It seems that cup number 4 will fill up faster, but this is not the case, since the tube through which the coffee should flow is blocked. Cups 9 and 7 are also closed.

Correct answer is 5.

wrong answer

wrong answer

wrong answer

Mindfulness test: Which cup of coffee will pour faster?

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Understanding Bitcoin Futures:

#Trading and #Settlements

Growth of Bitcoin futures market

The Bitcoin futures market has experienced significant growth since its inception in December 2017, when Cboe Futures Exchange, LLC (CFE) first introduced Bitcoin futures. Although CFE exited the market in 2019, numerous other exchanges recognized the potential and decided to capitalize on the opportunity. Today, there are hundreds of regulated crypto derivatives exchanges offering Bitcoin futures worldwide, with new players continually entering the market.

Role of Bitcoin futures in legitimizing #cryptocurrency

For many, the introduction and subsequent acceptance of Bitcoin futures have played a crucial role in legitimizing Bitcoin as a viable investment option. As one of the most traded and highly valued cryptocurrencies, Bitcoin’s prominence in the futures market has contributed to its overall appeal. One of the main advantages of investing in Bitcoin futures is that they are based on the value of Bitcoin itself, allowing investors to participate in the market without directly owning the cryptocurrency.

#Market Participants

There are two main types of participants in the Bitcoin futures market: those who hedge Bitcoin prices and those who seek to profit from price speculations without owning actual Bitcoin.

#Hedging Bitcoin Prices

Investors looking to protect their investments from future price drops can use Bitcoin futures to hedge their positions. Given the volatile nature of Bitcoin spot market prices, hedging allows investors to minimize potential losses. For example, an investor may have $5000 worth of Bitcoins. To protect themselves from a drop in market prices, they can open a Bitcoin futures contract to sell the Bitcoins at $5000 at a given time in the future. If that time comes and the total value of their Bitcoins drops to $4000 due to a decrease in the value of Bitcoin in the spot market, the investor will still sell their Bitcoins at $5000, effectively hedging their position.

Profiting from Price #Speculations without Owning Bitcoin

For investors looking to profit from market price fluctuations without owning any Bitcoin, cash settlements are the preferred option. These investors receive their returns in fiat currencies once the Bitcoin futures contract expires. This allows them to participate in the market and potentially make gains without having to own or manage any actual Bitcoin.

Bitcoin Futures Settlements

Bitcoin futures contracts are agreements between buyers and sellers to trade Bitcoin at a predetermined price at a specific date in the future. Once these contracts expire, they are settled in one of two ways: cash settlements or physical settlements.

#Cash Settlements

The most common form of settlement in the Bitcoin futures market is cash settlement. In this method, the difference between the contract price and the market price at the time of expiration is paid out in fiat currency. This is ideal for investors who are looking to hedge the price of Bitcoin or profit from price fluctuations without actually owning the cryptocurrency.

For example, if an investor enters a futures contract to buy Bitcoin at $10,000 and the market price at the time of expiration is $11,000, the investor would receive a cash payment of $1,000. Conversely, if the market price is $9,000 at expiration, the investor would owe $1,000.

Physical Settlements

Physical settlements are a newer option in the Bitcoin futures market, introduced by exchanges like the Chicago Mercantile Exchange (CME). In this method, the investor receives the actual Bitcoin into their crypto wallet once the futures contract expires. This type of settlement is more appealing to traditional Bitcoin investors who prefer to own the cryptocurrency in their wallets.

For example, if an investor enters a futures contract to buy one Bitcoin at $10,000 and the market price at the time of expiration is $11,000, the investor would receive one Bitcoin in their wallet, effectively purchasing it for $10,000. If the market price is $9,000 at expiration, the investor would still receive one Bitcoin, but they would have paid a premium of $1,000 compared to the current market price.

In conclusion, the choice between cash settlements and physical settlements depends on the investor’s goals and preferences. Cash settlements are more popular among those who want to hedge or speculate on Bitcoin prices without owning the cryptocurrency, while physical settlements cater to investors who prefer to own and manage their Bitcoin assets directly.

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https://i.imgur.com/ZKLjMI8.mp4

BTC Mining Difficulty at Record Highs

Bullish Hashrate - BTC is a good signal for medium and long term positions. Why?

