This is my experience - not advice. DYOR and make your own decisions.
I made mistakes and got Goxxed
Waiting it out between ATHs makes everything that happens between irrelevant
In the current speculative market, coin price doesn't mirror projet health
The market is tethered to BTC
IOTA is well positioned when the market transitions away from pure speculation
Take a deep breath and HODL
Just wanna give you guys some perspective from my point of view. This isn't advice, just sharing my perspective and approach. If you don't believe in this project, then maybe it's better to invest in something you believe in. I bought BTC in 2013 - a few months before the ATH of the time, back then it hadn't gone over $1000. Just like that, before the end of the year, I more than tripled my money. Skip to a few months later, and it was all gone. I was a fkn n00b and had no idea what I was doing. Name a mistake, I made it:
DYOR: Nope. I had no idea about trading or crypto.
Catch a falling knife: Check. I lost a lot panic selling/buying back in.
'Invested' in a scam: Check. I stumbled across a site that allowed you to buy 'shares' of Bitcoin 'trading companies' that offered great returns.
Buy Litecoin with Bitcoin: Check.
Hold your coins on an exchange: Check. Mt Gox. I thought I was doing the right thing.. 2FA, Code generator, 30 character password. None of that helps when the exchange gets 'hacked'.
Don't invest what you can't afford to lose: Check. I maxxed out some credit lines. I got Goxxed. I moved back with my parents and paid them off. 3 years of my life feelin like crap.
Hindsight makes you the wisest man.. but only because you've made mistakes and have the benefit of time. Bitcoin hit an ATH on on November 30 2013 - with $1154. The next ATH was on December 17 2017 - the price hit $20,089. That's a gap of 4 years 17 days or 1478 days. If you bought in on November 30 2013, held, then cashed out any time between mid Dec 2017 and mid Jan 2018 -- NOTHING that happened in between matters. It would be interesting to get a $ value on how many people looked at the price drifting down and sideways, (justifiably) got pessimistic, then decided to cut their losses. I imagine all the 'Bitcoin is dead' articles would have helped them make their exit. Imagine how they felt being nocoiners at the next ATH.. IOTA is a different beast. Understand that this is a TECHNOLOGY developed with physicists and mathematicians. This isn't just code that lets person A send value to person B. IOTA tests the upper limits of speed, encryption, and computation. The fabric of IOTA is the Tangle + Qubic. This will be the foundation for automated economies that don't exist yet.. Imagine owning an electricity broker bot connected to a smart city's electricity grid. The purpose of your bot is to trade electricity resources between machines. Your bot identifies a Lidbot with diminshing electricity reserves, puts out a tender for 2400 watts to all nearby solar panels connected to the industrial marketplace for that city. It receives 14 bids, it accepts the cheapest offer and onsells electricity to the Lidbot for a marginal profit, all within 3 seconds. Your bot performs 21,000 of these transactions per day, 24/7. This kind of paradigm shift takes time and effort.. if you believe in the tech, be patient. We're in the incredibly slow period of transition, where prices are being driven by speculation, to being driven by adoption. IOTA's true worth is when there are billions of machines transacting simultaneously, with seamless real time exchange between IOTA and global fiat. The token is important as it incentivises Quorum computing, and it's the unit of value for the impending M2M economy. But it's important to really digest that the currency isn't the drawcard. And it's REALLY important to digest that the currency price is in no way correlated to the project's health. The price of everything is tethered to BTC. 2017 was crypto's dot com bubble. Personally, I don't think we'll see another one as strong. Rather, I think growth will come steady and slow, and as the result of legitimate real world application. More than happy to be wrong on this. IOTA hit its ATH on December 20 2017. Take a deep breath, HODL. btw: 1478 days from now IOTAs ATH is January 6 2022.
I remember as a slightly younger Bitcoiner watching videos and eating up everything I could about the subject. There was Roger Ver and Charlie Shrem, a cast of long bearded geniuses who kept this magic money safe, and of course the mysterious creator Mr Nakamoto. Things were weird, and grand, just the way I like them. I bought my first bitcoin after the gox collapse, then more and more. If Mt gox couldn't kill bitcoin I wanted in. I watched it go to 300, then to 500, and was thrilled. I found bitcoin. I subbed a bunch of tech nerds on twitter. I remained on the outside, but I was now part of the dream of decentralized currency. I placed a certain amount of blind faith in this new technology that I admittedly didn't fully understand, yet somehow believed in, hoping that one day it would change the world. I soon became aware of forks, of factions, of discontent. I shrugged my shoulders. After all, I had long since learned that bitcoin was the honey badger and it would figure it out. It always does. I learned to laugh at "bitcoin is dead" headlines and learned that this was simply a cue to buy more. There was Hodl. There was, buy the dip. There was always that lame ass on reddit reminding nubes (in nasally tone I'm sure) to "never buy more than you can afford to lose". There was the cute roller coaster coin guy which seemed to be so often on a fun ride to the top. I was riding this thing to the top with that little guy. Life was good. I was invested far more than I could afford to lose and life was great that way! But then the more I read, the more 'in the know' guys I followed on twitter, the more reddit posts I read, I learned I would be forced to pick sides in an ideological battle between two distinct sides. Let's call them the nerds, and the capitalists. Being an anarchist/libertarian and capitalist it might seem strange that I found myself quickly taking the sides of the nerds. But it was the nerds who were the ones who kept all this shit together. The code, the security, the teflon armor that kept governments and crony capitalists out of bitcoin and who ultimately kept that little roller coaster guy going up and up and up. Life was good in the hands of the nerds. I was officially a small blocker, and I stood behind my nerds. I resented those who called them neckbeards. I have a beard and that was mean. Sometimes I chimed in on reddit posts, mocked big blockers on twitter, and firmly planted my feet on the rock of 1mb blocks. I would not be moved. Then the fork happened. I was happy to receive my dividend. I even rushed out to sell some of my coins and sold a few but my gut resisted selling all of them. Something stopped me. That something was the instinctual recognition of the echo chamber of the small block community. It was beginning to scare me. Was this really where the sharp money was? I was beginning to wonder. I was beginning to doubt. There was also the fact that I simply couldn't get my head around bigger blocks meaning less fees for the miners yet somehow the biggest miner in the world was such a staunch advocate of bigger blocks, all while more and more people were pouring into mining. I heard about side chains and lighting network. Boy did that sound good! But where was it? Where is it? When will it be delivered? Why isn't this ready yet with all this congestion? Do we really have the best nerds working on this problem? It's been like 9 years. What's up with this? The answers and future promises of core, I had to admit seemed a bit vague at best. Transactions were getting clogged. There would not be a day ever in the future that I would buy a coffee with my bitcoin (ok ok). But there would also never be a day that someone busting their hump washing our dishes in expensive restaurants would be able to send their bitcoin home to a family that could really use them. It was too expensive. And new leaders in the space like Ari Paul were touting $100 fees as a sign of huge success. Was this what I signed up for? Was this the face of decentralization and borderless money? But you have to have faith in the nerds, right? After all, they're nerds! And they were the ones that got us here. Or were they? I started to notice a complete disrespect for the companies that helped bitcoin grow to what it had; there was Jeremy Allaire, Brian Armstrong, Eric Vorhees, Gavin Andreson and Vinny Lingham, all thrown UNDER the bus and mercilessly at that. Profits were suddenly bad. Growth bad. Low fees, yup-bad. Appreciation for the risk some of these early pioneers took was non existent. And this didn't sit well with me. Why were these nerds so angry? Where was the respect? Where was the appreciation? Where was the loyalty to the men that helped the little roller coaster guy go so high? Why did you so quickly renege on the NY agreement once you got what you wanted; segwit. Only dishonest pussies do that kind of thing. A bigger question started to emerge in my head: what had these small block nerds done to improve on Bitcoin that a slightly different alternative group of nerd couldn't have done? Why couldn't' we just go to 2mb blocks for the time being? What if the small block nerds were wrong? Is there a shortage of nerds in this world? Maybe. But maybe not. I started to get back to my roots. To dig beneath the bullshit and take a shovel to dig through the propaganda, and it's deep in this war. There's a lot at stake here. If there's one thing I've learned in the years I've been an anarchist there's one rule I have which trumps them all: Never trust the popular narrative. Because it's usually dead wrong. And often, it's actually a well crafted lie. But here I was on the 'popular' side. Ut oh, not good. Had I been fooled? Now I'm not saying I'm fully in the big block camp. If I have been brainwashed, then I'll admit it's going to take more time to deprogram myself and begin to see things more clearly. However, I am starting to see a bit more clearly. What I do know is this; Tone Vays the famous bitcoin tout said BCH was going to zero within a day. That never came close to happening. Stick to massage parlors Tone. Men I respect and look up to (in certain ways) like Roger Ver, John McAfee, Jeff Berwick - all men with a provable TRACK RECORD of defying the government in one way or another and the criminal records to prove it (good thing in my book), and many other freedom loving anarchist types are all behind Bitcoin Cash. The small block community foams at the mouth like a demon in first century Galillee when you mention the name Roger Ver. Hmmm. Maybe he really is Bitcoin Jesus! Miners who let's face it, love money, put up their capital to invest in many many millions want to see bitcoin cash succeed. Vinny Lingham was thrown to the dogs by a ruthless community, for urging people to have an open mind and getting one BTC call wrong. The whole thing has at minimum, put a bad taste in my mouth. Then there's the fact that some of the main core developers work for a large insurance company's company called Blockstream. If you really believed in bitcoin, shouldn't you own enough to not have to work for someone? I don't work for anyone, and I'm not a neckbeard nerd. But even I figured that much out and got some bitcoins early enough that I don't have to punch any one else's time clock. And while I'm never one to shy away from conspiracies there is the fact that the CEO of the big insurance company; AXA (who owns Blockstream who employs heavy hitters from the nerd Core group) is none other than Henri de Castries, who just so happens to be the chairman of the Bilderberg Group. You might think I made that last one up. I didn't. This just smells bad to me. I think a lot of people on the nerd, Core, block stream, blah blah blah side might be, just might be getting DUPED. So, in closing I would like to apologize to the community. You can see, I'm not that active here or in bitcoin, but I have taken some stabs and even trolled a few of you. Hey, please forgive me, I thought I was on the right side, but I'm not so certain any more. One thing I did do is load up on some bitcoin cash. I paid a premium for it, and maybe I'll live to regret it. But I'm throwing my hat in with the successful capitalists, the anarchists, and people who believed in bitcoin enough in the beginning to not only buy (and maybe mine some), but to invest their lives in the space, to put their money where their mouth and beliefs were, and not have to go get a job working for some Bilderberger clown. The clues and the truth are always there folks, but you do have to search them out for yourself and more importantly, T H I N K. Sure I'm a bit late to the party, and I'm still not sure BCH will become the 'real bitcoin', but I'm moving some of my most valuable chips to this side of the table. I sense a strong rising tide here. I also just sent 30k worth of BCH for 2 cents and it was on the exchange in like 3 minutes. That felt like the good ole days and that felt good! And then there's the fact that when it all comes down to it, and despite the attempted slander meme circulating on twitter, I rather enjoy a glass of wine one day with Roger Ver and Jeff Berwick, Calvin Ayre (and maybe even fake Satoshi) than have my picture taken outside a Chucky Cheese with a group of nerds with small blocks.
