BTC.com wallet for bitcoin 2020 review Finder Philippines
How long does it take a Bitcoin wallet to sync? MakeUseOf
Had some thoughts on economics.
This is how I've been doing things in my Digital Perdition chronicle / narrative for Shadowrun for years. If this is useful, feel free to steal it. I assume this probably isn't a new idea, but in my world, Nuyen is a form of cryptocurrency, like bitcoin or ethereum. It's also a "smart" currency, in that it can autonomously do things, all by itself. Any "nuyen app" on any comlink can, with a very simple user-facing interface, create things like escrows, trusts, provisional holdings, task verified transactions, etc. As long as the system can autonomously verify the information some how in the outside world, it can interact with it. (This also means the system is somewhat fallible and can be hacked / spoofed / fooled, which can lead to interesting emergent narratives / plots all on its own). The fact that it's a cryptocurrency also informs the logic of what happens if Nuyen is copied. Ordinarily, this doesn't happen, and "naked nuyen" (nucoin outside of a wallet app or not encrypted on a credstick) is very suspicious, and if you're going to accept it, you need to be able to verrify it in real time, like right now, and transfer it to your account before you leave this dark alley / a abandoned warehouse transaction, or not accept it at all if you don't have signal. But if you do some how manage to clone some Nuyen, then just like crypto, and there's two of the exact same nucoin, then it's whoever syncs it to their account first. The other is considered the forgery. So that can create a "race against the clock" scenario if two opposing forces have the bag, the same bag, and need to get back to civilization before the other guy does. (This might not even come up in your games, but I play in a lot of areas like, in the middle of the ocean, pirates and atolls, as well as extremely rural northern Canada, South American jungles, and sub-Saharian Africa, exploring ancient blood mage / cultist desert ruins, etc, so often, "spotty signal" is an environmental hurdle / plot point.) We also have "credcoins" in addition to regular old credsticks. A "credcoin" is basically like an SD card, but with a poker-chip style plastic housing around it, to make it more handleable. The chip holds the actual encrypted nucoin (like a credstick) so they're not naked nuyen (see above), but they've also got an optical code, like a QR code, printed on them. They can be used in vending machines in 3rd world areas where signal might be spotty, or traded in physical transactions. The way they work, is that we've written into the narrative that a certain block of numbers in the "nuyen hash" of each nucoin, maybe like the last five digits or something, who knows, but that there's a world wide industry standard number to indicate that these nuyen are dedicated for physical use. Sort of like how some IP addresses are reserved for localhost or LAN. If any system, any wallet app, sees these digits, it wont let them be "deposited". Only a physical bank can do it. This prevents someone from just scanning a credcoin, depositing the nuyen, and now the coins still look valid, but are useless. If you wanted to "deposit" them, you'd take them to a bank, they would scan them and verify, add them to your account, and remove those coins from circulation immediately by physically destroying them (or feeding them into a hopper to be able to 3d print new ones). They'd also charge you a fee for the overhead of the cost of actually producing currency, sort of like those CoinStar machines at Walmart that charge you a fee for counting all your change. Speaking of counting change... That there's an optical code on credcoins makes that easy, too. Anyone with AR (augmented reality -- so basically, anyone, even if it's only through a hand held comlink screen, but usually AR contact lenses, glasses, goggles, or cybereyes) can just look at a credcoin and immediately know how much it is. You can also dump them out on the table, stand back so you get them all in frame, and just see a total for how much the value of all of them are. Each credcoin already has an ARO, but if there's a shit load of them together in close proximity, the AROs just merge together into a single one so as not to be "spammy". If you want to block the AROs, you can store your credcoins in signal blocking bags, containers, or metal coin rolls. Credcoins are also slightly different sizes and colors to tell the denomination at a glance, as well. Anyway, I hope some of those ideas are useful for your games. :)
New England New England 6 States Songs: https://www.reddit.com/newengland/comments/er8wxd/new_england_6_states_songs/ NewEnglandcoin Symbol: NENG NewEnglandcoin is a clone of Bitcoin using scrypt as a proof-of-work algorithm with enhanced features to protect against 51% attack and decentralize on mining to allow diversified mining rigs across CPUs, GPUs, ASICs and Android phones. Mining Algorithm: Scrypt with RandomSpike. RandomSpike is 3rd generation of Dynamic Difficulty (DynDiff) algorithm on top of scrypt. 1 minute block targets base difficulty reset: every 1440 blocks subsidy halves in 2.1m blocks (~ 2 to 4 years) 84,000,000,000 total maximum NENG 20000 NENG per block Pre-mine: 1% - reserved for dev fund ICO: None RPCPort: 6376 Port: 6377 NewEnglandcoin has dogecoin like supply at 84 billion maximum NENG. This huge supply insures that NENG is suitable for retail transactions and daily use. The inflation schedule of NengEnglandcoin is actually identical to that of Litecoin. Bitcoin and Litecoin are already proven to be great long term store of value. The Litecoin-like NENG inflation schedule will make NewEnglandcoin ideal for long term investment appreciation as the supply is limited and capped at a fixed number Bitcoin Fork - Suitable for Home Hobbyists NewEnglandcoin core wallet continues to maintain version tag of "Satoshi v0.8.7.5" because NewEnglandcoin is very much an exact clone of bitcoin plus some mining feature changes with DynDiff algorithm. NewEnglandcoin is very suitable as lite version of bitcoin for educational purpose on desktop mining, full node running and bitcoin programming using bitcoin-json APIs. The NewEnglandcoin (NENG) mining algorithm original upgrade ideas were mainly designed for decentralization of mining rigs on scrypt, which is same algo as litecoin/dogecoin. The way it is going now is that NENG is very suitable for bitcoin/litecoin/dogecoin hobbyists who can not , will not spend huge money to run noisy ASIC/GPU mining equipments, but still want to mine NENG at home with quiet simple CPU/GPU or with a cheap ASIC like FutureBit Moonlander 2 USB or Apollo pod on solo mining setup to obtain very decent profitable results. NENG allows bitcoin litecoin hobbyists to experience full node running, solo mining, CPU/GPU/ASIC for a fun experience at home at cheap cost without breaking bank on equipment or electricity. MIT Free Course - 23 lectures about Bitcoin, Blockchain and Finance (Fall,2018) https://www.youtube.com/playlist?list=PLUl4u3cNGP63UUkfL0onkxF6MYgVa04Fn CPU Minable Coin Because of dynamic difficulty algorithm on top of scrypt, NewEnglandcoin is CPU Minable. Users can easily set up full node for mining at Home PC or Mac using our dedicated cheetah software. Research on the first forked 50 blocks on v1.2.0 core confirmed that ASIC/GPU miners mined 66% of 50 blocks, CPU miners mined the remaining 34%. NENG v1.4.0 release enabled CPU mining inside android phones. Youtube Video Tutorial How to CPU Mine NewEnglandcoin (NENG) in Windows 10 Part 1 https://www.youtube.com/watch?v=sdOoPvAjzlE How to CPU Mine NewEnglandcoin (NENG) in Windows 10 Part 2 https://www.youtube.com/watch?v=nHnRJvJRzZg How to CPU Mine NewEnglandcoin (NENG) in macOS https://www.youtube.com/watch?v=Zj7NLMeNSOQ Decentralization and Community Driven NewEnglandcoin is a decentralized coin just like bitcoin. There is no boss on NewEnglandcoin. Nobody nor the dev owns NENG. We know a coin is worth nothing if there is no backing from community. Therefore, we as dev do not intend to make decision on this coin solely by ourselves. It is our expectation that NewEnglandcoin community will make majority of decisions on direction of this coin from now on. We as dev merely view our-self as coin creater and technical support of this coin while providing NENG a permanent home at ShorelineCrypto Exchange. Twitter Airdrop Follow NENG twitter and receive 100,000 NENG on Twitter Airdrop to up to 1000 winners Graphic Redesign Bounty Top one award: 90.9 million NENG Top 10 Winners: 500,000 NENG / person Event Timing: March 25, 2019 - Present Event Address: NewEnglandcoin DISCORD at: https://discord.gg/UPeBwgs Please complete above Twitter Bounty requirement first. Then follow Below Steps to qualify for the Bounty: (1) Required: submit your own designed NENG logo picture in gif, png jpg or any other common graphic file format into DISCORD "bounty-submission" board (2) Optional: submit a second graphic for logo or any other marketing purposes into "bounty-submission" board. (3) Complete below form. Please limit your submission to no more than two total. Delete any wrongly submitted or undesired graphics in the board. Contact DISCORD u/honglu69#5911 or u/krypton#6139 if you have any issues. Twitter Airdrop/Graphic Redesign bounty sign up: https://goo.gl/forms/L0vcwmVi8c76cR7m1 Milestones
Sep 3, 2018 - Genesis block was mined, NewEnglandcoin created
Sep 8, 2018 - github source uploaded, Window wallet development work started
Sep 11,2018 - Window Qt Graphic wallet completed
Sep 12,2018 - NewEnglandcoin Launched in both Bitcointalk forum and Marinecoin forum
Sep 14,2018 - NewEnglandcoin is listed at ShorelineCrypto Exchange
Sep 17,2018 - Block Explorer is up
Nov 23,2018 - New Source/Wallet Release v1.1.1 - Enabled Dynamic Addjustment on Mining Hashing Difficulty
Nov 28,2018 - NewEnglandcoin became CPU minable coin
Nov 30,2018 - First Retail Real Life usage for NewEnglandcoin Announced
Dec 28,2018 - Cheetah_Cpuminer under Linux is released
Dec 31,2018 - NENG Technical Whitepaper is released
Jan 2,2019 - Cheetah_Cpuminer under Windows is released
Jan 12,2019 - NENG v1.1.2 is released to support MacOS GUI CLI Wallet
Jan 13,2019 - Cheetah_CpuMiner under Mac is released
Feb 11,2019 - NewEnglandcoin v1.2.0 Released, Anti-51% Attack, Anti-instant Mining after Hard Fork
Mar 16,2019 - NewEnglandcoin v220.127.116.11 Released - Ubuntu 18.04 Wallet Binary Files
Apr 7, 2019 - NENG Report on Security, Decentralization, Valuation
Apr 21, 2019 - NENG Fiat Project is Launched by ShorelineCrypto
Sep 1, 2019 - Shoreline Tradingbot project is Launched by ShorelineCrypto
Dec 19, 2019 - Shoreline Tradingbot v1.0 is Released by ShorelineCrypto
Jan 30, 2020 - Scrypt RandomSpike - NENG v1.3.0 Hardfork Proposed
Feb 24, 2020 - Scrypt RandomSpike - NENG core v1.3.0 Released
Jun 19, 2020 - Linux scripts for Futurebit Moonlander2 USB ASIC on solo mining Released
Jul 15, 2020 - NENG v1.4.0 Released for Android Mining and Ubuntu 20.04 support
Jul 21, 2020 - NENG v18.104.22.168 Released for MacOS Wallet Upgrade with Catalina
Jul 30, 2020 - NENG v22.214.171.124 Released for Linux Wallet Upgrade with 8 Distros
Aug 11, 2020 - NENG v126.96.36.199 Released for Android arm64 Upgrade, Chromebook Support
Aug 30, 2020 - NENG v188.8.131.52 Released for Android/Chromebook with armhf, better hardware support
2018 Q3 - Birth of NewEnglandcoin, window/linux wallet - Done
2018 Q4 - Decentralization Phase I
Blockchain Upgrade - Dynamic hashing algorithm I - Done
Cheetah Version I- CPU Mining Automation Tool on Linux - Done
2019 Q1 - Decentralization Phase II
Cheetah Version II- CPU Mining Automation Tool on Window/Linux - Done
Blockchain Upgrade Dynamic hashing algorithm II - Done
2019 Q2 - Fiat Phase I
Assessment of Risk of 51% Attack on NENG - done
Launch of Fiat USD/NENG offering for U.S. residents - done
Initiation of Mobile Miner Project - Done
2019 Q3 - Shoreline Tradingbot, Mobile Project
Evaluation and planning of Mobile Miner Project - on Hold
Initiation of Trading Bot Project - Done
2019 Q4 - Shoreline Tradingbot
Shoreline tradingbot Release v1.0 - Done
