Total coin cap for both NEO and GAS is 100,000,000. Half of the NEO cap are locked for the dev team, which they'll withdraw 15% each year for marketing, development, and partnerships. The rest has already been distributed for ICO investors. You cannot mine these coins.
NEO can only exist in round numbers and can't be divided, while GAS can be divisible.
By holding NEO in your own wallet, you get to claim GAS at every block generated, which occurs once every 15 secs.
NEO represents ownership of the entire network, it's used to elect bookkeeping nodes to validate transactions, vote on governance proposals and the right to claim GAS at each block.
GAS is very similar to ETH, which is used for transactions and contract execution on the network.
Here's what you can expect to claim on the first year if you presently hold 1000 NEO, note that the GAS reward will reduce each year, from 8 in first year, to 7 in second year and so on.
1000/100,000,000 = 0.00001 x 8 GAS per block x 5760 (blocks a day) = 0.4608 GAS a day
Ethereum
Brief Introduction
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At a very high level, Ethereum is a network of computers that supports the execution of programs and transmission of data. The key difference between this system and how the internet works today is that while apps and web pages are hosted on a single server (or small cluster of servers), everything on the Ethereum network is distributed. Any machine in the network can process calculations to determine the result of a transaction or piece of code in an app, and all the machines involved eventually reach a consensus on what the correct result should be. In practice, this means that apps cannot “go down” because of some single point of failure. As long as there are enough machines contributing to the network, everything built on Ethereum will persist and the network will ensure the validity of the blockchain.
Where does cryptocurrency come into the picture? Ether (ETH) fuels the execution of these distributed apps (DApps). In order for a DApp to execute a task, or for you to send some message across the blockchain, there needs to be a small amount of Ether spent, which is proportional to how large or computationally complex the task is. It can also be involved in the way an application works, such as a site that charges for a service, or a site where users transfer funds between each other for selling items, gambling, etc. These apps can even create their own currency for use within their ecosystem. A huge advantage of currency exchange via Ether on the Ethereum network is that these transactions are extremely fast, taking no longer than 15 seconds (new block creation time) plus the time to reach consensus. At the time of writing this, the median wait time is 35 seconds. This time will decrease further in the next iterations of Ethereum.
Aside from being able to fuel applications, Ether also functions as any other cryptocurrency does. It is used as an anonymous* ways to make purchases from an Ethereum wallet. If you’re familiar with how Bitcoin works, Ether can be used the same way. Spend it directly at any online storefront that accepts it or sell it on an exchange for cash, another currency, or anything else available.
Smart Contracts: What are they?
Smart contracts are scripts, which are typically written in Solidity. These scripts are built to autonomously carry out work on the Ethereum blockchain. They are fully self executing, self enforcing and self governed. You can think of them as autonomous, transparent, open source businesses which are available on the blockchain, and as such, are fully distributed. These distributed contracts take away the need for middlemen in most use cases. Along with their ridiculous fees, restrictive business hours, and long processing times.
ERC20 Token Standard
The ERC20 token standard is the Ethereum network’s formal definition of a token. This definition allows the developers of said tokens to write smart contracts which directly interface with the Ethereum network, and allow for these tokens to be recognized as valid currencies on the Ethereum network. As such, they are visible by Ethereum wallets, and easily transferred via the same channels as Ethereum.
How to best participate in ICOs (with parity node)
Here in this video, the example shown is referring to the past Aragon token sale, however the format are all similar for future token sales.
You'll need:
- the contract address from the official ICO site/email, (NEVER trust 3rd party links/addresses)
- the starting block number of the ICO, in our experience with the past BAT ICO, you can and should send it 1-2 blocks earlier to be among the very first to contribute in a frenzy sale.
- sufficient gas limit to participate, not to be confused with gas price. Be sure to confirm this on their slack channel/reddit/twitter if it isn't shown on their site
- if you wish, feel free to tweak the gas price higher depending on how kiasu you want to be in the ICO. higher fees means faster confirmations
For every ETH sent to an ICO contract, you'll receive equivalent amounts of tokens according to their exchange rates, most of the time it's instant, but that depends on how they structure the sale.
Ethereum Name Service
Hate copy and pasting addresses or scanning QR code? Wish you could send ETH and tokens just by typing in their names like Alice.eth? Well now you can!
