Security Now 325 - The Official TWiT Wiki

Some perceived catalysts for MARA

Firstly, let me say, I hate how energy-intensive Bitcoin is and would never support the market for mining it in the long-term. However, below are what I believe to be a series of perceived catalysts for MARA as a swing play.
Yes, some are more compelling than others. And yes, some should never even be graced with the name 'catalyst', but in the era of Lambos and rocketships, they will very much (unfortunately) be taken as such by those more naive to the space.
What does MARA do?
MARA mines Bitcoin.
What is Bitcoin?
In essence, a digital currency. A form of value not governed by any government or centralized institution. Hopefully this isn't news to you, but if not, here is a good place to start.
What is mining?
In essence, the process that is required to generate new bitcoins (better explanation here). Much like mining for gold or drilling for oil, you need to follow a process in order to generate more Bitcoin. Much like other commodities too, the price that they are selling for has a big impact on how profitable miners are.
Why MARA, why now?
Bitcoin has been flirting with the $10,000 mark for some time now. $10k for Bitcoin is a bit like $1 for a penny stock. It's tough to break, but once you do, a lot of heads start to turn. If Bitcoin moves, MARA is more than probably going to follow suit.
Catalysts
submitted by pfcrock to pennystocks [link] [comments]

I created an easier way for non-programmers to access their favorite Bitcoin and cryptocurrency services within Google Sheets.

TL;DR: I created an easier way for non-programmers to access their favorite Bitcoin and cryptocurrency services within Google Sheets. You can find it here:
https://chrome.google.com/webstore/detail/spreadstreet/fghpmppcbabgnpekploacbjijhppnkpp?authuser=0
Hey all,
I know some of the members in the group prefer to use spreadsheets (including myself) so I created a Google Sheets add-in that pulls in certain API endpoints from popular Ethereum and cryptocurrency services. I never had the time to develop software engineering skills, but the tool allows regular joes like myself to harness the power of APIs.
Requirements:
  1. Google Sheets
  2. Spreadstreet add-in (can download from within sheet)
Services and endpoints included:
Bitcoin Charts
Bitfinex
Bittrex
Blockchain
Stock Twits
GDAX
Cryptonator
Cryptocompare
CoinMarketCap
Hoping this is something that is useful to the group, and I am more than happy to help peeps setup the sheet so they can use it. Just send me a message on here or to my inbox.
Full disclosure
I have set the add-in to be a 14-day free trial, and $15 a month after. I am currently exploring ways to make the service free, such as:
  1. Sponsored connections: Free connections that anybody can use where the service pays me to host them on the add-in
  2. Community submitted connectors
  3. Rate-limited free level (currently do not have development talent to implement this)
I am in no way affiliated with any of the services listed, except for the actual add-in itself. I just happen to find the services very valuable.
Helpful template to get you started
I created a sheet that has some initial instructions, as well as a setup for Bitfinex. It brings in candles data, and recent tweets related to the symbol of your choosing. You can find that sheet here (File -> Make a copy):
https://docs.google.com/spreadsheets/d/1P5WkVIk-e8jhVMS7TaptSKI83c1Ut5crLM1r8CUFUXc/edit?usp=sharing
A note on security:
Our industry is rife with corruption. I know the hesitation involved with installing something that is script-based, like a Google Sheets add-in. I am here to help ease those fears with a couple of facts:
  1. This is a U.S. based company, and I am a one-man show (for now)
  2. My business location, phone number, and e-mail are all public knowledge as required by the laws of the United States
  3. I am here to provide a valuable service, and something that I hope becomes a treasured tool within the space
  4. The app is on the Google store, and they do a full review of all applications before allowing them to be pushed to the store. While not perfect, you can be reasonably assured they catch most malicious programs
  5. If you are still hesitant, there are a couple of ways to test it without installing on your main computer, such as testing it in a virtual environment first.
  6. Currently the add-on has no authenticated endpoints. Before I implement these, I will put our code under a strict third-party security review that will be posted for everyone to see. I will not release that version until we are certain security is top notch
Additional Resources
Original Medium Post: https://medium.com/spreadstreet/an-easy-way-to-connect-digital-currency-services-to-google-sheets-21f18301f881
Help documents: https://spreadstreet.io/docs/
Using the built-in "SS" function: https://www.youtube.com/watch?v=gMqqEQ9ArDc
Cheers, John
submitted by 1kexperimentdotcom to ethtrader [link] [comments]

