With the sharp decline in the price of smartphones (some selling for between $40-$60) and wide availability of inexpensive data plans, the world is more connected to the internet now more than ever. Developing countries like India are rapidly growing aware of everything the online world has to offer. Quite notably last year,T-Series, a Hindi music video channel grew massively in the total number of YouTube subscribers, almost rivaling the worlds most subscribed channel, Pewdiepie (sub 2 pewds). Many people in India living in rural areas don’t have immediate access to banks. When the 500 and 1000 rupee notes were demonetized, people had to travel 5-8 hours by bus to deposit old currency into their accounts and waited for hours in line to withdraw the newly minted bank notes from ATM machines. Bitcoin wallets on smartphones would give hundreds of millions of individuals an opportunity to have access to this revolutionary globally recognized currency, provided that the correct infrastructure is laid out. If this market is ignored by the bitcoin community, centralized systems such as banks and private companies like PayTM or Facebook will swoop in.
[How to/Discussion] Bitcoin, Cryptocurrency, coins.ph, and legal implications in the PH
Three quick things you might want to know right away:
There is a newbie faq on the bitcoin subreddit. You might want to check it out.
You can buy a fraction of a bitcoin. You don't have to buy it whole. 1 bitcoin right now costs 725,000 pesos. If you have 7250 you want to invest, you can own 0.01 bitcoin.
Bitcoin is just one kind of cryptocurrency. There are other cryptocurrencies - many other types of coins - aside from bitcoin. Theres Ethereum, IOTA, Ripple, Litecoin, NEO, and many, many others. Kung anong kinaiba nila sa isa't isa, di ko alam kung ano. Bitcoin lang kasi ang nag pioneer ng underlying technology ng cryptocurrency kung kaya siya ang pinakamahal at pinakakilala.
I'm not an expert, but I'll share what I know or have observed: (1) Too late na ba mag-invest sa bitcoin? When bitcoin hit $100, $1000, and $10000, people were also asking that same question. So the answer is: No one knows. For all we know, pwedeng biglang mag-crash nalang bukas ang bitcoin at di na makabawi. Pwede din tumuloy-tuloy siya hanggang $100,000. Your guess is as good as mine. (2) How does bitcoin work? I don't know the nitty gritty, but this was a helpful analogy for a high-level understanding of the concept. A lot of people say that if you don't understand it, don't invest in it. On the other hand, if the price goes up and I get out before the price goes down, then I made a profit, so I don't have to understand it. Ako, personally, I consider dabbling in cryptocurrencies as an experiment. Gusto ko masabayan kung saan papunta yung technology and I also want to make a profit in the process. (3) Is bitcoin legal? Me tax ba to? IANAL, but AFAIK bitcoin is not illegal. Sa alam ko, walang tax to. You can look at bitcoin two ways:
Parang nagconvert ka lang ng PHP to USD and vice versa tapos lumaki yung pera mo dahil sa conversion rate.
Parang nag-invest ka lang sa mutual funds tapos tumubo yung pera mo dahil tumaas yung stocks.
Alam ko in both cases hindi mo kailangan mag-bayad ng tax. If someone knows more about this, please share. *edit: Apparently, Mutual Funds are taxed but value is reflected to NAVPS. There is also taxes in redemption which I think is 12% VAT in redemption fee between you and the MF company. Also, someone else mentioned the question of whether or not bitcoin profits should be considered as capital gains* (4) DON'T INVEST WHAT YOU CAN'T AFFORD TO LOSE I cannot stress that enough. Wag kayong mag-all in sa bitcoin. Wag niyong i-sacrifice yung mga essential niyo na gastusin sa araw araw, yung mga utang na kailangan niyong bayaran, buoin niyo muna yung emergency funds ninyo, at mag-invest muna kayo sa mas stable na investment (i.e. - MF, UITF) bago niyo paglaruan ang bitcoin. Bitcoin and cryptocurrency as an investment is very volatile. On any given day, you can gain twice or lose half of your money. At dahil bago palang at di subok yung technology, pwedeng may mga vulnerabilities pa eto na pwede i-exploit ng hackers/scammers. Wag niyong isugal kung di niyo kayang mawala. Parang pag-ibig lang. (5) How do I get started with bitcoin in the PH? The two entry points I hear the most often are: coins.ph and Abra. I've only tried coins.ph. This is what you can do:
Go to their website (coins.ph) and sign up for an account.
