How to change the Monero blockchain data location - GUI
How to change the Monero blockchain data location - GUI
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Bitcoin ATM transaction is delayed – what to do? | Blog
Bitcoin / Thread: [Bitcoin-development] Why are we
A proposal for a decentralized social network layer capable of storing rich media
Storing the content in a distributed space is obviously very tricky. Most ongoing projects try to provide a monetisation layer that's used to subsidise those who provide a storage facilities (e.g. Filecoin x IPFS). That won't work in a social network: it's tricky enought to enrol people in a network where they need to pay something to post*, and it's likely impossible to bootstrap a new network where they have to pay to download a picture. We should take into account there will likely be some suitable monetisation protocols in the future, but we need to figure out how to bootstrap a network without such.
Considering the above statement, we have to design a media layer that will engage people in seeding process voluntarily. I believe that's not completely impossible, albeit as well tricky.
To reach masses the layer should be accessible from within any standard modern browser as is, including mobile versions, without installation of any extensions / native apps.
To prevent exploitation by bad actors willing to put implementations under radar, the layer should provide content categorisation out of the box. At the same time, there shouldn't be any mechanisms that can implicitly or explicitly exclude certain content from the network.
It's impossible to design a layer that will guarantee the permanent storage of the media content. The best storage layer we have to date is blockchain itself, which won't provide enough space for at least another decade (if ever). That's not inherently bad for social networks: as was proven during last five years, the disappearing content is a feature in itself. That said, the main task for the layer is to provide a possibility to everyone to bootload a certain piece of media into network's 'memory'.
there are proposals that are completely out of blockchain space (e.g. (Fritter](https://github.com/beakerbrowsefritter), but I believe social networks need at least some level of persistence, which is likely impossible to achieve without a blockchain these days. That said, memo/peepeth architectures are those I treat as the most interesting, and the former is definitely more intriguing due to the utxo model.
The proposed idea is based on a play of three actors, or a triangle of 'Original Posters' 'Moderators' and 'Viewers'. Below is detailed explanation of each role, and there are some sub-roles that will be discussed alongside. Original Poster is anyone connected to the internet who is willing to share any kind of content with the world with only modern browser and a content itself in possession. Moderator is anyone in the connected world who is willing to be engaged into a socially important role with only a desktop computer with decent amount of free disk space in possession. There is no need to ask a permission to become a moderator. Viewer is anyone willing to enjoy the media without the need to be engaged with existing social media platforms. Base technologies:
A webtorrent enabled website with a support of basic bch wallet functionaloty.
A webtorrent enabled website with a feed of op_return messages. Note: 1 and 2 can be implemented as a single platform. (e.g. instant.io x datacash x chainfeed)
A webrtc enabled cross platform desktop torrent client hybridised with a bitdb instance
A webtorrent enabled torrent tracker(s)
The flow: The Original Poster uses a web browser to create a torrent of the attached media. OP registers the torrent on a tracker, puts infohash alongside a tracker url and desired hashtags into op_return and publishes the memo formatted transaction to bitcoin network. The progress bar shows the status of the 'pseudo' upload that's familiar to most non-tech savvy people. During that phase the content is in network’s ‘working-memory’. The Moderator uses software to parse the op_return feed. The software continuously downloads all the media from initial seeders and presents it to moderator one by one. It does not open itself as a seeder until moderator decided whether this is a kind of content worth bothering. It's completely subjective decision and every moderator can follow personal strategy. It can be imagined as clicking the green and red buttons where the red one is clicked if the content is subjectively a complete garbage. Once the green button is clicked, moderator becomes a seeder of the content. Moderator can also 'reply' to OPs message with hashtags: every hashtag that corresponds to one of initial hashtags gives it additional weight. Every omitted hashtag loses weight. Some new hashtags can as well be introduced by a moderator. The deeper the history of moderator’s categorization activity, the more weight categorization transaction gives to hashtags (but this is a higher level concept and can vary from implementation to implementation). Moderator creates an internal queue of stored media and deletes the oldest content as soon as the storage threshold is hit (but some other policy can be implemented if moderator decides so). Described above is a level00 moderator who decided to judge the very unclassified content that's received directly from initial seeders. If the collective speed of content approval is lower than speed of new content introduction, OPs is notified that it maybe necessary to wait for a prolonged time for content to be uploaded, or the fee can be included towards a 'super-moderator' address, so moderators who operate under a single swarm will priorities that content. That address can be a mulitisig where each moderator is a part of a joint account. Once in a while they unlock funds and distribute them in accordance to each moderator's contribution based on the number of 'categorisation transactions' – replies with hashtags, and there can be additional rules that prevent cheating such as only one categorisation transaction to each OP post is taken into account, or rules with some degree of centralisation that encourage seeding, such as the more the moderator seeds the more he earns from these fees if the swarm operates under a single tracker). Alternatively, payouts can be implemented as simple and centralised as existing mining pools. There are Moderator sub-roles, such as a moderator can choose to only parse the content that was categorised to some degree (e.g. only nsfw content, or only non-nsfw content). The deeper the categorisation, the more precise is the kind of content that's fetched by a moderator, to a degree where moderator can actually enjoy the process a lot as he approves the kind of content he is the most interested in, akin to browsing chronologically filtered subreddit feed. Moderator can also choose to parse several 'categories' simply by 'subscribing' to several hashtags or hashtag tuples. The subroles can be named like moderator level01, level10, level11 etc. By replying to lower level moderator's categorisation transactions, higher-level moderators gives or removes hashtags weight. The Viewer is presented with a feed of op_return media posts (similar to chainfeed.org), and the content is fetched on the fly from the webtorrent network. The moment the content is fetched the viewer becomes a seeder and continues seeding for as long as content is cached inside browser's storage. That way, the more moderators have approved the content, and the more followers the OP has, the longer the content will persist in a network's 'short-term’ memory. The Viewer role has sub-roles as well. As soon as the user is engaged into that kind of social network, he can become a Loyal User by installing a special software on a desktop computer that is very similar to Moderators's software, but differs in a following way: viewer inputs Memo account identifier (which is a bitcoin address) into the software that only fetches and seeds the content that was liked by a user, completely in background. As the whole network state is a public information, each user can increase the level of loyalty by specifying the maximum 'dimension' of the content being fetched and seeded, where 1D is the content liked by initial viewer, 2D is the content liked by initial viewer and accounts followed by initial viewer and so on, up until around 6D, where mostly anything that was liked is stored within individual's storage threshold. Loyal Viewers can adopt different policies to restrict the content being fetched and seeded by blacklisting or prioritising certain hashtags, adopting some third-party priority/black lists, as well as specifying storage threshold. Contented that is stored by Loyal Users can be imagined as persisted in networks ‘long-term’ memory. The more Loyal Users are engaged in a network, and the more likes certain content has, the longer it will be stored. It's worth noting that centralised torrent trackers are not points of failure per se as they are mostly used to pass the content from initial [browser] seeders to moderators. As soon as the content is approved by at least one moderator it can be listed on different trackers operated by different entities, and there can be a rotation of trackers if necessary. That said, each moderator can always re-register all of the content in possession on a new tracker, and the tracker can be adopted by web op_return feed providers. Moreover, the ongoing evolution of browser standards related to web-workers will make in-browser dht lookup a reality in a 2-3 years, which is likely a reasonable window to bootstrap such a network. OP can use some trackers only known among neighbours in particular area. The layer is vulnerable to a situation where trackers blacklist certain content, and such content can be accessed by using a different op_return feed provider with different trackers, or a native app that will be able to fetch content seeders from the dht. Networks such as i2p can be used to create deep media layers operated anonymously. Also, as Tor is adopted by mainstream browsers (e.g. Brave) Viewers can access trackers through Tor, and such trackers are more resilient. These viewers will be unable to seed, however. The layer is capable of storing any kind of content, but during bootstrap phase it will be most suitable for images, short video/audio messages, markdown formatted blogposts with embedded media. Each Moderator / Loyal Viewer can adopt different policies related to the size of the content being fetched and stored according to investments into storage facilities. If the proposed idea works, there will be parties willing to store some heavyweight content such as movies. If the layer is accessed from within a native app, it's even capable of livestreams, where the more users are watching a stream the more bandwidth there is for others to join, completely without any centralised content distribution networks. As outlined above, the layer consist of short-term memory layer capable of storing content for minutes-days, and long-term memory layer capable of storing content for months and probably years. I use biological metaphors here instead of computer science ones as in my opinion the behaviour of this media layer resembles human memory more than computer memory, as ultimately it's a collective human brain decides what to remember and for how long. There is no guarantee that something will be stored at all, and at the same time some kind of content that's collectively perceived as valuable can be stored for a prolonged period of time. Few words in regard to monetisation. Some heavily engaged players can choose to archive old content and provide access in trade for some micropayments. I see like the Joystream protocol can be used here with little changes such as adoption of webrtc transport protocol. Some different monetisation strategies can be discussed later as microtransaction technologies are more mature and well understood. I am willing to form a workgroup of developers and creative enthusiasts who find the described idea interesting. I have been thinking about a possible starting point, so I have acquired the BlockPress source code with intention to distribute it in open source. We postponed the announcement a bit as the process of open-source release always takes time. BlockPress is an alternative Memo protocol implementation with a rather slick UI that's familiar to non tech savvy users - the quality I find extremely important. I think this can be a good starting point. If you think so as well, feel free to drop me a telegram message @taowanzou or [proton mail](mailto:[email protected]). Follow me on memo as well! Sorry for any possible mistakes as English is not my primary language. And thanks for you time reading this!
Run a 0.14 Full-Node on RaspberryPi3 Pruned(less than 16GB SD needed)
Hi! Happy if this guide helps you. Tip if you want: 19656Uwdwko5RjtnuwQENpjBwE3ChzD59v UPDATE 04/06/17 Add 'uacomment=UASF-SegWit-BIP148' into your bitcoin.conf if you want to signal UASF. UPDATE 03/13/17 ADDED a tl;dr; Version at the end of this Post. UPDATE 03/12/17: Just to test it - I reinstalled all on 8GB SD and it works as well. But maybe you should use at least 16GB for the beginning. Using a 128GB card for the first version was a little bit stupid - so I reinstalled everything on a 8GB SD card. Including Linux and a pruned blockchain - and it works. I used prune=550 and Jessie Lite (headless / command line) - without wallet and gui. The SD is almost full, but it works so far I also updated the whole manual a bit to make things more clear. Thank you for all your feedback! Just started my Bitcoin Node today and wanted to share the way I did it with people who are interested in running their own full node. It took some time to write everything down - hopefully correct so far. I am sure, many people around bitcoin are way more informed and educated as I am - I am the noob. So I wrote this manual to help users like me - noobs, to get started with a cheap, simple bitcoin node on raspberry pi. Have fun! I wanted to get my Raspberry Pi 3 working as a node to support the network. Actually the process of installing and running the node was more or less easy - but for Noobs (like I am) it might be a bit tricky to start the whole thing, because there are different ways. Did you - like me - think you would need +120GB on the raspi, external USB HDD to be a full node? You won't! If you have a Raspberry and you know what Bitcoin is, I guess, you are a little bit aware of linux, networks and of course bitcoin - so I won't go into detail too much. This guide is just a little helper to get a full node running on your raspberry pi. Thanks to the help of the nice people in this sub and of course the documentation by the developers, I got it working - and of course also special thanks to raspnode.com - as I followed their tutorial to start - I went some other ways here and there - so please read carefully. For the Part 2 I would suggest to have http://raspnode.com/diyBitcoin.html open and read through my manual. I split the tutorial in 2 Parts - PART ONE is about installing the client on your PC and downloading the Blockchain. PART TWO is about the setup of the raspberryPi and transferring the pruned blockchain to the pi and run it as a full node! The first thing to be aware of is: You actually need to download the whole blockchain to get this working - if you already have your bitcoin client synced on the PC / MAC great you can reuse it! Now you might think "but you said less than 16GB in the title!" Yes, but the good thing is you won't need to download it on your Raspberry, neither you need to sync it completely on your raspberry which took ages (weeks!) before. When you finished this Guide, you will just have a max. 4GB Blockchain on your Raspberry Pi - but it still is a full node! The magic word is Pruning. Maybe even a 8GB SD Card works just fine including Linux (jessie lite)! So, if you already have a full node on your PC - Great you can almost skip PART ONE - BUT have at how to Prune in PART ONE if you don't know about it. For PART TWO you'll need a Raspberry Pi 2 or 3 (I used 3) min. 8GB (works also) or better 16GB SD Card. (I used a 128GB for the first version of this manual - which is way too big)
This is the manual how to get started on you PC / MAC / Linux (I did it on Win7) Go to: https://bitcoin.org/en/download and download the core Client for your Machine (I used win64). Install it and configure it to save the Blockchaindata to the directory of your choice - so instead getting 120GB on your C drive, I would suggest to download it to another place like a USB drive. You can set this up during the install. Standard folder for the blockchain folder is "%APPDATA%\Bitcoin" on Windows. or you can do it after the install by creating a bitcoin.conf file inside your installation folder / or %APPDATA%\Bitcoin and add
to the file. Line by line. By the way here you could also just add dbcache - to use more memory to speed up the process a bit:
if you don't want to use the settings inside the program. (you can also set this inside the program under settings! If you have this inside the bitcoin.conf you will see the amount you set there from inside the program - it overrides the values) You can check inside the windows client under settings, if you can see a manual dbcache is set by having a look at the left footer area. When your dbcache value shows up, everything is fine. So the Blockchain download process will take time - maybe a few days! Depending on your machine, internet connection and HDD. The Blockchain is huge as it contains every single transaction of the past until today. You won't need to keep your PC running all the time, you can turn it off and on and it will resync automatically when you start bitcoin-qt.exe! Make sure to close the client always via "quit" - ctrl+q. After you have your bitcoin core installed, the blockchain downloaded and synced - you are ready to PRUNE! First - close the Client and let it close smoothly. After it is really closed you can follow these steps:
By pruning, your blockchain will dramatically shrink. From 120GB to just a few GB.
Be aware, that you will lose your Downloaded Blockchain as pruning will erase a big chunk of it! If you have enough space, you could of course keep the full blockchain saved somewhere on another HDD. You can prune by editing your bitcoin.conf file by adding:
I used prune=1024 - not sure where the differences are right now (min. prune=550). (for my 8GB version I used 550! I suggest to use this.) Save the bitcoind.conf file and restart your windows client. It will now clean up the Blockchain. So just the latest blocks are saved. The client should start without any problems. Maybe it takes some time to prune the blockchain data. Check if everything works normally (the client opens as usual, you can see an empty wallet) than close the client. Inside the Bitcoin Folder, you'll find two folders called:
those are the interesting folders containing the important data (now pruned) - and we will transfer those two to the raspberry later! Now you are good to start the raspi transfer explained in the next part.
