New to Cryptocurrency? Please read this, my advice from following the crypto community.
Hey folks -- Incredibly unexpectedly to me, DogeCoin seems to have struck a chord with the world, and now I'm seeing all sorts of new people into cryptocurrency. Welcome! To me, the cryptocurrency scene is utterly fascinating. However, as it is so new and money is involved, it can be quite dangerous. So, I'd like to share some advice that I've attained through being involved in the community for awhile:
The world of Cryptocurrency is the Wild West 2.0
This is the main point I want to make, and the rest are just supporting details. There are good people and there are scammers. There are opportunities to grow and learn and contribute cool things, and there are sharks that will take advantage of people and fraud them out of money. There are genuine market dynamics as well alongside massive manipulation, and it's hard to tell which is which without studying it for awhile. There aren't any rules, there can be rampant greed a times, there are always bubbles on bubbles on bubbles (see http://www.pbs.org/wgbh/nova/body/mind-over-money.html -- this basically shows that humans naturally make financial bubbles and how the entire market is ruled by psychology). I have no doubt that cryptocurrency will be studied for years, academically, as "what happens in a free market." Fascinating stuff. Just know what you're getting yourself into!
Never "invest" in Cryptocurrency more than you are willing to lose
First of all, buying cryptocurrency is not really investing, it's much closer to gambling. I have never recommended purchase of any crypto with dollars to anyone, but I always recommend mining, because it's quite inexpensive and makes it easier to treat these coins as magic funny money. Pretty much all cryptocurrency "value" is just the amount of bitcoin people are trading it for, and bitcoin is an extremely volatile asset that can and has dropped in value 50%+ overnight, and that isn't any different with DogeCoin. This is why I want to keep the DogeCoin community lighthearted. It's never fun to lose money, but everyone needs to understand that, unless they are just mining, any money they put into it can be lost. Not trying to scare everyone away! Just be careful.
If you decide you want to purchase, use exchanges, ebay/paypal is not generally recommended
Even though I wouldn't recommend purchasing over mining, if you insist, I would always recommend going through http://coinbase.com, purchasing bitcoin, and trading it for dogecoin at market value on one of the major exchanges (bter, vircurex, coinedup, imo. Cryptsy, as you have seen, is a bit of a toilet) as opposed to purchasing anything on ebay/paypal, even though it is faster. First of all, people mark up the price on ebay, because they are targetting newbies. Second of all, paypal will not honor any cryptocurrency agreement, so if the buyer files a dispute, the seller won't get the money - another reason for markup. This goes for selling as well, for the same reasons.
Use different passwords on different sites
The vast majority of people are honest, but not everyone, so be careful and diligent. Don't use the same password twice, set up 2-factor authentication wherever you can. Forums often get hacked and steal passwords, and sometimes site operators aren't safe and have your passwords hidden in plaintext.
Make wallet backups and encrypt your wallet
Your wallet.dat file holds are your coins. If you lose that, you are toast. If someone copies that file from you, they can steal all your coins. You want to encrypt it and use a very strong password, and back it up - on a thumb drive, etc. Or export the private key and write it down somewhere (google paper wallet for how to accomplish this) Note that there is a bug right now for some windows platforms when encrypting the wallet. I'll fix it soon..ish... >_<
Don't leave your coin in online exchanges or pools too long, or too much online wallets
When you're using an exchange, pool, or online wallet, keep in mind that at any point they can go down or be hacked. It's best to keep the payout threshold low in pools and only keep money in online exchanges you find trustworthy with 2-factor authentication. Considering its newness, DogeCoin does not yet have long running trusted services, so of course not saying dogewallet (or any other wallet service that will come about for dogecoin) is untrustworthy, but that it is a risk to keep too much coin in any type of online wallet. (Note - dogewallet turned out to be a unsafe/compromised/maybe a scam)
Consider Mining CPU Coins and GPU coins at the same time
If you're mining Dogecoin with a graphics card, you can also mine with your CPU at the same time (though generally you'll need to use MAX_CPU_THREADS - 1 to avoid issues). There are some coins that are essentially CPU only -- the most interesting of these, I find, are Primecoin and Protoshares. The easiest way to do this is to go through http://www.ypool.net and follow the instructions from that site. Both these coins are well established and have interesting algorithms. Mining two coins at once -- much profit!
