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The greatest wealth transfer of this century! An analysis: British-US-Chinese Empires: Gold, Silver, Bitcoin, Ethereum!
"Inflation makes you pay 50 dollars for the 20 dollar haircut you used to get for 5 dollars when you had hair!" submitted by O_My_Crypto to Bitcoin [link] [comments]
Let's embark on a journey that made the United States the number 1 economy of the world.
1. Despite the British Empire's claim that it would for ever remain the leading empire,history can serve as a harbinger for what's to come...
At the peak of its power, in 1913, "the empire on which the sun never sets", controlled 25% of the planet's land mass and about the same percentage of the world's population. Britain was both the naval an imperial power of the 19th century, and between 1812-1914, its dominance resulted in relative peace in Europe and the rest of the world. The industrial revolution transformed Britain into the workshop of the world.
By the start of the 20th century things changed as both Germany and the United States started to challenge Britain's economic and influential leadership. As often happened during human history such challenging lead to war and although Britain achieved its largest territorial influence after WW1, the war had destroyed much of its economic strength, with losses in industrial and military power marking the begin of its demise.
During WW2, Japan occupied Britain's colonies, and after WW2, India, Britain's most valuable and populous possession, achieved independence. Much of the British Empire's influence is now enshrined in the Commonwealth Charter, stating shared values like democracy, human rights and the rule of law.
The United Kingdom's pound sterling was its world's reserve currency during its reign and by controlling the supply of money, Britain was able to influence its global power. "Permit me to issue and control the money of a nation, and I care not who makes its laws!" Mayer Amschel Rothschild
2. The US Empire repeats this blueprint by claiming the U.S. Dollar's reserve currency status as its birthright! The Federal Reserve Act.
The Panic of 1907 triggered many American's belief that The Federal Reserve Act, passed by the 63rd United States Congress and signed into law by President Woodrow Wilson on December 23, 1913, was necessary for financial and economic stability. The law created the Federal Reserve System, the central banking system of the United States. The Bretton Woods System.
The FED ended immobile reserve issues and the inelastic currency problems and successfully internationalized the U.S Dollar as the global reserve currency. The usage of the prior nationally used U.S. Dollar expanded a first time when the Allies agreed to the terms of the Bretton Woods System, establishing the rules for commercial as well as financial regulations among the United States and its allies. Canada, Western Europe, Australia and Japan accepted the U.S. Dollar, which was backed by a gold exchange standard, making the U.S. Dollar "as good as gold". This was only possible because the United States controlled two thirds of the world's gold reserves.
Soviet representatives, who claimed that institutions like the IMF and the International Bank for Reconstruction and Development (IBRD) were Wall Street branches, didn't participate in Bretton Woods and later proved to be right, as the United States printed too much money (not backed by its gold reserves) to wage war on Vietnam, destroying a big part of the value of the U.S. Dollars held by its allies, due to the inflation of the U.S. Dollar money supply.
Yet, the initial demand for U.S. dollars created the American way of life: a consumer driven economy fueled by products made outside the U.S. in return for U.S. Dollars. As the Allied countries couldn't really buy any "Made in America"-products, due to the fact that the United States' elites rather outsourced their manufacturing, they instead invested their hard labor into U.S. Treasuries.
On August 1971, President Richard Nixon announced the unilateral cancellation of the direct international convertibility of the United States dollar to gold, in a response to halt the Allied countries' continuous attempts to exchange their U.S. Dollars for Gold. By 1973, the Bretton Woods system was replaced by the current freely floating fiat currency system. The petro dollar system.
The second wave of U.S. Dollar adoption was the result of the petro dollar, making the global trade of oil U.S. Dollar denominated. Every country on this planet needed and still needs oil to operate and grow its economy, creating an enormous growth in U.S. Dollar demand and like mentioned before, those dollars had to be earned. Especially China served the United States consumer model by producing almost everything Americans can buy in Wall Mart and other stores. By relying on the U.S. Dollar reserve currency status, the American elites have made the mistake of outsourcing manufacturing to China, as often predicted by Donald Trump in the 1980's. The y figured it was easier to just print wealth. The tradewar.
President Donald Trump, decided it was time to bring jobs back to the U.S. and started an ongoing trade war with China, the country that supplied the U.S. consumer driven economy, and proud owner of $1.07 trillion in Treasury holdings. The trade war has negatively impacted the economies of both the United States and China and will most likely result in the decoupling of both economies. What is to come? My personal insights.
I see huge problems for the U.S. and the rest of the western liberal democracies. But especially the United States, who's currency amounts to no less than 60% of all the world's reserve assets, is vulnerable if and when China who only accounts for 1 or 2 %, says it is time for change. Most likely we will experience another banking crisis, with or without Covid-19, and unfortunately a bigger one when compared to the 2008 dissaster. Did you know that the global debt tripled since then? Many economists and politicians advocate the end of the U.S. Dollar reserve currency system and predict a reset. Every financial system has a limited lifespan similar to a human live: it is created, it grows, it matures, and unfortunately, it ages, weakens and dies. It happened to the Brittish Pound Sterling, and I am afraid that the days of this financial hegemony are numbered as well. And I did write "afraid", why?
History tells us that these transition periods are particularly dangerous and have often led to full-blown military conflicts if not world wars. The current wealth transfer, the result of manufacturing outsourcing to mainland China, impoverished the United States and destroyed its middle class. President Donald Trump's analysis that the U.S. needs a strong manufacturing base is correct, yet without its allies the United States will not be able to turn the tide.
It took China decades to build its manufacturing base, and President Trump doesn't have the privilege of having the political luxury to design five year plans, as the United States capitalistic and political model specializes more on presidential campaigning and less on economic planning, which is exactly China's strength.
3. The Chinese 'digital' empire.
China is ideally positioned to become the new global power: it produces many of our products and dominates most supply chains. It has been hoarding gold and mines most of the Bitcoin. It might just have the right reserve assets to back its DCEP, the digital Yuan, which will be pilot tested during the 2022 Winter Olympics hosted by China. Despite the fact that the United States and other western nations might not want to adopt the Yuan or allow it to be part of the world's reserve assets, China can demand payment in Yuan for its products. It's that simple! This is why outsourcing is such as stupid economic voluntarily yet fatal policy. If you only print money and don't produce goods, how long will the world play ball?
One of the results of Trump's trade war is that China and other countries such as Russia and Iran no longer want to be vulnerable to U.S. sanctions that come in the shape of being denied access to the financial system through Swift. The United States can indeed destroy a big part of Iran's economy, but Iran is now becoming a big cryptocurrency player. In other words, bullying those countries might work in the short-term, but in the long-term they will simply adopt a new standard: and I believe that the Yuan will likely play a major role in the financial system they will adopt.
This trend means that the expansion of the demand in U.S. Dollars will stop and reverse, when countries no longer want to use the currency whose issuer can economically destroy them through sanctions. The alternatives for such countires are cryptocurrencies like Bitcoin, Ethereum and many others, national CBDC's (Central Bank Digital Currencies), and the adoption of the digital Yuan.
This digital Yuan will be attached to the One Belt, One road initiative, finding adoption whilst developing huge infrastructure projects that will lead to a Eurasian trading zone. If the U.S. Military leaves the Middle East, as Trump brings home troops, this will create the right conditions for China to emerge as the victor.
4. Surveillance Capitalism - Insights on the DCEP (Digital Currency Electronic Payment, DC/EP):
- This centralized digital financial system works on blockchain and cryptographic principles and aims to increase the circulation of the RMB, in the hope it can become a reserve currency like the U.S. Dollar.
- Created and sanctioned by the Chinese Government, it is the only legal digital currency in China.
- The system offers Chinese regulators better monitoring abilities and will be an efficient tool against anonymous counterfeiting, money laundering and illegal financing. At the same time it reduces costs involved in maintaining and recycling bank notes and coins.
- As mentioned above, China aims to bypass Swift, which it regards to be a U.S. entity, and will be able to collect real-time data related to money creation, bookkeeping, essential information for the implementation of monetary policies.
- The pilot institutions for DCEP, China Construction Bank, Agricultural Bank of China, Bank of China and Industrial and Commercial Bank of China, will serve as a production test for China's new currency system, after which the DCEP will be distributed to large fintech companies such as Tencent and Alibaba to be used in WeChat Pay and AliPay. Transfers will not go through bank accounts, but through electronic wallets.
- By mandating that all merchants who accept digital payments must accept DCEP, the DECP will become the most accepted digital currency in the world.
5. Sings of hope.
If the United States adopts blockchain and issues a CBDC (Central Bank Digital Currency) backed by Bitcoin, they will have a reasonable chance to offer the western democracies a new type of dollar standard that can be an anchor versus the coming RMB. If not, I fear the worst is yet to come for the U.S. Dollar and its economy.
Many smart American economists and Wall Street goeroe's have finally figured out the remarkable strength of Bitcoin, the world's first and most favorite digital form of gold.
Some of the smartest investment capitalists like Ray Dalio and Warren Buffet have allocated more money into gold, a clear sign of trouble. Bitcoin might be a step too far for Warren Buffet, but rest assure that Wall Street investment management companies have figured it out by now, have you?
You can expect more institutions to allocate a % of their portfolio's wealth into Bitcoin and other cryptocurrencies, as a hedge against the systemic risk in our global financial system, which will inevitable start feeling the effects of the trillions that have been printed. "Inflation makes you pay 50 dollars for the 20 dollar haircut you used to get for 5 dollars when you had hair!"
I’m a commentator for a tournament of nightmares. I’m not sure the participants are willing.
submitted by tjaylea to nosleep [link] [comments]
You’d think being a psychiatric ward for 38 months would be enough to deter a guy from ever going back to a sport that involves watching human beings at the height of their physical prowess beat the living shit out of each other. Sometimes regulated, sometimes not.
But, here I am, fresh outta the loony bin and reading the most unusual advertising slogan I’d ever laid eyes on; “The most terrifying tournament has come around once again! Conquer your fears in the NFC
This was the business card that accompanied my black envelope as it was handed to me on the discharge ward by a well dressed and gangly fella with an uncomfortable wide smile. He didn’t say much of anything, just that his name was “Watson” before bowing and holding up the envelope.
“Heh, like the butler, right?” I said, taking the envelope from his plasticine hands. His smile ripples across his face and he nods slowly, his perfect hair unmoving in the strong wind before he turns on his heel and walks back to the black sedan.
The cold air chilled my bones, and I pulled the medical bracelet from my wrist, grimacing at the marks underneath before following Watson to the Sedan and hauling my luggage into the trunk before setting off, not knowing how I came to even be there in the first place.
I guess right now, that doesn’t really matter.
What matters is where I am now and what I’m doing. "blood strewn across the canvas, frayed brain matter sailing across my head and splattering against the wall, a woman standing in a pool of blood as the deformed creature twitches on the ground"
My name is Sal “Motormouth” Sabotta, I’m a sports commentator by trade. Be it combat sports, pro wrestling, death-matches or martial arts tournament, I’ve done it all.
I won’t lie; Work can be hard to come by. I’ve spent months struggling for rent and resorting to less tried-and-true commentary methods in order to survive. That has, at times, involved trying my hand at some of the more underground competitions; unregulated fights, sick, illegal games bet on by people on the dark web and worse… Things I’m not going to detail here. Things I’m not proud to have taken a hefty pay-check for from greasy, sweaty fucks in Armani tracksuits and stinking of cheap booze and coke all the way up to well-dressed bitcoin farmers in their 20s who probably own child slaves.
In short, I’m no stranger to the grim underworld or the secrecies with which they conduct their work. I see money and an easy way to make it with my voice; I don’t ask questions.
So when I received an email the day of my discharge from the hospital and I’m told “you’ll receive a letter from Mr. Watson, take it and follow the instructions to the venue. Pay up front as agreed.”, I don’t question it. Especially when the note is personalised, and the doctor says my medical fees were covered.
We drove past numerous landscapes, vistas and neighbourhoods before veering off into an industrial estate and entering an underground tunnel. Half a mile in, Watson stops the car and peers back, smiling.
He directs a thumb to the service door in the side tunnel and rubs his neck, a scar running from ear to ear. Was he a former fighter? Gangster?
I sighed and got out, still in my medical gown and hauling ass to the door. It opened before I could reach out and a tall, muscular woman in her late 30s greeted me with a smile. She was imposing, powerful in her gait, a black eyepatch with several seals adorning the sides accompanying a thick scar down her face did nothing to stop her beauty. She wore a tank top with a black cloak with white fur on the tops and sleeves, a thick black chain clasp around the neck. I won’t lie; she looked badass. Terrifying, but badass.
“‘Bout time ya showed up, Sabotta!” She grinned and put a cinderblock of a hand on my shoulder. I’m 5’10 and 180lbs, but she made me feel like a child in front of her. The power emanating from her fist was unbelievable. “C’mon, the trial match is starting and I don’t want no tourney without a broken in commentator! You gotta know the ropes of this place!”
