The History of Silk Road: A Tale of Drugs, Extortion & Bitcoin

A simplified guide to the market process

A simplified guide to the market process

📷
here is a link to the dnm bible
edit: A user suggested that this post should include the step to install tails. The reason I didn't include it was because the dnm bible already has a very large section about tails.
I am not, in any way, discouraging people from installing tails. If this section sounds like I am against people using it then I apologize, it is not my intention. I am just giving the steps to get online in manageable pieces, rather than throwing all the content at a new user all at once.
Regardless, I agree it should be part of everyone's setup. It provides more security, and there is assistance on darknet and tails. here is the link to download tails.
Here is the documentation for tails, with a guide to installing and troubleshooting.
I will split the list into two sections, 'A' and 'B'. Section A will be for people who are just browsing, and for new users to understand how to process will work. Section B will be using tails.
you will use the tor browser to reach the market sites. It can be downloaded here.
you will need a program to encrypt your address. Kleopatra, which is part of a suite of programs called 'gpg4win' can be downloaded here
here is a guide to use kleopatra, which is the specific program that you will use to import vendor keys and encrypt your address.
To buy bitcoin anonymously, you can use paxful.com, or localbitcoins.com. Look for a vendor with a good transaction history and reasonable rates.
To store your bitcoin, since it is best to send it from the source you buy it from to a wallet you own, instead of straight to the market, use electrum wallet.
UPDATE: Im thinking that you may want to use monero. In that case start here to install a monero wallet. You will still probably have to buy bitcoin to exchange for monero. Ive seen most people say to use morphtoken to exchange btc to xmr. I've been using changelly.com, but whatever exchange that works best for you should be fine.
Section A
Your basic steps, which will be outlined more in the dnm bible I have linked to above will be:
  1. download and install tor
  2. download and install gpg4win
  3. go to dark,fail (put a period instead of a comma) for links to markets
  4. create an account for a market
  5. download and install electrum bitcoin wallet
  6. buy bitcoin from source of your choosing
  7. send bitcoin to your electrum wallet
  8. look up the product you want and get pricing
  9. send sufficient bitcoin from electrum wallet to your market account
  10. copy the vendors pgp key and import it into kleopatra
  11. encrypt your address using the vendors key
  12. paste your encrypted address into the order page and confirm
  13. wait for package
Section B
Using tails (which is highly recommended) steps would be:
  1. Install tails on your usb drive
  2. if tails does not boot, check UEFI/secure boot setting.
  3. boot into tails
  4. configure your network connection so you can access tor
  5. follow the steps above (In section A) from step 3 onward. You will not have to install anything as instructed above, because tails includes the programs you will use.
  6. You will use a program included on the tails OS other than kleopatra to encrypt/decrypt pgp messages. Here is a guide to that program.

submitted by FBI_Agent_37 to darknetred [link] [comments]

Subreddit Stats: btc top posts from 2019-01-06 to 2020-01-05 11:19 PDT

Period: 363.85 days
Submissions Comments
Total 1000 86748
Rate (per day) 2.75 237.19
Unique Redditors 317 7747
Combined Score 194633 356658

Top Submitters' Top Submissions

  1. 31014 points, 162 submissions: Egon_1
    1. Vitalik Buterin to Core Maxi: “ok bitcoiner” .... (515 points, 206 comments)
    2. These men are serving life without parole in max security prison for nonviolent drug offenses. They helped me through a difficult time in a very dark place. I hope 2019 was their last year locked away from their loved ones. FreeRoss.org/lifers/ Happy New Year. (502 points, 237 comments)
    3. "It’s official Burger King just accepted Bitcoin Cash and GoC token as a payment option in Slovenia." (423 points, 112 comments)
    4. "HOLY SATOSHI! 😱😱 I did it! A smart card that produces valid BitcoinCash signatures. Who would love to pay with a card—to a phone?? Tap took less than a second!👟..." (368 points, 105 comments)
    5. Chrome 'Has Become Surveillance Software. It's Time to Switch' -> Brave to support BCH! (330 points, 97 comments)
    6. Gavin Andresen (2017): "Running a network near 100% capacity is irresponsible engineering... " (316 points, 117 comments)
    7. "Evidently @github has banned all the Iranian users without an ability for them to download their repositories. A service like Github must be a public good and must not be controlled by a centralized entity. Another great example of why we as a society need to make web3 a reality" (314 points, 117 comments)
    8. Roger Ver: "Bitcoin Cash acceptance is coming to thousands of physical shops in Korea" (313 points, 120 comments)
    9. Paul Sztorc: “Will people really spend $70-$700 to open/modify a lightning channel when there's an Altcoin down the street which will process a (USD-denominated) payment for $0.05 ? Many people seem to think yes but honestly I just don't get it” (306 points, 225 comments)
    10. Food For Thought (303 points, 105 comments)
  2. 29021 points, 157 submissions: MemoryDealers
    1. Bitcoin Cash is Lightning Fast! (No editing needed) (436 points, 616 comments)
    2. Brains..... (423 points, 94 comments)
    3. Meanwhile in Hong Kong (409 points, 77 comments)
    4. Ross Ulbricht has served 6 years in federal prison. (382 points, 156 comments)
    5. Just another day at the Bitcoin Cash accepting super market in Slovenia. (369 points, 183 comments)
    6. Why I'm not a fan of the SV community: My recent bill for defending their frivolous lawsuit against open source software developers. (369 points, 207 comments)
    7. History Reminder: (354 points, 245 comments)
    8. It's more decentralized this way. (341 points, 177 comments)
    9. The new Bitcoin Cash wallet is so fast!!!!! (327 points, 197 comments)
    10. The IRS wants to subpoena Apple and Google to see if you have downloaded crypto currency apps. (324 points, 178 comments)
  3. 6909 points, 37 submissions: BitcoinXio
    1. Tim Pool on Twitter: “How the fuck are people justifying creating a world like the one's depicted in Fahrenheit 451 and 1984? You realize that censorship and banning information was a key aspect of the dystopian nightmare right?” (435 points, 75 comments)
    2. The creator of the now famous HODL meme says that the HODL term has been corrupted and doesn’t mean what he intended; also mentions that the purpose of Bitcoin is to spend it and that BTC has lost its value proposition. (394 points, 172 comments)
    3. Erik Voorhees on Twitter: “I wonder if you realize that if Bitcoin didn’t work well as a payment system in the early days it likely would not have taken off. Many (most?) people found the concept of instant borderless payments captivating and inspiring. “Just hold this stuff” not sufficient.” (302 points, 66 comments)
    4. Bitfinex caught paying a company to astroturf on social media including Reddit, Twitter, Medium and other platforms (285 points, 86 comments)
    5. WARNING: If you try to use the Lightning Network you are at extremely HIGH RISK of losing funds and is not recommended or safe to do at this time or for the foreseeable future (274 points, 168 comments)
    6. Craig Wright seems to have rage quit Twitter (252 points, 172 comments)
    7. No surprise here: Samson Mow among other BTC maxi trolls harassed people to the point of breakdown (with rape threats, etc) (249 points, 85 comments)
    8. On Twitter: “PSA: The Lightning Network is being heavily data mined right now. Opening channels allows anyone to cluster your wallet and associate your keys with your IP address.” (228 points, 102 comments)
    9. btc is being targeted and attacked, yet again (220 points, 172 comments)
    10. Brian Armstrong CEO of Coinbase using Bitcoin Cash (BCH) to pay for food, video in tweet (219 points, 66 comments)
  4. 6023 points, 34 submissions: money78
    1. BSV in a nutshell... (274 points, 60 comments)
    2. There is something going on with @Bitcoin twitter account: 1/ The URL of the white paper has been changed from bitcoin.com into bitcoin.org! 2/ @Bitcoin has unfollowed all other BCH related accounts. 3/ Most of the posts that refer to "bitcoin cash" have been deleted?!! Is it hacked again?! (269 points, 312 comments)
    3. "Not a huge @rogerkver fan and never really used $BCH. But he wiped up the floor with @ToneVays in Malta, and even if you happen to despise BCH, it’s foolish and shortsighted not to take these criticisms seriously. $BTC is very expensive and very slow." (262 points, 130 comments)
    4. Jonathan Toomim: "At 32 MB, we can handle something like 30% of Venezuela's population using BCH 2x per day. Even if that's all BCH ever achieved, I'd call that a resounding success; that's 9 million people raised out of poverty. Not a bad accomplishment for a hundred thousand internet geeks." (253 points, 170 comments)
    5. Jonathan Toomim: "BCH will not allow block sizes that are large enough to wreak havoc. We do our capacity engineering before lifting the capacity limits. BCH's limit is 32 MB, which the network can handle. BSV does not share this approach, and raises limits before improving actual capacity." (253 points, 255 comments)
    6. What Bitcoin Cash has accomplished so far 💪 (247 points, 55 comments)
    7. Which one is false advertising and misleading people?! Bitcoin.com or Bitcoin.org (232 points, 90 comments)
    8. A message from Lightning Labs: "Don't put more money on lightning than you're willing to lose!" (216 points, 118 comments)
    9. Silk Road’s Ross Ulbricht thanks Bitcoin Cash’s [BCH] Roger Ver for campaigning for his release (211 points, 29 comments)
    10. This account just donated more than $6600 worth of BCH via @tipprbot to multiple organizations! (205 points, 62 comments)
  5. 4514 points, 22 submissions: unstoppable-cash
    1. Reminder: bitcoin mods removed top post: "The rich don't need Bitcoin. The poor do" (436 points, 89 comments)
    2. Peter R. Rizun: "LN User walks into a bank, says "I need a loan..." (371 points, 152 comments)
    3. It was SO simple... Satoshi had the answer to prevent full-blocks back in 2010! (307 points, 150 comments)
    4. REMINDER: "Bitcoin isn't for people that live on less than $2/day" -Samson Mow, CSO of BlockStream (267 points, 98 comments)
    5. "F'g insane... waited 5 hrs and still not 1 confirmation. How does anyone use BTC over BCH BitcoinCash?" (258 points, 222 comments)
    6. Irony:"Ave person won't be running LN routing node" But CORE/BTC said big-blocks bad since everyone can't run their own node (256 points, 161 comments)
    7. BitPay: "The Wikimedia Foundation had been accepting Bitcoin for several years but recently switched pmt processors to BitPay so they can now accept Bitcoin Cash" (249 points, 61 comments)
    8. FreeTrader: "Decentralization is dependent on widespread usage..." (195 points, 57 comments)
    9. The FLIPPENING: Fiat->OPEN Peer-to-Peer Electronic Cash! Naomi Brockwell earning more via BitBacker than Patreon! (193 points, 12 comments)
    10. LN Commentary from a guy that knows a thing or 2 about Bitcoin (Gavin Andresen-LEAD developer after Satoshi left in 2010) (182 points, 80 comments)
  6. 3075 points, 13 submissions: BeijingBitcoins
    1. Last night's BCH & BTC meetups in Tokyo were both at the same restaurant (Two Dogs). We joined forces for this group photo! (410 points, 166 comments)
    2. Chess.com used to accept Bitcoin payments but, like many other businesses, disabled the option. After some DMs with an admin there, I'm pleased to announce that they now accept Bitcoin Cash! (354 points, 62 comments)
    3. WSJ: Bitfinex Used Tether Reserves to Mask Missing $850 Million, Probe Finds (348 points, 191 comments)
    4. Bitcoiners: Then and Now [MEME CONTEST - details in comments] (323 points, 72 comments)
    5. I'd post this to /Bitcoin but they would just remove it right away (also I'm banned) (320 points, 124 comments)
    6. So this is happening at the big protest in Hong Kong right now (270 points, 45 comments)
    7. /Bitcoin mods are censoring posts that explain why BitPay has to charge an additional fee when accepting BTC payments (219 points, 110 comments)
    8. The guy who won this week's MillionaireMakers drawing has received ~$55 in BCH and ~$30 in BTC. It will cost him less than $0.01 to move the BCH, but $6.16 (20%) in fees to move the BTC. (164 points, 100 comments)
    9. The Bitcoin whitepaper was published 11 years ago today. Check out this comic version of the whitepaper, one of the best "ELI5" explanations out there. (153 points, 12 comments)
    10. Two Years™ is the new 18 Months™ (142 points, 113 comments)
  7. 2899 points, 18 submissions: jessquit
    1. Oh, the horror! (271 points, 99 comments)
    2. A few days ago I caught flak for reposting a set of graphs that didn't have their x-axes correctly labeled or scaled. tvand13 made an updated graph with correct labeling and scaling. I am reposting it as I promised. I invite the viewer to draw their own conclusions. (214 points, 195 comments)
    3. Do you think Bitcoin needs to increase the block size? You're in luck! It already did: Bitcoin BCH. Avoid the upcoming controversial BTC block size debate by trading your broken Bitcoin BTC for upgraded Bitcoin BCH now. (209 points, 194 comments)
    4. Master list of evidence regarding Bitcoin's hijacking and takeover by Blockstream (185 points, 113 comments)
    5. PSA: BTC not working so great? Bitcoin upgraded in 2017. The upgraded Bitcoin is called BCH. There's still time to upgrade! (185 points, 192 comments)
    6. Nobody uses Bitcoin Cash (182 points, 88 comments)
    7. Double-spend proofs, SPV fraud proofs, and Cashfusion improvements all on the same day! 🏅 BCH PLS! 🏅 (165 points, 36 comments)
    8. [repost] a reminder on how btc and Bitcoin Cash came to be (150 points, 102 comments)
    9. Holy shit the entire "negative with gold" sub has become a shrine devoted to the guilded astroturfing going on in rbtc (144 points, 194 comments)
    10. This sub is the only sub in all of Reddit that allows truly uncensored discussion of BTC. If it turns out that most of that uncensored discussion is negative, DON'T BLAME US. (143 points, 205 comments)
  8. 2839 points, 13 submissions: SwedishSalsa
    1. With Bitcoin, for the first time in modern history, we have a way to opt out. (356 points, 100 comments)
    2. In this age of rampant censorship and control, this is why I love Bitcoin. (347 points, 126 comments)
    3. The crypto expert (303 points, 29 comments)
    4. Satoshi reply to Mike Hearn, April 2009. Everybody, especially newcomers and r-bitcoin-readers should take a step back and read this. (284 points, 219 comments)
    5. Bitcoin Cash looking good lately. (235 points, 33 comments)
    6. Roger Ver bad (230 points, 61 comments)
    7. History of the BTC scaling debate (186 points, 54 comments)
    8. MFW i read Luke Jr wants to limit BTC blocks to 300k. (183 points, 116 comments)
    9. Meanwhile over at bitcoinsv... (163 points, 139 comments)
    10. Listen people... (155 points, 16 comments)
  9. 2204 points, 10 submissions: increaseblocks
    1. China bans Bitcoin again, and again, and again (426 points, 56 comments)
    2. China bans Bitcoin (again) (292 points, 35 comments)
    3. Bitcoin Cash Network has now been upgraded! (238 points, 67 comments)
    4. So you want small blocks with high fees to validate your own on chain transactions that happen OFF CHAIN? (212 points, 112 comments)
    5. It’s happening - BTC dev Luke jr writing code to Bitcoin BTC codebase to fork to lower the block size to 300kb! (204 points, 127 comments)
    6. Former BTC maximalist admits that maxi's lied cheated and stealed to get SegWit and Lightning (201 points, 135 comments)
    7. Just 18 more months to go! (172 points, 86 comments)
    8. Bitcoin Cash ring - F*CK BANKS (167 points, 51 comments)
    9. LTC Foundation chat leaked: no evidence of development, lack of transparency (155 points, 83 comments)
    10. A single person controls nearly half of all the Lightning Network’s capacity (137 points, 109 comments)
  10. 2138 points, 12 submissions: JonyRotten
    1. 'Craig Is a Liar' – Early Adopter Proves Ownership of Bitcoin Address Claimed by Craig Wright (309 points, 165 comments)
    2. 200,000 People Have Signed Ross Ulbricht's Clemency Petition (236 points, 102 comments)
    3. Street Artist Hides $1,000 in BTC Inside a Mural Depicting Paris Protests (236 points, 56 comments)
    4. Craig Wright Ordered to Produce a List of Early Bitcoin Addresses in Kleiman Lawsuit (189 points, 66 comments)
    5. Ross Ulbricht Clemency Petition Gathers 250,000 Signatures (163 points, 24 comments)
    6. Ross Ulbricht Letter Questions the Wisdom of Imprisoning Non-Violent Offenders (160 points, 50 comments)
    7. Expert Witness in Satoshi Case Claims Dr Wright's Documents Were Doctored (155 points, 44 comments)
    8. California City Official Uses Bitcoin Cash to Purchase Cannabis (151 points, 36 comments)
    9. Money Transmitter License Not Required for Crypto Businesses in Pennsylvania (141 points, 9 comments)
    10. McAfee to Launch Decentralized Token Exchange With No Restrictions (137 points, 35 comments)

