FUD FOMO JOMO SHILL & TROLL EXPLAINED

Welcome to another post from my short series “Crypto Jargon”.
In these series, I break down the complex terminology we use in reference to cryptocurrencies and blockchain technology.

In this article of Crypto Jargon, we break down the terms:

  • FUD
  • FOMO
  • JOMO
  • SHILL
  • TROLL

You’ve probably seen FOMO and FUD a lot lately as these acronyms made it into the mainstream and are used a lot not only on social media but also in the mainstream publications. They are not restricted to the crypto industry, but they do apply to it big time.

FUD stands for FEAR, UNCERTAINTY, and DOUBT: a term directed to any negative news or information that appears to confuse, scare you or put you off from a certain product, service or anything really. In the crypto space it is used in regard to any news that are “warning” about the dangers of crypto or new regulations coming (like the China ban on ICOs or India’s ban on Bitcoin per se) also when people predict yet another crash of the market… Pretty much anything that is negative or that can have a negative effect on the prices of crypto is considered FUD.

The opposite of FUD is the FOMO effect. It stands for “Fear Of Missing Out” and it describes that moment of sudden exhilaration you feel when you just found out about something and want waste no second in the fear that you might otherwise miss on potential gains. FOMO goes hand-in-hand with hype and it happens a lot during Bull markets, when coins experience huge gains and the mainstream media coverage brings in attention from the general public, attracting even more buyers just like in late 2017 when so many people rushed to buy Bitcoin at the inflated price levels of $15k, $17k and even higher just because it was on the news pretty much on a daily basis. Typically, this is just a hype that later subsides and it’s best to avoid buying anything while in FOMO mode but to take a step back and be more rational.

FOMO is also a strategy used by experienced marketers to “Shill” coins or ICOs that they are invested in or are being paid to promote. “Shill” can also serve as a verb referring to the act of promoting under the pretense of being sincere, while in reality, you have been paid to do so and it’s a term thrown at pretty much anyone who speaks well of a certain coin on social media, chat forums or on Youtube. The most infamous Shill out there must be John McAffee who has been known to promote many a coin to his 800k followers on Twitter and most recently another very public figure – Elon Musk was also seen shilling – he made a post about Dogecoin, which drove its price up by 30% in a matter of hours. This was short-lived as there are less and less nooks in the crypto space these days.

Along with the Shills, there are also the Trolls who spread all kinds of misinformation online and engage in fake “price predictions” about coins in order to create hype or engagement, purely because of their vested interest. Some exchanges even call their chatrooms “Trollbox” in reference to those users.

JOMO is the last acronym for this article, as I want to end on a positive note. It stands for “Joy Of Missing Out” and it’s what the more experienced traders and investors say when they see people caught up in the hype and manipulation of the markets.

As you probably know I also post these definitions on my YouTube channel, here’s my episode with today’s terms:

If you liked this article, you will most certainly love my eBook “Crypto Jargon A-Z” – this is the most up-to-date publication of its kind. With over 700 terms, acronyms and trading slang, it contains everything related to cryptocurrencies and blockchain tech – all the complex terminology we use in media articles, blogs, forum chats, social media posts and of course video content too so go check it out on Amazon at one of the following links:

r_5z9VFhAGXB4lkIi

US https://www.amazon.com/dp/B07Y9DT3H6
UK https://www.amazon.co.uk/dp/B07Y9DT3H6
Germany https://www.amazon.de/dp/B07Y9DT3H6
France https://www.amazon.fr/dp/B07Y9DT3H6
Spain https://www.amazon.es/dp/B07Y9DT3H6
Italy https://www.amazon.it/dp/B07Y9DT3H6
Netherlands https://www.amazon.nl/dp/B07Y9DT3H6
Japan https://www.amazon.co.jp/dp/B07Y9DT3H6
Brazil https://www.amazon.com.br/dp/B07Y9DT3H6
Canada https://www.amazon.ca/dp/B07Y9DT3H6
Mexico https://www.amazon.com.mx/dp/B07Y9DT3H6
Australia https://www.amazon.com.au/dp/B07Y9DT3H6
Asia-Pacific https://www.amazon.in/dp/B07Y9DT3H6

=== ===

🏆Exchanges I use for trading crypto:

Binance
Kucoin 
Bittrex
Bitfinex
HitBtc 

=== ===

Where I buy crypto:

BitPanda (Europe)
Cex (Global)
Coinmama (Global)
Changelly (good for instant coins swaps)(Global)
Payeer (Europe, Asia, alternative to paypal)
Bitfinex 
Coinbase (USA, EU, Africa) Get $10 worth of Bitcoin on your first $100 crypto purchase with this link: http://bit.do/coinbase_join

=== ===

Where I store my crypto:

  • Ledger Nano – the best hardware wallet (offline storage)
  • Trezor – also one of the best wallets out there.
  • Exodus – desktop wallet
  • Coinomi – mobile phone wallet with instant coin swap feature
  • Crypto.com – mobile wallet and exchange

Ledger Nano X - The secure hardware wallet

Segwit, Lightning Network & Big-blockers Vs Small-blockers Explained.

Welcome to Crypto Jargon. In this article, I am breaking down terms related to scaling and in particular, the scaling issues of Bitcoin like Segwit and Lightning Network so stay tuned, time to get started.

First, let me explain what do we mean when we talk about scaling?
This is referring to : increasing the capacity of a system, network or process to handle a growing amount of work.

I talked about Block and the Block size in another post already but if you missed it, let’s just explain this briefly. Bitcoin transactions are recorded and stored on files that are called blocks that are linked to each other, which is the basics of the blockchain. Each of these files (or blocks) has a limited capacity and somewhere in 2010 Satoshi Nakamoto (the creator of Bitcoin) himself set a limit to the size of each block on the Bitcoin blockchain to be 1 MB. The reasoning at the time was that it’s safer for the network and that in the future, if necessary, it can be increased. But in 2013 Satoshi disappeared and that limit was never increased. Fast forward another few years and it’s 2016, Bitcoin is the hottest new asset, gaining a lot of traction and experiencing a large daily volume of transactions (more than 200k on average) and along with that, some pretty inflated fees on its transactions.

You see, bitcoin’s transaction fees had been almost zero for quite a while in the early years and that was a very significant part of its appeal to the early adopters: cheap, fast and uncensored money transfers across borders. But in late 2016 and early 2017, the network was getting slow. The problem that Bitcoin was facing was that new blocks are generated every 10 minutes and are constrained to a maximum size of 1 megabyte (MB) so only a certain number of transactions can be added to a block. The weight of the transactions was causing delays in processing and in some cases, it was taking hours or even days to confirm a transaction as valid.

The average transaction fee had risen from $0.03 to $0.30 to $3 and even to a whopping $30 during the high peaks in late 2016 and throughout 2017. Transaction fees of $100 were also not unusual, although these were rare cases, still, the near-zero-fee magic of Bitcoin had evaporated long ago and now things were getting heated. The community was getting divided into two: Those in support of on-chain scaling through increasing the Block size to whatever the network needs in order to keep the fees low; and those in support of off-chain scaling via external channels that could take-off a lot of the transactional volume from the mainnet and keep the network run smoothly without increasing the blocks.

The first group is also known as Big Blockers since they are in favour of bigger block size. They argue that Bitcoin was created to handle an increase of the blocks as the network grows and that is true. Originally there was no fixed limit.

The opposite camp – the Small Blockers – argued that Satoshi himself put in place the block size limit and this was the safest way to avoid a network attack and miner centralisation, so it must be kept this way, which is also true.

In addition to that, another solution was already proposed the previous year which suggested that the block capacity can be increased by separating the digital signatures from the transaction data. Each transaction consists of inputs and outputs. There could be one or multiple inputs and outputs involved in a single transaction.

A huge part of a transaction is the digital signature – it takes about 65% of the space and this proposal attempts to ignore the data attached to a signature by stripping off that signature from within the input and moving it to a structure towards the end of a transaction. This process is known as Segregated Witness or SegWit for short. This solution would more than double the available space in each block. So, in a way, it is an increase of more than 2MB per block and in addition to increasing the capacity, SegWit also solves the problem where a receiver could intercept and modify the sender’s transaction ID to get more coins from the sender. Since the digital signature would be detached from the input, there is no way of changing the transaction ID without also nullifying the digital signature. So, this is what Segwit does. In simple terms – it creates more space within the block for more transactions, hence why it is referred to as an on-chain scaling solution.

