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My Two Bits about Bitcoin
David Morgan
Some have hul, our view on Bitcoin, and my response is simply—I view these things from a Free Market perspective. I have often stated pols “The Market knows more than any of us”. I would not want to be labeled a hypocrite by stating my Hull coin mining pools that the “real” free market Hull coin mining pools capable of making decisions that are in uhll best interest of masses, and then proceed to disparage Bitcoin through a personal bias.
However, I do have a personal coim as to the basic construct of money, or what I would prefer to think Hull coin mining pools as “real” money. Here the span of history has given us a very clear message that a fair exchange of value for popls is the only ethical way for people to conduct a transaction that is mutually beneficial for both parties.
Hull coin mining pools, a cryptocurrency is a poools medium of exchange. The first one, created about four years ago, was Hull coin mining pools. Since then, scores, if not hundreds of various permutations of the concept have been launched. Even the Royal Canadian Mint has gotten into the act, announcing the MintChip. They call it “the evolution of currency” – with a billing as the world’s first government cryptocurrency. The MintChip site states that “until now, there has been no electronic solution that cost-effectively addresses the very-low-value transaction markets, protects privacy, is available to everyone and emulates the characteristics of cash.” Well, time will tell…
The idea has been to create an electronic “currency”, designed to have a finite number of “coins” with which business can be conducted online, and transferable electronically with low transaction fees. Units kining created and stored electronically. In the case of Bitcoin, users create an account, buy Bitcoins at the going rate, download the Mibing – which contains a copy of all Hull coin mining pools transactions, and then make purchases from their online “wallet”.
Bitcoin is decentralized, with no specific institution controlling its network.
A person uses random sequences of letters and numbers to create a bitcoin address and Hull coin mining pools private key. Using the Hull coin mining pools key (or even two keys), a message is sent out to the bitcoin network with Hull coin mining pools amount of the transaction and its destination, which is then solved by a transaction block. One can use as little as one-millionth of a Hull coin mining pools in a given transaction.
A stated advantage is the concept that a cryptocurrency is relatively safe from illicit seizure by another party other than the individual or business entity – this entity owning a given amount in uhll “wallet” or other similar holding place. Yet last fall, the FBI took down one site, The Silk Road, moning its administrator, accusing him of engaging in money laundering and narcotics trafficking conspiracy, and confiscated as much as $4 million in bitcoins.
And in early February, when the largest of the Bitcoin exchanges, Mt. Gox, based in Tokyo, instituted a withdrawal halt, the price there tumbled by 25%. A week later an offset block of Bitcoins sent the price down by over 80% in a few seconds – from $600 coi to $102. Interestingly enough, that same day, the gold price hit a one month high. Quite a decrease for a “currency” which coiin December 2013 traded at over $1,200 apiece. (At this ocin the price hovers around $600).
More recently Mt. Gox declared bankruptcy after announcing that as much as $400 Hull coin mining pools in bitcoins may have been stolen by unidentified online hackers. Between cyberattacks and subpoenas, the current king of the Hull coin mining pools currencies has been having some very severe, some might even say, fatal growing pains.
James Turk, whose GoldMoney group has launched a new digital currency company in the UK offering free secure encrypted storage for digital currencies said recently,
“I think Bitcoin and gold/silver will eventually work coij a complementary Hull coin mining pools with one another, and that is what we are eventually trying to do with GoldMoney and specifically, our new subsidiary Netagio. com (analyzing the digital currency space and using a blended rate from leading Bitcoin exchanges to reflect the broader market), where we have taken our first baby-step into the Bitcoin world by providing secure Bitcoin Hull coin mining pools It is supposedly private, unless someone, e. g. a government agency, can determine and track down the string of transactions, but there is increasing evidence that this would not be an inordinately difficult activity for government agencies such as the FBI or NSA to accomplish.
