Achtung Betrug I Bitcoin Betrugsfälle 2020 und Bitcoin Scams

CryptoCurrency Talk and Offers

News on Bitcoin, Monero, Ethereum, Litecoin and all the other cryptocurrencies in the market. Cryptocurrency mining, trading and news talk. Cryptocurrency giveaways, coin airdrops and similar is welcome if legitimate. No scam and non-stop spam.
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Miningsky Bitcoin Cloud Mining Contracts 2019 Review Scam or Legit

Miningsky Bitcoin Cloud Mining Contracts 2019 Review Scam or Legit submitted by Rufflenator to 3bitcoins [link] [comments]

Miningsky Bitcoin Cloud Mining Contracts 2019 Review Scam or Legit

Miningsky Bitcoin Cloud Mining Contracts 2019 Review Scam or Legit submitted by ososru to Bitcoin4free [link] [comments]

Bitcoin Mining - Genuine Mining Contracts from Bitcoin.com, Expensive but profitable and free of scams and tricks.

Bitcoin Mining - Genuine Mining Contracts from Bitcoin.com, Expensive but profitable and free of scams and tricks. submitted by Electomatic to CryptocurrencyOffers [link] [comments]

Bitcoin Mining - Genuine Mining Contracts from Bitcoin.com, Expensive but profitable and free of scams and tricks.

Bitcoin Mining - Genuine Mining Contracts from Bitcoin.com, Expensive but profitable and free of scams and tricks. submitted by Electomatic to CryptocurrencyOffers [link] [comments]

GENISIS IS A SCAM BUY BITCOIN INSTEAD OF FAKE MINING CONTRACTS!!!!!

GENISIS IS A SCAM!!!!!!!!!!!
submitted by xxj47xx to GenesisMining [link] [comments]

A Mining Contract on Amazon? Someone confirm if this seller is legitimate or if this service is a scam. /r/Bitcoin

A Mining Contract on Amazon? Someone confirm if this seller is legitimate or if this service is a scam. /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Is http://btc-miner.online/ legit?

I entered my wallet address and it supposedly started mining, is this legit? I haven't withdrew anything bc its pretty slow
submitted by TheRealFanjin to Bitcoin [link] [comments]

