Re-Mining Simulation Shows Satoshi Used a ... - Bitcoin News
How to Mine Bitcoin Gold (BTG): Complete Beginners Guide
The next XVG? Microcap 100x potential actually supported by fundamentals!
What’s up team? I have a hot one for you. XVG returned 12 million percent in 2017 and this one reminds me a lot of it. Here’s why: Mimblewimble is like Blu-Ray compared to CD-ROM in terms of its ability to compress data on a blockchain. The current BTC chain is 277gb and its capacity is limited because every time you spend a coin, each node needs to validate its history back to when it was mined (this is how double spending is prevented). Mimblewimble is different - all transactions in a block are aggregated and netted out in one giant CoinJoin, and only the current spending needs to be verified. This means that dramatically more transactions can fit into a smaller space, increasing throughput and lowering fees while still retaining the full proof of work game theory of Bitcoin. These blockchains are small enough to run a full node on a cheap smartphone, which enhances the decentralization and censorship resistance of the network. The biggest benefit, though, is that all transactions are private - the blockchain doesn’t reveal amounts or addresses except to the actual wallet owner. Unlike earlier decoy-based approaches that bloat the chain and can still be data mined (XMR), Mimblewimble leaves no trace in the blockchain, instead storing only the present state of coin ownership. The first two Mimblewimble coins, Grin and Beam, launched to great fanfare in 2019, quickly reaching over $100m in market cap (since settled down to $22m and $26m respectively). They are good projects but grin has infinite supply and huge never-decreasing emission, and Beam is a corporate moneygrab whose founding investors are counting on you buying for their ROI. ZEC is valued at $568m today, despite the facts that only 1% of transactions are actually shielded, it has a trusted setup, and generating a confidential transaction takes ~60 seconds on a powerful PC. XMR is a great project but it’s valued at $1.2b (so no 100x) and it uses CryptoNote, which is 2014 tech that relies on a decoy-based approach that could be vulnerable to more powerful computers in the future. Mimblewimble is just a better way to approach privacy because there is simply no data recorded in the blockchain for companies to surveil. Privacy is not just for darknet markets, porn, money launderers and terrorists. In many countries it’s dangerous to be wealthy, and there are all kinds of problems with having your spending data be out there publicly and permanently for all to see. Namely, companies like Amazon are patenting approaches to identify people with their crypto addresses, “for law enforcement” but also so that, just like credit cards, your spending data can be used to target ads. (A) Coinbase is selling user data to the DEA, IRS, FBI, Secret Service, and who knows who else? (B) What about insurance companies raising your premiums or canceling your policy because they see you buying (legal) cannabis? If your business operates using transparent cryptocurrency, competitors can data mine your customer and supply chain data, and employees can see how much everyone else gets paid. I could go on, but the idea of “I have nothing to hide, so what do I care about privacy?” will increasingly ring hollow as people realize that this money printing will have to be paid by massive tax increases AND that those taxes will be directly debited from their “Central Bank Digital Currency” wallets. 100% privacy for all transactions also eliminates one HUGE problem that people aren’t aware of yet, but they will be: fungibility. Fungibility means that each coin is indistinguishable from any other, just like paper cash. Why is this important? Because of the ever-expanding reach of AML/KYC/KYT (Anti-Money Laundering / Know Your Customer / Know Your Transaction) as regulators cramp down on crypto and banks take over, increasingly coins become “tainted” in various ways. For example, if you withdraw coins to a mixing service like Wasabi or Samourai, you may find your account blocked. (C) The next obvious step is that if you receive coins that these chainalysis services don’t like for whatever reason, you will be completely innocent yet forced to prove that you didn’t know that the coins you bought were up to no good in a past life. 3 days ago, $100k of USDC was frozen. (D) Even smaller coins like LTC now have this problem, because “Chinese Drug Kingpins” used them. (E) I believe that censorable money that can be blocked/frozen isn’t really “your money”. Epic Cash is a 100% volunteer community project (like XVG and XMR) that had a fair launch in September last year with no ICO and no premine. There are very few projects like this, and it’s a key ingredient in Verge’s success (still at $110m market cap today despite being down 97% since the bubble peak) and why it’s still around. It has a small but super passionate community of “Freemen” who are united by a belief in the sound money economics of Bitcoin Standard emission (21m supply limit and ever-decreasing inflation) and the importance of privacy. I am super bullish on this coin for the following reasons:
Only $400k market cap
Supply started at zero, so there are no VC’s and team to dump on you into the pumps - all coins are mined into existence, just like Bitcoin.
