currencies/nyancoin/ ; as noted in [b], this only reflects the /BTC basepair on Cryptopia but that's where most of the volume is anyhow. Of course, the market is also not particularly liquid since I'm the primary buyer and have rather limited means currently.
[d] I haven't setup a script to count this yet, among many things on my to-do list for someday, so I went through by hand from what was the then-latest block of 1091430 on nyan.space back to 1089766 which was the first block generated less than 24 hours before. There was actually a three and a half hour block gap at that point, such that the next prior block was about 24 hours and 15 minutes before 1091430 while 1089766 was only about 20 hours and 45 minutes prior, and has a disproportionate number of transactions and value compared to a typical block (8 and ~313,000 NYAN respectively) from the build-up during the gap. But since that gap conveniently started right about at the start of the 24 hour period, doesn't really skew our results here.
Note that there are often times where the UTXO created during one transaction during the day is spent during a later transaction in the day. This can be considered the "same" Nyancoin being "spent" twice in the same day in our total. But in practice, I believe what's happening here is the faucet is breaking off small (10-50 NYAN) pieces from a larger (~40,000 NYAN) chunk, and so that pops up a bunch of times. So the total NYAN blockchain volume as counted for this topline number should not be interpreted as "NYAN spent in the day" but "NYAN moved on the chain", where the "same coin" can move many times. So it's a very easily gamed metric and not a strong / resistant metric like the market price tends to be (at least relatively speaking), but it's a fun number to calculate and provides a little bit of information. The transaction count can also be easily inflated and certainly, for instance, having the faucet does generate transactions which are a very common transaction. And this is also just an arbitrary 24 hour period compared to a previous arbitrary 24 hour period. Nonetheless, I do think there's clearly a bit more activity on the Nyanchain, even though the typical block is still empty and the number of transactions and volume is still tiny compared to the major cryptocurrencies. Here's an arbitrary example of the faucet transactions Note the zero transaction fee, which I love that the miners support (the defaults are all quite low as well). Here's an example of what may be the smallest transaction by NYAN volume of the day; but no, I followed its small, spent output, and it led to this gem which also links to this. I have no idea what's going on here, but it's hilarious and I love it. How's that for microtransaction support? :-)
[e] Obviously Cryptsy went down. We had had more than enough red flags with Cryptsy (including one time where I was able to withdraw 6 nillion more than I had in my balance) and got onto Cryptopia. spydud22 basically accomplished that for us, although I helped out in the tail end of the campaigning.
[f] Our community is still small (I wish there were literally dozens of us!) but we've had valuable activity from multiple people, including, just as highlights, vmp32k who hosts nyan.space, a clone of the original nyancha.in, jwflame who created the excellent nyancoin.info intro site, with the awesome status page (which currently notes that "the last 500 blocks actually took 111 minutes, which is approaching the speed of light, causing the universe to become unstable"), KojoSlayer who runs the faucet and dice, spydud22 who got us on Cryptopia, and many other Nekonauts have made worthy contributions, and the Nekonauts mentioned have done more than just that listed. So while we are small, we are active at least from time to time and technically capable.
Blockchain to fix horribly broken e-mail system like it is today?
E-mail as it is, is horribly broken. Horrendously broken. It wasn't that many years ago that you could be assured your e-mail reaches whoever you were mailing to. Today it is a mere suggestion, that perhaps this should be delivered to this person, at least for any automated e-mail. This seems to be creeping to manual, organic email as well. Hell, we are seeing even internal e-mails being flagged by spamassassin as spam, organic, human written conversations! In that instance, the spamassassin is also maintained by one of the largest hosting providers in the world... Hotmail/MS services has been for years (atleast about 4 years now!) been silently dropping email, not all, but some. There's a bit of relief lately, as they have started to favor a bit more marking as spam, rather than silently dropping. I know, most email users don't see this problem, but those who use email a lot to do their work, and those who need to send automated emails (say, welcome e-mails for a service) this is a big problem. (Disclaimer, for us, our niche of hosting probably causes flagging as well. Our site is blocked by many corporate firewalls for example) Blockchain to the rescue? This is an idea i've been toying around with a few years. What if any single e-mail would cost a faction of a cent, and who receives the e-mail, gets paid for it? Now that would solve a lot of problems. I realize there has been some half assed attempts on blockchain based e-mail, but they are about replacing email (never going to happen). Using blockchain to enhance the current experience, with least minimal friction should be the goal, not re-inventing the wheel. Imagine a say 0.01 cent (0.0001 USD) cost per e-mail. This price would not be cost prohibitive even for free e-mail service providers (Ad revenue etc. should exceed this value), never mind any legit e-mail users. Especially considering you get paid for receiving. So all legit e-mail services would work rather