Ultimate glossary of crypto currency terms, acronyms and abbreviations

I thought it would be really cool to have an ultimate guide for those new to crypto currencies and the terms used. I made this mostly for beginner’s and veterans alike. I’m not sure how much use you will get out of this. Stuff gets lost on Reddit quite easily so I hope this finds its way to you. Included in this list, I have included most of the terms used in crypto-communities. I have compiled this list from a multitude of sources. The list is in alphabetical order and may include some words/terms not exclusive to the crypto world but may be helpful regardless.
2FA
Two factor authentication. I highly advise that you use it.
51% Attack:
A situation where a single malicious individual or group gains control of more than half of a cryptocurrency network’s computing power. Theoretically, it could allow perpetrators to manipulate the system and spend the same coin multiple times, stop other users from completing blocks and make conflicting transactions to a chain that could harm the network.
Address (or Addy):
A unique string of numbers and letters (both upper and lower case) used to send, receive or store cryptocurrency on the network. It is also the public key in a pair of keys needed to sign a digital transaction. Addresses can be shared publicly as a text or in the form of a scannable QR code. They differ between cryptocurrencies. You can’t send Bitcoin to an Ethereum address, for example.
Altcoin (alternative coin): Any digital currency other than Bitcoin. These other currencies are alternatives to Bitcoin regarding features and functionalities (e.g. faster confirmation time, lower price, improved mining algorithm, higher total coin supply). There are hundreds of altcoins, including Ether, Ripple, Litecoin and many many others.
AIRDROP:
An event where the investors/participants are able to receive free tokens or coins into their digital wallet.
AML: Defines Anti-Money Laundering laws**.**
ARBITRAGE:
Getting risk-free profits by trading (simultaneous buying and selling of the cryptocurrency) on two different exchanges which have different prices for the same asset.
Ashdraked:
Being Ashdraked is essentially a more detailed version of being Zhoutonged. It is when you lose all of your invested capital, but you do so specifically by shorting Bitcoin. The expression “Ashdraked” comes from a story of a Romanian cryptocurrency investor who insisted upon shorting BTC, as he had done so successfully in the past. When the price of BTC rose from USD 300 to USD 500, the Romanian investor lost all of his money.
ATH (All Time High):
The highest price ever achieved by a cryptocurrency in its entire history. Alternatively, ATL is all time low
Bearish:
A tendency of prices to fall; a pessimistic expectation that the value of a coin is going to drop.
Bear trap:
A manipulation of a stock or commodity by investors.
Bitcoin:
The very first, and the highest ever valued, mass-market open source and decentralized cryptocurrency and digital payment system that runs on a worldwide peer to peer network. It operates independently of any centralized authorities
Bitconnect:
One of the biggest scams in the crypto world. it was made popular in the meme world by screaming idiot Carlos Matos, who infamously proclaimed," hey hey heeeey” and “what's a what's a what's up wasssssssssuuuuuuuuuuuuup, BitConneeeeeeeeeeeeeeeeeeeeeeeect!”. He is now in the mentally ill meme hall of fame.
Block:
A package of permanently recorded data about transactions occurring every time period (typically about 10 minutes) on the blockchain network. Once a record has been completed and verified, it goes into a blockchain and gives way to the next block. Each block also contains a complex mathematical puzzle with a unique answer, without which new blocks can’t be added to the chain.
Blockchain:
An unchangeable digital record of all transactions ever made in a particular cryptocurrency and shared across thousands of computers worldwide. It has no central authority governing it. Records, or blocks, are chained to each other using a cryptographic signature. They are stored publicly and chronologically, from the genesis block to the latest block, hence the term blockchain. Anyone can have access to the database and yet it remains incredibly difficult to hack.
Bullish:
A tendency of prices to rise; an optimistic expectation that a specific cryptocurrency will do well and its value is going to increase.
BTFD:
Buy the fucking dip. This advise was bestowed upon us by the gods themselves. It is the iron code to crypto enthusiasts.
Bull market:
A market that Cryptos are going up.
Consensus:
An agreement among blockchain participants on the validity of data. Consensus is reached when the majority of nodes on the network verify that the transaction is 100% valid.
Crypto bubble:
The instability of cryptocurrencies in terms of price value
Cryptocurrency:
A type of digital currency, secured by strong computer code (cryptography), that operates independently of any middlemen or central authoritie
Cryptography:
The art of converting sensitive data into a format unreadable for unauthorized users, which when decoded would result in a meaningful statement.
Cryptojacking:
The use of someone else’s device and profiting from its computational power to mine cryptocurrency without their knowledge and consent.
Crypto-Valhalla:
When HODLers(holders) eventually cash out they go to a place called crypto-Valhalla. The strong will be separated from the weak and the strong will then be given lambos.
DAO:
Decentralized Autonomous Organizations. It defines A blockchain technology inspired organization or corporation that exists and operates without human intervention.
Dapp (decentralized application):
An open-source application that runs and stores its data on a blockchain network (instead of a central server) to prevent a single failure point. This software is not controlled by the single body – information comes from people providing other people with data or computing power.
Decentralized:
A system with no fundamental control authority that governs the network. Instead, it is jointly managed by all users to the system.
Desktop wallet:
A wallet that stores the private keys on your computer, which allow the spending and management of your bitcoins.
DILDO:
Long red or green candles. This is a crypto signal that tells you that it is not favorable to trade at the moment. Found on candlestick charts.
Digital Signature:
An encrypted digital code attached to an electronic document to prove that the sender is who they say they are and confirm that a transaction is valid and should be accepted by the network.
Double Spending:
An attack on the blockchain where a malicious user manipulates the network by sending digital money to two different recipients at exactly the same time.
DYOR:
Means do your own research.
Encryption:
Converting data into code to protect it from unauthorized access, so that only the intended recipient(s) can decode it.
Eskrow:
the practice of having a third party act as an intermediary in a transaction. This third party holds the funds on and sends them off when the transaction is completed.
Ethereum:
Ethereum is an open source, public, blockchain-based platform that runs smart contracts and allows you to build dapps on it. Ethereum is fueled by the cryptocurrency Ether.
Exchange:
A platform (centralized or decentralized) for exchanging (trading) different forms of cryptocurrencies. These exchanges allow you to exchange cryptos for local currency. Some popular exchanges are Coinbase, Bittrex, Kraken and more.
Faucet:
A website which gives away free cryptocurrencies.
Fiat money:
Fiat currency is legal tender whose value is backed by the government that issued it, such as the US dollar or UK pound.
Fork:
A split in the blockchain, resulting in two separate branches, an original and a new alternate version of the cryptocurrency. As a single blockchain forks into two, they will both run simultaneously on different parts of the network. For example, Bitcoin Cash is a Bitcoin fork.
FOMO:
Fear of missing out.
Frictionless:
A system is frictionless when there are zero transaction costs or trading retraints.
FUD:
Fear, Uncertainty and Doubt regarding the crypto market.
Gas:
A fee paid to run transactions, dapps and smart contracts on Ethereum.
Halving:
A 50% decrease in block reward after the mining of a pre-specified number of blocks. Every 4 years, the “reward” for successfully mining a block of bitcoin is reduced by half. This is referred to as “Halving”.
Hardware wallet:
Physical wallet devices that can securely store cryptocurrency maximally. Some examples are Ledger Nano S**,** Digital Bitbox and more**.**
Hash:
The process that takes input data of varying sizes, performs an operation on it and converts it into a fixed size output. It cannot be reversed.
Hashing:
The process by which you mine bitcoin or similar cryptocurrency, by trying to solve the mathematical problem within it, using cryptographic hash functions.
HODL:
A Bitcoin enthusiast once accidentally misspelled the word HOLD and it is now part of the bitcoin legend. It can also mean hold on for dear life.
ICO (Initial Coin Offering):
A blockchain-based fundraising mechanism, or a public crowd sale of a new digital coin, used to raise capital from supporters for an early stage crypto venture. Beware of these as there have been quite a few scams in the past.
John mcAfee:
A man who will one day eat his balls on live television for falsely predicting bitcoin going to 100k. He has also become a small meme within the crypto community for his outlandish claims.
JOMO:
Joy of missing out. For those who are so depressed about missing out their sadness becomes joy.
KYC:
Know your customer(alternatively consumer).
Lambo:
This stands for Lamborghini. A small meme within the investing community where the moment someone gets rich they spend their earnings on a lambo. One day we will all have lambos in crypto-valhalla.
Ledger:
Away from Blockchain, it is a book of financial transactions and balances. In the world of crypto, the blockchain functions as a ledger. A digital currency’s ledger records all transactions which took place on a certain block chain network.
Leverage:
Trading with borrowed capital (margin) in order to increase the potential return of an investment.
Liquidity:
The availability of an asset to be bought and sold easily, without affecting its market price.
of the coins.
Margin trading:
The trading of assets or securities bought with borrowed money.
Market cap/MCAP:
A short-term for Market Capitalization. Market Capitalization refers to the market value of a particular cryptocurrency. It is computed by multiplying the Price of an individual unit of coins by the total circulating supply.
Miner:
A computer participating in any cryptocurrency network performing proof of work. This is usually done to receive block rewards.
Mining:
The act of solving a complex math equation to validate a blockchain transaction using computer processing power and specialized hardware.
Mining contract:
A method of investing in bitcoin mining hardware, allowing anyone to rent out a pre-specified amount of hashing power, for an agreed amount of time. The mining service takes care of hardware maintenance, hosting and electricity costs, making it simpler for investors.
Mining rig:
A computer specially designed for mining cryptocurrencies.
Mooning:
A situation the price of a coin rapidly increases in value. Can also be used as: “I hope bitcoin goes to the moon”
Node:
Any computing device that connects to the blockchain network.
Open source:
The practice of sharing the source code for a piece of computer software, allowing it to be distributed and altered by anyone.
OTC:
Over the counter. Trading is done directly between parties.
P2P (Peer to Peer):
A type of network connection where participants interact directly with each other rather than through a centralized third party. The system allows the exchange of resources from A to B, without having to go through a separate server.
Paper wallet:
A form of “cold storage” where the private keys are printed onto a piece of paper and stored offline. Considered as one of the safest crypto wallets, the truth is that it majors in sweeping coins from your wallets.
Pre mining:
The mining of a cryptocurrency by its developers before it is released to the public.
Proof of stake (POS):
A consensus distribution algorithm which essentially rewards you based upon the amount of the coin that you own. In other words, more investment in the coin will leads to more gain when you mine with this protocol In Proof of Stake, the resource held by the “miner” is their stake in the currency.
PROOF OF WORK (POW) :
The competition of computers competing to solve a tough crypto math problem. The first computer that does this is allowed to create new blocks and record information.” The miner is then usually rewarded via transaction fees.
Protocol:
A standardized set of rules for formatting and processing data.
Public key / private key:
A cryptographic code that allows a user to receive cryptocurrencies into an account. The public key is made available to everyone via a publicly accessible directory, and the private key remains confidential to its respective owner. Because the key pair is mathematically related, whatever is encrypted with a public key may only be decrypted by its corresponding private key.
Pump and dump:
Massive buying and selling activity of cryptocurrencies (sometimes organized and to one’s benefit) which essentially result in a phenomenon where the significant surge in the value of coin followed by a huge crash take place in a short time frame.
Recovery phrase:
A set of phrases you are given whereby you can regain or access your wallet should you lose the private key to your wallets — paper, mobile, desktop, and hardware wallet. These phrases are some random 12–24 words. A recovery Phrase can also be called as Recovery seed, Seed Key, Recovery Key, or Seed Phrase.
REKT:
Referring to the word “wrecked”. It defines a situation whereby an investor or trader who has been ruined utterly following the massive losses suffered in crypto industry.
Ripple:
An alternative payment network to Bitcoin based on similar cryptography. The ripple network uses XRP as currency and is capable of sending any asset type.
ROI:
Return on investment.
Safu:
A crypto term for safe popularized by the Bizonnaci YouTube channel after the CEO of Binance tweeted
“Funds are safe."
“the exchage I use got hacked!”“Oh no, are your funds safu?”
“My coins better be safu!”