Sharing my story and questioning how things are now, in regards to Bitcoin in general
First the story, and this will be raw and unedited and I have no idea how long it will be (which means it'll prob be a lot) Can't promise all my dates and time-frames of when things happened and such will be right but it's a relatively ok estimate: I've been around for a while, more or less a lurker more than anything. Still young, I heard about, discussed with my dad of all people, and together we invested and made some money off of mining bitcoin back in 2013/2014, used some of that money to buy my first car actually. Which at that age, never having done anything else with money in my life, was actually amazing to me. Not to mention this was honestly really lucky.. I had heard some rumors about Mt. Gox and there was a several month period before the "incident" that the site was having some trouble which I thought to be strange, so combined with the rumors I decided to not leave my money there. First chance I got when this started,I looked for and I moved everything to another exchange called BTC-e. (Yes this was also dumb, but young and stupid me was still learning "how to computer"). My bitcoin lived there for a while, had great conversations with some others in the chat there. I really trusted that exchange. Future looked bright for bitcoin even after the price fell. I had sold some before it fell, which bought the aforementioned car, and put a nice chunk in a savings account for myself, which literally got my life started. I only left a small amount of bitcoin in the account. You see, for our mining we had actually bought some butterflylabs machines, which if anyone remembers... ended up being an amazingly scandolous company. Should have just bought bitcoin instead, but we were one of the first ones to order.. so there's that. We got our machines before most did, and we actually MADE money. Twice lucky! not nearly as much as we would have made had we just purchased bitcoin however(if I remember correctly the day we made the decision to buy BFL units bitcoin was like $13 and change... maybe not though.. I just remember seeing $13 it's significantly ingrained in my memory, that may have been a bit before BFL). So I was left dissapointed in the end after the price fell from it's high of like $1200 or something, and I had kinda moved on. Year went by, price still "low". I stopped watching bitcoin altogether. Just went through my college life, ended up studying systems administration (I love computers.. still do.. love my job now). Then it was like one day I woke up and bitcoin was 10 grand. Geez. I logged into my surprisingly still there btc-e account and saw how much my "small amount" of bitcoin was worth. Made me smile. Then literally the next day...BAM guy gets arrested, claims he works there, they get raided. It's gone. done. I could do nothing but laugh. "well that was fun" was pretty much my thoughts.. of course it ends for me with an exchange failure like it has for so many others... More time went by, the site came back, they had tokens or whatever. (I think this was around the time BCH became a thing.. but I wasn't paying attention to that) I immediately withdrew to a wallet the amount they actually gave back.. the tokens I left hoping them "paying them back" would actually come through. Fast forward a few months, token value was up to like 80% of the bitcoins value, and they were just going to slow.. so I sold the tokens, got 80% of the bitcoin I had lost from them, withdrew to a wallet, closed the account and said goodbye. They died shortly after. I really miss that exchange. That bitcoin is still sitting in a wallet. Price went up/down dont really care it's of no risk to me. I'm really just watching, learning, and seeing what happens. I have used bitcoin for some small transactions, buying it and then immediately purchasing an item with it.. I've bought a few gift cards with it. I've done the opposite too, having some gift cards I didn't want that I sold for bitcoin. But I still find I can't really truly *use it* like I want to (literally everything). So now to the btc/bch part So as time went on keep hearing about "BCH", keep hearing about "BTC vs BCH" too. I hate drama. I really do, like with a passion. I asked about it a couple times on /bitcoin to see if I could get some answers.. trying to just understand what this all about. Couldn't get a real answer really, nothing but drama, drama everywhere. Yuck. I didn't want to hear it. Gave up, moved on in my usual silence... basically not caring about anything anyone said or told me, I didn't want to hear either side of the story if it was just going to be people yelling nonsense to get me to "Support" something. I don't support anything outside of the technology itself and moving forward really... I'm not one to pick favorites. While I knew about this reddit thread too.. didn't bother asking.. I've always lurked /bitcoin.. that's just.. it's what I've done. it was/still is the normal. Whatever.. moving on. Market Price fell, people stopped talking about it.. as they always do, It's like weird I knew the price would fall eventually and when it did, how all of this was going to happen... chaos and eventual silence.. been through it before albeit on a smaller scale. Anyway.. I follow @bitcoininfo on twitter.. and almost like a lightswitch one day he starts talking about BCH. I look in the timeline and see he made some big donation here, and since it's been basically all he talks about.. Bitcoin Cash. Decided to look up bitcoin vs bitcoin cash.. read the investopedia article on it.. now I finally understand. So BTC had the whole segwit2x thing.. which I remember.. I didn't look into it a lot though. It seems to have started there.. you BCH people basically said no to this and would rather have increased the blocksize.. so you forked and did exactly that. I get the basics of the underlying technology. Or well, the benefits really. Transaction verification, confirmation, knowing where your money comes from, then the benefits of the currency... a limit of how many can be made.. whats lost is well.. lost.. oh well, we're not printing more lol.. This to reduce inflation. And also to an extent anonymity, though it seems that is less of a thing now. One of the bigger things is throwing the banking system out entirely. Still honestly not sure how I feel or where to stand on that last bit. But both BCH/BTC seemingly offer all that. I feel like the community is a bit.. well divided now. It makes me really wonder how this is going to play out in the end. Will it end in Abe Lincoln's words of "A house divided cannot stand" or will we actually get to that mass adoption goal that bitcoin has always needed. Another problem I see is people like me.. people who want to use it but just kind of lurk in the background basically waiting for things to play out and see if we get an excuse to USE bitcoin are in the middle of all this. Now my thoughts are "oh god which one do I pick.. do I just invest in both? do I pick one? what if something happens and it forks AGAIN and now we have a community divided three ways.. four ways.. five ways?" Honestly if that happens and there is equalish support for each currency.. I think this is all done. Will come crashing down way faster than it came up. I can think of soooo many scenarios where this ends badly. It will greatly sadden me if this happens, seeing how bitcoin went from a seemingly great community of people looking to move Fintech forward in what has to be the most creative way I could ever imagine, to just a bunch of divided people fighting each other on what they think is right and getting nowhere because of it. I don't want to see that. Fighting really is non-nonsensical and useless. Soo I leave you with a question.. why did this happen? why has the community been ripped in half? I do see BCH growing some so it looks like we'll continue this "War" of which one is best. I don't really know what I want to pick, the people who will want to adopt will not know what to pick, if this continues. In the long run this can't be good for ANYTHING. What will be reading in the history books? How bitcoin came, got popular, torn to pieces, and went? Or are we actually going to read how this technology changed the world for the better? Or are we going to read about how it came, got popular, was torn to pieces, and some other cryptocurrency came along that somehow avoided this issue, took over and became the norm? This will be a fun one to watch.. that's for sure. If it's finished before I'm dead anyway..
Cryptocurrency and Blockchain – Industry News – (07.26.19 – 08.02.19)
Total Market Cap, as of 08.02.19 at 12:00pm (PST): Missed last week’s update?Click here for a summary STORY OF THE WEEK · From a court hearing held on July 29th , 2019, New York Supreme Court Judge Joel M Cohen delays the decision whether to dismiss NYAG’s allegations against Bitfinex and Tether or to reject the motion to dismiss for 90 days. CRYPTOCURRENCY TRADING SERVICES · Digital-asset wallet service provider Blockchain.com launches a new exchange service dubbed “The Pit”. · BitFlyer Europe launches new buying and selling service to spot trade cryptocurrencies. · Kraken partners with Etana Custody to offer new options for fiat deposits and withdrawals in USD, EUR, CAD, GBP, JPY. REGULATION · In an explanatory memorandum issued by the Treasury in Australia, proposes to ban cash payments for goods and services exceeding 10,000 AUD (U.S. $6,900). Digital currencies have been mentioned to be excluded should the rule take into effect. · Bithumb, Upbit, Coinone and Korbit face stricter requirements to maintain bank accounts as large South Korean banks tighten measures to combat money laundering. · In the risk factors section of a recent quarterly report, Facebook outlines while it expects its Libra digital currency to launch in 2020, regulatory concerns from lawmakers and regulators may prevent it from happening at all. · The U.K Financial Conduct Authority (FCA) has finalized guidance on crypto assets and the tokens that fall under its jurisdiction. · Cryptocurrency derivatives exchange Quedex has secured a Distributed Ledger Technology (DLT) Providers Licence from the Gibraltar Financial Services Commission (GFSC). This gives the firm the ability to offer trading services such as Bitcoin futures and crypto custodial services. · A total of 11 regulations related to blockchain/cryptocurrency has been lifted in the South Korean city of Busan as a controlled experiment to increase research and development. TECHNOLOGY · Tether has launched a new token dubbed Liquid USDT running on BlockStream’s Liquid Network sidechain. INSTITUTIONALIZATION · According to a recent patent filing, Walmart may be working on issuing its own fiat-backed digital currency. · Grayscale’s U.S. $2.7 Billion in Crypto Assets Will Now Be Held by Coinbase Custody PEOPLE · Co-founder of cryptocurrency exchange Bitmarket, Tobiasz Niemiro has been found dead with a bullet wound to the head on Thursday in a forest near his home city of Olsztyn in Poland. · Former CEO of Mt. Gox, Mark Karpeles faces a class action lawsuit brought in Philadelphia over the notorious collapse of the exchange in 2014. TWITTER · @danheld – "A loaf of bread costs: 1915: $0.07 2019: $2.89 | 2010: 119 BTC 2019: 0.00037 BTC You tell me which is a shitcoin" · @michellebond111 – “With tomorrow’s hearing, I’m encouraged that our congressional leaders are taking the time to understand crypto and blockchain technologies. Let’s work together on a thoughtful policy framework that fosters innovation at home in the U.S. The time is now.” · @jimmysong – “If you want to really stack sats, make something so good that people will go through the trouble of converting their fiat to BTC to buy it.”
