Bitcoin in Zimbabwe: Are Zimbabweans Really Embracing ...

Hyperinflation fears; will bitcoin, gold, or stocks win in 2020? (current BTC/USD price is $10,965.63)

Latest Bitcoin News:
Hyperinflation fears; will bitcoin, gold, or stocks win in 2020?
Other Related Bitcoin Topics:
Bitcoin Price | Bitcoin Mining | Blockchain
The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools.
submitted by coinsaladcom to CoinSalad [link] [comments]

Why UMI Will Not Fall Victim to Inflation: Dispelling Myths of “Deadly Issue”

Why UMI Will Not Fall Victim to Inflation: Dispelling Myths of “Deadly Issue”
https://preview.redd.it/lr1w0ukh2ik51.jpg?width=1024&format=pjpg&auto=webp&s=b413e6e6b2e94d2e9522571040151826b7874e77
With UMI staking, anyone anywhere in the world can generate new coins at the rate of up to 40 % a month, or up to 5,669 % a year, with no risk of falling victim to fraudsters. It means new opportunities for humanity which never existed before. However, many people who are used to miserable interests on bank deposits and financial pyramids that last a few months at most cannot understand what makes this possible. How can you safely earn up to 40 % a month with no risk of losing it all?
Sceptics cannot wrap their minds around this which makes them suspect there’s a catch to it. Therefore, it should come as no surprise that you can find various myths about UMI's “deadly issue” on forums and social networks. The most popular among them say that you simply cannot ensure long-term operation with this kind of “super-high income” and no one has any idea what will happen to this cryptocurrency in 10 or more years. Here's a forecast from sceptics, briefly: “deposits” with this percentage are simply impossible, it will inevitably cause hyperinflation, UMI cryptocurrency will devalue, and will share the fate of currencies in some of the less fortunate countries, such as Zimbabwe or Venezuela.
To counter these allegations, we've prepared a detailed article with arguments dispelling all these myths, nullifying all “forecasts” and putting the lid on this issue. Here we go!
What's the value behind the forecasts?
First of all, 10 or more years is too much of a long term, and forecasting so far in advance is simply impossible. Don't take us wrong here: it's not just about cryptocurrencies; it's about anything in the world. There was a time when people thought pagers, faxes, and landline phones had cheerful prospects, but look at what happened to them. They have been replaced by smartphones and the Internet accessible to all which no one believed was possible in the first place. New technologies emerge out of the blue and transform the world beyond recognition. The old — something everyone is used to — is replaced with something new and more
convenient. Something better.
10 years ago people believed in developing bank technologies, but then, all of a sudden, Bitcoin was created and transformed people's understanding of financial payments. It turned out anyone in the world can make payments with no intermediaries and generate new digital money. It's true that Bitcoin is not perfect, but millions use it all over the world. This number is also growing fast with each passing day.
Do you remember forecasts made for Bitcoin when it first appeared? Both ordinary people and respected world-class experts predicted it would soon die. No one believed it could last for even 10 years.

https://preview.redd.it/q1kzcxfw2ik51.png?width=800&format=png&auto=webp&s=17a12d73b9046a357cf6ecd77253472215c8bb24
Typical article predicting the end of Bitcoin from respected mass media. Source.

Here're some graphic examples from the leading world-class mass media:
“That's the End of Bitcoin.” Forbes, 2011, BTC price — $15.
“Bitcoin is headed to the ash heap.” USA Today, 2015, BTC price — $208.
“R.I.P., Bitcoin. It’s time to move on.” The Washington Post, 2016, BTC price — $382.
“Stay away from bitcoin and ethereum — they are complete garbage.” This is garbage." MarketWatch, 2017, BTC price — $2,345.
“Is Bitcoin Going To Zero?” Forbes, 2018, BTC price — $3,432.
In 2020, the BTC price is almost $12,000. The respected mass media have “declared Bitcoin dead” over 400 times (!!!) referring to its lack of backing, high issue rate, super-high price growth, and the like — just like the skeptics “declaring UMI dead” right now. However, despite all the discouraging forecasts, Bitcoin continues to successfully grow and rapidly gain in popularity.

https://preview.redd.it/6z60xwd13ik51.png?width=791&format=png&auto=webp&s=25a6799fe551c6e7f91aa016907e95ce032d7e5e
Over 12 years, Bitcoin has been declared dead 381 times, but it only grows stronger with each passing year. Source.

