Satoshi Holdings The Original Bitcoin Hedge Fund

Bitgrin - WHO I AM - introduction for new miners & investors

Bitgrin - WHO I AM - introduction for new miners & investors


https://preview.redd.it/y1nyrhkmoj731.png?width=298&format=png&auto=webp&s=93a62ae0fa7614dcc538e1ace8756a0857fae63f

Bitgrin is a privacy focused cryptocurrency on a protocol level based on MimbleWimble and a fork of GRIN coin.
This is about freedom from censorship and the banker regime.
The technology of Grin meets the economics of Bitcoin, for the worlds first
- private,
- scalable,
- decentralized currency with sound economic model (limited supply)

If you're not clear on what i mean by scalability: Bitcoin has a 240 GB blockchain. Ethereum has a 1TB blockchain. BitGrin will stay below 1GB due to the way old transactions get compressed and pruned
that means i can put a full node on your phone, not just a light wallet but a true full node

Bitgrin mainnet launched the 8th of February 2019

Ticker: XBG
Block time: ~60s
Block reward: 4.5 XBG
Next Halvening: Block 2,102,400
Supply: 21,000,000

==========================================================
LINKS
We dont need a central authority declaring stuff official, we need grass-roots support

Website: https://bitgrin.dev/
ANN: https://bitcointalk.org/index.php?topic=5104608.0
Github: https://github.com/bitgrin/bitgrin
Emission Schedule: https://bitgrin.dev/comparision-of-emission/
Latest Kingfish releases : https://github.com/bitgrin/kingfish/releases
Explore : https://explorer.bitgrin.dev/

Discord : https://discord.gg/Nd5BazK
Twitter : https://twitter.com/Bitgrin
Reddit : https://www.reddit.com/xbg

==========================================================


Purpose of MimbleWimble is that no one can see your coins or who you sent them too, while still knowing coins are valid.
This is a huge deal in privacy, and we wish that Bitcoin had that from beginning.

But looks like we have a 2nd chance now. Grin failed that in our eyes with horrible economics


==========================================================
TEAM

Our team is anonymous that won't change
We've got a small team who has been in blockchain dev since around 2011 as well as application developers, good at making things user friendly.
This all started because we were working on the Kingfish wallet which was a Grin wallet, and some miner software for Grin. The tech was very cool, but then this emission schedule and the attitude of the core devs made us realize their priorities wrong.
So Kingfish partners joined bitgrin team. Many of us on the original team were not happy with the economic decisions.
We're actually pretty active in Grin Core team chat.

==========================================================
WHAT IS BITGRIN

BitGrin is a store of value, designed to be easy to use
Bitgrin share the same halvening schedule as BTC. Half as many rewards every 4 years. 4.5 coins per block, and then 2.25 after halving, and so on.

So theres really 3 things we bring to the table
  1. We create an economic incentive for folks to hold there coins with halvenings. This means the coin acts more as a store of value.
  2. We create a dev fee so we don't have to be like the Grin team and beg for donations. We'll take modest salaries to keep things running clean
  3. We are building super simple user friendly tools on top of the protocol so that in time the average user can simply pull out a phone and work with XBG coins

BitGrin makes transactions completely private, hiding the amount of coins a user owns, how many have been sent, and to whom they were sent.

Transactions are blinded, which means no-one can prove that coins have been sent at all!

BitGrin is private by design, even the developers don't know who is sending or receiving coins.

But how does it all actually work?
BitGrin is governed by the laws of mathematics, exploiting some very simple properties of addition and multiplication.
Elliptic curve cryptography is at the root of what keeps BitGrin (and Bitcoin) secure. The standard is also used by countless military, banking, and even government operations. Elliptic curve cryptography is a method of utilizing a secure curve to produce privately known numbers These extremely large numbers are nearly impossible to guess, but can be proven to have been generated by someone with knowledge of their private key.

