Search content
Sort by

Showing 20 of 66 results by Satosho Kakamolto
Post
Topic
Board Announcements (Altcoins)
Merits 2 from 1 user
Re: [ANN]X-CASH | First CNv8 based coin with public & private transactions
by
Satosho Kakamolto
on 10/07/2019, 06:57:14 UTC
⭐ Merited by GayOfThrones (2)
A serious problem affecting X-bank: if you lose your phone you may lose all your money.
This is what is happening to me.
I've lost my phone, and with it my phone number, since I don't like to have a contract with phone companies.
Since IP typically changes now and then on your Internet-connected PC, X-bank didn't allow me to enter my account, even though I had set 2ath. It has sent me an email to unlock my new IP.
However, without my phone number I could not enter my email address any more either. Yes, also email providers nowadays are happy to verify you again and again though your phone number, as soon as you are changing IP or browser or whatever.
So now I am not able to enter my X-bank account any more, even though I have done nothing wrong, I didn't lose my password and I didn't lose my 2auth (I had the 2auth on my lost mobile, but I also had it backuped on my tablet).
In my X-bank account I had deposited 2 Million X-cash coins so that I could get the airdrop.
Now I am denied access to my funds.
This totally sucks.
Wasn't crypto invented to that we the people could stop getting screwed by banks?
So this totally sucks twice as much.
Seriously, guys, that's a serious bug in your security setup. People in crypto lose money if they do mistakes, but the way you have designed it people may lose access to their funds if they just lose their mobile phone. At least, make the email verification after IP change an option people can chose to activate and deactivate. Losing access to your funds is simply unacceptable.
Very uncool, for a bank, even more uncool for a crypto bank.

Hello Satosho Kakamolto,

Sorry you lost your phone and you had to go through these hardships. First of all, I would like to assure you that we are able to provide help and restore your access to your account. Don't hesitate to reach out to us or anyone in the team for help, we are always responsive.
 From what I understand, the fact that you lost your phone isn't the issue, but more that you lost access to your email address, henceforth the responsibility doesn't fall upon us. Your email service provider has designed tools to help you get back access to your account. We are working constantly on the x-bank to bring new security features to ensure that your funds remain safe. We will provide the possibility to give a backup email address in the future to help restore accounts in case of email default such as the one your experienced.

Please reach out to us for further support on Discord -> https://discord.gg/4CAahnd

Ok, the backup email address is a very good idea, this is why I've made my post - to alert you about the fact that X-bank has at the moment a single point of failure - anyone losing access to their email account would lose access to their account on X-bank. Of course a second backup email address would reduce this problem to close to zero.
Looking forward now to solve my own problem on Discord.
Post
Topic
Board Announcements (Altcoins)
Re: [ANN]X-CASH | First CNv8 based coin with public & private transactions
by
Satosho Kakamolto
on 05/07/2019, 17:54:09 UTC
A serious problem affecting X-bank: if you lose your phone you may lose all your money.
This is what is happening to me.
I've lost my phone, and with it my phone number, since I don't like to have a contract with phone companies.
Since IP typically changes now and then on your Internet-connected PC, X-bank didn't allow me to enter my account, even though I had set 2ath. It has sent me an email to unlock my new IP.
However, without my phone number I could not enter my email address any more either. Yes, also email providers nowadays are happy to verify you again and again though your phone number, as soon as you are changing IP or browser or whatever.
So now I am not able to enter my X-bank account any more, even though I have done nothing wrong, I didn't lose my password and I didn't lose my 2auth (I had the 2auth on my lost mobile, but I also had it backuped on my tablet).
In my X-bank account I had deposited 2 Million X-cash coins so that I could get the airdrop.
Now I am denied access to my funds.
This totally sucks.
Wasn't crypto invented to that we the people could stop getting screwed by banks?
So this totally sucks twice as much.
Seriously, guys, that's a serious bug in your security setup. People in crypto lose money if they do mistakes, but the way you have designed it people may lose access to their funds if they just lose their mobile phone. At least, make the email verification after IP change an option people can chose to activate and deactivate. Losing access to your funds is simply unacceptable.
Very uncool, for a bank, even more uncool for a crypto bank.
Post
Topic
Board Announcements (Altcoins)
Re: [ANN][AIRDROP]X-CASH | First CNv8 based coin with public & private transactions
by
Satosho Kakamolto
on 22/04/2019, 09:25:59 UTC
Latest news from the team is about the hack attemt - many days ago, and then nothing more. Let's hope the team has more skills in protecting the X-bank from hackers than it has to provide a functioning web-interface for users. I remember entering the x-bank as a pain in the ass - too many bugs. Hopefully the security of the x-bank has not the same ratio of bugs.
Post
Topic
Board Bitcoin Discussion
Merits 1 from 1 user
Re: Bitcoin is now consuming 1% of the world's electricity. Is that sustainable?
by
Satosho Kakamolto
on 07/01/2019, 13:55:00 UTC
⭐ Merited by Sheckley (1)
more electric is used to keep bottles of soda chilled, than bitcoin uses