You have to verify your email first if you want to get anything done.
After verifying your email, you are on Level 1 verification. This means that you can only credit 2000 pesos to your coins.ph peso wallet per day and you cannot cash out at all.
To get to higher verification levels with bigger limits, you'll need:
Level 2 - phone, identification (govt ID), and selfie (your picture holding the govt ID you entered)
Level 3 - address verification (no idea how this works)
Business - business verification (no idea how this works)
After verification, you can credit pesos to your peso wallet in a lot of ways. Easiest, instant credit way is via 7-11's eConnect payment facility. Max is 20,000 pesos per transaction. There is also a 2% service fee. Yes, this means that you will walk up to the cashier in your suking 7-11 with a 20,400 peso cash payment if you want to do the max transaction. They might get shooked.
Once your "load" is credited to your coins.ph peso wallet, converting it to bitcoin is done with a simple swipe in the app. Goodbye pesos. Hello bitcoin.
Do note that a lot of people consider the rates of coins.ph to be too high and there are better options. Please do your research if this matters significantly to you. (6) Ano yung mining? Not into mining. Ang alam ko lang ay may kinalaman to sa kung paano nakadesign ang cryptocurrency, at hindi lang bitcoin ang pwede i-mine. Basically, kailangan mo ng computer na sobrang lakas para gumawa ng madaming computations, para makakuha ng coins. Pero maliit at mabagal lang yung ROI mo dito kung sakali. Tipong madaming buwan bago mo mabawi yung ginastos mo para sa mining rig + sangkatutak na kuryente na kailangan nito. Di ko na pinatulan tong mining. NOTE: Just to show how unstable this whole cryptocurrency thing is, just today, a popular mining marketplace called NiceHash went down, and along with it, over $60M dollars worth of coins. Some say it got hacked, some say tinangay nung site owner yung pera. (7) Paano mag-trade? Pag sinabing trading, eto yung buying and selling of different cryptocurrencies. Para magawa mo to, kailangan mong mag-sign up sa isang exchange at ilipat yung coins mo dun. Halimbawa ng mga cryptocurrency trading exchanges: bittrex, bitfinex, coinbase, poloniex, etc. Otherwise, ang concept niya ay parang trading lang idn sa stock market. NOTE: Wag ka magtrade kung di mo alam ang ginagawa mo at di mo kayang isugal yung pera mo on top of yung sugal ng pagi-invest sa bitcoin. Madaming nasusunugan ng pera sa trading. Pinaglaruan ko to sandali at malaki pa ang lugi ko na di ko pa nababawi. I should have around +35% of the money I have now if I didn't trade. So try trading at your own risk. It can make or break your cryptocurrency experience. (8) As much as possible, use a hardware wallet Just so you know, this is supposedly the most efficient way to secure your coins. Personally, I haven't gotten a hardware wallet yet. I use Bread wallet, which is an open-source software wallet. Sabi naman ng madami secure daw ang Bread. I keep all of my bitcoin in Bread, except for the bitcoin I play around with for trading. If you have 1 or more full bitcoin, you might want to get a hardware wallet though. (9) Cashing Out If we still use coins.ph as an example, they have multiple cash out options (cebuana lhullier, mlhullier, security bank, etc). So you can convert your bitcoin back to php and when it's in your php wallet, you can cash it out. Note though:
Your cash out limits are restricted based on your verification level in coins.ph
Converting bitcoin to php will get counted against your cash in limits
Hindi ko pa nasusubukan mag cash out so take all this with a grain of salt!
