What is a Cypherpunk? - HodlHard.io - All about Bitcoin ...

Crypto WarGames: Ethereum Cypherpunk Virgil Griffith Vs. Bitcoin Twitter Thief Graham Clark (current BTC/USD price is $11,248.01)

Latest Bitcoin News:
Crypto WarGames: Ethereum Cypherpunk Virgil Griffith Vs. Bitcoin Twitter Thief Graham Clark
Other Related Bitcoin Topics:
Bitcoin Price | Bitcoin Mining | Blockchain
The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools.
submitted by coinsaladcom to CoinSalad [link] [comments]

Has the cypherpunk Bitcoin been relegated to history? (current BTC/USD price is $9,746.35)

Latest Bitcoin News:
Has the cypherpunk Bitcoin been relegated to history?
Other Related Bitcoin Topics:
Bitcoin Price | Bitcoin Mining | Blockchain
The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools.
submitted by coinsaladcom to CoinSalad [link] [comments]

100 Reasons to Buy Bitcoin

  1. Bitcoin is the most censorship resistant money in the world.
  2. You don't have to buy a “whole” bitcoin so don't freak out if you look at the price. You can buy a piece of one no problem.
  3. The Dallas Mavericks accept Bitcoin on their website. You don't trust Mark Cuban. He's the best shark.
  4. Bitcoin is the best performing asset of the last decade (better than S&P500).
  5. Diversify your current portfolio.
  6. It's not illegal in the USA.
  7. You holding just one satoshi slightly limits the supply and can rise the price for everyone else.
  8. [In late 2019] hash rate is the highest it has ever been
  9. Suicide insurance; if Bitcoin rises in price there is no worse feeling than regret.
  10. Some of the smartest people in computer science and cryptography are working on it. Trust nerds.
  11. Look at the all time historical chart. No technical analysis just tell me what you think when you look at it.
  12. Money is a belief system... and I want to believe.
  13. Transparent ledger, no funny business going on it's easy to audit.
  14. Elon Musk appears to be a fan. How's that for an appeal to authority
  15. There is a fixed limit in the number of bitcoins that will exist. 21 million bitcoin, 7 billion people on earth. Do the math.
  16. There are so many examples of governments inflating their currency to the point where it becomes unusable. Read the wikipedia page for Venezuela or Zimbabwe.
  17. Altcoins make sacrifices in either security or centralization. There are altcoins out there that claim to be innovating but just check the scoreboard nothing has flipped Bitcoin in market value or even gotten close.
  18. With technology developing at a rate faster than law, governments and for-profit businesses have the ability to monitor our purchases, location, our habits, and all of this has happened without consent. People made jokes and conspiracy theory, but sometimes conspiracy is real. Most people are good, but there is absolutely evil out there. There are absolutely evil people in positions of power. There are absolutely evil people that work together in positions of power. Does anyone actually believe that Jeffrey Epstein committed suicide. Go read about Leslie Wexner. Go read the cypherpunk manifesto.
  19. The upcoming halvening in 2020 will reduce the number of Bitcoin created in each block, making them more scarce, and if history repeats more valuable.
  20. Bitcoin has lower fees than traditional banking.
  21. Gold has the advantage of being a physical thing. But unlike gold you know Bitcoin is not forged, or mixed with another metal, and you can easily break it into tiny pieces and send it over the internet to someone.
  22. Bitcoin could spark new interests maybe you start to read more into economics, computer science, or Brock Pierce.
  23. Bitcoin has survived with no leader, marketing team, public relations, or legal team.
  24. Because Wired magazine said Bitcoin was dead at $2, Forbes said it was dead at $15, NY Times at $208, and CNN at $333.
  25. Just do a cost benefit analysis. What happens if Bitcoin fails and it goes to zero vs. what happens if it succeeds, and becomes world money.
  26. Bitcoin encourages long term thinking, planning, saving. Due to inflation we are punished by holding on to cash. Look up the statistics on the average savings account while we are bombarded with consumerist bullshit like Funko pop heads, Loot crate subscription services, and new syrup flavors for coffee. Currently we are encouraged to spend now, seek immediate gratification, and ignore what we are becoming as Amazon picks out our clothes and toothpaste ships it to the house and we sit and watch streaming services where content is pushed to us and I'm supposed to buy that this garbage is actually “trending”. Our lives have become so comfortable that idiots spend $60 to escape a room and have someone take your picture when you get out. What would our ancestors think.
  27. Maybe you're a day trader looking to use a trading bot in an unregulated market.
  28. Bitcoin has 7 letters in it. Lucky number 7.....
  29. Bitcoin promises to bank the unbanked, and provide services to those not otherwise “qualified” to open a bank account.
  30. It's just cool, don't you want to seem smart to all your friends.
  31. The origin story is so nuts there's going to be a movie or several movies about the early days of Bitcoin. Satoshi Nakamoto remains anonymous to this day. Imagine if the inventor of the cell phone was anonymous.
  32. If you have money to burn, don't buy soda, weed, or some girls private snapchat it's a dead end put it towards Bitcoin and give it to your child in the future.
  33. To avoid getting ripped off by foreign exchange fees just because you were born one place and your friends were born in another place.
  34. Can't live off the grid in your log cabin and still use Mastercard. Bitcoin is one piece of opting out.
  35. If one country adopts BTC as the national currency, it doesn't take much thought to realise that others will follow.
  36. Join a welcoming and unique community. Everyone is super nice because they want your money.
  37. You can stick it to the baby boomers.
  38. You can stick it to the vegans.
  39. You can stick it Roger Ver.
  40. Maybe your IQ is 70 and you'll do whatever CNBC Fast Money recommends.
  41. Maybe a hacker infects your computer, records you doing that thing, and threatens to release the tape if you do not pay them 1.5 Bitcoin.
  42. You're a risk taker looking for some risky investment.
  43. Aliens attack like Independence Day, blow up major cities in major countries, your money is still safe with Bitcoin. As long as there is a some guy, some person, living on an island with a copy of the ledger out there on your'e good. We're all good.
  44. Many proposals to scale the number of transactions, may the best plan win.
  45. One day you might have to use BTC to pay taxes, buy food, and charge your Tesla.
  46. You want to support a political group and remain private.
  47. You can trust math more than you can trust people to set an emission rate.
  48. Government don't know how much you have.
  49. The first response to Bitcoin being published by Hal Finney stated that Bitcoin was positioned to reach million dollar valuation. Hal was the first bull and passed away in 2014, missing a lot #doitforHal.
  50. Baddies can't freeze your money if they mad at you.
  51. The Big Bang Theory mentioned it, maybe you want to be like Sheldon the bazinga guy.
  52. Mid-life crisis.
  53. Be contrarian. In a world where everyone zigs it's sometimes good to zag.
  54. Don't have any hobbies, and you just need a reason to get up in the morning.
  55. Enjoy learning? Bitcoin is a topic where there is so much to learn, and so much development, that it really becomes a never ending journey. For someone who likes learning, it's more productive than speedrunning a video game.
  56. Yolo. You only live once. This isn't a dress rehearsal, if there's something your kind of interested in pursue it. That's true for anything not just Bitcoin. But if you're reading this I'm assuming you're interested.
  57. Bitcoin is not a ponzi scheme. The difference is Bitcoin does not need new people buying in to work, blocks being added will continue even if the community stopped growing.
  58. With religion on the decline maybe you want to join a cult. Crypto twitter is a great echo chamber to meet like minded people.
  59. Satoshi Nakamoto found a way to distribute a global currency in a fair way with the ability to adjust the mining difficulty as we go, it's really incredible. You still need computers and electricity to mine new bitcoin today but it's an extremely fair way for people to earn. There was no premine of Bitcoin. Everyone who has Bitcoin either bought it at what the market said, or they earned it.
  60. No CEO in charge of Bitcoin to make bad decisions or a board of directors that can make changes. The users, an ever growing number, are in charge.
  61. Bitcoin has no days off, it has no workers in charge who can get sick or take a holiday.
  62. Bitcoin has survived 10 years (and more). While there will always be dangers, I'd argue that those first few years it was most vulnerable to fail.
  63. Have some trust in the cypherpunks. Anyone who held and didn't sell bitcoin as it went from pennies to five figures is not looking to get rich. They want to change the world.
  64. Potential president Tulsi Gabbard disclosed owning some.
  65. Digital money is the future, anyone who has tried Venmo can see that. Well Bitcoin is a digitally native asset.
  66. Refugees can use Bitcoin to store their wealth as they flee a failing country.
  67. Bitcoin is an open source project. Anthony Pompliano likes to call it a virus but I like how the author of the Bitcoin Standard describes it. Bitcoin is like a song. As long as one person remembers it you can't destroy a song.
  68. Triple entry accounting. When humans first started recording who owes who what we had single-entry accounting. The king's little brother would keep everything written down, but we had to really trust this guy because he could simply erase a line and that money would be gone. When double-entry accounting started to spread 500 years ago it brought with it massive innovation. Businesses could now form relationships across the ocean as they each kept a record. We did not have innovation again until Satoshi's Bitcoin, where blockchain can be used as the neutral third party to keep record. It might not sound important but blockchain allows us to agree upon an objective reality.
  69. Bitcoin is non-political.
  70. Bitcoin is easy to accept. I mean kind of. It's certainly easier than setting up a bank account.
  71. A sandwich used to cost 10 cents in America, I walk into Subway and they don't even have $5 foot longs anymore. Inflation man..
  72. It's a peaceful protest.
  73. Critics say that mining wastes electricity, but if Bitcoin adoption continues the world will actually be incentivized to produce more renewable energy. There are so many waterfalls and sources of energy in the middle of nowhere right now. People might not see a reason to build a power plant over there now, but in the future it can make business sense. Take that waterfall mine bitcoin, and sell them to the people who can't mine. It allows for a business to sell their energy anywhere.
  74. Get into debates around Bitcoin, build those critical thinking skills.
  75. “Predicting rain doesn't count, building arks does”
  76. “The best time to plant a tree was 20 years ago, the second best time is now.”
  77. "I never considered for one second having anything to do with it. I detested it the moment it was raised. It’s just disgusting. Bitcoin is noxious poison.”
  78. The immaculate conception. No cryptocurrency can have a start the grassroots way Bitcoin did, it's just impossible given how the space has changed.
  79. There are more than 1000x more U.S. dollars today than there were a hundred years ago.
  80. Bitcoin is the largest transfer of wealth this decade from the least curious to the curious.
  81. The concept of the Star Wars Cantina, Galt's Gulch, or young Beat Generation kids sitting in a basement smoking cigarettes and questioning the world can only exist if money remains fungible.
  82. You can send money to your Dad even if he lives in a country run by bad boys.
  83. Memorize your key, and walk around the world carrying your money in your head.
  84. Free speech.
  85. https://www.youtube.com/watch?v=S9JGmA5_unYGmA5_unY
  86. The Federal Reserve is objectively way too powerful.
  87. John Mcafe promised that if bitcoins were not valued at 1 million dollars by the end of 2020 he would eat his own penis on national television. It will be a sad day if we don't hit that 1 million.
  88. The Apple credit card.
  89. If we ever get artificial intelligence it'll be able to interact with Bitcoin.
  90. Katy Perry is aware of crypto so if by some chance you run into her, you get one chance to strike up conversation, so here's your chance to shine. You don't ask for a picture, you don't say she's pretty, or name your favorite song. Take your shot and ask about what type of cold storage she uses for her bitcoin.
  91. Many people are afraid of a world currency because it's associated with a centralized world power taking control. Bitcoin allows for neutral world money.
  92. Stick it to Mark Zuckerberg.
  93. Developers developers developers developers developer developers.
  94. About 85% of the supply has already been mined.
  95. Bitcoin can always improve. As long as the proposal is really good the code can be upgraded, and if the baddies invent ways to hurt the chain we can just fork off it's just code.
  96. Memes
  97. Name recognition and momentum above all other cryptocurrencies.
  98. 3% discount with Bitcoin at Crescent Tide Cremation Services. Nice cant wait to die.
  99. Like having a swiss bank account in your pocket.
  100. Blow up the banks (in minecraft).
submitted by Th3M0rn1ng5h0w to Buttcoin [link] [comments]

Since 2009

Since 2009
When bitcoin started in 2009, it wasn’t much more than a novel idea.
Nearly no one knew about it. And the community was dominated by nerds, anarchists, and cypherpunks.
Times have changed.
Bitcoin has gone from a novelty… to a digital collectible… to a speculative asset.
And today, it’s becoming a reliable store of value.
We can see that in the chart below. It shows the supply of bitcoin that is just being held and not moved for five or more years. We’re looking at a five-year timeframe, as it’s the longest.
The chart shows there’s a growing number of long-term bitcoin holders.

https://preview.redd.it/otvf655lehh31.png?width=881&format=png&auto=webp&s=ea8a7470740b036d62c2fb043c3ae75aa2141c06
This is a great sign for bitcoin and cryptocurrencies. Because before they can become effective mediums of exchange or units of account, they must be reliable stores of value. And the chart below shows that’s happening today.
submitted by boomerangcapitalInc to CryptoCurrencies [link] [comments]

Burstcoin (BURST): A Dark Horse That Could Become A Major Cryptocurrency, The King of Proof of Capacity

