Setup and Install Monero(d) -- p2pool -- xmrig

Video Guide

Text Guide


MineXMR is shutting down! What are we going to do?! OMG!

Greetings and welcome to Kizano's FinTech where I teach you from zero to master in IT and DevOps. Nothing in this video is financial advice since I'm not a financial advisor. I'm an IT guy who's going to teach you some technical details about Monero as a service in Linux, the p2pool software to run the mining pool side chain and xmrig, some mining software that's required in order to start mining. Also, I trust you know the laws of your local juristiction. This is for education and information purposes only. If you're running short on time, feel free to use the timestamps below so you can get what you need and be on your day. If you found this helpful, it would be very grateful if you slapped that like button on your way out to ensure this video shows up at the top of search results for others seeking answers to the same questions I'm about to answer in this video. Finally, if you want more lessons on how to become a Linux master, Software Engineer, Network Admin, or Development Operations, subscribe to the channel for more in-depth details on how the innards of IT workings!

In this video, I want to walk you through how these things are setup, but also cover some of the why and how along the way. I want to provide a happy medium between RTFM and "just do what I did". I may not get everything 100% accurate everytime, but I do my best at my goal here, which is to get those dendrites to fire off and that light bulb on your head to click on.

With that said, let's begin.


Before we dive into the installs, I did want to present to you a quick graphic to help describe some of the architecture we would be putting together here:


In this diagram, we can see the Monero daemon runs and provides the access we need to the blockchain. The p2pool software stands in the middle as a means to extract the block templates and render the information miners need in order to mine against the network. xmrig will connect to p2pool to fetch jobs to work on and will submit them back for the PoW chain.

Also notice how the wallet connects on the same RPC port. Your wallet is what signs off on the transactions that actually send your crypto from your account. Please keep that in mind for security.

Now that we understand a bit more about the high level, let's deep dive into some technicals and get these components installed and running!


Monero (XMR) is a privacy focused cryptocurrency where all transactions are encoded in secret and obfuscate the flow of money. How this works is beyond the scope of this video. What I want to explain here is how to install, configure and setup your Monero service to run as a daemon. This will be required to run the p2pool software that will represent your mining pool software that your xmrig mining software is going to use to talk to p2pool to mine against the blockchain.

Download && Install

Download monero with the #getmonero link in the description below. Once you have it downloaded, let's unzip using the following commands:

    sudo mkdir -p /usr/local/crypto/monero
    sudo tar -jxvf monero-linux-x64-v0.18.1.0.tar.bz2 -C /usr/local/crypto/monero
    sudo update-alternatives --install /usr/local/bin/monerod monerod $monero_base/monerod 102 \
      --slave /usr/local/bin/monero-wallet-cli monero-wallet-cli $monero_base/monero-wallet-cli \
      --slave /usr/local/bin/monero-wallet-rpc monero-wallet-rpc $monero_base/monero-wallet-rpc

Create User Account

Now, I'm not a fan of running software as myself or root unless I absolutely have to. If possible, I like to "jail" my apps and programs in their own user account and give them permission to access anything else. Let's create a user account specifically for Monero.

Let's start with the group, then create the user so it can default to that group:

sudo addgroup --system --gid=200 crypto
sudo adduser --gid=200 --home=/home/crypto/xmr --system xmr

Now, I'm assuming you ran the above as root. This will create a Unix account on this machine that can be used to run Monero going forward.


We need to create a configuration file for our daemon that it can use so it knows what it needs to do. I'm going to be using ~/.monerod.conf as my configuration file in this example. You can use whatever you like, just translate accordingly:






I'll annotate here that I tried using SSL that's embedded and offerred by Monero(d), but I could not get downstream apps like monero-wallet-cli nor p2pool to understand SSL was enabled and use an encrypted HTTP client. I'm grateful monero(d) supports SSL. I'm disapointed the other two do not.

For more information on these configuration options, how they work and what they mean, you can use monerod --help and it will print some information, or you can visit #monerod in the description for a link to additional reading.

Once this configuration file is written, you should be able to start up the daemon and point it to this configuration file and it'll listen on the necessary ports.

