Bitcoin Hard Fork Explained in Laymen's Terms

Bitcoin Mining explained in laymen's terms

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Bitcoin Mining explained in laymen's terms

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Just found /r/BTC after looking into Bitcoin. I've known about Bitcoin for years -- but I really know nothing about it.. Is there a complete guide/books/etc in laymens terms that will explain BTC/Bitcoin/other cryptos? /r/btc

Just found /BTC after looking into Bitcoin. I've known about Bitcoin for years -- but I really know nothing about it.. Is there a complete guide/books/etc in laymens terms that will explain BTC/Bitcoin/other cryptos? /btc submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Could someone here explain what a bitcoin is in laymen's terms?

Maybe expand a little on it if you can..I've seen like 50 videos and I just can't seem to fully understand.
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Slack chat with James Lovejoy (VTC Lead Dev)

Thought I would share this chat I had with James Lovejoy last night. Super generous of him to provide this much access and time answering questions. I was already a HODL'er, but this solidified it.
beerfinger [1:28 AM] Just read through the entire rebranding thread in the Vertcoin subreddit. Earlier today I also watched some of Crypto Hedge's interview of James Lovejoy from last August on YouTube. I understand both sides of the rebranding argument and have tried to play devil's advocate. Right now I do believe that the argument against rebranding is stronger. Full disclosure: I've worked in marketing/advertising my whole career and just recently got into cryptos. With that said, there are two questions that keeps nagging on me:
[1:28] 1. this coin has been around since 2014, so nearly 4 years. James seems like an incredibly smart and capable chap, but I'm just going to go ahead and assume the he hasn't always been the Lead Dev while he was in high school. Presumably there was someone before him and, after he graduates and moves on to whatever it is he's going to do with his life, there will be someone after him. Yes? So, with all due respect to James, as an investor in VTC, what assurances are there that this isn't merely an interesting side-project for a brilliant MIT student with little interest/incentive in its value as an investment portfolio? If the value of this coin to James is that of a college project, that is something I as an investor would like to know.
jamesl22 [1:32 AM] Hey!
[1:33] I've been the lead dev since Nov 2014
[1:33] (while I was in high school)
[1:33] And I've kept at it through college, I certainly don't intend to go anywhere
[1:33] Plus, there are more who work on this project that just me
beerfinger [1:33 AM] 2. I've read complaints about Vertcoin from people who poopoo its usefulness. Decrying it as "just another coin trying to be Bitcoin with not much differentiating it." People don't seem to view the ASIC thing as a big enough differentiator to make VTC stand out. There seems to be a kernel of truth to that as part of the argument against rebranding seems to be a tacit acknowledgement that it should not occur until a major change in the development is launched. So my question again stems back to James' motivations and incentives here. Is this a convenient use case for some college thesis? Or is the team really working on coming up with a major change in development?
[1:34] hey James! wow, thanks so much for your quick response
[1:34] great to actually communicate with you. and I stand corrected. very impressive that you started on this so young. I can see why MIT accepted you :slightly_smiling_face:
[1:36] my questions still stand though: I'm not trying to insult you so I hope you don't take it that way, but as someone who considers VTC part of my investment portfolio, I am very curious to hear about your incentives. You clearly have noble intentions. But what is your ultimate goal? What's the end game? Is it the same as Satoshi's was? (assuming he was really one person who existed)
[1:37] Or is there something else?
jamesl22 [1:37 AM] I think it's the same as Satoshi's
[1:37] To recreate the financial system in a fairer, more distributed way
[1:37] My research at MIT is totally separate to my work on VTC, though the two are complimentary (both are in cryptocurrency)
[1:38] In my ideal world everyone runs a VTC miner and full node in their home, banks become narrow banks and clearing houses/stock exchanges are a thing of the past
[1:39] The rewards of the financial system (in the form of transaction fees) will be distributed to the people, rather than siphoned off by banks or ASIC manufacturers as happens now (edited)
goodminer [1:40 AM] :thumbsup:
beerfinger [1:40 AM] I see. That is compelling. So, being that's the case, that sounds to me like something worthy of a brand, no?
[1:41] Unless you think there are other coins on the market with the same goals. In which case, what will differentiate VTC?
jamesl22 [1:42 AM] I don't think there are any on the market with as strong of an ideology as us
[1:42] Or any that can demonstrate that it follows through on its commitments
[1:42] The way I see it, VTC went from being worth $0.01 last year to 100x that now
[1:43] I don't see how a rebrand can possible accelerate already parabolic growth
[1:43] Bear in mind, that until a few months ago we had 0 marketing, that is where our focus should be now
beerfinger [1:44 AM] Fair. I'm curious, what do you think it SHOULD be worth?
[1:44] I mean right now, at this moment.
jamesl22 [1:44 AM] I don't think I should say, the SEC might be watching us
beerfinger [1:44 AM] Not in the future.
[1:44] haha
[1:44] ok
[1:44] Can you say if you feel it is undervalued?
[1:44] or overvalued
jamesl22 [1:45 AM] I will say with confidence that 95% of the top 100 is severely overvalued
beerfinger [1:45 AM] coins you mean
jamesl22 [1:45 AM] Yes
[1:45] On coinmarketcap
[1:45] If you visit most of their websites, there is no code at all
[1:45] Yet it's worth many times what VTC is worth
[1:46] Where VTC has been established for nearly 4 years, bug free and features well demonstrated
[1:46] VTC also had LN and SegWit on main net before LTC or BTC (edited)
beerfinger [1:46 AM] Yes I mean your statement doesn't surprise me. It's a nacent market. Lots of snake oil, clearly.
[1:47] I guess to steer this back towards the branding/marketing of your coin though, you clearly feel strongly about it and have a clear vision. Do you feel that as it stands the branding conveys that sentiment?
jamesl22 [1:47 AM] When you say branding, I assume you mean "vertcoin" and the logo?
beerfinger [1:48 AM] yes. logo, color scheme, etc...
[1:48] name even
[1:49] also to clarify one point, when I say that you clearly feel strongly about it, the "it" refers to your coin (not the marketing of it)
jamesl22 [1:49 AM] I think it's largely arbitrary
beerfinger [1:49 AM] why is that
jamesl22 [1:49 AM] Most coin names have no meaning whatsoever
[1:49] Google, the largest tech company in the world has a silly name
[1:50] Litecoin (whose name ought to imply it has fewer features) is #4
beerfinger [1:51 AM] I wouldn't underestimate the amount of strategy that went into branding Google (and continues to this day)
jamesl22 [1:51 AM] What's most important is the pitch, how can you convince someone who knows nothing about the technicals behind cryptocurrency, that ASIC resistance and decentralisation is important?
[1:51] Yes, but the original branding was arbitrary and haphazard
[1:52] Yet the technology spoke for itself
[1:52] Now it's in the dictionary
[1:53] Spending lots of time and money on a new name/logo, trying to get community consensus on that and then redesigning the website/subreddit/wallets/other services to reflect the changes is not where I think we should focus our small resources
[1:54] My goal over the next year or two is to take VTC from speculative value to real-world value
[1:54] So point of sale, ease of use, that's the focus now
[1:55] I aim to over time provide complete solutions for merchants to implement VTC at point of sale, for laymen to set up nodes and miners in their homes
[1:55] As well as potentially enterprise support if we get big enough
beerfinger [1:55 AM] It sounds like this is your intended career path then, yes?
jamesl22 [1:55 AM] In some shape or form, yes
beerfinger [1:55 AM] Wonderful
[1:55] When do you graduate, James?
[1:55] If you don't mind me asking
slackbot Custom Response [1:55 AM] I AM talking to you aren't I !
jamesl22 [1:56 AM] Charlie Lee worked at Coinbase for several years before returning to LTC a month or two ago
[1:56] 2019
beerfinger [1:56 AM] So you're a Sophomore? Or are you in graduate school?
jamesl22 [1:57 AM] Junior