All of the above is proof that you shouldn't put blind trust in various forecasts, even coming from respected sources. Forecasts are mere opinions and arguments, but no one can know for
sure what will happen in 10, 100, or 1,000 years. No expert can know that. Similarly, no one knows what will happen to UMI many years from now.
UMI can solve any issues on the fly
We cannot know the future, but we did all we could to make our coin last forever. Most existing cryptocurrencies have a very important problem — they cannot support high-quality growth and rapidly become obsolete.
To explain this, we'd like to quote our Whitepaper:
"Despite the apparition of new technology solutions, the Bitcoin blockchain still holds only about 2,000 transactions, and it takes about 10 minutes to create a block. In 11 years, developers still did not manage to come to an agreement and implement a solution that would allow scaling the system and upgrade performance.
Most other cryptocurrencies face a similar problem. They are launched and keep operating in an almost initial state even after numerous innovative solutions become available. For example, the Ethereum network has been attempting to switch to the PoS algorithm for over two years now, but due to code complexity, security threats, and issues of reaching consensus, this causes great inconvenience."
https://preview.redd.it/ezxzrpx43ik51.png?width=800&format=png&auto=webp&s=207f8a27a59fac760fc541dae6abd30d148296f5
Screenshot of a page in the UMI Whitepaper. Have you read it? It answers a lot of questions. Link.

Bitcoin itself is technically obsolete. This is besides the fact that it has a load of other problems. For instance, BTC is supposed to completely stop coin mining in 2140, meaning miners will lose motivation to support the network. What happens then? The hope is that the main source of income for miners will be transfer fees, but will they want to maintain powerful equipment for a reward in the form of small fees? If fees are big, will people want to pay those? Will they find a different solution? Will users just leave the Bitcoin ecosystem and join more high-tech cryptocurrencies like UMI?
When we designed UMI, we accounted for all these issues and launched a promising project with a conveniently scalable ecosystem. Even if UMI faces some challenges in the future, we will make amendments as the network grows. We will act as appropriate judging from the project's current status. They will be based on the situation and the current state of the project.
It's true that upgrade decisions have been and are being made by all leading crypto projects, including Bitcoin and Ethereum, but UMI supports really safe and rapid innovation. The network can be easily modified and scaled with cutting edge technology solutions. While other cryptocurrencies simply become obsolete, we can handle all kinds of challenges on the fly. The UMI network will grow and improve to be always up to date, keep up with the times, and prevent problems in 10, 100, or 1,000 years.
At this point, the UMI network is in excellent shape, and the smart contract offers you relevant and actionable staking opportunities. We've thought out every detail, and the brisk growth of our community proves it best of all.
There is no "deadly inflation"
And, lastly, let's bring an issue with supposedly too-high emission to a close. UMI is typically accused of paying a too high reward for staking — as much as 40% a month, or 5,669% a year — which no one and nothing else in this world can pay. Eventually, it might end up with inflation as it happened in Zimbabwe and Venezuela, etc.,
Let us look at real facts. Those who consider a 40% monthly growth impossible should look at bitcoin again as the most outstanding example which has proven that nothing is impossible. Imagine how many times your deposit would have grown if 10 years ago you had bought bitcoins or inexpensive mining equipment producing a reward of 50 BTC several times a day.
Please consider the following:
In March 2010, BitcoinMarket.com started operating as the first bitcoin exchange, and 1 BTC cost a lot less than a cent — $0.003.
At the time of writing this article, the price for 1BTC was about $12,000.
It means those who bought bitcoins 10 years ago have increased their "deposit" by nearly 400,000,000% (!!!). Four hundred million percent in ten years! This is a real fact.
Those who bought bitcoins when the price was a few cents or dollars also achieved the perfect result by increasing their "deposit" by thousand or million times.
Well, now the percentage in UMI staking doesn't seem so crazy, does it? The only difference
is that BTC "deposit" grows in line with the BTC price while UMI deposit growth is ensured the growth of the number of UMI coins, which in turn doesn't prevent the price from surging. In fact, both cases demonstrate a multiple growth of the "deposit".
All of the above is proof that the reason for inflation in Zimbabwe, Venezuela, etc is a bad economy, not a high emission. In late March. roughly speaking, in one day, the FED (U.S. Federal Reserve System) released 2.2 trillion dollars to support the economy during the coronavirus pandemic. Similar financial injections are regular in the USA, the country which is the most advanced world's economy.
These facts indicate that UMI has no "deadly issue" at all and, unlike the USA, it doesn't "print" anything.
Here is bare statistics form the UMI blockchain:
The UMI cryptocurrency was launched on June 1. Since the launch, it's been 3 months.
18,000,000 UMI coins were initially issued.
In total, there are now about 18,800,000 UMI coins.
In other words, in three months, the total number of UMI coins increased by only 4.4%. Does it look like "deadly inflation"?

