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I rewrote this for anybody who has the time and the heart to help GIVE ADVICE TO my daughter with this unnecessary situation when it comes to fighting their DVfather abusive Court matter

Their father recently worked for the local internet company and decided to spy on me. He has admitted it openly. I don't have perfect evidence but enough harassing and threatening text messages stating he knows everything and he doesn't care. He made comments that only you would know if you had read all my emails. I lost a lot of evidence after, I lost the online accounts. I could not seem to share any data from Mobile to computer and it was impossible to connect to any printers. I went to a few stores hoping that I could print off from Dropbox or an email but I realized that their security system was not having it and I was possibly risking their printers.
He later quit the internet company to work for the electric company and a little for Microsoft .
Once he spied on me long enough that he felt he had enough dirt on me. Enough to blackmail me to raise my child support to a unaffordable an unreasonable amount. When I already paid 100% for the children and paid a good amount of child support every month to him when I had them 40% of the time . I could not afford to pay it.
Which then gave him more reasons to be more agressive and threatening towards children and I. His famous lines were, You don't pay you don't see them! So I give him whatever I could afford at that moment on top of everything else. So they could be their mother and grandparents in peace and a moment without fear of their father. He decided to kidnap my younger one during the summer right before I was going to take her on her summer vacation with a girlfriend and brother. I would have always had her that summer month. I knew she was going to be forced to stay in a basement while everybody had fun and even worse he would take the phone from the children even if I purchase and financially supplied it. My children have been going through domestic violence mentally and somewhat physically their entire life.
The day of the trial hearing, I had denial of service attack. Which is where I could not get Wi-Fi nor data on mobile. That I have always paid for.
Which made it so my alarm didn't go off and I was late for trail hearing! The judge said we are going to get a guardian of alliance to see if I go to jail for all the ridiculous untruthful contempt hearings we had for a stretch of 8 months. We never even had a parenting plan. The judge insisted in courts insisted we did.
The GAL said the children would be safe with me if I was more stable. got the children need to spend more time with me which surprised me because she was not nice to me in the beginning she had her mind made up about me but she could see that the children and I were very close. She recommended that the children live with my parents because I removed around too much. I was unsure why she said that but when you search me and do a background check it says online it I have about 7 more addresses than I actually never lived at. She basically stated everything I had been trying to prove to the courts was true! She stated multiple times that our kids were not safe with him and his wife. Why would they go out of their way to hire one if they weren't going to listen to her?
My son , 17 yrs, even went to court and filed for two restraining orders & provided proof of physical abuse and he to was denied. The judge did not seem to feel as if there was any abuse .
I received a call from my children's father right before our trial. I was hoping you wanted to discuss the children. Or even better call his son that he had been neglecting for 6 months. He refused to go back to his house. After he was physical attacked his father and wife. After picking up his phone call I noticed that he wasn't actually on the line and from the receiving end I could hear loud sounds of screeching computers. Similar to a fax machine nose. I that something bad might have happened because I know the type of person he is. I'm sure what to do, I just moved on.
I would like to make this shorter than it needs to be so I don't bore anybody who is still reading thank you.
Shortly after that I lost all my online accounts and had a brute Force attack.
My last pass and keeper did not help me either because I couldn't reach them. Or because they chose not to help me. I did notice the last time I was able to access my password manager that some of my accounts were changed. My passwords had turned into my social security number. Which I would never do! So my identity, and any form of privacy,and all my digital work, art and memories are gone. my whole digital Life. I worked online so I could be closer and home with my children. I truly loved it. So that was the issue for me I lost my online business and all my inventory I had already shipped off to the warehouses.
My son who is in high school lost a lot of his hard work and the Mac, I recently purchased for.
I could not access our router majority of the time. while my internet company, where he used to work decided to lie and not help me and said there's no such thing as a network hack.
I could not use my cellular data or Wi-Fi for 2 months. then it was just periodically sometimes I could connect sometimes I could not to my electronics. I lived in a very large home at the time. Majority of the family and roommates still could use the internet on some of their devices. I was the target the victim of this new attack.
I was panicking trying to reach my customers, the company that I subcontracted for but unfortunately I was redirected to spammers every time!
I ended up having to use all of my financial savings to pay rent and buy more mobile devices a new computer and any type of internet security I could possibly fine in a very small town. I could not buy anything else online I had too many online fraud charges that I was continuously fighting at the time. I could not use the vpns I always would get a server error and the antiviruses somehow were rerouted and I would continuously be locked out.
The new electronics I bought would be compromised and controlled within minutes to a day or two. thanks to the smart technology, Internet of things, and local routers . My family can't even reach out for help. With their hack devices. Some of my family members realized that their computer was compromised and replaced it but still too confused to recognize the problems. Internet services with the same local internet company I did. They are constantly having slow connections being overcharged, and additional charges like voice over IP .
I've purchased at least 10 phones in the last year. My cell phone companies either have no clue or ignored me or treatme as If I was a terrorist, who was just begging to get help controlling my data and my children's baby photos.
I've gone through over a hundred new emails . Since I kept losing access to them. Even though I had the password written down in front of me!! I had DNS poisoning so majority of the websites were outdated with viruses. redirected into a html script. I still can't seem to navigate online at all without getting a server error sometimes I can't even access Court forms. My mobile server which unfortunately is not the server that I paid for. Can't always find Wacourt.gov & washingtonhelp.org
I can't seem to talk to a lawyer that I've been approved for multiple times through the Northwest Justice project. For my mobile phone will consistently hang up. I can't call the non emergency 911. My emails don't go through or usually blocked by lost email services and always somehow blacklisted! The websites I visit seem to be cloned in insecure. My JavaScript would not give me access to majority of the security settings in all my browsers. There's always new extensions and apps and open source licenses for untrustworthy certificates being downloaded especially when I have to go back to that community to see my daughter for the courts have just changed things once again. In the past i cannot turn on or off family sharing when I didn't even have a family connected to that mobile device. Can't turn off USB tethering and Google pay and apple wallets have multiple transactions, not by me. PayPal is somehow connected to a new phone number of mine by an email that's similar to my name but it's not mine. I cannot turn on or off these settings for they are lightened out and unavailable for my electronic device. Sim card & ip always changed.
5000 $ in back child support when the courts knew that I could not afford to pay it and when I tried to fight it they would raise my pay and lower his it was not based off the Washington State child support worksheet. 6000$ in international charges hit my credit report along with new phone numbers, Nick names emails and home addresses. I Cant reach for help with the credit unions like Equifax. When my device have so much static white nose and then lose connection. If I try to connect my email account to a computer. It will say I need a physical key to access it. as if I set it up myself. when every computer I own now Is broke or has locked me out.
I gave up but was sad because I could not keep tabs or communicate with my children. unless I borrowed a phone. They mapped out my family and contacts so if I were to borrow a phone and try to reach out for help I usually reached spam or foreign hotline or got disconnected.
Then the locals were acting strange. Like sitting outside our house taking photos of us. Items were stolen off our property. When we were out of town. Then the landlord had strange men over pretending to fix things that didn't need to be fixed, installing pipes underground , laying down new soil& having some Wi-Fi farming company working in our yard at 5:00 a.m. I also notice a few times the electric companies employee's were messing with our power boxes, in the middle of the night . Then My my photos came out extremely bright. Almost as if there was someone photoshopping lightning in the background that's how bad it was it gets worse are our family videos look like we lived in a microwave oven.
I know it's very strange! I do have evidence. After I moved out I went to a place that was even closer to my children's father not by choice but because this experience made me semi homeless.
If I would get a new router for that home. my children's father would come over take the phone he had purchased my daughter when he started taking me Superior Court. For a parenting plan we never had! Anyways he demanded her phone said he needed to put some new passwords in it within hours of the router change. When I would purposely break the router his electric company would show up before the internet cable company would. Not surprised to see them across the street fixing the power lines.
I bought our daughter a new phone for when she comes to my new home. He reports to the courts that I stole it from her and won't let her have it back when she never wanted it for he didn't provide data. Every time he's upset he turns around and puts another restraining order on me and our daughter. she gets only 5 gb and ends up with no data within a couple days and has to use Wi-Fi all the time. I did not have Wi-Fi so why not buy her another phone when she's in my new home.
Going a few months back,
Apple finally told me they couldn't help me with the iPhone because it was a government issue. I thought that was hilarious for I didn't do anything wrong unless the person who was using my accounts did. I figured it would pass I mean if you're under an investigation. it would only be for a few months right ? Not two years ! well nothing happened I mean there was no reason for anything to happen. I noticed that the police were driving by the old house a lot. Then I thought maybe it must have been my roommate they might be after. Then why am I the one who lost everything and is dealing with network abuse. My roommate was in a bad guy he did have a bit of a criminal history but nothing considered to be violent maybe just a couple drunken stupid events.
Then during the process of moving my children and roommates out of the house.while driving my car mysteriously blew up because of some electrical issue. Luckily the children were not in the car. There were no warnings & no issues with the car. It took the fire department about two minutes to find me but it was totaled. I could not afford to fix it or have a mechanic look at that time. Then somebody I did not know had it towed and I lost it.
the next house that I temporary was staying at. I was in the router settings I could not seem to get in there very often for the site would never load. I saw it was being port forwarding to a local Bitcoin mining pool!! Before I could screenshot it. I received another server error .
He continues to harass me and threaten me or he knows everything we do in our own privacy, our own bedrooms, where we're going, who we're going with, how much money says he's recording everything. It seems to know everything before I can even share it with a girlfriend.
Now He's throwing everything against me in The family Court and continues to commit perjury while I have proved him wrong multiple times but still aren't getting the protection and respect in this local small town courtroom! I have currently moved to Spokane Washington to get away from this! I do the traveling for the judge says that until I mental health diagnosis hair follicle test I am not allowed to take my daughter from to Spokane Washington. he gave me a month's time and then he says he's going to take all rights away ! Till then he is Requiring me to stay with my children at my parents home. When she is Sun's 18 now. She almost fully grown she is going to be 15 a week. Can't she have a say in who she feels safe enough to live with? that is fine I will do anything for my daughter even though it's pretty unfair that I have to pay for it all myself when they know I have no job or I've been constantly fighting this battle and keeping a phone that will keep a safe connection. when him and his wife both have huge histories of assault and domestic violence and drug charges I have no criminal history no drug history . I need some sort of help so he can't keep destroying every electronics. after calling my daughter when I do get a new phone number I start l receiving spam and scripts over SMS and once I go to my parents more and more viruses are downloaded. Why are we being dragged into this non-stop I want to be able to get a job and move forward not sit here and fight their viruses then more court dates with continuous false claims Non-Stop petti drama!
I've been told multiple times by a few computer companies and files that I have some sort of invisible beacon. How ?
The Seattle times paper has reported that the local electric company and crypto miners are being punished for unauthorized usage of other families in the small town electricity for maximum power leaving us in an unsafe situation to build more cryptocurrency .
submitted by u-turnshe to FamilyLaw [link] [comments]