Also, someone mentioned buybitcoin.ph as a cash out option Ano pa ba? Ask and share your cryptocurrency questions, stories, tips, and tricks.
Anonymous Bitcoin ($ANON) Official Bounty Campaign
Official Bounty Campaign
Anonymous Bitcoin (“ANON”) is an advancement of the technology of both the Bitcoin and ZClassic blockchain through a co-fork of both cryptocurrencies. We are introducing differentiating factors deemed important by the community that set us apart from previous forks. Some of these factors include staking through use of masternodes, increased block size and a transparent development process. The Development team will be sharing updates constantly. The fork will provide a 1:1 ratio of Anonymous Bitcoin(“ANON”) to all holders of ZClassic (“ZCL”) and Bitcoin (“BTC”). We are currently working to be listed on multiple exchanges while introducing a complete package of privacy and long-term utility. Anonymous Bitcoin intends to improve upon the way the crypto community utilizes privacy as well as reinvent the way “no coiners” view crypto. As effective communication is key to mass adoption, our marketing strategy aims to reach those not already involved in the cryptosphere.
We at Anonymous Bitcoin (“ANON”) are excited to announce that we are launching our Official Bounty Campaign! Our program aims to reward supporters who help raise awareness and spread the message of ANON in the greater crypto community. The campaign focus is centered on high quality content creation and community engagement, with various ways for everyone to contribute.
Welcome again Reddheads to another weekly update of Reddcoin Development. This last weeks efforts have continued to focus on the requirements for the ReddID and services. Additionally, there has been a renewed interest overall with Reddcoin, which has seen some old wallets coming back online. This has required a bit of effort to help some users getting their wallets operating again. Still there are some activities to complete on the v2 wallet before I am happy to create a more general release, with language translations forming the bulk of the work to do. Suffice to say, I am somewhat pedantic to make sure everything is covered, especially since our audience covers many different nationalities. Some discussions have also been raised on how to create further incentive to promote and support the network. And do we have a plan for such activities?
New Wallet - RC1d development update
The work this last week has focused on network resilience and language files. Some of the extreme testing done on testnet has been putting nodes off-line for extended periods so that they fall behind by greater than 24hrs, and then establishing the network again. Testing was passed. Language translation is a focal point of mine for the release of the new wallet. And having an interface that can be read in your native language is a better user experience than relying on falling back to English. We live in a global village so the UI (user interface) should be accessible to all. After reviewing past work, I think we can leverage some of the translation work done in BTC core to transfer into Reddcoin, and this will make the translation process more of a review for 22 language files which are 100% complete. Thanks @thijs for the discussion on this I will be putting some focus this week in getting the updated resources pushed to the transifex site
One of the activities that needs to be done is to review the current translations for Reddcoin V2.0. We follow the same procedure as Bitcoin, using a service by Traniflex to manage and maintain the translation files. As mentioned, I will be working on updating some of the resource files this week to help expedite the process. We have already had a good start on the following languages
French (100% completed)
Dutch (82% completed)
Russian (70% completed)
Icelandic (88% completed)
Finnish (63% completed)
Filipino (5% completed)
I would also like to get some focus on the following languages, which for some will be a review of work already done:
Ukrainian (44% completed)
German (42% completed)
Chinese (50% completed)
Hindi (0% completed)
Spanish (40% completed)
Portuguese (45% completed)
Of course your welcome to contribute to any other of the languages as well. We currently have 60 languages on file, and you can add to this if needed (Klingon anyone??) PM me if you are interested (we have already had some starters)
I have been keeping generally pretty quite on the progress of ReddID as I want to focus on getting the core wallet completed. That said, there is still some good progress occurring and the basic functionality is now available including backend services, an API to integrate with (3rd Party services) and integrating with wallet services. There is still a ways to go, but I am excited by the progress being made.