Quick breakdown of the options:

  • p2p-bind-(ip|port): These are the bind IP and Port options for the p2p network. Monero uses a peer-to-peer network connection in order to facilitate the state of the network. This program is critical to Monero operations and this Port is public to enable all the nodes to talk and find each other.
  • rpc-bind-(ip|port): These are the RPC Client IP and Port options for commanding the daemon. RPC is Remote Procedure Call or a standard for how commands are sent across HTTP connections. What's important to note is that this port is available to send commands and instruct the Monero daemon to do things like submit transactions, validate blocks that have been submitted to the network, track transaction history and obfuscate, encrypt and secure the Monero network in general. If you are not careful, you can lose your crypto with this port open, so please be careful not to just leave it exposed to the Internet on a public port. If you do, secure it with SSL and ensure it requires authentication, and set it to view-only with --restricted-rpc.
  • no-igd: Don't do u-plug-n-play stuff with the router to open a port.
  • hide-my-port: Don't announce yourself on the network as a receiving peer. Read "unlisted" rather rather than "hide", IMHO.
  • disable-dns-checkpoints/enable-dns-blocklist: These were options recommended as per p2pool instruction guides.
  • zmq-rpc-bind-(ip|port): ZMQ stands for Zero-Message-Queue. These are the 0-MQ bind IP and Port options that control where Monero(d) will listen for RPC-based ZMQ connections.
  • zmq-pub: This is the address of the publisher will be setup to broadcast information p2pool will be using. I suspect it might be for block announcements, transfer of transaction data within blocks and other options from within the daemon itself. I haven't read all the source to Monero yet, so I can't say for certain, just speculating there. This is what p2pool will want for it's ZMQ endpoint when you run this program later in this tutorial.

With our daemon configured, let's run Monero(d)!


Let's run the Monero daemon in our new user's home directory!

    cd ~xmr
    sudo -H -uxmr -gcrypto monerod --config-file=~/.monerod.conf

This is going to take some time to collect all the information it needs to catch up to the present, so we'll come back after Monero(d) has had time to catch up the Blockchain.

Now that Monero(d) has caught up on the blockchain, let's go ahead and run p2pool against it!


p2pool is a decentralized mining pool software that is designed to be the bridge between your Monero(d) daemon running and your xmrig or other mining software. p2pool works by having a side-chain validate transactions and sometimes those shares end up being validated as blocks on the Monero chain. When you mine for a while, you will see a share has been accepted by you to the Network. When a block is found and you have accepted shares, then you get a payout directly from that block as rewards are paid immediately as part of the block transaction. A pretty nifty way to decentralize the network even further if mining itself is properly decentralized!

Download && Install

You can navigate to p2pool.io and click on the link that will take you to Github to download the software. Select the platform that suits you and download the compressed archive. Once downloaded, I unzipped it like so:

    mkdir /usr/local/crypto/p2pool
    tar -C /usr/local/crypto/p2pool -zxvf p2pool-v2.2.1-linux-x64.tar.gz
    update-alternatives --install /usr/local/bin/p2pool p2pool /usr/local/crypto/p2pool/p2pool-v2.2.1-linux-x64/p2pool 100

Make sure the above is run as root.


Let's get our p2pool up and running! P2Pool runs against your wallet, so you will want to find your wallet address and paste it into the command here like so:

    sudo -H -uxmr -gcrypto p2pool --wallet ${WALLET_ADDRESS} \
      --host --rpc-port 18081 --zmq-port 18084 \
      --stratum --data-api ~xmr/.p2pool --loglevel 1

I run the p2pool software as the XMR user. For added security, you can create a dedicated user for p2pool using the steps described earlier and make sure the above is corrected for that user, along with the value to --data-api in the above command if you want to have a data directory containing p2pool stats.

For more details, you can use p2pool --help and it will print more details.

