• Event Date
  • 2023-03-14   : 8 AM to 9 PM
  • 3729 Dale Avenue Seattle

Advise

Before you invest in bitcoin or other cryptocurrencies, you need to understand the risks involved. Some users see cryptocurrency as…

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What is a NFT

An NFT, or non-interchangeable token, is a unit of record that is used to create a digital cast for any…

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Our Speakers

Top-speakers Digital Shilling 2022

Debra Rodriquez

President & CEO

Research to identify opportunities

Chelsea Allen

Business and Financial Host

Medhurst Founder

Lauren Collins

IT Specialist

CEO

Sergio Baker

Marketer

CEO Rippin

Program Schedule

Thematic sections and individual presentations

  • What cryptocurrency to choose for mining?

    Finding an answer to the question which electronic currency is the most profitable to mine is quite difficult. The fact is that the cryptocurrency market has only been formed in recent years. It is constantly changing, in addition, new types of virtual money regularly appear. All this makes a more or less accurate prediction of further developments in the market extremely unlikely.

    Nevertheless, every year it becomes more and more difficult for single miners to make a profit by “mining” the most popular cryptocurrencies, such as bitcoins or ether. Therefore, it makes some sense to pay attention to less popular types of virtual currency.

    Mining Prospects
    It’s important to understand that as virtual money grows in popularity, it becomes more problematic to make a profit from mining. This is due not only to an increase in the number of participants, but also to the arrival of significant financial resources in this segment of the market. As a result, mining individually is simply becoming unprofitable and unprofitable.

    Another potential danger is the fact that some recently emerged cryptocurrencies do not provide for the possibility of mining. For example, Ripple or IOTA are among such virtual currencies, showing a steady growth in recent years.

    How much can I earn?
    It is almost impossible to give an unambiguous answer to the question about potential earnings from mining. This is explained by the fact that it is determined taking into account a lot of difficult to predict factors, including the current rate of a particular cryptocurrency and the dynamics of its change, the amount of investment in mining, the number of participants in the “mining” process, etc.

    One should understand the following: the growth of the overall capitalization of the virtual money market leads to a constantly increasing average payback period of the investment. For example, not so long ago, investments in bitcoin mining were returned within 2-3 months, bringing further profit, and the entry threshold was quite low. Today, in order to start effectively mining the most popular cryptocurrency, a serious amount of money is required, amounting to at least several thousand dollars. In this case, the payback period is 9-12 months, and in some cases even more.

    Is it possible to mine without investment?
    Nowadays, it is quite difficult to talk about serious mining without investments. However, many companies providing cloud mining services are trying to increase the number of customers through a variety of advertising campaigns. In some cases, users are offered an opportunity to “mine” cryptocurrency for free for a certain period of time.

    There are also so-called cryptocurrency cranes, which are advertising sites that offer satoshi, i.e. a small portion of bitcoin, as a reward for visiting them. This way of earning cryptocurrency is hardly a full-fledged mining, nevertheless, the number of such resources increases every year, which shows their demand in the market.

    Investment risks
    The cryptocurrency market is one of the most unstable. Even bitcoin, the value of which has grown tremendously, has fallen in price many times. There is no guarantee that it will pick up again after another crash, which could happen at any time.

    Possible problems and pitfalls
    The main potential problems of any cryptocurrency are two factors. First, the unclear legal status, which in addition varies from country to country. In today’s global financial market, this is a serious obstacle to further growth.

    Second, the main condition for the popularity of cryptocurrency is trust in it. This criterion is hardly stable and objective. Therefore, any problems that arise can easily bring down even the most promoted cryptocurrency.

    Energy Inefficiency
    The arrival of major players with serious financial resources to the cryptocurrency mining market has drastically reduced the efficiency of “mining” most types of virtual money. Naturally, the profits made in the process often do not recoup the funds invested, including electricity costs, which constitute the main share of costs, in addition to the purchase of equipment.

    The disparity between early and late miners

    Every year, the rewards for mining are decreasing. This is due to a very rapid increase in the total computing power of the participants in the process, resulting in a noticeable increase in the amount of resources spent on “mining”, which is torn between electricity consumption and hardware capacity. It makes sense that early mining was much more efficient and profitable than late mining, a trend that continues even now.

    What cryptocurrency to choose for mining?

    Finding an answer to the question which electronic currency is the most profitable to mine is quite difficult. The fact is that the cryptocurrency market has only been formed in recent years. It is constantly changing, in addition, new types of virtual money regularly appear. All this makes a more or less accurate prediction of further developments in the market extremely unlikely.

    Nevertheless, every year it becomes more and more difficult for single miners to make a profit by “mining” the most popular cryptocurrencies, such as bitcoins or ether. Therefore, it makes some sense to pay attention to less popular types of virtual currency.

    Mining Prospects
    It’s important to understand that as virtual money grows in popularity, it becomes more problematic to make a profit from mining. This is due not only to an increase in the number of participants, but also to the arrival of significant financial resources in this segment of the market. As a result, mining individually is simply becoming unprofitable and unprofitable.

    Another potential danger is the fact that some recently emerged cryptocurrencies do not provide for the possibility of mining. For example, Ripple or IOTA are among such virtual currencies, showing a steady growth in recent years.

    How much can I earn?
    It is almost impossible to give an unambiguous answer to the question about potential earnings from mining. This is explained by the fact that it is determined taking into account a lot of difficult to predict factors, including the current rate of a particular cryptocurrency and the dynamics of its change, the amount of investment in mining, the number of participants in the “mining” process, etc.

    One should understand the following: the growth of the overall capitalization of the virtual money market leads to a constantly increasing average payback period of the investment. For example, not so long ago, investments in bitcoin mining were returned within 2-3 months, bringing further profit, and the entry threshold was quite low. Today, in order to start effectively mining the most popular cryptocurrency, a serious amount of money is required, amounting to at least several thousand dollars. In this case, the payback period is 9-12 months, and in some cases even more.

    Is it possible to mine without investment?
    Nowadays, it is quite difficult to talk about serious mining without investments. However, many companies providing cloud mining services are trying to increase the number of customers through a variety of advertising campaigns. In some cases, users are offered an opportunity to “mine” cryptocurrency for free for a certain period of time.