chuymgzz [1:58 AM] @beerfinger can you imagine when people first heard the word "dollar" like WTF is a dollar where did it actually came from. It actually comes from Czech joachimsthaler, which became shortened in common usage to thaler or taler. Don't pay much attention to the name Vertcoin, just take a look at the tech. If you buy into this coin's ideology, you will actually start to like the name.
jin [1:58 AM] Hey guys :slightly_smiling_face:
[1:59] @chuymgzz but not everyone looks purely at the tech, if we look at the top 100 coins, you would know whats going on :stuck_out_tongue:
beerfinger [1:59 AM] Cool well thanks for indulging me, James. I really appreciate it. Hopefully this conversation continues in the future. While your probably right that right now is probably not the right time, that doesn't mean at some point in the future it won't be. In the meantime, I'll take comfort in the knowledge that I've invested in a worthy cause.
chuymgzz [1:59 AM] Longer term only the functional ones and the ones that deliver will survive and a whole ecosystem will be built around it
jin [1:59 AM] buzz and hype is unfortunately a large part of it
beerfinger [2:00 AM] *you're
jin [2:00 AM] that is true, but without marketing to draw in attention (which leads to usage and so on etc) it will be difficult for a functional one to survive even
beerfinger [2:07 AM] @james122 One more thing: how do you feel about regulation? Pro or con? Do you feel that the idea of nation states like the US and China (ergo the ICO ban) taking it upon themselves to place restrictions on the market to try and make them safer is anathema to the idea of decentralization? Are you a full on libertarian in that respect? Or do you welcome regulation because it'll separate the wheat from the chaff?
jamesl22 [2:07 AM] I think we need a sane amount of regulation
[2:08] ICOs are clearly illegal imo
[2:08] Unless they are performed under the same rules as an IPO
[2:09] Plus I don't want to create a safe harbour for child pornographers, people traffickers and terrorists to store their money
[2:09] However I do think the state has no right to spy on you without a warrant (edited)
beerfinger [2:09 AM] You mean you don't want to be Monero? :slightly_smiling_face:
jamesl22 [2:09 AM] No
[2:10] I will pursue privacy features that make the pseudoanonymity provided by the blockchain easier for people to use effectively
[2:11] That way, it is not obvious to anyone your holdings or transactions publicly (edited)
[2:11] But things like sting operations would still be theoretically possible
beerfinger [2:13 AM] Love it. I still feel the branding thing will need to be revisited at some point. I don't know what that means, exactly. Whether its as small as a font change to something bigger like a new color scheme, logo or even name, I'm not sure of. The ideology is strong, but as it stands Vertcoin doesn't have a clear differentiator in the market. I'm not sure that matters so much yet at this time, but it will.
[2:15] You clearly have a strong vision, I'm just not sure it's being communicated effectively yet. Hence, haters who say Vertcoin is just trying to be another Bitcoin.
workstation [2:15 AM] beerfinger might be a huge whale sniffing out Vertcoin before a huge loadup. Not that, that's a bad thing :stuck_out_tongue:
beerfinger [2:15 AM] haha... I wish
jamesl22 [2:16 AM] Vertcoin is trying to be another Bitcoin lol
[2:16] It's picking up where Bitcoin left off
[2:16] If people want a decentralised cryptocurrency, they should use Vertcoin
[2:17] Bitcoin just isn't one anymore
[2:17] Neither is Litecoin (edited)
beerfinger [2:20 AM] Semantics really, but if that's the case then that means Vertcoin isn't trying to be another Bitcoin. Bitcoin is already Bitcoin, which is a coin that did not fulfill it's promises. Vertcoin, on the other hand, like you said picks up where Bitcoin left off. I'm not sure that's being communicated by the brand (yet). Doing so may have nothing to do with rebranding (unless rebranding generates a bigger social following who then helps you communicate that).
workstation [2:20 AM] You've continued on a great coin James and no doubt Vertcoin has great features vs other coins, however without widespread use and adoption, Vertcoin might just become another coin without much use. The marketing side is sometimes even more important than the development side. Just need to look at history for that. E.g. Early version of Windows was buggy, bluescreen of death plagued it. But with heaps of $$ and marketing, Windows is pretty rock solid these days.
atetnowski [2:21 AM] joined #marketing.
jamesl22 [2:22 AM] Yes, agreed to both statements
[2:22] We're working on it, but it takes time and money
[2:23] But really, adoption is pointless until point of sale works properly
[2:23] When you can get it into people's physical wallets, or phone and they can spend it in a store, that's when it takes off (edited)
[2:23] Walmart, Target, all the big retailers hate Visa and Mastercard
workstation [2:24 AM] Thats a long way off... Even Apple and Samsung are struggling in that area
jamesl22 [2:24 AM] They would love a solution that opted them out of having to pay their fees
beerfinger [2:25 AM] @workstation To play devil's advocate for one sec, most successful people in the world don't achieve success because they tried to achieve success. Success is merely a byproduct of their passion. I do believe that James' commitment to the ideology can be sufficient. But it is true that the branding should communicate his vision. That is a constant conversation, too.
workstation [2:25 AM] yes, true
jamesl22 [2:26 AM] What we really need is talented content creators to make compelling media that explains the vision in a layman friendly way
[2:26] Thus far the message has been far too technical
[2:26] But in the past, the space was mostly populated by technical people so that is understandable
[2:26] It is only in the last 6 months that the general public has started to get involved
[2:27] Sadly "ASIC resistance" doesn't speak to them
beerfinger [2:27 AM] @james122 While it's true that universal adoption is key, you can say that about ANY coin. Even dogecoin would suddenly become a real coin if everyone up and decided to start using it one day. What's your strategy for making VTC that coin?
jamesl22 [2:27 AM] Whereas I think taking power from banks, chinese miners and giving it back to the people can be far more compelling
workstation [2:27 AM] We take Visa and Mastercard at our stores. We only do it because it boosts sales. People these days are all borrowing on credit because they don't have enough.... Paying on their CC# lets them buy things now (instant gratification) and slowly pay later. They managed to get banks on board because they make so much money on the interest. There is a clear reason why those cards satisfy a demand. We get charged about 1.5% by VISA/MC. To be honest, it's not a real deal breaker.
beerfinger [2:27 AM] haha, well, james you're talking to the right guy :slightly_smiling_face:
[2:28] My career is content creation
[2:28] I have nearly 20 years producing commercials and (lately) social content for global brands
mikevert [2:29 AM] joined #marketing.
beerfinger [2:29 AM] I would be happy to consult and provide any assistance I can
[2:29] "taking power from banks, chinese miners and giving it back to the people can be far more compelling" - that's your modus operandi
[2:29] you can definitely tell that story in a compelling way
[2:30] Question: have any crypto's ever created any sort of ad before? Even just for social content? (sorry, I'm new to this space)
jamesl22 [2:30 AM] Well we'd obviously be grateful for your assistance
[2:31] I'd imagine so, though I don't follow many other coins' social media very much
goodminer [2:31 AM] @beerfinger lets chat :smile: We've been working on a lot of initiatives over the last few weeks
jamesl22 [2:31 AM] @workstation 1.5% to a huge retailer is a large sum of money though
workstation [2:35 AM] I don't see any coin being widely used to be honest. They fluctuate way too much. Say a typical consumer whose after tax salary is $1000/week.. He buys groceries at the store for $1/Liter. This is simple maths for him, he knows it's going to cost $1 each week, inflation may make it rise to $1.10 next year, but he understands that. With coins, the price of his milk is too hard to calculate.
[2:37] Why would Bob switch to using coins, when Visa/MC give him so much more? He doesnt pay the processing fee (1.5%), he gets free credit (these days, banks will easily approve 10k credits). Why would he switch to Vertcoin?
jamesl22 [2:37 AM] @workstation, volatility is high because market volume is low
[2:38] I think it will take another financial crisis or two though before people start to abandon fractional reserve banking (edited)