https://preview.redd.it/gsdjbwp83ik51.png?width=800&format=png&auto=webp&s=8d4591a24b3ddc63f8501f1b7fe7a4c02b7da89c
In 3 months, the number of UMI coins has shown a few percent increase. Source.

Let's move on:
We'd like to reiterate that the total number of UMI coins is almost 18,800,000.
There are about 14,500,000 coins on the genesis address today.
Almost 4,000,000 coins are involved in staking.
Thus, only 300,000 UMI (!)are freely circulated on the market. The remaining 18,500,000 coins are either used in staking or have not yet been released to the market.
https://preview.redd.it/f7b28jid3ik51.png?width=800&format=png&auto=webp&s=5ff8338121ebfe398cfb498a0cfcc00446ea6225
The number of coins stored on the genesis address at the time of writing the article. Source.

In real fact, UMI has no super-high emission. This fact has been proven. For a three-month period, which is a quarter of a year, the number of UMI has hardly changed and equals about 1.5% of the total number of coins on the market.
The truth is that UMI economy depends on a lot of factors. For example, burning 50,000 coins to create a structure. However, from a more general point of view, the UMI economic model itself is designed to encourage people to "save" rather than sell UMI coins. This is a crucial point that allows us to make progress, even with a high emission.
Moreover, it will take a billion-dollar staking structure that will be able to provide the highest possible emission on the UMI network a lot of years to appear. While it doesn't happen, all these forecasts can be regarded as irrelevant for today. Keep in mind that a 40% monthly profit will be available to the most successful structures and only after many years of development. To have your coins increased by 40% per month, your structure must have over 50 (!) times more coins than the number of coins initially generated by the network. And since this structure will do everything possible for the benefit of the UMI cryptocurrency, even 40% per month will not pose a risk to UMI's sustainable development.
Conclusions are as follows:
UMI offers no kind of "killing sky-high returns". Please don't take this myth seriously. UMI is growing. The current smart contract offers reasonable and up-to-date opportunities for UMI staking and poses no problem. If, however, a problem arises — we have all the tools to find an immediate solution. All these negative forecasts are not worth a brass farthing. They always have been and always will be. At all times and in all places. But they are highly unlikely to come true. Bitcoin outsmarted the most reputable and shrewd financial analysts. Why don't UMI, which is a lot more advanced than bitcoin, try to do the same?
UMI is a decentralized, strong, and high-tech network. It can exist the way it is now forever. But as it grows, it will improve to be always up to date, keep up with the times and prevent any problems. We are contributing to a great thing — we're creating a free economic system that will profitable for the entire human family. This is an opportunity to overcome social inequality and make regular people financially independent. So let's make every effort to make things go well. Ignore all evil-wishers and their predictions. Just join other users and go towards your dream. Then we will certainly succeed in it all.
Sincerely yours, UMI team
submitted by UMITop to u/UMITop [link] [comments]

Zimbabwes Battle To Control Currency Inadvertently Boosts Bitcoin Profile (current BTC/USD price is $9,262.51)

Latest Bitcoin News:
Zimbabwes Battle To Control Currency Inadvertently Boosts Bitcoin Profile
Other Related Bitcoin Topics:
Bitcoin Price | Bitcoin Mining | Blockchain
The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools.
submitted by coinsaladcom to CoinSalad [link] [comments]

Bitcoin Analyst: Central Bank Rate Cuts Mean World Has Gone Zimbabwe (current BTC/USD price is $9,260.09)

Latest Bitcoin News:
Bitcoin Analyst: Central Bank Rate Cuts Mean World Has Gone Zimbabwe
Other Related Bitcoin Topics:
Bitcoin Price | Bitcoin Mining | Blockchain
The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools.
submitted by coinsaladcom to CoinSalad [link] [comments]

Re-Launching The Borderless, Unkillable Crypto-Fiat Gateway, DAIHard. Enter or Exit Crypto via Any Fiat and Any Payment Method, Anywhere in the World, Without KYC. All you need is a little Dai.