    There are also so-called cryptocurrency cranes, which are advertising sites that offer satoshi, i.e. a small portion of bitcoin, as a reward for visiting them. This way of earning cryptocurrency is hardly a full-fledged mining, nevertheless, the number of such resources increases every year, which shows their demand in the market.

    Investment risks
    The cryptocurrency market is one of the most unstable. Even bitcoin, the value of which has grown tremendously, has fallen in price many times. There is no guarantee that it will pick up again after another crash, which could happen at any time.

    Possible problems and pitfalls
    The main potential problems of any cryptocurrency are two factors. First, the unclear legal status, which in addition varies from country to country. In today’s global financial market, this is a serious obstacle to further growth.

    Second, the main condition for the popularity of cryptocurrency is trust in it. This criterion is hardly stable and objective. Therefore, any problems that arise can easily bring down even the most promoted cryptocurrency.

    Energy Inefficiency
    The arrival of major players with serious financial resources to the cryptocurrency mining market has drastically reduced the efficiency of “mining” most types of virtual money. Naturally, the profits made in the process often do not recoup the funds invested, including electricity costs, which constitute the main share of costs, in addition to the purchase of equipment.

    The disparity between early and late miners

    Every year, the rewards for mining are decreasing. This is due to a very rapid increase in the total computing power of the participants in the process, resulting in a noticeable increase in the amount of resources spent on “mining”, which is torn between electricity consumption and hardware capacity. It makes sense that early mining was much more efficient and profitable than late mining, a trend that continues even now.

  • Hidden mining and mining farm

    Hidden mining
    Hidden mining refers to the use of someone else’s computing power to generate cryptocurrencies, primarily bitcoin. This can be, for example, the launch of the corresponding services by an employee on a company-owned computer, or the use of special programs, embedded as viruses on third-party computers.

    Recently, there have been frequent reports that some popular websites have also been found to contain elements of software that allow for mining by using the resources of visitors’ computers. Obviously, such activities can hardly be called legal. Nevertheless, given the complexity of the issue, it is far from easy to fight such manifestations.

    What is a mining farm?
    A mining farm is a number of computers or servers combined into one system. In this case, at different times and for different cryptocurrencies different equipment is used. For example, for bitcoin “mining” some years ago there were mainly video cards used, then they were replaced by specially developed processors (ASIC). However, some cryptocurrencies, such as the second most popular Ethereum, are still the most effective when using high performance graphics cards.

    Mining equipment
    Simple mining schemes, which were effective a few years ago, included the following equipment: 2-3 video cards, a motherboard, a processor, RAM and permanent memory, and a power supply. Naturally, in order to connect to the system it was required to install the appropriate software, which is freely available. An important resource, which is consumed in the process of mining in large quantities, is electricity.

    Programs for mining
    Nowadays, many different programs have been developed that can be used for mining cryptocurrencies. The choice of a particular product is determined primarily by the capabilities of the user’s computer. Obviously, for different configurations and computing power, the efficiency of different programs will not be the same.

    The easiest way to mine is to use a cloud pool. In this case, you rent or buy the power of a specialized company along with the software installed on it. However, in most cases, the cost of renting or purchasing resources is quite high.

  • Mining cryptocurrencies

    The popularity of bitcoin in recent years does not mean that this cryptocurrency will maintain its leading position forever. On the contrary, many experts predict the emergence of new virtual money or the spin-off of any of the existing cryptocurrencies. An additional argument in favor of this is the fact that any virtual payment system is based primarily on trust on the part of users. Obviously, this is a highly subjective factor, which is currently in favor of bitcoin, but could well turn against it as well.

    Ether mining
    In recent years, the rate of Ethereum (in Russia it is called ethereum or, even more simply, ether) has been growing quite rapidly, certainly inferior to bitcoin, but being the second most popular cryptocurrency. Special programs are used to mine ether. It is important to understand that this process today is much more efficient than “mining” bitcoins, as it involves a noticeably smaller number of users. The most effective is the use of equipment in the form of productive video cards.

    Ripple mining
    Ripple (XRP) is quite different from most cryptocurrencies, including bitcoin. Currently, this virtual currency is popular, on an equal footing with Ethereum. The main feature of Ripple is the impossibility of mining. This is because the developers immediately issued 100 billion units of XRP, keeping about 2/3 of it for themselves, and one third distributed among users. As a result, additional cryptocurrency issuance is not provided, and mining is also not required for the system to function.

    Litecoin
    The cryptocurrency Litecoin (LTC) was created in 2011 and is a derivative (another name fork) of bitcoin. At the moment, its development is completely independent and has several fundamental differences from the most popular type of virtual money. These include:

    Greater efficiency of mining using powerful processors;
    The need for a large amount of free memory;
    The wide spread of pools, including cloud pools.
    LTC is much less popular and in demand than bitcoin. Therefore, mining this cryptocurrency is currently available and quite effective even for individual miners. However, it is much more profitable for the user to become a member of a pool, which significantly increases the profitability of mining.

    NEM
    The cryptocurrency called XEM was created based on the NEM blockchain technology. It is very popular in the Asian market, especially in Japan. The features of this type of virtual money became the issue of the entire amount of cryptocurrency at once. However, XEM mining is quite possible. It is necessary to generate new blocks needed to conduct transactions, to form appropriate records in databases and to ensure the security of transactions. At the same time, XEM mining is considered one of the most democratic processes, as it does not require large computing power.

    Dash
    The capitalization of the Dash cryptocurrency, created in 2014, has now exceeded $2 billion. Of course, its popularity today is no match for bitcoin, however, the virtual currency shows steady growth. Almost any computer equipment can be used for mining but the most effective is using ASIC technology and different cloud services.

    Iota
    The IOTA cryptocurrency, which appeared on the market at the end of 2015, quickly enough became widespread. This is due to the features of this payment system, the main of which are: the absence of commission in carrying out transactions and the speed of their implementation. The operating principle of IOTA does not provide for the possibility of special mining, as in fact the user of the system becomes a miner when carrying out any transaction, because it requires the confirmation of the previous two.