Top Commenters

  1. jessquit (16708 points, 2083 comments)
  2. Ant-n (7878 points, 1517 comments)
  3. MemoryDealers (7366 points, 360 comments)
  4. Egon_1 (6205 points, 1001 comments)
  5. 500239 (5745 points, 735 comments)
  6. BitcoinXio (4640 points, 311 comments)
  7. LovelyDay (4353 points, 457 comments)
  8. chainxor (4293 points, 505 comments)
  9. MobTwo (3420 points, 174 comments)
  10. ShadowOfHarbringer (3388 points, 478 comments)

Top Submissions

  1. The perfect crypto t-shirt by Korben (742 points, 68 comments)
  2. The future of Libra Coin by themadscientistt (722 points, 87 comments)
  3. when you become a crypto trader... by forberniesnow (675 points, 54 comments)
  4. A Reminder Why You Shouldn’t Use Google. by InMyDayTVwasBooks (637 points, 209 comments)
  5. Imagine if in 2000 Apple just sat around all day shit-talking Microsoft. Apple would have never gone anywhere. Apple succeeded because they learned from their mistakes, improved, and got better. BCH should do the same. by guyfawkesfp (552 points, 255 comments)
  6. Bitcoin made The Simpsons intro! Sorry for the potato quality by Johans_wilgat (521 points, 44 comments)
  7. Vitalik Buterin to Core Maxi: “ok bitcoiner” .... by Egon_1 (515 points, 206 comments)
  8. Can't stop won't stop by Greentoboggan (514 points, 78 comments)
  9. These men are serving life without parole in max security prison for nonviolent drug offenses. They helped me through a difficult time in a very dark place. I hope 2019 was their last year locked away from their loved ones. FreeRoss.org/lifers/ Happy New Year. by Egon_1 (502 points, 237 comments)
  10. Blockchain? by unesgt (479 points, 103 comments)

Top Comments

  1. 211 points: fireduck's comment in John Mcafee on the run from IRS Tax Evasion charges, running 2020 Presidential Campaign from Venezuela in Exile
  2. 203 points: WalterRothbard's comment in I am a Bitcoin supporter and developer, and I'm starting to think that Bitcoin Cash could be better, but I have some concerns, is anyone willing to discuss them?
  3. 179 points: Chris_Pacia's comment in The BSV chain has just experienced a 6-block reorg
  4. 163 points: YourBodyIsBCHn's comment in I made this account specifically to tip in nsfw/gonewild subreddits
  5. 161 points: BeijingBitcoins's comment in Last night's BCH & BTC meetups in Tokyo were both at the same restaurant (Two Dogs). We joined forces for this group photo!
  6. 156 points: hawks5999's comment in You can’t make this stuff up. This is how BTC supporters actually think. From bitcoin: “What you can do to make BTC better: check twice if you really need to use it!” 🤦🏻‍♂️
  7. 155 points: lowstrife's comment in Steve Wozniak Sold His Bitcoin at Its Peak $20,000 Valuation
  8. 151 points: kdawgud's comment in The government is taking away basic freedoms we each deserve
  9. 147 points: m4ktub1st's comment in BCH suffered a 51% attack by colluding miners to re-org the chain in order to reverse transactions - why is nobody talking about this? Dangerous precident
  10. 147 points: todu's comment in Why I'm not a fan of the SV community: My recent bill for defending their frivolous lawsuit against open source software developers.
Generated with BBoe's Subreddit Stats
submitted by subreddit_stats to subreddit_stats [link] [comments]

So What Exactly Is a Bitcoin Anyhow? Total Breakdown of Bitcoin

There's digital money, and after that there's Bitcoin. The extremely geeky Bitcoin is a mathematically-derived currency that promises to change the method people utilize money. Bitcoins are not real coins-they're strings of code secured with military-grade encryption-and people that use them to deal items as well as solutions are tough to trace. In addition to confidential drug dealers, Ashton Kutcher as well as the Winklevoss doubles have actually reportedly jumped on the bandwagon. There's something to be said regarding utilizing currency that isn't regulated by the government or financial institutions, doesn't come with the normal deal costs and is impossible to imitation. Bitcoin likewise promises to be disaster-proof, since you can not damage numbers similarly that you can damage gold books or fiat money.
nuv mining
What is Bitcoin?
Bitcoin is an electronic money produced in 2009 by a designer hiding under the pseudonym of Satoshi Nakamoto (supposedly a Japanese individual that has best command of American English). Bitcoin is decentralized, meaning it is not controlled by a central authority like a banks, country, federal government or person. It is peer-to-peer as well as open-source, dispersed throughout the net from computer to computer, without demand for middlemen. Contrasted to U.S. bucks, Bitcoin is essentially untraceable, making it attractive to libertarians worried of federal government meddling and also citizens of the underworld. You can use it to spend for acquisitions online as well as off, from controlled substances on the Silk Road to legit restaurant meals.
nuvmining
Where to Obtain Bitcoins
You can get Bitcoins from buddies, on-line free gifts or by acquiring them with actual money from Bitcoin exchanges. Using actual cash to purchase Bitcoins defeats the whole function of anonymity, however, since you might require to add your bank account to a third party site. You can also purchase Bitcoins utilizing your cellphone or with money deposit establishments. New Bitcoins are developed by "mining." Mining is done automatically by computers or servers-it's not real-world mining where you need to dig underground to uncover commodities, but the idea is similar. You have to exert initiative to collect gold, and you (or your device) likewise have to spend time as well as sources to confirm as well as tape Bitcoin purchases.
One of the coolest features of Bitcoin is that it gets its value not from real-world items, but from codes. Bitcoins are pulled out of the ether by equipments (as well as individuals that run them) for fixing complex mathematical problems associated with the present variety of Bitcoins These bulky and pricey supercomputers featured powerful security capabilities (as well as apparently draw electrical power like no one's company). In a typical purchase, purchaser A from area X pays seller B some Bitcoins online. Miners after that race to validate and encrypt the transaction, logging Bitcoin codes in a central server. Whomever fixes the problem initially gets the Bitcoins Concerning 25 new Bitcoins are produced for every 10-minute block, but that number can enhance or lower depending on how much time the network runs.
Just How to Utilize Bitcoins.
As soon as you obtain your hands on some Bitcoins, you require to store them in an on-line budget via a computer system program or a third-party web site. You become part of the Bitcoin network as soon as you produce your virtual purse. To send Bitcoins to one more individual or pay for on-line purchases, obtain that person/seller's identification number and also transfer Bitcoins online. Processing takes concerning a few minutes to a hr, as Bitcoin miners across the globe verify the deal.
Just How to Earn Money on Bitcoins.
If you're still skeptical, one Bitcoin is currently worth about $90 (as of 18 April 2013), with hourly variations that can make a day trader dizzy. Unpredictable as it is, more and more people are starting to bleed the phenomenon for all it is worth-while it lasts. How to obtain your piece of the online gold rush? Some methods: Sell Bitcoin mining computers, market your Bitcoins at crazy rates on ebay.com as well as hypothesize on Bitcoin markets. You can additionally begin mining. Any person can mine Bitcoins, yet unless you can pay for a reliable arrangement, it will take an average COMPUTER a year or even more to address formulas. Lots of people sign up with swimming pools of various other miners that integrate their computer power for faster code-cracking.
submitted by Nuvmining to u/Nuvmining [link] [comments]

Which type of curren(t) do you want to see(cy)? An analysis of the intention behind bitcoin(s). Part 3

Part 1
Part 2
So I have been subbed to /bitcoin since it had less than two thousand subs but haven't posted there in years. I think I took a break from researching bitcoin to take a foray into the world of conspiracy around 2014 and only got back in to it around the beginning of 2017 but with a bit of sense of skepticism and cynicism about everything. I think I returned to /bitcoin around that time but there had been a rift that had emerged in the community between those that said that bitcoin was censoring any discussion around big blocks but then also just censorship in general. This lead to the formation of /btc which became the main spot for big blockers to gather to talk about protocol development. Following the fork of Bitcoin Cash and SegWit (BTC) in August 2017 the camps were further divided when the fence sitters were denied their SegWit2x compromise. Many from the fence sitters then deferred back to the incumbent bitcoin as citing muh network effect, liquidity, and hashpower while some who felt betrayed by the failure of getting S2X through went to support BCH for some attempt at on chain scaling rather than through pegged side chains or Lightning Network.
Bitcoin cash initially went with a modest doubling of the blocksize to 2MB but implemented some other features like a new more rapidly adjusting difficulty algorithm to protect themselves against hashpower fluctuations from the majority chain. In about July of that year I had seen what I potentially thought was someone LARPing on /biz/ but screencapped, that segwit2x which was scheduled for november 2017 would be called off and then hashpower would switch to BCH causing congestion and chain death spiral on BTC and BCH would pump massively. I was partial to the idea as the game theory and incentives on a big block bitcoin should attract miners. About a month after SegWit2x was indeed called off while the BTC blockchain was hugely congested, BCH went through a violent pump reaching 0.5 BTC/BCH on a European exchange called Kraken while it also pumped ridiculously on American exchange coinbase. Shortly afterwards the market took a giant dump all over those people who bought the top and it has since retraced to roughly 30:1 or so now.
After that pump though BCH kind of gained some bagholders I guess who started to learn the talking points presented by personalities like Roger Ver, Jihan Wu, Peter Rizun and Amaury Sechet. Craig S Wright by this time had been outed as Satoshi but had in 2016 publicly failed to convince the public with the cryptographic proof he provided. To which he later published the article I don't have the courage to prove I am the bitcoin creator. In essence this allowed many to disregard anything he offered to the crypto community though his company nChain was very much interested in providing the technical support to scale what he saw as the true implementation of bitcoin. Following debate around a set of planned protocol upgrades between a bitcoin node implementation by his company nChain and the developers of another client Bitcoin ABC (adjustable block cap), the two parties both dug their heels in and wouldn't compromise.
As it became clear that a fork was imminent there was a lot of vitriol tossed out towards Wright, another big billionaire backer Calvin Ayre and other personalities like Roger Ver and Jihan Wu. Craig's credibility was disregarded because of his failure to provide convincing cryptographic proof but still people who wanted to pursue the protocol upgrades that nChain were planning (as it best followed their interpretation of the bitcoin white paper) pursued his variant, while others who followed the socia consensus deferred to the positions of their personalities like Wu, Ver, and Sechet but even developers from Ethereum and other protocols chimed in to convince everyone that CSW is a fraud. This was referred to as the hash war and was the first time that the bitcoin protocol had been contentiously hard forked.

