Wikicoin Vera Thornpike

Ripple Mining Explained: Why It Can’t be Done

📚 Wikicoin
Being a top cryptocurrency, Ripple appeals to both corporate and individual investors, but can it really be mined?
Ripple Mining Explained: Why It Can’t be Done
Contents

The cryptocurrency market is thriving, and all major players are doing everything possible to get the piece of the market cap pie which was, by the way, worth $1 trillion at the beginning of 2018. Thanks to technological advances, Ripple (XRP) has made its way to the top: it’s the 3rd most popular crypto asset in the world. If this currency has piqued your enthusiasm, it’s time to find out how to mine XRP (spoiler alert: it’s impossible).

Why mining is so attractive

As the prices of cryptocurrencies started going up, investors started trying every trick in their repertoire to obtain the coins. Mining is one of the most widely used methods: you can add to your crypto riches by using the computing power of your hardware. No strenuous efforts are required, you just need to install the mining rig, provide electricity and cooling on a 24/7 basis, and wait. The computational power is used to perform certain sophisticated mathematical calculations and generate the blocks for crypto transactions to be executed.

Why mining is so attractive

However, the difficulty of these computations is growing at an exponential rate, so Bitcoin and Ethereum mining requires juggernaut servers and mining rigs for outperforming rivals. For this very reason, crypto enthusiasts switch their attention to different altcoins. Wonder if there’s a chance to mine XRP? It’s time to set the record straight.

Cryptocurrency

Price as of Dec. 31, 2017

Profit in 2017

Ripple

$1.96

35,000%

Bitcoin cash

$2,379

840%

Litecoin

$224

5,300%

Is mining Ripple possible?

So, can you mine Ripple to join the rows of crypto owners? That may sound disappointing, but there’s simply no way.

Why has the team behind XRP decided to sidestep Ripple mining?

  1. Ripple was primarily created as a digital currency for banks rather than individual users. Despite the fact that many banks can use their own Blockchain technologies and avoid using this cryptocurrency, having a universally acceptable cryptocurrency is easier. That’s why over 100 banks are already adopting this asset. Ripple is making its way to the top, thanks to financial institutions mostly.

  2. While digital cryptocurrencies are decentralized, Ripple takes a slightly different approach. Although third-party validating nodes authorize transactions, Ripple Labs is still in charge of operations.

  3. The main reason why you cannot mine Ripple is the fact there’s nothing to mine: the entire stock of coins has already been released.

The company behind Ripple explained why it doesn’t need Ripple coin mining. According to Ripple Labs, the amount of emitted coins is enough to sustain normal circulation of assets within the following five years, and the existing track of investments and transactions proves that the current amount of XRP is enough to sustain an optimal functioning of the infrastructure.

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How does it work?

As we’ve already mentioned, mineable cryptocurrency becomes available to those who show Proof of Work to receive block rewards. As the difficulty of calculations grows and we approach the maximum available supply, the expansion of the coin slows down.

The main benefit of this system is that the market can partially control the amount of effort put into block generation. When prices are low, the cost of mining can be higher than the value of the obtained coins, which leads to less mining activity. The rise in prices triggers a higher mining activity, and that’s what we witnessed a year ago.

How does it work?

When it comes to Ripple, there’s no need to leverage XRP mining: its market cap belongs to banks rather than individual users. The supply of 100 bln XRP has already been emitted. The founders have kept 20 bln of Ripple to themselves, and the remaining 80 bln XRP was contributed to the company. In December 2017, Ripple Labs distributed 38.7 bln XRP and put 55 bln XRP in an escrow account.

The escrow system is pretty simple. One of 55 escrow contracts expires within a month. Every contract covers 1 bln XRP and becomes available to Ripple Labs for sale to banks or reward to market contributors. If one month’s Ripple supply isn’t used, it goes back into the escrow. With this approach, the circulating supply of Ripple will double within the next 3.5 years. According to Ripple labs, during the last 1.5 years, 300 mln XRP were used every month. With such rates, the entire Ripple supply will go through the escrow in 14–18 years.

Ripple’s development will depend on how fast the financial institutions adopt this cryptocurrency and use it as a medium of exchange. Individual users and payments made through Ripple Labs don’t play as much role here.