A friendly reminder to take crypto security seriously
credit goes to /u/insomniasexx
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Eight months ago ETH was ~$13, phishing sites were everywhere, and too many people were losing ETH. Today ETH is ~$280, Bitcoin bloggers, low-entropy phrases, and Teamviewer hacks are (not quite) everywhere, but getting more popular, and too many people are losing ETH.
How can you protect yourself?
1. Get yourself a Ledger or Trezor Hardware wallet. They are less than 0.5 ETH now and a variety of wallets support them. There is really, really no excuse. https://www.ledgerwallet.com & https://shop.trezor.io/
2. If you don't want one of these nifty devices, use cold storage for a majority of your savings. Please. Pretty please.
3. Bookmark your crypto sites. Use those bookmarks and only those.
4. Turn on 2FA for everything. Go do it. Right now. Quit your excuses. Choose Google Authenticator over Authy. Don't use your phone number. Then, make sure your phone number is NOT tied to your Google account (look in privacy settings). Turns out, you and your BFF Mr. Hacker can "recover" access to your account via that number, completely destroying the point of 2FA. PS: Don't forget to cold-storage your backup words for these 2FA things. It's a huge pain when your phone goes for a swim and your entire life is 2FA'd. 😊
5. Do not use cloud storage (Dropbox, Drive, iCloud) for storing your keys :(Now your keys would only be protected by your cloud storage password. Also, see #4.
6. For Token Sales: do not trust any address except the one posted on the official site. Bookmark the URL before the sale, get the address from the URL from your bookmark at time of purchase. Do not trust any other source (especially a random bot on Slack). PS: When are token sales going to start using ENS names?
7. Double check the URL. Check it. Then, check it again right before entering any information. This is especially important for any sites that require usernames, passwords, email addresses, private keys, and any other personal information. SSL certs do not mean a site is trustworthy, just that they bought an SSL cert. Not sure about the correct URL? Cross reference Reddit, Twitter, Github, Slack and wherever else the project hangs out.
8. Triple check Github URLs. These are much easier to fake and much easier to miss. Instead of downloading from that random URL on reddit, seek out the URL on your own. Following the developers of these repos on Twitter, friending them on reddit (lol...but seriously it's nice because their name will be orange), or starring said repos on Github helps.
9. Always verify that the site you landed on is legit. Especially if you are about to entire your private key or download an application. What is legit? A service that people have used for a decent period of time with good results. If the URL has been registered in the last week or the site "just launched", err on the side of caution and avoid it for a while.
10. Google the service name + "scam" or "reviews". Scam sites rarely last long. Value real comments by real people over a random blog. Value a collection of information over a single source. Understand that legit services will likely have a mix of positive and negative reviews over a long period of time. Scam sites typically have no one talking about them, everyone yelling about how they got robbed, or the most perfect reviews ever. The latter one is just as red of a flag as the first one.
11. Don't ever run remote-access software (e.g. TeamViewer) ever...but especially not on a computer with keys on them. The number of security holes in these programs is atrocious. You 2FA your entire life, but then let a single string of characters give someone access to your entire computer & every account. 😱
12. Don’t click any link regarding anything crypto, money, banking, or a service like Dropbox / Google Drive / Gmail in any email ever. And if the scammy clickbait was simply too irresistible for you, don’t enter any information on the page.
13. Install an adblocker that actually turns off Google/Bing Ads. I recommend going with uBlock Orgin. If you are already using Adblock Plus, it does not hide Google Ads from you. Go into your Adblock Plus settings and uncheck the box that says “Allow some non-intrusive advertising”.
14. Don’t click on advertisements. With or without an adblocker, you should never, ever click on advertisements.
15. If you have accidentally visited or typed a malicious site, clean out your recent history and autocomplete. This will prevent you from typing kra… and having it autocomplete to the malicious krakken.com.
16. No one is giving you free or discounted ETH. Even for completing a survey.
17. The guys who just finish their token sale don't want to sell you tokens via Slack DM. Neither does that smokin' hot 125px x 125px avatar.
