VOTING POWER100.00%
DOWNVOTE POWER100.00%
RESOURCE CREDITS100.00%
REPUTATION PROGRESS0.00%
Net Worth
0.418USD
STEEM
0.000STEEM
SBD
0.000SBD
Own SP
7.213SP
Detailed Balance
| STEEM | ||
| balance | 0.000STEEM | STEEM |
| market_balance | 0.000STEEM | STEEM |
| savings_balance | 0.000STEEM | STEEM |
| reward_steem_balance | 0.000STEEM | STEEM |
| STEEM POWER | ||
| Own SP | 7.213SP | SP |
| Delegated Out | 0.000SP | SP |
| Delegation In | 0.000SP | SP |
| Effective Power | 7.213SP | SP |
| Reward SP (pending) | 0.000SP | SP |
| SBD | ||
| sbd_balance | 0.000SBD | SBD |
| sbd_conversions | 0.000SBD | SBD |
| sbd_market_balance | 0.000SBD | SBD |
| savings_sbd_balance | 0.000SBD | SBD |
| reward_sbd_balance | 0.000SBD | SBD |
{
"balance": "0.000 STEEM",
"savings_balance": "0.000 STEEM",
"reward_steem_balance": "0.000 STEEM",
"vesting_shares": "11729.197744 VESTS",
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"sbd_balance": "0.000 SBD",
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"reward_sbd_balance": "0.000 SBD",
"conversions": []
}Account Info
| name | znuf |
| id | 44531 |
| rank | 165,885 |
| reputation | 54678832 |
| created | 2016-08-02T22:00:18 |
| recovery_account | steem |
| proxy | None |
| post_count | 3 |
| comment_count | 0 |
| lifetime_vote_count | 0 |
| witnesses_voted_for | 0 |
| last_post | 2018-02-19T13:44:51 |
| last_root_post | 2018-02-19T13:44:51 |
| last_vote_time | 2024-12-31T13:17:24 |
| proxied_vsf_votes | 0, 0, 0, 0 |
| can_vote | 1 |
| voting_power | 9,799 |
| delayed_votes | 0 |
| balance | 0.000 STEEM |
| savings_balance | 0.000 STEEM |
| sbd_balance | 0.000 SBD |
| savings_sbd_balance | 0.000 SBD |
| vesting_shares | 11729.197744 VESTS |
| delegated_vesting_shares | 0.000000 VESTS |
| received_vesting_shares | 0.000000 VESTS |
| reward_vesting_balance | 0.000000 VESTS |
| vesting_balance | 0.000 STEEM |
| vesting_withdraw_rate | 0.000000 VESTS |
| next_vesting_withdrawal | 1969-12-31T23:59:59 |
| withdrawn | 0 |
| to_withdraw | 0 |
| withdraw_routes | 0 |
| savings_withdraw_requests | 0 |
| last_account_recovery | 1970-01-01T00:00:00 |
| reset_account | null |
| last_owner_update | 2024-12-31T13:16:27 |
| last_account_update | 2024-12-31T13:16:27 |
| mined | No |
| sbd_seconds | 0 |
| sbd_last_interest_payment | 1970-01-01T00:00:00 |
| savings_sbd_last_interest_payment | 1970-01-01T00:00:00 |
{
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"mined": false,
"name": "znuf",
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"recovery_account": "steem",
"reputation": 54678832,
"reset_account": "null",
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"reward_steem_balance": "0.000 STEEM",
"reward_vesting_balance": "0.000000 VESTS",
"reward_vesting_steem": "0.000 STEEM",
"savings_balance": "0.000 STEEM",
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"rank": 165885
}Withdraw Routes
| Incoming | Outgoing |
|---|---|
Empty | Empty |
{
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"outgoing": []
}From Date
To Date
znufupvoted (100.00%) @steemitblog / steemit-update-december-31st-2024-community-curators-for-january2024/12/31 13:17:24
znufupvoted (100.00%) @steemitblog / steemit-update-december-31st-2024-community-curators-for-january
2024/12/31 13:17:24
| author | steemitblog |
| permlink | steemit-update-december-31st-2024-community-curators-for-january |
| voter | znuf |
| weight | 10000 (100.00%) |
| Transaction Info | Block #91712570/Trx 8f65dbc393632d89f6123f13cde54c684ac2d826 |
View Raw JSON Data
{
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"op": [
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}znufupdated their account properties2024/12/31 13:16:27
znufupdated their account properties
2024/12/31 13:16:27
| account | znuf |
| active | {"account_auths":[],"key_auths":[["STM5rcdfXzR6xQHbQvnauZaNnF7tFJiHHbM7EDYi38ECXUbR42jNe",1]],"weight_threshold":1} |
| json metadata | |
| memo key | STM5yNzH6QnziEpyaih2AuS7h9BXJA3FDUv3XyhLrjajG2F7G5dvg |
| owner | {"account_auths":[],"key_auths":[["STM5T73tTjEXYH9BSFXBH4QbxzbSw6N5THy37VUYPpnXNCv6W6iJb",1]],"weight_threshold":1} |
| posting | {"account_auths":[],"key_auths":[["STM7miXcJC6PqHYWwoEtdUB13pQmTHwYVCxR8mYy2KfwNnr9cGycM",1]],"weight_threshold":1} |
| Transaction Info | Block #91712551/Trx ccf2b4090e518468c8415b01abb25a1349aad5d3 |
View Raw JSON Data
{
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}2019/08/02 23:24:30
2019/08/02 23:24:30
| author | steemitboard |
| body | Congratulations @znuf! You received a personal award! <table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@znuf/birthday3.png</td><td>Happy Birthday! - You are on the Steem blockchain for 3 years!</td></tr></table> <sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@znuf) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=znuf)_</sub> ###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes! |