2020 Q1 - Evaluate NENG core, Mobile Wallet Phase I
NENG core Decentralization Security Evaluation for v1.3.x - Done
Light Mobile Wallet Project Initiation, Evaluation
2020 Q2 - NENG Core, Mobile Wallet Phase II
NENG core Decentralization Security Hardfork on v1.3.x - Scrypt RandomSpike
Light Mobile Wallet Project Design, Coding
2020 Q3 - NENG core, NENG Mobile Wallet Phase II
Review on results of v1.3.x, NENG core Dev Decision on v1.4.x, Hardfork If needed
Light Mobile Wallet Project testing, alpha Release
2020 Q4 - Mobile Wallet Phase III
Light Mobile Wallet Project Beta Release
Light Mobile Wallet Server Deployment Evaluation and Decision
My 2-month experience with bitport.io (recommended provider)
(Edit- check comments. It seems there are far better options out there) Howdy all. I didn't find much in the way of reviews for bitport when I was looking at seedboxes. I wanted to share the experience I've had with them in the last 2 months. I started off on their free plan (1GB cloud storage) and slowly progressed up to the highest paid tier (250GB cloud storage). I do not work for bitport and am in no way affiliated with them, it's just an honest review on what I received for my money. Available Plans: Free - 1GB cloud storage, 1 download slot, 1 torrent/day, non-guaranteed speed, no AV, only HTTP downloads $5/mo - 5GB cloud storage, 5 download slots, unlimited torrents/day, unlimited download speed, https downloads, antivirus check, rss downloader $10/month - 100GB cloud storage, 10 download slots, unlimited torrents/day, unlimited download speed, https downloads, antivirus check, rss downloader, google drive sync (can download directly to your google drive storage) $15/month - same as above, except 20 download slots instead of 10 and 250GB cloud storage instead of 100GB They also support FTP/SFTP access, which I have found extremely handy for grabbing my files. I use filezilla to create an SFTP connection and sync what I need. Once I have it locally I can remove it from my cloud storage and add more torrents. I get email alerts when a download is finished. I've found the speeds to be great. The seeding is worded weirdly on the website, but it appears that seeding is set to stop once the ratio hits 1.0 by default, or after 24 hours, whichever comes first. If you are a premium user you can contact the technical support team and request the ratio to be increased. I asked for the days seeded to be increased to 2 weeks, but the most they could/would do is 5 days. Downloads can also be handled by a sync client they've developed. This is a windows only application which I haven't used, so I cannot comment on it. You can also use a variety of third party download clients to automatically download files when done. Adding torrents can be done by uploading a torrent file or by pasting a torrent or magnet file link in the homepage. This has been very handy. You can also queue more downloads than you have slots for, again, pretty handy. It will automatically check torrent health and persistently try to download the files. There is a time limit on how long it will try to download (72 hours I think) and if it hasn't downloaded by then the site assumes the torrent health is bad and will abort trying to download it. You can always try again, but it won't sit in the queue indefinitely. Payment can be via card, paypal, bitcoin, or other payment methods. I was pleased to be able to use bitcoin. All in all my experience was good. The one thing I would like to change is have seeding set to seed until my ratio hits 1.0, instead it will time out if 1.0 isn't hit within 24 hours, and I can only extend that to 5 days. Bitport's site was easy to use, synced directly to my google drive, SFTP worked great, and isn't real expensive. The customer service is pretty decent, you can submit tickets and get responses within a day or so. They have a lot of documentation in the help center if you into issues or aren't sure how to do something. I don't have much experience with other boxes, so I can't comment if they are a better value or preferrable to other providers, but I can vouch for them being a quality product and I feel like I have gotten pretty good bang for my buck. If you have any questions I can try to answer. Again - not affiliated with them in any way, just trying to give back some to the community especially since I couldn't find much info on them before using them.
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https://preview.redd.it/6w93e0afttx41.png?width=1400&format=png&auto=webp&s=c00989612ec2d52eb522405e6b6a98bf875e08bb Version 1.3.0 is a powerful update to TkeySpace that our team has been carefully preparing. since version 1.2.0, we have been laying the foundation for implementing new features that are already available in the current version. Who cares about the security and privacy of their assets is an update for you. TkeySpace — was designed to give You full control over your digital assets while maintaining an exceptional level of security, which is why there is no personal data in the wallet: phone number, the email address that could be compromised by hackers — no identity checks and other hassles, just securely save the backup phrase consisting of 12 words.
Briefly about the TkeySpace 1.3.0 update :
Code optimization and switching to AndroidX;
Selecting the privacy mode;
Selecting the recovery method for each currency;
Choosing the address format for Litecoin;
Enhanced validation of transactions and blocks in the network;
Starting with the current update, the TkeySpace wallet can communicate via the TOR network, includes new privacy algorithms, and supports 59 different currencies. https://i.redd.it/kn5waeskttx41.gif Tor is a powerful privacy feature for those who own large assets or live in places where the Internet is heavily censored.
Tor technology provides protection against traffic analysis mechanisms that compromise not only Internet privacy, but also the confidentiality of trade secrets, business contacts, and communications in General.
When you enable TOR settings, all outgoing traffic from the wallet will be encrypted and routed through an anonymous network of servers, periodically forming a chain through the Tor network, which uses multi-level encryption, effectively hiding any information about the sender: location, IP address, and other data. This means that if your provider blocks the connection, you can rest easy — after all, by running this function, you will get an encrypted connection to the network without restrictions. https://preview.redd.it/w9y3ax4mttx41.png?width=960&format=png&auto=webp&s=972e375fc26d479e8b8d2999f7659ec332e2af55 In TOR mode, the wallet may work noticeably slower and in some cases, there may be problems with the network, due to encryption, some blockchain browsers may temporarily not work. However, TOR encryption is very important when Internet providers completely block traffic and switching to this mode, you get complete freedom and no blocks for transactions.
Confidentiality of transactions (the Blockchain transaction)
The wallet can change the model of a standard transaction, mixing inputs and outputs, making it difficult to identify certain cryptocurrencies. In the current update, you can select one of several modes for the transaction privacy level: deterministic lexicographic sorting or shuffle mode.
Mode: Lexicographic indexing
Implemented deterministic lexicographic sorting using hashes of previous transactions and output indexes for sorting transaction input data, as well as values and scriptPubKeys for sorting transaction output data; We understand that information must remain confidential not only in the interests of consumers but also in higher orders, financial systems must be kept secret to prevent fraud. One way to address these privacy shortcomings is to randomize the order of inputs and outputs.
Lexicographic orderingis a comparison algorithm used to sort two sets based on their Cartesian order within their common superset. Lexicographic order is also often referred to as alphabetical order or dictionary order. The hashes of previous transactions (in reverse byte order) are sorted in ascending order, lexicographically.
In the case of two matching transaction hashes, the corresponding previous output indexes will be compared by their integer value in ascending order. If the previous output indexes match, the input data is considered equal.
Shuffle Mode: mixing (random indexing)
To learn more about how “shuffle mode” works, we will first analyze the mechanisms using the example of a classic transaction. Current balance Of your wallet: 100 TKEY, coins are stored at different addresses: x1. Address-contains 10 TKEY. x2. Address-contains 20 TKEY. x3. Address-contains 30 TKEY. x4. Address-contains 15 TKEY. x5. Address-contains 25 TKEY.
Addresses in the blockchain are identifiers that you use to send cryptocurrency to another person or to receive digital currency.
Let’s look at a similar example: you have 100 TKEY on your balance, and you need to send 19 TKEY. x1. Address-contains 10 TKEY. x2. Address-contains 20 TKEY. x3. Address-contains 30 TKEY. x4. Address-contains 15 TKEY. x5. Address-contains 25 TKEY. You send 19 TKEY, the system analyzes all your addresses and balances on them and selects the most suitable ones for the transaction. To send 19 TKEY, the miners will be given coins with x2. Addresses, for a total of 20 TKEY. Of these, 19 TKEY will be sent to the recipient, and 0.99999679 TKEY will be returned to Your new address as change minus the transaction fee. https://preview.redd.it/doxmqffqttx41.png?width=1400&format=png&auto=webp&s=5c99ec41363fe50cd651dc0acab05e175416006a In the blockchain explorer, you will see the transaction amount in the amount of 20 TKEY, where 0.99999679 TKEY is Your change, 19 TKEY is the amount you sent and 0.00000321 is the transaction fee. The shuffle mode has a cumulative effect. with each new transaction, delivery Addresses will be created and the selection of debit addresses/s that are most suitable for the transaction will change. Thus, if you store 1,000,000 TKEY in your wallet and want to send 1 TKEY to the recipient, the transaction amount will not display most of your balance but will select 1 or more addresses for the transaction.
Selecting the recovery method for each digital currency (Blockchain restore)
Now you can choose the recovery method for each currency: API + Blockchain or blockchain.
Note: This is not a syncing process, but rather the choice of a recovery method for your wallet. Syncing takes place with the blockchain — regardless of the method you choose.
What are the differences between recovery methods?
API + Blockchain
In order not to load the entire history of the blockchain, i.e. block and transaction headers, the API helps you quickly get point information about previous transactions. For example, If your transactions are located in block 67325 and block 71775, the API will indicate to the node the necessary points for restoring Your balance, which will speed up the “recovery” process. As soon as the information is received, communication with the peers takes place and synchronization begins from the control point, then from this moment, all subsequent block loading is carried out through the blockchain. This method allows you to quickly restore Your existing wallet. ‘’+’’ Speed. ‘’-’’ The API server may fail.
This method loads all block headers (block headers + Merkle) starting from the BIP44 checkpoint and manually validates transactions. ‘’+’’ It always works and is decentralized. ‘’-’’ Loading the entire blockchain may take a long time.
Why do I need to switch the recovery method?
If when creating a wallet or restoring it, a notification (!) lights up in red near the selected cryptocurrency, then most likely the API has failed, so go to Settings — Security Center — Privacy — Blockchain Restore — switch to Blockchain. Syncing will be successful.
Enhanced validation of transactions and blocks in the network
Due to the increased complexity in the Tkeycoin network, we have implemented enhanced validation of the tkeycoin consensus algorithm, and this algorithm is also available for other cryptocurrencies.