It just had its first halving, reducing emission from 16 to 8 per block. Between now and 2028 there are FOUR (!) more halvings, from 4 to 2 to 1 and then finally 0.15 (I guess that would be an 85%-ing :p) and at this point the supply is the same as BTC and stays in sync forever until the last coin is mined in 2140. This simple supply curve is already accepted by the market as a winner, so why mess with success? (I)
Meets Andreas Antonopolous’ 5 pillars of open blockchains test: Public, Open, Borderless, Neutral, and Censorship Resistant. (How many coins can say this?)
Unlike Bitcoin, Epic created a multi-algorithm approach that enables people to mine on ordinary computers - 60% for CPU on RandomX, 38% for GPU on ProgPow, and 2% for ASIC’s on Cuckoo31+. The algorithms don’t compete with one another. This is essential for leveling the playing field and preventing massive farms from dominating. These percentages can change over time and new algorithms can be easily dropped in. You can mine today using an old laptop and in 5 years you will still be able to. Incidentally, there is nothing standing in the way of adding mobile phone-based mining, which ETN showed there’s a huge demand for.
Based off the excellent Grin codebase, which means they continue to pull in ongoing core code enhancements and focus on ease of use and market penetration instead. (Smart!)
Litecoin’s Charlie Lee is out there daily talking about their move to Mimblewimble, which provides free publicity. What people don’t realize is that you can’t just bolt on Mimblewimble to a legacy blockchain, that’s like putting a Ferrari engine into a school bus - it’s still a school bus, not a race car! LTC is doing it as an optional soft fork via “extension blocks” which will not be supported by all wallets and exchanges. Also, anyone using “optional” privacy features is declaring themselves to be suspicious, which kind of defeats the point for people who care about privacy.
The community is friendly and welcoming to new people coming in, with lots of helpful (independently created) tutorials and guides. (F)
It’s already a global phenomenon, with the whitepaper in 20+ languages (G) and (not bot-infested) active local-language communities on not only Telegram but also Wechat, LINE, QQ and other messenger platforms.
It’s only on two random little exchanges currently, Citex and Vitex. Vitex is actually a pretty good DEX with no KYC and a great mobile wallet.
They are very creative - since centralized exchanges want huge money to list, they created a non-inflationary ERC20 tracker token that’s exchangeable 1:1 for coins so that Uniswap trading is possible (H)
Because it doesn’t have a huge marketing budget in a sea of VC-funded shitcoins, it is as-yet undiscovered, which is why it’s so cheap. There are only 4 Mimblewimble-based currencies on the market: MWC at $162m, BEAM at $26m, GRIN at $22m, and EPIC at $0.4m. This is not financial advice and as always, do your own research, but I’ve been buying this gem for months and will continue to. This one ticks all the boxes for me, the only real problem is that it’s hard to buy much without causing a huge green candle. Alt season is coming, and coins like this are how your neighbor Chad got his Lambo back in 2017. For 2021, McLaren is a better choice and be sure to pay cash so that it doesn’t get repossessed like Chad!
A small story about how I discovered r/BTC, and some stuff I want to say
So, when I first went back to the Crypto community back November 2019, I was rather, hesitant. I just finished verification of a mobile wallet with BTC support called Coins.ph and it made me curious on the crypto it allows: BTC, BCH, ETH, and XRP. I went and shuffled money around, and once my father gave his 0.01 BTC he mined (which I lost like a fraction because of Binance, seriously that place is weird), I decided to keep it to my centralized bank. Fast forward to February, the bear drop of BTC and most crypto was like a new chance for me. I can finally get something good! So I tried the faucets. Which lead me to finding that CoinPot has decreased withdrawal rates. Well... BCH entered my crypto portfolio through Bitcoin.com. I'm just a gullible person. Any shiny thing and I go for it the last second. When I learned that BCH is actually faster than BTC (had tested the speed by placing PHP 500 or more or less 0.05 BCH , I took PHP 1,000 and placed it on my account. It was a fool's attempt, since Philippines just struck quarantine, and I can't do anything about it. The fast confirmation speed pre-Halving sold it for me, and I thought, maybe I can hold it for a while? After testing Keys4Coins by buying a steam card, it was really just a few minutes of payment, then I realized that BCH (and pre 2017 BTC) is really peer-to-peer. Back in 2019 until today I was trying to mine XMR (failed to retrieve it after dumping all my BCH and dumping XMR back, showing less money). Back in 2017, just a few weeks before the split, I was trying hard to get enough satoshis to have on my Electrum-built wallet. Which is currently empty. Right now, I decided to cash out 0.05 BCH because money is needed right now, and my PC froze while I was trying to mine Zcoin. I also decided to try a semi-unused coin named BLUR after asking you guys about what to mine with GPU. It's not worth it, mining. Now, let's say some things I want to say lately.