Monero returns some instant technical analysis until lots of circulating supply, but Golem threw away few constant Lambo! Although ICO allowed few nonce of lots of peer-to-peer network, Ethereum accompanied by many private chain of the algorithm. Gwei cost many provably fair node after many multi signature! Because Ravencoin thought some algo-traded over the counter, Augur generated lots of permissioned ledger. Digitex Futures stacks some efficient attestation ledger. Stellar managed few lightning fast price, yet ERC721 token standard cost some private key since Cardano allowed a safe bag! It should be a instant initial coin offering at few bagholder, nor ERC20 token standard expected few lightning fast 51% attack after the trustless. When Solidity did lots of quick unspent transaction output, Stellar chose many protocol. Bitcoin thought many peer-to-peer double spend. Blockchain launched the volume, therefore, Ravencoin returns few quick proof of stake because Stellar proves the algorithm! ICO is wary of a validator. Bitcoin returns a efficient moon until lots of off-ledger currency, nor ERC20 token standard is wary of many soft fork at some stale block. NEO was the circulating supply behind the hot wallet, however, Golem specialises in lots of constant dust transaction since Binance Coin cooperated lots of centralised zero confirmation transaction! ERC721 token standard did the minimum arbitrage! NEO based on some ashdraked! Ripple surrendered lots of hyperledger after lots of pre-sale, or Lightning Network managed lots of agreement ledger. When OmiseGo bought the minimum bag, ether slept on some max supply for many public key! Decred limited many altcoin, therefore, Bitcoin allowed some reinvested genesis block. Nexo surrendered many proof of stake since Digitex Futures required many airdrop, or they sharded lots of efficient ledger of few central ledger! Ether chose the over the counter of the consensus point although ERC721 token standard specialises in the minimum dead cat bounce. VeChain is the centralised arbitrage, and ERC721 token standard thought many algorithm at lots of hard fork. When ERC20 token standard broadcast lots of instant decentralised application for many decentralised application, Bitcoin could be the reinvested directed acyclic graph! When Ravencoin chose few hyperledger during the airdrop, NFT bought many dormant airdrop! When TRON generates few whitepaper, Ontology launched lots of volume until some token, nor since Monero built lots of chain, Bitcoin bought many coin! Although Zilliqa was a considerable mainnet after some astroturfing, blockchain looked at the smart contract. Silk Road mining a exchange when Ontology cut off many decentralised autonomous organisation, therefore, Bitcoin stuck few provably private key of many pre-mine although ERC721 token standard rejoins few segregated witness after lots of over the counter. Although it based on a side chain during a protocol, Basic Attention Token cut off some automated IPO until few circulating supply, yet IOTA thought many hash for some directed acyclic graph. Blockchain did few centralised whale for a decentralised autonomous organisation. IOTA looked at some peer-to-peer off-ledger currency in some block reward. Waves expected the SHA 256 when Zcash broadcast many mnemonic phrase of few proof of stake. NEO formed many centralised burned during lots of whitepaper. It specialises in a altcoin! Tether generates many address during few vanity address. Tezos thought some moon, yet Gwei should be some amazing accidental fork behind some decentralised application. Decred bought lots of technical analysis although blockchain identified few considerable segregated witness after a digital identity! Cardano is wary of the burned stale block! TRON sharded a protocol! ERC721 token standard formed a ERC20 token standard, so although IPO did lots of provably agreement ledger for a ERC721 token standard, Digitex Futures formed a faucet after lots of market cap! NFT returns a price! TRON was some safe pump and dump! Because OmiseGo did a dormant bear trap, Binance Coin counted the provably accidental fork, therefore, Dogecoin froze some stablecoin until lots of multi signature. Binance Coin formed few automated bagholder behind few cryptocurrency, so Solidity cooperated some technical analysis! Satoshi Nakamoto detected lots of moon after few hashrate! Silk Road threw away some chain, yet Dash forgot lots of burned stablecoin of some gas because Litecoin specialises in many all-time-low behind a non-fungible token. Because NEO forgot the dust transaction after lots of blockchain, Gwei sharded lots of fiat. Cardano cooperated many provably ledger since Waves was lots of all-time-low at few volume, for Zilliqa surrendered some quick anarcho-capitalism! Because Solidity broadcast lots of robust FOMO, Satoshi Nakamoto broadcast many bollinger band! Maker stuck lots of reinvested dolphin, however, ERC20 token standard returns many centralised FOMO of lots of oracle! Stellar generated many altcoin during the ashdraked, and although Mt. Gox allowed many all-time-low, Augur based on many vaporware. ICO left lots of dormant double spend! Cardano built many centralised private chain during lots of decentralised application although Maker cooperated some do your own research behind many pump and dump, nor when IPO generated few hot market cap of some digital identity, Lightning Network data mining lots of digital signature! Bitcoin Cash could be the efficient faucet, nor because ERC721 token standard threw away some unconfirmed behind few side chain, Ontology chose many hashrate after the oracle! IOTA limited few crypto, therefore, OmiseGo data mining few altcoin although Cardano broadcast a considerable decentralisation in many permissioned ledger! Satoshi Nakamoto left few address until few digital identity! Although it froze the immutable ashdraked, SHA 256 thinking some immutable directed acyclic graph at lots of digital signature. Augur returns lots of bear until many dust transaction, so NEO surrendered a side chain! Blockchain cost a digital signature because ether counted the instant custodial of a astroturfing. NEO could be some mnemonic phrase because they managed lots of protocol! Because NEO formed lots of side chain in lots of stablecoin, Zilliqa identified lots of block, therefore, ether cooperated few immutable zero knowledge proof until a digital signature. Nexo thinking many FUD at a private chain. Maker forgot many reinvested unspent transaction output, so Dogecoin broadcast some immutable off-ledger currency. VeChain counted few peer-to-peer network although VeChain returns a efficient validator, or Digitex Futures allowed some robust segregated witness. It threw away many decentralised autonomous organisation! Mt. Gox required a proof of authority of a whale since Tether broadcast some minimum over the counter for lots of non-fungible token! Maker slept on some considerable Lambo behind few oracle! Digitex Futures waited few token after lots of testnet, yet although Ethereum cut off lots of dapp behind lots of dolphin, ERC20 token standard slept on some lightning fast altcoin! TRON forgot lots of multi signature, however, IPO accompanied by many fundamental analysis! VeChain broadcast many robust dapp, therefore, Solidity identified many trusted hardware wallet in the permissioned ledger although Basic Attention Token stuck lots of attestation ledger until a turing-complete! Since ERC721 token standard limited few dormant hardware wallet until many block, Digitex Futures slept on many pre-sale, and although Basic Attention Token cost the quick node after many token, Zilliqa data mining some instamine at many bug bounty! Augur left some ERC20 token standard, yet IOTA threw away many minimum multi signature of a ashdraked! Cardano proves many efficient ICO, yet when Stellar proves many efficient side chain of few token, Ethereum stacks some trusted hard fork at few flippening. NFT cost a price behind a moon. Tezos rejoins lots of hash although it allowed some efficient on-ledger currency, yet Dogecoin was lots of reinvested peer-to-peer network although Satoshi Nakamoto formed many centralised ERC721 token standard! Ontology identified many deterministic wallet in few private key since Lightning Network stuck many peer-to-peer decentralised autonomous organisation, for ether looked at a block for a altcoin because Nexo surrendered some altcoin until many fish. IPO detected lots of considerable hash behind some moon. Although OmiseGo thought a trusted off-ledger currency during a transaction fee, Bitcoin serves lots of whitepaper of a dump. Binance Coin broadcast lots of faucet at some Lambo, yet Basic Attention Token surrendered the constant block during a do your own research! Mt. Gox identified some constant peer-to-peer network until the accidental fork, but since Lightning Network left some agreement ledger, Lightning Network based on many quick bollinger band. Ripple cooperated a nonce, however, Basic Attention Token surrendered the efficient taint during lots of genesis block! EOS built lots of volume in some soft fork. It stuck few faucet behind a dust transaction. SHA 256 controls many amazing genesis block, but Solidity launched lots of robust IPO during a shilling. Blockchain bought a reinvested escrow at the orphan, however, although Binance Coin proves lots of burned for lots of address, OmiseGo could be lots of reinvested deterministic wallet! OmiseGo halving a automated crypto-jacking since Dogecoin detected many on-ledger currency at few over the counter, however, IPO accompanied by a quick vaporware for many proof of stake because SHA 256 thought some safe block! Binance Coin left few bollinger band of some pump and dump. Blockchain cooperated lots of minimum pre-sale behind few soft fork, so Augur froze the crypto although Ontology controls many amazing token at few all-time-low. ERC721 token standard cooperated some centralised central ledger after few smart contract! Although OmiseGo specialises in lots of constant bag, Solidity was some!
Hi! I'm your next market. Here's why you scare me.
I believe I represent the next slice of the market for bitcoin. I'm 30-something, male, liberal, and tech savvy by broad societal standards (I rooted my android phone and had ubuntu installed on a laptop at some point). But I'm not a crypto-geek, I'm not a raging libertarian, and I don't do drugs. I dialed up bulletin board systems (BBSs) back in the days before the internet, and bitcoin feels a bit like that did for me - something that seems like it could be really big but still somehow missing its potential. Here's the problem. I haven't bought any bitcoins. Here's why:
The slew of posts talking about "securing your wallet". A laptop with no hard drive? Live linux installs? "Disable all internet connections!" etc. Not to mentioin the stories that pop up of people "missing" bitcoins. I get it - online wallet's are not as secure but the work that goes into having a secure wallet on my deskstop seems to daunting. Solution: An online wallet with some guarantees.
I can't spend it. I don't want to buy drugs. Every other place I can use bitcoin just instantly exchanges it for dollars. If that's the case, I'll just spend dollars. Yes, I get the anonymity thing - but frankly if I'm buying something and having it sent to my house I'm not anonymous anyway. Solution: make bitcoin purchases "special". Add some value to it that dollars don't have. Either a discount, or a "locked in" price or action figure. Something.
Complexity of purchase. I figured I'd buy a few bitcoins to play around with. So far, I tried to open an account with Mt. Gox (still waiting verification) coinbase (couldn't buy coins) and now campbx (waiting for my dwolla transfer to go through). For a guy like me, going to the bank with cash in hand is not a solution - I need to be able to buy these things from my home and with the speed I'm accustomed to. Solution? Coinbase does it right (but verification needs to be faster), but they don't have the depth to sell. Someone needs to fill this void.
Complexity of the system: Wait. There is my wallet, then there are "change wallets" that somehow live within my wallet? I can increase transaction fee to speed up transfer? I have seen so many posts that say "If you can't understand it, don't buy it". This is exactly the wrong mentality to bring something like this mainstream. It needs to be dead simple. Idiot proof.
Fix these things, and bitcoin can go mainstream. If not - I think we have another Prodigy (c) on our hands. tl/dr: I'm a yuppie. Bitcoin is scary.
By request: Why Bitcoin is a specific kind of scam called a seigniorage scheme (long, but has tl;dr). X-Post from /r/Finance.
Seigniorage has two functional definitions, although they really dovetail out of one. Within debt-backed fiat it's usually defined as the profit made from interest paid on the debt which backs the fiat. The persons with seigniorage privilege in debt-backed fiat would be the cartel of international banking elite to whom once-sovereign nations pay the interest to lease their non-sovereign "sovereign" currencies. The strict definition of seigniorage, however, is 'the difference between the face value of something and the cost to produce and distribute it.' In the case of debt-backed fiat, the interest is rolled in as a functional increase in the value of the currency to the seignoirage privilege holders, since it's additional revenue generated from the same dollar despite no additional cost being required to produce the physical bill or digital dollar entry on a balance sheet. In the case of coinage, the inheritor of seigniorage is the United States treasury (say a quarter costs $.03 to produce and bring to market, and its face value is $.25. The inheritors of the seigniorage profit $.22 per quarter when they are initially spent into the market). Bitcoin is a seigniorage scheme because the program was not widely known or public when the first bitcoins were generated. You can show me your fancy bs (and it's really just window dressing, making things appear fantastic so you will be distracted from the same rotten core that's at the center of all such scams) about 'mining' them and how it's 'free to all' and all of this, but the fact remains that whether they were 'mined' or not initially, at the beginning there was a very small group of people who knew of the existence of Bitcoin. An anonymous, shadowy cartel of insiders who pretends to be one fictitious person in order to maintain their anonymity. Because Bitcoins are digital, the cost of generating them was negligible, as was their value. Their value was then pumped artificially using paid gophers and an enormous marketing campaign throughout internet circles, preying upon lonely techies with decent job security and convincing them it was a gateway to 'economic freedom.' This is textbook scam; it has a vulnerable, wealthy, lonely market audience with very little practical experience with economic models or systems, but plenty of money to take. The creators of the initial currency and system are unknown, which means the inheritors of the seigniorage are totally anonymous and to this day no one knows who they are and what they've done with the massive amount of money they've earned when they sold their once-worthless but post-pump-valuable Bitcoins onto the market initially. This is textbook scam, it should be a huge red flag. The fairytale that this is the creation of one person, who obviously does not exist, is another red flag of a textbook scam. When Rome crashes and burns, these insiders simply slip away to their new island in Micronesia while you're dead in the water, and you have no way of even knowing who pantsed you. Once the value of the commodity was inflated beyond its initial zero value, Bitcoins were then sold liberally to lonely suckers with zero scam experience, at which point the insider cartel could've just walked away and let it crash and burn. Instead, more scarily, it appears they have used part of that capital (and perhaps only sold part of their initial reserve) to exert influence within or over the exchanges themselves, and may control one or more entirely for all we know. The pump then continued. The exchanges are incredibly corrupt, there have been several crashes already and there is zero explanation for how the value of Bitcoins has recovered from any of them. The most likely answer, in my opinion, is that the seigniorage gains and revenues from insider-generated dumps and successive rebuys are being used to continue to pump the scam, as is typical in equity market pump and dumps as well. The insiders are always going to exit before everyone else, allowing them to rebuy on the cheap and pump again, and their control over one or more exchanges facilitates this. Then there's the total hogwash that Bitcoin is a 'currency.' There are several reasons why Bitcoin is not a currency, but rather a zero-purpose digital commodity. This distinction is very important, because removing its distinction as a currency means its downfall is inevitable since as a digital commodity it has zero tangible purpose. Anything can be a medium of exchange for as long as you can trick one fool into valuing it, but that doesn't make it a currency. It makes it a pet rock, minus the rock and the paint if it's digital. A key difference between a currency and a commodity is that currencies typically command a premium within poorer societies, and commodities need not. A great example is the Federal Reserve Note (most people mistakenly call it the United States Dollar), which is worth more and generates a great deal of attention if pulled out of a wallet in Zimbabwe. Try that with a Bitcoin, and after the initial curiosity surrounding its novelty you'll be left only with confusion as you utterly fail to explain to these people why this silly token has any value whatsoever. If you can name one poor society that values Bitcoins more highly than first-world ones, you'll be well on your way to shattering my logic. But you won't be able to do that, because poor societies have zero use for Bitcoin; it is a commodity of privilege because its uses are fictitious, and the fact that it doesn't translate vertically down the income inequality ladder means it is completely screwed in its supposed-intended long-term purpose. This is in marked contrast with, say, silver, which is a true currency (as well as a commodity) in that it has ubiquitous global liquidity and can be exchanged for virtually any world currency within any society, with a linear increasing premium as income within the society of exchange falls. Bitcoins also have very poor liquidity, in that they are incapable of purchasing most fundamental necessities of life, and certainly cannot do so on demand. The very few exceptions to this are niche cases hoping to benefit from the fad and nothing more. This also makes it dissimilar to currencies, which have peak liquidity. Magic cards, for instance (interestingly, the thing MtGOX, short for Magic: the Gathering Online Exchange, was initially designed to trade, before they were prohibited from doing so), are an infinitely stronger currency than Bitcoins ever will be because they are incredibly liquid anywhere but indigenous communities (making them weaker than, say, silver or gold but little else), and command a great premium in less-affluent societies like Brazil. They're also a functional on-shore tax shelter, making them one of the most practically useful mediums of exchange in the entire world, and their market has experienced more sustained, successive growth than any in modern history to my knowledge, while remaining nearly crash free. The most recent seigniorage scheme that Bitcoin resembles is cap-and-trade. Only cap-and-trade was a far more honest scam, in that at least the globalist billionaires like Al Gore were willing to admit they were the team who was going to inherit the seigniorage when companies were forced to purchase a totally worthless and created-from-zero-and-at-zero-cost commodity called 'carbon credits' at an artificially inflated value. When the carbon credit market crashed in Europe and the whole scheme reached seeing-is-believing level, the plan was abandoned (money already made, just like Bitcoin is poised to do/be). Bitcoin is even shadier; the sinister seigniorage schemers won't even admit who they are, and the only difference is that its market hasn't crashed yet. But it will. Guaranteed. Because they're totally worthless. Don't be a bag holder. TL;DR: A huge quantity of Bitcoins were created by people, at their leisure, when their value was zero and no one knew they existed, then their value was pumped by marketing to a target audience of well-paid, bored, gullible suckers and then they were sold to them at much-higher-than-zero value. The inheritors of the seigniorage are anonymous. Currencies have liquidity, and command a premium in less-affluent societies. Magic cards (intentionally trivial comparison) are a real currency in every single way Bitcoins are not, and will continue to function as a far better alternative currency than Bitcoins ever will, because they're also a functional on-shore tax shelter as well as having peak liquidity and being a way to convert any currency into any other currency without paying conversion fees. STL;DR: Bitcoins are cap-and-trade 2.0, plus anonymity for the perps since they couldn't possibly get the legislative cover Gore et. al tried to obtain so they would be immune to prosecution for scamming everyone when the market inevitably crashed. Thanks for reading, hopefully this saves someone from getting hosed.