| json metadata | {"image":["https://steemitboard.com/img/notify.png"]} |
| parent author | znuf |
| parent permlink | litecoin-the-sleeping-volcano |
| permlink | steemitboard-notify-znuf-20190802t232430000z |
| title | |
| Transaction Info | Block #35213980/Trx 2129f4fd6eb74584b04837fddb28c84af475205c |
View Raw JSON Data
{
"block": 35213980,
"op": [
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{
"author": "steemitboard",
"body": "Congratulations @znuf! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@znuf/birthday3.png</td><td>Happy Birthday! - You are on the Steem blockchain for 3 years!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@znuf) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=znuf)_</sub>\n\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!",
"json_metadata": "{\"image\":[\"https://steemitboard.com/img/notify.png\"]}",
"parent_author": "znuf",
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}2018/08/03 00:00:03
2018/08/03 00:00:03
| author | steemitboard |
| body | Congratulations @znuf! You have received a personal award! [](http://steemitboard.com/@znuf) 2 Years on Steemit <sub>_Click on the badge to view your Board of Honor._</sub> > Do you like [SteemitBoard's project](https://steemit.com/@steemitboard)? Then **[Vote for its witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1)** and **get one more award**! |
| json metadata | {"image":["https://steemitboard.com/img/notify.png"]} |
| parent author | znuf |
| parent permlink | litecoin-the-sleeping-volcano |
| permlink | steemitboard-notify-znuf-20180803t000005000z |
| title | |
| Transaction Info | Block #24728642/Trx 6dcc7b8b2741be7e3f53f4f35e8c8a3cec8c1446 |
View Raw JSON Data
{
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"author": "steemitboard",
"body": "Congratulations @znuf! You have received a personal award!\n\n[](http://steemitboard.com/@znuf) 2 Years on Steemit\n<sub>_Click on the badge to view your Board of Honor._</sub>\n\n\n> Do you like [SteemitBoard's project](https://steemit.com/@steemitboard)? Then **[Vote for its witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1)** and **get one more award**!",
"json_metadata": "{\"image\":[\"https://steemitboard.com/img/notify.png\"]}",
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}kuetupvoted (100.00%) @znuf / litecoin-the-sleeping-volcano2018/02/20 00:18:36
kuetupvoted (100.00%) @znuf / litecoin-the-sleeping-volcano
2018/02/20 00:18:36
| author | znuf |
| permlink | litecoin-the-sleeping-volcano |
| voter | kuet |
| weight | 10000 (100.00%) |
| Transaction Info | Block #20020411/Trx 0f61b31ed6a7e05d77dcded02a63edda15bf2863 |
View Raw JSON Data
{
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}coin.infoupvoted (6.94%) @znuf / litecoin-the-sleeping-volcano2018/02/20 00:10:18
coin.infoupvoted (6.94%) @znuf / litecoin-the-sleeping-volcano
2018/02/20 00:10:18
| author | znuf |
| permlink | litecoin-the-sleeping-volcano |
| voter | coin.info |
| weight | 694 (6.94%) |
| Transaction Info | Block #20020245/Trx 5fb4db71a66248ab86f3de360026b6953c832712 |
View Raw JSON Data
{
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}2018/02/20 00:10:15
2018/02/20 00:10:15
| author | coin.info |
| body | **Coins mentioned in post:** Coin | | Price (USD) | 📈 24h | 📈 7d - | - | - | - | - **BTC** | Bitcoin | 11230.000$ | _5.67%_ | _27.4%_ **DCR** | Decred | 88.207$ | _2.72%_ | _14.92%_ **LTC** | Litecoin | 223.057$ | _2.69%_ | _39.26%_ |
| json metadata | {"app":"coininfo/1.0.0","format":"markdown"} |
| parent author | znuf |
| parent permlink | litecoin-the-sleeping-volcano |
| permlink | re-znuf-litecoin-the-sleeping-volcano-20180220t001013914z |
| title | |
| Transaction Info | Block #20020244/Trx 81faff460e69a5146d8d8c61bc0be3bca06d9d29 |
View Raw JSON Data
{
"block": 20020244,
"op": [
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{
"author": "coin.info",
"body": "**Coins mentioned in post:**\n\nCoin | | Price (USD) | 📈 24h | 📈 7d\n- | - | - | - | -\n**BTC** | Bitcoin | 11230.000$ | _5.67%_ | _27.4%_\n**DCR** | Decred | 88.207$ | _2.72%_ | _14.92%_\n**LTC** | Litecoin | 223.057$ | _2.69%_ | _39.26%_",
"json_metadata": "{\"app\":\"coininfo/1.0.0\",\"format\":\"markdown\"}",
"parent_author": "znuf",
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}znufupvoted (100.00%) @znuf / litecoin-the-sleeping-volcano2018/02/19 13:44:51
znufupvoted (100.00%) @znuf / litecoin-the-sleeping-volcano
2018/02/19 13:44:51
| author | znuf |
| permlink | litecoin-the-sleeping-volcano |