Max Keiser: Watch your BTC hashrate, it's more important than its value. Hashrate growth = BTC blockchain usage growth = long term bullish BTC

Also, the growth of the hashrate was a leading indicator of the growth of the BTC rate.

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🥇 The BTC mining difficulty reaches record highs.

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📣 Q1 2023 was the second highest volume quarter ever for Bitcoin

#bitcoin #btc

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Understanding Double-Spending and How Bitcoin Prevents It

Introduction

Definition of Double-Spending

Double-spending refers to the risk in digital currencies that someone spends the same money twice. This issue arises because digital money is essentially just a digital file, similar to an image or PDF document. If someone wants to send money to someone else electronically, it is crucial to prevent either of them from merely copying the digital files and spending the funds twice.

The Role of Banks in Preventing Double-Spending with Fiat Currencies

With fiat currencies, banks act as gatekeepers for the transfer of funds in digital format. Each time a bank account holder makes a deposit or withdrawal, the bank updates their balance accordingly. In this way, the bank maintains a ledger of all user funds, effectively preventing double-spending.

The Challenge of Preventing Double-Spending in Digital Currencies

As the internet evolved and various innovators attempted to create bankless digital cash schemes, they always came up against the same challenge: preventing double-spending. Traditional banking methods were not suitable for decentralized digital currencies, and a new solution was needed to ensure the security and integrity of transactions. This is where Bitcoin and its underlying technology, the blockchain, came into play.

Bitcoin’s Solution to Double-Spending

The invention of Bitcoin by Satoshi Nakamoto

In 2008, an individual or group of individuals under the pseudonym Satoshi Nakamoto published the Bitcoin whitepaper, introducing a groundbreaking solution to the double-spending problem. Bitcoin, a decentralized digital currency, was designed to operate without the need for a central authority, such as a bank or government, to verify transactions.

The role of the Bitcoin blockchain in preventing double-spending

At the core of Bitcoin’s double-spending prevention mechanism is the blockchain, a public and transparent ledger that records all transactions involving every bitcoin in circulation. The Bitcoin blockchain ensures that each transaction is valid by having a decentralized network of nodes verify that the sender has sufficient balance in their account to cover the transaction’s value. Once a bitcoin is transferred to a new user, the previous owner cannot spend it again.

The verification process of transactions by a decentralized network of nodes

To maintain the integrity of the Bitcoin blockchain, a network of nodes, or computers, works together to verify each transaction. These nodes use a consensus mechanism called Proof of Work (PoW) to agree that a transaction is legitimate. PoW requires nodes, also known as miners, to solve complex mathematical puzzles to validate transactions and add them to the blockchain. This process ensures that only valid transactions are recorded on the blockchain, making it difficult for malicious actors to double-spend their bitcoins.

The Double Spending Problem Explained

A. An example of a transaction between Alice and Bob

Let’s imagine a scenario where Alice wants to send Bob 0.1 BTC to purchase an item from his store. In this case, Alice creates a transaction that transfers 0.1 BTC from her account to Bob’s account. This transaction is then broadcasted to the Bitcoin network and queued for inclusion in the Bitcoin blockchain.

B. The role of miners in validating transactions

Once Alice’s transaction is broadcasted, it enters a waiting area called the mempool. Miners on the Bitcoin network then select a group of transactions from the mempool and compete with each other to solve a complex mathematical problem known as the proof-of-work problem. The miner who solves the problem first gets to add their block of transactions, including Alice’s transaction, to the blockchain.

C. The process of including transactions in the Bitcoin blockchain

When a miner successfully solves the proof-of-work problem, they broadcast their block to all other miners on the network. These miners then verify that the transactions in the block are valid based on the current state of the blockchain. Once the majority of miners agree that the block is valid, it is added to the blockchain, and the transactions within it, including Alice’s transaction, are considered confirmed. At this point, the 0.1 BTC has been transferred from Alice to Bob, and it is publicly available for everyone to see on the blockchain.

Types of Double Spend Attacks

A. 51% Attack

The 51% attack refers to a scenario where an individual or a group manages to take control of more than 50% of the entire network’s hash power. If a malicious actor, like Alice in our example, manages to achieve this, she can simply delete her transaction. This means that, as far as the Bitcoin ledger shows, the 0.1 BTC never left her account. Because the Bitcoin network is highly decentralized with a vast amount of hash power, this attack has never happened. However, it has occurred on other networks, such as Ethereum Classic.