well regardless of the cost. (never mind free email service could profit from this) Spam however? To send 1 million emails you would need to pay 100$. How many spammers would continue doing so? At least it makes things much harder, not so easy to use a botnet to send your email when you need to include your private key(s) to the botnet, or make some kind of private key management system, makes more complicated. Small business newsletters? Say you need to send 100k e-mails to legit customers, 10$ is nothing. To human time crafting that newsletter is order (possibly orders) of magnitude greater than that. Price would also fluctuate as per the market. The most difficult thing would probably be setting the self balancing mechanisms to keep per mail cost sensible. As such, the biggest hurdle in this might not be technical at all. Technically, how could this work? Sender sends a TX for e-mail they are sending for recipient. This TX contains message with mail ID, and a segment which can be used with the email contents to unlock the private key for the payment. This way it is verified that recipient mail servers receives and reads the email. Once the recipient server has calculated the private key, they can either TX the received sum to their wallet, or this needs to be formatted so that once the sender has sent it, they cannot recover the private key and double spend (technical hurdle A. For someone who knows their stuff unlikely to be an major hurdle) Step by step repeat: * Sender checks if recipient has "MailCoin" capability * Sender sends TX to recipient * Sender sends the email to recipient * Recipient notices on mail header (say x-mailcoin-tx: TXID_HERE) that this is a "mailcoin" mail * Recipient checks TX if it has been received * Recipient puts the mail on delivery queue, antispam is instructed of heavy negative score (MTA admin configurable) * Recipient claims the value of the TX (this is the hurdle A). Recipient can only claim the TX value in case they have received the full e-mail. (Question, can this step be pushed even further down the delivery chain, but still remain MTA only level without mail client support?). Most likely solution is that the header contains the encrypted private key, and chain TX contains the key to decrypt that private key to claim the coins, or vice-versa? Once recipient has the email & payment, they simply mark on their Antispam a automatic lower score and deliver it normally. E-mail server side we have several components:
Recipient server needs component to check for TXs
Sender server needs component to send a TX, and check if the recipient has the capability
Recipient server OR dns zone has indicator the recipient can utilize "MailCoins" (DNS IN TXT field most likely, ie. mailcoin.domain.com. IN TXT publicaddress)
Most typical scenario would be the Recipient server works as outgoing as well, with single wallet. So depending on your mail volume, do you send or receive more on that wallet you might never need to worry about the coins (except for value going skyhigh and having like 10k $ worth of "MailCoins"). So perhaps additional components on per use case are needed, or more likely rudimentary scripting capability (ie. "MailCoin" daemon api) to keep the balances in check. Technical hurdle B: This needs to be super super simple to setup. Or sufficient financial incentive. One would need to develop standard components & configs for exim, postfix, and other MTAs. Infact, make it autogenerate wallet ID etc. and easy to replace or import private keys etc. to put in coins for sending if you need to. Privacy: On the blockchain you would not see the e-mail contents, only that e-mail likely took place (TX with mail UUID) to recipient. If sender can be deciphered it depends on them if it can be traced who they were. Automatic mixers? :) Recipient can also keep cycling the receive addresses to keep things private if they want to. The biggest problem i see here, is that if an attacker can deduce the sender and/or recipient, it might to lead to some issues out of the scope of technical solutions. If attacker could read the emails, they would already have accomplished MitM and could just grab all e-mails. Default implementation should be so, that from recipient address outsider cannot deduce the recipient server nor hostname. Also, if attacker gains access to your mail with full headers, they could see the TXs in blockchain. MTA might need to scrub mailcoin related headers (yuck, scrubbing headers ....) for paranoid users, but most likely solution is that recipient retransmits those mailcoins as soon as they got the private key for the balance. Blockchain: Blocks needs to be done every 10seconds or so, it needs to be fast. Preferrably even every 5 seconds, as not to cause any undue delay. Then again, if your application is reliant on receiving email within seconds, one should consider another means for communicating. Imho, email should be considered a little bit like snail mail, but on internet pace: Couple minutes delay is just OK. Block size given the e-mail volume needs to be fairly large as well, considering the time between blocks. This is technical hurdle C: Hosting the full blockchain. I can easily foresee that this would grow to be terabytes in size. However, any large email operator would have vested interest in ensuring smooth operation of the blockchain, and for them, running a full node would have neglible cost. (Technical hurdle C) Single email sent using the system could easily have TX contents of 100 bytes + TX headers + block headers etc. Say 100 bytes, and 100 million emails per day: 9.31GiB per day, 3 399GiB per year, 5 years later: 16.60 TiB just for the mail TXs. Some estimate there is 200+ billion emails per day, but we all know large portion of this is spam. But even at 50 billion emails a day, 100 bytes