Dogecon 2018: Vancouver

Such Wow! Much Conference!

Amongst the sea of self serving blockchain conferences, and large scale multi-million dollar Internet of Things conferences and expo’s, was a refreshing Dogecon held in Vancouver that captured the heart of cryptocurrency. The meme essence came to life.

What started off as a fork of Bitcoin, and a running meme joke, became the largest most dedicated community of cryptocurrencers ever. More than Bitcoin, more than Ethereum, Dogecoin’s strong and proudly loved. It’s community strong, not just about value, but about substance. From tipping to charity, to car racing, the Dogecoin is actually the most viable coin out there. And to celebrate the ‘such wow’, Dogecon was held in Vancouver BC.

A conference where nobody talked about panic selling or the market crashing, instead dance parties, rap shows, dinner and a freaking puppy parade- that’s right, a freaking Shibu Inu parade, was held. You can only wish in your dreams that you had seen it in real life, it was just that amazing.

It wasn’t ‘tradition’, with high rolling investors in thousand dollar suits, no this conference was down to earth, honest and genuine- something you don’t see often in the superficial world of Instagram cryptocurrency.

No twitter cryptoinvestors and enthusiasts had lots of good genuine things to say. Four days of celebrations, real discussions, and Dogecoin worship took place in Vancouver British Columbia. And the reviews are in: It was awesome.
Yes Rocco, this is what it should look like.

Even the sponsors proudly stood by Dogecon with ETH Classic joining in.

Just over 200 participants attended Dogecon, and tickets were sold out by the time I posted about it- sorry about that…  It was a breath of fresh air from the stuffy blockchain conferences, it was relaxed and real, and showed what this amazing Dogecoin community is.

So if you’re looking to invest in a good coin, Dogecoin is it.

Why do I say this:
1. Dogecoin is used more frequently than even Bitcoin cash
2. 40th in Market Cap
3. Has been in use since 2010 for tipping, charities, to car racing etc etc
4. It’s the 4th most popular cryptocurrency (yes that’s right, Dogecoin is the 4th)
5. More viable since the community even after the Creator abandoned it, kept it up.
6. Unapologetically a joke currency that became seriously serious.
7. Doesn’t fall under SEC regulations as a original coin
8. Faster and cheaper to use
9. Dogecon!!!
10. It’s a freaking Shibu Inu, who doesn’t like dogs!
11. It’s not all about ‘Bitcoin level value, or pumping and dumping’, its about the coin itself.

Such wisdom! So get yourself some Dogecoin, and bow to Lord Doge.

It’s safe to say that Dogecon 2019 is going to be even larger and better! What do you think of Dogecoin? Is it still a joke coin to you or are you showing some Doge love! I personally mined and owned Dogecoin, and I’ve easily used it, and it’s honestly one of my top 5 favorite coins. If I had to pick something to invest in, I’d skip the ICO’s and Ethereum tokens, and go straight to Dogecoin.

Cheers!
A. Yasir

Does the CIA know Or Not?

Who Is “Satoshi Nakamoto”

A video titled, CIA Project Bitcoin: Is Bitcoin a CIA or NSA project? made by a group calling themselves the “CIA Project” surfaced on youtube. This group is dedicated in finding all the governments secret projects and making it public. And in this latest video, they are claiming that Bitcoin is actually the creation of the US National Security Agency (NSA).

Now don’t scoff it off as a conspiracy theory or ‘FUD’ and run away. Lets have a gander at what this group is claiming to be their biggest proof.

Satoshi Nakamoto- the name itself.

Now I do touch on this subject a little in my post here, so have a read of that as well to put some other very important pieces of this together.

Satoshi (meaning ‘clear thinking, or intelligent). Nakamoto is a common Japanese surname meaning “central origin or one who lives in the middle) This surname is commonly found in Ryukyu Islands of Japan, which is strongly associated with the Ryukyu Kingdon, a highly centralized kindgom that originated in the Okinawa Islands.  This Island in particular was known as the ‘the place where cannibals lived’….not sure if this gives any weight to Warren Buffets fantastic quote, where he equates Bitcoin mining to harvesting baby brains…

Combined, both names could be interpreted as “Central Intelligence”- could be, loosely. There is in fact a real Satoshi Nakamoto (well Dorian Satoshi Nakamoto) but he vehemently denies he’s the Bitcoin creator and even hired a lawyer to clear his name. How badly do people want to know who this guy is?

