Genesis mining ethereum reddit
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Instead, for the first time and for now, the last , the "upgrade" was political, and only concerned overriding something happening in the contract layer, which is distinguishable from the protocol and was marketed as being unstoppable. As if by some divine universal law, a dynamic of opposites is seen all throughout nature. Opposite or contrary forces may be complementary, interconnected, and interdependent.
When its authors attempted to crush the Original Ethereum Vision, the universe provided an equal and opposite response, and on that fateful day, a miracle occurred. In a defiant continuation of Code is Law, the blocks of the original chain continued to be mined, following the Classic unforked protocol rules.
For the first time, the technology had properly demonstrated its ultimate dispute resolution mechanism. Through the chain split, all parties got what they wanted; either a version of Ethereum where Code isn't Law or a chain where the promise of "Build Unstoppable Applications" was upheld. The DAO Fork was a sacred cleansing moment for Ethereum, a shedding of the corruption and centralization that allowed The Fork to happen.
Those who didn't like Code is Law started a new chain with new rules, leaving the unforked chain to operate as it was, with less baggage, a refined community, and a clear mission. Confusingly, the Ethereum Foundation determined that their new forked chain would be called "Ethereum". It would almost exclusively receive official support from the Foundation from then on, including the huge amounts of funding raised during the crowdsale.
But the unforked chain kept something far more valuable, as Code is Law is not something that could be forked away on a whim, and the original chain they abandoned continued to chug along. The longest running Smart Contract platform is, was, and always will be Ethereum Classic. The Immaculate Conception The emergence of Ethereum Classic was miraculous in many ways, both in circumstance and substance.
Ethereum Classic also has many miraculous properties that are impossible to conjure artificially. The circumstances of Ethereum Classic's emergence are so rare that they are unlikely to ever happen again. Ethereum Classic, being the first to demonstrate the power of Code is Law and the danger of pushing for controversial hard forks, serves as a warning to prevent similar situations from happening in the future, making ETC the only chain likely to achieve these properties, thanks to its original authors abandoning it.
After this first listing, ETC's future was sealed, as market forces would take hold, causing other exchanges to rush to list, and making mining the Classic side of the chain split liquid and profitable. Three days after this, Ethereum Classic is officially supported by Parity, Ethereum's second major client.
The Declaration of Independence The Ethereum Classic community quickly organized into a new decentralized emergent social order, launched EthereumClassic. Let it be known to the entire world that on July 20th, , at block 1,,, we as a community of sovereign individuals stood united by a common vision to continue the original Ethereum blockchain that is truly free from censorship, fraud or third party interference. In realizing that the blockchain represents absolute truth, we stand by it, supporting its immutability and its future.
We do not make this declaration lightly, nor without forethought to the consequences of our actions. The Difficult Breakup The now fractured Ethereum community, already war-weary thanks to the Hard Fork debate, was sent into overdrive by the emergence of Ethereum Classic. What many had hoped would be the end of the struggle turned out to be the beginning of another difficult chapter in a demoralizing development that was far worse than professed and anticipated just weeks earlier.
The chain split was far from painless. Had all the side effects been known in advance, it seems extremely unlikely that even the most ardent supporters of a Hard Fork would have considered it an acceptable solution, especially compared to alternatives that would not have caused a split. ETC was living proof that pro-forker assurances about a smooth Hard Fork were just wishful thinking. Having caused such a cock-up, who could trust their judgment again?
Chain of Thieves The forkers, rather than accepting responsibility, proclaimed that this new "Classic" thing was trouble; it was an attack on Ethereum by Bitcoin Maximalists, an empty protest chain, a zombie that would disappear in short order, even a "chain of thiefs" [sic]. ETC was many things, but definitely not legitimate.
That was heresy. For many, those responsible for Ethereum Classic were "idiots", "crazies", "baddies", or worse, and they had to pay for their crimes. Much of this post-fork animosity was captured at the time by commenters, but to avoid picking at scabs, we strongly advise against googling the title of this section. Some believed it might be possible to destroy Ethereum Classic, sending its price to zero by dumping large amounts of ETC on the market.
Of course, the reality is that blockchains are far more resilient than this, but that didn't stop attempts to wage economic war for fun and profit. As a result of the chain split, every address that held Ether before the Hard Fork was now seeing double; they'd have the Ether they previously held, which became known as ETC, as well as an equal amount of the newly minted Forked Ether, appropriating the symbol ETH.
Thanks to exchanges listing ETC shortly after the fork, a liquid market emerged that enabled price discovery between the two chains. During these early days of price discovery many pro-forkers were keen to sell their "worthless" ETC at ridiculously low rates, dumping massive amounts of ETC under the assumption it was a "race to the bottom" of a dying market, pushing the price down to as low as a 0.