Let's breakdown some of these options here:

  • wallet: This is the wallet address you want payments to be sent. Do not use integrated or subaccount addresses as they do not work just yet. All miners that connect to this pool will automatically mine everything to this address.
  • host: This is the target address that will receive all the requests from p2pool with regards to the rpc-port and zmq-port options used.
  • rpc-port: Target RPC port as described in your ~xmr/.monerod.conf
  • zmq-port: Target ZMQ Publisher port as described in your ~xmr/.monerod.conf from the --zmq-pub argument.
  • stratum: This is where p2pool will listen for connections from incoming miner software and process mining pool server side stuff.
  • data-api: If you want a directory containing files that are continually updated with stats and details you can specify this and it will be created and maintained by p2pool.
  • loglevel: This is how verbose do you want your daemon to be and how much output do you want to see. Higher numbers mean more output. 6 is the max verbosity. 0 is absolutely silent.

Now that we have our pool running, I'm so excited for the next piece: Pointing our mining software at the pool and mining some coins! Let's make some Monero!


Xmrig is mining software for the XMR token, the native coin on the Monero network. You can use this on any computer and it will use the CPU power available to mine the coins to your wallet. Since our pool will send the tokens to our wallet, we will need less configuration than a centralized pool as far as xmrig is concerned.

Let's install xmrig to mine against our pool!

Download && Install

Download xmrig from https://xmrig.com/download for your distribution. Once you have it downloaded, I unzipped it as such as root:

  sudo mkdir /usr/local/crypto/xmrig
  sudo tar -zxvf xmrig-6.18.0-linux-x64.tar.gz -C /usr/local/crypto/xmrig
  sudo update-alternatives --install /usr/local/bin/xmrig xmrig /usr/local/crypto/xmrig/xmrig-6.18.0/xmrig 100
  sudo setcap cap_sys_rawio=ep /usr/local/crypto/xmrig/xmrig-6.18.0/xmrig

Small note: I found out how to make xmrig run without root. If you want to learn about the juicy details, stick around. If you just want to get this thing up and running, skip to the next chapter using the timestamps below.

You can run xmrig without root by ensuing it has rawio admin access, hence the setcap command near the end above. If you want to enable randomx boost to take full advantage of your processor's potential, you can use the script from the github repository I'll link to as #xmrig in the description below. Also in that scripts directory is the ability to enable hugepages in Linux. You will need the msr-tools package installed to have the MSR commands installed.

Now, what I did was created a system group called msr. I changed the group of /dev/cpu/*/msr all to that msr group and gave root access. It should look like this, when you're done:

    $ sudo chmod g+rw /dev/cpu/*/msr
    $ sudo chgrp msr /dev/cpu/*/msr
    $ ls -l /dev/cpu/*/msr
    crw-rw---- 1 root msr 202,  0 2022-06-14 10:28 /dev/cpu/0/msr
    crw-rw---- 1 root msr 202,  1 2022-06-14 10:28 /dev/cpu/1/msr
    crw-rw---- 1 root msr 202,  2 2022-06-14 10:28 /dev/cpu/2/msr
    crw-rw---- 1 root msr 202,  3 2022-06-14 10:28 /dev/cpu/3/msr
    crw-rw---- 1 root msr 202,  4 2022-06-14 10:28 /dev/cpu/4/msr
    crw-rw---- 1 root msr 202,  5 2022-06-14 10:28 /dev/cpu/5/msr
    crw-rw---- 1 root msr 202,  6 2022-06-14 10:28 /dev/cpu/6/msr
    crw-rw---- 1 root msr 202,  7 2022-06-14 10:28 /dev/cpu/7/msr
    crw-rw---- 1 root msr 202,  8 2022-06-14 10:28 /dev/cpu/8/msr

Next, add your monero user to that msr group using adduser xmr msr.

Now, if you have enabled hugepages, altered your MSR addresses properly, updated permissions correctly, you should be able to run xmrig as a non-root user and it won't complain about permissions denied or unable to activate certain settings.

Let's configure xmrig!


Navigate to https://xmrig.com/wizard and we'll use the Wizard to configure our miner. Click next and we'll next select "+Add Pool" with the following details:

  • Host: IP address of the place where you installed the p2pool software. What's awesome is we only need 1 instance of p2pool to mine. If you want, you can setup more and add them as additional pools, but we will stick to just 1 for this tutorial.
  • Port: This is the port part of the --stratum we described earlier when configuring p2pool.
  • Username: I use the hostname of the machine that's doing the mining. I also include the difficulty I last knew about the machine at the time I happened to be looking at the logs. This will eventually balance out over time, I just like to give xmrig a heads up on where to start.
  • Password: This can be anything or nothing. Not required.
  • Coin/Algo: Monero/RandomX

Once we have all that configured, let's add the pool and continue on!