per mail TX would add to 4.55TiB per day! So optimizing the blockchain size is obviously going to be important. The volume will be obviously much smaller as semi-spam (those daily half opt-in spamvertising from companies you know) will be lower as well. So probs 100+ billion emails per day at 100% adoption. Blockchain should then be compressed, the whole block. Algorithm probably should favor speed over compression rate, and should be task specifically optimized (needs a simple reference release, where you can just stream the block contents into it and get output as compressed or uncompressed). The more compression there is, the more full nodes will be hosted by smaller operators :) For large e-mail server clusters there should be central store for the blockchain, but this can be accessed on the system administratoconfig level already. The MTA components will just remotely talk to single full node daemon (so not really different from many implementations in existence right now), instead of each one running locally a full node. At today's cheapest hosting rates 16.60TiB is roughly around 85-100€ a month. Purchase cost per 8TB drive is around 230€ mark right now, externals are cheaper. Not an issue for any even semi serious mail provider. Not even issue for datahoarder individuals. However at 100 billion mails per day: 9.09TiB per day added, which is prohibitively large! We should be targeting something like 20bytes per mail final storage spent, or even less. If it looks like it is going to grow really large, full node needs to have configurable multiple storages, so they can store parts of the blockchain on multiple different devices (ie. individual might choose to have it on 4 different external drives). Filesystem side optimizations are needed as well, but these are fairly simple, just split into multiple subdirectories by the 10 thousand blocks or so, ie. 1 for blocks 1-10k, 2 for blocks 10 001 to 20k etc. Filesystems get exponentially slower the more files there is per directory. 10k might start to show slowing down, but is not significant yet. Nodes could also implement secondary compression (compress multiple blocks together), if the blockchain starts to become stupid large. If it starts to become impossible to maintain, we could possibly implement a scrubbing methodology, where very old blocks get the TX contents wiped as they are not necessary anymore. Should not be an issue Blocks with 10second target generated per annum: 3 153 600 Mails per 10second: 115 740 e-mails per 10second block. Final compressed size (say 20 bytes per mail): 2.20MiB + headers etc. per block Let's start small and allow linear growth to this, say 0.1% per day (36.5% annual) and start from 20k / 512KiB. After 3 years: 41.9k / 1072.64KiB per block, After 10 years: 93k / 2380.8KiB. (2027 we should have HDDs in the size of 30TB and daily max size for chain growth is 19.61TiB) On the positive side every problem is an opportunity in disguise. If the blockchain is large, once again botnets will have a hard hard time to spamming, they can't host the full blockchain on infected machines. They will need to develop centralized mechanisms on this regard as well. One method i can see is by having TOR client built in, and via .onion domain to anonymize, but this is two way street, security researchers could exploit this (see above about the private keys) as well. Even without botnets, spammers will need to dedicate significant resources to host the full blockchain. On the flip side, if spammer has also mining operation on the same local area network, they have both the income for mailcoins + full blockchain, and could leverage economies of scale, but this too would increase cost. And after all: This is all about increasing cost for spamming, while having the price in vicinity where real e-mail users, real businesses it is not a significant impact, or may even be an income source Client side Zero, Nada changes. No changes to outlook, thunderbird etc. Everything works under the hood at the MTA level. Very easy adoption for the end user. Everything is in the backend, server side. Economics for users Cost of operation has above been shown to increase wildly for spammers. But how about normal use cases? Joe Average: They receive e-mail a lot more than they send, all kinds of order confirmations, invoices, newsletters and other automated e-mail. They will actually earn (however tiny amounts) from using this system. So for the masses, this is a good thing, they will see the earning potentials! which brings us to .... New business opportunities! I could foresee a business setting up spam traps, the more e-mail you receive the more you earn! So it pays to get your receiver into spam lists. You don't ever need to read these, just confirm receive of them. All of sudden we could see even greater numbers of invalid e-mail addresses in spam lists, making spamming ever more expensive! Free email services might proof to be extremely profitable, to the point of potential revenue sharing with Joe Averages (and above spamtraps). Because free email is mostly joe averages, they will have greater influx than outgoing. On the caveat, free email needs to have limits, but due to the low cost and potential of earnings, they could implement "mail credits" system, base is like 20 emails a day, but each received email could increase this credit limit. As such, it makes actually sense for free email services to implement this at the very least on the receiving side. Business mass emailings. A business which has 100k valid e-mails on their database will not have a problem with paying few dozen bucks to have their mass mailing delivered. BUT they will make extra sure the content is good and targeted, something the recipient wants to receive. These will be the biggest spenders on email, apart from spammers. ISPs, hell they get paid to provide e-mail. And they are on the same spot as free email service providers, they stand to earn more than spend! Blockchain economics This is where things might get interesting, there is so much potential. However, there are several things definitively should not be done:
Initial Coin Offerings
Non-consensus chain (ie. whatever devs say, goes!), always has to be consensus
Infinite & preferential supply
1 & 2 are easy, just do not mine outside of testnet prior to launch. (If devs get paid by companies, there is conflict of interest as well, but let's not get into that right now) 3: Miners and/or full node maintainers decide what goes on. Probably miners like bitcoin is supposed to. 4: Infinite & preferential supply: No after the launch "contracts" etc. to give coins to preferential parties, it should remain as on the launch unless majority consensus says there will be a change. Proof of stake is gray area imho, but then again also proof of work is the rich gets richer. Mining: Storage requirement is a blessing in disguise, the massive storages required for this to function means that there will be no central hardware developer who sells all the shovels, without significant other markets. Ie. WD, Seagate, Toshiba the main players. This means algo needs to be based on the full blockchain being hosted. The hashing needs to be so that GPUs are the king most likely, since almost anything good for CPUs is also doable in GPUs. Eventually someone will likely come with ASIC alternative, but due to masses of data it WILL require high bandwidth, high memory. Nothing like bitcoin currently, where low bandwidth, no memory requirement for the ASIC. There needs to be some expensive commodity components in there (RAM, Storage), and as such GPUs are the most likely candidate, and the bottleneck will not likely be computation, but I/O bandwidth. Quickly thinking, previous block could include number of blocks to be included on the next for verification, in a highly compressible format. Let's say difficulty is number of blocks to be hashed, or from difficulty you can calculate number of blocks to be included. Previous blocks miner just chooses on random blocks to be included on the next one. Listing 10 series of blocks to be included, which can include series instructions. It could request block #5729375+100, or #357492+500 stepping 5 (every 5th block). Hell the random generator could use last block as seed for the next one to make it deterministic YET random as the emails and TXs change. (WTF, Did i just solve how the algo needs to work?!?) Only blocks which would differentiate is the first few, and obviously Genesis, for which an "empty" block would be what is to be hashed. Hashing algo could be SHA256 because of the high requirement of streaming data, and most ASIC miners lacking in bandwidth (infact, it could be made compatible with bitcoin, but only those ASICS with higher I/O bandwidth than storage/ram I/O bandwidth is could actually boost the perf) Different hashable list operations could be (on the block list what to be hashed on the next one): * Single block * Block # + number of blocks * Block # + (number of blocks with stepping) * Block # + number of blocks chosen by random using each hashed block as the seed for choosing next one (makes prefetch, preread, caching not work efficiently) * Number of previous blocks mined (ie. 50 last blocks) * Above but with stepping operator * Above but with choose random next X blocks, with variations based on the last hashed, sum of the hashed * All random pickers would have operation modes for the seed to be used: From hashed sum, the whole block, block contents, block header These modes would ensure the blocks are there and makes it a lot dependable on variable factors, RAM speed, I/O seek time, I/O bandwidth. This way we have proof that the miner has access to those blocks in efficient manner and the full blockchain is stored there, even if it is not practically retrievable from him / her over the internet for others to obtain a copy. HOWEVER, due to the data volumes, i think it is given they have fast access, but a miner would probably prefer not to share their blockchain contents to have bandwidth free for their mining, as the deadlines are tight. It could be built into the full node spec that they do not accept new blocks from sources which are not ready to supply any given block, and perhaps even periodic test of this. However, this would be unenforceable if people start running custom coded nodes which disables this, as it is not part of the blockchain calculation. It is not miner's benefit to "waste" precious bandwidth to serve others the vast blockchain, meanwhile it is end users benefit those running full nodes without mining to get them fast. So an equilibrium might be reached, if miners start loosing out because other miners will not share their blocks, they will start offering them, even if prioritized. At 2MiB blocks, 10 second deadline, a miner would preferentially want the new block within 500ms, which would be barely sufficient time for a round trip across the globe. 