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Ultimate glossary of crypto currency terms, acronyms and abbreviations

I thought it would be really cool to have an ultimate guide for those new to crypto currencies and the terms used. I made this mostly for beginner’s and veterans alike. I’m not sure how much use you will get out of this. Stuff gets lost on Reddit quite easily so I hope this finds its way to you. Included in this list, I have included most of the terms used in crypto-communities. I have compiled this list from a multitude of sources. The list is in alphabetical order and may include some words/terms not exclusive to the crypto world but may be helpful regardless.
2FA
Two factor authentication. I highly advise that you use it.
51% Attack:
A situation where a single malicious individual or group gains control of more than half of a cryptocurrency network’s computing power. Theoretically, it could allow perpetrators to manipulate the system and spend the same coin multiple times, stop other users from completing blocks and make conflicting transactions to a chain that could harm the network.
Address (or Addy):
A unique string of numbers and letters (both upper and lower case) used to send, receive or store cryptocurrency on the network. It is also the public key in a pair of keys needed to sign a digital transaction. Addresses can be shared publicly as a text or in the form of a scannable QR code. They differ between cryptocurrencies. You can’t send Bitcoin to an Ethereum address, for example.
Altcoin (alternative coin): Any digital currency other than Bitcoin. These other currencies are alternatives to Bitcoin regarding features and functionalities (e.g. faster confirmation time, lower price, improved mining algorithm, higher total coin supply). There are hundreds of altcoins, including Ether, Ripple, Litecoin and many many others.
AIRDROP:
An event where the investors/participants are able to receive free tokens or coins into their digital wallet.
AML: Defines Anti-Money Laundering laws**.**
ARBITRAGE:
Getting risk-free profits by trading (simultaneous buying and selling of the cryptocurrency) on two different exchanges which have different prices for the same asset.
Ashdraked:
Being Ashdraked is essentially a more detailed version of being Zhoutonged. It is when you lose all of your invested capital, but you do so specifically by shorting Bitcoin. The expression “Ashdraked” comes from a story of a Romanian cryptocurrency investor who insisted upon shorting BTC, as he had done so successfully in the past. When the price of BTC rose from USD 300 to USD 500, the Romanian investor lost all of his money.
ATH (All Time High):
The highest price ever achieved by a cryptocurrency in its entire history. Alternatively, ATL is all time low
Bearish:
A tendency of prices to fall; a pessimistic expectation that the value of a coin is going to drop.
Bear trap:
A manipulation of a stock or commodity by investors.
Bitcoin:
The very first, and the highest ever valued, mass-market open source and decentralized cryptocurrency and digital payment system that runs on a worldwide peer to peer network. It operates independently of any centralized authorities
Bitconnect:
One of the biggest scams in the crypto world. it was made popular in the meme world by screaming idiot Carlos Matos, who infamously proclaimed," hey hey heeeey” and “what's a what's a what's up wasssssssssuuuuuuuuuuuuup, BitConneeeeeeeeeeeeeeeeeeeeeeeect!”. He is now in the mentally ill meme hall of fame.
Block:
A package of permanently recorded data about transactions occurring every time period (typically about 10 minutes) on the blockchain network. Once a record has been completed and verified, it goes into a blockchain and gives way to the next block. Each block also contains a complex mathematical puzzle with a unique answer, without which new blocks can’t be added to the chain.
Blockchain:
An unchangeable digital record of all transactions ever made in a particular cryptocurrency and shared across thousands of computers worldwide. It has no central authority governing it. Records, or blocks, are chained to each other using a cryptographic signature. They are stored publicly and chronologically, from the genesis block to the latest block, hence the term blockchain. Anyone can have access to the database and yet it remains incredibly difficult to hack.
Bullish:
A tendency of prices to rise; an optimistic expectation that a specific cryptocurrency will do well and its value is going to increase.
BTFD:
Buy the fucking dip. This advise was bestowed upon us by the gods themselves. It is the iron code to crypto enthusiasts.
Bull market:
A market that Cryptos are going up.
Consensus:
An agreement among blockchain participants on the validity of data. Consensus is reached when the majority of nodes on the network verify that the transaction is 100% valid.
Crypto bubble:
The instability of cryptocurrencies in terms of price value
Cryptocurrency:
A type of digital currency, secured by strong computer code (cryptography), that operates independently of any middlemen or central authoritie
Cryptography:
The art of converting sensitive data into a format unreadable for unauthorized users, which when decoded would result in a meaningful statement.
Cryptojacking:
The use of someone else’s device and profiting from its computational power to mine cryptocurrency without their knowledge and consent.
Crypto-Valhalla:
When HODLers(holders) eventually cash out they go to a place called crypto-Valhalla. The strong will be separated from the weak and the strong will then be given lambos.
DAO:
Decentralized Autonomous Organizations. It defines A blockchain technology inspired organization or corporation that exists and operates without human intervention.
Dapp (decentralized application):
An open-source application that runs and stores its data on a blockchain network (instead of a central server) to prevent a single failure point. This software is not controlled by the single body – information comes from people providing other people with data or computing power.
Decentralized:
A system with no fundamental control authority that governs the network. Instead, it is jointly managed by all users to the system.
Desktop wallet:
A wallet that stores the private keys on your computer, which allow the spending and management of your bitcoins.
DILDO:
Long red or green candles. This is a crypto signal that tells you that it is not favorable to trade at the moment. Found on candlestick charts.
Digital Signature:
An encrypted digital code attached to an electronic document to prove that the sender is who they say they are and confirm that a transaction is valid and should be accepted by the network.
Double Spending:
An attack on the blockchain where a malicious user manipulates the network by sending digital money to two different recipients at exactly the same time.
DYOR:
Means do your own research.
Encryption:
Converting data into code to protect it from unauthorized access, so that only the intended recipient(s) can decode it.
Eskrow:
the practice of having a third party act as an intermediary in a transaction. This third party holds the funds on and sends them off when the transaction is completed.
Ethereum:
Ethereum is an open source, public, blockchain-based platform that runs smart contracts and allows you to build dapps on it. Ethereum is fueled by the cryptocurrency Ether.
Exchange:
A platform (centralized or decentralized) for exchanging (trading) different forms of cryptocurrencies. These exchanges allow you to exchange cryptos for local currency. Some popular exchanges are Coinbase, Bittrex, Kraken and more.
Faucet:
A website which gives away free cryptocurrencies.
Fiat money:
Fiat currency is legal tender whose value is backed by the government that issued it, such as the US dollar or UK pound.
Fork:
A split in the blockchain, resulting in two separate branches, an original and a new alternate version of the cryptocurrency. As a single blockchain forks into two, they will both run simultaneously on different parts of the network. For example, Bitcoin Cash is a Bitcoin fork.
FOMO:
Fear of missing out.
Frictionless:
A system is frictionless when there are zero transaction costs or trading retraints.
FUD:
Fear, Uncertainty and Doubt regarding the crypto market.
Gas:
A fee paid to run transactions, dapps and smart contracts on Ethereum.
Halving:
A 50% decrease in block reward after the mining of a pre-specified number of blocks. Every 4 years, the “reward” for successfully mining a block of bitcoin is reduced by half. This is referred to as “Halving”.
Hardware wallet:
Physical wallet devices that can securely store cryptocurrency maximally. Some examples are Ledger Nano S**,** Digital Bitbox and more**.**
Hash:
The process that takes input data of varying sizes, performs an operation on it and converts it into a fixed size output. It cannot be reversed.
Hashing:
The process by which you mine bitcoin or similar cryptocurrency, by trying to solve the mathematical problem within it, using cryptographic hash functions.
HODL:
A Bitcoin enthusiast once accidentally misspelled the word HOLD and it is now part of the bitcoin legend. It can also mean hold on for dear life.
ICO (Initial Coin Offering):
A blockchain-based fundraising mechanism, or a public crowd sale of a new digital coin, used to raise capital from supporters for an early stage crypto venture. Beware of these as there have been quite a few scams in the past.
John mcAfee:
A man who will one day eat his balls on live television for falsely predicting bitcoin going to 100k. He has also become a small meme within the crypto community for his outlandish claims.
JOMO:
Joy of missing out. For those who are so depressed about missing out their sadness becomes joy.
KYC:
Know your customer(alternatively consumer).
Lambo:
This stands for Lamborghini. A small meme within the investing community where the moment someone gets rich they spend their earnings on a lambo. One day we will all have lambos in crypto-valhalla.
Ledger:
Away from Blockchain, it is a book of financial transactions and balances. In the world of crypto, the blockchain functions as a ledger. A digital currency’s ledger records all transactions which took place on a certain block chain network.
Leverage:
Trading with borrowed capital (margin) in order to increase the potential return of an investment.
Liquidity:
The availability of an asset to be bought and sold easily, without affecting its market price.
of the coins.
Margin trading:
The trading of assets or securities bought with borrowed money.
Market cap/MCAP:
A short-term for Market Capitalization. Market Capitalization refers to the market value of a particular cryptocurrency. It is computed by multiplying the Price of an individual unit of coins by the total circulating supply.
Miner:
A computer participating in any cryptocurrency network performing proof of work. This is usually done to receive block rewards.
Mining:
The act of solving a complex math equation to validate a blockchain transaction using computer processing power and specialized hardware.
Mining contract:
A method of investing in bitcoin mining hardware, allowing anyone to rent out a pre-specified amount of hashing power, for an agreed amount of time. The mining service takes care of hardware maintenance, hosting and electricity costs, making it simpler for investors.
Mining rig:
A computer specially designed for mining cryptocurrencies.
Mooning:
A situation the price of a coin rapidly increases in value. Can also be used as: “I hope bitcoin goes to the moon”
Node:
Any computing device that connects to the blockchain network.
Open source:
The practice of sharing the source code for a piece of computer software, allowing it to be distributed and altered by anyone.
OTC:
Over the counter. Trading is done directly between parties.
P2P (Peer to Peer):
A type of network connection where participants interact directly with each other rather than through a centralized third party. The system allows the exchange of resources from A to B, without having to go through a separate server.
Paper wallet:
A form of “cold storage” where the private keys are printed onto a piece of paper and stored offline. Considered as one of the safest crypto wallets, the truth is that it majors in sweeping coins from your wallets.
Pre mining:
The mining of a cryptocurrency by its developers before it is released to the public.
Proof of stake (POS):
A consensus distribution algorithm which essentially rewards you based upon the amount of the coin that you own. In other words, more investment in the coin will leads to more gain when you mine with this protocol In Proof of Stake, the resource held by the “miner” is their stake in the currency.
PROOF OF WORK (POW) :
The competition of computers competing to solve a tough crypto math problem. The first computer that does this is allowed to create new blocks and record information.” The miner is then usually rewarded via transaction fees.
Protocol:
A standardized set of rules for formatting and processing data.
Public key / private key:
A cryptographic code that allows a user to receive cryptocurrencies into an account. The public key is made available to everyone via a publicly accessible directory, and the private key remains confidential to its respective owner. Because the key pair is mathematically related, whatever is encrypted with a public key may only be decrypted by its corresponding private key.
Pump and dump:
Massive buying and selling activity of cryptocurrencies (sometimes organized and to one’s benefit) which essentially result in a phenomenon where the significant surge in the value of coin followed by a huge crash take place in a short time frame.
Recovery phrase:
A set of phrases you are given whereby you can regain or access your wallet should you lose the private key to your wallets — paper, mobile, desktop, and hardware wallet. These phrases are some random 12–24 words. A recovery Phrase can also be called as Recovery seed, Seed Key, Recovery Key, or Seed Phrase.
REKT:
Referring to the word “wrecked”. It defines a situation whereby an investor or trader who has been ruined utterly following the massive losses suffered in crypto industry.
Ripple:
An alternative payment network to Bitcoin based on similar cryptography. The ripple network uses XRP as currency and is capable of sending any asset type.
ROI:
Return on investment.
Safu:
A crypto term for safe popularized by the Bizonnaci YouTube channel after the CEO of Binance tweeted
“Funds are safe."
“the exchage I use got hacked!”“Oh no, are your funds safu?”
“My coins better be safu!”


