Lightcoin joins secret treaty

2. This begins with a hermit named "Nakamoto Tsung"
on November 1, 2008, the hermit named "Nakamoto Tsung" watched the sky at night. Seeing that the time was ripe, he announced his new idea of issuing an electronic currency called "bitcoin" on a secret cryptography forum

then, in 2009, bitcoin was born
for a while, there were rumors all over the world:
"what is bitcoin?"
"what's the magic power of bitcoin?"
"can it compare with traditional currency?"

it's just a hermit's "masterpiece left behind". Why did it make such a big stir in the world<

it turns out that this bitcoin has risked the world's great injustice, escaped the high-ranking government control, and set up a "small autonomy" on its own:
bitcoin no longer needs to be issued by a specific institution, but is generated through a set of "institutions" designed by Nakamoto Tsung, which is based on a specific algorithm and through a large number of calculations. Regardless of the world, as long as you have a computer, access system, and operate the "organ", you can become a "coin digger"

a thousand waves were aroused for a while, and an undercurrent was set off in the river and Lake: men, women, old and young were yearning to invest in the "money digging fever"<
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but since ancient times, unique martial arts skills have come out, and most of the onlookers will see through them, but fengmaolingjiao is the one who really understands the mystery

in the same way, this "coin digger" who creates miracles is not something ordinary people can do at will. Even if everyone has a computer and computing tools, it depends on talent and hard work to generate a new bitcoin

if every "digger" wants to dig bitcoin, he has to go into many "mechanisms" of Nakamoto Tsung and use computers to solve a complex mathematical problem through huge calculation. This is far from enough. Whether we can understand the secret is not only related to the ability of the "coin digger", because the "mechanism" will automatically adjust the difficulty of the questions, so that the whole system will get a qualified answer every 10 minutes, while the vast army of "coin diggers" are crazy computing. Who can understand the secret depends on the nature

it's like buying lottery tickets. Everyone is crazy to generate various combinations of numbers with computing tools in hand. Whoever can guess the same string as the big prize will be the winner

in the end, the lucky person who was lucky enough to get a specific solution successfully created a bitcoin, and the reward for him was a total of 50 bitcoins

at this time, someone will ask, is bitcoin hard to get out of the endless mining
this is the true wisdom of Nakamoto's seclusion

like all kinds of gold, silver, iron and copper veins, bitcoin will be g out one day. A total of 21 million mathematical problems have been designed in the "mechanism" and 21 million corresponding qualified answers have been matched. In other words, the upper limit of bitcoin mining is controlled at 21 million
Where is the mystery

we know that the reason why the government calls the wind and the rain is precisely because it has the power to issue currency. Increasing and recing issuance are "fierce moves" to regulate the economy

and Nakamoto's restriction on the total amount of bitcoin has cut off the way for bitcoin market to be regulated, which is obviously the opposite

which is better? There are two schools in the world:
"supporters" think that eliminating intervention is a sign of social progress
the "losers" feel that fixed aggregate may lead to deflation, which in turn will lead to a series of market weakness and "bone breaking" of the overall economy
the merits and demerits will be left to future generations

since there is a reward for digging coins and the total amount is limited, isn't the mine going to be g through in just a few days
How could the "mechanism" that he had painstakingly researched be easily manipulated by the world<

Nakamoto has two rules under the "agency" neutrality:

first, the more bitcoin, the less reward
- when the total amount reaches 10.5 million hours (50% of 21 million), the reward will be halved to 25. When the total amount reached 15.75 million (5.25 million new output, or 50% of 1050), the bounty was further halved to 12.5. And so on

secondly, the more the total number of "coin diggers", the lower the efficiency
in this way, bitcoin will be proced more slowly in the later stage. According to the plan, from the birth of bitcoin in 2009, mining will last more than 100 years, and it will not reach the upper limit until 2140
today, the total amount of bitcoin mined out in the world is just over 16 million

all of the above are just a set of "mechanisms" carefully arranged by master Nakamoto. There is another set of "mechanisms" with such precision

