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ETHE & GBTC (Grayscale) Frequently Asked Questions

It is no doubt Grayscale’s booming popularity as a mainstream investment has caused a lot of community hullabaloo lately. As such, I felt it was worth making a FAQ regarding the topic. I’m looking to update this as needed and of course am open to suggestions / adding any questions.
The goal is simply to have a thread we can link to anyone with questions on Grayscale and its products. Instead of explaining the same thing 3 times a day, shoot those posters over to this thread. My hope is that these questions are answered in a fairly simple and easy to understand manner. I think as the sub grows it will be a nice reference point for newcomers.
Disclaimer: I do NOT work for Grayscale and as such am basing all these answers on information that can be found on their website / reports. (Grayscale’s official FAQ can be found here). I also do NOT have a finance degree, I do NOT have a Series 6 / 7 / 140-whatever, and I do NOT work with investment products for my day job. I have an accounting background and work within the finance world so I have the general ‘business’ knowledge to put it all together, but this is all info determined in my best faith effort as a layman. The point being is this --- it is possible I may explain something wrong or missed the technical terms, and if that occurs I am more than happy to update anything that can be proven incorrect
Everything below will be in reference to ETHE but will apply to GBTC as well. If those two segregate in any way, I will note that accordingly.
What is Grayscale? 
Grayscale is the company that created the ETHE product. Their website is https://grayscale.co/
What is ETHE? 
ETHE is essentially a stock that intends to loosely track the price of ETH. It does so by having each ETHE be backed by a specific amount of ETH that is held on chain. Initially, the newly minted ETHE can only be purchased by institutions and accredited investors directly from Grayscale. Once a year has passed (6 months for GBTC) it can then be listed on the OTCQX Best Market exchange for secondary trading. Once listed on OTCQX, anyone investor can purchase at this point. Additional information on ETHE can be found here.
So ETHE is an ETF? 
No. For technical reasons beyond my personal understandings it is not labeled an ETF. I know it all flows back to the “Securities Act Rule 144”, but due to my limited knowledge on SEC regulations I don’t want to misspeak past that. If anyone is more knowledgeable on the subject I am happy to input their answer here.
How long has ETHE existed? 
ETHE was formed 12/14/2017. GBTC was formed 9/25/2013.
How is ETHE created? 
The trust will issue shares to “Authorized Participants” in groups of 100 shares (called baskets). Authorized Participants are the only persons that may place orders to create these baskets and they do it on behalf of the investor.
Source: Creation and Redemption of Shares section on page 39 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Note – The way their reports word this makes it sound like there is an army of authorizers doing the dirty work, but in reality there is only one Authorized Participant. At this moment the “Genesis” company is the sole Authorized Participant. Genesis is owned by the “Digital Currency Group, Inc.” which is the parent company of Grayscale as well. (And to really go down the rabbit hole it looks like DCG is the parent company of CoinDesk and is “backing 150+ companies across 30 countries, including Coinbase, Ripple, and Chainalysis.”)
Source: Digital Currency Group, Inc. informational section on page 77 of the “Grayscale Bitcoin Trust (BTC) Form 10-K (2019)” – Located Here
Source: Barry E. Silbert informational section on page 75 of the “Grayscale Bitcoin Trust (BTC) Form 10-K (2019)” – Located Here
How does Grayscale acquire the ETH to collateralize the ETHE product? 
An Investor may acquire ETHE by paying in cash or exchanging ETH already owned.
Source: Creation and Redemption of Shares section on page 40 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Where does Grayscale store their ETH? Does it have a specific wallet address we can follow? 
ETH is stored with Coinbase Custody Trust Company, LLC. I am unaware of any specific address or set of addresses that can be used to verify the ETH is actually there.
As an aside - I would actually love to see if anyone knows more about this as it’s something that’s sort of peaked my interest after being asked about it… I find it doubtful we can find that however.
Source: Part C. Business Information, Item 8, subsection A. on page 16 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Can ETHE be redeemed for ETH? 
No, currently there is no way to give your shares of ETHE back to Grayscale to receive ETH back. The only method of getting back into ETH would be to sell your ETHE to someone else and then use those proceeds to buy ETH yourself.
Source: Redemption Procedures on page 41 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Why are they not redeeming shares? 
I think the report summarizes it best:
Redemptions of Shares are currently not permitted and the Trust is unable to redeem Shares. Subject to receipt of regulatory approval from the SEC and approval by the Sponsor in its sole discretion, the Trust may in the future operate a redemption program. Because the Trust does not believe that the SEC would, at this time, entertain an application for the waiver of rules needed in order to operate an ongoing redemption program, the Trust currently has no intention of seeking regulatory approval from the SEC to operate an ongoing redemption program.
Source: Redemption Procedures on page 41 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
What is the fee structure? 
ETHE has an annual fee of 2.5%. GBTC has an annual fee of 2.0%. Fees are paid by selling the underlying ETH / BTC collateralizing the asset.
Source: ETHE’s informational page on Grayscale’s website - Located Here
Source: Description of Trust on page 31 & 32 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
What is the ratio of ETH to ETHE? 
At the time of posting (6/19/2020) each ETHE share is backed by .09391605 ETH. Each share of GBTC is backed by .00096038 BTC.