Let me walk you through the process.
First, a user picks a really, really, really large number. Then they multiply it with the starting point on the curve.
The resulting coordinates on the curve are your public key and that really, really big number is your private key!
You can now securely encrypt values utilizing your private key, and publicly share your encrypted messages along with your public key. Other users in the world can *prove* that you must have knowledge of the correct private key, without them knowing what it is.

And this is the bedrock of almost all cryptography. It keeps the whole world secure!
The trick here is that it's pretty easy to get the coordinates of your public key, but it's nearly impossible to discover another user's private key.

A simple analogy for elliptic curve cryptography
Knowing just the public key is like knowing the location of an indestructible box, with the world's most complicated lock. Without the private key, it is impossible to access it's contents.
This is where, for example, Bitcoin's security model ends.
BitGrin, on the other hand, goes a few steps further.
BitGrin hides your even your *public* key. So now no one even knows *where* your indestructible box is.
This means that no one can see how many coins you have, who you are sending coins to, or how many you have received.
All of this is accomplished using just a few additional mathematical tricks.

How Bitcoin transactions work
To further explain, let's first talk about how Bitcoin transactions work.
Lett’s say you, a Bitcoin user, want to send some funds to another user. You would announce publicly to the network your public key, the amount of coins you would like to send, and proof that demonstrates you are indeed the owner of these coins.
You can see the problem here.
If someone goes through the history of the blockchain, they can clearly see who you received the coins from, who you are sending them to, how many were sent, and even how many you have.
You don't really want people knowing all of that information, do you?
Do you share your bank statements with everyone? Of course not.
Now... How can we fix this? How can we make transactions more private?

How BitGrin transactions work
Let's go over a BitGrin transaction...
BitGrin transactions are completely different than Bitcoin transactions, You can think of them as just a blank credit card with no name, just the number, and everyone who knows this number can spend money with it.
What the blockchain holds is just a list of these "cards", while obscuring the amounts in them, and who is in possession of them, or even who had contents in them prior.

Let's say for example I want to send you three BitGrin.
What we need to do now is prove that I own a credit card (or multiple cards) with the total of at least 3 coins.
We also need to create a new card for you. One whose number is only known by you.
First, I send you a message via a secure channel in between our wallets.
"Hey, I want to send you 3 coins. Here's proof I own at least 3. I'll also pay the fee."
You receive the message and you can compute your part of what it takes to make a new card. Then you send me back the proof that you know the new credit card number,
while not revealing the number to me, by using a special type of encryption.
Next, you send me a very very big number you choose to obscure the amount of coins by moving them by this amount on the elliptical curve.
Then, add to it a public key of the credit card number, made with another operation on the graph.
This will prove you own the coins, without either user revealing their private keys.

Finally, I add the number of coins to the very big number you chose.

We can prove the number of coins didn't change because 5-5 is 0. This is validated by the network to prevent coins from being created out of thin air.
And 5 plus the BigNumber, minus 5 plus the BigNumber, is also zero. By adding a hidden big number known only to us, we hide the amount from everyone else.
I combined all these details together into one large commitment, and then submit it to the BitGrin network.
Now the network needs to validate that no new coins were created and that your new card is valid. This is all done with simple mathematics, and is completely secure.
You now received your money! While it may sound like a long process, all of it is done within less than 1 second from the BitGrin wallet.
Want to spice things up? Generate invoices, transact using QR codes or send it by pigeons!

We're not done yet. This is not all that BitGrin improves.
As you may know, BitCoin transactions can take a very long time to be confirmed, and running a Bitcoin node is a very computer-intensive process.
BitGrin on the other hand is both fast, and extremely scalable! The majority of spent transactions get removed, making the blockchain much smaller than traditional blockchains.
This is done by miners in every block, as well as the entire blockchain over time.

Soon, everyone will be able to download the entire blockchain and synchronize it within seconds or minutes, even on a low powered mobile device or a payment terminal at the local checkout.

With further work and research, BitGrin will improve even more, enabling truly private, scalable digital cash to see mass adoption.

