Monetary History – Oldest use of gold as money 6000 B.C.
Process Metallurgy is one of the oldest applied sciences. Its history can be traced back to 6000 BC. Admittedly, its form at that time was rudimentary, but, to gain a perspective in Process Metallurgy, it is worthwhile to spend a little time studying the initiation of mankind’s association with metals. Currently there are 86 known metals. Before the 19th century only 24 of these metals had been discovered and, of these 24 metals, 12 were discovered in the 18th century. Therefore, from the discovery of the first metals – gold and copper until the end of the 17th century, some 7700 years, only 12 metals were known. Four of these metals, arsenic, antimony , zinc and bismuth , were discovered in the thirteenth and fourteenth centuries, while platinum was discovered in the 16th century. The other seven metals, known as the Metals of Antiquity, were the metals upon which civilisation was based. These seven metals were:
(1) Gold (ca) 6000BC
These metals were known to the Mesopotamians, Egyptians, Greeks and the Romans. Of the seven metals, five can be found in their native states, e.g., gold, silver, copper, iron (from meteors) and mercury. However, the occurrence of these metals was not abundant and the first two metals to be used widely were gold and copper. And, of course, the history of metals is closely linked to that of coins and gemstones
2,700 years of history
The heritage of ancient coins is a subject that intrigues and delights collectors and scholars the world over. The oldest coin available today was discovered in Efesos, an ancient Hellenic city and prosperous trading center on the coast of Asia Minor. The 1/6 stater, pictured below, is more than 2,700 years old, making it one of the very earliest coins. Made from electrum, a natural occuring alloy of gold and silver, the coin originated in the area of Lydia. It had a design on one side only, a result of the primitive method of manufacture. This ancient stater was hand struck. A die with a design (in this case a lion’s head) for the obverse (front) of the coin was placed on an anvil. A blank piece of metal was placed on top of the die, and a punch hammered onto the reverse. The result was a coin with an image on one side and a punch mark on the other.
Quark Coin – alternative cryptocurrency
- 6th major crypotcurrency out of appoximately 60.
- Founding year 2013
- Founder Max Guevara
- Cryptocurrency Code Quark – QRK
- Market Capitalization (Dec.´13) – 22. Million USD equivalency (much less than bitcoin)
- Coins Released – 246.6 Million in circulation (more than bitcoin)
- Currently only exchangable among other cytpocurrencies (not yet convertible to “fiat” currencies (USD, EUR, JPY etc) dec 26 2013.
Quarks are a form of online payment system but in a decentralised monetary system. Quarks to Friends, Family Members & Online Payments. Free of charges and chargebacks. Military Grade Encryption. No Bank or Government Control.
Quark Coins are based on the original idea of Bitcoin but improved, more secure, with improvements to design and security.
There is also a greater coin supply with higher block rewards for miners.
Quark is an independent person-to-person cryptocurrency based of the idea of Bitcoin, but with much improvement to security and design.
- Super Secure Hashing: 9 rounds of hashing from 6 hashing functions (blake, bmw, grøstl, jh, keccak, skein). 3 rounds apply a random hashing function. Unique technical specifications.
- CPU mining
- Quick block generation: 30 seconds
- 2048 QRK per block (halving every 60480 blocks ~ 3 weeks)
- Block reward will never drop below 1 QRK
- Total of 247 million QRK will be mined in ~ 6 months, after that ~ 1 million QRK p.a. (~ 0.5% p.a inflation)
- Difficulty retargets every 20 blocks (maximum 10% up or 50% down)
More detailed definition:
Quark is a peer-to-peer digital currency that uses the most advanced and latest algorithms in cryptography, making it more secure than Bitcoin and other alt-coins.
Not only that Quark is a CPU mined only digital currency. Server farms and ASIC mining rigs don’t get the advantage mining Quarkcoin. Anyone with a CPU can mine for Quark Coins and take part in the rewards & not just the companies with advanced hardware and capital
More detailed specifications:
One weakness of bitcoin is the limited coin supply. A total cap of only 21 million bitcoins will ever be released, up until the year 2040. This sets it up for deflationary pressures which causes demand to always trump supply. There is more incentive to buy and hold than to spend, so from this point of view it can never truly be a viable currency in day-to-day transactions.