Burstcoin (BURST): A Dark Horse That Could Become A Major Cryptocurrency, The King of Proof of Capacity
https://preview.redd.it/nt1qbc9cq4221.png?width=572&format=png&auto=webp&s=d867a4c98e7ab7e9c37c7dc23cc7fb251a5ecec7
https://cryptoiq.co/burstcoin-burst-a-dark-horse-that-could-become-a-major-cryptocurrency-the-king-of-proof-of-capacity/
Currently the cryptocurrency space is flooded with copycat coins and initial coin offering (ICO) tokens, most of which are moving steadily down the ranks on CoinMarketCap as the bear market of 2018 continues. This bear market is weeding out cryptocurrencies that have little long term potential, and cryptocurrencies that have strong communities and unique technology are rising to the top. Burstcoin (BURST) is one such cryptocurrency that is rising to the top, like cream in a glass of fresh milk. This is because the Burstcoin community is filled with diehard Cypherpunks, and BURST is the king of Proof of Capacity.
Back in the middle of October 2018 BURST was at #248 on CoinMarketCap, which was before the ‘nuclear’ bear market took effect, where the support level was broken due to the Bitcoin Cash hard fork, Bakkt delaying the launch of physical Bitcoin futures, and the Securities and Exchange Commission (SEC) initiating its first civil enforcement penalties against ICOs. BURST has decreased in price like every other cryptocurrency, but is rising relative to other cryptocurrencies, and as of 3 December 2018 sits at #199 on CoinMarketCap with a market cap of USD 13.5 million.
This increase in the price of BURST relative to other cryptocurrencies is due to Burstcoin’s unique technology. Burstcoin is the king of Proof of Capacity, a mining algorithm that uses the hard drive, versus raw computational power like with Proof of Work, and is much more energy efficient than Proof of Work. Proof of Capacity works by writing cryptographic hashes to an allotted segment of a hard drive called a plot. This plot is then read during mining to find the correct cryptographic hash, and whoever finds the cryptographic hash the fastest receives the block reward. More hard drive space dedicated to the plot equals more cryptographic hashes available, making it easier to find an answer and earn the BURST block reward.
Currently 1TB generates 1-2 BURST per day, and even though this is only equivalent to about a penny, it is all profit since reading the plot file requires a negligible amount of energy, and BURST miners can use their computer for other activities without impediment. Compare this to Proof of Work, which slows down personal computers and costs more electricity than the cryptocurrency it mines. BURST is one of the only cryptocurrencies that can be profitably mined on personal computers.
Further, unlike with Proof of Work where specialized mining equipment is required like application specific integrated circuits (ASICs), anyone with a computer or even mobile phone can mine BURST, and if they decide to stop mining BURST they can simply delete their plot file and use the hard drive space for other things. This is unlike ASICs, which cannot be used for anything but mining, so if someone decides to stop mining they lose all the money invested into the ASIC.
The ease of mining and negligible energy usage has led to the formation of a strong BURST mining community, with over 200,000 TB securing the BURST network. This is equivalent to hundreds of thousands of personal computers. The expansive mining community gives BURST value, and some of these miners are blockchain developers, and they have been building a full suite of technology based on the Burstcoin blockchain.
CloudBurst immutably stores files directly on the Burstcoin blockchain, for a small 1-time fee. Real blockchain storage is a rarity in the cryptocurrency world. The file will be stored as long as the Burstcoin blockchain exists, which is the foreseeable future and beyond considering the expansive BURST mining community. Cloudburst would be useful if you lost your computer and all of your backups in a natural disaster like a hurricane, and is a more secure solution than cloud storage like Google. Also, the Burstcoin wallet can be used to easily issue cryptocurrencies that are based off of the Burstcoin blockchain, and there is a decentralized exchange built-in to the wallet to trade these crypto assets.
Cryptocurrency scalability is a problem even for major cryptocurrencies like Bitcoin and Ethereum, but Burstcoin has tackled and solved this problem with the launch of the Dymaxion. The scalability of the Dymaxion is so powerful that it can handle all the non-cash transactions in the world. This is done via the utilization of tangle-based lightning networks on top of the Burstcoin blockchain. Transactions done via the Dymaxion are instant, with no fees and practically no energy expenditure. The Dymaxion gives Burstcoin the room to grow as much as it needs to.
When people look for the cryptocurrencies that will survive long term, it can be confusing due to the 2,000+ cryptocurrencies listed on CoinMarketCap. However, it is clear that cryptocurrencies with truly unique and useful technology, as well as strong communities will always be around and gain value long term relative to all the ICOs and copycats. Bitcoin is the king of SHA-256, Litecoin is the king of Scrypt, Ethereum is the king of blockchain-based dApps, Dogecoin is the king of the shibes on Reddit, Dash is the King of X11, Monero is the king of privacy coins, IOTA is the king of Directed Acyclic Graphs (DAGs), and Burstcoin is the king of Proof of Capacity. These kings of cryptocurrency will definitely be the winners and survivors when the fallout from the ICO apocalypse is over.
This is for educational purposes only and is not investment advice. We are not paid by BURST to write this article.
submitted by turtlecane to burstcoin [link] [comments]

Since 2009

Since 2009
When bitcoin started in 2009, it wasn’t much more than a novel idea.
Nearly no one knew about it. And the community was dominated by nerds, anarchists, and cypherpunks.
Times have changed.
Bitcoin has gone from a novelty… to a digital collectible… to a speculative asset.
And today, it’s becoming a reliable store of value.
We can see that in the chart below. It shows the supply of bitcoin that is just being held and not moved for five or more years. We’re looking at a five-year time-frame, as it’s the longest.
https://preview.redd.it/ee9qqsq0dhh31.png?width=881&format=png&auto=webp&s=f4fa92c4808c249b53cddfd628b04294d26b11e6
The chart shows there’s a growing number of long-term bitcoin holders.
This is a great sign for bitcoin and cryptocurrencies. Because before they can become effective mediums of exchange or units of account, they must be reliable stores of value. And the chart below shows that’s happening today.
submitted by boomerangcapitalInc to Bitcoin [link] [comments]

Since 2009

Since 2009
When bitcoin started in 2009, it wasn’t much more than a novel idea.
Nearly no one knew about it. And the community was dominated by nerds, anarchists, and cypherpunks.
Times have changed.
Bitcoin has gone from a novelty… to a digital collectible… to a speculative asset.
And today, it’s becoming a reliable store of value.
We can see that in the chart below. It shows the supply of bitcoin that is just being held and not moved for five or more years. We’re looking at a five-year timeframe, as it’s the longest.
The chart shows there’s a growing number of long-term bitcoin holders.
https://preview.redd.it/xlaos5zvfhh31.png?width=881&format=png&auto=webp&s=2a7d15d3b29103eb668986ca69fe3eb2f8911d12
This is a great sign for bitcoin and cryptocurrencies. Because before they can become effective mediums of exchange or units of account, they must be reliable stores of value. And the chart below shows that’s happening today.
submitted by boomerangcapitalInc to CryptoCurrencies [link] [comments]

Consensus 2018 Report (Continuous Updates Through May 17th)

Happy Wednesday! We are live!
Consensus Short Statistics
State of Blockchain
Don Tapscott
-"We are entering a new era of trust"
-Generally remarked on the benefits of blockchain. Identified the 7 types of crypto assets (Currencies, Collectibles, Stablecoins, Natural Asset Tokens [Representing minerals, water], Utility Tokens, and Security Tokens.)
FedEx
As I remarked in my comment earlier, FedEx is incredibly bullish on blockchain technology generally, but specifically in it's applications for cross-border shipping and asset-tracking. As I learned, the definition of what constitutes a "coffee cup" differs from place to place. Using blockchain, Smith says, FedEx can protect against unforeseen obstacles at customs. "Information about the package is as important as the package itself," he claims, further adding that the risk of experimenting with cryptocurrency is "de minimis" when compared to its alternative. During the session, FedEx unveiled "Trons", bluetooth-enabled sensors integrated with blockchain first announced in 2016.
Jim Bullard, St. Louis Fed
Fantastic, informational lecture regarding the history of currency and how civilizations have reacted to various implementations. Generally, Bullard notes, humans want a uniform currency. He compared cryptos with state/provincial bank notes, citing the problems faced with exchange, regulation, and value verification. We haven't yet realized this problem with cryptocurrencies since the market cap is relatively small.
Insightful statistics about and charts comparing GDP to the inflation/exchange rates of the DollaYen. Surprisingly, the volatility charts look worse than Bitcoin. Catch all of these when the videos are released later this week.
Summarizing, Bullard claimed that there will be a plurality of coins sharing the ecosystem, each providing a specific use. The Federal Reserve will likely mint a fiat/cryptocurrency that represents a stable stock of U.S. dollars sometime in the mid term future.
Jed McCaleb
I spoke with Jed of the Stellar Foundation. This is a Bitcoin subreddit, so I'll skip this part. You can find the full transcript of his thoughts here.
Charlie Lee and David Schwarz
Both spoke on a panel about interoperability between Bitcoin, Litecoin, Ripple, etc. Developers better understand that most cryptocurrencies can interface as long as they use the same "hooks". Schwartz compared this ideal system akin to TCP-IP; a minimal framework making as few technological demands as necessary.
An ecosystem with multiple coins utilizing different security protocols and consensus mechanisms is "good for Bitcoin". In a theoretical world where power becomes abundant, what happens to PoW? We want the ability to migrate to a new protocol without upending the entire financial system. In a world where security is compromised, redundancy is critical.
Lee sees UI as the next significant hurdle. Not for speculators, but for mom-and-pop investors without much tech savvy.
TxTenna
-Hardware to expand and facilitate mesh networks.
-Even if you own Bitcoin, transfer can be censored/inhibited through the network communicating the transaction to the blockchain.
-Using mesh networks, we bypass many of these constraints dealing directly with sovereign ISP's.
-This is fantastic for Bitcoin users in 3rd world countries/those with oppressive regimes. I will leave this to your imagination.
RSK
-Smart contract platform on top of the Bitcoin protocol. -Ecosystem challenges (Tx costs, security, scalability) -Tx cost is $0.035 - +10% hashing power -Up to 100 tps. -Next -Payment channels (Lumino) -Predicability (Fiat-based fees) -Decentralization (BTC and RSK full-node rewards) -Interoperability (inter-blockchain integration) 
I'm sorry if you find this post lacking/off topic. Attempted to refine down to only what might be relevant to a Bitcoin trader. Even if Bitcoin isn't specifically mentioned, many of these innovations/philosophies will apply to the crypto space generally and, thus, to Bitcoin.
It's already the end of Day 2 and I'm finishing the write-up for D1. I'll compile D2 and D3 for brevity's sake. Most of this news is now relatively (a day) old.
Thanks for your attention and help supporting the crypto revolution.
P.S. "Where is my Consensus boost!? I thought BTC should be $10k by now!"
Historically, the Consensus Boost happens several weeks after the event, likely as news disseminates.
OH FUCK
I FORGOT
Joseph Lubin bets BlockChain Capital's Jimmy Song, "any amount of Bitcoin" that blockchain will have widespread enterprise adoption within 5 years
Day 2
Will try an update. Sitting through, eToro will be opening business in the United States, launching a wallet shortly after. Users can view successful traders' profiles and subscribe to their trades, copying them second-by-second.
Circle announces a USD stablecoin and crypto wallet.
HTC announces a crypto phone.
Deloitte releases preview of cryptocurrency report, shows majority of companies pursuing blockchain.
-"But this is just blockchain". Yes, and a rising tide lifts all ships.
The Magical Crypto Friends Live From Consensus. Warning, shitty audio.
-Founders of several currencies (Litecoin, Monero) discuss Buffett, Bitcoin, and other BS. 56 minute duration. For the hardcore.
Day 3
Alright!
Ledger
-Announcing a consortium for investors/institutions who manage multiple accounts. Today, Ledger Nano S is really only useful to the individual owner.
-Called, "Komino"? (Japanese Script).
-Isn't this compromising the dream of Satoshi? Speaker thinks no. The dream is that everyone can use Bitcoin as they see fit. Large companies can have positions in Bitcoin without changing the life of crypto maximalists who can still use cryptocurrencies.
-Bankers have the right to "Go full Moon and lambos".
Polymath
-The next big wave in crypto are Security Tokens.
-Real estate, equity in companies.
-Amongst crypto VC founders, Security Tokens will comprise 50-90% of the crypto market in the coming years. Currently, the share is approximately 1%.
-You can create a security token right now. Log on here and try the demo.
-First blockchain telegram to reach 50,000 users.
-Integrating with tZero. All new securities should have liquidity out of the box.
-ST-20. A security token standard designed to ameliorate many of the issues with fragmented ICO's.
-Launching a ST Venture Fund, "Polymath Capital".
-New CoinMarketCap competitor. "Tokens.com". Perhaps they'll finally force some innovation on the CMC side.
-Polymath 2.0 TestNet now live.
BlockStack
-Internet 3.0 is here. Mesh networks, decentralized data, crypto assets. We are not storing data with companies anymore, we are personally responsible. One day, we will have a universal ID that removes the need for a rolodex of passwords, usernames, and security questions.
-BlockStack members advise on Silicon Valley. Fun fact.
-Infrastructure and speculative investment grew from less than $100B in January, to $100B in May, and, finally, over $600B by November.
-Sounds like a dApp talk. They're making iTunes for dApps. I'll come back when he says, "Bitcoin".
Jack Dorsey and Elizabeth Stark
-Jack first heard of Bitcoin in St. Louis via a group of Cypherpunks.
-Appreciated the complexity of code, but didn't realize the potential just yet.
-Met some engineers who wanted to build a Bitcoin solution for Square. Buyers/sellers could accept Bitcoin without knowing they were using Bitcoin.
-Community "felt like Usenet" as it developed between 2014 and 2017. "Felt electric".
-Claimed Square's strengths are speed and simplicity. Credit cards are complex and often emotional. Talking about the Cash app, the goal is to revisit the coffee purchase of old and make it feasible using Bitcoin.
-"We have evidence to show people are using this as their primary spending account, their primary bank account, and, in some cases, their only bank account."
-"We have people that have been blocked from entering the financial industry." Even merchants had problems accepting payments. "Reaching the underserved, reaching the unbanked", he says, feels good.
-On Square adopting Bitcoin. "It was certainly contentious within our company." "I guess we always take the mindset that we can't wait for things to happen to us...If we want responsible uses...then we have to make that happen, we have to do the work to educate regulators, educate the SEC, show that we can provide more access to more people...give people a chance to participate in the economy...still a lot of disagreements and fights, but that's where the magic happens. We really push through, and this tested us. There was certainly a spotlight on us because of that fact, but there are a lot of unknowns. We ran towards them."
-On the future, the potential of Bitcoin. "The internet deserves a native currency. It will have a native currency. I don't know if it will be Bitcoin or not, but I hope it will be. I appreciate the technology so much; the principles behind it. Using the guide that the Internet will have a global currency...it's going to happen. As a company, as individuals, we need to learn how to make that happen. The biggest thing I worry about as a company is there is so much openness within the community, I hope nothing corporate will come in and threaten it." Protecting the open-source nature of the work. "This is a discussion I have a lot with Mike and the team. No one company or corporation should own this. This is the main question of everyone I meet in the community. We have a completely open mindset to ensure this remains a completely open platform. Let's not wait for it to happen. Let's do our part to encourage it to be used in healthy ways and ensure that everyone has access to it. If we ever go astray call us out. We can't do any of this without the technology being strong and available to everyone."
-"Obviously we are a centralized organization that benefits from decentralization. It's a theme of conversation within our organization and we're looking to decentralize our workforce. Cash is an interesting application in our company." Going to Australia next week to check in with the local team there. They are agnostic on what locale partners decide to nest in.
-Large corporate HQ's like Twitter and Square, "are a thing of the past". People will be able to work from wherever they please.
-"Nobody is going to a bank for a $6,000 loan. They're going to friends and family." They can all be served with this technology.
-Hesitates to make articulated 5-10 year predictions, prefers patience and iterating as each year develops. "We want to go back to the original idea of being able to purchase a coffee with it. That's why we're working with you. Whatever it takes to get there, we're going to try and make it happen." Encouraging more access to the financial space is the primary objective of the Square organization.
-"Over the past two years since we've really pushed our way into this, I've felt that electricity"
-Elizabeth Stark feels like she's living through the mid-90's again, "In a positive way".
-Stark is an optimist. "Really seeing the value behind the means of transacting without a middle party." It wasn't until Satoshi's whitepaper did we have the means to build a solution to this problem.
-"Our goal with Lightning is to enable an application layer like the Internet". -Stark
-On potential, compelling apps built on Bitcoin. "As I said, there's just so much to trust, to identity, to decentralizing almost everything we use today in a centralized way. We get the power of the crowd, the ability to see so many amazing perspectives and opinions to make our answers much better. I don't think about that as much as I think about what we need to focus on."
-On what they need to focus on. "There's a desire for more. There's definitely an incentive to hold the technology and encourage a mindset of saving rather than spending. But making it easier to spend, easier to transact, easier to do the everyday is what we need to focus on. We aren't necessarily going to be the company that comes up with the right frameworks or technologies, but I'm confident we'll be part of facilitating the process."
-The ultimate relationship with a regulator is that of education, Dorsey claims.
-On becomng a global company. "If we were ever able to use it as a payment mechanism today, we could release it all over the world opposed to the 5 markets we're in today. With each market, we have to find a banking partner, work through the regulatory." Only way to accept credit cards in Japan involved a 15-minute interview with an official. There is a large amount of legacy legislation that hampers adoption.
-On the next steps of democratizing finance. "Hardest part is continuing this conversation...certainly the regulatory bodies around the world, the banks..." Slowly but surely, Square is converting Goldman Sach's-types, showing them the reasons behind the movement. Having, "healthy discussions at the board level."
-On advice getting started in the industry. "Follow the conversation on Twitter, first and foremost. (laughter) And not just follow." When he first followed the industry, he felt like he had nothing to contribute. Join the conversation, express a point of view. "So many people fear expressing an opinion...instead of treating it like a conversation". "While you follow these conversations--jump in. People are going to think you're weird, they'll disagree with you, but you'll sharpen your opinions...find where they resonate." Pursue success from there.
BCash
I visited the BCash table and asked the representative to respond to claims that the company was causing label confusion amongst BTC and BCH. She locked up, asked if I was press, and, "was not at liberty to discuss the topic".
Scam. Scam. Scam. Did I say scam?
That's it for Bitcoin! Thanks for playing Consensus 2018!
I have tons of photos to upload, which I'll share in the Daily General Discussion as they come online.
submitted by MysteriousBarber to BitcoinMarkets [link] [comments]