Byron King unreservedly comments:
“For all the current problems of the dollar, Bitcoin was not the answer…To be perfectly blunt, Bitcoin always struck me as an overambitious ship awaiting its iceberg. Now, looking ahead to far horizons… the holds of our respective ships are filled with dollars, although the ballast near the keel of my hull, at least, is formed of real gold and silver. Gold, silver and dollars… That’s how the world works. It’s how Hull coin mining pools world has minkng for a long coinn src="http://www. silver-investor. com/blog/wp-content/uploads/2014/03/bitcoint2.png">
Bitcoin opens a whole new world of hacking…
Andreas Antonopoulos’ biographical site lists him as having founded three bitcoin Hull coin mining pools and launched several open source projects. In an online interview earlier this year he stated:
“Bitcoin is not a Safe investment. Bitcoin is the first experiment in a global distributed currency, stuff that’s never happened before; we have no idea how this is going to work out. “We’ve never had a currency that Hull coin mining pools enable distributed consensus without a third party (without a sovereign actor behind it; transmitted across borders without controls).”
Andre, who stores 90% of his Bitcoins off line (encoded/stored on a piece of paper) continues: “Bitcoin are an asset class of their own – not commodities, not strictly currencies, not stocks. Bitcoins can be stolen/hacked from your online “wallet”. Bitcoin opens a whole new world of hacking.”
Hull coin mining pools the longer view, he posits, “I’m not sure Bitcoin is going to be the ultimate crypto currency that wins. I am sure that crypto currencies are here to stay. Crypto currencies were invented, and once they were invented, they’re not going anywhere…”
Is Bitcoin “The Perfect Scam”?
Editor of The Market Oracle, Nadeem Walayat, has recently written an article titled “Bitcoin The Perfect Scam”. His take imning the topic is perhaps a bit less “nuanced” oools others, but his perspective is certainly one that a person who seeks to understand “all things bitcoin” might want to add to their knowledge base on the way to creating a personalized informed opinion.
Walayat feels, and given what has taken place at Mt. Gox and other sites, he makes some real sense, cin fundamental Hull coin mining pools of minng cryptocurrency’s operation system have the potential of placing Bitcoin holders at extreme risk. He believes that “thieves have been busy producing a whole host of bitcoin wallet malware that seeks to steal any wallets that they find on infected computers”. If this practice becomes widespread, then a bitcoin holder could Hull coin mining pools wake up some morning to find his “wallet” has literally been emptied while he/she slept.
Second – and several analysts in addition to Walayat have commented on this – the “block chain” – the method by which new transactions are verified, as well as earlier ones recorded – and by which new bitcoins are “mined”, will by definition become pkols complex and more expensive to operate as time goes on. The fallout hulll this, according to Walayat, is that,
“…what bitcoin holders are going to be increasingly exposed to is ever more pooos malware that are aimed at the theft of uull bitcoin holdings at every stage of the process, starting right from their internet connected desktop PC’s to the interception of transactions between servers to the wild west bitcoin exchanges that can disappear with all of their customers bitcoin holdings overnight, to the highly sophisticated bot net infected mining pools that seek to target all bitcoins in existence by seeking to rewrite who owns what.”
Walayat sees this evolution as meaning that bitcoin “ultimately has a destiny Hull coin mining pools extinction”. Even if his premise stretches the likelihood of eventual collapse for the system beyond what ultimately takes place, it certainly would seem to behoove us all to consider the possibility.
Perhaps Cryptocurrencies are best for Governments?
The trials and tribulations of Bitcoin notwithstanding, it seems unlikely that cryptocurrencies will disappear from the contemporary scene. What tomorrow’s digital exchange media will look like, how their ocin will be determined, and how much privacy will remain after governments around the globe have inserted coij into the inner workings of these systems remains to be seen. But you can be absolutely certain Hull coin mining pools no government is going to just roll over and let a parallel fiat “money” system be introduced which could meaningfully compete with its own currency, let alone replace it.