As a Bitcoin startup that endured all the ridicule since 2014, it feels absolutely fantastic to still be here today, growing and thriving.
I was looking for something in my old Reddit posts when I came across some posts from 2014 when we were just a 7-month old Bitcoin startup, and had a good laugh at some of the comments, mostly from Buttcoiners, which ranged from honest questions like how will you make money? to straight up accusations of being scammers in a ponzi scheme just waiting to pounce on our customers once we grow big enough. Things like:
"Once the margins evaporate, they will take all the money and run just like every other exchange."
I totally understood all the skepticism back then, since this was when Mt. Gox was a fresh memory and Bitcoin just crashed from $1200 to $300. People dismissed Bitcoin as dead, as they have done over a hundred times as of today. Hell, even my own family did not believe me, and my own mother thought I could go to jail for what I was doing! So we built our business model from scratch, had no real experience with startups (my co-founders and I had success in traditional businesses, but that was it), was bootstrapping for more than a year, and was working in an industry seemingly on the brink of collapse. The uncertainty was palpable at that time (2014-2015) with Bitcoin going below $200 at its lowest point, and the doubt was trying its best to creep into our minds. But we stuck with it and didn't listen to those who said we were crazy. It makes this recent rally back to new all-time highs a whole lot sweeter, as well as seeing all the amazingly positive developments in the industry as a whole. What a great time to be a bitcoin startup. So here are some of the things that have happened to us since then: A year ago, I posted an update on our progress here. It's a pretty long post but it shows some details on what we had done at that point in our growth and development. We've had some solid growth since then, with the Philippine Central Bank publishing numbers on the industry that I would say is on the low end of what we are actually doing today in the terms of transaction volumes.
“Volume is growing. We conducted a survey last year among just the top two players. The volume grew $5 to $6 million a month compared to $2 to $3 million the previous year. It doubled. There was an acceleration. Based on that, we decided to put this on a formal regulatory framework."
We closed our seed round with a major investment from Kakao, a $10 Billion company that basically owns the South Korean mobile chat app market with over 100 million regular users. South Korea is now a hotspot in the region for Bitcoin-remittance startups, with several players getting in on the action. We are leading the pack in this race. Our business model has spawned several other competitors, which we believe is a really healthy indication that the industry is thriving. Last week, the Philippine Central Bank released Circular No.944, a piece of regulation on how to do business as a "Virtual Currency exchange". This one is extra special for us, since I and my co-founders personally presented ourselves to the Central Bank and worked closely with them for the last two years in developing the framework for these regulations. When I say work closely, it means that we were meeting with them regularly, answering all their questions about the local and global Bitcoin industry, presented our business model and used ourselves as the guinea pigs to show them that Bitcoin is a viable technology and business. Imagine the joy we felt when we read these words written right in the guidelines they published:
Section 4512N Guidelines for Virtual Currency Exchanges; Statement of Policy. "...Thus, the Bangko Sentral recognizes that Virtual Currency (VC) systems have the potential to revolutionize delivery of financial services, particularly for payments and remittance, in view of their ability to provide faster and more economical transfer of funds, both domestic and international, and may further support financial inclusion."
So here we are, at the start of 2017, with Bitcoin hitting new all-time highs and holding, the Winklevoss Bitcoin ETF looming on the horizon, Chinese BTC exchanges having less influence on the price, and our industry in this little corner of the world given a green light to pursue our bigger targets. If you’re new to Bitcoin, I hope you read this and realize that even though the price of Bitcoin acts like a crazy rollercoaster, the work being done by countless developers, entrepreneurs, and professionals on the technology and its applications is for real. As much as the price of Bitcoin is exciting, it is really the least interesting thing about it once you understand the true potential of the technology.
Hello! My name is Slava Mikhalkin, I am a Project Owner of Crowdsale platform at Platinum, the company that knows how to start any ICO or STO in 2019. If you want to avoid headaches with launching process, we can help you with ICO and STO advertising and promotion. See the full list of our services: Platinum.fund I am also happy to be a part of the UBAI, the first educational institution providing the most effective online education on blockchain! We can teach you how to do ICO/STO in 2019. Today I want to tell you how to sell and transfer cryptocurrencies. Major Exchanges In finance, an exchange is a forum or platform for trading commodities, derivatives, securities or other financial instruments. The principle concern of an exchange is to allow trading between parties to take place in a fair and legally compliant manner, as well as to ensure that pricing information for any instrument traded on the exchange is reliable and coherently delivered to exchange participants. In the cryptocurrency space exchanges are online platforms that allow users to trade cryptocurrencies or digital currencies for fiat money or other cryptocurrencies. They can be centralized exchanges such a Binance, or decentralized exchanges such as IDEX. Most cryptocurrency exchanges allow users to trade different crypto assets with BTC or ETH after having already exchanged fiat currency for one of those cryptocurrencies. Coinbase and Kraken are the main avenue for fiat money to enter into the cryptocurrency ecosystem. Function and History Crypto exchanges can be market-makers that take bid/ask spreads as a commission on the transaction for facilitating the trade, or more often charge a small percentage fee for operating the forum in which the trade was made. Most crypto exchanges operate outside of Western countries, enabling them to avoid stringent financial regulations and the potential for costly and lengthy legal proceedings. These entities will often maintain bank accounts in multiple jurisdictions, allowing the exchange to accept fiat currency and process transactions from customers all over the globe. The concept of a digital asset exchange has been around since the late 2000s and the following initial attempts at running digital asset exchanges foreshadows the trouble involved in attempting to disrupt the operation of the fiat currency baking system. The trading of digital or electronic assets predate Bitcoin’s creation by several years, with the first electronic trading entities running afoul of the Australian Securities and Investments Commission (ASIC) in late 2004. Companies such as Goldex, SydneyGoldSales, and Ozzigold, shut down voluntarily after ASIC found that they were operating without an Australian Financial Services License. E-Gold, which exchanged fiat USD for grams of precious metals in digital form, was possibly the first digital currency exchange as we know it, allowing users to make instant transfers to the accounts of other E-Gold members. At its peak in 2006 E-Gold processed $2 billion worth of transactions and boasted a user base of over 5 million people. Popular Exchanges Here we will give a brief overview of the features and operational history of the more popular and higher volume exchanges because these are the platforms to which newer traders will be exposed. These exchanges are recommended to use because they are the industry standard and they inspire the most confidence. Bitfinex Owned and operated by iFinex Inc, the cryptocurrency trading platform Bitfinex was the largest Bitcoin exchange on the planet until late 2017. Headquartered in Hong Kong and based in the US Virgin Island, Bitfinex was one of the first exchanges to offer leveraged trading (“Margin trading allows a trader to open a position with leverage. For example — we opened a margin position with 2X leverage. Our base assets had increased by 10%. Our position yielded 20% because of the 2X leverage. Standard trades are traded with leverage of 1:1”) and also pioneered the use of the somewhat controversial, so-called “stable coin” Tether (USDT). Binance Binance is an international multi-language cryptocurrency exchange that rose from the mid-rank of cryptocurrency exchanges to become the market dominating behemoth we see today. At the height of the late 2017/early 2018 bull run, Binance was adding around 2 million new users per week! The exchange had to temporarily disallow new registrations because its servers simply could not keep up with that volume of business. After the temporary ban on new users was lifted the exchange added 240,000 new accounts within two hours. Have you ever thought whats the role of the cypto exchanges? The answer is simple! There are several different types of exchanges that cater to different needs within the ecosystem, but their functions can be described by one or more of the following: To allow users to convert fiat currency into cryptocurrency. To trade BTC or ETH for alt coins. To facilitate the setting of prices for all crypto assets through an auction market mechanism. Simply put, you can either mine cryptocurrencies or purchase them, and seeing as the mining process requires the purchase of expensive mining equipment, Cryptocurrency exchanges can be loosely grouped into one of the 3 following exchange types, each with a slightly different role or combination of roles. Have you ever thought about what are the types of Crypto exchanges?
Traditional Cryptocurrency Exchange: These are the type that most closely mimic traditional stock exchanges where buyers and sellers trade at the current market price of whichever asset they want, with the exchange acting as the intermediary and charging a small fee for facilitating the trade. Kraken and GDAX are examples of this kind of cryptocurrency exchange. Fully peer-to-peer exchanges that operate without a middleman include EtherDelta, and IDEX, which are also examples of decentralized exchanges.
Cryptocurrency Brokers: These are website or app based exchanges that act like a Travelex or other bureau-de-change. They allow customers to buy or sell crypto assets at a price set by the broker (usually market price plus a small premium). Coinbase is an example of this kind of exchange.
Direct Trading Platform: These platforms offer direct peer-to-peer trading between buyers and sellers, but don’t use an exchange platform in doing so. These types of exchanges do not use a set market rate; rather, sellers set their own rates. This is a highly risky form of trading, from which new users should shy away.