Sats/Satoshi:
The smallest fraction of a bitcoin is called a “satoshi” or “sat”. It represents one hundred-millionth of a bitcoin and is named after Satoshi Nakamoto.
Satoshi Nakamoto:
This was the pseudonym for the mysterious creator of Bitcoin.
Scalability:
The ability of a cryptocurrency to contain the massive use of its Blockchain.
Sharding:
A scaling solution for the Blockchain. It is generally a method that allows nodes to have partial copies of the complete blockchain in order to increase overall network performance and consensus speeds.
Shitcoin:
Coin with little potential or future prospects.
Shill:
Spreading buzz by heavily promoting a particular coin in the community to create awareness.
Short position:
Selling of a specific cryptocurrency with an expectation that it will drop in value.
Silk road:
The online marketplace where drugs and other illicit items were traded for Bitcoin. This marketplace is using accessed through “TOR”, and VPNs. In October 2013, a Silk Road was shut down in by the FBI.
Smart Contract:
Certain computational benchmarks or barriers that have to be met in turn for money or data to be deposited or even be used to verify things such as land rights.
Software Wallet:
A crypto wallet that exists purely as software files on a computer. Usually, software wallets can be generated for free from a variety of sources.
Solidity:
A contract-oriented coding language for implementing smart contracts on Ethereum. Its syntax is similar to that of JavaScript.
Stable coin:
A cryptocoin with an extremely low volatility that can be used to trade against the overall market.
Staking:
Staking is the process of actively participating in transaction validation (similar to mining) on a proof-of-stake (PoS) blockchain. On these blockchains, anyone with a minimum-required balance of a specific cryptocurrency can validate transactions and earn Staking rewards.
Surge:
When a crypto currency appreciates or goes up in price.
Tank:
The opposite of mooning. When a coin tanks it can also be described as crashing.
Tendies
For traders , the chief prize is “tendies” (chicken tenders, the treat an overgrown man-child receives for being a “Good Boy”) .
Token:
A unit of value that represents a digital asset built on a blockchain system. A token is usually considered as a “coin” of a cryptocurrency, but it really has a wider functionality.
TOR: “The Onion Router” is a free web browser designed to protect users’ anonymity and resist censorship. Tor is usually used surfing the web anonymously and access sites on the “Darkweb”.
Transaction fee:
An amount of money users are charged from their transaction when sending cryptocurrencies.
Volatility:
A measure of fluctuations in the price of a financial instrument over time. High volatility in bitcoin is seen as risky since its shifting value discourages people from spending or accepting it.
Wallet:
A file that stores all your private keys and communicates with the blockchain to perform transactions. It allows you to send and receive bitcoins securely as well as view your balance and transaction history.
Whale:
An investor that holds a tremendous amount of cryptocurrency. Their extraordinary large holdings allow them to control prices and manipulate the market.
Whitepaper:

A comprehensive report or guide made to understand an issue or help decision making. It is also seen as a technical write up that most cryptocurrencies provide to take a deep look into the structure and plan of the cryptocurrency/Blockchain project. Satoshi Nakamoto was the first to release a whitepaper on Bitcoin, titled “Bitcoin: A Peer-to-Peer Electronic Cash System” in late 2008.
And with that I finally complete my odyssey. I sincerely hope that this helped you and if you are new, I welcome you to crypto. If you read all of that I hope it increased, you in knowledge.
my final definition:
Crypto-Family:
A collection of all the HODLers and crypto fanatics. A place where all people alike unite over a love for crypto.
We are all in this together as we pioneer the new world that is crypto currency. I wish you a great day and Happy HODLing.
-u/flacciduck
feel free to comment words or terms that you feel should be included or about any errors I made.
Edit1:some fixes were made and added words.
submitted by flacciduck to CryptoCurrency [link] [comments]

Here's A to Z list of a *few* scams that happened since 2014 in India

Since today is my cake-day, I thought of posting something that got a lot of upvotes earlier on india.
Here's the full list of all the scams as listed on the site - corruptmodi.com from A-to-Z:
submitted by OMDB-PiLoT to india [link] [comments]

Hi Guys, I'm new to bitcoin/cryptocurrency and would like to join a mining pool?

Hi Guys, anyone who can hook me up with a reliable mining pool. Should I post my wallet on this thread 😃
submitted by zeonpereiramarque to Bitcoin [link] [comments]

Biggest Scammers in Cryptocurrency Mining history? Genesis-mining.com (Bitcoin or Altcoins)

https://www.genesis-mining.com/
I Invested US$71,000 and received $1,200 back and continuous excuses from Genesis Mining customer service representatives after end of my 2 year mining contracts when payments are to be paid. The Genesis Mining Customer Service Team like 'Tom' claim technical issues is the problem and unknown is the time it would take to resolve the problem. My first contract ended December 2019. This company has no telephone numbers or emails listed only online chat via submission. Yet I continue to get emails from 'Marco Streng' to invest more.
At present I'm currently working with attorney David Hass from www.HaasLawPLLC.com and a research firm who was able to track down their company's CEO and all members of their organization. See the preliminary report so far emailed to me below. Genesis Mining continually shifts their location and their current address is sarcastically listed at the infamous Trinity Chambers, P.O. Box 4301, Road Town, Tortola, British Virgin Islands renown for illegal activity. See https://offshoreleaks.icij.org/nodes/287319.
An investigative team has also been hired and is currently in Germany but I'm still awaiting their report and Genesis Mining seems to have multiple individuals in several countries as shown below. I'm posting this to help anyone else who has been defrauded and will hired a PR company shortly to get the word out on social media and main stream news. We are also exploring the possibility of a class action lawsuit and so please forward this to others affected. Almost many international, federal, and state agencies have been already contacted but I encourage you to do the same. Here are (3) three to start.
Internet Crime Complaint Center (IC3) | Home
Federal Trade Commission
Compliance Advisor Ombudsman (CAO)
submitted by cryptos-vs-dollars to Bitcoin [link] [comments]

7 Ways to Earn LTC/Litecoin ASAP

Earning free Litecoin works similarly to earning free Bitcoin. There are several online platforms that give users free Litecoins for performing small tasks or playing online games.
Let’s explore some of the most popular ways to get free Litecoin.

Earn free Litecoin through reputable faucets

The easiest and most popular way to earn free Litecoin is through a Litecoin faucet. A faucet is a website or an application that gives users free crypto coins for completing simple tasks. These tasks are usually easy tasks like completing some captchas, viewing adverts, or playing simple games.
After completing the microtasks, the faucet will reward you with a small amount of Litecoin (Lithoshi). Litoshi is the smallest unit of Litecoin and 1 Lithoshi is equivalent to 0.000000001 Litecoin.
There are various Litecoin faucets out there, many of them being scam faucets. Before you choose a faucet platform, make sure it’s legit. Here, we will highlight a few of the most popular and reputable ones.
It is safe to mention that you should only register on faucets that integrate micro-wallets like Coinpot. Micro-wallets allow you to collect and combine faucet payments easily.

Litecoin Faucet

Just like the previously mentioned faucet, Litecoin Faucet also allows users to earn free Litecoin by solving captchas. You can earn as much as 2,500,000 Litoshis every hour with no daily limitation on the platform.
The unique feature of Litecoin Faucet is that there is no withdrawal limit. Therefore, you can withdraw any amount of Litecoin.
Faucets are sure ways of earning free Litecoin, but you have to be very careful not to fall victim to scams. Before registering on any faucet, look out for the following:
Online reviews to know if it is legit or scam.
Coinpot or Faucethub micro — wallet integration for easy withdrawal.
Deposit before withdrawal feature — This is a typical feature of scam faucets. Faucets are supposed to be free ways to earn Litecoin without any down payment.
Earnings per hour — earnings from faucets are usually small. If a faucet promises an incredible amount of Litecoin, it is probably a scam or total waste of time.
Litecoins earnings from faucets are usually really small. If your earning expectations are high, this might not be the best option for you. There are more lucrative and legit ways to earn free Litecoin. Read on to learn about the other ways to get free Litecoin.