Hashpower is the CPU cycles you can commit to the Proof of Work function in bitcoin and the majority will generate the longest chain as they have the most proof of work. To win the contentious hard fork legitimately and make sure your chain will always be safe going forward you need to maintain your version of the blockchain with 51% of the hashpower on the network and force the other parties to continue to spend money on building a blockchain that is never going to be inserted in to the majority chain. As well as this you need to convince exchanges that you have the majority chain and have them feel safe to accept deposits and withdrawals so that they don't lose money in the chaos. This is how it would play out if both parties acted according to the rules of bitcoin and the Nakamoto Consensus.

There was a lot of shit talking between the two parties on social media with Craig Wright making a number of claims such as "you split, we bankrupt you" "I don't care if there is no ability to move coins to an exchange for a year" and other such warnings not to engage in foul play.. To explain this aftermath is quite tedious so It might be better to defer to this video for the in depth analysis but basically Roger Ver had to rent hashpower that was supposed to be mining BTC from his mining farm bitcoin.com, Jihan Wu did the same from his Bitmain Mining Farm which was a violation of his fiduciary duty as the CEO of a company preparing for an IPO. In this video of a livestream during the hashwar where Andreas Brekken admits to basically colluding with exchange owners like Coinbase, Kraken (exchange Roger Ver invested in), Bitfinex and others to release a patched ABC client to the exchanges and introducing "checkpoints" in to the BCH blockchain (which he even says is arguably "centralisation") in order to prevent deep reorgs of the BCH blockchain.
>"We knew we were going to win in 30 mins we had the victory because of these checkpoints that we released to a cartel of friendly businesses in a patch so then we just sat around drinking beers all day".
By releasing a patched client that has code in it to prevent deep reorgs by having the client refer to a checkpoint from a block mined by someone who supported BCHABC if another group of hash power was to try to insert a new chain history, this cartel of exchanges and mining farm operators conspired in private to change the nature of the bitcoin protocol and Nakamoto Consensus. Since the fork there have been a number of other BCH clients that have come up that require funding and have their own ideas about what things to implement on the BCH chain. What began to emerge was actually not necessarily an intention of scaling bitcoin but rather to implement Schnorr signatures to obfuscate transactions and to date the ABC client still has a default blocksize of 2MB but advertised as 16MB.
What this demonstrates for BCH is that through the collusion, the cartel can immediately get a favourable outcome from the developers to keep their businesses secure and from the personalities/developers to work on obfuscating records of transactions on the chain rather than scaling their protocol. After the SegWit fork, many from the BCH camp alleged that through the funding to Blockstream from AXA and groups that tied to the Bilderbergs, Blockstream would be beholden to the legacy banking and would be a spoke and hub centralised model, so naturally many of the "down with central banks anarcho capitalist types" had gathered in the BCH community. Through these sympathies it seems that people have been susceptible to being sold things like coin mixing and obfuscation with developers offering their opinions about how money needs to be anonymous to stop the evil government and central banks despite ideas like Mises’ Regression Theorem, which claims that in order for something to be money in the most proper sense, it must be traceable to an originally non-monetary barter commodity such as gold.
What this suggests is that there is an underlying intent from the people that have mechanisms to exert their will upon the protocol of bitcoin and that if obfuscation is their first priority rather than working on creating a scalable platform, this demonstrates that they don't wish to actually be global money but more so something that makes it easier to move money that you don't want seen. Roger Ver has often expressed sentiments of injustice about the treatment of Silk Road found Ross Ulbricht and donated a large amount of money to a fund for his defence. I initially got in to bitcoin seeking out the Silk Road and though I only wanted to test it to buy small quantities of mdma, lsd, and mescaline back in 2011 there was all sorts of criminal activity on there like scam manuals, counterfeits, ID, Credit Card info, and other darknet markets like armoury were selling pretty crazy weapons. It has been alleged by Craig Wright that in his capacity as a digital forensics expert he was involved with tracing bitcoin that was used to fund the trafficking of 12-16 year olds on the silk road. There have been attempts at debunking such claims by saying that silk road was moderated for such stuff by Ulbricht and others, but one only has to take a look in to the premise of pizza gate to understand that there it may be possible to hide in plain site with certain code words for utilising the market services and escrow of websites like the silk road. The recent pedo bust from South Korea demonstrates the importance of being able to track bitcoin transactions and if the first thing BCH wanted to do after separating itself from Satoshi's Vision and running on developer and cartel agendas was to implement obfuscation methods, this type of criminal activity will only proliferate.
Questions one must ask oneself then are things like why do they want this first? Are some of these developers, personalities and cartel businesses sitting on coins that they know are tarnished from the silk road and want to implement obfuscation practices so they can actually cash in some of the value they are unable to access? Merchants from the silk road 1 are still being caught even as recently as this year when they attempted to move coins that were known to have moved through the silk road. Chain analytics are only becoming more and more powerful and the records can never be changed under the original bitcoin protocol but with developer induced protocol changes like Schnorr signatures, and coinjoin it may be possible to start laundering these coins out in to circulation. I must admit with the cynicism I had towards government and law enforcement and my enjoying controlled substances occasionally I was sympathetic to Ross and donated to his legal fund back in the day and for many years claimed that I wouldn't pay my taxes when I wanted to cash out of bitcoin. I think many people in the space possess this same kind of mentality and subsequently can be preyed upon by people who wish to do much more in the obfuscation than dodge tax and party.
Another interesting observation is that despite the fact that btc spun off as a result of censorship around big block scaling on bitcoin, that subreddit itself has engaged in plenty of censorship for basically anyone who wants to discuss the ideas presented by Dr Craig Wright on that sub. When I posted my part 2 of this series in there a week ago I was immediately met with intense negativity and ad hominems so as to discourage others from reading the submission and my post history was immediately throttled to 1 comment every 10 mins. This is not quite as bad as cryptocurrency where my post made it through the new queue to gather some upvotes and a discussion started but I was immediately banned from that sub for 7 days for reason "Content standards - you're making accusations based on no evidence just a dump of links that do nothing to justify your claims except maybe trustnodes link (which has posted fabricated information about this subreddit mods) and a Reddit post. Keep the conspiracy theories in /conspiracy" My post was also kept at zero in bitcoin and conspiracy so technically btc was the least censored besides C_S_T.
In addition to the throttling I was also flagged by the u/BsvAlertBot which says whether or not a user has a questionable amount of activity in BSV subreddits and then a break down of your percentages. This was done in response to combat the "toxic trolls" of BSV but within bitcoincashSV there are many users that have migrated from what was originally supposed to be a uncensored subreddit to discuss bitcoin and many such as u/cryptacritic17 has have switched sides after having been made to essentially DOXX themselves in btc to prove that they aren't a toxic troll for raising criticisms of the way certain things are handled within that coin and development groups. Other prominent users such as u/jim-btc have been banned for impersonating another user which was in actual fact himself and he has uploaded evidence of him being in control of said account to the blockchain. Mod Log, Mod Damage Control, Mod Narrative BTFO. Interestingly in the comments on the picture uploaded to the blockchain you can see the spin to call him an SV shill when in actual fact he is just an OG bitcoiner that wanted bitcoin to scale as per the whitepaper.
What is essentially going on in the Bitcoin space is that there is a battle of the protocols and a battle for social consensus. The incumbent BTC has majority of the attention and awareness as it is being backed by legacy banking and finance with In-Q-Tel and AXA funding blockstream as well as Epstein associates and MIT, but in the power vaccum that presented itself as to who would steward the big block variant, a posse of cryptoanarchists have gained control of the social media forums and attempted to exert their will upon what should essentially be a Set In Stone Protocol to create something that facilitates their economic activity (such as selling explosives online)) while attempting to leverage their position as moderators who control the social forum to spin their actions as something different (note memorydealers is Roger Ver). For all his tears for the children killed in wars, it seems that what cryptoanarchists such as u/memorydealers want is to delist/shut down governments and they will go to any efforts such as censorship to make sure that it is their implementation of bitcoin that will do that. Are we really going to have a better world with people easier able to hide transactions/launder money?
Because of this power vacuum there also exists a number of different development groups but what is emerging now is that they are struggling for money to fund their development. The main engineering is done by self professed benevolent dictator Amaury Sechet (deadalnix) who in leaked telegram screen caps appears to be losing it as funding for development has dried up and money raised in an anarchist fashion wasn't compliant with laws around fundraising sources and FVNI (development society that manages BCH development and these donations) is run by known scammer David R Allen. David was founder of 2014 Israeli ICO Getgems (GEMZ) that scammed investors out of more than 2500 Bitcoins. The SV supported sky-lark who released this information has since deleted all their accounts but other users have claimed that sky-lark was sent personal details about themselves and pictures of their loved ones and subsequently deleted all their social media accounts afterwards.
There are other shifty behaviours like hiring Japanese influencers to shill their coin, recruiting a Hayden Otto that up until 2018 was shilling Pascal Coin to become a major ambassador for BCH in the Australian city of Townsville. Townsville was claimed to be BCH city hosting a BCH conference there and claiming loads of adoption, but at the conference itself their idea of demonstrating adoption was handing a Point of Sale device to the bar to accept bitcoin payments but Otto actually just putting his credit card behind the bar to settle and he would keep the BCH that everyone paid. In the lead up to the conference the second top moderator of btc was added to the moderators of townsville to shill their coin but has ended up with the townsville subreddit wanting to ban all bitcoin talk from the subreddit.
Many of the BCH developers are now infighting as funding dries up and they find themselves floundering with no vision of how to achieve scale or get actual real world adoption. Amaury has recently accused Peter Rizun of propagandising, told multiple users in the telegram to fuck off and from all accounts appears to be a malignant narcissist incapable of maintaining any kind of healthy relationship with people he is supposed to be working with. Peter Rizun has begun lurking in bitcoincashSV and recognising some of the ideas coming from BSV as having merit while Roger has started to distance himself from the creation of BCH. Interestingly at a point early in the BCH history Roger believed Dr Craig Wright was Satoshi, but once CSW wouldn't go along with their planned road map and revealed the fact he had patents on blockchain technology and wanted to go down a path that worked with Law, Roger retracted that statement and said he was tricked by Craig. He joined in on the faketoshi campaign and has been attempted to be sued by Dr Wright for libel in the UK to which Roger refused to engage citing grounds of jurisdiction. Ironically this avoidance of Roger to meet Dr Wright in court to defend his claims can be seen as the very argument against justice being served by private courts under an anarchocapitalist paradigm with essentially someone with resources simply being able to either flee a private court's jurisdiction or engage a team of lawyers that can bury any chances of an everyday person being able to get justice.
There is much more going on with the BCH drama that can be explained in a single post but it is clear that some of the major personalities in the project are very much interested in having their ideals projected on to the technical implementation of the bitcoin protocol and have no qualms spouting rhetoric around the anti-censorship qualities of bitcoin/BCH while at the same time employing significant censorship on their social media forums to control what people are exposed to and getting rid of anyone who challenges their vision. I posit that were this coin to become a success, these "benevolent dictators" as they put it would love their new found positions of wealth/dominance yet if their behaviour to get there is anything to go by, would demonstrate the same power tripping practices of censorship, weasel acts, misleading people about adoption statistics and curating of the narrative. When the hashrate from Rogers bitcoin.com minging operation on BCH dropped dramatically and a lot of empty blocks were being mined, his employer and 2IC moderator u/BitcoinXio (who stepped in to replace roger as CEO) was in the sub informing everyone it was simply variance that was the reason when only a few days later it was revealed that they had reduced their hash power significantly. This is not appropriate behaviour for one of the primary enterprises engaged in stewarding BCH and encouraging adoption nor is the inability to be accountable for such dishonest practices as well. It seems bitcoin.com treats btc as their own personal spam page where Roger can ask for donations despite it being against the sub rules and spin/ban any challenge to the narrative they seek to create.
Let's see how the censorship goes as I post this around a few of the same places as the last piece. Stay tuned for the next write up where I take a deep dive in to the coin that everyone doesn't want you to know about.
submitted by whipnil to C_S_T [link] [comments]