“You know your driver was standing right outside when I was discharged, right? Couldn’t think to give me an extra day or two to freshen up?” I frowned. This wasn’t normal protocol, even for back-alley promotions like this. She just laughed at me and slapped my shoulder.
“The tournament waits for nobody, Sal. Times a-wasting.”
The hallway is dimly lit and the sounds of a ruckus above us are as impossible to ignore as the sounds of thudding, screaming and snapping. As we pass several doors with one-way mirrors on the front panes, I hear sounds I could have never placed in the animal kingdom or otherwise; gurgles, clicks, grunts and even otherworldly whispers.
“What the fuck is that? You guys doing animal fights down here? I mean I called a monkey fight once, but it’s not exactly… pleasant.” I shuddered, thinking of the violence chimpanzees can inflict on one another, let alone humans. She never stopped walking or staring directly ahead when she responded.“Those ain’t animals. Not by a long shot.”
Before I can probe further, I’m hurried into a changing room and practically swept off my feet by her strength. I turn back and she’s already poking her head out the door.
“You’ve got 5 minutes, get your shit and head up the left stairs, Watson will guide you.” She grinned, and I saw gold filings in her teeth that glinted as much as her bedazzled eye patch. “Ya came highly recommended… I expect good things!”
I do as instructed and within 5 minutes I’m back in my commentary clothes; an open buttoned Hawaiian shirt with my old Hotel Inertia shirt underneath, skinny black jeans and shimmering black shoes. I found some old slick gorilla powder in my hair and dusted it up, opting for the dishevelled look as I knew I’d be sweating by the end of the ordeal.
“You shouldn’t bother putting in so much effort, y’know. They’re not gonna care how good you look, only how well you talk.”
Standing in the doorway was a woman in her 40s, dark-skinned and hair clad in meticulous dreadlocks, tied back into a large bun with a pair draped down the sides of her head. She held a thick book in one hand and pocketed a serrated blade in the other before motioning to me.
“We’ll have to do the pleasantries on the way, the match is starting and you don’t wanna miss that. The commissioner isn’t the type you want to upset. Especially when you’re not here by choice.” I looked for a moment, dumbfounded.
“I’m here because I was invited, already got my pay from the woman who let me in.” I shrugged, pocketing the envelope and getting my equipment from the suitcase. The woman gave a sad smile and shook her head.
“Of course you’d think that. She likes it that way. Bet she didn’t introduce herself either, did she? C’mon.”
I follow her down and after a few minutes we come to a fork in the hallway, an elevator system to our right and a stairway to the left. Dutifully, Watson stood patiently, still grinning and motioning us to go up.
Once we’re situated in our booth upstairs, I set my equipment up and look down at the table, expecting a slew of papers and fighter information in front of me. I look to the woman to ask, but she doesn’t break her stare in the darkness, looking down at the arena floor some 100ft below us.“You won’t need that. Not for this match.”
The lights flicker on and the enormity of this venue reveals itself to me. It’s a structure of imposing steel, dried blood, claw marks and other unknown substances that littered the 40ft wide circular pit the fighters contested in, a black lift on either side from the fighters corners that I can only assume ascended up from their locker room area. Around them were chain-link fences that rose up to the audience stands above, situating around 300 people across all four sides. At the very top sat our booth, the commissioner’s office directly opposite, the judges booth to our right and the fight analysts/medical area to our left. Standing in the centre with a spotlight over them was the commissioner, microphone in hand and an energy that was almost palpable.
“Ladies, Gentlemen and Freaks of all kinds out there in the universe. I welcome you once more to the annual Nightmare Fighting Championship Tournament! It’s been a long year, but we have new blood to pit against our resident night terrors and some fresh fears to feast on the fortuitous soul that frolics into their den. As always, our contestants will be fighting for their freedom, a chance to get their wish or to fight for the ultimate prize.” The crowd cheers and the majority are hidden behind thick plexiglass and lighting, but I can see some have Karate Gi’s, weapons in hand and others with demon masks as they whoop and holler. The clientele here were, at least in my estimation, experienced. But I was feeling a lump in my throat at that one phrase The Commissioner so surreptitiously added in without issue; “As always, our contestants will be fighting for their freedom
I leaned to the woman next to me and as if she knew what I was going to ask; she put a finger up and shook her head. Eyes awash with fear and a grimness I had only seen on that of trainers who knew their fighter was not ready for the bout ahead. She pointed the finger down to my machine, then to the pit. Turning it on, I looked down as the commissioner began to talk, readying myself to commentate on whatever weirdos came up to battle.
“But before we get to that, we have an exciting exhibition match for our loyal supporters who bankroll this event every year. Without you elite few, we could not do this. You are the pound for pound goats of support! Now, without further ado; let’s get this show on the road!”The rest of the lights clicked on and spun around the venue as they raised the profile of the bout, the elevators both whirring into action as the right one arose first.
“In this corner, from the marionettes shop and accompanied by his Bunraku doll “Mr. Stares”, it’s the man who pulls the strings… THE PUPPET MAN!”
Out steps a tall, thin Japanese man in full clown makeup. His head shaven save for two ridiculous strands of hair stretched out and fluffed up to their limits, like red antennae. His eyebrows large m’s that practically cover his forehead, the nose a completely vacant slot with a black hole drawn in and the mouth… the fucking mouth was nailed shut. Literally. Sharp rusted nails had been hammered down through the lips with such force that they’d bent. A sickening crimson red face-paint stretched across the entire bottom half of his face, making it seem far larger by comparison. He carefully held a small bundle underneath a sheet and bowed deeply to the audience before standing at his designated spot.
“In the other corner, from the streets of god knows where and the womb of someone who misses him… "Hulked Up" Michael O’Donnell!”
I watched with wide eyes and a stomach threatening to evacuate its contents at any moment as the smoke cleared and a boy no older than 17 rushed out, beating his chest and screaming to the crowd as if he was the Incredible Hulk. I don’t know if they drugged the poor kid, but he clearly had no idea where he was.
“There are no rules, no referees and judges only exist in case of a draw or unclear victory. Our commentary team will take over and we wish you a phenomenal match.” She drools a little before she speaks again, looking up at me and winking. “Let’s make this a violent one.”
She snaps her fingers and leaps for the fence, climbing up with ungodly ease before sitting on her makeshift chair in her office.
I have no idea what I’m seeing but every cell in my body is urging me to run; I feel my knees tense and my frame rise ever so slightly before the woman next to me puts her hand on my thigh, pushing me down with great force.
“You have a job to do, so do I. Trust me, you think you can leave but if you get out of this chair, not only will YOUR life end. Mine will too.” She unsheathes the serrated blade and looks at me with pity. “We both have a part to play here, so put the headset on and let’s do our job, no matter how hard it is.”
Hands shaking, I pick up the headset and connect it to the portable recorder and take a breath.
“I… I need your name. What is it you do?” I stutter, trying to calm myself. She hands me a bottle of water as the surrounding lights dim and the spotlight focuses on the spectacle below.
“I’m Madame Nelle Lockwood, cryptid hunter and your co-host to guide you through tonight. Good to meet you, Sal.”
- NFC EXHIBITION MATCH: "Hulked Up" Michael O’Donnell vs The Puppet Man w/ Mr. Stares
“Welcome fight fans from around the world, god knows how you’re listening to this or WHY, but here we are. I’m your host Sal “MotorMouth” Sabotta, wishing this was all a bad dream. Joining me this evening is our cryptid specialist and all round badass Madame Nelle Lockwood. How are you doing, Nelle?”
She looks at me with a bewildered look on her face before blinking and coming to her senses.
“Uhh… good! All things considered… boy, you really have a professional knack for this, huh? I can see why Commissioner Alduin brought you in."
“Ahh, yes. That’s right, folks! NFC Commissioner Alduin invited me here personally and our exhibition match proves to be… challenging. Let’s check in on the action below.”
I look down and see The Puppet Man sat down and gesturing to the figure under the sheet, like he’s got a negotiation going on. The boy, undeterred and furious, rushes towards him and takes his back, slapping his head and even pulling on his hair with extreme prejudice.
“Well take a gander at that, that kid has absolutely NO fear. When I was his age, I would have stayed FAR the fuck away from a nightmare spectre like that. But hell, this is all part of the show, right? Hope they’re paying that poor guy down there a sizeable sum to throw a fight to a child. What do you think, Nelle; is this the weirdest make-a-wish fulfilment task or what?”
I look over to her, hoping she’d indulge me and that I could believe this was just going to end with a pissed off actor storming away when the child hit him too hard. But Nelle was scanning her now open book and looking for information on dolls.
“He’s talking to his doll because it’s desperate to be let loose. He’s trying to bargain with it to spare him. This is the nature of the puppeteer and his master.” She pushes the book to the centre of the table and shows me a faded illustration of a pristine Bunraku doll; a kind of meticulously crafted Japanese take on the ventriloquist doll. The limbs are thinner and the face is more minimalist, but still no more frightening. “They usually have a symbiotic relationship, but it seems this one obeys the doll and will not want to face more punishment.”
“What do you mean more punishment?” I ask, looking back down at the feverish puppet man as he tries signing frantically under the sheet, even putting his head under as the kid bites his arm and kicks him, screeching.
“The nails, Sal. Those aren’t to silence him, they’re to punish him.”
The rest happened in slow motion; the sheet fell down. The puppet man stood up and walked to his side of the fighters corner, facing the elevator and placing his face into his forearms as he shook. The boy followed to keep attacking, but with one swift kick to the midsection, the boy was propelled back to the centre of the pit where the doll sat.
If there was a human face, I didn’t see it. Instead, I was staring down at a small wood carved spider, the head sporting black geisha hair and the makeup still present, but rows of sharpened black teeth protruded from the clicking mouth and two larger eyes jutted out from the base of the skull, smaller ones dotted closely around it. It was like seeing a puppet ogre spider.
“Looks like The Puppet Man has let Mr. Stares out to say hi and I can certainly see why he was under that sheet, this one isn’t pretty folks! The face doth fit the name. The question is, what’s he doing to do ne-
“I didn’t need to finish the question. My hands shook, and the world spun around me as this creature crawled towards the still wheezing boy with ungodly speed and perched itself expertly beside him. I don’t know if it was my eyes or the distance from where I sat, but this was NOT a small puppet. He was easily half of the boy’s height and that became more unnerving when he reared up on his back legs, the head clicking up and the raspy voice hissing out like a gas leak in a building.
“Hey, hey, kid! Wanna make a deal?” The kid rubbed his eyes, seemingly realising where he was as he calmed down and an air of utter confusion around him.
“If you let me be your new master and you promise to take care of me, I’ll let you go!” His head spun around and the jaw clicked ferociously as he giggled, extending out a clawed paw. “Whaddya say?”
The boy, still confused, slowly reached out his hand and the moment immediately reminded me of a slew of nature shows I’d seen as a kid; where a predator waits until the prey is lulled before striking. I felt the chill up my spine as he extended his hand and grabbed Mr. Stares.
In that moment, he leapt up the arm and bore his way into the boy’s mouth, down his throat and shredded his flesh. The sound was so horrifying, so visceral that it outshines any backyard stabbing, joint snap or broken nose. The boy didn’t even have time to scream, he simply looked up with tear-stained eyes as the puppet disappeared.
Then he started walking without him realising. He looked down at his limbs, terrified, looked over at The Puppet Master, who still had his head to the elevator and pleaded with someone, anyone to help him. I looked to Nelle who refused to take her eyes away, studying the battle in an almost morbid scientific curiosity, detached entirely from the scenario.
I couldn’t fathom how she did it, how she ignored this boy begging us to get him out of there.
I wanted to. Every instinct in me as a fight fan and a decent human was to scream “STOP THE FIGHT!”.
But clearly, when my own life is at risk and money is involved... I am not a decent human.
Instead, with bile in my throat and a sweating forehead, I did my job.
“M-My goodness! The P-uppet, I mean, “Mr. Stares” has BECAME the puppet master, surely the fight will be over with our young competitor incapacitated? What does our commissioner have to say about this?”
She stared at me, her one eye gleaming and her face elated with the violence.
“It ain’t over yet, church boy. We haven’t even seen the finale, have we Puppet Master?!” She laughs and slaps her knee, the puppet master sobbing as he sinks to the floor and she continues.
“He ain’t done feeding, not yet.”
The way she said that word “feeding” nearly made me lose what food I had in me. That was a young man, somebody's baby boy…
“What does she mean by that, Nelle? What is the strategy to victory here?”
Nelle looked down at her book and traced her finger across a passage before wiping her forehead and pushing the locks aside. If her composure wasn’t breaking yet, it would do soon.
“This kind of parasitic doll feasts on its prey and targets non-essential organs first, controls the host with the neurotoxin in its tail and then, when it’s finally content, it gives the brain a second injection.”
“What happens then?” I asked, my own professionalism hanging on by a fucking thread at this point. She shook her head and pinched the bridge of her nose.“I guess you’ll see in a moment, I sure as hell don’t want to. Not again.”