Transcript from Ravencoin Open Developer Meeting - Nov. 16, 2018

Tron at 2:03 PM

Topics: Messaging (next phase) UI 2.2 - Build from develop - still working out a few kinks Mobile - Send/Rcv/View Assets - In progress Raven Dev Kit -Status

RavencoinDev at 2:04 PM

Hey Everybody! Let's get started!Thanks Tron for posting the topics.Tron is going talk about Messaging Plans.Let's start there.

Chatturga at 2:06 PM

It looks like this channel is not connected to the IRC. One moment

RavencoinDev at 2:07 PM

Well, we going to move forward as the tech guys fix the IRC connections.

Tron at 2:07 PM

I wanted to have a doc describing the messaging, but it isn't quite ready.I understand this isn't going to IRC yet, but I'm starting anyway.

RavencoinDev at 2:08 PM

Look for it soon on a Medium near you.

Tron at 2:08 PM

Summary version: Every transaction can have an IPFS hash attached.

Vincent at 2:09 PM

any plans for a 'create IPFS' button?

RavencoinDev at 2:09 PM

Yes

Vincent at 2:09 PM

on asset creatin window also?

RavencoinDev at 2:09 PM

Yes

Vincent at 2:09 PM

sweet

Tron at 2:09 PM

IPFS attachments for transactions that send ownership token or channel token back to the same address will be considered broadcast messages for that token.The client will show the message.Some anti-spam measures will be introduced.If a token is in a new address, then messages will be on by default.The second token in an address, the channel will be available, but muted by default.

RavencoinDev at 2:11 PM

That way I can't spam out 21b tokens and then start sending messages to everybody.

Tron at 2:11 PM

We'd like to have messaging in a reference client on all six platforms.

corby at 2:11 PM

Hi!

Tron at 2:11 PM

Photos will not be shown. Messages will be "linkified"

RavencoinDev at 2:12 PM

and plain text.We'll start with the QT wallet support

Tron at 2:12 PM

Any other client is free to show any IPFS message they choose.The messaging is fully transparent.

Rikki RATTOE at 2:13 PM

ok, so messaging isn't private

Tron at 2:13 PM

Anyone could read the chain and see the messages.

RavencoinDev at 2:13 PM

No, never was planned to be private

MSFTserver-mine more @ MinerMore at 2:13 PM

irc link should be fixed

Tron at 2:13 PM

It is possible to put encrypted content in the IPFS, but then you'd have to distribute the key somehow.

RavencoinDev at 2:13 PM

Thanks MSFT!

Chatturga at 2:13 PM

Negative

Tron at 2:14 PM

Core protocol changes Extend the OP_RVN_ASSET to include for any transfer: RVNT <0xHH><0x12><0x20><32 bytes encoding 256 bit IPFS hash> 0xHH - File type 0x00 - NO data, 0x01 - IPFS hash, 0x02 through 0xFF RESERVED 0x12 - IPFS Spec - Using SHA256 hash 0x20 - IPFS Spec - 0x20 in hex specifying a 32 byte hash. …. (32 byte hash in binary)

corby at 2:14 PM

By it's nature nothing on chain is private per se. Just like with wallets you'd need to use crypto to secure messaging between parties.

Tron at 2:14 PM

Advantages: This messaging protocol has the advantage of not filling up the blockchain. The message information is public so IPFS works as a great distributed store. If the messages are important enough, then the message sender can run nodes that "PIN" the message to keep a more durable version. The message system cannot be spoofed because any change in the message will result in a different hash, and therefore the message location will be different. Only the unique token holder can sign the transaction that adds the message. This prevents spam. Message clients (wallets), can opt-in or opt-out of messages by channel. Meta-message websites can allow viewing of all messages, or all messages for a token. A simple single channel system is supported by the protocol, but a channel could be sub-divided by a client to have as many sub-channels as desired. There are no limits on the number of channels per token, but each channel requires the 5 RVN fee to create the channel.