cocacola have 10million coolers.
and thats before you count the other brands

32exa bitcoin hashrate is only 1.1m S15 or 2.2m S9's
3 coolers = 1 s9
so if bitcoin was only mined using S9's would need 3.3m S9's just to match cocacola
or
4 coolers = 1 s15
so is bitcoin was only mined using s15's would need 2.5m S15's just to match cocacola

again. this is just the coolers of cocacola. its not including the non branded coolers fastfood/grocery stores buy themselves
again this is not including the coolers of the cocacola trucks used to deliver the bottles and cans
again this is not including the coolers of the cocacola warehouses before delivery

this is not including the other brands (pepsi, etc) branded coolers either



You seem not to realize that the adoption rate among the population of coca cola and other branded coolers is astronomically higher that the one experienced by Bitcoin. Should every coca cola drinker adopt Bitcoin and perhaps start to mine it too, there would be barely electricity left on Earth for anything else.
Post
Topic
Board Speculation (Altcoins)
Re: Is ETH collapse caused by panic selling of all the ETH raised in ICOs?
by
Satosho Kakamolto
on 21/11/2018, 01:24:16 UTC
As many people talk about, panic by selling ETH keeps prices down. Should have thought more about the impact of large-scale sales. In this case I prefer to be silent and drink black coffee. While hoping prices jump at least above $ 300. Lips sealed

Price jumped to 100$ or so instead. We are living interesting times. Now will the next just lead to 1000$ or to 10$? Even Buterik in his own words has no idea Smiley
Post
Topic
Board Announcements (Altcoins)
Re: [ANN]⚡⚡🔐[PRiVCY]🔐⚡⚡[19th Airdrop - Starts 13th October]✅[PoW/POS]✅
by
Satosho Kakamolto
on 12/10/2018, 08:20:28 UTC
I really hope for the price of PRIV to come back to what it was, looking at the 500- 2000 sat challenge giveaway, It seems like a difficult feat for the community of traders to attain.

that price is nothing, It will be much higher in the future if you hold.  The market cap is stupidly low it has nowhere to go but up at this point.
Indeed, seeing the price now is certainly low enough, so there is nothing wrong if we just keep holding it, because in my opinion that is the only thing for us to make a big profit and we have to be patient to hold it

This coin is for long-term. Of course, one should expect that the price goes down since the airdrop is ending. It'll pick up soon once the massive dumps are done.

I'm not so sure that the price will go significally lower after the end of the airdrops. First of all because mini-airdrop will continue for the whole year. Second, most of dumpers have already dumped. Third, Priv capitalization now is sooo low that it really makes no sense to seel at these prices while holding can make you an amazing return in one year or two.
Post
Topic
Board Announcements (Altcoins)
Re: [ANN][TELOS][airdrop]Transcencence blockchain POS POStorage POfComputing
by
Satosho Kakamolto
on 10/10/2018, 22:42:21 UTC
The ANN was made in June but still there is no whitepaper and-or extensive explanation of what Telos is actually about? It smells good, but I'd be interested to dig a bit into the substance.
Post
Topic
Board Announcements (Altcoins)
Re: [ANN][AIRDROP]X-CASH - Global Payments | Cryptonight v7 | Fast.Secured.Low-cost.
by
Satosho Kakamolto
on 08/10/2018, 22:43:41 UTC
I am sad that mining is dead from nicehash, I wanted this project to work.