It was accepted by the majority of the Bitcoin community and was activated in the summer of 2017. However, part of the mining community, the Big Blockers opposed the Segwit solution and took another direction by creating a hard fork known as Bitcoin Cash that supports bigger block sizes like 8MB and even 32MB. That coin forked again in 2018 and hasn’t had a very smooth ride since its creation but that is a different topic altogether.

Back to Bitcoin scaling solutions and here’s the next one in the form of “side chains”. Which is where the Lightning Network kicks-in. This is one example of an off-chain scaling solution. At the core of the Lightning Network proposal is the usage of side-channels for micropayments. In simple terms, users can open a channel for multiple payments, and the transactions that are made through that channel do not get recorded on the main blockchain until the channel is closed. You can make hundreds of transactions on that side channel and when you decide that your business is done, you will close the channel and only transmit the end result to the main network as a single transaction instead of hundreds which as you can imagine, will reduce the volume of pending transactions significantly. For example, you are a business owner and you open a channel for your company’s payments, and you transact 5 bitcoins-worth over a period of one day. There are transactions going in and out, many of them.

Most of which are micropayments for small amounts which would otherwise incur fees that may be too high so inside your channel you don’t charge fees, or you charge really small fees compared to those on the main blockchain. This way you provide affordable service, so it’s good for business. At the end of the day you close the channel, you have a starting balance and end balance that you transmit to the main blockchain as one transaction. Sounds less complicated that way, right? This is as simple as I can explain it. There are some opponents to this idea since it involves a third party involvement which will be a central authority, but the main blockchain is still there should you decide to transact directly there and that is still completely peer to peer so I don’t see much weight to the arguments against the Lightning Network. However, the Lightning Network is still in its infancy and only being used by tech-savvy programmers at this point, but it is growing and hopefully, soon it will become more widely used. In the future, there will be even more added layers and other off-chain scaling solutions, so we will be seeing a lot more development in this space.

As you probably know I also post these definitions on my YouTube channel, here’s my episode with today’s terms:

If you liked this article, you will most certainly love my eBook “Crypto Jargon A-Z” – this is the most up-to-date publication of its kind. With over 700 terms, acronyms and trading slang, it contains everything related to cryptocurrencies and blockchain tech – all the complex terminology we use in media articles, blogs, forum chats, social media posts and of course video content too so go check it out on Amazon at one of the following links:

r_5z9VFhAGXB4lkIi

You can also find out more by visiting my website: www.ojjordan.com/cryptojargon

=== ===

🏆Exchanges I use for trading crypto:

Binance
Kucoin 
Bittrex
Bitfinex
HitBtc 

=== ===

Where I buy crypto:

BitPanda (Europe)
Cex (Global)
Coinmama (Global)
Changelly (good for instant coins swaps)(Global)
Payeer (Europe, Asia, alternative to paypal)
Bitfinex 
Coinbase (USA, EU, Africa) Get $10 worth of Bitcoin on your first $100 crypto purchase with this link: http://bit.do/coinbase_join

=== ===

Where I store my crypto

  • Ledger Nano – the best hardware wallet (offline storage)
  • Trezor – also one of the best wallets out there.
  • Exodus – desktop wallet
  • Coinomi – mobile phone wallet with instant coin swap feature
  • Crypto.com – mobile wallet and exchange

Ledger Nano X - The secure hardware wallet

 

Top Facts about Bitcoin on its 11th Anniversary.

It’s 31 October 2019 and today marks exactly 11 years since the release of Bitcoin’s whitepaper by Satoshi Nakamoto. On this day in 2008 the first cryptocurrency was conceived and it created a monumental shift in the way we perceive the future of money and provided a revolutionary new direction for resisting censorship from the corrupt central banking system that has been ruling over our lives for over a century.

Indeed, censorship resistant ownership of one’s capital is a giant leap for anyone who’s ever been a victim of unfair seizure of their funds by the authorities and there are many an example of such abuses of power throughout the years across the world and even though most people today see Bitcoin and other cryptocurrencies mainly as means to become rich quick, the true essence of this new asset class lies in the fact that it provided a real opportunity to combat the dangers of  having one’s capital taken away from them.