500ms for 2MiB is 4MiB/s transfer rate inbound, and when block found you want it out even faster, say 250ms you'll need 8MiB/s burst which very very few have at a home. At more usual 1MiB/s it would take 2secs to submit your new block. On the other hand, if you found the block, you'd have immediate access to begin calcing the next one. Block verification needs to be fast, and as such the above difficulty setting alone is not sufficient, there needs to be nonce. Just picking the right block is not guarantee there will be match, so traditional !???? nonce needs to be set as well most likely. As such, a lot of maths needs to be done to ensure this algorithm does not have dead ends, yet ensures certain blocks needs to be read as full and stored fully by the miners, just plain hashes of the blocks is not sufficient. Perhaps it should be block data + nonce, then all the blocks hashes (with nonce, or pre-chosen salt) and to be generated block combined hash with nonce needs to have certain number of zeroes. Needs testing and maths :) So there are many ways to accomplish proof of storage, we'd need just to figure out the which is the best. Sidenote, this same algo could potentially be used with different settings for immutable, forever storage of data. Since there is no continuing cost to store data, TX Fee for every message (data) byte should be very high in such a coin. Supply. Needs to be predictable and easy to understand. It would be preferential the standard mailing out is always 1x MailCoin, albeit coin itself should be practically infinitively divisable, and as such supply needs to be in the trillions eventually. But these things get complicated really fast, so we need to set a schedule. Current email use is very large, so we should have something in the same magnitude. 8640 blocks per day - so maybe 10 000 coins per block == 86 400 000 new coins per day == 31 536 000 000 new coins per year, halving every 2 years. First halving: 63 072 000 000, Second halving: 94 608 000 000, Third (6 years): 110 376 000 000, but only halving 4 or 5 times to keep some new supply for ever increasing adoption and lost coins. Got all the way here? :D Thanks for reading up. Let me know what you think, and let's start a discussion on the feasibility of such a system! I cannot develop this myself, but i would definitively back an effort up in the ways i can if anyone attempts to do something like this :) And i know i got probably many of the details incorrect The main point of the methods described above is ease of adoption. Without adoption any system is worthless, and with email, you just cannot replace it like that (see the attempts trying to replace IPv4 with IPv6 ...), but you can enhance it. adoption is very critical in communications systems. (No one would have a phone if no one else had a phone) Addendum 1: Forgot to add about pricing and markets, read comment here Addendun 2:Bad actors and voting
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[PSA] Flux's guide to CS:GO trading and how to do other things good too.
Hello /globaloffensivetrade, While I am fairly new to the cs:go trading scene, I have a fair amount of past experience TF2 trading, as well as a few other games, and thus have learnt through a bit of luck and experience how to make profit. I get asked questions multiple times a day about some of these trading basics, and you guys seemed quite keen, so I've decided to write this guide. I spent a lot of time and effort on this, so I would appreciate your feedback and feel free to point out any obvious mistakes. If nothing else, read the bolded and italicised parts. About me: I've been trading in cs:go for about 3-4 months now, and used to trade heavily in TF2 before cashing out my money and investing it into csgo. I've probably put in around ~$1500 from that and have cashed out about $15000, and still have a [fairly decent inventory](#). Before we get to the part on how I did this, we need to start from the beginning. Introduction: When starting to trade, it is a good idea to have an idea what you want. Whether you want to get a particular skin or knife, or earn a living, or just have fun will direct how you might want to trade. I personally trade for fun, but as it turns out making a profit can be quite fun. There is already a good guide to the basics of trading here, and I will try not to reiterate this, but instead explain some more practical details. I recommend you read this if you are completely new to csgo/trading. Some 'tools' of the trade: These are sites or tools which are handy to bookmark, check regularly or use. Trading sites: Everybody knows Csgo lounge or Csgl, and that it can be quite the hive of scumbag and villany, however due to its high traffic flow, is probably one of the best media to trade. (Will add more here if I discover more good trading sites) Pricing Sites: For most items that the average trader deals with, the price can be looked up quite well at www.steamanalyst.com. Now it is important to know that this is the 'market price' and is not the same as its cash value. When dealing with the steam marketplace, keys take a value of $2.5 USD, and thus the price of skins in keys is their market price / 2.5. Keys are the primary currency of csgo trading and are known as 'pure' offers. Cash value of items is their key value x $1.8-1.9. Offering a 5 key skin is not the same as offering 5 keys as a 5 dollar note isn't the same as 5 dollars worth of groceries. Other sites such as csgo stash also has similar information. Pricing for items above market price requires some knowledge and experience. People such as elowynoceania have setup a steam group to price check some of these items and has also written a rough price list found here. A handful of people on this subreddit are also experience in price checking (and I will add a list here of any who are willing; send me a message). Price checkers (with specialty): **It seems that most people I've listed have stopped price checking. If you are willing to help, please pm me with your steamURL and/or specialty with regards to price checking. Pricing for knives and skins can vary on their look, even skins of the same type with the same condition may be worth very different. And somewhat strangely, prices of identically looking skins/knives can be very different if they have different conditions. Browser extensions: This list was compiled by etherfasthere, but I'll copy paste it for convenience. These are incredibly helpful and have streamlined my trading experience, saving me a lot of time and effort.