bitcoin is a rare thing in the world, so how to trade it? How to manage
after living in seclusion for many years, Nakamoto studied cryptography, a unique security process for bitcoin circulation

the transaction behind bitcoin is very complicated. Bitcoin can generate bitcoin addresses randomly, and each address has a corresponding private key, which is equivalent to the bank card number and the corresponding password. Only when you have both can you manage your money
but is the complexity of this address comparable to that of ordinary bank cards

how confidential is the bitcoin address
each address is made up of a string of letters and numbers about 33 bits long, always starting with 1 or 3
how many such random addresses are there? The answer is: probably more than the sand on earth
it's not easy to break such a complex "secret protection system"

in this way, with the second "organ" blessing of Nakamoto Tsung, bitcoin circulation has more security than ordinary currency

it's no wonder that with the advent of bitcoin, the currency world is shaking, and a new fight is in the dark

bitcoin, like countless secret lone Rangers, grows savagely under the authority of the government. According to the legend, bitcoin is free (decentralized, tax-free, regulatory free), strong (relying on P2P network, external can not be closed), omnipresent (cross-border, borderless), and anonymous

you can understand, "freedom", "coming and going without name" and "omnipresent", which means that bitcoin can not only be tracked and supervised by the government, but also grow wildly in the world. It's a great way for hackers to blackmail
moreover, since last year, bitcoin has been rising wildly, and hackers all over the Internet know this information well

there is no doubt that bitcoin is a safe and profitable way to blackmail

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or like this< But all the martial arts in the world are strong. Bitcoin also has weaknesses

there are three pithy formulas:
first, bitcoin network is not broken, and trading platform is fragile
Second, the "black market" trading, speculation rampant, price roller coaster day by day
thirdly, it is difficult for ordinary people to understand the secrets of nature because of their profound martial arts
in particular, the third point is that although the Kung Fu is good, the threshold is too high, which is lamentable

then, if you look at China today, where is bitcoin going
to be fair, in the eyes of the mother of the central bank, it is not too much to say that bitcoin is a barbaric growth: in the past year, with the devaluation of RMB, bitcoin has once again become the target of investors' speculation, and its value has increased by 120%

smart passers-by have already seen through everything
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coupled with the emerging bitcoin virus, it seems that it is time for bitcoin to be subject to a wave of regulation.

3. Because the main reason is the power consumption of equipment, and it takes 24 hours to dig, which is a protracted war process. It's the same reason that you turn on the air conditioner 24 hours in summer.

4. Digital cryptocurrency source code open source can ensure that everyone can view the issuance of this kind of digital cryptocurrency, make information more transparent and open, and prevent pre excavation. Money with transparent information is easier to gain trust. The reason why people don't trust the legal currency is that the quantity of legal currency is not fixed and can be issued at will, which leads to the devaluation of the currency
Digital cryptocurrency without open source is generally unreliable. Bitcoin, Leyte coin, Ruitai coin, dogcoin, Qianjin card and other mainstream digital cryptocurrency source codes are open source.