I don’t want to undermine the fact that Bitcoin did create hundreds of millionaires throughout the past decade and continues to do so, nor do I try to oppose the concept of shifting power and capital from the centralised banking system back to the common folk. This was all very beneficial to everyone who was bright enough to enter this space in the early years and especially to those risk-takers who believed in the power of the digital currency from the early days when it was in its infancy and the rest of world was completely dismissive of it (myself included in those sceptics), so let’s take a moment and reflect on what we have achieved in the past 11 years.

Here are just a handful of examples of what Bitcoin managed to bring to the world and why this (still hugely volatile) digital currency is so important to the world and everyone who is involved in its network.

Blockchain-Bild

  • Blockchain – possibly the biggest and most widely recognised invention that Bitcoin brought to the world is the creation of a decentralised, independently shared and publicly accessible and verifiable record of data that is immutable and resistant to censorship or control from any one entity.
    There have been many nay-sayers and sceptics of Bitcoin but even the hardest opposition to crypto, such as the central banking system, admits that Blockchain technology is the future and recognise it as one of the greatest innovations of our time.

 

  • The first Bitcoin transaction in the real world was for 2 pizzas on May 22 2009 which became known as Bitcoin Pizza Day. The guy who wanted to be known as the first person to buy something with Bitcoin paid 10 000 bitcoins for the pizzas which today comes to about 93 million US dollars.

 

  • Bitcoin has created more millionaires than any other asset in the past decade. The exact number is not recorded but it’s a fact that there are even a handful of billionaires created by investments in Bitcoin.

100685077-GettyImages-167578473

  • Over the past decade we managed to mine more than 85% of the total bitcoin supply which is capped at 21 million coins. Today the circulating supply amounts to 18,022,262 coins produced by 601,794 blocks according to coinmarketcap.

 

  • Bitcoin’s network consists of thousands of computers worldwide is more powerful than the world’s top 5 supercomputers combined. It has never been hacked and is fully decentralised.

 

  • It took 4 years for bitcoin to go from $0 to $1000 and less than 1 year to jump from $1000 to $20 000 (back in 2017). Since then the price has corrected and we experienced a downtrend in 2018 but things picked up again and the $20k price tag is once again within reach in the foreseeable future.

 

  • Bitcoin’s produce is halved every 4 years and although we have already mined the majority of it, it will take us another 100+ years until we mine the last satoshi.

roi-stocks-btc

  • In its decade of existence bitcoin has outperformed every other stock or asset in the world in terms of price appreciation, surpassing even the value of Gold and Silver and bringing in much higher Return of Investment to its hodlers.

 

  • The term HODL was born by a simple mistake in a drunken post on a Bitcoin forum and it became a worldwide acronym used by everyone, even mainstream media.

 

  • The smallest spendable denomination of Bitcoin is called a “satoshi” in reference to its creator and this month the term was added to the Oxford English Dictionary. The term “bitcoin” was already added to the dictionary back in 2014 and was defined as: “a digital currency in which transactions can be performed without the need for a central bank.”

 

  • Bitcoin gave birth to a whole new industry called cryptocurrencies and today there are more than 2000 of them, many of which are trying to add new use cases and go beyond the monetary use of bitcoin.

 

  • There are currently 9255 public nodes running on the Bitcoin network. (at the time of writing, but this number is changing daily.)

 

  • The price of Bitcoin is by far the biggest catalyst in its popularity amongst the retail investor and to date it’s price appreciation comes to a whopping +292,635.11% since its conception.

 

If you liked this article, consider following this blog and leave a comment below. I would like to hear your thoughts on Bitcoin and whether you are a fan or a sceptic.
I also run a YouTube channel where I post various content related to cryptocurrencies and blockchain technology.


🚩My book “Crypto Jargon A to Z” – the most comprehensive dictionary to date is out now.

Over 700 definitions of terms, acronyms and all the crypto slang people use in their market analysis, blogs and media articles related to blockchain technology and cryptocurrencies.
Grab your copy today: www.ojjordan.com/cryptojargon

r_5z9VFhAGXB4lkIi

=== ===

🏆Exchanges I use for trading crypto:

Binance
Kucoin 
Bittrex
Bitfinex
HitBtc 

=== ===

Where I buy crypto:

BitPanda (Europe)
Cex (Global)
Coinmama (Global)
Changelly (good for instant coins swaps)(Global)
Payeer (Europe, Asia, alternative to paypal)
Bitfinex 
Coinbase (USA, EU, Africa) Get $10 worth of Bitcoin on your first $100 crypto purchase with this link: http://bit.do/coinbase_join