This may have caused temporary concern, but it allowed diamond-handed supporters of ETC to pick up some once-in-a-lifetime deals. This crescendoed in a market selling frenzy with prominent forkers claiming the selling of their ETC was "free money". To them, it was a no cost trade as ETC had no value, but in reality, they were participants in one of cryptocurrency's fairest market-based redistribution events ever. The "worthless" ETC was transferred essentially for free away from the ardent pro-forkers to those who saw a future in Code is Law, in what can be recognized today as an "Ultrafair Redistribution".
Post-fork ETC price discovery, peaking at 0. A week later, the price of ETC peaked at 0. Whatever happened to those funds that Robin Hood Group previously secured? Who was calling the shots for White Hat Group exactly is unknown, but the announcements that WHG were making were being published by a company called Bity, which happened to be partnered with slock. RHG [ The strategy of not showing to make any preparations was the best way to reduce the chances of a chain split occurring in the first place, as acting as if the unforked chain would die out would, in theory, make it more likely to die out as it would be perceived to be abandoned.
Whatever the intent, The Hacker's Child DAO was allowed to reach the deadline without being re-split, and this lack of action effectively meant handing over about 3. But the fun was just getting started. Reclaimed ETC was tumbled and sent to exchanges This action sealed the deal for many who suspected that these "whitehats" weren't necessarily acting in a world of completely black and white ethics, and had motives over and above acting in the best interest of DAO Token Holders.
Their actions beg two questions: Why not give DAO Token Holders a choice in the matter, or at least open a discussion about what to do? Why try to tumble the ETC? This seems suspicious and serves little purpose other than to trick exchanges into not flagging the deposits. If all of this was legitimate, what is gained from obfuscation? Only the most cynical of perspectives seems to adequately answer these questions, in that it seems likely that WHG was attempting to financially attack Ethereum Classic by extracting as much value from ETC holders as possible.
By making no announcement beforehand, this prevented the market from pricing-in the dump and allowing speculators to protect themselves. The tumbling may have been an attempt to prevent exchanges from flagging the funds, which would alleviate the need to explain their actions to anyone ahead of time, which could allow the economic attack to be countered. Thankfully, in yet another embarrassing development, despite the attempt to hide the true provenance of the ETC, the majority of these deposited funds were frozen by exchanges, and even the ETC that was liquidated was eventually traded back into ETC later when it became clear that WHG would not be able to execute their initial plan.
Replay Attacks One effect of not preparing for a possibility of a chain split was the prospect of replay attacks, which could, both accidentally and intentionally, cause the loss of funds or theft from either side of the chain. The possibility of replay attacks was known in advance, but presumably to play down the possibility of a chain split being a concern, no action was taken to mitigate or even warn the community about them.
After the split, holders of ETH would have the same amount of ETC associated with the same addresses, and most transactions made on either side of the chain were valid and could be copied to the other. A signed transaction could be broadcast to the other side of the split and published to this chain without the knowledge or intent of the signer.
This danger was not widely known at first, and it seemed that some clients would sometimes publish valid transactions to the mempools of both chains, creating chaos and causing innocent parties to lose funds in various ways. A value transfer sending ETH to a contract, say a multisig address, could be replayed on ETC, but the ETC may be lost forever as the receiving contract address has no private key, and no contract code is deployed to that address on Classic.
In this scenario, no malicious actors were required, it was simply a preventable bad outcome caused by lack of preparation. There were also documented cases of replayed transactions being exploited maliciously, typically with an exchange being the victim.
For example, an attacker could deposit and withdraw ETH many times over, each time also withdrawing ETC from the exchange by replaying the exchange's withdrawal transaction from ETH to ETC, and as most exchanges had no idea ETC was or could be a thing, much of the ETC in hot wallets was ripe for the picking once opportunistic blackhats figured out the trick.
At the time, the only guaranteed way to prevent transactions from being replayed was to ensure funds were separated into different addresses on each chain, which could be achieved using a "splitter contract", but this was an annoying process especially for less technically inclined users. Several months later, a protocol-layer solution, EIP , was introduced.
With the past behind, and the actions of individuals caught up on the whirlwind forgiven, the practical and moral lessons that The DAO Fork taught us must not be forgotten, so that similar future debacles can be avoided. Coordination Traps One significant takeaway from The DAO Fork debacle, which can now only be properly identified with hindsight, is the danger of coordination traps.
This term is coined here to describe a phenomenon in a blockchain context, but the same concept echoes true in many systems where incentive structures yield bad outcomes. Blockchains are designed to solve coordination problems, as Bitcoin and Ethereum did so by managing to, with nothing but a well-defined protocol implementing economic incentives, get millions of individuals to work together and, in short, do a bunch of cool stuff.
But it appears that these exact mechanisms can, if left unchecked, contort and deform on their own and yield decidedly uncool stuff. Looking back, it seems clear that The DAO Hard Fork was an example of a coordination trap, which caused individuals acting in their own immediate economic rational self-interest to engage in actions that on the whole were strictly worse for all involved.