RavencoinDev at 2:14 PM

So, somebody could create their own client and encrypt the data on the blockchain if they wished.

corby at 2:15 PM

Wow Tron types fast

Rikki RATTOE at 2:15 PM

yeah there was some confusion in the community whether messaging would be private and off chain

Tron at 2:15 PM

Anti-Spam Strategy One difficulty we have is that tokens can be sent to any Ravencoin asset holder unsolicited. This happens on other asset platforms like Counterparty. In many cases, this is good, and is a way for asset issuers to get their token known. It is essentially an airdrop. However, combined with the messaging capabilities of Ravencoin, this can, and likely will become a spam strategy. Someone who wants to send messages (probably scams) to Ravencoin asset holders, which they know are crypto-savvy people, will create a token with billions of units, send it to every address, and then message with the talking stick for that token. Unless we preemptively address this problem, Ravencoin messaging will become a useless spam channel. Anyone can stop the messages for an asset by burning the asset, or by turning off the channel. A simple solution is to automatically mute the channel (by default) for the 2nd asset sent to an address. The reason this works is because the assets that you acquire through your actions will be to a newly generated address. The normal workflow would be to purchase an asset on an exchange, or through a ICO/STO sale. For an exchange, you'll provide a withdrawal address, and best practice says you request a new address from the client with File->'Receiving addresses…'->New. To provide an address to the ICO/STO issuer, you would do the same. It is only the case where someone is sending assets unsolicited to you where an address would be re-used for asset tokens. This is not 100% the case, and there may be rare edge-cases, but would allow us to set the channels to listen or silent by default. Assets sent to addresses that were already 'on-chain' can be quarantined. The user can burn them or take them out of quarantine.

RavencoinDev at 2:18 PM

Okay, let me know when/if you guys read through all that. 📷📷2

corby at 2:18 PM

To be clear this is a client-side issue -- anyone will be able to send anything (including messages) to any address on chain..

RavencoinDev at 2:18 PM

It'll be in the Medium post later.

Tron at 2:19 PM

@corby The reference client will only show messages signed by the issuer or designated channels.Who is ready for another wall of text? 📷

corby at 2:19 PM

I hear that's the plan 📷 just pointing out that it is on the client in these cases..

Tron at 2:20 PM

Yes, any client can show anything gleaned from the chain.Goal: A simple message format without photos. URL links are allowed and most clients will automatically "linkify" the message for valid URLs. For display, message file must be a valid json file. { "subject":"This is the optional subject", "message": "This is required.", "expires": 1578034800 } Only "message" is required {"message":"Hello world"}

bhorn at 2:21 PM

expires?

Vincent at 2:21 PM

discount coupon?

Tron at 2:21 PM

If you have a message that worthless (say after a vote), just don't show the message.

bhorn at 2:21 PM

i see - more client side operation

corby at 2:21 PM

/expires

Tron at 2:22 PM

Yep. And the expiration could be used by IPFS pinners to stop worrying about the message. Optional

RavencoinDev at 2:22 PM

If the client sees a message that is expired it just won't display it.

Vincent at 2:23 PM

will that me messaged otherwise may cause confusion?"expired'

RavencoinDev at 2:23 PM

YesWe'll do our best to make it intuitive.

Tron at 2:24 PM

Client handling of messages Pop-up messages or notifications when running live. Show messages for any assets sent to a new address - by default Mute messages for assets sent to an address that was already on-network. Have a setting to not show messages older than X IPFSHash (or 8 bytes of it) =

Rikki RATTOE at 2:25 PM

will there be a file size limit for IPFS creation in the wallet?

RavencoinDev at 2:25 PM

We'll also provide updated documentation.