workstation [2:42 AM] As long as bob gets his paycheck, he's not going to care what happens at the fed
jamesl22 [2:43 AM] Bob ain't gunna get his paycheck one day though
[2:44] Because the credit ponzi scheme economy will have collapsed
workstation [2:48 AM] yes, the fed can print whatever it wants out of thin air... But its backed by US tax payers to the tune of 2+ trillion/year with most banks adhering to loan capital requirements. E.g. they need a certain amount of money deposited before they can loan more money out. What is Bitcoin/alt coins backed by? Seems like its somewhat of a ponzi scheme now, with everyone piling in thinking it will go up forever. I get that BTC is backed by real energy usage/capital requirements to mine it (asic equipment, datacenters, etc), so its more "real" than $1 USD, but they both service a purpose.
axelfoley75 [2:49 AM] joined #marketing.
workstation [2:51 AM] but whats the end goal because it seems they all become ponzi schemes. The only true coin will be one that will not allow any fiats be converted to to coin.
[2:51] the only way to earn a coin, would be to mine it, wouldn't you think that that would be the truest coin?
[2:52] right now people are just moving wads of fiat money into coins/alt coins, thereby skewing everything.
beerfinger [2:54 AM] just jumping in here with one last comment before I go to sleep: money, whether we're talking salt, precious metals, fiat currency, or cryptos, is just something that we all agree to prescribe a value to. That being the case, how are you going to stop someone from trading that value for something they want? If someone wants to trade their cryptos for chickens, a latte, USD or anything else, they're going to do it. No point in trying to regulate what people spend their money on or how they do it. Seems the antithesis of the whole decentralization thing anyway
workstation [2:57 AM] true
aegisker [3:02 AM] I belive when crypto matures, has fast and easy payments solutions, volume will rise and price will be more stable. Current price is speculation due to news and new development. I dont belive that after 10 years we will be seeing such swings.
beerfinger [3:04 AM] sorry keep thinking of new stuff... @jamesl22 your point about POS is salient. What's your perspective on coins like TenX that try to address that with payment platforms and cards?
[3:05] is that what you mean? nuts & bolts, how would Vertcoin become a POS option?
aegisker [3:06 AM] How is usdt keeping its price around usd?
beerfinger [3:07 AM] don't they just keep up with USD inflation by making sure there's an equal amount of tokens to USD in the market at any given point?
jamesl22 [3:07 AM] Integration of LN and AS is key
[3:07] Then providing some hardware or software solution to integrate with payment processors
[3:07] I haven't looked at tenx
beerfinger [3:07 AM] so Vertcoin IS actively pursuing this then
[3:08] interesting
[3:09] perhaps there's some way to leverage things like ApplePay
jamesl22 [3:09 AM] I doubt it
[3:09] ApplePay's design is fundamentally different
beerfinger [3:09 AM] I mean it doesn't have to be ApplePay itself. Can be a separate app
lucky [3:09 AM] Having bitcoin or altcoins tied to your debit card isn't unbelievable
jamesl22 [3:10 AM] Of course not
[3:10] But it is suboptimal
beerfinger [3:10 AM] yeah sort of kills the whole decentralization thing
lucky [3:10 AM] in fact if we are going the whole hog and saying fiat collapsed. You'd be silly to think the banks would standby and let crypto take over without them
beerfinger [3:10 AM] now we're relying on banks again
lucky [3:11 AM] At the first sign of crypto succeeding fiat. Banks will take over
[3:11] Because they can trade their fiat to coin
[3:11] Government too
aegisker [3:12 AM] Well, banks issues debt, whole market is built around debt. Crypto would take that away
[3:12] This will be hardest transition
jamesl22 [3:12 AM] If the crypto market ever gets to say $1tril, the banks will use their lobbyist army to squash it as best they can
lucky [3:13 AM] Is it not possible crypto gets immediately regulated into the banking system as soon as it passed fiat in some way
jamesl22 [3:13 AM] They don't care right now because the space is tiny compared to their own equity
lucky [3:13 AM] Yes exactly James
beerfinger [3:13 AM] i like the idea of leveraging NFC tech as a way to introduce crypto to POS purchases... everyone already has a smart phone so no need to reinvent the wheel... it's basically just an app
lucky [3:13 AM] If finance is going to change politics needs to too
[3:14] Nfc seems like the way. Yeag
[3:14] Lots of the android wallets leverage it
aegisker [3:14 AM] No need for nfc, nfc was kinda overhyped. Qr codes can work equally good
jamesl22 [3:14 AM] @beerfinger I think LN will allow us to achieve that
lucky [3:14 AM] Lol qr
[3:14] Who has ever scanned a qr....
jamesl22 [3:14 AM] We just need a hardware implementation for the reader
beerfinger [3:14 AM] sorry james, what's LN?
lucky [3:14 AM] Apple made sure qr never worked
jamesl22 [3:14 AM] Lightning Network
beerfinger [3:14 AM] ah
aegisker [3:15 AM] If u use your phone, why complicate with nfc, is there a security benefit?
beerfinger [3:15 AM] the infrastructure is there... most readers i come across these days are already NFC compliant
jamesl22 [3:15 AM] QR can work, but requires a high res display in the POS device
[3:15] Which would increase costs
[3:15] NFC is cheap af
lucky [3:16 AM] Yep. Qr is extremely requirement heavy
aegisker [3:16 AM] For example, pub: you get check with qr. U pay with your phone. Waiter sees on his computer that its payed.
lucky [3:16 AM] Look at Asia and south America
[3:16] Nobody can read qr
aegisker [3:17 AM] I europe all checks already have qrs for tax checking
lucky [3:17 AM] I work in global marketing. Qr is completely unadopted in the real world
[3:17] Yes in no public scenario qr is used
aegisker [3:17 AM] Where you from?
lucky [3:17 AM] Uk
[3:19] A decade in marketing I can tell you for sure Joe public doesn't scan qr codes
[3:19] James is right. We need an alternative hardware solution
[3:19] And I think I unique piece of tech in public would drive massive interest
aegisker [3:20 AM] In slovenia, croatia, austria(i tjink) there is law that all transactions in coffeeshops or shops(everything with fiat transaction) is sent to tax authority as soon as check is printed. U get qr code on your check, so you can check if tax s paid for your service. This is to prevent black markets and unauthorized sellers. Works pretty well. If you frequently scan qrs you can get some bonuses..
[3:21] Public got used to this pretty fast.
lucky [3:21 AM] So there's an incentive
aegisker [3:21 AM] So also you could print qr shop wallet addr.
lucky [3:21 AM] Kind of skews the ease of adoption stat we are looking for
aegisker [3:22 AM] Costz nothing
lucky [3:22 AM] Costs a smartphone with a quick camera
[3:22] How about in a dark club
beerfinger [3:23 AM] I came tonight with many questions about Vertcoin. Namely the incentives of the Devs and how it differentiated itself in the marketplace. All of those questions have been answered as best as I could have hoped. The only thing left is figuring out a way to tell that story. @jamesl22, all of the things you've said tonight are reassuring and exciting. They provide great promise for the future of this coin and even more - your goals, if realized, are truly category shifting. This is such a compelling story. TELL IT!
lucky [3:23 AM] Asking every transaction to require an in focus photo capability is insane, imo
aegisker [3:23 AM] uploaded and commented on this image: IMG_20170908_092307.jpg 1 Comment Thats how it looks
lucky [3:23 AM] We need something similar to a contactless debit card
[3:24] Good luck scanning that in the dark with a £100 smartphone. Though.
aegisker [3:24 AM] For starters this is easiest solution for early adoption (edited)
workstation [3:25 AM] why not something short like vCoin. Then u could make it go off V=Vendetta, sort of has a nice mystery, anti establishment
aegisker [3:25 AM] You just need plugin for your pos software that checks your crypto wallet for received funds
[3:26] Imo this is easiest way to implement first public purchases of beer or coffee
beerfinger [3:26 AM] by the way, less is more when it comes to branding
[3:26] look at apple
[3:26] i love this example: https://www.youtube.com/watch?v=EUXnJraKM3k YouTube Brant Walsh Microsoft Re-Designs the iPod Packaging
[3:31] and there's always something to be said for ad wars... apple's david vs goliath attack ads vs microsoft is what put them back on the map
[3:31] that could be a great angle for Vertcoin... go after Bitcoin
[3:31] make fun of it the way Jobs poked at Gates
[3:32] that's just my 2 Vertcoins
submitted by beerfinger to vertcoin [link] [comments]