Here is what I did: 1) I installed Raspian Pixel (https://www.raspberrypi.org/downloads/raspbian/) using a 128 GB SD - which is not needed because of "Pruning" - I think a 16GB card might work, too! (You can also install Raspian Jessie Lite - which saves you even more space, as it runs headless - only command line) (Updated: It is better to use Jessie Lite to save a lot of space - when you are fine with only command line) 2) I followed partly this tutorial to get everything running and setup:
Please have a look at it - I have copied the Headlines in capitals to let you know what I did, and what I skipped. On Tutorial Page: Start with RASPBIAN (OPTIONAL) CONFIG OPTIONS. Set You RasPi up including "EDITING FILES" to save your Layout at the tutorial page and come back here. I skipped the CONFIGURE USB AND SET AUTOMOUNT process, as we are going to use PRUNING to reduce the 120GB to a tiny filesize - so USB Devices are not needed here! It was necessary to ENLARGE SWAP FILE to install bitcoin core - otherwise it didn't went through which ended in a frozen raspi. So have a close look by following the raspnode tutorial at: ENLARGE SWAP FILE. I have my raspi running via cable to router - but you can also WiFi setup everything described under NETWORKING ON THE RASPBERRY PI. Now comes the interesting part: Follow the steps at DOWNLOADING BITCOIN CORE DEPENDENCIES - they work fine for 0.14.0 too. Git should be on Board already when you installed Pixel - otherwise you would need to install it.
sudo apt-get install git -y (only jessy lite)
I skipped the next command lines - as I don't use bitcoin-qt wallet. If you want to use it as wallet - do the step.
as I don't need the wallet functionality. I didn't need to use "MAKE" which saves you maybe up to 2.5 hours. instead you can just go ahead with:
sudo make install
(If I am wrong in doing so - please let me know) The install takes some time - and just a heads up: when it gets stuck somewhere - just redo the installation process - it took three times to went through - stuck at some processing. After the installation took place you can finally get your Raspberry Pi Node running in no time! To test if the the installation went through - you can just start bitcoind using:
than check if everything is working so far:
after a few seconds you should see version: etc... if not, something went wrong. Try to redo the steps in the raspnode tutorial. (don't give up if it failed - retry! Ask your questions here) IMPORTANT: you need to stop bitcoin on your raspberry now!
If you don't need an external USB Drive - what I hope - as we are going to use pruning just go ahead and skip the USB part and create a file inside (or follow the raspnode tutorial on how to setup the USB drive):
cd .bitcoin sudo nano bitcoin.conf
and enter the exact same pruning size you have used on your Desktop Machine to prune. I used 1024 but the minimum is 550. (used 550 for the 8GB SD card on PC and Raspberry)
That's it for the raspi. update: To signal UASF enter in a new line:
Now you have to transfer the two folders CHAINSTATE and BLOCKS from your PC bitcoind directory to your raspberry. I am using a program called "WINSCP" - it is free and easy to use: https://winscp.net/eng/download.php We need this to transfer the files to the Raspberry pi. Pretty sure you can also do it via SSH - but I am the noob. So let's keep it simple. Open Winscp and put in the IP Address of your Raspberry Pi, User and Password (same as in SSH) You should now see the directories on your Raspberry Pi. There is a folder called
enter it and you will see the two folders
blocks & chainstate
you can delete them on the raspberry as they have some data from your previous test inside. Make sure you can also see the bitcoin.conf file in that directory, which needs to contain the exact same prune line, like the one on your desktop machine. If not, make sure to edit it via SSH. The line "datadir=l:\yourfolder" is obviously not needed in the Raspberry bitcoin.conf file. Now grab the two folders CHAINSTATE and BLOCKS from your PC and copy them to your .bitcoind folder. I also copied banlist.dat, fee_estimation.dat, mempool.dat and peers.dat to the folder - not really knowing if needed! Not needed. The whole copy process might take some minutes (against some weeks in the old way). After copying is finished, you can now start bitcoind on the Raspberry.
the & symbol let you still use the command line while the process is running btw. The process - if succesfull - will take some time to finish.
Will give you some informations what is going on right now. When you can see, that it is checking the blocks, this is good! If you get an error - double check - if you have the correct prune size (same as on desktop machine) - in bitcoin.conf and that this file is inside .bitcoin on RaspberryPi. It took me some time, to find my mistakes. Congrats! You are almost a part of the network! To make your node now a fullnode, you will need to go to your router (often 192.168.1.1) and enable portforwarding for your raspberry pi - and open ports 8333 - that's it! You can now go to: https://bitnodes.21.co/nodes/ scroll down to "JOIN THE NETWORK" and check check if your node IP is connected! It will show up as soon as the blocks are checked and the raspi is running. Well done! Now you are running a full node, with a small Blockchain and got it working in Minutes, not weeks! I really hope, my little tutorial worked for you and your are part of the Node network now. If you have problems or I made a mistake in this helper tut, just let me know and I will try to make it better. Have fun and NODL! the noob tl;dr; (if you are a real noob start with the non-tl;dr version!) tl;dr; PART ONE 1) Download & install / setup bitcoincore @ https://bitcoin.org/de/download 2) change dbcache to something smaller than your memory and download the whole Blockchain (120GB). 3) create a file called bitcoin.conf put the line prune=550 (or higher) in to activate pruning on win inside %appData%/bitcoin 4) Open ports 8333 on your Router to make this a full node with a smaller Blockchain. You are running a full node on your PC. tl;dr; PART TWO 1) Install jessie lite and the needed dependencies on your SDCard - Raspberry ( >git clone -b 0.14 https://github.com/bitcoin/bitcoin.git )
see tutorial for more info.
2) create a file called bitcoin.conf inside .bitcoin and add the same prune=Number you had on your PC. 3) transfer the pruned folders BLOCKS and CHAINSTATE to the Raspberry Folder .bitcoin 4)Start "bitcoind &" 5) let everything sync 6) Make sure you have port 8333 opened on your router. You are running a full node on your Raspberry with a super small Blockchain (I put all on a 8GB SDcard) Tip if you want : 19656Uwdwko5RjtnuwQENpjBwE3ChzD59v updated 03/12 - will update more, soon. updated 03/12.2 - I updated the whole process a bit and also added some improvements. updated 03/14/ Added a tl;dr version at the end.
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:02 PM Hello everybody!
theking - Last Friday at 2:02 PM
Seems likes it’s been so long since this meeting was held. At least a month 📷
Tron - Last Friday at 2:02 PM
Tom - Last Friday at 2:02 PM
Big boss is here !(edited)
BigZim - Last Friday at 2:03 PM
theking - Last Friday at 2:04 PM
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:04 PM
Topics for today: Release 2.2.2, Mobile Wallet, Restricted Assets, SLC Raven Meetup📷1
truedev - Last Friday at 2:05 PM
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:05 PM
Release 2.2.2 GO
J. | ravenland.org - Last Friday at 2:05 PM
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:05 PM
BTW, blondfrogs won't be able to join us today. 📷
corby - Last Friday at 2:05 PM
Chatturga - Last Friday at 2:05 PM
Blondefrogs has been working on the 2.2.2 update. He isnt here today, but he left this tidbit for the meeting:(edited)"Release 2.2.2 has a bunch of new updates. The sync speed fix that was released in 2.2.1 has been updated even more to use less memory/ram and uses less CPU. Each node used to hold all addresses that contained an asset as well as the amount in those addresses. That is now optional with the -assetindex flag. Which can be put into the raven.conf or added as a parameter when starting the wallet. Some other wallet issues were also fixed with this memory update. This is considered an mandatory update, especially if you haven't updated to 2.2.1 which resolved a potential fork bug fix. I would still suggest updating to 2.2.2 even if you are on 2.2.1."📷6
Jeroz - Last Friday at 2:07 PM
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:07 PM
There's a PR that was just moved to Develop.When is now
Jeroz - Last Friday at 2:08 PM
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:08 PM
It'll be merged by the devs to master and then binaries should be posted soon
truedev - Last Friday at 2:09 PM
any idea when dividends will be functional?
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:09 PM
A bunch of testing has been happening and is currently running on the seed-nodes.
Tron - Last Friday at 2:10 PM
No timeline for dividends, but it is the one function that doesn't need any changes to consensus. And it can be done on tier 2 with a python script. The plan is still to build in a rpc call.📷2
truedev - Last Friday at 2:11 PM
SpyderDev - Last Friday at 2:12 PM
We have been focusing on sync performance and have been running many tests. I've added an image of the results of this testing. Currently we still want to work on getting the Windows QT sync times faster (at least closer to what they are using just ravend). Overall we are very happy with the speeds and hope it will help people that have struggled getting their nodes up to date.(edited)📷
Jeroz - Last Friday at 2:13 PM
Yeah that table completely puzzled me
[Master] Roshii - Last Friday at 2:13 PM
Jeroz - Last Friday at 2:13 PM
Fast branch is 2.2.1? or 2.2.2? Develop branch is 2.2.0?
SpyderDev - Last Friday at 2:15 PM
Sorry, should have clarified that. I was testing while it was still under development. On the table the top is the new-sync code, the bottom is the old "assets" release. As of about 5 minutes ago all of this code is on the develop branch.
Jeroz - Last Friday at 2:15 PM
Although syncing is mostly bottlenecked by cpu speed, that 16 core windows-qt still looks off to me. I synced windows Qt using 2.2.2 in ~2h on a i5-7600K.ok
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:17 PM
Okay, we good to move to the Mobile update?
SpyderDev - Last Friday at 2:17 PM
The Windows box is an AWS instance and there is some concern that the remote desktop could be slowing the QT UI down causing the horrible sync times. I am working on getting a local Windows 10 resource and will have updated information once that is ready (early next week).
Jeroz - Last Friday at 2:18 PM
ah that might explain. Ubuntu qt was 45 mins for me
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:18 PM
[Master] Roshii - Last Friday at 2:18 PM
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:19 PM
@[Master] Roshii has been working closely with some of the other devs to get the iOS version out the door.Android will follow closely.
Jeroz - Last Friday at 2:20 PM
is android an easy port?
J. | ravenland.org - Last Friday at 2:20 PM
Usually its the case(?), i mean easier 📷(edited)
SpyderDev - Last Friday at 2:20 PM
Just copy and paste right Roshii 📷
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:20 PM
LOLNo, usually its a completely new development effort.For the RVN Wallets they are both written in native iOS/Android code.
[Master] Roshii - Last Friday at 2:21 PM
So the iOS and Android use the same Core SPV module written in C, and it's the most difficult part.I have already did some work when it comes to Android, and it's 70% finishedHave also to port all the changes we lately did to the iOS wallet ...
boatsandhoes - Last Friday at 2:21 PM
yeah, unfortunately its not as easy as cut and paste for ios to android
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:21 PM
Anybody interested in installing the TestFlight version and helping us test?
boatsandhoes - Last Friday at 2:22 PM
J. | ravenland.org - Last Friday at 2:22 PM
For android? sure.
BW__ - Last Friday at 2:22 PM
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:22 PM
I'll talk to Apple about adding Android support to TestFlight.Might be a while.
J. | ravenland.org - Last Friday at 2:22 PM
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:22 PM
Anybody on here using iOS?
Jeroz - Last Friday at 2:22 PM
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:22 PM
[Master] Roshii - Last Friday at 2:23 PM
Android is very close, fortunately I'll have enough coffee in Morocco to finish the wallet in two weeks.(edited)📷4📷5
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:23 PM
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:34 PM
That several other devs have helped with. 📷
Tron - Last Friday at 2:34 PM
SpyderDev - Last Friday at 2:34 PM
Tron - Last Friday at 2:34 PM
When the project started, ICOs were the big thing. Now it is STOsThe main difference is the legal wrapping and rules around securities.If Ravencoin has two more token types (Tags and Restricted Assets), there are lots of ways to make compliant tokens.Importantly, it doesn't affect the existing tokens at all.Tags - Tokens that can be sent only by the issuer once (with metadata).These tokens start with (hashtag)(edited)📷8
SpyderDev - Last Friday at 2:37 PM
Tron - Last Friday at 2:37 PM
The Restricted Assets start with $, and can be frozen by the issuer. But they only move between tagged addresses.(edited)
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:38 PM
Tags can be sent to a user's address after the issuer has done the necessary due diligence for an STO issuance.(edited)
Tron - Last Friday at 2:38 PM
The issuer determines which tags the Restricted Asset will honor.This can be used for lots of different use cases.
EEE - Last Friday at 2:38 PM
Stunning interface guys
boatsandhoes - Last Friday at 2:39 PM
will that determination be a setting in the wallet?
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:39 PM
Restricted assets can then only be sent to addresses that are allowed and have the proper Tags.
boatsandhoes - Last Friday at 2:39 PM
J. | ravenland.org - Last Friday at 2:39 PM
Did you guys get contacted by some entity* whos forcing the restricted address policy? or is this done as precautionary measure? At first glance your idea sounds good Tron.(edited)
Tron - Last Friday at 2:39 PM
Example: $UBER token only moves among addresses tagged with #KYC
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:40 PM
So Ravenland will have to buy a bunch more spam tokens.📷4
SpyderDev - Last Friday at 2:40 PM
boatsandhoes - Last Friday at 2:40 PM
so is the $ something that can be added to an existing asset?
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:40 PM
It's not a forced thing. But adding the ability for Raven to be used in new use cases where legal requirements exist.
Tron - Last Friday at 2:40 PM
Not contacted by anyone, and not precautionary. Ravencoin Assets are just tools. This is just another tool that will help issuers of security tokens.📷9📷4
BW__ - Last Friday at 2:41 PM
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:41 PM
It'll be a new token type that you can create @boatsandhoes📷1
ravencoin maximalist 🧘🏻♂ - Last Friday at 2:41 PM
That sounds awesome
SpyderDev - Last Friday at 2:41 PM
I for one am very excited about this...📷4
Hans_Schmidt - Last Friday at 2:41 PM
How does the $ token owner specify the required # tags?
DeejayQQ - Last Friday at 2:41 PM
Can the same name have different token type?Sorry need time to digest
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:42 PM
Still working out the details. Tron will be posting additional info about the idea soon.
Steelers - Last Friday at 2:42 PM
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:42 PM
Feedback is wanted!
Tron - Last Friday at 2:42 PM
Q: Was this originally the plan for Ravencoin? A: No. This is in response to the regulatory ramp up in 2018 in some jurisdictions which requires that only known individuals or entities to operate peer-to-peer on certain tokens. For jurisdictions that allow unrestricted peer-to-peer transfer, we strongly encourage use of the original Ravencoin assets. The Restricted Assets are an adaptation to satisfy burdensome, privacy-destroying regulations, with a goal of reducing information replication which makes Ravencoin Restricted Assets a better alternative to those being promoted now.
jaysonb - Last Friday at 2:43 PM
all nodes will validate the transactions not just those interested in the transaction - i assume all will validate..
boatsandhoes - Last Friday at 2:43 PM
so essentially any name already secured in the hopes of having that functionality are worth less because they wont be able to?
theking - Last Friday at 2:44 PM
Can the restricted assets be time based in any way? For instance, in some STO regulated environment, there is a lockup for some period of time after issuance, but then after a certain period of time the restriction goes away and the securities can be traded. Is that contemplated at all?
DeejayQQ - Last Friday at 2:44 PM
If I already have Tron as my asset, there could be another Tron but under a different token type such as restricted assets?
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:44 PM
Yes all nodes will do consensus checks.
corby - Last Friday at 2:44 PM
@boatsandhoes there's going to be a grace period where you can purchase $XXX if you own XXXon the order of months
boatsandhoes - Last Friday at 2:45 PM
📷 📷 📷 📷
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:45 PM
Yes, you have the TRON asset and you can also have the $TRON asset.(edited)
Tron - Last Friday at 2:45 PM
Regarding the lockup....
boatsandhoes - Last Friday at 2:45 PM
how many RVN for that?