Community awareness is still increasing at a steady rate, and statistically we are back at the levels seen in early 2015. The number of active nodes, google search trends and Reddcoin marketcap have all been increasing from October 2015. The big difference is the trend is in a positive direction. Some of my goals this year are to increase traffic to each of our forum areas (including Reddit, ReddCoinTalk 2 weeks ago we experienced a small blip on the exchanges, and this was followed again by another blip this week where nearly 900BTC was traded on Poloniex during the 24hrs on Apr 2. I am looking forward to an exciting year in 2016. If you would like to get involved and dont know where to start, reach out and we will see where you can jump in
Rewards + Full-Nodes + Network Support
I am going to borrow the title from the posting on Reddit since it was raised there this week by @appleluckyapple (appleluckyapple) When PoSV was introduced to the community in August 2014, it was done with a built in reward rate of approximately 5% per annum return on staking. It is considered a modest inflation rate in which to reward users who continue to keep their wallets online and staking. The questions raised was if there is consideration for any of the following
Boosting the reward for staking
Introducing staking requirements for boosted rewards (similar to masternodes)
Incentivizing network support
This could form the basis of a very long thread, but it is worth discussing so you know where the teams headspace is at. These very questions are often on our minds when we consider the on going health of the network At the current exchange rate of 9-10sat with 100MM coins staking you would earn approx 5MM RDD which at todays rates would be $USD210 (assuming no change in the exchange rate) So it would cost an initial $USD4172 to purchase 100MM RDD, with a return of $USD210. Interest is compounded In Australia a return from the banks at this rate would be considered very generous (typically rates are 1.5% - 3%). In Russia, you can get up to 10% And in UK, you could expect to get 1.4% It is my opinion, that 5% is a healthy middle ground, that provides some reward to operators of staking nodes. As indicated, you do need to be staking a reasonable amount to get any significant return.
But, is it enough??
If you consider for a moment, running a full Bitcoin node, you could expect to earn 0 BTC for your outlay. Which I think is one of the failings of the Bitcoin eco-system. There should also be an incentive for operators to support their full node requirements. Bitcoin miners receive the proceeds of mining a block, AND the transaction fees. With Reddcoin, we have combined the functions. Node operators can be both 'miners' and full node operators. We don't need expensive mining equipment, with a home PC or even RaspberryPI being sufficient to handle the task of being a full node and staking. Additionally, when staking, if you stake a block that contains transaction fees, you also receive those fees.
How could this be increased??
One of the goals of the ReddID implementation is to provide a method to fund additional payments into the network. Since the ReddID system was first announced Social-X architecture by Laudney, I have been thinking on a deeper enhanced solution to improve the support of the network. In regards to this discussion, I would like to single out the items regarding ReddID registration fees. This list differs somewhat from the original proposal.
ReddID registrations will cost Reddcoins. The cost for a registration will vary depending on a number of factors such as the length of the username, the combination of numbers/letters/vowels used. For example, we expect popular names like tom to cost at least 7 figure.
ReddID registration fees goes to the Reddhead who successfully mints the PoSV block that verifies and confirms the registration. In a sense, it will feel like a lottery. And this is why this service doesn’t make sense for any PoW coin where each block is pool-mined.
A PoSV block can contain multiple ReddID registrations (can receive multiple fees for staking a block).
In order to support the network and ongoing development a small percentage going to the ReddID node operators and developers
ReddIDs can be transferred to new owners, there by establishing a market
ReddIDs auto-expire annually and can be renewed.
Small Reddcoin holders, as long as they keep staking can receive surprising large fees by staking a high value registration.
The overall goal is to create a dynamic crypto ecosystem to enhance the PoSV system and provide a means to transfer value between users.
Although I did not touch on any of the points presented in the Reddit OP. I would not dismiss any of the ideas as not being valid, each has merit in their own right. I have not presented a roadmap yet for Reddcoin, but 2016 has a lot to offer. With the new wallet, ReddID and tipping platform we have some exciting features to launch this year.
