Nxttycoin Price Plummets As Encrypted Messaging App Fails to Catch On

Nxtty Crypto Messenger

Nxtty seeks to make cryptocurrency a part of everyday life for Crypto Messenger users.

Nxttycoin is the ownership mechanism for the Nxtty encrypted messaging Android app (the iPhone version is in development and should release soon). The Nxttycoin price rose in anticipation of the app’s release, but the app has failed to catch on in the Google Play store. Consequently, the Nxttycoin price has fallen almost 50% in the past month.

Nxtty Encrypted Messaging App Fails to Catch On

Nxtty struggled during its first month in the Google Play store. According to Google Play estimates, the app has between 1,000 and 5,000 downloads–quite low considering widespread desire for encrypted messaging (especially within the cryptocurrency community).

Nxtty developer Landomata acknowledged in a BitcoinTalk post that Nxtty has performed below expectations during its early days.

Our 1st month in the playstore has taught us many lessons and has forced us to take a hard look at ourselves.  We have to look at our performance to see why and where we have faltered.  We must also be open to criticism and change.  Nxtty is great tech but our marketing to the average user is weak I accept that.  Based on the numbers we are able to get and retain the crypto crowd but we are having a hard time attracting & retaining the average user…After long hours of looking at our strengths & weaknesses and talking to various marketers the general conclusion was that although one of our strength is having a crypto base another is our messaging & social platform API.

Landomata also floated the idea of launching a new app based on Nxtty.

So we would like to ask the feedback on our idea to launch another app based on Nxtty. This new app (called Sexy) requiring minimal changes to current Nxtty version will be targeted to average users as an anonymous & secure way to meet new people.

Landomata cautioned that Nxtty just wanted feedback on the idea–Sexy is not currently in development. However, the fact that Nxtty seems ready to put the current app on the back-burner in favor of a new project (albeit one based on the current crypto messenger) troubled community members (Author’s note: Landomata clarified in the article comments that Sexy would complement the Nxtty app–Nxttycoin users would have ownership of both platforms).

Nxttycoin Price Plummets

Nxttycoin price December 1

30-Day Nxttycoin price chart from CoinGeckoAt

Meanwhile, the Nxttycoin price has been in decline for the past several months with no bottom in sight. In the past month alone, the Nxttycoin price has declined from 689 to 349 satoshis–a decline of 49%. Nxttycoin now has the 34th-highest market cap among crypto-assets with a total valuation of ~$856,000.

$185 Billion: Crypto Market Storms to This Year High as Trump Demands ‘Rocketship’ US Fed Policy

A total of $38.06 billion have entered the emerging cryptocurrency economy in the past week.

The cryptocurrency market cap, which combines the worth of all crypto assets in circulation, shot up towards circa $185.62 billion this Monday, up 28.58-percent from its weekly low. The surge began when dominant crypto asset bitcoin settled for a volatile upside action on April 2. The asset’s 23-percent rise provoked a similar bullish sentiment across the board.

One day after the bitcoin rally, Bitcoin Cash, the seventh largest cryptocurrency, rose as much as 100-percent in a week. At the same time, Litecoin closed above its 2019’s high by surging more than 50-percent. EOS, XRP, Ethereum, Stellar and Cardano also noted double-digit percentage gains in their respective markets.

BITCOIN, CRYPTOCURRENCY, BITCOIN CASH

CRYPTOCURRENCY GLOBAL MARKET CAPITALIZATION HITS 2019 HIGH | SOURCE: COINMARKETCAP.COM

Trump Calls for Expansionary Policy

The crypto rally matched shoulders with the stock market performance in the mainstream. The S&P 500 Index last week reclaimed its January 2018 highs. Though the S&P 500 and the cryptocurrency market do not correlate directly, both the markets lately reacted to what was happening in the US economic space.