Sats/Satoshi:
The smallest fraction of a bitcoin is called a “satoshi” or “sat”. It represents one hundred-millionth of a bitcoin and is named after Satoshi Nakamoto.
Satoshi Nakamoto:
This was the pseudonym for the mysterious creator of Bitcoin.
Scalability:
The ability of a cryptocurrency to contain the massive use of its Blockchain.
Sharding:
A scaling solution for the Blockchain. It is generally a method that allows nodes to have partial copies of the complete blockchain in order to increase overall network performance and consensus speeds.
Shitcoin:
Coin with little potential or future prospects.
Shill:
Spreading buzz by heavily promoting a particular coin in the community to create awareness.
Short position:
Selling of a specific cryptocurrency with an expectation that it will drop in value.
Silk road:
The online marketplace where drugs and other illicit items were traded for Bitcoin. This marketplace is using accessed through “TOR”, and VPNs. In October 2013, a Silk Road was shut down in by the FBI.
Smart Contract:
Certain computational benchmarks or barriers that have to be met in turn for money or data to be deposited or even be used to verify things such as land rights.
Software Wallet:
A crypto wallet that exists purely as software files on a computer. Usually, software wallets can be generated for free from a variety of sources.
Solidity:
A contract-oriented coding language for implementing smart contracts on Ethereum. Its syntax is similar to that of JavaScript.
Stable coin:
A cryptocoin with an extremely low volatility that can be used to trade against the overall market.
Staking:
Staking is the process of actively participating in transaction validation (similar to mining) on a proof-of-stake (PoS) blockchain. On these blockchains, anyone with a minimum-required balance of a specific cryptocurrency can validate transactions and earn Staking rewards.
Surge:
When a crypto currency appreciates or goes up in price.
Tank:
The opposite of mooning. When a coin tanks it can also be described as crashing.
Tendies
For traders , the chief prize is “tendies” (chicken tenders, the treat an overgrown man-child receives for being a “Good Boy”) .
Token:
A unit of value that represents a digital asset built on a blockchain system. A token is usually considered as a “coin” of a cryptocurrency, but it really has a wider functionality.
TOR: “The Onion Router” is a free web browser designed to protect users’ anonymity and resist censorship. Tor is usually used surfing the web anonymously and access sites on the “Darkweb”.
Transaction fee:
An amount of money users are charged from their transaction when sending cryptocurrencies.
Volatility:
A measure of fluctuations in the price of a financial instrument over time. High volatility in bitcoin is seen as risky since its shifting value discourages people from spending or accepting it.
Wallet:
A file that stores all your private keys and communicates with the blockchain to perform transactions. It allows you to send and receive bitcoins securely as well as view your balance and transaction history.
Whale:
An investor that holds a tremendous amount of cryptocurrency. Their extraordinary large holdings allow them to control prices and manipulate the market.
Whitepaper:

A comprehensive report or guide made to understand an issue or help decision making. It is also seen as a technical write up that most cryptocurrencies provide to take a deep look into the structure and plan of the cryptocurrency/Blockchain project. Satoshi Nakamoto was the first to release a whitepaper on Bitcoin, titled “Bitcoin: A Peer-to-Peer Electronic Cash System” in late 2008.
And with that I finally complete my odyssey. I sincerely hope that this helped you and if you are new, I welcome you to crypto. If you read all of that I hope it increased, you in knowledge.
my final definition:
Crypto-Family:
A collection of all the HODLers and crypto fanatics. A place where all people alike unite over a love for crypto.
We are all in this together as we pioneer the new world that is crypto currency. I wish you a great day and Happy HODLing.
-u/flacciduck
feel free to comment words or terms that you feel should be included or about any errors I made.
Edit1:some fixes were made and added words.
submitted by flacciduck to CryptoCurrency [link] [comments]

