12-27 13:53 - 'SwCPoker.eu Longest running Bitcoin poker site just got an Upgrade to 3.0 now on Android and Apple. 100 Free chips using "MiloWolf" your referral code comment or PM username to collect.' (i.redd.it) by /u/sachas01 removed from /r/Bitcoin within 21-31min
21's Bitcoin Computer is a Minimum Viable Product (MVP) That Lets You Peek Into 21's Chip and Service Offerings
I've seen various criticisms of 21's new "Bitcoin computer", and much of the criticism is worth reading. Some criticism is along a "build vs. buy" argument which is valid, but I think largely misses the mark. I think 21's "Bitcoin computer" is a MVP (minimum viable product) which attempts to show two things : 1) What it means to have a Bitcoin "chip environment" integrated into hardware 2) How such a Bitcoin-enabled device can interact with a value-added layer riding above Bitcoin's base protocol These days I'm self-employed and a pretty casual developer so it's hard to justify spending $400 on a device just to play with it for a couple hours. But I'm very curious to see what the "21.co account" has to offer. For example :
If one integrated 21's chip environment into a routeNAS/phone could a device maker generate revenue by mining with devices that mine when off-peak or when charging?
It seems like 21 aims to provide an off-chain service that debits and credits satoshis among devices for things like :
Wi-Fi sharing (mesh net)
Ad suppression (paid content)
I think 21 has enough money and strategic partnerships that I'd want to see what they have lurking in their service, and I might be willing to pay $400 to see it NOW. I suspect that 21 will eventually open-source their CLI, open up their service, and they may even provide an emulator for their mining chip. When that all happens, it's easy for a junior developer to throw everything into a virtual machine image that replicates the 21 Bitcoin computer and save $400. But that may not all happen for a few months. Considering the value of time to market, $400 may not be a bad investment to see what one of Bitcoin's biggest players is doing now. In other words, if I were a R&D manager at Intel, Cisco, Qualcomm, HP etc., I might order a few of 21's Bitcoin computers for evaluation. In these companies, $400 is a pretty small price. Otherwise, I'd have to convince someone to allocate time (at $100 an hour) to install bitcoind, sync with the blockchain etc., and even then I doubt I could get 21's CLI for a while. Or another way of putting it. Back in the mid 1980s when Dell got started, it would have been cheaper for "power users" to assemble a motherboard, case, power supply, hard drive, sound and graphics cards into a computer and add DR-DOS. But Dell found they could add value as an integrator at scale. Rather than being a "Bitcoin computer company", I suspect 21 is trying to be an integrator at scale in the Bitcoin world, and their initial computer is a MVP (minimum viable product) to show that vision. Here's what 21's CEO Balaji Srinivasan had to say about MVPs :
That shows the absolute exponential rise of technologies over the last century. Anything that is initially just the province of the one percent, whether it be computers or cell phones, quickly becomes the province of the five percent and the ten percent. That MVP that barely works, that someone is willing to pay thousands and thousands of dollars for, allows you to fix the bugs, to get economies of scale, to bring it to the ten percent and the twenty percent and the fifty percent and the middle class and the 99 percent. That’s how we got cell phones from a toy for Wall Street to something that’s helping the poorest of the poor all over the world.