B. Race Attacks

In a race attack, Alice would attempt to double-spend her funds by sending the 0.1 BTC to Bob and quickly sending another transaction for 0.1 BTC to another one of her own addresses. While she tells Bob her debt is settled, her goal is that her second transaction will be the one that gets selected and validated, thus invalidating the first one. If this happens, Bob won’t get his funds. Assuming he’s already accepted the transaction and let Alice walk out of his shop, he won’t be able to recover his money.

C. Finney Attacks

In a Finney attack, Alice pre-mines one transaction that sends 0.1 BTC to another one of her own addresses into a block but doesn’t broadcast it to the network. She then sends Bob his 0.1 BTC but immediately broadcasts her pre-mined block that confirms her first transaction. The network will reject the transaction that sends her funds to Bob. Once again, if Bob lets Alice leave the shop, he’s lost his funds in this scenario.

In both race attacks and Finney attacks, Bob can significantly reduce his liability by waiting for the transaction to be confirmed by a miner. In the case of a 51% attack, the more time that passes and the more blocks that are confirmed, the more expensive it becomes for Alice to execute the attack.

Reducing Liability in Double Spend Attacks

The Importance of Waiting for Transaction Confirmations

One of the most effective ways to protect oneself from double-spend attacks is to wait for transaction confirmations. When a transaction is included in a block and added to the blockchain, it is considered “confirmed.” As more blocks are added on top of the block containing the transaction, the transaction becomes more secure and less likely to be reversed. This is because, as time passes and more blocks are added, it becomes increasingly difficult and expensive for an attacker to execute a double-spend attack.

Satoshi Nakamoto’s Calculation of the Difficulty of a 51% Attack After Six Blocks

In the Bitcoin white paper, Satoshi Nakamoto calculated that it would be virtually impossible to successfully pull off a 51% attack after six blocks. This means that, after a transaction has been confirmed by six blocks, the chances of a double-spend attack occurring are extremely low. Therefore, if a recipient is prepared to wait for around six blocks (approximately one hour), they can rest assured that the sender will not be able to double-spend the funds.

By waiting for multiple confirmations, recipients can significantly reduce their liability in the event of a double-spend attack. This is particularly important for high-value transactions or when dealing with untrusted parties. While waiting for confirmations may introduce some delay in the transaction process, it is a small price to pay for the increased security and peace of mind that it provides.

VI. The January 22, 2021, Bitcoin Double-Spend Incident

A. The initial reports of a double-spend on the Bitcoin network

On January 22, 2021, the “Fork Monitor” feature on BitMEX appeared to indicate that a double-spend had occurred. BitMEX tweeted about the incident, and the crypto press quickly picked up the news. As a result, the BTC price fell below $30,000 for the first time in 20 days, based on an apparent double-spend worth $21 of bitcoin.

B. The explanation of the event as a normal occurrence in Bitcoin’s operations

However, the incident turned out to be a case of too many people getting excited about a fairly normal event in the course of Bitcoin’s operations. A user had attempted to send a transaction with very low fees, which had been queued in the mempool for several days, most likely because miners were selecting more lucrative transactions to be included in their blocks.

The sender had subsequently attempted to send the transaction again, but with higher fees, presumably in an attempt to get it picked up by a miner. When that didn’t work, they tried again with even higher fees. So three transactions were queued in the mempool.

C. The role of transaction fees and miner selection in the incident

Eventually, the first and last transactions were picked up by two separate mining pools. Occasionally, two miners will simultaneously solve the proof-of-work puzzle, resulting in two separate versions of the blockchain where miners must decide which version they wish to continue mining. This is fairly common, as the Bitcoin network is comprised of many miners. They generally opt to continue mining on the heaviest block, which is what happened in this case. One of the blocks was rejected as “stale,” and the second transaction was never included in any block once miners realized it was invalid.

Conclusion

The Engineering of the Bitcoin Blockchain to Prevent Double-Spending

The Bitcoin blockchain is designed to prevent double-spending through a combination of transparency, decentralization, and consensus. By maintaining a public ledger of all transactions, anyone can verify the balance of each account and trace transactions back through time. This transparency makes it difficult for malicious actors to execute a double-spend without being detected.

Decentralization is another key aspect of Bitcoin’s design. The network relies on a large number of miners and nodes to validate transactions, making it extremely difficult for any single entity to control more than 50% of the network’s hash power. This decentralization ensures that no one can manipulate the blockchain to their advantage and execute a successful double-spend attack.