Before I can prompt her further, the boy lets out an ear-piercing shriek and falls to his knees, gripping at his head before it turned red, then purple and finally an ugly shade of puce before…
The sound of a watermelon hitting the ground from a great height is the best comparison you’re going to get without making me want to rush to the toilet to puke for a third time. But that’s what happened. His head burst and chunks of his skull, flesh and brain matter sprayed the pit and the walls, some hitting my desk and making me audibly shriek, much to the commissioner's delight.
“HA! You didn’t run! I like you, Sal. You pass for the tournament!” She hauls her body up and slams down to the pit, applauding as the microphone descends from the heavens. “And your winner; The Puppet Man and Mr. Stares!”
The crowd erupts with applause as the weeping puppet man pulls the blood-soaked puppet out, places him under the sheet and silently begins to walk back to the elevator while attendees clear up the boy’s corpse.
“What… what the fuck IS this place?” I ask Nelle, pausing my recording.
“This is where nightmares are kept and set upon mostly unwilling competitors for the world’s amusement. You HAVE done dark web fights before, right? Mafia snitches being put into lions pits, bum fights, addicts fighting women to score… this can’t be THAT unusual to you?”
I stared at her incredulously. Was that even a question?
“I did the dark web ONCE and it damn sure didn’t involve monsters!”
She scoffs and closes her book, stretching before looking at me with contempt.
“Oh, it did. Just not the ones you hear about in fairytales. Good luck with the selection process. I’ll be back for the opening round. Don’t try to run, they’ll devour us both in minutes, if you think this is the pinnacle of what lurks beneath this club, you're in for a rough night.” She sauntered off, leaving me deflated, sickened and terrified. Unable to leave and frustrated to the point of tears that I couldn’t express that concoction of emotions, I did what I always do; I regressed and pressed “record” on the device as Commissioner Alduin continued.
At that moment, however, I was deaf to it all. The gravity of the situation had fully enveloped me…
They weren’t kidding about the unwilling participants, I just didn’t realise I would be one of them.On every side of me sits men and women with a desire for violence that goes beyond the norm, beyond the sane and beyond the boundaries of humanity.Below me are an untold number of creatures rattling their cages and howling for blood.
Across from me is a woman so powerful she could crush my skull beneath her boot with the utmost ease if it so amused her.
That invitation was nothing more than my own ransom note in pretty colours and flattering platitudes.
I was in a tournament housing nightmares incarnate. And it would only get more violent from here on out.
- The opening round was a blood bath.
Short guide for newcomers about what OMG Network is or is not.
submitted by vvpan to OMGnetwork [link] [comments]
One thing that's become obvious with more people getting active is that people do no understand what OMG Network is. Somebody posted a question about whether OMG could reduce gas for them opening a CDP (and got upvoted without any answer being supplied). Somebody mentioning how they cannot wait for OMG to integrate with DEXes. People asking retail facing wallets to integrate OMG. Which tells me that lots of people are absolutely in the dark.
I am heavily vested in the success of OMG, but let's talk about what OMG is or is not and what it was made to do.
- Firstly, OMG is a system made exclusively for value transfer. It cannot and is was not meant to interact with a smart contract, except one that OMG Network has explicitly built into the system, such as the Plasma contract itself. It will not reduce DeFi, or any other system's, gas costs. It can only do it if one entity needs to send ETH or a token to another. This is by design and fully in line with the company's roadmap.
- OMG is a fairly closed system. The whole of L1 is separate from it. There is a gateway between the two, but exits at this time take two weeks, and even if they were faster interaction between the two is a multistep process. Which is why integrating OMG, say, into metamask or any wallet does not make sense. P2P transactions would only be possible if the sender has already transferred funds to the network and the receiving party is willing to have those funds on the OMG network and in no particular rush to transfer onto L1. If OMG is so ubiquitous that everybody is in on it that might make sense, but prior to that I, personally, do not see any value in OMG P2P transactions except for things that "live" on OMG, like Reddit flair. At this moment there is only one system like that and that's the flair system for this sub.
- Perhaps the reason for the previous two points is that OMG is not a B2C company or solution, they are strictly B2B, as was explicitly mentioned in the fireside chat if memory doesn't fail me. For a single person to use OMG for a value transaction pretty much does not make sense and that is by design. Yes, the idea was to allow people to exchange value between each other in south-east Asia for example, but those people would not do it through a "crypto-wallet" and probably as customers of some business entity that has adopted a white-label wallet. For example, were Reddit to adopt the system, then Reddit would be OMG's "customer" and people sending flair are Reddit's users, they should not even have any idea that OMG or Ethereum exist, Same for exchanges.
If somebody is reading this and is disappointed - please do not be. OMG has a tremendous amount of potential. Consider these few points.
- No crypto project has solved payment, even though since bitcoin's inception 12 years ago it was lauded as what the technology is out there to "solve". The whole "cryptocurrency" thing has not materialized for a few reasons, such as questionable and volatile value of the "currency" and TPS limitations. I'll generalize to say that they have not been able to abstract the technology away. Dash, Nano, IOTA, and other value-transfer specific projects so far have failed. Few entities trust them and their future is highly questionable even if the technology is sound.
- The two crypto projects that so far seem to have earned trust that could possibly make large businesses feel comfortable are Bitcoin and Ethereum. Luckily for us Omisegals and Omisebros OMG Networks is here to capitalize on that trust. This is what other value-transfer solutions do not possess.
- Ethereum has had many billions of dollars of "real world value" brought onto it in the form of stablecoins pegged to dollar (and most likely more currencies coming). All this value legitimizes the platform, but gas fees make payment transactions infeasible. Again, enter OMG to help start making cheap (not _so_ cheap yet, but we'll get there) and fast transactions of this already-present and trusted value a reality. USDT and the exchange integration are a prime example of this.
- The company is not the technology, OMG Network is not Plasma. OMG Networks is a services company offering things like long-term support, documentation and somebody to bug 24/7 if you are having trouble. Something other scaling solutions to do not have. OMG are here to take, say, a bank by the hand and lead them into crypto-land. After a while the little baby-bank will acquire it's little crypto-wings and then the next thing you know the baby-bank turns into a grown crypto-bird soaring high. Nobody has been able to do this yet. (BTW, be prepared, though, that at least initially transactions would be of loyalty points and such. This is a safe and easy on-boarding path)
- Finally, OMG Network's business ties are essentially unrivaled in the space. The sister and the umbrella companies and the investors make sure that the world's biggest executives and financial functionaries wake up in the morning and think about the OMG Network as they are brushing their teeth in-front of the mirror.
Again, lots of newcomers here. So let's have clarity in the community about what it is people are investing in. Let's face it, we like the company, everybody there seems professional authentic and awesome, and we dig the the technology but we are here for personal gain. Knowing more about OMG and being able to talk about it and relay to other people clearly is essential for increase in smart retail investors.
Feel free to point any mistakes I might have made. Fully possible that I am not seeing some usecases that other people are. I have purposely not mentioned things like on-chain DEX, because those are still vague shapes in the distance at this point if part of the roadmap at all.
Patch Notes 2.0.0
submitted by yonijonathan to mangaswap [link] [comments]
Hello lovely Mangaswap community!
In the short one month since the last set of patch notes, we have grown from a sub with less than 10,000 members to one with 50,000 members
and counting! With the incredible growth the sub has been experiencing, we have made some much needed changes. Without further ado, here are all the changes that have been made.
Mangaswapbot The biggest (and most time consuming) change that has been made as of late is the development of our very own Mangaswapbot!
There are still some minor functionalities in development. These include:
- Trade flairs will be confirmed automatically and almost instantaneously.
- Self confirming a trade will be automatically reported to the mod team.
- All posts will be checked for proper title formatting; failure to format properly will result in a post removal.
- Selling posts without a proper image link (i.e. Imgur) will be automatically removed.
- All approved posts will have the poster’s name, join date, karma, and confirmed trades displayed in the comments.
- Automatic post frequency check. To make rule 2 more concrete, the bot now keeps track of post frequency.
- Selling posts and buying posts must be 7 days apart from the last post of that respective type.
- Trading posts can be acknowledged by either "clock". To clarify, if you post a selling or buying post and then a trading post within 7 days of each other, your trading post will fill the other timer. This effectively allows for 2 posts of different types within 7 days of each other.
Running the confirmed trade check 24/7. As of right now, it’s a manual activation.
Checking post frequency. We will be implementing a function to ensure members only make 1 selling and 1 buying post every 7 days; they will be tracked on separate timers.
Rule revisions Clarification on rule enforcement and punishment:
Since it’s not clear as to how strict/lenient we are with the rules, we figured it would be good to clarify. For most rules, we will stick to a 3 strike system. Upon violating a rule the first time, you will receive a warning. If you violate a rule a second time, you will again be warned. If you violate a rule a third time, you will be permanently banned. We believe our rules are extremely clear and it’s in the best interest of the community to remove those who can’t follow them.
Exceptions to the 3 strike system include rules 1, 4, 5 , and 6. Rule 1 is at the discretion of the moderators. Any heavy levels of harassment and/or derogatory comments will most likely result in an immediate ban as we don’t tolerate the mistreatment of our wonderful community. Rule 4 and 6 will likely only warrant a single warning as a repeated offence essentially has to be intentional. Finally rule 5 is also at the discretion of the moderators. Asking for Bitcoin, Cashapp, etc. will warrant a single warning if we believe it was out of ignorance, however, if we feel the intention is to scam, a ban will be issued immediately.
- The order in which the rules appear has been altered for better flow.
- All posts must now follow the proper title formatting specified under the “Posting Format” section of the sidebar.
- Rule #3 (updated) - "All selling posts must include prices and pictures. G&S fee must be included in prices.”
- The “70% of MSRP price cap” and “buyers must list prices” were swiftly removed from rule 3.
- Although we do permit the sale of h-manga and dōjinshi, anything depicting “loli” is banned as it violates Reddit’s ToS.
- Monthly trade threads will now be locked 3 days after the newest month’s trade thread is posted.
- The weekly Q&A thread will now be bi-weekly.
- We added a mangaswap specific scammer list under the “Important Links” section of the sidebar.
- On old.reddit, the mod mail button was altered to be largemore visible.
Aesthetic revisions The community banner has been updated on all platforms. In case you missed it, mari-moth was the winner of our banner contest! Her wonderful banner is the new banner on the new.reddit and reddit mobile UI. We went ahead and designed a fresh new banner ourselves for old.reddit users.
Trade flairs have been updated! The new flairs are as follows:
- Brown book: 1-4 confirmed trades
- Red book: 5-9 confirmed trades
- Orange book: 10-14 confirmed trades
- Yellow book: 15-19 confirmed trades
- Light green book: 20-24 confirmed trades
- Green book: 25-29 confirmed trades
- Cyan book: 30-34 confirmed trades
- Blue book: 35-39 confirmed trades
- Purple book: 40-44 confirmed trades
- Pink book: 45-49 confirmed trades
- Bronze book: 50-59 confirmed trades
- Silver book: 60-69 confirmed trades
- Gold book: 70-79 confirmed trades
- Platinum book: 80-89 confirmed trades
- Black book: 90-99 confirmed trades
- Rainbow book: 100+ confirmed trades
Misc If you need to contact the mods for any reason, please feel free to send us a mod mail. Please do not send any of us PMs/DMs in place of mod mail. Any PMs/DMs sent to us regarding moderation will be ignored.
Future plans At this point in time, the only future plans we have is perhaps making some aesthetic revisions to both old.reddit and new.reddit/mobile.
We are considering adding a “leaderboard” purely for fun. It would show the top 5 or 10 users based on their trade counts in the monthly trade thread. Let us know your thoughts on this!
Closing notes To the experienced users out there, if you have the time to spare, please take a moment to check the bi-weekly Q&A threads to help answer questions. We would like to make the Q&A thread more inviting to new users and have a larger diversity of input. As of now, most of the questions are answered by the mod team.
If anyone has any comments, questions, or suggestions on anything we implemented or if we forgot something, feel free to let us know. We take each and every suggestion into careful consideration. Remember, we are here for you, the Mangaswap community!
Private by design decentralized p2p marketplace
submitted by Bakounin to privacy [link] [comments]
Hi fellas, this is my first ever post on privacy
I recently wrote about the existence of an open source DLT-based decentralized marketplace with a mission to enable free and private trade of goods and services. The marketplace description was posted on another subreddit but I think it's worth posting the description here too. Tbh I cant think of anything that qualifies more as "The intersection of technology, privacy, and freedom in a digital world
I hope my own description of the marketplace and its technology bellow will fuel your interest to read more about it. My even bigger hope is that some of you will decide to become first-hand beta testers as soon as the upcoming v3.0 of the marketplace hits the testnet (eta: a few weeks).
You can also use the existing version (currently 2.3.5) of the marketplace to buy or sell products on the publicly accessible single community market there (or just play with it). The marketplace
It is called the Particl Marketplace and its ground breaking V3.0 is set to be released after 3 years of hard development work. The V3.0 will be the first version aimed at a wider public (normies and not only tech geeks). It will allow anyone to create easily decentralized personal storefronts or community markets or simply buy/sell goods on existing markets. The user-created markets/storefronts on the marketplace can be public if the access key is publicly announced on the Particl network or absolutely invisible to anyone that doesn’t know the access key (held by the creator). This is an intentional privacy feature and simply put, if you dont have the market access key (essentially a decryption key) there is absolutely no way to see/detect that some market exists.