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So, I can never be a Ripple miner?

No, but you still have the opportunity to be a proud XRP owner. There’s only one way of doing it: purchase the coins on trading platforms. Instead of searching for a Ripple coin mining pool, find reliable cryptocurrency exchange websites and buy XRP for fiat or other cryptocurrencies.

Having some XRP in your portfolio is always a good idea because:

  • It’s one of the most reliable crypto assets with a high profitability potential.

  • Ripple is in demand: it’s easy to sell it whenever you want.

  • In the nearest future, it will be possible to make international transactions with minimal fees. From an individual user’s standpoint, Ripple is a nice alternative to Western Union and services alike.

So, I can never be a Ripple miner?

There’s no such thing as mining the XRP coin!

Whenever you see headlines and ads like “Ripple mining software,” “Ripple mining hardware,” or “I will show you how to mine Ripple on PC,” keep in mind that this is a trap. There are no Ripple mining pools, no cloud Ripple XRP mining, and no machines doing that.

If you see a cloud mining website that offers XRP mining, there’s a 99.9% chance it’s a scam.

Bottom line

So, how to mine Ripple? There’s NO way of doing it. Since the entire XRP supply was emitted right in the beginning, this is one of few semi-decentralized cryptocurrencies that doesn’t have such feature. However, there’s still a chance to own the coins: they can be bought on cryptocurrency exchange platforms. Ripple is widely present in the vast majority of leading crypto exchange websites, so it’s easily available.

P.S. If you’re a mining geek and accept only this way of obtaining coins, there’s always an alternative. Although you cannot mine Ripple, there’s a myriad of mineable altcoins, and they can all be easily exchanged for Ripple. And if you monitor the market closely, you may be lucky to profit from a favorable exchange rate.

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🕵️‍ ICO Watch Eric Eissler

Vinnie Lingham’s Civic, How it Fares Now: Past-ICO Review

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Secure Ecosystems for protecting identity are growing, but can one company rise above the rest?
Vinnie Lingham’s Civic, How it Fares Now: Past-ICO Review
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Once someone figured out that Blockchain can be used to return the control of personal information back to the user a bunch of companies got hard to work developing these tools and Blockchain protocols to do so.

At many Blockchain conferences, the topic of identity protection and control of personal data is part of many presentations. It comes as no surprise there-there are more and more companies in this now growing sector. Civic is another one of these companies offering a secure identity ecosystem.

By the numbers

Money talks and it did for Civic, as the pre-sale sold out eight days before the planned ICO. The company raised $33 mln in funding.

Tokens sold at $0.10 per token during the sale and for the initial debut into the market in July 2017, the price per token was $0.16. At the time of writing the token was $0.20, doubling from the initial sale price.

However, it should be noted that the token hit it's all-time high in December 2017, when it hit $1.37 before crashing hard at the start of 2018, a common trend for most all coins around that time.

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How it works

On Civic’s platform, a user’s personal data is never stored neither on a server nor on the Blockchain– only attestations to this data are written to the Blockchain.

After Civic verifies a user’s identity via a trusted third party, the data are encrypted and stored solely on the user’s device and can be accessed only via biometrics or the user’s chosen level of security. Users can review requests to obtain their information and choose whether to approve or deny these requests.

This is similar to many other companies out there competing for the market share of this hot new blockchain subsector. Remember, NEVER put personal information on a blockchain, once it is there it is ALWAYS there forever! Unless, of course, you manage to get consensus from all the nodes to go back and delete the information. That’s how Ethereum Classic was born.

The Team

Vinny Lingham- The South African entrepreneur who previously founded the digital gift card platform, Gyft, which was acquired by First Data Corporation in 2014. After more than a decade of experience in e-commerce, he realized that there had to be a universal solution to tackle identity fraud for consumers, which he attempts to solve with Civic.

Jonathan Smith- Jonathan has more than 15 years of experience in banking and technology advisory. After a successful career in some of the most complex and security-sensitive environments, Jonathan brings his talent for technology leadership, innovation, and delivery to the world of digital identity.