Some of you might recall recall our initial facepalm failed launch about 3 months ago (post-mortem here). Well, we're back--this time with an audit and some new features. This version of DAIHard should should die a little harder this time ;)

The Audit

After shopping around a bit in the auditor space, we decided to go with Adam Dossa--the very same Adam Dossa that actually found our launch vulnerability and responsibly disclosed it to us! You can see his report here. By the way, Adam has been a gem: friendly, professional, timely, and flexible. Definitely keep him in mind if you need an audit!

(Re)Introducing DAIHard

Following is an updated version of our original launch post. If you've already read that, you might want to skip to the heading What's New in v0.9.2. Or you can go straight to the app or go to our info site for more info!
Here is a legitimate concern most of us are familiar with:
To enter or exit the crypto economy, we rely on centralized exchanges such as Coinbase, which track their users, impose limits, and are tightly coupled to their jurisdiction and its banking system. And for all we know, any day now regulations could start tightening these controls further (*we've actually seen some of this play out in the two months since our first launch post). In light of this, can we say in any meaningful sense that crypto is anonymous, limtiless, borderless, immune to regulation, and (most importantly) unstoppable?
To really address this concern, we need a completely decentralized gateway between fiat and crypto: something that extends the benefits of crypto to the very act of moving between the old and new economies. But the design of such a platform is far from obvious.
(Localethereum comes close, but as discussed under Unkillable, it doesn't quite cut it. And Bisq is decentralized, but has significant UX hurdles.)
We believe we've found a solution. We are proud to present:

DAIHard v0.9.2 - Almost Definitely Not Broken This Time

If you want to jump right in, we recommend first watching our latest usage demo (7 min), then diving in and giving it a shot with a small amount of Dai. (Try it on Kovan first if mainnet is too scary!)
DAIHard extends many of the promises of crypto (borderless, anonymous, limitless, unstoppable) into the exchange mechanism itself, allowing anyone, anywhere to bypass centralized exchanges and the control they impose.
More concretely, DAIHard is a platform, run on smart contracts, for forming one-off crypto/fiat exchanges with other users, in which:
Again, our latest usage demo (7 min) shows this process in action.

Two drawbacks

You Need either xDai, or both Dai and Ether, to Use The Tool (At Least For Now)

If you want to buy Dai on DAIHard, you must already have Dai--1/3 of the amount you want to purchase--to put up as a burnable deposit. For example, if you only have 10 Dai now, you can only commit to buying 30 Dai, and must complete that trade before using the newly bought Dai to open up a bigger offer (for up to 120 Dai that time).
Most tragically of course, this means that if you don't already have some crypto, you can't use this tool to get crypto--this is why we avoid calling DAIHard an onramp specifically. This comes from the fact that both parties must have "skin in the game" for the game theory to work, and a smart contract can only threaten to burn crypto.
We have some ideas on how to address this drawback in the not-too-distant future, which we'll write about soon. For now it's time to launch this thing and get some users!

Dangerous and Scary To Use

In rare cases, a user may have to burn Dai and face a loss on the entire trade amount. The necessity of this ever-present risk is explained in detail in DAIHard Game Theory.
However, a cautious, rational user can gather information (possibly via our [subreddit](daihard)!) about how people have used the tool, successfully and unsuccessfully. They can then create a buy or sell offer with wisely chosen settings based on what has worked for others. Other cautious, rational users can find this offer and commit to the trade if they dare. We expect the vast majority of committed trades should involve rational, cautious users, and should therefore resolve happily.
Still, inevitably there will be sloppy trades that result in burns. As the tool is used, we'll be keeping a close eye on the frequency of burns and keeping you guys updated (perhaps via a "System Status" utility similar to the one found on MakerDao's explorer). In the end, though, we expect the risk in using DAIHard to be comparable to the risk of using any exchange or DNM: ever-present but low enough for the platform to be useful as whole.
So, while DAIHard will never shut down and can't perform an exit scam, the bad news is it's not risk-free. Users will have to approach DAIhard with the same level of caution they would with any new exchange (albeit for different reasons and with a different approach).
So what's the good news?