    ZCASH
    The developers of the cryptocurrency ZCash declare it as the first anonymous virtual monetary unit. This payment system provides a standard possibility of mining, for the implementation of which the appropriate equipment, first of all, a powerful video card, appropriate software and connection to the pool will be required. It is in this case the mining will be the most effective.

    Monero
    Mining a relatively new cryptocurrency called Monero can nowadays be a very profitable activity even for single users. The fact is that the payment system service does not allow the use of specialized ASIC processors. As a result, even having an ordinary, but rather productive computer, it is possible to mine Monero.

    Stratis
    The cryptocurrency Stratis (abbreviated as STRAT) appeared in 2016 and is one of the latest such developments, which has already managed to make quite a loud statement in the financial market.

  • What is mining?

    To put it simplistically, but not quite correctly, mining is the mining of cryptocurrencies, most often bitcoins, which is due to their most serious demand and popularity on the market at the moment. Essentially, the owner of a computer, using its resources to operate a virtual payment system, collects and processes information about the cryptocurrency transactions currently taking place. This activity is necessary for the transactions to take place, to ensure a high degree of security, as well as the smooth functioning of the entire peer-to-peer decentralized system. The greater the number of miners and, accordingly, computer resources involved in the process, the more reliable and stable the system is.

    Working Principle
    The owner of a computer resource receives remuneration for the processing of information in the form of a commission assigned by the owner of the virtual money, or remuneration in the form of a part of the cryptocurrency emitted in the process of mining. This is the basis of one of the main principles of payment systems, involving the use of bitcoins and some other virtual money. The transactions where the highest commission is set are processed and conducted first. Therefore, transactions with zero fees can take a very long time.

    Why does bitcoin need miners?
    It is important to understand that the common belief that the need for mining and, consequently, miners will disappear after the last bitcoin is released is extremely far from the truth. As already mentioned, no less important functions of mining are processing information, conducting transactions and securing the functioning of the payment system. Obviously, this kind of work will always be required.

    Bitcoin mining
    Undoubtedly, the most popular cryptocurrency today is bitcoin, created in 2008-2009 by Satoshi Nakamoto. That is why, more often than not, the decision is made to mine this particular type of virtual money. However, it should be understood that the flip side of the popularity is a huge amount of resources involved in processing the information. Therefore, today, in order to really make money mining bitcoins requires the presence of extremely large computing power.

    Mining schemes
    The simplest mining scheme involves the installation of special software on the computer, then the connection of its resources to the payment system.

    State-owned mining programs
    Nowadays, the interest in various cryptocurrencies began to appear in some countries at the state level. It should be noted that in most developed countries this sector of the economy is given to entrepreneurs. However, in North Korea, the mining of cryptocurrencies is one of the important measures to support the national monetary unit.

    In recent months, there has been serious interest in virtual money, especially bitcoin, and its mining process among the leaders of the national government. Some high-ranking officials have repeatedly understood the issue of developing state mining programs. However, it is somewhat premature to talk about actually putting these plans into action.

    Mining Pools
    An important principle behind the most popular virtual payment system is the random distribution of issued bitcoins. In order to make this process more predictable and uniform, special online services have been created, which are called mining pools. Individual users put the available computing power at their disposal. Eventually, the bitcoins received as issue fees are distributed among pool members based on the pool’s rules. The features of the software allow users to work in a pool much more efficiently than on their own, which has led to the widespread use of this type of mining.

    Cloud Pools
    Today, in order to effectively engage in mining, you need to have serious computing power. Obviously, to acquire such powerful computers requires considerable financial resources, which are unlikely to be available to a single person. As a result, there is a new type of pool, called a cloud pool. It provides purchase or rent of computing capacities from specialized companies possessing the corresponding equipment.

    In this case, all transactions are carried out over the Internet, and the scheme of interaction looks as follows. A specialized company receives funds from a client in the form of profit, necessary for its further development and the purchase of new, more powerful computers; the user is left with the result of mining on the most modern and advanced equipment.

  • Who Created Bitcoin

    Brief History of Seven Satoshi Nakamoto

    Another lawsuit related to Satoshi Nakamoto began in the United States in November. The missing bitcoin inventor was hiding behind that name. The dead programmer’s sister wants her brother to be considered Satoshi Nakamoto, and has sued another claimant. Given that the inventor of the cryptocurrency is entitled to 1 million bitcoins, now the equivalent of $66 billion, “that’s a score many are willing to start a risky game for.” Other contenders for inventor laurels included a German fraudster, an anonymous writer, one of the pioneers of smart contracts, and even Ilon Musk, to whom the invention was attributed by an enthusiastic intern.

    Satoshi number one. David Kleiman.
    In November, the civil trial of Ira Klayman v. Craig Wright began in Miami. The defendant, Australian software engineer and one of the pioneers of the cryptocurrency movement, Craig Wright, has been claiming since 2016 that he is Satoshi Nakamoto. He has already spent a serious amount of money on the courts, including declaring as his intellectual property the white paper (a detailed plan for the design and development) of bitcoin in the UK. The plaintiff, the sister of the deceased David Kleiman, is seeking through the courts to establish the fact that Wright was not acting alone, but with her brother.

    Clayman and Wright created W&K Info Defense Research LLC to mine bitcoin and manage intellectual property, including the cryptocurrency’s source code, her representatives wrote. At the first meeting, Ira Klayman showed excerpts of Internet correspondence that allegedly confirmed that her brother alone had mined the bulk of the bitcoins. She accused Wright of theft by deception and counterfeiting. Wright, on the other hand, objects that he is Satoshi Nakamoto alone, and that David was merely a friend and confidant. Wright’s attorneys are resting on the fact that their confidant has had an autism spectrum disorder since childhood and no contract could have been made with him. “He wore a ninja uniform in the yard when he was 13, and all the kids called him a freak,” the defendant’s side claims. The main issue, though, remains unresolved for everyone involved in the case. You have to have a secret key to get 1 million bitcoins. There is no other way. The only one hundred percent proof, which Wright hasn’t been able to do since 2016, is to transfer at least a thousand bitcoins from wallets that were reliably owned by Nakamoto. The bitcoin creator is known to have dropped out of sight in 2011 and has never contacted anyone since.

