Best Catalyst drivers for mining : Bitcoin

Current State & The Future Of Digital Assets From Ariel Ling, BitMax COO.

Current State & The Future Of Digital Assets From Ariel Ling, BitMax COO.
Ariel Ling, co-founder and COO of BitMax, has shared her thoughts on the current state of digital assets and what to expect in the next years, what retail investor should take into account when buying any cryptocurrencie and the key factors that drive the value of the token/coin.
Ariel Ling, BitMax COO
Why, when and how have you started your crypto journey?
I started my crypto journey at the beginning of 2018 when my long-time friend, the co-founder and CEO of BitMax.io, Dr. George Cao “pulled” me out of the traditional Wall Street and asked me to join him in launching this exciting venture. Three main drivers are 1) to learn more about blockchain technology and its transformational applications in different industries; 2) to leverage in-depth traditional finance expertise to improve overall crypto trading and exchange market structure for better efficiency and transparency; 3) to have a chance to work with a talented and driven team who share similar vision, passion and conviction to build a top global digital asset trading platform as well as a wonderful organization from good to great!
If your friend will ask you: should I consider cryptocurrencies as investment opportunity? What will be your answer? Will you recommend any specific digital asset?
Coming from traditional finance perspective, I would explain my thoughts process from three angles — 1) types of crypto or digital assets as the foundation for understanding; 2) whether they, are more for short-term trading or mid-term investment 2) what are elements for investment valuation and decision-making so our friends can assess and make decision for themselves.
First, in general there are three types of digital assets:
  • Major currency / coin-type like Bitcoin, ETH, XRP, Litecoin, etc. and stable coins;
  • Security-type tokens representing some equity or debt rights of underlying projects;
  • Utility tokens for usage on specific blockchain platform or network.
Each type represents different type of opportunity and risk.
Second: is digital asset good for trading or investment? due to the nascent nature and very short history of market development with most of retail investors’ participation and lack of proper regulatory framework globally, there are quite some market manipulation, speculation and fraud activities in the current market, causing significant volatility and investors loss across all types within very short period of time. This made it very hard for any investors to assess the real valuation and momentum drivers behind those large swings. So at this point, I would think with its high volatility and risk, digital asset in general is more of very short-term trading product than investment vehicle. From liquidity perspective, major currency/coin-type will have more market depth across exchanges, hence more suitable for short-term trading-focused strategies.
Third, from traditional investment perspective, it is critical to assess digital asset investing from valuation and fundamental perspectives, such as business model, future growth, economic return vs. person’s risk tolerance and investment objectives. For major coins, especially Bitcoin itself with its longest history among all the digital assets, have started to provide certain payment function similar to fiat currencies in certain countries. Hence, there are more interesting dynamics to the Bitcoin investing based on one’s view of Bitcoin usage over mid-term horizon and the relative valuation vs its production (mining cost) especially with the price down to 3,500–3,650 USD. For security-type or utility tokens, the performance over short-to-medium term really comes down to combination of intrinsic value of underlying blockchain projects and token economics. Similar to Internet in 1990s, blockchain technology projects are still at the early stage of development and looking for meaningful and applicable use cases to bring real economic benefit from the economics and business model perspective, so it becomes very difficult to apply traditional finance valuation and assess the real intrinsic value of those projects. Recent market crash has brought many of those tokens down to near zero value. So the investment in those tokens are extremely high risk and everyone should be really careful and prudent in the evaluation of any specific projects for the decision-making and risk protection.
What is the story behind BitMax? Who are the foundefounders? When it was founded?
Q1 2018, Dr. George Cao and I founded Global Digital Mercantile (GDM), global operator of digital asset platforms, including BitMax.io based on Singapore for overseas markets and North America’s trading platform aiming for the first half of 2019. BitMax.io started public beta testing mid July, 2018, and was officially launched later mid August. On November 18th , we launched our mining mechanism, the industry very first transaction-mining & reverse-mining mechanism, which has made us the industry leading third-generation cryptocurrency exchange — after first generation of traditional exchanges like Binance, Gemini, Coinbase, etc. and 2nd generation of transaction-mining ones like FCoin, Bitthumb, etc.