While I get these two nice weeks off, I thought about putting some time into helping you guys improve your trading experience. Before I make my list, I want to stress this out that these are mostly for Chrome users. If you have no reason not to switch to Chrome, you should do it. Some of the extensions have Firefox versions as well, but not all of them. 1. Enhanced Steam This is a nice extension that isn't necessarily related to trading, but it enhances your Steam experience. This is by far the most complex Steam extension, and the list of features is endless 2. Lounge Companion (Dota 2 & CS:GO) No longer allowed on csgl This will make your CSGL experience better, by allowing you to price check items on the fly and helping you bet easier. 3. Reddit Enhancement Suite This is well known and it will improve your Reddit Experience and once you try it, you won't be able to live without it. Once again, the features are endless. 4. Reddit Trading Flair Linker Enhanced This extends people's flairs when you browse the subreddit. It's really nice because it gives you a clickable Steam link, points out any privacy/VAC Bans/Trade bans and tells you if the person is online or playing anything. 5. Steam Community SteamRep Integration This will highlight profiles banned on SteamRep for you. It doesn't take into account the pending reports, so you might want to do that check yourself. But when that box turns red, you know it's a good warning sign. 6. Steam item search between friends. This helps you find that specific friend of yours that has that nice Bayonet you want. It loads all of your friends' inventories locally and it makes them searchable. It takes a bit of time to preload, but it's a good alternative to searching through inventories yourself. 7. Decline Unavailable Trade Offers (credit to hohchu, and more) This helps you dismiss that annoying green envelope that sticks to you when a trade offer is unavailable.
How to start trading? Now you've bookmarked all those sites I've linked, and read the guides and downloaded all the plugins, what now? Well first in any business, you need to invest something in order to make something, there is no two ways about it. A decent investment (at least $100) will allow you to start trading decently. I recommend the best route to do this is by buying keys off people who are reputable on this subreddit, who sell for around $1.8-2. This is best done via paypal, and will be initially a slow, difficult process as you will have no reputation or rep at this point. You may even want to buy keys off the steam store, however note that these may not be immediately tradeable depending on your payment method. Once you have the keys, look around on the subreddit, csgl, play the game and generally immerse yourself in the community. This will give you some idea of what things are valuable and demanded. Skins which look nice are generally worth more than skins that aren't as nice. Betting skins, such as the AK Redline FT, AWP Asiimov FT, etc tend to be easier to sell just before a tournament, and easier to buy just after. Once you have a good grasp of what is valued, start making a few trades. Add or message people and offer your keys on their items, and then if they say yes, try selling it for a bit more and voila you have just made your first bit of profit. Now I will go much further in depth later on, but this is the gist of it. How to gain reputation? It can be very difficult to gain rep as a beginning trader. There is the catch-22 where people won't sell you things for cash because you don't have rep, and thus you can't get any rep. However, it is very possible to get rep if you present yourself right. Firstly it helps to have a decently set up steam account. Private profiles are strongly discouraged and most people won't even add you. Private inventories may also be an issue to people. Having an older account and/or a steam level above 2-3 will also make things a bit smoother, as people realise you have invested some time/effort/money into your steam account. As an example I will use my profile. I have a prominently displayed 6 year of service badge. I am level 33, which means I have invested a fair amount of money into my steam account, and I have a lot of hours of a variety of games as well as a lot of +rep comments on my profile. It may even be good to put the country you are from on your profile, given that eastern european accounts have a relatively high rate of scammers, and some people will be more comfortable trading you if you are in their country. Now on the flipside, lacking these things may lead to suspicion of being a possible scammer. Secondly, being a generally mature and polite person will build more trust with anybody dealing with you. Being aggressive, abusive or seeming illiterate are red flags which may suggest that you are not a trustworthy person. I personally refuse to accept accidental trade offers which they have put none of my items in, and constantly strive to be an honest trader and to not take advantage of people. Now, these things aren't necessary, but being this kind of person will generally help you overall in trading as well as life. To get meaningful rep for cash trades, you need to setup a thread that isn't your profile, as your profile is not monitored by anybody but yourself. Accusations of scamming can be deleted and +reps can be faked by friends on your profile. So set up a thread here on the steam group: CS:GO