Tron - Last Friday at 2:45 PM
Rule 144 under the Securities Act of 1933 This is an important rule to be aware of in terms of privately held securities. This rule provides the most commonly used exemption for holders to sell restricted securities (Note: For context, a restricted security is a security sold in an exempt offering, except for Reg A+). The general idea is that you can publicly resell your “restricted” (privately sold) securities only when the restricted legend is removed. The solution Ravencoin Restricted Assets provides is the ability for the Iissuer to Freeze the asset ininto the holders account. The qty will be visible, and the frozen status will be visible. The meta-data for a Freeze can specify 144_Restricted. The issuer can Unfreeze to release the 144 restriction.Similar for Reg D 1-year lockup.@theking
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:46 PM
DeejayQQ - Last Friday at 2:46 PM
What is the timeline for this restricted asset to be implemented?📷1
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:46 PM
No timelines yetStill in the ideation phase.
SpyderDev - Last Friday at 2:46 PM
Fresh off the press...
DeejayQQ - Last Friday at 2:46 PM
Ok, idea for nowGot it
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:46 PM
Wanting input for the idea.
boatsandhoes - Last Friday at 2:47 PM
a preset for lock up settings would be nice
Jeroz - Last Friday at 2:47 PM
What about the ability to move an asset from restricted to unrestricted after grace period similar to the reissue ability? By the issuer(edited)
boatsandhoes - Last Friday at 2:47 PM
DeejayQQ - Last Friday at 2:48 PM
If this restricted assets would help underlying token listed on exchanges for trading by satisfying the legal requirements, I don’t see why not. There are only benefits📷2
boatsandhoes - Last Friday at 2:48 PM
yeah, win win
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:48 PM
There is something similar in vote tokens.
corby - Last Friday at 2:48 PM
@Jeroz the issuer would be able to "reissue" and relax restrictions
DeejayQQ - Last Friday at 2:48 PM
Just throwing things out here. Can we just make all existing tokens crested so far restricted assets?*created
boatsandhoes - Last Friday at 2:49 PM
stupid question, is it possible to have burned rvn cost for the $ to add onto the block reward as a bonus?(edited)
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:49 PM
No, @DeejayQQ there should be both usecases available in the platform.
corby - Last Friday at 2:49 PM
We (my dog and I) are envisioning a differentiated space where we can charge a lot more RVN to keep non-serious people out..(edited)
Tron - Last Friday at 2:49 PM
@Jeroz Yes, as long as the asset is still "reissuable", you could change the logic from (#KYC & #ACCREDITED) to just #KYC📷3
Jeroz - Last Friday at 2:49 PM
I'm just worrying about the name uniqueness if you can have #BANANA and $BANANA
BW__ - Last Friday at 2:50 PM
Is it fair to assume that tags can be standardized for specific purposes? If so, should we create something akin to an 'ERC' in git repo?
Jeroz - Last Friday at 2:50 PM
@Tron sounds cool
truedev - Last Friday at 2:50 PM
honestly, I think you should be able to buy/create an asset in a set, with all types(edited)
boatsandhoes - Last Friday at 2:50 PM
Hans_Schmidt - Last Friday at 2:51 PM
Since the #KYC tag is just locked to an address, what prevents someone from selling their address and thereby the KYC?
corby - Last Friday at 2:51 PM
The "#" types won't trade -- they're just stamps to stamp addresses as qualified-to-hold-some-stuff..
Tron - Last Friday at 2:51 PM
The tags are created by the users. The system is still jurisidiction agnostic.
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:51 PM
@Hans_Schmidt nothing really, the same thing as selling your username password to any other existing financial app account.
corby - Last Friday at 2:51 PM
@Hans_Schmidt Real world networks, high cost of entry (for serious applications)For non-serious applications, nothing
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:51 PM
You still have the liability associated with that account though.
Jeroz - Last Friday at 2:52 PM
@corby what about BANANA/ vs $BANANA/ ?Or do you want to make them subassets?
boatsandhoes - Last Friday at 2:52 PM
@Jeroz better safe than sorry, just swoop both
Tron - Last Friday at 2:52 PM
A country could require that #SOMECOUNTRY tag has to exist before moving $SPECIALASSET to an address. The users set the rules. #KYC was just an example because it is an industry problem at the moment.
corby - Last Friday at 2:52 PM
#BANANA, $BANANA, TRICYCLE, and BANANA can all coexist just fine I think..
theking - Last Friday at 2:53 PM
Thanks @Tron. This is great and I think something that will enable raven to become an even more widely used platform.📷4
Tron - Last Friday at 2:53 PM
That's the hope. I think it solves some real problems that the industry is trying to solve through incompatible ERC-20 experiments.📷3
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:54 PM
boatsandhoes - Last Friday at 2:54 PM
what is the purposed cost for $ in addition to an existing asset?
corby - Last Friday at 2:54 PM
People that own #THESE I am calling "Qualifiers" -- they just stamp their mark on addresses. Issuers of $THESE need to establish trust with #THESE and #THOSE and then decide what restrictions to apply.📷1
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:54 PM
5 mins left. Stay on this topic or switch to meetup?
Tron - Last Friday at 2:55 PM
@boatsandhoes Not determined.
Jeroz - Last Friday at 2:55 PM
yeah the idea is a nice proof of ownership / membership
Can the SLC meetup made interactive for people that cant make it there?
theking - Last Friday at 2:56 PM
What about having just one name ( you first buy the standard raven token under whatever name you like) and then the holder of the owner token is the only one to create restricted tokens ? Might be some way to ensure no name confusion.📷4
boatsandhoes - Last Friday at 2:56 PM
what about that block reward bonus concept for purchasing $. would that work?
Chatturga - Last Friday at 2:56 PM
I dont know that we have the ability to make it interactive as far as Q&A goes, but I'll look into it. We should have it live streaming. @J. | ravenland.org(edited)📷2
BW__ - Last Friday at 2:56 PM
@Tron Is there same kind of logic layer to restricted assets?(edited)
Tron - Last Friday at 2:57 PM
@theking I like that idea.
Jeroz - Last Friday at 2:57 PM
Quick question that is offtopic but I think deserves an answer because it was asked a couple of times earlier this week: Will unique assets get a reissuable function? To change IPFS.(edited)📷2
Tron - Last Friday at 2:57 PM
@BW__ Yes. Simple and, or, not and parenthesis - limited in length.(edited)
boatsandhoes - Last Friday at 2:57 PM
@theking thats a good idea
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:58 PM
@Jeroz There is not a way to do that currently.
BW__ - Last Friday at 2:58 PM
@Tron That makes sense. Thank you.
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:58 PM
Just make sure your changes to the information have the same hash as the previous data and your golden. 📷📷1
Jeroz - Last Friday at 2:59 PM
Any plans on changing that, perhaps when introducing new types of assets?
boatsandhoes - Last Friday at 2:59 PM
i like that it cant be changed
corby - Last Friday at 3:00 PM
theking - Last Friday at 3:00 PM
@Tron there was some info floating around about a 2nd later KYC solution ( from your recent podcast w Crypto Koala). Is that a separate solution someone is working on or part of this new concept?📷1
Tron - Last Friday at 3:01 PM
Starting with the introduction of messaging, every transaction can have an IPFS hash. Can be used as an public invoice, details about the transaction, etc.@theking The same new concept.
[Master] Roshii - Last Friday at 3:02 PM
Ok, we're done.
Steelers - Last Friday at 3:02 PM
How would Raven handle for instance a stock split?
BW__ - Last Friday at 3:02 PM
Are there sync concerns if a restricted asset logic layer is added?
Tron - Last Friday at 3:02 PM
@theking The KYC provider would store the KYC info, and send the Tag to an address with meta data that specifies that they're holding the KYC data. The KYC data would not be public, but could be audited.
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 3:02 PM
That way you could update information about the original unique asset with each transaction.@Steelers Just a simple re-issue of the asset
Tron - Last Friday at 3:03 PM
@bw_ The logic layer is only a small db that stores the meta-data about the Restricted Asset, and enforces the restriction in the consensus rules. Rule returns true/false.(edited)
RavencoinDev (Jesse/Wolfsokta) - Last Friday at 3:03 PM
Thanks everybody! I have to run.
Jeroz - Last Friday at 3:04 PM
I'm looking forward to the discussions to let this take shape. Thanks all! 📷📷4
Tron - Last Friday at 3:05 PM
@BW__ It would work very similarly to the way the units works now. Each asset has number of units and any transaction that makes it too granular (more satoshis) will fail in consensus -- even if it gets past the RPC checks.Signing off. Thanks all!!!📷9📷4📷9
Mega FAQ (Or: Please come here for your questions first)
Qbundle Guide (Step by step setup & Bootstrap) https://burstwiki.org/wiki/QBundle 1( I want to mine or activate My account. Where do find the multiple coins? You only need 1, an outgoing transaction or reward reassignment will set the public key. Get them from: https://www.reddit.com/burstcoinmining/comments/7q8zve/initial_burstcoin_requests/ Or (Faucet list) https://faucet.burstpay.net/ (if this is empty, come back later) http://faucet.burst-coin.es Or https://forums.getburst.net/c/new-members-introductions/getting-started-initial-burstcoin-requests 2( I bought coins on Bittrex and want to move to my new wallet, but can't. Why? Bittrex will only send to accounts with a public key (not a Burst requirement) so see number 1 and either set the name on the account (IF you will not mine) or set the reward recipient to the pool. Either action will enable the account and allow for transfers from Bittrex. 3( I sent coins from Poloniex/anywhere to Bittrex and they don’t show up after a considerable time. Why? You need to set an unencrypted message on the transaction, informing Bittrex which account to send the funds to (this is in the directions on Bittrex). Did you do this? Contact Bittrex support with all the details and eventually you will get your funds. 4( How much can I make on Burst? https://explore.burst.cryptoguru.org/tool/calculate Gives you an average over time assuming a few things like: Average luck/100% uptime/no overlapping/fees on pool/good plot scan time (<20 seconds) if you do not have all of these, you may not see that number. 5( If I use SSD’s would I make more money? No, it’s 95% capacity and 5% scan time that determine success. More plot area = better deadlines = better chance of forging a block, or better rates from a pool. 6( What is ‘solo’ and ‘pool’ (wasn’t his name Chewbacca?) Solo is where you attempt to ‘forge’ (mine) a block by yourself; you get 100% of the block reward and fees. But you only receive funds if you forge, no burst for coming in second place. Pools allow a group of miners to ‘pool’ together their resources and when a miner wins, they give the pool the winnings (this is done by the reward assignment you completed earlier), it is then divided according to different percentages and methods and burst is sent out according to pool rules (minimum pay-out, time, etc.) 7( I have been mining for 2 days and my wallet doesn’t show any Burst WHY? Mining solo: it is win-or-lose, nothing in between, and wining is luck and plot size. Pool mining: because it costs 1 burst to send burst, the pools have either a time requirement (every X days) or a minimum amount (100 burst +) so you need to research your pool. Some pools allow for you to set the limit (cryptoGuru and similar) to be met before sending 8( How do I see what I have pending? On CryptoGuru, based pools, it’s the ‘Pending (burst)’ column, other pools, look for the numbers next to your burst ID. One is Paid and the other pending. 9( I’m part of a pool and I forged a block, but I didn’t recieve the total value of the block, why? A pool has 2 basic numbers that denote the pay-out method, in the format ‘XX-XX’ (i.e. 50-50) The first number is the % paid to the block forger (miner) and the second is the retained value, which is paid to historic ‘shares’ (or, past blocks that the pool didn’t win, but had a miner that was ‘close’ to winning with a good submitted deadline) Examples of pools: 0-100 (good for <40TB) 20-80 (30-80TB) 50-50 (60-200TB) 80-20 (150-250) 100-0 (solo mine, 150+ TB) Please note that there is an overlap as this is personal preference and just guidance; a higher historical share value means a smoother pay-out regime, which some people prefer. If fees are not factored in, or are the same on different pools, the pay-out value will be the same over a long enough period. 10( Is XXX model of hard drive good? Which one do you recommend? CHEAP is best. If you have 2 new hard drives, both covered by warranty, get the one with the lowest cost per TB (expressed as $/TB , calculated by dividing the cost by the number of terabytes) because plot size is KING, 11( How many drives can I have on my machine? For best performance, you can have up to 2 drives per thread (3 on a new fast AVX2 CPU). So that quad-core core-2-quad can have up to 8 drives, but a more modern i7 with 4 cores + hyper threading can squeeze 8 * 3 or 24 drives. (Performance while scanning will suffer) 12( Can I game while I mine? Some people have done so, but you cannot have the ‘maximum’ number of drives and play games generally. 13( Can I mine Burst and GPU mine other coins? Yes, if you CPU Mine Burst. 14( I’m GPU plotting Burst and GPU mining another coin, my plots are being corrupted, why? My advice is dedicating a GPU to either mining or plotting, don’t try to do both. 15( What is a ‘plot’? A plot is a file that contains Hashes, these hashes are used to mine burst. A plot is tied to an account, but they can be created (with the same account ID) on other machines and connected back to your miner(s). 16( Where can I trade/buy/sell Burst? A list of exchanges is maintained on https://www.reddit.com/burstcoin/ (on the right, ‘Exchanges’ tab) the biggest at the moment are Bittrex and Poloniex, some offer direct Fiat-to-Burst purchase (https://indacoin.com for example) 17( Do I have to store my Burst off the exchange? No, but it’s safer from hackers who target exchanges, if you cannot guarantee the safety or security of your home computer from Trojans etc, then it might be best to leave on an exchange (but enable 2FA security on your account PLEASE!) 18( What security measures can I take to keep my coin safe? When you create an account, sign out and back in to your wallet (to make sure you have copied the pass phrase correctly) and keep multiple copies of the key (at least one physically printed or written down and in a safe place, better in 2 places) do not disclose the passphrase to anyone. Finally use either a local wallet or a trusted web wallet (please research before using any web wallet) 19( How can I help Burst? Run a wallet, which will act as a node (or if you’re a programmer, contact the Dev team Bring attention to burst (without ‘shilling’ or trying to get people to buy) And help translate into your local language Be a productive member of the community and contribute experience and knowledge if you can, or help others get into Burst. 20( Will I get coins on the fork(s) and where will they be? There will be no new coin, and no new coins to be given/air dropped etc, the forks are upgrades to burst and there will not be a ‘classic’ or ‘new’ burst. 