A Response to Roger Ver

This post was inspired by the video “Roger Ver’s Thoughts on Craig Wright”. Oh, wait. Sorry. “Roger Ver’s Thoughts on 15th November Bitcoin Cash Upgrade”. Not sure how I mixed those two up.
To get it out of the way first and foremost: I have nothing but utmost respect for Roger Ver. You have done more than just about anyone to bring Bitcoin to the world, and for that you will always have my eternal gratitude. While there are trolls on both sides, the crucifixion of Bitcoin Jesus in the past week has been disheartening to see. As a miner, I respect his decision to choose the roadmap that he desires.
It is understandable that the Bitcoin (BCH) upgrade is causing a clash of personalities. However, what has been particularly frustrating is the lack of debate around the technical merits of Bitcoin ABC vs Bitcoin SV. The entire conversation has now revolved around Craig Wright the individual instead of what is best for Bitcoin Cash moving forward.
Roger’s video did confirm something about difference of opinions between the Bitcoin ABC and Bitcoin SV camps. When Roger wasn’t talking about Craig Wright, he spent a portion of his video discussing how individuals should be free to trade drugs without the intervention of the state. He used this position to silently attack Craig Wright for allegedly wanting to control the free trade of individuals. This appears to confirm what Craig Wright has been saying: that DATASIGVERIFY can be used to enable widely illegal use-cases of transactions, and Roger’s support for the ABC roadmap stems from his personal belief that Bitcoin should enable all trade regardless of legal status across the globe.
Speaking for myself, I think the drug war is immoral. I think human beings should be allowed to put anything they want in their own bodies as long as they are not harming others. I live in the United States and have personally seen the negative consequences of the drug war. This is a problem. The debasement of our currency and theft at the hands of central banks is a separate problem. Bitcoin was explicitly created to solve one of these problems.
Roger says in his video that “cryptocurrencies” were created to enable trade free from government oversight. However, Satoshi Nakamoto never once said this about Bitcoin. Satoshi Nakamoto was explicitly clear, however, that Bitcoin provided a solution to the debasement of currency.
“The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.” – Satoshi Nakamoto 02/11/2009
As we’ve written previously, the genesis block is often cited as a criticism of the 2008 bailout. However, the content of the article outlines that the bailout had already occurred. The article reveals that the government was poised to go a step further by buying up the toxic bank assets as part of a nationalization effort! In this scenario, according to the Times, "a 'bad bank' would be created to dispose of bad debts. The Treasury would take bad loans off the hands of troubled banks, perhaps swapping them for government bonds. The toxic assets, blamed for poisoning the financial system, would be parked in a state vehicle or 'bad bank' that would manage them and attempt to dispose of them while 'detoxifying' the main-stream banking system." The article outlines a much more nightmarish scenario than bank bailouts, one that would effectively remove any element of private enterprise from banking and use the State to seize the bank's assets.
The United States is progressively getting to a point where cannabis can be freely traded and used without legal repercussion. As a citizen, each election has given me the opportunity to bring us closer to enacting that policy at a national level. However, I have never had the ability to have a direct impact on preventing the debasement of the United States dollar. The dollar is manipulated by a “private” organization that is accountable to no one, and on a yearly basis we are given arbitrary interest rates that I have no control over. The government uses its arbitrary control over the money supply to enable itself to spend trillions of dollars it doesn’t have on foreign wars. Roger Ver has passionately argued against this in multiple videos available on the internet.
This is what Bitcoin promised to me when I first learned about it. This is what makes it important to me.
When the Silk Road was shut down, Bitcoin was unaffected. Bitcoin, like the US dollar, was just a tool that was used for transactions. There is an inherent danger that governments, whether you like it or not, would use every tool at their disposal to shut down any system that enabled at a protocol level illegal trade. They, rightfully or wrongfully, did this with the Silk Road. Roger’s video seems to hint that he thinks Bitcoin Cash should be an experiment in playing chicken with governments across the world about our right to trade freely without State intervention. The problem is that this is a vast underestimation of just how quickly Bitcoin (BCH) could be shut down if the protocol itself was the tool being used for illegal trade instead of being the money exchanged on top of illegal trade platforms.
I don’t necessarily agree or disagree with Roger’s philosophy on what “cryptocurrencies” should be. However, I know what Bitcoin is. Bitcoin is simply hard, sound money. That is boring to a lot of those in the “cryptocurrency” space, but it is the essential tool that enables freedom for the globe. It allows those in Zimbabwe to have sound currency free from the 50 billion dollar bills handed out like candy by the government. It allows those of us in the US to be free from the arbitrary manipulation of the Fed. Hard, sound, unchanging money that can be used as peer to peer digital cash IS the killer use case of Bitcoin. That is why we are here building on top of Bitcoin Cash daily.
When Roger and ABC want to play ball with governments across the globe and turn Bitcoin into something that puts it in legal jeopardy, it threatens the value of my bitcoins. Similar to the uncertainty we go through in the US every year as we await the arbitrary interest rates handed out by the Fed, we are now going to wait in limbo to see if governments will hold Bitcoin Cash miners responsible for enabling illegal trade at a protocol level. This is an insanely dangerous prospect to introduce to Bitcoin (BCH) so early in its lifespan. In one of Satoshi Nakamoto’s last public posts, he made it clear just how important it was to not kick the hornet’s nest that is government:
“It would have been nice to get this attention in any other context. WikiLeaks has kicked the hornet's nest, and the swarm is headed towards us.” – Satoshi Nakamoto 12/11/2010
Why anyone would want to put our opportunity of sound monetary policy in jeopardy to enable illegal trading at a base protocol level is beyond me. I respect anyone who has an anarcho-capitalist ideology. But, please don’t debase my currency by putting it at risk of legal intervention because you want to impose that ideology on the world.
We took the time to set up a Q&A with the Bitcoin SV developers Steve Shadders and Daniel Connolly. We posted on Reddit and gathered a ton of questions from the “community”. We received insanely intelligent, measured, and sane responses to all of the “attack vectors” proposed against increasing the block size and re-enabling old opcodes. Jonathon Toomim spent what must have been an hour or so asking 15+ questions in the Reddit thread of which we obtained answers to most. We have yet to see him respond to the technical answers given by the SV team. In Roger’s entire video today about the upcoming November fork, he didn’t once mention one reason why he disagrees with the SV roadmap. Instead, he has decided to go on Reddit and use the same tactics that were used by Core against Bitcoin Unlimited back in the day by framing the upcoming fork as “BCH vs BSV”, weeks before miners have had the ability to actually vote.
What Bitcoin SV wants to accomplish is enable sound money for the globe. This is boring. This is not glamorous. It is, however, the greatest tool of freedom we can give the globe. We cannot let ideology or personalities change that goal. Ultimately, it won’t. We have been continual advocates for miners, the ones who spend 1000x more investing in the network than the /btc trolls, to decide the future of BCH. We look forward to seeing what they choose on Nov 15th.
Roger mentions that it is our right to fork off and create our own chains. While that is okay to have as an opinion, Satoshi Nakamoto was explicit that we should be building one global chain. We adhere to the idea that miners should vote with their hashpower and determine the emergent chain after November 15th.
“It is strictly necessary that the longest chain is always considered the valid one. Nodes that were present may remember that one branch was there first and got replaced by another, but there would be no way for them to convince those who were not present of this. We can't have subfactions of nodes that cling to one branch that they think was first, others that saw another branch first, and others that joined later and never saw what happened. The CPU proof-of-worker proof-of-work vote must have the final say. The only way for everyone to stay on the same page is to believe that the longest chain is always the valid one, no matter what.” – Satoshi Nakamoto 11/09/2008
Edit: A clarification. I used the phrase "Bitcoin is boring". I want to clarify that Bitcoin itself is capable of far more than we've ever thought possible, and this statement is one I will be elaborating on further in the future.
submitted by The_BCH_Boys to btc [link] [comments]

r/Bitcoin recap - August 2019

Hi Bitcoiners!
I’m back with the 32nd monthly Bitcoin news recap.
For those unfamiliar, each day I pick out the most popularelevant/interesting stories in Bitcoin and save them. At the end of the month I release them in one batch, to give you an overview of what happened in bitcoin over the past month.
You can see recaps of the previous months on Bitcoinsnippets.com
A recap of Bitcoin in August 2019
Adoption
Development * Bitcoin Core Developer Andrew Chow is straming his code tests on Twitch (7 Aug)
Security
Mining
Business
Education
Regulation & Politics
Archeology (Financial Incumbents)
Price & Trading
Fun & Other
submitted by SamWouters to Bitcoin [link] [comments]

11-04 14:33 - 'DIFFERENCE BETWEEN KRATSCOIN AND BITCOIN' (self.Bitcoin) by /u/xia112 removed from /r/Bitcoin within 3-13min