Litecoin cloud mining

Litecoin mining is one of the oldest ways to get free Litecoin. In recent times, earning profits from Litecoin mining can be a major hassle simply because of the cost of setting up the mining device, the cost of electricity, and many other factors.
With the introduction of cloud mining, you can earn free Litecoin without the headaches involved in setting up mining kits. You can find lots of free Litecoin cloud mining contracts online.
All you need to do is download the software on your device to start earning. These software work by using your device’s memory to generate the Litecoin. Which means the more powerful your device, the more free Litecoin you can earn.
However, some of these free Litecoin software contains malicious scripts that can compromise your security by stealing your data. You should only download mining software with great online reviews.
Back when LTC started, it was possible to mine with a standard computer’s CPU or GPU. Unfortunately, as coins grow in both age and popularity, it becomes harder and harder to mine with low-cost equipment. The days of easy mining are over, but that doesn’t mean you still can’t profit from LTC mining.
There are three ways to begin your LTC mining adventure:
Solo mining
Part of a mining pool
Cloud mining

Litecoin lending

Litecoin lending is one of the most lucrative ways to obtain free Litecoin. You can make money by purchasing some Litecoin and lending others on lending platforms.
Lending platforms like Coinloan.io allow you to make as much as 10.5% ROI by lending your LTC. It means if you lend 100 LTC, you earn free 10.5 LTC within a year without doing anything.
By lending your Litecoin, you are making your money work for you. All you need is a trusted and secure lending platform to start earning free Litecoin with this method.

Wager your Litecoin

Another way to get free Litecoin is by wagering your Litecoin. Gambling is not the best way to earn free Litecoin because 70% of gamblers tend to lose more than what they earn.
No doubt that some people have actually managed to become rich through gambling, this, however, is very rare. So if you are a big risk-taker or you really love gambling, Litecoin gambling is one way to earn free Litecoin.
Crypto gambling websites like fortunejack.com, bitstarz.com, and kingbillycasino.com allow you to wager your Litecoin on various casino games. Crypto gambling is probably the riskiest way to earn free Litecoin, and it is not for the faint-hearted.

Invest In Litecoin​

If you’re looking to invest in Litecoin, it’s important to remember that Litecoin is a currency. This means it doesn’t act like a stock or bond. Instead of buying shares of Litecoin, you are swapping your currency for Litecoin currency.
For example, 1 LTC is equal to about $47 USD today. The goal is for the value of Litecoin to rise, in which case, you could exchange your Litecoins back to dollars (from someone willing to do the exchange).​

Referral Links for Crypto Exchanges

This one is good for those out there with friends that are also crypto savvy. Various exchanges offer affiliate programs where you get paid out for inviting your friends and colleagues onto their platform.
Exchanges like Coinbase offer a one time payment when a new person joins their platform while others like Cryptmixer, for example, gives its members an impressive 50% of the revenue from the new clients they bring in. You can also use their exchange to swap the Bitcoin you receive to Litecoin, making it a great way to earn LTC.
submitted by MonishaNuij to MonMonCrypto [link] [comments]

0xMonero, summary of findings

Edit: There was prior work by Artemiscult I didn't know about from a month ago!
Hi, this is a summary of my findings on 0xMonero, which claims to be "a mineable privacy focused project".
The contract was deployed on April 18th of this year, verified on Etherscan the same day, announced on Twitter soon after. It was announced on Bitcoin Talk about ten days later. 0xMonero's contract is an uncredited rip of 0xBitcoin's with only very small changes. The mining software recommended by 0xMonero was written for 0xBitcoin. There are two other more modern miners written for 0xBitcoin, but up until recently, they have only supported pool mining, not solo. My suspicion for why 0xMonero recommends the older miner is that they don't have anyone competent to run a mining pool.
Here's 0xMonero's stats page, and here's 0xBitcoin's. Look familiar? 0x1d00ffff wrote that page for 0xBitcoin about a month after the 0xBitcoin project started in February 2018. Here's the initial commit, and here are the changes 0xMonero made. When 0xMonero ripped it, at least they left the author's Etherscan link at the bottom.
Here's 0xMonero's official GitHub. As of now, there are 20 repos, but they are all forks, zero original repos. I've been told that 0xMonero has ten developers. When I asked to see their GitHub accounts, I was told that they were all too concerned with privacy. That doesn't make sense to me, since I've been doing anonymous development under various identities for years. Here's the account associated with my work for 0xBitcoin, and here's another project I work on with other anonymous developers.
Why does 0xMonero make reference to Monero? I don't know. As far as I can tell, 0xMonero has nothing to do with Monero. I can say with certainty that since 0xMonero's contract is an almost identical copy of 0xBitcoin's, and 0xBitcoin deliberately did not include privacy features, there are no privacy features in the 0xMonero contract. They would have to be elsewhere. But as far as I know, there is no other code to look at.
Here's a piece-by-piece analysis of the claims on 0xMonero's site:
Here's a thread started by DigitalInvestments2 who claims to be a top holder of 0xMonero. In that thread, I asked many direct questions, and was not able to receive any clarification or substantiation of any aspect of what 0xMonero says they are working on.
When I couldn't get answers in that thread, I reached out twice to the official 0xMonero Twitter account asking them to start a thread where it would be possible to get answers. I got blocked. At the same time, I was blocked by another related Twitter account. Here's that account lying about 0xMonero's (nonexistent) privacy features.
I started talking about this stuff on 0xMonero's Bitcoin Talk thread about a week ago. I have been unable to get any answers there, either. But someone in that thread reported me. For what, I don't know.
I think that's it for what I know about 0xMonero at the moment. Please let me know what you think. Thanks.
Edit: Here's that related Twitter account lying about 0xMonero's nonexistent privacy features again.
Edit: lying about 0xMonero's nonexistent privacy features again, and AGAIN. Suggesting to people that 0xMonero is somehow private is dangerous.
Edit: ... lying about privacy again.
Edit: agreement about 0xMonero most likely being a complete scam from a second source: https://twitter.com/CryptoScamCases/status/1292753105097031680
Edit: lying about privacy again. Noticing a trend with 0xMonero and lying?
submitted by 0xBrian to CryptoMoonShots [link] [comments]

DeFi: Finance, but not always Decentralised?