S&P 500

S&P 500 INDEX RECLAIMED JANUARY 2018 HIGH | SOURCE: YAHOO FINANCE

US President Donald Trump on Friday blamed the Federal Reserve for the stock market’s dismissal performance in 2018. The Fed raised interest rates four times last year, in a range between 2- and 2.25-percent, leading to investors jumping from US stocks to more comfortable fiat assets like the US dollar. But the Fed lately announced that it would pause its rate hikes in the face of global and domestic economic turmoil and demand from the US President.

“Well, I personally think the Fed should drop rates,” Mr. Trump said. “I think they really slowed us down. There’s no inflation. I would say – in terms of quantitative tightening – it should actually now be quantitative easing. Very little if any inflation. And I think they should drop rates, and they should get rid of quantitative tightening. You would see a rocket ship. Despite that, we’re doing very well.”

 

A potential QE program typically leads to a stock market pump. Market participants like the thought of more dollars coming into the economy, which leads them to offload them into stocks with bullish sentiments. That also means that investors could look beyond conventional financial instruments, like bitcoin, to distribute their portfolio risks. As a result, more money flows into the emerging cryptocurrency space.

 

How Proof-of-Work… Works

Proof-of-Work head

A Proof-of-Work system requires its users to perform some form of work to participate. The work must be difficult for the client but easy for the server/network to verify. For example, an email system that implements proof-of-work might require each sender’s computer perform 1-2 seconds of work before sending an email. Deployed this way helps prevent spam.

With Bitcoin, the POW also determines the approximate time between blocks and thus the rate that new bitcoins are created.

Proof-of-Work

The code posted below is little more than a guessing game for the computer. The work it submits is a message/timestamp payload and a nonce value. Ideally your payload would be unique to you, perhaps using a public key or address. The nonce is what allows the network to check your work without retracing all of your steps. This code is little more than an example – based on my experience with BitMessage’s source code.

#!/bin/python    #Simple Proof-of-Work example  import sys  import time  import hashlib  from struct import unpack, pack    timestamp = str(time.time())  message = 'This is a random message.'  nonce = 0  guess = 99999999999999999999  payload = timestamp + message  throttle = 10000000  target = 2**64 / throttle    payloadHash = hashlib.sha512(payload).digest()    start = time.time()  while guess > target:   nonce += 1   guess, = unpack('>Q',hashlib.sha512(hashlib.sha512(pack('>Q',nonce) + payloadHash).digest()).digest()[0:8])  end = time.time()    print '%s:%s:%s:%s:%s:%s:%s' % (timestamp, message, nonce, guess, payload, target, end-start)

timestamp = str(time.time())              message = 'This is a random message.'  nonce = 0  guess = 99999999999999999999  payload = timestamp + message  throttle = 10000000  target = 2**64 / throttle

  • timestamp marks the point that the work started. Additionally, it contributes to the uniqueness of the work by an individual miner.
  • message is there because this code just for example. Hashing a string is suitable work for this project.
  • payload is a combination of the things that you will encrypt.
  • nonce will increment from 0..N until the target is met.
  • guess will store our guess. Effectively, it begins at infinity.
  • throttle is equivalent to Bitcoin difficulty.
  • target is the maximum value of 8 bytes (2^64) divided by the difficulty.

The timestamp, message and payload are just the “stuff” that you want to send the network. It could be block data, as with Bitcoin mining.

The nonce, guess, throttle and target are used to perform the work. The important thing about proof-of-work is that it has to be difficult for the client but easy for the system to check. Only the nonce changes with each guess. The probability of being correct is so low that this system, probabilistically, guarantees many guesses or work, is performed.

In this example, nonce increments by 1 each time. Effectively counting how many guesses the computer makes. However, that is not a requirement.

When the system checks the work, it does not have to trace back over each guess. It only checks the nonce submitted with the data.

The Proof-of-Work Guessing Game

while guess > target:   nonce += 1   guess, = unpack('>Q',hashlib.sha512(hashlib.sha512(pack('>Q',nonce) + payloadHash).digest()).digest()[0:8])

These three lines are our proof-of-work algorithm. It’s a simple loop. This hashes our data with two rounds of SHA256. The first 8 bytes are turned in to a number. Effectively, this is how a computer makes a guess.