21( Will I need to move my Burst off of the exchange for the fork? No, your transactions are on the block chain, which will be used on the fork, they will be visible after the move; nothing will need to be done on your side. 22( Where can I read about the progress of Burst and news in general on the community? There is no finer place than https://www.burstcoin.ist/ 23( What are the communities for Burst and the central website? Main website: https://www.burst-coin.org/ Reddit: https://www.reddit.com/burstcoin and https://www.reddit.com/burstcoinmining/ Burstforum.net: https://www.burstforum.net/ Getburst forum: https://forums.getburst.net/ Official Facebook channel: https://m.facebook.com/groups/398967360565392 (these are the forums that are known to be supporting the current Dev Team) Other ways to talk to the community: Discord: https://discordapp.com/invite/RPhpjVv Telegram (General): https://t.me/burstcoin Telegram (Mining): https://t.me/BurstCoinMining 24( When will Burst partner up with a company? Burst is a currency, the USD does not ‘partner up’ with a company, the DEV team will not partner up and give over to special interests. 25( Why is the DEV team anonymous? They prefer anonymity, as it allows them to work without constant scrutiny and questions unless they wish to engage, plus the aim is for Burst to become a major contender, and this brings issues with security. They will work and produce results, they owe you nothing and if you cannot see the vision they provide then please do not ‘invest’ for short term gain. 26( When moon/Lambo/$100/make me rich? My crystal ball is still broken, come back to the FAQ later for answer (seriously, this is a coin to hold, if you want to day-trade, good luck to you) 27( How can I better educate myself and learn about Dymaxion? Read about the Dymaxion here: https://www.reddit.com/burstcoin/wiki/dymaxion 28( My reads are slow, why? There are many reasons for this, if your computer has a decent spec it’s likely due to USB3 hub issues, or plugging into a USB2 hub, but other reasons can be multiple plots in the same folder, but it’s best to visit the mining subreddit. They can help more than an simple FAQ https://www.reddit.com/burstcoinmining/ 29( I have a great idea for Burst (not proof of stake related)? Awesome! Please discuss with the DEV team on discord https://discordapp.com/invite/RPhpjVv (Please be aware that this is a public forum, you need to find who to ask/tell) 30( I have a great idea for Burst (Proof of stake related)? No. if you want a POS, find a POS coin. On the tangle which is being implemented a POS/POW/POC coin can be created, but BURST will always be POC mined. You are welcome to implement a proof of stake coin on this! 31( Will the Dev team burn any coins? Burst is not an ICO, so any coins will need to be bought to be burnt. You are welcome to donate, but the DEV team have no intention of burning any coins, or increasing the coin cap. 32( When will there be an IOS wallet? IOS wallet is completed; we are waiting for it to go on the app store. Apple is the delaying factor. 33( Why do overlapping plots matter? Plots are like collections of lottery tickets (and if only one ticket could win). Having 2 copies is not useful, and it means that you have less coverage of ‘all’ the possible numbers. It’s not good, avoid. 34( My local wallet used to run, I synchronised it before and now it says ‘stopped’. when I start it, it stops after a few seconds, what should I do? I suggest that you change the database type to portable MariaDB (on Qbundle, at the top, ‘Database’ select, ‘change database’) and then re-import the database from scratch (see 35) 35( Synchronising the block chain is slow and I have the patience of a goldfish. What can I do? On Qbundle , ‘Database’ select ‘Bootstrap chain’ and make sure the CryptoGuru repository is selected, then ‘start Import’ this will download and quickly stuff the local database (I suggest Portable MariaDB, see 34) (lol, loop) 36( What will the block reward be next month/will the block rewards run out in 6 months? https://www.ecomine.earth/burstblockreward/ Rewards will carry on into 2026, but transaction fees will be a bigger % by then, and so profitable mining will continue. 37( How can I get started with Burst (wallet/mining/everything) and I need it in a video https://www.youtube.com/watch?v=LJLhw37Lh_8 Watch and be enlightened. 38( Can I mine on multiple machines with the same account? Yes, if you want to pool mine this can be done (but be prepared for small issues like reported size being incorrect. Just be sure to keep question 33 in mind.) 39( Why do some of my drives take forever to plot? Most likely they are SMR drives, it’s best to plot onto another SSD and then move the finished plot/part of a plot across to the SMR drive as this is much quicker. SMR drives are fine on the read, just random writes that are terrible. So plot an SMR drive quickly, plot to a non SMR or better still SSD drive, in as big a chunk as possible (fewer files better) and move. a version of Xplotter, called Splotter, can do this easily. https://github.com/NoParamedic/SPlotter 40( I have a great idea; why not get listed on more exchanges!! Exchanges list coins because of 2 reasons:
The coin pays (often A LOT, seriously we’ve been asked for 50 BTC)
I suggest you speak with your exchange and ask ‘when will they offer Burst?’ 41( Do you have a roadmap? https://www.burst-coin.org/roadmap 42( Why is the price of Burst going up/down/sideways/looping through time? The price of burst is still quite dependent upon Bitcoin, meaning that if Bitcoin gains, the value of Burst gains, if Bitcoin drops then Burst also drops. If there is news for Burst then we will see something independent of Bitcoin moving. Variations can be because of people buying in bulk or selling in bulk. There are also ‘pump and dump’ schemes that we detest, that can cause spikes in price that have nothing to do with news or Bitcoin, just sad people taking advantage of others. 43( Where is the best place to go with my mining questions? https://www.reddit.com/burstcoinmining/ or https://t.me/BurstCoinMining 44( What hardware do you advise me to buy, is this computer good? See question 43 for specific questions on hardware, it depends on so many variables. The ‘best’ in my opinion is a 36 bay Supermicro storage server, usually they have dual 6-core CPU’s and space for 36 drives. No USB cables, plotting and mining monster, anything else, DYOR. 45( Where do you buy your hard drives? I have bought most from EBay in job lots, and some refurbished drives with short warranties. Everything else I have bought, from Amazon. 46( Can I mine on my Google drive/cloud based storage? In short: no. If you want to try, and get to maybe 1 TB and then find that your local connection isn’t fast enough, or that shortly after, your account is blocked for various reasons. Please be my guest. 47( Can I mine on my NAS? Some you can mine with the NAS (if it can run the miner, it can scan locally) but generally they’re not very fast. good for maybe 16 TB? Having a plot on a NAS and mining from another computer depends on the network speed between the NAS and scanning computer. I believe you can scan about 8 TB (maybe a bit more) and keep the scan times to within acceptable, but YMMV. 48( How can I set up a node? No need to set up a node, just set up a wallet (version 2.0.4) or Qbundle (2.2) and it will do the rest 49( Are the passphrases secured? I’ll leave the effort to a few people to show how secure a 12-word passphrase is: https://burstforum.net/topic/4766/the-canary-burst-early-warning-system Key point: brute forcing it will be around 13,537,856,339,904,134,474,012,675,034 years. 50( I logged into my account (maybe with a different burst ID) and see no balance!! I have dealt with this very issue multiple times, and there are only 3 options:
You have typed in the password incorrectly
You have copy-pasted the password incorrectly
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S&P Futures Slide, Europe Jumps As Traders Beg For End To Turbulent Week
There is a sense of almost detached resignation amid trading desks as we enter the last trading day of a chaotic, volatile week that has whipsawed and stopped out virtually everyone after the Nasdaq saw the biggest intraday reversal since Thursday and pattern and momentum trading has become impossible amid one headline tape-bomb after another. After yesterday furious tumble and sharp, last hour rebound, US equity futures are once again lower expecting fresh developments in the Huawei CFO arrest and trade war saga while today's payroll report may redirect the Fed's tightening focus in wage growth comes in hotter than the 3.1% expected; at the same time European stocks have rebounded from their worst day in more than two years while Asian shares posted modest gains as investors sought to end a bruising week on a more upbeat note. While stock trading was far calmer than Thursday, signs of stress remained just below the surface as the dollar jumped, Treasuries rose and oil whipsawed amid fears Iran could scuttle today's OPEC deal. The MSCI All-Country World Index, which tracks shares in 47 countries, was up 0.3% on the day, on track to end the week down 2%. After Europe's Stoxx 600 Index sharp drop on Thursday, which tumbled the most since the U.K. voted to leave the EU in 2016, Friday saw Europe's broadest index jump 1.2% as every sector rallied following the cautious trade in the Asia-Pac session and the rebound seen on Wall Street where the Dow clawed back nearly 700 points from intraday lows. European sectors are experiencing broad-based gains with marginal outperformance in the tech sector as IT names bounce back from yesterday’s Huawei-driven slump. Technology stocks lead gains on Stoxx 600 Index, with the SX8P Index up as much as 2.3%, outperforming the 1.1% gain in the wider index; Nokia topped the sector index with a 5.9% advance in Helsinki after Thursday’s public holiday, having missed out on initial gains from rival Huawei’s troubles that earlier boosted Ericsson. Inderes said the arrest of Huawei CFO over potential violations of American sanctions on Iran will benefit Nokia and Ericsson, who are the main rivals of Huawei and ZTE. Similarly, Jefferies wrote in a note on Chinese networks that China may have to offer significant concessions to buy Huawei an “out of jail” card and reach a trade deal, with China’s tech subsidies and “buy local” policies potentially under attack. "For example, why would Nokia and Ericsson have only 20% share in China’s 4G market," analysts wrote. Meanwhile, energy names were volatile as the complex awaits further hints from the key OPEC+ meeting today. In terms of individual movers, Fresenius SE (-15.0%) fell to the foot of the Stoxx 600 after the company cut medium-term guidance, citing lower profit expectations at its clinics unit Helios and medical arm Fresenius Medical Care (-7.8%). The news sent Fresenius BBB- rated bonds tumbling, renewing fears of a deluge of "fallen angels." On the flip side, Bpost (+7.5%) and Tesco (+4.8%) are hovering near the top of the pan-Europe index amid broker upgrades. Earlier in the session, Japanese equities outperformed as most Asian gauges nudged higher. MSCI’s broadest index of Asia-Pacific shares outside Japan nudged up 0.2%, though that followed a 1.8 percent drubbing on Thursday. Japan’s Nikkei added 0.8 percent. Chinese shares, which were up earlier in the day, slipped into negative territory with the blue chips off 0.1 percent.
E-Mini futures for the S&P 500 also started firmer but were last down 0.4 percent. Markets face a test from U.S. payrolls data later in the session amid speculation that the U.S. economy is heading for a tough patch after years of solid growth. Will the last employment report released this year (the December report comes out in early January) help markets to continue to form a base? The consensus for nonfarm payrolls today is for a 198k print, following the stronger-thanexpected 250k reading last month. Average hourly earnings are expected to rise +0.3% mom which should be enough to keep the annual reading at +3.1% yoy while the unemployment rate is expected to hold steady at 3.7%. DB's economists are more or less in line with the consensus with a 200k forecast and also expect earnings to climb +0.3% mom, however that would be consistent with a small tick up in the annual rate to +3.17% and the fastest pace since April 2009. They also expect the current pace of job growth to push the unemployment rate down to 3.6% which would be the lowest since December 1969. Meanwhile, Fed Chairman Jerome Powell confused traders when late on Thursday, he emphasized the strength of the labor market, throwing a wrench into trader expectations the Fed is poised to pause tightening - arguably the catalyst for Thursday's market-closing ramp following a WSJ article which reported Fed officials were considering whether to signal a new wait-and-see mentality after a likely rate increase at their meeting in December. While Friday's market has stabilized, for many the recent gyrations are just too much. For Dennis Debusschere, head of portfolio strategy at Evercore ISI, there’s still far too much risk to wade back into a market this riven by volatility. “Overall still untradeable in our opinion, until we get more clarity on trade and we think it will pay to wait this out,” he wrote in a note to clients Thursday. “That being said, our desk is open for business if you’re feeling up to trading this backdrop.” Meanwhile, the big question is what happens next year: “The big question mark still is what’s going to happen in 2019” with the Fed, Omar Aguilar, CIO of equities and multi-asset strategies at Charles Schwab, told Bloomberg TV. “The jobs report could easily be the catalyst that will tell us a little more about what the path may be.” Expecting that a big slowdown is coming, interest rate futures rallied hard in massive volumes with the market now pricing in less than half a hike next year, compared to just a month ago when they had been betting on more than two increases. Treasuries extended their blistering rally, driving 10-year yields down to a three-month trough at 2.8260 percent, before last trading at 2.8863 percent. Yields on two-year notes fell a huge 10 basis points at one stage on Thursday and were last at 2.75 percent. Investors also steamrolled the yield curve to its flattest in over a decade, a trend that has historically presaged economic slowdowns and even recessions. The seismic shock spread far and wide. Yields on 10-year paper sank to the lowest in six months in Germany, almost 12 months in Canada and 16 months in Australia. Italian debt climbed as European bonds largely drifted. The greenback advanced against most of its Group-of-10 peers ahead of U.S. jobs data that are expected to show hiring slowed last month. The pound fell as U.K. Prime Minister Theresa May was said to be weighing a plan to postpone the vote on her Brexit deal. In commodity markets, gold firmed to near a five-month peak as the dollar eased and the threat of higher interest rates waned. Spot gold stood 0.1 percent higher at $1,239.49 per ounce. Oil was less favored, however, falling further as OPEC delayed a decision on output cuts while awaiting support from non-OPEC heavyweight Russia. Brent futures fell 0.5 percent to $59.77 a barrel, while U.S. crude also lost half a percent to $51.19. Cryptocurrencies continued their collapse with fresh losses after U.S. regulators dashed hopes that a Bitcoin exchange-traded fund would appear before the end of this year. Market Snapshot
S&P500 futures down 0.4% to 2,680.00
STOXX Europe 600 up 1.3% to 347.69
MXAP up 0.2% to 151.21
MXAPJ up 0.2% to 485.67
Nikkei up 0.8% to 21,678.68
Topix up 0.6% to 1,620.45
Hang Seng Index down 0.4% to 26,063.76
Shanghai Composite up 0.03% to 2,605.89
Sensex up 0.9% to 35,631.53
Australia S&P/ASX 200 up 0.4% to 5,681.49
Kospi up 0.3% to 2,075.76
German 10Y yield rose 0.8 bps to 0.244%
Euro down 0.05% to $1.1368
Italian 10Y yield rose 13.9 bps to 2.835%
Spanish 10Y yield unchanged at 1.46%
Brent futures up 0.2% to $60.16/bbl
Gold spot up 0.2% to $1,239.70
U.S. Dollar Index little changed at 96.88
Top Overnight News from Bloomberg
The arrest of Huawei Technologies Co. Chief Financial Officer Meng Wanzhou in Canada over potential violations of American sanctions on Iran has triggered a debate in China over whether to carry on with trade talks with the U.S. or link the two issues and retaliate; Meng will have a bail hearing Friday to determine whether she is a flight risk and should remain in detention during proceedings on extradition to the U.S.
