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SFBW19 – The Importance of Proper Measurement Within Digital Marketing for Crypto Companies

My name is Jamie McCormick, a managing director of Bitcoin marketing team. It’s going to flick through this very quickly here as well, Who I am been working in crypto since 2014 um. In terms of how I got here into the crypto space, so I classically trained in marketing – remember the Marketing Institute. I worked for 12 years in the article games industry prior to getting into crypto, specifically in virtual currencies and then five years in blockchain as well.

I ended up designing primarily because of advertising fraud. Three tracking and accreditation systems did one and article games have one in Facebook and then a generic platform as well, and we’ve integrated the tracking and accreditation methodology that we use in to over 10 crypto projects as well. I managed about 12 million advertising across this, so while you’re here um just to run through kind of the topics that are going to be talking about.

So we’re going to have a look at the smart approach in terms of a marketing plan. The importance of measuring how modern, tracking and Accreditation works some of the different challenges that are there to measuring the pitfalls. If you’re relying exclusively on Google Analytics the benefits of effective tracking a few examples, what happens when tracking goes wrong and then we’re going to have a look at a real-life example of a conversion funnel and specifically, how measurement improve that so in terms of being smart? For any marketers in the room, probably familiar with this, it’s an acronym for a specific, measurable, achievable, realistic and timely within digital marketing.

Taking a smart approach, that’s a cryptic company really measure all of the different activities that you’re doing to see what’s working. This is good and bad, and it’s really important that you tailor this against your specific KPIs. Now every type of project is different. If you’re selling a hardware wallet, it might be ecommerce sales. If you’re doing an exchange, you might have to do onboarding process trading trading volume and then there’s various different types of KPIs that you have and what this lets you do then has really build specific tactics in relevant marketing blogs for your different audiences.

There you can measure them, so you can really find out what’s working driving traffic to your website, into your conversion, funnel specifically through your conversion funnel and on to sales, you want to have it so that it’s achievable with your resources, skills and budgets. It’s realistic in terms of your expectations against your company KPIs and that you can find your audience in the right place at the right time with the right message now, when you combine correctly implemented tracking and accreditation, you can see things for their true impact, so good About you know not every advertising campaign is going to be brilliant.

Not every advertising campaign is going to be poor. You know often you’re going to have situations where you have some good, some bad. You might have say 100 publishers sending you traffic from a particular advertising network, but there’s only actually three or four of them that are really generating most of the sales that you’re getting in there as well. So once you can see, what’s good, you can focus efforts.

There once you can see, what’s poor, you can cut it off and redistribute that budget around then as well. So in terms of measuring you know anyone who’s using digital marketing. It is one of the most measurable activities that a company can do and you need to have your tracking in place. If you don’t have tracking in place, you can never really measure anything other than at kind of a generic overall level as well.

So when you’re trying to do digital marketing, tracking and accreditation, you need to have your platform configured. So when traffic is hitting your website you’re adding URL parameters, so people may be familiar with UTM tags like feed into Google Analytics. You can add a lot of costs and values onto these as well. These need to be fed into the link prior to being sent to your website or to an app store as well.

Once you have that in place, then you need to be able to take that data feed it into your own user registration database and then pull those reports into a marketing report which is limp, lined up with your KPIs and then. Finally, once you have it, you can act on that report and we’ll have a look at this. So knowing what’s good is great because you can focus budget there, knowing what’s bad lets you avoid wasted, spend so, if you’re running an advertising campaign for $ 10,000, you should know after about a thousand or 2,000 told us, whether it’s actually going to work or not, And if it’s not working cut it and move it move the budget elsewhere.

Also having the data as well has a lot of applications beyond it. You can find problems with your conversion funnel you can find some strange behavior, that’s going on anomalies. You know in article games, we found all sorts of products. A product design, you know, might be specific points within a game that were deep into the game that were actually broken and in a conversion funnel in the example will show later on.

There was two points that we’re losing over: 60 % of the user is going through. So when you’re dropping a lot of money on campaigns and they’re, not really going the whole way through, that’s going to cost you a lot of money as well. Now, once you can see what is working and you can fix it, you can focus and improve over time. So in terms of modern tracking and accreditation, you know, overall, your traffic is going to be mixed up from a couple of different sources.

So you have your organic traffic, which is going to give you a baseline, that’s coming in, so this is coming in from your SEO. This is coming in from any media that you’re doing in terms of peor. You’ve also, then, got traffic, that’s being driven from your communications. So this is your blogs, your social media posts and then you’ve got your advertising traffic than as well. Now I know our hosts ears were podcasts as well.

So, equally, you can use promo codes where you don’t have a link to measure and link it into this sort of a methodology as well. Now. The key thing to remember here is, if you don’t tag communications or advertising activities, you’re, never going to be able to measure them after the fact, it’s very, very, very hard after somebody has registered to then try and find out where they came from. So if you add the information when you’re sending it whether it’s through Google AdWords campaign, whether it’s through a ad campaign with someone like coin Zillow or coin traffic, podcast social media posts, you can do that in terms of P or obviously pure they strip out.

Quite a lot of the links, but you can use timestamp information to pin a cross-reference when traffic came in and link that back generally to particular types of activities, and especially when it comes to communication. Measuring, like we’ve integrated this with several of our clients of community management teams. So when they take kind of a unified approach to measuring activities, they can say: okay, well, we’re working across Facebook, we’re working across Twitter, we’re working across medium, we’re working across YouTube and what they can find then is well.

Twitter is actually getting us five times. The amount of traffic Facebook is getting us a lot, less mediums, getting us a steady amount and they can use that then to kind of repurpose their time in their effort. So they spend less time on the blogs that are giving them less results and they focus more on the ones that are so in terms of some of the challenges that you have to measurement as well. Now I’ve managed a number of marketing teams prior to getting into crypto, and human error is one of the big ones.

Now going back to my games career, we had about eight different people on our team. None of them were trained to the same standard weed people in from South Africa. We people from Ireland from England, Italy, Poland, Russia, Germany, everyone was digitally marketing qualified, but no one had the same training. So we really had to give that standard training to the entire team so that they could do it as well.

I blocked plugins really caused a big issue, so you’ve got the likes of brave where you’ve got default are blocking coming in. So in this particular event for SF BW, we were running campaigns with brave and because of adblock and because they were reliance on Google Analytics. We found it very very, very hard to actually measure the results. We can see the traffic coming and it was very hard to cross-reference that, because of this in terms of script, locking plugins it’s the same approach, you’ve got cookie blocking as well so say.

For instance, with here we had to you know you had a an e-commerce tag or a user ID that was being set by Google Analytics, and this has been shared into the Eventbrite and that wasn’t being passed at some point because of cookie blocking. That was going on now. Also in many cases, you’ve got advertising blogs that won’t or they can’t provide optimization data. So if you have a network that you’re talking to – and they won’t either give you a publisher ID or a website domain for the traffic, that’s coming in, don’t work with them.

You’ve got no way to optimize it and also, if they’re doing that they probably have something that they’re trying to hide as well. You’ve also, then got under reporting if you’re relying exclusively on third-party analytics platforms. So, generally, in non crypto space, you might have a 10 20 % discrepancy between analytics data and your own database encrypter that can be up to 40 %. I’ve see people more privacy, conscious people using more adblock and and so on.

Now that feeds into relying exclusively on Google Analytics, so we’ve worked with lots of clients when it came to analytics often they’re set up in terms of there’s a tracking script set up on the page and that’s recording, but often they’re, very often misconfigured. You don’t have event tracking setup, you don’t have conversion goals set up and it just makes it very difficult for you to read them as well.

As we said, there’s underreporting up to 40 %. You’ve also got a very separate at separation of analytics from your underlying databases. So, if you’re running an exchange, you know your exchange database is all of your information there. You might not necessarily be feeding it straight in so analytics is always going to be sitting on top now, if your analytics is showing less, then your real database, that’s normal.