[Article] Bitcoin Private: the revolution of privacy coins?

Have you ever heard about Bitcoin Private (BTCP)?
Bitcoin Private (BTCP) is a cryptocurrency originated from the hard fork of two cryptocurrencies, Bitcoin (BTC) and Zclassic (ZCL), occurred on 28th February at blocks 511346 for BTC and 272991 for ZCL, which was released to the public (main-net launch) on 03/03/2018.
The main advantages in this coin compared to Bitcoin are: best privacy protocol (zK-SNARKs), community driven, lower block time and higher block sizes which results on 8x faster transactions, very low fees, SegWit and Lightning Network ready, PoW algorithm which promotes a decentralized coin ecosystem and difficulty adjustment on every block to control inflation of the coin.
For laymen, a very brief way of explaining the potential of Bitcoin Private is that it uses Bitcoin's own technology, but with shielded (private) and faster transactions, very lower fees and have much more resources!! We can say that Bitcoin Private is like Bitcoin, but much better ..!
Community driven and Ambassador’s Program
A great difference that Bitcoin Private has compared to any other privacy coins is that it is a community driven project, so everybody can be part of the community and help on the project.
There already are more than 50,000 members on their social communities being part of the project and supporting the coin.
If you want to be a member of the community and support the project you just need to join on their channels on Telegram, Twitter, Facebook, Instagram, Medium, Discord, Github or Reddit. You can choose the ones you prefer to use to be a part of.
They also have a program called “Ambassador Program”, where anybody who wants to contribute in the project with any type of knowledge can join. If you want to work on Bitcoin Private join the Ambassador’s Program here and start working and helping on the project!
John McAfee supports Bitcoin Private
After a votation made by John McAfee on his Twitter where there were over 21,000 votes, 70% of the people have chosen him to lead a Privacy Movement to promote privacy within the crypto field all around the world. John has already created the Declaration of Currency Independence where anybody can sign and be support the movement for a fairer financial world.
The BTCP community is very proud and happy to have John McAfee as its newest member. He has been assigned as father of privacy moment and a big representant of Bitcoin Private, as the community believe he is going to be the speaker about Bitcoin Private and promote the big privacy coins.
Hard working developers and modern resources
After only 3 months after main-net launch the strong development team has built much more than everybody thought! Bitcoin Private already have Ledger and Trezor hard wallets support, SegWit coin claiming, marchant plataform where you can integrate Bitcoin Private payments on your business easily (Bitcoin Private Pay) and transactions via SMS where you don’t need internet to transfer your coins to anybody (Cointigo).
For your surprise this is just the beginning, now the development team are focused on rebase BTCP code base and implementing BIP32, full SegWit and Lightning Network support.
Bitcoin Private short term predictions
After many conquers and happy news in the last week, the latest predictions for Bitcoin Private prices have changed. Specialists believes that the coin may reach $200 worth until the end of July.
In my opinion, this is very possible and not hard to happen, in view of this coin have much value and is only on its beginning, but it’s undervalued because of lack of big exchanges and excessive FUD from people who want the project to falls or from other competitor’s coins. So maybe now it the time to full our bags with BTCPs as the coin is worth only $25 today and we can get a possible gain of 800%!! Are you in?
Available Exchanges
Bitcoin Private official website: http://btcprivate.org/
Join Bitcoin Private Amabassador’s Program: https://support.btcprivate.org/423334-How-Do-I-Become-An-Ambassador
Sign the Declaration of Currency Indepence: https://currencyindependence.com/
submitted by ivanlucci to BTC_Private [link] [comments]