Beermoney Essentials: 6 Ways To Earn Passively With Cryptocurrencies In 2018

Hey guys!
This is my second "Beermoney Essentials" post. Here's the first one about Chrome Extensions if you missed it a year ago. These types of posts basically are just about things have seem to become 'essential' information in terms of Beermoney.
This post is going to be about Cryptocurrency. Cryptocurrency has been becoming more and more popular around the beermoney community, and I think it's safe to say that 2018 will be the year of cryptos.
Here's what this post is NOT. This post will not be the 'here's what cryptos I think you should buy and hodl in 2018'. This post IS going to be about cryptos you can get into and do whatever you want to without having to directly invest in them. So yeah, this post is mostly going to be about mining.

6 Ways To Earn Passively With Cryptocurrencies

Alright, so in this post, I'm going to split things up into 4 parts:

Part 1: GPU mining

Does anyone here remember Nice Hash? (I mean, it technically still is a thing actually). Nice Hash is/was a nice site that would allow you to use your PC to mine. I believe they actually mined ETH (I think), but they were nice because they paid out in BTC (which most people prefer). It was really the easy way for just about anyone to get into mining (assuming you have a decent GPU). Just a month or so ago they claim to have been "hacked" and they lost (at the time) ~$60 million in users' bitcoin. For whatever reason a lot of people wanted them to resume operating after the bits were lost, so they are back up. I won't recommend Nicehash at all. I don't think they were really hacked, and I do think it was an inside job. If you want to use Nicehash, you can. I just really don't recommend it, and there are plenty of alternatives. Here are just a few that I found.

WinMiner

WinMiner is a really neat alternative to NiceHash. From what it seems, the payouts on Winminer are a bit lower, but there are a couple advantages to using this site that might outweigh the lower payouts. First of all, Winminer is really easy to use, you can just download it and set it up, and it's all set. The thing about Winminer that is really nice is that you can get paid out in many different ways. If you want, you can cash out to Bitcoin, but they have a $100 minimum, and the fees are really high, so there's a good chance you won't want Bitcoin. Alternatively, you can withdraw your balance to PayPal, ETH, LTC, Amazon, or iTunes. One thing I don't necessarily like about Winminer is that it does keep your balance in USD at all times, so if you earn for a month and go to withdraw if bitcoin's price goes up 50% in that month, you won't get that bonus reflected on your total cashed out because it was in USD. It's probably not an issue for most people.

Kryptex | Nonref

I have been using Kryptex since just after the announcement of NiceHash being hacked. It has a nice UI and it is very customizable with its settings. This is probably the closest site to the original NiceHash. You can request a payout in Bitcoin any time after you have 0.0006 BTC. One thing about Kryptex is that it does have a referral system. You can earn 10% of your referral's earnings. I shamelessly put my referral link above. Feel free to give it a click if you want.
I don't really prefer this site over WinMiner because it doesn't offer quite as many methods of payments, but here it is anyways.

Part 2: CPU Mining

CPU Mining for Bitcoin has been dead for a long time, but there are still some ways to use your CPU to earn some crypto passively.

LoadTeam

LoadTeam used to be a site that would pay you to test loading websites in the background passively. It was never a lot of money (and it still isn't), but they made the change a few months ago to switch over to Crypto Mining. I actually didn't even notice the switch, but I checked my account after a couple months and I had a few dollars sitting there. LoadTeam offers instant paypal transfers with no fee for all balances over $1. It's pretty nice. I didn't even notice a difference in CPU usage over the last few months. I think of it as an easy couple dollars a month, and it runs entirely in the background.

CoinHive Monero Mining

You might have seen this around a bit. CoinHive is a service that allows sites to mine monero in the background(ish). Some sites have been using Coinhive as an alternate to advertising/adblockers. There are a few sites that have been adding coinhive to their site. You can run this passively in the background.
I don't know all of the sites that have CoinHive, but two big ones I know of are FreeBitco.in and CoinPot.
FYI, I think Freebitco.in links are blocked on reddit, but if anyone wants my referral link, send me a PM. I give 100% of my referral earnings back to my referrals.