==========================================================
TEAM VISION

- Goal to be simple for end user
Crypto is super hard to use, keeping your money private is impossible. Bitgrin solves those problems making the latest scientific breakthroughs in cryptography, usable by everyone, all while being built on robust bitcoin economics. Bitgrin paves the road to mass adoption
there is a lot of confusion about what crypto is for many folks think it is a way to make money by buying new coins and selling as they mature
ignoring the central idea of decentralized money.
Grin folks invented a better BTC, and then proceeded to apply infinite inflation for reasons I can't explain it's decentralized, lightweight, and fast
but you can't just mint 1 new coin every second, thats not sound monetary policy even USD doesnt do anything that extreme
and yet the buying power of USD falls, even with their small inflation schedule and we already know a schedule that seems to work: the Bitcoin schedule
so why not use this in combination with the lightweight blockchain approach of Grin?
Lightning Network doesnt solve BTC problems, because settlement is important, and scale means fees.
Bitgrin solves all of these problems by offering a truly lightweight settlement layer, with no arbitrary P2P layer on top

__________A few words about others MW coins_____________
Grin has Grin economics: infinite coins forever which is kind of insane, Grin could have easily just limited their supply but they refuse to do that.
Our key differentiator is our economically sound emission schedule
Beam and BitGrin are working towards the same kind of thing, or at least our goals are more in line than they are with the Grin team. Our approaches are pretty different, from a technology perspective though. I fully expect all three projects to coexist and hopefully make each other better
Being “non corporate” isn’t necessarily good. To some degree it’s useful to have profits, a core team, etc
But if it’s too corporate (Beam) then your whole organization is susceptible to issues of centralization such as being shut down by the government.
The decentralized nature of the software prevents that to some extent, but nothing beats being driven by a team of anonymous contributors. That is true censorship resistance. It’s a feature, not a bug.
But we don’t need them to lose for us to win, we can win together, I believe a symbiotic mutually beneficial relationship is ideal with the Grin team.

==========================================================
PREMINE

1M coins are put in to height-locked contracts
about 20k released per month, starting next March 2018
so at launch, dev team has 0 coins
10% for 4 yrs, which amounts to 4% of total supply over time
Just a reminder that the dev fee is quite modest. It’s not like we are holding 90% of the supply like ICOs like to do
1mln pub const DEV_FEE_TOTAL: u64 = 1_000_000; // 1M coins to match Satoshi's Bitcoin holdings >> line 58 https://github.com/bitgrin/bitgrin/blob/mastecore/src/consensus.rs
Payouts are staggered over 4 years by the smart contract
I think as far as the community goes, what you would WANT is developers who are paid for success in the same terms they would expect success as buyers/miners.

==========================================================
FUTURE

It took a lot of work to know what to change, and to understand GRIN codebase and then the generatioin of the genesis block wasnt documented
or it was, but it was incorrect.
Getting seed nodes up and running, making the miners work thousands of little details
BitGrin in particular also has rollback protection
Uses block hash checks to make sure the chain stays stable
BitGrin in particular also has rollback protection
Uses block hash checks to make sure the chain stays stable
Also worth noting this is something added by us. Grin doesn’t support block hash checking
It’s not possible to rewrite any meaningful amount of the chain through a 51% attack. Those attacks are quite limited in exclusively abusing double spend
The team is currently working on porting the entire codebase to be web friendly for web wallets, and offline/non-interactive transactions using BitGrin addresses
basically we want to include a tx pool so users dont need to share ips/files, and can simply use disposable "addresses".
A major improvement with we call XBGJS. This will include tools for other devs to make working with BitGrin easier
Adding non-interactive transactions will be a major improvement

==========================================================
MINING
It's compatible with all grin miners
so any grin miner that works with Grin will also work with BitGrin

==========================================================
ASICS
Community will make those decisions when it comes to it, there is time till end of 2019.
We can fork in to a different PoW, as needed.