Topic 1: NAV Value Proposition (aka NAV Business Package) Post 2 of 7

Please debate, affirm, criticise, or add a fresh perspective to the following suggestion.
High-Level Questions to discuss?
1.How does NAV add value/tangible benefits to a business?
2.How can NAV be explained to a business in simple terms?
3.How can the dev/community make the implementation of NAV Business simple, repeatable, and as streamlined as possible?
Idea: offering NAV Business Package
What is the business proposition to get businesses to adopt NAV?
Let’s say I’m a business. I don’t invest in crypto and I don’t understand entirely how it works. In fact, I just barely started paying attention to Bitcoin this year and the only reason for that is because its price has risen considerably more than any other traditional asset class this year. How can NAV be explained to me in laymen terms? How can NAV make setting up an account easy for me? What tangible benefit do I get? What value does this bring to me and my business?
1.Possible solution: Nav Business Package. -NAV website gets a “Use NavCoin For Your Business” or “open a NAV business Wallet” either with its own tab or under the “Get NAV” section. -Brief explanation of why NAV is good for business as well as what the value proposition is… ideas welcome! One selling feature: by offering crypto as a payment method, you are showing your patrons that you are a forward-looking business. For example, “Nearly a third of millennials would rather hold [cryptocurrency] than stocks.” (https://www.bloomberg.com/news/articles/2017-11-08/millennials-ready-to-ditch-stocks-to-keep-bitcoin-rally-alive). Cryptocurrency isn’t going away anytime soon, if ever.
  1. From a business standpoint, it might be nice to have these requests go through an actual NAV employee or selected community members? Just a thought. -If NAV has a dedicated person (or selected community members) we can help NAV business applicants set up their account and explain how staking works. This personal attention - and possible dedicated helpline - will be the extra ‘customer service’ that businesses will expect should problems arise. The lack of easy support in tech crypto world right now is a huge barrier to entry for businesses considering whether they should accept cryptocurrencies as a form of payment or not. This hotline could be hosted through the discord app as a separate “business support” hotline.
  2. Offers - Every successful NAV Business Account is shipped a free storefront window sticker “WE ACCEPT NAV” (or something similar) just like trip advisor or “best restaurant 2012” etc. Another reddit user suggested donating a NAV Pi. NAV should also have stock image available that can be added to all business websites that accept NAV. -From a marketing standpoint: We need a marketing page (preferably on the NAV Business Page) explaining why it is good for businesses to use NAV. Once the fund vote is successful, perhaps NAV could host a direct mail/email campaign to targeted business owners? In the meantime, it would be helpful for the marketing team to offer a PDF for community members to download and send to their own business networks? Or, have the business account page up on the website so NAV community members can direct their networks to the right location? :) -Partnership Idea: Many of us are aware of the success Ethereum had this year because of the partnerships it has made. It would be great to hear anyone’s ideas of how we can try and target some larger businesses/companies to partner with the NAV team.
Conclusion: If we want worldwide user adoption of NAV, I believe a business section on the NAV website is essential for awareness and useful as a selling feature.
If you have a different topic that you would like to discuss, please use the following format when you create a new post to keep the discussion on one issue at a time.
Suggestion: 1). Topic number (?): 2). whether is it a suggestion, idea, criticism etc. 3). Topic description
submitted by spiritar3 to NavCoin [link] [comments]

[Article] Bitcoin Private: the revolution of privacy coins?