What is the advantage of the enhanced validation algorithm for the user
First, the name itself speaks for itself — it increases the security of the network, and second, by implementing the function — we have accelerated the work of the TkeySpace blockchain node, the application consumes even fewer resources than before.
High complexity is converted to 3 bytes, which ensures fast code processing and the least resource consumption on your device.
The synchronization process has been upgraded. Node addresses are added to the local storage, and instant synchronization with nodes occurs when you log in again.
Checking for double-spending
TkeySpace eliminates “double-spending” in blockchains, which is very valuable in the Bitcoin and Litecoin networks.
For example, using another application, you may be sent a fake transaction, and the funds will eventually disappear from the network and your wallet because this feature is almost absent in most applications.
Using TkeySpace — you are 100% sure that your funds are safe and protected from fraudulent transactions in the form of “fake” transactions.
The bloom filter to check for nodes
All nodes are checked through the bloom filter. This allows you to exclude fraudulent nodes that try to connect to the network as real nodes of a particular blockchain. In practice, this verification is not available in applications, Tkeycoin — decided to follow a new trend and change the stereotypes, so new features such as node verification using the bloom filter and double-spending verification are a kind of innovation in applications that work with cryptocurrencies.
Updating the Binance and Ethereum libraries
Updated Binance and Ethereum libraries for interaction with the TOR network.
Function — to hide the balance
This function allows you to hide the entire balance from the main screen.
Advanced currency charts and charts without authentication
Detailed market statistics are available, including volumes, both for 1 day and several years. Select the period of interest: 1 day, 7 days, 1 month, 3 months, 6 months, 1 year, 2 years.
In version 1.3.0, you can access charts without authentication. You can monitor the cryptocurrency exchange rate without even logging in to the app. If you have a pin code for logging in, when you open the app, swipe to the left and you will see a list of currencies.
Transaction verification for Tkeycoin is now available directly in the app.
Independent Commission entry for Bitcoin
Taking into account the large volume of the Bitcoin network, we have implemented independent Commission entry — you can specify any Commission amount. For other currencies, smart Commission calculation is enabled based on data from the network. The network independently regulates the most profitable Commission for the sender.
New digital currencies
The TkeySpace wallet supports +59 cryptocurrencies and tokens.
So when learning about trading it is logical that first several years will yield more losses than profits. So far so that most traders suggest that your starting portfolio shouldn't be larger what you are willing to throw away. So in September I joined Kraken, with ~100 EUR in LTC/BTC currency. And of course I lost 30 % in first week due to me getting accustomed with GUI , charts, SMA/EMAand etc while learning about analysis and losing in value to falling market. Then drop of 8500-7500 happened in second week of September, and I accidentally shortened the BTC. Which was lucky but I contacted support team to explain to me what I have done. They were (generally are) polite and pointed me to the webinar that was supposed to be held on 6th November. I closed the short position on 8th of October (classic FOMO) , got long and canceled that on October 10-11. So far I was up 5 EUR and down 3 (long was on higher leverage). So I shortened it again and waited. On 18th October I have just learned about stop-loss and take-profit and I placed it on 10 EUR above current price at the time. Now you might hear ominous bells in the background as we approach the 25-th and 26-st October. So on that fated day, price busted trough my stop loss and locked me out of making any trade. I was in hell (figuratively) watching how I was loosing 20+ EUR not being able to do anything. Once dust has settled and I have cut my losses (on 27-nth) , I decided to contact support team again to notify them that I was locked out of trading in order for them to fix any issues they might've been experiencing. They were nice and pleasant, and told me next time that happens to refresh my browser, clear my cookies, click sync bunch of times, log off and on, refresh tab on my browser, exit my browser and restart it again and restart my computer. And then kind people from support team (they were changing every 15 minutes, while I had to explain everything from the start) made me an technical support ticket and sent them to their trading support team[tsm]. There came 28th October, and I started new long position since I was under false influence that China or whatever will bounce bitcoin back to 10 K. I was mostly driven by replenishing the loses (at least 20 EUR one ) - NEVER TRADE ON EMOTION... this was my big mistake. Then on 29th October, the lock down happened again. And after doing all steps they listed earlier - with no change whatsoever - I contacted the support team once again. They repeated the steps I have already done, and generated new ticket to trading support team. when I asked them what is the status of my previous ticket - they have told me that someone will get in touch with me soon. My next mistake was trying to rustle with the market instead of waiting for response of tsm. I went down to 35 EUR till end of the October. The webinar wasn't held, and response I got was to try "refresh my browser, clear my cookies, click sync bunch of times, log off and on, refresh tab on my browser, exit my browser and restart it again and restart my computer." and let them know if it doesn't start in half of an hour. It didn't, they apologized... no harm no foul. Soon after that (couple of days) John from tsm contacted me telling me I need to give him screen shot next time that happens, and on 3rd November it happened again. So I made screenshot and cropped the picture to show the issue and sent it to him. Keith replied next day that telling me that he needs it timestamped (although they have access to my ledger and every picture has binary date time block in their binary code ) , on which I told him that each picture is timestamped in binary. And if that happened again could I be refunded, and if I couldn't be refunded I would then write an review , forward all data to California state or ask for an refund. Next two days no response. Then It happened again, I made screen shots of my phone (with date and time clearly visible) and asked him what is his response on refund part. And Maximus responed me with
I have gone to our dev's regarding your Rate Limitation Error. Every action taken on Kraken Pro (adding/closing/cancelling orders + retrieve balance (Sync)) is hitting the API. If too many actions are taken in a short period of time and you’ll receive this error and be temporarily locked out until you recover “points or allowance”. I'm sorry for your frustration. Our Kraken Interface at kraken.com might be more suitable to your style of trading.
Then I asked again about refunds, and person who introduced himself as Kevin(later signed as Maximus) told me :
Kraken does not take the other side of your trade ans as such does not refund or reimburse for trades.
I copied whole ledger, and tried to withdraw my funds (with no luck ) and tried to trade in order to increase my funds so I can withdraw them and leave the hell hole that is their platform. And to no ones surprise I have lost 10 EUR till then. And interface on kraken.com that didn't help at all. Timed bid executed immediately on market price (instead of limit) with taker fees, stop losses executed randomly ... and etc. Then I was locked out again, my short position order was filled, but my position held 0.00065 btc instead of 0.013 btc, I contacted the support yet again , where after Andrew replaced Maxima an phantom order (which I didn't fill) canceling the difference of 0.01235 btc appeared before my eyes. Andrew tried to submit new ticket to technical suport team, and when I asked him for their names... Andrew refused to tell me, mentioning that I have been in contact with them (Maximus, John, Kevin, Keith .... and of course Kevin Maximus). On which I finally saw where this was going, persuaded Andrew to withdraw my funds and left the fucking website. If you are using Kraken, don't. I was extremely stupid hanging on trough all that stuff. Leave it and go to another. Americans especially, after some data analysis the API calls jump 2 hours before American time zones, and diminish 10 hours later.
Hi With so much going on right now it has been suggested that I make a post daily with an update of the status/situation/progress of the development team. This will include information on exchanges, third party integration and other services we are involved with. Hopefully this will also allow Troy to continue with his main role of moderating and supporting the thousands of users we have.
For this to work I've got a few rules that I think we need to follow: 1 - I will make a post every day - it will be at sometime during 'my' day (which is GMT/UTC) 2 - If there is nothing new I will say so, this is a real possibility as development does not run on 24hr cycles, we might be waiting for a response from a third party or confirmation or it might be that a test is still running. 3 - I'll try and explain things as best I can, somethings I won't be able to explain due to NDAs or Exchange Club (the first rule of exchange club is you don't talk about exchange club) or that something is still only half baked and its better we hold onto to allow more clarity. 4 - Due to commitments I won't be able to answer all questions - I've got to keep pushing things forward 5 - In return I'd appreciate not being abused, rudeness etc - we can be better then that 6 - No more hints at ETAs, it obviously just sets us up to fail - hopefully by having daily posts you can draw your own conclusions.
A bit of explanation about my role - I support exchanges, all exchanges either by providing advice and guidance or pointing them in the right direction/documentation/developer with special interest. I have a lot of communication channels open to nearly all the exchanges (apart from Mercatox who don't reply as has been described before) including exchanges that have listed as well as exchanges who are in the process of listing. They all have different designs to their exchanges and as an outsider one of my challenges is to try and work out how they have integrated the wallet especially as its not a bitcoin clone. There are a number of designs that the exchanges are using, there are single nodes, dual nodes with a deposit node and hotwallet node and also some cleverer designs with load balanced nodes. I give advice (pretty much the more nodes the better) and have found that the dual node is now becoming the standard approach. I've learnt that exchanges don't have massive teams, they have smaller developer teams then the raiblocks team have and will prioritise the biggest coins first. When things go wrong its a matter of debugging from a far, relying on long round trips depending on timezones, even asking for the latest node block count can take hours especially if the developer is busy with something else. KuCoin have been very attentive as I have said before and when one of their nodes fell out of sync last week we were able over a period of a few days to get it back in sync again (as described before we boot strapped it off one of their other nodes). Since then 'we' (I) have been monitoring the node via the block explorer and its working well - it has been for the last few days a matter of waiting for them to open up their withdrawals - something that we don't have any control over apart from to regularly contact them and explain the situation - we've recently been trumped by Ethereum issues. As has been mentioned before help has been offered to the Bitgrail team however they felt that they had things under control and report that they are working on internal scripting. We are in daily contact via private telegram channels.
All this work has provided a stable working node in the environment that its been used in but has also highlighted that are sync code could be optimised further, as directed to the github pull requests show that there is work being done to improve this. I am currently in the the process of setting up another server with some of these latest branches to see how it functions and whether this will improve things further (in addition to the developers that are actually working on the code).
So in summary:
The Nodes that I'm involved with are currently working, this is mainly KuCoin as they have had the most contact, I am now waiting for them to start withdrawals.
We have got plans for optimising the sync code - see pull requests on GitHub
We offer help to all exchanges, some take up this offer, others don't - thats their choice
An extensive guide for cashing out bitcoin and cryptocurrencies into private banks
Hey guys. Merry Xmas ! I am coming back to you with a follow up post, as I have helped many people cash out this year and I have streamlined the process. After my original post, I received many requests to be more specific and provide more details. I thought that after the amazing rally we have been attending over the last few months, and the volatility of the last few days, it would be interesting to revisit more extensively. The attitude of banks around crypto is changing slowly, but it is still a tough stance. For the first partial cash out I operated around a year ago for a client, it took me months to find a bank. They wouldn’t want to even consider the case and we had to knock at each and every door. Despite all my contacts it was very difficult back in the days. This has changed now, and banks have started to open their doors, but there is a process, a set of best practices and codes one has to follow. I often get requests from crypto guys who are very privacy-oriented, and it takes me months to have them understand that I am bound by Swiss law on banking secrecy, and I am their ally in this onboarding process. It’s funny how I have to convince people that banks are legit, while on the other side, banks ask me to show that crypto millionaires are legit. I have a solid background in both banking and in crypto so I manage to make the bridge, but yeah sometimes it is tough to reconcile the two worlds. I am a crypto enthusiast myself and I can say that after years of work in the banking industry I have grown disillusioned towards banks as well, like many of you. Still an account in a Private bank is convenient and powerful. So let’s get started.