The target is calculated based on estimates I made with a little math and some trials in a smaller script I wrote to get an estimate of my CPU hash rate. I used this to determine a baseline of metrics to test the script on my computer. Here is the source

Proof-of-Work Chart1

Bitcoin’s divisor is incremented or decremented after every correct 2016 guesses (every 2016 blocks are mined). This script does not recalculate difficulty. It is set manually. The image above shows how an increase in difficulty shrinks the target range lowering the possible number of correct guesses.

 nonce += 1

The nonce is what proves the work was done. In this example, it’s value represents the number of attempts your CPU made before it found a valid guess below the target. Because each guess has the same probability of being under the target the method of generating your nonce does not matter. However, simply incrementing the nonce is cheaper than generating a random number. When work is submitted to the network, the nonce is used to verify the correctness.

 guess, = unpack('>Q',hashlib.sha512(hashlib.sha512(pack('>Q',nonce) + payloadHash).digest()).digest()[0:8])

The actual guess is the first eight bytes of a double SHA512 hash of the nonce and the payload. Because the target is between 0 and the maximum eight byte number, a guess can never go over the maximum possible target value. In each loop, the nonce is the only thing that changes. That is what allows you to submit your unique work to the network and have it verified without each node duplicating all of your work. Giving them the nonce gives them the answer. With Bitcoin, theoretically every miner would submit a similar block to the network regardless of who made a the correct guess. The most significant difference to the miner would be their public key in the coinbase entitling them to the block reward.

Giving the network your nonce is secure because each miner’s payload, and therefore work, is unique. For Miner Alice to use the correct nonce that Miner Bob submits, Alice would have to submit the same work. Alice would not be able to switch out her public key with Bob’s in the coinbase (not the company Coinbase) because it would change the output from the double SHA512 hash – which would likely not be a correct guess with Bob’s nonce. In this example, no unique ownership can be assigned to the work. Any number of nodes doing this work with the same values for time and payload will do the same work. Perhaps said this way simply, Alice’s payload would differ from Bob’s payload making any nonce Alice, or Bob uses useless for the other’s work.

Testing the Proof-of-Work script

Proof-of-Work Test

The three highlighted rows represented difficulties I considered reasonable for testing. These columns are a continuation of the image above. The Chance to Guess is the total possible correct guesses divided by the maximum target. Correct Guesses / s is my hash rate multiplied by the Chance to Guess. The Time to Guess is one divided by the correct guesses per second.

These were my theories for the behavior of my proof-of-work script.

I ran multiple timed experiments; the results are shown here:

Proof-of-Work Results

You can see how the nonce and time scale linearly. The Guess is the actual value of the correct guess. E.g. Guess is decimal representation of the first 8 bytes from the double SHA256 hashing of the payload and Nonce.

Five trials were run for each difficulty. For such a miniscule sampling, I wasn’t too far off from my predictions and real life will never mirror theory. I decided to run 500 trials for the middle row, difficulty 10,000,000. It ran for around four and a half hours. The Total Nonces, Total Time column displays the aggregates for the run of 500. Below is a graph of each guess – or my computer mining on this script.

Proof-of-Work Graph

 

Bitcoin Conference to be Held In Indecisive Thailand

Saturday, September 27th 2014, Bitcoin Co. Ltd will be hosting a Bitcoin conference in Thailand, regardless of the country’s inability to decide where they stand when it comes to cryptocurrency. Registration is free and open to the public.

As if the people of Thailand needed another reason to invest in bitcoins, a few months ago there was a run on the Government Savings Bank (GSB), which is under management of the Thai government. We have fractional reserve banking to thank for this. The only thing worse than not getting your money is getting your money and it being worthless. Throughout history, people have used precious metals such as gold or silver to preserve their wealth. Perhaps now people will start turning to bitcoins to preserve their money.