The next claim is that no one has actually met Satoshi Nakamoto in person or spoken on the phone with him or her or even them.  Even Gavin Bell (known as Gavin Andresen), who only has contact by email, never in person or over the phone.

Other evidence includes the fact that Bitcoin uses a common PRNG (crypto program) to create secure keys, which is itself believed to have an NSA backdoor. Numerous Reddit threads linking Bitcoin or Satoshi Nakamoto with the NSA have been removed; and that Bitcoin is not decentralized as it is being controlled by a small group which is led by Gavin Bell. Which is true, I’ve said it before that cryptocurrencies are not decentralized in the sense people assume, there is a central body controlling it, and right now with Bitcoin it’s the 80% hashing power Chinese mining farms and Gavin Bell.

But do the CIA Project’s claims have any merit? I think there is- even just a little, is still too much.

The NSA creating Bitcoin has been rumor for many years. People have questioned why it uses the SHA-256 hash function- which by the way we designed by the NSA and published by the National Institute for Standards and Technology..

The fact that the NSA is tied to SHA-256 leads some to assume it’s created a backdoor to the hash function that no one has ever identified, which allows it to spy on Bitcoin users.

“If you assume that the NSA did something to SHA-256, which no outside researcher has detected, what you get is the ability, with credible and detectable action, they would be able to forge transactions. The really scary thing is somebody finds a way to find collisions in SHA-256 really fast without brute-forcing it or using lots of hardware and then they take control of the network,” cryptography researcher Matthew D. Green of Johns Hopkins University said in a previous interview.

This alone makes it worrisome for Bitcoin users or Cyber security specialists. Snowden is very harsh on Bitcoin and says it’s being watched by government agencies- more on that in a different post.

And of course this comes just at the heels after the CIA refused to confirm or deny if they knew who Satoshi Nakamoto is- leaving many to speculate, if they know.  And like Snowden says, ‘they know’.

I myself didn’t want anything to do with Bitcoin in 2009 when my wife told me about it- because of the sheer nightmare that is security and fraud. (Of course I’m glad I reconsidered it and mined as much as I could back then), but it did have the distinct smell of ‘government’ even back then.

Then there’s recent news of 21e8….that’s for another post.

What do you think? Does this prove that Satoshi Nakamoto is actually the NSA? Or does it simply just add another layer of conspiracy theories to an already large mystery.

We may never know.

Cheers,
A.Yasir

The Dark Web Bust

2000 Bitcoins, Hard Cash & Gold Bars

I think we can lay rest the claim that Bitcoin is used for crimes only, considering cash and gold bars (fiat system) seems to be thriving in the latest Dark Web crimes bust.

The US Department of Justice, together with multiple government agencies such as the Homeland Security, The Secret Service, Postal Inspection Service, and the DEA have busted over 35 dark web drugs and arms dealers across the nation.

To be clear, these are the drugs and arms the government didn’t deal themselves, but notorious crime syndicates on the Dark Web (which is why this is a bust and not a government investigation into their own operations).

The different agencies confiscated military grade weapons, drugs and drugs manufacturing equipment.  On top of this they also seized over $30 million dollars in cash, gold bars and around 2000 Bitcoins (which alone totals to over $12 million)

The Department of Justice said in their press release that it was “a year long coordinated national operation that used the first nationwide undercover action to target vendors of illicit goods on the Darknet”.

Agents from the HSI acted as money launderers on the dark web marketplace such as the Silkroad, AlphaBay, Hansa and others, exchanging cryptocurrencies for cash.

Yes you read that right, the government itself used cryptocurrencies in crimes in order to lure in criminals. With this tactic the different levels of federal agencies were able to root out the network of black market dealers.

“Through this operation, HSI New York was able to identify numerous vendors of illicit goods, leading to the opening of more than 90 active cases around the country. The Money Laundering and Asset Recovery Section (MLARS) of the Department of Justice’s Criminal Division, working with more than 40 U.S. Attorney’s Offices throughout the country, coordinated the nationwide investigation of over 65 targets, that lead to the arrest and impending prosecution of more than 35 Darknet vendors,” the press release states.