The Good News

While these drawbacks are significant, they enable some remarkable features that no other crypto/fiat exchange mechanism can boast.

Unkillable

(Correction: Bisq seems to have a decentralized arbitration system)
We are aware of no other crypto/fiat exchange platform that is truly unkillable. Bisq and localethereum comes close, but both localethereum relies on centralized processes of arbitration. This means their fraud-and-scam-prevention system can be sued, jailed, or otherwise harrassed--and if that part stops working, it doesn't matter how decentralized the rest of the system was.
DAIHard, in contrast, gives the users the power to police and punish each other, via the aforementioned credible threat of burn. This is simple game theory, and the rules of this game are etched permanently into the DAIHard Factory and Trade contract code: impervious to litigation, regulation, and political pressure.
This Factory contract has no owner and no suicide or pause code. It cannot be stopped by us or anyone else.
Like Toastycoin, this thing was immortal the moment it was deployed (even more immortal than RadarRelay, for example, which does rely on an ownership role). Both DAIHard and Toastycoin (and probably whatever we build next) will last for as long as a single Ethereum node continues mining, and it will remain easy to use as long as someone can find the HTML/JS front-end and a web3 wallet.
(The HTML/JS front-end (built in Elm, by the way, with the lovely elm-ethereum!) is currently hosted on Github pages, which is centralized--but even if Github takes down the page and deletes the code, it's a minor step to get the page hosted on IPFS, something that is on our near-term roadmap in any case)

No KYC, No Limits

It's smart contracts all the way down, so DAIHard never asks any nosy questions--if you have Metamask or some other web3 wallet installed and set up, with some ETH and Dai (or just xDai), you can immediately open or commit to a trade. You don't even need a username!
(In fact, we're so inclusive, even machines are allowed--no CAPTCHA here!)
You're limited only by the collateral you put up, so if you have 10,000 Dai you could open up a buy offer for 30,000 Dai (or a sell offer for 10,000 Dai) right now.
We do reccommend trying the tool out first with a small amount of Dai... But we're not your mom! Do what you want!

Borderless

It simply doesn't matter where you are, because DAIHard doesn't need to interface with any particular jurisdiction or payment system to work. DIAHard works by incentivizing people (or robots?) to navigate the particular real-world hurdles of bank transfers, cash drops, or other fiat transfer methods. These incentives work whether you're in America, Zimbabwe, or the Atlantic; they work whether the fiat is USD, EUR, ZAR, seashells, or Rai Stones; and they work whether your counterparty is a human, an organization, a script, or a particularly intelligent dog with Internet access.

Any Fiat Type, and Highly Customizeable

Here are some examples of the types of trades you might create or find on DAIHard.
As the DAIHard community grows, users will doubtless find much more creative ways to use the system, and we will discover together which types of trades are reliable and which are more risky. Because users can set their own prices and phase timeout settings, we expect the risky trades to charge a premium or have longer time windows, while the reliable ones rapidly multiply at close to a 1:1 price ratio, with quick turnaround times.

Extensible (with profit) by Third Parties

Not satisfied with our interface? Do you have some nifty idea for how to display and organize user reputation? Or maybe some idea for how trades could be chained togeher? Maybe you'd like to design a notification system for DAIHard? Maybe you just want a different color scheme!
Well, you won't need our permission to do any of this. Any tool that watches the same Factory contract will share the pool of trades, regardless of which tool actually creates the trade. This means we don't even have to fight over network effects!
And if you look closely at our fee structure, you might notice that only half of the 1% DAIHard fee is "hardcoded" into the Factory contract. The other half is set and charged by our interface. What does this mean for you? If you go out and make a better interface, you can essentially replace half of our 1% fee with your own fee--it's up to you whether it's smaller or larger than the replaced 0.5%.
The reason for this is to explicitly welcome other developers to extend what we've built. For as long as our team is the only one improving the platform, a threat to us is a threat to future upgrades. But if others begin extending the DAIHard platform too, then DAIHard will not only be unstoppable as it is today, but also grow unstoppably.

(For Real This Time) This Is a Big Fucking Deal

DAIHard is a turning point in crypto and a breakthrough in decentralized markets, and is an irreversible augmentation of the Ethereum platform.
What we've built is a gateway to crypto completely devoid of centralized components--rendering entry and exit to crypto unkillable, flexible, borderless, and private. Centralized exchanges, and the control they impose, can now be bypassed by anyone with Dai and a web3 wallet.