Family law IT criminals

Their father recently worked for the local internet company and decided to spy on me. He has admitted it openly. I don't have perfect evidence but enough harassing and threatening text messages stating he knows everything and he doesn't care. He made comments that only you would know if you had read all my emails. I lost a lot of evidence after, I lost the online accounts. I could not seem to share any data from Mobile to computer and it was impossible to connect to any printers. I went to a few stores hoping that I could print off from Dropbox or an email but I realized that their security system was not having it and I was possibly risking their printers.
He later quit the internet company to work for the electric company and a little for Microsoft .
Once he spied on me long enough that he felt he had enough dirt on me. Enough to blackmail me to raise my child support to a unaffordable an unreasonable amount. When I already paid 100% for the children and paid a good amount of child support every month to him when I had them 40% of the time . I could not afford to pay it.
Which then gave him more reasons to be more agressive and threatening towards children and I. His famous lines were, You don't pay you don't see them! So I give him whatever I could afford at that moment on top of everything else. So they could be their mother and grandparents in peace and a moment without fear of their father. He decided to kidnap my younger one during the summer right before I was going to take her on her summer vacation with a girlfriend and brother. I would have always had her that summer month. I knew she was going to be forced to stay in a basement while everybody had fun and even worse he would take the phone from the children even if I purchase and financially supplied it. My children have been going through domestic violence mentally and somewhat physically their entire life.
The day of the trial hearing, I had denial of service attack. Which is where I could not get Wi-Fi nor data on mobile. That I have always paid for.
Which made it so my alarm didn't go off and I was late for trail hearing! The judge said we are going to get a guardian of alliance to see if I go to jail for all the ridiculous untruthful contempt hearings we had for a stretch of 8 months. We never even had a parenting plan. The judge insisted in courts insisted we did.
The GAL said the children would be safe with me if I was more stable. got the children need to spend more time with me which surprised me because she was not nice to me in the beginning she had her mind made up about me but she could see that the children and I were very close. She recommended that the children live with my parents because I removed around too much. I was unsure why she said that but when you search me and do a background check it says online it I have about 7 more addresses than I actually never lived at. She basically stated everything I had been trying to prove to the courts was true! She stated multiple times that our kids were not safe with him and his wife. Why would they go out of their way to hire one if they weren't going to listen to her?
My son , 17 yrs, even went to court and filed for two restraining orders & provided proof of physical abuse and he to was denied. The judge did not seem to feel as if there was any abuse .
I received a call from my children's father right before our trial. I was hoping you wanted to discuss the children. Or even better call his son that he had been neglecting for 6 months. He refused to go back to his house. After he was physical attacked his father and wife. After picking up his phone call I noticed that he wasn't actually on the line and from the receiving end I could hear loud sounds of screeching computers. Similar to a fax machine nose. I that something bad might have happened because I know the type of person he is. I'm sure what to do, I just moved on.
I would like to make this shorter than it needs to be so I don't bore anybody who is still reading thank you.
Shortly after that I lost all my online accounts and had a brute Force attack.
My last pass and keeper did not help me either because I couldn't reach them. Or because they chose not to help me. I did notice the last time I was able to access my password manager that some of my accounts were changed. My passwords had turned into my social security number. Which I would never do! So my identity, and any form of privacy,and all my digital work, art and memories are gone. my whole digital Life. I worked online so I could be closer and home with my children. I truly loved it. So that was the issue for me I lost my online business and all my inventory I had already shipped off to the warehouses.
My son who is in high school lost a lot of his hard work and the Mac, I recently purchased for.
I could not access our router majority of the time. while my internet company, where he used to work decided to lie and not help me and said there's no such thing as a network hack.
I could not use my cellular data or Wi-Fi for 2 months. then it was just periodically sometimes I could connect sometimes I could not to my electronics. I lived in a very large home at the time. Majority of the family and roommates still could use the internet on some of their devices. I was the target the victim of this new attack.
I was panicking trying to reach my customers, the company that I subcontracted for but unfortunately I was redirected to spammers every time!
I ended up having to use all of my financial savings to pay rent and buy more mobile devices a new computer and any type of internet security I could possibly fine in a very small town. I could not buy anything else online I had too many online fraud charges that I was continuously fighting at the time. I could not use the vpns I always would get a server error and the antiviruses somehow were rerouted and I would continuously be locked out.
The new electronics I bought would be compromised and controlled within minutes to a day or two. thanks to the smart technology, Internet of things, and local routers . My family can't even reach out for help. With their hack devices. Some of my family members realized that their computer was compromised and replaced it but still too confused to recognize the problems. Internet services with the same local internet company I did. They are constantly having slow connections being overcharged, and additional charges like voice over IP .
I've purchased at least 10 phones in the last year. My cell phone companies either have no clue or ignored me or treatme as If I was a terrorist, who was just begging to get help controlling my data and my children's baby photos.
I've gone through over a hundred new emails . Since I kept losing access to them. Even though I had the password written down in front of me!! I had DNS poisoning so majority of the websites were outdated with viruses. redirected into a html script. I still can't seem to navigate online at all without getting a server error sometimes I can't even access Court forms. My mobile server which unfortunately is not the server that I paid for. Can't always find Wacourt.gov & washingtonhelp.org
I can't seem to talk to a lawyer that I've been approved for multiple times through the Northwest Justice project. For my mobile phone will consistently hang up. I can't call the non emergency 911. My emails don't go through or usually blocked by lost email services and always somehow blacklisted! The websites I visit seem to be cloned in insecure. My JavaScript would not give me access to majority of the security settings in all my browsers. There's always new extensions and apps and open source licenses for untrustworthy certificates being downloaded especially when I have to go back to that community to see my daughter for the courts have just changed things once again. In the past i cannot turn on or off family sharing when I didn't even have a family connected to that mobile device. Can't turn off USB tethering and Google pay and apple wallets have multiple transactions, not by me. PayPal is somehow connected to a new phone number of mine by an email that's similar to my name but it's not mine. I cannot turn on or off these settings for they are lightened out and unavailable for my electronic device. Sim card & ip always changed.
5000 $ in back child support when the courts knew that I could not afford to pay it and when I tried to fight it they would raise my pay and lower his it was not based off the Washington State child support worksheet. 6000$ in international charges hit my credit report along with new phone numbers, Nick names emails and home addresses. I Cant reach for help with the credit unions like Equifax. When my device have so much static white nose and then lose connection. If I try to connect my email account to a computer. It will say I need a physical key to access it. as if I set it up myself. when every computer I own now Is broke or has locked me out.
I gave up but was sad because I could not keep tabs or communicate with my children. unless I borrowed a phone. They mapped out my family and contacts so if I were to borrow a phone and try to reach out for help I usually reached spam or foreign hotline or got disconnected.
Then the locals were acting strange. Like sitting outside our house taking photos of us. Items were stolen off our property. When we were out of town. Then the landlord had strange men over pretending to fix things that didn't need to be fixed, installing pipes underground , laying down new soil& having some Wi-Fi farming company working in our yard at 5:00 a.m. I also notice a few times the electric companies employee's were messing with our power boxes, in the middle of the night . Then My my photos came out extremely bright. Almost as if there was someone photoshopping lightning in the background that's how bad it was it gets worse are our family videos look like we lived in a microwave oven.
I know it's very strange! I do have evidence. After I moved out I went to a place that was even closer to my children's father not by choice but because this experience made me semi homeless.
If I would get a new router for that home. my children's father would come over take the phone he had purchased my daughter when he started taking me Superior Court. For a parenting plan we never had! Anyways he demanded her phone said he needed to put some new passwords in it within hours of the router change. When I would purposely break the router his electric company would show up before the internet cable company would. Not surprised to see them across the street fixing the power lines.
I bought our daughter a new phone for when she comes to my new home. He reports to the courts that I stole it from her and won't let her have it back when she never wanted it for he didn't provide data. Every time he's upset he turns around and puts another restraining order on me and our daughter. she gets only 5 gb and ends up with no data within a couple days and has to use Wi-Fi all the time. I did not have Wi-Fi so why not buy her another phone when she's in my new home.
Going a few months back,
Apple finally told me they couldn't help me with the iPhone because it was a government issue. I thought that was hilarious for I didn't do anything wrong unless the person who was using my accounts did. I figured it would pass I mean if you're under an investigation. it would only be for a few months right ? Not two years ! well nothing happened I mean there was no reason for anything to happen. I noticed that the police were driving by the old house a lot. Then I thought maybe it must have been my roommate they might be after. Then why am I the one who lost everything and is dealing with network abuse. My roommate was in a bad guy he did have a bit of a criminal history but nothing considered to be violent maybe just a couple drunken stupid events.
Then during the process of moving my children and roommates out of the house.while driving my car mysteriously blew up because of some electrical issue. Luckily the children were not in the car. There were no warnings & no issues with the car. It took the fire department about two minutes to find me but it was totaled. I could not afford to fix it or have a mechanic look at that time. Then somebody I did not know had it towed and I lost it.
the next house that I temporary was staying at. I was in the router settings I could not seem to get in there very often for the site would never load. I saw it was being port forwarding to a local Bitcoin mining pool!! Before I could screenshot it. I received another server error .
He continues to harass me and threaten me or he knows everything we do in our own privacy, our own bedrooms, where we're going, who we're going with, how much money says he's recording everything. It seems to know everything before I can even share it with a girlfriend.
Now He's throwing everything against me in The family Court and continues to commit perjury while I have proved him wrong multiple times but still aren't getting the protection and respect in this local small town courtroom! I have currently moved to Spokane Washington to get away from this! I do the traveling for the judge says that until I mental health diagnosis hair follicle test I am not allowed to take my daughter from to Spokane Washington. he gave me a month's time and then he says he's going to take all rights away ! Till then he is Requiring me to stay with my children at my parents home. When she is Sun's 18 now. She almost fully grown she is going to be 15 a week. Can't she have a say in who she feels safe enough to live with? that is fine I will do anything for my daughter even though it's pretty unfair that I have to pay for it all myself when they know I have no job or I've been constantly fighting this battle and keeping a phone that will keep a safe connection. when him and his wife both have huge histories of assault and domestic violence and drug charges I have no criminal history no drug history . I need some sort of help so he can't keep destroying every electronics. after calling my daughter when I do get a new phone number I start l receiving spam and scripts over SMS and once I go to my parents more and more viruses are downloaded. Why are we being dragged into this non-stop I want to be able to get a job and move forward not sit here and fight their viruses then more court dates with continuous false claims Non-Stop petti drama!
I've been told multiple times by a few computer companies and files that I have some sort of invisible beacon. How ?
The Seattle times paper has reported that the local electric company and crypto miners are being punished for unauthorized usage of other families in the small town electricity for maximum power leaving us in an unsafe situation to build more cryptocurrency .
submitted by u-turnshe to u/u-turnshe [link] [comments]

The deepest report: Bitmain's self-help history

The deepest report: Bitmain's self-help history
The original intention of this article is to let readers understand the causes and consequences of Bitmain internal fighting, but after writing it, I found that it is not so much internal fighting as it is a long history of self-help.
The story is very long. Let's adjust the timeline to the eve of December 17, 2018. That was one of Bitmain's most critical moments and the beginning of a series of subsequent stories.
1. Self-immolation In September 2018, Bitmain's financial department warned management that the company's cash flow has become very tight and operating costs must be reduced to allow the company to continue. The blockchain unicorn, which is valued at more than 15 billion U.S. dollars, is crippled in the run and struggling to break the corner.
In 2017, Bitmain made a profit of 1 billion US dollars In the first half of 2018, Bitmain made a profit of 1 billion US dollars Three rounds of financing, a total of 800 million US dollars Net assets should exceed 3 billion U.S. dollars In September 2018, Bitmain had tight cash flow and was on the verge of bankruptcy
A simple comparison, it is not difficult to see that Bitmain's ability to make money is incredible, and its ability to burn money is even more extreme.
How does Bitmain burn money? Do you pour cash into gasoline and burn it, or hire a lot of employees to stuff the banknotes one by one into the shredder? The actual situation is closer to the latter.
The following data can help readers quickly learn Bitmain's money burning skills.
At the beginning of 2018, the entire cryptocurrency market has entered a bear market, but Bitmain's monthly operating costs have been rising wildly. Operating costs have risen from 10 million US dollars at the beginning of the year to 50 million US dollars at the end of the year.
Large-scale expansion of the R&D team is one of the main reasons. The HR who once worked at Bitmain revealed that the company once hired more than 50 employees a day and nearly 500 employees a month. Even so, it was criticized for its slow recruitment speed. The cash consumption in this area is approximately $250 million.
Operating costs are just the tip of the iceberg. Excessive chip trial production can become a classic case of project management courses. Readers who pay attention to Cryptocurrency mining can easily find that Bitmain is still working hard to clear the inventory of Antminer S9 in 2019. As the co-CEO, Ketuan Zhan did not listen to the advice or even warnings of the Finance Department, insisting on the implementation of Excessive chip trial production, resulting in a large accumulation of inventory and tight capital turnover. Another CEO, Jihan Wu, once revealed that the loss of Excessive chip trial production to the company was approximately US$1.5 billion.
Large-scale expansion of the R&D team is one of the main reasons. The HR who once worked at Bitmain revealed that the company once hired more than 50 employees a day and nearly 500 employees a month. Even so, it was criticized for its slow recruitment speed. The cash consumption in this area is approximately $250 million.
The BM1393 chip incident is even more incredible. Chip expert Ketuan Zhan invested a lot of money on a failed chip, and finally failed again. From 2017 to 2018, Bitmain has failed Trial production of mining machine chips at least 4 times, including 16nm, 12nm and 10nm chips, of which 16nm Trial production failed twice, thus losing at least US$1.2 billion.
It is rumored that Bitmain still holds a billion U.S. dollars worth of cryptocurrency in a state of floating loss. In view of the rebound in the market in 2020, we will not comment temporarily, waiting for the correct answer from the cryptocurrency market. But the losses pointed out in the previous article are all irreversible.
2. Sole power
In September 2018, Bitmain's management realized the seriousness of the problem. It turned out that the company's money could be squandered. As a result, the management began to discuss self-help plans, and the most reasonable and effective way was obviously to lay off employees.
The probation period for newly hired employees at Bitmain is half a year, and the probationary salary is 100% of the official salary, there is no difference. Once layoffs are made, new employees who have not passed the probationary period will be the main layoff targets. The department managed by Ketuan Zhan will face large-scale layoffs. The layoff plan is strongly opposed by Ketuan Zhan. Bitmain can only temporarily abandon the layoffs and replace it with continuous reductions. For marketing and travel expenses, a budget committee was established to strictly approve every expenditure. At the same time, employee benefits, such as reimbursement of taxi expenses, breakfast supply, snacks and drinks, etc., have also been abolished, and even the tradition of giving employees 400 yuan worth of BTC/BCH every month has been stopped.
In the face of huge cash flow pressure, trivial savings is obviously of no avail. Soon, the management again discussed the layoff plan, and it has reached the point where it has to be laid off.
In December 2018, Jihan Wu began to organize all entrepreneurial veterans and business backbones to persuade Ketuan Zhan to agree to layoffs, but Ketuan Zhan still insisted not to layoffs. The persuasion process was very unsuccessful. After many meetings and intense debates, Bitmain executives were caught in a dilemma of wasting time with Ketuan Zhan.
In this process, the shortcomings of the dual CEO system began to appear, and the relationship between the two CEOs gradually deteriorated.
On the night of December 16th, Ketuan Zhan reconvened the management meeting, and more than 30 managements who were present were asked to hand over their mobile phones. At this time, Jihan Wu was on a business trip in Hong Kong and was busy with listing related work.
In the meeting, Ketuan Zhan's core content was three items:
(1) Bitmain cannot have two CEOs, only one CEO and must be Ketuan Zhan. Ketuan Zhan said that he met an old leader during a business trip. He hadn't seen each other for many years. The old leader suggested that the company can only have one CEO, and it must be him. Ketuan Zhan feels that this is a kind of fate, an opportunity given by God.
(2) Ketuan Zhan believes that the company's cash flow problems, the biggest responsibility is the inability of the financial department. To prove his point, Ketuan Zhan announced Bitmain's financial data at the meeting. In the evening, employees in Taiwan began to post messages on social media, saying that the company's capital chain was broken and the top management was split.
(3) If Ketuan Zhan is not supported, the option will be cancelled and the equity will be voided.
Hearing about this, Jihan Wu, who lives in Hong Kong, sent a WeChat message to the management who are attending the meeting.