A. What is required to open an account in a Private bank when you made your fortune through crypto.
There are two different aspects to your onboarding in a Swiss Private bank, compliance-wise. *The origin of your crypto wealth *Your background (residence, citizenship and probity) These two aspects must be documented in-depth. How to document your crypto wealth. Each new crypto millionaire has a different story. I may detail a few fun stories later in this post, but at the end of the day, most of crypto rich I have met can be categorized within the following profiles: the miner, the early adopter, the trader, the corporate entity, the black market, the libertarian/OTC buyer. The real question is how you prove your wealth is legit. 1. Context around the original amount/investment Generally speaking, your first crypto purchase may not be documented. But the context around this acquisition can be. I have had many cases where the original amount was bought through Mtgox, and no proof of purchase could be provided, nor could be documented any Mtgox claim. That’s perfectly fine. At some point Mtgox amounted 70% of the bitcoin transactions globally, and people who bought there and managed to withdraw and keep hold of their bitcoins do not have any Mtgox claim. This is absolutely fine. However, if you can show me the record of a wire from your bank to Tisbane (Mtgox's parent company) it's a great way to start. Otherwise, what I am trying to document here is the following: I need context. If you made your first purchase by saving from summer jobs, show me a payroll. Even if it was USD 2k. If you acquired your first bitcoins from mining, show me the bills of your mining equipment from 2012 or if it was through a pool mine, give me your slushpool account ref for instance. If you were given bitcoin against a service you charged, show me an invoice. 2. Tracking your wealth until today and making sense of it. What I have been doing over the last few months was basically educating compliance officers. Thanks God, the blockchain is a global digital ledger! I have been telling my auditors and compliance officers they have the best tool at their disposal to lead a proper investigation. Whether you like it or not, your wealth can be tracked, from address to address. You may have thought all along this was a bad feature, but I am telling you, if you want to cash out, in the context of Private Banking onboarding, tracking your wealth through the block explorer is a boon. We can see the inflows, outflows. We can see the age behind an address. An early adopter who bought 1000 BTC in 2010, and let his bitcoin behind one address and held thus far is legit, whether or not he has a proof of purchase to show. That’s just common sense. My job is to explain that to the banks in a language they understand. Let’s have a look at a few examples and how to document the few profiles I mentioned earlier. The trader. I love traders. These are easy cases. I have a ton of respect for them. Being a trader myself in investment banks for a decade earlier in my career has taught me that controlling one’s emotions and having the discipline to impose oneself some proper risk management system is really really hard. Further, being able to avoid the exchange bankruptcy and hacks throughout crypto history is outstanding. It shows real survival instinct, or just plain blissed ignorance. In any cases traders at exchange are easy cases to corroborate since their whole track record is potentially available. Some traders I have met have automated their trading and have shown me more than 500k trades done over the span of 4 years. Obviously in this kind of scenario I don’t show everything to the bank to avoid information overload, and prefer to do some snacking here and there. My strategy is to show the early trades, the most profitable ones, explain the trading strategy and (partially expose) the situation as of now with id pages of the exchanges and current balance. Many traders have become insensitive to the risk of parking their crypto at exchange as they want to be able to trade or to grasp an occasion any minute, so they generally do not secure a substantial portion on the blockchain which tends to make me very nervous. The early adopter. Provided that he has not mixed his coin, the early adopter or “hodler” is not a difficult case either. Who cares how you bought your first 10k btc if you bought them below 3$ ? Even if you do not have a purchase proof, I would generally manage to find ways. We just have to corroborate the original 30’000 USD investment in this case. I mainly focus on three things here: *proof of early adoption I have managed to educate some banks on a few evidences specifically related to crypto markets. For instance with me, an old bitcointalk account can serve as a proof of early adoption. Even an old reddit post from a few years ago where you say how much you despise this Ripple premined scam can prove to be a treasure readily available to show you were early. *story telling Compliance officers like to know when, why and how. They are human being looking for simple answers to simple questions and they don’t want like to be played fool. Telling the truth, even without a proof can do wonders, and even though bluffing might still work because banks don’t fully understand bitcoin yet, it is a risky strategy that is less and less likely to pay off as they are getting more sophisticated by the day. *micro transaction from an old address you control This is the killer feature. Send a $20 worth transaction from an old address to my company wallet and to one of my partner bank’s wallet and you are all set ! This is gold and considered a very solid piece of evidence. You can also do a microtransaction to your own wallet, but banks generally prefer transfer to their own wallet. Patience with them please. they are still learning. *signature message Why do a micro transaction when you can sign a message and avoid potentially tainting your coins ? *ICO millionaire Some clients made their wealth participating in ETH crowdsale or IOTA ICO. They were very easy to deal with obviously and the account opening was very smooth since we could evidence the GENESIS TxHash flow. The miner Not so easy to proof the wealth is legit in that case. Most early miners never took screenshot of the blocks on bitcoin core, nor did they note down the block number of each block they mined. Until the the Slashdot article from August 2010 anyone could mine on his laptop, let his computer run overnight and wake up to a freshly minted block containing 50 bitcoins back in the days. Not many people were structured enough to store and secure these coins, avoid malwares while syncing the blockchain continuously, let alone document the mined blocks in the process. What was 50 BTC worth really for the early miners ? dust of dollars, games and magic cards… Even miners post 2010 are generally difficult to deal with in terms of compliance onboarding. Many pool mining are long dead. Deepbit is down for instance and the founders are MIA. So my strategy to proof mining activity is as follow: *Focusing on IT background whenever possible. An IT background does help a lot to bring some substance to the fact you had the technical ability to operate a mining rig. *Showing mining equipment receipts. If you mined on your own you must have bought the hardware to do so. For instance mining equipment receipts from butterfly lab from 2012-2013 could help document your case. Similarly, high electricity bill from your household on a consistent basis back in the day could help. I have already unlocked a tricky case in the past with such documents when the bank was doubtful. *Wallet.dat files with block mining transactions from 2011 thereafter This obviously is a fantastic piece of evidence for both you and me if you have an old wallet and if you control an address that received original mined blocks, (even if the wallet is now empty). I will make sure compliance officers understand what it means, and as for the early adopter, you can prove your control over these wallet through a microtransaction. With these kind of addresses, I can show on the block explorer the mined block rewards hitting at regular time interval, and I can even spot when difficulty level increased or when halvening process happened. *Poolmining account. Here again I have educated my partner bank to understand that a slush account opened in 2013 or an OnionTip presence was enough to corroborate mining activity. The block explorer then helps me to do the bridge with your current wallet. *Describing your set up and putting it in context In the history of mining we had CPU, GPU, FPG and ASICs mining. I will describe your technical set up and explain why and how your set up was competitive at that time. The corporate entity Remember 2012 when we were all convinced bitcoin would take over the world, and soon everyone would pay his coffee in bitcoin? How naïve we were to think transaction fees would remain low forever. I don’t blame bitcoin cash supporters; I once shared this dream as well. Remember when we thought global adoption was right around the corner and some brick and mortar would soon accept bitcoin transaction as a common mean of payment? Well, some shop actually did accept payment and held. I had a few cases as such of shops holders, who made it to the multi million mark holding and had invoices or receipts to proof the transactions. If you are organized enough to keep a record for these trades and are willing to cooperate for the documentation, you are making your life easy. The digital advertising business is also a big market for the bitcoin industry, and affiliates partner compensated in btc are common. It is good to show an invoice, it is better to show a contract. If you do not have a contract (which is common since all advertising deals are about ticking a check box on the website to accept terms and conditions), there are ways around that. If you are in that case, pm me. The black market Sorry guys, I can’t do much for you officially. Not that I am judging you. I am a libertarian myself. It’s just already very difficult to onboard legit btc adopters, so the black market is a market I cannot afford to consider. My company is regulated so KYC and compliance are key for me if I want to stay in business. Behind each case I push forward I am risking the credibility and reputation I have built over the years. So I am sorry guys I am not risking it to make an extra buck. Your best hope is that crypto will eventually take over the world and you won’t need to cash out anyway. Or go find a Lithuanian bank that is light on compliance and cooperative. The OTC buyer and the libertarian. Generally a very difficult case. If you bought your stack during your journey in Japan 5 years ago to a guy you never met again; or if you accumulated on https://localbitcoins.com/ and kept no record or lost your account, it is going to be difficult. Not impossible but difficult. We will try to build a case with everything else we have, and I may be able to onboard you. However I am risking a lot here so I need to be 100% confident you are legit, before I defend you. Come & see me in Geneva, and we will talk. I will run forensic services like elliptic, chainalysis, or scorechain on an extract of your wallet. If this scan does not raise too many red flags, then maybe we can work together ! If you mixed your coins all along your crypto history, and shredded your seeds because you were paranoid, or if you made your wealth mining professionally monero over the last 3 years but never opened an account at an exchange. ¯_(ツ)_/¯ I am not a magician and don’t get me wrong, I love monero, it’s not the point. Cashing out ICOs Private companies or foundations who have ran an ICO generally have a very hard time opening a bank account. The few banks that accept such projects would generally look at 4 criteria: *Seriousness of the project Extensive study of the whitepaper to limit the reputation risk *AML of the onboarding process ICOs 1.0 have no chance basically if a background check of the investors has not been conducted *Structure of the moral entity List of signatories, certificate of incumbency, work contract, premises... *Fiscal conformity Did the company informed the authorities and seek a fiscal ruling.
B. The tax issue I am not a tax specialist, but I can say that this year I have seen it all. Again I am not judging. You made $100m hodling, and still wouldn’t pay your taxes ? Your decision.I personally advise everyone to pay their taxes, but also to be generous, to give to charities. I mean you eventually made it. Good for you. What about you contribute to make the world a better place now? I will stop patronizing you. It’s just my 2cts, and it’s your money.