There are ongoing discussion about it on discord

==========================================================
COMMUNITY
We dont need a central authority declaring stuff official, we need grass-roots support

Website: https://bitgrin.dev/
ANN: https://bitcointalk.org/index.php?topic=5104608.0
Github: https://github.com/bitgrin/bitgrin
Emission Schedule: https://bitgrin.dev/comparision-of-emission/
Latest Kingfish releases : https://github.com/bitgrin/kingfish/releases
Explore : https://explorer.bitgrin.dev/

Discord : https://discord.gg/Nd5BazK
Twitter : https://twitter.com/Bitgrin
Reddit : https://www.reddit.com/xbg

=========================================================

There is no coin other than bitgrin that has true privacy, scalability, and limited supply it doesn't exist.

I say the more the merrier, this is about growing MW and it’s ecosystem, not about one coin “beating” the other.

But either way competition is healthy, let’s see where this road leads.

Competition is needed for innovation to keep up at a high pace.

Aren't you as excited about that as we are? Join us. Let's change the world !
submitted by Akyr35 to xbg [link] [comments]

Satoshi almost spelled hodl/hold in the first transaction he sent to Hal (x-post from /r/Bitcoin)

submitted by ASICmachine to CryptoCurrencyClassic [link] [comments]

“ Payment processors who are Non-Custodial Financial Service Providers on Bitcoin Cash never have control of even a single Satoshi of their client's money (couldn't "hold on to it" if they wanted to) AND still make revenue on every purchase 🙂”

“ Payment processors who are Non-Custodial Financial Service Providers on Bitcoin Cash never have control of even a single Satoshi of their client's money (couldn't submitted by Egon_1 to btc [link] [comments]

Satoshi Nakaboto: ‘US banks can now hold Bitcoin on behalf of their customers’

Satoshi Nakaboto: ‘US banks can now hold Bitcoin on behalf of their customers’ submitted by Ranzware to Ranzware [link] [comments]

Craig Wright claims he’s received keys to ‘Satoshi’ Bitcoin stash worth $8.6B. The person holding the private keys to Craig Wright‘s Bitcoin stash, which are at the center of a legal dispute with the Kleiman estate, has allegedly arrived.

Craig Wright claims he’s received keys to ‘Satoshi’ Bitcoin stash worth $8.6B. The person holding the private keys to Craig Wright‘s Bitcoin stash, which are at the center of a legal dispute with the Kleiman estate, has allegedly arrived. submitted by ngt_ to CryptoCurrency [link] [comments]

What's keeping people from buying bitcoins? They don't know they can buy mere satoshis! That lack of knowledge is all that is holding bitcoin back!

PSA: Many newbies get intimidate by the price of bitcoin, thinking they can only buy a whole bitcoin. Email your favorite exchange and tell them to change the unit to 1 satoshi instead - People will then start stacking sats!!
https://www.reddit.com/Bitcoin/comments/dvtc2h/psa_many_newbies_get_intimidate_by_the_price_of/
Clue to bitcoiners who think this: no, they won't start "stacking sats" or "hodling" or any of your other dumb lingo.
The reason people make that objection isn't because they don't know that they don't have to buy a full bitcoin. Actually, they don't care that they don't have to buy a full one.
The reason people say this to you is because it's the quickest way to politely make you shut up about bitcoin. If you respond by telling them to buy satoshis, you're just going to further annoy them. Then their responses will become less and less polite. I guarantee this.
Please learn social cues and quit bugging people about things they don't care about.
submitted by witcoins to Buttcoin [link] [comments]

Bitcoin comic series holds seed phrase for 10 million satoshis (current BTC/USD price is $9,650.62)

Latest Bitcoin News:
Bitcoin comic series holds seed phrase for 10 million satoshis
Other Related Bitcoin Topics:
Bitcoin Price | Bitcoin Mining | Blockchain
The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools.
submitted by coinsaladcom to CoinSalad [link] [comments]

Bitcoin comic series holds seed phrase for 10 million satoshis

Bitcoin comic series holds seed phrase for 10 million satoshis submitted by raaner12 to Altcoinss [link] [comments]

