HARD DRIVE Mining? This is getting ridiculous...

Another interesting mining video from Linus! Check it out here. Also there are two in new posts in the works, so stay tuned!

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.

�� TOP 5 SCAM COINS YOU REALLY WANT TO AVOID ��

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.

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:

About Earthcoin

Dogecoin

Or some of my favorite posts:

Jamie Dimon

James Altucher

Basic Crypto Guide

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

https://btcplus.blogspot.com/2014/03/ponzi-schemes-oo.html

https://btcplus.blogspot.com/2018/01/honey-and-money.html

https://btcplus.blogspot.com/2017/06/the-atlantic-and-fed.html

https://btcplus.blogspot.com/2016/07/not-that-kind-of-hash.html

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.

Buying, Selling and SAFELY STORING Bitcoin?! – Mining Adventure Part 4

Here is another more mainstream person getting into crypto. See my earlier post here.