| voter | znuf |
| weight | 10000 (100.00%) |
| Transaction Info | Block #20007759/Trx 3ba9fd4e4a71d9d1987d2ceb6a135821b45be2f7 |
View Raw JSON Data
{
"block": 20007759,
"op": [
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"trx_id": "3ba9fd4e4a71d9d1987d2ceb6a135821b45be2f7",
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}znufpublished a new post: litecoin-the-sleeping-volcano2018/02/19 13:44:51
znufpublished a new post: litecoin-the-sleeping-volcano
2018/02/19 13:44:51
| author | znuf |
| body | ## And when it will explode Bitcoin has always been the big brother to Litecoin, but that is slowly changing. *Innovation distinguishes between a leader and a follower. — Steve Jobs* Litecoin is much faster to adopt promising new technologies without fighting and debating over it for years. It is true that most of this technology was developed by Bitcoin developers and not by Litecoin developers. One example of this is Segwit which was first implemented on Litecoin before it came to Bitcoin. Segwit is an extremely interesting technology, but it is not the focus of this article. Litecoin has started it’s own Litecoin Improvements Proposals Repository and will start to implement unique features not found in any other coin. LIP-001 is being worked on by Charlie Lee. *I'm proposing an upgrade to Litecoin with a soft fork that will let miners signal their min accepted fee in the block header. This will let a fee market develop without having us decide what the min fee is. Will also make it easier for users to estimate fees. More details later.* LIP-001 is just the beginning of a new era for Litecoin. Other important milestones for Litecoin moving forward is support for cross-chain atomic swap. Litecoin has already successfully done this with Decred and with Bitcoin in an off-chain atomic swap test conducted by Lightning Labs. Cross-chain atomic swaps enables the end-user to seamlessly pay with Litecoin even if you only bought Bitcoin. This is huge for Litecoin as it can fully realize its potential of a true payment coin. Bitcoins blocktimes are not really suitable for everyday purchases even less so with the high fees. Litecoin has an order of magnitude cheaper fees and faster blocks. When will Litecoin explode? Litecoin will explode on April 1st when Facebook announces their custom payment processor and integration into their products. Just kidding. It would make for a good Aprils Fools tweet from LTCFoundation albeit unprofessional. 2018 will be a good year for Litecoin and I expect the growth in usage to increase with a number of new merchant processors launching their products. LitePay is the most promising with some of the Litecoin Foundation members as investors. They will also offer a Litecoin card and wallet. The price will likely continue to stay in the range of 0.01–0.02 BTC to LTC ratio for the coming year. This means that if Bitcoins price continues to go up Litecoins price will naturally follow. If we do get a breakout from 0.02 the way is short to 0.05 which will price Litecoin at $420 at current prices. 2018 will really be the year all cryptocurrencies including Litecoin will be under heavy scrutiny from regulators from all countries. What regulations they will introduce and where they will be introduced are impossible to predict. A beacon of hope is Japan which is taking a very positive stance and we must hope all other countries will follow in their example. |
| json metadata | {"tags":["cryptocurrency","litecoin","crypto"],"app":"steemit/0.1","format":"markdown"} |
| parent author | |
| parent permlink | cryptocurrency |
| permlink | litecoin-the-sleeping-volcano |
| title | Litecoin: The sleeping volcano |
| Transaction Info | Block #20007759/Trx 3ba9fd4e4a71d9d1987d2ceb6a135821b45be2f7 |
View Raw JSON Data
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"body": "## And when it will explode\n\nBitcoin has always been the big brother to Litecoin, but that is slowly changing.\n\n*Innovation distinguishes between a leader and a follower. — Steve Jobs*\n\nLitecoin is much faster to adopt promising new technologies without fighting and debating over it for years. It is true that most of this technology was developed by Bitcoin developers and not by Litecoin developers. One example of this is Segwit which was first implemented on Litecoin before it came to Bitcoin. Segwit is an extremely interesting technology, but it is not the focus of this article. Litecoin has started it’s own Litecoin Improvements Proposals Repository and will start to implement unique features not found in any other coin. LIP-001 is being worked on by Charlie Lee.