For the record, I am not into the tax avoidance business, so people come to me with a set up and I see if I can make it work within the legal framework imposed to me. First, stop thinking Switzerland is a “offshore heaven” Swiss banks have made deals with many governments for the exchange of fiscal information. If you are a French citizen, resident in France and want to open an account in a Private Bank in Switzerland to cash out your bitcoins, you will get slaughtered (>60%). There are ways around that, and I could refer you to good tax specialists for fiscal optimization, but I cannot organize it myself. It would be illegal for me. Swiss private banks makes it easy for you to keep a good your relation with your retail bank and continue paying your bills without headaches. They are integrated to SEPA, provide ebanking and credit cards. For information, these are the kind of set up some of my clients came up with. It’s all legal; obviously I do not onboard clients that are not tax compliant. Further disclaimer: I did not contribute myself to these set up. Do not ask me to organize it for you. I won’t. EU tricks Swiss lump sum taxation Foreign nationals resident in Switzerland can be taxed on a lump-sum basis if they are not gainfully employed in our country. Under the lump-sum tax regime, foreign nationals taking residence in Switzerland may choose to pay an expense-based tax instead of ordinary income and wealth tax. Attractive cantons for the lump sum taxation are Zug, Vaud, Valais, Grisons, Lucerne and Berne. To make it short, you will be paying somewhere between 200 and 400k a year and all expenses will be deductible. Switzerland has adopted a very friendly attitude towards crypto currency in general. There is a whole crypto valley in Zug now. 30% of ICOs are operated in Switzerland. The reason is that Switzerland has thrived for centuries on banking secrecy, and today with FATCA and exchange of fiscal info with EU, banking secrecy is dead. Regulators in Switzerland have understood that digital ledger technologies were a way to roll over this competitive advantage for the generations to come. Switzerland does not tax capital gains on crypto profits. The Finma has a very pragmatic approach. They have issued guidance- updated guidelines here. They let the business get organized and operate their analysis on a case per case basis. Only after getting a deep understanding of the market will they issue a global fintech license in 2019. This approach is much more realistic than legislations which try to regulate everything beforehand. Italy new tax exemption. It’s a brand new fiscal exemption. Go to Aoste, get residency and you could be taxed a 100k/year for 10years. Yes, really. Portugal What’s crazy in Europe is the lack of fiscal harmonization. Even if no one in Brussels dares admit it, every other country is doing fiscal dumping. Portugal is such a country and has proved very friendly fiscally speaking. I personally have a hard time trusting Europe. I have witnessed what happened in Greece over the last few years. Some of our ultra high net worth clients got stuck with capital controls. I mean no way you got out of crypto to have your funds confiscated at the next financial crisis! Anyway. FYI Malta Generally speaking, if you get a residence somewhere you have to live there for a certain period of time. Being stuck in Italy is no big deal with Schengen Agreement, but in Malta it is a different story. In Malta, the ordinary residence scheme is more attractive than the HNWI residence scheme. Being an individual, you can hold a residence permit under this scheme and pay zero income tax in Malta in a completely legal way. Monaco Not suitable for French citizens, but for other Ultra High Net worth individual, Monaco is worth considering. You need an account at a local bank as a proof of fortune, and this account generally has to be seeded with at least EUR500k. You also need a proof of residence. I do mean UHNI because if you don’t cash out minimum 30m it’s not interesting. Everything is expensive in Monaco. Real Estate is EUR 50k per square meter. A breakfast at Monte Carlo Bay hotel is 70 EUR. Monaco is sunny but sometimes it feels like a golden jail. Do you really want that for your kids? Dubaï
Set up a company in Dubaï, get your resident card.
Spend one day every 6 month there
Be tax free
US tricks Some Private banks in Geneva do have the license to manage the assets of US persons and U.S citizens. However, do not think it is a way to avoid paying taxes in the US. Opening an account at an authorized Swiss Private banks is literally the same tax-wise as opening an account at Fidelity or at Bank of America in the US. The only difference is that you will avoid all the horror stories. Horror stories are all real by the way. In Switzerland, if you build a decent case and answer all the questions and corroborate your case in depth, you will manage to convince compliance officers beforehand. When the money eventually hits your account, it is actually available and not frozen. The IRS and FATCA require to file FBAR if an offshore account is open. However FBAR is a reporting requirement and does not have taxes related to holding an account outside the US. The taxes would be the same if the account was in the US. However penalties for non compliance with FBAR are very large. The tax liability management is actually performed through the management of the assets ( for exemple by maximizing long term capital gains and minimizing short term gains). The case for Porto Rico. Full disclaimer here. I am not encouraging this. Have not collaborated on such tax avoidance schemes. if you are interested I strongly encourage you to seek a tax advisor and get a legal opinion. I am not responsible for anything written below. I am not going to say much because I am so afraid of uncle Sam that I prefer to humbly pass the hot potato to pwc From here all it takes is a good advisor and some creativity to be tax free on your crypto wealth if you are a US person apparently. Please, please please don’t ask me more. And read the disclaimer again. Trust tricks Generally speaking I do not accept fringe fiscal situation because it puts me in a difficult situation to the banks I work with, and it is already difficult enough to defend a legit crypto case. Trust might be a way to optimize your fiscal situation. Belize. Bahamas. Seychelles. Panama, You name it. At the end of the day, what matters for Swiss Banks are the beneficial owner and the settlor. Get a legal opinion, get it done, and when you eventually knock at a private bank’s door, don’t say it was for fiscal avoidance you stupid ! You will get the door smashed upon you. Be smarter. It will work. My advice is just to have it done by a great tax specialist lawyer, even if it costs you some money, as the entity itself needs to be structured in a professional way. Remember that with trust you are dispossessing yourself off your wealth. Not something to be taken lightly. “Anonymous” cash out. Right. I think I am not going into this topic, neither expose the ways to get it done. Pm me for details. I already feel a bit uncomfortable with all the info I have provided. I am just going to mention many people fear that crypto exchange might become reporting entities soon, and rightly so. This might happen anyday. You have been warned. FYI, this only works for non-US and large cash out. The difference between traders an investors. Danmark, Holland and Germany all make a huge difference if you are a passive investor or if you are a trader. ICO is considered investing for instance and is not taxed, while trading might be considered as income and charged aggressively. I would try my best to protect you and put a focus on your investor profile whenever possible, so you don't have to pay 52% tax if you do not have to :D
C. The cash out itself So you have accumulated patiently a good amount of wealth. For some of us who have been involved in crypto since 2010, it took years. Remember when BTC was stuck at 200$ for months? I personally feel like it was yesterday. There is no way you screw up your wealth by cashing out in a hurry or with low security standards. Here is how the cash out takes should place.
Full cash out or partial cash out? People who have been sitting on crypto for long have grown an emotional and irrational link with their coins. They come to me and say, look, I have 50m in crypto but I would like to cash out 500k only. So first let me tell you that as a wealth manager my advice to you is to take some off the table. Doing a partial cash out is absolutely fine. The market is bullish. We are witnessing a redistribution of wealth at a global scale. Bitcoin is the real #occupywallstreet, and every one will discuss crypto at Xmas eve which will make the market even more supportive beginning 2018, especially with all hedge funds entering the scene. If you want to stay exposed to bitcoin and altcoins, and believe these techs will change the world, it’s just natural you want to keep some coins. In the meantime, if you have lived off pizzas over the last years, and have the means to now buy yourself an nice house and have an account at a private bank, then f***ing do it mate ! Buy physical gold with this account, buy real estate, have some cash at hands. Even though US dollar is worthless to your eyes, it’s good and convenient to have some. Also remember your wife deserves it ! And if you have no wife yet and you are socially awkward like the rest of us, then maybe cashing out partially will help your situation ;) What the Private Banks expect. Joke aside, it is important you understand something. If you come around in Zurich to open a bank account and partially cash out, just don’t expect Private Banks will make an exception for you if you are small. You can’t ask them to facilitate your cash out, buy a 1m apartment with the proceeds of the sale, and not leave anything on your current account. It won’t work. Sadly, under 5m you are considered small in private banking. The bank is ok to let you open an account, provided that your kyc and compliance file are validated, but they will also want you to become a client and leave some money there to invest. This might me despicable, but I am just explaining you their rules. If you want to cash out, you should sell enough to be comfortable and have some left. Also expect the account opening to last at least 3-4 week if everything goes well. You can't just open an account overnight. The cash out logistics. Cashing out 1m USD a day in bitcoin or more is not so hard. Let me just tell you this: Even if you get a Tier 4 account with Kraken and ask Alejandro there to raise your limit over $100k per day, Even if you have a bitfinex account and you are willing to expose your wealth there, Even if you have managed to pass all the crazy due diligence at Bitstamp, The amount should be fractioned to avoid risking your full wealth on exchange and getting slaughtered on the price by trading big quantities. Cashing out involves significant risks at all time. There is a security risk of compromising your keys, a counterparty risk, a fat finger risk. Let it be done by professionals. It is worth every single penny. Most importantly, there is a major difference between trading on an exchange and trading OTC. Even though it’s not publicly disclosed some exchange like Kraken do have OTC desks. Trading on an exchange for a large amount will weight on the prices. Bitcoin is a thin market. In my opinion over 30% of the coins are lost in translation forever. Selling $10m on an exchange in a day can weight on the prices more than you’d think. And if you trade on a exchange, everything is shown on record, and you might wipe out the prices because on exchanges like bitstamp or kraken ultimately your counterparties are retail investors and the market depth is not huge. It is a bit better on Bitfinex. It is way better to trade OTC. Accessing the institutional OTC market is not easy, and that is also the reason why you should ask a regulated financial intermediary if we are talking about huge amounts. Last point, always chose EUR as opposed to USD. EU correspondent banks won’t generally block institutional amounts. However we had the cases of USD funds frozen or delayed by weeks. Most well-known OTC desks are Cumberlandmining (ask for Lucas), Genesis (ask for Martin), Bitcoin Suisse AG (ask for Niklas), circletrade, B2C2, or Altcoinomy (ask for Olivier) Very very large whales can also set up escrow accounts for massive block trades. This world, where blocks over 30k BTC are exchanged between 2 parties would deserve a reddit thread of its own. Crazyness all around. Your options: DIY or going through a regulated financial intermediary. Execution trading is a job in itself. You have to be patient, be careful not to wipe out the order book and place limit orders, monitor the market intraday for spikes or opportunities. At big levels, for a large cash out that may take weeks, these kind of details will save you hundred thousands of dollars. I understand crypto holders are suspicious and may prefer to do it by themselves, but there are regulated entities who now offer the services. Besides, being a crypto millionaire is not a guarantee you will get institutional daily withdrawal limits at exchange. You might, but it will take you another round of KYC with them, and surprisingly this round might be even more aggressive that the ones at Private banks since exchange have gone under intense scrutiny by regulators lately. The fees for cashing out through a regulated financial intermediary to help you with your cash out should be around 1-2% flat on the nominal, not more. And for this price you should get the full package: execution/monitoring of the trades AND onboarding in a private bank. If you are asked more, you are being abused. Of course, you also have the option to do it yourself. It is a way more tedious and risky process. Compliance with the exchange, compliance with the private bank, trading BTC/fiat, monitoring the transfers…You will save some money but it will take you some time and stress. Further, if you approach a private bank directly, it will trigger a series of red flag to the banks. As I said in my previous post, they call a direct approach a “walk-in”. They will be more suspicious than if you were introduced by someone and won’t hesitate to show you high fees and load your portfolio with in-house products that earn more money to the banks than to you. Remember also most banks still do not understand crypto so you will have a lot of explanations to provide and you will have to start form scratch with them! The paradox of crypto millionaires Most of my clients who made their wealth through crypto all took massive amount of risks to end up where they are. However, most of them want their bank account to be managed with a low volatility fixed income capital preservation risk profile. This is a paradox I have a hard time to explain and I think it is mainly due to the fact that most are distrustful towards banks and financial markets in general. Many clients who have sold their crypto also have a cash-out blues in the first few months. This is a classic situation. The emotions involved in hodling for so long, the relief that everything has eventually gone well, the life-changing dynamics, the difficulties to find a new motivation in life…All these elements may trigger a post cash-out depression. It is another paradox of the crypto rich who has every card in his hand to be happy, but often feel a bit sad and lonely. Sometimes, even though it’s not my job, I had to do some psychological support. A lot of clients have also become my friends, because we have the same age and went through the same “ordeal”. First world problem I know… Remember, cashing out is not the end. It’s actually the beginning. Don’t look back, don’t regret. Cash out partially, because it does not make sense to cash out in full, regret it and want back in. relax. The race to cash out crypto billionaire and the concept of late exiter. The Winklevoss brothers are obviously the first of a series. There will be crypto billionaires. Many of them. At a certain level you can have a whole family office working for you to manage your assets and take care of your needs . However, let me tell you it’s is not because you made it so big that you should think you are a genius and know everything better than anyone. You should hire professionals to help you. Managing assets require some education around the investment vehicles and risk management strategies. Sorry guys but with all the respect I have for wallstreebet, AMD and YOLO stock picking, some discipline is necessary. The investors who have made money through crypto are generally early adopters. However I have started to see another profile popping up. They are not early adopters. They are late exiters. It is another way but just as efficient. Last week I met the first crypto millionaire I know who first bough bitcoin over 1000$. 55k invested at the beginning of this year. Late adopter & late exiter is a route that can lead to the million. Last remarks. I know banks, bankers, and FIAT currencies are so last century. I know some of you despise them and would like to have them burn to the ground. With compliance officers taking over the business, I would like to start the fire myself sometimes. I hope this extensive guide has helped some of you. I am around if you need more details. I love my job despite all my frustration towards the banking industry because it makes me meet interesting people on a daily basis. I am a crypto enthusiast myself, and I do think this tech is here to stay and will change the world. Banks will have to adapt big time. Things have started to change already; they understand the threat is real. I can feel the generational gap in Geneva, with all these old bankers who don’t get what’s going on. They glaze at the bitcoin chart on CNBC in disbelief and they start to get it. This bitcoin thing is not a joke. Deep inside, as an early adopter who also intends to be a late exiter, as a libertarian myself, it makes me smile with satisfaction. Cheers. @swisspb on telegram
💥The Infinity Trade Engine Update💥 We are so excited to announce the most recent update to the Infinity Trade Engine. The trade engine is now synced to use predictive bias making the engine even more accurate and stable, especially when deciding to enter a long or short position or change the current position. Since the update, the Infinity Trade Engine is now processing 160 orders per second, and the best part, it's hands-free and updates 24/7. More orders, more Bitcoin! 🚀 We are so excited for every investor as we enter the New Year and approach the Halving 🤑 Direct questions on how to connect to the Infinity Trade Engine here.