18. Lastly: use your brain. Think for a moment. Don't assume, ask. Don't blindly follow, question. If something doesn't seem right...if you feel like the luckiest fucker on Earth...or if you find yourself asking, "I wonder why I haven't seen this on reddit yet", there is likely a reason. 👍
A note about Ethereum Chamber scam
As some of you are aware, there was a scam site that was a clone of MyEtherWallet.com, but red. I was alerted to it via a Facebook message ~5am from a diligent user. That is one of 3 messages I received about it before our tweet went up at 1pm, not including the 5 from our internal team (thank goodness someone realizes our site isn't red!) Since that site has come to light, a number of folks have mentioned things like, "Oh yeah I saw it, I figured you guys were just rebranding" or "Oh weird. Yeah I figured it was a scam."
This site, which I thought was only a paid CoinTelgraph blurb at the time, was actually on a large number of Bitcoin blogs: podcasts, blogs, news sites, Twitter, the works.
How does this happen? How do a number of bloggers promote a direct (red) clone of MEW, people see it, and no one says anything? (The fact that all these bloggers & "news" organizations gleefully accepted money from a wallet site without Googling "ether wallet" or "Name of the Site" is a far too angry and long rant, but should not go unnoticed.)
Anyways! While the above post is all about the steps you should take to protect yourself, there is another one that is even more important:
Look out for one another Scammers thrive because they have victims -- because they know they can throw a stupid website out there and people will click it. Stop thinking, "Well, they shouldn't have clicked it" and start doing what you can to prevent people from making a mistake that will cost them their hard-earned coins.
• If you notice something looks like MEW, say "Hey, that looks like a clone of MEW! I wonder if they've seen it?"
• If you think that Github URL looks weird but you don't have the time to check, throw a "hey u sure thats rite url?" up there.
• If that reddit post is an unheard of wallet, leave a comment and report it with a "??????????" in the report reason.
• If the Token Sale you are participating it doesn't tell you explicitly when & where their address will be posted, ask them, in public, over and over again. If its not at least 24 hours before the Token Sale, question that choice, in public, over and over again.
• Remind people about best practices! If you've been visiting /r/ethereum for more than 3 months, you have 3 months on 25% of the people here. You are a bloody expert now. Time to put on your big boy pants:
• "@nooboob Remember the address will be posted on their website, NOT in this Slack."
• "It looks like this is an okay link, but it's not a good idea to click or install things from a random user on reddit. It could be malware."
There needs to be more due diligence everywhere, but this is easier diligence than most. It requires no advance knowledge or skills. You don't even have to be able to write good. Stay aware, trust your gut, ask more questions, trust the internet less, and google the fuck out of everything.
As I’ve mentioned before, I’m not covering hardware wallets, however I will say it’s pretty damn easy to move your newly bought funds to a hardware wallet. The best way to succeed with securing your funds into a Hardware Wallet is to simply follow the instructions from the manufacturer and reach out on reddit if you run into any issues. But follow the same overall guidelines and even if you are wanting to skip Paper Wallets for now, I recommend still reading through the following steps on creating a highly secure paper wallet...just so you can get the same principles to follow in dealing with your hardware wallet.
One of the most important things I stress with any new wallet is to always test everything with a very small amount, both ways (sending to and withdrawing from the wallet) and making sure the transactions all go through successfully before sending large amounts.
I’ve mentioned MyEtherWallet earlier and that is the method I’ll be walking you through to create your first Cold Storage Super Secure Wallet for your ETH stash. In some of the steps below, there is an alternative and easier approach, which is potentially less secure (depends on how vulnerable your computer and tech is or was). These alternate steps will be italicized and again, although easier do put your cryptocurrency at greater risk.
Now if you read the sections before, you’ll recall that a wallet consists not only of the public wallet address, where coins are sent...but also a private key that unlocks that address...allowing you to access the coins it holds. To generate a new wallet with the highest security requires a computer that has never seen the internet or any network before. Sure, you could generate a wallet on a computer that’s been online, etc...and maybe it’s secure and maybe you’ll be fine. But in the off chance that your computer is infected with some sort of virus or spyware, or in some way can make you vulnerable...why take the chance of putting thousands if not millions of dollars at risk? There’s no coming back from a cryptocurrency hack.