    Satoshi No. 2. Craig Wright.
    In 2016, software engineer Craig Wright, featured in the previous story, claimed to be Satoshi Nakamoto, although the general consensus among crypto activists was that several programmers worked under that name. Since then, Wright has not been able to take any bitcoin from Satoshi’s wallets. Wright claimed his copyright on the white paper and bitcoin source code to the U.S. Patent and Trademark Office in 2019. This does not mean that he is recognized as the creator of the cryptocurrency or the owner of the exclusive copyrights to its code. An unlimited number of people can assert their rights under U.S. law. In response, the Cryptocurrency Open Patent Alliance (COPA) has filed a lawsuit against Wright, demanding to recognize that he had nothing to do with the creation of the main bitcoin document. These proceedings are still pending. In January 2021, Craig Wright accused bitcoin.org and its anonymous owner under the pseudonym Cobra of violating his copyright in the white paper. The High Court in London handed down a default judgment on June 28 because the defendant, one of the opinion leaders in the cryptocurrency industry, did not defend himself by remaining anonymous.

    Satoshi No. 3. Dorian Nakamoto.
    This was the first high-profile attempt to expose the bitcoin founder. Newsweek in March 2014 published a piece about Dorian Nakamoto, whom it named the creator of the cryptocurrency. The publication made a lot of noise. Dorian Nakamoto was actually similar: Japanese last name, Asian appearance, which the Japanese last name suggests, libertarian views (like most crypto-geeks), computer engineer.

    But these all turned out to be mere coincidences. In an interview, he seemed to say: “I’ve given up on bitcoins,” but later claimed he misunderstood the question. Nakamoto admitted to the Associated Press that he had nothing to do with bitcoin.

    Satoshi Number 4: Ilon Musk
    In November 2017, on Technoblogger Medium, former SpaceX intern Sahil Gupta made a “throw-in” that Satoshi was probably Elon, as he is very good at both economics and cryptography, knows programming languages very well and is by nature an encyclopedist. Gupta suggested that during the 2008 financial crisis Musk got the idea to solve the problem of trust in banks by creating money that banks don’t need.

    Musk, of course, denied the enthusiastic intern’s assumptions, and even admitted that he lost the only bitcoin a friend gave him a few years ago.

  • What is a cryptocurrency portfolio?

    Daily rate fluctuations of even the most reliable cryptocurrencies sometimes reach 20-30%. Such volatility provides huge prospects for earnings, but at the same time carries significant risks for investors. A cryptocurrency portfolio is a convenient tool for investors, which allows them to diversify investment risks and correctly allocate capital to achieve their goals. ProstoCoin tells how to do it.

    Cryptocurrency portfolio

    A cryptocurrency portfolio is a comprehensive combination of an investor’s various cryptocurrency assets in the right proportion. The key objective of a cryptocurrency portfolio: to ensure minimum risk and maximum return for the investor.

    Unlike a stock market investment portfolio, risk diversification in this case is carried out not by investing in different assets, but by purchasing one asset – cryptocurrency – in different tokens.

    If, according to financial experts, the formation of a traditional investment portfolio is worthwhile only if the capital is large enough, for the cryptocurrency market the creation of a portfolio is relevant even for small investments. Because, in addition to risk diversification, a cryptocurrency portfolio will allow taking part in a larger number of projects where investments at the initial stage can bring high income in the future.

    Why create a cryptocurrency investment portfolio?
    There are over 1,000 varieties of cryptocurrency today, but not all can be profitable for an investor. Investing their investment capital in one type of cryptocurrency, an investor runs the risk of losing all of their investment if the rate collapses. Creating a cryptocurrency portfolio allows you to reduce the risk of loss and mitigate it by increasing the value of other cryptocurrencies.

    For example, if all of the investment capital is invested in one type of cryptocurrency, the investor will lose the corresponding amount of percentage of his capital if the rate drops by 20%. If the investment was divided equally among three cryptocurrencies, then if one currency decreases by 20% and the other two increase by 10%, the investor will not incur losses and can calmly wait out the decrease in value. Even if the value of the other assets does not fully cover the fall in exchange rates, such a fall will still affect the total invested capital to a much lesser extent.

    Cryptocurrency Portfolio

    Keep in mind that no matter how stable the value of tokens or coins may be, it will always fluctuate. Only a competent allocation of investments can make an investor resilient to such fluctuations.

    Additional benefits of building a cryptocurrency portfolio of different tokens include increased chances of successful investments. The cryptocurrency market is quite young, but rapidly developing. Not all investors have had time to appreciate the prospects of investing in cryptocurrencies, but recently there has been an increase in demand and investor interest, which can lead to a steady rise in the value of coins of any relatively successful project. Most tokens represent promising projects that can become useful for humanity, which attracts a new audience to the market and new investment streams.

    As we know, the value of coins invariably rises as investment grows, but it is almost impossible to determine with certainty which project will attract the most investment. If you choose an investment strategy only in the implemented and successfully functioning projects, such as Bitcoin and Etherium, you can count on minimal risks, but do not expect their value to skyrocket. Beginning projects, on the other hand, hold the prospect of thousands of percent return on successful implementation, but the risks of financial investment in them are high. Accordingly, investing small amounts in different projects, the investor expands his perspective of profitability, at the same time maintaining the stability of proven investments.

  • How to build a cryptocurrency portfolio?

    The basic principle of proper asset allocation in an investment portfolio is asset diversity. A cryptocurrency portfolio should contain all instruments for earning and reducing risk in the right proportions. Most of its components should consist of popular cryptocurrencies with stable growth and demand among users. Experienced investors have developed several optimal strategies for building a cryptocurrency portfolio.

    Cryptocurrency portfolio

    For cautious low-risk investing, you should:

    80% of all investment capital to invest in coins that have a stable rate and occupy leading positions in the ranking of cryptocurrencies;
    15% to allocate for new tokens, which have high liquidity and an average exchange rate;
    5% to leave for tokens of promising projects, which are at the initial stage of development and have a low value.
    As the risk of investment in the long term increases, so does the return. For more risky investments, the portfolio may include ICO projects that are capable of generating impressive income with minimal investments. In this case, assets should be divided according to the following principle:

    60% to invest in major cryptocurrencies;
    25% allocate for popular altcoins with a stable rate and the prospect of growth;
    15% to invest in ICO tokens.
    The best cryptocurrency portfolio – formed on the basis of proven strategies. Otherwise, improper allocation of funds can only compensate for losses, but not bring income at all. High-risk investments that are too inflated can wipe out income from profitable projects.