Just a quick introduction of my partner. Dr. Cao studied Computer Science in the University of Science and Technology of China, and earned his PhD degree from the University of Chicago. Dr. Cao was the Founder and the Chief Investment Officer of Delpha Capital Management, LLC., New York, specializing in trading equity, ETFs and commodity future products in all major exchanges across the globe. He is also the founder and managing partner of Whitestone Investment Group, a New York based venture fund that invests in a large variety of startup companies that are in the high tech, fintech, big data and medical area. Before founding Delpha Capital, Mr. Cao worked at the Equity Division of Barclays Capital in both the New York and London offices. During that period, he oversaw equity electronic trading in the U.S., European and Asian markets. Prior to Barclays, he researched and traded U.S. equity as a Portfolio Manager at Knight Capital Group.
For me, I have built more than 18-year extensive experience in strategic planning, business development, financial risk management and regulatory implementation across major trading asset classes (Equity, FX, and Fixed Income) at several top global banks. Previous to jumping into digital asset trading, I ran USD liquidity and investment product for top financial institutions and corporate clients at tier-one global investment bank. Before that, I ran US Broker Dealer as COO and head of Business Development for Germany 2nd largest bank. Earlier from 2007 to 2012, I was global equity trading COO across Lehman Brothers and Barclays Capital, building out trading franchise and market making businesses globally. I have four degrees — graduated top of class from Nankai University with two Bachelor degrees in Finance and English Literature and got my MBA from NYU and Master of Mass Communication from University of Georgia.
Where is Bitmax located? Are you a distributed team or do you have an office to work together? How many people work for Bitmax?
Our global team of 50 members are based off two main location — New York with 20 members, including all the founding members, and Beijing with 30 members.
Would you be so kind to introduce briefly the core team members?
Both George and I are very proud of our 10-member founding team. Similar to us, they are all from Wall Street top firms like Morgan Stanley, Deutsche Bank, Goldman Sachs, Bloomberg, and top high-frequency hedge funds with deep experience in the fields of financial engineering research and development of large-scale quant trading infrastructure. Our educational background span across multiple prestigious institutions including Columbia University, University of Chicago, Carnegie Mellon University, and New York University in the United States, as well as Peking University and Tsinghua University in China. So one special thing about BitMax.io is that very few exchanges in the crypto trading space are built by solid team like ours with strong traditional finance mindset and trading background.
You’ve started BitMax during market downtrend in pretty competitive environment. What is your value proposition? Why traders should switch to BitMax?
I think BitMax.io is actually very special in this market, and our team is very proud of what we have built in the short period of six months. There are at least three reasons I think traders should chooseBitMax.io:
  • It’s our real-word professional trading experience and expertise;
  • It’s is our platform, resilient, high volume quantitative-trading platform;
  • It’s is our top-quality customer-centric strategy.
First of all, as I mentioned in the last question, architected by a group of Wall Street veterans, BitMax.io builds upon the core value of blockchain, transparency and reliability, and delivers high-quality client services and trading experience through its innovative trading platform.
Second, our quant-driven tech platform. Our development members were all from high frequency and quantitative systematic trading shops. They definitely make sure the platform was resilient and it can actually handle billions of volume during the design and build. The platform resilience and scalability were fully being tested when we launched the transaction mining and reverse-mining. The first day, we actually had, within the first 24 hours, the trading volume of 1.6 billion in notional; and our system didn’t flinch, didn’t slow down, and didn’t shut down. This is very rare in any of today’s exchanges where you can frequently see the slowdown, the crash, and very slow user responses, especially with transaction mining exchanges.
Third, what we are extremely proud of and all the users can see, is our 24/7 customer services built upon the core Wall Street client-centric concept. Besides our customer support team who never sleep, George actually stands behind the platform almost 24/7 answering questions from the customers, seeking solutions for their issues, and providing the most responsive customer service for the entire crypto trading space.
BitMax CEO, George Cao, is often seen in official Telegram group answering different questions.
We constantly remind our team: customer first. When we design a product, when we launch a system, and when we look at user needs, we all look from customers’ perspective, from how we can protect the users. When we look at primary listing, we only select the high-quality projects because we want our users to have the best investment and trading experience on BitMax.io.
Are you satisfied with the current results of BitMax? Is transaction mining model giving expected volume? What is the % of traders using this model?
We are very pleased with current business development and delivery results from client acquisition and trading perspectives.
On the business development side, we completed the global setup for both 50-member team organization and comprehensive legal entity structure from Asia to North Americas in 2018, which laid down foundation and paved way for 2019 business expansion especially with US.
Since our platform launch in mid Aug, we successfully started Industry FIRST transaction mining and reverse-mining exchange and built out the most active global communities and users within four months in the bear market, with registered users more than 95k; average daily active traders more than quadrupled since the start of transaction mining; average daily trading volume of $465mm through the month of January and February in 2019. Those are extremely promising under this tough market condition.