02-01 21:23 - 'Zouk @ $0.36 Time To Get Buying!! Cheap As Chips! cryptopimp (15) in vincentb • 34 minutes ago https://portal.zoukcoin.com/sponsor/cryptopimp' (self.Bitcoin) by /u/BigPimpKnows removed from /r/Bitcoin within 0-4min
''' Zouk Smart Lending Platform “Seamless Wealth Creation” Functionality Overview v1.7 January 2018 Table of Contents 1. Introduction ................................................................ 2. Zouk Coin and ICO ................................................. 3. Functionality ............................................................... 3.1. Lending and Trading Logic ......................... 3.2. Exchange Platform ........................................ 3.3. Referral Program .......................................... 3.4. Premium Profit ............................................. 3.5. Zouk Faucet ................................................. 3.6. Staking........................................................... 4. Conclusion .................................................................. 1 1 1 1 3 4 4 6 6 7 Technical Overview: Zouk - Smart Lending Platform 1. Introduction Zouk is a self-regulated financial ecosystem posessing smart tools such as its lending platform, that allows users to delegate cryptocurrency investment to professionals and gain profits by using Zouk Coins. By integrating cryptocurrency capital markets and using resources such as lending and cryptocurrency trading, Zouk has strengthened the trend towards a profitable cryptocurrency investment. This mitigates service expenses and optimizes trading processes, allowing us to have much higher levels of leverage, and create a highly efficient and profitable financial ecosystem. 2. Zouk Coins and ICO Zouk is an ERC20 token on ethereum main net. Total supply: 46 million ZUK ICO hard cap: 9 million ZUK 3. Functionality 3.1. Lending and Trading Logic The Zouk lending platform allows users to lend Zouk Coins (ZUK) at an interest rate of up to 47% per month with daily capitalization. Zouk is the most engaging lending platform in the crypto space. Technical Overview: Zouk - Smart Lending Platform Page 1 of 7 Page 2 of 7 Initial Pledge Investment Tier Interest Earned Capital Released $50 - $1,000 Volatility Software Interest up to 47% per month Tier 1 190 days Tier 2 Tier 3 Tier 4 Tier 6 Tier 7 $1,001 - $5,000 Volatility Software Interest up to 47% per month + 0.10% daily bonus 190 days $5,001 - $10,000 Volatility Software Interest up to 47% per month + 0.15% daily bonus 190 days $10,001 - $20,000 Volatility Software Interest up to 47% per month + 0.20% daily bonus 190 days Tier 5 $20,001 - $50,000 Volatility Software Interest up to 47% per month + 0.25% daily bonus 190 days $50,001 - $100,000 Volatility Software Interest up to 47% per month + 0.30% daily bonus 190 days $100,000 + Volatility Software Interest up to 47% per month + 0.35% daily bonus 190 days *ZOUK LENDING STRUCTURE Volatility Interest rates may vary on a daily basis and are correlated to the profit leveraged by our AI traders on cryptocurrency markets. Volatility Interest and daily bonus, if applied are paid on a daily basis. Profits become instantly available for the user, so there is no need to wait for the capital release to re-invest funds. Received profit can be cashed out or reused to open new loans. Technical Overview: Zouk - Smart Lending Platform Page 3 of 7 The Trading logic is handled by the Zouk Hypervisor (ZHV™). ZHV™ is an elaborate tool used to monitor and predict market trends and dynamics with trade volumes on cryptocurrency markets. Trade logic is driven by Artificial Intelligence (AI) which mines the raw historical data and creates certain patterns for trading strategies including scalping and swing trading. These strategies are optimized for high volatility cryptocurrency markets and executed by trading bots on multiple platforms. Whether the prices of other cryptocurrencies go up or down, Zouk Coin holders still make a profit. ZHV™ core was developed in early 2016 and since then was utilized internally for profitable trades on cryptocurrency markets. 3.2. Exchange Platform Bitcoin and Zouk Coins can be deposited, but only Zouk Coins can be used in the Zouk Lending Platform. The purpose of Zouk Exchange is to convert bitcoin to Zouk Coins and vice versa. The Exchange Platform uses BID / ASK order books. The exchange rate is not fixed, but rather, regulated by the market supply and demand. Limit order logic is implemented for opening new trade orders. Zouk Exchange will be available after the ICO closes. There is no vesting period for Zouk Coins purchased during or after the ICO. Technical Overview: Zouk - Smart Lending Platform Page 4 of 7 REFERRAL BONUS STRUCTURE Level 1 Bonus % 7 % 2 3% 3 1 % 3.3. Referral Program Referral bonus is not limited to the first loan. It is paid for all loans opened by the referred user. Referral bonus is paid on a daily basis. 3.4 Premium Profit Premium Profit is a financial tool for the community provided by Zouk. It is a weekly/biweekly or monthly event where a randomly selected lenders earn a Premium Profit. Zouk adds the ethereum addresses of lenders to the smart contract. Randomly selected address added within the Premium Profit period will receive ZUK. The initial amount for Premium Profit will be equal to 0.1% of the aggregated loans received within this period. Premium Profit logic will be handled by ethereum smart contracts. This smart contract will be open sourced, to prove the randomness of winner selection. Bitcoin block hash will be used as the source of randomness. The more a user has lended, more spots in the smart contract will be occupied by that user, giving them a bigger chance of Technical Overview: Zouk - Smart Lending Platform Page 5 of 7 Fig. 3.1 – Premium Profit Workflow getting the Premium Profit. The Zouk platform will define the bitcoin block number which will be mined in the future. A hash of this block will be that random seed to select the Jackpot winner. An oracle will be used to link the 2 blockchains of ethereum and bitcoin. The last few characters of that bitcoin block hash will be taken and converted to decimal format. Based on this number the winner will be selected and the Premium Profit will be sent to that address.