What's New in v0.9.2

There have been many changes made since our first failed launch, but there are two rather important ones: xDai support and reputation tools.

xDai support

DAIHard is now operational on xDai, a sidechain whose native token (xDai) is pegged to the Dai (and therefore $1). Add the xDai network to your Metamask (or just install Nifty Wallet), then switch to the xDai network in your wallet, to try it out. xDai has some pretty incredible benefits, compared to vanilla Ethereum:

Reputation tools

We now have a few reputation tools. First, on any open trade, there is a widget showing the number of releases, aborts, and burns the given address has been involved in as that role (buyer or seller). Clicking on this expands the widget to show more detailed information, and also provides a link to a page that lists each trade this user has been or is involved in.

What's next?

We have tons of ideas on how to improve the product--too many, in fact, to commit to any before we get a good chunk of user feedback. Here are some of our favorite ideas:

Near-Term, Smaller Features

  1. Lots of usability improvements.
  2. A "System Status" utility similar to the one found on MakerDao's explorer).
  3. Marketplace / My Trades rework.
  4. A "QuickTrade" page, offering Trade Templates as an alternative to the current Create Offer page.

Big Exciting Features

  1. Bootstrapping people with no DAI via other mechanisms and community outreach.
  2. Partial commits to trades. eg. Place a 10,000 DAI trade and allow it to be picked up in blocks larger than 500 DAI at a time.
  3. More chains, get this thing working on Bitcoin via Rootstock, on Ethereum Classic and Binance Chain.

Stay Informed!

A lot of the above features will be prioritized more clearly as we get user feedback, and we will be posting fairly frequent updates and articles on our info site. If you don't want to miss anything, note the subscribe widget and sign up!
submitted by coinop-logan to ethereum [link] [comments]

r/Bitcoin recap - July 2019

Hi Bitcoiners!
I’m back with the 31st 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) 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 July 2019
Adoption
Development
Security
Mining
Business
Education
Regulation & Politics
Archeology (Financial Incumbents)
Price & Trading
Fun & Other
submitted by SamWouters to Bitcoin [link] [comments]

04-03 12:33 - 'Paul Le Roux' (self.Bitcoin) by /u/financeoptimum removed from /r/Bitcoin within 191-201min