https://preview.redd.it/zkj2d44tqid51.jpg?width=1080&format=pjpg&auto=webp&s=9251c1f7308e155d7911d5969e71091a5ad5e14a
On the afternoon of December 17, 2018, Jihan Wu returned to Beijing to negotiate with Ketuan Zhan all night, and finally reached a consensus in the early morning. Bitmain co-founder Yuesheng Ge announced the results of the negotiations. Jihan Wu and Ketuan Zhan ceased to serve as CEOs, and Haichao Wang served as CEO. Jihan Wu voluntarily backed down and Ketuan Zhan served as chairman.
The "12.17 Incident" had a very bad impact on Bitmain, especially the disclosure of Bitmain's financial status, which caused vendors to start dunning. The loan that had just been negotiated with the Bank of Beijing was cancelled the next day. Jihan Wu's resignation as CEO caused an uproar in the industry, and it became a hot topic among Cryptocurrency mining, blockchain practitioners, and investor communities. The media focused their interpretation on Bitmain's series of incidents, and generally looked down upon its ongoing Hong Kong IPO, believing that the high-level changes had already signaled the failure of the IPO in advance.
On Christmas December 24, 2018, Bitmain finally began to implement the layoff plan. This long-delayed “correct decision” was achieved after a stalemate for nearly three months. The AI ​​teams in Beijing, Singapore, Taiwan, and Shanghai have laid off more than 50% of their employees. The Israeli R&D center was closed and Shenzhen New Species Technology Co., Ltd., which had been acquired for only ten months, was dissolved, and all employees were laid off. Copernicus, Bitmain's top blockchain development team, was not spared and was wiped out in this layoff. Copernicus and some of the laid-off employees joined the new company Matrixport co-founded by Jihan Wu and Yuesheng Ge, headquartered in Singapore.
3. Past events when starting a business
After the "12.17 Incident", Jihan Wu gradually faded out of Bitmain's management affairs and turned his attention to the IPO and new company. And this is one of Jihan Wu's major mistakes, he began to let Ketuan Zhan manage Bitmain alone.
In fact, as early as 2013, Jihan Wu planted hidden dangers.
Jihan Wu, an investment banker, was the earliest translator of the Bitcoin white paper. He began to get involved in the cryptocurrency mining industry in 2012. The disappearance of Kaomao and Nangua Zhang's ticket skipping led Jihan Wu to decide to develop his own chip.
In 2013, Jihan Wu established his own mining machine company. Together with Yuesheng Ge, who was only 20 years old, he found Ketuan Zhan, an integrated circuit designer of the Chinese Academy of Sciences, to create the protagonist of this article, and later the digital Cryptocurrency mining giant, Bitmain.
Jihan Wu promised Ketuan Zhan that every time a mining machine chip was successfully developed, he would give some shares to the Ketuan Zhan team. At that time, the company founded by Ketuan Zhan was on the eve of falling apart. In order to regroup the team, Ketuan Zhan promised to share half of his shares with the team members. Unfortunately, this is just a bad check. With the rapid development of Bitmain and higher and higher valuations, the expanding Ketuan Zhan almost monopolized all the shares.
Like many startups, Bitmain encountered many difficulties in its early days, and many jobs had to be done by the boss. For example, in the chip design and production process in the second half of 2013, Bitmain was caught in a dilemma of insufficient funds. Jihan Wu personally raised funds and met with TSMC’s sales to persuade TSMC to accept the production needs of a start-up company. Jihan Wu also participated in the selection of the thermodynamic parameters of the heat sink in the Antminer S1.
In 2014, Jihan Wu discovered that this company was independently operated by Ketuan Zhan, which had huge problems. Forcing Jihan Wu to continue to participate in company management.
At that time, Bitmain's mining machine chips had just achieved a certain lead in the standard design process. Jihan Wu believes that the next step must be to develop full customization technology, but Ketuan Zhan plans to invest resources in the research of mobile payment chips.
Ketuan Zhan met a mysterious person from the Party Central Security Bureau who claimed to be able to manipulate the Party Central Committee’s decision-making process for the next generation of mobile payment cryptography standards, but this direction is likely to lead to the fact that Bitmain has just gained the lead in the mining machine market. Regained.
Jihan Wu said that as a graduate of the School of Economics, with a little memory of his high school stage and the knowledge reserve of a computer technology amateur, he retrieves various materials and papers every day, learns theories related to full customization, and goes to Ketuan Zhan conducts persuasion work there.
Fortunately, in the direction of full customization technology, Ketuan Zhan finally listened to Jihan Wu's opinion. Bitmain quickly integrated the technical experts from the United States and Russia introduced by Jihan Wu, which greatly improved the design level of chips and complete machines.
In 2015, Jihan Wu suggested that Ketuan Zhan consider the direction of artificial intelligence. But Ketuan Zhan is not here, he prefers the CPU direction. After staying asleep at night, coupled with in-depth analysis by the Bitmain investment team, Ketuan Zhan finally agreed with this direction. It is a pity that after the Tianshi Chen brothers made major breakthroughs in theory and practice, Bitmain officially invested in the relevant direction, and it was still a step behind.
In the two years from 2016 to 2017, Bitmain's business performance has achieved rapid development, becoming a unique super unicorn in the blockchain industry. According to Froth & Sullivan, in 2017, Bitmain Technology Holdings was the second largest fabless chip design company in China and the tenth largest fabless chip design company in the world, and the fourth largest fabless ASIC chip design company in the world, accounting for 74.5% of global cryptocurrency market share.
However, the huge crisis has long been buried in the early days of entrepreneurship.
Ketuan Zhan's decision on major directions revealed his weakness of extremely lack of business understanding. But every mistake he made was blocked by the company's core employees. His overconfidence in his management ability led to the gradual intensification of conflicts, and the management differences between the two founders became more serious.
4.The giant gets lost
The contradiction between the two broke out on December 17, 2018. Ketuan Zhan used extreme means to force the management to compromise with him by canceling the option, so as to achieve the goal of sole control of the company. Jihan Wu returned to Beijing from Hong Kong overnight and negotiated with Ketuan Zhan all night. In the end, the two resigned as CEO. Jihan Wu retired. Ketuan Zhan has the exclusive rights of chairman in exchange for the implementation of the layoff plan.
Jihan Wu's voluntary retreat has intensified Ketuan Zhan's management to do whatever he wants.
A Bitmain employee commented on Ketuan Zhan's management skills, summed up in two letters-SM.
After becoming the sole helm of the company, Ketuan Zhan quickly "rectified" the department in charge of Jihan Wu as the chairman of the board. He guided the sales of mining machines at the dinner, and pointed out that the sales performance is not due to the sales staff. Ability is strong, but the company provides opportunities. Take two sales leaders as examples, saying that if the company hadn't given the opportunity, they would still be losers. In addition, Ketuan Zhan also instructed the sales staff on how to toast and imparted the wine table culture and experience.
After the meal, Ketuan Zhan came to the conclusion that the quality of Bitmain sales staff was too poor, and Huawei’s blood needs to be injected to drive the company’s progress. Soon, the marketing and sales director from Huawei officially took over Bitmain, opening the era of brand premium for Antminer.
In order to further understand and guide the sales work, Ketuan Zhan asked to meet the customers with the sales staff. During the negotiation process, Ketuan Zhan had a heated discussion with customers on the issue of Chinese and Western medicine, and had also forced the sales staff to be able to ship 10,000 machines due to insufficient production capacity.
Although the requirements for sales personnel are strict, Ketuan Zhan has provided a lot of convenience for "Mainland Ark". In addition to selling mining machines at a more favorable price, Bitmain's mining machines are also hosted in Ming Wang at a higher price than the market price. Mine. It is reported that both Ketuan Zhan and Ming Wang are shareholders of Ark.
The new sales strategy of Huawei's executives has also brought very obvious changes to Bitmain. The self-righteous brand premium reduces the price-performance ratio of Antminer, causing competing products to eat away at Bitmain's market share. Later, Bitmain found that the strategy was wrong and started to cut prices, and found that the mining machine market was saturated and the purchase demand of miners had decreased.
More dangerous than the sales strategy is that the technical advantages of Antminer are being chased by competing products, and even overtaken. At the same time, the two mining pools under Bitmain also lost their first and second positions. The AI ​​business, which Jihan Wu placed high hopes and Ketuan Zhan personally supervised, became a laughing stock in the industry. Not only did it fail to make a profit, it almost brought down Bitmain.
Blindly introducing senior executives from Huawei to occupy important positions completely destroys the company's internal cultural foundation. The bureaucracy within Bitmain began to corrode from high-level employees to ordinary employees. Ketuan Zhan is not aware of this. He is still keen on recruiting Huawei employees, imitating Huawei's organizational structure and strategy, letting HR do sales and R&D personnel to do HR.
The organizational structure adjustment in October 2019 was the fuse for Ketuan Zhan to completely anger Bitmain management. This time, Ketuan Zhan completely marginalized Bitmain’s veteran employees, and suddenly promoted some of the “airborne soldiers” who had just joined the company to the position of person in charge, which caused the former person in charge to report to the new employees. The two managers who were originally equal The hierarchy becomes the subordinate relationship, the operation and development of different business lines are merged into a large department, the upward reporting process becomes more cumbersome, and the relationship between employees becomes delicate.
5. Headwind
On October 29, 2019, Jihan Wu urgently held a staff meeting. Prior to this, the legal representative of Beijing Bitmain has been changed to Jihan Wu, including the parent companies Hong Kong Bitmain and Cayman Bitmain. Jihan Wu stood in the lobby of Building 25, B1, announcing that Ketuan Zhan has been relieved of all duties. Any employee in the Bitmain Group shall no longer execute Ketuan Zhan’s instructions and participate in any meetings convened by Ketuan Zhan. If there is any violation, the company will demotion and expel the company based on the severity of the circumstances. If losses are caused to the company, the company will be held accountable.
Jihan Wu's speech is very long, which can be summarized as follows:
(1) Ketuan Zhan has been relieved of all duties. Also expelled from the original Huawei company HR Zhi Wang introduced by Ketuan Zhan at the end of 2018. Zhi Wang’s reputation on Bitmain was extremely poor and was ridiculed by employees as "nine thousand years" (In ancient China, the emperor was called "ten thousand years old", and the prince was "eight thousand years old." However, in the Ming Dynasty, there was an eunuch who caused harm to the country and the people. He called himself "nine thousand years old", meaning that he was only A little lower than the emperor's level).
(2) Ketuan Zhan's ability to control the company's option incentive plan has disappeared, and it is no longer possible to cancel employees' options at will.
(3) The organizational structure adjustment plan led by Ketuan Zhan was suspended.
(4) We are optimistic about the future of AI business, but the premise is that the main business can continue to make profits in order to support the company's continued investment in AI business.
In the speech, Jihan Wu also told employees the whole story of the "12.17 Incident" and bluntly said that the company is not in good condition. If no measures are taken, Bitmain is likely to go bankrupt in three quarters and he must come back to save the company.
At this time, Ketuan Zhan, who was on a business trip in Shenzhen, finally experienced the situation of Jihan Wu in the "12.17 Incident".
After the official return, Jihan Wu began to clearly point out the company's various problems in operation and management, and went deep into each business line to understand the situation. In the mining machine sales department meeting, employees spoke enthusiastically, reflecting on the difficulties and opinions encountered in the work, the marketing and sales director from Huawei asked with a surprised look, "Why didn't these issues be reported to me before?", and soon , The director was interviewed and "voluntarily resigned."
On November 2, 2019, Jihan Wu announced a salary increase for all employees. Bitmain’s last salary increase dates back to 2018. In principle, Bitmain has two salary increases every year.
On November 7, 2019, Ketuan Zhan spoke on social media for the first time, describing his hardship in starting a business, and condemning Jihan Wu for “stabbing a knife in the back”. At the end of the article, he also set himself a KPI for 2020, that is, the mining machine market share will reach 90%, and the AI ​​business will earn 1 billion.
But Ketuan Zhan's majestic plan did not make Bitmain employees feel emotional, but ridiculed him instead. Employees exposed that he insulted employees, advocated Chinese medicine, believed in Buddhism, drank in meetings, practiced Qigong...
However, there is less than half a year before the halving of Bitcoin production, and the cryptocurrency market shows no signs of recovery, which makes Bitmain management very anxious.
On January 6, 2020, Bitmain ushered in another round of layoffs, with a layoff ratio of about 1/3. This time the layoffs have caused many employees who have just increased their salaries to feel very grieved. On the one hand, they were looking forward to Jihan Wu's return. On the other hand, the compensation for this layoff was less than 18 years.
Ketuan Zhan, who has been unable to enter the Bitmain office area, once again spoke on social media and firmly opposed to layoffs. We do not need to lay off staff and we cannot commit suicide.
During the Spring Festival, Covid-19 broke out. Mainland China has begun to extend the Spring Festival holiday and advocate working from home. Under the chain reaction caused by Covid-19, most companies have chosen to cut salaries or even lay off employees. In the first two months of 2020, China's exports fell by 17%, U.S. stocks were broken four times in a row, Bitcoin plunged 40% in 24 hours on March 12, 2020, and crude oil futures fell by 300% on April 20, 2020...
Obviously, Jihan Wu can't predict, but this layoff seems to be the right decision again. In addition, from January to April 2020, Bitmain's revenue exceeded US$400 million amid the spread of Covid-19 and the collapse of the financial market.
6. Fight to the death
When Jihan Wu tried to get the company back on track, Ketuan Zhan was not helpless. On April 28, 2020, Ketuan Zhan finally rolled back the legal representative of Beijing Bitmain to before October 28, 2019 by repeatedly submitting administrative reconsiderations, and restored his status as a legal representative.
On the morning of May 8, 2020, a piece of news about Bitmain quickly appeared on the real-time hot search rankings, and even dominated the headlines of the day. At window 52 on the second floor of the Haidian District Government Affairs Center, when Ketuan Zhan, the legal person of Beijing Bitmain Company, was receiving the business license, a group of unidentified people snatched the business license from the industrial and commercial administrative staff. A source at the scene said that the number of unidentified people in the group was about 60 people, of which Luyao Liu was directing at the scene.
This is a skillful piece of news. It first leads readers to think that Ketuan Zhan is a victim, using 60 people to grab business licenses as the focus. The masses accused Jihan Wu of lawlessness, but ignored whether the government affairs center could have 60 personnel. As for Hong Kong Bitmain to have the right to appoint a representative to obtain a business license, this is a deeper level of thinking.
The follow-up report restored the real situation at the scene. Only more than ten people were present, and both sides were equipped with security personnel. Bitmain employees also broke the news in the circle of friends, claiming that Ketuan Zhan's bodyguard had injured Bitmain's authorized person, and said in a threatening tone, "Be careful!"
However, the subsequent plot reversal did not have much effect. Jihan Wu's reputation has been greatly affected. From a bloody soldier who rescued the company in trouble to a lawless criminal, it can be said to be a world of war. do not.
Ketuan Zhan, who succeeded in the first battle, began to counterattack Bitmain continuously. On the afternoon of June 3, 2020, Ketuan Zhan led a team to pry open the back door of the Beijing Bitmain office and formally occupied the deserted Beijing headquarters.
On June 4, 2020, Ketuan Zhan called on Bitmain employees to resume work and promised to expand the company's market value to more than US$50 billion within three to five years. After that, Ketuan Zhan began to contact employees by phone, trying to acquire the options in the hands of employees at a valuation of 4 billion US dollars.
Subsequently, Ketuan Zhan recalled Huawei's executives and issued a series of personnel appointments and removals. As of June 9, 2020, Ketuan Zhan has successively eliminated CFO Luyao Liu, and Wenguang Wang, the head of the mining center. Luyao Liu is responsible for controlling Bitmain's IPO plan. He also appointed Yanwu Ma as the HR director, Gang Ren as the head of the mining center, Yonggang Sun as the head of the supply chain, Ling Gu as the financial director, and Bin Zhu as the head of the mining machine business department. Bin Zhu is the senior executive of Huawei who was interviewed and left as mentioned in the previous article. During his tenure, he reduced Antminer’s 90% market share to 50%, and received a large number of complaints from miners. Internal employees once speculated that he might be Compete against the spies sent by the company.
In addition to recalling senior executives of Huawei, Ketuan Zhan also urged employees to return to work. They can receive a bonus of 10,000 yuan when they return to work on the same day, which is only half the next day. Ketuan Zhan showed a very kind side. Every time the elevator door is opened, Ketuan Zhan's hot gaze can be met, shaking hands, taking photos, and receiving money. As there is no personnel information, Ketuan Zhan does not know whether the person receiving the money is a Bitmain employee, and these people did not resume work the next day.
The effect of gentleness was not good, Ketuan Zhan began to force employees to return to work. Seeing that there are still very few respondents, Ketuan Zhan threatened employees through SMS, phone calls, EMS, emails and other harassment, issued multiple threats such as termination of contract, suspension of payment of social insurance, suspension of wages, and even used personal information saved by employees to form a group of employees. Domicile threats, requiring employees to perform "work handover", trying to force employees to return work computers, etc.
On June 10, 2020, the media revealed that Ketuan Zhan had controlled Bitmain's Shenzhen factory and prohibited employees from delivering normal shipments to paid customers, which caused difficulties in the operation of the Bitmain mining machine department.
On June 13, 2020, Hong Kong Bitmain, the parent company of Beijing Bitmain, issued a statement accusing Ketuan Zhan of signing a "Sales Agency Agreement" with the Ark Data Technology Co., Ltd. in which it holds shares, in an attempt to embezzle Beijing Bit's assets.
On June 17, 2020, the media revealed that Ketuan Zhan started selling 14,000 T17+ series mining machines at low prices.
On June 20, 2020, Hong Kong Bitmain officially suspended the supply of chips to the Shenzhen factory.
On July 13, 2020, in the "A Letter to All My colleagues in the Shenzhen Factory" released by Bitmain in Hong Kong, more details were added on the series of Ketuan Zhan's actions in June.
The legal person Feng Zhou of the Shenzhen plant is related to Ketuan Zhan. After being relieved of Ketuan Zhan's post, Jihan Wu flew to Shenzhen to have a long talk with Feng Zhou. Jihan Wu believes that Feng Zhou is the right person to manage the factory and help the company overcome difficulties, and decides to leave Feng Zhou to continue to manage the factory.
This wrong decision staged a story of a farmer and a snake. When Ketuan Zhan began to counterattack Bitmain, Feng Zhou was also quickly instigated and began to assist Ketuan Zhan in seizing customer machines and transferring 17,000 T17 mining machines in the warehouse. Hainan Continental Ark Data Technology Co., Ltd., which is held by Ketuan Zhan, sold them at a low price.
In order to protect the interests of customers, Jihan Wu had to make a compromise and paid the payment for some goods to a bank account controlled by Ketuan Zhan in exchange for delivery. However, after the other party received a payment of 109 million, the delivery stopped. On July 8, 2020, 5600 mining machines have been overdue.
At the same time, the factory defaulted on suppliers’ accounts payable as much as 200 million yuan. Bank acceptance bills issued by the factory, exceeding 36 million yuan, will expire on July 17, and more than 34 million yuan will expire on July 23. It is understood that Ketuan Zhan, after receiving the bank's dunning call, made it clear that he would not repay the loan, which would destroy the company and the entire group's credit in financial institutions.
7、 This is not the end
So far, the power struggle between the founders of Bitmain has been more than half a year. The office building already occupied by Ketuan Zhan is still empty, and most employees choose to work from home. Some chip developers returned to the office with the acquiescence of Jihan Wu and continued to maintain research and development to reduce the impact of infighting on technological iteration and competitiveness.
This giant ship that once stood on top of the supercomputer chip is crashing into the iceberg due to the madness of the former helm. Ketuan Zhan's madness and Jihan Wu's compromise made mistakes again and again. Bitmain tried to save himself many times, but was unable to get out of the black hole.
If the time goes back to that day in 2013, would Jihan Wu and Yuesheng Ge still choose to dial Ketuan Zhan?
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The deepest report: Bitmain's self-help history