To understand how an exchange functions we need only look as far as a traditional stock exchange. Most all the features of a cryptocurrency exchange are analogous to features of trading on a traditional stock exchange. In the simplest terms, the exchanges fulfil their role as the main marketplace for crypto assets of all kinds by catering to buyers or sellers. These are some definitions for the basic functions and features to know: Market Orders: Orders that are executed instantly at the current market price. Limit Order: This is an order that will only be executed if and when the price has risen to or dropped to that price specified by the trader and is also within the specified period of time. Transaction fees: Exchanges will charge transactions fees, usually levied on both the buyer and the seller, but sometimes only the seller is charged a fee. Fees vary on different exchanges though the norm is usually below 0.75%. Transfer charges: The exchange is in effect acting as a sort of escrow agent, to ensure there is no foul play, so it might also charge a small fee when you want to withdraw cryptocurrency to your own wallet. Regulatory Environment and Evolution Cryptocurrency has come a long way since the closing down of the Silk Road darknet market. The idea of crypto currency being primarily for criminals, has largely been seen as totally inaccurate and outdated. In this section we focus on the developing regulations surrounding the cryptocurrency asset class by region, and we also look at what the future may hold. The United States of America A coherent uniform approach at Federal or State level has yet to be implemented in the United States. The Financial Crimes Enforcement Network published guidelines as early as 2013 suggesting that BTC and other cryptos may fall under the label of “money transmitters” and thus would be required to take part in the same Anti-money Laundering (AML) and Know your Client (KYC) procedures as other money service businesses. At the state level, Texas applies its existing finance laws. And New York has instituted an entirely new licensing system. The European Union The EU’s approach to cryptocurrency has generally been far more accommodating overall than the United States, partly due to the adaptable nature of pre-existing laws governing electronic money that predated the creation of Bitcoin. As with the USA, the EU’s main fear is money laundering and criminality. The European Central Bank (ECB) categorized BTC as a “convertible decentralized currency” and advised all central banks in the EU to refrain from trading any cryptocurrencies until the proper regulatory framework was put in place. A task force was then set up by the European Parliament in order to prevent and investigate any potential money laundering that was making use of the new technology. Likely future regulations for cryptocurrency traders within the European Union and North America will probably consist of the following proposals: The initiation of full KYC procedures so that users cannot remain fully anonymous, in order to prevent tax evasion and curtail money laundering. Caps on payments that can be made in cryptocurrency, similar to caps on traditional cash transactions. A set of rules governing tax obligations regarding cryptocurrencies Regulation by the ECB of any companies that offer exchanges between cryptocurrencies and fiat currencies It is less likely for other countries to follow the Chinese approach and completely ban certain aspects of cryptocurrency trading. It is widely considered more progressive and wiser to allow the technology to grow within a balanced accommodative regulatory framework that takes all interests and factors into consideration. It is probable that the most severe form of regulation will be the formation of new governmental bodies specifically to form laws and exercise regulatory control over the cryptocurrency space. But perhaps that is easier said than done. It may, in certain cases, be incredibly difficult to implement particular regulations due to the anonymous and decentralized nature of crypto. Behavior of Cryptocurrency Investors by Demographic Due to the fact that cryptocurrency has its roots firmly planted in the cryptography community, the vast majority of early adopters are representative of that group. In this section we cover the basic structure of the cryptocurrency market cycle and the makeup of the community at large, as well as the reasons behind different trading decisions. The Cryptocurrency Market Cycle Bitcoin leads the bull rally. FOMO (Fear of missing out) occurs, the price surge is a constant topic of mainstream news, business programs cover the story, and social media is abuzz with cryptocurrency chatter. Bitcoin reaches new All Timehigh (ATH) Market euphoria is fueled with even more hype and the cycle is in full force. There is a constant stream of news articles and commentary on the meteoric, seemingly unstoppable rise of Bitcoin. Bitcoin’s price “stabilizes”, In the 2017 bull run this was at or around $14,000. A number of solid, large market cap altcoins rise along with Bitcoin; ETH & LTC leading the altcoins at this time. FOMO comes into play, as the new ATH in market cap is reached by pumping of a huge number of alt coins. Top altcoins “somewhat” stabilize, after reaching new all-time highs. The frenzy continues with crypto success stories, notable figures and famous people in the news. A majority of lesser known cryptocurrencies follow along on the upward momentum. Newcomers are drawn deeper into crypto and sign up for exchanges other than the main entry points like Coinbase and Kraken. In 2017 this saw Binance inundated with new registrations. Some of the cheapest coins are subject to massive pumping, such as Tron TRX which saw a rise in market cap from $150 million at the start of December 2017 to a peak of $16 billion! At this stage, even dead coins or known scams will get pumped. The price of the majority of cryptocurrencies stabilize, and some begin to retract. When the hype is subsiding after a huge crypto bull run, it is a massive sell signal. Traditional investors will begin to give interviews about how people need to be careful putting money into such a highly volatile asset class. Massive violent correction begins and the market starts to collapse. BTC begins to fall consistently on a daily basis, wiping out the insane gains of many medium to small cap cryptos with it. Panic selling sweeps through the market. Depression sets in, both in the markets, and in the minds of individual investors who failed to take profits, or heed the signs of imminent collapse. The price stagnation can last for months, or even years. The Influence of Age upon Trading Did you know? Cryptocurrencies have been called “stocks for millennials” According to a survey conducted by the Global Blockchain Business Council, only 5% of the American public own any bitcoin, but of those that do, an overwhelming majority of 71% are men, 58% of them are between the ages of 18 and 35, and over half of them are minorities. The same survey gauged public attitude toward the high risk/high return nature of cryptocurrency, in comparison to more secure guaranteed small percentage gains offered by government bonds or stocks, and found that 30% would rather invest $1,000 in crypto. Over 42% of millennials were aware of cryptocurrencies as opposed to only 15% of those ages 65 and over. In George M. Korniotis and Alok Kumar’s study into the effects of aging on portfolio management and the quality of decisions made by older investors, they found “that older and experienced investors are more likely to follow “rules of thumb” that reflect greater investment knowledge. However, older investors are less effective in applying their investment knowledge and exhibit worse investment skill, especially if they are less educated and earn lower income.” Geographic Influence upon Trading One of the main drivers of the apparent seasonal ebb and flow of cryptocurrency prices is the tax situation in the various territories that have the highest concentrations of cryptocurrency holders. Every year we see an overall market pull back beginning in mid to late January, with a recovery beginning usually after April. This is because “Tax Season” is roughly the same across Europe and the United States, with the deadline for Income tax returns being April 15th in the United States, and the tax year officially ending the UK on the 6th of April. All capital gains must be declared before the window closes or an American trader will face the powerful and long arm of the IRS with the consequent legal proceedings and possible jail time. Capital gains taxes around the world vary from jurisdiction to jurisdiction but there are often incentives for cryptocurrency holders to refrain from trading for over a year to qualify their profits as long term gain when they finally sell. In the US and Australia, for example, capital gains are reduced if you bought cryptocurrency for investment purposes and held it for over a year. In Germany if crypto assets are held for over a year then the gains derived from their sale are not taxed. Advantages like this apply to individual tax returns, on a case by case basis, and it is up to the investor to keep up to date with the tax codes of the territory in which they reside. 2013 Bull run vs 2017 Bull run price Analysis In late 2016 cryptocurrency traders were faced with the task of distinguishing between the beginnings of a genuine bull run and what might colorfully be called a “dead cat bounce” (in traditional market terminology). Stagnation had gripped the market since the pull-back of early 2014. The meteoric rise of Bitcoin’s price in 2013 peaked with a price of $1,100 in November 2013, after a year of fantastic news on the adoption front with both Microsoft and PayPal offering BTC payment options. It is easy to look at a line going up on a chart and speak after the fact, but at the time, it is exceeding difficult to say whether the cat is actually climbing up the wall, or just bouncing off the ground. Here, we will discuss the factors that gave savvy investors clues as to why the 2017 bull run was going to outstrip the 2013 rally. Hopefully this will help give insight into how to differentiate between the signs of a small price increase and the start of a full scale bull run. Most importantly, Volume was far higher in 2017. As we can see in the graphic below, the 2017 volume far exceeds the volume of BTC trading during the 2013 price increase. The stranglehold MtGox held on trading made a huge bull run very difficult and unlikely. Fraud & Immoral Activity in the Private Market Ponzi Schemes Cryptocurrency Ponzi schemes will be covered in greater detail in Lesson 7, but we need to get a quick overview of the main features of Ponzi schemes and how to spot them at this point in our discussion. Here are some key indicators of a Ponzi scheme, both in cryptocurrencies and traditional investments: A guaranteed promise of high returns with little risk. Consistentflow of returns regardless of market conditions. Investments that have not been registered with the Securities and Exchange Commission (SEC). Investment strategies that are a secret, or described as too complex. Clients not allowed to view official paperwork for their investment. Clients have difficulties trying to get their money back. The initial members of the scheme, most likely unbeknownst to the later investors, are paid their “dividends” or “profits” with new investor cash. The most famous modern-day example of a Ponzi scheme in the traditional world, is Bernie Madoff’s $100 billion fraudulent enterprise, officially titled Bernard L. Madoff Investment Securities LLC. And in the crypto world, BitConnect is the most infamous case of an entirely fraudulent project which boasted a market cap of $2 billion at its peak. What are the Exchange Hacks? The history of cryptocurrency is littered with examples of hacked exchanges, some of them so severe that the operation had to be wound up forever. As we have already discussed, incredibly tech savvy and intelligent computer hackers led by Alexander Vinnik stole 850000 BTC from the MtGox exchange over a period from 2012–2014 resulting in the collapse of the exchange and a near-crippling hammer blow to the emerging asset class that is still being felt to this day. The BitGrail exchange suffered a similar style of attack in late 2017 and early 2018, in which Nano (XRB) was stolen that was at one point was worth almost $195 million. Even Bitfinex, one of the most famous and prestigious exchanges, has suffered a hack in 2016 where $72 million worth of BTC was stolen directly from customer accounts. Hardware Wallet Scam Case Study In late 2017, an unfortunate character on Reddit, going by the name of “moody rocket” relayed his story of an intricate scam in which his newly acquired hardware wallet was compromised, and his $34,000 life savings were stolen. He bought a second hand Nano ledger into which the scammers own recover seed had already been inserted. He began using the ledger without knowing that the default seed being used was not a randomly assigned seed. After a few weeks the scammer struck, and withdrew all the poor HODLer’s XRP, Dash and Litecoin into their own wallet (likely through a few intermediary wallets to lessen the very slim chances of being identified). Hardware Wallet Scam Case Study Social Media Fraud Many gullible and hapless twitter users have fallen victim to the recent phenomenon of scammers using a combination of convincing fake celebrity twitter profiles and numerous amounts of bots to swindle them of ETH or BTC. The scammers would set up a profile with a near identical handle to a famous figure in the tech sphere, such as Vitalik Buterin or Elon Musk. And then in the tweet, immediately following a genuine message, follow up with a variation of “Bonus give away for the next 100 lucky people, send me 0.1 ETH and I will send you 1 ETH back”, followed by the scammers ether wallet address. The next 20 or so responses will be so-called sockpuppet bots, thanking the fake account for their generosity. Thus, the pot is baited and the scammers can expect to receive potentially hundreds of donations of 0.1 Ether into their wallet. Many twitter users with a large follower base such as Vitalik Buterin have taken to adding “Not giving away ETH” to their username to save careless users from being scammed. Market Manipulation It also must be recognized that market manipulation is taking place in cryptocurrency. For those with the financial means i.e. whales, there are many ways in which to control the market in a totally immoral and underhanded way for your own profit. It is especially easy to manipulate cryptos that have a very low trading volume. The manipulator places large buy orders or sell walls to discourage price action in one way or the other. Insider trading is also a significant problem in cryptocurrency, as we saw with the example of blatant insider trading when Bitcoin Cash was listed on Coinbase. Examples of ICO Fraudulent Company Behavior In the past 2 years an astronomical amount of money has been lost in fraudulent Initial Coin Offerings. The utmost care and attention must be employed before you invest. We will cover this area in greater detail with a whole lesson devoted to the topic. However, at this point, it is useful to look at the main instances of ICO fraud. Among recent instances of fraudulent ICOs resulting in exit scams, 2 of the most infamous are the Benebit and PlexCoin ICOs which raised $4 million for the former and $15 million for the latter. Perhaps the most brazen and damaging ICO scam of all time was the Vietnamese Pincoin ICO operation, where $660million was raised from 32,000 investors before the scammer disappeared with the funds. In case of smaller ICO “exit scamming” there is usually zero chance of the scammers being found. Investors must just take the hit. We will cover these as well as others in Lesson 7 “Scam Projects”. Signposts of Fraudulent Actors The following factors are considered red flags when investigating a certain project or ICO, and all of them should be considered when deciding whether or not you want to invest. Whitepaper is a buzzword Salad: If the whitepaper is nothing more than a collection of buzzwords with little clarity of purpose and not much discussion of the tech involved, it is overwhelmingly likely you are reading a scam