Part 3: PoC Mining

Burstcoin Mining

PoC Mining you might not have heard of, but it's fucking cool. PoC = Proof of Capacity. While CPU mining uses a computer's CPU, and GPU mining uses graphics cards, PoC mining uses free storage to mine. The appeal of PoC mining is that it seems like everybody has free storage. Check around your house, maybe you'll find a nice external hard drive with some space on it. You can use this to mine from.
Now I know I said above that this wasn't going to be a post of me telling you what cryptos I recommend for you to invest in, but here's my quick pitch for Burstcoin. Burstcoin is the worlds first (and only) PoC coin. It is the "green" crypto. Mining Burstcoin takes up 400x less power than a crypto like Bitcoin. It's really pretty fucking cool, and I absolutely support the coin. Feel free to read more about Burstcoin on /burstcoin, and check out the recent announcement of Dymaxion.
But you're here to learn how to earn from PoC Mining passively.
Unlike CPU and GPU mining, it is a lot more hard to get into because there are a lot more steps involved to setting it up. You'll actually need to know how to 'plot' your storage and set up a mining pool.
I'm not going to write out the entire process because there are plenty of other resources to help you out.
One thing I really recommend is QBundle 1.6, which is probably the closest thing that will walk you through the process of setting up a wallet for burst and start plotting and then mining with your storage.
One thing I'll also point out is that in order to mine burst with a pool you will need at least one burst in order to set the reward recipient. There are faucets you can get a free burst from, but if you can't get the faucets to work, feel free to send me a PM and I'll send over everyone who wants to get into burst a coin to set the recipient.
Here's a video explaining burstcoin a bit more: https://www.youtube.com/watch?v=Fyj9RIyxLb4
If there are requests, I will happily make a video explaining how to get started mining with Burstcoin.

Part 4: Saving/Investing

Okay, I said this post wasn't about investing in cryptos, and that's not what this section is about, at all.
This part of the post is about using the cryptos you already have to earn more crypto. There are quite a few options in this space, but I do advise you to take all caution when investing your cryptos into anything. Realize that ANYTHING can become a scam when you're not holding your own private keys.

FreeBitco.in

I've mentioned this a few times in the past, but Freebitco.in allows you to use their site has a savings account/wallet and they pay 4.08% annual compounded interest per year on all your balances held (they pay interest daily). I've been hodling bitcoin on there on and off for quite a long while now and it's really nice. Another advantage I could point out is that their site does work as a wallet as well, and while bitcoin's fees are going crazy, you have the option of setting up an automatic weekly cash out (when you're ready to cash out your balance on their site) and the fee is just 3000 satoshi, or you can sign up for a 1-6 hour payment with a heavily reduced fee, or instant with a full average fee. It's really nice having those options.
Freebitco.in does offer a 25% referral bonus for all interest paid out on their site, and I wrote above:
FYI, I think Freebitco.in links are blocked on reddit, but if anyone wants my referral link, send me a PM. I give 100% of my referral earnings back to my referrals.
I have been paying 100% back for over a year now, and I don't plan on changing that.
Please remember: if you do deposit anything onto freebitco.in that is a risk you're taking.

Conclusion

There are a lot of different ways you can use Cryptocurrencies to your benefit. Even if you don't have a good CPU, GPU, or have much free storage, there are still options for you, and maybe you could even consider taking some of your profits from beermoney in 2018 and putting it into upgrading your own set up, or taking some profits and investing into the cryptos you support.
Previous Beermoney Essentials Posts:
Feeling like sending some cryptobits? Feel free:
BTC: 16quTAkbE5sj7doXcPgGBoUemQgdcQRv84
BCH: 1bHj58bVAAPt4wd6SNUbPxBLP6xHFXc5t
ETH: 0x95F33586adb84EE4568C9556a24b340E5eD51604
LTC: LMvtC4Ltaghyb5k5Ssh1sFn9qnqsHfcTpV
XMR: 42B8knrqLAE2BMbiWtqTcrc1W9mNy2PxdVW32oZaBNAJNjDHMWwMJkCFhHWd3aPczi4gYTon73dqX3iv1GK2tUQKJDC2pWV
BURST: BURST-L3AD-N8MX-BVJD-BW54B
submitted by Fishering to beermoney [link] [comments]

