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ethtrader Glossary of Terms
I recently introduced a friend to our humble, little subreddit and they quickly pointed out that the language spoken here did not appear to be English. I suppose we do toss around a fair amount of acronyms, memes, and slang. I put together a quick glossary of terms for them and figured I should post it here in case any other new ethtraders can benefit from it:
Exchange Websites where you can buy and sell crypto-currencies. Some popular exchanges in North America are: Coinbase GDAX Gemini Bittrex Poloniex Quadriga Kraken
Whale Someone that owns absurd amounts of crypto-currency.
limit order / limit buy / limit sell Orders placed by traders to buy or sell a crypto-currency when the price meets a certain amount. They can be thought of as 'for-sale' signs. These orders are what are bought and sold against when traders place market orders.
market order / market buy / market sell A simple purchase or sale on an exchange at the current price. Market buys purchase the cheapest ETH available on the order book, and market sells fill the most expensive buy order on the books.
margin trading The act of 'magnifying' the intensity of your trades by risking your existing coins. (NOTE: Very risky, only for experienced traders and only on certain exchanges even then)
going long A margin trade that profits if the price increases.
going short A margin trade that profits if the price decreases.
bullish An expectation that price is going to increase.
bearish An expectation that price is going to decrease.
ATH All-Time-High. We've gotten a lot of these the past couple months.
Altcoin Generally any crypto-currency other than Bitcoin or Ethereum. (Though some Bitcoin folks would probably still say Ethereum is an altcoin)
ETH The crypto-symbol for Ether. Kind of like stock market symbols. (i.e., the crypto equivalent of AMZN meaning Amazon stock)
Symbols of some other crypto-currencies that are regularly discussed/shilled around here: BTC - Bitcoin LTC - Litecoin ANS - Antshares SC - Siacoin XRP - Ripple ETC - Ethereum Classic FCT - Factom (described as a software license more than a coin, but can still be traded)
Tokens Refers to the 'currency' of projects built on the ethereum network that have raised money via issuing their own tokens. Some common tokens discussed on this sub: GNT - Golem REP - Augur BAT - Basic Attention Token ICN - Iconomi
ICO Initial Coin Offering, somewhat similar to an IPO in the non-crypto world. Startups issue their own token in exchange for ether. This is essentially crowdfunding on the ethereum platform.
Shilling / pumping Someone essentially advertising another crypto-currency. If a coin is promised to cure cancer or be the second coming of Jesus, it's being shilled.
stable coin A crypto-currency with extremely low volatility that can be used to trade against the overall market.
arbitrage Taking advantage of a difference in price of the same commodity on two different exchanges. Often mentioned when it comes to comparing ETH prices on Korean exchanges against US exchanges.
FOMO Fear Of Missing Out. The overwhelming sensation that you need to get on the train when the price of something starts to skyrocket.
FUD Fear, Uncertainty, and Doubt. Baseless negativity spread intentionally by someone that wants the price of something to drop.
FUDster Someone that is spreading FUD.
Pump And Dump The recurring cycle of an altcoin getting a ton of attention, leading to a fast price increase, and then of course followed by a huge crash.
Bagholder Someone still holding an altcoin after a pump and dump crash. Can also just refer to someone holding a coin that is sinking in value with few future prospects.
Market Cap The total value held in a crypto-currency. It is calculated by multiplying the total supply of coins by the current price of an individual unit. This site shows a great run-down of each coin's market cap: http://coincap.io/
ROI Return on Investment. The percentage of how much money has been made compared to an initial investment. (i.e., 100% ROI means someone doubled their money).
TA Trend Analysis or Technical Analysis. Refers to the process of examining current charts in order to predict which way the market will move next.
Crypto-currency related, but not really specific to Ethereum:
blockchain The classification of technology that Ethereum falls into. Blockchains are distributed ledgers, secured by cryptography. They are essentially public databases that everyone can access and read, but the data can only be updated by the data owners. Instead of the data residing on a single centralized server, the data is copied across thousands and thousands of computers worldwide. More detailed information available at: https://en.wikipedia.org/wiki/Blockchain
node A computer that possesses a copy of the blockchain and is working to maintain it.
mining The process of trying to 'solve' the next block. It requires obscene amounts of computer processing power to do effectively, but is rewarded with ether.
mining rig A computer especially designed for processing proof-of-work blockchains, like Ethereum. They often consist of multiple high-end graphic processors (GPUs) to maximize their processing power.
Fork A situation where a blockchain splits into two separate chains. Forks generally happen in the crypto-world when new 'governance rules' are built into the blockchain's code. Some more information available at: https://en.wikipedia.org/wiki/Blockchain#Hard_forks
POW Proof-of-work. The current consensus algorithm used by Ethereum.