Nearly all the charged individuals used bitcoin or other cryptocurrencies to some degree in their operations. In one case, the federal officials are seeking the forfeiture of an additional 4,000 bitcoin that they suspect to be tied to online drug sales. If seized, the supplementary stash will put the government’s cryptocurrency requisitions to just over $40 million.

“The Darknet is ever-changing and increasingly more intricate, making locating and targeting those selling illicit items on this platform more complicated. But in this case, HSI special agents were able to walk amongst those in the cyber underworld to find those vendors who sell highly addictive drugs for a profit, HSI Acting Executive Associate Director Derek Benner states in the official press release. “The veil has been lifted. HSI has infiltrated the Darknet, and together with its law enforcement partners nationwide, it has proven, once again, that every criminal is within arm’s reach of the law.”

This investigations findings came after Congress’ own efforts to police crimes online trafficking and the use of cryptocurrencies. The findings went public just a day after the House of Representatives passed the “Fight Illicit Networks & Detect (FIND) Trafficking Act of 2018 (H.R.6069). It’s a bipartisan bill : “to study how virtual currencies and online marketplaces are used to facilitate sex or drug trafficking and propose regulatory and legislative actions to put an end to these illicit activities.”

Rep. Juan Vargas who proposed the bill, expressed in a press release that the House’s approval is “an important first step in helping Congress understand the full extent of how virtual currencies are being used to facilitate drug and sex trafficking and will help us propose effective legislative solutions to fight these crimes.” As the bill moves up to Congress’ upper house, he “[hopes] to see the same level of support for this legislation in the Senate.”

In a 2017 National Drug Assessment, the U.S. Drug Enforcement Administration found that cryptocurrencies like Bitcoin, Dash, ZCash and Monero —(with Dash, Zcash & Monero being relatively anonymous) — have become increasingly popular payment options for dark web trade. Along with fueling the human trafficking market, they are also funding marketplaces that are contributing to America’s growing opioid crisis, the administration claims.

This though implies that fiat and other methods such as wiring funds wasn’t also prominently used in human trafficking, drug trafficking and other crimes on the Dark Web. Cryptocurrencies aren’t new just this year, and have existed since 2009, Bitcoin being the most prominent. But of course the Deep Web existed before 2009, and was active and full of crimes and trafficking prior to Cryptocurrencies birth.

This investigation also implies that governments like the US don’t sell weapons to Dictators and genociders ,which we have seen a track record of throughout history. So the governments readiness to blame cryptocurrencies solely for crimes on the Dark Web is biased set to fit a narrative that ‘only the government can commit illicit crimes’.

The growing American opioid crisis also comes after the US illegal invasion and occupation of Afghanistan (which they remain in to this day).

What do you think? Yes cryptocurrencies are being used to commit crimes, but Fiat and gold bars also have track records of being used to commit crimes, both on the Dark Web and on the government level. Should we not then first deal with Fiat’s crisis with money laundering and crimes deals?

Cheers,
A.Yasir

Bitcoin Energy Usage Less Than Fiat

Bitcoin and similar algorithms that rely on PoW or mining are notorious for being power hungry, wasteful and unsustainable. Many argue that in reality the fiat system as a whole still uses more energy or resources to keep the system running. First of all fiat takes time, energy and money to produce the currency. Then there is the energy to run the ATM and SWIFT network, transport and store the cash. The argument is that as a whole fiat takes more energy and resources to function compared to Bitcoin.

This may be true but Bitcoin will continue to consume more energy to produce less coins as difficulty spikes.

On top of that there are more efficient algorithms that use less power to mine. There are also newer PoS/Proof of Stake algorithms that use almost no power especially compared to mining.

It may well be true that Bitcoin as a whole uses less energy than fiat but it doesn’t mean we should accept the status quo of wasting energy.

Google’s Co-Founder Sergey Brin Says Ethereum Mining Driving Computer Boom and Renaissance

This is very striking to me in that I find the statement makes no sense and with one word “SETI”.  SETI didn’t set off a computing revolution and still has limited participation.  SETI which is searching for signs of extraterrestrial life has used a sort of grid-computing through unused computing power of its supporters to help search through troves of data that the SETI researchers don’t have the power to do.  I admit back in high school I didn’t want to share my CPU cycles, nor did most other people.