From the composition of trading volumes, there are two parts — transaction mining which grows exponentially; second is organic, the regular trading which has experienced healthy increase as well because of all the listing activities and all the incentives we have. The regular trading takes about 5% of total trading volume, which is very good for an exchange which was launched in August and running right into the bear market.
What are the key factors that drive the value of the token/coin?
From traditional finance /investment view token economics is really a balance act between business / economic model and exchange market force, driven by three factors: intrinsic value and sustainability, supply and demand, and liquidity and depth.
First, from a traditional finance perspective, we need to look at the intrinsic value, the economic valuation behind a project. How does this project make money? Do they really have fundamentals? Do they really have a viable business model? Do they really have a solid user base for future growth? For example, our exchange business model is very simple. We are exchange; People trade on our platform. The more they trade, the more transaction fee the exchange collect — the revenue source. The exchange will last when people keep trading on the platform and the transaction revenue generated covers the operating cost of running an exchange.
Second, it is the supply and demand of token on the market — who will buy and for what purpose; who will sell and under what scenarios. For major currency coins like Bitcoin, people might buy and sell for potential investment or use in actual payment processing. For other types of token, it is more driven by short-term trading pattern and profit taking. So it is extremely important to set up certain token mechanism to support the equilibrium of supply and demand like how Central Banks manage the supply of currency in circulation through monetary policies.
Third, when the market force comes in, it comes down to the liquidity and depth. Exchange is about liquidity and market depth. That means there has to be enough of trading volumes at each pricing level for each token. For BitMax.io, we have very sophisticated market making model that is similar to Designated Market Maker model of New York Stock Exchange. We focus on providing liquidity and maintaining a fair and orderly market for those token listings who agree to engage our market making services.
Every exchange is looking for good projects in order to become a premiere market for this new asset. Can you name some projects that impressed you recently (even if you are not discussing possible listing with them)?
BitMax.io has strict listing requirements in order to identify high-quality projects for our users. Very proud that we have listed five industry star projects in the last several weeks, with more in the pipeline. All of them have the following attributes that made them successful — viable and profitable business model, growing user bases, strong community support, and comprehensive funding sources.
One of the shining examples is European project named LTO Network listed mid Jan. Its price has been steadily rising since then, as more and more people get to know their business model and more project support comes into the market place to buy the tokens — It uses blockchain technology to streamline a lot of legal processing for one of EU governments, which is very easy to understand its economic value from a revenue perspective. This is simply what people need to see eventually, clean and clear from business economic model perspective.
Let’s imagine a crypto market in 5 or 10 years. Can you make any prediction what the market will look like? What customers will expect from exchange in 5–10 years?
Based off my long-time experience in traditional trading, especially how equity market evolved last twenty years, I would imagine maturing market structure and entrance of institutional investors are key mandatory and healthy development of digital asset market.
First, As the market develops and expands globally, traditional institution participation is a must, in order to upgrade and strengthen the overall market structure and maturity, making it more transparent and resilient, and most importantly enabling the real broad-base adoption of digital assets. Most institutional investors, such as mutual fund, pension fund and other financial institutions, hold the majority of world investment assets, not individual retail investors. Only when those big guys join the market, will there be real revolutionary improvement and expansion of the digital asset just like any other financial markets.
Second, I would expect the market to become more structured with major building blocks for transparent trade life cycle processing and separate risk analytics supporting services. Current crypto trading market is very fragmented with exchanges taking on different roles of trading, wallet management, custodian, etc. Also the lack of clear and consistence regulation on market structure has led to many aspects of market inefficiency — inconsistent liquidity and depth, wide spread, high transaction cost, high volatility, speculation, etc. This definitely hampers the broader adoption of digital assets from institutional investors.
Forward looking, multi-tier structure under some level of regulatory framework with clear guidance is required for future maturing market. Similar to security market, there should be at least three layers of different and independent roles: the role of broker dealer to handle the client relationship with good KYC/ AML processes, retail clients, other financial institutions, blockchain players and to take client order as agent or dealer; the role of exchange to focus on listing and trading — liquidity provision and order matching; the role of clearing house to provide clearing and settlement and custodian on custody of assets with proper control and independence. It is very clean and clear with good check and balance in place.
What are the key challenges for 2019?