\n\n*I'm proposing an upgrade to Litecoin with a soft fork that will let miners signal their min accepted fee in the block header. This will let a fee market develop without having us decide what the min fee is. Will also make it easier for users to estimate fees. More details later.*\n\nLIP-001 is just the beginning of a new era for Litecoin.\n\nOther important milestones for Litecoin moving forward is support for cross-chain atomic swap. Litecoin has already successfully done this with Decred and with Bitcoin in an off-chain atomic swap test conducted by Lightning Labs. Cross-chain atomic swaps enables the end-user to seamlessly pay with Litecoin even if you only bought Bitcoin. This is huge for Litecoin as it can fully realize its potential of a true payment coin. Bitcoins blocktimes are not really suitable for everyday purchases even less so with the high fees. Litecoin has an order of magnitude cheaper fees and faster blocks.\n\nWhen will Litecoin explode?\n\nLitecoin will explode on April 1st when Facebook announces their custom payment processor and integration into their products.\n\nJust kidding. It would make for a good Aprils Fools tweet from LTCFoundation albeit unprofessional. 2018 will be a good year for Litecoin and I expect the growth in usage to increase with a number of new merchant processors launching their products. LitePay is the most promising with some of the Litecoin Foundation members as investors. They will also offer a Litecoin card and wallet.\n\nThe price will likely continue to stay in the range of 0.01–0.02 BTC to LTC ratio for the coming year. This means that if Bitcoins price continues to go up Litecoins price will naturally follow. If we do get a breakout from 0.02 the way is short to 0.05 which will price Litecoin at $420 at current prices.\n\n2018 will really be the year all cryptocurrencies including Litecoin will be under heavy scrutiny from regulators from all countries. What regulations they will introduce and where they will be introduced are impossible to predict. A beacon of hope is Japan which is taking a very positive stance and we must hope all other countries will follow in their example.",
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2017/08/08 21:47:45
| author | credbamiva |
| body | Perfectly! |
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}zackcovellupvoted (100.00%) @znuf / cryptoeconomics-1012017/06/25 16:14:21
zackcovellupvoted (100.00%) @znuf / cryptoeconomics-101
2017/06/25 16:14:21
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}saejoxupvoted (100.00%) @znuf / amd-gpu-supply-exhausted-by-cryptocurrency-mining2017/06/05 14:28:48
saejoxupvoted (100.00%) @znuf / amd-gpu-supply-exhausted-by-cryptocurrency-mining
2017/06/05 14:28:48
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2017/06/05 14:06:42
| author | cheetah |
| body | Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in: http://myinforms.com/en-ca/a/459061449-amd-gpu-supply-exhausted-by-cryptocurrency-mining-aibs-now-directly-advertising-to-miners/ |
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}cheetahupvoted (1.00%) @znuf / amd-gpu-supply-exhausted-by-cryptocurrency-mining2017/06/05 14:06:36
cheetahupvoted (1.00%) @znuf / amd-gpu-supply-exhausted-by-cryptocurrency-mining
2017/06/05 14:06:36
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}znufupvoted (100.00%) @znuf / amd-gpu-supply-exhausted-by-cryptocurrency-mining2017/06/05 14:04:15
znufupvoted (100.00%) @znuf / amd-gpu-supply-exhausted-by-cryptocurrency-mining
2017/06/05 14:04:15
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}znufpublished a new post: amd-gpu-supply-exhausted-by-cryptocurrency-mining2017/06/05 14:04:15
znufpublished a new post: amd-gpu-supply-exhausted-by-cryptocurrency-mining
2017/06/05 14:04:15
| author | znuf |
| body | AMD Radeon RX 500 series graphics cards, particularly the RX 580 and 570, have been out of stock for weeks now owing to the cryptocurrency mining craze. The market had shifted away from GPU mining a couple of years back after several China based companies launched specialized ASICs that were much faster and more power efficient at resolving the block chain equations necessary to mine Bitcoin and Litecoin, the Gold and Silver of cryptocurrencies. However GPU mining has seen a massive resurgence over the past little while due to the rising popularity of ASIC resistant coins. Chief among which is Etherium which has seen its price more than triple in a matter of months. AMD’s add-in-board partners have caught on to this and have already started directly advertising to miners. Used AMD Radeon Graphics Cards Are Catching 2-3 Times Their Original Value In The 2nd Hand Market We’ve seen the same scenario back in late 2013 early 2014 during the Bitcoin and Litecoin mining crazes. AMD GPUs of the day handily outperformed their NVIDIA counterparts and as a result AMD simply couldn’t keep up with the demand and supplies of R9 290 and 290X cards dried up really quickly, driving prices up to insane levels. |