The deepest report: Bitmain's self-help history
The original intention of this article is to let readers understand the causes and consequences of Bitmain internal fighting, but after writing it, I found that it is not so much internal fighting as it is a long history of self-help.
The story is very long. Let's adjust the timeline to the eve of December 17, 2018. That was one of Bitmain's most critical moments and the beginning of a series of subsequent stories.
1. Self-immolation In September 2018, Bitmain's financial department warned management that the company's cash flow has become very tight and operating costs must be reduced to allow the company to continue. The blockchain unicorn, which is valued at more than 15 billion U.S. dollars, is crippled in the run and struggling to break the corner.
In 2017, Bitmain made a profit of 1 billion US dollars In the first half of 2018, Bitmain made a profit of 1 billion US dollars Three rounds of financing, a total of 800 million US dollars Net assets should exceed 3 billion U.S. dollars In September 2018, Bitmain had tight cash flow and was on the verge of bankruptcy
A simple comparison, it is not difficult to see that Bitmain's ability to make money is incredible, and its ability to burn money is even more extreme.
How does Bitmain burn money? Do you pour cash into gasoline and burn it, or hire a lot of employees to stuff the banknotes one by one into the shredder? The actual situation is closer to the latter.
The following data can help readers quickly learn Bitmain's money burning skills.
At the beginning of 2018, the entire cryptocurrency market has entered a bear market, but Bitmain's monthly operating costs have been rising wildly. Operating costs have risen from 10 million US dollars at the beginning of the year to 50 million US dollars at the end of the year.
Large-scale expansion of the R&D team is one of the main reasons. The HR who once worked at Bitmain revealed that the company once hired more than 50 employees a day and nearly 500 employees a month. Even so, it was criticized for its slow recruitment speed. The cash consumption in this area is approximately $250 million.
Operating costs are just the tip of the iceberg. Excessive chip trial production can become a classic case of project management courses. Readers who pay attention to Cryptocurrency mining can easily find that Bitmain is still working hard to clear the inventory of Antminer S9 in 2019. As the co-CEO, Ketuan Zhan did not listen to the advice or even warnings of the Finance Department, insisting on the implementation of Excessive chip trial production, resulting in a large accumulation of inventory and tight capital turnover. Another CEO, Jihan Wu, once revealed that the loss of Excessive chip trial production to the company was approximately US$1.5 billion.
Large-scale expansion of the R&D team is one of the main reasons. The HR who once worked at Bitmain revealed that the company once hired more than 50 employees a day and nearly 500 employees a month. Even so, it was criticized for its slow recruitment speed. The cash consumption in this area is approximately $250 million.
The BM1393 chip incident is even more incredible. Chip expert Ketuan Zhan invested a lot of money on a failed chip, and finally failed again. From 2017 to 2018, Bitmain has failed Trial production of mining machine chips at least 4 times, including 16nm, 12nm and 10nm chips, of which 16nm Trial production failed twice, thus losing at least US$1.2 billion.
It is rumored that Bitmain still holds a billion U.S. dollars worth of cryptocurrency in a state of floating loss. In view of the rebound in the market in 2020, we will not comment temporarily, waiting for the correct answer from the cryptocurrency market. But the losses pointed out in the previous article are all irreversible.
2. Sole power
In September 2018, Bitmain's management realized the seriousness of the problem. It turned out that the company's money could be squandered. As a result, the management began to discuss self-help plans, and the most reasonable and effective way was obviously to lay off employees.
The probation period for newly hired employees at Bitmain is half a year, and the probationary salary is 100% of the official salary, there is no difference. Once layoffs are made, new employees who have not passed the probationary period will be the main layoff targets. The department managed by Ketuan Zhan will face large-scale layoffs. The layoff plan is strongly opposed by Ketuan Zhan. Bitmain can only temporarily abandon the layoffs and replace it with continuous reductions. For marketing and travel expenses, a budget committee was established to strictly approve every expenditure. At the same time, employee benefits, such as reimbursement of taxi expenses, breakfast supply, snacks and drinks, etc., have also been abolished, and even the tradition of giving employees 400 yuan worth of BTC/BCH every month has been stopped.
In the face of huge cash flow pressure, trivial savings is obviously of no avail. Soon, the management again discussed the layoff plan, and it has reached the point where it has to be laid off.
In December 2018, Jihan Wu began to organize all entrepreneurial veterans and business backbones to persuade Ketuan Zhan to agree to layoffs, but Ketuan Zhan still insisted not to layoffs. The persuasion process was very unsuccessful. After many meetings and intense debates, Bitmain executives were caught in a dilemma of wasting time with Ketuan Zhan.
In this process, the shortcomings of the dual CEO system began to appear, and the relationship between the two CEOs gradually deteriorated.
On the night of December 16th, Ketuan Zhan reconvened the management meeting, and more than 30 managements who were present were asked to hand over their mobile phones. At this time, Jihan Wu was on a business trip in Hong Kong and was busy with listing related work.
In the meeting, Ketuan Zhan's core content was three items:
(1) Bitmain cannot have two CEOs, only one CEO and must be Ketuan Zhan. Ketuan Zhan said that he met an old leader during a business trip. He hadn't seen each other for many years. The old leader suggested that the company can only have one CEO, and it must be him. Ketuan Zhan feels that this is a kind of fate, an opportunity given by God.
(2) Ketuan Zhan believes that the company's cash flow problems, the biggest responsibility is the inability of the financial department. To prove his point, Ketuan Zhan announced Bitmain's financial data at the meeting. In the evening, employees in Taiwan began to post messages on social media, saying that the company's capital chain was broken and the top management was split.
(3) If Ketuan Zhan is not supported, the option will be cancelled and the equity will be voided.
Hearing about this, Jihan Wu, who lives in Hong Kong, sent a WeChat message to the management who are attending the meeting.