For backends, we'll leave CPU on and the rest off since we are just CPU mining.

Set your misc options if you care to change that.

When you're done, you'll get a config file! We'll use this to configure xmrig when we run it in our next step!

For now, let's write this file to ~xmr/.xmrig.json


Once you have the configuration file written as ~xmr/.xmrig.json, that should be it! xmrig will find and load the configuration file as per what you specified. You should see output that looks like this: xmrig-running.png

When you have xmrig running, sit back and enjoy the passive income!


Now that you have some passive incoming flowing, you'll want to keep track of and possibly even take profits on your earnings. You'll need the wallet in order to do that. Let's step through configuring and running the wallet. You already have the software from the Monero(d) install. I recommend you run your wallet software on a different machine to avoid the risk of exposure of your private keys.

For the sake of this tutorial, I'll run it on the local machine, but please, please be mindful of how dangerous this is.


You can create configuration for your monero client by creating ~xmr/.monero.conf and change the value for wallet-file to whatever you want.




Breakdown of options:

  • daemon-address: This is the host:port of where you will be connecting to the RPC Endpoint of the Monero(d) you setup to run earlier. The value of this argument should be the value from Monero(d)'s --rpc-bind-ip:--rpc-bind-port values.
  • trusted-daemon: Since we set this daemon up and are in full control of it, yes, we will trust our own daemon.
  • wallet-file: You can specify where you want to load your wallet file and what you want the filename to be. Take extra care with this file. I usually ensure it is owned by the wallet-user account on my Linux box and set permissions to 0600 (-rw-------) to avoid anyone else from reading it (except root).


Then, to kick off the monero wallet, you can run this command:

    sudo -H -uxmr -gcrypto monero-wallet-cli --config-file ~/.monero.conf

This will start up the wallet and you can use this to monitor your profits, send crypto to exchanges take profits, send to your friends or just mine and HODL.


Thank you so much for watching!

If you appreciate the work that went into this, then it would mean a lot if you would slap that like button on your way out. Feel free to subscribe if you want to see future videos that will help you go from zero to master in engineering, systems, networking and cloud computing with an application to finance and cryptocurrency.

For references made in this video that don't yet exist, it would be great to subscribe because then you'll be notified when that video comes into existence.

Until I see you in the next video, thanks so much for watching!



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Kevin O'Leary: Crypto As Software

Kevin O'Leary: "Crypto is Software"

I wanted to expand on his representation of crypto as software here. There seems to be some concern in the community around the idea of "who's going to be the top player in this space within the next 5-7-10 years?", you know? It's the mentality of who's going to be the top dog in the market and ... I just feel like this is somewhat of an anti-pattern.

One guiding principal of How to Be a Billionaire: Do business in a new way. Blockchain technology and cryptocurrencies certainly seem to be doing that.

With all this divergence of doing business from a centralized point of view wherein, "The Man" is leading the charge on the evolution of the company. We are starting to shift to something that's decentralized and supported by the community. We have seen a shift in the technology to decentralization and now we are seeing trends of this happening in business structures as well. How do you lead a company without being "The Man"???

My view on this is: It won't be one single crypto that Rules Them All™. This will continue to disburse across platforms as wealth is poured into new projects, tokens, experiments and much more!

As long as we, the users of cryptocurrency; the engineers, architects, investors, utility providers, etc; continue to diversify not just our investments, but also our use of these products, we can help fund the flourishing of many blockchains and introduce new ways to maintain wealth among all the blockchains!

I gather, there are two takes on this:

  • The side that wants to break things and run fast to develop something that'll 10x in the next year.
  • The side that sees the bigger picture and chooses projects that will likely be here to stay because their movement is much grander than what you can accomplish in a year.

I'm curious of who I'm attracting: What's your take on things? Are you looking for the next 10x in 2022? Are you beginning to see the grander picture and are looking at multi-year projects for investment over your next working years?