Oil extended losses near $51 a barrel after OPEC entered a second day of talks in an attempt to draw up a deal to cut output. Iran sees no possibility of agreeing to reduce its output, Oil Minister Bijan Zanganeh said Friday
Theresa May met with her top ministers in London on Thursday to discuss options of delaying the Dec. 11 Parliamentary vote on her Brexit deal to avoid a landslide defeat that would risk a major U.K. political crisis, according to a person familiar with the matter
EU leaders are poised to turn their next summit into a Brexit crisis meeting, but so far, it doesn’t look like they’re willing to offer her anything that could help to break the deadlock in the U.K. Parliament
Angela Merkel’s long exit from politics begins Friday when her party gathers in Hamburg to decide whether to appoint her chosen successor as its new leader or break with the legacy of her 13 years in charge of Germany
Italian Finance Minister Giovanni Tria has complained that he is the victim of one ambush after another as his future is called into question amid tensions with populist leaders over a spending spree to fund election policies, according to newspaper Il Giornale
Asian stocks saw cautious gains with the region getting an early tailwind after the sharp rebound on Wall St, where most majors inished lower albeit off worse levels as tech recovered and the DJIA clawed back nearly 700 points from intraday lows. ASX 200 (+0.4%) and Nikkei 225 (+0.8%) were both higher at the open but gradually pared some of the gains as the risk tone began to turn cautious heading into today’s key-risk NFP jobs data. Hang Seng (-0.3%) and Shanghai Comp (U/C) were indecisive amid further PBoC inaction in which it remained net neutral for a 5th consecutive week and with the upcoming Chinese trade data over the weekend adding to tentativeness, while pharmaceuticals were the worst hit due to concerns of price declines from the government’s centralized procurement program. Finally, 10yr JGBs were flat amid a similar picture in T-note futures and although early selling pressure was seen in Japanese bonds alongside the strong open in stocks, prices later recovered as the risk appetite somewhat dissipated. Top Asian News - China’s FX Reserves Rose Despite Intervention, Outflow Signs - Hong Kong May Slip Into Recession in 2019, Deutsche Bank Warns - SoftBank Seeks to Assuage Investors on Pre-IPO Mobile Outage - Southeast Asia Reserves Recover a Bit in November as Rout Eases European equities extended on gains from the cash open (Eurostoxx 50 +1.2%) following the cautious trade in the Asia-Pac session and the rebound seen on Wall St where the Dow clawed back nearly 700 points from intraday lows. European sectors are experiencing broad-based gains with marginal outperformance in the tech sector as IT names bounce back from yesterday’s Huawei-driven slump. Meanwhile, energy names are volatile (currently marginally underperforming) as the complex awaits further hints from the key OPEC+ meeting today. In terms of individual movers, Fresenius SE (-15.0%) fell to the foot of the Stoxx 600 after the company cut medium-term guidance, citing lower profit expectations at its clinics unit Helios and medical arm Fresenius Medical Care (-7.8%). On the flip side, Bpost (+7.5%) and Tesco (+4.8%) are hovering near the top of the pan-Europe index amid broker upgrades. Top European News
LandSec, Undeterred by Brexit, Makes New Bet on London Offices
Danske Says It’s Looking Into Selling Its Swedish Pension Assets
Chinese Group Agrees to Buy Amer Sports in $5.2 Billion Deal
Bad Air Warnings in London And Paris Peak With Fish And Chips
DXY- Typically rangebound trade in the run up to US labour data, and with markets also monitoring OPEC+ headlines as a decision on whether to cut output and if so by how much remains highly uncertain. The index is hovering just under the 97.000 handle within a 96.767-96.931 band, and well within nearest technical support and resistance levels at 96.300 and 97.311 respectively.
GBP- A marginal G10 underperformer as Cable retreats back below 1.2750 from just above 1.2800 at one stage, but this could be more flow-related rather than anything fundamental as EuGbp rallied towards 0.8930 peaks from just under the big figure into the Frankfurt fixing before drifting back again. However, Halifax house prices were much weaker than expected and latest Brexit news is hardly Sterling supportive given more speculation about delaying the meaningful vote to try and avoid a resounding rejection, even though the Government appears to be resolute and standing firm on December 11.
NZD/AUD- The Kiwi is at the opposite end of a relatively narrow Usd/Major spectrum, and like the Pound also impacted by indirect factors to a degree, if not in the main. Indeed, Nzd/Usd remains capped ahead of 0.6900, but Aud/Nzd is pivoting 1.0500 as the Aussie unit continues to feel the adverse effects of recent bearish impulses, namely softer than forecast Q3 GDP and a more dovish RBA via Debelle. Hence, Aud/Usd is softer between 0.7210-40 parameters and bound to be wary of huge option expiries from 0.7250-60 in 6.6 bn that form a formidable barrier ahead of circa 1.2 bn up at 0.7300.
EUJPY- In the pre-NFP ‘hiatus’ and awaiting anything further on the Italian budget front, option expiries may also exert directional impetus on EuUsd and Usd/Jpy, as the former faces 2+ bn at the 1.1400 strike and latter is flanked by 1+ bn at 112.50 and 113.00.
CAD- The Loonie has pared a bit more lost ground from recent lows, albeit partly due to a broad Usd retracement, eyeing OPEC and also Canada’s jobs report given latest BoC guidance indicating even greater data dependency. Usd/Cad currently just shy of the 1.3400 mark vs 1.3440+ at one stage yesterday.
In commodities, WTI (+0.2%) and Brent (+0.9%) are choppy in what was a volatile session thus far as comments from energy ministers emerged ahead of the key OPEC+ meeting, after yesterday’s OPEC talks ended with no deal for the first time in almost five years. Brent rose after source reports noted that Moscow are ready to cut output by 200k BPD (below OPEC’s desire of 250k-300k but above Russia’s prior “maximum” of 150k) if OPEC are willing to curb production by over 1mln BPD. Prices then fell to session lows following a less constructive tone from Saudi Energy Minister who reiterated that he is not confident there will be a deal today, which came after delegates noted that OPEC talks are focused on a combined OPEC+ cut of 1mln BPD (650k from OPEC and 350k from Non-OPEC). Markets are awaiting the start of the OPEC+ meeting after delegates stated that talks are at deadlocked as Iran appears to be the main sticking point to an OPEC deal, though sources emerged stating that Iran, Venezuela and Libya are set to get exemptions from cuts, adding that OPEC and Russia are looking for a symbolic production commitment from Iran as fears arise that Iran may not be able to follow-through on curb pledges due to US sanctions. In terms of metals, gold hovers around session highs and is set for the best week since August with the USD trading in a tight range ahead of the key US jobs data later today, while London copper rose over a percent is underpinned by the positive risk tone. US Event Calendar
8:30am: Change in Nonfarm Payrolls, est. 198,000, prior 250,000
Unemployment Rate, est. 3.7%, prior 3.7%; Underemployment Rate, prior 7.4%
Average Hourly Earnings MoM, est. 0.3%, prior 0.2%; YoY, est. 3.1%, prior 3.1%
8:30am: Average Weekly Hours All Employees, est. 34.5, prior 34.5
10am: U. of Mich. Sentiment, est. 97, prior 97.5; Current Conditions, prior 112.3; Expectations, prior 88.1
3pm: Consumer Credit, est. $15.0b, prior $10.9b
DB's Jim Reid concludes the overnight wrap The age of innocence has truly gone in financial markets after a turbulent 24 hours but one that saw a spectacular rally after Europe closed last night and one that has steadily carried on in Asia overnight (more on this below). Before we get to that I’m on an intense client marketing roadshow at the moment on the 2019 Credit outlook and there are a litany of worries out there from investors. Maybe I’m trying to be too cute here but I think the problems we’re seeing in credit at the moment are more of a “ghost of Xmas future” rather than a sign of an imminent disaster scenario. However my overall confidence that credit will blow up around the end of this cycle has only intensified in the last couple of weeks. Liquidity is awful in credit and it’s been a broken two way market for several years (probably as long as I’ve worked in it - 24 years). However this has got worse this cycle as the size of the market has grown rapidly but dealer balance sheets have reduced. As such you can buy massive size at new issue but your ability to sell in secondary is constrained to a small percentage of this. This didn’t matter much when inflows dominated - as they mostly did in this cycle pre-2018 - but in a year of outflows across the board the lack of a proper two way market is increasingly being felt. As discussed I don’t think this is the start of the crisis yet but be warned that when this economic cycle does roll over or even starts to operate at stall speed the credit market will be very messy and will influence other markets again. On the positive side and despite a very steep mid-session selloff, US markets ultimately closed well off the lows. The DOW, S&P 500 and NASDAQ finished -0.32%, -0.15% and +0.42% respectively, though they traded as low as -3.14%, -2.91%, and -2.43% respectively, around noon in New York. At its lows, the S&P 500 was on course for its worst two-session stretch since February, and before that you’d have to go back to August 2015 or 2011 to find the last episode with as steep a two-day drop. The DOW and S&P 500 dipped into negative territory for the year again, but clawed back and are now +0.92% and +0.84% YTD (+3.16% and +2.69% on a total return basis). The NASDAQ has clung to its outperformance, as it is now up +4.13% this year, or +5.20% on a total return basis, though of course the difference is narrower in the low-dividend paying, high-growth tech index. Unsurprisingly, the moves yesterday coincided with higher volatility with the VIX climbing as much as +5.2pts to 25.94 and pretty much back to the October highs, though it too rallied alongside the equity market to end close to flat at 21.15. Meanwhile, the price action was even uglier in Europe as the US lows were around the close. The STOXX 600 plunged -3.09% and is down -4.22% in two days – the most in two days since June 2016. Nowhere was safe. The DAX (-3.48%), CAC (-3.32%), FTSE MIB (-3.54%) and IBEX (-2.75%) all saw huge moves lower. The DAX has now joined the Italy’s FSTEMIB in bear market territory, as it is now -20.49% off its highs earlier this year. The FTSEMIB is down -24.04% from its highs. European Banks – which were already down nearly -27% YTD going into yesterday – tumbled -4.29% for the biggest daily fall since May and the third biggest since immediately after Brexit. The index is now at the lowest since October 2016 and within 17% of the June 2016 lows all of a sudden. US Banks fell -1.87%, though they had dipped -4.3% at their troughs to touch the lowest level since September 2017. As for credit, HY cash spreads in Europe and the US were +8.5bps and +14.8bps wider respectively. For context, US spreads are now at the widest since December 2016 and this is the best performing broad credit market over the last couple of years. In bond markets, 10y Treasuries rallied-2.4bps but was as much as 9bps lower intra-day. Thanks to an outperformance at the front end (two-year fell -3.7bps), the 2s10s curve actually ended a shade steeper at 13.0bps (+1.3bps on the day). However that move for the 10y now puts it at the lowest since September at 2.89%, and only +48.6bps above where we started the year. The spread on the Dec 19 to Dec 18 eurodollar contract – indicative for what is priced into Fed hikes for next year - is down to just 16bps. It was at 60bps in October. This certainly appears to be too low, though a Wall Street Journal article yesterday seemed to signal a willingness by the Fed to moderate its pace of rate hikes. Finally, in Europe, Bunds closed -4.1bps lower at 0.236%. Quite amazing moves with Bunds continuing to defy all fundamental logic and trading instead as a risk-off lightning rod. There was some talk that the sharp moves lower at the open yesterday were exaggerated by the unexpected midweek close for markets in the US which resulted in futures systems failing to be programmed to adjust and orders backing up. However the combination of a -2.25% drop for WTI (-5.2% at the lows) post the OPEC meeting (more below) and the Huawei story that we mentioned yesterday certainly aided to the initial malaise. There was some talk that both the Chinese and US authorities would have been aware of the arrest before last weekend’s talks and as such this story shouldn’t be necessarily a threat to the truce, though Reuters reported last night that President Trump did not know about the planned arrest. The implications of this are unclear, since it could mean that Trump has less direct control over the arresting agency, but it could also indicate that the move is not part of trade policy. Either way, how this development will be key for the market moving forward, especially any response from Chinese officials. This morning in Asia markets are largely trading higher with the Nikkei (+0.60%), Hang Seng (+0.21%), Shanghai Comp (+0.08%) and Kospi (+0.51%) all up. Elsewhere, futures on the S&P 500 (-0.11%) are pointing towards a flattish start. Meantime crude oil (WTI -0.39% and Brent -0.60%) prices are continuing to trade lower this morning. It wouldn’t be an EMR worth it’s place in the daily schedule without an Italy and Brexit update. As we go to print Italian daily La Stampa has reported that the Italian Premier Conte and Deputy Premier Di Maio are in favour of the resignation of Finance Minister Tria while Deputy Premier Salvini is against his resignation. So signs of tension. In the U.K. a few press articles (like Bloomberg) are suggesting that PM May is considering postponing Tuesday’s big vote. There doesn’t seem to be a lot of substance to the story at the moment but it mentions going back to the EU for concessions on the Irish backstop as one possibility. How the EU will feel would be the obvious question. As mentioned earlier, oil had a difficult session yesterday, falling back to its recent lows with WTI touching a $50 handle and Brent trading back below $60 per barrel. The first day of the OPEC summit did not appear promising for the odds of a new production deal, as the ministers apparently discussed a 1 million barrel per day cut, below the 1.5 million needed to balance the market.The Libyan oil minister abruptly left before the day’s meetings concluded, and the organization canceled their scheduled press conference. The Russian delegation will join the OPEC contingent today in an effort to finalize a deal, but Saudi Energy Minister al-Falih said that “Russia is not ready for a substantial cut.” Watch this space today. Overnight, the Fed Chair Powell delivered an upbeat message on the US economy and the Job market ahead of today’s payrolls release. He said, “our economy is currently performing very well overall, with strong job creation and gradually rising wages,’’ while adding, “in fact, by many national-level measures, our labour market is very strong.’’ Elsewhere, the Fed’s John Williams said yesterday that the biggest challenge which the policy makers are facing is achieving a soft landing. He said, “we have a pretty strong economy -- unemployment pretty low, inflation near our goal -- it’s just managing a soft landing, keeping this expansion going for the next few years.” So will the last employment report released this year (the December report comes out in early January) help markets to continue to form a base? The consensus for nonfarm payrolls today is for a 198k print, following the stronger-thanexpected 250k reading last month. Average hourly earnings are expected to rise +0.3% mom which should be enough to keep the annual reading at +3.1% yoy while the unemployment rate is expected to hold steady at 3.7%. Our US economists are more or less in line with the consensus with a 200k forecast and also expect earnings to climb +0.3% mom, however that would be consistent with a small tick up in the annual rate to +3.17% and the fastest pace since April 2009. They also expect the current pace of job growth to push the unemployment rate down to 3.6% which would be the lowest since December 1969. Going into that, yesterday’s ADP employment change report for November was a tad disappointing at 179k (vs. 195k expected) while more interestingly the recent tick up in initial jobless claims held with the print coming in at 231k. The four-week moving average is now 228k and the highest since April having gotten as low as 206k in September. So the climb, while not yet at concerning levels, is certainly notable and worth watching now on a week to week basis. As for the other interesting data points yesterday, the October trade deficit was confirmed as reaching a new cyclical wide. The ISM non-manufacturing print for November was a relative positive after coming in at 60.7, up 0.4pts from October and ahead of expectations for a decline to 59.0. Worth noting is that the three-month moving average of non-manufacturing ISM is now the highest on record which is a fairly reliable lead indicator for private nonfarm payrolls. US durable goods orders for October were revised slightly higher to -4.3% mom from -4.4%, though the core measures stayed at 0.0% mom. Factory orders declined -2.1% mom, though both were nevertheless higher year-on-year. As for the day ahead, the aforementioned November employment in the US will no doubt be front and centre, however, prior to that, we’ve October industrial production prints in Germany and France, along with Q3 labour costs in the former, and the final Q3 GDP revisions for the Euro Area (no change from +0.2% qoq second reading expected). We’ll also get the monthly inflation reporting for November in the UK. Also due out in the US is October wholesale inventories and trade sales, the preliminary December University of Michigan survey and October consumer credit. November foreign reserves data in China is also expected out at some point. Away from that the OPEC/OPEC+ meeting moves into the final day while the ECB’s Coeure and Fed’s Brainard are scheduled to speak. Today is also the day that Germany’s ruling CDU party elects a new chair to succeed Merkel. Our FX strategists noted yesterday that according to polls, the result should be a close call between general secretary Annegret Kramp-Karranbauer (AKK) and Friedrich Merz. Broadly speaking, AKK stands for a continuation of the Merkel-era strategy of positioning the CDU at the centre of the political spectrum, whereas Merz stands for a sharpening of the party's traditional profile as a centre-right party. Last night our German economics team put out a piece explaining the event and suggesting that Merz would be good for the DAX and AKK good for the Euro.