'''
Paul Le Roux is a fascinating character, whose story entails drugs, gold, arms dealing, North Koreans, Iranians, elite-level encryption, Somali pirates, women...and more women.
Let's get into it...
Part 1/5 - The Early Years
Paul Le Roux was born on Christmas Eve, 1972, in Bulawayo, the second-largest city in what was then called—by the white minority that governed it, at least— Rhodesia.
In 1980, Robert Mugabe became prime minister of what would now be called Zimbabwe, ending minority white rule in the country.
Four years later, when Le Roux was 12, the family relocated to South Africa.
Not long after the move, in exchange for washing his father’s car, Le Roux was given his first computer. After that, a relation of Le Roux states that he became "completely anti-social.”
When Le Roux was 15 or 16, in the late 1980s, the local police raided the family home and arrested Paul for selling pornography. After that, Le Roux turned even more inward.
Although he was an excellent student, he despised the idea of learning Afrikaans, which was compulsory in South African schools, describing it as "a dead language" that he "didn't want to learn."
At 16, he dropped out of high school and decided to follow his interest in computers, taking a local programming course.
Family lore has it that after he spent one class explaining some technical fact to the teacher, he got a letter saying he no longer needed to attend. He then completed a year’s worth of material in eight weeks!
Accounts of Le Roux do indicate that he was exceptionally gifted, and people who worked with him described him as a genius.
After returning from a family holiday to Disneyland in the US, 17-year-old Le Roux decided to leave South Africa, and departed for the UK eight months later to work as a programmer.
He then moved from the UK to the US, where he lived in Virginia Beach.
After six months in the US, he followed his then-girlfriend Michelle to Australia in 1995. The couple married and Le Roux acquired Australian citizenship.
Le Roux frequented message boards and enjoyed trolling Australians. A typical post read:
"All of Australia could disappear into the Pacific and the only difference it would make to the World is the Americans would have one less pussy country to protect."
His posts caused outrage on the board - someone even changed their handle to fuck @ you.paul
Le Roux would later declare that his correspondents had fallen for his ploy:
"Australians are east to provoke and your postings (including 2 death threats, numerous flames, and one guy who swears he has my address & phone number) have provided me with hours of amusement."
Of course, Le Roux did more than just troll Australian message boards in this period...
Le Roux had started building E4M - Encryption for the Masses - in 1997, releasing it at the end of 1998.
Part 2/5 - The Turning Point
E4M allowed users to encrypt entire hard drives, and to conceal the existence of encrypted files (such that prying eyes wouldn't even know they were there).
According to Le Roux, the software was written from scratch, with thousands of hours going into its development and testing.
As well as this, in the [Politics section of the E4M website]1 , Le Roux published a sort of Manifesto, describing how "governments are increasingly relying on electronic data gathering" and how "Strong Encryption is the mechanism with which to combat these intrusions, preserve your rights, and guarantee your freedoms into the information age and beyond."
In the spirit of the open-source software movement in the late 90s, Le Roux released E4M for free and made the code available for other people to improve.
Therefore, with no income from his two years of labor, he was struggling financially. His marriage fell apart violently and the couple got divorced in 1999.
Le Roux first relocated to Hong Kong, then to Rotterdam in the Netherlands. He married a Dutch citizen named Lilian, and they had a child shortly after.
In 2000, in order to monetize E4M, Le Roux launched [SW Professionals]2 in 2000.
Based in South Africa, the company offered offshore programming, including E4M customization.
One of Le Roux's clients was an Italian telecoms engineer called Wilfried Hafner, who had corresponded with Le Roux for several years about E4M.
Hafner had founded a company to create a commercial encryption product that would combine some of the elements of E4M with another piece of software, Scramdisk. The new company would be called SecurStar, and its product would be called DriveCrypt.
Hafner hired Le Roux to build DriveCrypt's underlying engine.
At the time, Le Roux was desperate for money - he drove a beat up car and worked out of a Rotterdam apartment small enough that, on the phone, Hafner could often hear a baby crying in the background.
Hafner on the other hand was living in the South of France, and Le Roux openly coveted the kind of success that he imagined led to such a home. He told Hafner: "I am ambitious, I want to have all this."
However, in the middle of the development work for DriveCrypt, Hafner discovered that Le Roux was still working on E4M and had incorporated some of his work for SecurStar into his personal project. As a result, Hafner terminated Le Roux's contract.
By October 2002, SW Professionals was now defunct and Le Roux was openly soliciting for work on the alt.security.scramdisk forum.
It was around this time that Le Roux received some news that "shattered his whole world."
In 2002, he travelled to Zimbabwe to retrieve a copy of his birth certificate.
On the trip, his aunt and uncle pulled him aside to tell him the truth, and it was then that Le Roux found out he was adopted.
Although many family members had known for years, Le Roux’s parents had elected to keep him in the dark about it.
It was the "unknown" part that hurt him the most.
Shortly after, Le Roux appeared on an another set of message boards - he seemed to be launching some kind of moneymaking scheme that required opening a company based in the U.S.
In 2004, a group of anonymous developers did exactly what Hafner had feared: they released a new and powerful, free file-encryption program, called TrueCrypt, built on the code for E4M.