Creator of Bittorrent Thinks He Can Kill Bitcoin With Chia, a Burstcoin (BURST) Copycat

Creator of Bittorrent Thinks He Can Kill Bitcoin With Chia, a Burstcoin (BURST) Copycat

https://preview.redd.it/snvu0ixss9521.png?width=690&format=png&auto=webp&s=07d3a96392b8e6b13a827e387f1a8b272471595c
https://cryptoiq.co/creator-of-bittorrent-thinks-he-can-kill-bitcoin-with-chia-a-burstcoin-burst-copycat/
Bram Cohen, the creator of the popular peer to peer torrenting software BitTorrent, is creating a cryptocurrency called Chia. This new cryptocurrency will use Proof of Capacity (PoC), an algorithm perfected by Burstcoin (BURST).
Breaker incorrectly reports that PoC, which Cohen is calling Proof of Space, is a new algorithm developed by Cohen. Further, Breaker writes that Chia could kill Bitcoin. It is unlikely that Chia will even be competitive with Burstcoin(BURST), which has a $9 million market cap, let alone Bitcoin, as we’ll now explain.
The crypto space is unfortunately filled with copycat devs who make copycat cryptocurrencies, and this Chia situation appears to be a good example. Burstcoin(BURST)has a strong community of Cypherpunks and has been using PoC since 2014. If Cohen truly cared about the adoption of PoC crypto, he should have jumped on the Burstcoin(BURST) boat instead of trying to create a different cryptocurrency that would compete with it.
Chia is advertised as being a “green cryptocurrency,” similar to how stores often have an organic foods section. Green goods and services are big money in the current economy because slapping a green brand on something means environmental and health enthusiasts automatically flock to it. The greenness of Chia is entirely derived from PoC, which Burstcoin (BURST) has already been doing since 2014. Perhaps the Burstcoin (BURST) community should one-up Cohen and do a green advertising campaign before Chia launches since the method of branding is the only advantage that Chia has.
Indeed, PoC is environmentally friendly and uses practically no electricity, which also makes Burstcoin (BURST) one of the only profitable cryptocurrencies to mine on personal computers. PoC cryptocurrencies read cryptographic hashes from a plot in a hard drive, rather than calculating new cryptographic hashes all the time like with Proof of Work (PoW). The miner who finds the answer the quickest in their hard drive gets the block reward. Since more hard drive space equals more answers, more hard drive space leads to more block rewards. The Burstcoin(BURST) mining network has 230,000 TB (230 PB) of hard drive space at this time, driven by a strong community. It seems unlikely Chia would ever exceed that number since people interested in PoC already mine Burstcoin (BURST), and would not abandon Burstcoin (BURST) for a copycat.
Cohen incorrectly argues that miners would not continuously expand their mining operations with PoC.
“The idea is that you’re leveraging this resource of storage capacity, and people already have ludicrous amounts of excess storage on their laptops, and other places, which is just not being utilized,” he said. “There is so much of that already that it should eventually reach the point where if you were buying new hard drives for the purpose of farming, it would lose you money”.
The fact is that serious Burstcoin(BURST) miners regularly buy petabytesPB of new hard drive space to maximize revenue, and Chia miners would act no differently if Chia catches on.
The one possible difference between Burstcoin (BURST) and Chia is that Cohen is trying to prevent a “re-mining from genesis” attack, where a miner could create an entirely new chain starting at the genesis block. If they had enough hard drive power to do this, perhaps they would fork the blockchain. To avoid this attack Cohen says Chia will also integrate “Proof of Time” (PoT).
First off, Burstcoin (BURST) has never had issues with this sort of attack in its five years of existence. If someone has a tremendous amount of hard drive space and does PoC mining, it would be absolutely senseless to do this sort of attack since their entire mining farm would become worthless.
If the point of the attack was to do a double spend, the coins gained in the double spend would become worthless too. Cohen is trying to prevent an attack that is extremely unlikely since attackers have no incentive to do it.
The details about PoT are vague, with it being a parallel process to mining that takes the same amount of time no matter how much hard drive space is used. This would make Chia less efficient than Burstcoin (BURST) and therefore less competitive. Cohen is offering $100,000 to anyone who can develop PoT, making it clear it does not exist yet. Since PoT would probably make Chia less efficient, and it has not been developed yet, and it solves a non-existent problem, the PoT acronym is appropriate.
Ultimately, Chia is branded as green money for a digital world, when the reality is Burstcoin (BURST) already is green money for a digital world. Burstcoin (BURST) has a strong reputation, has been continuously running for five 5 years, and has an extremely strong community. It seems unlikely Chia will ever become more popular than Burstcoin (BURST), and unlike the title of the Breaker article indicates, Chia certainly has no chance of killing Bitcoin.
submitted by turtlecane to burstcoin [link] [comments]

SWISSBORG´S DAILY INSIDER - WEEK 38

SWISSBORG´S DAILY INSIDER - WEEK 38

https://preview.redd.it/0m49ktjevrm11.png?width=1000&format=png&auto=webp&s=2cc8ad6921f494e1439a81cb8c40e88701bb7a2e

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21. September 2018


We Need A Federal Framework To Regulate Cryptocurrencies: Ex-FDIC Chair Sheila Bair Yes they do: better one strong well designed federal regulation than 50 fragmented, fear-infused State laws.
The SEC Starts Reviewing Application for Physically-Backed Bitcoin ETF The U.S. SEC is now weighing whether to approve the nation's first bitcoin-based exchange-traded fund.
Regulations Round-Up: MAS Official Says Tokens Aren’t Securities, SEC on Bookkeeping Obligations The cryptocurrency industries have to be regulated properly in order to facilitate greater market participation from mainstream institutions.
Consortium of Swiss Investors Launch Blockchain Incubator with $100 Million Goal Switzerland-based consortium Crypto Valley Venture Capital (CV VC) has launched a blockchain incubator with a $100 million goal.

Daily PerformancesAfter a volatile week, Cryptos have finally seen a succession of positive days with small but notable gains for most major coins. Ripple has gained the most skyrocketing with more 67% gain this week following the news related to the launch of its liquidity solution xRapid.

Weekly Top 5 Price comparison - BTC. - ETH - XRP - BCH . - EOS
https://preview.redd.it/ve7sy1pb9ln11.png?width=975&format=png&auto=webp&s=d3a391edac3e4657ab029a88409b6cae722d50d2
Technical Analysis - BTC
The critical 6,000 level for BTCUSD is still being held, and it is forming a short term ascending trend line. Until BTC breaks above 7400 or below 6,000 we will not have a clear path forward. The fact that altcoins have started to outperform BTC, especially led by ETH, is a positive, but not a confirmation of a likely uptrend.
https://preview.redd.it/vrjc33pb9ln11.png?width=1243&format=png&auto=webp&s=0aae1d3de32f2f2a5a4f570a3be70be8031efaaf
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20. September 2018

Japanese Cryptocurrency Exchange Hacked, $59 Million in Losses ReportedZaif has discovered that a security breach on September 14 led to the loss of $59 million worth of cryptocurrency.
Ecash's Creator Is Back – And He Thinks He's Built the Fastest CryptocurrencyOne of the founders of the cypherpunk movement has just revealed new technology that he believes will revolutionize cryptocurrency from this moment on.
Abu Dhabi Regulator Calls for International Cryptocurrency Regulation EffortA senior finance official has said Abu Dhabi would like to see comprehensive international regulation of the cryptocurrency arena.
NYU Offers First Crypto Major in US, Sees Exponential Increase in InterestNew York University has started to offer the first crypto major in the US, seeing increasing demand from students.

Daily PerformancesSentiment remains subdued in this market where the price of bitcoin has remained range bound for the last weeks. The fact that BTC is still holding above 6,000 despite the hack of Zaif is a positive sign of sentiment improvement.
Weekly Top 5 Price comparison - BTC. - ETH - XRP - BCH . - EOS

https://preview.redd.it/ylblcsa5xen11.png?width=975&format=png&auto=webp&s=40fd390e85fcc605ae0b5d2b7914f7c694bf58e6
Technical Analysis - BTCThe critical 6,000 level for BTCUSD is still being held, and it is forming a short term ascending trend line. Until BTC breaks above 7400 or below 6,000 we will not have a clear path forward. The fact that altcoins have started to outperform BTC, especially led by ETH, is a positive, but not a confirmation of a likely uptrend.
https://preview.redd.it/ya8jysa6xen11.png?width=1243&format=png&auto=webp&s=b554af28b5135d9e50bee6629fb1daf5e6857850
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19. September 2018

Three Crypto Exchanges May Be Operating Illegally, N.Y. Says
Editor's Remark: Binance, Gate and Kraken did not answer NY Attorney General questions. In the absence of proof that they are operating soundly, NY AG considers they might be operating criminally. #PresomptionOfGuilt?
Commissioner: SEC Shouldn't Hold Back in Approving Crypto Products
Editor's Remark: Being part of the problem will not bring any solution. Rigidity, in the face of complexity, is toxic!
France Accepts New Regulatory ICO Framework, Plans to Become Europe’s ICO Hub
Editor's Remark: This legal framework will attract innovators from around the world! #Blockchain
Nasdaq Acquires a Pro-Crypto Fintech Cinnober for $190 Million, Nasdaq Crypto Exchange?The deal is expected to be closed in the fourth quarter and Cinnober shares rose 27 percent following the announcement.

Daily Performances
The crypto market has seen a temporary recovery. Most cryptocurrencies are consolidating the losses. This a positive reaction to the wave of unexpected selloff on Monday. Ethereum is up more than 9% on the day and find a minor support at USD200. XRP, ADA are notable gainers while IOTA is still suffering from selling pressure with a 0.73% drop.

Weekly Top 5 Price comparison
- BTC. - ETH - XRP - BCH . - EOS
https://preview.redd.it/fgtzow4726n11.png?width=975&format=png&auto=webp&s=3f03cbf4bd7a4e2295ddea1ab6873c47158e5107
Technical Analysis - BTCBTCUSD has seen minor jump after the wake of the declines that took place yesterday and found some support at the previous resistance level of 6,250. We expect some consolidation in this area for the next days. Breaking below this level would be negative for the overall chart structure. On the other hand, if BTCUSD manages to turn upwards and break above the previous high of 7,450 it would be a strong sign of being in a new strong up trend and potentially a new bull market.

https://preview.redd.it/1wx11wza26n11.png?width=1243&format=png&auto=webp&s=d2e7d6d93ed09f63ac24a4ff4a9193823909da80
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18. September 2018

Economist: 2020 Will be Worse Than 2008 RecessionEditor's Remark: The financial winter is coming. But we have a solution!
More Banks Sanctioned for AML, Fraud-Related ViolationsEditor's Remark: Is it our decentralised responsibility as innovators to make sure our businesses are not used for money laundering or fraud, or is it our centralised government's? The blame game.
$414 Billion Alibaba’s Jack Ma: Blockchain Needs to Target Manufacturing Industry“AI, Blockchain and IoT will be meaningless tech unless they can promote the transformation of the manufacturing industry".
Bullish on Blockchain: Georgia Universities to Offer Fintech Degree ProgramsCrypto — a New Arms Race in Education?