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On the afternoon of December 17, 2018, Jihan Wu returned to Beijing to negotiate with Ketuan Zhan all night, and finally reached a consensus in the early morning. Bitmain co-founder Yuesheng Ge announced the results of the negotiations. Jihan Wu and Ketuan Zhan ceased to serve as CEOs, and Haichao Wang served as CEO. Jihan Wu voluntarily backed down and Ketuan Zhan served as chairman.
The "12.17 Incident" had a very bad impact on Bitmain, especially the disclosure of Bitmain's financial status, which caused vendors to start dunning. The loan that had just been negotiated with the Bank of Beijing was cancelled the next day. Jihan Wu's resignation as CEO caused an uproar in the industry, and it became a hot topic among Cryptocurrency mining, blockchain practitioners, and investor communities. The media focused their interpretation on Bitmain's series of incidents, and generally looked down upon its ongoing Hong Kong IPO, believing that the high-level changes had already signaled the failure of the IPO in advance.
On Christmas December 24, 2018, Bitmain finally began to implement the layoff plan. This long-delayed “correct decision” was achieved after a stalemate for nearly three months. The AI ​​teams in Beijing, Singapore, Taiwan, and Shanghai have laid off more than 50% of their employees. The Israeli R&D center was closed and Shenzhen New Species Technology Co., Ltd., which had been acquired for only ten months, was dissolved, and all employees were laid off. Copernicus, Bitmain's top blockchain development team, was not spared and was wiped out in this layoff. Copernicus and some of the laid-off employees joined the new company Matrixport co-founded by Jihan Wu and Yuesheng Ge, headquartered in Singapore.
3. Past events when starting a business
After the "12.17 Incident", Jihan Wu gradually faded out of Bitmain's management affairs and turned his attention to the IPO and new company. And this is one of Jihan Wu's major mistakes, he began to let Ketuan Zhan manage Bitmain alone.
In fact, as early as 2013, Jihan Wu planted hidden dangers.
Jihan Wu, an investment banker, was the earliest translator of the Bitcoin white paper. He began to get involved in the cryptocurrency mining industry in 2012. The disappearance of Kaomao and Nangua Zhang's ticket skipping led Jihan Wu to decide to develop his own chip.
In 2013, Jihan Wu established his own mining machine company. Together with Yuesheng Ge, who was only 20 years old, he found Ketuan Zhan, an integrated circuit designer of the Chinese Academy of Sciences, to create the protagonist of this article, and later the digital Cryptocurrency mining giant, Bitmain.
Jihan Wu promised Ketuan Zhan that every time a mining machine chip was successfully developed, he would give some shares to the Ketuan Zhan team. At that time, the company founded by Ketuan Zhan was on the eve of falling apart. In order to regroup the team, Ketuan Zhan promised to share half of his shares with the team members. Unfortunately, this is just a bad check. With the rapid development of Bitmain and higher and higher valuations, the expanding Ketuan Zhan almost monopolized all the shares.
Like many startups, Bitmain encountered many difficulties in its early days, and many jobs had to be done by the boss. For example, in the chip design and production process in the second half of 2013, Bitmain was caught in a dilemma of insufficient funds. Jihan Wu personally raised funds and met with TSMC’s sales to persuade TSMC to accept the production needs of a start-up company. Jihan Wu also participated in the selection of the thermodynamic parameters of the heat sink in the Antminer S1.
In 2014, Jihan Wu discovered that this company was independently operated by Ketuan Zhan, which had huge problems. Forcing Jihan Wu to continue to participate in company management.
At that time, Bitmain's mining machine chips had just achieved a certain lead in the standard design process. Jihan Wu believes that the next step must be to develop full customization technology, but Ketuan Zhan plans to invest resources in the research of mobile payment chips.
Ketuan Zhan met a mysterious person from the Party Central Security Bureau who claimed to be able to manipulate the Party Central Committee’s decision-making process for the next generation of mobile payment cryptography standards, but this direction is likely to lead to the fact that Bitmain has just gained the lead in the mining machine market. Regained.
Jihan Wu said that as a graduate of the School of Economics, with a little memory of his high school stage and the knowledge reserve of a computer technology amateur, he retrieves various materials and papers every day, learns theories related to full customization, and goes to Ketuan Zhan conducts persuasion work there.
Fortunately, in the direction of full customization technology, Ketuan Zhan finally listened to Jihan Wu's opinion. Bitmain quickly integrated the technical experts from the United States and Russia introduced by Jihan Wu, which greatly improved the design level of chips and complete machines.
In 2015, Jihan Wu suggested that Ketuan Zhan consider the direction of artificial intelligence. But Ketuan Zhan is not here, he prefers the CPU direction. After staying asleep at night, coupled with in-depth analysis by the Bitmain investment team, Ketuan Zhan finally agreed with this direction. It is a pity that after the Tianshi Chen brothers made major breakthroughs in theory and practice, Bitmain officially invested in the relevant direction, and it was still a step behind.
In the two years from 2016 to 2017, Bitmain's business performance has achieved rapid development, becoming a unique super unicorn in the blockchain industry. According to Froth & Sullivan, in 2017, Bitmain Technology Holdings was the second largest fabless chip design company in China and the tenth largest fabless chip design company in the world, and the fourth largest fabless ASIC chip design company in the world, accounting for 74.5% of global cryptocurrency market share.
However, the huge crisis has long been buried in the early days of entrepreneurship.
Ketuan Zhan's decision on major directions revealed his weakness of extremely lack of business understanding. But every mistake he made was blocked by the company's core employees. His overconfidence in his management ability led to the gradual intensification of conflicts, and the management differences between the two founders became more serious.
4.The giant gets lost
The contradiction between the two broke out on December 17, 2018. Ketuan Zhan used extreme means to force the management to compromise with him by canceling the option, so as to achieve the goal of sole control of the company. Jihan Wu returned to Beijing from Hong Kong overnight and negotiated with Ketuan Zhan all night. In the end, the two resigned as CEO. Jihan Wu retired. Ketuan Zhan has the exclusive rights of chairman in exchange for the implementation of the layoff plan.
Jihan Wu's voluntary retreat has intensified Ketuan Zhan's management to do whatever he wants.
A Bitmain employee commented on Ketuan Zhan's management skills, summed up in two letters-SM.
After becoming the sole helm of the company, Ketuan Zhan quickly "rectified" the department in charge of Jihan Wu as the chairman of the board. He guided the sales of mining machines at the dinner, and pointed out that the sales performance is not due to the sales staff. Ability is strong, but the company provides opportunities. Take two sales leaders as examples, saying that if the company hadn't given the opportunity, they would still be losers. In addition, Ketuan Zhan also instructed the sales staff on how to toast and imparted the wine table culture and experience.
After the meal, Ketuan Zhan came to the conclusion that the quality of Bitmain sales staff was too poor, and Huawei’s blood needs to be injected to drive the company’s progress. Soon, the marketing and sales director from Huawei officially took over Bitmain, opening the era of brand premium for Antminer.
In order to further understand and guide the sales work, Ketuan Zhan asked to meet the customers with the sales staff. During the negotiation process, Ketuan Zhan had a heated discussion with customers on the issue of Chinese and Western medicine, and had also forced the sales staff to be able to ship 10,000 machines due to insufficient production capacity.
Although the requirements for sales personnel are strict, Ketuan Zhan has provided a lot of convenience for "Mainland Ark". In addition to selling mining machines at a more favorable price, Bitmain's mining machines are also hosted in Ming Wang at a higher price than the market price. Mine. It is reported that both Ketuan Zhan and Ming Wang are shareholders of Ark.
The new sales strategy of Huawei's executives has also brought very obvious changes to Bitmain. The self-righteous brand premium reduces the price-performance ratio of Antminer, causing competing products to eat away at Bitmain's market share. Later, Bitmain found that the strategy was wrong and started to cut prices, and found that the mining machine market was saturated and the purchase demand of miners had decreased.
More dangerous than the sales strategy is that the technical advantages of Antminer are being chased by competing products, and even overtaken. At the same time, the two mining pools under Bitmain also lost their first and second positions. The AI ​​business, which Jihan Wu placed high hopes and Ketuan Zhan personally supervised, became a laughing stock in the industry. Not only did it fail to make a profit, it almost brought down Bitmain.
Blindly introducing senior executives from Huawei to occupy important positions completely destroys the company's internal cultural foundation. The bureaucracy within Bitmain began to corrode from high-level employees to ordinary employees. Ketuan Zhan is not aware of this. He is still keen on recruiting Huawei employees, imitating Huawei's organizational structure and strategy, letting HR do sales and R&D personnel to do HR.
The organizational structure adjustment in October 2019 was the fuse for Ketuan Zhan to completely anger Bitmain management. This time, Ketuan Zhan completely marginalized Bitmain’s veteran employees, and suddenly promoted some of the “airborne soldiers” who had just joined the company to the position of person in charge, which caused the former person in charge to report to the new employees. The two managers who were originally equal The hierarchy becomes the subordinate relationship, the operation and development of different business lines are merged into a large department, the upward reporting process becomes more cumbersome, and the relationship between employees becomes delicate.
5. Headwind
On October 29, 2019, Jihan Wu urgently held a staff meeting. Prior to this, the legal representative of Beijing Bitmain has been changed to Jihan Wu, including the parent companies Hong Kong Bitmain and Cayman Bitmain. Jihan Wu stood in the lobby of Building 25, B1, announcing that Ketuan Zhan has been relieved of all duties. Any employee in the Bitmain Group shall no longer execute Ketuan Zhan’s instructions and participate in any meetings convened by Ketuan Zhan. If there is any violation, the company will demotion and expel the company based on the severity of the circumstances. If losses are caused to the company, the company will be held accountable.
Jihan Wu's speech is very long, which can be summarized as follows:
(1) Ketuan Zhan has been relieved of all duties. Also expelled from the original Huawei company HR Zhi Wang introduced by Ketuan Zhan at the end of 2018. Zhi Wang’s reputation on Bitmain was extremely poor and was ridiculed by employees as "nine thousand years" (In ancient China, the emperor was called "ten thousand years old", and the prince was "eight thousand years old." However, in the Ming Dynasty, there was an eunuch who caused harm to the country and the people. He called himself "nine thousand years old", meaning that he was only A little lower than the emperor's level).
(2) Ketuan Zhan's ability to control the company's option incentive plan has disappeared, and it is no longer possible to cancel employees' options at will.
(3) The organizational structure adjustment plan led by Ketuan Zhan was suspended.
(4) We are optimistic about the future of AI business, but the premise is that the main business can continue to make profits in order to support the company's continued investment in AI business.
In the speech, Jihan Wu also told employees the whole story of the "12.17 Incident" and bluntly said that the company is not in good condition. If no measures are taken, Bitmain is likely to go bankrupt in three quarters and he must come back to save the company.
At this time, Ketuan Zhan, who was on a business trip in Shenzhen, finally experienced the situation of Jihan Wu in the "12.17 Incident".
After the official return, Jihan Wu began to clearly point out the company's various problems in operation and management, and went deep into each business line to understand the situation. In the mining machine sales department meeting, employees spoke enthusiastically, reflecting on the difficulties and opinions encountered in the work, the marketing and sales director from Huawei asked with a surprised look, "Why didn't these issues be reported to me before?", and soon , The director was interviewed and "voluntarily resigned."
On November 2, 2019, Jihan Wu announced a salary increase for all employees. Bitmain’s last salary increase dates back to 2018. In principle, Bitmain has two salary increases every year.
On November 7, 2019, Ketuan Zhan spoke on social media for the first time, describing his hardship in starting a business, and condemning Jihan Wu for “stabbing a knife in the back”. At the end of the article, he also set himself a KPI for 2020, that is, the mining machine market share will reach 90%, and the AI ​​business will earn 1 billion.
But Ketuan Zhan's majestic plan did not make Bitmain employees feel emotional, but ridiculed him instead. Employees exposed that he insulted employees, advocated Chinese medicine, believed in Buddhism, drank in meetings, practiced Qigong...
However, there is less than half a year before the halving of Bitcoin production, and the cryptocurrency market shows no signs of recovery, which makes Bitmain management very anxious.
On January 6, 2020, Bitmain ushered in another round of layoffs, with a layoff ratio of about 1/3. This time the layoffs have caused many employees who have just increased their salaries to feel very grieved. On the one hand, they were looking forward to Jihan Wu's return. On the other hand, the compensation for this layoff was less than 18 years.
Ketuan Zhan, who has been unable to enter the Bitmain office area, once again spoke on social media and firmly opposed to layoffs. We do not need to lay off staff and we cannot commit suicide.
During the Spring Festival, Covid-19 broke out. Mainland China has begun to extend the Spring Festival holiday and advocate working from home. Under the chain reaction caused by Covid-19, most companies have chosen to cut salaries or even lay off employees. In the first two months of 2020, China's exports fell by 17%, U.S. stocks were broken four times in a row, Bitcoin plunged 40% in 24 hours on March 12, 2020, and crude oil futures fell by 300% on April 20, 2020...
Obviously, Jihan Wu can't predict, but this layoff seems to be the right decision again. In addition, from January to April 2020, Bitmain's revenue exceeded US$400 million amid the spread of Covid-19 and the collapse of the financial market.
6. Fight to the death
When Jihan Wu tried to get the company back on track, Ketuan Zhan was not helpless. On April 28, 2020, Ketuan Zhan finally rolled back the legal representative of Beijing Bitmain to before October 28, 2019 by repeatedly submitting administrative reconsiderations, and restored his status as a legal representative.
On the morning of May 8, 2020, a piece of news about Bitmain quickly appeared on the real-time hot search rankings, and even dominated the headlines of the day. At window 52 on the second floor of the Haidian District Government Affairs Center, when Ketuan Zhan, the legal person of Beijing Bitmain Company, was receiving the business license, a group of unidentified people snatched the business license from the industrial and commercial administrative staff. A source at the scene said that the number of unidentified people in the group was about 60 people, of which Luyao Liu was directing at the scene.
This is a skillful piece of news. It first leads readers to think that Ketuan Zhan is a victim, using 60 people to grab business licenses as the focus. The masses accused Jihan Wu of lawlessness, but ignored whether the government affairs center could have 60 personnel. As for Hong Kong Bitmain to have the right to appoint a representative to obtain a business license, this is a deeper level of thinking.
The follow-up report restored the real situation at the scene. Only more than ten people were present, and both sides were equipped with security personnel. Bitmain employees also broke the news in the circle of friends, claiming that Ketuan Zhan's bodyguard had injured Bitmain's authorized person, and said in a threatening tone, "Be careful!"
However, the subsequent plot reversal did not have much effect. Jihan Wu's reputation has been greatly affected. From a bloody soldier who rescued the company in trouble to a lawless criminal, it can be said to be a world of war. do not.
Ketuan Zhan, who succeeded in the first battle, began to counterattack Bitmain continuously. On the afternoon of June 3, 2020, Ketuan Zhan led a team to pry open the back door of the Beijing Bitmain office and formally occupied the deserted Beijing headquarters.
On June 4, 2020, Ketuan Zhan called on Bitmain employees to resume work and promised to expand the company's market value to more than US$50 billion within three to five years. After that, Ketuan Zhan began to contact employees by phone, trying to acquire the options in the hands of employees at a valuation of 4 billion US dollars.
Subsequently, Ketuan Zhan recalled Huawei's executives and issued a series of personnel appointments and removals. As of June 9, 2020, Ketuan Zhan has successively eliminated CFO Luyao Liu, and Wenguang Wang, the head of the mining center. Luyao Liu is responsible for controlling Bitmain's IPO plan. He also appointed Yanwu Ma as the HR director, Gang Ren as the head of the mining center, Yonggang Sun as the head of the supply chain, Ling Gu as the financial director, and Bin Zhu as the head of the mining machine business department. Bin Zhu is the senior executive of Huawei who was interviewed and left as mentioned in the previous article. During his tenure, he reduced Antminer’s 90% market share to 50%, and received a large number of complaints from miners. Internal employees once speculated that he might be Compete against the spies sent by the company.
In addition to recalling senior executives of Huawei, Ketuan Zhan also urged employees to return to work. They can receive a bonus of 10,000 yuan when they return to work on the same day, which is only half the next day. Ketuan Zhan showed a very kind side. Every time the elevator door is opened, Ketuan Zhan's hot gaze can be met, shaking hands, taking photos, and receiving money. As there is no personnel information, Ketuan Zhan does not know whether the person receiving the money is a Bitmain employee, and these people did not resume work the next day.
The effect of gentleness was not good, Ketuan Zhan began to force employees to return to work. Seeing that there are still very few respondents, Ketuan Zhan threatened employees through SMS, phone calls, EMS, emails and other harassment, issued multiple threats such as termination of contract, suspension of payment of social insurance, suspension of wages, and even used personal information saved by employees to form a group of employees. Domicile threats, requiring employees to perform "work handover", trying to force employees to return work computers, etc.
On June 10, 2020, the media revealed that Ketuan Zhan had controlled Bitmain's Shenzhen factory and prohibited employees from delivering normal shipments to paid customers, which caused difficulties in the operation of the Bitmain mining machine department.
On June 13, 2020, Hong Kong Bitmain, the parent company of Beijing Bitmain, issued a statement accusing Ketuan Zhan of signing a "Sales Agency Agreement" with the Ark Data Technology Co., Ltd. in which it holds shares, in an attempt to embezzle Beijing Bit's assets.
On June 17, 2020, the media revealed that Ketuan Zhan started selling 14,000 T17+ series mining machines at low prices.
On June 20, 2020, Hong Kong Bitmain officially suspended the supply of chips to the Shenzhen factory.
On July 13, 2020, in the "A Letter to All My colleagues in the Shenzhen Factory" released by Bitmain in Hong Kong, more details were added on the series of Ketuan Zhan's actions in June.
The legal person Feng Zhou of the Shenzhen plant is related to Ketuan Zhan. After being relieved of Ketuan Zhan's post, Jihan Wu flew to Shenzhen to have a long talk with Feng Zhou. Jihan Wu believes that Feng Zhou is the right person to manage the factory and help the company overcome difficulties, and decides to leave Feng Zhou to continue to manage the factory.
This wrong decision staged a story of a farmer and a snake. When Ketuan Zhan began to counterattack Bitmain, Feng Zhou was also quickly instigated and began to assist Ketuan Zhan in seizing customer machines and transferring 17,000 T17 mining machines in the warehouse. Hainan Continental Ark Data Technology Co., Ltd., which is held by Ketuan Zhan, sold them at a low price.
In order to protect the interests of customers, Jihan Wu had to make a compromise and paid the payment for some goods to a bank account controlled by Ketuan Zhan in exchange for delivery. However, after the other party received a payment of 109 million, the delivery stopped. On July 8, 2020, 5600 mining machines have been overdue.
At the same time, the factory defaulted on suppliers’ accounts payable as much as 200 million yuan. Bank acceptance bills issued by the factory, exceeding 36 million yuan, will expire on July 17, and more than 34 million yuan will expire on July 23. It is understood that Ketuan Zhan, after receiving the bank's dunning call, made it clear that he would not repay the loan, which would destroy the company and the entire group's credit in financial institutions.
7、 This is not the end
So far, the power struggle between the founders of Bitmain has been more than half a year. The office building already occupied by Ketuan Zhan is still empty, and most employees choose to work from home. Some chip developers returned to the office with the acquiescence of Jihan Wu and continued to maintain research and development to reduce the impact of infighting on technological iteration and competitiveness.
This giant ship that once stood on top of the supercomputer chip is crashing into the iceberg due to the madness of the former helm. Ketuan Zhan's madness and Jihan Wu's compromise made mistakes again and again. Bitmain tried to save himself many times, but was unable to get out of the black hole.
If the time goes back to that day in 2013, would Jihan Wu and Yuesheng Ge still choose to dial Ketuan Zhan?
submitted by paulcheung1990 to Bitcoin [link] [comments]

How to become a miner

How to become a miner
A lot of people are thinking how to benefit from the increasing popularity of cryptocurrencies. Since you are reading this article, we assume you are one of them. One of the things you can do is to become a miner. This may be a way to earn some income. On the other hand, thoughtless attempts may lead to significant money loss. Let’s take a look at the most important points.

