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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, but full nodes are more resource-heavy, and they must do a lengthy initial syncing process. As a result, lightweight clients with somewhat less security are commonly used.
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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KomodoPlatform
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October 11, 2016, 02:27:34 PM |
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Every mining rig or coin staking (in PoS) received money. In a similar fashion a notary node received KMD from each block generated. I doubt there would be any more regulatory roadblocks as there would when running an ordinary mining operation, but I'm not a lawyer either.  |
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barbierir
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October 11, 2016, 04:02:20 PM |
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@KomodoPlatform Since it has become a little complicated, it could be useful to have an online calculator that says how many KMD you get if the Ico will meet such and such conditions and if you're either a Bitcoin investor or a Bitcoindark swapper. I think it would also help marketing  |
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polycryptoblog
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October 11, 2016, 07:08:54 PM |
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The definition of a " Money Transmitting Business " is a subset of a Money Services Business which Wikipedia defines as An MSB has specific meanings in different jurisdictions, but generally includes any business that transmits money or representatives of money, provides foreign currency exchange such as Bureau de changes, or cashes cheques or other money related instruments. It is often used in the context of Anti Money Laundering (AML) legislation and rules.[1][2] The beauty ( and bane) of cryptocurrency is that the IRS and several other cases have ruled crypto as Property and not money. I'm no lawyer but if its consider property then nodes are not considered money transmitting businesses and do not need FINCEN registration. If you are concerned, it would be best to check with a business lawyer preferably one that deals with cryptocurrency. Regarding Mining/Staking and similar: I can't speak for everywhere but the IRS guidance for cryptocurrency mining is that it is considered income. |
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jl777 (OP)
Legendary
 Offline
Activity: 1176
Merit: 1132
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October 11, 2016, 08:08:57 PM |
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The definition of a " Money Transmitting Business " is a subset of a Money Services Business which Wikipedia defines as An MSB has specific meanings in different jurisdictions, but generally includes any business that transmits money or representatives of money, provides foreign currency exchange such as Bureau de changes, or cashes cheques or other money related instruments. It is often used in the context of Anti Money Laundering (AML) legislation and rules.[1][2] The beauty ( and bane) of cryptocurrency is that the IRS and several other cases have ruled crypto as Property and not money. I'm no lawyer but if its consider property then nodes are not considered money transmitting businesses and do not need FINCEN registration. If you are concerned, it would be best to check with a business lawyer preferably one that deals with cryptocurrency. Regarding Mining/Staking and similar: I can't speak for everywhere but the IRS guidance for cryptocurrency mining is that it is considered income. quickly reading the PDF: ### "A user who obtains convertible virtual currency and uses it to purchase real or virtual goods or services is not an MSB under FinCEN’s regulations" "an administrator or exchanger is an MSB under FinCEN’s regulations, specifically, a money transmitter, unless a limitation to or exemption from the definition applies to the person." "An administrator is a person engaged as a business in issuing (putting into circulation) a virtual currency, and who has the authority to redeem (to withdraw from circulation) such virtual currency" ### I am not a lawyer(!) but my understanding of this is that a notary node (or anybody that is mining) is putting into circulation a virtual currency but there is no redeem powers as the KMD that is mined cannot be destroyed. Clever lawyers might try to argue that anybody can burn by sending to a null pubkey, but it is not actually destroyed, just very unlikely to be able to be spent. Also, any such "authority" would be something all users would have and as such is not fitting the context of an administrator. After all, how can everybody be an administrator? It would be nice if someone with legal experience in this can confirm that mining crypto does not make an administrator. It seems to apply more to gateways. In more good news the DEX I think fits into the end user category as each DEX swap is an end user paying crypto in exchange for crypto. From what I can tell, it is the providing of services to third parties that is what is being regulated. Direct peer to peer commerce does not seem to be covered by this, but again this is not any legal opinion, just my reading of the PDF above |
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CryptoNick
Legendary
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Activity: 987
Merit: 1003
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October 11, 2016, 09:16:50 PM |