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What’s up now?

As with many Blockchain based companies, after the ICO closes, doesn’t mean there will be a product or a service launch. Instead, there is much waiting and usually delays or broken promises. According to the website, the Q2 goals have not been reached. The goals are:

  • Open enrollment of identity providers allows any Civic-vetted organization to begin attesting to data.

  • Enrolled partners can use fiat currency balances to transact on the marketplace.

  • Marketplace integration SDKs publicly available.

  • Most important the release of Beta 2.0.

In a previous interview with CryptoComes, Lingham said that the biggest challenge Civic faces is “that the current regulations don't really force companies to be cognizant of the use of data that they are storing. Now GDPR in Europe is coming in, and I think US regulations are coming as well. Adoption will happen when we have government regulations forcing companies to be responsible and they have to look at solutions like Civic.”

While the company still has a bit of June left to finish these goals, it appears to be that they may not make it.

If they don’t make it, there is potential for token prices to fall due to lack-of-faith investors selling off. Let’s see if the goal boxes are checked off by the end of June, or if token prices fall due to lack of progress.

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Things Are Looking Up for Tron Despite Bearish Market

Despite dominance from sellers, Tron remains stable in the roller-coaster market
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Coinmarketcap reports that TRX is currently trading at $0.022144, a price tag that has been reached after a small decline. Over the past fortnight, the coin has been drifting between $0.22 and $0.26.

The Tron community would perhaps like to see more from TRX, but, in any case, the coin has managed to do well enough by holding on without dropping through the floor. Concurrently, the Tron Foundation with Justin Sun have been very active of late.

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TRX makes its way to an untapped market

On Tuesday, TRX trading was launched on AltcoinTrader. It is a small-scale crypto exchange platform based in South Africa. Even though it may seem like nothing special, AltcoinTrader has opened an untapped crypto market for Tron. At present, this listing may not seem vital, but it might be in the long term.

Tron outperforms Ethereum by daily transactions

Even though the overall market sentiment has been negative, the Tron Blockchain has demonstrated a significant rise regarding network capacity and has set two transaction records close to each other in time.

On Oct. 18, Justin Sun tweeted that the Tron network had got over the 500,000 figure, thereby outperforming Ethereum. The Tron CEO stipulated it was the first time Tron had moved past Ethereum. The next record was announced on Saturday, Oct. 27, when many financial news outlets screamed about Tron getting over the 900,000 threshold of daily operations.

Tron cooperates with Binance Charity Fund

At this year’s World Investment Forum at the UN, Binance CEO Changpeng Zhao mentioned the contribution Tron had made to the Blockchain Charity Foundation (BCF) launched by Binance. In particular, Tron assisted with the transfer of funds to victims of the flood that had badly affected Japan in the summer, with Justin Sun having donated a substantial amount of that sum in crypto himself.

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At the same forum, Justin Sun commented on CZ’s speech, saying that he would do his utmost to improve society using crypto as a tool.

Tron Virtual Machine, dApps, smart contracts

Even though the Tron Virtual Machine (TVM) is still not completely ready and is being ‘fine-tuned’ as we speak by the Tron team in order to facilitate and simplify a dApp creation process, Tron’s weekly report shows that work is being done on a much wider scale than was previously expected by the community.

In addition, in the report, it was said that dApphouse had been released. Now the Tron Blockchain can also work with smart contracts through Tronscan.

To top it off, Justin Sun tweeted that according to a CoinTrendz survey, TRX remains the most frequently mentioned coin on Twitter.

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Bitcoin Cash’s Breakup a Bitter Split for Entire Crypto Ecosystem

The highly publicised hard fork of Bitcoin Cash was not only an ugly divorce, but a ‘disservice’ to the industry, says Barry Silbert
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While it would probably be a stretch to say that the Bitcoin Cash hard fork on November 15 caused the most recent and significant drop in the value of the entire cryptocurrency market, there are some big coincidences, especially with timing.

The fork itself built up into a real crescendo of ugliness as two important figure heads in Bitcoin Cash butted heads. Roger Ver and Craig Wright turned what should have been a routine upgrade of the Bitcoin Cash blockchain into a real philosophical fight that spilled out onto the public forum.