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"body": "AMD Radeon RX 500 series graphics cards, particularly the RX 580 and 570, have been out of stock for weeks now owing to the cryptocurrency mining craze. The market had shifted away from GPU mining a couple of years back after several China based companies launched specialized ASICs that were much faster and more power efficient at resolving the block chain equations necessary to mine Bitcoin and Litecoin, the Gold and Silver of cryptocurrencies.\n\nHowever GPU mining has seen a massive resurgence over the past little while due to the rising popularity of ASIC resistant coins. Chief among which is Etherium which has seen its price more than triple in a matter of months. AMD’s add-in-board partners have caught on to this and have already started directly advertising to miners.\n\nUsed AMD Radeon Graphics Cards Are Catching 2-3 Times Their Original Value In The 2nd Hand Market\n\nWe’ve seen the same scenario back in late 2013 early 2014 during the Bitcoin and Litecoin mining crazes. AMD GPUs of the day handily outperformed their NVIDIA counterparts and as a result AMD simply couldn’t keep up with the demand and supplies of R9 290 and 290X cards dried up really quickly, driving prices up to insane levels.",
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}znufupvoted (100.00%) @kingscrown / interesting-facts-about-bitcoin-blocks-and-lost-coins2017/06/05 13:59:51
znufupvoted (100.00%) @kingscrown / interesting-facts-about-bitcoin-blocks-and-lost-coins
2017/06/05 13:59:51
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}znufupvoted (100.00%) @officialfuzzy / bitshares-hangout-23-w-chris4210-and-officialfuzzy-2017-06-022017/06/05 13:59:45
znufupvoted (100.00%) @officialfuzzy / bitshares-hangout-23-w-chris4210-and-officialfuzzy-2017-06-02
2017/06/05 13:59:45
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}znufupvoted (100.00%) @curie / curie-weekly-update-29th-may-to-4th-june-20172017/06/05 13:59:33
znufupvoted (100.00%) @curie / curie-weekly-update-29th-may-to-4th-june-2017
2017/06/05 13:59:33
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}cheetahreplied to @znuf / cheetah-re-znufcryptoeconomics-1012017/06/05 13:58:15
cheetahreplied to @znuf / cheetah-re-znufcryptoeconomics-101
2017/06/05 13:58:15
| author | cheetah |
| body | Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in: https://thecontrol.co/cryptoeconomics-101-e5c883e9a8ff |
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}cheetahupvoted (1.00%) @znuf / cryptoeconomics-1012017/06/05 13:58:09
cheetahupvoted (1.00%) @znuf / cryptoeconomics-101
2017/06/05 13:58:09
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}adrianwastagupvoted (100.00%) @znuf / cryptoeconomics-1012017/06/05 13:57:54
adrianwastagupvoted (100.00%) @znuf / cryptoeconomics-101
2017/06/05 13:57:54
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}znufupvoted (100.00%) @znuf / cryptoeconomics-1012017/06/05 13:56:09
znufupvoted (100.00%) @znuf / cryptoeconomics-101
2017/06/05 13:56:09
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}znufpublished a new post: cryptoeconomics-1012017/06/05 13:56:09
znufpublished a new post: cryptoeconomics-101
2017/06/05 13:56:09
| author | znuf |
| body | Cryptoeconomics 101 Much has been discussed about blockchain-based tokens lately. We hosted the inaugural Token Summit in New York on May 25th. Prices of tokens have soared, startups are raising millions in token sales within seconds, mainstream media outlets like Bloomberg, Forbes and CNBC are talking about token models and every venture fund in the world is now discussing what to make of tokens internally.In recent discussions with people newly interested in the burgeoning token economy, one thing I’ve noticed is that the concept of cryptoeconomics is largely foreign to people. Cryptoeconomics is the fundamental catalyst for this whole movement, so I think that needs to change.The goal of this piece is to shine a light on cryptoeconomics and encourage more people to start thinking about it. If you know a young (or old) person interested in math, science, or economics, please share with them!What is cryptoeconomics?Cryptoeconomics is the study of economic interaction in adversarial environments. In decentralized P2P systems that do not give control to any third party, one must assume that there will be bad actors looking to disrupt the system. Cryptoeconomic approaches