Wallet ELI5’s –

Wallet ELI5’s –
Last year my dogetip address was hacked and emptied. Half a year ago I lost my private key of a Doge address and lost a few thousand coins. Just a few days somebody stole my odem tokens from my myetherwallet, just to name some things that happened to me
So, first of all, I want to state that I am still learning (and will keep learning) and I will shy no effort to protect my (precious) coins. I’m over 60 but well versed in computers and programming; ever since the ‘80’s when I started playing the hobbit on my Atari with a tape cassette. I had to overwrite Frank Zappa, and I still miss the original sound of “Peaches in Regalia“ (or something like that) but I had a lot of fun making maps of the dungeons.
A year and a half ago I started looking into Doge. I had heard about bitcoin, and I even had an address, but I never followed up on it. Doge although attracted my attention right from the start. Don’t really remember why exactly, but at that time I was bedridden for some months and started looking into crypto and alt coins. As I had all the time of the world, faucets took me into this world and I started accumulating some coins. So .. out of the about 20 faucets I used, 3 cheated me and did never pay me. An online wallet took all my coins I had with them. A faucet accumulator site never paid my earnings either. And so on.
I took my losses and kept going (as I said before, I had all the time of the world). But why Doge? Well, that was quite easy because it had the best pay-off relation to usd and bitcoin. You could easily make double or triple from DOGE against BTC.
After being ripped off a few times, I ran into fluvio’s wallet ELI5’s on the Doge reddit. Nearly every time someone mentions wallets on the doge reddit, he follows with his remarks and links. And now you can even find them on the right panel.
And rightly so !!
So I tried to follow his advice. I started generating my own addresses and keys. And man, Yeah!, it worked and it was fun. I now have a lot of btc and doge addresses that are my own and I have the private keys. So I tried moving around coins with those addresses, and it worked. Mind you, I was still using on and off line wallets (clients), but it worked like a charm.
Ok, so the addresses generating thing (WalletGenerator.net-master) worked and was useful. But in the meantime my coins were still being stolen. Change passwords, change identities, reinstalls, 2fa, anti-phishing programs .. Each time I thought I resolved a problem, 2 others came up.
I thought that using coinbin-master would be too difficult, so I looked for a work-around. And what I did was using dogechain.info wallet with my own generated addresses (import your private keys), did what I wanted to do (transfer funds) and directly transferred them back to one of my (own, safely generated personal) addresses. That works.
After that some of my ether tokens were stolen. And again I did what I possibly could do (the most memorably thing was to install meta-mask and phisf-protect. But (of course?), I could not find the real cause of the problem or something like generating ETH addresses on the wallet-generator. There are other ones.. but still…
So a few days ago I decided to go through with the ELI5’s. (coinbin-master). And I must say, I learned a lot. And yes, it worked with my btc addresses and my Doge addresses. And yes, this should be the way to do things.
That’s my journey until now.
So now I’m trying to resolve the problems of coinbin-master. Reading the ELI5’s I first was disappointed with the use of the terms address and wallet
An address is a key to which (or from which) transactions can be sent. A wallet is a collection of addresses with their private keys
I think we should really, really try to differentiate these two terms. At least, that’s my opinion and of course that is not core.
More important was that changing coins is not that easy (it keeps going back to btc), no ether support (yeah, yeah, I know that is something completely different) although it is reading the utox, it does so in a deterministic, sequential way. That is to say, the first one (oldest) rules: you can choose deleting following ones but not the first one. I find that quite bothersome (I can do it the way I want in the electrum wallet . ) online, offline, when and when not, that is kind of confusing (at least not user-friendly)
So just to resume: Great work on the EILI5’s. But ..
To go mainstream … a lot of technical details still have to be worked out (of course) to make wallets and transactions safe and easy.
And about the safety part … Put at least a mayor part somewhere where you can control (generate and move with private keys) coins or otherwise be prepared to lose your assets
submitted by thommynic to dogecoin [link] [comments]

Soo after almost 3 months of setting up I have my own LN full node running on RP3

Soo after almost 3 months of setting up I have my own LN full node running on RP3
I have been eager to try LN mainnet since the very beginning of it. I've found out about lnd, eclair, zap and other wallets but every scenario I tried to use it failed because of critical issues:
  • eclair does not really constitute a wallet, it's more like a credit card - you can send money but not receive it
  • lnd is okay, but requires a server and tons of resources for maintaining a full node, can't be used securely, efficiently and mobily at the same time
  • zap offers some cloud wallet (in testnet!) by default, this is a serious misunderstanding of my cryptoanarchy needs
  • web wallets - ah, forget it
So I've decided to use my Raspberry Pi with a very old laptop HDD attached (200GB so the pruning function has to be used) to create a backend wallet service and zap desktop (temporarily!) as my frontend control panel.
https://preview.redd.it/0vcq147887q11.png?width=1024&format=png&auto=webp&s=7bb6eccdd4110a857e5af0400acc2d7e1ee7ee85
Setting up Pi is easy, lots of tutorials over the internet, not gonna discuss it here. Then I had to obtain bitcoind (current rel: bitcoin-0.17.0-arm-linux-gnueabihf.tar.gz) and lnd (lnd-linux-armv7-v0.5-beta.tar.gz), create a bitcoin technical user, deploy the tools, configure and install new systemd services and go through the configs. This is a tricky part, so let's share:
# Generated by https://jlopp.github.io/bitcoin-core-config-generato # This config should be placed in following path: # ~/.bitcoin/bitcoin.conf # [core] # Set database cache size in megabytes; machines sync faster with a larger cache. Recommend setting as high as possible based upon machine's available RAM. dbcache=100 # Keep at most  unconnectable transactions in memory. maxorphantx=10 # Keep the transaction memory pool below  megabytes. maxmempool=50 # Reduce storage requirements by only storing most recent N MiB of block. This mode is incompatible with -txindex and -rescan. WARNING: Reverting this setting requires re-downloading the entire blockchain. (default: 0 = disable pruning blocks, 1 = allow manual pruning via RPC, greater than 550 = automatically prune blocks to stay under target size in MiB). prune=153600 # [network] # Maintain at most N connections to peers. maxconnections=40 # Use UPnP to map the listening port. upnp=1 # Tries to keep outbound traffic under the given target (in MiB per 24h), 0 = no limit. maxuploadtarget=5000 # [debug] # Log IP Addresses in debug output. logips=1 # [rpc] # Accept public REST requests. rest=1 # [wallet] # Do not load the wallet and disable wallet RPC calls. disablewallet=1 # [zeromq] # Enable publishing of raw block hex to 
. zmqpubrawblock=tcp://127.0.0.1:28332 # Enable publishing of raw transaction hex to
. zmqpubrawtx=tcp://127.0.0.1:28333 # [rpc] # Accept command line and JSON-RPC commands. server=1 # Username and hashed password for JSON-RPC connections. The field comes in the format: :$. RPC clients connect using rpcuser=/rpcpassword= arguments. You can generate this value with the ./share/rpcauth/rpcauth.py script in the Bitcoin Core repository. This option can be specified multiple times. rpcauth=xxx:yyy$zzz
Whooaa, this online config generator is really helpful, but I still had to manually correct a few things. The last line is obviously generated by rpcauth.py, I disabled the wallet functionality as lnd is going to take care of my funds. ZMQ is not available to the network so only my LND can use it, RPC usage I still have to think through a little, in general I would like to have my own block explorer some day but also be safe from any hacking attempts (thus I would need at least 2 RPC ports/user accounts - one for lnd, one for block explorer frontend). No ports open on firewall at this time, only UPnP is active and gently opens 8333 for block/tx transfers.
Now, synchronizing the blockchain took me time from mid-July to early September... The hard drive is really slow, also my external HDD drive has some trouble with its A/C adapter so Pi was getting undervoltage alerts all the time. Luckily, it is just downclocking when it happens and slowly but steadily synchronized the whole history. After all, I'm not paying even $5 monthly for a VPS, it is by design the cheapest hardware I could use to set up my LN wallet.
When bitcoind was ready (I've heard some stories about btcd but I don't trust this software yet, sorry), it's time to configure lnd.conf:
[Application Options] debuglevel=trace rpclisten=0.0.0.0:10009 externalip=X.X.X.X:9735 listen=0.0.0.0:9735 alias=X color=#XXXXXX [Bitcoin] bitcoin.active=1 bitcoin.mainnet=1 bitcoin.node=bitcoind [Bitcoind] bitcoind.rpchost=127.0.0.1 bitcoind.rpcuser=X bitcoind.rpcpass=X bitcoind.zmqpubrawblock=tcp://127.0.0.1:28332 bitcoind.zmqpubrawtx=tcp://127.0.0.1:28333 
Here I've had to XXX a little more fields, as not only the bitcoind RPC credentials are stored here, but also my node's public information (it should be illegal to run nodes without specifically selected color and alias!). It is public (and I had to open port 9735 on my firewall), but not necessarily connected to my reddit account for most of the adversaries, so let's keep it this way. In fact, I also see a security vulnerability here: my whole node's stability depends on the IP being static. I could swap it for a .tk domain but who can tell if the bad guys won't actively fight DNS system in order to prevent global economic revolution? As such, I would rather see node identification in LN based on a public key only with possible *hints* of last-known-ip-address but the whole discovery should be performed by the nodes themself in a p2p manner, obviously preventing malicious actors from poisoning the network in some way. For now, I consider the IP stability a weak link and will probably have to pay extra Bitcoin TX fees when something happens to it (not much of a cost luckily!).