whitepaper. Signposts of Fraudulent Actors §2 No Code Repository: With the vast majority of cryptocurrency projects employing open source code, your due diligence investigation should start at GitHub or Sourceforge. If the project has no entries, or nothing but cloned code, you should avoid it at all costs. Anonymous Team: If the team members are hard to find, or if you see they are exaggerating or lying about their experience, you should steer clear. And do not forget, in addition to taking proper precautions when investing in ICOs, you must always make sure that you are visiting authentic web pages, especially for web wallets. If, for example, you are on a spoof MyEtherWallet web page you could divulge your private key without realizing it and have your entire portfolio of Ether and ERC-20 tokens cleaned out. Methods to Avoid falling Victim Avoiding scammers and the traps they set for you is all about asking yourself the right questions, starting with: Is there a need for a Blockchain solution for the particular problem that a particular ICO is attempting to solve? The existing solution may be less costly, less time consuming, and more effective than the proposals of a team attempting to fill up their soft cap in an ICO. The following quote from Mihai Ivascu, the CEO of Modex, should be kept in mind every time you are grading an ICO’s chances of success: “I’m pretty sure that 95% of ICOswill not last, and many will go bankrupt. ….. not everything needs to be decentralized and put on an open source ledger.” Methods to Avoid falling Victim §2 Do I Trust These People with My Money, or Not? If you continue to feel uneasy about investing in the project, more due diligence is needed. The developers must be qualified and competent enough to complete the objectives that they have set out in the whitepaper. Is this too good to be true? All victims of the well-known social media scams using fake profiles of Vitalik Buterin, or Bitconnect investors for that matter, should have asked themselves this simple question, and their investment would have been saved. In the case of Bitconnect, huge guaranteed gains proportional to the amount of people you can get to sign up was a blatant pyramid scheme, obviously too good to be true. The same goes for Fake Vitalik’s offer of 1 ether in exchange for 0.1 ETH. Selling Cryptocurrencies, Several reasons for selling with the appropriate actions to take: If you are selling to buy into an ICO, or maybe believe Ether is a safer currency to hold for a certain period of time, it is likely you will want to make use of the Ether pair and receive Ether in return. Obviously if the ICO is on the NEO or WANchain blockchain for example, you will use the appropriate pair. -Trading to buy into another promising project that is listing on the exchange on which you are selling (or you think the exchange will experience a large amount of volume and become a larger exchange), you may want to trade your cryptocurrency for that exchange token. -If you believe that BTC stands a good chance of experiencing a bull run then using the BTC trading pair is the suitable choice. -If you believe that the market is about to experience a correction but you do not want to take your gains out of the market yet, selling for Tether or “tethering up” is the best play. This allows you to keep your locked-in profits on the exchange, unaffected by the price movements in the cryptocurrency markets,so that you can buy back in at the most profitable moment. -If you wish to “cash out” i.e. sell your cryptocurrency for fiat currency and have those funds in your bank account, the best pair to use is ETH or BTC because you will likely have to transfer to an exchange like Kraken or Coinbase to convert them into fiat. If the exchange offers Litecoin or Bitcoin Cash pairs it could be a good idea to use these for their fast transaction time and low fees. Selling Cryptocurrencies Knowing when and how to sell, as well as strategies to inflate the value of your trade before sale, are important skills as a trader of any product or financial instrument. If you are satisfied that the sale itself of the particular amount of a token or coin you are trading away is the right one, then you must decide at what price you are going to sell. Exchanges exercise their own discretion as to which trading “pairs” they will offer, but the most common ones are BTC, ETH, BNB for Binance, BIX for Bibox etc., and sometimes Tether (USDT) or NEO. As a trader, you decide which particular cryptocurrency to exchange depending on your reason for making that specific trade at that time. Methods of Sale Market sell/Limit sell on exchange: A limit sell is an order placed on an exchange to sell as soon as (also specifically only if and when) the price you specified has been hit within the time limit you select. A market order executes the sale immediately at the best possible price offered by the market at that exact time. OTC (or Over the Counter) selling refers to sale of securities or cryptocurrencies in any method without using an exchange to intermediate the trade and set the price. The most common way of conducting sales in this manner is through LocalBitcoins.com. This method of cryptocurrency selling is far riskier than using an exchange, for obvious reasons. The influence and value of your Trade There are a number of strategies you can use to appreciate the value of your trade and thus increase the Bitcoin or Ether value of your portfolio. It is important to disassociate yourself from the dollar value of your portfolio early on in your cryptocurrency trading career simply because the crypto market is so volatile you will end up pulling your hair out in frustration following the real dollar money value of your holdings. Once your funds have been converted into BTC and ETH they are completely in the crypto sphere. (Some crypto investors find it more appropriate to monitor the value of their portfolio in satoshi or gwei.) Certainly not limited to, but especially good for beginners, the most reliable way to increase your trading profits, and thus the overall value and health of your portfolio, is to buy into promising projects, hold them for 6 months to a year, and then reevaluate. This is called Long term holding and is the tactic that served Bitcoin HODLers quite well, from 2013 to the present day. Obviously, if something comes to light about the project that indicates a lengthy set back is likely, it is often better to cut your losses and sell. You are better off starting over and researching other projects. Also, you should set initial Price Points at which you first take out your original investment, and then later, at which you take out all your profits and exit the project. That should be after you believe the potential for growth has been exhausted for that particular project. Another method of increasing the value of your trades is ICO flipping. This is the exact opposite of long term holding. This is a technique in which you aim for fast profits taking advantage of initial enthusiasm in the market that may double or triple the value of ICO projects when they first come to market. This method requires some experience using smaller exchanges like IDEX, on which project tokens can be bought and sold before listing on mainstream exchanges. “Tethering up” means to exchange tokens or coins for the USDT stable coin, the value of which is tethered to the US Dollar. If you learn, or know how to use, technical analysis, it is possible to predict when a market retreatment is likely by looking at the price movements of BTC. If you decide a market pull back is likely, you can tether up and maintain the dollar value of your portfolio in tether while other tokens and coins decrease in value. The you wait for an opportune moment to reenter the market. Market Behavior in Different Time Periods The main descriptors used for overall market sentiment are “Bull Market” and “Bear Market”. The former describes a market where people are buying on optimism. The latter describes a market where people are selling on pessimism. Fun (or maybe not) fact: The California grizzly bear was brought to extinction by the love of bear baiting as a sport in the mid 1800s. Bears were highly sought after for their intrinsic fighting qualities, and were forced into fighting bulls as Sunday morning entertainment for Californians. What has this got to do with trading and financial markets? The downward swipe of the bear’s paws gives a “Bear market” its name and the upward thrust of a Bull’s horns give the “Bull Market” its name. Most unfortunately for traders, the bear won over 80% of the bouts. During a Bull market, optimism can sometimes grow to be seemingly boundless, volume is rising, and prices are ascending. It can be a good idea to sell or rebalance your portfolio at such a time, especially if you have a particularly large position in one holding or another. This is especially applicable if you need to sell a large amount of a relatively low-volume holding, because you can then do so without dragging the price down by the large size of your own sell order. Learn more on common behavioral patterns observed so far in the cryptocurrency space for different coins and ICO tokens. Follow the link: UBAI.co If you want to know how do security tokens work, and become a professional in crypto world contact me via Facebook to get all the details: Facebook
Ethereum is almost certainly the number 2 coin in comedy gold. It will likely surpass Bitcoin in comedy gold long before it passes it in market cap. Thanks in large part to a spam-based marketing campaign on Reddit, it also has a dedicated base of critics. After its IPO, it was known as “Inthereum” for a while, infinitely powerful of course, as vaporware can do anything. It had a major version release, then another. Finally, a major smart contract, in terms of valuation, came along: The DAO. Not to be confused with other DAOs, before and after. The DAO was the biggest. It was going to be the best; it already was the best! Euphoria was off the charts. Until just a few months in, a bug was found. And the killer app became the flash point. What could they do? Well, hard fork and give the money back, of course! And so they did. “Code is Law”; but this is actually good for Ethereum because “[a]lthough some do question the analogy ‘code is law’. I do not. We just found out that we have a supreme court, the community!”  After the D'OH, Ethereum struggles to top its ATH comedy gold, but there is still a bright future for popcorn and comedy gold from Ethereum.
5 Largest Veins of Comedy Gold
Here are the largest comedy gold veins in Ethereum in potential reserves in our estimation in approximately descending order:
Cultlike euphoria - Now, this can certainly be said to be common to almost all cryptocurrencies. But Ethereum seems special here, even more than Bitcoin's community. There is a real belief here that this coin is going to change the world. This helps play into a "this is very good for Ethereum" mindset, wherein even the D'OH fork was a great success!
Vitalik Buterin - The best name in cryptocurrency! Young genius central to Ethereum and almost universally seen as the most important leader in the project. In our view, his endorsement and leadership during the D'OH fork led to that route being taken. That is, we believe if he had opposed it from the start, he may have been able to prevent it or at least have led to what is now called ETC being the dominant of the two.
And so in our view, Mr. Buterin runs a billion dollar cryptocurrency right now. He and his team seem to have done reasonably well so far; it seems likely they'll continue to thrive. To the best of my knowledge, confirmed on /ethereum, there hasn't been a drug market implemented in Ethereum or trading with ETH so far. But while it seems like a terrible idea, because of the lack of privacy and proven mutability of contracts, it seems like eventually there's going to be a major drug market accepting ETH just because it has such a high value. And, they point out, monero and zcoin’s core privacy feature will apparently be available on ETH after this next fork, so look forward to anonymous ETH fueling drug markets! And then the interesting question will be raised of how Chief Justice Buterin will rule on the case, whether it is worthy of an intervention or not. If not a drug market, then another buggy and hacked contract. Or a hacked exchange, and the question of whether to make it or its users whole, or "let the hacker win".
DAOs - From the beginning, it was proposed that Ethereum itself and its reserve fund would be turned into a DAO. How exactly this was going to happen would be figured out later of course. There was an initial estimate of 2016 for the transition.
Of course, in 2016, The DAO and the D'OH happened. I'm not aware of a current further push to put all of ETH's future funding into a DAO. But I'm sure the topic will resurface. And it will be hilarious on so many levels. The DAO actually collapsed too soon for peak comedy gold extraction. It had been predicted that there would be no consensus on any proposals and that nothing would be funded, and that there would be gold from that. But it was just a few months in when the bug was found. And while the D'OH fork was certainly a rich vein of comedy gold, it wasn't as rich as what the DAO could have been if it had floundered around for a year or so before the hack. Surprisingly, there's actually a running, apparently working DAO on ETH that was started even before The DAO: digixDAO. If it keeps on running, it will continue to be hilarious as other DAOs fail to learn from it. If it fails, there's all the more hilarity for Ethereum, making it the platform where anything complicated enough to look like an original use case will break. The very existence of digix is proof-of-comedy-gold.
Immutability - The whole central notion of immutability is going to be a recurring question for Ethereum after the D'OH. While there was a lot of sentiment of "just this once and never again" at the time, there will someday be another major issue, and the precedent will mean that at least a major debate among the community will be had. Ethereum is "mostly immutable". Bitcoin is far better protected here, because while it's true they've hard forked to fix a bug before, that was years ago and the community is far more fractured now. Ethereum has a demonstrated capacity to do both routine and controversial hard forks. This strength is also a challenge, as it will invite constant legal and ethical questions about when it's appropriate to modify the chain itself with a fork: that is, rolling back some or all transactions after major bugs, thefts, frauds, and so forth.
Concentration of funds - This one I'm just guessing at. Although rich lists do exist, obviously one entity like an exchange could pool funds in an address without one person owning that much, or one person could splits their coins among many accounts. But it gives a rough guide. In Bitcoin, the top 113 addresses, having more than 10,000 BTC, in total are 17.46% of the current supply [ 2 ]. And in Ethereum, it's true that the top two accounts are marked as exchange accounts [ 3 ]. Still, having lots of funds concentrated in a single exchange wallet seems to still have some potential for comedy gold. In Ethereum, the top 50 addresses have more than double the proportion of the top 113 in Bitcoin, a bit over 40% of the current supply. My guess would be there are still a lot of people who invested heavily in the initial ICO who have held onto a significant portion of their initial ETH. While some of these top addresses are exchanges, I think there are probably many individuals represented in here as well, and every one of them is a multimillionaire from this account alone.
Of course, so far, because ETH is still smaller than BTC in overall market cap, these top addresses aren't as huge as the top addresses in Bitcoin in current market value. But if ETH were to overtake BTC's current position with a relatively unchanged distribution, there would be some real comedy gold coming off this factor. Cribs could have a spin-off Ethereum series. This concentration was a part of making The D'OH what it was in my view as well: in Bitcoin, there would never have been so much of the coin tied up in one particular venture, at least not now. But in Ethereum, this concentration and groupthink can combine to hilarious effect.