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• The indivisible minimum KRATSCOIN unit is 0.00001 instead of 0.00000001 to denominate realistic currency rates in FOREX. Denomination cannot be determined or dictated by the value of a currency. If KRATSCOIN is valued at USD10,000.00 then the smallest unit of KRATSCOIN at 0.00001 = USD0.10 and nothing smaller than USD0.10 in KRATSCOIN.
Example: If USD1.00 = THB30.00 and the smallest denomination of USD is USD0.10, then a USD0.10 which is THB3.00, is unable to buy a piece of candy at THB1.00. Thus the USD must be converted into a smaller currency of THB in order to buy the THB1.00 candy.
• KRATSCOIN is in-line with standard International Foreign Currency Exchange Practice at indivisible minimum unit 0.00001.
• Each KRATSCOIN is equipped with a 13 digit “SERIAL CODES AND NUMBERS” and there will be a total of 2,100,000,000,000 SERIAL CODES in total.
Example1: 1st KRATSCOIN = AKDJFYRS.00000 Example2: 1st Fraction from 1st KRATSCOIN = AKDJFYRS.00001 Example3: 2nd Fraction from 2nd KRATSCOIN = AKDJFYRS.00002 Example4: Last KRATSCOIN = DLXVZKWR.00000 Example5: 1st Fraction from Last KRATSCOIN = DLXVZKWR.00001 Example6: 2nd Fraction from Last KRATSCOIN = DLXVZKWR.00002
• In Year 2015, Silk Road in DeepWeb utilization of Bitcoin in their transactions amounts to USD1.2billion spanning over 950,000 users. One may argue that Bitcoin is most utilized by the black market, which then maintains its value and worth among other factors. However, the USD1.2bil a year over 950,000 users are far fetch from the Legitimate Users in comparison. Bitcoin transactions runs into USD40.0bil in recent Legitimate Crypto Exchanges. In summary, legitimate transaction of crypto currencies is many times larger use in illegal transactions.
DIFFERENCE BETWEEN FIAT AND CRYPTO:
• Fiat Currency is backed by Governments/Countries itself. What determines the value of a currency is the economic health, demand, growth, political stability to name a few, of the respective country. Before 1930, most fiat currencies were backed by gold and silver.
• Since 1971, U.S. citizens have been able to utilize Federal Reserve Notes as the only form of money that for the first time had no currency with any gold or silver backing. This is where you get the saying that U.S. dollars are backed by the “full faith and credit” of the U.S. Government - quoted in google.com.
• What backs crypto value is purely supply and demand. The demand creation of a crypto is its sole objective. To create demand, the crypto has to have a purpose. And most purpose commonly promoted is utility. The number of ways you can utilize the said crypto. The more utilization factors the more demand there is for it.
• There are other ways to substantiate value of a crypto and that is to back the crypto with a 1 to 1 ratio in assets or in USD. Then the question is, how 3,000 crypto currencies in circulation be monetary eco sustainable? Can anyone imagine walking into McDonald and view a chart of 3,000 different pricing? Which also means the crypto is a payment gateway pegging against USD instead of bearing any true characteristic of a currency.
• A country’s currency is in its own legit form of legal tender, the only currency acceptable under financial sovereigns of a country. People in the world must be made to understand that. Retailers in Thailand cannot put up products price tags in EUROS/USD, it is illegal. It has to be in Thai Baht.
• It is hardly imaginable for everyone in the world to retail with a Crypto-Currencies at a rate of 7 transactions per second. When mining nodes are reduced due to non-performing mining ratio, mining blocks in the Blockchain will significantly be limited too, rendering delays in transactions while usage increases.
• In time to come, as trends of crypto picks up, Thailand can issue BAHT COIN or UK the STERLING COIN, exactly what China wishes to do. Digital RMB, but would such crypto currencies be fully decentralized? We all have our answers. Absurd to even think of producing Thai Baht, Pound Sterling or Chinese Yuan at the cost of electricity. It is currencies in digital forms.
KRATSCOIN is not meant for that purpose. In some opinion, apart from utilization, a crypto can be for safekeeping, an entity for keeping money while allowing easy liquidation, at a click of a mobile button, not to mention sending or transferring without the trouble of going to banks, which was the original purpose of Bitcoin to begin with. Therefore, KRATSCOIN would be better termed as Crypto Commodity, sharing similarities as Metal Commodities.
An individual cannot use gold to make a purchase, neither can one eat gold. It can only be kept or invest in for appreciative value over time. Gold is being exampled for its scarcity which reasons for its higher value over its cousin, silver or bronze. Who or what determines the value of gold? Just like any other crypto, demand by humanity. As in all other commodities, it must also be placed in checks by governments. To put in checks, serial numbers are introduced to protect a country’s commodities outflows or illegal exports.
Humanity made Bitcoin a reality. Acceptance by the majority members of the public made Bitcoin to what is it today with the trust they entrusted it with, or is the majority public hopping on the band wagon to make a few quick extra bucks? Whatever the reasons are, the characteristics of Crypto Currencies are only matched by the behavior of Commodities.
SERIALIZED COINS - WHAT IT MEANS FOR THE PUBLIC: Every currency has its own remarkable name, design and colors. Dollars, Euros, Pound, Tugrik, Peso, Rupee, Rupiah, Dina, Ringgit, Baht and the list carries on. One thing every currency have in common - Serial Numbers.
In any crime, investigators will firstly establish motives and mode of operation, both of which are very likely related to money. So following the money trial is a natural thing to do for investigators/authorities and it has become a common practice. Crimes require funding ie robbers need money to buy guns to carry out its robbing activities. Cutting off financing will reduce criminal activities. That’s the approach governments of the WORLD have adopted for crime fighting.
Perhaps people do not realize this while most do not feel the pinch. Humanity tends to take life for granted until apocalypse happens. Take a minute to visualize the tallest tower in your homeland collapse into a pile of dust with thousands of casualties effecting everything else that comes to mind. Imagine a family member, just 1 is enough, is among those casualties.
• Imagine if monetary system is not in place and drug dealers, among many, roam the earth freely distributing what can be death threatening substance to your kids. What if you are mugged of your inheritance [items left to you by your father] that is beyond retrieval? As for crypto enthusiast, what if your wallet gets hacked as even the mighty Pentagon gets hacked. All the above can go away if the crypto system leaves a trail for hound dogs to sniff out. Money Trail or Serial Codes Trail to be exact.
• Citizens rely on governments and their countries to do what is best for them to lead their daily lives, flourish, advance, improve and strive but at the same time, citizens want to take away the single most important thing deemed crucial in the hierarchy of humanity from governments with additional boastful remarks such as “I transferred $400 million from one corner of the earth to another corner in a single transaction and no governments can do anything about it”.
• In-short, to boast unregulated financial movement is to arrogantly promote crime without realizing it while challenging the world’s monetary authority. Oldest advice in the book teaches us never to pick a fight we can’t win.
• Serial Coded Coins does not take away the financial movement freedom nor does it take away your privacy. It merely provides Authorities the necessary means needed for crime prevention and fighting. It only re-inforce security and safety. SERIALIZED COINS - WHAT IT MEANS FOR GOVERNMENTS: • Governments are relentlessly trying to find new ways to keep track of crypto transactions. Crypto Currency Exchanges, just like all other Financial Institutions and Banks, are required to practice the most stringent Know Your Customer (widely known as KYC) process. The KYC is designed to provide governing agencies and authorities with information pertaining to crypto ownerships.
• But no governments can have information on Peer-to-Peer (also known as P2P) transactions unless the government in question launch a full scale Federal Investigation on certain suspected individuals seeking Wallet Developers to unveil the ownership of certain wallet addresses. Do not forget, National and Global Security trumps Privacy Act. Refusal to co-operate under the pretext of Global or National Security will only result in an out-right ban, which is exactly what happened to Blackberry.
• Questions to Governments – What if Wallet Developers or Crypto Exchanges shuts down which can happen for various reasons be it foul-play, sinister or forcefully under threat? What if servers are damaged and ruined? An EMP strike or a simple magnet can make it happen. Information/identities of suspected customers of such addresses shall be lost forever and along with it the Money Trial.
• The most probable way of evading Authorities with crypto assets are developing an e-wallet for own illicit purpose. Since the cost of developing an e-wallet is relatively low in considerable cost to hiding, what can governments do to flush out these ants from the vast networks of tunnels?
• With Serialized Coded Crypto Assets, it doesn’t matter if servers of Exchanges or Wallets are destroyed. The Serial Codes of each token/coin enables governments of every participating country to track both origin and destination by identifying records of each token/coin in wallet address. It can disappear into a cold wallet but emerging some place later yet Authorities can still detail which particular token/coin has at one moment of time been into which wallet, on what day and date.
• If the battle of financial crimes can be resolved with a simple Serialize Coded Crypto Asset, the eradication of corruptions, money laundering, unlawful proceeds and terrorism financing will be made possible. Criminals can no longer exploit the genius creation of Sathoshi – Blockchain and Crypto-Currencies.
• Global Security, Anti-Terrorism Financing and Money Laundering could just be excuses granting government agencies the need to have access to financial information in the Monetary System. Nonetheless, it is in the interest of every nation that capital outflow is controlled. Capital Outflow is most frequent when the economy of a country is deteriorating. In the face of an economy meltdown, monetary flow is most needed and yet citizens tend to transfer monies further away illegally from their own country in an act of selfishness. This would not be tolerated by any country. Serial Coded Coin shall prove this attempt futile.
• In most part of Asian Countries, many crypto-currency mining operations are carried out illegally. The legality sits on thin fine line where Authorities can pin only stealing of electricity as a major concern to the respective country. Since most Power Companies belongs to the Country in one way or another, it is financially damaging to Power Producers and Utility Suppliers. Serial Codes can determine if the KRATSCOIN is mined legally or illegally making it difficult for miners or mining farms to mine crypto while avoiding making electricity payments. Will this deterrent disrupt the chain of KRATSCOIN supply? That’s not how Blockchain Tech works. TAXATIONS - WHAT IT MEANS FOR PUBLIC AND GOVERNMENTS: • Taxation cannot be imposed on “Illegal & Unlawful Proceeds” instead confiscation is enforced in many countries. Origins or proceeds of Serialized Coded Crypto Assets can be easily identified by the Serial Codes in-conjunction with the Blockchain. This exercise can evidently proof the legitimacy of the aforesaid token/coin. By “Illegal & Unlawful Proceeds” also refers to crypto coins obtained via illegal mining operations.
• Taxation on Crypto Assets are calculated on profits deriving from the sale/disposal of the crypto Assets. If we are small crypto believers, the amount of taxation rendered by Inland Revenue will be insignificant. Why risk Freedom of Life over Freedom of Small Monies. If we are big crypto believers, taxation on Serialized Coded Coins can be considered added security to your assets protection.
• By adopting Serialized Crypto Assets, declaration is made easily possible via proof of token/coin origin via the Blockchain. If the Authorities can know where our crypto assets come from, the Authorities will know where it will disappear to. It is taxation cum insurance in one tiny sum. This added security with freedom feature will encourage self-declarations of crypto assets to Authorities and Agencies. PRIVACY & ANONIMITY: • Many may be skeptical of their wealth being tracked and monitored. But in this era of technological advance society, everything we touches has our signature. Banks, iPhones, Samsung Mobiles, Google, Facebook, Whatsapp, WeChat, LINE, Viber, Facebook, Properties, Utilities. Almost everything. It is to this fact that there is a need for Privacy Protection Act.
• As explained before, Crypto Currency Exchange KYC procedures is designed to expose the identity of Crypto Assets ownership. The Blockchain is supposed to serve as a transparent information platform. The question of privacy over Serialized Coded Coins does not exist, it does not make Serialized Coded Coins ownership any less private.
• Ownership of wallet addresses shall always remain anonymous while the only way Authorities can get to it is through Wallet Developers by virtue of Global/National Security Threats or by a Court Order as per the Privacy Protection Act. SAFETY & SECURITY (CODED CRYPTO VS FIAT + COMMODITIES): • No human mind can memorize the millions of serial numbers printed on fiat currencies. The records of Serialized Coded Coins will forever be in the Blockchain embedded within each transaction from wallet to wallet.
• Serialized Commodities such as gold can be melted down. Diamonds recrafted. Fiat double printed. But not Serialized Coded Crypto Assets.
• Should an accessory system be added into the KRATSCOIN Blockchain, allowing reports on criminal activity be made within the Blockchain, notifying all ledgers of certain stolen Serial Coded Coins, enabling WARNINGS and forbidding next transaction of that particular Serial Coded Coin, wouldn’t this function enhance protection. A theft deterrent function which can never be achieved with physical gold, diamonds or fiat. KRATSCOIN SUMMARY: • Most crypto currencies have not reach a level of security alert for governments. This could be the only reason why a possible ban has not been discussed. China and India has begun efforts to control or ban crypto currencies in their quest to combat capital outflow, writer’s personal opinion. The EU has stopped Libra from implementation. “A company cannot be allowed Authoring Power for issuance of currencies” quoted the governments. KRATSCOIN is fully decentralized with no ownership nor control by any country, company or individual. Once again, the beauty of Bitcoin decentralization concept prevails.
• “There is no such thing as a world currency. However, since World War II, the dominant or reserve currency of the world has been the U.S. dollar” quoted in google.com.
• Most countries have “Foreign Reserves” as backing to a country’s fiat currency. It is a mean of “back up” attempt should all factors above mentioned leading to the value of their currencies collapse. Then what will happen if the Country of the Foreign Reserves collapse?
• Serial Coded KRATSCOIN belongs to no one, no country, no company and therefore theoretically shall not be effected by politics, war or global economy meltdown yet everyone, every country and every government is able to benefit from KRATSCOIN.
"Quoted by" [[link]6 [[link]7 [[link]8 [[link]9 [[link]10
'''
DIFFERENCE BETWEEN KRATSCOIN AND BITCOIN
Go1dfish undelete link
unreddit undelete link
Author: xia112
1: lintangnews.c*m/ada*kr**s*o*n-*ni-be*a*ya-d*ngan-bi***in* 2: 0xzx**o***019101*124431*902.*tml 3: ne*s.*oko**y*to.com/*ag/**atsco*n-kt*/ 4: bbs.**anya.cn/p**t-l*ok*u*-836*0*-*.shtml 5: z*uanlan.z*i*u.*om*p/*4*44615 6: l*nta*g*ews.*o*/ada*kr*ts*o*n-*ni-***a*ya-d*ngan-bitcoin/]^^1 7: 0x*x*com/2019101**24*312*02*ht**]^^2 8: news*t**ocr*p*o***m/tag/kr*tscoin-ktc/]*^3 9: bbs.*i*n*a.cn/p**t-loo*ou*-8*61*5-1.sht*l*^^4 10: zhuanl*n.zh*hu.co*/**84**461*]^^5
Unknown links are censored to prevent spreading illicit content.
submitted by removalbot to removalbot [link] [comments]

Why Bitcoin is NOT a scam / lottery / bubble / Tulip mania / whatever

So, another thread has hit /all and brought another influx of people new to Bitcoin. I usually don't pay much attention to all negative comments, but since I have some extra time today and nothing better to do... I wanted to address the main thing that often pops up in these threads. Namely: is Bitcoin a scam?
First of all, if you asked me this question in few years back (2015 when price crashed back to $200)... I would've said: maybe. At that point jury was still out - I often like to quote Satoshi's genius observation:

In twenty years, Bitcoin will either be worth quite a lot or nothing

With marketcap below $4B Bitcoin was still an easy target. We all remember MtGox scandal, government dumping Bitcoin seized from Silk Road for $48m (boy... did they dropped the ball with that one ;), discussions in Senate etc. etc. Meaning - at that point - it was still possible for rogue actor to pump and dump and break the whole system beyond repair.
But, it is end of 2017 now... and Bitcoin is worth over $7000 (boy, will it be fun when it's over 9000 ;). All this results in Bitcoin ecosystem being way more powerful now than few years back. Not only there is daily trading volume of over $3 BILLION going through Bitcoin... There are now Bitcoin companies that are worth over $1B. Hell, there are people who are Bitcoin billionaires. Which brings us to the main point:

Bitcoin is genuine technological revolution, accompanied by tangible merits. In a nutshell, Bitcoin is a scam in 2010s as much as Internet was a scam in 1990s.

1 Bitcoin is valuable because you can do "technologically new" things with it. Never before in the history of humanity we had TRULY DECENTRALIZED "asset" that had properties traditionally associated with currencies (previously always backed by someone / government) or commodities (like gold).
I hope this overview gave you good insight into why it's pretty much impossible for Bitcoin to be scam at this point. Like, I understand that recent HUGE price jump can influence people to see Bitcoin as Tulip mania. But Tulip mania was a scam because nothing substantial changed with tulips over night. People just started paying more and more for them. Plus, you could always produce more Tulips.
With Bitcoin you have genuine technological revolution behind. If you own Bitcoin you can do stuff you never could do before in various parts of the world. It's like banking infrastructure on steroids really. Plus, unlike Tulips, Bitcoin supply is limited. Hell, even gold - you can always mine more of it. Bitcoin is fixed at 21 million, for all eternity.
Any question - fell free to hit me up. Always glad to help newcomers to Bitcoin!
EDIT: One of the responses says - OK, we can agree Bitcoin is obviously not a scam. But, is it a bubble? Consider that Bitcoin has been a bubble for last 8 years. It was bubble when it was $2. It was bubble when it was $30. I thought it was bubble when it broke $2000. Hell, to me stock market is in the bubble. I like to compare Bitcoin to Internet... lots of people thought "Internet is a bubble"... yet 20 years later, here it is... completely changing humanity. In that sense I think Internet is best comparison to Bitcoin... time will tell whether or not Bitcoin is right now in the bubble... but I strongly believe that in 20 years Bitcoin will be above today's levels.
Now, if you share my long term prospects - then "Bitcoin bubble" will never be too much of an issue for you. Like - I don't buy in batches... I dollar cost average my BTC investment (you can look through my history for more info). See also Max_Thunder nice observation of using Bitcoin as vehicle for protection against inflation...
EDIT: I've incorrectly presented amount of money pumped into Bitcoin... read this for explanation.
EDIT: I also want to emphasize one thing:

DO NOT go ALL IN hoping that Bitcoin will hit whatever mark. Especially DO NOT BORROW MONEY and GO ALL IN unless you are ready to forget about whatever money you've invested for next 20 years.