5. The father of lightcoin talks about Nakamoto: it doesn't matter who Nakamoto is

it's reproced from lightcoin house

recently, a news about the inventor of bitcoin Satoshi Nakamoto's appearance in California made the whole instry fall into the crazy pursuit of this "mysterious man" again, but this news was finally proved to be untrue. Unlike the inventor of bitcoin, the identity of Charles Lee, the inventor of lightcoin, has always been clear. Recently, he received an exclusive interview with the reporter of the first financial daily
BTC China (bitcoin China), the world's largest bitcoin trading platform, also officially launched lightcoin trading on March 4. This virtual currency is likely to become the most popular cryptocurrency after bitcoin<
Mr. Nakamoto "shows up"
Newsweek reported on Thursday that Mr. Nakamoto lives in temple, east of Los Angeles, California. His real name is Dorian Satoshi Nakamoto. The 64 year old, who owns $400 million worth of bitcoin, doesn't live in luxury, the report said. He graated from Caltech with a degree in physics and seems to have the necessary skills to develop cryptocurrency. In addition, he was involved in safety and communications at the Federal Aviation Administration (FAA)
in an interview with the associated press, Nakamoto said that the media misunderstood this. Nakamoto said he had never heard of bitcoin. He firmly denied that he was the inventor of bitcoin. He repeatedly stressed: "I have nothing to do with bitcoin."<
it's not so important who Nakamoto is.
bitcoin fans' expectations of Nakamoto's appearance have failed again. However, recently, a reporter from China business daily interviewed Charles Lee, the founder of the virtual currency lightcoin, whose trading volume and market value are second only to bitcoin. For the reports that the media are eager to lift the veil of Nakamoto, Lee thinks that it doesn't matter who Nakamoto is. People just need to pay attention to the fact that bitcoin itself is valuable
Lee is currently working for a company dedicated to the development of bitcoin trading platform and wallet“ I think the success of lightcoin and bitcoin complement each other. Working on bitcoin is also good for the success of lightcoin. " He said
"before I knew about bitcoin, I had been investing in gold, which I think is a good way to fight inflation. But I came into contact with bitcoin three years ago. I think it is digital gold, and it has many other advantages compared with gold. For example, bitcoin can be infinitely divided and sent to other people without cost, but it also has a disadvantage compared with gold, that is, there is no corresponding physical object. " Lee said
in fact, Lee's first counterfeit coin project is not Wright coin, but fairbrix virtual coin. Fairbrix is a clone of tenebrix, a virtual currency. Tenebrix was founded in 2011. However, Lee believes that the developers of tenebrix dig up their own coins and collect 7 million tenebrix for themselves before they officially release tenebrix. This is very unfair“ Therefore, the community is interested in creating a zero pre mining tenebrix clone to make it more equitable. " Lee said
unlike bitcoin, the workload proof function of fairbrix written by Lee uses the crypt encryption algorithm instead of the SHA-256 encryption function adopted by bitcoin. Unfortunately, fairbrix is a failed project
but Lee's next attempt at counterfeit money was a success. In October 2011, he launched lightcoin, which integrates the code of bitcoin client and eliminates the program failure of killing fairbrix
there are many important differences between lightcoin and bitcoin. Unlike bitcoin's 21 million cap, lightcoin's cap is 81 million. In order to make the "mining" activity more democratic, lightcoin also integrates the workload proof crypt encryption algorithm from tenebrix project
"the advantage of scrypt design is that it can participate in" mining "by using CPU instead of using integrated circuit (ASIC) like bitcoin, which is the so-called expensive" mining machine. " "The relationship between bitcoin and lettercoin is more complementary than competitive," Lee said. In different situations, people can use different virtual currencies. For example, when shopping, you can use lightcoin to pay, because its transaction confirmation time is shorter, and when making large amount transfers, you can choose bitcoin, because it is more secure. "
when talking about other counterfeit currencies, Lee said that many of them are just scams and tools for developers to make money. He has not found other counterfeit currencies that can "compete" with bitcoin yet“ Ordinary investors can judge whether a counterfeit coin is worth investing from two aspects. First, it depends on the number of coins g up in advance. If developers have a lot of such counterfeit coins in advance, they are likely to make profits from them; The second is whether the developers are serious about the program. " Lee added. In addition, he expressed his interest in an unpublished virtual currency Ethereum, which may have a place in the future virtual currency world
it is worth mentioning that BTC China officially launched the lightcoin transaction on March 4. According to the data provided by bitcoin China, on the day of its launch, the number of visits to the website surged, with a total transaction volume of more than 30 million yuan in three days. Lee believes that bitcoin's launch in China further illustrates the fact that it is the most popular cryptocurrency after bitcoin.