To top things off, Thailand can’t seem to make up their mind when it comes to Bitcoin and are reversing their decisions only months after making them. Most recently the Bank of Thailand issued a statement saying Bitcoin is data and not considered legal tender. Originally, back in July of 2013 the Bank of Thailand sent a notice to only Bitcoin exchange that was operating in the country at the time. This notice resulted in the exchange suspending their operations. That was until January 31st of 2013 when the Bank of Thailand stated that after further consideration, Bitcoin exchanges did not fall under the scope of the ministry of Finance regulations. Trading resumed February 15th, 2013.

In all this, Thais have not been deterred from investing in Bitcoin. There is a growing community in of Bitcoin enthusiasts in Thailand who’s presence is not only online. Every Monday night a group of users gets together in Bangkok for what have dubbed a Bitcoin Meetup.

To accommodate this growing community, Bitcoin Co. Ltd is sponsoring a conference which includes expert panelists. These panelists will walk you through the basics of Bitcoin, mining and trading, and while the primary target audience for the event is for Bitcoin investors, it is open to people of all walks of life.

The conference will begin by introducing Bitcoin and explaining how a Bitcoin wallet works before going into mining, equipment, and trading. After a break for lunch, which is provided by Bitcoin Co. Ltd, the rest of the conference will focus on Bitcoin and Altcoin investments as well as the pro’s and cons to accepting Bitcoin payments. There will be an expert panel Q&A session before dismissing for coffee, networking and saying your goodbyes.

Who Cares if Crypto Wallet MetaMask Exposes Your Ethereum History?

Several outlets and crypto programmers have pointed out for a year or more that MetaMask, by default, broadcasts your Ethereum public key (address) to websites you visit. The assumption is that this is a privacy vulnerability – most sites have no need for such information, after all.

The Next Web’s David Canellis writes:

“Sharing Ethereum addresses with any tracking service that requests it is certainly a little unsettling, but there are wider implications. Think of your Ethereum address as a unique identifier, you want to keep it separate from the rest of your online footprint at all times.”

Public Addresses in Ethereum Are Static

I’m not concerned that my Ethereum transaction history is public. | Source: Shutterstock

I question this logic. Public addresses are public for a reason. Indeed, the information should only be available on request, which is why MetaMask created privacy mode. However, the actual next web – the blockchain-enabled internet – is going to require wallets like MetaMask, Shutter, and TronLink.

More and more websites are going to have uses for the data these extensions can provide. Public keys can be used for more than just sending money. Signatures can be granted. Do you know how you grant all those sits permission to store cookies by clicking a button? Compare that to a cryptographically secure signature, in a legal sense.

Personally, I look forward to the day that some form of cryptocurrency will be in use nearly everywhere I visit on the web. Not in a way that makes the web more expensive, but in a way that makes it more vibrant. We’re closer than you might think.

The Risks of Crypto Wallet Data Being Collected

MetaMask critics don’t do much to justify why it’s such a bad thing if an advertiser knows your public address. Let’s consider the actual risks.

If you’re a public person, advertisers may be able to figure out who you are, and target ads at you. Or, worse, sell your data – complete with your MetaMask Ethereum activity – to interested parties.

Simply having MetaMask installed and activated already puts you in a certain bucket of targeted advertising. However, I’d assume that most people who would be concerned about their public address would already use an ad blocker. As much as I have a disdain for ad blocking, it’s exactly this type of invasive advertising it’s designed to prevent.

If you happen to have a lot of money in your wallet, and the tracker figures that out, they may know you’re more well-to-do, and target ads based on that. They might learn what kind of games and tokens you’re interested in, based on your holdings.

MetaMask also allows the integration of hardware wallets. A dedicated snoop might figure out a lot about your finances by studying your transaction history.

Is This Something Advertisers Are Looking for Right Now?

ethereum wallet

MetaMask critics don’t do much to justify why it’s such a bad thing if an advertiser knows your public address. | Source: Shutterstock

All of which presupposes that advertisers are tracking such information at this point. But Ethereum, like all of the blockchain ecosystem, is still a relatively small subset of the global internet.