During our 2018 business planning, we clearly view 2019 to continue being full of challenges with market uncertainty from both asset price and valuation as well as regulatory development globally. In prep for that and further growth of our platform, we have laid out the following four main strategic objectives and they are all well underway:
  • To launch North America trading platform for high networth and institutional clients. With North America being heavily regulated market, there are two aspects of our plan — First is to leverage a trust structure to facilitate the major coin trading with fiat, and the second is broker-dealer license application with potential for securitized tokens pending regulatory guidance in place.
  • To enhance BitMax.io platform and reach global top-tier exchange. We will continue listening to our users and working hard to enhance user interface and experience by upgrading website vs. other competitors for better client retention.We will continue leading product innovation among the competitors with margin trading (successfully launched in mid Feb) and then derivative to attract new clients.
  • Relent focus on implementation and expansion of current business lines — listing, Market Making, marketing advisory services to grow current revenue base; and further seek new revenue opportunity through North America platform while maintaining cost discipline.
  • we are always on the lookout in terms of exchange alignments, acquisition target, and any business partnership from different aspects of the value chain.
When do you expect a market recovery or next bull run? What are the factors that will influence the start of the market recovery?
With current market crash or correction, there are two possibilities from trading perspective — recovery depending on whether this is a V down or U curve. The U curve occurs when the market collapses, it takes a longer time for market to find the bottom and struggle to rise up. The V down is like a quick collapse — dropping down very fast and reaching the bottom, and then, with some catalyst event, either catalyst from market structure, or catalyst from the market expansion itself, suddenly it gives a boost and bounces right back up.
For market recovery, besides all the investment and economics elements I’ve discussed above, I believe one critical factor is the regulatory development especially clear guidance from key regulatory bodies of those major financial markets such as US, UK, EU, etc. on those key building blocks I mentioned in the maturing market structure. Once those in place, more traditional institutional investors will be ready to get in and hence boost the liquidity and valuation of the digital assets. That is the new beginning of digital assets being accepted as part of Main Street investment globally.

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Q4 Community Update Email From Richard Ells

Hi Everyone!
We are coming to the close of 2018 and whilst cryptocurrency in general has had a year of turmoil, it has been a very positive year for Electroneum and I’d like to recap on what we’ve achieved this year and reveal some of what we have planned for next year. This might end up as an epic, Tolstoy length, email so my apologies if it’s too long for you – but I feel there’s a lot to say…
Firstly, let’s remember that we set out to redefine cryptocurrency altogether. Before Electroneum there were NO cryptocurrencies that were designed from the start to be widely and easily adopted. We have started to achieve the primary goal of Electroneum which is adoption. Did you know that Electroneum is the fastest growing cryptocurrency in the history of the world (I was going to say “Universe” but I really don’t know what our competitors are doing in other spiral arms of this galaxy, let alone the entire universe). Hold on! Let’s just think about that for a second! We have grown our user numbers to over 2 million holders and users of ETN in just one year. We fit the real world usage of cryptocurrency better than ANY other.
Biggest (and best) community in crypto!
Electroneum has done something here that’s never been achieved elsewhere. We have an enormous community of advocates. Users who are more than just users, they are passionate about what Electroneum is trying to do. A quick Google search of any cryptocurrency will find you some videos and some images, but with ETN there is an enormous following of hundreds of thousands of amazing people who are helping to make ETN a success. Electroneum has Fan Art. Think about that. A “boring” financial product with fan art! I’ve never seen any credit card fan art or banking fan art! If you are one of the passionate ETN believers and advocates, then I’d like to say a whopping THANK YOU to you for your input, no matter how small. You can (and are) changing the world.
Boring Statistics?
A former British Prime Minister famously quoted “There are lies, damned lies and statistics”. This is certainly true of the cryptocurrency market and as such we’ve just installed the Alexa.com (part of Amazon) certified traffic stats tool onto our website. That shows statistics for ONLY real people. You can’t fake it or exaggerate it. Did you know that if you compare the web traffic of all cryptocurrencies – we are in the top 5. If you look at active wallet numbers and actual blockchain transaction numbers, we are in the top 10 of cryptocurrencies for both. We have achieved a great deal this year, by making ETN accessible to everyone who has a smartphone.