https://preview.redd.it/hjd1nooo77q11.png?width=741&format=png&auto=webp&s=14214fc36e3edf139faade930f4069fc31a3e883
Okay then, lnd is up and running, had to create a wallet and give it a night for getting up to speed. I don't know really what took it so long, I'm not using Windows nor 'localhost' in the config so the issues like #1027 are not the case. But there are others like #1545 still open so I'm not going to ponder much on this. I haven't really got any idea how to automatically unlock the wallet after Pi restart (could happen any time!), especially since I only tried to unlock it locally with lncli (why would I enter the password anywhere outside that host?), but let's say that my wallet will only be as stable as my cheap hardware. That's okay for the beta phase.
Finally, zap-desktop required me to copy tls.cert and admin.macaroon files to my desktop. If my understanding of macaroon (it's like an authentication cookie, that can later be revoked) is correct then it's not an issue, however it would be nice to have a "$50 daily limit" macaroon file in the future too, just to avoid any big issues when my client machine gets stolen. Thanks to this, I can ignore the silly cloud-based modes and have fully-secure environment of my home network being the only link from me to my money.
https://preview.redd.it/11bw3dgw47q11.png?width=836&format=png&auto=webp&s=b7fa7c88d14f22441cbbfc0db036cddfd7ea8424
Aaand there it is. The IP took some time to advertise, I use 1ml.com to see if my node is there. The zap interface (ZapDesktop-linux-amd64-v0.2.2-beta.deb) lacks lots of useful information so I keep learning lncli syntax to get more data about my new peers or the routes offered. The transactions indeed run fast and are ridiculously cheap. I would really love to run Eclair with the same settings but it doesn't seem to support custom lnd (why?). In fact, since all I need is really a lncli wrapper, maybe it will be easy to write my own (seen some web gui which weighs 700MB after downloading all dependencies with npm - SICK!). Zap for iOS alpha test registration is DOWN so I couldn't try it (and I'm not sure if it allows custom lnd selection), Zap for Android doesn't even exist yet... I made a few demo transactions and now I will explore all those fancy t-shirt stores as long as the prices are still in "early investor" mode - I remember times when one could get 0.001 BTC from a faucet...
https://preview.redd.it/42sdyoce57q11.png?width=836&format=png&auto=webp&s=7ec8917eaf8f3329d51ce3e30e455254027de0ee
If you find any of the facts presented by me false, I am happy to find out more in the discussion. However what I did I did mostly for fun, without paying much attention to the source code, documentation and endless issue lists on github. By no means I claim this tutorial will work for you but I do think I shared the key points and effort estimations to help others decide if they want a full-node LN client too. I'm also interested in some ideas on what to do with it next (rather unlikely that I will share my lnd admin.macaroon with anyone!) especially if it gives me free money. For example, I can open 1000 channels and start earning money from fees, although I no longer have more Bitcoins than the LN capacity yields... I will probably keep updating the software on my Pi until it leaves beta phases and only then will pour more money inside. I'm also keen on improving the general security of my rig and those comments I will answer more seriously.
submitted by pabou to Bitcoin [link] [comments]

[ELI5] Why you should NEVER use a third-party wallet with another third-party service

We've all done this, right?