US Futures Jump On Fresh Hopes For China Trade Deal, Dovish Powell Speech
In a generally quiet overnight session, renewed hopes for a thaw in U.S.-China trade relations at the upcoming G20 summit helped global shares rise to a one-week high on Wednesday, though lingering fears of a no-deal outcome weighed on European bourses. U.S. futures rose, extending on Tuesday's rebound and tracking gains in Asia as investors rekindled their risk appetite before a key speech by Fed chair Powell who many hope will reverse yesterday's hawkish rhetoric by Clarida, and come off as dovish, especially after this morning's report that Steve Mnuchin has been pushing for a shift from hiking rates to balance sheet reduction. The dollar and Treasuries were steady. While President Donald Trump talked tough on the trade tariffs issue ahead of a meeting with Chinese President Xi Jinping on Saturday, markets focused on comments by White House economic adviser Larry Kudlow, who held open the possibility that the two countries would reach a trade deal. Kudlow’s comments helped Wall Street close higher and allowed Chinese and Japanese shares to rally 1% as the MSCI index of Asian shares ex-Japan gained 0.7%. The mood however fizzled into the European session, with the pan-European index giving up opening gains to trade flat and Germany’s DAX trading unchanged. Technology companies and retailers were the best performers in the Stoxx Europe 600 Index, which struggled to maintain early gains as a Tuesday report that Trump may soon decide about new taxes on imported cars, still weighed on sentiment, keeping Europe’s auto sector shares 0.6 percent in the red. "An expectation is being priced into markets ahead of the G20 meeting that we will see some deal or at least a framework for a deal between Trump and (Chinese President) Xi Jinping,” said Bernd Berg, global macro strategist at Switzerland-based Woodman Asset Management. “But if they come out with nothing this weekend, it’s going to be very bad." Traders are also focusing on a speech at 12pm ET by Fed Chair Jerome Powell to see if he offers clues on how many more times the Fed could raise interest rates, following yesterday's modestly hawkish if cautious take from vice chair Clarida. While Fed Vice Chair Richard Clarida took a less dovish stance on Tuesday than some had expected and backed more rate rises, Powell and his colleagues have in recent weeks alluded to global volatility, leading many to speculate the bank’s three-year-long rate rise campaign could pause in 2019. Continued uncertainty over global trade as well as Brexit and Italy’s ongoing conflict with the European Union, have supported the U.S. dollar, which rose to a two-week high and approached the highest level hit in 2018. While the main driver for the greenback is the U.S. interest rate path, Rodrigo Catril, senior strategist at National Australia Bank, said it was also benefiting from the uncertain mood. “Markets seem to be jumping at shadows at the moment and against this backdrop of uncertainty, the dollar remains the preferred option for weathering the storm,” Catril said. Investors are also monitoring developments in Italy’s row with the EU over its budget spending, with Germany’s Handelsblatt and Italy’s La Stampa quoting EU commissioner Valdis Dombrovskis as saying the draft budget needed “substantial correction”. The 10-year Treasury yield drifted ahead of Jerome Powell’s speech as European bonds nudged higher and the Euro was range bound. Italian bond yields flatlined after sharp rallies that were triggered by what appeared to be a more conciliatory stance from the government over the issue. The dollar was mixed versus its Group-of-10 peers, trading in narrow ranges ahead of key events this week and EUUSD hovered below 1.1300; Treasuries were little changed with the 10-year yield at 3.05%. Sweden’s krona gained even after retail sales and an economic tendency survey missed estimates. The pound trimmed some of the previous session’s losses as U.K. Prime Minister Theresa May appeared to back down in a key Brexit battle with Parliament. Brent crude handed back earlier gains to trade little changed. Brent (-0.4%) and WTI (-0.1%) are lower heading into the US open after initially trading positive. A larger than expected build in API crude stockpiles of +3.453mln compared to the expected build of +0.8mln had little impact on the price rebound at the time which instead focused on the larger than expected gasoline draw. Additionally, three North Sea forties crude cargoes which were scheduled to load in December have been cancelled due to the temporary closure of the 150,000 BPD capacity Buzzard oilfield. Saudi Energy minister Al Falih stated this morning that Saudi will not and cannot reduce output on their own, and is hopeful that upcoming meetings will result in agreement to stabilise the market. Gold is slightly lower as the dollar continues to firm, although the yellow metal has rebounded from lows of USD 1211.3/oz in the previous session. Separately, copper is higher following a 3-session decline although, gains for the metal have been restricted by ongoing US-China tensions, with the most recent comments coming from White House Economic Advisor Kudlow saying that US President Trump is prepared to raise tariffs if G20 talks are not constructive. On other markets, cryptocurrency bitcoin jumped 6 percent to above $4,000, its biggest one day jump since the summer, and extending its rebound from a low of $3,475 touched on Sunday. Today's expected data include mortgage applications, wholesale inventories, and new home sales. Burlington Stores, Royal Bank of Canada, Tiffany, and Weibo are among companies reporting earnings. Market Snapshot
S&P500 futures up 0.1% to 2,686.75
STOXX Europe 600 up 0.06% to 357.60
MXAP up 0.7% to 152.77
MXAPJ up 0.7% to 490.34
Nikkei up 1% to 22,177.02
Topix up 0.6% to 1,653.66
Hang Seng Index up 1.3% to 26,682.56
Shanghai Composite up 1.1% to 2,601.74
Sensex up 0.8% to 35,785.59
Australia S&P/ASX 200 down 0.06% to 5,725.08
Kospi up 0.4% to 2,108.22
German 10Y yield fell 1.3 bps to 0.337%
Euro down 0.05% to $1.1283
Italian 10Y yield rose 2.0 bps to 2.92%
Spanish 10Y yield rose 0.2 bps to 1.556%
Brent futures down 0.3% to $60.05/bbl
Gold spot down 0.2% to $1,213.28
U.S. Dollar Index little changed at 97.38
Top Overnight News from Bloomberg
Treasury Secretary Steven Mnuchin privately asked bond dealers and investors in October whether they want the Federal Reserve to tighten monetary policy by raising interest rates or through faster cuts in its securities portfolio, six people familiar with the matter said; Mnuchin’s question could be seen as suggesting a way for the central bank to accomplish its goal of preventing a strong economy from overheating without triggering the ire of President Donald Trump
U.K. Prime Minister Theresa May has backed down in a key Brexit battle with Parliament, ditching moves to stop lawmakers trying to re-write her plans, according to an official. Risk of no-deal Brexit choking ports rising, U.K. lawmakers say
President Donald Trump and China’s Xi Jinping will meet over dinner Saturday evening in Buenos Aires marking a pivotal moment in the escalating trade war between the world’s two largest economies. Trump-Xi meeting puts emerging markets on pain-or-pleasure watch
President Donald Trump renewed his attack on Federal Reserve Chairman Jerome Powell, telling the Washington Post he’s “not even a little bit happy” with his choice to head the central bank
Federal Reserve officials on Tuesday sprinkled small doses of concern into otherwise upbeat assessments of the U.S. economy. Federal Reserve Vice Chairman Clarida backs Fed’s gradual hikes with neutral rate uncertain
The U.K.’s effort to rejoin a key World Trade Organization agreement that governs public procurement opportunities worth $1.7t a year gained provisional backing on Tuesday
Credit Suisse Group AG is set to make Madrid its post-Brexit trading hub in the European Union after initially planning to move only some investment banking positions to the Spanish capital from London, according to people with knowledge of the matter
Italian Prime Minister Giuseppe Conte said the budget negotiations with the European Union “won’t be easy,” as the government sticks to its spending plans, according to an interview published by Corriere della Sera
Asian equity markets traded mostly positive following a similar lead from Wall St. but with the session initially mired by lingering uncertainty regarding US-China trade relations. Nikkei 225 (+1.0%) outperformed as the index coat-tailed on the recent advances in USD/JPY, while ASX 200 (-0.1%) was subdued by weakness in miners after the metals complex felt the brunt of the recent USD strength and with financials subdued by AMP Capital amid risk of further mischarging cases and provisions. Elsewhere, Hang Seng (+1.3%) and Shanghai Comp. (+1.0%) were higher but with price action choppy in early trade amid tentativeness heading into the Trump-Xi showdown at this week’s G20 and as participants mulled over various comments from officials including White House Economic Adviser Kudlow who affirmed that Trump could hike tariffs if no constructive talks occur at G20 and that the White House is disappointed in China's response to the trade issue. However, Kudlow also noted that Trump is open to a deal with China and there were recent comments from China’s Vice Premier Liu that China wants a negotiated solution on trade based on mutual respect. Finally, 10yr JGBs weakened amid a lacklustre tone in T-note futures and with the BoJ’s presence in the bond market overshadowed by the outperformance of Japanese stocks. China's US envoy said selling or reducing purchases of US Treasuries would be very dangerous like playing with fire, while the envoy doesn't think anybody in Beijing is seriously thinking about pulling back from US Treasury debt market should tensions worsen. Furthermore, there were reports that China’s Ambassador to the US warned of dire consequences if the trade war leads to economic separation and that China prefers a negotiated solution, while the Ambassador warned that China will retaliate in proportion to any US sanctions regarding Muslim Uighurs in Xinjiang. Top Asian News - Bank of Thailand Minutes Signal an Interest-Rate Hike Is Coming - Furor Over Gene-Altered Babies Deepens With China Project Halted - Pakistan’s Umar Says No Hurry for IMF Deal as Talks Resume - Turkey Sinks to Last on Emerging-Market Scorecard; Malaysia Tops - Brookfield Is Said to Be in Talks to Invest in Dubai’s Meraas In a slightly choppy session thus far, European equities (Eurostoxx 50 +0.3%) have held on to opening gains seen in the wake of the upbeat US and Asia-Pac sessions, despite lingering trade concerns. The most recent interjection came from White House Economic Adviser Kudlow who commented that Trump is open to a deal with China and that the raising of tariffs to 25% is not a "certainty" but will be implemented if no constructive talks occur at the G20. In terms of sector specifics, IT names are the clear outperformers at this stage of the session with Wirecard (+1.3%) and Dialog Semiconductor (+3.1%) notable gainers in the tech-space after trying to recoup recent losses with not much else in the way of key newsflow. Noteworthy individual movers include EDF (+3.1%) with shares buoyed by reports that that a potential increase in the French government’s stake in the Co. would take place next year. To the downside, Tenaris (-8.2%), sit at the foot of the Stoxx 600 after the Co.’s chairman was indicted in a graft case, whilst Continental shares (-5.4%) have been weighed on by negative comments from Redburn who have warned over the group’s EBIT prospects in 2019. Top European News
Continental AG Falls After CFO Sees Margin Pressure Persisting
Italy Premier Says Social Stability Takes Priority Over Finances
LafargeHolcim Says Cost-Cutting Drive Will Lift 2019 Profit
Commerzbank, Helaba Are Said to Drop Out of NordLB Bidding
In FX, the DXY was off bet levels but retaining an underlying bid with supportive month end flows alongside HIA and SOMA redemption (24.9bln comes due on Friday) all impacting, while market participants keep a close eye on Fed Chair Powell’s speech scheduled for later today where he may stop the USD in its tracks or exacerbate the rally. The index has gained more ground above 97.000 to just over 97.500 before losing some momentum but still on the course to challenge the YTD high at 97.693, technically if not fundamentally. EUR: more choppy trade for the single currency with EUUSD trading around the middle of a 1.1267-1.1304 range having taken out stops at 1.1275. Italian politics keep weighing on the currency with the European Commission unimpressed as it will begin disciplinary actions on Italy regarding debt before Christmas. EU Commissioner Dombrovskis also added that a cut of 0.2% of the 2019 budget target is not enough. EUUSD is being drawn towards a large amount of option expiries between 1.1275 – 1.1300 (1.5bln). Looking ahead, markets will be keeping a close eye on the budget discussion between the Italian PM, two Deputy PM and Finance Minister for any hints of a budge towards EC’s direction. CAD – Another victim of the USD strength and global trade jitters as Trump’s economic advisor Kudlow said the USMCA agreement is to be signed on Friday at the G20 summit, but sticking points remain in regards to dairy. Note, choppy oil prices have hardly helped the Loonie slide to fresh multi-month lows around 1.3330. JPY - Edging closer to 114.00 vs. the buck with heavy option expiries around 113.50-55 (1.47bln) and 114.00 (1.9bln). EM – Mostly weaker as the greenback hold firm with RUB as the standout underperformer amid the ongoing escalation between Russia and Ukraine, though Germany and France stated they are against stricter Russian sanctions for now, while there were witness reports of a Russian minesweeper ship heading towards the Sea of Azov share by Russia and Ukraine. On the flip side, the Russian Central Bank governor emerged earlier with a hawkish tilt whilst keeping options open for the next meeting. Note, USD/RUB is at 67.4000. In commodities, Brent (-0.4%) and WTI (-0.1%) are lower heading into the US open after initially trading positive. A larger than expected build in API crude stockpiles of +3.453mln compared to the expected build of +0.8mln had little impact on the price rebound at the time. Additionally, three North Sea forties crude cargoes which were scheduled to load in December have been cancelled due to the temporary closure of the 150,000 BPD capacity Buzzard oilfield. Saudi Energy minister Al Falih stated this morning that Saudi will not and cannot reduce output on their own, and is hopeful that upcoming meetings will result in agreement to stabilise the market. Gold is slightly lower as the dollar continues to firm, although the yellow metal has rebounded from lows of USD 1211.3/oz in the previous session. Separately, copper is higher following a 3-session decline although, gains for the metal have been restricted by ongoing US-China tensions, with the most recent comments coming from White House Economic Advisor Kudlow saying that US President Trump is prepared to raise tariffs if G20 talks are not constructive. Looking at the day ahead, the focus for the market is likely to be squarely with Fed Chair Powell’s speech. Away from that we also have the second revision of Q3 GDP in the US where no change from the +3.5% qoq saar estimate is expected. The October advance goods trade balance reading should also be closely watched with the consensus expecting a widening in the deficit to $77bn from $76bn last month. Also due out in the US will be October new home sales and the Richmond Fed manufacturing index print. It is another busy day for ECB speakers however with Coeure, Guindos and Praet all due to speak. The BoE’s Carney will also speak at the Financial Stability Report press conference this afternoon when we will also get the latest annual bank stress test results. US Event Calendar
7am: MBA Mortgage Applications, prior -0.1%
8:30am: Wholesale Inventories MoM, est. 0.4%, prior 0.4%, Retail Inventories MoM, est. 0.5%, prior 0.1%
8:30am: GDP Annualized QoQ, est. 3.5%, prior 3.5%; Personal Consumption, est. 3.9%, prior 4.0%
8:30am: Core PCE QoQ, est. 1.6%, prior 1.6%
10am: New Home Sales, est. 575,000, prior 553,000
10am: Richmond Fed Manufact. Index, est. 15, prior 15
12pm: Fed’s Powell Speaks to Economic Club of New York