=== ===

Where I store my crypto

  • Ledger Nano – the best hardware wallet (offline storage)
  • Trezor – also one of the best wallets out there.
  • Exodus – desktop wallet
  • Coinomi – mobile phone wallet with instant coin swap feature
  • Crypto.com – mobile wallet and exchange

Ledger Nano X - The secure hardware wallet

 

FIAT MONEY, COMMODITY MONEY, DOUBLE SPEND, BFT & CONFIRMATIONS EXPLAINED

Welcome to another edition of my short series “Crypto Jargon”. In these series, I break down the complex terminology we use in reference to cryptocurrencies and blockchain technology.

In this article, I am going to explain the difference between Fiat Currencies and Blockchain-based Currencies. As well as, what is censorship resistance, double spend and Byzantine Fault Tolerance which are terms referring to cryptocurrencies.

As you probably know I also post these definitions on my YouTube channel, here’s my episode with today’s terms:


So, let’s get started with Fiat Money or Fiat Currencies, which is a term used a lot lately, especially in comparison to cryptocurrencies. The term “fiat” derives from Latin which means “let it be done” used in the sense of an order, decree or resolution.
This is not a term that we see used in general conversation when referring to the paper money we use but it is in fact how most of the paper issued currencies are classified as. Fiat money is used to describe those currencies that are government-issued and used as a legal tender but are not backed by any tangible assets or commodities like gold or silver for instance.

There are some currencies that are backed by such commodities and these are known as commodity currencies but the majority of governments today are issuing fiat currencies which is easier since they can print as much as they need without having to own any physical assets to back up the value of these currencies.

The value of fiat money is derived from the relationship between supply and demand and the stability of the issuing government. They are mostly backed by taxation and other government means of creating value but should there be a political or economic crisis, these currencies would devaluate enormously, which most recently happened in Turkey, this year it also happened to Venezuela, Argentina, Zimbabwe, Sudan, Iran, and the list goes on and on and on… this happens all the time around the world.

So, this is what fiat money is: currencies printed by a central authority and declared a legal tender and trusted by the citizens purely based on their trust in the government.

In 2008, at the peak of the US and UK financial crisis, Satoshi Nakamoto published the Bitcoin White Paper which was born as a response to the ever-growing danger of further financial collapse and against the control of the central banks. It introduced the idea of a decentralized model for a monetary system through a publicly shared, distributed ledger (in other words the blockchain) where records are being agreed on and shared between all the participants of the network. This new model is more than a currency, it is, in fact, digital data, information, code, etc. Which in many cases, causes confusion as to how can it be called money but in its use cases, it is not too different from the already growing digital payment networks that most of us have been using over the past decade.

Except, if it is encrypted, not controlled by any central authority and thus, it is censorship-resistant, unlike the fiat money which we hold in banks and other government-controlled institutions who are able to freeze or block accounts if they choose to. So, here lies the key difference between fiat money the decentralized model of blockchain-based crypto.

Now let me explain why Bitcoin, in particular, the game-changer is here and what it did right. or different from any other attempt of creating digital currencies before it. And yes, there have been many attempts before, even as early as the 90s, but none were successful.
In one sentence: Bitcoin was the first digital currency to solve the double-spend problem of its predecessors.
So, what does that mean? Double-spend is referring to sending the same transaction to two different recipients and with digital data, it is very easy to just copy and paste the same thing and send it to multiple recipients.

What Bitcoin did, or Satoshi, in this case, is to introduce the data mining process and the blockchain in order to create a consensus on the network about which of the two transactions will be confirmed and be considered valid, which is how double-spending is obstructed. This is what we mean by Byzantine Fault Tolerance (BFT): A method for computing systems to reach consensus through a certain mechanism. The term is taken from a paper named “The Byzantine Generals Problem” published in 1982 by Leslie Lamport, Robert Shostak, and Marshall Pease.

The Byzantine Generals’ Problem can be illustrated as a hypothetical historical situation in the times of the  Byzantine empire which was in the distant past, way before modern telecommunication was invented, where multiple generals and their individual armies situated in various locations out of reach of each-other must communicate the rules and time to carry out a coordinated attack on a city. Communication in those days was shared by messengers who had to travel long distances and could easily be compromised. When some of the armies receive communication that is deceptive the operation ends in a major failure. Such cases were not rare in those days. In the cryptocurrency world, the Byzantine Generals Problem is the situation where network participants issue incorrect information to others about transactions taking place that have not really taken place. This could lead to network failure if it hadn’t been for the Byzantine Fault Tolerance.