ETHE & GBTC’s specific information page on Grayscale’s website updates the ratio daily – Located Here
For a full historical look at this ratio, it can be found on the Grayscale home page on the upper right side if you go to Tax Documents > 2019 Tax Documents > Grayscale Ethereum Trust 2019 Tax Letter.
Why is the ratio not 1:1? Why is it always decreasing? 
While I cannot say for certain why the initial distribution was not a 1:1 backing, it is more than likely to keep the price down and allow more investors a chance to purchase ETHE / GBTC.
As noted above, fees are paid by selling off the ETH collateralizing ETHE. So this number will always be trending downward as time goes on.
Source: Description of Trust on page 32 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
I keep hearing about how this is locked supply… explain? 
As noted above, there is currently no redemption program for converting your ETHE back into ETH. This means that once an ETHE is issued, it will remain in circulation until a redemption program is formed --- something that doesn’t seem to be too urgent for the SEC or Grayscale at the moment. Tiny amounts will naturally be removed due to fees, but the bulk of the asset is in there for good.
Knowing that ETHE cannot be taken back and destroyed at this time, the ETH collateralizing it will not be removed from the wallet for the foreseeable future. While it is not fully locked in the sense of say a totally lost key, it is not coming out any time soon.
Per their annual statement:
The Trust’s ETH will be transferred out of the ETH Account only in the following circumstances: (i) transferred to pay the Sponsor’s Fee or any Additional Trust Expenses, (ii) distributed in connection with the redemption of Baskets (subject to the Trust’s obtaining regulatory approval from the SEC to operate an ongoing redemption program and the consent of the Sponsor), (iii) sold on an as-needed basis to pay Additional Trust Expenses or (iv) sold on behalf of the Trust in the event the Trust terminates and liquidates its assets or as otherwise required by law or regulation.
Source: Description of Trust on page 31 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Grayscale now owns a huge chunk of both ETH and BTC’s supply… should we be worried about manipulation, a sell off to crash the market crash, a staking cartel? 
First, it’s important to remember Grayscale is a lot more akin to an exchange then say an investment firm. Grayscale is working on behalf of its investors to create this product for investor control. Grayscale doesn’t ‘control’ the ETH it holds any more then Coinbase ‘controls’ the ETH in its hot wallet. (Note: There are likely some varying levels of control, but specific to this topic Grayscale cannot simply sell [legally, at least] the ETH by their own decision in the same manner Coinbase wouldn't be able to either.)
That said, there shouldn’t be any worry in the short to medium time-frame. As noted above, Grayscale can’t really remove ETH other than for fees or termination of the product. At 2.5% a year, fees are noise in terms of volume. Grayscale seems to be the fastest growing product in the crypto space at the moment and termination of the product seems unlikely.
IF redemptions were to happen tomorrow, it’s extremely unlikely we would see a mass exodus out of the product to redeem for ETH. And even if there was incentive to get back to ETH, the premium makes it so that it would be much more cost effective to just sell your ETHE on the secondary market and buy ETH yourself. Remember, any redemption is up to the investors and NOT something Grayscale has direct control over.
Yes, but what about [insert criminal act here]… 
Alright, yes. Technically nothing is stopping Grayscale from selling all the ETH / BTC and running off to the Bahamas (Hawaii?). BUT there is no real reason for them to do so. Barry is an extremely public figure and it won’t be easy for him to get away with that. Grayscale’s Bitcoin Trust creates SEC reports weekly / bi-weekly and I’m sure given the sentiment towards crypto is being watched carefully. Plus, Grayscale is making tons of consistent revenue and thus has little to no incentive to give that up for a quick buck.
That’s a lot of ‘happy little feels’ Bob, is there even an independent audit or is this Tether 2.0? 
Actually yes, an independent auditor report can be found in their annual reports. It is clearly aimed more towards the financial side and I doubt the auditors are crypto savants, but it is at least one extra set of eyes. Auditors are Friedman LLP – Auditor since 2015.
Source: Independent Auditor Report starting on page 116 (of the PDF itself) of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
As mentioned by user TheCrpytosAndBloods (In Comments Below), a fun fact:
The company’s auditors Friedman LLP were also coincidentally TetheBitfinex’s auditors until They controversially parted ways in 2018 when the Tether controversy was at its height. I am not suggesting for one moment that there is anything shady about DCG - I just find it interesting it’s the same auditor.
“Grayscale sounds kind of lame” / “Not your keys not your crypto!” / “Why is anyone buying this, it sounds like a scam?” 
Welp, for starters this honestly is not really a product aimed at the people likely to be reading this post. To each their own, but do remember just because something provides no value to you doesn’t mean it can’t provide value to someone else. That said some of the advertised benefits are as follows:
So for example, I can set up an IRA at a brokerage account that has $0 trading fees. Then I can trade GBTC and ETHE all day without having to worry about tracking my taxes. All with the relative safety something like E-Trade provides over Binance.
As for how it benefits the everyday ETH holder? I think the supply lock is a positive. I also think this product exposes the Ethereum ecosystem to people who otherwise wouldn’t know about it.
Why is there a premium? Why is ETHE’s premium so insanely high compared to GBTC’s premium? 
There are a handful of theories of why a premium exists at all, some even mentioned in the annual report. The short list is as follows:
Why is ETHE’s so much higher the GBTC’s? Again, a few thoughts:

Are there any other differences between ETHE and GBTC? 
I touched on a few of the smaller differences, but one of the more interesting changes is GBTC is now a “SEC reporting company” as of January 2020. Which again goes beyond my scope of knowledge so I won’t comment on it too much… but the net result is GBTC is now putting out weekly / bi-weekly 8-K’s and annual 10-K’s. This means you can track GBTC that much easier at the moment as well as there is an extra layer of validity to the product IMO.
I’m looking for some statistics on ETHE… such as who is buying, how much is bought, etc? 
There is a great Q1 2020 report I recommend you give a read that has a lot of cool graphs and data on the product. It’s a little GBTC centric, but there is some ETHE data as well. It can be found here hidden within the 8-K filings.Q1 2020 is the 4/16/2020 8-K filing.
For those more into a GAAP style report see the 2019 annual 10-K of the same location.
Is Grayscale only just for BTC and ETH? 
No, there are other products as well. In terms of a secondary market product, ETCG is the Ethereum Classic version of ETHE. Fun Fact – ETCG was actually put out to the secondary market first. It also has a 3% fee tied to it where 1% of it goes to some type of ETC development fund.
In terms of institutional and accredited investors, there are a few ‘fan favorites’ such as Bitcoin Cash, Litcoin, Stellar, XRP, and Zcash. Something called Horizion (Backed by ZEN I guess? Idk to be honest what that is…). And a diversified Mutual Fund type fund that has a little bit of all of those. None of these products are available on the secondary market.
Are there alternatives to Grayscale? 
I know they exist, but I don’t follow them. I’ll leave this as a “to be edited” section and will add as others comment on what they know.
Per user Over-analyser (in comments below):
Coinshares (Formerly XBT provider) are the only similar product I know of. BTC, ETH, XRP and LTC as Exchange Traded Notes (ETN).
It looks like they are fully backed with the underlying crypto (no premium).
https://coinshares.com/etps/xbt-provideinvestor-resources/daily-hedging-position
Denominated in SEK and EUR. Certainly available in some UK pensions (SIPP).
As asked by pegcity - Okay so I was under the impression you can just give them your own ETH and get ETHE, but do you get 11 ETHE per ETH or do you get the market value of ETH in USD worth of ETHE? 
I have always understood that the ETHE issued directly through Grayscale is issued without the premium. As in, if I were to trade 1 ETH for ETHE I would get 11, not say only 2 or 3 because the secondary market premium is so high. And if I were paying cash only I would be paying the price to buy 1 ETH to get my 11 ETHE. Per page 39 of their annual statement, it reads as follows:
The Trust will issue Shares to Authorized Participants from time to time, but only in one or more Baskets (with a Basket being a block of 100 Shares). The Trust will not issue fractions of a Basket. The creation (and, should the Trust commence a redemption program, redemption) of Baskets will be made only in exchange for the delivery to the Trust, or the distribution by the Trust, of the number of whole and fractional ETH represented by each Basket being created (or, should the Trust commence a redemption program, redeemed), which is determined by dividing (x) the number of ETH owned by the Trust at 4:00 p.m., New York time, on the trade date of a creation or redemption order, after deducting the number of ETH representing the U.S. dollar value of accrued but unpaid fees and expenses of the Trust (converted using the ETH Index Price at such time, and carried to the eighth decimal place), by (y) the number of Shares outstanding at such time (with the quotient so obtained calculated to one one-hundred-millionth of one ETH (i.e., carried to the eighth decimal place)), and multiplying such quotient by 100 (the “Basket ETH Amount”). All questions as to the calculation of the Basket ETH Amount will be conclusively determined by the Sponsor and will be final and binding on all persons interested in the Trust. The Basket ETH Amount multiplied by the number of Baskets being created or redeemed is the “Total Basket ETH Amount.” The number of ETH represented by a Share will gradually decrease over time as the Trust’s ETH are used to pay the Trust’s expenses. Each Share represented approximately 0.0950 ETH and 0.0974 ETH as of December 31, 2019 and 2018, respectively.

submitted by Bob-Rossi to ethfinance [link] [comments]

r/Bitcoin recap - June 2019

Hi Bitcoiners!
I’m back with the 30th monthly Bitcoin news recap.
For those unfamiliar, each day I pick out the most popularelevant/interesting stories in Bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best) overview of what happened in bitcoin over the past month.
You can see recaps of the previous months on Bitcoinsnippets.com
A recap of Bitcoin in May 2019
Adoption
Development
Security
Mining
Business
Research
Education
Regulation & Politics
Archeology (Financial Incumbents)
Price & Trading
Fun & Other
submitted by SamWouters to Bitcoin [link] [comments]

Information and FAQ

Hi, for everyone looking for help and support for IOTA you have come to the right place. Please read this information, the FAQ and the side bar before asking for help.