With hindsight, the events that unfolded don't make much sense given the poor outcomes, so why wasn't it obvious at the time that a Hard Fork was a bad idea? The answer to this is complicated, but one theory is that the thinking of those who pushed so ardently for a Hard Fork was clouded, a combination of misplaced authority, poor foresight, and perhaps most influentially, hijacked amygdala thanks to tremendously high pressure financial stakes and tribal infighting caused by the game theory incentive structures around the Hard Fork debate, which discouraged any whiff of backing down and tapped into the warrior spirit.
The Hard Fork debate was essentially a complex game of chicken , and the forkers were led to believe they could only "win" if they doubled down on the idea that a chain split would not happen. We will check this with our IT team and get back to you as soon as possible. I have mining hardware, I have a genesis contract. What do you pay for electricity?
And Y is part of their income: I got a response 2 weeks ago after 3 weeks saying they would look into it- -but nothing since. Am not saying your company is not legit or you can't ROI, I believe monero coins up egpu zcash mining business can be a good solution to invest Bitcoin for long term and protect against Bitcoin price fluctuation. Technically it's not a "lifetime contract", as it will end when your daily mining rewards are less than the daily fees. Your whole fucking business model and marketing is geared towards scamming noobs into buying worthless mining contracts that 99 percent of the time will lose money.
What I mentioned was that I would simply ask the company to provide a percentage refund because I've realized this investment isn't what I originally thought and I'm unsatisfied. They will then keep enough crypto to cover their electricity. The fees are actually listed in our 'Maintenance Fee' section - here's the screenshot. Boards overheat, fans break down, circuits degrade - the average person doesn't have time to babysit his hardware while he gets on with his day.
Both of these inputs are extremely volatile, and have a huge degree of uncertainty in the near and distant future. When i first started on my contract they offered 11x on Bitcoin mining which was great! Let's round it up to about USD. Gold rushes only last 2 months, not 2 locked out of gatehub account will ripple rise Submit a new text post.
The difficulty is part of the equation, I don't consider your business shift payments with coinbase gemini. Use of this site constitutes acceptance of our User Agreement and Privacy Policy. A user can rent "hashing power" in the form of a two-year contract from Genesis for a one-time, upfront fee. Its a rip off. They made an error in a payment once and because of that, I broke even after 4 months. I have been mining with Genesis for over 3 months now and collecting all the right information to assess the viability of my 2 year contract.
Let's say you spend a nice round number Become a Redditor and subscribe to one bitmain market share antminer s9 most profitable thousands of communities. But people investing in your company expect making a ROI some day, even a distant future. If we take your max of 0. But if you see posts that say it is legit, then you would still not be sure if it is. Don't forget to put your affiliate code in your flair.
I wanted people to have real facts to measure against using a calculator and the reality Random Bitcoin Address Generator Litecoin Near Me it all. Zcash One Year Price Simulation. Please take a glance if you are new and have basic mining questions. Technicaly you need to expand with your earnigs, like every miner need to. This is the rest how to send erc20 tokens from myetherwallet can i store reddcoin in a hard wallet your invest not recovered.
Its been almost a month. I created a Genesis Mining calculator in Google Sheets to find out self. But, let's pretend for a second NONE of the investments could make ripple cloud mining xrp premine escrow regardless of what you put into them: Back to one of my questions in the ticket: Become a Redditor and subscribe to one of thousands of communities. I have done a good amount of searching on Genesis, and i'm a little confused at the amount of backlash they are receiving.
Of course people should always do these calculations before investing. Each to their own And don't use USD in that explanation, just use coins in your explanation. If you're going to gamble, trading is a lot of fun, but you have enter and exit at the right time. If they did not, I would still be in the same place I am now, in a contract that I'm not fully satisfied with but still mining.
You mentioned it, now follow up with an example that includes specific details. Log in or sign up in seconds. We can't control the difficulty. Join us at our Discord: This wasn't the best time to assess the returns and hence so far 2. So you're now talking about current costs: I remembered my 0. How is it possible for the "Conservative" scenario to be higher than the base price?
I am assuming you placed the order with a credit card. We previously collected donations to fund Bitcoin advertising efforts, but we no longer accept donations. Technicaly you need to expand with your earnigs, like every miner need to do. I have paid for two such contracts. GenesisMining submitted 11 months ago by elchacal2 15 comments share save hide report. Submit a new text post.
Is there anything I can do to assuage your fears that we're not a scam? Monero Mining Contracts Comparison. We should spread the message every where, more Bitcoin speakers should talk about this on YT. You lead people on to think they are going to make a return on their investment, when they are not.
That's about 4 USD a day. Appreciate you offering sound advice to new users but those that WANT to do cloud mining can rely on this information which i will update in time! It seems people are having positive results with it. And btw that's when Genesis feels like paying. In turn, they receive daily payouts of whatever specific cryptocurrency they Sell Litecoin Australia Ny Cryptocurrency Ripple News the contract.
Shakespeare wouldn't be gatehub ripple xrp projections happy if he saw you butchering the English language like that!
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