    Principles of Selecting Currencies for Investing
    A cryptocurrency investment portfolio consists mainly of coins with a high stable growth in value. It is due to them that diversification of investment risks is achieved. Bitcoin or Etherium can play the role of such currency.

    Altcoins, which fill the rest of the cryptocurrency portfolio, should be selected based on the analysis of the prospects of the coin:

    The prospectivity of the project behind the coin will ensure that the token will continue to grow. If the development team is able to propose a new idea or significantly improve the existing one, the token will be in demand and will gradually grow.
    Analysis of quotes and trading volume on the coin will show the real demand and investment inflow. If the trading volume is constantly increasing, then the total capitalization of the currency and, accordingly, the value will increase over time.
    Maximum coin issue is an important indicator. In some cases, the maximum issue can exceed the real demand for coins. In such a case, achieving a high token value will be much more problematic.
    The development team must necessarily be active in improving and promoting the project. The perspective of an idea will not bring profit if the public does not know about it. The predominant part of investors prefer the strategy Buy&Hold, the essence of which is the purchase of cryptocurrencies for long-term storage with an increase in the rate of value.
    Experts note that recently the most promising coins for investment are those designed to modify the economy and the habitual activities of mankind, which existed before the advent of blockchain technology. Among such currencies are EOS, NEM, NEO, IOTA.

    Investing in the top 20 cryptocurrencies is considered reliable. Often such currencies have a stable rate, high liquidity and a tendency to constant growth. A cryptocurrency portfolio should be constantly reinvested and modified. Cryptocurrencies can lose popularity, leave the market, become unprofitable, and new developments that can bring even more income in the long run are constantly taking their place. It is important for a cryptocurrency investor to track market trends, be able to get rid of unprofitable coins in time and add new ones to their capital.

    Where to create a crypto portfolio?
    The easiest method of building a cryptocurrency portfolio is considered an exchange. You can easily buy a cryptocurrency portfolio on it, and the assets will be distributed by varieties and will be displayed in your personal account. In addition, it is a convenient way to monitor the value of cryptocurrencies and trading volumes, which will help to notice trends in decline in time and sell unprofitable assets. The only disadvantage of such storage is unreliability. Most exchanges store encrypted private keys to users’ wallets on their servers, without giving them out to users, which means, in fact, in this case you don’t really own your assets.

    For more secure storage, you should use multifunctional desktops or hardware wallets (like Ledger Nano S).

  • Who Created Bitcoin

    Brief History of Seven Satoshi Nakamoto

    Another lawsuit related to Satoshi Nakamoto began in the United States in November. The missing bitcoin inventor was hiding behind that name. The dead programmer’s sister wants her brother to be considered Satoshi Nakamoto, and has sued another claimant. Given that the inventor of the cryptocurrency is entitled to 1 million bitcoins, now the equivalent of $66 billion, “that’s a score many are willing to start a risky game for.” Other contenders for inventor laurels included a German fraudster, an anonymous writer, one of the pioneers of smart contracts, and even Ilon Musk, to whom the invention was attributed by an enthusiastic intern.

    Satoshi number one. David Kleiman.
    In November, the civil trial of Ira Klayman v. Craig Wright began in Miami. The defendant, Australian software engineer and one of the pioneers of the cryptocurrency movement, Craig Wright, has been claiming since 2016 that he is Satoshi Nakamoto. He has already spent a serious amount of money on the courts, including declaring as his intellectual property the white paper (a detailed plan for the design and development) of bitcoin in the UK. The plaintiff, the sister of the deceased David Kleiman, is seeking through the courts to establish the fact that Wright was not acting alone, but with her brother.

    Clayman and Wright created W&K Info Defense Research LLC to mine bitcoin and manage intellectual property, including the cryptocurrency’s source code, her representatives wrote. At the first meeting, Ira Klayman showed excerpts of Internet correspondence that allegedly confirmed that her brother alone had mined the bulk of the bitcoins. She accused Wright of theft by deception and counterfeiting. Wright, on the other hand, objects that he is Satoshi Nakamoto alone, and that David was merely a friend and confidant. Wright’s attorneys are resting on the fact that their confidant has had an autism spectrum disorder since childhood and no contract could have been made with him. “He wore a ninja uniform in the yard when he was 13, and all the kids called him a freak,” the defendant’s side claims. The main issue, though, remains unresolved for everyone involved in the case. You have to have a secret key to get 1 million bitcoins. There is no other way. The only one hundred percent proof, which Wright hasn’t been able to do since 2016, is to transfer at least a thousand bitcoins from wallets that were reliably owned by Nakamoto. The bitcoin creator is known to have dropped out of sight in 2011 and has never contacted anyone since.

    Satoshi No. 2. Craig Wright.
    In 2016, software engineer Craig Wright, featured in the previous story, claimed to be Satoshi Nakamoto, although the general consensus among crypto activists was that several programmers worked under that name. Since then, Wright has not been able to take any bitcoin from Satoshi’s wallets. Wright claimed his copyright on the white paper and bitcoin source code to the U.S. Patent and Trademark Office in 2019. This does not mean that he is recognized as the creator of the cryptocurrency or the owner of the exclusive copyrights to its code. An unlimited number of people can assert their rights under U.S. law. In response, the Cryptocurrency Open Patent Alliance (COPA) has filed a lawsuit against Wright, demanding to recognize that he had nothing to do with the creation of the main bitcoin document. These proceedings are still pending. In January 2021, Craig Wright accused bitcoin.org and its anonymous owner under the pseudonym Cobra of violating his copyright in the white paper. The High Court in London handed down a default judgment on June 28 because the defendant, one of the opinion leaders in the cryptocurrency industry, did not defend himself by remaining anonymous.

    Satoshi No. 3. Dorian Nakamoto.
    This was the first high-profile attempt to expose the bitcoin founder. Newsweek in March 2014 published a piece about Dorian Nakamoto, whom it named the creator of the cryptocurrency. The publication made a lot of noise. Dorian Nakamoto was actually similar: Japanese last name, Asian appearance, which the Japanese last name suggests, libertarian views (like most crypto-geeks), computer engineer.