95% of people I know that have been trading Bitcoin have LOST most of their money. I know bunch of people who bought at $20 and then sold at $2. Then there is a group that bought at $800 and sold at $200. There are also those on other side of equation... there was short worth tens of millions of $$$ earlier this year when BTC was breaking $1100. Crazy thing - Bitcoin price did drop few days later... but that was AFTER short was wiped out and whoever did it lost TENS OF MILLIONS of $$$.
Profiting is not only about being right about eventual price... it's also about knowing when it'll happen.
Final EDIT: Blow away by all the feedback. That's why I like to post here - I get interact with people and in the process learn something new. I'll be monitoring my Inbox so if you have more questions just drop them here. And if you like my writing, visit my motivational / various blog that I update occasionally.
submitted by howtoaddict to Bitcoin [link] [comments]

A Guide To Buying and Selling Premium Bitcoin

Introduction
All Bitcoin are created equal, but they rarely remain that way.
With the traceability and open nature of Bitcoin's Blockchain, individual Bitcoin and satoshis can be traced back to cypherpunk giants like Hal Finney, or even Satoshi Nakamoto himself. Furthermore, newly minted, or old-minted-but-never-moved Bitcoin trade at a significant premium, compared to the Bitcoin spot price (it's been reported that there have been premiums of 15-20% for coinbase Bitcoin).
These coins are novelties. Collectables. Because they can be tracked, identified and are cryptographically verifiable.
So with that dynamic in place, there is an opportunity for a Premium Bitcoin market to form. This subreddit will attempt to form the infancy of that market for retail customers, and perhaps whales.
Instructions for Buyers on making a Post
If you wish to buy a specific kind of coin you can make a post is this subreddit starting with
  1. "[WTB]"
  2. followed by the kind of Bitcoin you wish to buy,
  3. followed by specific requirements, like the number of transactions away from the source/event/coinbase/person/exchange
  4. followed by the premium above spot price as a percentage in which you are willing to buy the novelty, collectable or even tainted Bitcoins.
  5. followed by your preferred payment method
Examples:
[WTB] 1 Satoshi Nakamoto Bitcoin, 1 transaction away from coinbase: 100% above spot - USDC
[WTB] 2 Bitcoin Coinbase from 2013, less then 2 transactions away from origin: 21% above spot - Bitcoin
[WTB] 0.5 Silk Road Bitcoin, any length of transactions away from origin: -10% below spot - Monero
Instructions for Sellers on making a Post
If you believe you have collectable, unique or novelty Bitcoin for sale, you can make a post in this subreddit starting with
  1. [WTS]
  2. followed by the kind of Bitcoin you wish to sell,
  3. followed by any specifics of those Bitcoin, like the number of transactions away from the event/source/coinbase/person/exchange
  4. followed by the asking premium above spot price as a percentage you wish to charge for the novelty, collectable or even tainted Bitcoins.
  5. followed by what kind of payment you accept
Examples:
[WTS] 1 Satoshi Nakamoto Bitcoin, 2 transactions away from coinbase, 121% above spot - Accepting Bitcoin, ETH, USDC
[WTS] 25 Bitcoin coinbase, from 2014 has not be moved, asking for 25% above spot - Accepting USDT
[WTS] 1 Hacked Bitfinex Bitcoin, 21 transactions away from source, -20% below spot - Accepting Monero
Instructions for Escrow Agents on making a Post
If you want to offer your escrow services to facilitate the buying and selling of Premium Bitcoin between two parties then you can make a post in this subreddit starting with
  1. [EA]
  2. a short description of yourself
  3. the percentage or flat rate you will charge for your services
  4. any extra features available
  5. payment methods accepted
Examples:
[EA] Experienced and Reviewed Escrow Agent here to help, flat rate of 0.01BTC - all payment methods accepted
[EA] Bitrated verfied Escrow Agent, 0.5% commission - physical opendime optional for 150$ more - Bitcoin and USDC accepted upfront
Best Practices for Buyers, Sellers and Escrow Agents
once you submit a post, a seller may try to contact you by private message, chat, or by replying to your post. Most will claim that they have what you are looking for. But you will need to verify on your own that the person you are communicating with does have the type of coins you are looking for. You can verify this by having the seller who contacts you sign a message from the address that holds the coins that satisfy your buying requirements.
It's recommended that the verification message format be something like "I am ."
Further instructions on signing messages can be found here:
http://support.vaultoro.com/knowledgebase/articles/536758-how-do-i-sign-a-message-with-my-bitcoin-wallet
https://www.youtube.com/watch?v=B4GZ4qDEanA
https://www.youtube.com/watch?v=S88ciN9DsRk
Once the buyer has verified the coins are possessed by the seller with a signed message from the seller, the transaction can begin. Other useful tools for looking up the transaction trail of the coins being sold can be found here:
blockpath.com
blockchain3d.info
symphony.iohk.io
walletexplorer.com
a list of MTGox cold wallet coins
a list of historic bitcoin transactions
It's recommended that a trusted third party escrow agent be used to ensure that neither party scams another. It's important that the seller, buyer and escrow agent all know the details of the transaction that is to occur, including the evidence to support the Bitcoins novelty. It's important that the buyer conduct his due diligence in verifying the evidence of the coins authenticity and related history. If possible, the escrow agent should do the same.
To find a escrow agent, a buyeseller can search this subreddit for EA posts, use www.bitrated.com to search for a trusted escrow, or use a different escrow agent service that they both agree to using.
Once all parties are clear on the details of the transactions, including the EA's fee, the transaction can proceed. If the transaction is successful, please let us know in the original subreddit posting.
submitted by Fiach_Dubh to BitcoinPremium [link] [comments]

Bitcoin, dogecoin. How I tried to make my fortune in 2014 with the sweat of my computer.

Bitcoin, dogecoin. How I tried to make my fortune in 2014 with the sweat of my computer.

https://preview.redd.it/mv21lvsa3do31.jpg?width=1280&format=pjpg&auto=webp&s=51bf5296a06eedc178079cf0b3ab4c3cfc44f271
Make money just by working on your computer: the rise of electronic currencies, in the wake of bitcoin, can be a little dream, especially in times of crisis. We tried the experiment. Wealth at your fingertips? Not for everybody.
Reading time: 6 min.
We have known at least since March 2013, with the soaring Bitcoin (BTC) price during the closing of Cypriot banks: electronic currencies, it has not much virtual. Since the creation of the enigmatic Satoshi Nakamoto serves as a safe haven, a playground for speculators, interests the States and even makes it possible to pay for his trip to the space where his beer, bigger world would dare to pretend that it only serves to buy prohibited substances on SilkRoad - if it ever was.
At the end of November, James Howells was mocked a lot, this Brit, caught in a household frenzy, inadvertently threw a hard disk containing 7,500 bitcoins, the equivalent of 4.8 million euros. A small fortune now lost in the depths of the Docksway dump near Newport. Nevertheless, before causing the consternation of the global Internet, Jamie still had the nose to undermine the BTC at a time when the experience mobilized a handful of hardcore geeks.
Since the rise (sawtooth) bitcoin, each unit currently weighs more than 800 dollars, nearly thirty cryptocurrencies have emerged. Is it possible, this year again, to let this promising, volatile and risky train pass, or to fall into
  1. Choose your electronic motto.
  2. All are based on the same principle: to summarize (very) big features [1], the issuance of money is governed by an algorithm, and the new corners put in circulation reward the resolution, by participants in a network of peer and mathematical problems, including the validation and archiving of transactions, which are public [2]. Mining a cryptocurrency is like putting the computing power of your computer in the service of the network.
  3. Since the program is decreasing [3], the mining becomes more and more difficult with time (and with the increase of the number of participants): to hope to make his pelote via the only computational activity, one must either have to at its disposal a large fleet of machines, to be a miner from the first hour. Exit the bitcoin, long since out of the reach of a personal computer.
  4. I similarly gave up the litecoin and peercoin, already well launched (they date respectively 2011 and 2012), to set my heart on one of the most recent currencies - and certainly the hippest of the moment: the dogecoin.
  5. As its name suggests, the cryptocurrency favorite Shiba Inus from around the world is a tribute to the Doge, one of the most famous memes of 2013, with its captions in Comic Sans, the font most sorry for the web. A geek joke, therefore, except that - the unfathomable mysteries of the Internet - its value jumped 900% in the third week of December, and she suffered a Christmas robbery online.
  6. Admittedly, at the time when these lines are written, the dogecoin caps at 0.00023 dollars [4] - its quite ridiculous (and quite depressing), but even if you bet on the future, so much to go frankly.
  7. 2. The hands in the engine the billboard.
  8. From there, things get tough (a little). Installing an electronic purse on ones computer is not very complicated (the software is available for Windows, MacOS, Android or, for the more adventurous, on a repository to compile under Linux). It is also possible to use an online wallet, but it is more risky (except, perhaps, when one is called James Howells). When opened for the first time, the purse automatically synchronizes with the Dogecoin network (be careful, it can be long), which gives you a payment address (we can generate more later).
  9. The two most common ways to undermine electronic money are to use the computing power of the computers microprocessor (CPU) or, more efficiently, that of the graphics card processor (GPU). In the first case, the program is simple to install; in the second, it is necessary to choose the most adapted to its material [5]. There are, thankfully, a lot of online tutorials. Still, to operate the corner board requires in all cases to trade the comfort of the GUI for aridity, so confusing to the layman, command lines - we have nothing for nothing.
  10. Finally, at work alone, we prefer collaboration. Mining is best done in groups, or rather in pool: it distributes the gains, of course, but also the difficulty. For the dogecoin as for all the crypto-currencies, the pools are numerous. A quick tour of a dedicated section of the Reddit community site can help you make your choice.
  11. 3. Extension of the field of struggle.
  12. And after? After, we can rest, since it is the machine that works. But the truth of a cryptocurrency - even at the exceptionally high LOL and LOL rates of the Shiba Inu - is cruel and brutal: not all computers are equal. Or rather, some are more equal than others. For while you heat your CPU or your graphics card to grapple some unfortunate corners, others will sweep the game thanks to specialized integrated circuits, computing capabilities much higher.
  13. If the game of buying and reselling corners is basically just another stock exchange mechanism, less the intervention of the central banks - what is at stake, and the big political question they ask: are we certain to prefer speculation pure and perfect to monetary policies, however questionable they may be? -, production, it is the law of the strongest (in calculation). There are even lethal weapons at $ 10,000 each, with which your processors are like mosquitoes in front of an A bomb.
  14. And if you think it does not matter because after all, it does not cost you anything, think again: the components, like humans, wear out faster when they work at full speed, and the bill of electricity can quickly grow. The profitability of the case is anything but certain, as evidenced by the results of online calculators. (Needless to say, our laughing dogecoin does not stand up to this kind of simulation.)
  15. Much more boring, from a collective point of view: the carbon footprint, current and above all expected, of electronic currencies worries more and more. Last spring, Bloomberg estimated that the energy consumption of the Bitcoin network was equivalent to that of 31,000 US households. Not sure, according to the site, that their emission is less damaging to the environment than have been some physical currencies.
  16. For exciting to analyze that is the emergence of cryptocurrencies, it is better to ask now about their cost, economic and ecological. To see it as a potential source of income, except for being a very early adopter with a hollow nose, an individual with a lot of computational capital or a clever trader, you have to make a point.
  17. If the recurrent comparison with the famous Ponzi pyramid [6] is discussed (after all, the decentralized currencies do not make promises), remains that, as long as the value does not collapse, the system benefits mainly to the first entrants - except James Howells.
  18. As the Bitcoin.fr site aptly states: all this is just an experiment, invest only the time and money you can afford to lose. LOLs love was not a worse reason than another to experiment, so I finally submitted my laptop to four days and three nights of intense activity, which makes me happy. owner of a good half a thousand dogecoins. Either the equivalent of 0.115 dollar, or 0.08 euro. It is obviously not worth the electricity consumed to generate them, it increases my carbon footprint, but it amuses my entourage. But laughter is, as everyone knows, a safe bet in times of crisis, less volatile than a real bitcoin.
  19. And then, after all, you never know.
  20. Amaelle Guiton.
  21. 1. For explanations more provided (the case is quite complex), refer, for example, to the series of very detailed notes devoted to blogger Turblog.
  22. 2. And as such, searchable by everyone. It is the identity of the users that is not known, unless they reveal it, hence the reputation of anonymity (relative, therefore) cryptocurrencies.
  23. 3. In the case of bitcoin, the maximum of 21 million units should be reached around 2140.
  24. 4. For a day-to-day follow-up, see the CoinMarketCap site which lists the exchange rates of crypto-currencies, based on the dollar value of bitcoin.
  25. 5. We discover then, unfortunately, that some graphics cards do not allow the mining. This is the case for the author of these lines, reduced to working in conditions of extreme computer deprivation.
  26. 6. Comparison which is at the heart of a hilarious note on the ponzicoin, signed by the economic journalist Matthew OBrien, on The Atlantic (to read if you intend seriously to invest in the dogecoin).
submitted by Mejbah411 to u/Mejbah411 [link] [comments]

r/bitcoin recap - November 2017

Hi Bitcoiners!
I’m back with the eleventh monthly Bitcoin news recap.
For those unfamiliar, each day I pick out the most popularelevant/interesting stories in bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best), memeless overview of what happened in bitcoin over the past month.
You can find recaps of the previous months on Bitcoinsnippets.com
A recap of Bitcoin in November 2017
submitted by SamWouters to Bitcoin [link] [comments]