Daily Performances
While there was no immediate catalyst for the sudden reversal, a bearish sentiment continues to drive market trends, with total market cap approaching USD200 billion. Yesterday, the market was pushed lower on what appears to be a large seller in ETH, driving the price down to almost USD180. Bitcoin also pulled back sharply after failing to maintain its upside movement. The next few days will be a test to see if the market will recover or not.
Weekly Top 5 Price comparison - BTC. - ETH - XRP - BCH . - EOS

https://preview.redd.it/4nyq5sgmyym11.png?width=1123&format=png&auto=webp&s=1cf4215c3e4a831e0a345e6a794176fcba0f30b3
Technical Analysis - BTC
The 100MA is below the longer-term 200MA to signal that the path of least resistance is to the downside. This means that the support is more likely to break than to hold. The big number everyone should be looking at is the 6,000 level on BTCUSD. It seems it is still holding for now. A move below it could lead to another waterfall towards 4-5k, while a recovery above USD7,450 would most likely indicate an end to this bear market. May we live in interesting times.


https://preview.redd.it/fe1qk8cpyym11.png?width=1243&format=png&auto=webp&s=ff759c1ff0e85f87f7d2db28f0919b6e8b38f466
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17. September 2018


Better Late Than Never Tezos Mainnet Launch Announced - Toshi TimesTezos to be launched today…
Japanese Regulator Unveils Crypto Regulation Updates - Bitcoin NewsEditor's Remark: In Japan, out of the 16 companies allowed to operate crypto exchanges while their applications are being reviewed by FSA, only 3 have survived. One has to get serious about it or… get out!
Hodler’s Digest, September 9-16: SEC Heightens Crypto Crackdown, While US Court Ruling Marks Cryptos as Securities
From Malta to Prague: What Is the Most Crypto-Friendly Travel Destination?Crypto-friendly destinations for you next vacation.

Daily Performances
There was very little change in the total of crypto market capitalization over the weekend and the volume of transactions remains low. Total market capitalization is just over $200 billion and has held at that level for the past three days. Bitcoin seems to stabilize at the current level of $6,480 and failed to push towards the next resistance level. The altcoins have seen mixed signals, with some small red and green fluctuations. BCH, XLM and DASH are notable gainers today while ETH remains relatively weak.
Weekly Top 5 Price comparison
- BTC. - ETH - XRP - BCH . - EOS

https://preview.redd.it/rw0u8jmqvrm11.png?width=1123&format=png&auto=webp&s=c2c29100cff6765ddc4a2d8a17af8d89b3395cd2
Technical Analysis - BTC
The next resistance level of Bitcoin is seen at $6,600 and $6,800, we expect some consolidation in this area for the next days. Breaking above it would be a very positive sign for further appreciation and we would expect to test $7,000.
https://preview.redd.it/nu7l8s7uvrm11.png?width=1123&format=png&auto=webp&s=2dc8ae6dcd204aab4d37eb8aea0fdfcb9a4dfb6b
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Many thanks to Mariem @SwissBorg for providing us with THE latest news.
Disclaimer: Insider aims to provide our community with updates and information regarding financial markets and the blockchain world.This is our way of communicating with our community. It is meant to be used for informational purposes not to be mistaken for financial advice.Our opinion, when shared, is just that, it may not apply directly to your individual situation. Any information gleaned here is to be used at the readers' own risk, SwissBorg does not accept any responsibility for individual decisions made based on reading our daily blog. Any information we provide on our daily blog is accurate and true to the best of our knowledge, there may be omissions, errors or mistakes.
Copyright © 2018 SwissBorg, All rights reserved
submitted by Otilia_SwissBorg to swissborg [link] [comments]

Burstcoin (BURST): A Dark Horse That Could Become A Major Cryptocurrency, The King of Proof of Capacity

Burstcoin (BURST): A Dark Horse That Could Become A Major Cryptocurrency, The King of Proof of Capacity

https://preview.redd.it/3avf5qg5r4221.png?width=572&format=png&auto=webp&s=b54fac16e32a99f2eb544a5ec9f6439b2915a06d
https://cryptoiq.co/burstcoin-burst-a-dark-horse-that-could-become-a-major-cryptocurrency-the-king-of-proof-of-capacity/
Currently the cryptocurrency space if flooded with copycat coins and initial coin offering (ICO) tokens, most of which are moving steadily down the ranks on CoinMarketCap as the bear market of 2018 continues. This bear market is weeding out cryptocurrencies that have little long term potential, and cryptocurrencies that have strong communities and unique technology are rising to the top. Burstcoin (BURST) is one such cryptocurrency that is rising to the top, like cream in a glass of fresh milk. This is because the Burstcoin community is filled with diehard Cypherpunks, and BURST is the king of Proof of Capacity.
Back in the middle of October 2018 BURST was at #248 on CoinMarketCap, which was before the ‘nuclear’ bear market took effect, where the support level was broken due to the Bitcoin Cash hard fork, Bakkt delaying the launch of physical Bitcoin futures, and the Securities and Exchange Commission (SEC) initiating its first civil enforcement penalties against ICOs. BURST has decreased in price like every other cryptocurrency, but is rising relative to other cryptocurrencies, and as of 3 December 2018 sits at #199 on CoinMarketCap with a market cap of USD 13.5 million.
This increase in the price of BURST relative to other cryptocurrencies is due to Burstcoin’s unique technology. Burstcoin is the king of Proof of Capacity, a mining algorithm that uses the hard drive, versus raw computational power like with Proof of Work, and is much more energy efficient than Proof of Work. Proof of Capacity works by writing cryptographic hashes to an allotted segment of a hard drive called a plot. This plot is then read during mining to find the correct cryptographic hash, and whoever finds the cryptographic hash the fastest receives the block reward. More hard drive space dedicated to the plot equals more cryptographic hashes available, making it easier to find an answer and earn the BURST block reward.
Currently 1TB generates 1-2 BURST per day, and even though this is only equivalent to about a penny, it is all profit since reading the plot file requires a negligible amount of energy, and BURST miners can use their computer for other activities without impediment. Compare this to Proof of Work, which slows down personal computers and costs more electricity than the cryptocurrency it mines. BURST is one of the only cryptocurrencies that can be profitably mined on personal computers.
Further, unlike with Proof of Work where specialized mining equipment is required like application specific integrated circuits (ASICs), anyone with a computer or even mobile phone can mine BURST, and if they decide to stop mining BURST they can simply delete their plot file and use the hard drive space for other things. This is unlike ASICs, which cannot be used for anything but mining, so if someone decides to stop mining they lose all the money invested into the ASIC.
The ease of mining and negligible energy usage has led to the formation of a strong BURST mining community, with over 200,000 TB securing the BURST network. This is equivalent to hundreds of thousands of personal computers. The expansive mining community gives BURST value, and some of these miners are blockchain developers, and they have been building a full suite of technology based on the Burstcoin blockchain.
CloudBurst immutably stores files directly on the Burstcoin blockchain, for a small 1-time fee. Real blockchain storage is a rarity in the cryptocurrency world. The file will be stored as long as the Burstcoin blockchain exists, which is the foreseeable future and beyond considering the expansive BURST mining community. Cloudburst would be useful if you lost your computer and all of your backups in a natural disaster like a hurricane, and is a more secure solution than cloud storage like Google. Also, the Burstcoin wallet can be used to easily issue cryptocurrencies that are based off of the Burstcoin blockchain, and there is a decentralized exchange built-in to the wallet to trade these crypto assets.
Cryptocurrency scalability is a problem even for major cryptocurrencies like Bitcoin and Ethereum, but Burstcoin has tackled and solved this problem with the launch of the Dymaxion. The scalability of the Dymaxion is so powerful that it can handle all the non-cash transactions in the world. This is done via the utilization of tangle-based lightning networks on top of the Burstcoin blockchain. Transactions done via the Dymaxion are instant, with no fees and practically no energy expenditure. The Dymaxion gives Burstcoin the room to grow as much as it needs to.
When people look for the cryptocurrencies that will survive long term, it can be confusing due to the 2,000+ cryptocurrencies listed on CoinMarketCap. However, it is clear that cryptocurrencies with truly unique and useful technology, as well as strong communities will always be around and gain value long term relative to all the ICOs and copycats. Bitcoin is the king of SHA-256, Litecoin is the king of Scrypt, Ethereum is the king of blockchain-based dApps, Dogecoin is the king of the shibes on Reddit, Dash is the King of X11, Monero is the king of privacy coins, IOTA is the king of Directed Acyclic Graphs (DAGs), and Burstcoin is the king of Proof of Capacity. These kings of cryptocurrency will definitely be the winners and survivors when the fallout from the ICO apocalypse is over.
This is for educational purposes only and is not investment advice. We are not paid by BURST to write this article.
submitted by turtlecane to CryptoCurrency [link] [comments]