The marketplace is private by design and decentralized, with no middlemen or intermediaries whatsoever. The trades are protected by a two-way automated escrow via smart-contracts that de-incentivize and penalize dishonest behavior on both sides. In particular, the buy-flow forces the buyer to deposit 1x item value + payment and the seller 1x item value (+ sends item) into a common smart contract. If the buyer receives the product/service and its all good, then he unlocks the escrow so both can get their 1x item value deposits back and the seller receive his payment.
The marketplace takes no sales commissions from the storefronts/markets and charges only a tiny listing fee (<0.01$) to prevent product listings spamming. All the marketplace generated fees go to the staking nodes that provide the hardware infrastructure for the p2p network to operate. The network nodes can be public or you can run them as Tor hidden services. The technology
The Particl Marketplace is crypto-agnostic and currently supports payments in BTC, PART, ZCoin (XMR, DAI, NIX, USDC, USDT are next in the pipeline and many more to come). It uses as a settlement layer its native coin PART and own blockchain, which is an up-to-date Bitcoin codebase with added privacy features like CT, RingCT (up to 32 mixins), Stealth addresses, etc. These privacy features are used in combination to keep the financial data, like escrows and transactions, private and most importantly un-linkable to the actual market buys/sells.
For the users and markets related data exchange like posted listings, buy/sell flows, encrypted user communication, built-in cryptocurrency exchange, etc, the marketplace uses a DSN, currently its a custom Bitmessage variant called SMSG, which allows metadata stripped encrypted p2p data exchange (no sender, no receiver)
Last but not least the marketplace desktop app (Particl Desktop) has a built-in option for using the Tor network via proxy. The important people
The cypherpunks behind Particl Marketplace have been OGs freedom advocates and pioneers in the privacy DLT field. For example, they were the first ever to implement features like RingCT, Bulletproofs, PoS, cold staking, etc on a Bitcoin codebase. Their privacy features implementations have been audited successfully by several respectable academics and security R&D providers, like QuarksLab.
The team behind the project has been so far focused on building without any marketing/awareness efforts and thus have remained intentionally in the shadows. The latter is planned to change with the v3.0 release. One of the steps towards that will be the initiation of several long-planned awareness campaigns, like the Vendor Onboarding and Outreach Program, the Particl Academy (an easy to understand and learn about the technology portal) and many more. Me
I am a passionate freedom and privacy advocate that discovered the project 1.5 year ago and since then has become a member of their small but like-minded community ([email protected]
My personal belief is that the Particl Marketplace provides a game-changing/breaking usecase to the world. At the minimum, due to the open source nature of the project, it will be a proof of concept that is bound to shift the global eCommerce paradigm.
Everyday info sec, hardcore info sec, and DNMs
submitted by seven_N_A7 to u/seven_N_A7 [link] [comments]
Edit: Since first post I have updated a few sections with additional information.
I recommend reading it all even if it is very long, I might have placed some relevant info in different sections while thinking about what else needed to be added, plenty of steps remains mostly the same except when I comment directly on it. It is not necessary to do 100% security all the time, unless you absolutely need it, combining some high and some lower security ideas for a balance of security and convenience is useful.
I will base this mostly on Windows, Linux users probably know this, and I have no idea how apple machines work (tho many things in here are still relevant for other operating systems, as they are just general tips)
Disclaimer: There are certainly other steps that can make you more anonymous or safer, however I think for most people this will surfice. Any software I recommend should be independently verified for security, and examples of software are not to be taken as endorsements. I simply use examples and give recommendations when I believe it necessary, or helpful.
I will not really differentiate between anonymity and security, they are often the same thing. As such the word security can mean either more anonymous, less vulnerable, or both. -
Everyday Simple Info Sec:
- Password for the device is an obvious one (8+ characters minimum, best if over +12), if there is sensitive information on any of the drives, either encrypt the entire drive or just the sensitive files, and make encrypted backups on a different memory storage device (There many programs to encrypt files and drives I'm sure a search will figure it out)
-There could be a hidden administrator user on your PC, make sure to change its password
- Always use the device on a non admin account
- a VPN that doesn't log (use with kill switch on, should be enough for everyday stuff, more safe stuff in the high security section) (VPNs that claim they don't log sometimes do, it's bad, but I would like to point out that not using a VPN will always expose your traffic to your ISP and also remove additional encryption. Even if the VPN tracks, there is no downside because your ISP would track anyways, and VPNs can be more anonymous, and also add extra encryption)
- disable location tracking (preferably make all your privacy setting to release minimal info, get rid or cortana, change privacy settings in all of your accounts as well, there's no reason why you should allow Facebook to give you target ads. Use the setting they give you.
- TOR, Firefox or similar browser, stay the fuck away from Google Chrome.
- your preferred search engine should be duckduckgo (other privacy focused search engines exist as well)
- use an adblocker that also prevents the adding of tacking cookies
- Use pgp with all your friends or messaging services that implemented end to end encryption (Implemented services can still be bypassed, but are way more convenient so for everyday use they should suffice, some examples should be Telegraph, Signal, WhatsApp etc) (more info on pgp in high security section)
(Snapchat msgs, reddit dms, discord msgs, are just a few examples of msgs that are never encrypted)
-Any info even send in encrypted msgs (and obviously non encrypted) should still be kept with possible deniability, don't say "I'm gonna do MDMA", say "I'm going out with molly."
- use software (like ccleaner) that purges cookies and other data after every use, before shutting down your device
- use a virus scanner daily (I like spy bot Search and destroy, many other options also exist)
- never use the same password/passphrase twice (I will address what passphrase are below) (Better yet use randomized passwords that are stored in a master key chain, make them as long as possible (tho it is okay to go with the minimum of 12 never go below 7, I recommend 15+ depending on how often you have to manually enter the password instead of copying/pasting it) Don't generate too long keys for things you need to access regularly without copy/paste, except your master key ring)
- its ideal to never use the same email or username as well, especially username, email is obviously tricky and also very annoying, but it would be best to always change the email.
- it's also ideal to check https://haveibeenpwned.com and anything you have that comes up positive should be immediately changed
-DO NOT STORE ANY PASSWORDS ON GOOGLE, IF GOOGLE LOGIN IS AUTHENTICATED IT WILL AUTFILL ALL PASSWORDS IT HAS SAVED (same with other similar services) (This means if you are logged in to chrome and someone has access to your machine, they can auto fill passwords without entering a single password)
-use a rememberable passphrase, especially for your master key ring aka password manager A long sentence that is memorable makes an okay password (decent example,: "I met my wife at Little Ceasers for the first time on 07/09/20" better even if it's just something you know, if its impersonal, and if you can add special characters or numbers that you won't forget) (A better example for a passphrase is: "There is 0nly 0ne letter that d0esn’t appear in any U.S. state nameQ
- for your main password manager(key ring), I highly recommend Keepass 2, make backups of the file save to separate devices and drives (Flash drives, phone, PC, laptop, etc, if you loose that file, you lose all of your passwords) (Other good password managers exist as well, I don't recommend online password managers as you lose the control over passwords)
-Purge your internet activity frequently, there's a reason why I only have one post, and a few comments appearing in my account, but thousands of kama. Exposing information needlessly is not good.
-Never post private information publicly, and if you do, do it vaguely as possible. (Example: Not "I'm 15", say "I'm a teenager") Do not post any vital information ever, no birthdays, mother's maiden name, age, or anything you have ever seen in a security question. Never post your current activities while they are ongoing. You going on a vacation? Don't announce it to the world, taking picture there? Post them when you are home.
- Any account that is supposed to remain anonymous and as secure as possible should only be used on secured devices. A unsecured device can link you to the account.
- always shutdown your machine when leaving it (To prevent access, and to prevent a possible attack vector)
- 2 factor factor authentication is not great anymore. Unless you can do it over a anonymous source. A cell phone is usually directly connected to you, so it is not a anonymous device. There might still be secure/anonymous 2 factor authentication methods that won't expose you, for example over a secure email. (If there is 2FA that doesn't need a device that removes anonymity and is secure, use it.) (Please don't misunderstand, 2FA is great, however it can remove the anonymity that you worked hard to establish)
-Rethink how you do security questions. Many answers to security questions can be found in your internet history. One could use the first word of the security question as an answer, or a different sceme that will mean you always remember it. (Security question need to go, the amount of personal info an average person puts on the internet makes it easy to attack anything using security question)
High level crimimal information security:
The motto here is, "All the Security, All the Time" As one fuck up can end with you leaving a lick of traceability, and you could be fucked.
Pre Note: All of your software should always be up to date. Also even perfect info sec does not guarantee you are completely safe, a new zero day (exploit) can still fuck you, but good info security makes you significantly safer, by eliminating as many attacks as possible.
-Get a new device (or make a already owned device seem like you never owned it, do this only if you know how to, there's a lot of stuff that goes into that, like changing your mac adress etc) buy with cash, and your face covered, preferably far away from where you live. (Do I need to specify to not bring your phone or anything else that tracks your location to anywhere you want to go anonymously?) (Be aware that even hardware can have vulnerabilities, many cpus have known vulnerabilities, I can't list them all, do some research before buying)
- Do not EVER use a high security device at any lower level of security. There are unique identifiers to your device, exposing them once can expose you for everything you do.
-If you know how to use Tails (A linux distro designed for Info sec) use that, preferably on a USB. (Or learn how to use tails, its better, but complicated) Otherwise a clean copy of windows (make sure its not in any way associated with you) can do the job too, tho not as well. (Using a VM might give extra security, since VMs usually erase all data and RAM they were using on shutdown)
-Get a non tracking VPN, Enable the kill switch (a setting that disables all traffic that doesn't go through the VPN) (change your firewall settings to only allow the traffic from the VPN, windows guide
(Change settings so only traffic from the tor application is send) Edit: (Due to complaints: do not use vpn over tor, use tor over vpn. tor over vpn has no notable downside, if the VPN logs it makes no difference, your ISP will always log anyways, and vpns remove other attack vectors and also provide backup security should tor fail. Again even if the VPN tracks you only change the people doing the tracking, but now you are further removed making it more anonymous and also with less vulnerabilities)
-rember privacy settings, cookie cleaner, and antivirus, password (There could be a hidden administrator user on your PC, make sure to change its password)
-Always use the device on a non admin account
-Ideally use this device only on networks that are not connected with you. Such as public networks (try to never use the same public networks twice, move around) (a home network should be fine now, as it should never be exposed, but more security is always better) (Its just a conveniences vs security trade)
-Never use accounts that have been exposed to lower security on higher security machines
-your browser is now TOR
(or your preferred security focused browser, if you dont plan on using onion ) Make sure you get the standalone version of tor not the addon build (the standalone is safer, because there are less settings and options to tweak)
-Change your tor settings, to safest mode, enable a bridge (to my knowledge there's no difference in security between the build in bridges in tor), enable automatic updates, set duckduckgo onion as your primary browser. Set dark.fail onion page as your home page. (Or your preferred privacy search engine and onion directory)
- set up a new pgp (can't use the same one you use for regular use, again less safer accounts are never used on safer devices) Cleopatra is my choice, its simple to use. Make sure you back up the private key multiple times, on safe devices. (Dont let the private key fall into anyone's hands) Give it a generic name like "HighSecurityPGP" do not give the pgp key pair a name that could identify you. (No initials etc) (Some pgp key pair programs want an associated email for a key pair, you can create a safe email, or which I recoend you can use a different program (like Cleopatra) (Feds & LEOs are known to copy private keys if they have your machine, so you will need to set up a new key pair if they ever take a device with a private key copy)
- a high security machine that facilitates criminal activity can not use many programs. Many programs collect your devices mac adress, which is a unique identifier, amongst other things. It's should be used only for the activity you want to do.
How to use dark net markets (DNMs)
If you finished your High Security setup, we can dive right in. Otherwise go do that. This is where all that is essential.
Quick info on Tor, and onion sites. There is no search engine. It's all based of directories and addresses you are given by others. Tor will likely not be very quick, it has to pass through multiple networks to get to the destination. DNMs sometimes exit scam, an exit scam is when a market shuts down completely and takes all the money, this is a risk when using DNMs, it's not too common but happens maybe 0-4 times a year. The admins of thoese servers need to get out at some point, before they get jailed, so they exit the game, and scam everyone out of their money.