If it’s showing more something’s wrong and again it’s misconfigured. If you don’t have on sorry, if you have on tag traffic as well, this can, combined with your organic traffic, can really skew your stats and really, you know the whole points of tracking is really building two different things. You know you’ve got the John Wanamaker dilemma, which is half the money I spent on. Advertising is wasted, I don’t know which half by doing tagging you can see exactly what it is and then you’ve also got the period or principle, which is the 80/20 rule as well.

Now, when you get tracking right, it lets you see at a very holistic level. At all of your marketing communication activities side by side in one report, so this can be your own team, stuff, organic traffic so coming in from pure stuff coming in from third party agencies and everything else, and you can measure them and I’d like for like basis. The approach that we’ve always taken has meant that you’ve got one report that you look at from your own data and then you can reconcile that against 30 or 40 different reports from platforms and see if there’s an AMA lease there as well.

So if there say they’re measuring lots of leads and you’re, not that’s one thing: if they’re measuring lots of traffic and you’re, not that’s another thing there as well. Now, once you have the tracking in place property, you can identify positive traffic sources and really focus your money and your time and your effort on these as well. In some cases, you’ve got it’s very hard to get volume and quality.

At the same time, and often what you’ll have is you’ve got an overall blog and within that you’ve got a couple of traffic sources, but generally over and over and over, are bringing in safe bets. So once you can identify a safe bet and traffic source, you can focus your budget there and maximize that out. You can identify negative traffic source, so these are ones that are bringing you in nothing they might be bringing in spent, they might be bringing in users or registrations, but they might not be going the whole way through your funnel and you can filter them out.

Now. Often, what we’ll see is you have a blog where you have some good traffic sources and then a lot of bad ones. So in one case we’re running a campaign with the clients they had a base. I think 60 different publishers that were sending traffic into the campaign two of them those publishers were generating 80 % of the traffic and spent on that. So when we tried to you know the other fifty-eight we’re bringing in lower volumes and they’re bringing in registrations, but when we cut those two specific traffic sources out, the whole campaign improved spend dropped, but the conversion rates all went up, click-through rates went off, and revenues Came up and the oral I came through from that as well.

So really you know it boils down to saving money. You know you want to save money on marketing spend also when you map out your conversion funnel and again, we’ll have a look at an example of one of these. In a moment, you can really identify bottlenecks in your process, so we’ve worked with lots of teams where the developers made the conversion funnel that they thought was okay, but in reality it wasn’t the most intuitive for end users.

So, by mapping this out mapping at every single step, looking at ratios between them and finding out what was working and what wasn’t we were able to identify, drop out points, some small, some big. So once you also have the product as well and you’ve identified that there’s a problem, you can identify barriers to product usage. So in a lot of cases you have to fully go through a funnel before you can use the platform and if you’ve a barrier there.

That’s stopping people getting into it. You need to be able to improve that there as well now development teams, all the ones that I’ve worked with know of data. You know the only thing that will get over an attitude in terms of oh, I built this and it’s great. What’s the problem with it? Yes, you did build it, but there’s a problem there. The data is telling me the problem. It’s not me. It’s there’s! Actually, a problem there, that’s there as well now, once you have it and you’ve got the recording in place, it’s very easy to quantify the changes.

You know you put a fix in on a particular day. You’ve got the stats all the way up to the previous day and then, from the day on you can see the improvement if it goes up great, it’s going to make your life a lot easier, the next time you’re looking for problems if it goes down or There’s no change, you can roll back and look at something else, and really what you want to do is by building this approach and really mapping every single traffic source against your KPIs.

You can look at the metrics there. You can find the certain traffic sources have higher metrics, so we’d often see you know, say with an affiliate. You might have an affiliate that has very low volume, but they’ve got a high click-through rate and a high product usage, and that might be coming from a texts post or some information about it there as well, whereas doing banners. You know you’ve got a lot more volume, you got a lot more traffic, but the quality is very poor.

Now, equally, when we look at say some of the crypto ad networks that are there, the standard banner sizes that are there have very victory rates, but some of the custom html5 placements that they have, which are much more prominent costs a little bit more. But the kicks your rates are five six seven times better and when we kind of measure that I you’re paying on a CPM that makes a big difference.

So what happens when TAC tracking goes wrong? Firstly, you can fail to identify systemic problems within your product design. It’s buried there, people don’t look at reports or databases in a lot of cases there and they just continue working away on something there as well. You can wait finite marketing budget on activities that are generating no or poor results, and they also bring down your overall numbers.

You can waste a lot of team effort, say if you’re have a communications team, that’s working across six or seven different blogs and you’re, giving equal effort to them all, but there’s only three of them that are generating what you actually want. You know you can save a lot of time and stress and hassle for them just focusing most of their time on the three that are working in terms of skewing stats.

If you have a lot of traffic coming in or you’ve got a load of poor results. This can really skew your stats and you can’t kind of change that then, and you can really focus on traffic sources, which you know you have kind of situations where you’ve got middling ones. You might have users that you’ve got decent traffic coming from a particular publisher or a keyword, for instance, but they’re only getting halfway through the conversion funnel and repeatedly there as well.

So while it looks good if you’re looking at the first KPI, which is an initial registration, but you look at say, KPI for they’re, not getting past that point there as well, and sometimes you might focus a lot of effort in time and money into those campaigns. Because they look good from their initial KPI, but they’re not actually going the full way. Also, what can happen is, if you take, you know, a broad sweep approach.

You may have a marketing blog. Like the example I gave earlier on, where you have one or two bad parties in there as well, and you cut the whole blog because you’re getting rid of those one or two so being able to pick out and pick and choose and really see, every single Traffic source compare them like for like and then surgically remove the one or two that are causing problems. That makes a big big, big difference there as well.

So it’s kind of seen the wood from the trees. Also, you know: we’ve had situations where you’ve got a lot of ad fraud. This could be amplified because, if you’re focusing on the right the wrong areas, you can have unauthorized incentivized traffic. You know faucets are kind of the bane of the crypto industry when it comes to advertising they’ve got and by the elements in terms of the onboarding, but generally you’ve got a lot of odd for that’s, going on and they’re from humans now coming on.

To kind of a real case example for a conversion funnel, so we have a client sees in the crypto finance space. They’ve got a complex seventh set formal and you had to get through this before you can use it so, starting off we’ve the traffic this had to hit one of their landing pages, and then we qualified the traffic with the information on this sent as well. They then had quite a long ball t-step registration process.

They they’re not to activate their email accounts. They had to set up two-factor authentication yet to enter in some personal data. They had to go through the KYC process, which everybody loves, and then they had to accept the program terms and conditions, and then, after that point they could get into the platform and use it now. This is similar to an exchange, but there’s a lot of platforms and crypto space that have something similar to this as well.

Now we implemented tracking with these guys a year ago and we’ve put tens and tens and tens of thousands of leads through this system and this approach in this methodology. Since we’ve been doing this as well and we were able to map out every single one of those steps, look at the ratios between them all as well, and then work with their teams implement the improvements. So in terms of what we did, we had the landing page, so we redesigned their landing page.

They were sending traffic to the homepage. We built called a sock or a dead-end road landing pages, and then we got a nice design that we were happy with. We did a B testing using Google optimize to kind of see which ones were best performing, and then we read at the traffic and focus the traffic into the pages that were working best with the registration funnel they had about 12 or 13 different input fields that People have to fill information in.

We really just search for those like what do you actually need, and that was about 6, so they could still put that information in monster in the platform, but during the registration it was that we also reorganize. This was a bit more intuitive for users as well in terms of the email activation. So one of the problems that they were having was a lot of their activation. Emails were getting hit by spam filters, so we got DKIM authentication and this improved email deliverability.

We also rearranged the subject line, so it was cleared. You need to click this to continue and that brought up between step 1 registration and step to email activation numbers by 6 percent. In terms of the next step of the personal data and the KYC, we work with them to rearrange the process and also they had to kind of re engineer some of the elements with their kyc provider. But once we did this, you know they were losing in 52, sorry 48 percent of people weren’t peak, passing kyc.