This is why we keep quiet about our stashes, why we use separate accounts for things, and why I encourage you...even if you use a hardware wallet...to create a paper/offline wallet following this part of the guide. It’s a little bit involved and may sound complicated, but it’s really not that hard and I hope I can simplify it and help you feel comfortable enough to do it. Part of this process involves creating a DVD that you can boot a computer from to do this work. I’m working on developing a bootable disk that will be prepackaged with everything you’d need to do this portion, that I could send to anyone who feels overwhelmed doing it themselves, but that will be in a few weeks at least until I’m able to get it created and ready to copy and mail to people. Let me know if it sounds like something you’d want and if enough people want it I’ll try to really prioritize that. Okay, now let’s get started! I hope I didn’t scare you away to thinking it’s too hard, it really isn’t just takes some patience to get things setup the first time, then it’s pretty easy after that.
Part 1 - Get an Offline Computer Setup
You don’t necessarily need a computer that has never been online to do this...as I just mentioned, I’ll show you how to create a bootable CD from which you can boot any computer, keeping it offline and running what’s called a “Live CD” version of Ubuntu (a linux-based operating system normally used to try out the Ubuntu OS before installing). What’s great about a Live Ubuntu CD is it will run a fully operational OS on pretty much any PC (sorry you will need access to a PC, not Mac) and from there you can open a saved copy of the myetherwallet website, to generate a new Ethereum wallet without ever going online. We’ll cover accessing this “offline” wallet later and how to transfer funds out of it...without it touching the web.
Step 1
Get your hardware ready, here’s what you need to have at your disposal:
- A PC - A writable DVD disc - A new, never used, USB Flashdrive (Any size is fine) - A USB Printer (you can also just write the public and private keys down, but it’s easier to print them and looks nicer for your records) - Packing tape or a laminator
Step 2 Visit Ubuntu.com and download and follow the instructions for creating/burning a bootable Ubuntu Live DVD. You can do this from a normal computer with a DVD burner, but preferably one that is definitely not infected! Maybe use a Mac and if you don’t have a mac, find a friend who will let you do this from theirs. Macs are just much less likely to be crawling with computer viruses! Ubuntu has a very easy to follow process for downloading an ISO (image file) that can then be used to burn a bootable DVD. This DVD will be used to boot your PC later.
Step 3 Visit myetherwallet’s git (this is where the latest build of their website software is securely updated to: https://github.com/kvhnuke/etherwallet/releases/latest At this page, under the "Downloads" section, click and download the file that name begins with "dist-" and ends in ".zip".
Step 4 Unzip the downloaded file to the new empty USB flash drive. It should just be a folder with an index.html file and other subfolders and files inside. The ZIP is about 20MB in size and inside is a folder called etherwallet-mercury or some other build name after the hyphen.
Step 5 Take your newly burned DVD and the USB thumbdrive containing the etherwallet folder, and keep them in a safe place. The USB drive will NEVER be connected to an online computer ever again! It should be solely dedicated to this use and only plugged into a computer booting off the new DVD you created. We’ll use these in just a moment to create your new secure wallet.
Part 2 - Creating your cold storage, offline, Ether wallet
Next you’ll generate your first official secure and offline ethereum wallet. To do this you’ll need the PC, new DVD and USB thumbdrive, and your printer or pen and paper.
Step 1 Disconnect any Ethernet cable plugged into the PC you will be booting to.
Step 2 Power off the PC, power it back on and insert the boot disk, then immediately reboot. DO NOT plug in the USB drive yet.
Step 3 Boot the PC using the bootable Ubuntu Live disk. Choose “Try Ubuntu” when it boots up...and you’ll be taken to a desktop with a menu bar. DO NOT connect an Ethernet cable or wifi, EVER during these Live boot sessions.
Step 4 After you’ve booted into the Live Ubuntu disk, and are sure it’s offline, plug in the USB flashdrive containing the web software from myetherwallet.
Step 5 It may not allow you access to the flashdrive, you may get an access denied message. That’s fine, simply press the key combination: CTRL ALT T, and a “Terminal” or “console” window will appear with a flashing command line prompt.
Step 6 Type the following and press Enter: sudo nautilus
Step 7 A new window should appear and on the left you’ll see drives listed...including a flash/USB drive, the one you plugged in….It’s important to point out, you should NOT have any other USB drives connected to the PC while doing this.