    But these all turned out to be mere coincidences. In an interview, he seemed to say: “I’ve given up on bitcoins,” but later claimed he misunderstood the question. Nakamoto admitted to the Associated Press that he had nothing to do with bitcoin.

    Satoshi Number 4: Ilon Musk
    In November 2017, on Technoblogger Medium, former SpaceX intern Sahil Gupta made a “throw-in” that Satoshi was probably Elon, as he is very good at both economics and cryptography, knows programming languages very well and is by nature an encyclopedist. Gupta suggested that during the 2008 financial crisis Musk got the idea to solve the problem of trust in banks by creating money that banks don’t need.

    Musk, of course, denied the enthusiastic intern’s assumptions, and even admitted that he lost the only bitcoin a friend gave him a few years ago.

  • Post 12

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  • What’s better to mine in 2022

    Mining is the process of mining new cryptocurrency tokens. It provides cryptocurrencies with the advantage of decentralization – the absence of a control center (a government, a bank, or a separate group of people).Also, mining is one of the ways to make money from cryptocurrencies. In this review from ProstoCoin, you can find out what is the best way to mine tokens and which coins will bring the biggest profits in the next year.

    Coins can be mined using:

    video card;
    processor;
    ASIC equipment;
    FPGA.
    Graphics cards (GPU)
    A GPU is a chip on a video card that performs cyclic computational operations to process graphic elements. Although GPUs don’t have the same hash rate as ASIC devices, they are more flexible to use. Firms such as AMD and Nvidia originally developed GPUs to improve graphics quality. However, they are now quite popular among those who want to mine cryptocurrency.

    Not so long ago, it became unprofitable to mine top coins via graphics chips due to the increased complexity of the network and expensive electricity. For this reason, it is better to mine liquid and promising altcoins, which do not need large capacities, with the help of video cards.

    video card mining

    The good thing is that GPUs give you the ability to mine almost any token, albeit with varying efficiency. Also, the miner can quickly respond to changing market trends, quickly switching between mining of different coins. Cryptocurrencies that are based on Equihash, it is better to mine through Nvidia GPUs, as video cards of this manufacturer have an increased amount of RAM. For mining you can buy a video card Nvidia GeForce RTX 2080 Ti, which costs 86,590 rubles.

    The advantages of GPU-mining:

    The ability to mine almost any token;
    fast switching to mining other more profitable cryptocurrencies.
    Disadvantages:

    Not the highest hash rate.
    CPU
    CPU is a central processing unit of a personal computer or laptop. Most are developed by Intel and AMD. When Bitcoin was first created, it was possible to generate 100 coins per day using a regular CPU. In 2022 it is not realistic to mine BTC with CPUs due to the widespread use of more efficient ASIC devices. It is better to prefer other cryptocurrencies such as Monero. When mining these koins, you can activate the Smart Mining feature. It automatically starts mining tokens if the CPU resources are idle. For mining, you can buy an Intel Core i5-7600K for 31,000 rubles.

    Advantages of CPU mining:

    small amount of capital required to start mining, compared to GPU;
    the ability to use the Smart Mining function (only when mining Monero) to optimize mining.
    Disadvantages:

    Low profitability.
    ASIC
    ASIC is a kind of integrated circuits. Essentially, it is a chip designed to execute a hashing algorithm as quickly as possible. ASIC equipment performs computing operations for mining 100,000 times faster than the most powerful CPU. Such devices are designed for specific hashing algorithms. Consequently, a miner needs to buy a separate ASIC to mine different hashes.

    mining on asics

    There are several manufacturers producing such equipment. The most popular are Bitmain and Canaan. ASIC devices are not cheap. Equipment with an increased hash rate will cost 210,000 rubles.

    The ability to execute trillions of hashes every second has several drawbacks. Due to the fact that ASIS equipment intensively performs computational operations, it produces a lot of heat energy. Consequently, if a miner plans to use such devices, he needs to take care of creating a cooling system. This requires the use of fans, and they create a lot of noise. In addition, due to the increased hash rate, ASIC devices consume a lot of power. For this reason, most of the miners who use such equipment live in states with cheap electricity.

    ASIC-mining advantages:

    Efficient mining of any cryptocurrency, including bitcoins;
    high profitability.
    Disadvantages:

    high cost of equipment;
    high power consumption.
    FPGA
    FPGA is a microchip which can be programmed to perform any calculations. Such equipment mines tokens several times more efficiently than video cards, while consuming the same amount of electricity. It is necessary to program the board from scratch, only in this case it will mine a certain cryptocurrency. The programming code must be written in Verilog or VHDL. The cost of FPGA-equipment starts from 250 000 rubles.

    The advantages of FPGA-mining:

    The ability to use any algorithms;
    High level of energy efficiency.
    Disadvantages:

    high cost of equipment;
    Difficult board setup.
    What does the choice of equipment depend on?
    Deciding on what is more profitable to mine and what device is better to buy for cryptocurrency mining, take into account the following factors:

    Power. Characterizes the number of hash functions that the equipment performs per second. This parameter determines how many coins the device generates. The more power, the more tokens the miner will receive.
    Encryption algorithm. Different tokens work on different encryption algorithms. The type of equipment you use determines what kind of coins you can generate. For example, you can mine any kind of token through a GPU. However, tokens for which there are ASIC devices are unprofitable to mine with video cards. In this case, ASIC equipment can only mine tokens intended for it.
    Electricity consumption. When mining cryptocurrency, the equipment consumes a lot of electrical energy. Depending on the power consumption of the equipment, 10-100% of the profit is spent on the electricity fee. For example, with a graphics chip, a miner will spend 10-20% of income on the electricity bill. As for ASIC equipment, it becomes less energy efficient over time.
    Cost of equipment. How much is spent to start mining depends on when it will pay off and whether it will pay off at all. The cost of the mining equipment starts with 10 thousand rubles (simple GPUs) and may reach 350-700 thousand rubles (modern ASIC devices).
    Payback period. This is the period, after which the money invested in mining will be fully returned to the miner. It is unrealistic to determine the exact payback period. This is due to the fact that this parameter depends on the cryptocurrency exchange rate, the complexity of computing operations. A miner can only predict the current payback period if he takes into account the cost of purchasing the equipment and the cost of electricity.
    A person who plans to engage in mining needs to carefully work out a scheme of earning, make a detailed calculation of investments, compare the investment with the approximate profit. There are general rules that can be followed to maximize the efficiency of token generation:

    Monitor the market. Analyze news summaries about cryptocurrencies. The value of coins is largely dependent on the information background.
    Consider several options. Make a list of tokens that are profitable for mining, so that if the market situation changes, you can quickly switch from one coin to another.
    Optimize your costs. Try to choose equipment with an optimal cost to power ratio.
    What is the best way to mine?
    You should select the equipment for mining, taking into account the peculiarities of the cryptocurrency you plan to mine.