Every week that passes a little more gets achieved, between the efforts of the Core team and the contributing community members we are getting a lot done. Sometimes it is hard to see this if you are not seeing the output (new exes, source code, etc) but it all will arrive in good time. Going into this week, I hope to tick off a few more from of my activities list. Where ever you are, enjoy your week ahead Keep on staking! x-posted on (https://www.reddcointalk.org/topic/815/state-of-the-redd-nation-apr-04-2016)
Welcome again Reddheads to another weekly update of Reddcoin Development. Now that we have it up and running again, I will be posting this article on the Reddcoin Facebook page also. So this last week we have really been getting on with the job:.
Continuing testing of the wallet for network switching to v4 blocks on testnet
Testing of wallet upgrade and downgrade options
Translations continue to be submitted to Transiflex
Writing up of release notes and other documentation
Investigating the performance and behaviour of PoSV
New v2.0 Wallet and testing progress
During this last week, I have continued performing testing on both the switch-over logic from v3 to v4 blocks and wallet upgrade and downgrade processes. The switchover using Super-Majority logic on testnet is performing very solidly. I have been pushing it with various scenarios by forking the network, and allowing the old fork to continue to propagate, and then bring the new wallets back online (with the majority network weight) to allow the network to find the right fork again. It is quite exciting (in a geeky sort of way) to see the block chain re-organise the blocks, once the correct chain-tip is determined. This has all been working very well. Testing the Reddcoin network continues using both the version 1.4.1 wallet and version 2.0.0 wallets. Getting into the house maintenance with release notes and documentation being brought up to date.
The last few weeks I have put the Redd-ID development on hold so that I could focus on getting the major development works completed for the v2 wallet. The wallet forms the foundation of the future development of most projects, so it is important that it gets completed. That said, I have a fairly good start on Redd-ID done already so it should progress along quite well. And it does give me time to explore some ideas.
Translations continue to be updated which is great to see. Thank you to all those who are contributing their time and effort. Notable mentions go to: @Serkan34 @Syar @ricklopez @hyoung @elcryptotrader @Maxamus @Erkan_Yilmaz @tecopos @xDeadp00lx @clickerz @Kasvain @collab @lionzeye @Ragnarice @Serkan34 continues to dominate on most of the languages by converting from the original Bitcoin tx to Reddcoin. This is the running list of desired languages, and if you like you can also check the overall running list on transiflex here.
French (100% completed
Spanish (100% completed)
Dutch (100% completed)
German (99% completed)
Chinese (99% completed)
Turkish (99% completed)
Swedish (98% completed)
Danish (97% completed)
Russian (97% completed)
Italian (97% completed)
Portuguese (96% completed)
Icelandic (88% completed)
Romanian (82% completed)
Indonesian (81% completed)
Hungarian (78% completed)
Polish (46% completed)
Ukrainian (44% completed)
Tagalog (15% completed)
Hindi (0% completed)
Performance of PoSV
I have been continuing to look at PoSV metrics this last week. A part of this is putting into a visual display to help visualise the performance over the last 2 years(almost). Current results are quite raw, so more details need to be extracted. I am currently focussing on a method to extract the number of coins staking at any particular time. You would know that 'NetworkWeight' represents the overall difficulty and coins staking on the network, but it is not equivalent to the number of coins. It is actually a little more complex,as the weighting algorithm will skew the results depending on the age. The results will help me determine some of the foundations for PoSV2.
We are a global community, and cross many borders but boundaries do not need to hinder us. The crypto currency world has not reached its tipping point yet, but when it does, it is sure to escalate at an amazing rate. There are going to be many ups and downs, and an interesting ride for sure. If you would like to get involved and dont know where to start, reach out and we will see where you can jump in @Deadpool has a great Trello site going with activities that need looking at.
There is still plenty to do, but I feel we are getting close to a public release. I have been holding off announcing a release until I feel confident that the integrity of the network will not be impacted. I thank you all for your patience and support, it has been a long road, but the journey has been worth it. So where ever you are, enjoy your week ahead Keep on staking! x-posted on (https://www.reddcointalk.org/topic/842/state-of-the-redd-nation-may-30-2016)
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