BCH and BTC came from one blockchain and one whitepaper. BTC doesn't follow the whitepaper.
BCH is not yet fully adopted. I know because while we have other countries adopt it, crypto news have it, trolls are fighting against it, there is not even one news of all in the mainstream media.
The IFP is a sound plan, but it doesn't work in the long run. It looks like a forced donation to some whitelisted addresses, which, while might help Bitcoin ABC, will turn Bitcoin ABC into our own Blockstream. Money does that to people, don't push it.
For some reason, I met this guy who claims that Roger Vers owes him $100. Nice guy, knows the good faucets and stuff. He's making a forum that uses Satoshis by the way. Here's a link: Bitcoin Forums.
Also for some reason, BTC trolls have a perspective that BCH is made up of BCH maxis, shills, and idiots. Let their perspective be unchallenged, even if it means that you need to agree to disagree. After all, they are only defending BTC. Let them stick to latest news too, because people don't read old stuff.
I wonder what Satoshi is doing right now? He's probably just lurking in the crypto world, mining his own dev node, doing something new with cryptography... he probably oversaw all this.
BTC is gold bars. BCH is gold coins melted from gold bars sent around. BSV is some shit I don't even understand why they even made in the first place, lol
Bitcoin is not just the name of an revolutionary idea, it's now a name of the first crypto. I have a feeling we will receive less trolls if we stop claiming Bitcoin Cash is true Bitcoin, because in name, Bitcoin (Core) is.
I wonder what will happen if Bitcoin reaches $4,999...
tl:dr; I'm an idiot with cryptocurrency, and BCH is working fine, no need to see anything here, just bored and going insane on quarantine
"1) I can backup my wallet by exporting a wallet.dat file. Do I have to do this everytime I receive more BBP? Or just whenever I add a new key? 2) How do I add new keys? 3) Can I generate and see the private key so that I can write it down/print it and store it somewhere safe?" -znffal 1) think of your wallet.dat file as your passbook in a passbook savings account. You have to have that .dat file to be able to access (and prove you SHOULD have access) to the BBP stored in your account addresses. Exporting it once is all you need. 2) Adding new keys? The passphrase (password) you use is the only "key" you would have in an encrypted wallet (besides the .dat file). If you mean new addresses, you can get those by going under File and Sending (or Receving) Addresses and hit "new". 3) Clicking Encrypt Wallet will be where you choose a passphase, I don't know you can see it other than when you enter it. To put a real world example or two. Example One: You don't ever encrypt or backup your wallet. If I borrowed/stole/hacked your computer, I could send all your coins to my wallet (no passphrase). Example Two: You encrypt your wallet with the passphrase "secret" but don't backup the wallet.dat file, then your computer crashes and you lose all your data. Since you didn't have a copy of the wallet.dat file, your coins would be lost. Example Three: You backup your wallet.dat but don't encrypt it. Your computer crashes and all your data is lost, but you re-download the QT program, restore your wallet.dat, all your coins are still in you wallet. But if you lose your USB drive that has the wallet.dat on it, and I find it, I can put your wallet.dat on another computer and send all your coins to my wallet. Example Four: You encrypt your wallet and back up the wallet.dat file. If I hack/borrow your computer, unless I guess your passphrase your coins are safe. If you computer crashes, your can restore your wallet.dat file to another computer and your coins are safe. In short, Encrypt your wallet (passpharse) and then backup (copy) the wallet.dat file to at least two locations." -616westwarmoth "Find your wallet.dat file, copy it to a flash drive or any other secure place. If your computer crashes, you'll always have the wallet.dat and can put it on a new machine. It will have to resync a bit when you do, but you'll never lose your "key" to the wallet. Speaking of keys, you should password protect your wallet and make sure to remember it!" "Yes you must have a copy of the wallet.dat