Mining is not any more possible from Nicehash? Why is there no updates on this here on thread?
Post
Topic
Board Bitcoin Discussion
Re: Bitcoin Not Ripe To Replace Gold: Analyst Kristoffer Inton
by
Satosho Kakamolto
on 05/10/2018, 13:10:25 UTC
As what we have read to some articles that bitcoin is considered as an investment vehicle just like gold. Some may find it ridiculous but as what we can see of bitcoin's performance for the past few years it has increased in a very profitable manner. Many investors' lives that were changed and some even regretted the fact of not investing into bitcoin.

I think there's no need to replace gold when we talk about investments vehicle since gold is tangible and will forever remain on this earth. They will coexist and can both give us profits.

https://zycrypto.com/bitcoin-not-ripe-to-replace-gold-analyst-kristoffer-inton/

Share your thoughts about this.

I never though Bitcoin should replace gold - Bitcoin is supposed to be a currency , not a store of value. This misunderstanding may end up Killing Bitcoin.
Post
Topic
Board Announcements (Altcoins)
Re: [ANN][AIRDROP]X-CASH - Global Payments | Cryptonight v7 | Fast.Secured.Low-cost.
by
Satosho Kakamolto
on 03/10/2018, 21:36:56 UTC
I just saw this statement on the telegram conversation and it will help us to understand the  "cn7 bug" this is very interesting information and it could help us out to get some knowledge on what happening on the network hashrate of XCASH

For people who still think there is a 'cn7 bug' and are not convinced the high hashrate network is from nicehash, read up the following:

There is some interesting discussion about the network hashrate here, and I will try to answer it. First of all, we have mentioned the potential Nicehash issue in the whitepaper, and this is something we are well aware of. I have been myself a long time miner, which led me to start a mining firm in September 2017. Let me tell you that the difficulty adjustment lag does not solve the issue at all. This is already something we thought of, and the conclusion was that it was useless. Let's assume tomorrow we switch from 720 blocks to 360. Fantastic the nicehashers will get 'adjusted 2x faster, but so will be the adjustment on the 'downside'. So overall, this would only change the frequency of the nicehashing cycles, today with a period of ~36h tomorrow 2x less, etc.

So why did we allow Nicehash in the first place? As mentioned in the WP, this is to increase the liquidity of the hashing rate of the network. In theory, Nicehash is a brilliant invention because thanks to people arbitraging the market vs. mining price we can ramp up the network hashrate in a matter of seconds as the market price increase. Without it, it would take weeks for miners to buy and mount new rigs, or hours to find new miners in the network to plug their rigs.
The problem, now that the coin is starting to be considered as a serious player in the game, is that we are seeing more serious nicehashers coming in as well. I see 3 possibilities to

solve this issue in the midterm:
1. Asking the nicehashers to be nice and stop doing it. This can also be done by raising the threat that we will switch to a Nicehash resistant algo if they do not stop. I do not believe this solution could work.
2. We fork to a nicehash resistant algo, which could also make the network hashrate dump and generate a discrepancy between market and mining price, translating into a significant incentive for the miners to dump their proceed which would eventually lead to a decrease in the price.
3. We wait/hope to reach a network hashrate that will mitigate the impact of the nicehash pumps. My point is that today we don't witness hashrate pumps on Monero's network and the reason for that is the nicehash liquidity itself. There are more or less 50-100MH available at a decent price on Nicehash, so if tomorrow, one would try to use it to pump, the 'arbitrage' on the difficulty would only be ~20% (100/500MH). For XCASH, the potential arbitrage is as of today in the 1000% area (100/10MH). If we can get to 100MH of network HR, then the arbitrage with nicehash would become less efficient.
There is a 4th Point that I did not mention because it is more in the long term and obvious. When we switch the PoS the problem will be over so the issue we are facing right now is only a few months issue we have to deal with. I am looking for your feedback on this as whatever decision we take will be taken as a community. We have stated in the WP that if there were too many abuse with Nicehash we would make the algo incompatible with it. Thank you