-A very useful onion directory is dark.fail it has a lot of links, for all kinds of stuff. News, email, DNMs, Psychonautwiki (harm reduction website), forums etc. (Other directories also exist)
-Pick a market, preferably one that handles secure connection server side instead of requiring you to establish the secure connection. Then create an account. Your account once created should include an entry box in your profile for a pgp key, post your PUBLIC key in there. (Verify the link is not a scam, most markets should provide a pgp signature)
-Next is currency setup. All major cryptocurrency exchangers can be used, I can recommend coin base but there could be better ones out there. Unless you find a small non U.S., exchange, they will always ask for your identity. So unless you can find a trustworthy exchange that doesn't ID, you will need to give it to them. (Side note, all major crypto exchangers report to the IRS, if the IRS asks you if you bought cryptocurrency and you bought while having IDed yourself SAY YES, DO NOT COMMIT TAX FRAUD WHEN THEY KNOW YOU DID)
- I recommend using Monero, it's hard to track, so it makes your job a lot easier. (If you use bitcoin you should run it through a scrambler, because BTC is tracable to anyone who knows what they are doing)
-Transfer (monero you can send directly, btc you should scramble) to your wallet. There are two options a cold wallet (physical) or a software wallet. Software wallets usually dont cost anything so I recommend them, even if often less safe. Electrum is easy to use, and pretty safe.
You can also do your own research and find a wallet that fits your needs.
- decide where you want to ship it. You can send to your home, to a PO box, to a PO box that you opened with a fake ID (I don't recommend), an abandoned house, general mail (sending to a post office instead of a street adress) pickup up with fake ID, use a remailing service. These are some options, sending it to your own home, isn't ideal, but its pretty much the only easy way.
-now you are ready to buy, only buy using escrow (it means the money is held by the market as a middle man until the product is delivered, they will also handle any issues like wrong quantity, cuts, etc), judge the reviews for a product, and if available look at the history of the vendor, until you find a product from a vendor you trust. (I recommend to buy within your country as much as possible, so it doesn't go through customs, it's very rare that something is found, but it can happen)
-now you get to buy, depending on market, you either have cryptocurrency stored in their wallets (not recommend, you will lose it in an exit scam) or you can send it every order. When you send your delivery adress (or the one you want it to go to) encrypt the adress using the sellers public key. Make sure the adress is correct.
-wait for the product, make sure to extend the escrow until the product arrives, if you can't extend it anymore dispute the order, and a moderator will step in
-test the product, use it, and leave a review. PLEASE LEAVE A REVIEW, DNMs only work because of reviews.
Edit: Didn't imagine I would write over 15000 words. Oh well, it was fun. Hope it helps, if you have any questions feel free to ask.
No idea how long this will stay up, I might purge it in 7 days, or never.
Feather - free, open-source Monero desktop wallet releasing soon™
submitted by dsc__ to Monero [link] [comments]
For the past year tobtoht
and I have been working on the foundations of a new Monero desktop GUI called Feather for Mac OS and Linux platforms (Windows tentative) using Qt5, libwallet, QtWidgets.
The goal of this new wallet is to provide a practical, robust and easy-to-use Monero wallet for every day use. It aims to be beginner friendly, but should also cater to the needs of experienced Monero users with the addition of advanced features like coin control and multisig.
Feather's user interface is inspired by Bitcoin's Electrum wallet, but adapted to fit Monero. Feather is not a fork of Electrum, all of the UI code was written from scratch in C++ / QtWidgets.
Development began in the summer of 2019. We estimate to release a beta version in November or December.
Video preview https://www.youtube.com/watch?v=tylbteVtwrw
Our primary motivation is to create a wallet that we ourselves would want to use and recommend to friends. There aren't many options when it comes to non-custodial Monero desktop wallets. The CLI is an excellent tool for power-users, but is simply not an option for users that are not familiar with with the terminal. The GUI has a slick user interface, but is demanding on system resources due the use of Qt Quick.
Instead we've taken inspiration from Bitcoin's Electrum and started working on the most basic looking Monero desktop wallet one can imagine. We've gotten rid of a lot of functionality, but also added new functionality. Just focussing on the basics results in a clean, robust, and beginner proof wallet.
In an effort to mitigate unintentional off-chain linking, we have made it harder to reuse addresses by automatically hiding used subaddresses. We find that the primary address leads uninformed users to believe that it is somehow functionally incompatible with subaddresses, or that funds sent to subaddresses can not be spent together. To encourage the use of subaddresses the primary address is hidden by default, and only used for change and coinbase outputs.
Our wallet supports advanced coin control features like freeze/thaw and sweeping a single output. In the future we may add manual transaction input selection.
There is no need to manually setup Tor to protect your traffic, Feather comes bundled with Tor. By default all traffic is routed through Tor with the exception of traffic between wallet and daemon. Wallet synchronization over Tor takes substantially longer than over clearnet, but you can optionally enable to connect to remote nodes over Tor. If your machine already has a Tor daemon running Feather can use the system daemon when instructed.
Just like in the official GUI, Feather essentially has 2 modes of connecting to the Monero network. You either host your node somewhere (localhost/LAN/internet) or we'll provide you one from a list of trusted, stable, community hosted remote nodes (like Cake Wallet). If Feather detects that it's running on Tails or Whonix it will automatically connect to a random .onion remote node.
Feather is built with Qt Widgets, providing native looks and performance. In a recent test™ a wallet with 10k+ transactions only consumed 200 MB ram (before optimizations). In comparison, the official GUI uses 400 MB before a wallet is opened.
GPU power is plenty nowadays so this hardly a problem, however, we are serious about providing an user interface that feels snappy to use. The application itself starts within 1-2 seconds on most machines (Bitcoin's Electrum is more like 4-5 seconds due to their usage of PyQt).
We have implemented Tevador's 14 word seed scheme with embedded restore height. The same function is used to derive the private view key from the private spendkey, therefore it is possible to convert the 14 word seed into a standard 25 word seed in case you want to restore the wallet using the official wallet software.
Feather connects to a websocket server over Tor to obtain miscellaneous data such as: price information, a list CCS proposals, posts on /Monero
, the most recent blockheight, a list of community hosted nodes and the latest version of Feather.
The websocket server itself is open-source and self-hostable. By default Feather will connect to a server hosted by the project maintainers. The websocket connection can be disabled completely, but some functionality will be disabled/broken.
Our target audience are users who want to use Monero without too many issues and we've designed the wallet as such, with lots of convenience features, while routing it all over Tor in the background.
The native look of the application should feel familair to users as it behaves like any other program that runs on their computer. Added benefit for future contributors/developers is that it's very fast to implement/test UI components by borrowing from QtWidget's vast library. This in contrast with the Monero GUI, which uses custom QML components - a tricky and time consuming rendereframework more suited for large teams to create electron-like applications.
- Feather is able to show detailed transaction and output information including key images, unlock times and ring members.
- Support for 2/2 and 2/3 multisig is in the works.
- Feather will be distributed as a portable executable.
- Feather will ship on Linux and Mac OS - and also Windows once we get static cross compiles to work (rip)
- Feather has built-in support for XMR to BTC conversion via XMR.to (no commercial affiliation)
- We can easily support additional interfaces other than QtWidgets (like QML for a mobile app, curses, etc) as business logic is stricly seperated from the presentation layer.
Work started early summer 2019. We still have some features to finish, prepare CI/CD, etc. As such we expect an alpha or beta release in December 2020. For this we would like the community's approval to allow the milestones defined in GUI CCS
to be used for the remainder of this project, paid in full - we can use the support. Consequently all code will be licensed under the Monero Project and features/changes to libwallet or wallet2 will be committed to upstream (Monero GUI/core). Future development and releases will be maintained by dsc__
Idle in #feather on irc.oftc.net if you want to help beta testing in a month or so. You will need Linux, as this is our primary platform for developing the application.
Please let us know what you think in the comments. We're open to suggestions/feature requests/brainfarts.
[OWL WATCH] Waiting for "IOTA TIME" 30;
Disclaimer: This is sort of my own arbitrary editing, so there could be some misunderstandings. I root for the spread of good spirits and transparency of IF. submitted by btlkhs to Iota [link] [comments]
📷 Hans Moog [IF]어제 오후 2:45 So why don't we just copy Avalanche? Well that's pretty simple ...
📷 Hans Moog [IF]어제 오후 2:47 1. It doesn't scale very well with the amount of nodes in the network that have no say in the consensus process but are merely consensus consuming nodes (i.e. sensors, edge devices and so on). If you assume that the network will never have more than a few thousand nodes then thats fine but if you want to build a DLT that can cope with millions of devices then it wont work because of the message complexity. 2. If somebody starts spamming conflicts, then the whole network will stop to confirm any transactions and will grind to a halt until the conflict spamming stops. Avalanche thinks that this is not a huge problem because an attacker would have to spend fees for spamming conflicts which means that he couldn't do this forever and would at some point run out of funds. IOTA tries to build a feeless protocol and a consensus that stops to function if somebody spams conflicts is really not an option for us. 3. If a medium sized validator goes offline due to whatever reason, then the whole network will again stop to confirm any transactions because whenever a query for a nodes opinion can not be answered they reset the counter for consecutive successful voting rounds which will prevent confirmations. Since nodes need to open some ports to be available for queries it is super easy to DDOS validators and again bring the network confirmations to 0.
📷 Hans Moog [IF]어제 오후 3:05 4. Avalanche still processes transactions in "chunks/blocks" by only applying them after they have gone through some consensus process (gathered enough successfull voting rounds), which means that the nodes will waste a significant amount of time where they "wait" for the next chunk to be finished before the transactions are applied to the ledger state. IOTA tries to streamline this process by decoupling consensus and the booking of transactions by using the "parallel reality based ledger state" which means that nodes in IOTA will never waste any time "waiting" for decisions to be made. This will give us much higher throughput numbers.
📷 Hans Moog [IF]어제 오후 3:11 5. Avalanche has some really severe game theoretic problems where nodes are incentivized to attach their transactions to the already decided parts of the DAG because then things like conflict spam won't affect these transactions as badly as the transactions issued by honest nodes. If however every node would follow this "better and selfish" tip selection mechanism then the network will stop to work at all. Overall the "being able to stop consensus" might not be too bad since you can't really do anything really bad (i.e. double spend) which is why we might not see these kind of attacks in the immediate future but just wait until a few DeFi apps are running on their platform where smart contracts are actually relying on more or less real time execution of the contracts. Then there might be some actual financial gains to be made if the contract halts and we might see alot of these things appear (including selfish tip selection). Avalanche is barely a top 100 project and nobody attacks these kind of low value networks unless there is something to be gained from such an attack. Saying that the fact that its live on mainnet and hasn't been attacked in 3 weeks is a proof for its security is completely wrong. Especially considering that 95% of all stake are controlled by avalanche itself If you control > 50% of the voting power then you essentially control the whole network and attacks can mostly be ignored I guess there is a reason for avalanche only selling 10% of the token supply to the public because then some of the named problems are less likely to appear
📷 Navin Ramachandran [IF]어제 오후 3:21 I have to say that wtf's suggestion is pretty condescending to all our researchers. It seems heavy on the troll aspect to suggest that we should ditch all our work because iota is only good at industrial adoption. Does wtf actually expect a response to this? Or is this grand standing?
📷 Hans Moog [IF]어제 오후 3:22 The whole argument of "why don't you just use X instead of trying to build a better version" is also a completely idiotic argument. Why did ETH write their own protocol if Bitcoin was already around? Well because they saw problems in Bitcoins approach and tried to improve it.
📷 Hans Moog [IF]어제 오후 3:27 u/Navin Ramachandran [IF] Its like most of his arguments ... remember when he said we should implement colored coins in 2nd layer smart contracts instead of the base layer because they would be more expressive (i.e. turing complete) completely discarding that 2nd layer smart contracts only really work if you have a consensus on data and therefore state for which you need the "traceability" of funds to create these kind of mini blockchains in the tangle? Colored coins "enable" smart contracts and it wouldnt work the other way round - unless you have a platform that works exactly like ETH where all the nodes validate a single shared execution platform of the smart contracts which is not really scalable and is exactly what we are trying to solve with our approach.
📷 Navin Ramachandran [IF]어제 오후 3:28 Always easier to criticise than build something yourself. But yet he keeps posting these inflammatory posts. At this point is there any doubt if he is making these comments constructively?
📷 Hans Moog [IF]어제 오후 3:43 If he at least would try to understand IOTAs vision ... then maybe he wouldn't have to ask things like "Why don't you just copy a tech that only works with fees"
📷 Hans Moog [IF]어제 오후 4:35 u/Shaar
I thought this would only be used to 'override' finality, eg if there were network splits. But not in normal consensus That is not correct. Every single transaction gets booked on arrival using the parallel reality based ledger state. If there are conflicts then we create a "branch" (container in the ledger state) that represents the perception that this particular double spend would be accepted by consensus. After consensus is reached, the container is simply marked as "accepted" and all transactions that are associated with this branch are immediately confirmed as well. This allows us to make the node use all of its computing ressources 24/7 without having to wait for any kind of decision to be made and allows us to scale the throughput to its physical limits. That's the whole idea of the "parallel reality based ledger state" instead of designing a data structure that models the ledger state "after consensus" like everybody else is doing it is tailored to model the ledger state "before consensus" and then you just flip a flag to persist your decision. The "resync mechanism" also uses the branches to measure the amount of approval a certain perception of the ledger state receives. So if my own opinion is not in line with what the rest of the network has accepted (i.e. because I was eclipsed or because there was a network split), then I can use the weight of these branches to detect this "being out of sync" and can do another larger query to re-evaluate my decision.(수정됨)
Also what happens in IOTA if DRNG notes would fall out, does the network continue if no new RNGs appear for a while? Or will new nodes be added sufficiently fast to the DRNG committee that no one notices? Its a comittee and not just a single DRNG provider. If a few nodes fail then it will still produce random numbers. And even if the whole comittee fails there are fallback RNG's that would be used instead
📷 Hans Moog [IF]어제 오후 4:58 And multiverse doesn't use FPC but only the weight of these branches in the same way as blockchain uses the longest chain wins consensus to choose between conflicts. So nodes simply attach their transactions to the transactions that they have seen first and if there are conflicts then you simply monitor which version received more approval and adjust your opinion accordingly.