Users are added to the Premium Profit Smart Contract
A certain bitcoin block is mined: 498220
Oracle will provide the hash of that bitcoin block to the Smart Contract: ...2280df70295d631e52
The user in the #52nd spot is selected and receives the Premium Profit Technical Overview: Zouk - Smart Lending Platform 3.5 Zouk Faucet Each day, users can come to the Zouk Website to spin for extra tickets and token prizes. The Zouk Faucet is available for users who have at least one active loan. Users get 1 free spin per day and have the option to gain more spins by completing certain tasks. Users also have the chance to win more spins through the Zouk Faucet. 3.6 Staking Staking provides an additional source of revenue by generating up to 70% profits annually based on the intial investment. Tokens need to be held in stake for at least 8 days before staking becomes activated. Users can stop staking at any time and use tokens for lending. Staking launches on March 15th, 2018 Page 6 of 7 Period Interest 1st 180 days Mar 15th, 2018 to Sep 11th, 2018 2nd 180 days Sep 12th, 2018 to Mar 11th, 2019 3rd 180 days Mar 12th, 2019 to Sep 8th, 2019 4th 180 days Sep 9th, 2019 to Mar 7th, 2020 40% (0.22222% per day) with daily capitalization 30% (0.16666% per day) with daily capitalization 20% (0.11111% per day) with daily capitalization 10% (0.05555% per day) with daily capitalization Technical Overview: Zouk - Smart Lending Platform
Conclusion The Zouk cryptocurrency community with its self-regulated financial system has a range of financial opportunities, including lending, premium profits, staking and others. A combination of stock market trading experience, along with the high volatility on cryptocurrency markets and innovative technologies allows users to transfer risks into commodities. Technical Overview: Zouk - Smart Lending Platform
Honestly, the more I read into buttcoin the more sketchy and brilliant it comes across. The points have already been stated here (wanna buy some 1s and 0s with no intrinsic value, not protected by any financial institution, not backed by any government?) so I won't dwell on that. What I wanted to post about was how it's such an ingenious scam: a perpetual, decentralized, headless, slow-boil pyramid scheme. A few frenzied libertarians and nerds sniffing their own farts put money into a genuine (if unscalable and inefficient) technology. This makes news, which attracts some speculators. Amount of money going in generates hype, more news, and brings in normies and more speculators. Value begins to go up, larger entities (companies/wealthy entrepreneurs) invest. Value goes up further. Pyramid reaches final stage as last wave of suckers buy bitcoin at ridiculous prices, convinced this slow, insecure, power-hungry, uninsured, volatile, awkward, unregulated digibuck is gonna replace existing financial systems that answer all bitcoin's shortcomings. The faster and savvy companies and entrepreneurs pull the rug out from the rest of the userbase and the pyramid collapses. Digibuck loses nearly all its value. But, a few frenzied libertarians and nerds sniffing their own farts put money into... Aaaaand on and on. If you look back at the first time the pyramid collapsed, there was a decent progression until around September 2017 when things went fucking crazy leading to the massive price in December 2017, at which point the pyramid scheme winners took their cash and run. So, around three months. People bought into the pyramid scheme again around March 2019, but were a bit more conservative - the price didn't shoot up nearly as high or as fast. Three months later, the pyramid started to topple again, but more slowly and not as devastatingly. It fluctuated after that until a low in March this year. Since then people have been pumping money into the scheme. People are anticipating a big spike, I guess soon we will start to see a big influx of people because it's been "relatively stable" lately, with the pyramid people patiently waiting for a payoff rather than chipping away at the foundation. Of course, as soon as the spike happens it will be a massive plunge down as the pyramid collapses, similar to what we saw in Dec 2017. But, it seems to be an unkillable scam. Even though there's nothing of actual value behind this con, it seems to have really good staying power because it is really hitting some powerful buttons in people's brains:
Get Rich Quick: Yes, even though it is a scam, there are going to be those successful few who walk away with other people's money. If people want to literally gamble by playing chicken with "currency" exchanges, then that's fine (maybe they'll even get luck and win big), but these people need to admit to themselves that bitcoin is only that - gambling. Not an asset, not a currency.