Sharpay.io released new animated direct share buttons for sites with mobile responsive design
https://i.redd.it/llv22d059pw31.gif Dear Webmasters! Sharpay.io is excited to announce that new animated direct share buttons for sites with mobile responsive design and additional new features are now available to all webmasters. After a long period of development, and we considered different users and their sharing styles, we are so excited that we made some major improvements in direct share buttons and added lots of new features. Webmasters now have a greater degree to customize their own direct share buttons for different users. We also refined the appearance of direct share buttons, making them more attractive and informative in desktop and mobile devices. Where are they? For example, we install the latest direct share buttons on our FAQ, try it and share with your friends! Let’s see some key improvements we have made for direct share buttons: 🔸 Cool share and reward animation. We designed a very cool, eye-catching share and reward animation for direct share buttons. Users can see a share caption and token reward flipping next to the direct share buttons. The token reward is displayed in the currency that set in “User’s Rewards”, and is synced with CoinMarketCap, that means users can always get the real time price calculated by CoinMarketCap. Now users are able to see what token rewards and how much they are going to get from each visit via their shared link! It can definitely attract more users to share! 🔸 Minimized aggregated share button for iOS and Android mobile devices. Our system will detect the user’s device and change the direct share button accordingly. If users are using a mobile device, the direct share buttons will be minimized and combined all social network icons into one share button icon, and that icon design will change based on the mobile device operating system. That is the minimized share icon will have two different designs, for iOS devices and Android devices. Users can click on the minimized share button, and it will expand a list of social networks for them to share news to. Users are able to see the sharing icons familiar to them. That is a high customized share button design for better user experience. 🔸 Comfortable and easy to click share icon for mobile devices. The size of share icon for mobile devices is selected taking into account the studies that we have found. The optimal size of touching elements on the screen of mobile devices is 11mm which we chose and it is correspondent to the average size of the point of contact of the finger with the surface of the screen. We take care of every users, and make sure everyone can share news easily. 🔸 Optimized share icon shapes and display. We spent a lot of time optimizing the display location of social media icons relative to neighboring icons. Because all the icons are different in shape and it is not easy to bring them together with the best visual effect, but we did finally did it! In the widget code, we added a spacing and size calculation depending on the selected display options of the widget buttons. 🔸 Up to date reward size display. To show the token reward size in the direct sharing’s animation, we added the action controller to “Rest” file to get the reward amount for widgets. Now, the token reward size is displayed for direct sharing. 🔸 Worldwide currency for showing reward. There are 7 top currency units webmasters can choose to display the token reward size, they can show the token reward in Bitcoin (BTC), Ethereum (ETH), U.S. dollar (USD), Euro (EUR), Chinese yuan (CNY), Korean won (KRW) and Russian ruble (RUB). 🔸 Diversified button shapes. We added different shape options (Square, Rounded, Circle) for direct share buttons, webmasters can change different button shapes to fit their web design. 🔸 Customized icon background color. In the “No background color” option, webmasters are able to remove the background color of the social network button icons and select “Color icons” to choose their favorite color for their button icons. 🔸 Additional “copy link” button. We added “copy link” button for direct sharing. Webmasters can add a button for users to just copy the website link and share it to other social networks and friends. 🔸 Handy share via email button. We added “share via email” button for direct sharing. Webmasters can add a button for users to just copy the website link and share it to other social networks and friends. 🔸 Limited icons display with smart social network sorting. We recommend displaying 3 social media icons. According to recent studies, this increases the conversion of sharing. Together with our smart social network sorting, users will see their favorite ones first. Others will be available in the next button. 🔸 Flexible button size option for desktop direct share buttons. Beside the standard button sizes (16px, 24px, 32px, 48px) for desktop direct share buttons, we added a sliding bar for webmasters to adjust and change their button size. 🔸 Real time desktop and mobile buttons design preview. You can switch and instantly preview your customized direct share button design in desktop and mobile version. It saves a lot of time in designing your own direct share buttons to fit your websites! Don’t forget to check out the latest direct share buttons on our FAQ! If you have any questions or problems setting up direct share buttons, please feel free to contact our Admin (https://t.me/sharpay_admin). In Sharing We Trust! Sharpay.io Team
MESSAGE TESTING! Looking for feedback, comments, and suggestions from the community
Hey everyone, the Komodo marketing team is finalizing some copy that will be used to send to people interested in building on Komodo. We'd like to message test this with the community before finalizing so please let us know if you have any suggestions or feedback. Thanks everyone! END-TO-END BLOCKCHAIN SOLUTIONS Komodo Platform is a thriving, open-source ecosystem of cutting-edge technologies in the burgeoning blockchain sphere. It is Komodo’s mission to accelerate the global adoption of blockchain technology by removing barriers to entry for developers, blockchain startups, and existing businesses alike with simple, end-to-end blockchain solutions. When looking to integrate blockchain tech, there are many competing technologies and platforms to choose from. What sets Komodo Platform apart from the competition is a proven track record of identifying and innovating solutions to all of blockchain’s most pressing problems. Rather than focusing on a single use case or feature, Komodo Platform has built a comprehensive toolkit of blockchain solutions that addresses every essential aspect of the technology. In particular, Komodo’s tech focuses on providing top-notch security, scalability, and interoperability, as well as hybrid privacy features. This holistic approach ensures that all who build on Komodo have the tools they need to be successful, including a variety of customizable white-label products that slash time to market while still providing complete flexibility and control. All of these strengths, combined with a clear vision for a global blockchain ecosystem, make Komodo Platform the world’s leading provider of end-to-end blockchain solutions. AN ECOSYSTEM THAT ALWAYS PUTS SECURITY FIRST For Komodo Platform, security comes first. Security is always at the forefront of the development process. As such, every blockchain launched on Komodo Platform is protected with the power of the Bitcoin hashrate. At the same time, all blockchains built on Komodo are protected by Komodo’s innovative security mechanism, known as delayed Proof of Work (dPoW), which stores backups of the entire Komodo ecosystem onto the Bitcoin ledger every ten minutes. Here’s how it works. Every ten minutes, a snapshot is taken of the entire Komodo ecosystem. Then, this snapshot is written into a block on the Bitcoin blockchain. This process is called notarization and it is the backbone of Komodo’s security mechanism. Komodo Platform’s notary nodes carry out the technical work required to successfully complete notarizations. In essence, dPoW functions as a form of 2FA for blockchain projects. A potential attacker would need to take down both the BTC and KMD networks before they could alter, disrupt, or destroy your chain. Since the backup process takes place every ten minutes, your chain is constantly protected. LIMITLESS SCALABILITY WHENEVER YOU NEED IT Komodo provides every project built on the platform with virtually limitless scalability. A new feature from Komodo allows multiple blockchains to work in unison and behave as a single chain. If one blockchain is no longer providing the performance you need, simply add another chain. If two isn’t sufficient, add a third. With Komodo Platform, you can scale on demand to keep up with the the needs of your business. No other blockchain platform offers both this level of security and scalability. Some blockchain platforms can provide security, although you’re forced to share infrastructure with other projects. This increases congestion and transaction fees, thus limiting scalability. Other blockchain platforms offer independent blockchains but leave you to your own devices when it comes to security. This is especially troublesome if you’re using a Proof of Work (PoW) consensus mechanism, since most projects generally do not have a high enough hashrate to protect themselves from 51% attacks. Without security, scalability is completely irrelevant. THE INDEPENDENCE AND FLEXIBILITY YOU NEED Blockchains created on Komodo are completely independent in the sense that what happens on one chain cannot and will not affect any other chain in the ecosystem. This is true because, unlike other platforms, chains launched on Komodo do not share infrastructure or networks. As a result, there is no need to worry about congestion on Komodo Platform. There will never be an increase in the fees or length of time required to complete a transaction. Moreover, projects built on Komodo may migrate away from the platform at any point in time. If, at any point in time, you feel that another platform is better-suited for the needs of your project, you are free to leave. Every blockchain launched on Komodo is the property of those who created it. There is no vendor lock-in on Komodo Platform. Finally, every project effectively receives a clone copy of the KMD chain, so as Komodo continues to innovate new technologies, every chain in the ecosystem receives all of the additional enhancements and features. This lets you build on Komodo with peace of mind. Future-proof your project by building on the world’s premier blockchain platform: Komodo. CREATE A CUSTOMIZABLE BLOCKCHAIN WITH MAXIMUM FLEXIBILITY
Customization — choose from optional modules to build a tailor-made solution
Scalability — scale on demand to keep up with your project’s growth
Independence — no shared infrastructure, blockchains, or networks
Komodo Assetchain Features
Algorithm: Equihash PoW
Max Supply up to 500,000,000
Optional Premine (up to 10 Billion coins; recommended maximum of 2 Billion)
Customizable Mining Rewards
Set block reward amounts
Choose an end to block reward period
Customizable Block Reward Halving
Select number of blocks between adjustments of block rewards
Optional decay halving (e.g. 25% instead of 50%)
2mb Block Size
1 minute Block Time or On-Demand Block Generation
Zero-Knowledge Privacy Technology
KV-Storage Database Technology
Atomic Swap Technology – including between BTC-based-protocol & ETH / ERC-20
Optional Komodo Security Service
New Features In Testing & Development
New Algorithm: Proof of Stake (PoS)
New Algorithm: Combination of PoW/PoS (any weight/percentage)
According to block reward: For each block reward, a small percentage of the block reward created is sent to central authority (e.g. governing body, franchise)
According to transactions: A small percentage of each transaction is sent to central authority (e.g. governing body, franchise)
On-DemandScaling: Assetchain Clusters enables multiple chains to function as one