I am drawing this comparison because SETI didn’t start off a frenzy of computer buying to “mine” SETI.  This is because there was no actual reward or benefit to doing it any practical sense.  Mining is only being driven by the hope of big rewards and profits, or in other words greed.  Yes, some computing enthusiasts are getting into mining but does anyone really think that this greed has turned people into computer enthusiasts?  Sales of GPUs would be flat if not for the profits.  If mining because unprofitable the same people who rushed in will rush out, they are speculators and investors, not computing experts or enthusiasts.

Aside from being extremely wasteful, inefficient and ineffective I believe PoW or mining is not sustainable and the long-term currencies that are to survive will be converting to PoS (Proof of Stake).

And this gets to the most ironic point.  Google has recently banned ALL cryptocurrency advertisements.  Maybe Sergey thinks “mining Ethereum is cool and so is cryptocurrency but not if you want to promote it on Google!”.

Nano AKA Raiblocks XRB and Bitgrail Scam $150M Lost!

A good friend of mine asked me about Nano and I honestly haven’t paid much attention to it.  I didn’t even know what it was until I realize it was recently rebranded from Raiblocks (XRB).  That alone set off alarm bells, aside from it being confusing I suspected there must be more of a reason.

The technical side is impressive although I haven’t used it, they have this block-lattice technology which doesn’t use traditional PoW mining.  It confirms transactions individually between two wallets instead of the entire blockchain.  This is a huge plus but the weakness is that they only seem to focus on transaction speed.  The algorithm described that seems to automatically allow successive transactions to be confirmed sounds dangerous.  I may be missing something from the implementation but it sounds like a potentially vulnerability that an attacker could use after doing a transaction with you.  In addition they still use a public ledger so essentially they are solving the transaction speed alone but they may also have introduced a huge attack vector and vulnerability.

They do have some interesting features such as instant transactions and being infinitely scalable.  But I take issue with any team claiming anything is infinite.  To infinitely scale there would have to be infinite computing resources available which there are not.  It could just be marketing but this stuff does catch my attention.  Combined with the timing of their rebrand and a lot of insider trading and selling I am very skeptical of this team.  At the very least, hiding from the Bitgrail fraud by renaming just before the news broke doesn’t seem honest at all.

I think we have it here straight from their own blog.  I believe the Raiblocks team knew of a massive fraud about to go down with Bitgrail well before they let on or claim to have known something was wrong.  I am not saying they were involved but the timing of their re-branding is extremely suspicious.

This is because on January 31st they suddenly announce the rebrand to Nano.

Raiblocks-Rebrands

Then just 8 days later the Bitgrail $150M loss of XRB happened.  As you will see from the Raiblocks own timeline it appears they were possibly aware for weeks or months that something was going down.

Raiblocks-Rebrands1

The Raiblocks own timeline seems to imply they were aware of issues for weeks if not months before.   It does not mean they were directly involved but it gives the appearance that for publicity and to shrug off this massive fraud associated with their project they rebranded just before things hit the fan.

Raiblocks-XRB-ScamOn 10/19 – 2017 it is not clear if Raiblocks knew about the suspicious transaction but they definitely did in February.  Being under maintenance for no good reason to withdraw is always cause for concern on January 8th.  I am sure when the Bitgrail owner left the joint Telegram channel for Raiblocks they knew something was very amiss on 2018-01-25 (6 days before the rename and about 2 weeks before the public announcement of fraud).  I find this timing to be highly suspicious, it reminds of the Bitcoin Gold scam and I have no confidence in this team or currency because of that alone.

Bitgrail in March 2018 has gone on to make a statement claiming they are reopening and that they insist there is a flaw in Raiblocks that caused the theft.  Of course both sides may have motivation to blame the other.  In all fairness at least Bitgrail has pledged to offer some ERC20 tokens they are creating and that users will have access to all of their coins upon reopening (aside from the lost XRB of course).