They were just getting to that step, looking at it and going no. This is too complex and at the end of doing this as well, that went up to 75 percent, so we improved the numbers by 35 percent just by reengineering that also what they had a two-factor authentication step. This point here was causing a lot of problems. They were losing over 30 percent of people. So if you do the maths here, you know you’ve retired some people coming in.

They were losing six percent at Step, two at Step: four, they were losing 30 odd percents and then it stepped five or six they’re losing 30 percent there as well. You know the funnel there was losing because of its design over half of the people that were going through. Now we had to work with a marketing team, their product management team, the development team. But overall we did it led to an improvement of 40 percent of customers gone through the process and from the same spend and the same activities.

We brought their sales up by 20 % as well. We also then caught the blogs they were using by 50 %. So that in weed less overhead time effort whole shabang there as well. So that’s the end of the presentation. We have a booth inside in the hall we’re offering an heiress free consultation and a chance to win a nice bottle of Irish teens whiskey here as well. So if you want, if you’re interested in having a chat about your project and tracking an accreditation we’re more than happy to have a child with you next door, so thank you very much.

Everyone for your time and attention appreciate your listening. Sure hey. Does anyone have any questions, so I’m black and blinded here, so I can’t see no fair enough. The same approach you can map in serve any sort of yeah. It does so we learned this in articlegames. You know, and article games had a very complex. You know if people get to register, they had to download six or seven gigs, which you couldn’t track.

Then they’d have to login, go through character. Creation play the game, go through all the products there as well. So the same approach works for the onboarding process, but then equally it works for applications as well end to end so cool okay. Thank you very much, oh okay. So so the question was what what programs, what programs you used to track user behavior analytics yeah? So the approach that we’re doing can integrate in with any of those visualization tools or analytics it’s more methodology that feeds it straight into your database.

So there’s a bit of coding: that’s required at the start, to get it integrated in your site and then usually what we do is we’d have sometimes use a Mongo database, some people using Splunk some people using SQL once the data is in there. We structure the reports and that can feed into any sort of visualization tool that you have so the approach that we’re taking there’s no like analytics pixels anything.

It’s just there’s a methodology that once you get it in it’s in there and then you can then use whatever tools. You want to use whether it’s a CSV report or an SQL makes panel whatever. It is actually visualize that data okay, we’re going to have to leave it there. Thank you so much Jamie


 

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Bitcoin Investing For Beginners 2020: Can Bitcoin Be Shut Down? A Naysayer’s Guide to BTC

We’re going to talk about Bitcoin, investing for beginners and we’re looking at can Bitcoin be shut down. This is a naysayers guide to Bitcoin. So should I buy Bitcoin now or wait we’re going to give you ideas to help you take profits and avoid losses? Can we get this article to 99 likes smash that, like button, it really helps us out.

I’r not a financial adviser. What you’re about to hear this is not financial advice. This is my opinion, so the first thing we’re going to look at is the Bitcoin market. Now, today is 6:38 in the morning Central Standard Time, and it is April. 27Th. 2020. It’s a beautiful Monday. So right now bitcoin is trading at seven thousand, seven hundred and nine dollars. It’s up almost 1 %, just shy of 1 %, and you can see here that the Bitcoin dominance is 64 % and changing as we speak.

Now. The dominance is something that we’re going to talk about a little bit later in this article. It becomes part of our subject, so we may even come back to this slide. Now the subject of this article often oftentimes my articles, we try and take three or four different articles. This article, I’m going to focus on just the one can Bitcoin be shut down. This is a naysayers guide to BTC. The Bitcoin network has been standing strong for more than a decade and it would take a highly coordinated effort from competing players to bring it down.

Bitcoins future has many possible outcomes, but death is among the least likely of them all kind of like the image here. With a gravestone with Bitcoin on it, so key takeaways Bitcoin has been running 24/7 without incident from more than 10 years straight. There are more than 10,000 Bitcoin nodes standard scattered all across the globe, and governments can prohibit Bitcoin, but they cannot kill it.

So, let’s get back to the 10,000 Bitcoin nodes. The way Bitcoin runs is somebody sets up. What’s called a node, a node is they’re running a computer, that’s connected to the internet and on that computer is running software that makes the Bitcoin network exist. So, in order to really destroy Bitcoin, you have to shut down all of the existing nodes. If there were no nodes out there, that was running the Bitcoin software, then Bitcoin would cease to exist, but because there’s thousands of nodes scattered all over the world, it makes Bitcoin actually exist and gives it the possibility of thriving the people who wrote the Bitcoin software Made it what’s called open source and that simply means that anybody can download it, install it on their computer and run it at no cost to them.

You don’t have to pay Microsoft, for example, in order to buy the software and run it. You can just run it without paying any specific, individual or entity. So Bitcoin has been dealing with skeptics and naysayers for more than a decade when Satoshi Nakamoto first shared his life’s work publicly, it was met with little enthusiasm. Instead, the feedback was mostly critical and listed all the ways the idea would fail.

You ever had a good idea and everybody started telling you how come this is not going to work well. Satoshi Nakamoto went through the same thing since then. The protocol is improved and hundreds. If not thousands of companies have been built on Bitcoin. In fact, you know when you say that, did you know that Microsoft Starbucks and the company that owns the New York Stock Exchange teamed up spent half a billion dollars and four years building? What’s called that be a KKT? The backt exchange was built by those three companies, Microsoft, Starbucks and the company that owns the New York Stock Exchange.

All three are multi-billion dollar companies and they’ve invested half a million dollars into creating a Bitcoin exchange and now they’re soon going to be releasing an app for your phone. That will let you buy and sell Bitcoin along with a whole bunch of other things, and so it’s actually quite interesting so when they say that a lot hundreds, if not thousands of companies have been built on Bitcoin.

That’s just one example. There are so many examples of other companies that are built on it. Still. The criticism remains constant high profile, economic economists, bankers investment, fund managers, everyone except the Queen of England, really have voiced their opinions and prophesized bitcoins inevitable demise. But the interesting thing is is that to date none of them have accurately democ predicted demise of Bitcoin one decade and 115 exha hashes of hash rate per second and roughly a hundred and fifty billion dollars a market capitalization later, and it can be said that such Cricket critics stand corrected.

Well, let me break this down a little bit. So a hundred and fifteen exa hashes, that’s the measure of the computing power. That’s currently mining Bitcoin, it’s a combination of the nodes and then also includes the hash rate of miners, and so miners connect to nodes and and create the entire Bitcoin network and there’s a way that they measure that processing power, that computing power and that measurement is Called EXA hashes, so, let’s for a moment, take a look at the chart, so this is the last 1 year.

This is the one year chart of EXA hashes and you can see how it starts here. At 45, EXA hashes a year ago, hit a peak of a hundred and twenty-one and then at the same time that everything crashed as far as the stock market and other assets, including the computing power on the Bitcoin network, also crashed. And then you can see that it’s come back up a hundred and eighteen versus a hundred and twenty one.

So it came very close to this previous high and then dropped down just a little bit over over the recent few days and weeks. And so I want to share with you a couple of other charts, so this is the one-year chart. Let’s take a look at what it looks like over the last three years and so three years ago the computing power on the Bitcoin network was 3.9 x, a — hashes and recently it peaked at 121, EXA hashes, and so that’s a I don’t know how many Times that is it’s not quite a hundred times because it would have to have been at one point to for it to have been a hundred times, but that’s a significant increase in the amount of computing power.

Think of it this way, every time it goes up. Somebody else has added another computer to the Bitcoin network and every time you add another computer to the Bitcoin network, that’s one more computer that would have to be turned off in order to shut down the Bitcoin network, and so this EXA hash, this hash rate measurement, Is really in a way to measure all of the processing power, because one computer has a lot of processing power and another computer has only a tiny bit of processing power.