Electroneum Lead the Market
2018 has seen us launch our Instant Payment system into BETA, be the first cryptocurrency to offer a payment integration API allowing vendors to easily accept cryptocurrency for instant transactions. We are working with the community to create easy payment plugins for all the popular ecommerce software and we’ve launched a number of them including WooCommerce which enables over 3m WooCommerce sites to accept ETN with around 15 minutes of work. I can’t overstate how important this instant payment framework is to us achieving our goals. It is a huge leap forwards for cryptocurrency. We’ve seen some great vendors come on board this year and next year I am confident we will see a huge surge of vendors, once we get live on the ground in a few strategic areas.
We are the first cryptocurrency to formally adopt KYC (know your customer – which now officially goes live on the 27th December). As the authorities of the world start to accept and understand cryptocurrency you will see why our early adoption of a regulatory framework is important to growth. Governments of the world fear cryptocurrency. We are giving them something to embrace.
We have produced hundreds of thousands of lines of code this year. I’ve seen a lot of projects talk about valuations of crypto projects based on Github Commits (this is a place where people store their open source code). Electroneum is different to most cryptocurrencies. It has both open source blockchain code that anyone is welcome to help work on AND closed source code that runs the back end such as the app, the instant payment system, and the custodial wallet system. These are the features that are making Electroneum a success and make us a real business that corporations, governments, NGOs and institutions can feel comfortable with.
The Bright Future of ETN…
This year has been a year of preparing. Growing the team (not everyone in the team wants their picture on the website – we have over 30 full time employees and access to many more part time resources).
MWC Sees Launch of Two or More Major Things…
Last year we attended MWC (mobile world congress) as the first cryptocurrency member of the GSMA. Next February we attend again (you are going to LOVE our stand, nobody has ever done anything like it!). This time we are attending with a full product and exciting news.
We launch a number of things at that show, all of which are secret for now. Two are locked in as absolutes and there are a few more than we are trying to tie in with the show! I don’t want to hint at what is coming – it’s only a couple of months before you’ll see for yourself, but it will be the base block from which we demonstrate to the business world just how usable cryptocurrency can be.
Apple iOS Launch (finally!)… and Cloud Mining too!
The first week of January will see our iOS app that includes cloud mining go into 100 user BETA. The second week we will release it to our 5000+ iOS testflight users (still in BETA) and (subject to testing) should be in the Apple Store by the end of January.
Cloud Mining for Android
Cloud mining will make the distribution of ETN much more appealing to the target audience of the unbanked. Ironically with their lower powered hardware and sporadic internet access it has been the developed world that has found it easiest to obtain some ETN. That all changes with cloud mining, where someone with the latest Samsung or iPhone will get the same value in ETN as someone with an ancient smartphone and little internet access.
We can launch cloud mining for Android subject to the successful testing on Apple devices. I think it is going to be a big success and I expect to see it on Android before the MWC show in February.
Blockchain
As you probably know we used the Monero blockchain as a stable base for the Electroneum Blockchain when we launched. We’ve been moving away from Monero and have removed many of the privacy features of Monero during 2018. 2019 will see even more privacy removed, although we intend to keep stealth addresses, to prevent vendors (or anyone else) looking into your wallet and seeing how much ETN you have – like you can with Bitcoin and Ethereum.
Some say we are not doing anything particularly different or unique with the blockchain part of our project, but the reality is that we are doing the single most important thing there is with blockchain - we are making it useable in everyday life.
Credit Card Purchase of ETN & Gig Economy
This week has been a particularly busy week with a few new exchanges coming on board and a launch of a very important part of our future “Gig Economy” system. You can now purchase ETN quickly and simply with a credit card at Indacoin (https://www.indacoin.com/en_GB/change/buy-electroneum-with-cardusd). We are working on others especially for the US citizens which indacoin currently does not cover.
This is important as when we launch our Gig Economy website in Q1 of 2019 it will enable the unbanked of the world to join the global economy when looking for work. This is one of the major areas that we see for opening up the world to understanding the power of cryptocurrency as people in developed nations become able to purchase digital services from the people of developing nations, with no barriers.
Developed nation businesses can purchase ETN with a credit card and buy software development, data entry, virtual business services, design, data research, social media management and much, much more, from a growing market of millennial entrepreneurs in the developing market. Everyone wins. You’ll see way more of this in 2019 including an e-learning system that enables those with digital skills to remotely teach others, with an ETN incentive.
As I mentioned above this should be going live in Q1 – we are trying to get that live for MWC too, but I don’t want to commit 100% to that date for this project. The good news is that we have a lot of interest in it from an NGO perspective, so when we launch it I am confident it will be a really powerful force for both enablement and empowerment of individuals but also a huge catalyst for the growth and acceptance of cryptocurrency generally.