What is crypto mining?

Have you ever thought how does cryptocurrency appear? It can’t be printed. It can be released. The process of releasing new cryptocurrency is called mining. However, crypto mining has another purpose. It is a process of verifying transactions and adding them to the blockchain ledger. Miner chooses and verifies transactions, put them together in blocks, add blocks to the blockchain. This is it.
https://preview.redd.it/bvx9cddqhrn31.png?width=680&format=png&auto=webp&s=7d969b585a3a69a82da65943a4c3e46c88ea5b06
Miners serve to the main idea of cryptocurrency. They help to spread control among a number of people. That makes networks decentralized. For doing their job miners get a reward. Usually it is some amount of cryptocurrency.
There are a couple of things you need to know before you start. It is important to mention that not all cryptocurrencies need mining. Also some of cryptocurrencies have their limits. They cannot be mined endlessly.
Although if you decide to start mining you should remember that significant profit can appear only if you invest quite a lot of money and time. Otherwise, it can be a profitable hobby.

What do you need for mining?

Different cryptocurrencies require different equipment. For mining some of them you will only need your computer and a special program. Others require special equipment.
The second type became a field for investments. Since various enterprises have resources they invest in warehouses and hardware. Thus individual miners are unable to compete. And the moment big enterprises start to take part in the mining process it becomes centralized.
https://preview.redd.it/sto21ncthrn31.jpg?width=846&format=pjpg&auto=webp&s=5748434c09825a0e95860c5364db0933d4c29e2d
The equipment may cost way more than average people can afford. Nonetheless, individuals may actually have a chance. They can join a mining pool. This is an opportunity for miners to come together and survive alongside corporations. A mining pool is a good idea. Since big companies are interested in this kind of gainful activities, it is very hard for individuals to find something really worth mining.

How to start?

  • First of all, you should choose a cryptocurrency you want to work with. Do some research since now there are a lot of different cryptocurrencies. All of them require different mining equipment, time and money investments.
  • Then you will need a digital wallet address. This is where you will receive your reward. There are a lot of wallets. So choosing may take some time. Remember to pick one suitable for your cryptocurrency.
  • Download mining software. It is free and easy to install.
  • Install mining hardware if necessary. Some types of cryptocurrencies require special hardware to mine. For example, Bitcoin. But there are also some cryptocurrencies that require only your PC.
  • Make sure that your internet connection is stable all the time.
https://preview.redd.it/zcvvbt9yhrn31.jpg?width=1950&format=pjpg&auto=webp&s=08b188b776eb7329900584f46c3cbdbfddcca994

Useful links

Here are some sources to find additional information about mining pools and technologies:

Conclusion

So when you decide to take part in crypto mining, you should remember that significant profit can be achieved only if you are ready to invest in equipment. Mining from your PC can be a profitable hobby, but bigger money you can get only if you become an investor.

Feel free to follow our updates and news on Twitter, Facebook, Telegram and BitcoinTalk.
Read what the customers say about SimpleSwap on Trustpilot.
Don’t hesitate to contact us with any questions you may have via [[email protected]](mailto:[email protected]).
submitted by SimpleSwapExchange to BitcoinMining [link] [comments]

How to become a miner

How to become a miner
A lot of people are thinking how to benefit from the increasing popularity of cryptocurrencies. Since you are reading this article, we assume you are one of them. One of the things you can do is to become a miner. This may be a way to earn some income. On the other hand, thoughtless attempts may lead to significant money loss. Let’s take a look at the most important points.

What is crypto mining?

Have you ever thought how does cryptocurrency appear? It can’t be printed. It can be released. The process of releasing new cryptocurrency is called mining. However, crypto mining has another purpose. It is a process of verifying transactions and adding them to the blockchain ledger. Miner chooses and verifies transactions, put them together in blocks, add blocks to the blockchain. This is it.
https://preview.redd.it/305abjn1ckn31.png?width=680&format=png&auto=webp&s=014baca684a62fe6aaf7f66518730d76478f5ee6
Miners serve to the main idea of cryptocurrency. They help to spread control among a number of people. That makes networks decentralized. For doing their job miners get a reward. Usually it is some amount of cryptocurrency.
There are a couple of things you need to know before you start. It is important to mention that not all cryptocurrencies need mining. Also some of cryptocurrencies have their limits. They cannot be mined endlessly.
Although if you decide to start mining you should remember that significant profit can appear only if you invest quite a lot of money and time. Otherwise, it can be a profitable hobby.

What do you need for mining?

Different cryptocurrencies require different equipment. For mining some of them you will only need your computer and a special program. Others require special equipment.
The second type became a field for investments. Since various enterprises have resources they invest in warehouses and hardware. Thus individual miners are unable to compete. And the moment big enterprises start to take part in the mining process it becomes centralized.
https://preview.redd.it/h2qkkjz3ckn31.jpg?width=846&format=pjpg&auto=webp&s=c9e80ed2aeef318c51eb0fbdf78c0a5f4243faae
The equipment may cost way more than average people can afford. Nonetheless, individuals may actually have a chance. They can join a mining pool. This is an opportunity for miners to come together and survive alongside corporations. A mining pool is a good idea. Since big companies are interested in this kind of gainful activities, it is very hard for individuals to find something really worth mining.

How to start?

  • First of all, you should choose a cryptocurrency you want to work with. Do some research since now there are a lot of different cryptocurrencies. All of them require different mining equipment, time and money investments.
  • Then you will need a digital wallet address. This is where you will receive your reward. There are a lot of wallets. So choosing may take some time. Remember to pick one suitable for your cryptocurrency.
  • Download mining software. It is free and easy to install.
  • Install mining hardware if necessary. Some types of cryptocurrencies require special hardware to mine. For example, Bitcoin. But there are also some cryptocurrencies that require only your PC.
  • Make sure that your internet connection is stable all the time.
https://preview.redd.it/rn0n8k68ckn31.jpg?width=1950&format=pjpg&auto=webp&s=1ef217101f813eefaf6edb6a3c7d321b2fd56002

Useful links

Here are some sources to find additional information about mining pools and technologies:

Conclusion

So when you decide to take part in crypto mining, you should remember that significant profit can be achieved only if you are ready to invest in equipment. Mining from your PC can be a profitable hobby, but bigger money you can get only if you become an investor.

Feel free to follow our updates and news on Twitter, Facebook, Telegram and BitcoinTalk. Read what the customers say about SimpleSwap on Trustpilot. Don’t hesitate to contact us with any questions you may have via [[email protected]](mailto:[email protected]).
submitted by SimpleSwapExchange to CryptoBeginners [link] [comments]

How to become a miner

How to become a miner
A lot of people are thinking how to benefit from the increasing popularity of cryptocurrencies. Since you are reading this article, we assume you are one of them. One of the things you can do is to become a miner. This may be a way to earn some income. On the other hand, thoughtless attempts may lead to significant money loss. Let’s take a look at the most important points.

What is crypto mining?

Have you ever thought how does cryptocurrency appear? It can’t be printed. It can be released. The process of releasing new cryptocurrency is called mining. However, crypto mining has another purpose. It is a process of verifying transactions and adding them to the blockchain ledger. Miner chooses and verifies transactions, put them together in blocks, add blocks to the blockchain. This is it.
https://preview.redd.it/okd6br2qckn31.png?width=680&format=png&auto=webp&s=1d493bbd5b11fa734f6b1d37fef52f55d043dac8
Miners serve to the main idea of cryptocurrency. They help to spread control among a number of people. That makes networks decentralized. For doing their job miners get a reward. Usually it is some amount of cryptocurrency.
There are a couple of things you need to know before you start. It is important to mention that not all cryptocurrencies need mining. Also some of cryptocurrencies have their limits. They cannot be mined endlessly.
Although if you decide to start mining you should remember that significant profit can appear only if you invest quite a lot of money and time. Otherwise, it can be a profitable hobby.

What do you need for mining?

Different cryptocurrencies require different equipment. For mining some of them you will only need your computer and a special program. Others require special equipment.
The second type became a field for investments. Since various enterprises have resources they invest in warehouses and hardware. Thus individual miners are unable to compete. And the moment big enterprises start to take part in the mining process it becomes centralized.
https://preview.redd.it/246fk09vckn31.jpg?width=846&format=pjpg&auto=webp&s=2bf4164615342741d9ddb03493b3383f2af14f95
The equipment may cost way more than average people can afford. Nonetheless, individuals may actually have a chance. They can join a mining pool. This is an opportunity for miners to come together and survive alongside corporations. A mining pool is a good idea. Since big companies are interested in this kind of gainful activities, it is very hard for individuals to find something really worth mining.

How to start?

  • First of all, you should choose a cryptocurrency you want to work with. Do some research since now there are a lot of different cryptocurrencies. All of them require different mining equipment, time and money investments.
  • Then you will need a digital wallet address. This is where you will receive your reward. There are a lot of wallets. So choosing may take some time. Remember to pick one suitable for your cryptocurrency.
  • Download mining software. It is free and easy to install.
  • Install mining hardware if necessary. Some types of cryptocurrencies require special hardware to mine. For example, Bitcoin. But there are also some cryptocurrencies that require only your PC.
  • Make sure that your internet connection is stable all the time.
https://preview.redd.it/glis63xqckn31.jpg?width=1950&format=pjpg&auto=webp&s=da49c95d2b08159bec989af73377599193b24a1a

Useful links

Here are some sources to find additional information about mining pools and technologies:

Conclusion

So when you decide to take part in crypto mining, you should remember that significant profit can be achieved only if you are ready to invest in equipment. Mining from your PC can be a profitable hobby, but bigger money you can get only if you become an investor.

Feel free to follow our updates and news on Twitter, Facebook, Telegram and BitcoinTalk. Read what the customers say about SimpleSwap on Trustpilot. Don’t hesitate to contact us with any questions you may have via [[email protected]](mailto:[email protected]).
submitted by SimpleSwapExchange to NewbieZone [link] [comments]

Thank you r/bitcoin

With today’s dip I have finally bought my way into owning my first 0.10 of bitcoin. While this may not be a significant amount to most people it is quite a bit for me at this time in my life.
Currently, I work a warehouse job making only $11.00 a hour. However, to confirm my money that I’ve injected into bitcoin has not been reckless. Actually, it’s quite the opposite as I’ve taken portions of my monthly budget that has typically gone to eating out and and started making all my meals at home. To add to this I’ve cut alcohol completely out of my diet. As a result the left over amount from this has gone into bitcoin.
Everyone has their own reason for getting into crypto, mine just happened to coincide with bettering my life with more healthy (and cost efficient) choices.
So, thanks for the memes, and motivation to override all the FUD that’s floating around. By proxy you guys (gals) have helped me get back to a physically happier place.
Good luck for everyone in 2018.
** Who would have thought on my 3 year reddit cake day I’d get my most upvoted post. Thank you guys for all the words of encouragement. You guys are awesome!!
2nd edit ** holy shit my first reddit gold! thank you kind stranger!!
3rd edit lol ** I just checked during a free moment at work. Wow this has blow up and another Reddit gold?! I’ll start replying when I get home. There’s a overwhelmingly amount of positive people 👌👍.
submitted by LeMasterPoPo to Bitcoin [link] [comments]

Bitcoin enthuthiast has a meltdown after meme accuses him of being a pedophile and of cheating others out of what would be their money. (apparently unironic)

