Bitcoin Blog a1

Tuesday, March 13, 2018

Single board mining

I’ve been working on a new project, mining cryptocurrency on a Raspberry Pi Zero. You might think this is crazy, and it is a little. I’m mining something called Magi coin. Honestly, I don’t know much about it. I may have to look into it more later.

With my Pi running, it looks like I’m getting .5k hash a second, which is super small, but still something, especially considering my Raspberry Pi uses very little power.

Here is what the mining looks like via my ssh connection.

I’m not sure if this is making or losing money at this point. The rewards are super small and my electricity is $.20 a kilowatt hour. The Raspberry Pi also runs the Nyancoin Price bot, which you can find here. So 5v * 1 amp is 5 watts or .005 kwatts, which times .2 is $.001 an hour to run at most.

However, I have been running into a few issues. One, the mining seems to cease whenever my ssh terminal is closed. Two, in total I have run the miner for 20 hours or so. In that time, I have mined 0.00314006 Magi. At a price of approximately $.5 a magi coin, this is not very much. And I know I have spent more than 3 hours mining. So it seems this experiment was not profitable for me at this time.

Here is the video that inspired this adventure.

Monday, March 12, 2018


Here is an interesting video on the coins with scam like characteristics.  I haven't personally researched these except for some work on bitconnect. Speaking of which, the section of bitconnect here is spot on, check it out.

Friday, March 9, 2018

Introduction Post 2018

Have you been hearing lots of rags to riches stories about Bitcoin and want to know what all the hoopla is about? Well, I can’t guarantee you will get rich but you are in the right place.

Welcome to the BTC+, a Bitcoin and Cryptocurrency blog. BTC+ has a plethora of content, from “how to” guides to investigative reporting.

If you are new to Crypto, why don’t you start by getting a wallet?

Or you could also check out my ebook.

It outlines the process of getting your first $50 of Bitcoin. So a 16.5 times return on investment! Wow!

Or you can also check out some of my free content here

Or some of my most popular posts:

Or some of my favorite posts:

Tuesday, March 6, 2018

The Pattern of a Ponzi

Ponzi’s often have a set of characteristics that help identify them. Some people will insist a ponzi is not a ponzi as they have been paid by the scheme, but this does not necessarily help their cause, as it is part of the pattern of a ponzi. At the second level of a pyramid/ponzi scheme it is critical people are actually paid, otherwise the scheme will stop right there. If the fraud just persists one level after the creator, the profit won’t be all that great.

As you can see with this crudely made graphic, the ponzi requires exponential growth to continue. It can continue a little while, but will eventually reach a critical mass, a point where it is no longer possible to attract enough people to pay the upper levels of the pyramid. This is where the owners skip town to run the scheme again somewhere else. Everyone else generally ends up with nothing.

There is a very good reason I am a blogger, not an artist.

Another critical part of the ponzi is that the method of making money is overly complex, or simply not explained (look at my past posts for more on this).

99 bitcoin recently reported on a possible ponzi scheme. Note how USI seems congruent with a typical ponzi scheme:

There is little information about the founding team. This would definitely be the case if they plan on skipping town after everything shuts down, or if they did that in the past. Further, it seems there is evidence that the founders they do know about seem to have been involved in fraud. This doesn’t look good for USI.

So people might even think this reflects poorly on Bitcoin or on Crypto as a whole. Well, you wouldn’t blame USD every time a Ponzi was conducted in dollars, would you? Probably not. Hence blaming Crypto for this really isn’t that helpful.

Read more about my past reporting on Ponzi’s

Tuesday, February 27, 2018

Nyan Parlement

I meant to write about this when it was news, but often times, I’m pretty slow at releasing content. Speaking of which, I am looking for guest contributors.

But about a year ago, I officially became a founding member of the Nyancoin Parlement. The parliament is an interesting system and is like a mix of a corporate board of directors and a legislative government body. The fundamental principle behind the Nyancoin Parlement is one coin is one vote. Nyan coin are used to give electing power to those in office. A coin can only be used to endorse one candidate at a time. One of the issues was if Coinaday should be the “Dictator pro tem” of the Parlement.

So if I wanted to vote Yes (which I did), I could use my 100,000 coin endorsement and vote on it. But if someone else is endorsed with more coins, they will overall have more sway than me. Overall whichever receives the most votes (in the form of coin endorsements) wins.

As far as I can tell, this seems to be the only system of its kind. But I haven’t conducted an exclusive search by any means.

There recently has been some activity in the Nyancoin Parlement, and perhaps some new exciting news will be forthcoming. Then again, it might take a while for me to write about it.

Monday, February 26, 2018

Sunday, February 25, 2018

Don't put money into what you don't understand

Part of the mission of this blog is to point out scams. Sometimes I suspect scams and don’t say enough. Here is another potentially dangerous site I am looking into. Buying mining somewhere else is a risky proposition, so be careful. The site does offer free mining, so maybe you can investigate it with me.

Here is an older story that I didn’t get around to publishing. ( Ref1, 2, 3)
What happened is this guy bought a ledger Nano, and included in the box was a piece of paper with additional setup instructions. This piece of paper was not from the manufacturer, it was included by the reseller. The buyer followed the directions which enabled the seller to steal all of the buyer’s Bitcoin.
Long story short, know what you are getting into. I don’t use a standalone hardware wallet, as it doesn’t solve one of the simplest problems with a physical wallet, it can get lost or stolen. Sure, you can save your key on a physical piece of paper, but if your home has a problem like a fire, this will not help you.

Here is another unrelated scam. Bitcoin is becoming mainstream enough that scams are also becoming more mainstream. Some of these scams are obvious even if the subject was USD rather than a cryptocurrency. For example, on reddit someone was claiming to host a giveaway where you give them .5 ltc and then they will give 10 ltc back to you. This scam is clear in USD as well. Some scams are more sophisticated. Like in the paragraph above. It's not obvious why using the private key contained in the Nano ledge box is a bad idea unless you are familiar with Cryptocurrency.

In short, don’t put money in things you don’t understand!