The 2018 Cryptocurrency Market
People have been asking me “WHY!? WHHHHYYYYYY?” to the 2018, pronounced, dip in the price of cryptocurrencies across the board and I’d like to offer you my view of the 2018 cryptocurrency market and what I believe the market will focus on in the future.
The cryptocurrency markets are very new and whilst they are often compared to more mature markets, such as the equities markets, I believe there are very FEW similarities.
Some people are buying and selling cryptocurrencies based on applying technical analysis, where they look at chart patterns in the historical price and volumes to try and predict the future, others are buying based on momentum, effectively following the herd and then there are the true project believers (known in the crypto industry as hodlers!) who have bought some because they believe in the long term viability and future success of the project.
Don’t worry… I’m getting to my point…
A lesson from Warren Buffet
One of the most successful conventional traders in the world is Warren Buffet – he’s pretty good at it too, having been the richest man in the world a few times. What should we learn from him? Firstly, he’s not a huge fan of Bitcoin, in fact, he hates the stuff. Why is this and what can we learn from him? Warren hates Bitcoin because he’s a value investor, and a very good one. He doesn’t believe in chart analysis and he’s not a fan of momentum trading. He invests in PEOPLE. He invests in TEAMS and he invests in REAL THINGS.
The cryptocurrency markets are largely coupled with Bitcoin. When it moves, the market moves, and at the moment it is almost entirely driven by the herd and not by people analysing VALUE.
Herds are happy to run off cliffs as well as away from danger, hence the large swings (in both directions of the cryptocurrency markets).
Obviously, I’m a huge fan of cryptocurrencies, so Warren and I are going to differ on some views, but I absolutely know that he would look at Electroneum in a different light to Bitcoin.
We have identified and created a model for blockchain coin emissions which allows us to create a global marketing opportunity which rewards users, partners and vendors for engagement.
We have spent time building products, solutions and partnerships rather than hyping them, meaning that most people are unaware of what has really been achieved in such a short time.
The Electroneum team are fortunate to have considerable relationships across distribution partners, working closely with a number them throughout the planning and creation of our ecosystem.
In our first year, we have developed, tested and launched a much wider set of products and partner benefits than anyone expected.
We are going in to 2019 as a gateway, with a toolkit and approach that enables partners, governments and entrepreneurs to benefit from cryptocurrency; no longer is it just trading or accumulation of crypto. We stimulate every day, continual usage in the real world.
We are focused on the fundamentals of traditional business, giving people what they want and helping to achieve financial inclusion and inclusivity, by creating an end to end ecosystem for everyday use of crypto, by anyone anywhere.
The combination of our ecosystem, our partners and the scale of our community puts us in an incredibly strong position to achieve our goals of opening the world economy to every person, including the 1.8 billion unbanked.
In short, Electroneum has an actual business behind it and is delivering REAL THINGS to REAL USERS (millions of them) via partnerships with other REAL companies. We deliver value and can show future revenue streams based on demonstrated growth. These are real life business things. We know our users and that is valuable. We have access to our users and that is valuable. We understand and can chart growth, and that is valuable. The list of differences goes on. Take a look at the metrics of some of the biggest tech “unicorns” and you’ll see they are all valued on the number of real, active USERS. The only reason they have that value is because they can communicate and monetise those users, and that is where the parallel to Electroneum becomes apparent. We have no intention of substantially monetising our user base for years to come, but we have the capability to do so – and all businesses MUST have a revenue stream or potential FUTURE revenue stream.
I believe in Bitcoin, and I see it as a kind of cryptocurrency gold, but because there is so much focus on fully decentralised systems that do not know their users and are run by anonymous miners, we will find that real value investors are wary of ALL cryptocurrencies because of the mistaken impression that they are all alike.
I agree that it is hard to make a purchase of Bitcoin based on fundamentals and value, because it’s not obvious where it lies. Scarcity and a belief in the project make me a Hodler, but I can’t put a ‘fair price’ on Bitcoin. Nobody can.
Cryptocurrencies are evolving. Electroneum is unarguably more technically useful than Bitcoin because of its speed, accessibility and ability to scale, but that is not ENOUGH.
I believe that as more REAL WORLD cryptocurrency projects evolve you will see VALUE as the main driver in the cryptocurrency markets.
If a cryptocurrency project is also a conventional company with the ability to drive profits, grow larger and become a dominant brand – THEN you will see conventional investors such as Warren Buffet entering the market.
