Mindblown: a blog about philosophy.
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What’s wrong with leveraged crypto trading?
If you’re interested in the dynamics of crypto markets you’ll need to understand how leverage works. Leveraged crypto trading is a technique that enables you to make trades up to 100 times bigger than your capital would normally allow, amplifying both the potential gains and losses. This type of high stakes trading should be reserved…
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What are the opportunities to build within Ethereum?
The genius of Vitalik Buterin was recognising that for a trustless cryptocurrency ecosystem to grow it needed a common language and a common set of economic standards. By providing this Ethereum does all the heavy lifting for supporting creators of digital applications, you just have to come up with a problem that will benefit from…
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5. Smart Contracts, dApps & Gas
Smart Contracts are written in a programming language specific to Ethereum, called Solidity, which for anyone with a programming background (especially Javascript) shouldn’t present a huge challenge to learn. Smart Contracts are stored within the EVM, with their latest state reflected in the most recent block in the Ethereum blockchain. A few lines of code…
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Ethereum’s Architecture
Overview of Ethereum The EVM – Ethereum Virtual Machine The Ethereum blockchain & consensus method ETH & its Tokenomics Smart Contracts, Gas & dApps Nodes Clients & Networks Accounts & Transactions 1. Overview of Ethereum Ethereum is a distributed computing network that rents out its processing power through something called the Ethereum Virtual Machine (often…
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What is Ethereum’s architecture?
What you’ll learn: What Ethereum does An overview of its architecture An outline of the core Ethereum components Some of things you can build on Ethereum What is Ethereum? Ethereum is a blockchain-based system where anyone can build and securely deploy any digital service without going through a formal, centralised approval process – such as…
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Using A Hosted Bitcoin Mining Service
A better approach might be to use a service that hosts a mining rig for you. You pay for the machine and the electricity but everything else is taken care of. You can see your ROI via a dashboard and even work out a breakeven point. Here is an example from Compass Mining. Summarising the…
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Choosing a Bitcoin Mining Pool
Choosing a mining pool comes down to some simple logic: the larger the size of the pool, in terms of hashpower, the more regularly they’ll find blocks. This will ensure a consistent stream of revenue. However, due to the small portion of the hashpower you will supply to the pool, your share of the coinbase…
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Can anyone be a Bitcoin Miner?
If you’ve read this far and are excited at the process of running a mining rig, it’s time for a dose of cold reality. Bitcoin Mining is now a professional enterprise with most of the world’s bitcoin mining centres situated close to renewable energy sources in regions where electricity is cheap and plentiful. Professional miners…
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Bitcoin’s mining puzzle
The computational puzzle is in the form of a hashing algorithm called SHA256. This isn’t unique to Bitcoin, but is an external cryptographic standard, developed by the NSA. A hash is a unique one-way identifier for a digital record that enables privacy and security. Think of it as a randomising engine. You provide any input,…
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Miners & Proof of Work
Given that Bitcoin’s value comes from the digital scarcity of its currency, and the way it ensures against double spend, the mining process has to be difficult and incentivise honest behaviour. This is achieved through something called Proof of Work (Pow). PoW requires Miners to compete against each other to earn the right to broadcast…
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