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The definition of a " Money Transmitting Business " is a subset of a Money Services Business which Wikipedia defines as An MSB has specific meanings in different jurisdictions, but generally includes any business that transmits money or representatives of money, provides foreign currency exchange such as Bureau de changes, or cashes cheques or other money related instruments. It is often used in the context of Anti Money Laundering (AML) legislation and rules.[1][2] The beauty ( and bane) of cryptocurrency is that the IRS and several other cases have ruled crypto as Property and not money. I'm no lawyer but if its consider property then nodes are not considered money transmitting businesses and do not need FINCEN registration. If you are concerned, it would be best to check with a business lawyer preferably one that deals with cryptocurrency. Regarding Mining/Staking and similar: I can't speak for everywhere but the IRS guidance for cryptocurrency mining is that it is considered income. quickly reading the PDF: ### "A user who obtains convertible virtual currency and uses it to purchase real or virtual goods or services is not an MSB under FinCEN’s regulations" "an administrator or exchanger is an MSB under FinCEN’s regulations, specifically, a money transmitter, unless a limitation to or exemption from the definition applies to the person." "An administrator is a person engaged as a business in issuing (putting into circulation) a virtual currency, and who has the authority to redeem (to withdraw from circulation) such virtual currency" ### I am not a lawyer(!) but my understanding of this is that a notary node (or anybody that is mining) is putting into circulation a virtual currency but there is no redeem powers as the KMD that is mined cannot be destroyed. Clever lawyers might try to argue that anybody can burn by sending to a null pubkey, but it is not actually destroyed, just very unlikely to be able to be spent. Also, any such "authority" would be something all users would have and as such is not fitting the context of an administrator. After all, how can everybody be an administrator? It would be nice if someone with legal experience in this can confirm that mining crypto does not make an administrator. It seems to apply more to gateways. In more good news the DEX I think fits into the end user category as each DEX swap is an end user paying crypto in exchange for crypto. From what I can tell, it is the providing of services to third parties that is what is being regulated. Direct peer to peer commerce does not seem to be covered by this, but again this is not any legal opinion, just my reading of the PDF above By administering they mean conversion and facilitation. A notary node is not facilitating conversion of value as a product or a transaction resulting in Fiat. The Notary Node provides a service to which payment is rendered and that is income. This is taxable. But as long as you don't convert into Fiat or Products or other Services there has been no Profit. If you trade KMD for a Car you now have to show a Profit as the Car's worth. If you traded KMD for BitCoin you still have not made a profit. If you buy a physical item with that BitCoin you now have a profit. If you cash it out to pay your electricity, you now have a write off for electricity of running a node and costs of ISP and equipment etc. and the rest is profit. I don't have to be a lawyer to know this, it is pretty obvious. |
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copychicken
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October 11, 2016, 09:22:17 PM |
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hi everyone, this is steemychicken1 from steemit, just visited the thread and started reading.. got me really interested... so i am all in |
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mig5000
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October 11, 2016, 11:45:24 PM |
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When is komodo scheduled to launch the mainnet ? The ICO ends in Nov. How much longer after z.cash will it take to launch komodo ?
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jl777 (OP)
Legendary
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Activity: 1176
Merit: 1132
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October 12, 2016, 12:12:20 AM |
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When is komodo scheduled to launch the mainnet ? The ICO ends in Nov. How much longer after z.cash will it take to launch komodo ?
2 weeks after end of ICO it could be that the mainnet will be ready in early Nov, but no guarantees it will be that early. last time it took me a day to do the zcash fork into KMD so rebasing is likely a day or two of work, once all the dPoW is done |
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jl777 (OP)
Legendary
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Activity: 1176
Merit: 1132
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October 12, 2016, 12:53:01 AM |
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Just pushed a new version of the iguana dPoW code that is a lot more efficient and should be fast enough to handle all 64 notary nodes. We are almost to 20 testnet notary nodes, but we still need to get them all participating in the group dPoW tx.
I also simplified the notaryinit process a bit and pruned out some unreliable test nodes.
Assuming we get a steady stream of notarized data, my next tasks are the half dozen remaining dPoW items:
a) updating latest notarized height based on the notarized tx data
b) prevent overwriting blocks below notarized height
c) detection of special transactions to update list of current notaries
d) award 5% APR for utxo older than a week when they are spent
e) round robin mining difficulty
between supporting the notary operators and GUI devs, not sure I will be able to get all 5 done before ICO start, but once the notary nodes are generating the group tx, the biggest amount of new code is complete.
I want to minimize the changes needed inside the komodo to minimize the chance of bugs. By splitting the changes in separate modules, we can start testing and qualifying it independently. The process of generating notarized data is quite independent of the main komodo code, especially as things need to work even if there are no notary nodes.
The trick will be to seamlessly start using the notarized data if and only if it is available.
Strictly speaking c), d) and e) are not needed for mainnet launch. However they would all require hardforks to update, so my preference is to get them done before mainnet genesis.