combine cryptography and economics to create robust decentralized P2P networks that thrive over time despite adversaries attempting to disrupt the network. The cryptography underlying these systems is what makes the P2P communication within the networks secure and the economics is what incentivizes all actors to contribute to the network so that it thrives over time.Cryptoeconomics is about creating secure P2P networks that thrive over time.Satoshi Nakamoto birthed the field of cryptoeconomics when he created Bitcoin in 2009. Just like Galileo is known as the founding father of physics, Satoshi will forever be known as the founding father of cryptoeconomics. I believe in 50 years, cryptoeconomics may be a discipline as widely studied as physics and Satoshi may be as widely revered as Galileo.Some history on decentralized systemsDecentralized P2P systems based on cryptography were not new in 2009 (you probably heard of Kazaa and Bittorrent prior). What these earlier decentralized systems lacked was economic incentives, and the lack of baked in economic incentives is arguably what stifled these early P2P systems from persisting and thriving over time.Satoshi added economic incentives to P2P systems when he created Bitcoin in 2009. It was actually previously believed to be impossible to achieve consensus among nodes (the Byzantine General’s Problem) to create a decentralized digital cash system, but Satoshi’s implementation of a proof-of-work consensus mechanism + incentives solved this previously unsolvable problem (see here for his own explanation). Satoshi’s combination of crypto and incentives resulted in a robust, thriving p2p payment network that today stores over $40B worth of value and processes over $600K worth of transactions daily.The forefront of cryptoeconomics today If Satoshi is the Galileo of cryptoeconomics, Vitalik may be the Einstein. To understand Vitalik’s thinking about cryptoeconomics, start by watching his intro presentation:"From a cryptoeconomic perspective, Vitalik has designed Ethereum to be different from Bitcoin in a few key ways:More expressive scripting language: Satoshi built Bitcoin with a simple scripting language that is not designed to facilitate complex transaction types. Ethereum is built from the ground up to be a general purpose, decentralized computing platform and the team implemented some clever techniques like a flexible fee structure for running more complex contracts (aka gas).Proof-of-stake consensus: This is where things get interesting from a cryptoeconomic perspective. Proof-of-work in Bitcoin is inefficient — costing miners hundreds of millions of dollars per year in the hardware and electricity required to secure the network. Proof-of-stake is a consensus mechanism that seeks to solve the inefficiency problem by allowing the stake holders in the token to validate the network. This approach has historically been thought of as insecure (the nothing at stake problem and the long-range attack have been two of the major unsolved vulnerabilities), but Vitalik and team have been diligently working on solutions to these problems. Ethereum now runs on proof-of-work, but the expectation is to switch to proof-of-stake in the next 12–18 months.Economics: Bitcoin has a clear monetary policy: 21M BTC will ever be created and the rate at which BTC is created decreases by half every four years. Miners running hardware earn tokens for expending electricity. Ethereum has a more flexible monetary policy that is not yet set in stone at this time. Many cite the fixed supply of BTC and the nebulous supply of ETH as a negative; we’ll see. What is clear is that when the switch to PoS occurs, holders of coins will act as the validators of the network and earn more coins. This is a more inclusive approach to coin distribution than Bitcoin’s current ASIC mining approach.Ethereum is such an exciting project to me because Vitalik and his team don’t come from academia or existing industry and they have a new and fresh perspective on building cryptoeconomic systems. Their approach flies directly against what a lot of the traditional academic and crypto communities have thought to be possible (the popular belief is that it’s impossible to build a secure decentralized platform that has a Turing complete scripting language and uses proof-of-stake as the consensus mechanism). Learn more Diversity of perspectives is incredibly important to build robust systems that persist over time, and the hope is that the Ethereum team’s work inspires new minds to enter the field and start solving problems in new ways just like they did. There are many projects beyond Bitcoin and Ethereum that are interesting from a cryptoeconomic