As I said, Bitcoin was the first digital currency to successfully resolve this issue by implementing the independent confirmations required for each transaction before it is considered complete. This is why Bitcoin is a perfect example of a Byzantine Fault Tolerant cryptocurrency. Each transaction is confirmed at least by three independent participants of the network, these are the miners, and once a transaction is recorded on a block, each consecutive block is adding more confirmations to it, so the older a transaction is, the less possible it is for it to be tampered with.

All the full nodes have a copy of the complete history of the blockchain with all the transactions, these are not being stored in just one or two databases but on all the hundreds of thousands if not millions of computers worldwide who operate full nodes on the blockchain and this is how decentralization and security of that data is achieved.


If you liked this article, you will most certainly love my eBook “Crypto Jargon A-Z” – this is the most up-to-date publication of its kind. With over 700 terms, acronyms and trading slang, it contains everything related to cryptocurrencies and blockchain tech – all the complex terminology we use in media articles, blogs, forum chats, social media posts and of course video content too so go check it out on Amazon at one of the following links:

r_5z9VFhAGXB4lkIi

US https://www.amazon.com/dp/B07Y9DT3H6
UK https://www.amazon.co.uk/dp/B07Y9DT3H6
Germany https://www.amazon.de/dp/B07Y9DT3H6
France https://www.amazon.fr/dp/B07Y9DT3H6
Spain https://www.amazon.es/dp/B07Y9DT3H6
Italy https://www.amazon.it/dp/B07Y9DT3H6
Netherlands https://www.amazon.nl/dp/B07Y9DT3H6
Japan https://www.amazon.co.jp/dp/B07Y9DT3H6
Brazil https://www.amazon.com.br/dp/B07Y9DT3H6
Canada https://www.amazon.ca/dp/B07Y9DT3H6
Mexico https://www.amazon.com.mx/dp/B07Y9DT3H6
Australia https://www.amazon.com.au/dp/B07Y9DT3H6
Asia-Pacific https://www.amazon.in/dp/B07Y9DT3H6

How to prepare for the next Bull Run…

I discuss the crypto markets and this time I am talking about the coming bull market and how to diversify a little so that you can get full advantage of the price appreciation that will follow soon.

I just posted the latest episode of Crypto Corner – the video podcast where I discuss the crypto markets and this time I am talking about the coming bull market and how to diversify a little so that you can get full advantage of the price appreciation that will follow soon. Take a look.

=== ===

🏆Exchanges I use for trading crypto:

Binance
Kucoin 
Bittrex
Bitfinex
HitBtc 

=== ===

Where I buy crypto:

BitPanda (Europe)
Cex (Global)
Coinmama (Global)
Changelly (good for instant coins swaps)(Global)
Payeer (Europe, Asia, alternative to paypal)
Bitfinex 
Coinbase (USA, EU, Africa) Get $10 worth of Bitcoin on your first $100 crypto purchase with this link: http://bit.do/coinbase_join

=== ===

Where I store my crypto

  • Ledger Nano – the best hardware wallet (offline storage)
  • Trezor – also one of the best wallets out there.
  • Exodus – desktop wallet
  • Coinomi – mobile phone wallet with instant coin swap feature
  • Crypto.com – mobile wallet and exchange

Ledger Nano X - The secure hardware wallet

🚩My book “Crypto Jargon A to Z” – the most comprehensive dictionary to date is out now.

r_5z9VFhAGXB4lkIiOver 700 definitions of terms, acronyms and all the crypto slang people use in their market analysis, blogs and media articles related to blockchain technology and cryptocurrencies.
Grab your copy today: www.ojjordan.com/cryptojargon

GENESIS BLOCK, BLOCK SIZE, BLOCK HEIGHT, BLOCK TIME, BLOCK REWARD, BLOCK TIMESTAMP EXPLAINED

Welcome to Crypto Jargon.
In this article we look at the following terms:

  • BLOCK
  • BLOCK SIZE
  • BLOCK HEIGHT
  • BLOCK TIME
  • BLOCK TIMESTAMP
  • BLOCK REWARD.