📷 Hans Moog [IF]어제 오후 5:07 We started integrating some of the non-controversial concepts (like the approval reset switch) into FPC and are currently refactoring goshimmer to support this We are also planning to make the big mana holders publish their opinion in the tangle as a public statement, which allows us to measure the rate of approval in a similar way as multiverse would do it So its starting to converge a bit but we are still using FPC as a metastability breaking mechanism Once the changes are implemented it should be pretty easy to simulate and test both approaches in parallel
📷 Serguei Popov [IF]어제 오후 5:53
So the ask is that we ditch all our work and fork Avalanche because it has not been attacked in the month or so it has been up? u/Navin Ramachandran [IF] yeah, that's hilarious. Avalanche consensus (at least their WP version) is clearly scientifically unsound.
📷 Hans Moog [IF]어제 오후 9:43 u/wtf maybe you should research avalanche before proposing such a stupid idea and you will see that what I wrote is actually true
📷 Hans Moog [IF]어제 오후 9:44 paying fees is what "protects" them atm and simply the fact that nobody uses the network for anything of value yet we cant rely on fees making attack vectors "inattractive"
📷 Serguei Popov [IF]어제 오후 10:17
well (1.) very obviously the metastability problems are not a problem in practice, putting "very obviously" before questionable statements very obviously shows that you are seeking a constructive dialogue
📷 (to make metastability work, the adversary needs to more-or-less know the current opinion vectors of most of the honest participants; I don't see why a sufficiently well-connected adversary cannot query enough honest nodes frequently enough to achieve that)
(2.) .... you'd need an unpredictable number every few tens/hundreds milliseconds, but your DRNG can only produce one every O(seconds). the above assumption (about "every few tens/hundreds milliseconds") is wrong
We've had this discussion before, where you argued that the assumptions in the FPC-BI paper (incl. "all nodes must be known") are not to be taken 100% strictly, and that the results are to be seen more of an indication of overall performance. Aham, I see. So, unfortunately, all that time that I invested into explaining that stuff during our last conversation was for nothing. Again, very briefly. The contents of the FPC-BI paper is not "an indication of overall performance". It rather shows (to someone who actually read and understood the paper) why the approach is sound and robust, as it makes one understand what is the mechanism that causes the consensus phenomenon occur.
Yet you don't allow for that same argument to be valid for the "metastability" problem in avalanche, Incorrect. It's not "that same argument". FPC-BI is a decent academic paper that has precisely formulated results and proofs. The Ava WP (the probabilistic part of it), on the other hand, does not contain proofs of what they call results. More importantly, they don't even show a clear path to those proofs. That's why their system is scientifically unsound.
even when there's a live network that shows that it doesn't matter. No, it doesn't show that it doesn't matter. It only shows that it works when not properly attacked. Their WP doesn't contain any insight on why those attacks would be difficult/impossible.
📷 Hans Moog [IF]어제 오후 10:56 That proposal was so stupid - Avalanche does several things completely different and we are putting quite a bit og effort into our solution to pretty much fix all of Avalanches shortcomings If we just wanted to have a working product and dont care about security or performance then we could have just forked a blockchaib I am pretty confident that once we are done - its going to be extremely close to the besttheoretical thresholds that DLTs will ever be able to achieve for an unsharded baselayer -------------------------------------------------------------------------------------------------------------
📷 Bas어제 오전 2:43 Yesterday I was asked how a reasonably big company no one has heard of could best move forward implementing Access for thousands of locations worldwide. (Sorry for the vagueness, it’s all confidential.) They read the article and want to implement it because it seems to fit a problem they’re currently trying to solve. Such moves will vastly increase the utility of protocols like IOTA, and is what the speculation is built on. I do not think you can overestimate what impact Access is going to have. It’s cutting out the middleman for simple things; no server or service needed. That’s huge. So yes, I think this space will continue to grow u/Coinnave
📷 Angelo Capossele [IF]2020.10.02. In short: we are planning a new v0.3.0 release that should happen very soon. This version will bring fundamental changes to the structure of the entire codebase (but without additional features) so that progressing with the development will be easier and more consistent. We have also obtained outstanding results with the dRNG committee managed by the GoShimmer X-Team, so that will also be integral part of v0.3.0. After that, we will merge the Value Tangle with the Message Tangle, so to have only one Tangle and make the TSA and the orphanage easier to manage. And we are also progressing really well with Mana, that will be the focus after the merge. More or less this is what is going to happen this month. We will release further details with the upcoming Research Status Update
A message for our youth
We're living strange times at the moment. The government is exercising enormous amounts of force over its population to behave and act in a certain way. They are trying to remain in control and by doing so, negatively impacting the lives of its population. submitted by Philosophy_Unhappy to Bitcoin [link] [comments]
The only way a government is able to achieve this type of power is through money. You will learn over time, that money is everything (Lesson 1). You might be taught that money isn't everything. Whilst that is true to some extent, the overwhelming majority of your life experience and outcomes on this planet will be dictated by money. You may even be taught that "money is the root of all evil." This is simply not true. I'll come back to that in a sec. Keep reading,
Money can be used to pay people to do things, get them to make things and produce an outcome or output. If you ever want to question the motives of someone, understand how and by whom they're getting paid (Lesson 2). When you pay someone, you can pay them on how to think, how to act, how to behave, what to wear. Basically, you have the ability to dictate someone's life for a period of time. Corporations do this all the time. This isn't necessarily a bad thing. I mean, it's not great, but there will always be someone who is willing to have their life dictated to in exchange for money out of desperation.
But, where it gets really ugly, is with government. Many people mistakenly believe the government is acting in the interests of its people. A government never acts in the interests of its people (Lesson 3). It only acts in the interests of itself. There is one thing a government has the ability to do, that nobody else does. The ability to print money. Some might call it evil. You see, a government can print money to no end. With this, comes an extraordinary ability to wreak havoc on its population, with little to no consequences for those who create bad government policy. You see, money is not the root of all evil. The unlimited supply of money is the root of all evil (Lesson 4).
There is no incentive for a government to closely, accurately and truthfully assess the impacts of its policies on its population. Why? Well, if the experiment doesn't work, the government can print more money to try something else. This is where a corporation is limited. It is limited by what's known as "opportunity cost". A company cannot sustain its terrible ideas for vast amounts of time, for their bad ideas will eventually lead them to run out of money. A government however, can't run out of money, because they have the ability to print it. They also have the ability to steal it from its population, in what is commonly referred to as "taxation". Much of the population are conditioned to happily pay this sum of money, thinking it is the right thing to do for essential services such as health care, education, legal and justice system, police etc. They are mistakenly led to believe that the government serves them and that if a government did not exist society would not be civilised. But also, if they don't pay up, they face time in jail. This in general, leads to a society that is frustrated, not at peace and, ironically, uncivilised.
A growing proportion of the population are seeing the government for the fraud that it is. But not only that, they're starting to realise that having a centralised government in complete control of these "essential services" isn't a good idea. As it pertains to health care, in the event of a pandemic, a government run system suffers immensely, where they now have to pick which life is worth more than another. In terms of education programs, they teach you that governments are required to peacefully maintain a society, otherwise there'd be chaos. The education system is designed so you grow up proud of your country and even indebted to its government for keeping you alive. This is called brainwashing, not educating. Infact, what a government has effectively done is chopped off your leg at birth, given you some crutches and said " See, without the government, you'd have never walked again." In terms of Police, it's becoming apparent that it attracts thugs who use and abuse their power. The justice system is showing its flaws every day, particularly to those who expose the government for their crimes.
The other major thing that governments fund is the military. Oh boy, this is a disaster waiting to happen.
All of these bad ideas are funded through government printed money called "fiat". The only way these bad ideas are sustained for decades is through government's never having to face what's known as the "profit and loss test" (Lesson 5). Meanwhile, because of their rampant printing of money, the population suffers in the form of slowly getting poorer, because their savings can now buy less and less goods and services than in previous years. This form of taxation is called "inflation". It erodes away what's known as your "purchasing power".
The only solution we have to push back against this is Bitcoin. Bitcoin has a strict limited supply of money and no government controls it. If we truly want change, Bitcoin (and making it better) is the only solution. There is no point engaging in politics. Politics is pointless. If Bitcoin fails, you can look forward to eating out of a tin can, working the entire span of your life to pay for your living expenses and medical bills, being compulsorily vaccinated with experimental drugs, being brainwashed, living like a drone, requiring special papers to leave the borders you were (un)lucky enough to be born in, having little to no savings for your future and maybe even signed up to go to war called "conscription". This type of person is known as a "serf". Just like everyone comes to the one Internet for information and global communication, we must ensure everyone comes to the one currency for money. Bitcoin.
I wish you all the very best in your journey through life. Hopefully this helps you side step some of the biggest atrocities you may face. This is what I wish my father had told me about the world.
Why Osana takes so long? (Programmer's point of view on current situation)
submitted by Dezhitse to Osana [link] [comments]
I decided to write a comment about «Why Osana takes so long?»
somewhere and what can be done to shorten this time. It turned into a long essay. Here's TL;DR
The cost of never paying down this technical debt is clear; eventually the cost to deliver functionality will become so slow that it is easy for a well-designed competitive software product to overtake the badly-designed software in terms of features. In my experience, badly designed software can also lead to a more stressed engineering workforce, in turn leading higher staff churn (which in turn affects costs and productivity when delivering features). Additionally, due to the complexity in a given codebase, the ability to accurately estimate work will also disappear. Longer version
Junade Ali, Mastering PHP Design Patterns (2016)
: I am not sure if people here wanted an explanation from a real developer who works with C and with relatively large projects, but I am going to do it nonetheless. I am not much interested in Yandere Simulator nor in this genre in general, but this particular development has a lot to learn from for any fellow programmers and software engineers to ensure that they'll never end up in Alex's situation, especially considering that he is definitely not the first one to got himself knee-deep in the development hell (do you remember Star Citizen
?) and he is definitely not the last one.
On the one hand, people see that Alex works incredibly slowly, equivalent of, like, one hour per day, comparing it with, say, Papers, Please
, the game that was developed in nine months from start to finish by one guy. On the other hand, Alex himself most likely thinks that he works until complete exhaustion each day. In fact, I highly suspect that both those sentences are correct! Because of the mistakes made during early development stages, which are highly unlikely to be fixed due to the pressure put on the developer right now and
due to his overall approach to coding, cost to add any relatively large feature (e.g. Osana) can be pretty much comparable to the cost of creating a fan game from start to finish. Trust me, I've seen his leaked source code
(don't tell anybody about that)
and I know what I am talking about. The largest problem in Yandere Simulator right now is its super slow development. So, without further ado, let's talk about how «implementing the low hanging fruit» crippled the development and, more importantly, what would have been an ideal course of action from my point of view to get out. I'll try to explain things in the easiest terms possible.
- else if's and lack any sort of refactoring in general
The most «memey» one. I won't talk about the performance though (switch statement is not better in terms of performance, it is a myth. If compiler detects some code that can be turned into a jump table, for example, it will do it, no matter if it is a chain of if's or a switch statement. Compilers nowadays are way smarter than one might think). Just take a look here
I refactored this code for you
using C language (mixed with C++ since there's no this pointer in pure C). Take a note that else if's are still there, else if's are not the problem by itself.
The refactored code is just objectively better for one simple reason: it is shorter, while not being obscure, and now it should be able to handle, say, Trespassing and Blood case without any input from the developer due to the usage of flags
. Basically, the shorter your code, the more you can see on screen without spreading your attention too much. As a rule of thumb, the less lines there are, the easier it is for you to work with the code. Just don't overkill that, unless you are going to participate in International Obfuscated C Code Contest
. Let me reiterate:
Perfection is achieved, not when there is nothing more to add, but when there is nothing left to take away.
Antoine de Saint-Exupéry
This is why refactoring — activity of rewriting your old code so it does the same thing, but does it quicker, in a more generic way, in less lines or simpler — is so powerful. In my experience, you can only keep one module/class/whatever in your brain if it does not exceed ~1000 lines, maybe ~1500. Splitting 17000-line-long class into smaller classes probably won't improve performance at all, but it will make working with parts of this class way easier. Is it too late now to start refactoring?