perspective as well, including Sia, Augur, and Zcash. I expect the number of cryptoeconomic projects to proliferate in the coming years.Today, there are probably less than 100 people in the world who are experts in cryptoeconomics. I don’t think there’s a better field for a young person to be studying right now and you don’t need formal education for it either — all the tools are at your disposal now, for free (Reddit, Slack, Twitter, Github, Coursera & Youtube among others). If interested in learning more, start by checking out the following: Cryptography I by Dan Boneh, Stanford1protocol SlackR/ethereum subreddit The Mauve Revolution, by Vitalik Buterin (and everything else that Vitalik writes) Introducing Casper the Friendly Ghost, by Vlad Zamfir Everything on Nick Szabo’s blog Unenumerated |
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| title | Cryptoeconomics 101 |
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"body": "Cryptoeconomics 101\n\nMuch has been discussed about blockchain-based tokens lately. We hosted the inaugural Token Summit in New York on May 25th. Prices of tokens have soared, startups are raising millions in token sales within seconds, mainstream media outlets like Bloomberg, Forbes and CNBC are talking about token models and every venture fund in the world is now discussing what to make of tokens internally.In recent discussions with people newly interested in the burgeoning token economy, one thing I’ve noticed is that the concept of cryptoeconomics is largely foreign to people. \nCryptoeconomics is the fundamental catalyst for this whole movement, so I think that needs to change.The goal of this piece is to shine a light on cryptoeconomics and encourage more people to start thinking about it. If you know a young (or old) person interested in math, science, or economics, please share with them!What is cryptoeconomics?Cryptoeconomics is the study of economic interaction in adversarial environments. In decentralized P2P systems that do not give control to any third party, one must assume that there will be bad actors looking to disrupt the system. Cryptoeconomic approaches combine cryptography and economics to create robust decentralized P2P networks that thrive over time despite adversaries attempting to disrupt the network. The cryptography underlying these systems is what makes the P2P communication within the networks secure and the economics is what incentivizes all actors to contribute to the network so that it thrives over time.Cryptoeconomics is about creating secure P2P networks that thrive over time.Satoshi Nakamoto birthed the field of cryptoeconomics when he created Bitcoin in 2009. Just like Galileo is known as the founding father of physics, Satoshi will forever be known as the founding father of cryptoeconomics. I believe in 50 years, cryptoeconomics may be a discipline as widely studied as physics and Satoshi may be as widely revered as Galileo.Some history on decentralized systemsDecentralized P2P systems based on cryptography were not new in 2009 (you probably heard of Kazaa and Bittorrent prior). What these earlier decentralized systems lacked was economic incentives, and the lack of baked in economic incentives is arguably what stifled these early P2P systems from persisting and thriving over time.Satoshi added economic incentives to P2P systems when he created Bitcoin in 2009. It was actually previously believed to be impossible to achieve consensus among nodes (the Byzantine General’s Problem) to create a decentralized digital cash system, but Satoshi’s implementation of a proof-of-work consensus mechanism + incentives solved this previously unsolvable problem (see here for his own explanation). Satoshi’s combination of crypto and incentives resulted in a robust, thriving p2p payment network that today stores over $40B worth of value and processes over $600K worth of transactions daily.The forefront of cryptoeconomics today\nIf Satoshi is the Galileo of cryptoeconomics, Vitalik may be the Einstein. To understand Vitalik’s thinking about cryptoeconomics, start by watching his intro presentation:\"From a cryptoeconomic perspective, Vitalik has designed Ethereum to be different from Bitcoin in a few key ways:More expressive scripting language: Satoshi built Bitcoin with a simple scripting language that is not designed to facilitate complex transaction types. Ethereum is built from the ground up to be a general purpose, decentralized computing platform and the team implemented some clever techniques like a flexible fee structure for running more complex contracts (aka gas).Proof-of-stake consensus: This is where things get interesting from a cryptoeconomic