Ideology: It's not just your standard con, it's also bundled itself up with ideals and religiosity. It's an idea! The Internet of money! Libertarianism, utopia, revolution!
Technology: It comes with a veneer of authenticity because it has some real technology supporting it (even if the technology is just...not that great). People are really blown away when they hear vague descriptions of blockchain, words like "node" and "mining" and "private keys".
Hatred: Buttcoiners can be really motivated by hate and bitterness. Their hatred of "greedy banks" and "thieving governments" (legitimate or otherwise, your mileage may vary) seems to really move money.
Fear: If you don't invest in buttcoin, all the money in your bank account with inflate and wither away to nothing! Because inflation is real and not a fabricated boogeyman makes the scam seem more appealing.
In looking over those points, I'm not sure whether it's the technology or ideology that's what's really keeping people from seeing through this con. I mean, anyone could start their own super-duper-coupon company that will only ever produce 21 million coupons. Ok, so the coupons are actually worthless, but if I tell people that one day everyone will use the coupons then suddenly they must have value right? Sounds ridiculous, but if I then say that the super-duper-coupon will be using revolutionary new digital protection, and be supported by a distributed database all over the world, and no government can forge or steal your coupons because of this new zipity-zoop-21 protocol I just developed, suddenly it sounds slightly more appealing. Could just as easily be the ideology though that keeps this con running even after each blow. The amount of purple prose bullshit about freedom and brave new worlds and unlimited prosperity is just crazy. Anyway, I've rambled enough, but wanted to get some thoughts out there after bitcoin enthusiast friends were encouraging me to invest and I did the research. https://preview.redd.it/ucvix7hwwju51.jpg?width=500&format=pjpg&auto=webp&s=220789d26b6f564783dbaef8044e88ca238f0f76
Embedded Bitcoin mining chips of 21.co: How about cost of electricity?
Did anybody think about whether it is worthwhile to mine bitcoins with 21.co's mining ASICs embedded into my smartphone or notebook? Does this make sense?? (even more so if 80% of the mined bitcoins stay at 21.co, as I read somewhere...) (for the toaster or the kitchen oven, that should be ok, because they shall produce heat anyway, so there is no extra cost in that case)
Conspiracy Theory: 21 Inc is a clever plan to attack and centralize the Bitcoin network by putting chips in every device globally that they will control.
I just had a gut feeling about this one. Especially when I heard one of their board members is Larry Summers. Isn't that one of the biggest scammers for the banks out there? They are trying to play it off like consumers will be mining worthwhile amounts of bitcoins from these chips, when we all know that is ridiculous. Their plan seems like a giant hardware botnet infecting everyones devices. They are trying to hack into the global infrastructure with help from their corporate sponsors in order to harness its power. The effect is to centralize Bitcoin in their hands. I think the possibility of this should be discussed. It doesn't help their case that they were so secretive for so long and still are. Also the amount of money they raised is ridiculous.
We have seen a pretty skeptical reaction to 21's embedded mining chip/stack. I'm among the skeptics. Between power draw, hashing power needed to overcome transaction fees, and obsolescence of these slow miners as the network grows their listed use cases just don't seem feasible. That being said, the chips are definately a new technology and I think they do have real applications. Instead of deriving profit or benefit from the Bitcoin network these device embedded chips could be used to secure a new network. The devices these chips are embedded in will derive some benefit from the attachment to a block chain. Traditionally, all of the incentive bitcoin miners have to secure the network is the monetary reward of the subsidy and fees. This is altered in the embedded chip model, where incentive to mine is derived from some sort of functionality. In the device case, it will get to communicate; in the subsidized silicon case, it will be allowed to function. In order for devices to retain their ability to communicate on chain, network growth must not dwarf their hashing power. I see two ways this will be controlled, a block subsidy which is tailored to the supply and demand, and a variable split of then mined coins. In this way as hash power increases so can the number of issued coins. This framework would allow 21 to bootstrap a new functionality-incentivized network. There will be a large pool of hashing power securing a ledger and attaining tokens to allow writes to that ledger. Albeit, this model removes many of the benefits of bitcoin the currency, but it seems viable as a immutable, programmable message store sufficient for device communication. It seems this kind of network could further be monetized by allowing anyone who has purchased the functionality-tokens to write to this chain. There are still questions of scale and implementation but I think this is a much more feasible business model. TLDR: 21 probably isnt going to mine bitcoin for various reasons, but could bootstrap a new block chain secured by device-functionality incentive rather than monetary.
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