Cash Fund dedicated to the victims of the NANO theft In view of the forthcoming reopening of Bitgrail.com (we will soon announce the exact date), BitGrail srl intends to inform its users of the details of the soon to be established cash fund dedicated to NANO owners, victims of the theft that was communicated on February 9 2018. Prior to that, a premise concerning the suffered theft and Bitgrail's obligations arising from the theft itself. BitGrail S.r.l intends to stress having been subject to theft, a crime made possible by taking advantage of faults in the team NANO's softwares (rai_node and the official block explorer) and therefore, for these reasons and in accordance with the law, it is not in any way responsible for the situation. We confirm that an investigation led by the legal authorities is underway The purpose of the investigation is to shed light on the theft, therefore we have already provided all the useful elements in order to reconstruct the facts, including the evidence concerning those involved in the fraudolent activity, who took advantage of the vulnerability of NANO's software, thus not Bitgrail's. Those grounds are alone sufficient to relieve BitGrail S.r.l of any refund obligation and/or repayment of the stolen amounts. However, as further demonstration of the good intentions and seriousness of the company, in order to meet its users half-way though without recognition of any liability, BitGrail S.r.l intends, on a voluntary basis, to establish a cash fund (by creating a token) dedicated to the users damaged by the theft. Doing so, they'll be enabled to recover their stolen funds over time. We must specify that, since they are not victim of the theft, users that didn't own NANO will have full access to their coins at the site reopening. (all the coins are safe, apart from XRB). Token BGS (BitGrail Shares) A new token (BGS, BitGrail Shares) is already present on the wallet page. 15.6 MLN of them have been distributed in a 1 to 1 ratio with the stolen NANO. The users who have been damaged by the theft (Meaning solely and exclusively all the NANO owners on Bitgrail) can already see their 20% updated XRB balance and, at the same time, the remaining part (80%) converted into BGS. Access and ownership to/of the BitGrail's token is granted only to users who will accept the settlement agreement, as stated in the next point. The new BitGrail Shares token will have its own market on Bitgrail's platform. It will be possibile to trade the token, but not deposit it or withdraw it. It is not excluded that the abovementioned token could be converted into an apposite cryptocurrency, thus enabling withdrawal and deposit. The first of the month BitGail will use the 50% of the previous month trading fees income in order to reacquire the BGS token, proportionally among the users who have them in their Balance. The tokens' buyback will occurr at the fixed price of 10.5 $ per unit (in Bitcoin), considering an average of BTC/USD pair among various exchanges ( Bitfinex, Binance, Bitstamp...) As said, it will be possible to trade BGS on the platform. Users who own said token will be able to buy and/or sell at a different pricing from the one required for the buyback. Doing so, users will have the chance of liquidating their BGS in advance, whenever there is an adequate market situation with the desired price. Any amount that can, in case, be recovered from those who have perpetrated the unauthorised withdrawals (therefore materially in the availabilty of BitGrail S.r.l) will be immediately destinated to the tokens' owners up to the extent of the pro rata sums subracted from the damaged users. (with value of 10.5$) Agreement with the users With the reopening of the site, the use of the platform for the victims of the theft will be bound by the signature of a settlement agreement. The latter will be characterised by an expressed renouncement from the users to every type of legal action, and will have to be formalized through the compilation of a form. The last will have to be printed, signed and uplodaded with the attached documents. Such renouncement will allow the availability of the BGS tokens above described. In denegata hypothesis, subjects who won't accept the settlement agreement will have no alternative except for the account termination in compliance with the TOSs. Extra UE users As already anticipated in the past, BitGrail won't be able to guarantee the trading to the extra UE users for a limited period of time. Our intention is to reopen the access to the whole world as soon as possible. Extra UE users will be able to deposit and withdraw. The BGS token buypack will also be available. Implementations of the platform With the purpose of guaranteeing a faster execution of the plan concerning the purchase of the tokens owned by the victims of the theft who have accepted the agreement, BitGrail S.r.l. will immediately work on the implementation of the site, focusing on: Markets/pair increasing by adding other criptocurrencies Interface and charts improvements an APP for smartphone / tablet the realization of a referral link system A voting system based on the BGS tokens for the list of new emergent criptocurrencies will be implemented. Thanks for the attention. Bitgrail S.r.l.

