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How we are helping the cryptocurrency ecosystem

We’ve been taking payments through cryptocurrency for more than two years, and not only through this website. Most of the time we’ve accepted more than 60 different cryptocurrencies as a method of payment. Lately, we’ve only been accepting the ones that were actually getting used, plus two exceptions:

  • DASH, because of how much they work towards adoption in countries that need a stable currency
  • Zcash, because of all their work in expanding the science and the possibilities from this field

 

Since NANO seems to be the front runner for a deflationary trustless cryptocurrency on which centralization forces do not act, we’re trying to help it more than we help others:

[1] At Checkout, we’re accepting payment with NANO through BrainBlocks, with no transaction fees and no payment processor fees.

 

[2] We’re running 4 nodes on the beta-net and 2 nodes on the main-net, in different data centers around the world, and we’ll keep them up in perpetuity.

 

[3] Two of the six nodes offer open access to their RPC interface. The ports won’t be changing in the future, and they’re being kept updated automatically.

For the main-net, this one can be used: http://80.241.211.21

The RPC is open for anybody to use at port 7888 (no GPU, enable_control is true):

curl -d '{ "action" : "version" }' 80.241.211.21:7888

Anybody can play with it, or integrate it with any business/tool/service/whatever.

For the beta-net, this one has RPC open on 55888: http://207.180.231.218

The main-net server is auto-updating on the :latest docker tag, and the beta-net auto-updates on :master.

 

[4] We’ll soon be running a stress test script on the beta network in perpetuity, with low frequency, in order to create a more realistic environment for devs and testers.

 

[5] We’ll choose two of the nodes that we’ve set up, and make them representatives. Anyone will be able to delegate voting weight to them. We want them up flawlessly for at least 30 days first.

 

We often donate to free open source projects from the cryptocurrency space. Even with the bear market of this year, there haven’t been more than 5 days in a row where we haven’t made at least one donation.

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Questions to ask about a potential cryptocurrency-related ICO investment

You want to know the biggest reason why most ICO’s suck? It’s because the old system is stifling new technology. If startups would be allowed to offer equity through ICO’s, they wouldn’t have to invent those stupid reasons for why their tokens must exist. We’d just use Ether to transact on most new platforms, and the tokens bought in the ICO’s would provide equity and dividends.

If you’re planning to invest in a cryptocurrency-related ICO, then make sure you do your due diligence because even though the number of scams is lower than people suspect, many of the projects are still bad enough that the risk is not worth the cost. Just as buying equity in most startups would be like throwing money away, investing in an ICO can be the same. Right now, the best ICO’s are those set up in jurisdictions that allow them to sell equity through tokens. When this will be a more global phenomenon, the quality of ICO’s will raise dramatically. Right now, just make sure you do more research than usual, and while you’re at it… being a bit paranoid is fine. Here’s what to ask about each potential cryptocurrency-related investment, before taking part in its ICO:

  1. Does it solve a problem or alleviate friction anywhere?
  2. Does it really need decentralization and other such properties?
  3. What is their current tech? (check repository code from all branches, check gitter chans, do a static code analysis, compile and run code, etc.)
  4. What is their future tech? (check whitepaper, research, milestones, repository pull requests)
  5. How close to ready is it?
  6. How is the dev team? (check their open source contributions, etc.)
  7. Do they have a funding scheme? What kind? (community donation, venture capital, institutional investment/buyouts, ICO etc.) Is it a good fit for what they’re doing? (for example if they’re doing a cryptocurrency with low network effects because of a badly chosen funding scheme, it’s best to just wait for its first fork)
  8. How are they organized? (dev-lead like Bitcoin, or non-profit like Stellar, or company like Ripple, or cooperative like Rchain etc.)
  9. What is their track record?
  10. Do they have any institutional or prolific backing?
  11. Does it have competition, and where does it stand within that?
  12. Any plans to create, stimulate, and maintain adoption?
  13. Does it have a good media presence? (articles, reviews, feedback on Reddit, etc.)
  14. Does it have a good marketing team? Does it have a solid bounty program that has gathered a large community?
  15. How is the community? (count on Telegram, objectivity, etc.) Are intelligent people interested in the project or just gamblers?
  16. How is the accesibility and the liquidity of their tokens?
  17. Growth potential based on current price and supply, and also considering supply that will be coming from inflation, or lockdown? (for example private sale participants that have their tokens locked for one year will surely take profit when the lockdown is over)
  18. Is it an interactive coin offering? If not, what protections are there that the token distribution will be fair?
  19. Do the investments go into a DAICO? If not, what protections are there that the milestones will be reached?
  20. Can it survive or at least get around the regulatory hammer? (for example if they’re based in US, but they’re selling security tokens or utility tokens that are expected to go up in value, it’s too risky)
  21. Has the ICO contract been audited?
  22. Do they have a bug bounty program for their code?
  23. Did they employ any kind of censorship (on Telegram, on Reddit, etc.)? (On Reddit, for posts it can be discovered with https://ceddit.com/r/iota/new, or by opening with the same tool controversial threads and looking for removed comments. )

Other positives:

  • write other positives that you can think of

Other negatives:

  • write other negatives that you can think of

Recommendation: (what’s the probability that this is a good buy?)

  • write your final recommendation

If planning a sizeable investment, get a third party assessment. (from Amazix, Multicoin Capital, etc.)

To understand what is a fair ICO structure, read https://github.com/Thetta/GitBook_ICO-Approaches

Some of the advice given in this article was copied from here: https://www.reddit.com/r/CryptoCurrency/comments/7n3fxk/im_truly_disappointed/

 

Good luck! There’s money to be made by the people who choose well, but ultimately you’ll also need a bit of luck.

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How to use Reddit (Guide)

How to use Reddit? First understand how this social media platform is structured:

The focus of Reddit is communities (named “subreddits”), where users make relevant contributions. If you try to make it about yourself, you won’t get very far. Search around for topics (subreddits) that interest you and subscribe to them. The subreddit search can help you for that. If you have any specific questions, go for it. If you’ve just created the account, you will have defaults: subreddits you’re automatically subscribed to (the same subreddits that you see when you’re not logged in). You probably won’t be interested in most of them, therefore consider unsubscribing. You do it from here: https://www.reddit.com/subreddits. These are not e-mail subscriptions, they just determine what shows up on the main site page after you log in.

programming language subreddits by subscribers, an image that helps you understand how to use Reddit

Find a post that interests you and join the discussion!

Don’t start by posting a couple of links to your own website on the same subreddit. People might take that as self-promotion, which is frowned upon. As a new user it may be better to get involved in discussions that are already happening, just to get a feel for how Reddit works.

For a longer guide on how to use Reddit,

you might want to check out the Reddit 101: https://www.reddit.com/wiki/reddit_101

It is well written and will teach you all the basics on how to use Reddit. You’ll find out about Karma (a point system that lets you know how your submissions or comments are doing), sidebars, moderators, admins, reddiquette and will also answer to a few frequently asked questions (for example the all important “Help! What happened to my post?”, if you’re promoting yourself in the wrong way).

 

After you’ve used this network for a few days,

read this article to understand what can be done with our help on Reddit and other social media networks (yep, you can actually promote your blog or services/products, it’s just not that straightforward): http://upvotes.club/what-can-be-done/

You might also want to read our articles from the Advanced category, which will transform you into a social media guru, who can actually get a lot of traction through these platforms and make money or gather a following. Good luck and work hard!

 

Thank you for checking out our Reddit guide and we hope you’ve learned everything that you needed to know about how to use Reddit.

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