Credit to Bruno Bosmans of Telegram

I sense this is of extreme importance but there are a few concepts with which I am not familiar - concepts like "nicehash pumps" - - how does that work? - and the mining arbitrage stuff. Anyone willing to explain that also in a way the man in the Street would understand?
Post
Topic
Board Announcements (Altcoins)
Re: [ANN]⚡⚡🔐[PRiVCY]🔐⚡⚡[17th Airdrop - Starts 29nd September]✅[PoW/POS]✅
by
Satosho Kakamolto
on 01/10/2018, 17:10:16 UTC
Lets be realistic about what happened with coindeal. they are not scammers. it clearly says on their website that to vote you need to be verified. there was a bug that still allowed voting unverified. they have not cheated or don'e anything illegal,they simply fixed the bug. i spoke with them to confirm if we could vote unverified and the ysaid we could. i now think that was a misunderstanding on their part on what i was asking. they are not native English speakers.
this exchange is a good exchange and any documents you send them get sent straight to a secure server which is used by many companies.
people are upset that they removed our votes but they did that to other coins too. they were only working to the rules which tells me that they are fair.

I like the team to be very realistic - it is a crucial feature to ensure a successful project. Moreover I appreciate the elegant solution they have thought to solve this problem in a way that it will eventually even boost Privcy's marketing.
Post
Topic
Board Announcements (Altcoins)
Re: [ANN][AIRDROP]X-CASH - Global Payments | Cryptonight v7 | Fast.Secured.Low-cost.
by
Satosho Kakamolto
on 24/09/2018, 08:36:05 UTC
Is there a way to find out which is the seed of a wallet after the seed is displayed during creation? I am afraid I have lost the seed, even though I am still able to access the wallet.
Post
Topic
Board Speculation (Altcoins)
Re: Is ETH collapse caused by panic selling of all the ETH raised in ICOs?
by
Satosho Kakamolto
on 24/09/2018, 08:12:14 UTC

I hate to think of the btc and eth sucked from so many noob investors ...... sad and scary.


Worse than that it is sad to see such a wonderful technology having turned into a colossal gambling casino, where most of the market's activity now consists in hyping one coin or another so as to perform pump & dumps schemes to rip off newcomers.
Post
Topic
Board Announcements (Altcoins)
Re: [ANN]⚡⚡🔐[PRiVCY]🔐⚡⚡[16th Airdrop - Starts 22nd September]✅[PoW/POS]✅
by
Satosho Kakamolto
on 21/09/2018, 01:08:31 UTC
the price of PrIV won't down anymore. Maybe it sideway in 200-300 sts buy it's ok, just a time to whale collect PRIV and dump it in near future

This is one of the most surreal posts of the whole thread - Lol. I had to read it several times because of the surreal twist of the dumping whale. What did you smoke?

Not cool though, to post that you want to dump and such.
Not in this thread man.

It looks like you are smoking the same stuff of the other guy. His sentence makes almost no sense. He just mentions the words "whale" and "dump" in the same sentence, but not clear with which meaning.

Whale pump and dump...there are many types of whales.
But nevermind, post something relevant and not this stupid shit.

I must confess that I believe that Privcy would deserve a much higher standard of posts than most of those which are actually posted...
Post
Topic
Board Bitcoin Discussion
Re: Bitcoin is now consuming 1% of the world's electricity. Is that sustainable?
by
Satosho Kakamolto
on 16/09/2018, 17:06:53 UTC
I'm quite worring about this issue. Bitcoin is a type of cryptocurrencies, and it hasnot still been recognized by all around the world. Futhermore, it was supposed that Bitcoin will be soon ended in few year. So, consuming 1% of the world 's electricity. Is this worthy ?

Well, at least Bitcoin can be proud to have taken part to Global Warming...
Post
Topic
Board Announcements (Altcoins)
Re: [ANN]⚡⚡🔐[PRiVCY]🔐⚡⚡[15th Airdrop - Starts 15th September]✅[PoW/POS]✅
by
Satosho Kakamolto
on 14/09/2018, 09:34:34 UTC
I think that the value of PRiVCY will be questioned after airdrop is over.
The price should be higher, but the current price does not match the value of PRiVCY.
Maintaining the price during the airdrop is difficult.
Now many people have to know PRiVCY rather than paying attention to the price.
Therefore, voting is an important thing.
Let's list on many exchanges and let many people know PRiVCY.


While the airdrop does not end, I think the price PRIVCY will be low, but I expect the price to rise in the spring of next year, and then the coin can soar. And if the coin appears in large stock exchanges, I think you can see $ 5-10 for a coin.