The Blockchain Industry

Hello!
My name is Alexey Adylshin, I am backend developer at Platinum, the largest listing service provider for the STO and ICO projects. We know how to start ICO/STO campaign in 2019 and make it successful!
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Platinum.fund
We not only make cool promotions, but also develop fundamental courses for those who are willing to know all about crypto-economics. That’s why we created the UBAI, where you can learn how to do STO/ICO and become real professional!
Today I want to tell you about popular ICO business modules and blockchain use cases.
Trust & Reputation in the Blockchain Industry
Personal trust matters a lot in the Blockchain Industry. The investors, team members, advisors or exchange staff may know each other from working together on other projects. It is important you conduct yourself in a professional manner and treat people the way you want to be treated. Maybe we can say the crypto world was first populated by computer geeks and cypherpunks in hoodies. And that is perfectly okay; but it surely has evolved since then. The culture is more complex today. Serious money is involved. Sophisticated investors and money managers command large pools of capital. Everyone has expectations of an appropriate degree of professionalism. Your reputation, behavior, and character are important. You clearly want to distinguish yourself from any of the scammers and frauds in the Blockchain industry.
Major Roles in the Blockchain Industry
There are many specific job titles in the industry. We will focus on the major ones. But you will most likely wear a few different hats anyway. Just like in the real world, you will have to do different jobs at different times. Broadly speaking, there are seven major roles in the Blockchain Industry relating to ICOs: -Legal. -Marketing/PR. -Accounting. -Financial. -Business Development. -Advisors. -Technical Experts. There are of course many other roles covering every imaginable area, just as in the traditional world. But it is most important to focus on roles as they relate to ICOs.
Legal
In the blockchain industry, it is the responsibility of legal to ensure compliance with all contractual and statutory requirements in each jurisdiction. Even though it can be said that crypto and blockchain are still unregulated in some cases, and inappropriately/ineffectively regulated by traditional banking or securities laws in other cases, there are significant and unavoidable legal implications of using blockchain technology. Consider the digital enabled signature legislation. This enables digital signatures to be recognized internationally, thereby validating and authenticating transactions. Nevertheless, some transactions are still accompanied by other legal documents as well. Someone must be responsible for any such legal functions. And someone must also perform as an advocate and representative for the project. The legal advisor will typically come from a background of legal practice in his or her own jurisdiction. They can often provide a bridge to the traditional business world. Lawyers are generally paid just as well in Blockchain as they are in traditional business, though they probably have greater freedom and flexibility in here in crypto.
Marketing/PR
The role of Marketers and PR professionals closely mirror that of real world marketers and PR pros. Their primary role is to increase public awareness about the ICO project, and shape the narrative of the company. Primarily they will highlight the key benefits of the company solution and ensure this information is presented to the most important people. Marketing/PR in the crypto world is almost entirely digital. Social Media, Telegram Channels, Medium Blog Posts, Email Marketing, etc. are all the main forums and means of professional communication in crypto. Marketing/PR individuals are typically compensated based on their experience and contribution to the company. A marketer who is able to demonstrate significant upticks in engagement, investor interest, etc. will of course be paid well. Marketers who command a valuable audience will demand a greater fee. This role is one of the most sought-after and well-paid, due to the great amount of “noise” considered appropriate in the cryptocurrency industry.
Accounting
Accounting roles are responsible for managing company finances, just like in traditional business. They do all bookkeeping work involving cryptocurrency transactions, as well as basic fiat currency transactions, and any exchange interactions and other transactions. Projects utilize major accounting software like QuickBooks, software which allows for computerized accounting, and payroll professionals, to perform regular tasks involving invoices, sales, purchasing records, and balance sheet reporting. Just like in a traditional organization, the accounting team monitors and maintains records of all financial transactions and investments. They ensure that specified budgets are followed and expenses are not surpassed. In so doing, they keep project expenses in-line with company objectives. They also might identify or evaluate business opportunities, and advise the project team about such investment ideas. They will often be compensated based upon experience and the significance of their particular contribution to the project.
Financial
A financial role in an ICO company can be one of the most engaging, but can come with great responsibility. Your role will focus predominantly on the management of company finances. That is a purposely general description because it is a position that covers a broad range of responsibilities. One day you might be coordinating with the founders and the business development advisors about the business model and the direction of the project. The next day you may be helping the founders explain to seed investors why you need capital to remain solvent. Then you may be tasked with investing the funds raised from the ICO into other cryptocurrencies to diversify the risk profile of the company finances. In the traditional market, finance jobs are very well remunerated. In the cryptocurrency space, you are of course rewarded based on your experience and contribution. However, the amount of responsibility you take, and your ability to be flexible and quick on your feet, can often command premium compensation.
Business Development
Blockchain business development professionals perform a variety of roles, typically structured around strategy and business ideas. Business development individuals will usually collaborate with every member of the team. Their contribution is not strictly defined by any kind of tangible work, such as writing code or producing graphic design, but rather by the idea of creating a general direction and manner in which the business can achieve its vision. They are responsible for structuring the company’s model, its roll-out plans and key objectives along the timeline. Often the founders of the company will be the ones to focus on Business Development because they have the strongest grasp of the magnitude and nuances of the project and its product. Business Development professionals also are often remunerated based on relevant experience, and their contribution to the project.
Advisors
Businesses that intend to launch new blockchain projects frequently seek guidance from more experienced advisors. These are people who can offer first-hand information, direction and contact with relevant parties. This kind of advice and ability to give you introductions can be crucial to the success of your project. The role of advisors cannot be easily overstated. The title may sound vague and ambiguous, because it is. But it is a role that covers a lot of very important areas. An ICO might have great financial wizards on its team. They might be incredibly talented at creating their unique product, ecosystem and solution. They have their Blockchain technical expert who can replicate and create the system on the Blockchain to anchor their project. But without effective marketing, without connections to investors, traditional companies, and governments, the whole project is dead in the water. Advisors play a crucial role. It is a role that should be appreciated, and used for all it is worth. In the Blockchain industry, we broadly define and divide advisors into two major categories, Portfolio Advisors and Domain Experts.
Major Roles in the Blockchain Industry
Portfolio Advisors : Would not contribute strategy or give serious feedback as much as help facilitate good personal interaction with the press and other key partners. A Portfolio Advisor can also be an invaluable conduit to explain things to investors or the press. The Advisor is a good person to explain team decisions in the event of both good and bad news. Crypto and Blockchain projects use advisors to improve their business reputation and industry image, and to make their ICO company appear more serious and professional than it would otherwise appear. As mentioned, the advisor does not necessarily do any actual work such as coding. The Portfolio Advisor is more of a figurehead and professional conduit for the ICO, with a wide range of advisory functions and roles. Compensation for the Portfolio Advisor is often directly proportional to the specific utility to the company or the size of the role. An advisor who brings in half of your ICO funding in pre-sale will of course demand a much larger fee than someone who simply connects you with a few partners who might possibly be useful sometime in the future. A good advisor can earn up to tens of thousands of dollar, or even more.
On the other hand, Domain Experts provide the kind of input you would expect. They give practical and strategic direction to help the business be more successful and achieve its objectives in a timely fashion. These advisors can be expert in Cryptocurrency or expert in another related specialty. Typically, Domain Experts will already have significant exposure to the cryptocurrency industry, and a valuable understanding of how things operate. Although, due to the rapid growth in the industry, there are many new advisors and experts specifically brought in for a particular reason, so it may in fact be their first interaction with a Blockchain company. Domain Experts could have experience as diverse as healthcare, finance or gaming. Generally speaking, their contribution to the team will be focused solely within their area of expertise. As with Portfolio Advisors, Domain experts are compensated based on their experience and specific contribution to the project. But many ICOs will try to bring the two roles together. They will ask a well-known, highly-regarded Domain Expert to also appear on the website and help build the overall professionalism and reputation for their project, just like the Portfolio Advisor would do, as well as contribute their Domain Expert knowledge to the project.
Technical Experts
Did you know that there are certified blockchain experts (CBE)? The Blockchain Council is a certifying body that helps businesses, developers, and all interested individuals to become educated about the Blockchain industry. Technical Experts are specialists with in-depth knowledge and understanding of what the Blockchain is and how it can be utilized by businesses to maximize their potential. They are often the individuals who design the framework of the Blockchain solution, write the associated code, and debug as necessary. These experts are also able to certify other individuals in the Blockchain discipline of Distributed Ledger Technology from a vendor-neutral perspective. One of the most notable technical experts in the Blockchain network, is the well-known creator of Ethereum, Vitalik Buterin. Vitalik Buterin created Ethereum, and ETH, the world’s second most valuable, massively traded cryptocurrency. In 2011, the team founded the Bitcoin magazine which publishes information about the Blockchain technology.
Exchanges
While not a part of our original list of positions and functions, Exchanges perform a central role with every ICO and Blockchain solution. If you are an ICO company and want to facilitate a market for your token (you always do, your investors will demand it) then you need the exchanges to provide this service. Exchanges, as we have discussed before, provide the market, the liquidity and the compliance with the necessary regulation/KYC requirements. After the ICO fundraising has been completed, the company’s token/coin begins trading on an exchange. Working on an exchange is another important career option in crypto that should not be overlooked. Exchange professionals may not earn as much as some of the other positions, (unless they also own an equity stake in the exchange), but they are still well-compensated for their technical knowledge and the sensitive nature of their job.
The Interaction of the Roles
People in all of the positions and roles we are talking about will need to work together and communicate with each other at various times. To start and grow a company from an idea or vision, to a tangible thing, is quite a tricky feat. Sometimes the technical experts will need to sit down and explain something to the business developers. The marketers might need clarification how the underlying technology works. Similar to real-world business, something many of us already know from experience, the management structure of a company plays a large role in how people in different positions interact while performing their jobs. If the company is particularly hierarchical, management might insist on going through specific touchpoints when sharing information, thereby allowing management to add their own input. Other companies will be comfortable with marketers and technical developers just speaking amongst themselves to achieve the agreed upon end goals of the business. Cryptocurrency projects often tend to become a special collection of especially talented people from all over the world. Management takes on a somewhat different role in the cryptocurrency space. It is important when you start on a project to be clear about how you should communicate with other team members, the channels of communication and the expected manner of interaction too. Some teams prefer to keep things quite informal, sharing gifs and memes to each other, while others prefer conversation on company channels and a strictly professional style.
Pre, During & Post ICO Business Roles Pre-ICO Launch
This period is the same for all new companies. This is when the foundation of the business is formed. The idea is validated. Initial development begins, and the team is assembled to start building the company. For an ICO destined company, this period includes where the idea is placed upon the Blockchain, and the use case created. Ideally, the idea should require the Blockchain to function, or at the very least, require Blockchain technology as the most suitable option. One of the first things an investor should do when they look at your project, is evaluate the need for a Blockchain solution. That is exactly what you should do first too. Your team should thoroughly inspect all possible technology options to equip your business with the best framework or “backbone”. You should look to justify the positives and negatives of each framework before landing on the most suitable solution. For an ICO, this needs to be a Blockchain based solution.
Pre-ICO Launch
The next step is of course researching the competition. With so many ICOs recently it is important to consider who else is active in this space. Who has had or done the same idea before? How is your company different? Why should someone invest money in your company, in your idea, as opposed to the other available options? You should then identify the major challenges your business is going to face. The application of Blockchain technology is so wide and organic to a lot of industries, it’s important to fully analyze and develop your idea for the real world. Do not just assume the Blockchain is going to do anything you want and solve every problem for you. After identifying your needs and challenges, the next step is to look for information about Blockchain technology that does solve your specific problem. This is often a combination of a few different roles working together. Your business development, technical specialist, and marketer as well as perhaps your financial people should all be involved. All positions can and should conduct research, envision areas of opportunity, and predict associated challenges to be met. After doing their research, your team should be able to make an intelligent decision on the path to take. You should have a good sense of where that leaves you, from a business development standpoint, a technical standpoint, and a fund-raising standpoint as well. At this point, you will need to organize and arrange all of your business roles and services to suit the company’s direction from now on. You are also likely to need to bring new people onboard to continue to grow and progress down your chosen path.
During the pre-ICO launch, a timeframe is set with company goals. One of the components of a pre-ICO launch is to design and launch your website, which serves as the point where investors go to obtain information about the project. Basically, the website will provide a link to the whitepaper, it will show the members of the team, and it will show the timeline of the project. The success of any pre-ICO launch depends on how well the project is able to pitch to investors about the necessity of the product and the use case of the Blockchain. All of this information is normally available on the project website, and it serves a dual purpose, the latter being a Marketing strategy. The website provides an extremely useful central point of focus for everyone. Your marketers can use the website to refer investors or potential team members. Your company can use your website in meetings with partners, advisors and regulators to demonstrate authenticity and professionalism. You have formed your team and your idea. You have made an operational website and a full series of marketing materials. You are ready to present your idea to the world. In the cryptocurrency world, this involves placing ICO announcements on websites specifically targeted toward cryptocurrency investors and professionals. Utilizing social media like LinkedIn and Medium will enable you to reach out to more people and increase participation and hype surrounding your pre-ICO launch.
During the ICO, your project would have generated tokens which will be used in exchange for Bitcoins, etc. Creating a token virtually means producing an asset that your business needs to survive, an asset with which it can conduct transactions. Tokens can represent digital coins, loyalty points, gold certificates, IOU’s, in-game items. The majority of tokens should perhaps not be thought of as shares in a company, as in a traditional IPO, but rather as utility tokens with a value dependent upon and derived from the token’s utilization in the company solution. Some projects will begin to sell these tokens (usually a specified amount) during the pre-ICO period, typically in what is called a “pre-sale”. Pre-sale tokens are usually offered to team members, advisors, large investors, key partners, etc. as a way to both invest in the future of the company, and to reward the people involved. The pre-sale tokens are almost always offered at a discount, and come with a vesting schedule. A projects’ next step will then be contacting and building relationships with exchanges. As previously discussed, the cryptocurrency exchange provides the means through which people are able to buy and sell the project tokens on the open market. Recognition and acceptance by the largest and most reputable exchanges matters a lot. Being listed is an efficient way to raise funds, attract new investors, and incentivize your current investors. Many investors will require you to detail your plans for getting listed on an exchange before they even invest in the pre-sale. Investors will not see any value if there is no listing, no exchange, and therefore no liquidity for that token.
During an ICO
A comprehensive list of exchanges can be found on Best Bitcoin Exchange. Most tokens will also be listed on CoinMarketCap, which is essentially a stock ticker of token sales. Tokens are listed and ranked according to the success of their ICO project. When an ICO project begins to fail, or fall below target, its ranking on the list decreases and ends up at the bottom, or the token becomes delisted entirely. The actual process of listing a coin on an exchange varies significantly by the site. Most exchanges like Bittrex and Poloniex strictly forbid tokens that could be considered a security. Building hype during an ICO project is all about gaining popularity. With the large number of ICO projects coming up every day, you need an effective strategy to help your ICO project stand out. A strong Marketing & PR team should be focused on the main avenues of communication. Identifying avenues of Communication The first step is to identify the best social media channels to reach out to a large number of relevant audiences. Twitter and Facebook are most often used to advertise projects. Facebook offers various opportunities you would not want to neglect. Browse through different Facebook communities, as well as web resources like helpareporter.com, those frequented by experts, journalists, etc. in order to understand the message content they like to see and the information they think is important.
Being in Touch with the Audience After you have identified your audience, maintain contact with them before the ICO, and throughout the entire process. Slack and Telegram are two extremely common ways to stay in touch with your investors and the community at large. You may also use forums like Bitcointalk and Reddit. It could be very wise to hire a specialist to engage in discussions about your project at this point. A forum debate is valuable interaction with the audience allowing you to get feedback from investors in the ICO and future users of your product. Create a Bounty Program A Bounty program is a strong and powerful means to build hype for the ICO project. It is an effective way to attract the attention of investors to your ICO; and a good rewards program to incentivize freelancers to promote your project out into their network. Rewarding users for signature campaigns on bitcointalk, email subscriptions or blog posts may be some of the best ways to broaden your investor audience.
Investor Roadshows
During this period of building hype for your ICO, you can identify and meet with potential investors in your project. This is a crucial step for your ICO and is incredibly important. This should in fact become top-priority for all of your team members. Investors will want to talk with every member of the team and ask very specific questions relevant to their domain of knowledge. The investors are thinking about their return. It is important to develop a profession level presentation. Clearly define expectations for the project. Illustrate your projections with good charts and visual aids supported by relevant independent analysis as much as possible. Be prepared. This information should be available to you at any time. You should always be ready to deliver a sophisticated presentation to potential investors. It is also smart to talk about other ways an investor will benefit from your project, other than the financial gains. You can think about it, and research for good ideas. At this stage, it is also important you already know what the hardcap of your coin will be, as well as its circulation. This amount should be fixed and specified before you launch your ICO. The coin distribution can never exceed this specified amount.
There are three key attributes which investors assess before investing in an ICO.
Circulating Supply
This is the number of coins that have been freely floated and are available in the market. In some instances, projects could have all their tokens pre-mined, and released all at once through the ICO. The circulating supply will, therefore, be the same as the maximum supply. Other times, tokens have to be mined over time, or coins are released on a specified schedule. As discussed earlier, this strategy can help maintain the value of the coin.
Total Supply
This is the number of coins that actually exist, including the ones that are not in circulation. Why would coins exist but not be in circulation? It could be for a number of reasons. A team might have mined coins but held them back without putting them on the market. Team members, advisors and pre-sale investors are required to hold their portion of the ICO for a specified number of months to prevent coins being dumped at listing. The coins, therefore, exist, but are not yet in circulation.
Maximum Supply
This is also known as the hardcap. This number is of paramount importance because this is the maximum number of coins that will ever be created (Bitcoin’s hardcap is 21,000,000 tokens.). Not all cryptocurrencies have a hard cap. Ethereum, for example, has no maximum supply limit of Ether.
Why is the hardcap important?
There are two fundamental reasons to support an established hardcap. The first has to do with scarcity. Just like diamonds. They are not only valuable for their beauty and strength. They are also valuable precisely because they are scarce. The scarcer they are, the more valuable they become. It’s the same with cryptocurrencies, simple supply and demand. If there is a finite supply of a particular token, the value of the coin is likely to increase over time. This will in turn ensure the integrity and value of the underlying network. When the hardcap is extremely low, you won’t be able to obtain enough funds to develop and grow the network. On the other hand, if the network is flooded with tokens that don’t have a purpose because the hardcap is excessively high, the value of the coin will become diluted, causing a drop in the integrity and value of the network. The second reason the hardcap is important is closely connected to the project roadmap. For every amount raised, the startup should make sure there is an explicit and concise purpose for those funds. Basically, “if we raise so much, then this is the plan. If we raise more, than this is this plan, and this is how we will use the funds raised.” However, we’ve seen projects raising hundreds of millions of dollars with no set objective of what to do with all that money. There have been instances of startups setting a funding target of $20 million, but then they go on to raise over $200 million because they didn’t set a hardcap. That means there is no predetermined plan for the excess $180 million.
Post ICO
After the successful completion an ICO, it is time to kick-start the project. Immediately execute plans from the white paper and purchase lists. Move as quickly as possible to bring your company to life. Let’s take another look at an example of a successful ICO we have discussed before.
Tezos
The project was able to generate a total of $232million within three months of the ICO launch. The token created for the project was called ‘XTZ’ and the value for one XTZ was evaluated at: ICO Token Price: 1 XTZ = $0.47 XTZ token price max = $11.21 XTZ token price min = $1.76 XTZ token price to 07/01/2018 = $5.82 Returns since ICO (USD): +1,138% Tezos After the successful completion of the ICO launch, Tezos quickly activated their technology which is intended to compete with Ethereum, and simplify launches for new projects. Nevertheless, the project encountered a major setback. Two lawsuits were filed against Tezos claiming they violated both US Federal and State law. The Tezos tokens were qualified as securities. Therefore, by not registering them as securities, the company violated the securities laws. The project was also accused of fraud based on the premise that the tokens had been distributed under the pretense of being charitable contributions.
Bancor
The Bancor ICO project was aimed at introducing a convenient way to issue smart-tokens and convert them without a counterparty. After the ICO, the project made some good progress, launching its app in beta mode. Presently, the app has been fully developed such that it is able to convert 14 cryptocurrencies including ETH and BTN tokens. The ICO raised $153million from the sale of their tokens. The breakdown of the value of the token during ICO and after is shown below: ICO Token Price: 1 BNT = $3.92 • BNT token price max = $8.17 • BNT token price min = $1.52 • BNT token price 07/01/2018 = $8.17 Some projects, like Bancor, remain successful after their ICO; while some, like Tezos, fail. It is not enough to plan for an ICO project simply by investing in publicity and token sales. The team must continually try to keep up with and surpass the competition, and give more value to the investors. A basic way to add value is to increase the exchange rate or price of the token. Investors and team members earn greater returns, and the project always stays above breakeven. For a project token to increase in value, there has to be more demand for it in a free market, relative to a given supply. It is important to have a clear understanding of how your token will likely be received, traded and supported throughout each stage of the ICO process.
In the Post-ICO stage, the financers and founders of the company will usually begin to manage and assess how best to support the token price. Here are some common strategies and ideas: Token Cap: The easiest way to support the token price is to reduce the number of tokens in circulation. Putting a cap on a token means placing a limit on the number of tokens that are available. As the supply of tokens is reduced, the demand for the token increases and the value of the token goes up. Token Buy Back: just as the name signifies, the team members can unanimously agree to buy up all or most of the company tokens that are still in circulation. When they have done that, they can either burn or destroy the tokens. The of course reduces the number of tokens in circulation and subsequently increases the value of the floating tokens. This kind of buy back can be taken as a continuous course of action, or be used as a one-time way to boost the token value.
Token creation by Third Parties: Team members can also brainstorm for other ways to increase or restrict the supply of more tokens to the market. One way tokens are created is via mining. When a project makes mining the main way to increase the supply of tokens for their project, that is perceived as more difficult and restrictive, limiting the rate of increase in supply on the open market, therefore increasing the demand for that token. Token creation by the Project: A project can simply choose to create more tokens when necessary. For example, when the token value has become so high that the users do not use it anymore for the services offered. This action is not generally recommended. It not only burns earlier investors by diluting the value of their current holdings, but also bodes poorly for the future (you might just keep minting new coins). Generally, to increase the demand for a token, the services offered by the project can be made more valuable to the users. That will generate higher demand. The more investors make use of the services and pay with the project tokens, the higher the token value will be.
Involvement in the Blockchain Industry
After you have some ideas which role or position might be best for you, you can start to network and search for opportunities in the crypto ecosystem. It is not enough to be an accountant, an economist or a business development professional in the traditional world. You need to know about the Blockchain industry as well. Remember, in the Blockchain industry, your reputation is everything. You want a strong social media presence. A professional profile on LinkedIn. Published articles if you have them. When you start talking to projects, you want to have a solid understanding of who you are and what you can do in crypto and Blockchain. The best way to get experience and become a part of your first ICO project is either: Volunteering: gets you into the industry. At first, you might want to care less about what is in it for you, and just get your foot in the door. If possible, you can volunteer for a role in an ICO project you really want to work at. Direct Networking: is a loose term that simply means you contact projects and ask about what is going on. Many projects are run by very digitally savvy individuals. Just asking for a job opportunity is likely to leave you disappointed (unless they happen to actually be in need of your exact talents at that time! In which case asking for work is the smarted thing you could ever do). Try to be useful, become friends, or associates. Help a team member anyway you can and see if an opportunity arises from that.
That’s not all! You can get better understanding of major roles in the blockchain Industry from ICO teams through to solidity developers. Follow the link to read our lesson on the topic:
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submitted by UBAI_UNIVERSITY to u/UBAI_UNIVERSITY [link] [comments]