Have you ever heard about Bitcoin Private (BTCP)?
Bitcoin Private (BTCP) is a cryptocurrency originated from the hard fork of two cryptocurrencies, Bitcoin (BTC) and Zclassic (ZCL), occurred on 28th February at blocks 511346 for BTC and 272991 for ZCL, which was released to the public (main-net launch) on 03/03/2018.
The main advantages in this coin compared to Bitcoin are: best privacy protocol (zK-SNARKs), community driven, lower block time and higher block sizes which results on 8x faster transactions, very low fees, SegWit and Lightning Network ready, PoW algorithm which promotes a decentralized coin ecosystem and difficulty adjustment on every block to control inflation of the coin.
For laymen, a very brief way of explaining the potential of Bitcoin Private is that it uses Bitcoin's own technology, but with shielded (private) and faster transactions, very lower fees and have much more resources!! We can say that Bitcoin Private is like Bitcoin, but much better ..!
Community driven and Ambassador’s Program
A great difference that Bitcoin Private has compared to any other privacy coins is that it is a community driven project, so everybody can be part of the community and help on the project.
There already are more than 50,000 members on their social communities being part of the project and supporting the coin.
If you want to be a member of the community and support the project you just need to join on their channels on Telegram, Twitter, Facebook, Instagram, Medium, Discord, Github or Reddit. You can choose the ones you prefer to use to be a part of.
They also have a program called “Ambassador Program”, where anybody who wants to contribute in the project with any type of knowledge can join. If you want to work on Bitcoin Private join the Ambassador’s Program here and start working and helping on the project!
John McAfee supports Bitcoin Private
After a votation made by John McAfee on his Twitter where there were over 21,000 votes, 70% of the people have chosen him to lead a Privacy Movement to promote privacy within the crypto field all around the world. John has already created the Declaration of Currency Independence where anybody can sign and be support the movement for a fairer financial world.
The BTCP community is very proud and happy to have John McAfee as its newest member. He has been assigned as father of privacy moment and a big representant of Bitcoin Private, as the community believe he is going to be the speaker about Bitcoin Private and promote the big privacy coins.
Hard working developers and modern resources
After only 3 months after main-net launch the strong development team has built much more than everybody thought! Bitcoin Private already have Ledger and Trezor hard wallets support, SegWit coin claiming, marchant plataform where you can integrate Bitcoin Private payments on your business easily (Bitcoin Private Pay) and transactions via SMS where you don’t need internet to transfer your coins to anybody (Cointigo).
For your surprise this is just the beginning, now the development team are focused on rebase BTCP code base and implementing BIP32, full SegWit and Lightning Network support.
Bitcoin Private short term predictions
After many conquers and happy news in the last week, the latest predictions for Bitcoin Private prices have changed. Specialists believes that the coin may reach $200 worth until the end of July.
In my opinion, this is very possible and not hard to happen, in view of this coin have much value and is only on its beginning, but it’s undervalued because of lack of big exchanges and excessive FUD from people who want the project to falls or from other competitor’s coins. So maybe now it the time to full our bags with BTCPs as the coin is worth only $25 today and we can get a possible gain of 800%!! Are you in?
Available Exchanges
Bitcoin Private official website: http://btcprivate.org/
Join Bitcoin Private Amabassador’s Program: https://support.btcprivate.org/423334-How-Do-I-Become-An-Ambassador
Sign the Declaration of Currency Indepence: https://currencyindependence.com/
submitted by ivanlucci to BitcoinPrivate [link] [comments]

Factom's Chief Architect says Factom will, "Provide support for smart contracts across chains"

In this post: https://www.reddit.com/factom/comments/6ue7dcoin_berries_just_featured_factom_would_love_youdlv1614/ Factom's Chief Architect, Paul Snow, says that Factom will be, "Anchoring to multiple chains to provide support for smart contracts across chains".
Despite always working to educate myself on all facets of Factom as I am very bullish on the protocol, I couldn't comprehend what he meant. I understand that Factom anchors into Bitcoin and has the code ready for Ethereum and can pretty much anchor into any blockchain. What I didn't understand was how it enabled support for smart contracts across chains. As such, I asked him to elaborate and he replied with:
"Suppose Factom is anchoring into two chains like Ethereum classic (EC) and Ethereum (E). Now when a smart contracts on EC sees data provable via its chain, so can E. An application only watching and using Factom and E none the less can see and validate data processed and written by an application.that only uses Factom and EC. Since the smart contracts can validate the data integrity of the same data, they can use Factom to interact as if the applications were using both E and EC. Now if we throw in a dozen chains, the idea that an app can use only Factom and their base chain to interact with them all is a huge simplification."
Source: https://www.reddit.com/factom/comments/6ue7dcoin_berries_just_featured_factom_would_love_youdlvofrb/
I still don't understand. Does this make sense to anyone and if so, can you explain in laymen's terms as I suspect (hope) there's something big here.
Thank you.
submitted by DChapman77 to CryptoCurrency [link] [comments]

