Friday, October 10, 2014

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Saturday, July 26, 2014

The Evolution of ProtoShares

On October 5, 2013, at the Cryptocurrency Conference, Daniel Larimer, the founder of Invictus Innovations gave a presentation on Decentralized Autonomous Companies (DAC). One idea that he presented was the creation of ProtoShares (PTS). PTS is a mineable cryptocurrency used to raise funds for the development of a suite of DACs sponsored by Invictus Innovations.

ProtoShares was initially mineable only with CPUs and eventually with GPUs. They were not pre-mined and quickly rose in value to over $9.00 USD with a market capitalization that exceeded $30 million within 45 days of launching. Quite impressive.  

However, there was one huge problem.  In order to mine PTS, miners spent an enormous amount of money on hardware, software, and cloud services. Proof-of-work diverted funds away from the DAC ecosystem, and Invictus Innovations set out to devise more productive means of raising capital. Mastercoin, a Bitcoin 2.0 protocol, raised funds via a donation crowd sale in August 2013.  This eliminated the need for mining while maximizing fundraising efficiency.  I believe this served as a pivotal example encouraging the company to adopt a similar model.  

Invictus Innovations introduced new features to this crowd sale donation concept.  They created a second asset called AngelShares (AGS) that allowed individuals to fund future DACs while receiving a stake. This idea is now commonly referred to as crypto equity. The model attracted individuals from the crypto currency community with a long term vision for the DAC ecosystem.  New DAC developers gained initial community support if they would honor a social consensus contract. This contract stated that new DAC developers set aside a minimum 20% stake in their DAC. This stake which would be split equally between AGS and PTS holders in exchange for community support, testing, and promotion of the new DAC.  Additionally, the developer would gain access to Invictus Innovation's technology toolkit and support.

The AGS donation period starting Jan 1, 2014 and ended July 19, 2014.  During this time, one could donate Bitcoin (BTC) or PTS and receive a percentage of 5000 AGS distributed daily.  The campaign proved to be successful in raising donations.

On Feb 28, 2014, Invictus Innovations took a snapshot of PTS and AGS, granting the holders an allotment in BitShares X when released. AGS donations after Feb 28, 2014 did not earn any stake in BitShares X or its derivative DACs.  However, post snapshot donations were rewarded with stake in future DACs (excluding BitShares X) including several projects in development:

Domain Names
A secure alternative to today's domain name system that aims to eliminate domain name squatting while providing security against government seizures and man-in-the-middle attacks.

Voting
Transparent yet anonymous elections and polling.

Charity
Finding ways to help others with the technology of decentralized autonomous charities.

Gaming
Honest and transparent gaming.

Insurance
Get 'insurance' through a Mutual Aid Society with minimal overhead using decentralized autonomous insurance policies.

Lending
Lending is one of the more difficult systems to decentralize because trust and creditworthiness play central roles, which typically require individual judgment and accountability.

Music
With the latest technologies that enable transparent decentralized ledgers, artists could sell shares of their songs rather than copies of their songs.

Invictus Innovations renamed ProtoShares to BitShares PTS and AngelShares to BitShares AGS. On July 19, 2014, BitShares X (BTSX), a decentralized bank and exchange was released. AngelShares holders can claim their shares in this asset.

Hopefully, this article helped clarify the evolution of ProtoShares. More information about BitShares is available here.


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Monday, February 17, 2014

Buy GPU or DOGE and trade?


I have been thinking about buying a new GPU for my scrypt based mining rig.  But I wonder if buying some DOGE and trading it would be best.  Below is a brief analysis between the two options.

Option 1 - buy 7950 for ~ $330
The estimated break even is 3.3 months using a $100/month profit mining estimate

Option 2 - buy $330 worth of DOGE
Dogecoin purchases about ~210000 coins using .5 BTC with BTC Trading at $635 as of 2/17/14

Advantages
Option 1
After breaking even, I can continue to mine into the future only with the expense of electricity

Option 2
No time delay, execute immediately
No tinkering with hardware/software
No hardware failure risks

Disadvantages
Option 1
Maybe the break even time takes longer if the DOGE decreases in profitability

Option 2
DOGE appreciation is not guaranteed
I can loose principal, therefore affecting my profitability

Conclusion:  I'm leaning toward buying a new GPU.  Do you agree with my analysis?

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Tuesday, January 21, 2014

Dogecoin is at it again. Such Increase!

Dogecoin has risen in price again.  Since Friday, January 17, 2014 the cryptocurrency has increase by more than 320%.  If you have a large amount of Dogecoin, I suggest you take some profit.

You if have mined some Dogecoin, but don't have an exchange to trade them on, I recommend Cryptsy.com.



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Wednesday, January 1, 2014

Can you swim? I can and do at the Cryptoculture.net Family Pools

Can you swim?  I can.  I learned to swim at an early age but I could not tread water.  I later learned how to tread water while in the Air Force.  My friend 'Pitts' taught me by encouraging to stay calm.  I had a fear of the water.  I could swim from one side of the pool to the other, however, I'd never stopped in the middle.   He told me to stay right beside the ledge of the pool while he demonstrated the leg and arm motions for treading.  As I started, he encouraged me to stay calm and told me once I got tired to hold my breathe and
go down to the bottom of the pool and push off the bottom and return to the surface.  I did that and learned not to panic.  That's when I could 'really' swim.

That was a good story however, I want to discuss swimming in another type of pool.  Some of you know I've have become crypto currency enthusiast.  Specifically, I have built a computer that I use for mining.  For those of you that don't know what mining is, let me present an analogy.  Remember when you were a kid and you played a game of Concentration.  This is a card based game that a player will place the card face down and flip over one card and note its number.  The player would then select a second card and turns it over to see if it matches the first card.  If it does, the player keeps the cards and repeats the process.  If the card the second doesn't match the first one, both cards are flipped back face down and a subsequent player the gets a chance to select the cards to find a match.  Mining works similarly to this game because a software program is trying to find a match to a problem.   Once a match (block) is found you are given some coins as a reward.  So that is a simplistic analogy.  

Now back to my discussion on swimming.  As a crypto currency miner, if I combine my efforts of mining with other miners we can collectively find reward quicker that I could if I mined by myself (solo mining).  This collective mining is called pool mining.  If anyone in the pool finds a reward, every one that is mining (swimming) collectively will share the reward proportionality.  For example, If 10 people in the pool are mining and particular miner finds a reward and the reward amount is 10 coins.  Each miner in the pool will receive 1 each.

So when I swim, oh I mean mine, I do so at the CryptoCulture.net family of pools.  Recently, they have released a new pool for the Megacoin crypto currency.  In an effort the attract new miners, they are offering .01 BTC reward for the first 10 blocks (rewards) found.  

If you have any questions, about crypto currency, mining, and digital currencies,  leave me comments below.
Happy Swimming (mining)!

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