  • Cloud mining: profitable or not?

    Bitcoin and altcoin mining attracts a lot of attention. After all, cryptocurrency exchanges are influenced by a lot of uncertain, rapidly changing factors and market psychology. Because of this, conducting a fundamental analysis and forecasting revenues in the secondary market of cryptocurrencies is quite a challenge. But with mining everything looks easier. ProstoCoin explains whether this is true.

    How profitable cloud mining is
    By comparison, some of the determinants of mining efficiency – such as processing power (production volume), electricity charges, and network fees – are public information from which a relatively objective quantitative analysis can be made. Given that miners’ earnings are closely tied to the value of the cryptocurrency, the return on investment becomes more predictable and stable than when buying cryptocurrency on the secondary market.

    Many private and institutional investors from non-mining industries want to get involved in cryptocurrency mining. When bitcoin was not yet so popular, it was easy for a miner to mine bitcoins at home and make a good profit.

    But now is not the “good old days” when the processors of ordinary computers can mine large amounts of bitcoins. The entry threshold into mining has gone up a lot: negotiating electricity supplies at discounted prices, choosing a location for a data center, choosing mining rigs and pools, calculating the seasonal volatility of electricity charges, keeping track of changes in cryptocurrency legislation, and much more.

    As mining grows in popularity, so does its complexity. This makes it impossible to mine bitcoins from home with an ordinary computer. Home mining is only profitable if you have extremely cheap electricity and a cold climate to mine in for many months.

    While the quantification of bitcoin mining is more objective than that of stock trading, the high entry threshold can deter many investors. That’s why cloud mining has emerged. It is a subspecies of mining that allows investors and crypto-enthusiasts to mine bitcoin, avoiding the complexities of mining bitcoins themselves.

    The concept of cloud mining emerged to reduce the high costs of mining and to shield investors from the technical challenges of self-mining. The idea quickly attracted a large number of miners who could not afford expensive equipment.

    For comparison, the cost of a single modern miner starts at $2,000. For stable bitcoin mining, you will need several of these machines. You also need to provide noise isolation and heat dissipation (otherwise your neighbors will ask you to give up this investment). The cost of a cloud contract can start at $10. This is a huge difference, which is what attracts investors to mine bitcoins using companies that specialize in this – cloud mining providers.

    How to Calculate Profit
    Providers commit to buying, maintaining, and upgrading equipment. They also provide a special platform for investing, withdrawal of earned bitcoins, mining statistics, and a special yield calculator. For example, on the website of one of the most popular providers ECOS you can compare the yield of cloud mining with buying bitcoin on the exchange.

    ECOS calculator

    Cloud mining allows you to noticeably reduce the impact of cryptocurrency market volatility while keeping your earnings stable. You get income on a daily basis. This approach is especially convenient for long-term investors, whose goal is not to make money from quick speculations, but to keep and multiply their capital for many years.

    The main disadvantage of cloud mining is finding a reliable provider. There are a large number of scammers on the market. Sometimes it is hard to distinguish a bona fide company from a scam. Therefore, before you enter the world of cloud mining, carefully check the provider you want to work with.

    One of the most popular and reliable providers is the company ECOS. Their data center is located in the Free Economic Zone of Armenia. The company is free from income taxes, VAT, import and export customs duties as well as property and real estate taxes. It allows the company to save not only clients’ money, but also its own.

    Conclusion
    Cloud mining is probably the best way to invest in bitcoins that is currently available. It is more profitable than self-mining and less risky than trading cryptocurrency on an exchange. If you believe in bitcoin growth and want to have a stable income for a long time, invest in ECOS cloud mining and earn daily!

  • The most expensive pizza in history

    Almost every member of the cryptocurrency community is familiar with the story of how in 2010 a US resident purchased a couple of pizzas for 10,000 BTC. Now that story makes us smile, and the man who then ordered pizzas for Bitcoin is called the greatest fool of the twenty-first century. If that customer had been more patient and didn’t spend the available coins, he would be a multimillionaire now. Together with ProstoCoin, let’s remember the day of this purchase – which is now known as Bitcoin Pizza Day – and consider what impact it had on the cryptocurrency industry.

    At the time, the price of a pizza was approximately $20. Consequently, $40 was paid for 2 pizzas. In late spring 2010, 10,000 Bitcoins were worth $40 to $50, so the deal could be called fair.

    On May 22 Laszlo reported that he bought 2 pizzas for digital coins and posted a picture. This date became a landmark for the cryptocurrency community – the man purchased a real commodity for the first time for the coins. Prior to that, bitcoins were only used in trading transactions.

    Bitcoin pizza

    In mid-summer 2010, the price of Bitcoin skyrocketed. In early August, 10,000 coins were worth $600. At that time, Laszlo’s offer on his website to buy food for BTC became relevant again. However, he said he was no longer planning such expenditures. At the end of fall 2010, 10,000 Bitcoins were already worth $2.6 thousand.

    During the next nine years BTC only grew in price – so, the price of one coin reached $20,000. Due to this fact, those who possessed large amount of bitcoins later became millionaires. The deal to order 2 pizzas for 10,000 BTC became known as one of the most famous follies of the modern world.