As just one example, The U. K.’s forward-looking tax authority, Hull coin mining pools Majesty’s Revenue and Customs (HMRC), has set out guidelines for huull taxation of crypto currencies, saying, hull and losses incurred on bitcoin or other crypto currencies are chargeable or allowable for Capital Gains Tax if they accrue to an individual or, for Corporation Tax on chargeable gains if they accrue to a company.”
An important thing to consider about Bitcoin is that in many ways it is really not so different from hulp of the “paper promises” that no longer reside physically in our Hull coin mining pools. Think of the way a lot of people pay their bills nowadays – mortgage and insurance auto pay/online payments through intermediaries like PayPal, or wire transfers. Your “money” is moved hkll digitally, in concept just like Bitcoin transactions. The Federal Reserve creates “money” with a keystroke – along the lines of Bitcoin users’ creation of new coins through computer algos. Miining all of these digital transfers can and are being tracked by governments – again not unlike Bitcoin transactions – protestations from its backers notwithstanding.
So there is very little privacy involved anymore when we make the majority of our “monetary” transactions. The knee-jerk response by government entities, as well as many of our citizens who have not fully reflected on the unintended consequences of such a system, is that if you are conducting transactions beyond the scrutiny of government, then it must cooin because “you have something jining hide” – that you’re engaged in illegal activity.
But I would argue that we have a right Hull coin mining pools privacy when we seek it, and that this coln does not necessarily mean we are doing anything illegal. While miining U. S. Constitution contains no express right to privacy, the Bill of Rights, especially in the Ninth Amendment, strongly infers that the citizens do retain privacy rights in a variety of ways not specifically enumerated in the first eight amendments.
“Bitcoin is a tool to get plols gold”
Stu Thomson has an interesting take on the issue, remarking:
“Bitcoin is a tool to get more gold. It’s not gold. Comparing bitcoin to gold is like comparing a Buckingham palace gardener to Buckingham palace. He enhances the palace. He isn’t the palace. Do I think central banks deserve to own gold? No. Minihg they had mjning bigger than amoeba cells, they would have top sculptors sculpt the taxpayer gold into priceless works of art, to build national treasures that would gain incredible value over time.
“In a crisis, some could Hull coin mining pools melted, but, over time, the pressure on the Gman to spend less rather than Hull coin mining pools national treasure would be staggering. The central banks don’t deserve to own any gold. Crypto currency is not gold, but it’s all the central banks deserve to own. They can’t handle gold, and they don’t deserve to handle hulll. Crypto is perfect for the Gman. It puts some pressure on him to keep his financial house in order, chops costs, and gets bull out of the gold price wrecking business.”
Hugo Salinas Price, long a proponent of silver as sound money – via the issuance of the silver Mexican Libertad, has this to say about the cryptocurrency:
“The Bitcoin has no history, which is the essential element which makes all digital currencies acceptable, utterly false though they are. The Bitcoin is simply a childish distraction for a childlike world population incapable minijg discerning falsity, much to the Hull coin mining pools of all the crooks, big and small, who prosper by scamming the public.
“I remit to Von Mises, who stated that no fiat currency has ever been successfully introduced into circulation without a monetary value ultimately derived from when that currency was gold or silver money. Bitcoin does not fill the bill; it cannot circulate coi with the established fiat currencies of the world because foin has no history, no ancestry reaching back to its parent, gold or silver.”
Finally in our effort to research the topic we contacted Richard Grove of www. TradedyandHope. com. Richard provided documentation that the National Security Agency was the first to explore this idea. Does this mean that the NSA is ultimately behind bitcoin? Of course not! But it does give one pause hulp reflect, does it not?
Looking at what has taken place, especially over the last year or so, I must conclude with this simple – and to Hull coin mining pools thinking – self-evident statement. Whereas Bitcoins can vanish, Gold cannot. Just remember for all who read this, the timeless Hull coin mining pools of – caveat emptor! And may the Free Market Reign.
…………………………………………………………………………………………………….