03-31 21:03 - 'We a holding an AMA with Satoshi Nakamoto himself tomorrow. Best 3 questions will split 0.9 BTC' (twitter.com) by /u/ChangeNow_io removed from /r/Bitcoin within 18-28min

We a holding an AMA with Satoshi Nakamoto himself tomorrow. Best 3 questions will split 0.9 BTC
Go1dfish undelete link
unreddit undelete link
Author: ChangeNow_io
submitted by removalbot to removalbot [link] [comments]

TIL the founder of Bitcoin is someone called Satoshi Nakamoto. Nobody knows who he is, what his real name is or where he lives. He holds 1 million bitcoins, equivalent to $1.1 billion

TIL the founder of Bitcoin is someone called Satoshi Nakamoto. Nobody knows who he is, what his real name is or where he lives. He holds 1 million bitcoins, equivalent to $1.1 billion submitted by -INFOWARS- to todayilearned [link] [comments]

Bitcoin on Twitter: "Ever notice how Bitcoin Maximalists on Twitter believe that $BTC is the only coin worth holding while simultaneously mocking Satoshi Nakamoto's whitepaper and deriding bitcoin as "old tech"? Hmmm 🤔"

Bitcoin on Twitter: submitted by Egon_1 to btc [link] [comments]

President of SBI Holdings: "The vision of the original Bitcoin white paper written by Satoshi Nakamoto calls for a peer-to-peer electronic cash system. That is a powerful vision, and SBI Group will devote resources to enable a future world where Bitcoin Cash is used globally for daily payments."

President of SBI Holdings: submitted by cryptorebel to btc [link] [comments]

08-19 23:53 - 'My Reveal Part II and III – Satoshi Nakamoto Renaissance Holdings' (satoshinrh.com) by /u/Harucifer removed from /r/Bitcoin within 48-58min

My Reveal Part II and III – Satoshi Nakamoto Renaissance Holdings
Go1dfish undelete link
unreddit undelete link
Author: Harucifer
submitted by removalbot to removalbot [link] [comments]

Satoshi Nakaboto: ‘Coinbase users hold nearly 1 billion Bitcoin in their wallets’

Satoshi Nakaboto: ‘Coinbase users hold nearly 1 billion Bitcoin in their wallets’ submitted by Ranzware to Ranzware [link] [comments]

Bitcoin.com is holding true to "The Satoshi Revolution", check out our New Book by Wendy McElroy Exclusively on Bitcoin.com and ask yourself if Blockstream or Core share these same values.

Bitcoin.com is holding true to submitted by MemoryDealers to btc [link] [comments]

‘Satoshi in the house’: Seoul holds first-ever Bitcoin SV Meetup

‘Satoshi in the house’: Seoul holds first-ever Bitcoin SV Meetup submitted by leftok to atbitcoin [link] [comments]

‘Satoshi in the house’: Seoul holds first-ever Bitcoin SV Meetup

‘Satoshi in the house’: Seoul holds first-ever Bitcoin SV Meetup submitted by n4bb to CoinPath [link] [comments]

‘Satoshi in the house’: Seoul holds first-ever Bitcoin SV Meetup

‘Satoshi in the house’: Seoul holds first-ever Bitcoin SV Meetup submitted by koinsbook to CryptoCurrencyTrading [link] [comments]

With Bitcoin Satoshi Vision I increased my BCH holdings by 30%. Thank you so much @ProfFaustus and @CalvinAyre. It reduced losses from the crypto bloodbath, and once the prices recover I will be even better off than I was before this so called "war". Thanks again and good luck :D

With Bitcoin Satoshi Vision I increased my BCH holdings by 30%. Thank you so much @ProfFaustus and @CalvinAyre. It reduced losses from the crypto bloodbath, and once the prices recover I will be even better off than I was before this so called submitted by OlavOlsm to btc [link] [comments]

Bitcoin [BTC]: Elon Musk reveals holding only 0.25 BTC; recommends Satoshi Nakamoto for a Nobel Prize