Tron at 2:26 PM

Excellent question Rikki. Here are some guidelinesGuidelines: Clients are free to show or not show poorly formed messages. Reference clients will limit message display to properly formed messages. If subject is missing, the first line of the message will be used (up to 80 chars). Standard JSON encoding for newlines, tabs, etc. https://www.freeformatter.com/json-escape.html Expiration is optional, but desired. Will stop showing the message after X date, where X is specified as Unix Epoch. Good for invites, voting requests, and other time sensitive messages that have no value after a specific date. By default clients will not show a message after X blocks (default 1 year) Amount of subject shown will be client dependent - Reference client may cut off at 80 chars. Messages longer than 15,000 (about 8 pages) will not be pinned to IPFS by some scanners. Messages longer than 15,000 characters may be rejected altogether by the client. Images will not be shown in reference clients. Other clients may show any IPFS content at their discretion. IPFSHash is only a "published" message if the Admin/Owner or Channel token is sent from/to the same address. This allows for standard transfers with metadata that don't "publish".Free Online JSON Escape / Unescape Tool - FreeFormatter.comA free online tool to escape or unescape JSON strings

RavencoinDev at 2:26 PM

We're hoping to add preferences that will allow the user to customize their messaging experience.

Tron at 2:27 PM

Also, happy to receive feedback from everyone.

corby at 2:27 PM

In theory though if you maintain your own IPFS nodes you should be able to reference files of whatever size right?

Steelers at 2:27 PM

How about a simple Stop light approach - Green (ball) New Message, Yellow (Ball) Expiring Messages, Red (Ball) Expired Messages

RavencoinDev at 2:27 PM

Yes please! That's the point of sharing it here

Chatturga at 2:27 PM

Fixt

push | ravenland.org at 2:28 PM

Thanks @Tron can you provide any details of the coming 'tooling' at the end of november, and what that might enable (apologies as I am a bit late to meeting if this has been asked already)

VeronicaBOT at 2:28 PM

sup guys

Tron at 2:28 PM

Sure, that's coming.

RavencoinDev at 2:28 PM

That's the Raven WebDev Kit topic coming up in a few mins.

push | ravenland.org at 2:29 PM

oki 📷 cheers

RavencoinDev at 2:29 PM

Questions on messaging?

Jeroz at 2:30 PM

Not sure if I missed it, but how fast could you send multiple messages in succession?

BruceFenton at 2:30 PM

Some kind of sweep feature or block feature for both tokens and messages could be useful Certain messages will be illegal to possess in certain jurisdictions If someone sends a picture of Tiennneman tank man in China or a message calling for the overthrow of a ruler it could be illegal for someone to have There’s no way for that jurisdiction to censor the chain So some users might want the option to purge messages or not receive them client side / on the wallet

Tron at 2:30 PM

Messages are a transaction.

RavencoinDev at 2:30 PM

So it'll cost you to spam messages.They can only send a hash to that picture and the client won't display anything not JSON

corby at 2:31 PM

purge/block is the age old email spam

Tron at 2:31 PM

The Reference client - other clients / web sites, etc can show anything they wish.

RavencoinDev at 2:31 PM

You can also burn a token if you never want to receive messages from that token owner.

UserJonPizza|MinePool.com|Mom at 2:32 PM

Can't they just resend the token?

Tron at 2:33 PM

Yes, but it would default to mute.📷2

RavencoinDev at 2:33 PM

meaning it would show up in a spam foldetab

bhorn at 2:33 PM

is muting available for the initial asset as well?

RavencoinDev at 2:33 PM

Something easy to ignore if muted.

Tron at 2:33 PM

@bhorn Yes

BruceFenton at 2:33 PM

Can users nite some assets and not others?

Tron at 2:33 PM

@bhorn It just isn't the default.

BruceFenton at 2:33 PM

Mute

RavencoinDev at 2:33 PM

YesYou can mute per token.

BruceFenton at 2:34 PM

Great

Tron at 2:34 PM

And per token per channel.

Jeroz at 2:34 PM

channels are the subtokens?

BruceFenton at 2:34 PM

What’s per token per channel mean ?

Tron at 2:34 PM

The issuer sends to the "Primary" channel.Token owner can create channels like "Alert", "Emergency", etc.These "talking sticks" are similar to unique assets.📷1ASSET~Channel

RavencoinDev at 2:37 PM

Okay, we have a few more topics to cover today.Tron will post more details on Medium and we can continue discussions there.

Jeroz at 2:38 PM

Ah, I missed channel creation bit for each token with the 5 RVN / channel cost. It makes more sense to me now.

RavencoinDev at 2:38 PM

The developers are working towards posting a new version 2.2 that has the updated UI shown on twitter.