Analysis of /u/btcthwy's blocks

I am a "block chain archaeologist" - that is, I look at old bitcoin blocks and link them together to find miners. Using this method, we can predict how many bitcoins were mined by early miners including Satoshi Nakamoto, Hal Finney, Dustin Trammell, etc.
I have previously identified btcthwy (former designation BSE-2800) as having solved blocks 2800 (spent), 2815, and 2816 (spent). It is possible, but unlikely, that he also solved 2848 and 2984.
BSE-3182 is apparently also btcthwy, having solved 3182 (spent), 3192, and 3194 (spent). He may also be responsible for 3208 and 3215.
http://i.imgur.com/UuuRY3v.png
In the above graph, all blocks from 2800 to 3400 are plotted by extraNonce. Green blocks are btcthwy's blocks, orange blocks are likely to be his but not for certain, and gray blocks are everyone else's blocks.
The solid diagonal lines in the chart are blocks found by Satoshi Nakamoto. The slanted, less solid lines are other early adopters, including Finney and Trammell, but also some unidentified cypherpunks. The noise at the bottom are miners that are coming and going frequently; the people coming to see what the fuss is about, and usually leaving.
Just thought I'd share this, it's cool to finally identify new early adopters :)
submitted by cossackssontaras to Bitcoin [link] [comments]

Creator of Bittorrent Thinks He Can Kill Bitcoin With Chia, a Burstcoin (BURST) Copycat

Creator of Bittorrent Thinks He Can Kill Bitcoin With Chia, a Burstcoin (BURST) Copycat
https://preview.redd.it/rknht1mht9521.png?width=690&format=png&auto=webp&s=1026ea20c81f520ba749f7eb1d00ae9f72099cdf

https://cryptoiq.co/creator-of-bittorrent-thinks-he-can-kill-bitcoin-with-chia-a-burstcoin-burst-copycat/
Bram Cohen, the creator of the popular peer to peer torrenting software BitTorrent, is creating a cryptocurrency called Chia. This new cryptocurrency will use Proof of Capacity (PoC), an algorithm perfected by Burstcoin (BURST).
Breaker incorrectly reports that PoC, which Cohen is calling Proof of Space, is a new algorithm developed by Cohen. Further, Breaker writes that Chia could kill Bitcoin. It is unlikely that Chia will even be competitive with Burstcoin(BURST), which has a $9 million market cap, let alone Bitcoin, as we’ll now explain.
The crypto space is unfortunately filled with copycat devs who make copycat cryptocurrencies, and this Chia situation appears to be a good example. Burstcoin(BURST)has a strong community of Cypherpunks and has been using PoC since 2014. If Cohen truly cared about the adoption of PoC crypto, he should have jumped on the Burstcoin(BURST) boat instead of trying to create a different cryptocurrency that would compete with it.
Chia is advertised as being a “green cryptocurrency,” similar to how stores often have an organic foods section. Green goods and services are big money in the current economy because slapping a green brand on something means environmental and health enthusiasts automatically flock to it. The greenness of Chia is entirely derived from PoC, which Burstcoin (BURST) has already been doing since 2014. Perhaps the Burstcoin (BURST) community should one-up Cohen and do a green advertising campaign before Chia launches since the method of branding is the only advantage that Chia has.
Indeed, PoC is environmentally friendly and uses practically no electricity, which also makes Burstcoin (BURST) one of the only profitable cryptocurrencies to mine on personal computers. PoC cryptocurrencies read cryptographic hashes from a plot in a hard drive, rather than calculating new cryptographic hashes all the time like with Proof of Work (PoW). The miner who finds the answer the quickest in their hard drive gets the block reward. Since more hard drive space equals more answers, more hard drive space leads to more block rewards. The Burstcoin(BURST) mining network has 230,000 TB (230 PB) of hard drive space at this time, driven by a strong community. It seems unlikely Chia would ever exceed that number since people interested in PoC already mine Burstcoin (BURST), and would not abandon Burstcoin (BURST) for a copycat.
Cohen incorrectly argues that miners would not continuously expand their mining operations with PoC.
“The idea is that you’re leveraging this resource of storage capacity, and people already have ludicrous amounts of excess storage on their laptops, and other places, which is just not being utilized,” he said. “There is so much of that already that it should eventually reach the point where if you were buying new hard drives for the purpose of farming, it would lose you money”.
The fact is that serious Burstcoin(BURST) miners regularly buy petabytesPB of new hard drive space to maximize revenue, and Chia miners would act no differently if Chia catches on.
The one possible difference between Burstcoin (BURST) and Chia is that Cohen is trying to prevent a “re-mining from genesis” attack, where a miner could create an entirely new chain starting at the genesis block. If they had enough hard drive power to do this, perhaps they would fork the blockchain. To avoid this attack Cohen says Chia will also integrate “Proof of Time” (PoT).
First off, Burstcoin (BURST) has never had issues with this sort of attack in its five years of existence. If someone has a tremendous amount of hard drive space and does PoC mining, it would be absolutely senseless to do this sort of attack since their entire mining farm would become worthless.
If the point of the attack was to do a double spend, the coins gained in the double spend would become worthless too. Cohen is trying to prevent an attack that is extremely unlikely since attackers have no incentive to do it.
The details about PoT are vague, with it being a parallel process to mining that takes the same amount of time no matter how much hard drive space is used. This would make Chia less efficient than Burstcoin (BURST) and therefore less competitive. Cohen is offering $100,000 to anyone who can develop PoT, making it clear it does not exist yet. Since PoT would probably make Chia less efficient, and it has not been developed yet, and it solves a non-existent problem, the PoT acronym is appropriate.
Ultimately, Chia is branded as green money for a digital world, when the reality is Burstcoin (BURST) already is green money for a digital world. Burstcoin (BURST) has a strong reputation, has been continuously running for five 5 years, and has an extremely strong community. It seems unlikely Chia will ever become more popular than Burstcoin (BURST), and unlike the title of the Breaker article indicates, Chia certainly has no chance of killing Bitcoin.
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submitted by turtlecane to CryptoCurrency [link] [comments]

We have one month to start voting with >75% of miners on BIP109 for an effective 2Mb increase at the halving

Why one month?
The halving will occur at 11 July 2016 11:45 UTC, and voting takes around 7 days (1000 blocks) with a grace period of 28 days. This means the absolute last possible time to start voting for BIP109 is 6 June 2016 11:45 UTC.
Why would we want to upgrade to 2Mb before the halving?
The halving will attract a lot of attention; it might even cause a price increase and thereby increase transaction volume. So Tx-byte rate could hit an all time high during the halving.
For some miners, variable cost will rise higher than what they earn in rewards. This means a certain percentage of miners will be inclined to turn off some equipment. Capacity-byte rate likely goes down a notch as well (my guess is 10% - 20%).
Combined with the imminence of 14nm chips, which may increase hashrate (and capacity) at just the right time, the halving’s negative effects in conjunction with the 1Mb limit could be temporarily mitigated. But in the meantime it seems to stifle hash-rate growth and could actually make the situation worse.
At the beginning of March, we had ourselves a big backlog. It took months for Tx-byte rate to go up to 1Mb per 10 minutes. And for some reason hashrate was down, and thereby capacity-byte rate was just 888Kb per 10 minutes. Average confirmation time went up to 43 minutes and fees went up by a factor of two in the span of just two weeks.
We might run into the limit within a month, and that will give us a definitive answer whether this is or isn’t a significant problem. But if that doesn’t happen, it’s advisable to plan for the worst potential outcome at the halving.
But during the last backlog all my transaction went through fine
That is nice for you. But this is like saying to someone already stuck in a traffic-jam, ”You should have gone around!” If there is an accident, there will always be people who get stuck. Regardless of having navigation software which routes around traffic jams, people will get stuck. Detours have their own set of costs.
In reality, we have hard evidence that usability was greatly impacted during the last backlog. Anecdotal evidence doesn’t change that. Ask the friendly people at LocalBitcoins whether they had a significant number of complaints. Or check raw data on confirmation times around that period.
That was just an attack
… which makes it likely a new attack is imminent around the halving. Because that is when an attack is the cheapest and the most effective! Good point.
But most transactions are just spam
Spam should be determined by the willingness to pay more fees, and its economical significance, not just by fees paid. These things are not completely clear until you actually hit the blocksize limit.
And don’t forget: Miners can already enforce soft limits to prevent spam as much as they feel is necessary, they already have that voting ability.
So if enough transactions are willing to pay more fees, or if the transactions which drop off the blockchain had economical significance, then we are going to have a bad time. Either way we are going to stunt growth – it’s only a question to what extent.
You are not a cypherpunk, you just want growth
A cypherpunk is any activist advocating widespread use of strong cryptography and privacy-enhancing technologies as a route to social and political change
I agree with that completely, and I advocate for those things myself. I think the widespread part is also very important. And that we want some level of pragmatism – and yes even compromises – to get there.
Saying that “big-blockers” want to compromise all the way to a completely centralised version of Bitcoin is just as idiotic as saying small blockers want 1Mb forever. Those are slippery slope & strawman arguments.
Both “sides” want the same thing. But the perfect will be the enemy of the good. Nobody benefits from a perfect solution which isn’t used. Usability and cost are very important for widespread adoption of any privacy enhancing product or service.
Let’s encrypt is a great example of how you enhance privacy and security for everyone just by making something simple and cheap. With Bitcoin we are currently doing the opposite.
But SegWit is coming
Great! Where is it? Will it be on time? Don’t we want a backup plan for when it is too little, too late?
We are going to run into the limit anyway
Sure, yes. Bitcoin in its current form cannot scale indefinitely. But that’s not a good argument to not let it scale at all, or not on time.
And I do think it is very interesting to see what happens when we hit the limit. But I’d rather run into soft-limits than hard limits, because then we could stop the “experiment” before it gets out of control.
If a majority of miners really think smaller blocks are better, then why are their soft-limits not lower than 1Mb? To me, that makes no sense.
Hitting the limit is more comfortable if we already have alternatives like Bitcoin Sidechains or Payment channels. As it stands today, people can only move to alt-coins or centralised solutions.
You predicted Bitcoin to fail multiple times already, why should I believe you now?
That is true to a certain extent. But that was always dependent on Bitcoin’s success: if we had a huge influx of users/transactions we would run into problems. Maybe that didn’t happen because we knew there was a ceiling, or maybe the infighting prevented certain growth. Who knows how the very existence of a hard limit has already altered market behavior.
And people brush it off, but hitting the limit in March was also kinda brutal.
The question on my mind is: to what extent are we pretending everything is fine, and to what extent is Bitcoin overvalued and a bubble?
We still can’t trust miners
We have successfully convinced miners to keep the blocksize small just because we didn’t trust miners to keep the blocksize small. Should I say more?
You are just spreading FUD!
Strictly speaking that is correct. In absence of hard evidence that nothing bad is or isn’t going to happen, this is indeed about fear, uncertainty and doubt. But this is not FUD in the sense that I’m purposefully spreading misinformation or irrational fear.
I am painting a worst case scenario here on purpose. For which I think it is likely enough to merit action, and that the action itself is not worse than the problem it solves. Probability * cost > solution cost.
If you can remove my FUD entirely with hard evidence then that would be great!
Just remind me again later
I will, at 15 days, 5 days, 1 day and then I will wish everyone good luck with this blocksize limit experiment. No hard feelings.
This is all certainly not economically conservative, and highly unusual for something which we believe is worth so much. But at least Bitcoin is not boring!
Disclaimer: I am not significantly invested in BTC financially. I want Bitcoin to succeed and gain widespread adoption for its social and political benefits (and because it is cool).
TL;DR: People could move to alt-coins and non-existent 2nd layer solutions because of potential usability problems during the halving caused by a fixed 1Mb blocksize-limit. Last chance to start voting for BIP 109 is in exactly one month to increase to 2Mb.
submitted by seweso to btc [link] [comments]