DB's Jim Reid concludes the overnight wrap One thing I haven’t heard much about this year is a Santa Claus rally but the US has now had two up days in a row for the first time since mid month so maybe Santa is trying to get some momentum going. In fact given the conviction with which markets have moved in recent weeks, yesterday was a actually a rare calmer day with US equities opening lower but floating upward into their close. The S&P 500 ended +0.33% despite opening down -0.66%, while the DOW gained +0.44% and the NASDAQ closed flat. Attention continues to focus on this weekend’s meeting between Presidents Trump and Xi. The White House’s top economic advisor Larry Kudlow confirmed today that the two leaders will have dinner on Saturday night at the G-20 in Buenos Aires. He said that “there is a good possibility that we can make a deal” and “I don’t want to go overboard, but he [Trump] has indicated some optimism.” So hopes are continuing to build, and emerging market equities, which would benefit from a benign trade outcome, outperformed yesterday gaining +0.70%. Apple continues to struggle and traded -0.22% lower yesterday as concerns continue regarding the company’s demand outlook and possible tariffs on components for their goods. Notably, Microsoft overtook it to become the world’s largest company by market cap again for the first time since October 2003! The last time Microsoft was larger than Apple was back in May 2010 (though at that time, Exxon Mobile was larger than either of the tech giants). Since Apple peaked in early October, it has shed around $300 billion of market cap, while Microsoft has shed ‘only’ $60 billion, or the equivalent of Pakistan’s GDP to the equivalent of Panama’s respectively. So in 7 weeks Apple has lost the entire annual GDP of a country with 197 million people in terms of market cap. Europe struggled after an early positive open to close slightly lower across the board with the STOXX 600 ending -0.26%. Part of the reason for the dip in Europe seemed to lie with a story in the German business magazine WirtschaftsWoche (WiWo) which reported that President Trump may, as soon as next week, impose tariffs on cars imported into the US. However the details of the story appeared vague with the source also referencing “EU circles,” while the EU later rebutted the story. That said, autos lagged the wider market in the STOXX 600 yesterday with the sector down -2.52% with EU Trade Commissioner Malmstrom also repeating the warning of the risk of US tariffs on cars. Making much less of impact on markets yesterday than his speech from two weeks ago were the comments from Fed Vice-Chair Clarida. It’s hard to argue that there was much new information for the market with many of his points a rehash from the October speech. Interestingly, there was no mention of financial conditions, global growth, or recent market volatility which is perhaps a touch hawkish at the margin, as it potentially signals the Fed isn’t hugely concerned about recent developments. Also, Clarida had previously outlined both upside and downside risks to the inflation outlook, but yesterday he dropped his reference to the downside scenario. The flip side however was Clarida’s mention that market- and survey-based measures of inflation expectations had slipped and also that, with an uncertain r-star, the Fed should infer its level from incoming market and economic data. Treasuries appeared fairly nonfussed though with 10-year yields moving as much as +1.8bps higher but quickly snapping back before ending the session close to flat at 3.055%. The USD index gained +0.31%. Later in the session, Chicago Fed President Evans highlighted that inflation is at target and said he favours getting policy back to neutral. The market did not react, but his comments are significant as he will be a voting member of the FOMC in 2019. His most recent vote was a dissent against the rate hike in December 2017. Staying with the Fed, today the baton passes to Fed Chair Powell when he speaks at the Economic Club of New York at 5pm GMT on “The Federal Reserve’s framework for monitoring financial stability.” Our US economists previously highlighted that they expect Powell to reiterate the Fed’s plan to get back to neutral. However, since Powell has previously emphasized that neutral is highly uncertain, they are also watching for any hints that Powell sees recent market developments and/or slower activity in rate sensitive sectors like housing and capex as evidence that neutral could be lower than previously thought. This morning in Asia markets are following Wall Street’s lead with Nikkei (+0.96%), Hang Seng (+0.91%), Shanghai Comp (+0.86%) and Kospi (+0.30%) all up with a rally largely driven by technology shares. Elsewhere, futures on S&P 500 (+0.03%) are pointing towards a flat start. Moving on. Yesterday’s slew of data in the US was unlikely to move the dial for policy makers much at the Fed. The S&P CoreLogic National Home Price Index rose 0.33% mom and 5.15% yoy on a seasonally adjusted basis, roughly in line with expectations. The FHFA purchase only house price index rose +0.2%, the third weakest month since January 2015. Higher interest rates and tax changes continue to weigh on the housing sector. On the other hand, consumer confidence and the labour market continue to look strong, with the Conference Board Consumer Confidence index printing at 135.7 as expected, down 2.2pts but near its multi-decade high. The labour market subindex rose to 34.4, a new cycle high. In other news, the daily Italy update consisted of another comment from the League suggesting that the deficit could be lowered to the 2.2% to 2.3% range, this time from Armando Siri. Reuters also reported that EU government delegates are today expected to back the EC’s disciplinary move against Italy, however a formal disciplinary proceeding may not begin until February. Also out yesterday was an MNI article suggesting that the ECB might be willing to consider OMT as an option for Italy should spreads come under further pressure. The story did appear to be rightly ignored by the market however, especially considering that OMT is conditional on an ESM programme. We are not close to being there yet, even if our head of research David Folkerts-Landau believes that the ESM and structural reforms will need to eventually be negotiated together in a grand bargain to deal with the Italian problem (see the op-ed here from David). After a good run, BTPs were slightly weaker yesterday with two-year yields closing +3.3bps higher and 10-year yields +2.0bps. As we go to print Italian daily Corriere Della Sera reported PM Conte as saying that dealing with the EU over the budget wont be easy while adding that Italy will push ahead with reforms as social stability is more important for Italy. Elsewhere, the EC VP Dombrovskis said in an interview with La Stampa that Italy needs a “significant correction” of its budget. Indeed as we’re pressing the send button HB is reporting that the EU will open deficit procedures before Christmas. So the pressure is still high even if the news flow has improved of late. Over to Brexit, where Prime Minister May continues to try to sell her Brexit Withdrawal Agreement to the public and to lawmakers. The leader of the DUP, Arlene Foster, said yesterday that “as far as I can see, this [deal] is not going through parliament” and the pound dropped -0.73% versus the dollar, as passage looks less and less likely and a hangover from the Trump comments the previous night on it being a better deal for the EU and that it precludes a UK/US free trade deal percolated. Nevertheless, a reminder that we turned bullish on the pound on Monday due to two key factors: first, the Government will allow amendments during the legislation process, and second, Labour has signaled their willingness to work through the amendment channel rather than try to topple the government. Together, these ingredients should enable the ‘soft Brexit’ majority in Parliament to coalesce around a non-disruptive exit plan. Voting on the motion to accept or reject the Brexit deal will start in the House of Commons at 7 p.m. on December 11 but the “Meaningful Vote” debate will start on December 4. There will be five days of 8hrs debate, each led by a different cabinet minister. So we may get an idea of potential amendments from next week. As far as the day ahead is concerned, as noted earlier the focus for the market is likely to be squarely with Fed Chair Powell’s speech. Away from that we also have the second revision of Q3 GDP in the US where no change from the +3.5% qoq saar estimate is expected. The October advance goods trade balance reading should also be closely watched with the consensus expecting a widening in the deficit to $77bn from $76bn last month. Also due out in the US will be October new home sales and the Richmond Fed manufacturing index print. This morning in Europe it’s quiet with December consumer confidence in Germany and the October M3 money supply reading for the Euro Area the only data due. It is another busy day for ECB speakers however with Coeure, Guindos and Praet all due to speak. The BoE’s Carney will also speak at the Financial Stability Report press conference this afternoon when we will also get the latest annual bank stress test results.
Bitcoin has proven itself a good store of value in the long term, but not so much a unit of account or medium of exchange. Hopefully this is improving with time and maturity. However; a main issue is that is purchasing power of these cryptocurrencies does not remain stable against goods and services. Stablecoins are one solution, designed for price stability, and should be able to make payments like fiat currency but retain the desirable characteristics of cryptocurrencies (decentralized, immutable, trustless, secure, and so on). In addition, stability allows individuals to hold cryptocurrency without exposing themselves to losing net worth over time. Maintaining a value of $1 in fiat, or any other constant value, will allow for the token to be an interface between crypto and fiat, and reduce the cross transactional volume and costs associated with it. We all believe in the future of cryptocurrencies, and their superiority to fiat, however, offering this stability is what the current climate needs with the dominance and widespread usage of fiat. Mainstream adoption will not occur without it. Choosing a specific asset is tricky. If centralized, you can take on risks associated with that centralization. If it’s a cryptoasset, volatility may remain the problem without actual stable backing. Stablecoins are also very important for decentralized exchanges which only deal in cryptocurrency, and so have no means for investors/traders to protect against volatility, other than transferring to a fiat exchange. Below are a few of the prominent players in the Stablecoin space (as of 2018):
What does Havven do?
It is a stablecoin, which uses fees to compensate those who collateralize the network, with fees in proportion to each individuals performance at stabilization. Collateral providers ultimately control the money supply. In this way, Havven rewards those who provide the stability, and charges those who demand it.
How does Havven do this?
It uses two tokens, 'Nomin' and 'Havven'. Nomin has a modifiable supply, and serves as the medium of exchange, and is measured in fiat currency. Havven is an ERC-20 and provides the collateral for the system and has a constant supply. This token represents thevalue of the Havven platform. Its value is ultimately derived from the fees generated by the network through collateralization. Ownership of havvens grants the right to issue a value of nomins proportional to the dollar value of havvens placed into escrow. Issuance of nomins requires a greater value of havvens to be escrowed in the system (with a collateral ratio of 1:5), providing confidence that nomins can be redeemed for their face value even if the price of havven falls. Smart contracts are used in maintaining these equilibrium values. The smart contracts adjust the number of nomins in circulation.
Overall thoughts on Havven:
It distinguishes itself from others by being decentralized – collateralizes itself within the crypto ecosystem. Proof of solvency is on the blockchain – as opposed to Tether. The team; pretty good. Founder made the largest cryptocurrency exchange in Australia. CTO is director of engineering at MongoDB. They have an alpha model which users can access to test various economic scenarios on the Havven platform. They have released code for platform V1. How does Havven compare to others? See my summaries below for some idea. Havven has also released its own comparisons of their collateralization scheme to that of MakerDao and Basecoin via their blogs.
Tether’s mechanism is simple – ‘IOU’ issuance. When US dollars are deposited into Tether’s bank account, it creates the corresponding Tether tokens (USDT) in a 1 to 1 ratio. When Tether is sold, $1 is returned for each Tether. Tether can he held on and is supported by a number of exchanges, Bitfinex the most prominent. Tether is centralized, the entire system relies on the honesty of Tether, the company. It is incorporated in Hong Kong. Perhaps a conflict of interest, Tether and bitfinex are run by the same management team. They have been surrounded with controversy, stemming from their lack of transparency and monetary policy. Friedman LLP, the independent organization hired to audit Tether, terminated their relationship with the project. They have still not disclosed a full independent audit for some time, so nobody really knows if the USDT are truly backed.
TrueUSD is the same centralized idea as Tether, but with a few extra safeguards It uses a smart contract that conducts the exchange of TUSD through APIs with trusted companies (escrows) and registered banks. The fiat reserve is not all held in one place, and TrustToken platform does not have access to any of the reserve.The system does have fees of $75 or 0.1% (larger of the two), for purchasing and redeeming TrueUSD.
MakerDao is a decentralized autonomous organization that provides a decentralized solution to cryptocurrency stability. Their mechanism is Collateralized On-chain, and makes use of two tokens on the Ethereum Blockchain; DAI – a stablecoin, and MKR, a governance token. How it works is thus: You send ether (ETH) to collateralized debt position (CDP), a smart contract, and are returned DAI. If ether’s value goes up, the system has incentives to encourage creation of more DAI. If ether goes down in value below a threshold, your CDP is auctioned off to cover the balance. If it increases too quickly for collateral to cover the balance, there are two safeguards (1) MKR can be created and sold – collateralized by MKR holders who are incentivized to regulate network parameters, or (2) global settlement of all CDPs. MakerDAO’s team has been hard at work, and they have been a largely unnoticed project in the stablecoin space, not having any form of ICO. They are one to watch out for. One criticism is that MakerDAO requires a high level of collateralization, and will require massive amounts of $$ to scale, making it an inefficient asset. Time will tell however, if the adage, “you get what you pay for”, does ring true.
Basecoin implements an elastic money supply mechanism. It has three ethereum tokens in its model: Basecoin (stablecoin now known as basis), Base bonds, and base shares. When basecoin price is low, Base Bonds are put up for auction at a discounted price, reducing the supply of Basecoins. Base Bonds promise to repay 1 Basecoin at some point in the future. When the price is high and basecoin supply needs to increase, the protocol issues new Basecoins to pay back the holders of Base Bonds. If all Base bond holders have been paid but the price is still too high, the protocol distributes Basecoins toBase share holders under the impression they will sell them in the open market, decreasing price. Basecoin is compared to the Federal Reserve, and is theoretically based on the Quantity Theory of Money (QTM): the general price level of goods & services is directly proportional to money supply – this theory is considered controversial. The source of stability in this system is the public bond buyers. However; at the outset, without enough users there will be inherent volatility in the system (see the irony here..). This is partly why basecoin is doing an ICO, to artificially buy basebonds and support its peg.
Carbon-12 is a similar mechanism to basecoin, insofar as it implements an elastic money supply. However; Carbon-12 algorithmically adjusts coin supply based on demand, to maintain its correlation with the USD. The Carbon stabelcoin is pegged to $1, while Carbon credits are algorithmically adjusted supply to absorb changes in demand. For example, when the stablecoin's value falls below $1, an auction is held, and users willing to give up their stablecoins (thereby reducing the supply and driving up the price) receive carbon credits in exchange. Interestingly, Carbon-12 is using the Hedera Hashgraph, stating greater security, and unprecedented speed, and fractional cost compared to a Blockchain. They also cite direct inspiration from Seigniorage Shares, a stablecoin model proposed by Robert Sams in 2014 but never launched. I was unable to determine if Carbon-12 is having an ICO, however, they have raised $2 million in seed funding to date.
BitShares is an overcollateralized-on-chain mechanism, very similar to MakerDAO. It is built on the Bitshares platform and uses 2 different coins. One is BitShares and the other is the stablecoin, called BitUSD. Their system implements CFDs, contract-for-differences, where some users short BitShares and some users long BitShares. The speculators that make these trades for example, can make a short trade on margin by putting up $2 of bitshares as collateral to create $1 of BitUSD. They can then purchase $1 of BitUSD for $1 of bitshares, meaning 300 bitshares total of collateral. If the price of bitshares goes down, the collateral is converted to BitUSD to cover, it it goes up, and the gain can be realized by buying more BitUSD with collateral, destroying it to get more bitshares back. There are also other pegged assets on the BitShares platform, including BitGold and BitCNY. Here is a final summary of everything discussed in a comparison table: https://preview.redd.it/r9s6cai4vdg11.png?width=975&format=png&auto=webp&s=20053d961bedea2a60c1055c5dfc72d1036c7e5a If you like my content, follow me on steemit (https://steemit.com/@reedus) or youtube (https://www.youtube.com/channel/UCtDl4hm6GkvbI0mHOBNfRrA?view_as=subscriber) for more!
【ONE.TOP Rating】NuCypher: the guardian of blockchain data
I． Project Introduction
NuCypher is the data privacy protocol layer of public blockchains and DApp. This project uses proxy re-encryption and blockchain technology to provide distributed key management and encrypted access control service, thus offering DApp and its developers the method to store, share and manage the private data on public blockchain in security.