Information

IOTA

IOTA is an open-source distributed ledger protocol launched in 2015 that goes 'beyond blockchain' through its core invention of the blockless ‘Tangle’. The IOTA Tangle is a quantum-resistant Directed Acyclic Graph (DAG), whose digital currency 'iota' has a fixed money supply with zero inflationary cost.
IOTA uniquely offers zero-fee transactions & no fixed limit on how many transactions can be confirmed per second. Scaling limitations have been removed, since throughput grows in conjunction with activity; the more activity, the more transactions can be processed & the faster the network. Further, unlike blockchain architecture, IOTA has no separation between users and validators (miners / stakers); rather, validation is an intrinsic property of using the ledger, thus avoiding centralization.
IOTA is focused on being useful for the emerging machine-to-machine (m2m) economy of the Internet-of-Things (IoT), data integrity, micro-/nano- payments, and other applications where a scalable decentralized system is warranted.
More information can be found here.

Non reusable addresses

Contrary to traditional blockchain based systems such as Bitcoin, where your wallet addresses can be reused, IOTA's addresses should only be used once (for outgoing transfers). That means there is no limit to the number of transactions an address can receive, but as soon as you've used funds from that address to make a transaction, this address should not be used anymore.
The reason for this is, by making an outgoing transaction a part of the private key of that specific address is revealed, and it opens the possibility that someone may brute force the full private key to gain access to all funds on that address. The more outgoing transactions you make from the same address, the easier it will be to brute force the private key.
It should be noted that having access to the private key of an address will not reveal your seed or the private key of the other addresses within your seed / "account".
This piggy bank diagram can help visualize non reusable addresses. imgur link

Address Index

When a new address is generated it is calculated from the combination of a seed + Address Index, where the Address Index can be any positive Integer (including "0"). The wallet usually starts from Address Index 0, but it will skip any Address Index where it sees that the corresponding address has already been attached to the tangle.

Private Keys

Private keys are derived from a seeds key index. From that private key you then generate an address. The key index starting at 0, can be incremented to get a new private key, and thus address.
It is important to keep in mind that all security-sensitive functions are implemented client side. What this means is that you can generate private keys and addresses securely in the browser, or on an offline computer. All libraries provide this functionality.
IOTA uses winternitz one-time signatures, as such you should ensure that you know which private key (and which address) has already been used in order to not reuse it. Subsequently reusing private keys can lead to the loss of funds (an attacker is able to forge the signature after continuous reuse).
Exchanges are advised to store seeds, not private keys.

Double spending

Sending a transaction will move your entire balance to a completely new address, if you have more than one pending transaction only one can eventually be confirmed and the resulting balance is sent to your next wallet address. This means that the other pending transactions are now sent from an address that has a balance of 0 IOTA, and thus none of these pending transactions can ever be confirmed.

Transaction Process

As previously mentioned, in IOTA there are no miners. As such the process of making a transaction is different from any Blockchain out there today. The process in IOTA looks as follows:
  • Signing: You sign the transaction inputs with your private keys. This can be done offline.
  • Tip Selection: MCMC is used to randomly select two tips, which will be referenced by your transaction (branchTransaction and trunkTransaction)
  • Proof of Work: In order to have your transaction accepted by the network, you need to do some Proof of Work - similar to Hashcash, not Bitcoin (spam and sybil-resistance). This usually takes a few minutes on a modern pc.
After this is completed, the trunkTransaction, branchTransaction and nonce of the transaction object should be updated. This means that you can broadcast the transaction to the network now and wait for it to be approved by someone else.

FAQ

How do I to buy IOTA?

Currently not all exchanges support IOTA and those that do may not support the option to buy with fiat currencies.
One way to buy IOTA is to buy with bitcoin (BTC) or Ether (ETH), first you will need to deposit BTC/ETH onto an exchange wallet and you can the exchange them for IOTA.
You can buy BTC or ETH through coinbase. And exchange those for IOTA on Binance or Bitfinex (other exchanges do exist, some linked in the side bar).
A detailed guide to buying can be found here.

What is MIOTA?

MIOTA is a unit of IOTA, 1 Mega IOTA or 1 Mi. It is equivalent to 1,000,000 IOTA and is the unit which is currently exchanged.
We can use the metric prefixes when describing IOTA e.g 2,500,000,000 i is equivalent to 2.5 Gi.
Note: some exchanges will display IOTA when they mean MIOTA.

Can I mine IOTA?

No you can not mine IOTA, all the supply of IOTA exist now and no more can be made.
If you want to send IOTA, your 'fee' is you have to verify 2 other transactions, thereby acting like a minenode.

Where should I store IOTA?