The fundamentals of bitcoin as an asset exist and they are stupider than you can imagine

tldr; tldr; Hodling is deflationary and all those wild price swings from bitcoin are changes in the fundamental value of bitcoin. Really.
tldr; Imagine there is a market where $100 worth of goods are sold every day using 100 bitcoins which cycle around. Then each bitcoin would be worth $1. Now suppose that 50 of the bitcoins were being held in anticipation of growing in value so only 50 bitcoins were cycling each day. For all the goods in the market to be sold every day each bitcoin will now be worth $2.
Introduction There has been a lot of discussion about what the fundamental value of bitcoin is. The consensus view in this subreddit is that the fundamental value is zero. I argue in this post that the fundamental value of bitcoin is whatever the price is right now, or a something close to it. This is because the fundamentals of bitcoin are stupid. Unimaginably stupid.
Bitcoin as Currency Bitcoin is a terrible currency compared to normal statist filthy fiat. Bitcoins are often permanently lost due to hacking or easily made mistakes. Transactions take considerable time to be confirmed. The price is highly volatile. But this post isn’t going into those issues in depth.
There is little evidence for mainstream Bitcoin use. A report by Morgan Stanley on the acceptance of Bitcoin from online retailers found that only 3 out of the 500 online retailers tracked accepted Bitcoin payments, a decrease from 5 in the previous year. The report concluded: “Bitcoin acceptance is virtually zero and shrinking”.
The number of transaction on darknet markets is large. On darknet markets users buy illegal products using cryptocurrencies (not just Bitcoin). Due to their illegal nature, it is impossible to know the exact value of transactions that take place on them. Between February 2011 and July 2013 the darknet market Silk Road had 1,229,465 transactions comprising 9,519,644 bitcoins in revenue. Darknet markets, along with ransomware payments are the only uses where there is evidence of a substantial number of bitcoin transactions taking place.
To work at scale darknet markets require cryptocurrency to pay for goods on sale. The anonymous nature of cryptocurrency allows transactions to take place without the buyer or the seller knowing anything about each other (although if a buyer has drugs mailed to them the seller will know who they are). If darknet markets used another form of payment then law enforcement could buy something and then track both the money going to the seller and the commission paid to the darknet market. It isn’t true as many people have claimed that nothing backs bitcoin. Bitcoin is backed by darknet markets.
There are a few kinds of people who buy bitcoin and want to spend it. They include drug buyers, those who need to pay off ransomware, money launders, fraudsters, and a few others but for simplicity’s sake I will just call them drug buyers. Likewise, there are a few types of people who sell products for bitcoin but again for simplicity’s sake I will call them drug sellers.
Non-circularity Bitcoin is a currency with a property that I call non-circularity. With Actual Money, when I buy something in a shop, the money I paid with goes towards the wages of the staff, rent and the products themselves among other expenses. This money then flows on to others. When a drug seller receives bitcoin in exchange for their drugs they can’t use the bitcoin to pay for their groceries or to pay their rent. They must exchange the bitcoin for filthy fiat to buy food. The inability to use bitcoin for further purchases means it is a non-circular currency. Bitcoin is a medium of a medium of exchange.
A full bitcoin transaction thus consists of three parts:
  1. A drug buyer goes to a bitcoin exchange to get bitcoin in exchange for filthy fiat
  2. The drug buyer goes to the DNM to exchange bitcoin for drugs from the drug seller
  3. The drug seller goes to the bitcoin exchange to get filthy fiat in exchange for bitcoin
An exchange is any place which matches buyers and sellers of bitcoin. This includes online exchanges like Coinbase as well as LocalBitcoins which matches people for face to face transactions. As nobody receives bitcoin for payment except drug dealers, the only place for drug buyers to get bitcoin is an exchange. The extreme volatility of bitcoin means that drug buyers and sellers try to complete the process as quickly as possible and avoid holding onto bitcoin.
Perfect Price Unstickiness For normal currencies prices are sticky. That means that nominal prices do not respond quickly to changing economic conditions. In contrast bitcoin has what I call perfect price unstickiness so the price of goods in bitcoin changes almost perfectly to changes in the value of bitcoin.
This is because prices for items which can be bought with bitcoin are never actually set in bitcoin, probably due to the high volatility. Instead they are set in fiat. The amount in fiat can either be listed directly, so $US50 for these drugs, or the price can be listed in the converted amount of bitcoin, 0.005BTC if 1 BTC = $US10,000. Changes in the price of bitcoin on exchanges are instantly reflected in the prices of drugs in bitcoins on darknet markets.
Hodling Another feature of bitcoin that should be considered is that people hodl bitcoin. The word comes from a typo of ‘hold’. Bitcoin is often bought on exchanges not for use as a currency to buy drugs, but as an asset in expectation of a price rise. Hodlers are the third type of user of bitcoin along with drug buyers and drug sellers. Although they don’t use it.
What’s the difference between an asset that is held and one that is hodled? This is admittedly vague, but an asset is hodled if it is being held, it can be held for long periods at low costs, it can but isn’t generating any income and there are no plans to generate income from it soon.
Cash under the mattress is being hodled, cash in my wallet that I am going to buy stuff with soon is not. Money in my bank account is generating income and so is not hodled. Bitcoin held in anticipation of price rises is being hodled. Bitcoin bought to buy drugs but which has not been used yet is not. Gold stored in a vault is being hodled, gold used for electronics purposes is not (jewellery is a harder case). A vacant block of land with no plans to develop it or use it for anything is being hodled but one that is soon going to have an apartment block built on it is not.
Commodities can be held and do not generate income until sold but it is expensive to hold most commodities for long periods of time. This prevents most commodities from being hodled.
Velocity The velocity of money is the average number of times a unit of fiat changes hands in a period. You can skip the next three paragraphs as they are a little annoying and you can get by without them. Just know that I am defining the velocity of bitcoin as what the velocity of bitcoin would be if no bitcoin was being hodled.
Due to hodling, the velocity of bitcoin under the conventional definition can vary wildly. Consider two cases. Both have 100 bitcoins, 100 transactions a day and all non-hodled bitcoins are spent each day. The first has no hodled bitcoins, the second 50 hodled bitcoins. The first has a velocity of bitcoin of 1 transaction per day, the second is 0.5 per day.
I want a definition of velocity of bitcoin that is not impacted by changes in hodling. I did consider doing this analysis through changes in velocity but the final formula is easier to understand if we find a definition of velocity of bitcoin that is independent of the level of hodling.
The definition that achieves this is (Length of Time)/(Average length of time to complete transaction). When there is no hodling the two definitions agree but the new definition is unchanged by any rise or fall in the level of hodling, which is what we need. From this point on when I refer to the velocity of bitcoin I am referring to the second definition.
The actual time to complete a bitcoin transaction seems to be over a week. In an interview one vendor claimed that it took one week for the bitcoin to be released from escrow and longer to convert it to actual money.
Intuitive argument Assume that the amount of drugs sold on darknet markets changes little from week to week. If the price of bitcoin doubles over the week then the number of bitcoins flowing through the darknet markets will halve. So where have the bitcoins gone? Drug buyers and sellers don’t have them. The only option is hodlers. In fact, it was the hodlers buying the bitcoins that caused the price to change.
Formula The conventional formula for the relationship between velocity of money (V), nominal amount of money (M), price level (P) and real economic activity (Q) is
V*M = P*Q
I am going to change that equation slightly so it now concerns the velocity of bitcoin (V), the total number of bitcoins (M), the price level of bitcoin (P), the total value in fiat of all economic transactions (Q) and the proportion of bitcoins that are hodled (h). If h*M bitcoins are being hodled then there are (1-h)*M bitcoins being used in economic transactions. The new equation is
V*(1-h)*M = P*Q
Next we isolate P:
P = V*(1-h)*M/Q
If the price level changes from 1 to 1.1 that means that there has been 10% inflation over the period and that the value of bitcoin has fallen. To find the value of a single bitcoin we have to take the reciprocal of P and that gives a formula for the true value of bitcoin:
1/P = Q/[V*(1-h)*M]
In the rest of the post when I write the price of bitcoin I mean the price bitcoin sells for on exchanges. I establish in the next section that this price must be close to the true value of bitcoin.
Equilibrium This section uses the flow of bitcoin model established earlier. We assume no activity from hodlers and that economic users do not hodl bitcoin (not true but it simplifies and does not hurt the model). Furthermore, we assume that all activity on the bitcoin exchanges happens, then all activity on the darknet markets happens. Drug sellers sell their bitcoin to drug buyers, then drug buyers use the bitcoin to buy drugs on the darknet markets. Neither the exchanges or the darknet markets charge commissions. I use specific numbers but my reasoning is easily generalizable.
To establish why the equation is true we must consider what happens if the actual price is higher or lower than the price given by the formula. First let us suppose that the price is lower than the price predicted by the formula. Over the time period of a day suppose that Q = 100 (so $100 worth of transactions a day), V = 1 (transactions take a day), M = 100 (100 bitcoins) and h = 0.5 (50 bitcoins are hodled). This gives a predicted price of $2. Suppose the price is instead $1.
Every day there are $100 worth of drugs available to be sold and buyers willing to buy $100 worth of drugs. At a price of $1 and with only 50 bitcoins available for economic use each day that means that only $50 worth of drugs can be sold. This would drop Q to 50 and immediately correct the equation.
However, there are buyers and sellers who want more drug dealing than that. Some buyers are not going to be able to get their drugs given the current price. Some of them will be willing to pay higher prices for bitcoin to guarantee they can have their drugs. Suppose that the drug sellers have 50 bitcoins (hodlers also have 50). They want to sell their 50 bitcoins to drug buyers on an exchange. Some drug buyers then bid the price of bitcoin up to $1.10 (for example). This benefits other drug buyers as now $55 worth of drug transactions can take place each day. In this way, the price will be bid up to $2, the equilibrium price.
If the price is $1 and the drug buyers have the 50 bitcoins then they will spend the bitcoins to buy $50 worth of drugs and then we are in the situation above.
Now suppose the reverse happens and the actual price is higher than the predicted price. Let the actual price be $4, with all the same example values from the previous example, so the predicted price is $2. On the exchange drug sellers have 50 bitcoins worth $200 to sell. Drug buyers want to buy $100 worth of bitcoin. At this price only 25 bitcoins are sold. To ensure they sell more of their bitcoin, drug buyers bid down the price. If the price does not immediately reach $2 then the left-over bitcoins will be held by the drug sellers until the next day when the price will be bid down again.
The drug sellers holding bitcoin for a few extra days is not the same as hodling because they are actively trying to sell them on an exchange but they haven’t because the price isn’t in equilibrium. They could instead decide to sell only 25 bitcoins and hodl the other 25. This would raise h to 0.75 and the price would be in equilibrium again.
Now suppose that the drug buyers have 50 bitcoins and the price is $4. Then $100 worth of drugs are bought with 25 bitcoins. The drug sellers will not be able to sell their bitcoin as drug buyers already have enough bitcoin to buy the next round of drugs they want. The drug buyers spend their last 25 bitcoin and drug sellers now have 50 bitcoins and the situation is as above.
In conclusion, the price of Bitcoin is fundamentally determined by speculators and brought into equilibrium by criminals.
Inflows and Outflows of Hodling The previous section treated the level of hodling as constant, except when drug buyers or sellers decide to hodl extra bitcoins that are in their possession. Now we will treat the amount of hodled bitcoins as changing. The next topic to consider is the relationship between filthy fiat spent to hodl bitcoins and the bitcoin price.
To calculate how much it costs to raise the hodl ratio from 0 to h we assume that the bitcoins are bought continuously. We integrate the function Q/[M*V*(1-t/M)] between 0 and h*M. The result is (Q/V)ln[1/(1-h)].
To double the price of bitcoin by taking h from 0 to 0.5 will cost (Q/V)ln(2). In fact, it will always cost this amount to double the price of bitcoin as we can see by finding the difference between the total value of hodled bitcoin when we consider hodling levels of h and (h+1)/2.
This means that the price of bitcoin rises exponentially when a constant amount of new money buys bitcoin to hodl. I would illustrate this with a log-scale graph but I don’t know where to find one. It also means that the market capitalisation of a cryptocurrency gives very little idea about how much the cryptocurrency is worth. It is an impossibility for all hodlers to receive the Actual Money that they think their bitcoin is worth.
Volatility People hoping to get rich and their buying and selling bitcoin is what causes bitcoin’s extreme volatility. Theoretically this could be stopped if there was a bank where hodlers could deposit their bitcoins and earn interest. However, for this to work would require the existence of a bitcoin bank which is not a Ponzi which seems like an unlikely outcome.
Hodling Gold A quick digression into gold, but I suspect someone has already thought of what follows. We can consider gold like a conventional commodity with conventional supply and demand curves (the real world for all commodities is more complicated but this is going to be quick). But people also hodl gold. If hodlers decide to buy $100 million worth of gold produced in the year, then that will change the equilibrium price. The new price is such that the difference between the quantity demanded by non-hodlers and the quantity supplied at that price multiplied by the price is 100 million.
If the overall level of hodling declines then the reverse happens. The hodlers sell an amount of gold, that amount is the difference between the amount supplied and demanded. The hodlers earn that amount multiplied by the new lower price. (I assumed people bought a fiat amount of gold and sold a volume of gold to make things easier).
Without another hodler to take on the gold or an improvement in market conditions, the hodlers are guaranteed a loss. To make a profit hodling gold you need there to be hodlers to sell it on to (or an improvement in the underlying factors). It follows that all the gold hodled in the world today cannot be sold without causing the fundamentals of gold to collapse. With 40% of the gold produced in 2017 being hodled this will eventually become a significant issue.
Full Reserve Banking Another place where we can consider the impact of hodling is full reserve banking. It is a form of banking where banks are required to have cash on hand equal to the full amount in all demand deposit accounts. The bank does not lend this money. This contrasts with the present system where banks are only required to have a certain fraction of this amount on hand, called fractional reserve banking. Money in a fractional reserve bank account is not being hodled (or is, but to a more limited degree) as it is being lent on to other people and it is generating income for the depositor.
Deposits under full reserve banking are hodling. They are like cash stuffed under a mattress but have better security. In a recession people increase their saving rates. Much of this additional saving will be in liquid assets because of fears of economic trouble. This rise in deposits under full reserve is an increase in hodled cash which then causes deflation. This is a big problem in a recession. (Somebody else has probably already made this observation).
Velocity and Value Consider the equation of bitcoin’s value again. Notice that the value increases when V decreases. Which means that the length of time to complete a transaction has increased. Bitcoin is an asset and a currency and its value as an asset increases as the length of time it takes to complete a transaction increases. This is a minor bit of stupidity which surprised me but seems obvious in retrospect as if bitcoins take longer to be processed then they must be worth more so that all transactions can happen. (This is assuming that a decrease in V does not also cause a decrease in Q which might be caused by drug buyers and sellers switching to a different cryptocurrency).
Hodler Behavior With one exception which I might make in another post I make no assumptions about hodler behaviour. I think they are buying and selling with no rational basis. But there are two rational reasons why someone would expect the price of bitcoin to rise: increased economic activity using the cryptocurrency in the darknet markets or an increased level of hodling in the future. The DNM is an actual economic activity but due to its illegality knowing anything about the amounts involved is impossible for almost everyone as is predicting their trends. Future hodling levels are also impossible to predict, unless you run a pump and dump. We can’t expect any sort of rational behavior from hodlers.
Nakamoto Scheme Preston Byrne developed the concept of a Nakamoto Scheme to describe cryptocurrencies because of how they differed from Ponzis and pyramid schemes. While bitcoin has been frequently called a Ponzi or pyramid scheme it is clearly something different. There are no “dividends” paid or any sort of organised structure. There are similarities, notably early adopters make their money at the expense of later adopters. Like in pyramid schemes hodlers try to convince new people to join in.
It is best to consider bitcoin as a type of asset which is uniquely suited for a pump and dump. When hodlers buy bitcoin, and encourage others to do the same (the pump) the fundamental price of bitcoin really is raised by these actions which helps the pump.
To add to Byrne’s work, we should put the properties of cryptocurrency assets at the centre of the scheme. A Nakamoto scheme works like this: first create a cryptocurrency and keep most of it for yourself. Then release it and try to get as many other people hodling as possible and try to get the darknet markets to adopt it (I’m looking at you Monero). This increases the fundamental value of the asset. Then dump your hodlings. Pocket the actual money. This is probably legal right now. But I’m not a law-knowing person.
For the hodler the Nakamoto scheme is like going to a party. You arrive and leave later on. If there are more people at the party when you leave compared to when you arrived then you’ve made a profit. There is also drug dealing going on at the party. The change in the level of drug dealing also impacts your profits. You have to try and get more people to come to the party and be careful of everyone else at the party who have the exact same incentives as you. It is a weird new form of scam.
Lower bound on price While the price of bitcoin can theoretically be infinitely high there is a lower bound on the price when the hodling ratio is zero. For given levels of Q, V and M the value of bitcoin can never go below Q/[V*M] (the highest possible price for bitcoin is when 1 satoshi is equal to the value of a transaction).
Some bitcoins have been permanently lost due to people losing their wallet keys or bitcoins being sent to the wrong address. If we suppose that H is the proportion of coins that have been permanently lost then the actual lower bound is Q/[V*(1-H)*M]. Note that a hodler losing their coins does not change the present fundamental value of bitcoin.
What could cause bitcoin’s price to go lower? Besides a mass hodler sell-off the obvious reason is a permanent decline in Q. What could cause this? Law enforcement have successfully shut down many darknet markets but others have replaced them quickly. What could really hurt darknet markets is increased government scrutiny of exchanges. When governments realise that bitcoin has no use beyond criminal transactions and speculation they might decide to treat every bitcoin transaction as inherently suspicious and regulate exchanges heavily. This will make bitcoin much harder to use for criminal transactions and thus greatly decrease Q and the value of bitcoin.
Previous work This post is not entirely original. Satoshi himself said that if a bitcoin user wanted to give a donation to everyone else then they should delete the keys to their wallet and increase the value of everybody else’s bitcoins. I realised that someone who hodled a bitcoin would temporarily have the same effect.
More significantly Joseph C Wang came up with a formula very similar to mine. A significant difference is that he thought increased economic activity with bitcoin would not cause an increase in bitcoin’s value but an increase in its velocity. My model has nominal prices of drugs in bitcoin falling when Q increases. Wang has prices remaining the same and the velocity of bitcoin increasing to handle the extra transactions. I developed my formula before I became aware of Wang’s work.
Further Topics This post is over 4000 words so I have not gone into depth on a few subjects like the costs of block rewards (higher than you think), shocks like darknet market shutdowns, why bitcoin can’t fall to a liquidity trap, how to value a cryptocurrency that isn’t being used for economic transactions and why it makes sense that bitcoin and bcash had a higher combined value at the time of the fork compared to bitcoin alone. If there is demand I’ll put together a second post which will cover these issues.
submitted by GBerkeley1734 to Buttcoin [link] [comments]