As a recent blog post explored, DeFi – decentralised finance – can and will be used in whatever ways developers and the market see fit. This is the nature of open, decentralised systems. You can’t stop it, and there’s a very strong argument for saying we shouldn’t try. To restrict any element of DeFi, at least at the protocol level, is to introduce centralisation and single points of failure, thereby killing the core innovation by misguidedly trying to protect it.
But “decentralisation” is widely misunderstood. It is, first of all, not a binary matter: a project is not either “decentralised” or “centralised”. Decentralisation lies on a spectrum. One node in a blockchain “network” is centralised; Bitcoin, with many thousands of nodes in its network, is typically considered decentralised. At what point does the threshold between centralised and decentralised lie? 10, 100, 1,000 nodes?
Secondly, there are different types of decentralisation. A blockchain network might be decentralised, but its mining infrastructure may not be, especially if a few pools comprise 51% of hashrate. If there are very few exchanges, or active developers, these are also forms of centralisation and points of potential vulnerability.
DeFi’s recent failings of decentralisation
We have seen other forms of centralisation and failure in the DeFi space in recent weeks, suggesting that a significant proportion of DeFi cannot truly be considered Decentralised at all.
At least two recent DeFi projects (one a fork of the other, and clearly designed to appeal to yield farmers, with improbable gains promised), include an “infinite mint” function that poise the devs to carry out an exit scam, pulling the rug from under holders when it is most lucrative (if not timelocked). SushiSwap, a now-notorious clone of UniSwap, apparently suffered a similar exit scam when its founder Chef Nomi took $14 million from the dev fund – only to return it in what may have been genuine remorse, or possibly an act of theatre.
Many of the ‘new’ DeFi protocols are simply clones of existing dApps, making them akin to a Ponzi or HYIP scheme. It’s worse when the users, who pour millions of dollars into these smart contracts, don’t wait for an audit – as was the case with Yam Finance, which led to a bug that caused its token price to crash to zero.
The ruthless elimination of centralisation
DeFi is not DeFi when it contains any of the above single points of failure. “Decentralisation” is about far more than the blockchain. Using a blockchain and smart contracts is an entry-level requirement for DeFi: necessary but not sufficient.
No protocol can be considered decentralised if it includes back doors, whether built in deliberately like the “infinite mint” function (Yuno), or that exist inadvertently, like the rebase bug in Yam Finance. They’re not decentralised if individual developers or small groups control large amounts of funds, the theft of which will destroy the project.
Adequate decentralisation from the outset may be impossible, but what matters is that unnecessary centralisation – in all its forms – is eliminated as soon as possible.
This is what Ergo is seeking to do: Building decentralised applications on decentralised blockchain infrastructure, with a strong and independent community of developers, smart contracts that are safe to run and easy to audit, and using custom joint signatures to protect community-owned funds.
submitted by eleanorcwhite to cardano [link] [comments]

UNI Airdrop opens a new phase of DeFi and AESwap is set to become aelf’s trump card to up its DeFi game

UNI Airdrop opens a new phase of DeFi and AESwap is set to become aelf’s trump card to up its DeFi game


Today the decentralized exchange Uniswap officially released its governance token UNI. Due to the popularity of the UNI airdrop, the gas fee for a single transfer has been pushed up to 660gwei, about $5.27. With the release of Uniswap’s token, the DeFi sector has entered a new phase of development, with new opportunities up for grabs.
In the first half of this year, the DeFi sector was thriving as various projects sprang up one after another. The boom caught many people by surprise. The catalyst was the launch of the COMP Token on June 17th. After COMP started trading its price surged, quickly leading to token issuance by a slew of DeFi projects which were much sought after by investors.
Since June 17th, in just over three months, the DeFi sector has seen great fortune being made. The most well-known example is YFI. As of writing, the price of YFI has reached $33592.79, which is even higher than that of Bitcoin at its peak. Even the price of its fork YFII has reached $4627.24.
Where there is exuberance, there is a bubble, just like two sides of the same coin. Recently, the price of SUSHI plummeted after Chef Nomi, founder of SushiSwap, cashed out nearly $14 million. Next to that,Emerald Mine (EMD), a liquidity mining DeFi project on EOS, appeared to be an exit scam. Such events should give investors pause and wonder: has DeFi come to a dead end,and where will DeFi go next?
We all know that the blockchain industry is essentially characterized by its decentralization, anonymity and lack of supervision. This means that anyone can deploy contracts on the public blockchain. Therefore, the ecosystems of public chains are a mixed bunch. There are good projects, but there will also be scams. The ICO craze in 2017 was a hard lesson to learn, and the current DeFi boom is no exception.
However, today’s DeFi is very different from ICO. For example, DeFi has practical applications and brings real returns to users, whereas the projects behind the ICOs never came up with any real product. In addition, the key driving force for DeFi’s further development lies in the innovation in its models.
After seeing so many projects come and go it’s not hard to see that the success of a project in DeFi depends on whether the project’s model has a positive impact on users, such as incentives, user experience, and returns. This is also the fundamental driving force of DeFi projects and hinges on the technical strength of the project, interface design, mechanism design, etc.
As a result, the DeFi projects that focus on the technology and work hard will reach new heights, whereas those exit scams will not survive. Aelf has passed the test of time and showed it belongs to the hard-working category.
AESwap, launched by aelf recently, is the first DeFi project based on the aelf network. It is committed to building a global leading decentralized trading platform and a more efficient, convenient and safer DeFi product than Uniswap. Now it has integrated the features of Token Exchange, adding liquidity to earn income, and creating transaction peer-to-peer.
In the future, aelf will continue to make efforts in cross chain DeFi. Thanks to the unlimited scalability of the aelf blockchain system, cross chain mechanism of protocol layer and multi-level side chain design, aelf is able to keep gas fee low with fast transaction speed. Moreover, applications in the aelf ecosystem can also interact with the Ethereum ecosystem. With its well-developed cross chain mechanism and high-performance contract, aelf is able to solve the problems of limited performance and transaction congestion of Ethereum.
Although the current DeFi sector does have an element of hype and bubble, the products of these DeFi projects do have real market demand. The DeFi sector will continue to grow, integrate and optimize. After the hype is over, the market will eliminate the bad projects and only the good ones will remain.
In this new phase of DeFi development, participants will be less enthusiastic and the growth of DeFi projects will not be as fast. I believe that the development of DeFi will become more and more rational, and AESwap will live up to our expectations.
submitted by Floris-Jan to aelfofficial [link] [comments]

DeFi: Finance, but not always Decentralised?

As a recent blog post explored, DeFi – decentralised finance – can and will be used in whatever ways developers and the market see fit. This is the nature of open, decentralised systems. You can’t stop it, and there’s a very strong argument for saying we shouldn’t try. To restrict any element of DeFi, at least at the protocol level, is to introduce centralisation and single points of failure, thereby killing the core innovation by misguidedly trying to protect it.
But “decentralisation” is widely misunderstood. It is, first of all, not a binary matter: a project is not either “decentralised” or “centralised”. Decentralisation lies on a spectrum. One node in a blockchain “network” is centralised; Bitcoin, with many thousands of nodes in its network, is typically considered decentralised. At what point does the threshold between centralised and decentralised lie? 10, 100, 1,000 nodes?
Secondly, there are different types of decentralisation. A blockchain network might be decentralised, but its mining infrastructure may not be, especially if a few pools comprise 51% of hashrate. If there are very few exchanges, or active developers, these are also forms of centralisation and points of potential vulnerability.
DeFi’s recent failings of decentralisation
We have seen other forms of centralisation and failure in the DeFi space in recent weeks, suggesting that a significant proportion of DeFi cannot truly be considered Decentralised at all.
At least two recent DeFi projects (one a fork of the other, and clearly designed to appeal to yield farmers, with improbable gains promised), include an “infinite mint” function that poise the devs to carry out an exit scam, pulling the rug from under holders when it is most lucrative (if not timelocked). SushiSwap, a now-notorious clone of UniSwap, apparently suffered a similar exit scam when its founder Chef Nomi took $14 million from the dev fund – only to return it in what may have been genuine remorse, or possibly an act of theatre.
Many of the ‘new’ DeFi protocols are simply clones of existing dApps, making them akin to a Ponzi or HYIP scheme. It’s worse when the users, who pour millions of dollars into these smart contracts, don’t wait for an audit – as was the case with Yam Finance, which led to a bug that caused its token price to crash to zero.
The ruthless elimination of centralisation
DeFi is not DeFi when it contains any of the above single points of failure. “Decentralisation” is about far more than the blockchain. Using a blockchain and smart contracts is an entry-level requirement for DeFi: necessary but not sufficient.
No protocol can be considered decentralised if it includes back doors, whether built in deliberately like the “infinite mint” function (Yuno), or that exist inadvertently, like the rebase bug in Yam Finance. They’re not decentralised if individual developers or small groups control large amounts of funds, the theft of which will destroy the project.
Adequate decentralisation from the outset may be impossible, but what matters is that unnecessary centralisation – in all its forms – is eliminated as soon as possible.
This is what Ergo is seeking to do: Building decentralised applications on decentralised blockchain infrastructure, with a strong and independent community of developers, smart contracts that are safe to run and easy to audit, and using custom joint signatures to protect community-owned funds.
submitted by eleanorcwhite to CryptoCurrencies [link] [comments]