It is not recommended to store large amounts of IOTA on the exchange as you will not have access to the private keys of the addresses generated.
However many people have faced problems with the current GUI Wallet and therefore group consensus at the moment is to store your IOTA on the exchange, until the release of the UCL Wallet, or the Paper Wallet.

What is the GUI wallet?

What is the UCL Wallet?

What is a seed?

A seed is a unique identifier that can be described as a combined username and password that grants you access to your wallet.
Your seed is used to generate the addresses linked to your account and so this should be kept private and not shared with anyone. If anyone obtains your seed, they can login and access your IOTA.

How do I generate a seed?

You must generate a random 81 character seed using only A-Z and the number 9.
It is recommended to use offline methods to generate a seed, and not recommended to use any non community verified techniques. To generate a seed you could:

On a Linux Terminal use the following command:

 cat /dev/urandom |tr -dc A-Z9|head -c${1:-81} 

On a Mac Terminal use the following command:

 cat /dev/urandom |LC_ALL=C tr -dc 'A-Z9' | fold -w 81 | head -n 1 

With KeePass on PC

A helpful guide for generating a secure seed on KeePass can be found here.

With a dice

Dice roll template

Is my seed secure?

  1. All seeds should be 81 characters in random order composed of A-Z and 9.
  2. Do not give your seed to anyone, and don’t keep it saved in a plain text document.
  3. Don’t input your seed into any websites that you don’t trust.
Is this safe? Can’t anyone guess my seed?
What are the odds of someone guessing your seed?
  • IOTA seed = 81 characters long, and you can use A-Z, 9
  • Giving 2781 = 8.7x10115 possible combinations for IOTA seeds
  • Now let's say you have a "super computer" letting you generate and read every address associated with 1 trillion different seeds per second.
  • 8.7x10115 seeds / 1x1012 generated per second = 8.7x10103 seconds = 2.8x1096 years to process all IOTA seeds.

Why does balance appear to be 0 after a snapshot?

When a snapshot happens, all transactions are being deleted from the Tangle, leaving only the record of how many IOTA are owned by each address. However, the next time the wallet scans the Tangle to look for used addresses, the transactions will be gone because of the snapshot and the wallet will not know anymore that an address belongs to it. This is the reason for the need to regenerate addresses, so that the wallet can check the balance of each address. The more transactions were made before a snapshot, the further away the balance moves from address index 0 and the more addresses have to be (re-) generated after the snapshot.

Why is my transaction pending?

IOTA's current Tangle implementation (IOTA is in constant development, so this may change in the future) has a confirmation rate that is ~66% at first attempt.
So, if a transaction does not confirm within 1 hour, it is necessary to "reattach" (also known as "replay") the transaction one time. Doing so one time increases probability of confirmation from ~66% to ~89%.
Repeating the process a second time increases the probability from ~89% to ~99.9%.

What does attach to the tangle mean?

The process of making an transaction can be divided into two main steps:
  1. The local signing of a transaction, for which your seed is required.
  2. Taking the prepared transaction data, choosing two transactions from the tangle and doing the POW. This step is also called “attaching”.
The following analogy makes it easier to understand:
Step one is like writing a letter. You take a piece of paper, write some information on it, sign it at the bottom with your signature to authenticate that it was indeed you who wrote it, put it in an envelope and then write the recipient's address on it.
Step two: In order to attach our “letter” (transaction), we go to the tangle, pick randomly two of the newest “letters” and tie a connection between our “letter” and each of the “letters” we choose to reference.
The “Attach address” function in the wallet is actually doing nothing else than making an 0 value transaction to the address that is being attached.

How do I reattach a transaction.

Reattaching a transaction is different depending on where you send your transaction from. To reattach using the GUI Desktop wallet follow these steps:
  1. Click 'History'.
  2. Click 'Show Bundle' on the 'pending' transaction.
  3. Click 'Reattach'.
  4. Click 'Rebroadcast'. (optional, usually not required)
  5. Wait 1 Hour.
  6. If still 'pending', repeat steps 1-5 once more.

What happens to pending transactions after a snapshot?

How do I recover from a long term pending transaction?

How can I support IOTA?

You can support the IOTA network by setting up a Full Node, this will help secure the network by validating transactions broadcast by other nodes.
Running a full node also means you don't have to trust a 3rd party in showing you the correct balance and transaction history of your wallet.
By running a full node you get to take advantage of new features that might not be installed on 3rd party nodes.

How to set up a full node?

To set up a full node you will need to follow these steps:
  1. Download the full node software: either GUI, or headless CLI for lower system requirements and better performance.
  2. Get a static IP for your node.
  3. Join the network by adding 7-9 neighbours.
  4. Keep your full node up and running as much as possible.
A detailed user guide on how to set up a VTS IOTA Full Node from scratch can be found here.

How do I get a static IP?

To learn how to setup a hostname (~static IP) so you can use the newest IOTA versions that have no automated peer discovery please follow this guide.

How do I find a neighbour?