I know I have. Because when I started out, I was lazy and stupid. And then later when it came to shitcoins, I was lazy, stupid AND disinterested. And I paid the price. Repeatedly. Still paying it now that I'm not stupid and a little less lazy in fact.

So, what's the problem, exactly?

Never forget, ANY wallet you do not personally hold the keys to (and I would add can read with your own eyeballs) IS NOT YOUR WALLET!

What could POSSIBLY go wrong?

Service A may, and often does, generate a new wallet for you, expiring the old one. The wallet they give you may only be good for 24 hours, and they may claim to no longer have access after that. They may suspend or cancel your account if you use it as a wallet rather than the purpose it was intended for. They may get hacked. They may collapse. They may steal or lose your coins. Basically, anything can happen, because, well, its their wallet, not yours, and you can't force them to do squat. There is no government backing, guarantee, regulation or oversight.
Meanwhile, Service B may, and usually does, permanently associate the wallet address you gave them with your account (and IP, email and whatever else they may decide to... aren't cookies great?). So you can't change it when Service A goes belly up. You get to lose your money or abandon your account, usually both.
If you're lucky, you may only lose a handful of coins. But depending on the service, and how you use it, the amounts can get insane pretty quickly. I've had some $3,000 in referral income from one service for example (admittedly in cash, but that's beside the point), and if you were around really early when a Bitcoin was worthless dust, you could be talking millions now. Money matters, in any amount.

So what's the alternative?

  1. READ THE ELI5s! https://www.reddit.com/dogecoin/comments/3b3h5d/eli5_how_wallets_work/ (its right there, in the pinned topics at the top right) https://www.reddit.com/dogecoin/comments/2vc016/eli5_everything_you_didnt_know_you_needed_to_know/ https://www.reddit.com/dogecoin/comments/6e5hsq/eli5_extracting_privkeys_from_qtcore/ https://www.reddit.com/dogecoin/comments/5lxjrh/eli5_what_is_a_dogecoin/ https://www.reddit.com/dogecoin/comments/4yts6h/start_here_for_much_wallet_wow/ (that last one was stickied for over 9 months, BTW)
  2. Go to https://walletgenerator.net/ and https://coinb.in/#settings and learn to use them both. Download them so you can run them locally and offline. There is no limit to how many wallets you can own, so there is NO reason to rely on anyone other than yourself.
  3. Keep your keys safe and secure. Even if its just a text file, backed up, printed out, and stored in safe places where it won't be lost, destroyed or stolen, your record of your private keys and addresses IS your money. Treat this record like you would a bundle of cash. Because that's what it is, actually.
  4. Make Lists! Apart from your key file above, which must be kept secret, you should have a list of all your wallets AND what they're for. Again, I speak from bitter experience. Looking at one of my faucet referral links, I see ?ref=8c0963b5453b but I have absolutely NO idea what wallet I used with it, where it is, or even if its receiving payouts. If I'd written it down 3 years ago, I would know. Oh, and while you're at it, include other peoples' wallets in your lists. If you've ever sent or received coins from someone, you should have a record, because, have you ever tried to trace coins in the blockchain? I have, for an article in VeryMuchWow, and it was a huge PITA. Save yourself some grief.
submitted by Fulvio55 to dogecoin [link] [comments]

The 🐳 1000 dollars twitter giveaway

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Our Bitcoin Faucet script is vested with bullet-proof security, and uses BlockTrail API for payments. The script also contains a referral system to help your faucet grow beyond borders easily, and Satoshi Snakes to help you to generate your impressions and win more. The script is also built on Bootstrap, so expecting a brilliant UI won't be a mistake.
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Coin-Flipper Grid-Game Guess the Number The script also comes with great features to promote user activity and engagment. The script contains a chat-box so that your users can communicate effectively, generating more impressions and interaction, and user engagement. The script also contains a Contact form so that your users can stay in contact with you. You can also use the in-built forum system for mass public interaction. Forums further allow you to interact with your users in an effective way, and generate more ad impressions to increase your earnings. You can easily maintain the site with our fully-featured admin panel which contains ability to change settings, manage accounts, perform withdrawals and other necessary functions.
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submitted by backalleybitcoin to u/backalleybitcoin [link] [comments]

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Faucet Bitcoin - Faucet bot

Vera Trading: Live Bitcoin BTCUSD Price Chart and Live Bitcoin Trading with Crypto Robot DeriBot. Vera Trading 294 watching. Live now In this video u can see how to hack free Bitcoin without root and without any hacking app. This video is unavailable. Watch Queue Queue. Watch Queue Queue today i am showing you the faucet the i have just started using and plan to stick with and see if its any good it is a pretty fun faucet i would recommend ch... Faucet Hack es el primer Software de ingeniería avanzada que te ayudará a generar gran cantidad de Satoshi de forma automática. Recolección de BTC, Dogecoin, Ethereum, Minería, bot de la ...

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