But every single computer adds up together to give us a total number, and I don’t want to muddy the waters too much, but there’s lots of different ways that miners use equipment to mine Bitcoin. Some of them are computers. Some of them are what’s called graphic cards, so in your computer there’s a card that drives the monitor and they call that a graphics card, and so some people use graphic cards in order to mine Bitcoin, and that adds to the hash rate.

Another thing that people will do is they’ll buy, what’s called a sick mind asi see. I see I don’t remember how to spell it. The bottom line, an ASIC minor, is an application-specific integrated circuit, and that means that they built this small box they’re, usually a little bit smaller than a shoebox in size for an ASIC minor and those things have chips in them. That the only purpose for that chip is to mine, Bitcoin or mine, whatever cryptocurrency it was built for and those chips are anywhere from 30 to 40 times faster than using a graphic arts.

Graphic cards were at one point, one of the fastest ways to mine Bitcoin provided the most hash rate to mine Bitcoin, but ASIC miners came around. I don’t know if it was three years ago or five years ago, but several years ago, ASIC miners started becoming more and more popular because they had more hash rate and you could buy them for a lower price than you could get comparable hash rate out of Gpu miners out of graphic card miners, and so anyway, the bottom line to this whole story is: you can see how the hash rate has been growing over the years.

In fact, if we click on this link here for the all-time graph, you can see how it was for for many many years. It was significantly less than one. I mean all the way through here, it’s less than one tera hash and then in here around August 2016. In fact, here’s where, from April of 2016 to today it’s increased by 100 times to get to that 121 EXA hash. So anyway, the bottom line is is because of the hash rate.

That’s measuring the amount of computing powder around the world makes it extremely difficult to shut down all of those computers, especially when I mean they’re, located and virtually very close to every country around the world, and so just makes it quite difficult to shut down the entire Network, so what could possibly kill? Bitcoin one strategy is the so-called 51 % attack, where a malicious entity gains control over the majority of the networks, hash rate and effectively takes over the system.

51 attend 51 % attacks are one of the most legitimate threats to Bitcoin. The centralized manufacturing of mining equipment can lead to some bad outcomes, but the most dangerous scenario is one where there is a concentration of hash power. Specifically, one company may control more than half of the hash power on the network. Consider the cost of executing such an operation at the time of this writing.

It costs more than half a million dollars per hour to sustain a 51 % attack on Bitcoin, and so what are they? What do it? What does this really mean? What they’re talking about is, if you bought enough computers, that your total hash rate was greater than 51 % of the hash rate on the entire network. This would allow you, because you had control over it, to rewrite some of the data in the network, thereby granting yourself a lot of Bitcoin and by giving yourself a whole bunch of Bitcoin, all of a sudden that makes you wealthy or wealthier, but the point that They’re, making here is that the cost, in order to do that is, is very, very significant.

In fact, according to this website, which is crypto, 51 crypto 51 says that a 51 % attack on Bitcoin would currently cost 847 thousand dollars and 98 and 988 dollars for a one hour attack it’s. In other words, it’s almost a million dollars per hour. In order to attack the network, but that’s not the only hurdle you have to overcome not just having more hash rate, more hash power than anybody else in the world, but let’s dig into this a little bit further.

The attacker would also need to coordinate all of these features without any one noticing, with over 10,000 Bitcoin nodes operating around the world, it would be near impossible to sneak a 51 % attack by so many observers. In other words, you may be able to create enough hash power to have more than 51 % of the total hash rate on the Bitcoin network. The problem you’ll have is all of the other 10,000 nodes operating around the world.

Going hey, wait a minute. Somebody just did something they shouldn’t be doing, and if all these other people noticed, then that that destroys your opportunity for making money and it destroys it for several different reasons. One people would stop using the Bitcoin network because you or whoever the person was that had dial, that hash power hacked it and altered it, so that they had an advantage. And then the second thing is: is that all these people running these nodes would simply merge off a new version of Bitcoin, deleting the records where you had moved that money to your own account.

Thus, deleting all the advantage that you spent all that money getting and they would just fork off Bitcoin into a brand new fork and and start mining it. In fact, if you look at look back over history, a lot of the not a lot but a number of the existing cryptocurrencies existed because they are Forks where they took the existing Bitcoin code and they made some tweaks and they modified it a little bit.

And then they created a brand new Kirke cryptocurrency, but that cryptocurrency was based off of the previous software and the previous blockchain database that was used for Bitcoin up to the point in time where they forked it off of the existing network, the existing blockchain and database. That runs the current version of Bitcoin, and so not only would they have the issue of trying to make sure that they had 51 % of the power, but they also really need to do it in a way that no one else would notice it, which is Pretty highly unlikely, given that there’s over 10,000 nodes now this picture doesn’t give you a definitive conclusion on every single country that the bitcoin is in, because some of these dots are so small that they can’t actually cannot actually be seen in the map.

There’s more than 98 countries around the world that currently have bitcoin nodes, but here’s another thing: if you were running a Bitcoin node in a country where you may be breaking some of the laws, then you’re going to use a VPN network to hide the physical location Of your soft of your hardware and thus you’ll, look like you were in mining from a different country when the reality is is maybe you were located in a country that was not so friendly to Bitcoin and you just chose to hide it.

So there’s there’s a likelihood that many of these countries that don’t show any Bitcoin nodes actually do have Bitcoin nodes, because the owners are actually hiding the fact that they’re in there in a Bitcoin node. But you can see by these larger circles and the darkness of the circles where a lot of the hash hash rate or Bitcoin nodes are located. We can see a lot in the United States. We can see a lot of them in in Europe and around the European Union.

We can see quite a few down around Hong Kong and Singapore and other Asian countries and so and then that we can see a number down here in Australia and there’s quite a number throughout China in different areas throughout China and even into Russia and so they’re. All over the place, these are that kind of the Russian nodes, and then a lot of the Chinese ones are down in this area. So just a large log Bitcoin has built up a huge network and it’s because of that huge network that the entire system has a lot of security.

Once the alarms had been rung around social media, many users would begin selling their holdings recovering the five hundred and sixty five hundred and fifty six thousand spent on attack. The network thus becomes difficult and that figure has changed to over $ 800,000. So once people started selling off driving the price down there, the people who did the hack would have a tough time recovering the money that they spent in order to hack the network.

Bitcoin core developers would also fork the protocol around the attackers before this scenario ran its full course concluding. It becomes quickly. It quickly becomes clear that it is. This is reasonably in an ineffective venture, assuming that the attacker wants to overtake the network for profit. What if they have no ulterior motive except to destroy Bitcoin, a 51 % attack still wouldn’t be the way to go, even though bitcoins price would undoubtedly suffer damage in the short run, bitcoins network can easily mitigate such threats and continue to operate with minimal incident.

So can’t beat Bitcoin be banned by different countries. Absolutely there’s been countries out there, all along that have banned it. China is a great example of that. China has had this love-hate relationship with Bitcoin. They love the miners, they hate people, doing exchanges and buying and trading and putting their money and finances into Bitcoin. And so, while it’s legal to mine, Bitcoin, it’s illegal to buy Bitcoin, which is just a strange thing, sure it can there’s nothing stopping regulators in any country from around the world from prohibiting the use of Bitcoin in case there are any constitutional considerations.

Regulators can still find ways to make Bitcoin a cumbersome and unappealing to use as possible, but can regulatory agencies ban destroy Bitcoin? No, not really, it would undoubtedly have some short-term price implications, but the network and the protocol would remain intact again. They would just literally have to go all around the world to all these different countries, shutting down the nodes and order to actually achieve that, and so, while they may be able to make it ban, it make it difficult for people to buy it.

It would affect the price in a for a period of time, but the end result is that the protocol would remain intact. Some experts in the field, like the author of the Bitcoin standard, have even argued that the banning the top cryptocurrency could have a positive effect on adoption. A social phenomenon known as the Streisand effect attempting to hide, ban or even cover something up. Inadvertently draws more attention and interest from onlookers, and so you know it’s kind of like trying to ban drugs.