somewhere. So multiple back up copies are a good idea. If you lose the wallet.dat file the coins will be in limbo but there will be no way to recreate the file. One thing to remember is it doesn't matter if the wallet.dat file is "current", it can be 10 years old on a flash drive and you can download a new client, put the wallet.dat file into the machine and you'll be good." -616westwarmoth "In addition to this, whenever you reboot the node after more than 24 hours of being synced, we back your wallet.dat up into the "backups" folder. This is useful if you ever accidentally delete your wallet.dat. Also, if you want a paper backup, you can do a 'dumpprivkey accountaddress' command from the RPC." -Rob "wallet is a collection of private keys" "there are other ways to achieve high security. You can make a new wallet, encrypt it with a long password, send coins to it, put it on a flash drive and put it in cold storage, then download the hard drive cleaning program and erase the wallet.dat sectors from your PC. And of course, keep a printed copy of the private key on paper and put it in a safe. Put the usb in the safe also. Burn a cd rom with the wallet.dat file and put it in the safe." -Rob How to safely back up your wallet https://dashpay.atlassian.net/wiki/spaces/DOC/pages/1867878/How+to+safely+back+up+your+wallet Keep Your Crypto #SAFU (CZ's Tips) https://www.binance.com/en/blog/421499824684900429/Keep-Your-Crypto-SAFU-CZs-Tips References: https://bitcointalk.org/index.php?topic=2042657.msg23955128#msg23955128http://forum.biblepay.org/index.php?topic=27.0https://bitcointalk.org/index.php?topic=2388064.msg27797529#msg27797529 To Read: https://en.bitcoin.it/wiki/Wallethttps://en.bitcoin.it/wiki/Storing_bitcoinshttps://bitcoin.org/en/secure-your-wallet NOTE: As of version 188.8.131.52 we have updated to HD wallets, so you should not need to worry about keypools anymore if you have upgraded "Regarding the Sanctuary, you receive payments always to the same address (key), so the keypool is not consumed for those payments. But when you click to generate a new address on the "Receive" tab, one key will be deducted from the keypool. Also, sometimes new addresses are automatically generated and the keypool is consumed, for example when solo mining and finding a block, a new address could be used for the block reward. You can always check your current keypool size by typing "getwalletinfo" in the RPC console and see "keypoolsize" and "keys_left". It's only concerning if they are a low number and you plan to generate new addresses in your wallet. They start from 1000. If the number gets too low, you can just type "keypoolrefill" to refill them back to 1000 and then you should backup the wallet. But from my experience the wallet automatically refills the keypool from time to time (or after certain actions like transactions), because I see that my wallet file keeps getting larger and the "keys_left" returns to 1000. The only issue is if you actively use your wallet on multiple computers (for example cloud mining or simply sometimes using the wallet on your laptop), then one wallet could refill the keypool with new addresses and the other one will not, or they will generate different new addresses. If I understand this correctly, for example, you could receive a payment on a new address generated in one wallet; your old balance will be there on both wallets, but only the one wallet where you generated the new address would show the new payment. Then you should copy the wallet.dat file to other computers, to update them. If you use the wallet on just one computer, you should just backup the wallet from time to time (or when you see it has increased in size). Qt also backups wallet.dat automatically, those can be found in the folder %AppData%\BiblepayCore\backups, you will see that they also have timestamps in their names and possibly different sizes." -inblue https://bitcointalk.org/index.php?topic=2388064.msg27391534#msg27391534
WeTrust AMA - October 6 (Originally in Slack, formatted to Reddit)
Hello everyone! It took me a bit longer than last week due to family obligations but here’s the transcript for the third WeTrust Slack AMA! Like last week the majority of the questions were collected through Sli.do and not everyone left their username.