Rep. Feel free to copy my setup here but insert your own information which can be found by searching your steamURL on steamrep. Once you've done that, make sure you get the people you trade with to leave a message regarding the trade on your thread, so keep that link handy (I have mine linked on my steam profile). Now probably the easiest way to do this is to buy a few keys off the steam market, and then sell them to people who have a lot of rep. You will lose some money initially, but you will gain some all-important rep, and will soon be able to buy keys for cash. Doing multiple small transactions is the best way to build rep initially. Selling a few keys here and there, and buying a few will start to fill out your thread. How to screen people as potential scammers? There is already a very helpful guide on how to avoid common scams here and here. The most definitive way to tell somebody is a scammer, is if they've done it before and been reported for it. Before doing ANY trade, search their steamURL in www.steamrep.com. A person who is a scammer will have a red outline and it will say 'banned' and will explain why. People who have an orange border with 'x number of reports filed' are generally scammers as well, and I strongly suggest you do NOT trade with either of these types of people. For people who are scammers-to-be, red flags include:
Impersonating another account
Low amount of hours/few games
New steam account/low steam level
Private inventory/not valuable
Not many comments
Russian, Romanian or even Italian, or named laska (sounds racist, but the majority of scammers I've met were either of these)
1:58 AM - laskerZ: razizt guide 0/10 1:59 AM - Horrorshow Flux: hahaha 1:59 AM - laskerZ: I'm hugely offended by it. As an Eastern-European, I DEMAND IT TO BE REMOVED
Young, immature (<15 years old) - don't really understand the results of their actions
Overly keen, impatient to receive your item, offer to pay more than your buyout
Know a lot about how cash trading works without having any rep (though some people may have experience in ebay trades, etc and can be trusted)
Suspicious in any way (if it sounds too good to be true, it usually is)
Basically if they don't have much to lose, often they will be more likely to scam. People with established names and profiles and inventories have much more to lose and so can be more trustworthy. If I were ever to scam, my lost reputation would be more costly in the long run than any single deal, not that is my only reason I don't scam, just to mention another, I'm not an asshole. How to cash trade? Typically paypal is used in most cash trades, being the most convenient generally. Skrill or BTC (bitcoin) can also be used, but I don't personally have much experience in either of these. Typically how trades are done is the buyer will send a money payment as family and friends and pay any fees to the seller, and once the money is confirmed to be received, the seller will send a trade. This method is still possible to be chargebacked, do not listen to anybody who tells you otherwise. Note some countries don't have this option. A middleman can be used, who can be found here, and will hold on to the item before the buyer pays, and will only trade to the buyer once they confirm the seller has received the money. This prevents direct scams, but offers no protection for chargebacks. Chargebacks are the main reason I require people to have rep before dealing in cash with them. How to setup a neat table for a reddit post? Easy, just copy what I've done here: |Type|Skin|Wear|Comment/Screenshots|Current Offer|Buyout| |:----------|:----------|:----------|:----------|:----------|:-------|:-------| |Knife|Butterfly Night|FT|Clean looking|None|95k Now for the big buck item: How to make profit? The secret to profit is high volume, small profit trades. I will outline how my strategy works below, but it is not necessary to read to make profit, skimming the paragraphs and reading the TL;DR at the bottom should be sufficient. The classic 'buy low, sell high' advice is only partially true. I see so many people trying to sell high and never getting any trades. It really should be 'buy low, sell market'. Buying items: It is important to understand a sellers' psychology, in order to understand how to get good deals. First of all you have to buy an item. You do this by exposing yourself to the market as long as possible to find good deals. Post on multiple cs:go/reddit trades, frequently browsing the new section. If you are to offer on a trade, if you are paying pure keys, feel free to offer a little bit less than market price or their buyout (yet still reasonable), so there is a profit margin for you. If you do it in the right manner, more often than not, people are often flexible enough to accept their price, since a reasonable guy with a reasonable price is a good person to trade with. If you offer skins, people more often than not will not value skin offers as highly as keys (though there are exceptions). Selling items for a profit: Note that this is more of an explanation of maximum profit, and is a little bit unnecessary to actually profit. When selling an item you need to understand buyer's psychology and some basic statistics (OH NO THE HORROR!). They want to do either of two things with the item: Use it it or sell it, roughly I'd say the proportions respectively of these people are 1:4. When I say they want to use the item, I mean usually they