perspective. Proof-of-work in Bitcoin is inefficient — costing miners hundreds of millions of dollars per year in the hardware and electricity required to secure the network. Proof-of-stake is a consensus mechanism that seeks to solve the inefficiency problem by allowing the stake holders in the token to validate the network. This approach has historically been thought of as insecure (the nothing at stake problem and the long-range attack have been two of the major unsolved vulnerabilities), but Vitalik and team have been diligently working on solutions to these problems. Ethereum now runs on proof-of-work, but the expectation is to switch to proof-of-stake in the next 12–18 months.Economics: Bitcoin has a clear monetary policy: 21M BTC will ever be created and the rate at which BTC is created decreases by half every four years. Miners running hardware earn tokens for expending electricity. Ethereum has a more flexible monetary policy that is not yet set in stone at this time. Many cite the fixed supply of BTC and the nebulous supply of ETH as a negative; we’ll see. What is clear is that when the switch to PoS occurs, holders of coins will act as the validators of the network and earn more coins. This is a more inclusive approach to coin distribution than Bitcoin’s current ASIC mining approach.Ethereum is such an exciting project to me because Vitalik and his team don’t come from academia or existing industry and they have a new and fresh perspective on building cryptoeconomic systems. Their approach flies directly against what a lot of the traditional academic and crypto communities have thought to be possible (the popular belief is that it’s impossible to build a secure decentralized platform that has a Turing complete scripting language and uses proof-of-stake as the consensus mechanism).\n\nLearn more\n\nDiversity of perspectives is incredibly important to build robust systems that persist over time, and the hope is that the Ethereum team’s work inspires new minds to enter the field and start solving problems in new ways just like they did. There are many projects beyond Bitcoin and Ethereum that are interesting from a cryptoeconomic perspective as well, including Sia, Augur, and Zcash. I expect the number of cryptoeconomic projects to proliferate in the coming years.Today, there are probably less than 100 people in the world who are experts in cryptoeconomics. I don’t think there’s a better field for a young person to be studying right now and you don’t need formal education for it either — all the tools are at your disposal now, for free (Reddit, Slack, Twitter, Github, Coursera & Youtube among others).\nIf interested in learning more, start by checking out the following:\nCryptography I by Dan Boneh, Stanford1protocol \nSlackR/ethereum subreddit\nThe Mauve Revolution, by Vitalik Buterin (and everything else that Vitalik writes)\nIntroducing Casper the Friendly Ghost, by Vlad Zamfir\nEverything on Nick Szabo’s blog Unenumerated",
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}znufupvoted (100.00%) @stan / never-let-them-see-you-sweat
znufupvoted (100.00%) @stan / never-let-them-see-you-sweat
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}znufupvoted (100.00%) @stan / cryptonomex-rears-its-head
znufupvoted (100.00%) @stan / cryptonomex-rears-its-head
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}znufupvoted (100.00%) @xeroc / piston-web-first-open-source-steem-gui---searching-for-alpha-testers
znufupvoted (100.00%) @xeroc / piston-web-first-open-source-steem-gui---searching-for-alpha-testers
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}znufupvoted (100.00%) @jamtaylor / blue-tones-and-lines-or-photography-or-oc
znufupvoted (100.00%) @jamtaylor / blue-tones-and-lines-or-photography-or-oc
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}znufupvoted (100.00%) @mexbit / here-is-what-a-steem-dollar-at-0-79-usd-achieves-12-5-yearly-interest
znufupvoted (100.00%) @mexbit / here-is-what-a-steem-dollar-at-0-79-usd-achieves-12-5-yearly-interest
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}znufupvoted (100.00%) @sirwinchester / eating-gold-ormus-infos-benefits-videos-and-more
znufupvoted (100.00%) @sirwinchester / eating-gold-ormus-infos-benefits-videos-and-more
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}znufupvoted (100.00%) @artistallywhite / tsa-recruitment-video
znufupvoted (100.00%) @artistallywhite / tsa-recruitment-video
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}znufupvoted (100.00%) @sean-king / more-thoughts-on-women-oppression-and-porn
znufupvoted (100.00%) @sean-king / more-thoughts-on-women-oppression-and-porn
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