Bitcoin [BTC]: Elon Musk reveals holding only 0.25 BTC; recommends Satoshi Nakamoto for a Nobel Prize submitted by ThrillerPodcast to thrillerpodcast [link] [comments]

Winklevoss Twins on Their Bitcoin Holdings: ‘Satoshi Probably Has More’

Winklevoss Twins on Their Bitcoin Holdings: ‘Satoshi Probably Has More’ submitted by asmajda to CryptoStock [link] [comments]

Satoshi Nakaboto: ‘Bitcoin now holds 70% of the total crypto market share’

Satoshi Nakaboto: ‘Bitcoin now holds 70% of the total crypto market share’ submitted by HardAzRockz to TopTechNews [link] [comments]

Craig Wright Denies Transferring ‘Satoshi’ Coins, Leaving Him in Legal Who Is Satoshi Nakamoto? Bitcoin Dumps 7% After 50 BTC Transaction  Ethereum Dangerous To Own? Craig Wright Already Has Key to Encrypted ‘Satoshi’ File — Kleiman Coming Soon: Satoshi Nakamoto's Bitcoin V1 Renowned Analyst Claims Bitcoin Heads to $6,300, But Is it ...

Bitcoin is a revolutionary invention of the last decade. Its essential meaning is money digitization. It became the first decentralized peer-to-peer payment network for using without any central authority or middlemen. In a nutshell, bitcoin is the money for Internet. Its original purpose is providing all people with universal currency for different operations. Bitcoin can also be described as ... Bitcoin Creator – Satoshi Nakamoto – Net Worth, Cryptocurrency Holdings, Bio (2020 Update) Ishan Garg Posted On August 6, 2019 0. 27. Shares. Share On Facebook; Tweet It ; 2019 had been a good year for Bitcoin. Bitcoin broke above $10K in 2019, almost 300% increase from the November 2018 low, where Bitcoin touched $3,850. And the cryptocurrency is increasing in value day by day. It’s ... The second type consists of “bitcoin held by the company, with bitcoin serving as the primary treasury reserve asset on an ongoing basis, subject to market conditions and anticipated needs of the business for cash assets, including future potential share repurchase activity.” Microstrategy clarified: “As a result of this new policy, the company’s holdings of bitcoin may increase beyond ... Satoshi Nakamoto Renaissance Holdings. The website bears the name ‘ Satoshi Nakamoto Renaissance Holdings’, and the ‘Truth’ is as told to Ivy McLemore, a PR and marketing consultant… and apparently a man. So far, so readily dismissible as another waste of time marketing ploy. The site even admits that part three of ‘My Reveal’, along with the Nakamoto’s true identity, will ... At Vimba, we show the value of our users’ bitcoin holdings in mBTC.” This was the idea behind the mass movement that arose last summer, advocating for the creation of a symbol for the satoshi. The campaign centered around the belief that if the symbol for Bitcoin’s smallest denomination was modeled after the “@” sign, it could change the way people transact and use Bitcoin in general.

[index] [41697] [2852] [5989] [9992] [38869] [50549] [14952] [37114] [36223] [33610]

Craig Wright Denies Transferring ‘Satoshi’ Coins, Leaving Him in Legal

Bitcoin pioneered the idea that with the right combination of technology, it’s possible to create a transmission of money, free from intermediaries. However, this is only part of the solution as ... Rounding Up The Usual Suspects After Today’s 50 Bitcoin Transaction BTC sustained a strong 7% drop ($9,800 to $9,100) on Wednesday after trading in a holding pattern around $9,800 for multiple ... Bitcoin is back in the spotlight after a 50 BTC transaction potentially owned by its creator Satoshi Nakamoto. As speculation mounted about Satoshi dumping h... Bitcoin’s SV’s billionaire benefactor Calvin Ayre revealed Satoshi claimant Craig Wright has denied moving 50 BTC from a long-dormant address thought by some to belong to the Bitcoin founder. #Bitcoin #Altcoin #Satoshi Its starting to look like Alt Season out there! Don't get caught holding bags while others take profit! Learn when to get in the trades, and more importantly, when to ...

#