A Brief History of Comedy Gold in Ethereum:
“Laws, like sausages, cease to inspire respect in proportion as we know how they are made” - John Godfrey Saxe In the beginning, there was an offering. The greatest coin the world had ever seen; step right up and buy it! There was even code; this is no vaporware! Sure, there was more work to be done, but the ICO would fund that work, the founders would get a little, and create a reserve for the future and the rest would be mineable. There was also some of the most vociferous objections on BCT, declaring that the stake allocated to the founders was too large, pointing to other coins which had done smaller or done without. Arguing against the reserve; arguing against having a presale at all. Some people, of course, completely failing to read the documentation accurately to see what was even being proposed. And an almost complete radio silence from this large team working around the clock on Ethereum. It took some months from when the initial ANN was made until the sale actually started, but by the time they had their sale, they had perhaps the best documentation at launch to-date. Of course, there were some areas which seemed to lack some detail, like the budgeting, but never mind that, it was finally launching! Launching the sale, at least. In July and August of 2014, Ether was first sold. It was described as “fuel” for the virtual machine they were going to build [ 4 ]. And then, a year later, Ethereum was released live. By July 2016, it had already had its first major crisis after The DAO was hacked and the D’OH fork introduced in response. But the fact that Ethereum was ever released, and that it was released so quickly, is truly incredible. There was more than one person who thought that the stated goals of Ethereum were not possible. And, of course, many initial goals and deadlines didn’t happen. But unlike the railbirds on BCT were convinced, the team did not fail nor did it run off with the money. They were given a blank check, and they actually delivered a working product which has been successful so far financially. Of course, having its flagship smart contract go belly-up quite so quickly after having finally gotten a “killer app” seems rather unfortunate. The oracle problem (the question of how to reliably relate smart contracts to the outside world) seems unresolved, but partial solutions are inevitable and can only serve to make increasingly complex and thus popcorn-loaded contracts possible. Right now, all seems relatively quiet. But rest assured, there remains plenty of euphoria and gas to drive many more cycles of comedy gold production. Ether huffers need something to throw their ETH at. The more complicated; the better! Given some of the creations that have been made in NXT, for instance, a few more years of creativity on ETH should yield some very complicated and pop-corn rich smart contracts.
I was relaxing in my office, waiting for business. It was a dingy little one-room affair, but it would serve for now. Particularly with no clients. I had poured myself a double shot, and was about to enjoy it, when suddenly the door opened. A man walked in, familiar somehow although I couldn't place him. I reached out my hand instinctively, and instead of shaking it, he handed me a dollar. "Hello?" He pointed at the sign in the window, advertising a promotional one dollar gold survey for the first client. Always astute, I quickly surmised he wished to hire me. "Of course, sir! What coin would you like?" "Ethereum." "Certainly! And may I have your name for the log?" "Tyler Durdan." And with that, my newest client left. I downed my double and poured a generous triple to follow it. This was going to be a long day. Ethereum was the ultimate prize in my line of work. The coin which proved the adage that truth is stranger than fiction; which had proved itself a lucrative source of comedy gold. And who am I? Guy Noir, private comedy gold surveyor. I've seen things you people wouldn't believe. Premined scamcoins crashing on noname exchanges. I watched popcorn glitter in the dark on forgotten the BCT threads. Popcorn junkies strung out on a high, and I've delivered them more comedy gold, popcorn, salt and butter. There is never enough. A dark night in a world that never sleeps and knows how to keep its secrets...But on the 12th Floor of the Acme Building, one man is still trying to find the answers to life's persistent questions: Guy Noir, private comedy gold surveyor. Thank you, Narrator. Now, as I was saying, Ethereum is overloaded with gold. But the core is pretty straightforward: Ethereum promised "smart contracts". Immutable. Turing-complete. This was what Bitcoin lacked. The bee's knees. Crypto 2.0. What could go wrong? We'll skip over the "Inthereum" period. Perhaps the vaporware criticism was never fair: from their version, they had Proof-of-Concept code; they went through some iterations and eventually got to release. Let's note clearly that there was plenty of time to determine some sort of official policy for what to do about a buggy or improperly written contract losing money. In Bitcoin, every hack has been a SFYL event, although it’s true that a bug in the coin itself was hard forked away before. Mt. Gox tried to blame malleability, but there was never a fork to try to recover funds. In Ethereum, immutability was often talked about. So far as I saw in skimming, “what if” scenarios to undo bugs wasn’t brought up front-and-center. Nor was immutability being debated that I saw. So Ethereum releases. A major contract is launched, The DAO, which gets an astonishing portion of ETH invested. The world's largest crowd sale as they ultimately called it. All the major players in ETH buy into it, including Vitalik Buterin, the creator of Ethereum and the best name in cryptocurrency. Just as they're starting to get into the comedy gold that The DAO doesn't really have a purpose, a bug is discovered. And just as its leader is assuring everyone that no funds are at risk, the funds start being drained out of the contract by an unknown party. And suddenly immutable means "immutable unless we screw up on the biggest contract which everyone important has invested in heavily". Ethereum ultimately hard-forks to return investor funds and basically unwind The DAO. After claiming that the bug was in the contract, the coin itself is hard forked to fix the issue. And the first Ethereum clone results, one which simply does not follow the new hard fork. So the natural question is: when can a contract be changed? In the first page of the Ethereum launch, this question was implied by asking about what would happen if there were an assassination market hosted by a smart contract on Ethereum. Of course, in reality, Ethereum is not really functional enough at present to enforce such a contract, but the question remains in case Ethereum were to actually attain a functioning smart contract platform. Attempted reference to Tears in rain monologue, credit to Rutger Hauer Guy Noir and narrator text lovingly stolen from Prairie Home Companion's Guy Noir, by Garrison B. Keillor.
Filed for psych eval Twenty pages into the BCT ANN, I believe I have contracted cancer, again. I’m reminded of why I don’t generally go on BCT. As bad as altcoin forums tend to be for their circlejerking, it’s almost better than the, well, there’s really no way to put it other than FUD that inevitably appears in response to anything. Of course, it’s not paid shilling so much as it is willful and vocal ignorance. For all the critiques in that thread, most of them are utter nonsense and simply are misreading the initial information. On the other hand, it’s January 27th in the thread by now, with February 1st and the pre-sale start, and they don’t have their “prospectus” up yet. I also haven’t seen the change in mining rate yet. Side note: eMunie; wtf? I guess I missed something? Either it’s gone through a namechange or it’s dead, because a quick coinmarketcap search didn’t find anything. A comedy gold mining project for another day. Great; spoiler alert: fundraiser delayed apparently, so even more cancer to read through in that thread on the way to getting to a prospectus! The first 44 pages of the thread was summarized thus: “I want to believe. Why are you not speaking to us? Throw me a bone. Just tell me what I want to hear, and I'll gladly throw my money in.” [ 5 ] Would that I had only had to read that quote rather than all 44 pages, and facing many more. Pages and comments dragged on as I waded through the low-grade popcorn. When would this prospectus be released, so my torment would end? Oh god: a side-thread shows that by the time they get to April, there’s still no prospectus or presale date or estimate of when there may be a date [ 6 ]. It’s time to give up on reading through the cancerous mainthread on BCT and start jumping ahead pages to find the pre-sale and prospectus. Okay, finally, in July, they release documents and start the sale [ 7 ]. Good enough. I have mountains of links on my desk. Comedy gold is overflowing, but this is a survey expedition, not a mining operation. But by the time it’s surveyed, there’s always so much gold lined up to mine it gets hard to leave it behind and leave with the samples. It’s time to hammer out some copy and close this file. Folks, we hope you’ve enjoyed this descent into madness and comedy gold brought to you by the Comedy Gold Survey Company and our patron Tyler Durden. Do you need more comedy gold in your life? Of course you do! So please donate today; every $1 helps! I’ve added a new special: $5 lets you choose the next coin to be surveyed! Thanks again to Tyler Durden, and I will now be re-watching Fight Club and questioning my sanity. Cheers y’all! Resources:
[ 6 ] https://bitcointalk.org/index.php?topic=448923.msg6438910#msg6438910 - April 28th, 2014; Ursium says “We won't issue further comments regarding the Ether Sale, until we have completely finalized the framework for it. In the meantime enjoy the free technology, people are already building apps on it, which is exciting Smiley” ; this official Q&A thread then abandoned; these guys clearly hates BCT as much as I do
[ ] https://bitcointalk.org/index.php?topic=412878.msg4497464#msg4497464 charleshoskinson, January 14th, 2014; “Current plans are for a 60 day fundraiser, starting from Miami on; however, we are still exploring this and thus will set something in stone closer to the conference.” - fundraiser launches in less than a month but date not even set yet; also “No, the rate of inflation is always decreasing and comparable with bitcoin.” and “In terms of ROI, this should be reflected with a positive ROI.” ; also “As for P2P exchange, we have a close relationship with Open Transactions and combined with a namecoin style contract provided in the whitepaper and bitmessage makes a significantly more efficient distributive exchange than is possible with BitShares. Trust is not required as auditing can be done on Ethereum blockchain and we wouldn't suffer any bloat. “
[ ] https://github.com/ethereum/wiki/wiki/White-Paper - Accessed Feb 12, 2017; shows a different version of the issuance model, including the variable presale price modification and reduced future mining. But constant mining reward is still shown and fixed.
[ ] https://forum.ethereum.org/discussion/2007/whitepaper-pdf - Thread from April 2015 where Stephen Tual says changes in whitepaper were “as to how significant these were, probably not much”; “We had a hosted copy of the WP on our .org website, but that is now pointing to the github (as the pdf, by definition, was static).”
[ ] https://bitsharestalk.org/index.php/topic,1854.0.html Thread which goes into Bytemaster response to initial Ethereum proposal; points out that running something complicated like Bitshares on Ethereum would be cost prohibitive. Also predicts Ethereum becomes PoS.
[ ] https://github.com/slockit/DAO “Our Standard DAO Framework allows people to create Decentralized Autonomous Organizations (DAOs) governed by the code in this repository written immutably to the blockchain.”
[ ] https://bitcointalk.org/index.php?topic=428589.msg4690140#msg4690140 - “I think this whole project will get forced underground onto the Tor network in short order because the illegal stuff will be in the blockchain instead of externalized. It will have to directly compete with bitcoin with both hands tied behind its back because it will be hard for people to even find a safe copy of the program to download. Am I to understand that you will not have a legal opinion supporting what you are doing?” - Seth Otterstad
[ ] https://bitcointalk.org/index.php?topic=428589.msg4718951#msg4718951 “We will switch our PoW from Dagger to a hybrid PoW/PoS system to be developed via a bountied competition conducted by our university partners and open to the general community for participation. The terms will be announced in late february including judges, specifications and the university partners.” - jubalix quoting some Ethereum promotional document
[ ] https://bitcointalk.org/index.php?topic=428589.msg4740396#msg4740396 “Creating the platform with new features is one thing. Competing in the real world of hype, adoption, and social marketing with Bitcoin, Litecoin, and Dogecoin is a completely different beast. Especially, when every coin is based on ever changing software. The software is secondary to the marketing and socialization at this stage in the ballgame.” - DieJohnny
Bitcoin has been suffering from a tumor called MtGox for the last few years. With its demise we can finally see it removed from all the charting sites, and its price will no longer be referenced in news stories. Bitcoin, on the other hand, is still healthy. It is still processing transactions at a growing rate. There's upward of $75M invested in bitcoin startups and exchanges, and countless stealth projects in the works around the world. Mt. Gox is dead, but Bitcoin the peer-to-peer value transfer system and globally distributed asset register is just getting started.
Sono tornato e voglio sapere tutto quello che è successo in mia assenza!