Crypto Weekly News

Cryptocurrencies
Bitcoin Is About To See Its Largest Quarterly Options Expiry Ever
One factor that could contribute to cryptocurrency instability shortly is the inevitable expiration of 87,000 quarterly BTC options contracts. Traders who roll back these positions or close them before the close may cause some turbulence.
Ripple Expands Partnership With Bill & Melinda Gates Foundation Via Mojaloop
India's leading digital payment platforms PhonePe and Ripple have joined as sponsor members. As a sponsor, Ripple will contribute to the development of strategic vision, corporate governance, and technical guidance to ensure the long-term health and growth of the Mojaloop open source community.
IOTA: First SOCIETY2 Product Will Be Available To Use Very Soon
As announced, Secrets will be a messaging app that will allow its users to send private peer-to-peer messages and add users to a private group. The first product of the ecosystem is in the final stages of development.
IOTA: Eclipse Foundation Makes First Commit For Tangle Marketplace Project
The Tangle Marketplace received its first commit from the Eclipse Foundation. As part of a collaboration between IOTA and the Tangle EE Working Group, the project aims to advance use cases in the digital economy through the IOTA Tangle. Besides, the team is also developing the Unified Identity project.
SUSHI Faces Massive Sell-Off Following Uniswap’s Token Launch
SUSHI was among the worst-performing cryptocurrencies this week. This is because Uniswap launched its UNI token. Sushiswap fell just over 16% in 24 hours. On Thursday alone, the SUSHI/USD exchange rate fell more than 10%, trading at $1.357 per token.
Projects and Updates
BitMart Exchange Partners With Top Cybersecurity Solutions Provider
The partnership with cybersecurity firm Hacken should make cryptocurrency trading more secure. BitMart Exchange calls the new development a revolutionary innovation. The new technology will monitor the security of the platform while ensuring that the site is resilient to future hacking attempts.
VeChain Presents VerifyCar At BMW Group’s ‘Digital Innovation Day’
The blockchain-based platform will collect vehicle data such as mileage, repairs, and additional services. The decentralized app will run on the VeChainThor blockchain, which will provide security and data protection. BMW emphasizes that VerifyCar users will have more control over their data.
Bitfinex Adopts Lightning Network’s ‘Wumbo Channels’
The platform has opened three Wumbo Channels to avoid the inherent Lightning Network bandwidth limitations of 0.1677 BTC. Each channel has a limit of 5 BTC. According to representatives of the exchange, these are the largest channels in the Lightning Network.
Binance Creates ‘Innovation Zone’ To Let Only Select Users Trade New DeFi Tokens
Binance is positioning the new service as a safe haven for trading high volatility DeFi assets. Binance CEO Changpeng Zhao noted that the platform needs to add new popular tokens to remain competitive.
KuCoin Establishes Strategic Partnership With Poloniex To Elevate Digital Asset Exchange Industry
The initiative involves the creation of a research organization. Representatives of the sites note that the cooperation will help them make the most of the opportunities of the cryptography and blockchain industry.
Hacking
KuCoin Group Issues A Warning About Phishing Sites
Users are warned that kucoin-exchange.net is not affiliated with KuCoin Group and is a fraudulent domain. To avoid these types of scams, users are asked to be careful and avoid links from domains similar to the official ones.
Twitter Tightens Security Ahead Of US Presidential Election
Additional measures include stronger passwords, password reset protection, and two-factor authentication. The service will also update the internal system to quickly respond to suspicious activity.
Korean Police Summon Bithumb Chairman For Fraud Investigations
According to the police, Lee Jung Hoon organized a pre-sale of the native Bithumb BXA token, which never made it to the listing. The estimated damage to investors was around 30 billion won (~$25 million). The second charge is related to the overseas real estate of the chairman of the exchange. Law enforcement agencies speculate that Hoon was tax evasive.
Australian Man Caught Mining On Supercomputers Avoids Jail
In 2018, Jonathan Khoo worked as a contractor for the Commonwealth Scientific and Industrial Research Organisation (CSIRO). Using two government supercomputers, he mined Ethereum and Monero worth almost $6,897 in a month. Mining cost the agency $56,133. The man faced 10 years in prison, but the judge took into account his confession, loss of a job, and no criminal record. Khoo was assigned 300 hours of community service and psychological counseling.
That’s all for now! For more details follow us on Twitter, subscribe to our YouTube channel, join our Telegram.
submitted by CoinjoyAssistant to u/CoinjoyAssistant [link] [comments]

Crypto Weekly News

Cryptocurrencies
Bitcoin Is About To See Its Largest Quarterly Options Expiry Ever
One factor that could contribute to cryptocurrency instability shortly is the inevitable expiration of 87,000 quarterly BTC options contracts. Traders who roll back these positions or close them before the close may cause some turbulence.
Ripple Expands Partnership With Bill & Melinda Gates Foundation Via Mojaloop
India's leading digital payment platforms PhonePe and Ripple have joined as sponsor members. As a sponsor, Ripple will contribute to the development of strategic vision, corporate governance, and technical guidance to ensure the long-term health and growth of the Mojaloop open source community.
IOTA: First SOCIETY2 Product Will Be Available To Use Very Soon
As announced, Secrets will be a messaging app that will allow its users to send private peer-to-peer messages and add users to a private group. The first product of the ecosystem is in the final stages of development.
IOTA: Eclipse Foundation Makes First Commit For Tangle Marketplace Project
The Tangle Marketplace received its first commit from the Eclipse Foundation. As part of a collaboration between IOTA and the Tangle EE Working Group, the project aims to advance use cases in the digital economy through the IOTA Tangle. Besides, the team is also developing the Unified Identity project.
SUSHI Faces Massive Sell-Off Following Uniswap’s Token Launch
SUSHI was among the worst-performing cryptocurrencies this week. This is because Uniswap launched its UNI token. Sushiswap fell just over 16% in 24 hours. On Thursday alone, the SUSHI/USD exchange rate fell more than 10%, trading at $1.357 per token.
Projects and Updates
BitMart Exchange Partners With Top Cybersecurity Solutions Provider
The partnership with cybersecurity firm Hacken should make cryptocurrency trading more secure. BitMart Exchange calls the new development a revolutionary innovation. The new technology will monitor the security of the platform while ensuring that the site is resilient to future hacking attempts.
VeChain Presents VerifyCar At BMW Group’s ‘Digital Innovation Day’
The blockchain-based platform will collect vehicle data such as mileage, repairs, and additional services. The decentralized app will run on the VeChainThor blockchain, which will provide security and data protection. BMW emphasizes that VerifyCar users will have more control over their data.
Bitfinex Adopts Lightning Network’s ‘Wumbo Channels’
The platform has opened three Wumbo Channels to avoid the inherent Lightning Network bandwidth limitations of 0.1677 BTC. Each channel has a limit of 5 BTC. According to representatives of the exchange, these are the largest channels in the Lightning Network.
Binance Creates ‘Innovation Zone’ To Let Only Select Users Trade New DeFi Tokens
Binance is positioning the new service as a safe haven for trading high volatility DeFi assets. Binance CEO Changpeng Zhao noted that the platform needs to add new popular tokens to remain competitive.
KuCoin Establishes Strategic Partnership With Poloniex To Elevate Digital Asset Exchange Industry
The initiative involves the creation of a research organization. Representatives of the sites note that the cooperation will help them make the most of the opportunities of the cryptography and blockchain industry.
Hacking
KuCoin Group Issues A Warning About Phishing Sites
Users are warned that kucoin-exchange.net is not affiliated with KuCoin Group and is a fraudulent domain. To avoid these types of scams, users are asked to be careful and avoid links from domains similar to the official ones.
Twitter Tightens Security Ahead Of US Presidential Election
Additional measures include stronger passwords, password reset protection, and two-factor authentication. The service will also update the internal system to quickly respond to suspicious activity.
Korean Police Summon Bithumb Chairman For Fraud Investigations
According to the police, Lee Jung Hoon organized a pre-sale of the native Bithumb BXA token, which never made it to the listing. The estimated damage to investors was around 30 billion won (~$25 million). The second charge is related to the overseas real estate of the chairman of the exchange. Law enforcement agencies speculate that Hoon was tax evasive.
Australian Man Caught Mining On Supercomputers Avoids Jail
In 2018, Jonathan Khoo worked as a contractor for the Commonwealth Scientific and Industrial Research Organisation (CSIRO). Using two government supercomputers, he mined Ethereum and Monero worth almost $6,897 in a month. Mining cost the agency $56,133. The man faced 10 years in prison, but the judge took into account his confession, loss of a job, and no criminal record. Khoo was assigned 300 hours of community service and psychological counseling.
That’s all for now! For more details follow us on Twitter, subscribe to our YouTube channel, join our Telegram.
submitted by CoinjoyAssistant to CryptoCurrencies [link] [comments]