Vincent at 2:39 PM

twit link?

RavencoinDev at 2:39 PM

The consuming of large birds (not ravens) might slow the release a bit.So likely the week after Thanksgiving.

[Dev] Blondfrogs at 2:39 PM

The new UI will contain: - New menu layout - New icons - Dark mode - Added RVN colors

Dan1666 at 2:39 PM

+1 Dark mode

RavencoinDev at 2:39 PM

DARK MODE!

Dan1666 at 2:40 PM

so pleased about that

RavencoinDev at 2:40 PM

I can honestly say it'll be the nicest crypto wallet out there.

[Dev] Blondfrogs at 2:40 PM

A little sneak peak, but this is not the final project📷📷6📷3

!S1LVA | MINEPOOL at 2:40 PM

Outstanding

Dan1666 at 2:41 PM

reminds me of Sub7 ui for those that might remember

UserJonPizza|MinePool.com|Mom at 2:41 PM

Can we have an asset count at the top?

[Dev] Blondfrogs at 2:41 PM

Icons will be changing

Vincent at 2:41 PM

does the 'transfer assets' have a this for that component?

Tron at 2:41 PM

Build from develop to see the sneak preview in action.There may be small glitches depending on OS. These are being worked on.

Rikki RATTOE at 2:41 PM

No plans for the mobile wallet to show an IPFS image I'm assuming? Would be a nice feature if say a retail store could send a QR coupon code to their token holders and they could scan the coupon using their wallet in store

[Dev] Blondfrogs at 2:42 PM

@Vincent That will probably be a different section added later📷1

RavencoinDev at 2:42 PM

Yes, Rikki we do want to support messaging.Looking into how that would work with Apple and Google push.

push | ravenland.org at 2:42 PM

sub7📷1hahaoldschoolit so is similar aswell

[Master] Roshii at 2:43 PM

Messages are transactions no need for any push

Tron at 2:43 PM

@Rikki RATTOE There's a danger in showing graphics where anyone can post anything without accountability for their actions. A client that only shows tokens for a specific asset could do this📷1

RavencoinDev at 2:43 PM

True, unless you want to see the messages even if you haven't opened your wallet in a week.

Rikki RATTOE at 2:44 PM

the only thing I was thinking was if you simply linked the image, somebody could just copy the link and text it off to everyone and the coupon isn't all that exclusive

UserJonPizza|MinePool.com|Mom at 2:44 PM

Maybe a mobile link-up for a easy way to see messages by just importing pubkey(edited)

RavencoinDev at 2:45 PM

Speaking of mobileWe are also getting close to a release of mobile that includes the ability to show assets held, and transfer them.Roshii has been hard at work.📷6📷1

Vincent at 2:46 PM

can be hidden also?

RavencoinDev at 2:47 PM

We're still finalizing the UI design but that is on the list of todos📷1

Under at 2:47 PM

Could we do zerofee mempool messaging that basically gets destroyed after it expires out of the mempool for real-time stealth mode messaging

corby at 2:48 PM

That's interesting!

RavencoinDev at 2:49 PM

There are other solutions available for stealth messaging, that's not what the devs had intended to build. It does sound cool though @Under

Under at 2:50 PM

📷 we’ll keep up the good work. Looking forward to the db upgrades. Will test this weekend

RavencoinDev at 2:50 PM

Thanks!That leaves us with 10 minutes for the Dev Kit!Corby has been working on expanding some of the awesome work that @Under has been doing.

corby at 2:52 PM

Yes -- all of the -addressindex rpc calls are being updated to work with assets

RavencoinDev at 2:52 PM

Hopefully we'll be able to post the source soon once the initial use cases are all working.

corby at 2:52 PM

so assets are being tied into transaction history, utxos, etc

RavencoinDev at 2:52 PM

The devs want to provide a set of API's that make it easy for web developers to build solutions on top of Ravencoin.VinX is investigating the possibility of using Ravencoin to power their solution.

corby at 2:53 PM

will be exposed via insight-api which we've forked from @Under

[Master] Roshii at 2:53 PM

Something worth bringing up is that you will be able to get specific asset daba from full nodes with specific message protocols.