How it actually happened:
This is Ann. Ann started her career at 16 when she blew the manager (a creepy pervert who forced her into it, she #MeToos to this day) at the local grocery store so she could immediately get a position as a cashier instead of having to start off in the storeroom stacking boxes "like some Chinese slave worker". Ann, who believed in "treating" herself for her hard work, did not save any of the money she earned, instead spending it on expensive clothing, fast food, movie tickets, smartphones, and nights out with "the girls" (as she never paid while on an actual date). Her parents took care of the bills anyway, so who cares? It's okay though, because Ann was able to get financial aid from the government to attend the university of her dreams and study sociology, because "I'm, like, just so interested in how society works and how white men oppress women and are so racist and stuff, you know?" It only put her $100K in debt too. "You can't put a price on the college experience," thought Ann. Ann did no research on what degrees were in high demand before deciding on her major and sadly, "due to the patriarchy undervaluing the so-called 'soft' sciences" Ann repeated (as her women's studies professor had told her), her sociology degree did not open up as many doors for her as she'd hoped. Luckily, however, one of Ann's old beta orbiters became the CEO of a new tech startup and, after finally hooking up with him a few times (her little secret from her then boyfriends Tyrone and Jamal), she was able to snag a position as their chief diversity counselor. "Good thing that fat black bitch who tried to steal MY job was too full of fried chicken and gravy for any man to want to fuck her," she tipsily joked about the only other applicant (always forgetting to squelch her offensive quips when drunk), eliciting howling guffaws of approval from the pack of thonged, dyed-hair hyenas that surrounded her at the local bar in celebration of her new job. "Bartender, get us another round of appletinis!" Ann boomed. Cheers abounded. Life was good, Ann's salary was high, and her mortgage for an $800K home in the Bay Area was approved. Unfortunately, it was eventually revealed that her company's "enterprise cloud blockchain solutions" were actually vaporware. It lost its VC funding and was forced to shut down. Poor Ann had to leave her dream home, accept a lower paid HR assistant position at a boring non-tech company ("They make plastic water filters or something. I don't even know."), and move into a mere 3 bedroom apartment. "We're told to save," wrote Ann on a piece of paper that she posed with in an image posted to her Instagram, "but Oreos and Netflix are the only comforts poor people like us have. Don't we deserve nice things too? I AM the 99%!" Ann's looks are already starting to fade due to ravages of a rough Haagen-Dazs by day/party slut by night lifestyle, and, though she'd never admit it to herself, she can tell that her "feminine charms" aren't as effective at creating opportunities for her as they used to be. Things have started to sag that never sagged before and even a Sephora warehouse couldn't get rid of the bags under her eyes. Strolling down the sidewalk, she takes a sip of her daily Starbucks triple pumpkin dessert cocoaccino latte (only $27 and 1500 calories, and don't even think about talking to her her in the morning until she's finished it). "I guess there's just no way to escape this male-dominated society where sexist techbros live in the lap of luxury while marginalized people like me subsist on crumbs," she thinks to herself as she steps over a homeless man. Meanwhile... This is Bob. Bob was bullied by the other kids at his school (like his first crush Ann) as a child for his slightly odd-looking face. This caused him to retreat into the more anonymous world of the Internet where nobody could know his appearance. The other kids mocked him for that too, and his parents didn't understand why he'd want to "waste" his time talking to people he "didn't even know", but he ignored them. It didn't entirely cure his loneliness, but it did expose him to ideas and opinions that he would not have otherwise explored. Sure, he went through an embarrassingly self-righteous atheist phase as a teenager, but ultimately he developed into a sharp free-thinker with nuanced opinions. Bob found out about Bitcoin in 2012 from a Linux forum he was browsing. Already a firm believer in privacy, cryptography, decentralization, and technological freedom in general, the idea of Bitcoin immediately excited him. After carefully considering the economic viability of the concept, he concluded that Bitcoin's deflationary issuance curve and the possible applications of an enforceably scarce digital asset made it a worthwhile and likely quite valuable investment. He thus resolved to accrue as many of them as possible in order to save for his future. He cut down on his favorite hobby of gaming, reserving his GPU cycles for Bitcoin mining and his Steam sale money for buying Bitcoins instead. His IT job didn't make much and his one bedroom apartment wasn't cheap but he always found a way to set some money aside to expand his growing cryptoasset portfolio. His enthusiasm for Bitcoin was endless, and he wanted to share the positive potential of it with the world too, so he wrote guides, created infographics, and made YouTube videos about how to buy, use, and mine Bitcoins. Due to his efforts, thousands of people were able to get in on the craze early like him. Parents created college funds for their children. Young adults his age secured their financial futures. Impoverished folks in oppressive shitholes learned how to transfer money via their smartphones to avoid their corrupt governments confiscating it. He even endured the eye-rolling and snickering of his family members at Christmas time to make sure that they were all gifted a bit too. "Gee... thanks." The 2013 crash crushed Bob. He considered recouping as much of his money as possible and exiting the Bitcoin world permanently, but ultimately decided against it on principle. He had taken a risk and was sticking to it. He still believed in Bitcoin. Bob's bet on Bitcoin has paid off. He is now a multimillionaire, at least on paper. Other than a few donations to various organizations, his Bitcoins have stayed in the original addresses they were first put into. After all, he is still prudently considering exactly how to spend and grow his newfound wealth, and since he's now the manager of his company's IT department, his salary more than supports his modest lifestyle by itself, so he's in no rush to "cash out". While trying to chat with Ann on a whim after running into her at a grocery store, Bob mentioned Bitcoin to her in 2012. It made her finally look up from her phone. "That's the dumbest idea I've ever heard of!" she shrieked. She would know too, she thought, since she's a college-educated woman, unlike Bob who had skipped college because "government subsidies have distorted the higher education market and lowered the value of a college degree" (as if using fancy words made him smart like her). Nevertheless, he persisted, offering to show her how it worked and even set up a wallet for her. Bob's Bitcoin evangelism could certainly be a bit aggressive at times, but he meant well. He would gladly send 10 or 20 dollars worth to anybody who wanted to get started. She responded that he was creeping her out and needed to buzz off before she called security. Of course she wasn't really going to waste such an effort on this harmless loser, but she just couldn't stand hearing his nasally little voice anymore. He probably just wanted to creepshot her yoga pants anyway. Briskly sauntering away, she giggled to herself: "How could a file on a computer be worth anything? I could just copy and paste as many 'BitCoins' as I want," she concluded, forgetting about the idea as soon as she had first heard of it. Plus, her company was already working "with blockchain", which its CEO had told her was the only important part of "BitCoin" anyway. "He has actual money too and not just fake Internet coins so he clearly knows more than Bob." Ann took slight notice of the 2013 bubble, but she was too busy moving into her new home then to pay much attention to it. When Bitcoin was hacked and the government shut it down (as Ann interpreted events), popping the bubble, she texted Bob: "Told ya so." There was no response. She figured he had probably already killed himself or something. Oh well! She had to get out of her sweatpants and ready for the club anyway so she didn't have time to worry about it. In fact, she didn't have a single thought about Bob again until... In 2017, Bob once again crosses Ann's mind. The network miraculously revived, one Bitcoin is now worth over 10 thousand dollars, and Bob is almost certainly loaded. She stares at her phone, thinking of how to best break the ice with him. "Hey Bob I just wanted to say that I'm sorry for some of the things I said to you in the past and how I treated you when we were kids and all. I know this is out of nowhere but I'm just kind of feeling guilty lately soo.... maybe we could meet up sometime and talk about it?? You could tell me more about those bitcoin thingies you we're so excited about back in the day haha" Again no response comes and she whips her iPhone X on to the bed in frustration. Retrieving it, she switches over to Safari to look Bob up on social media, only to find that he's dating a shy 18 year old Finnish girl he met online. "That pervert!" she gasps as she glances over the girl's milky skin and youthful face. "She is WAY too young for him! He should want an ACCOMPLISHED, MATURE woman like me, not some little girl! I bet the freak looks at child porn too!" Her fingers drip with venom as she texts one of her remaining beta orbiters. "Hey," she begins, "you know how to draw funny cartoons right" She hits send.
submitted by ImJustaBagofHammers to copypasta [link] [comments]

"The unanimous opinion is, no, he’s not Satoshi Nakamoto." --Elaine Shannon, Writer of "Hunting LeRoux"

I was very curious about the past days' rumors of Paul Calder LeRoux having a chance at being Satoshi and I read Elaine Shannon's book so I figured she'd be the preeminent expert on the subject. I was expecting a short reply (I just used the Contact Me page on her website) and was astounded to get this reply. Thanks again to her for taking the time to write it. It's shared with her permission, and I'll direct her to this thread so maybe she can answer questions if she has time under her own account. I can't wait for the Michael Mann's movie!
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My original question was something along the lines of, "Do you think that LeRoux could be Satoshi because of the timelines matching up roughly with the time that Satoshi disappeared and that LeRoux was arrested? Also their backgrounds in cryptography (E4M / Truecrypt / etc.)."
Thank you for writing me. I agree that it's fun to speculate about Paul LeRoux and what a man with his brainpower would make of cryptocurrency, the dark web and all sorts of marriages of technology and crime. But if you’ve read Hunting LeRoux, you know I’ve had extensive and in some cases exclusive access to several people who know Paul LeRoux as well as anyone can. I’ve concentrated on exploring his character, as they observed him at close range. Since that theory came out, I’ve contacted all of them. The unanimous opinion is, no, he’s not Satoshi Nakamoto. As I mentioned on my Twitter feed, he didn’t have the necessary time to spend experimenting with a project whose money-making potential was uncertain at best. in the 1990s, he was hustling hard. He published E4M in 1998, as a means of advertising his skills, but he was also chasing IT jobs on several continents and looking to get married again. From 1999 to 2002, he was working long hours as CTO of SecurStar, a cybersecurity venture set up by Wilfried Hafner, LeRoux’s mentor at the time. Hafner was close to LeRoux but fired him in 2002 when he discovered that LeRoux had pilfered and sold a valuable string of code developed by others in the company to operate security devices called crypto-tokens. After that, LeRoux went off to make his fortune and founded RX Limited as a star-up internet commerce pharmaceutical sales venture in 2004. His sites brought in $300 million in sales between 2007 and 2011, according to a DEA analysis. He never asked for payment in bitcoin or offered to pay for anything in bitcoin, as far as my sources know. He always took payment for pharmaceuticals in the form of credit card charges, usually VISA. He considered setting up his own bank and VISA franchise. For darker deeds, he wanted cash or gold bars. Iran paid him for an explosives formula with $5 million in gold bars.
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In 2009, when bitcoin emerged, he was busy launching multiple ventures As I detailed in Hunting LeRoux, among these were small arms sales, trading in hard drugs, trading in smuggled gold, building a submarine, devising a new missile navigation system for Iran and setting up a new base in Somalia, where he intended to make himself into a white warlord, expanding his arms business into an Amazon-for-arms platform with fortified bases, his own militia, barracks, warehouses for arms, an airstrip, a seaport and so on. Significantly, he discovered oil on the land he controlled but declined to drill it, saying it would take too long to turn a profit.
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To sum up, several associates say he might have the intellectual skills to participate in the invention of cryptocurrency, but he didn’t have the resolve, patience, passion for that particular kind of secrecy or collaborative bent necessary to pull off such a feat. He was a man in a hurry for guaranteed results, fast, and he dropped a series of ideas that wouldn’t deliver huge returns. He was a loner with no real friends and business partners. There’s a reason he demanded to be called Boss and regularly threatened to kill his senior lieutenants.
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Now, however, no one discounts the possibility that he might be thinking of a new way to mine cryptocurrency or game the system. He is in a federal facility, awaiting sentence, and has a lot of time on his hands.
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Best,
Elaine Shannon
Journalist and author, “Hunting LeRoux,” and other works
Twitter
Website
submitted by unrequited to btc [link] [comments]

What did I screw up during my college internship process?

I've been looking for a full-time paid summer internship, but was rejected to every single company I applied to. What did I do wrong that I can fix next time?

My situation:

The application process

The results

I'm scratching my head wondering what I did wrong. I don't have any friends who applied for internships, so I can't compare my results.

My explanations:

Which of these reasons do you think is most likely? I'm guessing it's mostly #3 and #5. Any ideas?

Also, if I don't finish an internship before I graduate, am I screwed when it comes to getting a full-time job? Will I even have to get an internship in the spring after graduation and work for $15/hour for a few months, and then get a full-time job?
I don't want to do that. I really want to start working and get out of my parent's house ASAP, and earn $60k a year. Payscale.com says my market value in Philly is $63k/year.
Another idea I have is to get a part-time retail Walmart job for $12/hour during the summer, just to gain some kind of experience. Would this raise my chances of getting the $60k professional job later?
submitted by Hammereditor to jobs [link] [comments]

Difficult to fundraise $3 000? Let's collect easily $5 000 000 a year! DOGECOIN 2.0 ideation.

Decentralization and democratization.
Doge 4 Family House fundraising is struggling to raise Ð1,500,000. Where the heck are 110,000,000,000 dogecoins? Fundraiser asks for only 1 dogecoin in 73333. What is going wrong? As of today, yearly mined dogecoins are worth around 5 million USD! Why so difficult to gather just $3 thousand?
I've joined dogecoin community around half a year after dogecoins' birth, i.e. it was too late to mine with a home computer as asics were coming into the market. Asics and merged mining with litecoin centralized dogecoin and took away a lot of fun from average shibies and reserved this space for rather rich people or mining enterprises, huge warehouses filled with electronic equipment doing nothing important for humanity - wasteful calculations. What are asics? They are specialized chips able to quickly solve a very narrow class of problems. Apart of mining, asics designed for mining can only be used as heaters or collectibles. While mining, they solve meaningless problems. There is no use of these computations apart of creating dogecoins, litecoins or bitcoins. Daily electricity usage (only bitcoin network) exceeds 1 million USD daily. The cost of equipment to match bitcoin network hashrate I have estimated to cost currently between 100 and 500 million USD. If dogecoin would be valued close to 1Ð = 1$, dogecoin mining network would be as costly and seeping as much electricity. All these money and resources for garbage calculations. This is basically wrong.
As I was unable to mine, I have bought some dogecoins on the market. I won some in design competitions here on reddit/dogecoin, I tipped and I've been tipped quite a lot. I gave up tobacco in favour of electric cigs and doing other similar savings and altogether I have collected close to one million dogecoins. Well, over 90 000 left in dogetipbot were burnt in 'Wow Such Business' by Mohland, some disappeared on some websites that... disappeared. My bad.
Last month I decided to review my 'investments'. I have sold most of my dogecoins I had left in my wallet and Shibe Poker site and bought some other coins, especially gridcoins. As an investment - I could point to some other coins that seem to have higher potential to bring a good return. But I like Gridcoin Research. This coin is based on mixed Proof of Stake and Proof of Research. The latter one is basically a variant of Proof of Work. Now it's almost a week since I've started mining cryptocurrency for the first time in my life! And it's quite exciting. Preliminary estimations show that I won't make any good return on mining gridcoin. Electricity here is expensive. Buying and holding - if it would take off 'to the moon' one day - would be much more profitable. Return will roughly cover only mining electricity costs (or not fully), at least in my case. But! But I like it! I can be a part of the system, unlike in dogecoin nowadays. I take part in scientific research. Years ago I had a special screensaver and my AMD Athlon desktop was crunching numbers for [email protected] project. Now I can continue this project or start any other ranging from mathematical problems to mapping new territories in our bodies, from discovering the shape of our Milky Way to finding cures for illnesses. While Dogecoin is aiming for the Moon, Gridcoin is reaching far further away (from asteroids, through Milky Way to distant galaxies) and far closer (researching our own genome, gut bacteria, Zika cure, treatment for common childhood cancers). Mining power of our home computers that is meaningful for humanity. Which is Wow? Much amaze? So science!