Every country in the world has laws against drugs, and yet they can’t seem to completely stop drugs from getting into their countries and from people actually purchasing those drugs. So what about Bitcoin competition theoretically possible, but highly unlikely bitcoins appeal, doesn’t originate from its technological superiority over cryptocurrencies on the market. Many would argue that Bitcoin isn’t technically superior and that other cryptocurrencies have better features, including faster transactions and greater flexibility, and that’s definitely true.

There’s other cryptocurrencies that have been created since Bitcoin began that in many different ways have better features. Greater flexibility are much faster transactions, etc, etc. But the reason why bitcoin is still King out there is simply because so many people are using it. It’s a more of a what’s called a network effect and what a network effect talks about is sometimes the best technology is not the technology that everybody uses.

Let’s take Windows is an example. When Windows came out in the 90s Windows was not the best operating system out there, there were other operating systems that existed that were actually in many ways better than Windows. In fact, then, better than microsoft’s um disk operating system do s. Msd OS was the operating system during the 80s for Microsoft, and then they came out with Windows and when Windows first came out in the 90s, it was very, very clunky.

It was very difficult and cumbersome to use Apple’s. Software was much much better than Windows, but here’s the catch Windows, Microsoft’s operating system started as a as the software that IBM personal computers were running on in the 80s and because of the name of IBM backing those pcs and Microsoft. Writing the operating system. For those pcs, Microsoft gained market dominance, in other words, 80 %, 90 % of the computers out.

There ran on Microsoft’s operating system and because it was such a large number, it wasn’t any longer about which one was the best it was about which one does everybody use, and so, as a result, because Microsoft had such a market dominance, it continued on and Windows Is the most used computer operating system out there, even though it hasn’t always been the best? So it’s not always about being the best sometimes adoption or the number of people using something using a particular thing is far more important.

You know even take a look at today. We have CD players, but there was a day back in the 90s, where there were two different article formats. There was beta and VHS, and so when you went to Best Buy, you might buy a beta player in order to buy movies and play them at home, or you might buy a VHS player to play VHS tapes. Now the tapes that worked in the beta machines. Don’t work in the VHS machines.

The problem was: is that VHS, even though wasn’t beta was better quality beta had a better image quality beta was longer lasting. There were a number of good things about beta that made it a better two ecology than VHS, but the people who made beta charge so much money that beta never gained enough adoption. The people who made VHS they knew that their technology wasn’t as good, and so they just simply made it cheaper and because it was cheaper, a lot more people bought the VHS machines a lot a lot.

More manufacturers made the VHS machines, because that was another thing about Veda. Is they locked it in, and so they were the only company that sold it. That today, you can’t find a VHS or a betta machine out there, because both of them have been replaced by CDs and DVDs, but here’s the important thing to notice from that. It was more about adoption that made it the dominant player and not about which one was really better, and a lot of people miss that in their cryptocurrency conversations they’re so focused on which one is the better technology that they miss.

The fact that the one that has the greater adoption is oftentimes, the one that rules the roost, not because it’s better but because everybody uses it and right now, bitcoin is the one that has the 64 percent adoption. The vast majority of people who have investments in cryptocurrency have it invested in Bitcoin. In fact, earlier I was talking about the backed exchange. Bak KT backed has only one cryptocurrency on it.

Now, there’s over 2000 crypto currencies out there, but if you were a institution because backed only serves institutions, and so you have to have a lot of money in order to just be a customer on the backed exchange, you know if you have $ 100 you’re, not Going to be a customer for the backed exchange and the only cryptocurrency that the backed exchange offers is Bitcoin, which is just to me almost mind-blowing.

Why would they only offer one cryptocurrency? You would think that they would have a dozen or so, but that’s the way. It is today, I imagine, that down the road, the backed exchange will actually offer more choices in crypto currencies, so bitcoins value proposition lying somewhere else entirely. Bitcoin is the scarcest most widely adopted and most secure cryptocurrency on the market. Having enjoyed first mover advantage, its network effects are now the strongest which gives it an almost insurmountable edge over the competition network effects is just a fancy term to say: hey lots of people use this sucker, alright, so users still want Bitcoin.

Bitcoin has many layers of redundancy and it’s resistance to many types of attack. It cannot be shut down, hacked regulated out of existence or compromised for Bitcoin to die. It would have to be more of natural causes. People would have to stop using it because there are better, more secure and more practical options for storing value on the market. As for now, with 64 percent market dominance, bitcoin is king, and so just like VHS and beta, you can’t go and find anywhere.

That sells those machines and the article stores that used to rent those tapes have long gone they’re out of existence. Today, you can’t find a article store to rent a VHS or rent a beta tape in order to read a particular movie. It’s going to take the same sort of thing with Bitcoin for it to really disappear. It’ll be the sort of thing where something comes out: people start using it and stop using Bitcoin and over time.

The dominance that we see here just disappears and becomes something else entirely, and that’s what’ll cause people to shut down all of their machines and for the hash rate to drop back down to nothing is it’ll it’ll, be more about people just stop using it, and so We’re at this particular time, based on things like the hash rate over the last. Even if we go back to the three-year hash rate, we can see how it’s been just grown and grown growing growing quite significantly.

Unless that stops, Bitcoin is here for a long time. You know the long term it’s here to stay unless people stop using it. So that’s the article today again, I’m not a financial advisor. This is not financial advice. This is my opinion. How can I be of service to you? Do you have any questions? Do you have any things that you said you just you you want to talk about? Do you have anything that you’re curious about, or do you disagree with what I’ve said? I would love to hear your polite disagreements because look hey you know things.

I don’t know. I know things you don’t know and when we share what we know together we’re going to grow smarter together, I want to grow smarter together with you. So hey. Please share it. What you know down in the comments below in the meantime like subscribe and huddle, and I hope that you have a fantastic day –


 

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Live Stake and Active Stake, an Important Difference for Stakers on Cardano

Okay, the air, the error cleared. Okay, all right so welcome everyone to digital fortress, this today’s going to be a quick, live stream, and then, if you have any questions, you can ask me and let me know i’m going to uh pop out chat. So I can see it that way. If anybody has questions i’ll, be able to see your questions and uh, so i’m going to explain the difference between active stake and live mistake.

Last night in determining the number of blocks of pool produced based on the amount of steak, and so i’m going to show you what i, how to do it, how to check your the live, stake all right and then i’m going to explain why it’s important! Well, it’s important so that you make informed decisions. Actually, I should say that up front. The reason it’s important to understand active stake is because active stake is what determines the block production? Okay, not the live stake and cardano is now a long game with epics being five days long and the reason i’m explaining this is because I made a mistake and I thought well, if I made that mistake, then other people might so it might be a good Idea to explain the difference between active steak and live steak, where, with active steak, being the more important number for block production, because I realized small pools will suffer the most.

If people don’t understand the parameter, and so I don’t want to see large pools, get wrecked for the wrong reason. I like people to make informed decisions. Cardano is a better ecosystem, because people make informed decisions and they know what they’re doing and they know what they’re. Looking at so, I just wanted to help facilitate good decision making, because the sum of all decisions makes cardano smarter.

Okay, that’s just how large ecosystems work is. If people are making good and informed decisions, then ecosystem uh works better so good morning, umbra mitt p. Welcome good morning john hamilton and pekka, where it goes over to saturation level. I answer questions later, but uh saturation right now is about 207 million all right. So I need to get on to what i’m showing you here and why i’m showing it i’m going to go to adapepools.

Org i’ll, put a link to datapools.Org down below, and i’m going to share that screen out with you guys and i’ll show you the difference between The live stake and the active stake and i’ll give you a comparison. So, let’s get on to that, make sure I do this right. Okay, all right, so I can see the screen and I can see the chat. So let me know hello voyager good morning. Bca all right, so let me show you this very important.