corby at 2:54 PM

also working on js lib for client side construction of asset transactions

Tron at 2:55 PM

Dev Kit will be an ongoing project so others can contribute and extend the APIs and capabilities of the 2nd layer.📷3📷3

RavencoinDev at 2:55 PM

Will be posted soon to the RavenProject GitHub.

corby at 2:55 PM

separate thing but yes Roshii that is worth mentioning -- network layer for getting asset data

RavencoinDev at 2:55 PM

Again want to give thanks to @Under for getting a great start on the project

push | ravenland.org at 2:56 PM

Yes looking forward to seeing more on the extensive api and capabilities, is there a wiki on this anywhere tron?(as to prevent other people replicating eachothers work?)

RavencoinDev at 2:56 PM

The wiki will be in the project on GitHub

push | ravenland.org at 2:56 PM

im guessing when the kit is released, something will appear, okok cool

RavencoinDevat 2:57 PM

Any questions about the Web DevKit?

push | ravenland.orgToday at 2:57 PM

well, what kind of support will it give us, that would be nice, is this written anywhereI'm still relatively new to blockchain<2 yearsso need some hand holding i suppose 📷

bhorn at 2:58 PM

right, what are initial use cases of the devkit?

push | ravenland.org at 2:58 PM

i mean im guessing metamask like capabilitysome kind of smart contract, some automation capabilitiesrpc scriptsstuff like thiseven if proof of concept or examplei guess im wondering if my hopes are realistic 📷

RavencoinDev at 2:59 PM

You can see the awesome work that @Under has already don that we are building on top of.

push | ravenland.org at 2:59 PM

yes @Under is truly a herooki, cool

RavencoinDev at 2:59 PM

https://ravencoin.network/Ravencoin Block ExplorerRavencoin Insight. View detailed information on all ravencoin transactions and blocks.

push | ravenland.org at 2:59 PM

ok, sweet, that is very encouragingthanks @Under for making that code public

corby at 3:00 PM

It will hopefully allow you to write all sorts of clients -- depending on complexity of use case you might just have js lib (wallet functions, ability to post txs to gateway) or a server side project (asset explorer or exchange)..(edited)

Tron at 3:00 PM

Yeah, thanks @Under .

RavencoinDev at 3:00 PM

What's your GitHub URL @Under ?

push | ravenland.org at 3:00 PM

https://github.com/underdarkskies/ i believeGitHub· GitHubunderdarkskies has 31 repositories available. Follow their code on GitHub.📷

RavencoinDev at 3:00 PM

Yup!

push | ravenland.org at 3:00 PM

he is truly a hero(edited)

RavencoinDev at 3:00 PM

LOL

push | ravenland.org at 3:00 PM

damn o'sgo missing everywhere

RavencoinDev at 3:01 PM

teh o's are hard... Just ask @Chatturga

push | ravenland.org at 3:01 PM

📷

Chatturga at 3:01 PM

O's arent the problem...

push | ravenland.org at 3:01 PM

📷📷

RavencoinDev at 3:02 PM

Alright we're at time and the devs are super busy. Thanks everybody for joining us.

push | ravenland.org at 3:02 PM

thanks guys

RavencoinDev at 3:02 PM

Thank you all for supporting the Raven community.📷6

corby at 3:02 PM

thanks all!

push | ravenland.org at 3:02 PM

keep up the awesome work, whilst bitcoin sv and bitcoin abc fight, another bitcoin fork raven, raven thru the night📷5

Vincent at 3:02 PM

piece!!

RavencoinDev at 3:03 PM

We're amazingly blessed to have you on this ride with us.📷5📷9📷5

Dan1666 at 3:03 PM

gg

BruceFenton at 3:03 PM

📷📷12📷4

UserJonPizza|MinePool.com|Mom at 3:55 PM

Good meeting! Excited for the new QT!!
submitted by Chatturga to u/Chatturga [link] [comments]

[Shibenomics 102] How the hell did we even get to cryptocurrencies anyway?