What are your thoughts? You can video reply below!


Kevin O'Leary speaks about his thesis on ##cryptocurrency . My reply to follow. ##Blockchain ##Crypto ##bitcoin ##ethereum

♬ original sound - Markizano Draconus


Reply to @markizano.draconus my take on ##CryptoAsSoftware what do you think? ##Crypto ##cryptocurrency ##CryptoTalk ##Blockchain ##bitcoin ##ethereum

♬ original sound - Markizano Draconus


Why Does BitCoin Have Value?

Let's talk about why Bitcoin has value at all. There are a few tennants that must be discussed in order for us to understand this. A lot of this is going to be conceptual descriptions derived from CEO of Micro Strategies, Michael Saylor and CEO of Parallax Digital, Robert Breedlove. So credits to them where I may repeat their words.

There was an interview with Tom Bilyeu and Breedlove that is about 2 hours, but totally worth the watch. I promise, it will Blow Your Mind!

In this post, we are going to review the following:

  • What is a Currency?
  • What is Fiat?
  • What is BitCoin (recap)?
    • Who is Backing BitCoin?
    • Why is the Price So Volatile?
  • Why does BitCoin Have Value?

With that, we'll get started!

What is Currency?

Let's talk about currency. What is it, how does it work, and how do we use it?

We'll have to travel through time to a point before we had cash: Our economy ran on the barter system. People would trade items that seemed to be of equivalent value. They might have used precious metals (like gold and silver), jewels (like saphire and rubys), luxuries (like salt and silk), and commodities to determine the value of something. Gold eventually became the standard since it was relatively evenly spread across the planet such that not a single person could hoard all the gold to himself. This worked for a long time because Gold played a role in being a currency.

A currency is a denomination of value among goods and services. It's difficult to say that your cow is worth three or four of my chickens without there being some common base factor that describes their value. So, if your steer is worth $300 and each of my chickens is worth $20, then it's easier to tell how much to exchange to perform such a trade.

Over time, though, it became more cumbersome to move Gold around since it was heavy, clunky and very suceptible to thieft if you didn't have the militia to protect your bounty. It was easy to counterfeit in that you had Fool's Gold based on pyrite or a less valuable metal like copper or nickel that was gold-plated or guilded.

So, what do you do? You took your Gold to a bank, where they had a vault to protect your assets. In exchange, they would give you a paper receipt of your deposit that kept a record of your wealth. These paper notes eventually made it easier to transfer wealth around since you could split the receipts into different denominations and thus the paper currency was born.

Governments would print authentic paper notes that represented a store of the value of the Gold with the banks via the Federal reserve.

Eventually, on August 15th, 1971, we moved away from the Gold standard. This is when the USD was no longer backed by Gold, but a promise from the Government.

What is Fiat?

Fiat means "by authorative decree" or "because I said so."

So, after that migration in the 1970's, we have since decoupled ourselves from the backing of the Gold Standard. People who wanted to be close to the source of this printing press would get jobs doing it, like being the CEO of a bank that receives money from the Government when you make poor investment decisions. In this way, as the Government prints more money and debases the currency, those close to the fountain of that money propsered whilst those farther away from it starved and experienced famine.

I like how Breedlove put this: Inflation by this means is theift of your assets. If I debase the value of your currency and take the money I just printed to pay my bills. Mechanically, that's stealing from you. The number of your $1000 won't change, but the buying power of that $1000 will go down to say $750. You will no longer have the buying power you once did because prices are inflating.

Here's a quote from Robert Breedlove. Credits to Impact Theory for that. I encourage you to watch the full video for context!

Up until now, the inflation rate has varied, but has averaged about 2% over the last several years. This gives us the illusion that we are making more money by making the numbers go up. Some think this is good because it creates this mentality of "oh, I have more money, I can go spend more!". Other people say this is good because it incentivizes people to either invest their money into assets or spend it if the value and buying power of the dollar goes down by the year.

However, personally, I see this as a detriment because the only kind of people it impacts is the small guy. If you have 100's of millions or even billions of dollars and your every need and whim is handled by your money, then you really don't care about inflation. Conversely, if you are living paycheque to paycheque, dealing with inflation means you must constantly hustle just to make ends meet.