ACCELERATE TIME TO MARKET WITH KOMODO’S WHITE-LABEL SOLUTIONS Once you’ve created your very own secure, scalable, independent blockchain, Komodo offers several white-label apps to help you go to market faster. A multi-coin cryptocurrency app, an atomic-swap-powered decentralized exchange app, and a decentralized crowdfunding app are all included in Komodo’s Blockchain Starter Kit. WHITE-LABEL MULTI-COIN WALLET After your blockchain is operational, users will need somewhere to store that chain’s tokens. However, it can be difficult and expensive to have a new coin or token integrated into an existing crypto wallet. Developing a native crypto wallet is also a long and costly process. That’s why Komodo provides every project with the option of a white-label multi-coin wallet app. Not only will users be able to store your chain’s tokens in it, they will also be able to store other popular cryptocurrencies like Bitcoin, Litecoin, ZCash, and KMD, Komodo’s native coin. WHITE-LABEL DECENTRALIZED EXCHANGE In addition, Komodo offers every project the choice of a white-label decentralized exchange app. Komodo’s decentralized exchange (DEX) will provide the backend tech necessary for the white-label app to function. Komodo’s DEX is the world’s only truly decentralized exchange. While many exchanges claim to be decentralized, they still use proxy tokens, force users to give up their private keys at some point in the trading process, or give admin a backdoor option to freeze a user’s funds. By contrast, Komodo’s DEX is fully-powered by atomic swap technology. Atomic swaps are peer-to-peer exchanges of cryptocurrency that allow users to retain control of their private keys throughout the entire trading process. As this method of trading occurs wallet-to-wallet, the need for centralized exchanges or other third parties is eliminated. If a project built on Komodo uses the white-label decentralized exchange app, their blockchain’s tokens will be integrated into the DEX, providing instant access to liquidity. This is an enormous benefit, as many centralized exchanges charge exorbitant fees for listing a new coin or token. WHITE-LABEL DECENTRALIZED CROWDFUND APP The final white-label app included in Komodo’s Blockchain Starter Kit is a white-label crowdfunding application. This app is also powered by Komodo’s industry-leading atomic swap technology. Crowdfunds launched on Komodo Platform are therefore more secure and much faster than a traditional, centralized ICO. Investors maintain possession of private keys throughout the crowdfund. Once the atomic swap is complete, they receive your chain’s tokens instantly. Komodo’s Blockchain Starter Kit is designed to give you the products and technology you need to accelerate time to market and allow you to focus on ensuring that your project is a success. INVESTMENT PROTECTION: A VISION FOR A GLOBAL BLOCKCHAIN ECOSYSTEM The blockchain industry is currently developing at a breakneck pace. For this reason, it is absolutely essential to build on a platform that continues to evolve. At the rate the blockchain industry is currently moving, every platform must continue to evolve or face extinction. With a long-term vision and a strong commitment to continuing development, Komodo Platform provides the investment protection you need to build comfortably. Over the last several years, Komodo has been in a constant state of development. Komodo has completed more GitHub commits than any other blockchain project in existence. As Komodo is constantly innovating new technologies at the cutting-edge of the industry, you can build on Komodo Platform without worrying about your project falling behind. With a clear vision for a global blockchain ecosystem, Komodo is leading the blockchain sphere by developing and implementing solutions to some of blockchain’s most pressing problems. In particular, Komodo is advancing blockchain technology with respect to these five essential features: security, scalability, interoperability, privacy, and simplicity. Komodo’s unique dPoW security mechanism protects the entire ecosystem with the power of the Bitcoin hashrate. With the ability to launch several chains to meet the performance demands of any project, Komodo is also the world’s most scalable blockchain platform. Atomic swap technology, pioneered by Komodo Platform, was the first major development towards interoperability. Komodo’s DEX is the world’s most advanced with over 110,000 atomic swaps completed. Users exchange tokens directly with other users, from one wallet to another. Now, Komodo is advancing interoperability with an innovative new feature that allows thousands of chains to process transactions simultaneously while cross-notarizing and allowing inter-chain transaction proofs. This technology is still in development but will make Komodo a fully-interoperable ecosystem and allow as many as 1 million transactions per second. Komodo also provides hybrid privacy solutions, such as permissioned and permissionless blockchains as well as optional zero-knowledge transfers of value to protect user privacy. These end-to-end blockchain solutions are readily available with the simplicity of white-label apps and with support from expert third-party service providers. Get started with Komodo now. BEGIN BUILDING ON KOMODO PLATFORM TODAY If you’re ready to implement blockchain solutions, there are two certified third-party Komodo Solution Integrators that can help you navigate your journey into blockchain technology.
Hey guys, I thought I would put together an in-depth tour of the Gridcoin wallet software for all of our recent newcomers. Here I'll be outlining all the features and functions the windows GUI wallet has to offer, along with some basic RPC command usage. I'll be using the windows wallet as an example, but both linux and macOS should be rather similar. I'll be including as many pictures as I can as embedded hyperlinks. Edit: Note that since I originally made this there has been a UI update, so your client will be different colors but all the button locations are in the same place. This is my first post like this, so please forgive me if this appears a little scatter-brained. This will not cover the mining setup process for pool or solo miners. When you launch the wallet software for the first time you should be greeted with this screen.
If you're a pool miner or investor, press cancel.
If you're a solo miner, enter your email you used to sign up for projects and press OK.
If you're not sure or haven't decided yet, press cancel. We can come back to this later.
After that prompt, you should be left sitting on the main overview tab with several fields on it. From top to bottom:
Available: All coins available to be sent or staked (I'll cover this term later).
Stake: All coins that are currently staking.
Unconfirmed: All coins that have been received and have not yet received 110 confirmations.
Total: All coins in your wallet. (The sum of the above fields)
Blocks: How many blocks your client has in it's chain. Your wallet just started syncing with the network so this number will be low.
Difficulty: How difficult it is for someone to stake the next block.
Net Weight: An estimate for how many coins are staking on the entire network.
Coin Weight: How many of your coins that are currently staking.
Magnitude: A quantifier for how much work you put in mining. For solo miners only. For pool miners, this value will always be 0.
Project: Displays the projects you're working on, one at a time. For solo miners only. For pool miners, this will always say "INVESTOR".
CPID: Cross Project Identifier. Used to keep track of users across projects. For solo miners only. For pool miners, this will always say "INVESTOR".
Status: Displays various status messages.
Current Poll: Displays the latest poll.
Client Messages: Displays various client messages.
Now onto the other tabs on the left side. Currently we're on the Overview tab, lets move down to the Send tab. This tab it pretty self-explanatory, you use it if you want to send coins, but I'll go over the fields here:
Pay To: Enter a valid gridcoin address to send coins too. Gridcoin addresses always start with an S or and R.
Label: Enter a label here and it will put that address in your "address book" under that label for later use. You can leave it blank if you don't want it in your address book.
Message: Enter a message here if you want it attached to your transaction.
Amount: How many coins you want to send.
Add Attachment: Leave this alone, it is broken.
Track Coins: This doesn't do anything.
Now down to the Receive tab. Here you should have a single address listed. If you double click on the label field, you can edit it's label.
New: Generate a new address.
If you click on an address, the rest of the options should be clickable.
Copy: Copy the selected address to your clipboard.
Show QR Code: Show a scan-able QR code for the selected address.
Sign Message: Cryptographically sign a message using the selected address.
The Transactions tab is pretty boring considering we have no transactions yet. But as you can see there are some sorting tools at the top for when you do have transactions listed.
ADDRESS BOOK TAB
The Address Book is where all the addresses you've labeled (that aren't yours) will show up.
Verify Message: Verifies a message was signed by the selected address.
The rest of the functions are similar to the functions on the Receive tab.
Onto the Voting tab. There wont be any polls because we aren't in sync yet.
Reload Polls: Pretty self-explanatory, I've never had to use this.
Load History: By default, the wallet will only display active polls. If you want to view past polls you can use this.
Create Poll: You can create a network-wide poll. You must have 100,000 coins as a requirement to make a poll. (Creating a poll does not consume the coins)
Display coin control features (experts only!): This allows you to have a great deal of control over the coins in your wallet, check this for now and I'll explain how to use it further down. Don't forget to click "Apply".
ENCRYPTING YOUR WALLET
Now that all of that is out of the way. The first thing you'll want to do is encrypt your wallet. This prevents anybody with access to your computer from sending coins. This is something I would recommend everyone do. Go to Settings > Encrypt Wallet and create a password. YOU CANNOT RECOVER YOUR COINS IF YOU FORGET YOUR PASSWORD. Your wallet will close and you will have to start it up again. This time when it opens up, you should have a new button in the bottom left. Now if you want to stake you will have to unlock your wallet. Notice the "For staking only" box that is checked by default. If you want to send a beacon for solo mining or vote, you will need to uncheck this box.
GETTING IN SYNC AND ICONS
Before we continue, Let's wait until we're in sync. Depending on your internet speeds, this could take from several hours to over a day or 2. This can be sped up by using Advanced > Download Blocks, but this can still take several hours. This is what an in-sync client should look like. Notice the green check to the right of the Receive tab. All of these icons give you information when you hover your mouse over them. The lock The arrow tells you if you're staking. If you aren't staking, it will tell you why you're not staking. If you are staking it will give you an estimated staking time. Staking is a very random process and this is only an estimate, not a countdown. The connection bars tell you how many connections to the network you have. The check tells you if you're in sync.
WHAT IS STAKING?
Now I've said "stake" about a million times so far and haven't explained it. Gridcoin is a Proof of Stake (PoS) coin. Unlike bitcoins Proof of Work (PoW), PoS uses little system resources, so you can use those resources for scientific work. PoS works by users "Staking" with their balance. The higher the balance, the higher the chance to create, or "stake" a block. This means you need to have a positive balance in order to stake. Theoretically, you can stake with any amount over 0.0125 coins, but in practice it's recommended to have at least 2000 coins to reliably stake. Staking is important for solo miners, because they get paid when they stake. Pool miners don't need to stake in order to get paid however. So if you want to solo mine, you'll need to buy some coins from an exchange or start in the pool first and move to solo when you have enough coins. In addition to Research Rewards for miners, anyone who holds coins (solo miners, pool miners, and investors) gets 1.5% interest annually on top of your coins. So it can be beneficial for pool miners to stake as well. Here is a snippet of what a research rewards transaction looks like from my personal wallet. I have a label on that address of "Payout address" as you can see here.