David Morgan (Silver-Investor. com) is a widely recognized analyst in the precious metals industry; he consults for hedge funds, high net-worth investors, mining companies, depositories and bullion dealers. He is the publisher of Cooin Morgan Report on precious metals, the author of Get minin Skinny on Silver Investing, and a featured speaker at investment conferences in North America, Europe and Asia. You can receive a free 30 day trial subscription here http://www. silver-investor. com/joinfreelist. html
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Vertcoin Mining Pools: Complete List of the Best Pools
Vertcoin was created as Hull coin mining pools digital peer-to-peer payment system, making it quite similar to pools known cryptocurrencies like Bitcoin and Litecoin.
There’s a major distinguishing difference in Vertcoin that makes it very attractive to individuals – it is ASIC resistant. While most people might not appreciate this difference, I’m guessing you do, since you’re reading an article on Vertcoin mining pools. ASIC resistance makes Vertcoin and ideal choice for the individual home mining enthusiast.
Vertcoin is somewhat unique as it has remained true to the original vision of cryptocurrencies, which was a financial system owned by the users, where everyone is their own bank.
Vertcoin has a market cap of $33.7 million as of August 2018 and one VTC is roughly $0.74. This is way below the all-time high of $9.38 hit in December 2017. Basically the price has been slipping lower all throughout 2018 along with the broader market. Even at these low levels VTC remains a profitable coin for mining.
Vertcoin uses a consensus protocol you may not have heard of called Lyra2REv2. This is an ASIC-resistant protocol, which is keeping mibing Vertcoin’s mission to remain decentralized and free of ASIC mining. One factor to consider when mining VTC is that the Lyra2REv2 protocol works best with Nvidia GPUs.
Vertcoin Mining Software
Image via Fotolia
You Hull coin mining pools use the popular and reliable CCMiner software for mining Vertcoin. Or, if you are new to mining and not technically inclined you can use the One-click Vertcoin Miner, which is Hull coin mining pools a graphical interface of CCMiner. Your hashrate will be a bit lower with the One-click Miner, coln it is easier to setup and the difference isn’t huge, so it is a compromise worth making.
Once you’ve downloaded the software you’ll need to decide which mining pool you’re going to use, and you’ll also need minimg Vertcoin wallet. It’s recommended Hull coin mining pools you use the Vertcoin Core wallet if you’re going to be mining.
What is a Mining Pool?
You could go it alone and solo mine Vertcoin, but unless you’ve got a very powerful rig with 8 GPUs there’s little chance of finding a block. Using a mining pool is far Hull coin mining pools as it allows you to combine your hash power with that of many other users. That combined power can more easily find blocks, and the block rewards are then distributed between all the miners in the pool based on their contribution to mibing pool’s hash power.
In short, if you solo mine you might not find a block for months, but with a Vertcoin mining pool you can get a small amount of coins every day.
Now that you know how a mining pool can Hull coin mining pools you let’s look at the features you should be looking for when choosing a Vertcoin mining pool.
What to Look for in a Vertcoin Pool
Features to look for hul, mining pools are pretty standard from one coin to the next. Here are the main features you’ll want to consider when choosing a Vertcoin mining pool:
Trustworthy – You don’t want to use your processing power only to have the pool walk away with the rewards. You need a trustworthy pool that’s known to pay reliably.
Fees – Most mining pools will charge Hull coin mining pools fee for using their services, this is to pay for the pool servers, and to provide some small compensation to the pool owners. Obviously lower fees are better for you since you get to keep more of your coins, minnig sometimes it’s acceptable to pay a higher fee. For example, P2Pool mining has no fees, but can be troublesome to setup and is also known to have more invalid blocks.
Location – Where the pool servers are located is an important factor for you to consider. You opols Hull coin mining pools have servers located as close to your location as possible. The closer the server the lower the latency and the greater hash power you’ll be providing to the pool. Of course that means bigger payouts for you. So, if you’re in North America look for a pool with North American servers. Europeans should look for European servers and Asians should look for Asian servers, preferably in the same country.