Difference between active stake and live stake and active is the more important number when it comes to block production. Okay, so here’s adapepools.Org beautiful website, great job ada pools a great job to those of you that are the cardinians who are building this um awesome website. So let’s say I go to a to pool’s dashboard and i’m trying to pick a pool. So I scroll down the list here and i’m looking at these uh various numbers and I can sort by various parameters.

I can sort by fees I can sort by pledge or whatever the case may be, and I go oh okay, these pools certain pools are making blocks. So let’s say I sort by block production, for example, and then I say I want to see pools are making blocks well this this block production is based on the stake from 10 days ago or, however long this, this stake was there so, and let me show You what I mean in better detail by using some clear examples, i’m going to use onyx pool that I pulled up as an example: okay and that’s david over at onyx, great guy.

Thank you david for putting pools up, and so, if I go over here, here’s the important number active steak. Okay, the current block production is based on active steak. Live steak is what the steak is today right now active steak is what this the stake was. 10 days ago, which is what the current block production is being based upon: okay and um, and here’s why I think this is important. So there’s one example, so you see, the live stake is 18 million.

That’s the current stake, the block pr! The active stake is what is affecting block production based off of um, eight or ten days ago, or whenever the snapshot was taken. Okay, so this is important to understand when you’re delegating, because it can hurt smaller pools and i’ll. Show you why and i’ll give you an example um last night charles was doing a live stream and a few people in the chat. I was helping some people out in the chat, and I made a mistake.

Someone asked about the amount of ada required to make a block something to that effect, and I told him that there was a pool of smalls 116 000 uh ada that made a block, but I was wrong. I was mistaken and i’ll show you right here. The mistake I made uh – oh you know, i’m a humble guy. If I make a mistake, i’m telling you I made a mistake and i’m going to fix it and then I realized wow other people, okay, so here’s bubba pool this was an example.

Now, if you look at live stake here, live stake, says 261 000 bubba pool made a block right here right, okay, but that block wasn’t created based on 261 000 ada. That block was based on the active stake from the snapshot at the end of two epochs ago, when end of every epic, when the snapshot was taken, so the block creation was based on 19.12 million ada and the reason I thought this was important is because this Could hurt the smaller pools the most, so there might be good operators out there who have smaller pools, because maybe they’re not good at marketing, but they’re good at uh they’re good at operating uh bubba is a great name.

I remember that I was like yeah i’ll go to bubba there’s a couple. Others I checked and bubba is not an exception. Bubba is pretty it’s pretty common. I started checking other pools and I saw the same thing happen to other smaller pools. So I thought, oh, I better do a article because that’s what I do and explain to people uh. This mistake that I made because if i’m making that mistake, there’s probably some number of people also making uh the same mistake all right.

So hopefully, that helped clear that up or um it makes more sense by doing that, any questions in the chat, let me know good morning, bca good morning pekka retaining, but I get got your answer on the saturation level, um yeah, cardenasia pool said bubba and t-h-s-t-k Pool will give a good example. Thank you, cardinia i’ll, give you another example t-h-s-t-k. That was the other mistake. I had made last night trying to help out in t h s t k so just another example all right, and so I hit that button and you see t h s.

T k made a block. That block was based on the active stake from a while ago, the snapshot of the end of two epochs ago, but the current live stake is 117 000. So there’s an example of two small pools that made a block that the stake moved somewhere else, maybe because other pools were making blocks before that pool made a block. I don’t know people make complex decisions and I can’t even begin to speculate what the outcomes are.

All I can do is let you know what i’m seeing and then you can help make a better decision and I think part of the reason another part of the reason why i’m explaining this or to show you what I mean. Let me hop over to pool tool, which is another fantastic website, but this is where you could make the mistake. I I always I clear my web browser cache before I start doing a live stream, sometimes because uh, I don’t want you to see all the nefarious websites I go to just kidding, alright, so pull tool.

So you see here where it has live stake. It doesn’t show active stake, so if I were to go here and look on pull tool – and I would say – oh, this pool has x number of blocks like uh. I don’t know, here’s an example. Let me just pick, let me pick another one. Let me do that, so i’m going to do onyx, for example, ronix, because that was an example I use on eight of pulls. Okay. So let’s say I say: okay, you made a block with 7.

1 million and then this one was 18.32 million. But if you look at what I did on eta pools with onyx, for example, that’s a great example: what is the actual stake on that pool? Number one for current block production? Well, the current active stake is 12.8 million right. That is what the block production is based on, but if I look on pull tool – and I see 18.32 – that’s not correct right – and I see this guy here at 7.

91, so you can see the smaller pools can make blocks. Remember the epics are a lot longer now five days, so a pool might have um a a a a modest amount of stake. Good for block production like chris’s pool master right here at 9.13 million um. I don’t know the number that this pool will generate, but he’s already generated a block and he could generate four five. Six, seven eight blocks: you never know how that cruel and benevolent slot lottery works uh.

He could end up generating. You know four blocks in one day and then zero blocks for the next three days. You never know right. That’s just how it is that’s how it is for all the pools all right, so hopefully that helped clarify the difference between live steak and active steak, and when it comes to the pools block production, it is the active stake that is determining the number of blocks That that pool oops that one’s on zero that one doesn’t have any yet the other number that that’s making like my bubba example a great name.

It’s like bubba gump, all right so um yeah. So this pool made a block and the live stake might be 261, but the block was made well. The stake was at 19.12 million and again the reason, i’m making sure that I point that out is so that the smaller pools with good operators don’t get wrecked, because people like fast people in crypto tend to be impatient. Some not not everyone, but in general people can be impatient and what happened is on the itn.

We got conditioned to daily updates. So, for six months, anyone who was working on the itn with the itn got up to 13.1 billion stake on it and the current network. If I go to the ada pools dashboard here, there’s a 12.42 billion, so the mainnet hasn’t hit itn levels yet and what happened on the itn, at least for me and probably for many others, is it got conditioned to day to day and say? Oh today, my blocks are based on yesterday’s stake and then the day rolls over and today my blocks are based on yesterday’s steak.

Well, the problem with having five day epics is it confuses me right, like days are one day long and weeks or one week long. Just kidding weeks or seven days and epics are five days and then I go okay. What day is the epic going to roll over and I have to either think through it or look at a calendar. So I just want to point that out to you make sure you guys know, active stake is what current block production is based on just to help you make a more informed decision and I think cardano would be better off in the long run.

I didn’t mean to go too long and be preachy, but I did want to make sure I got the word out. So people understand this better and great job to cardenians on this website. Fantastic website they’ve got a telegram bot. If you use telegram, you can get their telegram bot here and it will go bling. You know every time your your favorite pool makes a block. That’s cool. A pegasus app will do that too i’ll.

Do a article on pegasus tool on how to use that tool. That’s a fantastic tool you can put on your mobile phone and if you want to donate to the cardenians or adapuls.Org, they have a donation tab here you can click on that and they run a pool, the cardenians pool, which is doing quite well but uh yeah. Just give them a little bit of a shout out and shout out to david as well over there at onyx and uh.

Just uh want to let you guys know. So let me see if there’s any questions. Are we good here? Let’s see big pay good morning, big peg good morning, sir. Oh well done big pay with the balloon pool, you’re doing fantastic, buddy um. Let me see I stick my ata someday pay and I and the big pools the pools. We call big pools today. We’re going to be competing with the telecoms like you know, verizon or maybe the big financial like jp, morgan, chase and and uh me and pay are going to be the guys out there fighting a good fight.

You know to keep keep the pools community based we’re going to be going against heavy hitters in about a year from now or easily, so we got to get ready for that. We got to get ready for the we got to get ready for the big fight. All right so, mr mun, I staked my aida a little um. Mr munn says I stuck my a little late but ended up delegating hours before the epic and the pool solved the block. So why haven’t I seen any rewards yet? Okay, good question, mr mont? Nobody is seeing any rewards wet, yet that’s the problem with the itn.