Of course NO
: better late than never.
If you think that you wrote this code, so you'll always easily remember it, I have some bad news for you: you won't. In my experience, one week and that's it. That's why comments are so crucial. It is not necessary to put a ton of comments everywhere, but just a general idea will help you out in the future. Even if you think that It Just Works™
and you'll never ever need to fix it. Time spent to write and debug one line of code almost always exceeds time to write one comment in large-scale projects. Moreover, the best code is the code that is self-evident. In the example above, what the hell does (float) 6 mean? Why not wrap it around into the constant with a good, self-descriptive name? Again, it won't affect performance, since C# compiler is smart enough to silently remove this constant from the real code and place its value into the method invocation directly. Such constants are here for you.
I rewrote my code above a little bit to illustrate this
. With those comments, you don't have to remember your code at all, since its functionality is outlined in two tiny lines of comments above it. Moreover, even a person with zero knowledge in programming will figure out the purpose of this code. It took me less than half a minute to write those comments, but it'll probably save me quite a lot of time of figuring out «what was I thinking back then» one day. Is it too late now to start adding comments?
Again, of course NO
. Don't be lazy and redirect all your typing from «debunk» page (which pretty much does the opposite of debunking, but who am I to judge you here?) into some useful comments.
- Unit testing
This is often neglected, but consider the following. You wrote some code, you ran your game, you saw a new bug. Was it introduced right now? Is it a problem in your older code which has shown up just because you have never actually used it until now? Where should you search for it? You have no idea, and you have one painful debugging session ahead. Just imagine how easier it would be if you've had some routines which automatically execute after each build and check that environment is still sane and nothing broke on a fundamental level. This is called unit testing, and yes, unit tests won't be able to catch all your bugs, but even getting 20% of bugs identified at the earlier stage is a huge boon to development speed. Is it too late now to start adding unit tests?
at the same time. Unit testing works best if it covers the majority of project's code. On the other side, a journey of a thousand miles begins with a single step. If you decide to start refactoring your code, writing a unit test before refactoring will help you to prove to yourself that you have not broken anything without the need of running the game at all.
- Static code analysis
This is basically pretty self-explanatory. You set this thing once, you forget about it. Static code analyzer is another «free estate» to speed up the development process by finding tiny little errors, mostly silly typos (do you think that you are good enough in finding them? Well, good luck catching x << 4; in place of x <<= 4; buried deep in C code by eye!). Again, this is not a silver bullet, it is another tool which will help you out with debugging a little bit along with the debugger, unit tests and other things. You need every little bit of help here. Is it too late now to hook up static code analyzer?
- Code architecture
Say, you want to build Osana, but then you decided to implement some feature, e.g. Snap Mode. By doing this you have maybe made your game a little bit better, but what you have just essentially done is complicated your life, because now you should also write Osana code for Snap Mode. The way game architecture is done right now, easter eggs code is deeply interleaved with game logic, which leads to code «spaghettifying», which in turn slows down the addition of new features, because one has to consider how this feature would work alongside each and every old feature and easter egg. Even if it is just gazing over one line per easter egg, it adds up to the mess, slowly but surely.
A lot of people mention that developer should have been doing it in object-oritented way. However, there is no silver bullet in programming. It does not matter that much if you are doing it object-oriented way or usual procedural way; you can theoretically write, say, AI routines on functional (e.g. LISP
)) or even logical language if you are brave enough (e.g. Prolog
). You can even invent your own tiny programming language
! The only thing that matters is code quality and avoiding the so-called shotgun surgery
situation, which plagues Yandere Simulator from top to bottom right now. Is there a way of adding a new feature without interfering with your older code (e.g. by creating a child class which will encapsulate all the things you need, for example)? Go for it, this feature is basically «free» for you. Otherwise you'd better think twice before doing this, because you are going into the «technical debt» territory, borrowing your time from the future by saying «I'll maybe optimize it later» and «a thousand more lines probably won't slow me down in the future that much, right?». Technical debt will incur interest on its own that you'll have to pay. Basically, the entire situation around Osana right now is just a huge tale about how just «interest» incurred by technical debt can control the entire project, like the tail wiggling the dog.
I won't elaborate here further, since it'll take me an even larger post to fully describe what's wrong about Yandere Simulator's code architecture. Is it too late to rebuild code architecture?
, although it should be possible to split Student class into descendants by using hooks for individual students. However, code architecture can be improved by a vast margin if you start removing easter eggs and features like Snap Mode that currently bloat Yandere Simulator. I know it is going to be painful, but it is the only way to improve code quality here and now. This will simplify the code, and this will make it easier for you to add the «real» features, like Osana or whatever you'd like to accomplish. If you'll ever want them back, you can track them down in Git history and re-implement them one by one, hopefully without performing the shotgun surgery this time.
- Loading times
Again, I won't be talking about the performance, since you can debug your game on 20 FPS as well as on 60 FPS, but this is a very different story. Yandere Simulator is huge. Once you fixed a bug, you want to test it, right? And your workflow right now probably looks like this:
- Fix the code (unavoidable time loss)
- Rebuild the project (can take a loooong time)
- Load your game (can take a loooong time)
- Test it (unavoidable time loss, unless another bug has popped up via unit testing, code analyzer etc.)
And you can fix it. For instance, I know that Yandere Simulator makes all the students' photos during loading. Why should that be done there? Why not either move it to project building stage by adding build hook so Unity does that for you during full project rebuild, or, even better, why not disable it completely or replace with «PLACEHOLDER» text for debug builds? Each second spent watching the loading screen will be rightfully interpreted as «son is not coding» by the community. Is it too late to reduce loading times?
Or any other continuous integration tool. «Rebuild a project» can take a long time too, and what can we do about that? Let me give you an idea. Buy a new PC. Get a 32-core Threadripper, 32 GB of fastest RAM you can afford and a cool motherboard which would support all of that (of course, Ryzen/i5/Celeron/i386/Raspberry Pi is fine too, but the faster, the better). The rest is not necessary, e.g. a barely functional second hand video card burned out by bitcoin mining is fine. You set up another PC in your room. You connect it to your network. You set up ramdisk
to speed things up even more. You properly set up Jenkins
) on this PC. From now on, Jenkins cares about the rest: tracking your Git repository, (re)building process, large and time-consuming unit tests, invoking static code analyzer, profiling, generating reports and whatever else you can and want to hook up. More importantly, you can fix another bug while Jenkins is rebuilding the project for the previous one et cetera.
In general, continuous integration is a great technology to quickly track down errors that were introduced in previous versions, attempting to avoid those kinds of bug hunting sessions
. I am highly unsure if continuous integration is needed for 10000-20000 source lines long projects, but things can be different as soon as we step into the 100k+ territory, and Yandere Simulator by now has approximately 150k+ source lines of code. I think that probably
continuous integration might be well worth it for Yandere Simulator. Is it too late to add continuous integration? NO
, albeit it is going to take some time and skills to set up.
- Stop caring about the criticism
Stop comparing Alex to Scott Cawton. IMO Alex is very similar to the person known as SgtMarkIV, the developer of Brutal Doom, who is also a notorious edgelord who, for example, also once told somebody to kill himself, just like… However, being a horrible person, SgtMarkIV does his job. He simply does not care much about public opinion. That's the difference.
- Go outside
Enough said. Your brain works slower if you only think about games and if you can't provide it with enough oxygen supply. I know that this one is probably the hardest to implement, but…
That's all, folks.
Bonus: Do you think how short this list would have been if someone just simply listened to Mike Zaimont instead of breaking down in tears
[OWL WATCH] Waiting for "IOTA TIME" 27;
submitted by btlkhs to Iota [link] [comments]
Disclaimer: This is my editing, so there could be always some misunderstandings and exaggerations, plus many convos are from 'spec channel', so take it with a grain of salt, pls.
+ I added some recent convos afterward. --------------------------------------------------
📷 Luigi Vigneri [IF]어제 오후 8:26 Giving the opportunity to everybody to set up/run nodes is one of IOTA's priority. A minimum amount of resources is obviously required to prevent easy attacks, but we are making sure that being active part of the IOTA network can be possible without crazy investments. we are building our solution in such a way that the protocol is fair and lightweight.
📷 Hans Moog [IF]어제 오후 11:24 IOTA is not "free to use" but it's - fee-less you have tokens? you can send them around for free
📷 Hans Moog [IF]어제 오후 11:25 you have no tokens? you have to pay to use the network
📷 lekanovic어제 오후 11:25 I think it is a smart way to avoid the spamming network problem
📷 Hans Moog [IF]어제 오후 11:26 owning tokens is essentially like owning a share of the actual network and the throughput it can process
📷 Hans Moog [IF]어제 오후 11:26**** if you don't need all of that yourself, you can rent it out to people and earn money
📷 Hans Moog [IF]어제 오후 11:27 mana = tokens * time since you own them simplified
📷 Hans Moog [IF]어제 오후 11:27 the longer you hold your tokens and the more you have, the more mana you have but every now and then you have to move them to "realize" that mana
📷 lekanovic어제 오후 11:28 Is there any other project that is using a Mana solution to the network fee problem ?
📷 Hans Moog [IF]어제 오후 11:28 nah the problem with current protocol is that they are leader based
📷 Hans Moog [IF]어제 오후 11:29 you need absolute consensus on who the current leaders are and what their influence in the network is that's how blockchains works
📷 Hans Moog [IF]어제 오후 11:29 if two block producers produce 2 blocks at the same time, then you have to choose which one wins and where everybody attaches their next block to IOTA works differently and doesn't need to choose a single leader we therefore have a much bigger flexibility of designing our sybil protection mechanisms in a way, mana is also supposed to solve the problem of "rewarding" the infrastructure instead of the validators in blockchain only the miners get all the money running a node and even if it's one that is used by a lot of people will only cost you won't get anything back no fees, nothing the miners get it all
📷 Hans Moog [IF]어제 오후 11:31 in IOTA, the node operators receive the mana which gives them a share of the network throughput
📷 Hans Moog [IF]어제 오후 11:32 because in blockchain you need to decide whose txs become part of the blocks and it's not really based on networking protocols like AIMD
📷 lekanovic어제 오후 11:33 And the more Mana your node have, the more trust your node has and you have more to say in the FPC, is that correct?
📷 Hans Moog [IF]어제 오후 11:33 yeah a node that has processed a lot of txs of its users will have more mana than other nodes and therefore a bigger say in deciding conflicts its a direct measure of "trust" by its users
📷 lekanovic어제 오후 11:34 And choosing committee for dRNG would be done on L1 protocol level? Everything regarding Mana will be L1 level, right?
📷 Hans Moog [IF]어제 오후 11:35 Yeah Mana is layer1, but will also be used as weight in L2 solutions like smart contracts
📷 lekanovic어제 오후 11:35 And you are not dependant on using SC to implement this
📷 Hans Moog [IF]어제 오후 11:35 No, you don't need smart contracts That's all the base layer
📷 Hans Moog [IF]어제 오후 11:37 'Time' actually takes into account things like decay So it doesn't just increase forever It's close to "Demurrage" in monetary theory
📷 lekanovic어제 오후 11:36 For projects to be able to connect to Polkadot or Cosmos, you need to get the state of the ledger. Will it be possible to get the Tangle state? If this would be possible, then I think it would be SUPER good for IOTA
📷 Hans Moog [IF]어제 오후 11:38 Yeah but polkadot is not connecting other dlts Just inhouse stuff
📷 Hyperware어제 오후 11:39 Is there still a cap on mana so that the rich don't get richer?
📷 Hans Moog [IF]어제 오후 11:39 Yes mana is capped
📷 TangleAccountant어제 오후 11:39 u/Hans Moog [IF] My first thought is that the evolution of this renting system will lead to several big mana renting companies that pool together tons of token holders mana. That way businesses looking to rent mana just need to deal with a reliable mana renting company for years instead of a new individual every couple of months (because life happens and you don't know if that individual will need to sell their IOTAs due to personal reasons). Any thoughts on this?
📷 Hans Moog [IF]어제 오후 11:41 u/TangleAccountant yes that is likely - but also not a bad thing - token holders will have a place to get their monthly payout and the companies that want to use the tangle without having tokens have a place to pay
📷 TangleAccountant어제 오후 11:42 Oh I completely agree. That's really cool. I'll take a stab at creating one of those companies in the US.
📷 Hans Moog [IF]어제 오후 11:42 And everybody who wants to run a node themselves or has tokens and wants use the tangle for free can do so But "leachers" that would want to use the network for free won't be able to do so I mean ultimately there will always be "fees", as there is no "free lunch". You have a certain amount of resources that a network can process and you have a certain demand. And that will naturally result in fees based on supply / demand what you can do however is to build a system where the actual users of that system that legitimately want to use it can do so for free, just because they already "invest" enough by having tokens or running infrastructure they are already contributing to the well-being of the network through these two aspects alone it would be stupid to ask those guys for additional fees and mana essentially tries to be such a measure of honesty among the users
📷 Hyperware어제 오후 11:47 It's interesting from an investment perspective that having tokens/mana is like owning a portion of the network.