I hope that cryptocurrency volatility will be reduced as cryptocurrencies start to look and feel more like regular companies, with friendly help desks, balance sheets, contractual partnerships and accountability.
When is this going to happen?... it’s already started…
I wish you and your family the very best Christmas or Holiday period,
Richard Ells Founder & CEO, Electroneum.com
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How To Mine Doge with Ubuntu 13.10. (Part 1, for AMD Graphics Cards)

I feel the community really needs a resource like this. Because if I had a Doge for every-time taught a newbie how to Mine on Ubuntu, I would be a very rich doge!
EDIT: Sorry if it looks funny, Reddit doesn't like the numbers I put in for some reason.
If you have Ubuntu you have likely not upgraded because you think you cant mine on 13.10, and while that has been true in the past, a few people have got it figured out. So feel free to upgrade. If you are not on Ubuntu, Seriously you should consider using it. Even if its just on an older desktop.
Alright, so lets get a few things clear, I am assuming that you just FRESHLY installed Ubuntu 13.10 x64 on your system. I am assuming that you have no drivers, and no miners. You will need at least a key board and a mouse. The guide will be done in several parts, this first part is for most AMD Graphics cards. If you have an Nvidia, or just want to mine with your CPU, please check back later for those guides!
When reading this guide, please remember that as I give you commands to type into the terminal, Anything between { and} must be included. Do not copy and paste the {}.
Lets get started, If you have not already done so, Install Ubuntu 13.10 64Bit From Here (http://www.ubuntu.com/index_asus.html)
*1. Lets start by making sure you are up to date. Open up the terminal and enter this:
{sudo apt-get update && sudo apt-get upgrade} 
Let that run for a bit.
*2. Once that has finished we are going to download some applications we will need:
{sudo apt-get install dh-make dh-modaliases execstack libxrandr2 libice6 libsm6 libfontconfig1 libxi6 libxcursor1 libgl1-mesa-glx libxinerama1 libqtgui4} 
*3. Once that has run its course we are going to install the ssh server. Remember this command is going to make your computer shut down. While it is shut down, carefully install your graphics cards. If you don't have any experience with this, I suggest you 3 minutes to watch this guide, because failure to install a graphics card the right way can destroy it.
(http://www.youtube.com/watch?v=O9x097QRXeA)
{sudo apt-get install openssh-server sudo shutdown now} 
*4.Install your Card(s) and turn the computer back on.
*5. Make a new folder called "AMD DRIVERS123" inside of your download folder. Downoad the following 3 things into that folder. (1. AMD Drivers: http://support.amd.com/en-us/download/incomplete) (2. AMD APP SDK: http://developer.amd.com/tools-and-sdks/heterogeneous-computing/amd-accelerated-parallel-processing-app-sdk/downloads/) (3. AMD ADL SDK:http://developer.amd.com/tools-and-sdks/graphics-development/display-library-adl-sdk/)
*6. Ok, now we need to unzip and compile those drivers. So, open a terminal my right clicking inside of "AMD DRIVERS123". The enter this:
{unzip amd-catalyst*.zip chmod +x amd-catalyst*.run} {sudo ./amd-catalyst*.run --buildpkg Ubuntu/saucy} 
*7. Now we need to install the drivers. Enter the code exactly as you see it, don't worry, the first command will fail, we are expecting it too.
{sudo dpkg -i fglrx*.deb} {sudo apt-get -f install} {sudo dpkg -i fglrx*.deb} {sudo reboot} 
Your computer should now reboot.
(If this failed, you probibly need to remove the old drivers. Do this
{cd /etc/default sudo pico grub} 
Change the line:
GRUB_CMDLINE_LINUX_DEFAULT="quiet splash nomodeset" 
Now save by pressing [CTRL+x]
{sudo update-grub} this will make the change perminent. {sudo reboot -n} Reboot with new settings. Once it starts back up try installing the new drivers again.) 
*8.GREAT! You are really on a roll! Now we need to update AtiConfig
{sudo aticonfig --initial --adapter=all} 
*9.Time to install the APP ADK:
{tar xvf AMD-APP-SDK*.tgz} {sudo ./Install-AMD-APP.sh} {sudo reboot} 
*10. WOOT! You are so close to diggin that sweet Doge!! Its time to download CGMiner. IMPORTANT NOTE! You need to get CGminer 3.7, IT IS THE ONLY ONE THAT WILL WORK. Do not get any older or newer, Just this. :
{sudo apt-get install git unzip git clone -b 3.7 https://github.com/ckolivas/cgminer} 
*11. Ok, now go back to "AMD DRIVERS123", Unzip AMD SDL SDK 6.0. Once you have it unzipped, go the file called "include", open it up, copy everything inside, then go find CGminer. Copy these files into the CGminer file called ADL_SDK.