Finally, the consensus mechanism used by Bitcoin requires miners to solve complex mathematical problems to validate transactions and add them to the blockchain. This proof-of-work system ensures that only legitimate transactions are included in the blockchain, further reducing the risk of double-spending.

The Importance of Decentralization in Ensuring the Security of Blockchain Networks

Decentralization is a critical principle in the design of blockchain networks, as it directly impacts their security and resistance to attacks. A highly decentralized network, like Bitcoin, is more resilient to double-spend attacks and other forms of manipulation because it is harder for any single entity to gain control over the network.

In contrast, a more centralized network is more vulnerable to attacks, as a malicious actor with enough resources could potentially take control of the network and manipulate the blockchain. This is why the cryptocurrency community places a high value on decentralization, as it is essential for maintaining the integrity and security of blockchain networks.

In conclusion, the Bitcoin blockchain has successfully addressed the double-spending problem through its unique combination of transparency, decentralization, and consensus. While double-spend attacks are not impossible, the design of the Bitcoin network makes them extremely difficult to execute, ensuring the security and reliability of the digital currency. As a result, Bitcoin has set a strong foundation for the development of other blockchain networks and digital currencies, emphasizing the importance of decentralization in maintaining the security and integrity of these systems.

👉 #bitcoin #btc

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⚡️Regular patisserie in Swiss Lugano

#bitcoin #btc

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Nodes: how to make money on it and how does it work? 💻

⠀

In this post, we will dive into the topic of nodes and break down what blockchain needs them for.

➡️ Blockchain nodes are the members of a decentralized network that build its internal infrastructure.

In simpler terms, a node is a device (PC, laptop, server) on which the software of a particular blockchain runs.

➡️ The main functions of a node are:

• Store and distribute transaction information between nodes.

• Control the execution of network rules.

• Maintain distributed registries that store transaction information.

➡️ What it takes to set up a node:

• Find a project with an upcoming paid testnet. Preferably, this should be accompanied by good fundraising;

• A server with uninterrupted internet and electricity;

• Have a minimum knowledge of how to install a node, update it and test it. Most often, nodes for a particular project is installed by a special guide (either from the project, or from other people who have made a more convenient guide for everyone).

‼️ It is important to understand that maintaining a node is quite a long process. At times, testing takes more than 12 months. That's why we use third-party servers for our work.

💵 Case studies of past nodes:

• Solana, Avax, Near, Mina - each project gave away over $100k to early adopters.

• Moonbeam, Juno, Osmo - gave away over $40k.

All award figures are per account. For example, if you held 5 nodes from pro Moonbeam, you could get over $200K.

However, it's not all so rosy. Many projects bring in pennies, and some don't even make it to the mainnet.

🇸🇬🥇 Singapore Court rules that buying and selling Bitcoin without a license is legal.

#bitcoin #btc

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Globally, they came to the LPS zone, from the point of view of psychology, it is extremely similar to this model. Most people are afraid to hold their assets or even worse, there is no cash for averaging, many have begun to record losses.

I would also like to draw your attention to the meager volumes of sales at current values, which means that large capitals continue to hold their positions

Key level of support:

• $25147

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I learned this: tricking yourself into thinking you’re getting richer is one of the biggest lies of current society.

You Don’t Understand Bitcoin Because You Think Money Is Real

U.S. dollars is just an illusion more widely and fiercely believed

💰 Bitcoin full nodes around the world.

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There is some ambiguity in the expression you have provided because of the order of operations.

The expression can be interpreted in two ways, depending on whether you apply the division operation first or the multiplication operation first:

If you apply the division operation first:

6 ÷ 2(1+2) = 6 ÷ 2(3)

= 6 ÷ 6

= 1

If you apply the multiplication operation first:

6 ÷ 2(1+2) = 6 ÷ 2(3)

= 6 ÷ 6

= 1

According to the order of operations, when there are no parentheses to indicate otherwise, multiplication and division should be done before addition and subtraction. In this case, since multiplication and division are of the same precedence, you should perform them from left to right.

Therefore, the final answer depends on how you interpret the expression, and it could be either 1 or 9. To avoid ambiguity, it's always best to use parentheses to clearly indicate the order of operations.

Multiply numbers consisting of ones by themselves.

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99% of people can't solve this example.

Can you?

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