Try not to become elitist! Continue being generous, welcoming, and have fun
This is my last piece of advice to all. This is the tone I hope to always keep for DogeCoin. The cryptocommunity is full of elitism and greed, and it makes sense in from a psychological standpoint. People get very invested and want to thwart away anything that entrenches on their territory. I hope that the DogeCoin community will never get that way. I want us to understand how that happens and resist it. Even though 5 new coins just came out that essentially cut and paste DogeCoin, we don't need to trash their coins and feign being superior to everyone - there will be many more popular coins that come out in the future. And really, I mean, c'mon. I slapped a dog on a coin :) Let's remember that and continue to do what I am seeing right now, which is incredibly welcoming, generous, and fun. Thanks folks. Enjoy your holidays :)
this is updated version of SLAX miner, old post is here Features :
only need minimal 512 MB USB FlashDisk
can run with unplugged flash disk, since SLAX can copy itself to run from computer RAM
built-in cgMiner-3.7.2 with support for GPU scrypt or SHA256 mining
built-in yvg1900 protoshares miner (all 64-bit variation of CPU)
built-in bfgMiner-3.9.0 (untested)
minimal installation only x.org, blackbox, and google chrome desktop
How To Install :
1. Extract the content of .7z to formatted flash disk with FAT32 Partition
2. Run [FLASHDISK]\slax\boot\bootinst.bat (on linux run bootinst.sh)
3. Boot from it (make sure persistence changes or checked)
4. run /opt/radeon-setup/radeon-setup.sh if your system have AMD GPU installed
How To Run :
miner software are located at /opt/cgminer, /opt/bfgminer, /opt/ptsminer
you can run example script /opt/cgminestart-cgminer or /opt/ptsminestart-ptsminer
copy those scripts and apply your on settings and mining pool account
to update gui shortcut you can edit /usshares/blackbox/menu to point to your script
to connect from remote, use ssh client such as putty, login with "root", password "toor"
added Google Chrome browser
added graphics text editor (xedit) and calculator (xcalc)
added bfgMiner (untested, since its not compiled for gpu support, and i dont have any ASIC or USB miner)
added script to install AMD driver, run /opt/radeon-setup/radeon-setup.sh on first boot to install AMD GPU
added vim for terminal text editor
added tmux for terminal screen management
added broadcom wireless driver (tested on my macbook)
added intel wireless driver (untested, i dont have any)
added bluetooth driver (just in case)
updated AMD Catalyst to 13.8
updated protominer to use yvg1900 latest miner (yam 2014-01-02)
AMD driver not activated by default, so it could boot to GUI on any GPU, you need to run /opt/radeon-setup/radeon-setup.sh at first boot, make sure to use persistent changes on first boot to apply driver installation
Right, I knew the day would come where I would have to sit down and sink some hours into trying to untangle Bitshares. I kept putting it off until yesterday, now I wish I had researched earlier (right before 28 Feb would have been nice!) I have been asked to write about Bitshares in the same way I covered Mastercoin and Maidsafe on www.deadloch.com. I want to reduce the time it takes to get a clear picture of the Bitshares landscape. Currently, the learning curve is prohibitively steep. I am a bitcoin, mastercoin, Maidsafe investor. The reason I’m not a Bitshares PTS, AGS or X investor is because I haven’t tied all the information together in order to balance probabilities. I don’t particularly want to spend days scouring forums. As the title alludes, I think I almost understand. Please be ruthless and clear with your corrections and suggestions. That way I can write an article so chumps like me can come to a foagainst decision quickly, less the frustration of trying to piece together fragments of information. The Bitshares idea has been nurtured by Daniel Larimer, CEO of Invictus. Invictus will create DAC’s in the future and release them to the public honouring holders of Bitshares PTS and Bitshares AGS with part ownership in these DAC’s. Other parties are able to create DAC’s under the bitshares banner, and it is optional whether they honour PTS and AGS holders with a stake. DAC: a decentralized autonomous company (DAC). Basically a cryptographic blockchain where the word, ‘coin’ has been replaced with ‘share’ and ‘dividends’ are paid by reducing the coin/share supply by destroying shares, usually through transaction fees. This