Payout Scheme – This is something you’ll need to look at and decide how important it is to you. There are many different payout schemes offered by mining pools. Some are geared more towards luck, while others look to make payouts as fair as possible Hull coin mining pools on contributed hash power. Pay per Share (PPS) and Pay per Share Plus (PPS+) are two popular schemes that remove miner risk as the pool pays a flat payment for each ccoin solved. Another popular Hull coin mining pools scheme is Pay Per Last N Shares (PPLNS) where payment is made as a % of shares they contribute to the total shares (N).
Minimum Payout – It’s not a huge Hull coin mining pools, but the minimum payout amount might be important to you, especially if you’re not Hull coin mining pools much hash power. A smaller minimum payout might mean getting Hull coin mining pools every few days, but a larger minimum payout may mean you have to wait several weeks to get paid.
Pool Hash Power – This is a tricky pools. On the one hand you want to find the popular pool with the most hash power because that’s where the most blocks will be found. On the other hand you want opols avoid centralization, so any time a mining pool has more than 25% of the hash power it’s a good idea to choose a different pool. This will foster decentralization and keep the network stronger and more secure.
Uptime Hull coin mining pools If you can find the uptime of the pool you should find one with an uptime as close to 100% as possible. Certainly greater than 95%. You can’t mine if the pool servers are down.
Vertcoin Mining Pools for 2019
With Vertcoin being such Hull coin mining pools popular coin for Hull coin mining pools miners there’s no shortage of available pools. So, Hull coin mining pools won’t be listing all of them, but I Hull coin mining pools give you a good selection of choices.
MiningPoolHub
MiningPoolHub is currently the most popular Vertcoin mining pool, with 31.2% of the pool hash rate. That’s a little bit high, but Vertcoin is pretty decentralized, and has forked in the past to avoid a botnet controlling more than 50% of the network hash power.
Vertcoin Miningpoolhub Statistics
There are global servers and minjng mining fee is a standard 0.9%. Minimum payouts are just 0.1%, making this a good choice for home miners.
AHashPool
AHashPool – This is the second most popular Poold Hull coin mining pools pool, with 22% of the pool hash rate. There’s a 1% fee for mining here. Servers are globally located. The payouts are a bit different here as the pool only pays out in BTC. There’s a minimum 0.003 BTC payout, and payouts are made once every 24 hours. The pool also does auto switching, so if you’re mining Lyra2REv2 the pool will mine whichever coin is most profitable.
Zergpool
Zergpool – Hull coin mining pools you get below the top two Vertcoin mining pools you’ll find the hash rates are much smaller. Hull coin mining pools the case of Zergpool it is roughly 2% of the hash rate. The good news is that Zergpool has a very low 0.5% miners fee.
ZergPool Lyra2v2 Stats over past 30 days
Payments are made every 12 hours for balances over 0.0001 BTC equivalent. You can mine just Vertcoin, or you can use auto-switching to mine the most profitable coin.
EasyMine
EasyMine – This pool is similar in size to Zergpool, controlling about 2% of the hash rate. It is unique in that it allows merge mining where you can mine both Vertcoin and Unitus at the same time. The mining fee is 0.5% for Vertcoin and 1% for Unitus. Payouts are made every 12 hours and there’s no minimum.
Overview of Easymine Vertcoin Pool
There are quite a few other Vertcoin mining pools, but most have less than 100 active miners, and in some cases there are less than 10 or even no miners using the pool. If you want to see a more complete list there’s one here.
Conclusion
Vertcoin is an attractive coin for home miners since it is still profitable to mine the coin with your GPU. And the Vertcoin developers are committed to keeping it that way, so miningg you should be able to continue mining Vertcoin with a home computer for as long as the network and coin exist.
If you’re just getting started with cryptocurrency mining Vertcoin seems a good choice, especially since it offers a graphical interface in its One-click Vertcoin Miner.
Featured Image via Fotolia & Vertcoin
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