This has led many to criticise the actions of the two men who essentially started a hash war in order to gain superiority for their planned blockchains, and to this end, prominent cryptocurrency figures have spoken out.

Barry Silbert, the man behind crypto-centric conglomerate Digital Currency Group (DCG), has come out and called the Bitcoin Cash hard fork a ‘disservice to the industry’, and going beyond it being a catalyst for the price drop, he is probably right for other reasons.

A disservice

The Bitcoin Cash war is still technically ongoing, as the two chains that forked have refused to die down. Ver and his Bitcoin ABC chain have retained the name Bitcoin Cash, while Wright has formed a new cryptocurrency called Bitcoin SV.

“The fork is a distraction. The industry did itself a real disservice, but let me give you the other side of that — if Bitcoin emerges as the winner, it will have been battle-tested, as it has been challenged by competitive cryptocurrencies and internal development strife,” Silbert explained.

Looking deeper at the negative effect this battle between two large personalities has had, one can also see that the perception of the cryptocurrency space is damaged from this fracas. The fact that two men can wield so much power and influence, as well as capital, and cause such bad blood does not look good for those outside of the cryptocurrency space.

The likes of the SEC and other regulators have insinuated that there will be no future for cryptocurrencies unless they can sort out issues of market manipulation and such, and while this is not market manipulation, it is still too fast and loose for most regulators to accept and agree with.

More to it

Silbert, although not a fan of the BCH fork, is not tying it totally to the reason for the latest drop in the value of the cryptocurrency market. Instead, the DCG chief believes that the unraveling ICO market, as well as the fall in stocks, is correlated to the fall.

The ICO market no doubt was one of the major reasons for the explosion in the price of Bitcoin at the back end of 2017. Now, with ICOs almost fading to nothing, it cannot be too hard to expect there to be a fall back towards the norm that was devoid of the ICO hype.

More so, Silbert has also explained that crypto’s largest investors are funds/groups with asymmetric risk appetites. These funds often hold positions in high-risk, often-tumultuous technology stocks, coupled with cryptocurrency holdings. So, seeing that lines that can be drawn between the recent sell-offs seen in equities and crypto, it is apparent that the macro market has been proding Bitcoin investors.

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On Fanboy Wars: Opinion

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From supporters to maximalists while bringing benefits to individuals and communities
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The term “fanboy wars”, coming predominantly from the video game industry, does have a derogatory shade to it, but it is the most accurate one, so I suggest we stick with it.

I am talking about the fanboy wars in crypto.

For ages people have been ardent supporters of competing products and the competing products have also been there for ages, and Blockchain is no exception. Going through the entire history of fanboy wars is out of the scope of this post, and there are literature and books covering this topic specifically, backed by significant amounts of research and with fascinating historical (and often hysterical) anecdotes to illustrate.

What I’d like to dwell on briefly is two examples: video game fanboy wars and crypto fanboy wars.

Video game fanboy wars

Way back in the day — in the 90s actually — it was Genesis versus Nintendo. Remember that? “Genesis does what Nintendon’t” to which Nintendo retaliated with “Nintendo is what Genesisn’t”, and blast processing, and so on. The console war that was later joined in by Sony with their PlayStation and ultimately the PC.

None of these wars would have happened without communities supporting either side and taking a vigorous part in the process. And none of the community members would have been vigorous if the video games didn’t raise strong emotions in the users, who were majorly kids at the time. Because that’s what video entertainment in general and video games in particular attempt to do — give the user a high and cause an emotional response and maybe provoke thoughts.

The members of the warring communities were heavily investing in the process because the games stirred them.

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Crypto fanboy wars

The video game industry is again booming today, but the fanboy wars took a new incarnation in crypto. A much more complex and intricate one because the people involved in it are majorly adults and because money is involved. A lot of money.

Gaining money in crypto — as in doing an X or multiple Xs or losing the value of your assets — probably causes the same level of emotional response in adults as it does in kids, but because these are grown-ups playing the grown-up games, the tactics are much more nuanced. There are shills and influencers with their own hidden (or open) agenda, identity fraudsters, and confidence tricksters.