It’s hard to know for sure what has gone on in this case.  But this week XVG (Verge Coin) was hacked due to a flaw in how coins are mined, and something similar with Cryptonight for Monero and Bytecoin was also disclosed recently.    Who is to say that the Coincheck NEM issue also wasn’t due to a similar but unknown or undisclosed flaw?

Ethereum Developers Consider Bricking Bitmain’s Antminer ETHash Based ASIC

ETHash has always been considered “ASIC resistant” which is that the made algorithm so it wouldn’t be easy to make an ASIC for it like SHA-256 for Bitcoin, Scrypt for Litecoin and others.  This has been a very controversial issue especially since Bitmain announced they have Cryptonight miners for Monero and ETHash miners for Ethereum to be released soon.

At first I thought the developers had a plan to inject some malicious code that would literally brick the miners firmware or something similar, but the idea of hardforking is much more tame and harmless to everyone but Bitmain and their clients.  There’s also a lot at stake for Bitmain who could be in serious trouble from its buyers if they ship miners that are completely useless.  It remains unseen to know if they could update their firmware to compensate or if completely new ASIC hardware would be required for the update in algorithms.  Either way if Bitmain cannot deliver, it could push them to the brink or at least serious financial damage.  It does cost a lot to R&D and manufacture these ASICs and I could see this pushing them out of business or close to it.

Monero is hardforking in less than 5 days to combat this issue but the Ethereum team is still debating what to do.

Monero-Hardforks-Response-To-Bitmain-ASIC

This is a very interesting situation with competing interests and warring camps involved.  But to me this really outlines serious security flaws with Monero, Ethereum and all other Public, Permissionless Blockchain cryptocurrencies (the vast majority including Bitcoin, Litecoin etc..).

Hardforks are usually done for bad reasons, to counterfeit and copy an existing coin as an easy cashgrab (eg. Bitcoin Gold, Bitcoin Cash etc.. Litecoin Cash).  That is one serious integrity and security issue there.  Why is it even possible to literally copy, counterfeit almost any coin?  It devalues the original coin and is essentially stealing from the original coin holders and developers.

But in this case Monero and Ethereum would be doing hardforks for a “good reason” but it’s still a pain.   Would you accept it if your bank did a hardfork and your account stopped working or by not upgrading on time your currency could be lost or converted to another?  I understand why they want to stop ASICs but to me Bitmain is not the problem itself, they are simply exploiting, for profit the weakness that all cryptocurrencies have.  This weakness of PoW or mining is supposed to secure the network but in its absurdity it just makes things slow, insecure and ensures “whoever has the most money to buy more hashing power will control the currency”.  Making it even worse, mining pools and large farms could wreak havoc by broadcasting false transactions, causing others to lose money where they think they’ve received money they haven’t.

Going back to the purpose of mining, in reality today it guarantees two things.  0 security, slow transactions and centralization.  It creates a virtual arms race of whoever can buy enough hashing power is the winner and owner.  This was never the intention of Satoshi or cryptocurrencies.  There’s no way a small, average person will ever be an equal stakeholder in cryptocurrency.  Whether everyone uses an ASIC, CPU or GPU the issue remains the same.  It is a flaw and weakeness in how cryptocurrencies work.

The solution in my view is to make a community-based coin that works off PoS (Proof of State).  Typically these kinds of currencies will be faster and they can be more secure if they are not permissionless (a nice way of saying no security at all and EVERYONE can access the network and broadcast any transaction whether valid or fraudulent).  The whole world shouldn’t be involved in processing my payment for a coffee and they definitely shouldn’t know about it!

So to me when I see people say “mining secures the network”, that was the intention but in practice it’s not the case.

Some serious rewrites in the architecture of all currencies need to be rewritten and the permissionless design and PoW must come to an end for cryptocurrencies to be actually be usable, functional and sustainable for both personal and business use.

The fact that hardforks are even possible or even worse, necessary to stop others from obtaining too much hashing power is proof of concept that mining just doesn’t work.

 

 

Bitmain Reportedly Creates an Ethereum ETHash and Cryptonight Monero ASIC Miner

Some analysts on Wallstreet are claiming this and I would say it is likely credible seeing as how a Cryptonote Miner is being sold on their site now.

1. Hashing algorithm: CryptoNight

Power consumption: 550W

Hashrate: 220KH/s

These are the most conservative estimates. We expect the miners to deliver higher performance and efficiency when they are ready to ship.