So, let’s start with what is a Block.
Simply put, this is a file with digital data, predominantly the most recent transactions of a cryptocurrency. As new blocks are created and processed, they’re interlinked with the previous blocks into what is known as a blockchain.

Block Size as you can easily guess from the name, is the capacity of each of these blocks (aka files) and that will vary from one cryptocurrency to another. For instance, Bitcoin’s block size capacity for the most part of its lifespan has been 1MB which some people do not agree with and they branched off in 2017, creating Bitcoin Cash which now has blocks of 32MB size each.

Block Height refers to the number of blocks connected together in the blockchain. It is the number of blocks between itself and the genesis block. The genesis block has a height of 0… In other words, we can say it’s the block number in the blockchain sequence although the correct term is not number, but Height.

Block Time is literally the time it takes to generate a new block on a blockchain. That is different for every cryptocurrency, for Bitcoin that is every 10 minutes, for Litecoin it is 2.5 minutes, while for Ethereum it varies but it’s usually under 15 seconds.

Block Timestamp is the record of when a block was created and transactions were processed.

And Block reward is basically the “payoff” (reward) given to a miner who has successfully calculated the hash in a data block during the mining process. Block rewards can be a mixture of coins and transaction fees, depending on the policy used by the cryptocurrency in question.

With Bitcoin, that reward is halved every 4 years, it started as being 50 coins per block back in 2008, then in 2012 that was halved to 25 coins per block, in 2016 it became 12.5 and in 2020 it will be halved again, to 6.25 coins per block. This is programmed in the Bitcoin code and it’s intended to create less supply over time, thus reducing the risk of deflation in value. This is how I can tell you that the last full Bitcoin will be mined in 2032 and the last satoshi will be mined in the distant future – the year is 2140.

As you probably know I also post these definitions on my YouTube channel, here’s my episode with today’s terms:

If you liked this article, you will most certainly love my eBook “Crypto Jargon A-Z” – this is the most up-to-date publication of its kind. With over 700 terms, acronyms and trading slang, it contains everything related to cryptocurrencies and blockchain tech – all the complex terminology we use in media articles, blogs, forum chats, social media posts and of course video content too so go check it out on Amazon at one of the following links:

r_5z9VFhAGXB4lkIi

US https://www.amazon.com/dp/B07Y9DT3H6
UK https://www.amazon.co.uk/dp/B07Y9DT3H6
Germany https://www.amazon.de/dp/B07Y9DT3H6
France https://www.amazon.fr/dp/B07Y9DT3H6
Spain https://www.amazon.es/dp/B07Y9DT3H6
Italy https://www.amazon.it/dp/B07Y9DT3H6
Netherlands https://www.amazon.nl/dp/B07Y9DT3H6
Japan https://www.amazon.co.jp/dp/B07Y9DT3H6
Brazil https://www.amazon.com.br/dp/B07Y9DT3H6
Canada https://www.amazon.ca/dp/B07Y9DT3H6
Mexico https://www.amazon.com.mx/dp/B07Y9DT3H6
Australia https://www.amazon.com.au/dp/B07Y9DT3H6
Asia-Pacific https://www.amazon.in/dp/B07Y9DT3H6

Regulators go HARD on Crypto, Another Exchange Liquidated, ‘Satoshi’ added to Oxford English Dictionary | CC#78

The Crypto Corner Video Podcast Ep:78
Hosted by OJ Jordan, serving you the latest news commentary, market analysis and interviews with industry professionals.

The Crypto Corner Video Podcast Ep:78

Visa, Mastercard, Stripe, eBay and Mercado Pago exit the Libra Association

U.S. Treasury Secretary Steven Mnuchin said backers of Facebook’s cryptocurrency Libra dropped out of the project over concerns that the stablecoin project would not meet regulatory standards.

Speaking on CNBC, Mnuchin said that if Libra wouldn’t meet US money-laundering standards via the Financial Crimes Enforcement Network, it could open them up to enforcement actions.

“I think they realized that they’re not ready, they’re not up to par,” Mnuchin said. “And I assume some of the partners got concerned and dropped out until they meet those standards.”