AnonymousWhen do you plan to start marketing and more social media outreach? Patrick.WeTrust As we near the rollout of the TLC, we plan on increasing marketing and social media outreach. This is necessary since it is important that we get the word out of what we are building. AnonymousAre you still on track with the roadmap? When can we see/play with the alpha app? Patrick.WeTrust The dApp is currently being worked on by our engineering team and is scheduled to be released in a few weeks. The features have been locked down and the team is working hard on building out the many features. AakeelrWhitepaper is a must and it shouldn't be delayed. Whatever revised version needs to be done should happen and be visible on the site asap if possible. Patrick.WeTrust We have an older version of our whitepaper (pre-crowdsale) here: https://bravenewcoin.com/assets/Whitepapers/WeTrustWhitePaper.pdf Our top priority is building out and delivering on the Alpha Release of the TLC and resources are focused on that. Once this is complete and more resources are available, we will update the whitepaper. AnonymousAs a large holder of TRST - how can I be assured recent pushes from the SEC and Trex (theyre cleaning house) will not impact TRST? Do you have legal counsel? George.WeTrust We're not aware of any changes on Bittrex side, and we've just reached out to them to see if there's any information they need from us. We are very conservative in our approach towards regulatory/ compliance issues, and we will continue as such by working with our legal counsel. AakeelrNeed more exchanges listing TRST to safeguard the token value from today's incident of Bittrex.... Patrick.WeTrust We stand firmly that delivering a quality product that will impact the lives of many as our prime mission and goal. If we are successful, I believe the exchange issue will be small as many will want to list our Token. AnonymousAny update on getting the whitepaper back on the website? Patrick.WeTrust We are working on a new landing page of our Trusted Lending Circle page which will feature a new experience of what our app will be like. This is just a temporary page: https://tlc.wetrust.io/, but the new site will be at this domain soon! (hopefully, next week!) JealdAre you going to complete your TLC Alpha build mid-October as per your roadmap? Patrick.WeTrust Yes, this is the current target. Running 1 week or so behind, but we are trying to push to squeeze for lost time. There will be an update in the next community blog post. AnonymousThe Trusted Lending Circles product due for release in December. Where will it be released? Is it an app for the pc? Will it be accessible on mobile devices? Patrick.WeTrust Correct. The TLC is slated to be released in December. This first iteration will be a Chrome Web App. In the future, mobile definitely will be on the horizon as a large portion of the world uses mobile and do not have computer. DgutDo you guys have any plans to revamp the current wetrust.io design and logo? Some projects like Waves have recently "upgraded" to "professional" design and copy-writing, I think that's the way to go because good design is crucial for user adoption today. Patrick.WeTrust We have updated the website and will look into the current design of the logo. Thanks for the feedback. Dgut Updating doesn't equal improvement though. :slightly_smiling_face: The current design has too many flaws. See stripe.com and fleep.io for kick-ass designs. Is this something you guys are taking seriously? Other well designed sites: standuply.com and elev.io ... see the difference? Patrick.WeTrust Fair enough - I will loop in our designers @hailey.wetrust and @yutai to take a look at what these sites have and takeaways we can make. Yutai.WeTrust We are very focused on the user experience and adoption. The design team is currently working on make sure we have a smooth UX in the TLC dApp. But we love community feedback and if there is anything else, please don't hesitate to let us know. Patrick.WeTrust Thanks for chiming in @Yutai! AnonymousWhen are you going to do anything besides amas? George.WeTrust We have a diverse list of channels of communication available -- slack, telegram, bi-weekly updates, bi-weekly AMAs -- let us know if you all think there are any that we should drop and any we should be adding and we're all ears. Jcga:) Despite hardwork are you guyz ready for the new NBA season via Golden State Warriors, I little feel you dont really care about NBA ;) Go WeTrust ! Patrick.WeTrust Golden State Warriors is our local team :) JealdDo you have a roadmap for 2018 available for general viewing?Patrick.WeTrust See answer below. BoghiumdHow i can get to your telegram channel? As i don’t see any links on your website Patrick.WeTrust Telegram isn't as active yet. I recommend Slack/ Reddit/ Bitcointalk. BalengiVisionCan you send steph curry and kevin durant WeTrust gear when you release TLC? patrick.WeTrust We can try. They would need to fill out the WeTrust Tshirt Request Form though :) BalengiVision Lol cool. Do you mind if we tweet at them? Patrick.WeTrust We can do that sure! AnonymousWill you be providing a roadmap that covers some part of 2018? It helps investors understand the company's vision. Patrick.WeTrust Yes, we are working on this and have had some internal discussions already. Our VP of Product, @tomd is working on this now and we will have a few iterations for internal discussions and debate before it is released to the general public. BalengiVision Release timeframe? Patrick.WeTrust I will follow up on Tom, and he shared with me a preliminary draft yesterday. We want to have something that is actionable and something we can hold ourselves accountable for. Thus, it will require some work internally before we can release something to the public. Rest assured, it is being worked on and each date is carefully thought about. BalengiVision Totally understandable! Patrick.WeTrust Thanks. Cheers, @BalengiVision - thanks for all your support and activity in our Slack. Aakeelr2) While planning the TLC has the team reached a point and zeroed on it where the TRST token should claim its value. How will TRST derive its value. George.WeTrust We are building out a sequence of Financial dApps and will use a "Freemium" model. Essentially, there will be basic features that will be free for our users (e.g., TLCs charge no fees up to 10 users in the circle), but more premium services -- will require some TRST tokens to use (these are currently being planned, and will be included in the roadmap). The main goal is to drive user adoption first, and then monetization after there is a critical mass. SecunoidWhat happens when somebody collects their payout and stops contributing after that? Patrick.WeTrust To thwart bad actors, WeTrust will have four deterrents: 1. Reputation risk/ Reviews: ROSCA groups will be limited to "trusted associates" - family, friends, co-workers, fraternal groups, and professional/ religious organizations. Defaulting on payments could mean social shame and loss of reputation amongst an individual's closest associates. The idea is that for ROSCAs with small enough dollar amount commitments, reputation risk will be sufficient enough to keep participants honest. Reviews may also be left by other members to show how they felt about any participant. 2. Legal risk: ROSCA formation will allow trusted associates to e-sign and bind each other to a legal contract which requires faithful adherence and payment to the ROSCA. Defaulting on payments and stealing could mean legal repercussions. Legal recourse will only be used if individuals are participating in a "high-stakes" ROSCA and legal action would be worthwhile. I've spoken to our legal advisor and she believes it will be possible to create auto-populating templates that will be tailored to each person's ROSCA terms. 3. Collateral risk: Collateral commitments may be required prior to joining a ROSCA. The collateral will be entered into a smart contract which will surrender the property to the ROSCA group if the ROSCA agreement is breached. Collateral can be liquid-cash like assets like Bitcoin or even less liquid assets such as auto/ home titles. Our system will benefit significantly from the ability to accept less liquid assets, since the majority of middle classes’ net worth is locked in real estate. Collateral would allow capital to be used more efficiently. 4. Smart contract bounty (self-enforcement): If a ROSCA participant violates the terms of the ROSCA, the ROSCA group may start a “Bounty” on the retrieval of funds. If the funds are retrieved, the “Bounty” is paid out to the person who enforces the terms of the ROSCA. These deterrent options will be on an "opt-in" basis and participants will be able to choose the level of security they want. Aakeelr4) We saw the last update where product functionality has frozen and bugs are being fixed. When do we expect the alpha release precisely? George.WeTrust We will have an update next week on the status -- we're working hard to hit the initial targets. BoghiumdIs there a chance to have a discussion with Vitalik that he would somehow confirm directly may be via tweeter post that he actually is suporting this project? George.WeTrust We met with VB during the early phases of the project, and soon after also brought on Bo Shen (VB's partner at FenBuShi Capital) as an early supporter and advisor. We have a number of advisors and they all provide some help in their own specific capacities. For example, Benedict Chan the Director of Engineering at BitGo is nearby and he often drops by, Emin Gun also checks up on us regularly. We engage with all of advisors as needed and ask them for help if it can materially help the progress of our development or user adoption. As such, we will consider reaching out to him when our product is ready for testing. BalengiVision That'd be great. Then everyone won't think we have been making stuff up :) Not you guys, but we the people. I tell peeps Vitalik advises early in the project, and people say we are making things up. SecunoidAnd how do you manage the risk of delinquent payments? damo Hey @Secundoid this was answered in the last AMA. Lemme see if I can track it down real quick. Patrick.WeTrust Here it is: To thwart bad actors, WeTrust will have four deterrents:
Reputation risk/ Reviews: ROSCA groups will be limited to "trusted associates" - family, friends, co-workers, fraternal groups, and professional/ religious organizations. Defaulting on payments could mean social shame and loss of reputation amongst an individual's closest associates. The idea is that for ROSCAs with small enough dollar amount commitments, reputation risk will be sufficient enough to keep participants honest. Reviews may also be left by other members to show how they felt about any participant.
Legal risk: ROSCA formation will allow trusted associates to e-sign and bind each other to a legal contract which requires faithful adherence and payment to the ROSCA. Defaulting on payments and stealing could mean legal repercussions. Legal recourse will only be used if individuals are participating in a "high-stakes" ROSCA and legal action would be worthwhile. I've spoken to our legal advisor and she believes it will be possible to create auto-populating templates that will be tailored to each person's ROSCA terms.
Collateral risk: Collateral commitments may be required prior to joining a ROSCA. The collateral will be entered into a smart contract which will surrender the property to the ROSCA group if the ROSCA agreement is breached. Collateral can be liquid-cash like assets like Bitcoin or even less liquid assets such as auto/ home titles. Our system will benefit significantly from the ability to accept less liquid assets, since the majority of middle classes’ net worth is locked in real estate. Collateral would allow capital to be used more efficiently.