Step 8 Double click the drive and it will open this time, revealing the contents which should be the folder containing the website info from myetherwallet...of which there will be an “index.html” file.
Step 9 Double click the “index.html” file and it will launch in the browser of the live session and look, just like a regular webpage, as if you were online. It should, however, display an error that says something to the effect that you are not online...that it cannot communicate with a server, etc. This is fine, and expected.
Step 10 The page that displays by default is the Generate a new wallet page. So simply type in a long and unique sentence that you come up with. My recommendation is that you choose 9 words, rather than 9 characters and include spaces between each word. This is what we’ll call your Seed Phrase. If you are in a private and secure location, you can click the little “eyeball” to reveal the phrase you typed so you can copy it. Don’t click Generate yet!!!
Step 11 Create a new folder on your USB drive and call it “Wallet”.
Step 12 Back on the myetherwallet page, copy/paste your new Seed Phrase into a text file within that new “Wallet” folder on your USB drive...you can create a new text file by right clicking within the folder and clicking “New document > Empty document” then double click it and paste the phrase….rename the new document to “Seed Phrase”.
Step 13 Now click “Generate Wallet” back on the myetherwallet page and you’ll go through a few steps. Download the JSON file to the Wallet folder on your USB drive and then click the warning “I Understand. Continue.”
Step 14 Next it will display your Private Key and give you a Print button, so you can print your Paper Wallet.
Do two things: 1 - Copy your private key and paste into a new text file in your Wallet folder, name that file Private Key. Make sure it’s identical to the one you see on the web page!! 2 - Next, connect your USB printer to the computer and wait for it to be detected. If it’s not or you have issues with it, you can print to PDF and work on this later. Regardless, proceed by clicking Print. It will initiate a new tab in the browser and allow you to either print to your USB printer or to a PDF file and save that on your USB flashdrive in the Wallet folder. The printable Paper Wallet will have both the Address (public key) and Private Key, including QR codes for both.
Step 15 Back on the webpage, below the print section, click “Next: Save Your Address”
Step 16 You’ll be prompted to enter your Private Key or upload your json file to unlock your wallet. Because you’re offline, go ahead and copy/paste your private key from the text file you created in Step 14 and click “Unlock”. This will reveal your Wallet Address (Public Key) which was also visible on the Paper Wallet you printed.
Step 17 Store your paper wallet and the USB flashdrive in secure locations!!! That is your cold storage account!! But before you send large amounts of money to it, we need to test and make sure everything works and you have everything recorded correctly.
Part 3 - Test Send (Deposit)
To test your new wallet and make sure everything went as expected in the setup phase, you’ll need to actually send Ether to the wallet, check it’s balance and see the Ether arrive, and the send Ether from the new wallet out to your Coinbase account...and again check that the transaction goes through and that you have access to your new wallet. To perform this test, you’ll want to remain offline and you’ll be incorporating your smart phone for part of the test. But let me stress this: at no time will you need to connect the offline computer to the internet, ever, to send funds from it...it probably sounds weird and how is it possible to send money from an offline wallet. But the reason it works is the offline computer will generate a transaction ID that contains all the data the Internet needs to process a transaction...you’ll use your smartphone to send the transaction ID to the web, without having to enter your private key on your phone or on any online device. You enter the private key on the offline computer, unlock your wallet while offline, generate a transaction with the parameters you want (like the amount to send out) and it will generate a TX ID that your phone can then scan from a QR code and send to the blockchain, initiating a withdraw from your wallet! Pretty cool stuff. So here are the steps involved:
Step 1 First let’s send a small amount of ETH to the newly created offline wallet, go to your Coinbase account from your mobile device, preferably using the Coinbase app, and locate your ETH Wallet using the menu in the upper left of the screen. From your ETH wallet, either touch the little “paper airplane” looking icon in the top right of the screen, to initiate a Send.
Step 2 For this test, just send $2 worth of ETH. Enter the amount as USD and touch SEND. To make sure you are entering USD and not ETH amount, make sure the number on top is $0 when you arrive at the send screen...if it shows 0.00 ETH on top and $0 on the bottom, just touch the two arrows on the left and it will swap and put the $0 on top, where you can now enter $2. I point this out because 2ETH could be an expensive mistake if there were a problem during our test! Remember, anytime you send cryptocoin, use caution and make sure you entered things the way you expected to.