The withdrawals were followed by a draft report from the G7 working group on the global stablecoins, evaluating projects like Libra as a potential threat to the international financial stability due to regulatory challenges. These challenges are in fact the central banks manipulation to suppress competition and not really about protecting customers I must say. The Libra cryptocurrency payments project is shaking up central banking, according to the head of Sweden’s central bank which is also working on creating e-krona in the near future .
Speaking on CNBC Riksbank governor Stefan Ingves said the Facebook Libra project has been an “incredibly important catalytic event” forcing central bankers to reconsider their primary product: money.


SEC, CFTC, FinCEN Warn Crypto Industry to Follow US Banking Laws

The heads of three U.S. financial regulators warned the cryptocurrency industry to abide by banking laws in a joint statement published Friday.
The statement, signed by Commodity Futures Trading Commission (CFTC) Chairman Heath Tarbert, Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco and Securities and Exchange Commission (SEC) Chairman Jay Clayton, “reminds” actors in the crypto space that they must comply with various banking and financial services laws in the U.S., regardless of what they call their cryptocurrencies or tokens.
reported by Coindesk


Hacked Crypto Exchange Cryptopia, Gets Liquidated; Sold Assets Will Help In Repaying Traders

Cryptocurrency exchange Cryptopia suffered a business-ending hack earlier this year when cybercriminals looted the firm of more than $16 million worth of Ethereum and ERC-20 tokens.

The hack continued for several days after the breach was discovered as it appears Cryptopia lost access to wallets. Part of the stolen funds that were transferred to Binance, the world’s leading crypto exchange by volume, has been frozen. It is still unknown how the exploit was carried out, or by whom, as the investigation by New Zealand police and international authorities continues.

When the hack was discovered the Company closed the exchange for trading. The Company then decided to reopen the exchange for the trade of certain crypto-assets in March 2019 and continued to trade through to the date of Liquidation. However, trade volumes were insufficient for the Company to meet its debts as they fell due and it was decided the appointment of liquidators was in the best interests of customers, staff and other stakeholders.

A report by Cryptopia’s liquidator, Grant Thornton, Cryptopia still owes its creditors a total of $4.22 million.


Poloniex delists 6 coins

Trading for Pascal (PASC), Steem (STEEM), Navcoin (NAV), GameCredits (GAME), LBRY Credits (LBC), and Clams (CLAM) has permanently disabled on Poloniex. Please withdraw any balances in these assets prior to the dates below.

October 28th at 16:00 UTC: LBC withdrawals will be permanently disabled.
November 15th at 16:00 UTC: PASC, STEEM, NAV, GAME, and CLAM withdrawals will be permanently disabled.


Next Bitcoin Halving Is 211 Days Away; With Smaller Miners Pushed Out How Will BTC Price React?

Bitcoin is about to halve its rewards soon and the crypto community is speculating about what will happen. After the two first halvings, which occurred in 2012 and 2016, another one is being expected for 2020. Both times that the rewards were halved before marked the beginning of a bull run that took the network to new highs.

Last week, several miners reunited at the World Digital Mining Summit, which was organized by Bitmain in Frankfurt. During the event, the co-founder of Bitmain, Jihan Wu, seemed pessimistic about the halving.

Wu pointed to Litecoin, which had it’s rewards halved some weeks ago. The price of the asset went down, not up. Litecoin’s price went from $31 to $135 USD during the year and then fell again to $57 USD after the halving. Could something similar happen to Bitcoin?

He also affirmed that people didn’t know what to expect during the first and second halving, but now people are betting that the price will go up. If it does not, there is a big possibility that the market sentiment may turn sour.

Another reason why this might be bad news, is that several ASIC miners will not be profitable to use anymore. The Antminer S9, for instance, was a very popular model, but it is barely able to make a profit now, so after the halving, the situation might become worse.


Satoshi, bitcoin’s smallest unit, is now added to Oxford English Dictionary

The Oxford English Dictionary (OED), published by the Oxford University Press, has officially added the word “Satoshi” to its database. The decision was made as part of a quarterly update this month.

The OED defines Satoshi as: “The smallest monetary unit in the Bitcoin digital payment system, equal to one hundred millionth of a bitcoin.”

The announcement follows the December 2014 update that saw “bitcoin” added to the respected resource. It defines bitcoin as “a digital currency in which transactions can be performed without the need for a central bank.”

In the latest quarterly update, the OED has also added the word “cryptocurrency” to its database, reports yahoo finance.

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