Byzantine Generals / Proof-of-Work for Dummies

Hi folks. I was going to publish this on bitcoin but those people don't take me seriously so I figured I'd share it with my friends here at buttcoin instead. This is not a critique of Bitcoin. I am simply going to explain the Byzantine Generals problem in laymen's terms.
When I went to college I learned about a seminal problem in computer science called the "Albanian Generals Problem." (That somewhat dates me: these days the PC crowd has turned it into the Byzantine Generals problem.) It is often called "Byzantine fault tolerance" because it was an attempt to address communication over an unreliable medium, such as a line with static.
However, it can also involve a case where a man-in-the-middle intentionally wants to confound communications by changing the messages. We'll get back to that notion later.
I: TWO ARMIES, ONE CITY
The premise of the Byzantine Generals story is this: there is a city in a valley, and two armies on high mountain tops on opposite sides. Illustration: http://imgur.com/to4qRaI
The generals and their armies want to attack the city. However, they need to attack at almost exactly the same time or they will fail. Therefore they send messengers (packets) to the other mountain saying something like "We attack at dawn on Saturday! Please send a messenger back to confirm that you received this."
But there's a problem: that city in the middle may either catch a messenger and throw him in jail, or even worse, replace the messenger with a spy who delivers a disastrously different message, such as "We attack at midnight! No need to reply!"
I was taught—in fact it was proved indisputably—that the problem has no true solution. That's not to say computers cannot communicate with each other reliably, but 100% certainty is not possible. Our best efforts simply make communication very very reliable but never foolproof.
For example, in the above example the general receiving the message is intended to send back a messenger to say "OK, noon on Saturday it is." What happens if the return messenger gets caught or modified? Of course the return message might say "Let me know that you got this confirmation with yet another messenger" but then that one might get caught or modified. This infinite regress lets us know that we're going to have to do something tricky to get the message across with some degree of certainty.
There are several practical "solutions" to the problem which are good enough to work in the real world where we know that nothing is certain.
Satoshi never claimed to have "solved" the problem, just proposed a method which makes it very difficult for the town to foil the plans of the generals by modifying the message. This has bearing on a digital currency, because "attack at dawn!" is the same thing as saying "I give Sue $10". It's important that the message gets through unaltered.
II: CRYPTOGRAPHIC HASH FUNCTIONS
Before we get into Satoshi's "solution" to the problem there's a tiny piece of technical understanding you need to grasp: what a hash function is.
Many of the the nerds reading this article probably already know this stuff like the back of their hands, but I titled this "for dummies" so I will explain what cryptographic hashing is. If you already understand the concept, feel free to skip ahead to part III.
A hash function will receive an input, whether a single number, or a string, or an entire text file, and come up with a large number based on the input. For example, I made a hash function h(s) that accepts a string and returns a number. Some example outputs:
h("X") = 1928102449468957222384 h("BOZO") = 8012800151273854626279 h("MARY HAD A LITTLE LAMB") = 1029916079814280347836 h("MARY HAD A LITTLE LAMP") = 6719333915074502386405 
What makes it cryptographic is that it is a "trapdoor function" that allows you to easily compute the hash given the string, but given the giant number it's virtually impossible to compute the string. It is possible to come up with a string that produces that number only by taking wild guesses until you just happen to luckily stumble upon a string with that property. Depending on how big the output number is, the more guesses you'll have to make (on the average) before you figure out the string.
Also it's important to note that the tiniest change to the input string will result in wild changes in the output.
Hash functions have all sorts of great real world applications. They ensure that your download was received correctly, they can be used to confirm that somebody knows their password even though you don't actually know their password, and much much more.
III: SOLVING THE PROBLEM WITH NONCES
So let's say the generals have modern computers. They have a really clever idea. They will make a message such as "ATTACK AT DAWN" and then add a little extra piece of nonsense at the end of the message. This little extra string is called a "nonce." For example, the message may now read "ATTACK AT DAWN e8Mgk10938". Then the generals agree to a policy: that the hash of the message (including the nonce) must yield a number that begins with at least ten sevens, lest it be regarded as a hoax. So when the generals run our hash function on the string they get this:
h("ATTACK AT DAWN e8Mgk10938") = 7777777777203851693271 
This is accomplished with computer power. The general broadcasting the message had his techies stay up all night running his computer trying all sort of different random nonces until they stumbled upon one, through sheer luck, that caused the hash to start with ten sevens. You can compute the average time it takes to do this: with 10 sevens you'll need to make about 5 billion guesses; sometimes more, sometimes less. Let's say that in this case it takes about 12 hours to get the job done.
This technique of setting computers to a task that will likely take a very long time to complete is called Proof-of-Work.
Now the general sends several messengers (to make sure one gets across) all with this weird message "ATTACK AT DAWN e8Mgk10938". The town attempts to foil the generals plan by catching some of the messengers and changing their message to "ATTACK AT NOON e8Mgk10938" but it's no use: the receiving general runs the hash function on the message and sees that the ones altered by the town no longer have that special property of all those sevens. Only the true message will hash to the sevens. Note that while it took 12 hours to compute the nonce, it takes a millisecond to confirm that the nonce is correct.
But our story doesn't end here. The town is now well aware of the tricks that these generals are using, so they simply purchase a giant supercomputer and when they catch a messenger they now have the computing resources to modify the nonce so that the 7s property is satisfied. Maybe it took the army 12 hours, but they have big computers, they can crack it in 5 minutes. Now the general on the other side is getting conflicting messages that all correctly hash to the sevens. It seems that their plan has been foiled. Or has it...?
IV: THERE IS POWER IN NUMBERS
Let's now say that there is not just two generals and one city, but lots of generals and lots of cities. I made a crude illustration with 3 cities, but keep in mind this idea works best when we have many, many cities.
Illustration: http://imgur.com/b2CzHN1
The generals all have the same desire: to send soldiers across the valley without fear of their messages being modified. The many cities would like to foil this plan, if they could. So here's Satoshi's idea in a nutshell: the generals all combine their many messages into a single giant message (a "block") which gets but a single nonce at the end of it.
Now the message-block might look like this:
GENERAL G^1 : WE ATTACK AT NOON! GENERAL G^2 : WE ATTACK AT DAWN! GENERAL G^3 : WE ATTACK AT DUSK! ... GENERAL G^174: WE ATTACK AT MIDNIGHT! h9Klemoa3DheeMqz9x77ebaomEqz12f3Ba3eO8e 
The new policy is that we need 16 sevens instead of only 10, so the hash of that entire message comes out to (say) 7777777777777777340291. That's a lot of sevens! (BTW, in Bitcoin the job is to have leading zeros; I picked 7s here instead just for aesthetic reasons. It's all the same concept.)
If the computing time to guess 10 sevens was 12 hours, the computing time for this job would be a million times more, or 1,369 years on a single computer. No single army or town is capable of doing that in any reasonable amount of time. However, all of the generals take the combined message-block and set all of their computers to go on the great nonce hunt. Perhaps there are a thousand armies, and each army has many computers, or at least can rent the service of companies who do have many computers. Their combined efforts may find a working nonce in a reasonable amount of time. And it only takes one of them finds the nonce that satisfies the requirements: once one finds it, they immediately share it with all the others.
From the point of view of any single city, the idea of outcomputing the combined efforts of the armies seems virtually impossible. In 1,369 years they will be long gone. And so they are incapable of modifying the messages between the armies.
You might be thinking: what if all of the cities bought supercomputers and did the same thing the generals did, team-up to find a nonce? Yes, they could do that, at considerable expense. (This is akin to what Bitcoin calls the "51% attack" — it works if the cities have as much or more computing power as all the armies combined.) It's not impossible to defeat this scheme, but the generals have made things very hard on attempts of the cities by teaming up.
IV: SUMMARY
Proof-of-work has had a long and speckled history. One might argue it began in the 1960s when universities would try to outdo each other by computing ridiculously difficult things, like gigantic prime numbers or millions of digits of pi. A sort of digital pissing-contest.
BTW, Satoshi's approach is a modification of Adam Back's idea behind Hashcash, the first POW cryptocurrency developed in 1997. But Satoshi's ideas are different enough to warrant giving him credit (blame?) for the notion.
Some practical applications for POW have been suggested, such as a way to discourage spam. In that application, the notion would be that all emails require a special nonce just like above, lest they be rejected. When an innocent email user like myself wants to send an email, I would set my computer to grind away until it finds the right nonce. Perhaps it takes me 60 seconds. No big deal, as this will be done in the background. It just means my email will be delivered a minute slower. But to the spammer who wants to send a million emails, a 60 second delay is unacceptable. This idea never took off, probably because it wasn't a very good one.
Part of the problem with proof-of-work is that by its very nature it requires us to spend a lot of computing power on "busywork". If you are a programmer you live and breathe efficiency. Making a function that takes 9 milliseconds to complete to take only 7 milliseconds is a coup. It's rather against the grain of programmers to design machines that grind away on problems that take 1000 computing years of work for no good reason. On the other hand, every programmer has a part of them who delights in those digital pissing-contests of the 1960s.
Bitcoin now offers us what claims to be the very first real world practical application of Proof-of-Work. Only time will tell how practical this really is.
(EDIT: Typos, clarity. Thanks for the gold!)
submitted by shortbitcoin to Buttcoin [link] [comments]

Promoting Litecoin; convincing people on the importance?