Step 3 The next screen is where you enter your newly created offline wallet address, so you can send this $2 test to that wallet. Rather than type in the wallet address, you can simply open the PDF you saved earlier or use the paper wallet you printed, and scan the “YOUR ADDRESS” QR code by touching the little QR looking icon in the To field on your smartphone. It will scan pretty quick and you’ll see the To field populate with the wallet address. Make sure it matches up to the printed “Your Address:” on the paper wallet. If part of it is cut off in the To field, just touch the To field and it will activate the text field so you can see the entire wallet address. After you confirm they match, on your mobile device select and copy the address in that To field and then paste it in your Notes or note taking app so if the test is successful, you have an easy to access way of copying and pasting that address in the future.
Step 4 When ready, simply touch “Send” in the upper right of the mobile device and it will prompt you for your PIN or fingerprint, etc. and send the ETH to your paper wallet.
Step 5 Sending/Receiving Ether can take a few minutes or seconds, depending on many factors, so the next step you’ll do is to check the progress of the funds reaching your new wallet on the blockchain...but you may need to keep checking for a few minutes before they arrive. To do this, from an online computer or the same online mobile device you’re using, open a browser and go to https://etherscan.io. Paste your new wallet Public Address (the same you just sent to) into the top search box and hit Enter or return.
A new page will display, showing the balance of that address, any transactions, etc. Near the bottom of the window you should see the new transaction you just placed processing or “pending”. After you see the transaction go through and no longer “pending”, you should see the balance on the etherscan page for your wallet reflect roughly what you sent to it. A very small amount of ETH is used in transactions as “gas” which is sort of like a tiny fee for doing a transfer...so that’s why it’s “roughly” what you sent. The amount of gas is very very small, we’re talking pennies basically. Not only can you look up your public wallet address on etherscan and see it’s current state, history of transactions, etc...you can also look up a specific transaction by transaction ID. We’ll talk a little about this when I cover sending from your offline/cold storage wallet. But suffice it to say, etherscan is an extremely useful site to keep tabs on things, balances, transactions and much more. You can also see the balance of anyone’s wallet using the same method and their transaction history. Remember, the blockchain is a public ledger.
Part 4 - Test send FROM your new offline wallet
Now that you have confirmed a successful send to your wallet, don’t send more just yet! First make sure you can withdraw from that wallet...while it remains offline of course. Again, we’ll be using a smart phone in tandem with this process to make it easier. This is also the same process by which you would do any future sends out of this Cold Storage wallet safely and securely without exposing the wallet’s private key to any network or prying eyes.
Step 1 On the Offline computer where you created your wallet, return to the browser that has the offline version of myetherwallet opened from earlier. In the future when you go to send out of this cold storage wallet, you’d boot from the disk like we did before, plug in the USB and open the index.html file to do this step. On that myetherwallet offline site, choose the menu item on the top that says “Send Offline”. Don’t fill in any fields yet.
Step 3 From your smartphone on that page, in the top field under Step 1: Generate Information, enter your cold storage offline wallet address...this is the address you just created on the offline computer and did your test send to. You should have copied and pasted that wallet address into your note app on your smart phone and you know it’s correct if the send test succeeded, so go ahead and copy and paste it into this Generate Information field in the browser of your smartphone. Then touch the “Generate Information” button.
Step 4 When you touch the Generate Information button, two new boxes appear below that button on the smartphone’s webpage. They are Gas Price and Nonce. You’ll need these exact values for the next step, so copy or write them down.
Step 5 Next you’ll need to know your balance in your offline cold storage wallet, so also paste that address into a new browser tab over at https://etherscan.io and then look for the ETH balance for the wallet. We’ll be sending half of this balance out back to Coinbase for this test, so write down approx half of the ETH balance number (not the USD equivalent)
Step 6 Now go to your Coinbase app to get your Coinbase ETH Wallet address. This is where you’ll be sending the test to from your offline wallet. To get this, open the app and navigate to your ETH Wallet. (make sure you are in the ETH Wallet, not the BTC) Then, in the upper right, next to the little “paper airplane” send icon, there’s a little QR looking icon. Tap it and you’ll see a QR scan screen open, at the top you’ll see an option called “My address”, tap it and you’ll see a large QR image and a link that reads “COPY ADDRESS” beneath it. Touch “COPY ADDRESS” and it will say “COPIED” when it has successfully copied it. Now paste this in your note app on your smartphone and make sure it’s not the same as your cold storage address...make sure it copied the new one. You can also write this down if it’s easier in the following steps to enter it on the offline computer, as you’ll have to enter it by hand on that computer.