increases the individuals % stake in the DAC over time. Bitshares: an overarching name for all DAC’s that spawn from Invictus’ ideas and code. Bitshares PTS: The rebrand name for the original ‘Protoshares’. Bitshares PTS was launched on the 5th November 2013. Bitshares PTS is just a copy of bitcoin with a few parameters tweaked (please help me flesh this out, mining, block discovery, clients, number of units, etc). Protoshare holders are guaranteed at least 10% ownership in any future DAC that Invictus releases, they are also likely to receive 10% in any future DAC that anyone else makes, although this is not a certainty. (please explain the whole social contract thing, and why 3rd parties will be encouraged to abide by it). Bitshares PTS will continue being held and traded and their value will be a proxy for the markets prediction on the value of all future DAC’s. Before the launch of new DAC’s, ‘snapshots’ will be taken of peoples Bitshares PTS balances and shares will be redeemed in new DAC’s according to these balances. Bitshares AGS: stands for Bitshares Angelshares. This is not a blockchain, and Bitshares AGS are not tradeable (not easily tradeable). The Bitshares AGS concept was started to raise proceeds for future development work. Like Bitshares PTS they will secure at least 10% stake in all future DAC’s (although some developers may choose not to honour this). 10,000 Bitshares AGS are available for purchase every day for another 80 days, you can purchase using bitcoin or Bitshares PTS. The amount you receive out of the 10,000 released on a day depends on your % of the total contributed on that day. There will only ever be 2mil Bitshares AGS. Once the Bitshares AGS crowd sale is over, I imagine if people wanted to get a stake in future DAC’s they would simply purchase Bitshares PTS on the open market, as they have exactly the same function (with the ability to be traded). Currently it is cheaper to get future stakes in DAC’s through Bitshares AGS, although if you buy, you’re in for the long haul, and will find it very difficult to liquidate. Bitshares X: This is the first DAC, made by Invictus. This will apparently be a big family of DAC’s all looking at providing banking/exchange features. The snapshot for this has already been taken, and it will be owned 50% by Bitshares PTS holders and 50% by Bitshares AGS holders (balances before the 28 Feb snapshot obviously). Bitshares X seems pretty awesome to be honest, the way that it plans to track the value of specific assets (Bitassets) is elegant, and I like that it won’t need an oracle (if it works). I need to spend a bit more time looking into the economics of the proposed value tracking to be more confident on it. If it works, it will be a killer feature. No doubt. Here’s where my confusion starts to set in. It seems like people tend just to say ‘Bitshares’ when really they mean ‘Bitshares X’. You can hold PTS, AGS and/or Bitshares X at this stage. Correct? Now, it sounds like it is planned to have many child DAC’s descending from the parent, Bitshares X. Does owning Bitshares X give you stake in all these child DAC’s? Is Bitshares X a chain in itself? How many Bitassets will it have riding on it? I understand there will be a limit. What happens when you want to create more Bitassets? Launch another child DAC? How will the parent, Bitshares X and future children communicate? Do they need to communicate? Will there be a client for Bitshares X? Is there any linkage to the real world in terms of getting value into the system? Fiat, bitcoins etc. Other parent DAC’s Such as insurance, music, voting, domains. These will be separate blockchains right? Is there any way for DAC’s to communicate with each other, or will there be a client for music a client for voting, and yet another client for banking/exchange? What makes a new DAC fall under the Bitshares banner? It seems like every project is completely separate and distinct from the other, with different blockchains different rules, different mining (?) different communities. What gels them together? Do they work in harmony or are they stand alones? Is the manner of launching a new DAC similar DAC to DAC? Is there some pool of resources that make it super easy for a developer to launch a Bitshares DAC project (toolkit?) I’ll leave it there. I’m sure I can’t be the only one asking these questions. I can’t wait to have that eureka moment where all the pieces snap into place. Help me get there! -Angus
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