It conditioned us and conditioned me. It conditioned everyone for immediate gratification. Cardino is now a long game. It is a long game. No one will get rewards until august 23rd. If you staked your ada before the snapshot that occurred on thursday, you will not see rewards until august 28th. Okay, you will not see reward 28th or maybe even september first, third, whatever um yeah. So if you just staked during the last snapshot, you won’t see rewards until at least august 28th.

But if you staked at the beginning of jo of uh blah august uh august 3rd, then um actually august 8th feed the stake. Before august 8th. You will see. Rewards august 23rd. Okay, so that’s how that works hopefully answered your question, mr mont. Thank you for that malki dot says: is there a difference between digi and digi ii? No, there’s no difference. They are running on different nodes, but they are both.

They both have the same horsepower and they both have the same set of peers, but yeah. They have the same set of peers out in the world out there spread across the planet. They have peers. The relay has peers they’re, both pointing to the same private relays or public relays. I’r sorry, so digital digital point of same relays and those relays are pointed to all the other relays spread throughout the world in north america, japan, south america, europe all over the place.

So canada, oh that’s part of north america, so um, let’s see other questions, do I have to redelegate a wallet if I continue to add ada to that delegated wallet from umbra? Thank you umbra. No, you do not. You do not have to redelegate a wallet if you continue to add ada. It will be automatically delegated from that wallet to the pool that you already have delegated good question, and if you want to delegate to multiple pools, you can create more wallets.

In the same instance of daedalus, and you can delegate to multiple pools from deadlifts, currently you cannot do that from euro okay. Currently, you cannot, unless you make multiple chrome, logins or multiple firefox logins and under each login you delegate to a different poll, so you can do it from your roy. You just have to make a separate login for each uh. You open up a browser in a different instance.

Okay, let me see here me go um. Well, I hope that screen share helped i’m going to go through a few more questions and wrap it up. I didn’t want to run too long. Oh lots of good questions in here pool tool shows a tada pool pledge. 3.5 million declared pool pledge 2.5 million yeah. That’s okay! That’s fine! If uh! If, if a pool operator raises a pledge above the declared pledge, that’s fine, that’s good! That’ll still it’ll still make blocks so a lot of pool operators might practice that, because you want to have a buffer zone, you say: okay, i’m going to pledge this much and then i’m going to put so much more on it.

That way, if I have to move funds, I don’t drop below because you never want to drop below and that’s what the pool operators are working on. Uh roo, 33, hopefully answer your question here: ruru 23, hello, there, hi, uh, ruby, says hello. I have a little question: what is the risk of staking? There’s no risk uh, you can’t you, you cannot lose your funds staking just points to a poll and there’s no risk of losing your funds to the pool.

You are always in control of your funds. So the only risk that you do have there’s no such thing as no risk like right now. I could get hit by an asteroid. Okay, so there is a risk with doing a live stream, but the risk is, if you compromise your own personal computer or the key. Is you compromise your 15 word seed or your private key there’s the risk, but the risk falls entirely on the individual person delegating staking and holding the private key.

The pool does not impose any risk to you as far as losing ada. The only risk is not gaining ada by staking to a pool that is not functioning correctly. Pools must stay on line 24 and 7. The relay that their block producer points to has to stay up 24 and 7 and it has to be connected so relay might be online, but it’s not working correctly because they didn’t put in the topology correctly. That is possible.

Let’s see here, uh. What’s the rest of your question room 23: is it possible the pools run with your funds when they are staked? No, they can’t do it. They do not have control of funds. Thanks for the articles, love the blog. Thank you ruru. 23. Thank you for the questions. It really helps because usually if one person has a question, there’s probably many other people who have the same question: okay, uh also get zen says if it is automatically delegated.

What happens when you want to transfer funds from the wallet? Do you undelegate or just send the funds you just send the funds, if you undelegate, if you’re using daylist and on delegate you’re supposed to get the two ada deposit back. It’s a two eta staking registration deposit to to register that wallet uh staking key okay. I think you get it back, but you don’t have to un-delegate. You can just send the funds.

Ada is never locked, it is never locked and that is the beauty of cardano uh. Let’s see um trader pikachu hello trader pikachu I like playing pokemon, go. I, like pokemon, pikachu, hey there rick thanks for doing this. What’s the biggest risk one would face as a stake pool operator, the biggest risk a staple operator faces is well there’s many. Let me think what is the biggest one is having your keys, stolen and having your data stolen.

So if you put the private key to your ada on the stake pool on the relay, the relays are a little bit more vulnerable than the average device or the average node, because they are exposed to the public internet and they’re on 24 and 7.. So if, if some entity manages to penetrate that relay, it is difficult, but it is possible very remote possibility if an entity manages to penetrate that relay and the private key state are on there, they can get the private keynes okay, and that is the biggest risk.

If the pool keys get stolen, then your risk there is you’ll have to create another pool. The pool operator would have to create a new poll and as long as the nodes stay online, the stakers will still get their um rewards, but there’s a possibility that they won’t because of malicious activities. So but it is it’s really hard. It’s really hard. I don’t know how you’d penetrate the crowd. What’s vulnerable is like the cardano server uh.

The cardano note itself is not the vulnerability. It’s the server it’s sitting on, and the tcp and the operating system, environment and all the other things is where the vulnerability lies is: how can someone get in there and get to it? The node itself doesn’t appear to have vulnerabilities, and I wouldn’t know anyway, but hopefully that answered your question. Aruba steakpool asks hi. Rick might no reason why livestake might differ from ada pools and pull tool than cn tools.

This might affect operators negatively promotional, wise and you’ve. Had this issue for days, that’s a great point: aruba stake pool. I do not use cntools, so I cannot answer your question about cntools, but that is why i’m doing this article because we are seeing there is a difference between active steak and live steak. So you got to check cn tools and check to see if you are looking at active stake in cntools or live stake and you’ll see that earlier in the article that was what I explained using adapuls.

Org and pull tool. Steenbot asked how much time you spend running the state pool each day. I understand it’s 24 7 position, but how much actual work is done? Well, it depends on the pool, I would say, uh between me and the two other uh, my two technicians, my sons, con christian, who are doing a lot of work. The actual time on the pole itself is maybe 20 minutes, checking health and verifying it’s working correctly, but in these in these early days it’s not so much that it’s you check health more often to make sure things are still running, because it’s early until confidence builds Up but most of the time is being spent, I would say four to five hours a day: doing: testing failover testing and writing scripts, because christian and kyle have built christian built ansible scripts kyle is testing the ansible scripts for failover, backup redundancy alerts because we’re not Using other people’s scripts, we built our own scripts, so i’d say four five: six hours a day in the early days, just like the itn, the itn early days were 20 hours, but the haskell note is so solid and reliable that it doesn’t require as much babysitting And the cool thing is: is that we’re doing more work on automation than doing work on uh survival right? So that’s where most of the effort is taking place right now, uh, let’s see what let me see, crypto collector says: what do I do to stop? My addiction of reading blocks being made uh, nothing just enjoy it.

Go fishing. Take your cell phone when you go fishing and uh and set the alert on pegasus tool and it’ll go bling whenever you get a block on your favorite poll and you can still catch fish cool yeah, I don’t know how to solve that addiction. I have that too bca ask says: thanks for the screen share, rick helped a lot and also where to find the info on live steak and active steak. You’re welcome, bca you’re welcome dan norman says: can you talk about saturation? Does it still matter? Yes, saturation matters.

Saturation is about 207 million right now, so if the pool doesn’t hit 207 million it’ll be okay as long as k equals 150 and the total available ada for staking is 31 billion, so about 207 million. You can check that out on ada pools. It shows. Let me check the dashboard on the aida pools. I know I saw it on there. Oh where’d, I see it i’ll have to check i’ll, have to look it up. Oh let’s see but yeah you can check saturation 207 million right now.