Before I get into the subject matter in the title, I think it would be constructive to go through an extremely brief history of the intersection of money, economics, and methods of organizing capital.
From the paleolithic era until deep into the age of empire (think ancient Rome & China), many transactions had no medium of exchange at all - you simply knew who to go to who would want what you had (e.g. the wheat farmer going to the baker), and who had want you wanted. This is referred to as a coincidence of wants, and without it barter economies do not work. Early into human history, humans realized bartering was clunky, cumbersome, and that some goods were unfit to be bartered and that some goods were very easy to barter. Those goods which were easy to barter (sharp obsidian stones, pretty shells) became the first early mediums of exchange, and took on additional value besides their primary use because they could be exchanged. For example, a baker knows the wheat farmer will take cowrie shells, because the farmer can use the cowrie shells to buy seeds or milk, and so the baker is willing to take cowrie shells because he will be able to buy wheat with them, and so on and so forth.
Over time, new problems developed with using sharp stones and shells, because you couldn't divide a shell into 0.5 shells and because people kept finding new shells, so it was difficult to tell how many shells you should charge for something. One thing that didn't have these problems was gold - it was hard to find, easy to divide into pieces, and you could even make coins out of it that weighed the same amount, so you knew exactly how much gold you were getting and could be confident that gold would be worth about the same amount the next day. Even today, many people (think Ron Paul) think gold is an excellent currency (other people say it's not a currency and will call you a medieval twit for suggesting it is).
In any case, gold and silver worked excellently as currencies, but people started to become lazy (as they always do), and didn't want to lug their gold around or risk having it stolen. Eventually, businesses that saw a lot of traffic (scribes for writing documents in particular) realized that they always had gold on hand, and could effectively just write "I O U" on a piece of paper instead of lugging their gold to do their shopping, and when the person they gave the IOU to came to have something written, they could pay them their gold.
Now it gets really wonky, because people who got the IOUs started using them to trade with other people instead of real gold, because everybody visited the scribe from time to time and so could just get the gold from the scribe when they felt like it.
The scribes started to pick up on the fact that people were using the IOUs like gold, and realized they could make bank (pun intended)! They started offering people the service of holding their gold, so it wouldn't be stolen and they wouldn't have to lug it around, and they would give them IOUs that were equivalent to the amount of gold they deposited. Naturally, everybody used this service because people were lazy, and suddenly people were ecstatically trading paper as if it were real gold.
Now we get to next level wonkiness, because one of the scribes (they go by bankers now) realized that so many people deposited gold at the bank, but not very many people came and asked to change their IOU into real gold. At the same time, he noticed that some people wanted to borrow gold so they could start a new business. And the bankers wanted to get in on this, because when the person told them their business idea it sounded like it'd make bank (pun intended AGAIN), so they made a deal - we'll give you gold, but only if you pay us back more gold later.
Now this creates a conundrum, because the gold did not belong to the banker in the first place - it was the depositors. So now the depositor thinks he has a bar of gold safely stashed in a vault AND the business owner thinks he has the bank's bar of gold in his pocket. But the problem doesn't stop there, because the business owner doesn't want to lug around the gold - he goes to a bank and deposits it for IOUs. Then this bank, not wanting to let the other bankers get ahead of themselves, loans the new gold out to another new business owner, who deposits it at the first bank, and then they loan it out... you get the point.
Let's go through a bit of math to explain exactly WTF just happened - suppose all the banks have to keep 10% of their gold deposits just in case depositors show up wanting to exchange back into gold - that means they can loan out 90% of their deposits. Now, suppose the entire economy was originally composed 100 gold bars before any bankers started getting any ideas. After the first round of loans there are 90 new "bars of gold", because every bank loaned out 90% of its deposits, and the deposits across all the banks summed up to 100 bars of gold. Now, 190 bars are deposited at banks, but only 90 bars are loaned out - which means the banks loan out another 81 "bars of gold" (since 190.9=171, 171-90=81). Now there are 252 bars of gold, and only 171 are loaned out - so another 55.8 bars are loaned out (252.9-171), and so on and so forth. The solution to this infinite series is found by taking the original value and dividing by the fraction which is not loaned out (10%) - 1000 bars of gold total.
