Q&As

In application, a blockchain, originally called block chain, is a growing list of records, called blocks, that are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. By design, a blockchain is resistant to modification of the data. It is “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way”.

For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires consensus of the network majority. Although blockchain records are not unalterable, blockchains may be considered secure by design and exemplify a distributed computing system with high Byzantine fault tolerance (Byzantine fault tolerance is the dependability of a fault-tolerant computer system, particularly distributed computing systems, where components may fail and there is imperfect information on whether a component is failed).

What is special about blockchain and why it has the capability to become one of the most disruptive technologies ever seen is that the blockchain network has no central authority. It is the very definition of a democratized system. Since it is a shared and immutable ledger, the information in it is open for anyone and everyone to see. Hence, anything that is built on the blockchain is by its very nature transparent and everyone involved is accountable for their actions.

Watch the video The Digital Currency Era to see how powerful blockchain technology really is and versatile and positively disruptive it will become in the very near future. See how the blockchain is a massive gamechanger across the planet – for all including the poorest of our global citizens.

NOTE: At the time of writing, Pres. Donald Trump is working with the USPS to roll out voting via blockchain in an effort to introduce an electoral system less open to corruption and fraud.

Every time a cryptocurrency transaction takes place, a cryptocurrency miner or ‘rig’ ensures the authenticity of information and updates the blockchain with the transaction. The mining process involves competing with other crypto miners to solve complicated mathematical problems with cryptographic hash functions that are associated with a block containing the transaction data.

The reward is that the first cryptocurrency miner to crack the code is able to authorize the transaction, and in return for the service provided, crypto-miners earn small amounts of cryptocurrency of their own. In order to be competitive with other crypto-miners, though, a cryptocurrency miner needs a computer with specialized hardware.

Crypto mining can generate an income for a cryptocurrency miner, in most cases only in the amount of a dollar or two per day for an individual using their own dedicated computer hardware. Expenses like electricity, internet connection, and computing hardware also impact the net revenue generated by cryptocurrency mining.

In order to get started mining, cryptocurrency miners will need dedicated computer hardware with a specialized graphical processing unit (GPU) chip or application-specific integrated circuit (ASIC), sufficient cooling means for the hardware, an always-on internet connection, a legitimate cryptocurrency mining software package, and membership in both an online cryptocurrency exchange as well as an online mining pool like My Blockchain Life.

Aspiring crypto miners should also know that as cryptocurrencies have risen in both popularity and value, competition has increased substantially as well and now includes organizations and enterprises with more extensive resources than most individuals can compete with.

The My Blockchain Life Team BLOCKX mining rigs in our dedicated facility in Tempe Arizona are 100% solar-powered and carbon-neutral offering the lowest cost FREEHOLD mining so far available in the world.

If you want to join us or want more information email [email protected] or just click here to join us. You can even earn with a free membership.

Once this is set up you will not see your mined tokens until they are actually mined from a block. When this happens you will see the tokens appear in lots of 100,000. If for example, your rig has hit and mined 2 blocks you will see 200,000 tokens and so on. If you have more than 1 miner it may be that one miner will hit 2 blocks before the second miner hits its first. Do not be alarmed by this – it’s not possible to predict the activity and ‘luck’ and individual miner might have in any particular time frame.

There is a ‘Not Connected’ message that will display in the top left corner. Don’t worry about this – it’s only to do with the webpage you were on before you opened the MetaMask dropdown for viewing so just ignore this.

MetaMask uses a BIP-44 12-word seed phrase to generate your accounts, so you can enter any valid 12-word seed phrase into MetaMask and use the accounts that are associated with it.

This is a very long and complicated piece of legislation but at its very core it brings Australia into line with the ‘Bail In’ agenda of the Bank of International Settlements (BIS) as agreed at the G20 here in Brisbane in 2014.  ‘Bail In’ is about government not bailing out distressed institutions as we saw in the GFC using tax payer’s money, rather using the creditors of the bank to bail itself out.

The legislation allows our banking regulator APRA ‘crisis powers’ to secretly step in and run distressed banks.  It allows APRA to then confiscate and write off certain types of bonds and hybrid securities and allows them to confiscate cash savings of SMSF’s.  Whereas elsewhere around the world, including our neighbours New Zealand, they specifically include the confiscation of depositors’ funds (savings), the Aussie version just cleverly doesn’t specifically exclude that….

We’ve written many times of the fact that as a cash depositor in a bank you are simply an unsecured creditor of the bank.  The government tries to make us all relaxed about that through their depositor guarantee scheme up to $250,000 per ADI (Authorise Deposit-taking Institution).  There are traps within as one ADI includes all subsidiaries (like St George to Westpac or Bank West to CBA etc).  There is also a $20b cap per ADI and that may not be enough to cover everyone in that ADI.  The bigger the better is hence counterintuitive as there are more mouths to feed with that $20b.  Timing is another thing.  PPP’s Vern Gowdie wrote just this week about the fact that 90% of deposits are held by just 10% of our financial institutions, or 9 banks in number.  They are the ‘too big to fail’s’ and leave 75 other institutions that wouldn’t cause the chaos of the big guys if it took a while to resolve.  That is where the Financial Claims Scheme (FCS) comes in to play.  From the RBA:

“‘…The FCS is a form of deposit insurance that provides depositors with certainty that they will quickly recover their deposits (up to the predefined cap) in the event that an Australian ADI fails.

‘The FCS is administered by APRA and operates as follows.