Are you a single IOTA full node looking for a partner? You can look for partners in these place:

Extras

Transaction Example:

Multiple Address in 1 Wallet Explained:

submitted by Boltzmanns_Constant to IOTASupport [link] [comments]

What is ILCoin (ILC)?

ABOUT US Who we are? ILCOIN is a modern alternative to Bitcoin developed by R&G GmbH, using SHA-256 encryption technology. ILCOIN is not dependent on the present banking system. It has its own independent value. There are 2.5 billion ILCOIN available. Users all around the world use ILCOIN; mostly residing in Asia.
2.5 Billion ILCOIN
Users all around the world
170 k TX per block
SMART contracts What makes us different? ILCOIN can be safely stored in wallets built for the Cloud, Android, OSX and PC and it can be transferred directly to anyone instantly at virtually no cost – without banks, without chargebacks. ILCOIN users can monitor their transactions through our own block explorer. The system is already capable of handling up to 170 k TX per block, and it is compatible with today’s crypto platforms. ILCOIN is listed and freely traded on several cryptocurrency exchange sites and it is accepted online by merchants in an ever-increasing number of countries. We will be the first blockchain with SHA-256 technology to be able to create smart contracts. Our support center is always available to assist you with any issue that might arise during the use of our products. We also have tutorials to help you feel more comfortable and confident when interacting with our products. OUR HISTORY ILCOIN IS BORN 2015 ILGAMOS International Ltd. introduces ILCOIN cryptocurrency which was purchased by thousands of people in the first period of time after being issued.
ILCOIN BLOCK EXPLORER 2016 Q1 “Log in to a safe and encrypted site!”
Redesign of the ILCOIN Block Explorer. Correction of every entry from BTC to ILC. 1.0 Security Upgrade: Implementation of SSH Keys, Firewall, VPN, Public Key Infrastructure and SSL/TLS. Encryption, SSL Certificate with 256 bits of encryption. Activation of the message verification. Creation of the login module.
UPGRADED ILCOIN WEB WALLET 2016 Q3 "Where you can create your encrypted web wallet and start to trade with ILCOINs."
Redesign of the Web Wallet, improving wallet security issues; forcing encryption of all wallets. Implementation of the option of different fiat currencies in order to know the actual price of ILC. Implementation of a dynamic graph in order to know the historical price of ILC. Upgrade the security of the site and also added a SSL certificate to assure the connection security. New Graph Options. Improved Security. Upgraded Server Back-End Security.
ANDROID/IOS ILCOIN WALLET 2017 Q1 "Have access to your ILCOIN no matter where you are, with the most advanced ILCOIN application!"
Layout Design. Encryption of the wallets and mnemonic phrase for recovering the wallet. Multi-Address System. Implementation of a label and password for every wallet in your device. Availability to see the unconfirmed balance. QR Code reader for sending ILC and QR Generator for receiving ILC. Transaction history. Dynamic graph with historical ILC/USD price. Transaction fee configuration. Sign and verify message. Set Default Wallet (every time you open the app, that will be the one to open).
ILCOIN SMART CONTRACTS 2019 Contracts between parties. Define rules and penalties for each type of contract. Up to 5 type of contract to define. Example type of contract exchange properties. Example type of contract exchange shares.
EXCHANGE LIST
Binance
Huobi
Kucoin
Bibox
Qryptos
Satoexchange
BIGone
Bitrue
Bilaxy
Bit-Z
Linkcoin
SECURE WALLET
Ledgerwallet
Trezor
submitted by icoinformation2021 to ILCoin [link] [comments]

What I Learned from Buying Bitcoin Before it Skyrocketed

What I Learned from Buying Bitcoin Before it Skyrocketed
SC\_OFF
Cryptocurrencies are the future. There is no doubt about that.

Trading crypto is an easy way to make an enormous amount of money from practically nothing - if you know what you’re doing and are willing to risk some 💵cash.

You can buy and trade them with zero government regulation (until you realize your gains, that is), the fees are small, and the market never closes.

However, if you are not an expert in trading and do not have expendable income, you can still take part in the cryptocurrency market and make money with an app called 💹Blockium.

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You can earn money and easily cash out without any previous investment, but I’ll talk about that later.

Anyway, here’s how I got involved in cryptocurrencies by chance at an early stage and earned much more money than I ever anticipated:

In May of 2015, I downloaded a torrent of Minecraft for my little brother. A few weeks later, a message appeared on my PC saying that all my files were encrypted and the only way to get them back was to send .1 BTC (Bitcoin) to a certain address.

At this time, I didn’t have any knowledge or background in cryptocurrencies, but I wanted to access my files again.

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https://i.redd.it/y4dgaco2zzl11.png

I know that paying the people who make these “cryptolockers” just encourages them, but 0.1 BTC was only $23.74 at the time. I googled “How to get bitcoins,” which led me to making an account on Coinbase, purchasing 0.1 BTC, and paying the thieves, and sure enough, my files were accessible again.

To my amazement, the entire process took less than fifteen minutes.