Crypto Weekly News — September, 25

Cryptocurrencies

Bitcoin Is About To See Its Largest Quarterly Options Expiry Ever
One factor that could contribute to cryptocurrency instability shortly is the inevitable expiration of 87,000 quarterly BTC options contracts. Traders who roll back these positions or close them before the close may cause some turbulence.
Ripple Expands Partnership With Bill & Melinda Gates Foundation Via Mojaloop
India's leading digital payment platforms PhonePe and Ripple have joined as sponsor members. As a sponsor, Ripple will contribute to the development of strategic vision, corporate governance, and technical guidance to ensure the long-term health and growth of the Mojaloop open source community.
IOTA: First SOCIETY2 Product Will Be Available To Use Very Soon
As announced, Secrets will be a messaging app that will allow its users to send private peer-to-peer messages and add users to a private group. The first product of the ecosystem is in the final stages of development.
IOTA: Eclipse Foundation Makes First Commit For Tangle Marketplace Project
The Tangle Marketplace received its first commit from the Eclipse Foundation. As part of a collaboration between IOTA and the Tangle EE Working Group, the project aims to advance use cases in the digital economy through the IOTA Tangle. Besides, the team is also developing the Unified Identity project.
SUSHI Faces Massive Sell-Off Following Uniswap’s Token Launch
SUSHI was among the worst-performing cryptocurrencies this week. This is because Uniswap launched its UNI token. Sushiswap fell just over 16% in 24 hours. On Thursday alone, the SUSHI/USD exchange rate fell more than 10%, trading at $1.357 per token.

Projects and Updates

BitMart Exchange Partners With Top Cybersecurity Solutions Provider
The partnership with cybersecurity firm Hacken should make cryptocurrency trading more secure. BitMart Exchange calls the new development a revolutionary innovation. The new technology will monitor the security of the platform while ensuring that the site is resilient to future hacking attempts.
VeChain Presents VerifyCar At BMW Group’s ‘Digital Innovation Day’
The blockchain-based platform will collect vehicle data such as mileage, repairs, and additional services. The decentralized app will run on the VeChainThor blockchain, which will provide security and data protection. BMW emphasizes that VerifyCar users will have more control over their data.
Bitfinex Adopts Lightning Network’s ‘Wumbo Channels’
The platform has opened three Wumbo Channels to avoid the inherent Lightning Network bandwidth limitations of 0.1677 BTC. Each channel has a limit of 5 BTC. According to representatives of the exchange, these are the largest channels in the Lightning Network.
Binance Creates ‘Innovation Zone’ To Let Only Select Users Trade New DeFi Tokens
Binance is positioning the new service as a safe haven for trading high volatility DeFi assets. Binance CEO Changpeng Zhao noted that the platform needs to add new popular tokens to remain competitive.
KuCoin Establishes Strategic Partnership With Poloniex To Elevate Digital Asset Exchange Industry
The initiative involves the creation of a research organization. Representatives of the sites note that the cooperation will help them make the most of the opportunities of the cryptography and blockchain industry.

Hacking

KuCoin Group Issues A Warning About Phishing Sites
Users are warned that kucoin-exchange.net is not affiliated with KuCoin Group and is a fraudulent domain. To avoid these types of scams, users are asked to be careful and avoid links from domains similar to the official ones.
Twitter Tightens Security Ahead Of US Presidential Election
Additional measures include stronger passwords, password reset protection, and two-factor authentication. The service will also update the internal system to quickly respond to suspicious activity.
Korean Police Summon Bithumb Chairman For Fraud Investigations
According to the police, Lee Jung Hoon organized a pre-sale of the native Bithumb BXA token, which never made it to the listing. The estimated damage to investors was around 30 billion won (~$25 million). The second charge is related to the overseas real estate of the chairman of the exchange. Law enforcement agencies speculate that Hoon was tax evasive.
Australian Man Caught Mining On Supercomputers Avoids Jail
In 2018, Jonathan Khoo worked as a contractor for the Commonwealth Scientific and Industrial Research Organisation (CSIRO). Using two government supercomputers, he mined Ethereum and Monero worth almost $6,897 in a month. Mining cost the agency $56,133. The man faced 10 years in prison, but the judge took into account his confession, loss of a job, and no criminal record. Khoo was assigned 300 hours of community service and psychological counseling.
That’s all for now! For more details follow us on Twitter, subscribe to our YouTube channel, join our Telegram.
submitted by CoinjoyAssistant to u/CoinjoyAssistant [link] [comments]

DeFi: Finance, but not always Decentralised?