•    The Scheme is activated at the discretion of the Australian Treasurer where APRA has applied to the Federal Court for an ADI to be wound up. This can only be done when APRA has appointed a statutory manager to assume control of an ADI and APRA considers that the ADI is insolvent and could not be restored to solvency within a reasonable period.

•    Upon its activation, APRA aims to make payments to account-holders up to the level of the cap as quickly as possible — generally within seven days of the date on which the FCS is activated.

•    The method of payout to depositors will depend on the circumstances of the failed ADI and APRA’s assessment of the cost-effectiveness of each option. Payment options include cheques drawn on the RBA, electronic transfer to a nominated account at another ADI, transfer of funds into a new account created by APRA at another ADI, and various modes of cash payments.’”

So to be clear APRA must first try and rescue the ADI and if that fails it must gain the support of the Treasurer to go to court to declare the ADI insolvent, it must go through the court process, and THEN you get your money “generally within seven days”…

All of the above also assumes some form of order and not mass panic and bank runs as we’ve seen more recently in Greece and Cyprus.

1. Send your referral link to the person who wishes to join.
2. Have them register with their username and password as a free member. DO NOT DO ANYTHING ELSE YET.
3. Have them send approx $4400 AUD to your Bank account.
4. If they already have bitcoin then go to question 18 and copy the bitcoin address to send it to. Have them send US$3005 of bitcoin to the address in question 18. Then carry on from question 29 until complete.
5. Once cleared transfer the $4400 to your Binance Crypto Account.
6. Once cleared in Binance on the left-hand side menu under general click the second option down called TRADE
7. Then click the top option BUY
8. The screen in the middle will now enable you to enter a USD value. ENTER $3005 USD.
9. Then click INSTANT BUY
10. A FINAL SCREEN WILL COME UP WITH THE AMOUNT YOU ARE BUYING. Confirm the purchase.
11. Go back to the left-hand side of the menu board
12. CLICK WITHDRAW
13. In the middle of the screen with be an option on the left in blue and white that says BITCOIN WITHDRAW ADDRESSES.
14. CLICK THE PLUS SIGN +
15. A new screen will come up saying NEW WITHDRAW ADDRESS
16. Under the LABEL/NOTE/NAME ROW insert the following: My BCL Wallet
17. In the next row underneath add this address. (copy and paste it please) 1FhMRMVG2eNDPDYrdmodt137X5uzTSsWwe
18. Press the ADD button
19. The system will send an email to your email address requesting you to confirm adding this bitcoin address.
20. Once back in on the left-hand side menu again click QUICK WITHDRAW.
21. Then select WITHDRAW BTC – YOU WILL NOW SEE THE BITCOIN WALLET ADDRESS ON THE NEW SCREEN IN THE MIDDLE
22. CLICK THE BLUE HAND AND SPANNER SIGN NEXT TO THE RED CROSS
23. A further screen will open. CLICK THE WITHDRAW ALL BUTTON
24. SELECT REASON FOR WITHDRAWAL AS ‘TRANSFER TO PERSONAL WALLET’.
25. THEN CLICK WITHDRAW AND FOLLOW ANY FURTHER PROMPTS.
26. Binance will then process the sending of the Bitcoin.
27. If you look on the right-hand side of the screen now you will see under BITCOIN WITHDRAW HISTORY. Your transaction PENDING. It might take anywhere from 10 mins to an hour to process. Once it goes to COMPLETED,(you may need to refresh your screen a few times) you need to copy and paste the TRANSACTION ID. Which is about 3.5 lines of numbers and letters.
28. Now you will need to open the Google Document for ordering the miner. Follow the processes in this document from start to finish
29. Under the comments section towards the end of the document enter the following info: Australian deal – miner & hosting plan payment in 60 days.
30. Follow to the last page and select BITCOIN as the method of payment. Payment should already have been made by this stage so just click SUBMIT at the bottom
31. Open your email or theirs and compose a new email to [email protected]
32. Head the email: MINER PURCHASE and in the top of the message state that the below person has bought a miner with BTC – below that put:
    1. the person’s username,
    2. the person’s email address
    3. your name and username as their sponsor
    4. Copy / paste the transaction ID (TXID) from Binance
    5. Send the email
33. The sponsor part of the process is now complete
34. Within 48 hours your person will receive an email from support welcoming them to my blockchain life. Support will have added the miner into their account.
35. Your person will need to re-sign in again at backoffice.myblockchainlife.com.
36. They will enter their username and password but it will come up with a ‘Password incorrect’ message
37. Click the button under the login that says ‘Reset Password’
38. An email will be sent to MBCL support asking them to reset the password.
39. Follow the email prompts to enter the same username and password originally used and log back in
40. On the left-hand side of the screen under the menu there is a tab called MINERS, click on the tab and a GREEN BOX comes up with the miner days in it saying 1000 or 999 or 998 etc.
41. The account is now live.
42. Within a day or two support will send out a further email
43. In the email will be the MetaMask Token key and the Private key
44. The email includes a video (also viewable here) explaining how to set up your MetaMask wallet/account using the keys

Watch the video a couple of times and then follow the process to set up your MetaMask account.

ONCE COMPLETED EVERYTHING IS DONE, THE ACCOUNT IS ACTIVATED AND FUNDED WITH BTC FOR THE MINER AND METAMASK SET TO RECEIVE TOKENS.

If you do anything wrong or make a mistake then it is best to contact [email protected] who should be able to resolve most issues for you

Once you have your account set up and made payments etc the only people that can fix anything you may have done wrong are the support team and NOT the person who introduced you as we have no access to the system that can fix any errors made.