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This whole experience got me thinking. I just paid an unknown person, who could be from any country with internet access, anonymously, without any government regulation. Even though I lost twenty bucks, the fact that I could use Bitcoin to accomplish such a task was mesmerizing.

After this whole ordeal, I began researching Bitcoin and other cryptocurrencies. I read countless articles and studied all sorts of graphs, and after not that long I was convinced:

Bitcoin’s price was going to explode.

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I wasn’t sure when or of what magnitude, but I knew that I should invest. I bought fractions of a Bitcoin slowly over the next few years and did not sell.

I invested in other cryptocurrencies as well. Besides for Bitcoin, I bought some Litecoin, Ethereum, and had Bitcoin Cash and Bitcoin Gold (Bitcoin’s hard forks). Once the cryptocurrency market exploded toward the end of 2017, I sold a large portion of my portfolio with a profit of over 1400%.

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As soon as I cashed out, I immediately wanted to get back in the crypto game. I still had fractions of the various cryptocurrencies I invested in, but I wanted to find other currencies that would prove to be equally profitable. I found three that I strongly believed would go up in value in the near future and invested heavily in them.

That was a bad decision. I wish I knew about and used a blockchain gamesuch as Blockium then instead of risking my own money.

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As of now, I have not sold those three cryptos, because their value has declined so much that it is not even worth selling.

I like the thrill of buying and selling cryptocurrencies, or at least I thought I did in 2017. Now, it is much more difficult and risky to make money in the cryptocurrency market. There are always risks involved in financial trading; cryptocurrencies are simply more volatile and therefore have a higher risk when being invested.

That’s where Blockium comes in.

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If you’re interested in trading cryptocurrencies but are not comfortable with the inherent risks that come with them, you should look into Blockium, a trading simulator that uses real-time market data and has cash prizes for winning. It’s essentially fantasy football with cryptocurrencies (as well as stocks) instead of players.

Here’s how it works:


Once you sign up, you are given $20. You can use this money to register for various trading tournaments. There are different tournaments depending on what you would like to trade, including U.S. Equities, Foreign Exchange, and, of course, cryptocurrencies. For each tournament, you select three assets and predict if their value will increase or decrease by the end of the tournament, which can vary from 30 minutes to one week or longer.

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The user or users (depending on the tournament) with the highest returns by the end wins and receives a prize, which can be cashed out via PayPal.

There is absolutely no risk with Blockium, because you are not using any of your own money. You can do your research, pick what you think will go up or down, and, if your predictions are correct, you will earn money from nothing. Therefore, it is safer than buying these altcoins on exchanges such as CoinExchange or Binance because no actual money is involved.

There are well over a thousand cryptos in existence, and Blockium has more than just the popular ones. You can easily find undervalued cryptocurrencies and predict that they will increase in value. However, if you are wrong, like I was about those three cryptocurrencies, and their value decrease, you will not lose a single cent (unlike me).

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Although financial trading is fun and can be profitable, it can also be dangerous. Blockium removes that risky aspect, and if you are new to cryptocurrencies and financial trading, or just want to play around in the market without any risk, Blockium is the app for you.

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SC\_ON
submitted by Blockium to u/Blockium [link] [comments]