6. Bitcoin (English: bitcoin, abbreviated: BTC, currency symbol: &3647;) It is a kind of user autonomous and universal encrypted electronic currency

the concept was proposed by Satoshi Nakamoto in 2008. Then, based on the concept of openness, peer-to-peer, consensus and direct participation, combined with the working mode of open source software and block cipher in cryptography, he developed an operating system for bitcoin issuance, trading and account management on the platform of P2P peer-to-peer network and distributed database. The system enables all nodes throughout the peer-to-peer network to reach a network agreement according to their seed files, so as to ensure fairness, security and reliability in currency issuance, management and circulation. And promised that bitcoin will become "e-cash" similar to e-mail. It can avoid inflation without examination and approval, and everyone has the right to issue it; After the payment is completed, the user loses the ownership of the bitcoin. On January 3, 2009, 50 bitcoins came out

unlike traditional currencies, the operation mechanism of bitcoin does not rely on the support or credit guarantee of the central bank, the government and enterprises, but relies on the network agreement reached by the seed files in the peer-to-peer network. The decentralized and self-improvement monetary system theoretically ensures that no one, institution or government can control the total amount of bitcoin, Or create inflation. Its total amount of money graally increased at the designed rate, and the increase rate graally slowed down, and finally reached the limit of 21 million in 2140

there are many ways to use bitcoin, which can be converted into local cash or gold coins through electronic currency exchanges, service providers and indivials; It can also be used directly to purchase goods and services. With the rapid growth of indivials, organizations, businesses and enterprises receiving bitcoin payments, the exchange rate has risen thousands of times in four years. As of March 30, 2013, the total value of all issued bitcoin has exceeded 1 billion US dollars after being converted into US dollars according to the market price. Although bitcoin is currently the most widely used electronic currency, in addition to some countries have explicit provisions on virtual currency, there is no legal regulation and protection for the issuance of bitcoin in any country.

7. The earliest electronic currency is bitcoin
on November 1, 2008, a person who called himself Satoshi Nakamoto posted a research statement on a secret cryptography review group, stating his new idea of electronic currency bitcoin came out, and the first transaction of bitcoin was completed. Bitcoin has got rid of the constraints of third-party institutions with the help of information technology, which Nakamoto calls "regional chain". Users are willing to dedicate the computing power of CPU and run a special software to be a "digger", which will form a network to maintain the "regional chain". In the process, they also generate new money. Trading also extends on this network. The computer running this software can solve the problem of irreversible code, which contains several trading data. The first miner to deal with the problem will get a 50 bitcoin reward, and the relevant trading area will join the chain. As the number of "miners" increases, the difficulty of each puzzle also increases, which keeps the proctivity of bitcoin in each trading area at about 10 minutes
bitcoin was originally a kind of network virtual currency, similar to Tencent's q-coin, but it has been able to buy real-life goods. It is characterized by decentralization, anonymity, and can only be used in the digital world. It does not belong to any country or financial institution, and is not subject to geographical restrictions. It can be exchanged anywhere in the world. Therefore, it is used as a money laundering tool by some criminals. In 2013, the U.S. government recognized the legal status of bitcoin, making the price of bitcoin soar. In China, on November 19, 2013, a bitcoin was equivalent to 6989 yuan
starting from the essence of bitcoin, the essence of bitcoin is actually a special solution generated by a bunch of complex algorithms. A special solution is one of the infinite (in fact, bitcoin is finite) solutions that can be obtained from the equations. Every particular solution can solve the equation and is unique. In the metaphor of RMB, bitcoin is the serial number of RMB. If you know the serial number of a note, you have the note. The process of mining is to constantly seek the special solution of this equation system through a huge amount of calculation. This equation system is designed to have only 21 million special solutions, so the upper limit of bitcoin is 21 million
on January 7, 2014, Taobao announced that it would ban the sale of Internet virtual currencies such as bitcoin and lightcoin from January 14. On February 26, 2014, Democratic Senator Joe Manchin of West Virginia issued an open letter to a number of regulatory authorities of the US federal government, hoping that relevant institutions would pay attention to the current situation of bitcoin encouraging illegal activities and disrupting the financial order, and demanded that actions be taken as soon as possible to completely ban the electronic currency
recently, the news of bitcoin's soaring price appeared on the news, and it began to attract people's attention again!