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PM.coins
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October 12, 2016, 02:00:58 AM |
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Don't missed 3 days to Komodo ICO started! Let's be part of KOMODO |
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NotMyFarm
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October 12, 2016, 02:05:53 AM |
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Don't missed 3 days to Komodo ICO started! Let's be part of KOMODO how will this ICO take place ? any details ? |
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jl777 (OP)
Legendary
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Activity: 1176
Merit: 1132
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October 12, 2016, 02:07:55 AM |
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Congratulations to movecrypto whose testnet notary node jointly created the first notary transaction by a node that wasnt one of my servers https://blockr.io/zerotx/info/fa2a3164f977171a20cb139d6210ccb44e529391e6ba3df0f596f8762ecc1bdeI have allocated 10 BTC to be split among all the test net notarization transaction creating nodes. In addition to the txfees which will be refunded this should end up being about $100 per day. I will not receive any of this it is just for the testnet notary node operators. more details in #notarynode in SuperNET slack. slackinvite.supernet.org |
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tigerclub
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October 12, 2016, 02:10:21 AM |
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When is komodo scheduled to launch the mainnet ? The ICO ends in Nov. How much longer after z.cash will it take to launch komodo ?
2 weeks after end of ICO it could be that the mainnet will be ready in early Nov, but no guarantees it will be that early. last time it took me a day to do the zcash fork into KMD so rebasing is likely a day or two of work, once all the dPoW is done So kmd is a fork of zcash? They have no launch right now, how will you be earliar than zcash since kmd is zcash clone. |
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jl777 (OP)
Legendary
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Activity: 1176
Merit: 1132
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October 12, 2016, 02:13:28 AM |
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When is komodo scheduled to launch the mainnet ? The ICO ends in Nov. How much longer after z.cash will it take to launch komodo ?
2 weeks after end of ICO it could be that the mainnet will be ready in early Nov, but no guarantees it will be that early. last time it took me a day to do the zcash fork into KMD so rebasing is likely a day or two of work, once all the dPoW is done So kmd is a fork of zcash? They have no launch right now, how will you be earliar than zcash since kmd is zcash clone. when did I say earlier? 2 weeks after end of Komodo ICO is well after October 28th KMD testnet is based on zcash beta also KMD is not purely a zcash clone, it has the dPoW and iguana added |
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scambust
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Activity: 1652
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October 12, 2016, 02:22:25 AM |
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also KMD is not purely a zcash clone, it has the dPoW and iguana added
LOLZ, "Innovation" |
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MoveCrypto
Sr. Member
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Activity: 364
Merit: 250
move that crypto
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October 12, 2016, 02:31:03 AM |
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Congratulations to movecrypto whose testnet notary node jointly created the first notary transaction by a node that wasnt one of my servers https://blockr.io/zerotx/info/fa2a3164f977171a20cb139d6210ccb44e529391e6ba3df0f596f8762ecc1bdeI have allocated 10 BTC to be split among all the test net notarization transaction creating nodes. In addition to the txfees which will be refunded this should end up being about $100 per day. I will not receive any of this it is just for the testnet notary node operators. more details in #notarynode in SuperNET slack. slackinvite.supernet.org Looks like the entire 10 BTC is currently allocated to me, until someone else gets a notarization transaction in  |
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PM.coins
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October 12, 2016, 02:33:49 AM |
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Don't missed 3 days to Komodo ICO started! Let's be part of KOMODO how will this ICO take place ? any details ? Stay tuned https://komodoplatform.com SUBSCRIBEd to Komodo newsletter , if you want to be notified when ico are ready |
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jl777 (OP)
Legendary
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Activity: 1176
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October 12, 2016, 02:34:17 AM |
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also KMD is not purely a zcash clone, it has the dPoW and iguana added
LOLZ, "Innovation" being able to do MofN group transaction where N is 64 is not exactly standard with bitcoin. having a set of independent nodes create the identical transaction based on a source blockchain to a destination blockchain, again not so standard. I use a generalized MGW method. automating all the details, like utxo creation, minimizing transaction size, etc, again not anything you can cut and paste. implementing dPoW is nowhere near as much work as implementing iguana, but it does have quite a few details that need to be properly handled. |
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akhavr
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October 12, 2016, 07:40:54 AM |
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There is a BTCD snapshot for the revenue asset, so you should hold your BTCD's in a local wallet. For downloads and instructions (the guide) visit the bitcoindark.com website. After the snapshot the BTCD <-> KMD swap begins, and it will last one full year. During that time you can swap your BTCD's to KMD. More info about how this is done will be published later. In summary: BTCD holders: send your BTCD to a local wallet before the ICO ends! BTC investors: invest your BTC during the ICO. We will have an ICO site with instructions, it will be announced little later. The link can be found from komodoplatfrom.com website on October 15th (when the timer runs out). For more info BTCD holders can read this Steemit postThanks, upvoted on Steemit. |
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