I also need to highlight that "majikal" 2% number they talk about: That's 2% annual average. Inflation actually fluxuates month to month and can actually be higher or lower than this 2%. If you average the last 20 years of inflation, you get about 2.265% of inflation, but keep in mind, that is an average of the last 20 years.

Inflation was as high as 5.6% back in the 2008 real estate fiasco (not much higher than the 6.1% we're experiencing today). It has also been as low as -2.1% with an annual average inflation rate of -0.4% in 2009, shortly thereafter. The possiblity exists that this cycle will repeat itself after the supply chain issues are caught up in today's market.

Everyone is talking about how inflation is at all time highs and we are starting to experience some of that. Notice how prices on everything are skyrocketing when you visit the grocery store? Just like gas prices back in 2008. Someone is stealing value from you (not dollars: value) and its causing unrest in the local society.

Enter: Bitcoin

Enter, Bitcoin. A proposed solution to the problem via introducing the concept of scarcity. There will only ever be 21 Million BitCoin. Its emmissions rate is declining over time as it started with 50 BTC being introduced into the network every 10 minutes or so. Now that has declined to 6.25 and will cut to 3.125 in just a few months from when this video was recorded and this post written.

Shout out to the future: What's the price of BTC when the halvening happened? :D

Life, Liberty and Property

There's an old saying that the American dream is the freedom of Life, Liberty and the Pursuit of Happiness. That's actually not the three tennants of freedom, the third one is Property.

BitCoin solves this problem by building a protocol on the transfer of property. Bitcoin is used as a store of value because the application itself so strongly secures the concept of property. If ownership is transferred from one party to another, the result is immutable, public and 100% auditable.

Who's Backing BTC???

but ... but ... who's backing all of this??

How is Fiat Backed?

Let's first take a look at how Fiat currency is backed: At any given moment, the Government can simply take your money from you. Anyone ever lost money to child support or IRS taxes due? Fiat is "by decree", "because I said so." So, who's backing the USD? You can claim it's the Government, or the Military. The USD is a promise note from the Government. The Military backs the Government and enforces the will of the Government.

When you get paid and deposit that money into your account, technically, that's not your money. It's the Government's money and they can decree whatever value they want for that dollar.

So, this is the exact problem we are trying to solve. Governments have a habit of overspending the people's money, either by greed, or poorly described fiscal policy, or financial projects/experiments that just don't work out and the country has to write it off.

So who's backing the USD? Not one single person. It is a collective. Let's keep that in mind because it's not "The Man's" money. It's supposed to be "The People's" money. What is backing the USD is nothing more than an empty promise and they are proving to you that it's empty by debasing the value and buying power of your hard earned dollar.

What has happened with BitCoin, is we have basically automated the bank's function. We have developed a system where you get paid for doing the banks' job by just running a miner.

Let's put aside the media talking heads say in that it's "complex equations" and trying to talk over your head because they think you're stupid. Let's get one thing clear: You're not stupid. You can understand this. To put it in the most simplest terms: We've automated the bank into a computer program. This computer program cannot be tampered with by humans on a whim or a decision of a single man or entity. If changes are to be implemented on this network, it must be coordinated. The network must agree on it with a grander concensus than a single entity. It must be tested and published with agreement of the network.

This is why the big Banks are so nervous about BitCoin and spread so much FUD, (or Fear, Uncertainty and Doubt). They are starting to learn that if they don't get with the program (pun intended), they will find themselves to be the next Sears, Blockbuster, Radio Shack, or Circut City.

How is BitCoin Backed?

Those that are mining BitCoin are securing the network. They are running the programs that basically do what the Banks did in a way that cannot be reversed, edited, tampered, or spoofed. People will support what they help to create and Bitcoin is the embodiment of this.

The miners are the ones that are backing BitCoin. The electricity they are using are the pylons, support beams and foundations of what builds and secures its value. Math is what backs BitCoin. There's nothing political or disputable about math. 2+2=4. Math is finite.