UTXOS AND COIN CONTROL
At this point you'll need some coins. You can use one of our faucets like this one or this one to test coin control out. First let me explain what a UTXO is. UTXO stands for Unspent Transaction Output. Say you have an address with 0 coins in it, and someone sends you 10 coins like I've done here. Those 10 coins are added to that address in the form of a UTXO, so we have an address with one 10 coin UTXO in it. Now we receive another 5 coins at the same address, like so. Now we have an address with one 10 coin UTXO and one 5 coin UTXO. But how do we view how our addresses are split up into different UTXOs? Earlier we checked the "Display coin control features" box in Settings > Options > Display. Once that's checked you'll notice there's another section in the Send tab labeled "Coin Control Features". If you click the "Inputs" button, you'll get a new window. And look, there's our 2 UTXOs. All UTXOs try to stake separately from each other, and remember that the chance a UTXO has to stake is proportional to it's size. So in this situation, my 10 coin UTXO has twice the chance to stake as my 5 coin UTXO. Now wallets, especially ones that make a lot of transactions, can get very fragmented over time. I've fragmented my wallet a little so I can show you what I'm talking about. How do we clean this up? We can consolidate all this into one UTXO by checking all the boxes on the left and selecting OK. Now pay attention to the fields on the top:
Quantity: The total amount of UTXOs we have selected.
Amount: The total amount of coins we have selected.
Fee: How much it would cost in fees to send all those UTXOs (more UTXOs = more transaction data = more fees)
After Fee: Amount - Fees.
Bytes: How large the transaction is in bytes.
Priority: How your client would prioritize making a transaction with this specific set of UTXOs selected had you not used coin control.
Low Output: If your transaction is less than 0.01 coins (I think).
custom change address: You can set the address you get your change back at, by default it will generate a new address.
So let's fill out our transaction so we end up with 1 UTXO at the end. In "Pay To:" Just put any address in your wallet, and for the amount put what it has listed in the "After Fee" Field. Just like this. Notice how we get no change back. Now click "Send", we'll be prompted to enter our passphrase and we're asked if we want to pay the fee, go ahead and click "Yes". Now if we go back to the Overview tab we get this funky icon. If you hover your mouse over it, it says "Payment to yourself", and the -0.0002 GRC is the network transaction fee. (Ignore the first one, that was me fragmenting my wallet) Now if we look at the Coin Control menu, we can see that we've slimmed our wallet down from 7 UTXOs to 1. Now why would you want to use coin control? 2 Situations:
UTXOs less than 0.0125 coins cannot stake. So you can combine a lot of tiny, useless UTXOs into 1 bigger one that can stake.
After a UTXO stakes, it cannot stake for another 16 hours. So if you have 1 large UTXO that is big enough to stake more than once every 16 hours, you can split it into smaller UTXOs which can allow you to stake slightly more often.
By default, the wallet will always generate a new address for change, which can make your wallet get very messy if you're sending lots of transactions. Keep in mind that more UTXOs = larger transactions = more fees.
Sidenote - When you stake, you will earn all research rewards owed reguardless of which UTXO staked. However, you'll earn the 1.5% interest for that UTXO. Not your whole wallet.
A fork is when the network splits into multiple chains, with part of the network on each chain. A fork can happen when 2 blocks are staked by different clients at the same time or very close to the same time, or when your client rejects a block that should have been accepted due to a bug in the code or through some other unique circumstance. How do I know if I'm on a fork? Generally you can spot a fork by looking at the difficulty on your Overview tab. With current network conditions, if your difficulty is below 0.1, then you're probably on a fork. You can confirm this by comparing your blockhash with someone elses, like a block explorer. Go to [Help > Debug Window > Console]. This is the RPC console, we can use to do a lot of things. You can type help to get a list of commands, and you can type help [command you need help with] (without the brackets) to get information on a command. We'll be using the getblockhash [block number] command. Type getblockhash [block number] in the console, but replace [block number] with the number listed next to the "Blocks:" field on the Overview tab. This will spit out a crazy string of characters, this is the "blockhash" of that block. Now head over to your favorite block explorer, I'll be using gridcoinstats. Find the block that you have the hash for, use the search bar or just find it in the list of blocks. Now compare your hash with the one gridcoinstats gives you. Does it match? If it matches, then you're probably good to go. If it matches but you still think you're on a fork, then you can try other block explorers, such as gridcoin.network or neuralminer.io. If it doesn't match, then you need to try to get off that fork. How do I get off a fork?
Just wait for an hour or two. 95% of the time your client is able to recover itself from a fork given a little time.
Restart the client, wait a few minutes to see if it fixes itself. If it doesn't restart again and wait. Repeat about 4 or 5 times.
Find where the fork started. Using the getblockhash command, go back some blocks and compare hashes with that on a block explorer so you can narrow down what the last block you and the block explorer had in common. Then use reorganize [the last block hash you had in common]. Note that reorganize takes a blockhash, not a block number.
A listening node is a node that listens for blocks and transactions broadcasted from nodes and forwards them on to other nodes. For example, during the syncing process when you're getting your node running for the first time, you're downloading all the blocks from listening nodes. So running a listening node helps support the network. Running a gridcoin listening node is simple. All you need to do is add listen=1 to your gridcoinresearch.conf and you need to forward port 32749 on your router. If you don't know how to port forward, I'd suggest googling "How to port forward [your router manufacturer]".
[PSA] Dogecoin Wallet version 1.4 released. You must update.
WARNING: DO NOT send your wallet.dat file or dogecoin folder to anyone. There have been reports of people offering to help others by asking them to send their files to them so they can help. DO NOT do this. Scam attempt picture Always encrypt your wallet! I can't express this enough. You should use a strong password longer than 15 characters. This password should contain numbers, symbols, and some capitalization! There is no need to have your wallet open 24 hours a day. Open it only when you need it. See - 'Getting Started' on the side bar. This entire post has been written to be as close to ELI5 (Explain it like I'm 5) as possible - By request! If anyone wants to add/fix/correct anything in this message, please send a message to the mods <<-- Click blue text. All blue text in this post can be clicked on. The blue text is a link to a picture, site or download file. A very important message/reminder below. 25 Jan 1.5 pre-releases have started. http://www.reddit.com/dogecoin/comments/1uhpwf/dogecoin_for_mac_14_topic_thread/ OLD VERSIONS The 1.4 update for the dogecoin wallet has been released. This update addresses the block chain error that occurred. This update is mandatory meaning you have to do this update. Also further down the page you can read up about the block chain. You MUST make sure you're on the correct block chain and the old block chain has been removed. For a Windows computer the version must be 1.4. - 1.4.1 just released! See below For a Apple Mac Computer the version must be 1.4 Download links: [Windows Download Link](https://github.com/dogecoin/dogecoin/releases/download/1.4/dogecoin-qt-v14-Win.zip) <<--Click to start download Windows Download Link 1.4.1 UPDATED 19JAN Mac Download Link <<--Click to start download Mac users can join this thread if there are any problems Android (phone): Please see This post To update, simply download the new version from the download link above. Open the downloaded file and extract the contents of the downloaded file into any new folder or location on your computer. If you put the files into a folder you can name the folder anything you want but make sure you remember that this is the latest version of the software. You don't have to remove your folder containing the old version of the wallet. You can place it in a folder called 'Old versions of dogecoin wallet' if you like. Now you can click on the Dogecoin icon contained in the new folder to open your version 1.4 wallet. What happens if I get an error when I open the new wallet? An error was reported called "11DbException" If this happens Download this file and place it in the same folder as your updated wallet. Open the file you just downloaded called "Dogecoin OPEN' and wait. This might take 2 or 3 minutes. Also jtlarousse has found a solution that worked on Windows. Please follow carefully and make backups before starting. Reebzy might have found a solution for Apple Mac Blockchain fork 101: The block chain is a ledger or document created containing every transaction that has ever happened. This file can be quite large. Bitcoins ledger is over 15GB. At some point this document/ledger split into two separate documents known as a fork. How do I know if I am on the right block chain? Go to your newly updated dogecoin wallet and open it. Click on Help>>Debug next Observe the current block number *Notetheexamplenumbersinthepicturesmightbeoutofdatebythetimeyoureadthem Now go over to http://dogechain.info/chain/Dogecoin . This website is the official Dogecoin blockchain website. Check the block number they're reporting The number you found in your wallet and the number reported on the website should close. There might be a difference of 100 blocks depending on when you last refreshed your wallet or how long it took for you to get from one step to the next step in this guide and if the dogechain website is lagging. I'M NOT ON THE CORRECT BLOCK CHAIN My numbers are very different. How do I get back onto the right block chain? IMPORTANT For windows: 1)Close down the Dogecoin wallet client. 2)Go to your data folder: C:\Users[your windows log-in name]\AppData\Roaming\DogeCoin 3)Delete the Dogecoin.conf file. Do not delete the wallet.dat file! 4)Download this update file and place it into the Dogecoin folder where the other file was deleted. For Apple Mac: 1)Close down the Dogecoin wallet client. 2)Go to your data folder: ~/Libarary/Application Support/Dogecoin 3)Delete the Dogecoin.conf file. Do not delete the wallet.dat file! 4)Download this update file and place it into the Dogecoin folder where the other file was deleted. Next visit this post by Netcodepool for instructions on how to manually download the correct block chain and install it.
Edit: Some posts were removed from this thread. To limit confusion. Check this post for details about mining pools that were/are using the wrong fork. Did you send coins only to find out you're on the wrong chain? See this post to get them back An Apple Mac support thread has been made by voidref (The mac developer). If you're having troubles please see this thread Some shibes have reported their wallets wont sync. Please check to make sure your firewall, antivirus, malware scanner or similar programs are not blocking it the wallet. You can add rules to these programs to allow the wallet to make contact with the internet. It's not advised but possible to also disable the software for a short amount of time. Don't forget to enable the software again afterwards. Is your wallet crashing? Try this helpful tip from gandhikahn or if you're using windows try the 1.4.1 update above.
How long does it take a Bitcoin wallet to sync? By MakeUseOf Jun 04, 2013. Share Share Tweet Email. MakeUseOf has piqued my interest in Bitcoin and I have decided to give it a go after seeing the number of merchants accepting it as payments increase. I downloaded the official Bitcoin client (wallet) and am now waiting for it to finish syncing. The progress bar at the bottom filled to about 60% ... Welcome to leading Bitcoin mining pool. Earn up to 30.000 Satoshi per day for FREE! Don’t waste your time and REGISTER NOW for FREE . Our members already received 3540.88366572 bitcoins. Plans; Affiliate Program; HOT Payouts; FAQ; Contacts; Upgrade plan; Welcome to leading Bitcoin mining pool Earn up to 30.000 Satoshi per day for FREE. Don’t waste your time and REGISTER NOW for FREE. START ... In short, set reconciliation would reduce the bandwidth required to run a full node on the Bitcoin network by minimizing how much data each node transmits to each other. This would effectively allow nodes to sync up the data in their mempools more efficiently. Breaking Down Set Reconciliation Sync with Contacts. One of the most innovative and convenient features of BTC.com’s wallet is the ability to sync to your phone’s contacts. You will have to allow the app to sync to your contacts in order to use this feature. Using this option, you can actually send bitcoin to any of your contacts even if they don’t already have a bitcoin ... The Long and Winding Story of Silk Road, Bitcoin’s Earliest Major Application. by Colin Harper. October 1, 2020. This article originally appeared in Bitcoin Magazine‘s 10th anniversary print edition. Silk Road, the online marketplace named for the historic network of trade routes established during the Han Dynasty, went live in February 2011. Its domain was accessible only on the so-called ...
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