Step 7 On the offline computer, you’ll go to the “Step 2: Generate Transaction” section of the offline myetherwallet page. Using the data you collected in the previous steps, fill out each field of “Step 2: Generate Transaction” except for “Gas Limit” and “Data”, these can be left alone for this test.
Step 8 You’ll then need to unlock using your private key...so open the text file you created earlier on the USB drive and copy and paste your private key in the field that appears when you select Private Key on the offline page....or upload the json file you downloaded earlier when setting up this offline wallet...and click Unlock.
Step 9 After unlocking, click the button “Generate Transaction” just below this unlock section of the page. A QR image will appear on the right which contains the Transaction ID (TXID).
Step 10 Using your smartphone, open a QR reader app (or download a free one and use it) and point your phone’s camera at the offline computer screen to read the QR TXID. The QR Reader App should provide the very long string of characters which constitutes the TXID. Copy it and return to your phone’s browser where you have the myetherwallet website open. On that same page, at the bottom, is a blank area to paste the TXID under “Step 3: Send / Publish Transaction”. Paste it there and touch “Send Transaction”.
Step 11 If all went well so far, the phone’s browser will produce a message that has a tracking link to track the transaction. You can touch that link to open the etherscan.io page where the transaction will show as processing or some similar message.
When it’s completed, it will show you the completed status and you’ll be able to check your Coinbase account and see an incoming deposit of the ETH to your Coinbase ETH wallet! Practice this a few times with small amounts, until you feel comfortable doing it with larger. And after I do a test send of a tiny amount, and it goes well, I do another of a slightly larger amount and make sure that goes well and THEN do the target amount. Get in the habit of always doing a couple tests before the real deal, to make sure you are not making some simple mistake that can cost you big. Also a note to reiterate on etherscan...some transactions take time, more than a few seconds and maybe more minutes than you feel comfortable with...so don’t panic until you are sure it’s not showing up. Usually it’s just delayed a bit if you don’t see it right away, especially when it comes to sending to an exchange.
FINAL STEP: Returning Online (IMPORTANT)
It’s important to do the following steps before you return online.
Step 1 Eject the USB thumbdrive, and store securely.
Step 2 Using a laminator or clear packing tape, laminate your printed wallet(s) and store securely.
Step 3 Eject the DVD and shut the computer down.
Noteworthy links to catch up on Ethereum news
https://www.reddit.com/r/ethereum/ - orange links are official releases from the core devs, also used to highlight important announcements. - mainly focus on the technology and adoption aspect of Ethereum, price discussions aren't allowed here. - core dev meetings are regularly held on the first and third Fridays of each month, there'll be livestream links and transcripts are provided a few days afterwards. - Pay attention to the upvote count for submissions, anything over 200 upvotes deserves a read.
https://www.reddit.com/r/ethtrader/ - Daily discussion threads are highly active and spammy, sort by top comments to filter out the noise and gain some cool and interesting insights from redditors. - Ignore the memes if you can, it's unavoidable when the price spikes to such level. - Pay attention to the upvote count for submissions/news links, anything over 200 upvotes deserves a read.
https://www.reddit.com/r/ethtraderpro/ - secondary subreddit by ETH veterans, handy to skip through junk comments as the place will be moderated. - all thread/comments deserves a read, ignore upvote counts.
http://www.weekinethereum.com/ - If you haven't subscribed to this weekly newsletter, do it now. - Covers almost everything that's related to Ethereum, and it's all free. - Spend some time going through all the interviews, they're all fascinating to read/watch.
https://www.smithandcrown.com/icos/ - ICO tracker, includes non-Ethereum ones as well - Please read, listen, and watch as much as you can, do tons of research before putting any money on these ventures, 9/10 of these WILL fail, but 1 of them will definitely make you rich. Tread carefully
https://www.meetup.com/Ethereum-Singapore/ Willing to travel to Singapore? You might get a chance to talk to Vitalik in person! Plenty of cool meetups are regularly held.