POS Proof-of-stake (not piece of shit). The proposed future consensus algorithm to be used by Ethereum. Instead of mining in its current form, people that own ETH will be able to 'lock up' their ether for a short amount of time in order to 'vote' and generate network consensus. The plan is that these stakeholders will be rewarded with ETH by doing so.
sharding A scaling solution for blockchains. Typically, every node in a blockchain network houses a complete copy of the blockchain. Sharding is a method that allows nodes to have partial copies of the complete blockchain in order to increase overall network performance and consensus speeds.
software wallet Storage for crypto-currency that exists purely as software files on a computer. Software wallets can be generated for free from a variety of sources. MyEtherWallet (MEW) is one of the popular. (more on MEW below)
hardware wallet A device that can securely store crypto-currency. Hardware wallets are often regarded as the most secure way to hold crypto-currency.
Ledger Nano S / Trezor Two of the most popular hardware wallet models.
cold storage The process of moving crypto-currency 'offline', as a way of safekeeping your crypto-currency from hacking. There are a variety of ways to do this, but some methods most commonly used: ---Printing out the QR code of a software wallet and storing it somewhere safe, such as a safety deposit box. ---Moving the files of a software wallet onto a USB drive and storing it somewhere safe. ---Using a hardware wallet.
Terms more specific to Ethereum
smart contract Code that is deployed onto the Ethereum blockchain, often directly interacting with how money flows. Not my quote, but: "A normal transaction allows you to send money from A to B. Smart contracts allow you to send money from A to B, on the condition that C happens."
Dapp Decentralized Application. This refers to an application that uses an Ethereum smart contract as it's back-end code.
The Flippening A potential future event wherein Ethereum's market cap surpasses Bitcoin's market cap, making Ethereum the most 'valuable' crypto-currency. This site shows the progress of the Flippening in real-time: http://www.flippening.watch/
gas A measurement of how much processing is required by the ethereum network to process a transaction. Simple transactions, like sending ether to another address, typically do not require much gas. More complex transactions, like deploying a smart contract, require more gas.
gas price The amount of ether to be spent for each gas unit on a transaction. The initiator of a transaction chooses and pays the gas price of the transaction. Transactions with higher gas prices are prioritized by the network.
Wei The smallest denomination of ether. 1 Ether = 1000000000000000000 Wei (1018)
Gwei Another denomination of ether. Gas prices are most often measured in Gwei. 1 Ether = 1000000000 Gwei. (109)
Raiden Network An upcoming protocol change to Ethereum that will enable high-speed transfers across the network. It is similar in some aspects to Bitcoin's planned Lightning Network. The name, I assume, comes from the Mortal Kombat character named Raiden that can shoot lightning. More reading available at: https://themerkle.com/what-is-the-raiden-network/
Frontier, Homestead, Metropolis, Serenity The four planned stages of the Ethereum development roadmap. We are currently in the Homestead phase. The Metropolis update is likely to be available sometime in the next year.
MEW MyEtherWallet. A free site that can generate ethereum software wallets for you.
EEA Enterprise Ethereum Alliance. A coalition of startups and corporations trying to figure out the best way to use this dang thing.
DAO Decentralized Autonomous Organization. An investor-directed venture capital fund built on the Ethereum network that was hacked in June 2016. The hack stole about a third of the DAO's funds and led to Ethereum being hard-forked the following month. The DAO is often cited as one of Ethereum's biggest stumbles thus far.
Napkin Math: Total Global Average Cost to Mine a bitcoin
I've made a few assumptions below to try to come to a very generalized understanding of what a bitcoin costs to mine on average, globally, post "halvening." I'm not trying to be too precise and would be happy if I was within 10%-15% of what may actually be true. I tried to stay somewhat conservative (I think) in the estimates by assuming that all mining equipment is the best of the best, and that all electricity is relatively cheap (I understand some operations in China don't pay for electricity). If there are any glaring mistakes, or major issues I've missed which could skew the result significantly, I would appreciate any help. Thanks.
Number of Mining Rigs Required to Supply Total Hash Rate = (Current Hash rate) / (Hash Rate of Most Efficient Mining Rig) = (1,510,671,268.44 GH/s) / (12930 GH/s) = 116,834.59
Total Network Electricity Cost Per Hour = (Number of Mining Rigs Required to Supply Total Hash Rate) x (Power Consumption of Most Efficient Mining Rig) x (Cost per kWh) = (116,834.59) x (1.275 kw/h) * (.0218 $US/kWh) = $3247.42
Total Bitcoins Awarded Per Hour = (Number of coins awarded every 10min) x (6) = (12.5) x (6) = 75
Network Electricity Cost Per Coin = (Total Network Electricity Cost Per Hour) / (Total Bitcoins Awarded Every Hour) = ($3247.42) / (75) = $43.30
Depreciation Cost: NOTE: I assumed a linear depreciation cost over 180 days useful life of the mining rig. I honestly don't know how long people keep miners (professional, not hobbyists). It does appear that new/better models come out about every 6 months though. It also appears that older mining rigs, at most 2 development cycles old, aren't cost effective. I didn't regard it as appropriate to this estimate to include the few 2 year old USB miners that some hobbyists are using in their basement or attic somewhere. Also, I've heard that some mining manufacturers mine with their new stock first before cleaning it up and sending out for sale, further hurting the ROI on older equipment.