want to play with it. Thus they are willing to pay full price (FP) or a little bit more (FP + 1 arbitrary unit). The arbitrary unit (AU) can be anything; a dollar, a key, etc and is tied to the value of the item, often around 5%. It is basically your profit margin for most items. Occasionally users will be willing to pay slightly higher than full price, but it isn't enough to rely on the small proportion who do for most of your profits. Then there are those looking for a profit. Thus they will often be paying a low price (FP - 2 ~ FP - 1). If you have bought it for fairly cheap (=< FP - 2) then you can easily flip it to these people for FP - 1 for at least an AU profit. What price you bought it for may determine whether or not you sell to a specific type of buyer. If you paid full price (FP) then you price your item at > FP + 1 and search for the small proportion of people who are willing to pay more. I have found that the mean price of items if you pay keys is FP - 1, with a standard deviation of 1 AU. I found it optimal to focus on buying items at the price of FP - 1 ~ FP - 2. Thus at the highest range of your buying, you make a profit from 20% of the population, and at the lower end you make it from almost 100% of the population. Of course these numbers are highly speculative. Here's a graphical explanation for what I am saying. This graph represents roughly the market for items. I am suggesting that you buy at FP - 1 and Sell at FP for maximal consistent profit, as in this picture, where the pink is your sweet sweet profit, basically the crux of my entire guide, not only this is profitable, it is very stable and consistent and safe profits (with the notable exception of new items, which don't have a fixed FP). TLDR;Buy highly demanded items for under the market price, and sell for market price or slightly below for maximum profit/time. Cutting your losses/How to get unstuck as a trader? Sometimes you will find yourself with an item which should be worth x, but you aren't getting offers near it. Maybe you got ripped off, or it has suddenly dropped in price. This is when you cut your losses. Moping over your loss won't help you earn more and will keep you stuck at your current value. Don't be too attached to your items, unless you have already gotten your 'dream knife', so why would you even be reading this :P? Profit is based exponentially on what you have, i.e. the more you have, the more you profit you make. Thus it is often better to quickly sell some items in order to increase your total currency value (even at a loss of your theoretical currency/market value) as having currency allows you to make more profit than that damn StatTrak Butterfly Boreal Forest FT. You should try and sell at FP - 2, or sell it on the market. The potential future profit will eventually cover the losses incurred by this trade. This ensures a smooth flow of items in and out of your inventory, allowing for maximum profit. Selling Strategies: Generally skins are easier to sell, but have smaller profit margins, and knives are more profitable, but move a lot slower. Hence I will explain how I sell items, and recommend you do the same. Basically lets say you have some skins and knives. What your goal should be, if you want to make profit, is to eventually convert all these skins and knives into currency like keys or cash. How you do this is to downgrade. Downgrading is trading for slightly less desirable/valuable items alongside currency. What would be optimal is that someone will offer your buyout in keys, however this rarely happens (and is often leading to a scam attempt), so you need to take a relatively big item, and break it down into smallemore liquid bits. When you are offered items, take an offer that is similar in value if it has highly liquid items (such as betting skins, keys, vanilla knives, cheap 'entry level' knives around ~20-30k) over an 'overpay' offer of something that is hard to sell (stat-trak low tier knives, battle-scarred high tier knives, case hardeneds). It is often easier to sell two low-mid tier knives than one high tier knife. People who trade at a lower level, I suggest you upgrade, like trade two $1.25 skins for $2.50 one, as then you can trade for a key and possibly buy a $3 item, etc. The way I actually see it is like nuclear fusion/fission, just an analogy for you physics and chem nerds :3. Elements which are heavy release energy when split by fission (trade expensive items into multiple cheaper items), and elemental which are light, gain energy by fusion (trade a few cheap items into a reasonable item). When trading an item with a high variance in price, you want to be moving towards either end. I'll give an example. A Karambit Fade FN with 60% purple/40% pink goes for around 250k. This is highly demanded as it's the cheapest you can get of the item. A Kara Fade with 90% Pink/10% yellow goes for ~500 keys and is also highly demanded as it's the best you can get. So if you had a Kara Fade 80/15/5 (~320k), you would want to downgrade to a 60/40 + 70 keys and if you had a 90/7/3 (~450k) you would want to upgrade to a 90/10. This concept mainly applies for fades, but can also be used in other patterns. Conclusion: Damn I just wrote that in one sitting, start to finish. If only I had the motivation for my uni work. Feel free to share this guide with your friends and fellow traders. Peace, Horrorshow Flux
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