The team has announced that the airdrop will not end so soon for those who have more than 10K - there will be mini-airdrops in future for them, after the end of the main airdrops.
Post
Topic
Board Bitcoin Discussion
Re: Bitcoin is now consuming 1% of the world's electricity. Is that sustainable?
by
Satosho Kakamolto
on 10/09/2018, 22:44:55 UTC
Thanks for this calculation. It was indeed sounding strange such an enormous figure. Your estimate is much more reasonable. However, so some extent the problem remains, even though not that big.

1. my calculation was using ONLY residential electricity (peoples homes) where compared to ONLY peoples homes bitcoin uses 0.029-0.1%..

if i included world corporation and industrial. the bitcoins use would be even further lower % (making even better results for bitcoin).

2. bitcoin mining is done in regions of china that use hydro. in iceland that use geothermal and also in area's of america that do hydro. so although media says "CHINA electric is only X% hydro...".. thats just chatter about china the country.. however bitcoin is using the hydro supply.

3. unlike gold. think about it. there are no electric excavators, they are diesel based. there are no solar powered sluice machines, again thats diesel. and same for the dirt trucks. diesel.
bitcoin is high majority renewable and gold is very high diesel.

Good answer.
I was unaware that so much of the Chinese electric is hydro - this changes things of course. And even more does the icelandic geothermal one, which cannot even be blamed to warm up the atmosphere.
And as for gold, I could add to what you have said that modern gold extraction is using Cyanide (CN) which is very polluting and its massive use in gold mones devastating for the environment.
Luckily there is still no Proof of Cyanide protocol in Bitcoin.
Post
Topic
Board Speculation (Altcoins)
Re: Is ETH collapse caused by panic selling of all the ETH raised in ICOs?
by
Satosho Kakamolto
on 10/09/2018, 22:23:52 UTC
Think at all those hundreds of ICOs which have raised millions of dollars worth of ETH each. Some of them, like the scammish Envion, even 100M$.
Now in this bear market they see their wealth evaporate. They need FIAT since they are real world projects and they need FIAT to pay for infrastructures.
So they cannot simply watch at all those millions $ EVAPORATE and jeopardizing their projects.
It is true they have raised Millions $ but now those millions $ are shrinking further and further and so I guess THEY are panic selling and crashing the price.
What do you think?

It probably is because of those shady ICOs.

Scam or not, most of those ICOs have daily expenses that need to be paid. Where else would they get their money but from ICO proceeds? I'm guessing they are forced to sell to make sure they have some liquidity that is ready to spend. Poor Ethereum though, surely ETH value will rebound soon.

Yes, they could afford keeping most of their funds in ETH until the moment when it started to crumble, and then they probably had to panic sell since they cannot affort to hodl with falling prices without endangering their projects. Of course, by selling they are feeding the collapse.
Post
Topic
Board Announcements (Altcoins)
Re: [ANN]⚡⚡🔐[PRiVCY]🔐⚡⚡[14th Airdrop - Starts 8th September]✅[PoW/POS]✅
by
Satosho Kakamolto
on 07/09/2018, 15:20:31 UTC
Less than 40 minutes to go Smiley Nice to see the community making the usual coundown and reminding the others what they need to check to have done to meet the requirements.
Post
Topic
Board Announcements (Altcoins)
Re: [ANN]⚡⚡🔐[PRiVCY]🔐⚡⚡[14th Airdrop - Starts 8th September]✅[PoW/POS]✅
by
Satosho Kakamolto
on 05/09/2018, 21:03:46 UTC
@everyone Latest from #announcements AD1 to AD13 Statistics

1082 members have got 100% or more of their AD balance (total airdropped 4 739 556 PRiV, total holding 6 539 277 PRiV)

130 people hold more than 50% of their AD balance but less than 100% (, total airdropped 672 234 PRiV, total holding 616 967 PRiV)

189 hold less than 50% but more than 0% (total airdropped 474 191 PRiV, total holding 33 373 PRiV)

661 hold 0% (total airdropped 1 261 059 PRiV)


The first good news is that hardcore holders are the majority. The second good news is that the 600+ people with 0% of the coins cannot dump any more coins Smiley