I love you. and a few other thoughts

I'm lucky enough to have been around this community for a few years - thanks to everyone for the great content over the years! Some hero level stuff. and a lot of fun/funny posts too.
We've been over $10k for less than two months. It feels like forever. I've gotten used to it up here, the view is great! but I do think we'll break through $10k and well below that.
I'm going to unload a lot of mostly unorganized thoughts with the hope that it'll be useful to a few people.
the news cycle is changing. the hype cycle is changing. google search trends has peaked.
and I'm pretty sure we reached peak shitcoin with Dentacoin. and that insane Ripple run.
but this pullback is healthy. and pretty much expected. we go up. we go down. valuations have been (and still are) insane and it's time for this space to have some sanity.
there's just no way that 95+ of the coins in the top 100 are really worth what they're currently worth. so there simply has to be a reckoning, it's a matter of when. and I think we're at the start of it.
and bitcoin needs to crater in order for all the shitcoins to get crushed. which they will
i'm still hodling well over 100BTC. and will hodl those for a looong time. even if we dip under $5k. which we may well do.
I've also sold a lot. Is SODL a thing yet?
I'll start buying at some point, but not even close to now.
Let's remember some of the great things that have happened since Summer 2017:
  1. New pathways to bet on bitcoin have been created and are in the process of being created (futures, goldman trading desk, new exchanges, etc...)
  2. New price points have been set in people's minds - the idea that bitcoin could be worth $50k or $100k is now out there. and real.
  3. Big-time investors are awake to bitcoin and crypto. At some point they will be buyers. and the next run will start.
I don't think we'll need to wait as long as we did in 2013/14. this should turn faster now that so many pieces are in place.
My guess is that we'll see a 75% pullback in bitcoin, so we'll head to the $5-6k range. Which gives us a nice amount of upward potential.
Shitcoins will see 90-95% drops. and most of them won't bounce back (thank Satoshi!)
at some point this regulatory hiccup will settle. esp with respect to BTC and ETH which will find a happy place in the traditional regulatory scheme - Korea will normalize bitcoin / eth trading - China will open things up to crypto exchanges again - but in a much more restrictive way - and ICO will come under the standard regulatory umbrella. - and cryptos will generally start to become a lot more boring. ICOs that don't follow the std rules will be pushed into a silk road economy.
but before that happens, exchanges globally will probably start to feel more legal heat. I think a number of them will be asked to shut down trading in a lot of cryptos. Just think about the damage of Polo being asked to shut down trading of 38 shitcoins... And that is a real possibility. The current price drop starts to open the door to regulatory action - few people complain about ICOs when they're dreaming of Lambos. but as the losses mount, so do the SEC complaints. And the SEC has shown that it will act. So expect to see the SEC move against a few major ICOs as prices continue to crater.
those kind of regulatory actions and the uncertainty they create for bitcoin may well be what pushes us well below $8k.
in terms of when to start buying: there maybe 20 coins/projects that are probably worth buying and will rebound. 1. Bitcoin 2. ETH 3. Some combo of anon coins (Dash / Monero / ZCash) 4. Some of the decentralized exchange coins 5. a couple ETH competitors (distributed computing / smart contract stuff) not sure what else, but the next 3-6mos are probably going to be a good time to shop around for projects that are doing cool things and get in cheap.
but I won't be buying anything until the marketcap for all cryptos goes below $200B.
And please remember: price is not what we came here for. This is a fight for freedom. and we're still at the beginning stages or securing core freedoms - even basic rights. and extending the rights we currently have into the digital world.
Price can be a proxy for how well we're doing, but it's only partially correlated (as anyone who lived through the long bear market can attest).
A lot of good work is being done on layer 2 and beyond. Stay focused on what matters and the ups and downs won't matter (as long you don't invest more than you can afford to lose - that rule still applies).
Best wishes to all of you!
submitted by bitvote to BitcoinMarkets [link] [comments]

Should You Invest in Bitcoin or Traditional Stocks? Herer is Can Be Fun For Everyone Bitcoin Faucet: Getyourbitcoin - 4 satohis every 5 minutes (Faucetpay) Bitcoin Faucet: Silver Moon BTC - 5 to 50 satoshis every 15 minutes (Faucetpay) Bitcoin Faucet: Coinmg - 4 satoshis every 5 minutes (Faucetpay) The Silk Road: Connecting the ancient world through trade - Shannon Harris Castelo

'The best' bitcoins are the ones from the Silk Road, the first modern darknet market, because they’ve got through the U.S. Marshalls and have been 'blessed' by the U.S. government – 'those are very clean,' Matt Walsh, Partner at Castle Silk Road launched in February 2011 as the darknet’s first bitcoin-based marketplace. Within four months, it would be the darknet’s most notorious site whose reputation extended all the way to Bitcoin Vox is the Media Coverage of Bitcoin and Digital Currencies. Bitcoin VOX is an independent publication, which provides you the latest sensitive news, trends, prices and analysis on Bitcoin and the Crypto Currency World. If something happens, you will know it sooner. Silk Road was an anonymous online trading platform located in the zone .onion of the anonymous tor network and worked from 2011 to 2013. Most of the products was to prove to delegate, however, recently site banned pair-the sale of raw details of bank cards, about money, children's section, personal data, services of a killer and a weapon. Two words will be indelibly etched on the minds of many people following bitcoin: Silk Road. This was the original dark market, and it became notorious for enabling people to sell drugs and other illegal items online.

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Should You Invest in Bitcoin or Traditional Stocks? Herer is Can Be Fun For Everyone

In October 2013 the US FBI shut down the Silk Road online black market and seized 144,000 bitcoins worth US$28.5 million at the time. The US is considered bitcoin-friendly compared to other ... In October 2013 the US FBI shut down the Silk Road online black market and seized 144,000 bitcoins worth US$28.5 million at the time. The US is considered bitcoin-friendly compared to other ... In October 2013 the US FBI shut down the Silk Road online black market and seized 144,000 bitcoins worth US$28.5 million at the time. The US is considered bitcoin-friendly compared to other ... Shannon Harris Castelo unfolds the history of the 5,000-mile Silk Road, a network of multiple routes that used the common language of commerce to connect the world's major settlements, thread by ... In October 2013 the US FBI shut down the Silk Road online black market and seized 144,000 bitcoins worth US$28.5 million at the time. The US is considered bitcoin-friendly compared to other ...