I'm that friend in the group who won't shut up about cryptocurrencies and more specifically the stability and potential of Litecoin.
I think it'd be helpful for somebody to create a nice and detailed thread (like the one at the top of the bitcoin thread) as to who, what, how and why one should invest in Litecoin. I know there's a bunch out there but somebody who could explain why the technology is superior (if not better) to Bitcoin and how businesses can benefit from integrating it into their system, I could sell it better to my friends.
Forgive me if there is a thread out there, maybe I didn't find it or it wasn't broken down for a newbie enough but I think the audience we want are the people who are interested in the cryptocurrency world but are intimidated by the knowledge since it's not spoken in basic language/laymen's terms.
I'm still a newbie so it's even slightly difficult for me to fully explain. I want to spread the good news and everybody is inquisitive around me so if anybody has any helpful good resources (yes I'm aware of some of the threads but again we need 'basic' understanding for the people I'm explaining it to who know nothing about mining and nodes or why it's significant).
Excited to be here and currently spreading the knowledge! I welcome any resources you guys can offer! Cheers :))
submitted by Thiccpeas to litecoin [link] [comments]

Why I like Andreas

*Incredible ability to make complex concepts simple.
*Excellent representative for bitcoin with politicians and bureaucrats.
*Great at seeing how bitcoin can fit into the world from a broad perspective i.e. the cons of the legacy banking system and how bitcoin can improve upon them, remittances, a way out for those experiencing rapid devaluation of their currencies, etc.
*The ability to have the vision to see what is capable with programmable money and distributed consensus.
*An amazing teacher in terms of explaining the core concepts involved with bitcoin and how it works.
*A great radio show host and interviewer, a great interviewee for any potential public discussions/debates/panels about bitcoin.
*You get the point
Things to note:
*Yes he accepted a position as Chief Security Officer of Blockchain.Info, was he qualified for this? I have no idea. What it a good move? Maybe, maybe not. They offered him the job he accepted.
*Is Blockchain.Info a great place to store large amounts of bitcoin, it seems likely not and it never really was.
*Is Andreas usually announced as a "security expert", yes, but I think that's a bit vague. I think I have heard him introduced as that going back to since he was ever involved with bitcoin, and it likely stems from his information security/hygiene expertise in general, not necessarily for bitcoin?
*I believe before bitcoin (and possibly currently) he has consulted with banks on security, couldn't it be possibly he is still knowledgeable in information security in general but not necessarily an expert (relatively) in bitcoin security? (I say relatively because he is certainly more knowledgeable than the avg bitcoin user)
*I have seen people claim there is no proof he ever consulted for banks in the past, all I can say to that is I believe they mentioned it as part of his background for the Canadian Senate hearings, did he lie to them about it? I think likely not, but you never know.
Lastly, whether he was qualified to accept the position at Blockchain, and whether or not he consulted for banks in the past (and/or currently), to me, is irrelevant in terms of why I think he is an essential asset to this community for the above initial reasons I mentioned, which are condensed and rough summary of why he is great. We have some insanely smart and talented core developers, and further community at large working on bitcoin, Andreas is essential for getting the laymens into bitcoin and arguing for more effective regulation, you know, things like this.
Just my two satoshis.
submitted by jmaller to Bitcoin [link] [comments]

Onecoin Help

Hi everybody,
I have been lurking on this site for a few weeks now. Feels nice to finally register, haha.
I just got contacted by an old friend. I know he is a successful networker. He told me about Onecoin and that it is promising. Now I know this guy and I really know that he doing serious stuff with serious people. So I am 100% sure he is NOT trying to fuck me over. BUT after reading alot about Onecoin, I feel it to be very very very shady. Mainly because it is not open to the public. So theoretically, the owners can pack their stuff and disappear with all the money.
Do you guys have experience with Onecoin? Would you be so kind to explain me in laymen terms the difference between Bitcoins and Onecoins? Mainly why you think Onecoin is/isn't a scam?
Thank you in advance! Looking forward to your input!
submitted by Tepul to CryptoCurrency [link] [comments]

How would you explain bitcoin to your grandma?

I've tried talking to people about bitcoin but often come up short when explaining what it is in laymens terms.
So, your grandma is presumably the least technically literate person you know... how would you go about having her understand what exactly a bitcoin is, and what gives it perceived value?
Analogies is what comes to mind, but which ones work best with something that is perceived as being so sophisticated?
submitted by ar4s to Bitcoin [link] [comments]

REMINDER: Bitcoin is still in beta.

tl;dr: Bitcoin is dangerous for laymen, so try to keep them away from it until we have safety measures in place for them to mess with it without possibly throwing away hundreds of thousands of dollars.
Someone just sent $500,000 worth of bitcoin to the wrong address. Granted, this only happened because of extremely gross negligence coupled with some Coinbase function of remembering addresses from previous transactions (apparently not with any associated alias, though; what the hell good is an address without a name attached?).
Still, this is not the first time that a layman has lost money making mistakes with bitcoin, and it won't be the last. I think we should slow down considerably in our efforts to explain the currency to people, at least until these kinks have been ironed out. That guy just learned a $500,000 lesson, but he apparently left 800 bitcoins in coinbase for who knows how long. Even after the goxxing. Even after we echoed the calls of using papeoffline wallets for storage and only leaving your money in exchanges long enough to complete your trade, then getting out quickly.
The current use case in terms of ideal security is as follows:
Keep most of your money in a durable, encrypted paper wallet, with copies of it distributed to several locations.
Keep a small amount of spending money that you would not mind losing in a web wallet that you can access from your phone, or in a phone wallet that is encrypted and backed up in multiple locations.
In actuality, that is not what happens. What happens is, laymen find out about Bitcoin, find out that they can buy some at Coinbase, and then they go there, buy some, and leave it in that account. Then, when someone finds their email + password from a leaked, hacked database of another site, then uses that same password to access their email and their Coinbase account (2fa can send an email instead of a text message), they promptly get all of their money stolen, then complain about Coinbase's lack of security on Reddit.
We're still very much in the Wild West era of bitcoin. Addresses are unintelligible 30-character case-sensitive alphanumeric strings. If you accidentally send money to the wrong address, and it turns out to be a valid one, that money is either lost forever or will only be returned on the whim of the person who now has it, if you can even track them down. This is not the Bitcoin we should be trying to convince Johnny Donuts to get into. What we should be doing is telling him not to worry about it for now. If he's interested in trying to buy in, make sure he understands that Bitcoin is an extremely risky, stupid investment, and putting money into it is the same as gambling.
submitted by vgambit to Bitcoin [link] [comments]

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