In this space, we firmly believe that it’s one of the many technologies that will make up the next version of connected humans and devices. Instant, unmediated access to money and transactions will be a reality.

By the week, it seems like it will happen within my lifetime. I’m continually impressed at the freedom granted by these blockchains.

Freedom and privacy go hand in hand. However, as Canellis’ article points out, the main reason MetaMask doesn’t enable privacy mode by default is that it breaks some decentralized applications.

How to Enable Privacy Mode in MetaMask

MetaMask integrated an update to limit “message broadcasting.” You can easily enable privacy mode by clicking the top-right icon and going into settings. The page looks like this:

how to use ethereum wallet metamask privately

How to keep your Ethereum address private when browsing sites that don’t need to know it.

I’ve enabled it for this article. But I don’t want to break the behavior of decentralized applications I use, so I’ll disable it now.

In general, I think it’s bad practice to use the same browser for dApps that you use for everything else, at least at this point. I use Firefox for everything, but when I want to use Tron or EOS or Ethereum on the web, I open up Chrome. You can have a separate profile in Chrome, allowing you to basically have a dApp browser.

As one of the first people to write on the subject noted:

“Instead, you should try to separate your web3 activity from the rest of your browsing activity. Chrome and Chromium browsers make it really easy to create separate browser profiles. These profiles keep almost everything about your browsing experience separate.”

If you’re upset about the privacy implications of MetaMask at this point, you have alternatives. Scatter and Scatter Desktop are extremely advanced options that allow you to use more than one blockchain.

 

Bitcoin Sports Betting Website Wins Positive Feedback: Take The Tour

Sports betting, one of America’s favorite pastimes, might do more to popularize bitcoin among the general public in the short term than the improvements the cryptocurrency is bringing to the financial sector.

Nitrogen Sports

According to one sports betting site review, a sports betting website that takes bets in bitcoin — Nitrogen Sports — is getting positive customer feedback.

The Premier Bitcoin Betting Site

Sportsbook Review.com (SBR), an online review of sports betting sites, has posted a video tutorial about Nitrogen Sports, which it describes as the premier bitcoin betting website. The tutorial, hosted by SBR news host Natalie Rydstrom, gives an overview of how to place a bet on Nitrogen Sports and how to use bitcoin.

Nitrogen Sports is the first bitcoin exclusive sports betting site in the SBR guide. It notes that the advantages of bitcoin for online sports betting are the ability to be paid instantly and have no fees on deposits and withdrawals.

The tutorial explains how to create a Nitrogen Sports account. Once a player logs in, they can choose from a list of sports betting markets.

Wagers are displayed in both U.S. and decimals simultaneously. (The website provides detailed explanations of U.S. and decimal odds.) Other sports betting sites force players to undertake lengthy website navigations to switch among the different wager formats, the tutorial notes.

How It Works

A player chooses the desired wager, selects a risk amount and confirms the wager. The tutorial gives an example of a player making an NFL wager.

The site also has a gambling casino with different card games.

A player can access the online cashier which consists of a bitcoin wallet. They can withdraw funds by entering their bitcoin address and password.

Nitrogen Sports’ website claims it is the largest and most trusted bitcoin sportsbook, allowing players to wager anonymously and securely on NFL, NBA, MLB, soccer tennis and other sports.

A Bitcoin Tutorial

Nitrogen Sports’ main website page refers to bitcoin as the future of currency and lists bitcoin’s general advantages as fast account set-up, minuscule transaction fees, fast depositing, and anonymity. The page links to a section on how to buy bitcoins in 37 countries.

A blog on the website goes into more detail on bitcoin. It addresses how to choose a bitcoin wallet, how and where to buy bitcoins, where to spend bitcoins, the security of bitcoin wallets, and bitcoin tax requirements.

SBR added Nitrogen Sports to its rating guide at the rating of B on Sept. 24, 2014, a rating it currently maintains.

Nitrogen Sports players have given the sportsbook largely positive feedback for giving opinions and proposition bets for all major sports since it joined the SBR rating guide.