Crypto Notes

• Halving time - every 4 years
• Value goes up 1 year after halving
• MD5 checksum - variable quantity of data - pass it through a checksum. Fixed length checksum is created.
• Cryptographic - is a one way hash function. Takes public data, add a nonce. To get a certain number of zeros at the start of a hash.
• Hash cash - brute force a calculation. Hash cash was concept used.
• 51% of miners decide when to do the next halving.
• Non egalitarian mining - you need serious equipment - which .
• Now banks are investing in crypto. But stocks. Institutional investors now.
• Bitcoin can not be debased.
• Banks that control the world are getting crypto. Social problem of debt slavery is not being solved.
• ERC20 token- do an ICO on the Ethereum blockchain.
• Premine - only person mining before announcing.
• If crypto crashes - then OSE ICO would not be a good idea.
• FB tried to launch a stablecoin, Libra.
• What is a stablecoin? Based on other assets. Libra is best example of it.
• Benefit of stablecoin is that it is stable. Stable coins are permissioned.
• Bitcoin made explicit - cannot reverse it.
• If goal is to raise
• On Ethereum blockchain, it's easy to start a coin - ERC20 token.
• Define an object in data - data structure. Data structure - that is a linked list. Forms a chain. Structure of data is a block chain. Block is append only. Block is a ledger (who sold what). Miners take ledger - and package it. Every few minutes, a new block is made.
• Smart contracts.
• ICO - it's a marketing campaign. Mine it. You mine it.
• Genesis block- you declare some value. Then people mine it. Graphics card chips, need to be updated. Ethereum 2.0 did proof of stake, doesn't waste energy. It works like a bank. By having it, you gain interest. You do proof of stake.
• Seed for the wallet - it is 12 words. Back it up.
• Wallet is a set of private keys. Wallet file kept 100 keys.
• But the seed - produces the next private key in a predictable way using the seed. If you back up one thing, just back up the seed.
• Safe way - off the internet. On a laptop
• Pon2own - all get hacked.
• Confirm seed by using - Mycelium Android - Electrum Linux app -
• Looking for history transaction. Current balance and public keys.
• Blockchain explorer - look up private key on it.
• Look at history of hacks - on a particular website. CVEs - certificates that exist. Check wikipedia for history.
• GYFT - you can get gift cards with bitcoin for whatever fee.
• Dollar cost averaging - best way to decrease risk of buying at a wrong time - buy in inervals. Safest way to minimize risk. When selling, just break it up into limit orders.
• Bitcoinwisdom.io