We have one month to start voting with >75% of miners on BIP109 for an effective 2Mb increase at the halving

Why one month?
The halving will occur at 11 July 2016 11:45 UTC, and voting takes around 7 days (1000 blocks) with a grace period of 28 days. This means the absolute last possible time to start voting for BIP109 is 6 June 2016 11:45 UTC.
Why would we want to upgrade to 2Mb before the halving?
The halving will attract a lot of attention; it might even cause a price increase and thereby increase transaction volume. So Tx-byte rate could hit an all time high during the halving.
For some miners, variable cost will rise higher than what they earn in rewards. This means a certain percentage of miners will be inclined to turn off some equipment. Capacity-byte rate likely goes down a notch as well (my guess is 10% - 20%).
Combined with the imminence of 14nm chips, which may increase hashrate (and capacity) at just the right time, the halving’s negative effects in conjunction with the 1Mb limit could be temporarily mitigated. But in the meantime it seems to stifle hash-rate growth and could actually make the situation worse.
At the beginning of March, we had ourselves a big backlog. It took months for Tx-byte rate to go up to 1Mb per 10 minutes. And for some reason hashrate was down, and thereby capacity-byte rate was just 888Kb per 10 minutes. Average confirmation time went up to 43 minutes and fees went up by a factor of two in the span of just two weeks.
We might run into the limit within a month, and that will give us a definitive answer whether this is or isn’t a significant problem. But if that doesn’t happen, it’s advisable to plan for the worst potential outcome at the halving.
But during the last backlog all my transaction went through fine
That is nice for you. But this is like saying to someone already stuck in a traffic-jam, ”You should have gone around!” If there is an accident, there will always be people who get stuck. Regardless of having navigation software which routes around traffic jams, people will get stuck. Detours have their own set of costs.
In reality, we have hard evidence that usability was greatly impacted during the last backlog. Anecdotal evidence doesn’t change that. Ask the friendly people at LocalBitcoins whether they had a significant number of complaints. Or check raw data on confirmation times around that period.
That was just an attack
… which makes it likely a new attack is imminent around the halving. Because that is when an attack is the cheapest and the most effective! Good point.
But most transactions are just spam
Spam should be determined by the willingness to pay more fees, and its economical significance, not just by fees paid. These things are not completely clear until you actually hit the blocksize limit.
And don’t forget: Miners can already enforce soft limits to prevent spam as much as they feel is necessary, they already have that voting ability.
So if enough transactions are willing to pay more fees, or if the transactions which drop off the blockchain had economical significance, then we are going to have a bad time. Either way we are going to stunt growth – it’s only a question to what extent.
You are not a cypherpunk, you just want growth
A cypherpunk is any activist advocating widespread use of strong cryptography and privacy-enhancing technologies as a route to social and political change
I agree with that completely, and I advocate for those things myself. I think the widespread part is also very important. And that we want some level of pragmatism – and yes even compromises – to get there.
Saying that “big-blockers” want to compromise all the way to a completely centralised version of Bitcoin is just as idiotic as saying small blockers want 1Mb forever. Those are slippery slope & strawman arguments.
Both “sides” want the same thing. But the perfect will be the enemy of the good. Nobody benefits from a perfect solution which isn’t used. Usability and cost are very important for widespread adoption of any privacy enhancing product or service.
Let’s encrypt is a great example of how you enhance privacy and security for everyone just by making something simple and cheap. With Bitcoin we are currently doing the opposite.
But SegWit is coming
Great! Where is it? Will it be on time? Don’t we want a backup plan for when it is too little, too late?
We are going to run into the limit anyway
Sure, yes. Bitcoin in its current form cannot scale indefinitely. But that’s not a good argument to not let it scale at all, or not on time.
And I do think it is very interesting to see what happens when we hit the limit. But I’d rather run into soft-limits than hard limits, because then we could stop the “experiment” before it gets out of control.
If a majority of miners really think smaller blocks are better, then why are their soft-limits not lower than 1Mb? To me, that makes no sense.
Hitting the limit is more comfortable if we already have alternatives like Bitcoin Sidechains or Payment channels. As it stands today, people can only move to alt-coins or centralised solutions.
You predicted Bitcoin to fail multiple times already, why should I believe you now?
That is true to a certain extent. But that was always dependent on Bitcoin’s success: if we had a huge influx of users/transactions we would run into problems. Maybe that didn’t happen because we knew there was a ceiling, or maybe the infighting prevented certain growth. Who knows how the very existence of a hard limit has already altered market behavior.
And people brush it off, but hitting the limit in March was also kinda brutal.
The question on my mind is: to what extent are we pretending everything is fine, and to what extent is Bitcoin overvalued and a bubble?
We still can’t trust miners
We have successfully convinced miners to keep the blocksize small just because we didn’t trust miners to keep the blocksize small. Should I say more?
You are just spreading FUD!
Strictly speaking that is correct. In absence of hard evidence that nothing bad is or isn’t going to happen, this is indeed about fear, uncertainty and doubt. But this is not FUD in the sense that I’m purposefully spreading misinformation or irrational fear.
I am painting a worst case scenario here on purpose. For which I think it is likely enough to merit action, and that the action itself is not worse than the problem it solves. Probability * cost > solution cost.
If you can remove my FUD entirely with hard evidence then that would be great!
Just remind me again later
I will, at 15 days, 5 days, 1 day and then I will wish everyone good luck with this blocksize limit experiment. No hard feelings.
This is all certainly not economically conservative, and highly unusual for something which we believe is worth so much. But at least Bitcoin is not boring!
Disclaimer: I am not significantly invested in BTC financially. I want Bitcoin to succeed and gain widespread adoption for its social and political benefits (and because it is cool).
TL;DR: People could move to alt-coins and non-existent 2nd layer solutions because of potential usability problems during the halving caused by a fixed 1Mb blocksize-limit. Last chance to start voting for BIP 109 is in exactly one month to increase to 2Mb.
submitted by seweso to Bitcoin [link] [comments]

So... The insurer whose "solvency" is most dependent on maintaining the fiction that the riskiest assets in Exter's Inverted Pyramid (derivatives) are actually worth something - is now paying the devs who write the code for the solidest asset in that pyramid (Bitcoin). What could possibly go wrong?

https://en.wikipedia.org/wiki/John_Exter
Exter's Pyramid
Exter is known for creating Exter's Pyramid (also known as Exter's Golden Pyramid and Exter's Inverted Pyramid) for visualizing the organization of asset classes in terms of risk and size.
In Exter's scheme, gold [and now Bitcoin?] forms the small base of most reliable value, and asset classes on progressively higher levels are more risky.
The larger size of asset classes at higher levels is representative of the higher total worldwide notional value of those assets.
While Exter's original pyramid placed Third World debt at the top, today derivatives hold this dubious honor.
I like to think that the graph in the link below provides a nice, updated version of "Exter's Pyramid", although the layout isn't exactly triangular (but the sizes of each asset class are actually more accurate):
http://www.businessinsider.com/all-of-worlds-money-in-one-chart-2015-12
Note that Bitcoin is the safest asset in the system - and derivatives are the riskiest.
And there is very, very little Bitcoin - versus a shitload of derivatives.
But if you hold Bitcoin (ie, you hold your private keys), then you have absolutely no counterparty risk. Versus if hold a derivative, it could be totally worthless - depending on whether the counterparty behind it is "solvent" or not.
And I would think that the battle between "people who hold Bitcoin" versus "people who hold derivatives" will shape up to be a million times more massive than the battle between savers and borrowers that we've already seen in the world.
In other words, an insurance company like AXA, which is more dependent on derivatives than any other insurer, is probably freaked out that they'd lose over a trillion dollars if Bitcoin were to succeed.
So... Can people start to see why I'm so freaked out about AXA funding Bitcoin development via their "investment" in Blockstream?
The insurance company with the biggest exposure to the 1.2 quadrillion dollar (ie, 1200 TRILLION dollar) derivatives casino is AXA. Yeah, that AXA, the company whose CEO is head of the Bilderberg Group, and whose "venture capital" arm bought out Bitcoin development by "investing" in Blockstream.
https://np.reddit.com/btc/comments/4k1r7v/the_insurance_company_with_the_biggest_exposure/
http://www.actuaries.org.hk/upload/File/ET210513.pdf (see where AXA is on the graph on page 5)
https://duckduckgo.com/?q=axa+blockstream&ia=web
It's really poignant to see some clueless people wondering what AXA's "business model" might be for investing in Bitcoin.
Those clueless people need to wake the fuck up and face the reality of how bankers continue to print trillions of dollars to enslave the world.
AXA has absolutely zero interest in becoming some kind of two-bit Red Hat earning chump change in "support fees" or even "transaction fees" from being the maintainers / developers of some kind of open-source cryptocurrency sidechain code.
I can pretty much guarantee you: that is not their "busines model" for wanting to control Bitcoin development via investing in Blockstream.
As of 2007, AXA already had 1.123 trillion Euros in AUM (Assets under Management).
http://www.wikinvest.com/stock/AXA_%28AXA%29/Assets_Management
That's over a million million Euros.
And as of 2014, one half of AXA (just their "AXA IM" part) had AUD 891 billion of Assets under Management.
http://www.professionalplanner.com.au/cut-and-paste/2015/03/06/axa-im-reaches-record-assets-under-management-34877/
So, for a giant insurer like AXA, "investing" $55 million in Blockstream is like dropping a fraction of a penny on the ground.
And any paltry few million dollars - or even billions of dollars - which AXA might make or lose from Blockstream / Lightning or whatever, would still be pretty insignificant bordering on immaterial when compared with the half a trillion or so dollars of derivatives which are on AXA's balance sheet - and which they must desperately try to continue to prop up, by continuing to keep people believing in the whole charade of the worldwide derivatives casino.
That's what is at stake here. The very definition of the worldwide accounting ledger itself - not a few entries in it. And as we know, Bitcoin provides an entirely new - and transparent, and unforgeable - ledger.
That's why companies like AXA want to control Bitcoin development. Not to make millions or even billions of dollars on fees. But to to continue to prop up the so-called legitimacy of their legacy accounting ledger containing hundreds of trillions of dollars. (Remember, the derivatives market is a ledger with entries currently totally $1.2 quadrillion dollars - ie, 1200 trillion dollars - and that ledger itself is what Bitcoin's very existence is threatening to "uber".)
AXA does not give a fuck what happens to the $55 million that got invested in Blockstream in that second funding round they participated in back in February 2016. The only purpose of that money is to sprinkle a few hundred thou around per dev per year to control useful idiots like Gregory Maxwell and Adam Back and outright lunatics like Luke-Jr - to let those economically ignorant coders keep on toiling away on their idealistic pie-in-the-sky mathematical cypherpunk daydreams, while the Bitcoin network goes into paralysis due to artificially small blocksize due to doctrainaire dolts like the current crop of "Core" devs.
AXA does not give a fuck if Blockstream or SegWit or Lightning succeeds.
The only reason AXA is interested in Bitcoin is because Bitcoin is real money, and AXA's balance sheet uses a legacy ledger based on the fiction of fantasy fiat money - and Bitcoin threatens to destroy all that.
AXA knows that it must destroy Bitcoin - or else Bitcoin will destroy AXA.
And before some brainwashed amateurish sophomoric loser wanna-be astroturfing troll from r\bitcoin wanders over here again and tries to spout some meaningless nonsense disruptive bullshit to sidetrack this serious topic (responses in the previous thread linked above included gibberish like "get a job!" or "MtGox!" or "but scammers!") - I would appreciate it if someone around here could divert about a half hour of their precious multitasking time and brainpower towards addressing the 800-pound gorilla of a question in the room, namely:
Do you think it's a good idea for the insurance company with the biggest exposure to the "legacy ledger" of derivatives in both $ and % terms (AXA - with $464 billion in notional derivatives exposure, over 50% of their balance sheet in this 2013 report - see graph on page 5) to be paying the devs who are in charge of "upgrading" our Bitcoin code - or do you think there might be the tiiiniest chance of some kind of conflict of interest there???
This could be the biggest issue in Bitcoin right now.
But it doesn't seem to get addressed head-on very much.
You don't hear the name "AXA" or the word "derivatives" used very much - although these might be the most important aspects of the issue here.
This isn't about earning or losing a million dollars here or a billion dollars there.
This is about redefining the very heart and soul of the world's ledger - which Bitcoin has a chance to do.
This is about that tiny speck called "Bitcoin" at the top of the chart in the link below:
http://www.businessinsider.com/all-of-worlds-money-in-one-chart-2015-12
organically growing and blossoming and eventually destroying that grotesque metastazising mass called "derivatives" at the bottom of that chart.
That is why AXA is interested in Bitcoin.
It's about the ledger itself - not the payment rails - not even the tokens - and certainly not the fees.
Trust me, no company with 1 trillion dollars of Assets under Management is going to pay any attention to some miniscule little runt like Bitcoin with a mere $7 billion in market cap - unless they think that miniscule little runt actually might contain the code which might possibly replace their whole precarious phoney fiat fantasy accounting ledger which pays their billion dollar bonuses and buys their mansions and yachts.
That is why AXA is "investing" in Bitcoin. To control it - not to earn some pathetic tiny fees from it.
And it's time we started addressing this issue seriously.
The main question is:
Do you want a massive, derivatives-dependent, legacy fiat insurance company like AXA controlling Bitcoin development??
Upvotes on these kinds of posts are certainly nice (and drive-by troll-snark is of course tedious and annoying).
But what I would really like to know is whether there is anyone on these forums who wants to spend some time seriously discussing things like:
  • the $1.2 quadrillion derivatives casino,
  • that other notorious insurance group (AIG) which engaged in massive and fraudulent derivatives shenanigans that almost took down the world's economy in 2008,
  • the massive and glaring conflict of interest in letting a company whose very façade of solvency depends on maintaining the fantasy legacy ledger which Bitcoin threatens to replace
  • etc etc etc
Do we want a corrupt derivatives monster like AXA (which is probably only steps away from becoming the next AIG) to be in charge of paying Bitcoin devs?
I don't have all the answers. I'm just some shmuck who spent a few years writing code for some major financial institutions, and I heard and saw a few things, and I watched how those scumbags almost brought down the world's economy in 2008, and I am fully convinced that they do not want something like Bitcoin to "uber" their legacy ledger.
So I am simply raising the question, and I really would like to know if anyone else has anything substantive to say about this:
Should the insurance company with the biggest exposure to derivatives (the riskiest asset in the world), which is totally dependent on maintaining the charade of the world's legacy fantasy fiat accounting ledger, be in charge of paying the devs writing the code for the solidest asset in the world (Bitcoin), which threatens to "uber" that very ledger?
Could there be a conflict of interest in this kind of situation?
Am I the only person around here who finds this absolutely outrageous?
Or does everyone just think it's fine and dandy - and maybe we could even just put someone like Blythe Masters or Jamie Dimon or Lloyd Blankfein in charge of paying Bitcoin devs?
Henri de Castries might not be a household villain name like some of those above. He's probably a more behind-the-scenes guy. But he is the chairman of the Bilderberg group, and he is the CEO of AXA, and he is going to move to HSBC this fall - and now he is paying Greg Maxwell's and Adam Back's and Luke Jr's salary.
And then we sit here and keep wondering why "our" devs keep ignoring us when we've been begging them for over a year to pretty-please give us bigger blocks so the Bitcoin network won't die.
Well, maybe there's more to the story than meets the eye here.
Maybe it's time for us to start to recognize the magnitude of who we might actually be up against here, and how they might have used social engineering to infiltrate and neutralize the Bitcoin development process, and how desperate they might be to maintain the so-called legitimacy of their make-believe legacy accounting ledger which Bitcoin is poised to replace.
Maybe it's time to stop bringing a pocket-knife to fight a SWAT team.
Like I say, I don't know what the answer will turn out to be. (Maybe a spin-off, but who really knows at this point.)
But I do think it's time for all of us to sober up and start asking some serious questions about this bullshit we've been getting from Blockstream.
We need to be realistic about who and what we're up against - and how many trillions of dollars they know are at stake - and how dirty and sneaky they're willing to fight.
And we need to liberate Bitcoin development from the people who stand to lose the most from Bitcoin - and put it back in the hands of people who stand to win the most from Bitcoin.
submitted by ydtm to btc [link] [comments]