Total Cost of Mining Equipment = (Number of Mining Rigs Required to Supply Total Hash Rate) x (Cost of Most Efficient Mining Rig) = (116,834.59) x ($ 1985) = $231,916,664.18
Total Number of bitcoins awarded in 180 days = (Total Number of Bitcoins Mined per Hour) x (Number of Hours per Day) x (Number of Days) = (75) x (24) x (180) = 324,000
Depreciation Cost per Coin = (Total Cost of Mining Equipment) / (Total Number of bitcoins awarded in 180 days) = ($231,916,664.18 ) / (324,000) = 715.79
Combining the Electricity Cost and Depreciation Cost together we get: (Network Electricity Cost Per Coin) + (Depreciation Cost per Coin) = ($43.30) + ($715.79) = $759.09
Property, Plant, and Labor Cost: This is tough and can have a lot of factors. I've written down many but to keep this post length somewhat reasonable, I'm going to simply add on a 15% additional cost to the previous total = (1.15) x ($759.09) =
So, the Global Total Mining Average Cost to collectively mine a bitcoin at 12.5 coins awarded per block is about: $872.95
As we can see, the Depreciation expense is the biggest factor in the estimate. Any adjustments to the assumption of mining equipments' usable life would significantly affect the estimate. Additionally, this estimate is basically a current "snapshot" of the mining landscape and doesn't include network growth and its effects on mining over time.
Again, this is just some napkin math I threw together from a base of assumptions and wasn't intended to be exact. I appreciate hearing any major faults you find in the assumptions or methodology and any suggestions you have regarding the numbers.
Up to $120 bounties for answering altcoin mining questions
I'm thinking about sinking some major money into mining. Probably $15,000 to $20,000. Not all up front but sliding into it pretty quickly. I've got about three rigs up and running with ethereum but I have several issues I want input on. I am setting aside a $40 bounty for the three top answers ($20 for the top, two $10 for the runner ups) paid in bitcoins. I will be posting this in several places. If there is a REALLY good answer I will offer an additional $80 (total of $100) for the top answer. This is my research that may save me from making a big mistake. I live in the Midwest with temperature that hits 100f / 38c for 3 to 4 consecutive months a year. I want to run this operation in my garage. Cooling. This is by far my biggest concern. I live in the Midwest with three months of 100f / 38c per year. I've dealt with this before with litecoin. I don't want to have to air condition. In my previous experience fans aren't adequate. Will this gpu be able to stay cool at the temps I've mentioned without air conditioning? http://www.newegg.com/Product/Product.aspx?Item=N82E16814131676 If not … does anyone have experience using dialetric fluid / oil to submersible the cards in? I'm going to have to cool the oil somehow right? Is there a book way to do this? (Drop sealed containers of ice in the vat, pump it thru an oil radiator? Hardware. As linked above I'm leaning towards the 390X to try to retain value a year from now. I'm thinking of using this motherboard http://www.amazon.com/ASRock-Motherboard-H81-PRO-BTC/dp/B00HEUIS2G USB risers. http://www.ebay.com/itm/Powered-PCI-E-Express-1X-To-16X-Extender-Riser-Card-With-60CM-USB-3-0-Cable-/301105921855?hash=item461b4fbf3f:g:oGMAAMXQuTNTMSBV Mining. Has anyone developed a proprietary ether miner they are selling? Has vertcoin or monero mining stayed profitable with a .09 kw electric rate between the litecoin dropout and today if you are able to get a good cooling (non ac) system in place? Power. I'm leaning towards this as my PSU. http://holybitcoin.com/product/dps-2000bb-breakout-adapter-board/ (I know I'll have to install a fan for the PSU). I'm fairly comfortable with the electric side of things until it gets to the PSU (I understand amps, volts, watts, and required wire gauges. Any warnings on running server PSUs?