DOGECOIN 2.0

Here goes my proposal for DOGECOIN 2.0. It's only ideation, I know it would need a huge amount of work and it would be difficult, but first we need a direction and then we can research feasibility.
1) Migration from Proof of Work to Proof of Stake + Proof of Research (or other useful Proof of Work that is non Asic based) = taking new coins from whales only back to community, empowering shibes. Surely, those who are cleverer, working harder, can and want to invest more money will get higher share is rewards. At least their mining rigs would do a meaningful job and average John Doe will be still relevant with his all purpose desktop computer.
2) Reward scheme. There is 5 billion extra supply a year plus mining fees. For simplicity I will assume just for this draft there is 5 billion coins to share but in more detailed plan we should add mining fees, too.
2a) 20% (1 billion Ð ~ 2 million $) for Non Profit. A list of eligible organizations / projects would be proposed, voted and whitelisted. 2b) 1% (50 million Ð ~ 100 thousand $) for DEV fund 2c) 1% (50 million Ð ~ 100 thousand $) for Dogecoin Foundation (marketing, maintaining list of non profit projects and checking those projects - or it could be part of 2a) above 2d) 39% (1.75 billion Ð) for Proof of Stake (interest) 2e) 39% (1.75 billion Ð) for Proof of Work (non Asic - like gridcoins' Proof of Research) (mining) Coins collected as fees should be assigned proportionately or some other way to above funds.
Would dogecoin reach current litecoin market cap, above sums would reach $20 million/year for non profit projects, $1 million/year for development etc. At some point shares could be adjusted.

Inflation

Inflation, or more precisely dogecoin supply growth which is 5 billion a year, or currently less than 5% a year is by some shibes regarded as a brake for market value growth. It was discussed several times.
There seems nothing fundamentally wrong with keeping current supply growth rate as it is.

Note

Due to excellent job devs are doing I have retrieved some coins from dogeparty. Just quote ‘Much Humanity, So Earth, Such Fun’ in your reply to get a tip. Over 1000 dogecoins from my retrieved dogeparty funds are up for grabs!

Hard Fork

Such a huge change could cause a hard fork with both forks alive, i.e. old and new dogecoins would coexist. Is it something to be afraid of? As recent story of Bitcoin and Bitcoin Cash shows, such a scenario is possible, what is more - does not effect badly either new or old fork. Thus I would take it a step further and deliberately leave old dogecoin and start a new one.
Proposed changes would bring back decentralization and democratization and empower community, allow collect easily substantial amounts of money for non profit projects, secure development and potentially put into good use thousands to millions of our home computers. I expect this would lead to greater adoption and rise in value - for those looking to 1Ð = 1$.
If Dogecoin 1.0 was aiming To The Moon, for Dogecoin 2.0 let's aim For Humanity, For Earth, For Fun!

EDIT

Giveaway ended. Final remarks.

All the best!
submitted by currency4world to dogecoin [link] [comments]

Abundance via Cryptocurrencies.

Back in 2011 before I started munching red pills errday, I was looking to loot up. I thought google was the perfect example of clever entrepreneurship and despite the fact I knew jack shit about it, I subbed to programming thinking that most likely something big was going to come out of the computer realm. A couple of months later a little article popped into my feed from there " Google develops new bitcoin wallet ". I had a read of the comments and it was noted that it wasn't google developing the wallet but rather an employee as part of their extra vocational activities. Someone in the comment section mentioned the silk road and I had a little look around trying to find out more about it. I downloaded Tor and found the way to access it and after looking around thought that I'd better give it a crack.
I got my first bitcoin via paypal for <$1 but then paypal cracked down on that channel and because there were no Australian exchanges I had to go some roundabout way of getting myself second life credits and then using an in game exchange for bitcoin. I bought a few more and had a little dabble on SR. It worked and my little sample orders came through. I was super impressed and set about getting more of this magic internet money that had enabled such a cool service. About the same time, it started going through it's first bubble getting as high as $30. It crashed down to $20, then $15, then $10 and at each of those levels I threw a few grand at it that I had sitting in an account from when my granddad died. I was keen to get more but then it started heading lower and I thought "ah I don't actually know shit about this. I think it's a good idea, but this is my first time investing and I could well just end up going out the back door."
They hit $2 a coin but I had no need to sell and just sat on them for a couple of years. Towards the end of 2012, as the first halving of the block reward was approaching, the price started to move again. It got up to around $15 again where I was even, but again I had no need to sell and just sat on them. By April or so they'd gone mental and had reached their then all time high of $270 odd. At the peak they were going up so fast that I went to bed one night and woke up with my stack worth $5k more. I cashed out enough to buy a few oz of gold for my original $4k investment but held the rest.
Throughout this time I'd been consuming all I could about this cool new tech and the associated avenues that had opened up in decentralized/disruptive technologies. I was reading every post in rad_decentralization polycentric_law, seasteading, open source ecology and whatever I could digest to apply to my vision of what I wanted to do with this loot.
A couple of months later I went off on an adventure overseas to go surfing in Mex, some summer festivals and do a snow season in Canada. I was reluctant to spend my coins because they'd now gone down to around $70 or $80 bucks so I'd been going through my savings. After Burning Man I was out of cash. I was supposed to go back to Mexico to hit up the south with some friends but I decided instead to go up to Northern Cali to try find some work on the farms in a town we'd passed through.
I spent my last $200 on a crappy hotel and getting pissed at the bar looking for leads for work. The next day we found a guy who'd give us a start and we headed up to the hills to work for a few months. We had worked for 2 weeks when there was a bit of a hiatus for a few days (which coincided with symbiosis festival), so we went down there to party for a few days.
On the weed farms we'd been hanging with lots of deadhead kids and they'd all been sharing stories of eating heaps of acid and other drugs and I thought it was time I give a big dose a try. I managed to get a hold of some at the festival, tore off 5 tabs and shoved em on my tongue. The guys face kinda dropped and he's like "dude, they're really strong". I had just smoked a masssssive joint and was about halfway through a bottle of captain morgans, so I just kinded "Meh'd" him and laughed. Needless to say, they were indeed quite strong and 6 hrs later I've got some medic knocking on the porta potty asking me if I'm alright. Completely naked, filthy, sticks and leaves and shit all through my beard and hair. I'm like "yeah, i'm ok but do you have my clothes?" She didn't and didn't know where they were but I managed to get a blanket off her and walked outside into the party. At that exact moment my friends happened to be walking past first aid and I heard one of their voices through the darkness. I yelled out to him and the others and they came over and took me with them.
I went back to camp a bit bummed out that i'd gone too hard and ruined the party, but then I could hear the music pumping and actually felt pretty good so I went back out to look for my clothes and shit. I couldn't find them until the next day my jeans turned up in lost and found with my wallet in them. I rolled out of that party that next evening, pretty rattled, no shoes and totally broke again.
Not long after I got back to the farms I heard of the silk road bust and noticed bitcoin had taken another hit. However, in the following days, perhaps due to the shutting down of an unsavoury aspect of the bitcoin ecosystem, the coins went on a surge. By the time I was up in Canada for my working holiday snow season they'd gone as high as $1250 a coin. I cashed a few out to sort myself out for the season. Didn't bother finding a job, bought a pound of weed and just boarded every day.
Through this time, I'd spread a bunch of my stack over some shares denominated in bitcoin and some of those were generating me nice dividends. One in particular which was in a company making mining hardware was doing really well and I put a lot of my coins in there. They took a hit after restructuring their business model to redirect dividends into R&D, which made the price plummet. I doubled down on them but eventually they ended up going out the back door. I lost another 10btc or so to a scam run out of Cyprus that was supposed to be a btc-euro gateway company, but he bailed once the btc price dropped. A few others crashed along the way and then in the mean time I'd spent most of my liquid coins on going back to Oz to visit my girlfriend, returning to canada, then returning back to Oz once that relationship was on the rocks.
I got back to Oz the second time, with only a couple of coins left, they'd dropped down to $400 or so, things didn't work out with her and I just fell into a rut after being on such a high. I talked mum into selling me her old car for a few bitcoin and moved to Melbourne to try something new. Around this time projects like ethereum, ripple, dash, monero were all starting up and since I'd been burned on a few scams and failures, I doubted my ability to discern what was going on and out of fear didn't get involved with any of them.
During the run up of the coins from $15-$1250 I'd been digging into researching all about decentralized/disruptive technologies and had been developing ideas for radical community projects utilizing the benefits of open source technologies and distributed ledgers to greatly increase efficiency, as well as transparency and accountability. When I moved to Melbourne I went to a few bitcoin meetups but just found that they were full of traders and business folk but not many were into the radical side of things. I started knocking around with a few crew from the party scene and began brainstorming some ideas for festival/community development through crypto.
Though at the peak the projects that I'd been ideating had seemed almost tangible, when back in the real world with no money, they became much further away. I couldn't go back to the old way of thinking in the traditional paradigm, but without a bankroll I didn't really know where to start. I still wanted those things, but had no capital and no network. Through my research into crypto I'd discovered the scheme that is the Federal Reserve and the corruption of fiat currency and through that found myself being drawn to conspiracy and becoming addicted to "figuring it all out".
I got a bit of casual work, but I just couldn't bring myself to engage with the system on anything other than my terms. I still dreamed of community development but all my time was spent in the web of lies and paranoia that is the conspiracy realm. From my solid acid trip I'd got enough of a glimpse of the spiritual nature of things that I still manged to hold the light through my foray into the pit, but I became a bit consumed by it all. I had another couple of trips that showed me a look at an interdimensional world but in glimpsing them, I also took on a lot of paranoia that I had to work through. I started seeing bitcoin as the system for the NWO to implement their cashless economy and mark everyone for eternal damnation.
I kind of stayed in this world for nearly a year or so, until I stocked up on DMT from a guy at a festival and got stuck into that as a bit of a practice. What it told me was that all this world is my creation. The abundance I experience comes from a state of mind and similarly the poverty I experience comes from the opposite state of mind. It told me the most important thing I could be doing, is working to cultivate a mentality of abundance. I began cultivating that idea and whenever I was consciously aware of a choice between abundance and scarcity I would endeavour to choose abundance.
A few months later, I ended up falling in love, getting married, meeting a friend who has a project called "abundance" (where he is trying to cultivate the shift in perception on a mass scale), had a kid, took on a massive build/renovation to a warehouse/ started a business. Recently the business has gotten to a point where I actually have a couple of spare bucks again and so I decided to enter back into the world of cryptocurrency to see where it's at. I got 2 bitcoin and thought I'd spread them around on a few of the alt coins to see how they go.
I'm still distrustful of the story behind bitcoins inception and it's role in the overall scheme of things, but I have regained faith in my ability to discern what's going on. In the bundle of cryptos there probably is one that will be the vehicle for the beast to get their subjects, but that's not going to stop me from riding the train to abundance town in the mean time.
I bought a bitcoin and spread it around on a few of the alt coins that I thought looked interesting eth, etc, ltc, pivx and ripple. I think Ripple is set to go bananas. They're currently working with about 150 banks to use ripple to settle international transfers. Apparently they're also in negotiation with the reserve bank of Japan to utilize it. If you're aware that the US economy has been set up to tank, and there's going to be a restructuring of the power to an eastern led financial system, ripple seems like the prime candidate the facilitate that. When they roll out new SDR backed BRICS currency, they're not going to be able to just implement a new standard by coercsion. It's going to be by utilizing existing services that are already being used by a number of people. Ripple is a Silicon Valley start up, and if you know anything about the MIC involvement in SV, you'd know many of the companies from there are simply fronts to enable the implementation of the technology that TPTB are ready to release to us. In the 2-3 weeks that I've had my ripples it's already gone up 100% but I think it could possibly be at $1 (from $0.07 now) within a year if they succeed in taking down SWIFT.
I was talking to my friend with the abundance project about crpyto and how we're going to liberate ourselves from fiat slavery and he saw a number plate on a car in front of him that read XTC 999. I thought I remembered a coin that had the trading abbreviation of XTC so I had a look around on it. There was in fact a coin that had that but when I was reading the thread about it on bitcointalk it appeared that the project had stalled. In the same thread someone mentioned that although it had stalled, if you like the look of the project, you should take a look at IOTA.
I looked it up and what do ya know, it's a super innovative new protocol designed to for intermachine operability in the internet of things. It doesn't run on the blockchain, but rather has a new type of ledger called the tangle which does asynchronous settlement which their developers allow it to scale infinitely as it increases in efficiency as it records more and more transactions. Because the individual making the transaction does the POW at the time of the transaction, it also allows IOTA to run without fees because spamming the network actually assists it by confirming more and more transactions. I did some digging on it and because it's not listed on any exchanges it's a bit harder to come by, but I was super keen to get some so I threw a bitcoin on it over on their trading channel on #slack. In the two weeks that I've had my IOTA it's already increased by another 66% as well.
I don't really know what the point of this post is, but I just wanted to share with you all because I love you and I think that we're approaching a point where the traditional financial system is about the be dismantled and the new one is rolling out. The new one isn't some currency that a bunch of coders in a Russian office have been working on. The Russian coders are working for ethereum, the MIC is working through Ripple in Silicon Valley. Having projects developed in an office is old school. It's way more efficient for TPTB to release some technology to the masses and have them develop their own chains that will enslave them. These companies now are the companies that will service the NWO's cashless economy. I would encourage you to get in and get some while the going it good and then put those earnings towards setting yourself up so that when the day comes that "none shall trade without the mark of the beast", you're living off grid in your open source gifting economy and you don't give a fuck.
submitted by whipnil to C_S_T [link] [comments]

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Bitcoin mining is a full time job

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