2. There are financial risks associated with mining cryptocurrencies. These risks can be related to changes in exchange rate of the cryptocurrency or to changes in the algorithm that is used to mine the cryptocurrency. Please deliberate well before making a purchase because we will not accept any requests for refund for orders of this batch.

3. One major cryptocurrency which is using CryptoNight hash function is about to change their PoW algothrim, and according to their public statement, it is purposely to brick ASIC mining rigs including X3. When you buying it, you are betting that they are wrong

This is one instance where I am happy with Bitmain (unlike the scam they pull where the miner you buy will mine for them until you change the config!  They could at least default it to an account on Hashnet that gives you credit).  But in all fairness for the X3 Cryptonight miner they have given fair warning that there are two significant risks and issues with using their ASIC.

Cryptonight apparently has threatened to do something that would cause these ASICs to brick.  Even if they won’t be bricked Cryptonight has pledged to stop the use of these ASICs which is a huge threat to owning these units from Bitmain.

This could get interesting if they do release an Ethereum ASIC but Ethereum itself has stated they will eventually move to PoS (Proof of State) which will essentially stop all mining.

If the above scenarios play out then I believe most people would point their GPUs at ZCash and Monero instead and those currencies would rise in value.

We’re in very curious and serious times for cryptocurrencies between uncertainty over regulation, government, mining and the future value.  Is Bitmain leading to its doom or leading the market to more growth?

Time will tell and it is really hard to call which way it heads.

First Bitcoin Mining Arrest

In this case a Florida government employee was arrested for “mining Bitcoin”.  But there’s more to the story that is probably missing or inaccurate.

Many people use work resources to mine but this case is unique.  This IT manager apparently spent $22K using his workplace issued credit card on mining hardware including dozens of GPU cards.

Considering we are talking GPUs the IT manager was more probably mining Ethereum or another profitable coin.  It also could be he had some ASICs for Bitcoin running considering he racked up an extra $800/month in power consumption!

The moral of the story is that he wouldn’t have been arrested and charged with theft and fraud had he not used his work credit card.

I could see it being normal for an employee to be disciplined but its  a gray area especially for workplaces without applicable policies for mining.

As much I like mining here is one of the evils that it can impact anyone paying utilites.

Youtube’s Communist Censorship Plan

Youtube has announced it will be the new thought police.  They’ll be doing this by discouraging and contradicting any thoughts, beliefs or theories that are not within mainstream beliefs or teachings.  At this rate they’ll have met the gold standard for censorship and subversion and China will be viewed as an easier place to share your thoughts.  On its face it may not sound that bad to link to Wikipedia articles but in fact anyone can write and manipulate Wikipedia.  Google will be choosing what counterpoints to make by of course selecting which article(s) get linked to.  This is quite alarming and also frustrating since hate, racism and other harmful activity has been rampant on the web ever since it began but no company or government have made any concrete steps to counter it.  So why worry about people posting their alternative beliefs and thoughts online and exposing the lies of the news?  By the gauge of most the mainstream news is the fake news yet media giants like Facebook want to declare thoughts outside of that realm as “Fake News”.  By this method then the PRISM system of spying on and intercepting people’s private information is a “bad conspiracy theory” that people have to be warned away from (of course most now understand this was never a conspiracy since Edward Snowden revealed more details about what most already knew).  There are some valid reasons for this to be done (from the perspective of nice government men and corporate greed).  There is a lot of information being shared on Youtube about pharmaceutical companies and really whole swaths of very solid information about a lot of things going on in our world.  The majority of it is well sourced and quoted and most people won’t view that content as conspiracy.  Could it be that anything that doesn’t fit the viewpoint or ends of certain elite companies and people are what is really being targeted?  Until racism and hate has been cleaned up from these platforms I am just not buying there is any good or genuine reason for Google to do this.    I think we’re heading down a slippery slope to the point where freedom of thought and expression will be completely eliminated gradually through these policies.  Eventually Google will probably start deranking websites which fit into this category of “non-conformity” to the mainstream and elitists.

What do you guys think?  I think it’s time to support Tron (TRX) and any other decentralized social media platforms.  It’s time to take the internet back!