Rooting for LTC's Rally to Hold: Nyancoins and the Cryptocurrency Market

This is the text which I was on my way to post when my car sprung a minor gas leak and delayed me about 12 hours up to now and a few days waiting for the gas tank to arrive.
Note: I've gotten rather constipated in terms of posts for /nyancoins. That is, I've got a lot of ideas of things to write, and notes and drafts, many even almost ready to post.
But the final stage is the strict editorial cut of what's worth putting here and cluttering it up. Ultimately, I might need to have a draft post location. For now, I just need to catch up on the backlog, which I'm planning to do in the next couple days.
This is arbitrarily the first of many posts I'm going to make reiterating and going further with my plans to rebuild and grow Nyancoins to infinity and beyond.
Also, this sort of turned into a megapost/ramble, which ends in another statement of my Nyancoins gameplan.
I don't believe that cryptocurrency is a zero-sum game. I believe that we are creating value in various ways, some obvious and some rather subtle. I believe that the value of Nyancoins should tend to rise with the value of other cryptocurrencies, in particular the ones it trades against, which is BTC and LTC explicitly and DOGE implicitly, since we're starting to recognize DOGE/NYAN as a concept, even if I've been too lazy to make a nice chart showing the implied rate explicitly.
Eventually, I want to see a Nyancoins-based exchange opened, that is, all the trade pairs being relative to NYAN. A MEOW/NYAN market, for instance, would be very interesting.
I'm looking at the MEOW/LTC market right now (albeit, granted, offline in the woods at time of first writing here). I own 47 million MEOW right now. So I actually hold an almost comparable amount of MEOW despite spending far less on it than NYAN. Interestingly, on Cryptsy, this is at its high rather than at its low.
AFAIK, MEOW has a similar Scrypt base. That is, I think it's a clonecoin of the same type as Nyancoins. I should confirm this when back online, but this is a great example of how we can use another cryptocurrency usefully. I'll introduce an analogy here that I was going to otherwise make its own post:
BTC:[LTC/DOGE]::NYAN:MEOW
That is, just as DOGE is BTC's cute little sibling, which is actually quite powerful and useful in its own right, as well as very fun, MEOW can be the utmost noob-friendly welcome zone, where coins can flow around freely. Just as LTC allows for cheaper transactions than BTC and smaller transactions than BTC, so MEOW could be cheaper if in some far distant future the fees were actually significant (let's say someone wants to be able to do lots of 'dust' transactions as markers; why not let people store all sorts of data on the blockchain? some blockchains are deliberately small; we can afford to bloat some others for whatever value we can get from that). It can also be used like a test network.
I think it would make sense for the Nyancoins community to eventually support MEOW as well. Because it has the same technical base, this should be a useful leverage of our experience. We will continue to learn and grow more and we'll develop as a community which is aware of and involved with many other cryptocurrencies. Nyancoins are, of course, my favorite coin. But there are uses for other cryptocurrencies. We can get code from them, we can practice on them, we can trade with them, and so much more.
MEOW are available for 32+ LTC satoshi right now. So MEOW/NYAN is trading approximately like LTC/BTC at the moment. Now, I hope for NYAN to ultimately rise in trading value against everything. So I would see MEOW dropping consistently in value in time against NYAN, even if slowly, and even if rising against other assets itself. Similarly for my expectation for LTC. That might seem to contradict my initial, title premise.
Mais pas de tout ! But not at all! I hope for LTC's rally to hold because it implies a floor. I don't expect LTC to beat BTC, certainly not after its history so far. But I haven't been paying that much attention and I've been surprised over and over by cryptocurrency so far.
If LTC were to beat BTC somehow though...well, I think this would be an excellent sign for NYAN. Consider LTC: it was even worse performing than BTC last year (so were we [although I was not part of 'we' then]). If it could ultimately come back to not merely rally after a long slide, but ultimately beat BTC in the long run, even (as long as we're smoking crack anyhow) rising to above parity with BTC for some reason (without it just being like one cent versus two cents USD after some major fundamental crash), then that would be the recovery of a terrible-performing clonecoin, the original clonecoin. If it recovers, then NYAN can improve merely by matching and rise with tailwind if we keep beating it. If it actually beat BTC, it shows clonecoins can become dominant.
But that unlikely possibility is not necessary for Nyancoins to rise against all of them, in my opinion. Actually, one thing LTC has which has helped them to keep such a large market cap, an area where they are far ahead of us right now, is their dedicated, fanatical, nigh-masochistic hodler core, which is somewhat vocal on [ /litecoin ?].
I believe that what we need in order to ultimately beat every other asset, as I often reiterate, is to keep consistently improving on our community, technical, and financial strength. If we do this, then in the months and years to come, we will create value and we will see that reflected in the numbers. That's as true in our personal life as in life as a Nekonaut.
As far as community, we need more readers, subscribers, posters, and commentators. We're far better than, say, six months ago, but continuous improvement is critical because improvement here is part of building the value of Nyancoins. One idea I had just now was trying to reach out to various other communities again to try to seed ours, such as libertarian and cypherpunk types, or, actually, visual design, web design, dev, sysops, programmers, all tech types, anything that we can do to start pulling more of those into the community will have a significant positive impact in long-term value.
It's about taking people forward one step: for instance, most of /programming probably hasn't heard of Nyancoins, but they have heard of Bitcoins. If I can write a decent software engineering type post for there about the project of making Nyancoin clients and use a concept I've had about clonecoins being somewhat analogous to linux flavors to talk about how these projects work in general, it might be interesting enough to get a bit of attention. For people who are already readers, this type of additional, deeper content might help to inspire people to take a step further in, whether it be to subscribe, or post, mine, or buy.
These sorts of well-tailored marketing outreaches will expose an outside audience to the story of what Nyancoins is trying to accomplish, in whatever perspective is most relevant and interesting to them. And we should link these from Nyancoins too so the core readership can see these various sorts of aspects, like a commentary on the maintenance of clonecoins from a technical perspective.
This segues nicely into continuing to grow the technical depth. Right now, our major shortage is consistent hashing power, but we can certainly afford to have more backups in all areas, from support, which is critical and has gone from weak to fantastic, and not because of my work, to anything and everything (for instance, we have a couple block explorers up now; but more are great practice and backup too. And we often get a slightly different feature set too).
We haven't had anyone step up to make any new Nyancoin core client code in a long time, which has been a bad sign in my opinion. This is something I believe I can do, and it would be an incredible personal achievement for me if I could; a gift I could give to the whole community. Which is not to say that I would be disappointed if someone showed up tomorrow or a minute from now with a NYAN 2.0 github repo, but if it doesn't happen, then I intend to do this.
It's definitely going to be a significant challenge, but that's a lot of what I like about it, because it's achievable, it just requires dedicated work chipping away over time.
In the meantime, we've had an amazing ecosystem spring up from the community, which has inspired me to the confidence to make the leap to try doing the work on the client.
In financial, we need more bids and higher. But we haven't had the major dumps in a while, and hopefully that will hold. If it doesn't, then some patient bidders will get some cheap NYAN again. I've finally got a lot of those bids built up myself again (for a while I was hand-to-mouth enough with my CryptsyBTC that I wasn't able to, and, for instance, was buying around 60 satoshi without those lower bids before the 10M dump which touched as low as 1 satoshi, and thus I missed out on the most recent cheap Nyancoins myself), though by no means all of them.
Personally, I'm starting to think seriously about getting a 'night job', metaphorically though possibly literally too, in large part in order to help fund more Nyancoins buying. In my opinion, Nyancoins' current low spot price is a major weakness to further advancement, although it's of course something of a symptom as well. But I figure if I can go even a few more months of buying, I could possibly get a lot more NYAN (or at least be able to keep giving it away without going down in total), particularly if someone dumps, and I could help to strengthen the weakest part of Nyancoins' recovery until we're able to attract or build more buying strength in the community.
I've got a lot more to say about my plans, but I had to start somewhere, so here we are. I should also write about my latest fires and getting stuck (and unstuck) in the mud, as the grit and determination and success I've had in those pursuits is going to be refocused onto Nyancoins. So far, this has been just for fun for me. Which is not a bad thing; it's the title of Linus Torvalds's autobiography and a great way to live. But there are a lot of cool ideas I want to see put into play here, and it's going to take time and work online rather than just sitting in the woods dreaming, much as the latter is a more enjoyable pursuit. So I'm coming down from the mountains and I'm going to spend a few months seeing what I can do with this.
edit: Holy shit: take a look at that DOGE surge! I've got no idea what's going on over there, but I wish them well! Of course I want Nyancoins to ultimately be the strongest, but as the whole point here is, I believe we rise best if we are part of a rising community.
submitted by coinaday to nyancoins [link] [comments]

Is Knowing Who Created Bitcoin Important? (Part 2) Bitcoin Chart Technical Analysis for 01-10-2020 O que os Cypherpunks tem a ver com Bitcoin? (1/2) Cypherpunks 101: 'CoinShuffle and ValueShuffle' with Tim Ruffing CYPHERPUNKS : LA PRÉHISTOIRE DU BITCOIN (avec Manuel Valente)

Have you read any of the cypherpunks’ emails? Do you think Satoshi was among them? Let us know in the comments section below. Images courtesy of Shutterstock, Wiki Commons, Fair Use. Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see ... Cypherpunks and the Creation of Bitcoin. From these basic interests and the core philosophy that centers on individual rights to privacy in the digital age, some Cypherpunks started working on digital currencies. The idea was to create a kind of money that would allow individuals to transact with each other without the intervention of government or other corporations. It is widely believed ... Cypherpunks; Timothy C. May: Libertaria in Cyberspace . June 27, 2020 . Alice & Bob, ... When Satoshi Nakamoto launched the Bitcoin network, not only was the protocol a breakthrough in computer science, but it transformed the way society perceives money, economics, and freedom. “The Satoshi Revolution” written by Wendy McElroy delves into the transformative technology Nakamoto introduced ... The cypherpunks, a ragtag group of tech tinkerers, cryptographers, and privacy advocates, were obscure in their 1990s heyday. And it would have remained that way in perpetuity were it not for a certain Satoshi Nakamoto launching a digital currency in 2009 encapsulating their core beliefs. We don’t know if Satoshi was a cypherpunk. But what we do know from rediscovered mailing list ... The cypherpunks, a ragtag group of tech tinkerers, cryptographers, and privacy advocates, were obscure in their 1990s heyday. And it would have remained that way in perpetuity were it not for a certain Satoshi Nakamoto launching a digital currency in 2009 encapsulating their core beliefs. We don’t know if Satoshi was a cypherpunk. But what […]

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Is Knowing Who Created Bitcoin Important? (Part 2)

This video is unavailable. Watch Queue Queue. Watch Queue Queue Today we finish up our series looking at the story of the Cypherpunks and the creation of Bitcoin. We also look at the feud between Julian Assange and Craig Wright as we examine the importance of ... Aujourd'hui je reçois Manuel Valente, directeur de la Maison du Bitcoin. Il nous raconte l'histoire des cypherpunks, le mouvement à l'origine de la cryptomonnaie (et de bien d'autres choses ... In this video I discuss Bitcoin Cash and its support among cypher punks as well as where I see the markets headed. This is much more of an opinion piece than most of my videos. Also don't forget ... Recebemos o brilhante Avelino Morganti, criador do site cypherpunks.com.br para falar sobre os Cypherpunks, anarcocapitalismo, agorismo x gradualismo, bitcoin como ferramenta anarquista e muito ...

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