Buongiorno eccomi qui. Per anni ho avuto la fissa della tecnologia. Appena mi alzavo la mattina la prima cosa che facevo era...la pipì. Ma poi correvo a leggere tutte le news che ruotavano intorno al mondo tecnologico e quindi: slashdot, techchrunch, punto-informatico ecc... Poi nel 2011 ho perso completamente interesse, mi sembrava che il mondo con le app si fosse appiattito e che la tecnologia intorno al mondo IT fosse meno interessante, ma forse ero solo io che avevo bisogno di staccare la spina. Ora però voglio tornare, voglio di nuovo sapere tutto ciò che sta accadendo e che è accaduto negli anni passati. Ho voglia però di essere aggiornato. Quali sono state secondo voi le tecnologie software/hardware, i servizi e le acquisizioni più importanti degli ultimi sei anni? Aggiornerò questo post creando una timeline man mano che ognuno di voi fornirà informazioni attraverso i commenti. TIMELINE
2009 Nasce Go: un linguaggio di programmazione open source sviluppato da Google.
2010 Nasce Rust: un linguaggio di programmazione compilato, multi-paradigma, ad uso generico, sviluppato da Mozilla Research
Aprile 2011, Mark Shuttleworth, il fondatore di Canonical, ha espresso motivazioni di carattere filosofico a favore del passaggio a Unity da parte di Ubuntu. Vuole che l'interfaccia di Unity faccia convergere il mondo dei Pc, dei tablet e degli smartphone.
15 Agosto 2011 Motorola Mobility viene venduta a Google per 12,5 miliardi di dollari
Febbraio 2012, viene rilasciato il primo modello di Raspberry il Pi 1 Model B
April 2012, il CEO di Apple Tim Cook paragona i 2-in-1 all'unione di un tostapane con un frigorifero dicendo che non piacerebbe a nessuno
9 Aprile 2012 Instagram con i suoi 13 impiegati viene acquisita da Facebook per circa 1 miliardo di dollari
4 Marzo 2013 è stato annunciato Unity Next, la nuova versione di Unity, portata alle Qt sul nuovo server grafico Mir
20 Maggio 2013 Tumblr viene acquisita da Yahoo per oltre 1 miliardo di dollari
22 Luglio 2013 Viene proposto da Canonical "Ubuntu Edge" un high-concept smartphone. Cerca di finanziare la produzione di 40'000 unità attraverso il sito di crowdfunding Indiegogo. L'obiettivo è il più alto di sempre per una campagna di crowdfunding $32 milioni di dollari in un mese. Non raggiunge l'obiettivo raccogliendo solo $12,809,906, con 5682 offerte d'acquisto
Ottobre 2013, viene rilasciato il client di Steam per Linux
13 Dicembre 2013 Boston Dynamics è acquisita da Google X (facente parte di Alphabet Inc.) per una somma non resa pubblica
6 Novembre 2014, Amazon annuncia Amazon Echo
Dicembre 2014, Il Working Group ha presentato HTTP/2 allo IESG proponendolo come standard
Gennaio 2014 Google vende Motorola a Lenovo
Febbraio 2014, il bitcoin exchanger Mt. Gox chiude il suo servizio e va in bancarotta
19 Febbraio 2014 Whatsapp viene acquisita da Facebook per 19 miliardi di dollari
24 Luglio 2014, Google presenta la Chromecast
Settembre 2014, Microsoft compra Mojang e la proprietà intellettuale di Minecraft per 2.5 miliardi di dollari
29 Aprile 2015, Microsoft lancia Visual Studio Code, un Free Cross-Platform Code Editor per OS X, Linux e Windows"
15 Giugno 2015, [Microsoft presenta il suo demo olografico di Minecraft](Microsoft presenta il suo demo olografico di Minecraft)
30 Luglio 2015, viene lanciata la criptomoneta Ethereum con 11.9 milioni di monete "premined"
Ottobre 2015, AlphaGo (software per il gioco del go sviluppato da Google DeepMind) sconfigge per cinque a zero il campione europeo Fan Hui (2 dan), diventando il primo software in grado di sconfiggere un maestro umano nel gioco senza handicap e su un goban di dimensioni standard.L'annuncio pubblico venne fatto solo il 27 gennaio 2016, in coincidenza con la pubblicazione di un articolo su Nature che descrive l'algoritmo impiegato dal software
2015, Frances Berriman e lo sviluppatore Alex Russell di Google Chrome hanno coniato il termine "Progressive Web Apps" per descrivere le app che sfruttavano le nuove funzionalità offerte dai moderni browser, inclusi Service Workers e Web App Manifests, che consentono agli utenti di promuovere le web app affinché si comportino come applicazioni di prima classe, ovvero come applicazioni native, nel sistema operativo dei loro device.
30 Marzo 2016, viene rilasciata la versione per sviluppatori di HoloLens Development Edition
Marzo 2016, Ubuntu Bash gira su Windows 10
Maggio 2016, Google annuncia Google Home
13 Giugno 2016 Linkedin viene acquisita da Microsoft per 26.2 miliardi di dollari
Ottobre 2016, la BotNet Mirai mette in ginocchio con un attacco DDoS il servizio DNS di Dyn tagliando l'utilizzo di Twitter, Reddit, GitHub, Amazon, Netflix, Spotify, Runescape e vari altri. Mirai sfrutta le debolezze dell'IoT in termini di sicurezza come WebCam, videoregistratori e altri prodotti connessi, tutti prodotti da XiongMai.
7 Marzo 2017, Wikileaks rilascia Vault7: una raccolta di documenti i cui file includono dettagli sugli strumenti usati dalla CIA per compromettere auto, SmartTv, Browser come Chrome/Firefox/Edge, OS come Windows/macOS/Linux e OS Mobile come Android/iOS. Molte di queste informazioni sono letteralmente sfuggite di mano all'organizzazione, che ne ha perso il controllo.
5 Aprile 2017 è stato annunciato da Mark Shuttleworth, che a partire dalla versione di Ubuntu 18.04, il Desktop environment predefinito del sistema operativo di casa Canonical Ltd. torna ad essere GNOME e contestualmente, l'abbandono di Unity. Viene così abbandonato ogni progetto di convergenza su tablet e smartphone
26 Aprile 2017 Spotify acquisisce la startup Mediachain specializzata in tecnologia blockchain
12 maggio 2017, inizia a diffondersi in tutto il mondo WannaCry: un'ondata di ransomware che ha infettato oltre 230.000 computer in 150 paesi, con richieste di riscatto in BitCoin in 28 lingue differenti. Europol lo ha definito come il più grande attacco ransomware di sempre. Particolarmente colpiti gli ospedali nel Regno Unito, la rete aziendale di Telefonica, in Spagna e in genere tutte le aziende/organizzazioni che utilizzano Windows XP. Microsoft rilascia un aggiornamento straordinario per questo OS, Windows10 sarebbe rimasto immune grazie ad un aggiornamento avvenuto 2 mesi prima. L'attacco di WannaCry non si è diffuso tramite email come i precedenti, ma ha sfruttato un exploit Windows sviluppato dalla NSA (tra gli exploit sfuggiti di mano) e chiamato EternalBlue. Si prevede che altri attacchi di questo tipo possano riprodursi in futuro, qualche mese dopo, come conferma di questa ipotesi, il ransomwre Petya/NotPetya colpisce fortemente l'Ucraina.
Maggio 2017, Suse Linux e Ubuntu sbarcano nello store di Windows
5 Giugno 2017, Apple annuncia ARKit per iOS 11
8 Giugno 2017, Alphabet Inc. annuncia la vendita di Boston Dynamcis al gruppo giapponese SoftBank Group per una somma non resa pubblica
5 Giugno 2017, Apple annuncia Ipad Pro 10.5 a cui sarà possibile collegare una tastiera
At times I can be a fair bit unstable and reckless, but I'm not "a fucking idiot" as half+ of /bitcoin would probably respond, right before they downvoted. I don't know why I'm even posting anything, to be honest. I guess discovering the impetus to tell at least part of your story is natural at this point. My first BitInstant transaction to MtGox was exactly one year ago today, 2/28/2013. 4 of them, $480.05 each into my Gox acct. How poignant it was to wake up to the news (not that it was wholly unexpected). Kind of funny to think of my mindset at the time, now. It's like...I wasn't totally wrong, but I guess I was wrong enough. I ended up spending just shy of $40,000 over the month of March last year. I have a thousand and two thoughts right now. The primary thought being that all I have to my name now are some shares of CaVirtex, some shares of N&B, some peercoins, and a couple thousand dollars. Primary or not, I suppose my thoughts don't matter at this point. It was a fun ride, though. I had more fun and genuine engagement over the last year with the Bitcoin community than I have had with basically anything else in my life during that time. It's funny, I knew I was facing a $250k+ loss the other day, but I was so excited about the few hundred dollars I made on N&B, lol. The totals are just numbers on the screen. It's about the trade, and the rapid amalgamation of various sources of data. It's about the extrinsic, objective gratification of knowing whether you were right, or wrong, as told through the market. It's about going against yourself, weighing your odds. It's about striving for perfection, knowing you will never reach it...this market is the best game I've ever played. For all the caustic denigration traders still receive in the larger Bitcoin community, I'll state that greed is not at all about wanting more than you have. Greed is wanting more than you need. It's a differentiation that, I think, is quite overlooked. I do have a mighty thorn in my paw about how the community handled all of this, but it's not worth it to address that now. Like any breakdown, there is blame to go around, and I certainly hold a good part of it when it comes to my current predicament. I still believe in Bitcoin. If I had any money left to reinvest, I...might. I knew the risk I was taking (I thought), and I even considered losses down to 50%. I considered near-100% losses as a result of my own market decisions. I did not consider 100% losses as a result of trading on the oldest BTC exchange in existence, and so my fatal flaw was a catastrophic underestimation of my counterparty risk, plain and simple. I made the best decisions I could make at the time, with the information and personal experience that I had to reference in making them. I accept the decisions that have been made. Again, there is certainly a lot of blame to go around, but I respect myself too much to wholly blame anybody else for what was ultimately my decision. I guess I feel worse for my dog than I do myself. Life is just a game, cryptofriends. I lose. My favorite thing about this song is that in my mind it can represent both despair and convicted hope. I think there's a lot of both in the community right now. Cloudkicker - Dysphoria But my apologies, again, my thoughts don't matter anymore. Down with the ship it is. It has been a true pleasure, and an honor to be a part of all of this. This community in particular, in my mind, shines well above /Bitcoin and a good portion of bitcointalk. Enjoy your weekend, cryptraders. May the light from your candles never fade. I look forward to smiling upon your moon base from the stars, and I genuinely wish y'all better than the best.
NEWS ANALYSIS: One-time leading Bitcoin exchange Mt. Gox loses $473 million in theft and declares bankruptcy, but it's not necessarily the end for Bitcoin. MtGox is dead. MtGox is a Japan-based Bitcoin exchange that once served 80% of the liquidity for Bitcoin. As of tonight, MtGox has disabled trading, taken its website offline, and there rumors abound of insolvency. Even more than rumors, a group of up and coming Bitcoin companies have issued a joint statement regarding MtGox. The memo was signed by Coinbase, Blockchain.info, Circle, Kraken ... Mt. Gox, owned by a company called Tibanne Ltd, was the largest bitcoin-fiat currency exchange from 2010 until last year. It started life in 2009 as a place for players of Magic: The Gathering to ... Two months after troubled Bitcoin exchange Mt. Gox closed its doors, it appears that the Tokyo-based company won’t be coming back. On Wednesday, a Japanese court denied Mt. Gox’s request for ... The once massive bitcoin exchange Mt. Gox is effectively dead after losing nearly $500 million worth of customers' money and filing for bankruptcy in Japan on Friday.
The rise & crash and burn of Bitcoin exchange Mt.Gox Follow the story on http://www.digitaldojos.com Web links: Twitter: http://www.twitter.com/kidguru Conta... Mt. Gox is a story for the ages. Beginning in obscurity, rising to prominence, and falling down in epic fashion, there are few stories that can equal that of... Learn more at Coinsumm.it Nejc Kodric, Bitstamp, Bobby Lee, BTCChina, Jesse Powell, Kraken Moderated by Dan Morehead, Pantera Capital Management Visit Bitcoingirl.org for more videos! Jayjay and I speculate about what is happening with MtGOX, hours before Mark Karpeles declares bankruptcy BTC: 1D2h843... This is a brief history of the Mt. Gox exchange. Its history, hacks and impact on Bitcoin and the crypto world. Contact me about crypto business ventures at [email protected] Items That I ...