I could use some help/suggestions finding upgrades for my current rig (MOBO, GPU, and CPU)
I build my desktop back in 2012 and it's got a fair amount of hours on it at this point. I'm not having "performance issues" exactly, but I am noticing a few slow down points that seem abnormal. For example if I've got a torrent or steam download running and say 7 chrome tabs response time begins to diminish. I've done a fair amount of troubleshooting to see if I can clean things up (defrag, disk clean up, virus scans, reformat drives, re-image primary drive which is SSD, etc.) and i'm still having some issues. So I'm looking to bite the bullet so to speak and upgrade...thought without breaking the back. I don't have a hard price limit, but I'm not looking to spend $1500 to upgrade. Components I'm looking to upgrade
The Mobo and CPu were bought knew in 2012, the Radeon R9's I boght used from a friend 2-3 years ago. He only used them for bitcoin mining and had less than 100 hours on them.....I know this is my biggest limitation so this is number #1 on my upgrade list. Other components in Rig
Sometime mid next week (Jan 19-21) I should have ~$5,000-6,000 in PayPal. I am looking to buy 5 S1's direct from BitMain. I've got a few questions/concerns however. The biggest concern right now is being able to buy $5,000 of bitcoin, using PayPal. I'm 16, so withdrawing all that money to my student checking account is a no-go. My mom also doesn't want to give PayPal her tax ID, and credit card so she has unlimited withdrawing capabilities. I plan on asking around the Chicago Bitcoin Meetup if anyone there would be able to sell me that much Bitcoin, and for PayPal or something along those lines. After I get the bitcoins, and the S1's delivered, any advice on keeping them cool, and clean? They'll probably go in my basement, and I'm thinking about some kind of horizontal rack, and cooling system. I'd like to overclock them to 208 gh/s. One of my friends has built a LN2 creator before, and was talking to me about possibly doing this for all my BTC miners, so we could further overclock them, increasing profitability. I'd expect some kind of decent ROI with this setup, and yes current profiribility calculators will probably tell you I won't make much, but I'm gonna go out on a limb and assume Bitcoins will be at, or over $1,000 a pop by SeptembeOctober of 2014. I also plan on using Coinwarz and mine the most profitable coin each day, and sell via cryptsy. I'll also just save some bitcoins for the future. What kind of PSU's should I get for 5 of these bad-boys? Would 2 1050w PSU's and then another 700w one be alright? My friend, who bought an Avalon Asic Batch 2 last year for ~$1,500 made a great ROI, and he is doing the same exact thing I am with this project. Except that he might end up with 10 S1's, while I'll have 5 of them. If anyone has any advice for me, I'd love to hear it. I've been following Bitcoin very heavily sense I first herd about it in 2008 (It was only $2 a pop when I just went on #otc) but this will be my very first mining rig of my own. I've mined of my GPU/CPU using various coins, along with my usb asic, but this will be a large project/rig.
I started mining dogecoins earlier this week after not having mind any virtual current since bitcoin first came out. Times sure have changed so I was pretty much starting from scratch. One of the things that drew me in was the supportive community and the benefits of scrypt over sha256. Wow! I was mining on whatever hardware I had laying around: an out-dated gaming rig with a 750w PSU powering a GTX 560 ti along with 4 SATA disks, probably more fans than are needed, and a base core2duo system. I was getting about 240 Kh/s... not too bad for spare parts! I get the feeling that a lot of our fellow diggers also got started in a similar way. Being that I want to help go to the moon, I started looking at my other old hardware. I found a Radeon HD 5770 thats been sitting in my basement for a few years. Should be good for another~ 200 Kh/s? SWEET! So I plugged it in and IT WAS AWESOME... for about 12 hours. Then my power supply cooked itself :( I guess a GTX 560ti, HD 5770, 4 7200 RPM drives, etc were too much for my trusty old Corsair TX750W :( Anyone else ever make a similar mistake? Besides just using an over-sized power supply, can anything be done to protect against this? Ie, any fusing options or anything to look for in a PSU? I'd be nice to able to just flip a breaker or replace a fuse instead of having to buy a new PSU. Secondly, as I'm sure many diggers have also done, I ordered a couple new GPUs today - a couple Radeon HD 7870s (only $175 each!!!). I need a new power supply anyway, so I may as well plan ahead. How does one figure how much of a PSU they'll need? I can look up specs for most stuff and add it up, by a lot of GPUs only spec out power needs for the system and assume they'll be a single card. With a setup using 3 or 4 GPUs, I'm quickly exceeding the biggest PSUs on the market! Is there a better way of doing it? What about accounting for the base system, fans, usb devices, etc? FWIW, I'm thinking of getting an EVGA SuperNOVA 1300G2 Power supply. Anyone try this? Thanks! PS: to make my sad story a bit sadder: I mentioned I used to mine bitcoin back ~2009. They were worthless so I stopped. I had 20-30 coins in my wallet, mostly from faucets. Spent all weekend searching old hard drives and finally found my old wallet! Too bad I cant remember the password for it vOv
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A look inside America's largest Bitcoin mining operation ...
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