However, the major force is one of the sincere project supporters with a genuine drive to tell the world of their discovery and learn the technology and spread the knowledge. The major — not the only one, but majorly prevalent — cause for the drive is their investment in a particular project and the financial gain that they experienced. Based on their investment, people hold ground for the camps at war because often there are competing projects and competing supporters.

The heated discussions abound, but they happen on the platforms rife with shady actors. Discussions are good. Leveled discussions are very good for they help to understand the technology better and weigh all the pros and cons of a particular project. And the knowledge spreading that happens and the content that is generated in the process is hugely beneficial for the entirety of the crypto scene and the world as a whole.

What if this space was uncluttered and all the shadiness removed? I am not talking taking away the anonymity, I am talking better structure and transparency that’d ultimately reduce the animosity. What if there was the technology that’d help us with that? You know, like the one many are warning about? Like BLOCKCHAIN.

Remember the Bitcoin early adopters when it was novel and we considered ourselves pioneer for simply mining or purchasing Bitcoin? Remember how some of them turned Bitcoin maximalists and turned against Ethereum when it was only emerging?

Remember how some of the Ethereum supporters became in their turn Ethereum maximalists when NEO showed up?

See how much at war are some of the Vechain and Waltonchain supporters?

What if all of that was happening not on makeshift social platforms that were never designed to endure all the disputes and discussions and all the content generated, but on a platform built precisely on the technology we are arguing about? There would be so much to gain for the community as a whole with all the obfuscating flak removed.

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SEC Suspends Trading for Three Public Companies after Blockchain Announcement

The SEC has suspended trading for three public companies that have made Blockchain related announcements.
SEC Suspends Trading for Three Public Companies after Blockchain Announcement

The SEC has suspended the trading of three companies that trade on the OTC Markets Group (OTCMKTS). Cherubim Interests, Inc. (CHIT), PDX Partners, Inc. (PDXP), and Victura Construction Group, Inc. (VICT) have had the trading of their shares suspended from 9:30 a.m. EST on Feb. 16, 2018, to 11:59 p.m. EST on March 2, 2018.

What prompted the SEC to halt the trading of these companies was a recent press release by all three stating that they had acquired AAA-rated assets from a subsidiary of a private equity investor in cryptocurrency and Blockchain technology. To add insult to injury, CHIT had not been filing annual and quarterly reports with the SEC. What also troubled the SEC was CHIT’s announcement of a financial commitment they made to launch an ICO. The actions of the three companies have led the SEC to question the nature of these companies’ business operations and the value of their assets.

Patrick Johnson, the CEO of all three of the companies said, “We haven’t made any false claims about anything that we have put out.”

But just because Mr. Johnson alleges that his companies have not put out any false claims does not mean that it is true. Recently, there has been a series of troubling Blockchain related claims being made by public companies. Companies that are nearly underwater have been making public announcements that they will be incorporating Blockchain technologies into their business operations. When companies make announcements of this nature, they usually see their stock prices increase about 200 percent on average. In one case, Long Island Iced Tea Corp. changed their name to Long Blockchain and saw their stock rise 300 percent. When Eastman Kodak announced that they would be creating a digital asset called the Kodak Coin their stock rose more than 200 percent.

However, the practice of struggling companies changing their name and business model to incorporate the word “Blockchain” has the SEC worried that companies are using cryptocurrency and Blockchain technologies to capitalize on the gains that come with the trends. Jay Clayton, the chairman of the SEC said, “Fraudsters often try to use the lure of new and emerging technologies to convince potential victims to invest their money in scams.”

It would not be surprising if algorithm trading related to the words cryptocurrency and Blockchain is taking place. If developers create an algorithm that is keen on cryptocurrency and Blockchain related business, an investor may strike gold by putting their money into a company that could one day be as big as Google due to their blockchain innovations. Seeing companies take advantage of emerging technologies is nothing we haven’t seen in the past. During the dot-com bubble, companies like Pets.com turned out to be worthless despite the “dot com” in their name. Considering that Mr.Johnson claims all three statements are in line with events that have actually taken place, it will be interesting to see what happens to his companies after further investigation.

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