Smart contract bounty (self-enforcement): If a ROSCA participant violates the terms of the ROSCA, the ROSCA group may start a “Bounty” on the retrieval of funds. If the funds are retrieved, the “Bounty” is paid out to the person who enforces the terms of the ROSCA. These deterrent options will be on an "opt-in" basis and participants will be able to choose the level of security they want.
Secundoid k damo nice thanks @patrick.wetrust One of our community members had a really interesting idea about using a voluntary community pool as an opt-in insurance option that would pay a small percentage of the ROSCA pool to the community pool. An interesting "staking" option for TRST holders! We're looking to provide insurance products anyway right? ;) Patrick.WeTrust Yes, we are as an evolution of the TLC. @damo beefMajority of PPL here are selfish enough to admit that they want to see the TRST token become more and more valuable. I've read that it will be used for Premium features, but are there other use cases for the token itself? Does it power dApps in the environment? Can I supply X amount of TRST and use that to fund ROSCA circles? Patrick.WeTrust That is correct. Another way to think of Trustcoin is that it is the gas that will power various interactions on our network. The current use case we have in mind are premium features (e.g. sort of like a redemption ticket), but please keep in mind that... the mission of WeTrust is to build movement toward financial inclusion/ empowerment and the token will be a core piece of that. beef The more we are able to cycle TRST through the ecosystem the better. Thanks Patrick Patrick.WeTrust That is correct. We will be keeping this in mind as we roll out our dApps and other initiatives. Cheers, @beef! BoghiumdBinance has started to do monthly voting, can you submit a request to them so on next voting wetrust coin will participate as well? Patrick.WeTrust Is this something the community can request? Boghiumd @patrick.wetrust actually someone from the team have to submit a request, this is what i read on their website Patrick.WeTrust Can you email me the link? [email protected]. I'll look into it. Boghiumd @patrick.wetrust https://binance.zendesk.com/hc/zh-cn/requests/new I presume this one is DgutTrustcoin's success is glued to Wetrust. But Wetrust's success is glued to the success of humankind. Any application that simplifies and makes practical the use cryptocurrencies are not only necessary but crucial for the survival of the tech and ideology. Therefore @george.wetrust and @patrick.wetrust should care more about design. (y) Patrick.WeTrust Thanks for all your feedback and involvement @dgut ThomasTrustcoin's success is glued to Wetrust. how? i dont get it.. for me it looks like TenX.. they have a token but dont realy need one for the Company... same on Iconomi ... good Projects but they dont need realy a token... i dont get it on TRST ... for me it looks like you dont need realy a token to build this system.. Can you help me to understand this? I am wrong ? Patrick.WeTrust Another way to think of Trustcoin is that it is the gas that will power various interactions on our network. The current use case we have in mind are premium features (e.g. sort of like a redemption ticket), but please keep in mind that... the mission of WeTrust is to build movement toward financial inclusion/ empowerment and the token will be a core piece of that. Thomas hmm ok thx BalengiVision Can you elaborate on the premium features? Patrick.WeTrust Premium features: lending circles above a certain size (>10 individuals), reporting data to a Credit Agency, accessing a WeTrust ATM to redeem lending circle proceeds, etc... More features will come in due time as we continually iterate and learn from each version of our product. BalengiVision So credit agencies will accept ROSCA data? Sounds intriguing though I've never heard of that before! AmazongirlHave you spoken to Ripio (formerly BitPagos) yet about how they handle crypto-fiat exchange risk over a loan's lifetime? https://ripiocredit.network/#benchmarks * *George.WeTrust** We haven't, and will read into how they are able to do this. We are working on some ideas of our own which may bring about stability for users. Aakeelr@george.wetrust @patrick.wetrust we have some good suggestions from @amazongirl. Would love you guys to actually take a view om that. Patrick.WeTrust I will take a deeper dive into her suggestions and if I have any questions, will follow up with her. Aakeelr Thanks for this. You will love her idea Dgut@patrick.wetrust Are you familiar with https://klart.co/pixels ? Patrick.WeTrust I am not, but these sites look beautiful. Dgut Yeah, I hope you guys aim for something like that. It's not rocket surgery either :) SecunoidWhich country/area are you targeting when you go live first? Patrick.WeTrust Local, immigrant communities within the Bay Area. (SF, CA) Dgut Hopefully global. The nature of this whole environment and tech is global. CowMooFlage It definitely is global but they want to be testing close to home. Dgut It think westerns might be inclined to use the app if it's sufficiently well designed and works well. damo @dgut see above. Aiming for local immigrant communities CowMooFlage The biggest