Crypto collector loves fishing good for you, man, that’s good good, good, crypto fishing, good combo uh. Let’s see uh there’s a couple of small pools with less than 300k staked edimenting blocks, maybe metroplex. Possibly. I think there are um, but you got to check active stake versus livestake, because I found a pool that had 161k live stake that minted a block, and then I went to check wow. How did that happen and come to find out? It? Had 19 million active active is the important number, and that was the important part at the beginning, live stream.

So if someone did if a 300k pool minted a block at 300k, congratulations, that’s fantastic! That is incredible. It’s like buying a lottery ticket, kyle sullivan thanks for making this article. Thank you frogpool for all the work that you do. Uh, let’s see uh any other questions, i’ll wrap it up, so that I don’t keep you all on this beautiful saturday morning where it’s raining in virginia north carolina.

It’s been raining for a couple days. Kyle knows what i’m talking about, because if i’m getting rain he’s getting it too, it comes from his direction. Let’s see aruba staple says, congrats on the blocks. Yeah yeah, digi and digi-2 are doing well they’re doing they’re doing about the protocol norm. Uh they’re, creating blocks in about within the range of the what the protocol says they should be doing so.

That’s fantastic um umbra says: do you have multiple internet failover connections? Yes, I do. I have two active fiber connections. I have a third fiber connection available and I have multiple internet failovers. So, yes, I do, let’s see and plus like if worse came to worst, let’s say uh, some an asteroid impacted this area right and just blew it away and I somehow managed to survive. I would just bring him up on cloud servers.

Okay, it wouldn’t take long. It wouldn’t take long. It would only take a few hours maybe to bring the pools back up on the cloud servers, but I like the security of having a high-end commercial-grade firewall, securing the block producers and uh preventing bad things from happening to the relays. It’s just my preference. I mean the cloud servers work great as well uh I just like the the processing load to go on the asic based firewall, because you got high speed, four microsecond a6.

You know four microsecond latency, that’s nothing! You know, and so that way it’s sorting the traffic at ultra high speed and the traffic is very restricted. Um yeah i’ve got special rules turned on to help prevent certain things from happening. So, let’s see here any other questions and i’ll get on hello from gloomy soaking, wet south africa, hello, chenille, javon, it’s like virginia in north carolina right now, wunderless asks.

Do you think a pool etf is in the works to support small, medium and large pools? I don’t know I don’t know what etfs what’s etf, I can’t remember what that is. Yeah, I don’t know. I think what the best thing that a small medium pool could do. I don’t even know if etf is related to that actually um. The best thing they can do is market and get their pools out there somewhere outside the bubble of the current crypto bubble space uh, because you know we have a there’s over a thousand pools up now.

So, theoretically or hypothetically, you would have a thousand marketers out there out there in the world promoting their pools on their facebook and promoting their pools wherever they find their clever ideas to do it like i’ll. Give you an example: if you’re promoting your pool on the cardano subreddit, that’s a great start, but if you got a if you got a lot of balls and you’re, not afraid to do it, try going to the other subreddits like the eth subreddits, I mean you’ll.

Probably get banned so don’t use your permanent reddit account but go into each subreddit go into our cryptocurrencies go onto our cryptocurrency. There are two different ones and and introduce them in a very polite and kind way and or whatever reddit likes and say. Look: here’s how it’s working on cardano, maybe ethereum 2.0, will work the same way: here’s how my pool works and then you can market your pool like that and maybe they’ll um learn from that and in the long game.

Maybe that’s a good marketing technique so, but I don’t know what etfs would have to do. Etf is essentially a group of pools. Yeah. There are pool alliances like spa craft forming, so um spocker is a stake pool of alliance. That’s that’s come up um. Basically, you know alliances help build stronger communities, it improves the skills of the members or some and, and it helps them establish standards of quality.

Okay, for example, um is what those type of alliances would do all right. So let me see: are there any other questions in there? Let’s see all right, I don’t see any other questions. Okay, I wanted to be brief. Um again, quick summary. Let me do that screen share again real quick and i’m going to and i’m going to punch out so over here. Here’s what we covered is on ada pools and I think my screen share is going out.

Hopefully I picked the right one yeah. I did okay, so on ada pools you have the dashboard. You can search and surf the pools to find your favorite pool find a pool of interest in in the list here: okay and then, when you search that pool, let me use another example. Yet again you can search that pool and you will see the active stake versus the live stake and the active stake is what the current block production is based upon, and then you can compare that block production to the active stake and then find out.

You know what exactly does that mean here we got pega the creator of the pegasus app and the live stake is 24 million. This is current, so today pega stake is 24 million today. So if I go to pull tool, let me check that I got that right, i’m going to go to pega, okay, yeah 24 million. You see that 24 million. Then I go to ada pools and it’s 24 million, but the block production is based on like about 10 days ago, eight days ago, the snapshot the 38 million, so this person lost.

This is the person who created the pegasus app for the mobile phones and their stake dropped from 38 to 24 million. So that’s not a smaller pool. I’d say: that’s a small to mid-sized pool it’s kind of hard to say I mean it’s kind of a subjective number at this point in time, but you see what I mean and we saw the same thing with at the beginning of the article where I showed Pools like bubba, for example, okay, where bubba had 19.

2 million generated a block, but due to people’s decision-making processes, they left this pool. And now the live stake is currently 261. So it’s going to be harder to make a block in the future. So that was the key is to inform people. Um about active stake is the important number, and that was the main thing I wanted main point I want to get across. So thank you. Everyone for reading digital fortress, i’m going to punch out now go get some breakfast get some coffee and you all have a great weekend.

I hope this was helpful and informative, and if it was, please feel free to share with your friends, because the smarter we are in cardano, the better we are in the long run. Okay, all right, you all take care punching out have a great day. Thanks for reading digital fortress bye, you


 

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GOCOIN Payment Processor – Interview with Dionna Bailey Business Development Manager – LaBitconf

I am a labid coffee’nudugui, I’m going to be speaking with Deanna. She is the business development manager for a gold coin. Danna tell us a little bit. What is the gold coin platform well go. Queen is a payment processor that allows merchants to accept cryptocurrencies. As you know, it’s kind of difficult, sometimes to really build a business on crypto with the volatility and the liquidity issues.

So we help merchants by eliminating those and accepting that on behalf of us, and so we help them accept the Bitcoin, but we pay them out in in cash. I’m actually a big user of cheap Ericom, which I even future on my documentary oven as well, and the cryptocurrencies, which I mention you guys. You know that the website is powered by gold coin, the payment system. My experience is started with chip air comm.

All I had to do was look for a flight in put my information, and the website would generate a QR code with the total amount of that would be extract from my wallet. After that, all you have to do is scan the QR code type in your wallet password and in just a matter of seconds, go coin which powers the website payment system will confirm your transaction. A few minutes later, you will receive an email with all your flight information.

I guess now it’s time to go to Venezuela so which other coins are is available for any other business who wants to add the platform we have Bitcoin Bitcoin cash, aetherium euros, Doge and litecoin very nice, and if any business wants to add this type of payment System into their platform, how hard it is, how can they reach out? Is there any fees that they have to pay for integration? How does this work? Well, so, what’s great is go.

Coin. Is super easy to use you jump online at WWE, then, once you submit your documentation for kyc and your banking, we give you an API plug-in that you put into your cart and then you know within a couple days, you could be up and operational and good To go in this in which location any country in the world do. Is there any specific restriction how’s that well, there is some like in the US. You can’t do in New York, but we can do anything in South America.

We can facilitate most countries. It’s the payout in the currencies that become the issue so predominantly we use USD GP, GP, GP, P. British British Brown. That thing nothing see. I don’t know these Fiat right. I just want to stick exactly right paper stuff who cares about paper? Who cares outdated? It’s old, but so the best thing would be is jump on register for an account and our compliance. People will tell you if there’s any issues with it at all, it is zero dollars.

It costs nothing to implement, go coin. You it’s completely free! You only pay one percent on the transactions that you actually perform very nice and then what’s the official website, it is wwe.Com. Thank you very much. Everybody once again right here from labid call for a new Dawei I’ll, see you later ciao

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