WTF 1000 bars of gold? but we started with 100! Yes, and what you've discovered is referred to as fractional reserve banking. For a short while, things are amazing, since everybody is making more money since all these new businesses are spending massive amounts of gold, making everybody feel richer. But lots of stores start running out of things to sell, and so they raise the price on what they do have left until they can get more things on the shelf. Shoppers begin noticing that prices went up, but since they have more money they're fine with paying the higher price, which makes the shops continue raising the price until finally the customers are paying 10 times what they originally paid for items. The businesses which started up might have succeeded though, and so there's more to buy now than before, and the economy did grow in real terms, but that's outside the scope of this article.
Very quickly, governments realized that somehow bankers were able to take gold and make it into 10 times as much gold, and for a short while people actually could buy things as if they had created gold, before the prices adjusted.
Now this financial wizardry simply couldn't go ignored, and by now the government had already decided to monopolize manufacturing of the IOUs (counterfeiting is illegal) and bless them with their official insignia (legal tender, thus making it illegal to demand real gold as payment - only banks got to transact in the yellow metal, everyone else had to use IOUs. Of course, you could still buy the yellow metal with IOUs and then exchange it back for IOUs at a fixed exchange rate after some more gold had been mined - and because whenever gold is deposited, 10 times that amount of IOUs is created, you would always get more gold than you deposited.
And now the government realized it had it's own wizardry called fiat - since it's illegal to refuse dollars as payment, and it's illegal not to pay taxes, everybody needs dollars in order to pay their taxes and everyone can use dollars as a form of payment. And if everybody needs dollars, and everybody doesn't really need gold, then just like way back at the beginning of money, dollars become a better medium of exchange since you know everybody needs dollars. And so governments decided to stop letting you exchange your dollars for gold (Richard Nixon removing the gold standard), and instead just be happy with the fact that you have dollars - now you can pay your taxes!
And so the one last recourse people had to preserve value they had generated was taken away - now the government and the select few banks they chose to work with were always the first people who got to have the magic money, then the "people" that those banks liked to lend to, typically large multi-national corporations since these were the least risky loans, then smaller corporations, etc., until the money finally trickled down to you in the wages you earned, and since you don't get paid every day and negotiate your salary package typically by the year, you can be sure that the dollars you negotiated for and the dollars you get paid in are not worth the same amount.
Then this crazy halfwit called satoshi nakamoto (it was actually probably a collection of halfwits, but we won't ever know because if we know the government knows, and when the government knows he better hide under a rock for the next 20 years) turned the system on its head by effectively printing his own currency. All he made were 2 promises - that there is a fixed amount that will ever exist, and that the only way to make more of them is by solving these difficult math problems, and 1 rule - that every time you solve one of these difficult math problems, it will serve to record exactly what transactions happened between the time two people before you solved math problems. (This is referred to as the block chain and upon solving a "math problem", you have solved a block.
BOOM.
These "bitcoins" fulfills the requirements early people had of money - that it be easy to take around (its either a string of 1's and 0's or a string of alphanumeric characters that is easily reproduced by the owner but almost impossible to steal by a thief), its secure and not easily found, and it can be divided up into little parts and still be worth the same.
Moreover, it has new benefits - there's no need for banks, since any amount can be stored in relatively the same space (which means there's also no fractional reserve banking), and there's a predefined rate of inflation after which no more can be mined - which means nobody can "magic money" your savings away, though they can become worth more or less over time if people find bitcoins to be a more or less useful medium of exchange. The network of miners also creates a registry of transactions, so fraud and embezzlement become more difficult (but new problems like forking the chain and 51% control of the global hashrate have arisen). Finally, there is no centralized authority printing the bitcoins, nor is there a nation-state & its armed police force, jail system, and standing army breathing down your neck or the necks of other people to record how you spend and get your money, report yourself, and then give some of it away for services that you didn't ask for.
I like to think of dogecoin as very similar, only it also has a community that is willing to pay people for services that weren't asked for, is a bit more egalitarian about mining, and also involves a cute dog, and spaceships.
EDIT: You can read about these phenomenon in more detail here:
http://en.wikipedia.org/wiki/History_of_money
http://en.wikipedia.org/wiki/Banknote
http://en.wikipedia.org/wiki/Banking
submitted by kwickymartkidd to dogecoin [link] [comments]

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The Problem with Bitcoin's Crypto Mining and Chia's Greener Solution

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