As a recent blog post explored, DeFi – decentralised finance – can and will be used in whatever ways developers and the market see fit. This is the nature of open, decentralised systems. You can’t stop it, and there’s a very strong argument for saying we shouldn’t try. To restrict any element of DeFi, at least at the protocol level, is to introduce centralisation and single points of failure, thereby killing the core innovation by misguidedly trying to protect it.
But “decentralisation” is widely misunderstood. It is, first of all, not a binary matter: a project is not either “decentralised” or “centralised”. Decentralisation lies on a spectrum. One node in a blockchain “network” is centralised; Bitcoin, with many thousands of nodes in its network, is typically considered decentralised. At what point does the threshold between centralised and decentralised lie? 10, 100, 1,000 nodes?
Secondly, there are different types of decentralisation. A blockchain network might be decentralised, but its mining infrastructure may not be, especially if a few pools comprise 51% of hashrate. If there are very few exchanges, or active developers, these are also forms of centralisation and points of potential vulnerability.
DeFi’s recent failings of decentralisation
We have seen other forms of centralisation and failure in the DeFi space in recent weeks, suggesting that a significant proportion of DeFi cannot truly be considered Decentralised at all.
At least two recent DeFi projects (one a fork of the other, and clearly designed to appeal to yield farmers, with improbable gains promised), include an “infinite mint” function that poise the devs to carry out an exit scam, pulling the rug from under holders when it is most lucrative (if not timelocked). SushiSwap, a now-notorious clone of UniSwap, apparently suffered a similar exit scam when its founder Chef Nomi took $14 million from the dev fund – only to return it in what may have been genuine remorse, or possibly an act of theatre.
Many of the ‘new’ DeFi protocols are simply clones of existing dApps, making them akin to a Ponzi or HYIP scheme. It’s worse when the users, who pour millions of dollars into these smart contracts, don’t wait for an audit – as was the case with Yam Finance, which led to a bug that caused its token price to crash to zero.
The ruthless elimination of centralisation
DeFi is not DeFi when it contains any of the above single points of failure. “Decentralisation” is about far more than the blockchain. Using a blockchain and smart contracts is an entry-level requirement for DeFi: necessary but not sufficient.
No protocol can be considered decentralised if it includes back doors, whether built in deliberately like the “infinite mint” function (Yuno), or that exist inadvertently, like the rebase bug in Yam Finance. They’re not decentralised if individual developers or small groups control large amounts of funds, the theft of which will destroy the project.
Adequate decentralisation from the outset may be impossible, but what matters is that unnecessary centralisation – in all its forms – is eliminated as soon as possible.
This is what Ergo is seeking to do: Building decentralised applications on decentralised blockchain infrastructure, with a strong and independent community of developers, smart contracts that are safe to run and easy to audit, and using custom joint signatures to protect community-owned funds.
submitted by Guilty_Pea to btc [link] [comments]

DeFi: Finance, but not always Decentralised?

As a recent blog post explored, DeFi – decentralised finance – can and will be used in whatever ways developers and the market see fit. This is the nature of open, decentralised systems. You can’t stop it, and there’s a very strong argument for saying we shouldn’t try. To restrict any element of DeFi, at least at the protocol level, is to introduce centralisation and single points of failure, thereby killing the core innovation by misguidedly trying to protect it.
But “decentralisation” is widely misunderstood. It is, first of all, not a binary matter: a project is not either “decentralised” or “centralised”. Decentralisation lies on a spectrum. One node in a blockchain “network” is centralised; Bitcoin, with many thousands of nodes in its network, is typically considered decentralised. At what point does the threshold between centralised and decentralised lie? 10, 100, 1,000 nodes?
Secondly, there are different types of decentralisation. A blockchain network might be decentralised, but its mining infrastructure may not be, especially if a few pools comprise 51% of hashrate. If there are very few exchanges, or active developers, these are also forms of centralisation and points of potential vulnerability.
DeFi’s recent failings of decentralisation
We have seen other forms of centralisation and failure in the DeFi space in recent weeks, suggesting that a significant proportion of DeFi cannot truly be considered Decentralised at all.
At least two recent DeFi projects (one a fork of the other, and clearly designed to appeal to yield farmers, with improbable gains promised), include an “infinite mint” function that poise the devs to carry out an exit scam, pulling the rug from under holders when it is most lucrative (if not timelocked). SushiSwap, a now-notorious clone of UniSwap, apparently suffered a similar exit scam when its founder Chef Nomi took $14 million from the dev fund – only to return it in what may have been genuine remorse, or possibly an act of theatre.
Many of the ‘new’ DeFi protocols are simply clones of existing dApps, making them akin to a Ponzi or HYIP scheme. It’s worse when the users, who pour millions of dollars into these smart contracts, don’t wait for an audit – as was the case with Yam Finance, which led to a bug that caused its token price to crash to zero.
The ruthless elimination of centralisation
DeFi is not DeFi when it contains any of the above single points of failure. “Decentralisation” is about far more than the blockchain. Using a blockchain and smart contracts is an entry-level requirement for DeFi: necessary but not sufficient.
No protocol can be considered decentralised if it includes back doors, whether built in deliberately like the “infinite mint” function (Yuno), or that exist inadvertently, like the rebase bug in Yam Finance. They’re not decentralised if individual developers or small groups control large amounts of funds, the theft of which will destroy the project.
Adequate decentralisation from the outset may be impossible, but what matters is that unnecessary centralisation – in all its forms – is eliminated as soon as possible.
This is what Ergo is seeking to do: Building decentralised applications on decentralised blockchain infrastructure, with a strong and independent community of developers, smart contracts that are safe to run and easy to audit, and using custom joint signatures to protect community-owned funds.
submitted by Guilty_Pea to CryptoMarkets [link] [comments]

How can I get into mining bitcoin?

I cant afford all the equipment myself and I can't move to Albania or another place with low electricity costs. There must be a company I can invest in that does not look like a complete scam.
submitted by Mapumbu to Bitcoin [link] [comments]

Bitcoin Mining Hardware and Cloud Mining Contracts Explained Cloud Mining A Scam? $5,000 & $40,000 Invested In 2017 ... Bitcoin Mining Scams: Don't Fall For It! Only Choose A ... Vicox.cc New Free Bitcoin Cloud Mining Site Legit Or Scam ... Mining City Bitcoin Mining Review Scam or Legit? - YouTube

Any new industry is full of scams and the Bitcoin and Crypto industry is no exception. From scam coins to mining rigs and contracts there are a multitude of methods to steal your hard earned cash and pull the wool over your eyes. So how do you identify a Bitcoin scam. Well it's really difficult for anyone to know and the scam artists are becoming more clever. Instead of investing in mining hardware directly, buyers can purchase a cloud mining contract and rent the hashrate produced from a machine. The buyer pays some form of currency (usually Bitcoin ... Top 5 Tips on How to Avoid Bitcoin Cloud Mining Scams. Here are the top 5 tips you can use to determine the authenticity and validity of a site that claims to be a legit Bitcoin cloud mining provider: Scam cloud mining websites don’t register their domain names under a real user. That is, their domains run as anonymous. Sometimes, they never ... Aside from the cloud mining contract payment which is usually a fixed sum, companies charge a maintenance fee. The maintenance fee is the cost of running the mining hardware, cooling it, storing it, etc. The maintenance fee is usually calculated in USD per mining power unit (e.g. $0.14/TH). Since mining revenue is accumulated in Bitcoin and maintenance fees are paid in fiat, if Bitcoin’s ... With the rapid rise in the number of bitcoin scams, there are easy ways to check if a bitcoin address has been reported as being used by scammers, such as in fake bitcoin giveaways. You can also ...

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Bitcoin Mining Hardware and Cloud Mining Contracts Explained

Is cloud mining a scam? Last year my buddy and I bought $40,000 and $5,000 worth of Genesis Mining BTC & XMR mining contracts. Buy your own Mining Rig on Ama... How Much can You make on a 500$ Bitcoin Mining Contract? The results speak for themselves.. Start mining your own cryptocurrencies from as little as $25 up t... A short introduction video explaining Bitcoin Mining Hardware, Hosted Bitcoin Mining Hardware and Cloud Mining Contacts (including PACMiC's). We look into th... Is cloud mining a SCAM in 2019? Do these cloud mining sites that offer bitcoin cloud mining contracts and ethereum cloud mining contracts legit? Are sites like hashflare and genesis mining rip-off ... Vicox.cc New Free Bitcoin Cloud Mining Site Legit Or Scam Proof link https://vicox.cc/index.php?refer=17931 bitcoin mining,cloud mining,bitcoin,free bitcoin ...

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