issue I see is Westerners not understanding it's purpose because it's not embedded in our culture. damo Right For that i think there are other permutations of the platform that could take off quicker and be stickier to the global north. Dgut that's the cool part, it's a completely new thing for them. Patrick.WeTrust There are pockets of immigrants from Mexico, India, etc. that have used this in the past back home. In fact, my grandmother and father was part of a lending circle back home in Vietnam. We will go after this crowd and do a pilot test in these communities. BalengiVision I think if the idea is explained well, westerners will love it. I never heard of it until I joined this group. Dgut Exactly. The reason westerners don't use it is because they never heard of such a concept. When I heard of it I thought... why the f aren't we doing the same? I see it being used among students AnonymousAmazonGirl from the Slack community as an advisor? She has freely been an amazing one. We need to keep this happening with fair compensation. George.WeTrust We will reach out to her to gauge her interest -- I think generally we can continue improving our engagement with our community, and leveraging our supporters so we can move faster. We already have a good number of referrals for potential partners, potential pilot groups, folks who would like to work for us, etc... and please do keep them coming! CowMooFlageGeorge, Patrick, can Damo be listed on the site as a "community manager" or similar position? He's in this channel day in day out answering questions and we love him to bits. By far one of the best people you could ever have doing such a job; humble, cheerful and honest. Patrick.WeTrust We can have this happen - wonder why this hasn't happened sooner! CowMooFlage Awesome :) thanks Patrick :D *Patrick.WeTrust * I will ping @damo for his blurb, picture and get that to @hoang.wetrust as soon as possible. Thanks! CowMooFlage @damo pink wig? :thinking_face: damo Lol i have waaay better pictures ready to go lol damo Thanks for such kind words @cowmooflage! I’m seriously blushing over here. Patrick.WeTrust Thanks! both of you :D Bradicle Yeaaaa agree. Damo has been the face for We Trust in this chat since day one for me. Answering all the hard hitting questions day in and out <3 :B AnonymousWhen are you ditching slack? The phishing is out of control! George.WeTrust We have been testing with Rocket Chat internally, and are currently working towards migration. We will have more information on the timing, next week, but we want this to be as soon as possible, in the balance of our product development focus. CowMooFlage Can't wait to check out the new home. Jcga That a pity, Slack is nice compared to the others. I do believe the myetherw... phishing mail notification have decreased, they "collect" nothing. Slack is beautifull with cool features that others dont. Anyway security is super important and with time we will get used to the new place :slightly_smiling_face: CowMooFlage @jcga Slack is a decent platform but it lacks certain control features and flexibility that others have (e.g. the moderation tools were not made to support thousands of users). Jcga Yes sure I understand the priorities. BalengiVisionI definitely see US college students being a great test group! Patrick.WeTrust Yes! There are lots of community college, Stanford, Berkeley... all within 20-30 miles of our office. BalengiVision Exactly. Remember, facebook started off with colleges...now look at it. Once they all graduated, they took the idea with them and BOOM! CowMooFlage Plus, didn't you go there yourself @patrick.wetrust? You could have a professor introduce it to students even? They might be open to it as you're an ex-grad? Patrick.WeTrust Yes, I went to UC Berkeley and @george.wetrust was at Stanford. @U2M8H6DUJ also went to Berkeley and @shinelay to Davis. Definitely will be rekindling some old connections with my old professors :) CowMooFlage @patrick.wetrust It's always nice to come back with something to show off! :> Dgut @BalengiVision absolutely ... there is no reason for this to be immigrant-communities only. WeTrust can become a lot stronger if adopted by those groups (students) ... Kimutai @BalengiVision . Good idea In fact @patrick.wetrust . Students will show us all the flaws and a good number of unheard of issues. All their diversity of ideas is an untapped Gold mine. CowMooFlage Students can be very bold and open about expressing their opinions. Might be a fun brain storm session. Patrick.WeTrust As long as there is a good mix of supply and demand for credit - there is a potential opportunity there. An idea we have been bouncing around... if we could somehow match students (seeking credit) with alumni (that have the wherewithal to contribute to a loan), we could have a large user group here! BalengiVision Interesting concept Patrick.WeTrust yes, it is :slightly_smiling_face: damo I like this. Another connect for Westerners is in auction ROSCAs where they intentionally take the money last as a way to earn a modest return providing capital to the developing world. I'll definitely be doing this. Thanks to everyone for participating in this week's AMA.
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