*12. To install CGminer, we are going to need a few things. Get all of these.
{sudo apt-get install build-essential autoconf libtool libcurl4-openssl-dev libncurses5-dev pkg-config libudev-dev} 
*13. Lets go ahead and compile CGminer.
{cd cgminer} {./autogen.sh} 
*14. Ok, when you did that, it told you GPU was not supported, time to fix it.
{./configure --enable-opencl --enable-scrypt} 
(if you did it right you should now get this: OpenCL...............: FOUND. GPU mining support enabled scrypt...............: Enabled ADL..................: SDK found, GPU monitoring support enabled)
*15. If everything has been good so far then
{make} 
*16. MATHEMATICAL! Now lets get it set up to run a test.
{nano test.sh} {!/bin/bash export DISPLAY=:0 export GPU_MAX_ALLOC_PERCENT=100 export GPU_USE_SYNC_OBJECTS=1} {./cgminer -n} 
*17. Now save by hitting [Control+x][y][Enter]
*18.Lastly lets CHmod test.sh
{chmod+x test.sh} 
*19. TIME TO RUN THE TEXT!!!
{./test.sh} 
(If your output looks like this your ready to go!!! CL Platform 0 vendor: Advanced Micro Devices, Inc. CL Platform 0 name: AMD Accelerated Parallel Processing CL Platform 0 version: OpenCL 1.2 AMD-APP (1214.3) Platform 0 devices: 1 0 Tahiti GPU 0 AMD Radeon HD 7900 Series hardware monitoring enabled 1 GPU devices max detected)
*20. Excellent! Now we have it installed, its time to pick 2-3 pools, and get accounts set up at each of them. I currently use These 2, and If I find another I like I'll update. If you have a really awesome pool you would like me to include on the list, feel free to message me.
Pools: http://doge.cryptovalley.com/ (great community, server not super stable, but they have a chat. I hang out here a lot under the handle 'StrongBad' feel free to stop buy and ask questions)
https://dogehouse.org/ (Super stable pool, Great contests, super friendly, and they pay your miner a bonus if you find the block!)
Choose your pools, go to their sites and sign up. VERY IMPORTANT!!! Use different usernames and passwords for every mining site. If one site gets hacked, you don't want to give them a way to steal everything!!!!! Don't worry about the worker names and passwords being unique or complex tho, the most they can do with this is mine for you.
*21. Ok, now go to the CGminer folder, and open up a Terminal Window.
{sudo ./cgminer} 
This should start ./cgminer up with some really basic settings, and not pointed at any pool. Lets fix that: First press [p] to go to pool settings Now [A] and enter the information for the 1st pool. For instance if you are signing on for dogehouse: (Input server details: stratum+tcp://stratum.dogehouse.org:3333 Username: 'yourusername.workername password: 'yourpassword') If you got no errors, you did it right! Your miner should now connect and start to mine very slowly.
Now, do the same thing for all your other pools. the reason we do this is because Doge Coin pools are constantly being DDoS attacked, and this way your worker automatically switches over to a good pool if one go's down.
*22. time to save your current settings press [Enter] to get back out to the main menu, then [s] to bring up settings. Now press [W] to write a Config file. Name it DogeCoin.conf, and make sure to save it in the location it directs you too.
*23.OK! So, now we have everything set up to its basics. What you need to do now is sit down, and fine tune your Card(s). Its really early in the morning, and I need to get some sleep, I will add more on how to tune your card tomorrow in another post, and link it HERE:
Or, I will help you find the best configuration for your card(s). However as this is quite a bit of work, I do charge a small fee. Contact me with your card(s) information and I will get back to you right away. I generally let you decide how much to pay me.
This is my first ever guide on reddit! If you enjoyed it, or if it helped you please remember to upvote! I am going to start doing an educational YouTube series about Bitcoin, and will likely be doing a side program about Doge, if I find time and funding!! You can find that here: All tips are appreciated! DPTwcQreASwzt6TeWBWFb6Kz9ZU5Sezvr9 If you have any Questions, feel free to ask, I will get back to you ASAP.
Happy Digging everybody!
submitted by Sonofchange to Dogecoinmining [link] [comments]

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