This is what makes all of this so fascinating. Property value is transferred from one person to another (as Michael Saylor says) at the speed of light and it is done in a decentralized way. No one person or entity controls all of BitCoin, its a collection. Nobody actually owns the BitCoin network. Just like the Internet!

Why Is the Price So Volatile?

I'll give a conjecture here because I am not certain 100% myself, but what appears to me to be the case:

This is a brand new asset class to the broader market. Personally, I feel like I am late to the game and many are saying that we're just getting started. This is the mass adoption phase. The thought is if you jump in early like now, rather than after many places have adopted it and institutions have a ton of money invested in the blockchain technology, then you can prosper because the value of your investments will rise with them over time as mass adoption takes place.

I want to expand on this perspective of a new asset class as well. Newly released companies that come out with an IPO often experience extreme volatility until they get the backing of Billions of dollars. Same thing with Cryptocurrencies in general. There is so much money and wealth poured into these systems it's hard to pin the price to something that will stay consistent for more than a fraction of a second.

Compound this with the idea that you have the traditional banking system, where settlements are around 3 to 5 business days. The stock market (and banks) is only open during limited US business hours and even then take time to settle. Processing time of transactions on these networks
have a longer period to settlement than Cryptocurrencies do.

Since the Block time on many of these blockchains is around 10 minutes or less, in addition to the fact that these crypto markets are online and available for trading 24/7/365, that time is compacted from those 3-5 business days down to minutes, if not seconds!

Take the charts from the stock market, then, compress the time intervals. They may more closely represent the volatility we are seeing in Cryptocurrency today. Additionally, there used to be very tight knit control over access to the stock market until recent financial democratization tools like Robinhood, Public and Webull became available. By the way, you can get free stocks from all of these with the links in the description below.

So you had much fewer people in the market to shift the price of these assets. Now that these open markets allows average joe's like you and me to access them on such a grander scale in this massive digital era where we have access to so much of information at our fingertips: word of mouth gets around much quicker about things, the price swings are much more rapid and drastic based on the many conditions that are just constantly shifting.

So, my thoughts on this is it is still very new. As more money is poured into these protocols, networks, projects, tokens and more, we'll start to see some price consistency and stability start to form. Institutional investors are already in the space and charts are being draw up based on the traditional market technical analysis. These TA behaviours from the traditional market are starting to align with the price patterns we are starting to see in cryptocurrencies today.

Why Does BitCoin Have Value?

So why does BitCoin have value? It's a tested, tried and true protocol of the ownership of property and the transfer of that property. BitCoin has value because it doesn't water down that value. It cannot be diluted. It cannot be inflated past 21 Million Units. It cannot be hacked without a tremendous amount of consistent computing power.

If you own the keys to your BitCoin: you own that BitCoin. Nobody can take it from you. Sure, a Government can subpoena your coins. People can threaten you for your coins. If you don't hand them over, they will never actually get them.

A Government can go into your bank account and take your dollars from you. A Government can go into your exchange account and take your coins. Not your keys; not your coins.

Why is BitCoin So Expensive?

Many people have put their Fiat into BitCoin and the value has elevated to what we are seeing today. The value of USD is decreasing each passing day with more Government spending and rich-boi tax cuts. The electricity the miners are expensing into securing the transactions is also holding the value, however, I think it's also keeping the price in check, relatively. Somebody has to sell some BitCoin at some point to pay the bills due. I could also ask the same question of TSLA, AMZN, GOOG, & AAPL: Why are these stocks so expensive?

The value of BitCoin is clear. BitCoin has value /because/ it's not owned by any single entity. No Government can take your BitCoin away. No Government can print more BitCoin and steal from you via inflation.

In a future video, we're going to cover price charts and some basic concepts on how to read them. So, subscribe if you want to keep up to date with that as I release more Edutainment content.

The price is questionable, and I understand that. The price could be a little more consistent, but that's the price we pay for 24/7/365 access to this market. It changes and shifts so rapidly. I think this is still a new asset class that is still yet to be discovered. Just like a fresh hot company in the stock market with a low market cap. Pump and dumps are not unique to cryptocurrency. They happen in the stock market too. Also, wasn't the 2008 real estate bubble a pump and dump on real estate? Let me know in the comments below!

Gratitude and Promotions

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