📷 Hans Moog [IF]어제 오후 11:48 Yeah, you are owning a certain % of the throughput and whatever the price will ultimately be to execute on this network - you will earn proportionally but you have to keep in mind that we are trying to build the most efficient DLT that you could possibly ever build
📷 semibaron어제 오후 11:48 The whole mana (tokens) = share of network throuput sounds very much like EOS tbh Just that EOS uses DPoS
📷 Hans Moog [IF]어제 오후 11:50 yeah i mean there is really not too many new things under the sun - you can just tweak a few things here and there, when it comes to distributing resources DPoS is simply not very nice from a centralization aspect
📷 Hans Moog [IF]어제 오후 11:50 at least not the way EOS does it delegating weights is 1 thing but assuming that the weight will always be in a way that 21 "identities" run the whole network is bad in the current world you see a centralization of power but ultimately we want to build a future where the wealth is more evenly distributed and the same goes for voting power
📷 Hans Moog [IF]어제 오후 11:52 blockchain needs leader selection it only works with such a centralizing component IOTA doesn't need that it's delusional to say that IOTA wouldn't have any such centralization but maybe we get better than just a handselected nodes
📷 Phantom3D어제 오후 11:52 How would this affect a regular hodler without a node. Should i keep my tokens elsewere to generate mana and put the tokens to use?
📷 Hans Moog [IF]어제 오후 11:53 you can do whatever you want with your mana just make an account at a node you regularly use and use it to build up a reputation with that node to be able to use your funds for free or run a node yourself or rent it out to companies if you just hodl
📷 semibaron어제 오후 11:54 Will there be a build-in function into the node software / wallet to delegate ("sell") my mana?
📷 Hans Moog [IF]어제 오후 11:55 u/semibaron not from the start - that would happen on a 2nd layer
📷 dom어제 오후 9:49
suddenly be incentive to hold iota? to generate Mana
📷 Hyperware오늘 오전 4:21 The only thing I can really do, is believe that the IF have smart answers and are still building the best solutions they can for the sake of the vision
📷 dom오늘 오전 4:43 100% - which is why we're spending so much effort to communicate it more clearly now we'll do an AMA on this topic very soon
📷 M [s2]오늘 오전 4:54 u/dom please accept my question for the AMA: will IOTA remain a permissionless system and if so, how?
📷 dom오늘 오전 4:57 of course it remains permissionless
📷 dom오늘 오전 5:20 what is permissioned about it? is ETH or Bitcoin permissioned because you have to pay a transaction fee in their native token?
📷 Gerrit오늘 오전 5:24 How did your industry partners think about the mana solution and the fact they need to hold the token to ensure network throughput?
📷 dom오늘 오전 5:26 u/Gerrit considering how the infrastructure, legal and regulatory frameworks are improving around the adoption and usage of crypto-currencies within large companies, I really think that we are introducing this concept exactly at the right time. It should make enterprise partners comfortable in using the permissionless network without much of a hurdle. They can always launch their own network if they want to ...
📷 Gerrit오늘 오전 5:27 Launching their own network can’t be what you want
📷 dom오늘 오전 5:27 exactly but that is what's happening with Ethereum and all the other networks they don't hold Ether tokens either.
📷 Gerrit오늘 오전 5:32 Will be very exciting to see if ongoing regulation will „allow“ companies to invest and hold the tokens. With upcoming custody solutions that would be a fantastic play.
📷 Hans Moog [IF]오늘 오전 5:34 It's still possible to send transactions even without mana - mana is only used in times of congestion to give the people that have more mana more priority there will still be sharding to keep the network free most of the time
📷 Hans Moog [IF]오늘 오전 5:35 but without a protection mechanism, somebody could just spam a lot of bullshit and you could break the network(수정됨) you need some form of protection from this
📷 M [s2]오늘 오전 5:36 u/Hans Moog [IF] so when I have 0 Mana, I can still send transactions? This is actually the point where it got strange...
📷 Hans Moog [IF]오늘 오전 5:37 yes you can unless the network is close to its processing capabilities / being attacked by spammers then the nodes will favor the mana holders
📷 Hans Moog [IF]오늘 오전 5:37 but having mana is not a requirement for many years to come currently even people having fpgas can't spam that many tps and we will also have sharding implemented by then
📷 M [s2]오늘 오전 5:39 Thank you u/Hans Moog [IF] ! This is the actually important piece of info!
📷 Basha오늘 오전 5:38 ok, i thought it was communicated that you need at least 1 mana to process a transaction. from the blogpost: "... a node with 0 mana can issue no transactions." maybe they meant during the congestion
**, but if that's the case maybe you should add that**
📷 Hans Moog [IF]오늘 오전 5:42 its under the point "Congestion control:" yeah this only applies to spam attacks network not overloaded = no mana needed
📷 Hans Moog [IF]오늘 오전 5:43 if congested => favor txs from people who have the most skin in the game but sharding will try to keep the network non-congested most of the time - but there might be short periods of time where an attacker might bring the network close to its limits and of course its going to take a while to add this, so we need a protection mechanism till sharding is supported(수정됨)
📷 Hans Moog [IF]오늘 오전 6:36 I don't have a particular problem with EOS or their amount of validators - the reason why I think blockchain is inferior has really nothing to do with the way you do sybil protection and with validators I mean "voting nodes" I mean even bitcoin has less mining pools and you could compare mining pools to dpos in some sense where people assign their weight (in that case hashing power) to the corresponding mining pools so EOS is definitely not less decentralized than any other tech but having more identities having weight in the decision process definitely makes it harder to corrupt a reasonable fraction of the system and makes it easier to shard so its desirable to have this property(수정됨) -------------------------------------------------
📷 Antonio Nardella [IF]오늘 오전 3:36
https://twitter.com/cmcanalytics/status/1310866311929647104?s=19 u/C3PO [92% Cooless] They could also add more git repos instead of the wallet one, and we would probably be #1 there too..
I'm sorry, maybe I'm fueling some confusion through posting this mana-thing too soon,
but, instead of erasing this posting, I'm adding recent convos.
Certain things about mana seem to be not clear, yet.
It would be better to wait for some official clarification.
But, I hope the community gives its full support to IF, 'cause
there could be always some bumps along the untouched, unchartered way.
-------------------------------------------------------------------------------------- Recent Addition;
Billy Sanders [IF]오늘 오후 1:36
It's still possible to send transactions even without mana - mana is only used in times of congestion to give the people that have more mana more priority u/Hans Moog [IF]
Im sorry Hans, but this is false in the current congestion control algorithm. No mana = no transactions. To be honest, we havent really tried to make it work so that you can sent transactions with no mana during ties with no congestion, but I dont see how you can enable this and still maintain the sybil protection required. u/Luigi Vigneri [IF]
What do you think?📷
Dave [EF]오늘 오후 2:19
Suggestion: Sidebar, then get back to us with the verdict.(수정됨)📷2
dom오늘 오후 2:27
No Mana no tx will definitely not be the case(수정됨)📷5
]***Billy probably means the previous rate control paper as it was written by Luigi. I'll clarify with them📷
Hans Moog [IF]오늘 오후 2:29
When was this decided u/Billy Sanders [IF]
and by whom? Was this discussed at last resum when I wasnt there? The last info that I had was that the congestion control should only kick in when there is congestion?!?***[오후 2:29
]***📷 📷 📷📷
Navin Ramachandran [IF]오늘 오후 2:30
Let's sidebar this discussion and return when we have agreement. Dave has the right idea
Bitcoin's intrinsic value lies in the design and rules of its protocol combined with the principles of voluntary association.
submitted by the420chronicler to Bitcoin [link] [comments]
Fidelity Digital Investments: Bitcoin As an Aspirational Store of Value System
Interesting thesis from Fidelity's Digital Assets research head where they examine the factors that make bitcoin appealing as a potential store of value. submitted by Tiaan to investing [link] [comments]
I've highlighted some of the key points but I suggest people read the entire report.
In this piece, we will focus on the view that Bitcoin is an aspirational store of value. We explore the inherent characteristics that position Bitcoin to fulfill this role in the future, consider whether it is being used in this way today, and discuss factors that may drive greater demand for such utility. Bitcoin’s digital scarcity
A robust store of value asset retains purchasing power over long periods of time. An emerging store of value grows purchasing power until it stabilizes. The key characteristics that are cited in reference to good stores of value are scarcity, portability, durability and divisibility. The most important of these attributes is arguably scarcity, which is essential for protecting against the depreciation of real value in the long run. Scarcity means there is a limited quantity of the asset in question, more cannot be easily created, and it is impossible to counterfeit. Decentralized checks and balances
One of bitcoin’s most novel innovations is its unforgeable digital scarcity. Investors believe this property is foundational in understanding and appreciating bitcoin.
The bitcoin supply is perfectly inelastic and is not susceptible to supply shocks. Supply does not respond to changes in production capacity (i.e. greater hash power) in response to heightened demand driving prices higher. Even gold, which has been used as a store of value for millennia, is not immune to supply shocks. While the ability for increased production in response to an increase in demand is limited, gold is not perfectly inelastic.
Bitcoin’s monetary policy was established when it was created. Its credibility is enforced in part by decentralization and proof-of-work mining. Bitcoin has a leaderless network of decentralized full nodes (computers running bitcoin software), in which every node stores the ledger of transactions and performs transaction verification independently, checking that rules are being followed. Because of this redundancy, there is no central point of failure. Full nodes that verify transactions are distinct from miners who expend energy to process transactions and mint bitcoin. Unlike mining, transaction verification does not require significant resources in the form of hardware or electricity. Thus, any computer can join the distributed network to store and verify bitcoin transactions. Today tens of thousands of nodes perform this function. DEMAND DRIVERS
In addition to preventing transactions that don’t follow consensus rules, the level of decentralization that exists in the bitcoin network protects core properties such as the 21 million fixed supply by making it virtually impossible to change. No central party has sole discretion over bitcoin’s monetary policy. Rather, such a change would require significant social coordination among stakeholders (e.g. users, miners and those running full nodes). Most stakeholders believe bitcoin has value because of its digital scarcity, resulting in negligible support for such a change
Investors believe that the next wave of awareness and adoption could be driven by external factors such as unprecedented levels of intervention by central banks and governments, record low interest rates, increasing fiat money supply, deglobalization and the potential for ensuing inflation, all of which have been accelerated by the pandemic and economic shutdown. Longer-term tailwinds that could fuel adoption include the use of bitcoin to preserve wealth amidst “slow and steady” inflation and the looming generational wealth transfer to millennials, who view bitcoin more favorably than other demographics. Current interest in bitcoin’s store of value properties
Tudor Investment Corporation’s decision to allocate to bitcoin in the Tudor BVI fund is evidence that unprecedented levels of monetary growth is driving institutional interest in bitcoin’s store of value properties. Paul Tudor Jones, founder and Chief Investment Officer, and Lorenzo Giorgianni, Head of Global Research articulated the rationale for investing in bitcoin in their May 2020 investor letter, “The Great Monetary Inflation.” The Tudor Investments team scored financial assets, fiat cash, gold and bitcoin based on four characteristics that define store of value assets – purchasing power, trustworthiness, liquidity, portability. Bitcoin’s score was 60% of the score of financial assets, but 1/1200th of the market cap of financial assets and it was 66% of the score of gold, but 1/60th of the market cap, concluding, “Something appears to be wrong here and my guess is that it’s the price of Bitcoin.” While many have expressed the same reasoning, this was seen as a watershed moment, given the thesis and investment was from a traditional hedge fund manage legendary macro investor (Paul Tudor Jones) and former Deputy Director of the Strategy, Policy and Review Department at the IMF (Lorenzo Giorgianni)ix. Conclusion
Bitcoin’s inherent properties have given rise to the perspective that bitcoin has the potential to be a store of value, with complementary and interdependent components – the decentralized settlement network (Bitcoin) and its digitally scarce native asset (bitcoin). Equally important is the consideration of demand for bitcoin’s unique features – there is no long-term value to create or store if there is no sustained demand for these properties.
External forces that are accelerating interest and investment in bitcoin include unprecedented levels and exotic forms of monetary and fiscal stimulus globally with unknown consequences. This is exacerbating the concerns that Bitcoin was designed to address and is leading more investors and users towards bitcoin as an “insurance policy” that may provide protection against the unknown consequences. Simultaneously, the massive transfer of wealth from the older generation to a younger demographic is a more gradual but important long-term tailwind, as younger people view bitcoin more favorably. This is an important catalyst for bitcoin adoption as they inherit and grow their wealth. While bitcoin is not guaranteed to succeed as a store of value, should sustainable long-term demand for the use case not materialize, the tailwinds mentioned above should drive incremental demand for a novel asset with unique properties. Additionally, as we will examine in future parts in our bitcoin investment thesis series, Bitcoin’s strength is that it has properties that allow it to serve multiple functions, further hardening the likelihood of its success as measured by growth in value.
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