Crypto podcast links Read the show notes to pick your favorite topics if you find these overwhelming. Perfect to listen during daily commute
Love his accent, love his simple explanation on crypto stuffs, highly recommend to subscribe.
I'll add on a few points on why Ether (ETH) is valuable despite being permanently uncapped.
- Proof of Stake algorithm for public blockchain security. The more people use it, the more we need to secure it from malicious actors, thus ETH is being used to incentivize and to punish validators.
- autonomous programs and its exponential growth, the largest users of Ethereum will not be humans, and their wallets will be in the billions if we have unlimited scalability.
- Initial Coin Offering, ICOs bootstrapping the entire ecosystem by creating new opportunities and locking up ETH on its way.
- Prism exchange, each Prism created is backed by ETH, with more demand to speculate on the overall crypto market, expect more ETH gets locked up.
- Used as collateral for stablecoins and smart token platforms by Maker and Bancor respectively, same reason as above.
- Used to bid for Ethereum Name Service, if you want to obtain vanity names, you'll have to lock up ETH
- Will be used to incentivize data storage in SWARM, currently at PoC (proof of concept) 3, you'll be rewarded with tiny bits of ETH for hosting a full node and storing all of Ethereum's data.
Should I include such info into the guide? This gets repeated quite often
This post has been edited by WooTz: Jun 12 2017, 10:58 AM
The recent Bits Be Trippin video showcased a single 1080ti build doing 37Mh/s while drawing only 205W
With cryptocompare calculation, it'll mint 0.025 ETH every day.
Not too shabby considering my gaming rig is slowly paying itself off.
QUOTE(zamans98 @ Jun 12 2017, 02:09 PM)
Why wait, u believe Vega will reach here in next 2 months? And while waiting, u lose potential income. This is not correct business. U buy 1070, then sell it for Vega.
Yeah that's what I thought too, now is the time to start. Every day matters now.
This post has been edited by WooTz: Jun 12 2017, 04:31 PM
Why cloud mining if u can setup own hardware and ROI within 6 months and after that all free money (minus tnb bill)? I'm not investor or minor just curious.
Exactly. RIP my 0.8 BTC and Bnk2future's US$390,000 dumb portfolio, they won't be missed.
Caveat emptor to all cloud miners, and I'll leave it at that.
This post has been edited by WooTz: Jun 12 2017, 04:22 PM
You mean you last time lost 0.8BTC and usd390k to cloud mining?
QUOTE(thesnake @ Jun 12 2017, 04:50 PM)
i believe after looking at so many scams in the world today, the risk is very real. i am prepared to lose my investments, something that you always need to keep in mind
QUOTE(raynman @ Jun 12 2017, 04:51 PM)
No worries, my friend.
I have done due diligence and research on these two companies way before I invest in them.
QUOTE(blueblueoutofblue @ Jun 12 2017, 04:53 PM)
i think is cloud mining right? not genesis mining?
Story time folks.
Last year January in 2016, a few things happened.
We had a contentious scaling event with Bitcoin, Bitcoin Classic was among one of the solution to address it.
I poured money setting up Classic full nodes, and looked at genesis mining, they mentioned they'll support Bitcoin classic!
I was like great! Let me buy some hashpower to help!
Deposited 0.8 BTC with full intention of not seeing anything back. Then at feb 2016 they 180 degrees on Classic and that was that.
The daily payout only lasted 4 months, and no, forget about getting half of my coins back.
It was like 0.001......0.00001.......0.00000001......then nothing
Poof, bye bye 0.8 BTC
Then I diversified some money, like US$4000 into bnktothefuture, their plan very straightforward.
1/3 goes to cloud mining (haha reality haven't hit back then)
1/3 goes to hodling Bitcoin
1/3 goes to buying up a bunch of Bitcoin related companies
Same story, 0.0001.....0.00001......0.000001 and poof
Only Bitcoin core holding and some shares went up big time, barely covering that $390,000 fcuk up