Once the cap is in at 21 million, there will be a decreasing amount of coins in circulation. Every year coins will be ‘lost’ through forgotten passwords, hard drive failures, hackers, software failures, improper backups, etc … This will cause the supply to decrease overtime. QuarkCoin
Although there is no ideal, Quarkcoin will continue to release coins in perpetuity after the initial 247 million are mined at an inflation rate of .5% per year. This encourages continued mining as well as more use as a day-to-day transactional currency. This small inflation is meant to replace those ‘lost’ coins due to human error and hardware failure etc…. Also, even though any crypto currency can be divided infinitesimally, people prefer to buy and transact in whole numbers. Ask someone if they want to buy bitcoin at $1000, and they believe it may be too expensive although you can buy just .1 BTC if you choose. This is more of a psychological issue.
In the beginning Bitcoin was mined for several years by only around 30-40 people. Currently, it is virtually impossible for a single individual to mine Bitcoin. KnCminer just released a new Miner and sold out in 24 hours selling all 1200 units at over $10,000 each. (Link). That company also claims that their hardware users are responsible for over 70% of all mined bitcoins everyday … good luck competing with that!
So the only option currently is to buy BitCoin at ~$1000USD. As the mining continues to intensify, more and more BTC blocks will fall into the hands of the few with lots of capital and hardware. Bottom line is from a mining point of view, BTC is becoming more and more centralized.
Not only that it is said that the top 100 BitCoin holders control 21% of the market (Link) This is just the minimum as each entity can have multiple addresses. Bitcoin distribution is very uneven or centralized, as it has been rumored that only 50 people hold 60-70% of Bitcoin!
Distribution is Quarkcoin’s strong point, although some will argue the opposite. Since Quark Coins were mined by CPU only, it was done by individuals at home numbering in the 1,000’s (link) as opposed to Bitcoins being mined by very few.
Setting the time to mine most coins within the first 6 months discourages the ASIC miners from ever entering the market. With a majority of the coins mined, the price should hopefully stabilize more quickly than the other coins with longer time frames, making this crypto currency more desirable for everyday transactions.
But what about argument that ‘the vast majority of the 245 million Quarks already mined are in the hands of the few? If you take the time to read through the Quark Thread over on Bitcointalk.org, you will see that most miners dumped their coins early on. It traded so low, that early miners didn’t want to hold onto their Quark, thus the distribution began.
One block every 10 minutes (very slow transaction time).
Current bounty is 25 BTC halved every 210,000.
Total currency supply is capped at 21 million.
What started out as being CPU mined, has quickly led to a race to secure ever faster mining hardware. CPUs went to GPUs then to FPGA, and finally to ASICs (Application-Specific Integrated Circuit) designed and built only for mining bitcoins. It is virtually impossible to mine Bitcoins anymore without serious capital and hardware. You hear of the complaint that 98% of Quark has been mined already. You can say the same about bitcoin, considering only large server farms can compete in mining the coin. You will find that the barrier to entry in bitcoin mining is huge!
Generates a new block every 30 seconds. (very fast)
2048 QRK per block (halving every 60480 blocks ~ 3 weeks).
247 million mined the first 6 months, then 1 million QRK every year.
The .5% inflation was created to keep mining activity going and to keep the block chain resistant against 51% attacks to which Bitcoin is vulnerable. Being only CPU mined, this coin offers the average individual the rewards of mining.
Like most crypto currencies Bitcoin uses a single Hash function or SHA-256.
Quark is super secure and uses a different hashing algorithm with 9 rounds of hashing from 6 hashing functions (blake, bmw, groestl, jh, keccak, skein). 3 rounds deliver a random hashing function. Even though most believe the SHA-256 is sufficient at present, technology is always changing and improving. The multiple hash gives a further layer of security against unknowns that will enter the market in the future.
Historic Price Graphs
Quark (QRK) vs. Bitcoin (BTC)
Quark (QRK) vs. Bitcoin (BTC)
Money Facts #12 – 92% Electronic “money” vs. 8% Physical “money”
“People are earning and spending money without ever touching it. In fact, economists estimate that only 8 percent of the world’s currency exists as physical cash. The rest exists only on a computer hard drive, in electronic bank accounts around the world.”
By today’s estimates, the balance is 95% electronic vs 5% physical “money”.
Billionaires Index – The famous Bloomberg Billionaires Index
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Bloomberg Visual Data: Billionaires
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Money Facts #11 – World’s oldest surviving paper bill
The world’s oldest surviving banknotes came from China. It is believed they were the first civilization to make use of paper money. The earliest surviving notes were from the Chin Dynasty dated around 1115 to 1234 AD and can be seen in some museums. The Ming and Yuan Dynasties’ 1 Kuan are also one of the few surviving paper bills and was believed to have been used somewhere around 1335 to 1340 AD. It measured 8.75 inches x 13.25 inches and was recorded as the largest banknote until the 100,000 Philippine Peso bill took its place.