1.1 Market Profile In recent years, the damage caused by various network threats is worsening, driving the growing needs of information security products and services. The key is the last barrier to protect information safety, so the key management service (KMS) is essential to blockchain industry. Traditional centralized KMS service providers are: Amazon Cloud HSM, Google Cloud KMS, Microsoft Azure Key Vault and True Vault etc. Inappropriate trust level needs to be set up to these centralized service providers while using their services. This may not be appropriate to safety-critical application and is vulnerable to nodes attacks. Unencrypted symmetric key will never be exposed to server as using proxy re-encryption technology. Even it is hacked, hackers can only get re-encrypted key, which also protects file access indeed. The emergence of NuCypher KMS provided a solution without trust required. This feature has huge potential for the internet environment market with frequent occurrence of security issues. According to the score logic of model algorithm: very small market 0-2 (below 1 billion), small market (at 1 billion), medium market 5-6 (10 billion), big market 7-8 (100 billion), very big market 9-10 (above 1 trillion), this scores 8. 1.2 Competition Situation There are mainly two kinds of competitive projects of NuCypher KMS:
Centralized system with re-encrypted technology adopted already, such as AWS CloudHSM, Azure key vault and Hashicorp vault etc.
In the decentralization project for privacy solution, Keep Network provides users (mainly smart contracts) security path for privacy exchanges, transmission, calculation and storage by means of off-chain private data container.
Both Keep Network and Enigma use secure multi-party computation (MPC) to achieve similar information security, therefore, there is no blockchain project of the same kind using proxy re-encrypted technology to solve the problem of encryption communication. According to the score logic of model algorithm: very high level of competition 0-2, high level of competition 3-4, medium level of competition 5-6, low level of competition 7-8, very low level of competition 9-10, this scores 9. 1.3 Risk Evaluation 1.3.1 Competitive Risk The importance and urgency of information security made higher profit margin, thus much of the capital were distributed in this field. Giant companies, includes Google, Microsoft and Amazon etc. have made distribution in the field in advance and they are unlikely to give up their own-earned benefits. Information security field is capital and technology-intensive industry, where major companies have incomparable advantages as intensively cultivating. This is a challenge for NuCypher's early start. 1.3.2 Technical Risk Since blockchains technology is developing continuously and cryptology is in continuous evolution, R&D team cannot guarantee the absolute safety at any time. The platform is vulnerable to cyber attacks which causes all digital currency to be stolen, lost, disappeared, destructed or devaluation. 1.3.3 ICO's Unknown Risks Since there are no any details about ICO published so far, NuCypher is exposed to the risk on this point. For example, in the event of excessive amount raised, NuCypher will be discounted in terms of investment value. After all, NUCypher is protocol type project, with reasonable fund raising ranging from U.S.D 20 million to U.S.D 50 million. According to the score logic of model algorithm: very high risk 0-2, high risk 3-4, medium risk 5-6, low risk 7-8, very low risk 9-10, this scores 5.
2. Token Status ，Total scores 0.8 ， Scoring 0.16
【Token name】: NKMS 【Total tokens 】: TBA 【Crowdfunding amount】: TBA 【Receiving tokens】: ETH 【Pre-sale time】: TBA 【Public offering time】: start public crowd funding after main network is on-line 【Whitelist】: join telegram, subscribe to mailing. 【KYC/AML】:Investors will be identified in accordance with the time sequences of joining the official telegraph group and mailing list. 【Whether to lock】:TBA 【Distribution of tokens】: Pre-allocation pool with small proportion (cooperative partners' pre-allocation tokens for the commitment of long running one or more nodes), the specific proportion is to be disclosed. Token distribution mechanism, lock up status by team and fund utilizing have not been released. According to the score logic of model algorithm: very small reasonable degree of token mechanism 0-2, small reasonable degree of token mechanism 3-4, medium reasonable degree of token mechanism 5-6, greater reasonable degree of token mechanism 7-8, greatest reasonable degree of token mechanism 9-10, this scores 2.
3.1 Technology Highlight Total scores 1 Scoring 0.8 3.1.1 Proxy Re-encrypted Technology The important core technology about NuCypher is proxy re-encrypted technology, which can achieve private information sharing in way of asymmetric encryption by the third party. This brings two direct benefits: 1. The difficulty of encryption is strong enough, the sharing process of this private data can be secure enough as long as the third-party agent is out of trouble; 2. Users can control whether to share their own data by means of authorization, which increases the flexibility of data access. 3.1.2 Mechanism Design in Security In NuCypher design mechanism, all processes of re-encryption and decryption shall be implemented by miners, so it appears to be of essence on how to select reliable miners and ensure key security. For this purpose, NuCypher designed a series mechanisms to prevent miners from cheating and to protect the safety of encryption mode, it is generally to increase the cost of cheating to miners. Collateral Mechanism of POS Algorithm: NuCypher adopted the consensus algorithm of POS. POS has obvious benefit that the enough tokens must be put in nodes as collateral, thus to operate the mining of encryption and decryption as well as to be rewarded correspondingly. With the collateral, miners will pay the price and costs if cheat. This is the most direct and effective restriction mechanism. Pseudo Anonymous Mechanism: In the whole process of encryption and decryption, the system deals with anonymous for all re-encrypted keys. This is for concealing what on earth is encrypted and whether it is worth anything during the operation by miners. This prevents some restless nodes from cheating with other nodes due to the combination of benefits. It is very essential to the security of system. Segmentation of Key Proxy: If a certain node is not encrypted based on set strategy and need enciphered data again immediately. In that case then, there is a risk of cheating by miner because you do not know what on earth is happening. Therefore, NuCypher came up with the segmentation of key proxy. To put it simply, one task is split to different miners and data readers, and they shall cooperate with each other to complete the task. 3.1.3 Incentive System of Self-censorship NuCypher designed a sort of mechanism similar to sting operation, called the rule of challenge protocol. If the system send the "false" data to miner for encrypted on purpose, and miner disclose the "false" data, then miner will be proved cheating on one hand, meanwhile, no user will suffer the loss on the other hand, as this is false data. Most of all, anyone in the network may act as this challenger under sting operation. Once you doubt that miner is cheating and you succeed in the challenge, you will get collateral tokens by miner as a reward. 3.1.4 Incentive System of Self-censorship NuCypher's another interesting property is that its security will be improved with the increasing number of participants in network. It achieved the same result by different methods as Zilliqa is getting faster with the increasing number of miners. As the security risk of whole network comes from the possibility of node cheating, then the more participants on network, the less the risk of conspiracy cheating by nodes. Enough nodes may significantly improve the security and censorship-resistance in the system. Meanwhile, the existence of challenge protocol as the self-censorship mechanism also would increase the number of supervisors as participants grow in number. 3.2 Code Updates https://preview.redd.it/0sfburb670j11.png?width=1183&format=png&auto=webp&s=a1042a00f538146bfdf2a448896561bcaf20f682 Github is the most visited web with the most active base of "nucypher", which checked in code for 1618 times in total, including 5 branches in 2 versions. 5 participants in development, 26 times diverge, 1 follower, 1 collector, 19452 times taken as reference. As you can see from the code update on Github, the overall update frequency and extent is in medium level, the fundamental framework and core function are still being developed. However, we need to be clear that NuCypher is not the underlying public blockchain but protocol layer. So the lack in the progress of development and frequency is acceptable. According to the score logic of model algorithm: unpublished code 0-4, code in medium condition 5-6, code in good condition 7-8, code in best condition 9-10, this scores 7. 3.3 Development Difficulty NuCypher was not developed on new blockchains but based on Ethereum, and it can be used by DApp from other blockchains. In addition, in order to ensure NuCypher to most remain unaffected by the performance bottleneck of Ethereum, NuCypher KMS will not interacted with underlying blockchains unless data owner start new access strategy. It is critical that the project take the semi-credible centralizing surrogate from fully credible re-encrypted technology of blockchains, thus greatly improving the security and reliability of the system. NuCypher technology uses the project ZeroDB of open source end-to-end encrypted database as reference, with being fully verified on technology, and it is comparatively mature technology. The control service of cloud data access provided to enterprises have applied DEMO (non-blockchains products), while NuCypher has issued threshold proxy re-encrypted version Umbral, which has been verified to re-encrypt through a set of nodes to ensure the security of key segmentation mechanism. In addition, the test network of this project will pop up online in several weeks, so it could be concluded that this project is at high maturity level of technology with less difficulty on development. In respect of project operation, there is broad market space for KMS on big data, Internet and blockchains, along with much of application context. Furthermore, the major cost is the development costs in early stage, the maintenance costs in later stage is relatively less. According to the score logic of model algorithm: development with very high difficulty 0-2, development with higher difficulty 3-4, development with medium difficulty 5-6, development with less difficulty 7-8, development with very less difficulty 9-10, this scores 7.
4. Project Status ，Total scores 0.5，Scoring 0.25
NuCypher team seed round (PE): Total U.S.D 750,000 was raised on August 9, 2016, with investors as following: Ycombinator, Mission and Market, Fusion Fund and Base Ventures. Token in pre-sales phase: total U.S.D 4.4 million was raised on December 12, 2017. Lead investors: Polychain Capital, Semantic Ventures. Although the project initiator has started development in 2015, NuCypher have not announced specific ICO date, the overall progress is slow. But NuCypher's cooperating party has nearly 11 projects, related fields covering decentralized data base, medical field, Internet of Things and digital assets etc., including popular projects such as Bluzelle, Origin Protocol and other recent popular items. NuCypher has high level of recognition and advantage on technical practicability and ecological construction. According to the score logic of model algorithm: very low degree of achievement 0-2, lower degree of achievement 3-4, medium degree of achievement 5-6, higher degree of achievement 7-8, very high degree of achievement 9-10, this scores 5.
5. Team Member Total ，scores 1.5 ，Scoring 1.05
5.1 Founding Team MacLane Wilkison Co-Founder and CEO As the software engineer and the former investment banker of Morgan Stanley, he provided M&A and financing services to science-and-technology, media and telecommunication enterprises in his career of transnational financial service, with having the certificates of CISSP, CFA and FRM. Michael Egorov Co-founder and CTO He is the physicist and scientist of Moscow Institute of Physics and Technology, with having the PhD degree of philosophy and physics. Bronze medalist of International Physics Olympiad (IPhO) in 2003. Held the post of senior engineer in LinkedIn, as well as the advisor of Bluzelle and Datum from 2014 to 2015, with 5 years’ experience as a software engineer. David Núñez, PhD (Cryptograpther) Dr. Núñez is the expert in proxy re-encryption. Before joining NuCypher in full-time position, he was the postdoctoral researcher in NICS Laboratory. NICS laboratory, which is staffed by 20 researchers, was established by University of Malaga, focusing on studying in security field. The founder has the certification of CISSP, which is the most authoritative, professional and systematic information assurance certification in the world. He is the CTO with having 5 years of experience as a software engineer. Dr. DavidNúñez is the expert in cryptography and the core team member, who is excellent both in professional and working experience. Although the core team of this project is arranged with clear division and records, most of team members are technical developers. It hasn’t seen any promotion staff working in this team and the telegram is mainly operated by CEO and CTO, which is not good for project running. 5.2 Advisors https://preview.redd.it/nyqp3hrs70j11.png?width=556&format=png&auto=webp&s=e3e701b614c9eace8bd0133fdbf85b7f4637b642 Dave is the professor of security computing research group. Giuseppe is the expert in proxy re-encrypted technology, which is the technology adopted in NuCypher. John is serial entrepreneur with having thirty years of experience in managing high-growth software company. Tony is the vice-president of Equinix, the author of data center in next generation and the former director in the Global Data Center of Morgan Stanley. The advisors of this project have the strength to offer sufficient counseling and guidance on encryption and management. As the project ZeroDB is undertaken by this same team, so this team has got plenty practice on data encrypted and proxy re-encrypted development, laying the solid foundation for project completion. According to the score logic of model algorithm: very weak team strength 0-2, weak team strength 3-4, medium team strength 5-6, strong team strength 7-8, very strong team strength 9-10, this scores 9.
6.1 Partners Bluzelle (decentration database), Origin Protocol (sharing economy protocol), Datum (data market), Fluence (decentration database), Wolk (decentration database), IRYO (medical treatment), Wholesome.io (medical treatment), Medixain (medical treatment), Spherity (Internet of Things), Coval Emblem Vault (digital assets), ZeroDB Of which, Bluzelle is planning to take NuCypher as its access control, and NuCypher's CTO is one of technical advisors of Bluzelle. While ZeroDB (https://github.com/zerodb) is the project of open source end-to-end encrypted database. NuCypher was established after the further development of the key technologies in the project. Both came from the same company and share the same development team and website. There are many partners. NuCypher, with independent ecological system, has partners from many encrypted technology fields including decentralized database, data market, sharing economy protocol, medical treatment, Internet of Things and digital assets etc., and has developed its own ecological system. 6.2 Investors https://preview.redd.it/mfqdkisxa0j11.png?width=1768&format=png&auto=webp&s=cb2fdf0c23a06f293cadaa46d3cc9a7b3f5c825a It is thus clear that many institutional investors of blockchains are in favor of this project, especially Kenetic Capital and HASHED, who have gotten recognition and influence in token field. Kenetic Capital had invested ETH and bitcoin etc. well-known projects, HASHED had invested EOS and keyber network etc. The fact that these well-known institutions joined the investment is the largest confirmation to project initiator. According to the score logic of model algorithm: very weak strength of institution 0-2, weak strength of institution 3-4, medium strength of institution 5-6, strong strength of institution 7-8, very strong strength of institution 9-10, this scores 9.
Scoring 1.8 As a protocol layer to data protection, NuCypher KMS has good prospects and advantages on both directivity and technology implementation, it is very nice. Scoring 2.6 The project team is technical-weighted as a whole. It hasn’t seen any promotion staff working in this team and the telegram is mainly operated by CEO and CTO, which is not good for project running. Scoring 3.7 There are many partners. NuCypher, with independent ecological system, has partners from many encrypted technology fields including decentralized database, data market, sharing economy protocol, medical treatment, Internet of Things and digital assets etc. Scoring 4.5 The technology of blockchains is still immature. The critical point of project completion is to get consensus. This project is low at the level of community activity. Scoring 5.7 The development idea of technology was clear. Open-source technology was implemented in mid-late period and adopted innovative mixing techniques to realize chain cross. Scoring 6.5 Based on EOS.IO structure, pop up from the main net of EOS, and verified a certain risk existed before getting excellent performance. Scoring 7.6 Although the market space is big, BAT and Google etc. magnates enter market in case, the market space will be squeezed. Scoring 8.5 The project is still in initiating stage and token have not been launched. Scoring 9.9 It has advantage of backwardness, move innovative technology as compared to other competitive products. Scoring 10.8 The R&D of blockchains is strong, deep in technology accumulation. Technical staff are good in experience background. III. Review Summary As a protocol layer to data protection, NuCypher KMS has good prospects and advantages on both directivity and technology implementation. Team, application context, the progress of development and mechanism design all made this project mature. In terms of investment value and commercial value, it is worthy of investing. However, its ICO scheme was slow to announce and it shall be aware of unknown risks, such as unreasonable ICO scheme due to immoderate financing. This project has fewer competitors in the circumstance. It has strong technological strength and was invested by well-known institutions, worth looking forward to the prospect. https://preview.redd.it/4ospza6ma0j11.png?width=541&format=png&auto=webp&s=9202f54c4993ab8546cc15045867169ac3b3cab1
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