    In 2013, Laszlo, whose real name was Laszlo Heniec, gave an interview to The New York Times magazine. It was revealed that after the famous deal, cryptocurrency stopped being interesting to him for a while. Laszlo said that at the beginning of 2013, he sold all of his digital coins for $1 each, earning $4,000. He used the proceeds to buy several PCs and video cards. Laszlo did not plan to mine the coins, as one might think. The purchase of office equipment was due to Laszlo’s line of work – he works in the IT sphere.

    When reporters asked him about the Bitcoin pizza deal, Laszlo said that his goal was to become the first person to buy physical products with coins. He said that he hadn’t believed in a successful future for BTC before, so it was easy for him to spend the coins.

    Laszlo gave a comprehensive answer to the question about his motivation. He said that it was food he wanted, not a gift certificate for it. Laszlo’s logic is that if food can be purchased with Bitcoins, it means that one can live on them.

    The journalist asked if Laszlo had any regrets about the money he spent in 2010, as the value of those 2 pizzas had already risen to $80,000,000. To this, Laszlo smiled and said that he preferred not to think about the purchase made in such a context.

    In February 2018, news of Laszlo again appeared in the media. The enthusiast conducted a repeat experiment using the Lightning Network. The man purchased 2 pizzas for 0.00649 Bitcoin. He needed help from a friend in London for the new experiment, because it was impossible to complete the transaction without an intermediary. The deal turned out to be successful and Laszlo purchased his pizza. However, this experiment did not have such an impact on the cryptocurrency industry as the first purchase of food for Bitcoins. According to the crypto-enthusiast himself, the new experiment was staged as a tribute to Bitcoin Pizza Day.

    How is Bitcoin Pizza Day celebrated in the world?
    In honor of the first purchase for digital coins, the cryptocurrency community eats pizza and thanks Laszlo for his great contribution to shaping the industry. The date for Bitcoin Pizza Day is May 22. Various firms organize pizza parties for their employees on this day. There are companies that hold larger events. These include Blockchain Hub Kyiv, which for several years now invites everyone to celebrate pizza day on the banks of the Dnieper River.

    Pizza Day is also known as Bitcoin Christmas. The tradition of giving each other gifts for Christmas has also passed into this holiday. For example, pizzerias from different countries reduce prices on their dishes, and cryptocurrency exchanges organize drawings for prizes for community members.

  • What is gas in Etherium

    The Etherium network, unlike Bitcoin and many other cryptocurrencies, operates not only the main cryptocurrency, but also Gas. It is Gas that allows users not only to make transactions, but also to run smart contracts, deploy DApps, and store information on the blockchain. In this article, we’ll take an in-depth look at what Gas is in Etherium, talk about what it’s used for, and how to optimize its costs.

    Gas in Etherium

    We’re all used to the fact that you have to pay a fee to miners for their services to verify transactions and support the network in order to make transactions in the blockchain. And the Ethereum network is no exception. However, in Bitcoin and many other cryptocurrency networks, the commission process is quite simple. The user only needs to choose the optimal amount of commission and wait for the transaction. Pay more – the transaction will go faster, less – you’ll have to wait a bit.

    With Etherium, it’s more complicated. The commission for transactions in the Etherium network is calculated in gas and paid in ETH. That is, the more energy-consuming the transaction, the more gas it will take, and the higher the commission will be.

    Essentially, Gas is the unit of calculation on the Ethereum network that is used to calculate fees for a transaction or action on the blockchain. Ethereum Gas is also often referred to as the fuel of the network. Using the analogy of regular fuel, the easiest way to explain what gas is in Ethereum is.

    Imagine that you are going to go somewhere by car and you need a certain amount of gasoline to do so. You go to a gas station, fill up your tank with the right amount of fuel, and pay for it. If you draw a parallel to this situation with Ethereum, the trip you’re about to take is a transaction, the gasoline is Gas, and the gas stations are miners.

    Why does Ethereum need Gas?
    The Ethereum network combines more functions than the usual cryptocurrency. ETH can be used to send cryptocurrency transfers between users, but the main purpose of Ethereum is to create and execute support for smart contracts. The concept of using gas allows Ethereum to share the computational cost of EVMs and the real value of ETH.

    The second reason is to incentivize miners. Many dApps are deployed on Ethereum smartcontracts, which integrate a variety of fields: games, insurance, finance, real estate, and more. Naturally, such a network requires special protection, and in the case of blockchain networks, the security of the network is directly proportional to its hash rate, i.e. the number of miners.

    In order to encourage miners and offer them attractive earning conditions, a gas system was introduced. With its help, miners can receive a commission commensurate with their resource costs, because the more complex the transaction, the more gas it will take to perform it.

    Ethereum Gas appears for any transaction that requires a fee. Specifically, gas is needed to:

    make a transfer of ETH to another wallet;
    to create a smart contract on the Ethereum blockchain;
    execute a smart contract on the Etherium blockchain.
    Each of these operations requires a different amount of gas to perform. For example, a cryptocurrency transfer would require 21,000 gas. The cost of creating and executing a smart contract depends on its complexity and how many EVM commands will need to be executed.

    How much does gas cost
    There is no fixed price for the cost of gas. The sender sets two key parameters for each transaction:

    Gas Limit – the maximum gas limit that can be charged for a transaction.
    Gas Price – the price of gas selected by the initiator of the transaction.
    Gas Limit is primarily a function for developers. It allows you to warn users against huge expenses as a result of an error, a huge or infinite contract cycle. For example, if a transaction requires only 21k gas, and the user has set a limit of 50k, the unspent difference will be returned to his wallet. At the same time, if a lower limit than required was set, the gas will be wasted and the operation will be rejected.

    With the Gas Price parameter, users of the cryptocurrency network can control the speed of their transactions. After all, the principle of price priority also applies in the Etherium network: the transactions with the highest value are the first to be included in the block.

    The cost of gas is measured in the minimum part of the Etherium – wei. However, in most wallets this parameter is specified in Gwei. 1 Gwei equals 1 million wei. So, for example, if Gas Limit is set to 50,000 and the sender specified a price of 20 Gwei for one unit of gas, the transaction will cost him 0.001 ETH.

    The average cost of Etherium gas is usually 50-60 Gwei. But this parameter can change depending on the load on the network. For example, the surge in interest in DeFi in 2020 caused the cost of gas to jump from 11.7 Gwei to 538 Gwei.