[uncensored-r/CryptoCurrency] Why Raiblocks is the future

The following post by MaxMusa is being replicated because the post has been silently removed and some comments within it have been openly removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ CryptoCurrency/comments/7p40ij
The original post's content was as follows:
THIS POST IS MORE GEARED TOWARDS NEWCOMERS OR THOSE ON THE FENCE. Not a lot of technical information at all.
RaiBlocks is the closest you can get to a “sure thing” in the crypto world, and I’d like to lay out my reasoning for that statement. I will do my best to put the case forward for RaiBlocks without putting down other major cryptos, as they all have their use cases. Anyone who thinks “Bitcoin is dead” is foolish as it is still by far the most used, stress-tested, worked on and secure crypto and the value of that cannot be overstated. However, looking towards the future, RaiBlocks is the clearly superior form of transaction.
There are no fees, and it is virtually instant. By no fees I do not mean low fees, I mean no fees. You can send $10 to and from another wallet a million times, and still have exactly $10. This allows for the very first time a crypto to be used as a real world currency, and not just a store of value. Any fee, even a small $1 fee, is a disincentive to spend and unsuitable for any currency that is going to be used for everyday purchases. Would you buy a 50c item from a corner store if it cost you at least double that amount in fees? Of course not, psychologically there is a massive barrier there. Even credit card processor fees have limited small purchases, many small businesses thus have minimum buys or add a % fee on top of credit or debit card transactions. With Raiblocks, you can send any amount, big or small, and not pay a dime for it, and neither does the receiver. Raiblocks focuses on one thing and one thing only – being a useable currency. Virtually every other “currency” is ruined by attempting other use cases at the same time. Rai is NOT trying to be a currency AND a smartcontract platform, and a place to store your virtual pets, and a quantum processor for the storage of decentralized beanie babies, it is doing one thing and one thing correctly. What else do you use cash for, besides buying and selling? Have you ever had the desire to write contracts on your bills, even though you could? Smart contracts and DAPPs are fantastic, but not in conjunction with also trying to be a currency.
The first major use case we will see, is as a medium of exchange for exchanges. When enough major cryptocurrency exchanges list Rai (KuCoin just did, Binance will soon, and I guarantee many others will be following), sending Rai from one exchange’s wallet to the other will become the cheapest and fastest way to transfer. So even before widespread adoption, it will have a major use case for transferring money between exchanges and wallets, it is simply the easiest and cheapest option. This is in the near future, measured in weeks and months not years.
It goes so far beyond that, though. When Rai is an option for a transfer, it will ALWAYS be the fastest and cheapest option in any use case, since there is nothing cheaper than free or quicker than a few seconds.
Another major indicator of its future success is its community. As I write this Rai is trending on Github, and has one of the most active Githubs besides Bitcoin itself. I don’t need to explain the implications of this and how essential it is for the coin’s long-term success. The team makes the coin (literally and figuratively) so that alone should inspire confidence. Raiblocks uses DAG (Directed Acyclic Graph) based block-lattice structure, which essentially means each user possesses their own blockchain. Instead of tracking transaction amounts, the user’s chain will record balances, which means much less storage. Rai uses hardly any electricity in comparison to other major coins – which is an enormous bonus in this environmentally friendly environment. I think government regulation threatening cryptocurrency is more likely to target mining than the coin itself, since government’s need excuses and massive energy being burned is a great excuse, so I think that Rai is also significantly less likely to be the target of regulation or swept up in a new regulatory law.
Because each user has control over their own blockchain, neither PoW or PoS is used in the traditional sense to decide on the global state of the ledger. The exceptions are it uses dPOS which allows users to choose a representative node on their behalf, which outsources the work of verifying signatures and voting when there is a conflict. PoW is also used sparingly, but only as an anti-spam measure. This unique system means it is very hard to spam the network (since it’s fee free, something like this is needed) since each block requires about 5 seconds to generate. That means an attempted spammer would require a lot of computational power, while the rest of the network would be completely unaffected. We’re talking many thousands of transactions in a very short period of time before the anti-spam measures are relevant, though.
In a space where every coin or token is trying to do everything and anything (usually, by tokenizing something that is completely unnecessary to tokenize, where the token adds no utility) it is fantastic to see a coin focus on one specific use, and do it perfectly. Rai is a libertarian’s wet dream, an inflation-proof, provably fair store of value and perfectly liquid currency rolled into one.
The implications for money transfer, especially for the enormous migrant remittance industry (582 billion in 2015 and growing) are enormous. Migrant workers who come from the Philippines, Mexico, etc and send money back to their families are sending smaller amounts every week. They are being fleeced by Western Union fees, and although Bitcoin had potential for this industry, for a short period of time, now it is only feasible to send much larger amounts with $30 transaction fees. I picture a scenario, when adoption is increased (it is still so early!) where people can buy Raiblocks via cash or card in their country of choice for a small fee, and send it back to their families FOR FREE and instantly, who can then choose to hold and sell when needed or cash out instantly. Not much infrastructure is needed to make this dream a reality.
Arbitrage will also be a major use case when Rai adoption is increased. Is there a price difference in any nonphysical product or commodity between countries? With Rai, that difference can be taken advantage of in a short period of time. Price differences between exchanges in different countries are often enormous, but with no fees and a few second transaction time, as long as both exchanges accept Rai that gap can be almost instantly leveraged for profit bringing perfect pricing to imperfect markets.
No fees allow the option for countless use cases that have never been considered before for any sort of electronic money, including fiat. There was a recent post on /raiblocks that made me smile, about a father using Rai for his son’s allowance. Think about it – if you want to give your child a few dollars here and there, while also being able to see how and where he spends it, what other option is there? A bank transfer for a few dollars would be absurd, and simply giving cash would require you to have perfect change (for example he gets two dollars for taking out the garbage, but you have two $5’s and a $20). Absolutely not for everyone, however for many people this is the perfect option. In this case the father is also teaching his son about the markets, about online security, probably a little about technology, and the importance of saving and investing. Speaking of that, how about tips? In the largest consumer economy on earth many people are paid majority in tips, which are often cash only. You can’t tip the doorman a few bucks with card, and many people including myself have had to shell out $5 or even $20 since they didn’t have dollar bills. Raiblocks is finally a cryptocurrency that is not just amazing because it is decentralized, because you truly own it and not the bank, but all that and it is more CONVENIENT. The only limit is adoption.
Raiblocks brings all the positives of cash and bank accounts, combined, and does each BETTER. It’s that simple.
edit: Since this seems to be taking off, I should mention this is from the twentyfiveeagles.com newsletter. twentyfiveeagles.com free sign up, great info.
edit edit: Also you get a free intro-to-crypto welcome guide/epub when you sign up via email, I've read it and only worth it if you're a total noob if not just enjoy the content don't bother reading.
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

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