TrueCrypt combined security and convenience, giving users the ability to strongly encrypt files or entire disk drives while continuing to work with those files as they would a regular file on their computer.
Hafner and his SecurStar colleagues suspected that Le Roux was part of the TrueCrypt collective but couldn't prove it.
As we'll explore in Part 5, TrueCrypt is an interesting part of this story...
Part 3/5 - Money and Power
After Le Roux's departure from the encryption world, at least under his own name, he entered the Internet-pharmacy business.
What Le Roux did next was combine two of America's favourite past times, popping pills and online shopping, and the results were sensational. He turned over around $300MM in 4 years.
In 2007, Le Roux moved his family to Manila, where he would base his operations. He also had call centres in Israel. This was a brilliant move by Le Roux, as the authorities were not looking at Tel Aviv and Jerusalem as hot-spots for a large-scale organised crime operation...
Le Roux was moving serious volume during this time - his operation was once one of FedEx's largest customers.
A relative of Le Roux pointed to 2008 or 2009 as the point at which Le Roux snapped.
"I think the money got to him. I personally saw $100 million in his office in Makati. Cash, bud. It was fucking ridiculous. It was in wicker baskets lined up on the side of the wall in his office."
Le Roux's appetite only grew, and not just in the literal sense (he was known as the "Fat Man" in the Philippines): he wanted to be a different kind of businessman, a lord of the real underworld, not just the virtual one.
An Israeli associate of Le Roux tells how "Le Roux wanted to make more money, fast. Le Roux wanted to diversify, to be bigger. The only way to do that was illegal. He was living inside a movie, you could almost say."
As well as this, Le Roux was notorious for his sexual exploits - he once wrote to his cousin, "15-20 a week, sometimes 3 per night."
A former call centre employee tells how Le Roux approached him with an assignment, which at first he thought was collecting women for Le Roux to open a bar. However, that was not the reason, as Le Roux explained:
"I'm going to impregnate them, and build an army of kids."
Le Roux asked him to make a spreadsheet to track the women: their names, dress size, age, medical checkups. The operation was given top priority by Le Roux, who even sent his emissary to China to try to find women there.
It is rumoured that Le Roux has at least 11 children to 7 different women!
Le Roux's businesses expanded into logging, precious metals mining, gold smuggling, land deals, cocaine shipping, and arms dealing. These activities were spread across dozens of shell companies registered all over the world.
Of course, he needed to launder the money. Le Roux used paid muscle in Hong Kong to swap cash for gold bars, and then proceeded to stash the gold in warehouses in Hong Kong (this totalled around $50MM).
Speaking of paid muscle, Le Roux had plenty: ex-soldiers and mercenaries made sure any problems were dealt with force if necessary.
Le Roux was closest to ex-British soldier Dave Smith, who would act as the leader of the mercenaries and allow Le Roux to insulate himself and not have to deal with people. In fact, Le Roux once told Smith "I live vicariously through you."
However, things took a turn for the worse, at least from Dave Smith's perspective, as Smith stole $5MM worth of Gold from Le Roux.
Le Roux was furious. He then summoned Smith to his place in the country, and asked him to dig a hole as they needed to stash some gold. However, when he arrived, he was greeted by a South African hit-man. After the hit-man had finished shooting Smith, Le Roux then grabbed the gun and fired into Smith's corpse.
Le Roux then set about building an arms base in Somalia.
To achieve this, Le Roux called upon an ex-soldier from Europe, code-named 'Jack' to work for him on the ground in Somalia.
At sea, Jack had to bribe Somali pirates.
It was actually this activity in Somalia that landed Le Roux on the radar of the DEA, as he popped up in a UN Report on security in Somalia.
The DEA were now on his tail. Of course, his encryption skills came in handy - Le Roux's thick layers of encryption meant that the DEA needed someone on the inside...
Part 4/5 - "Well played gentlemen, well played"
Le Roux was getting more and more paranoid about people in his organisation stealing from him. Without justification, he suspected that his self proclaimed 'Golden Boy' Jack was stealing from him - so he ordered a hit on Jack.
This was a huge mistake on Le Roux's part, as Jack then called a CIA hotline and went on the run. It was 18 months later that a DEA investigating Le Roux found Jack's message to the CIA. The DEA agent then called Jack. Scared for his life, Jack agreed to turn informant.
In the meantime, Le Roux then had a change of heart and apologised to Jack for ordering the hit on him. The DEA then asked Le Roux to go back to work for Le Roux - they now had someone on the inside.
To tempt Le Roux, the DEA devised a sting operation. They knew that Le Roux wanted novelty and excitement. So they fabricated the scenario that Jack had made contact with a high profile Colombian trafficker, and the Colombians wanted to bypass the Mexicans for their meth supply in the US.
Le Roux was hooked. However, the DEA needed to lure Le Roux out of Manila, as his network of corrupt officials would ensure he will never be arrested.
Jack needed to get Le Roux to Liberia (where the DEA had a trusted ally in Fombah Sirleaf, Head of Liberia's National Security Agency).
Jack achieved this by saying that they needed to meet a cartel representative to finalise the deal.
It worked, and Le Roux was arrested. Initially, Le Roux went into passive resistance - he was a big unit (hence the nickname "Fat Man") - and it took around 10 agents to get him on the plane to fly back to the US.
Well he settled on the plane, the first thing Le Roux said to the DEA agents was: "Well played gentlemen, well played."
He then said: "If you're looking at me, then clearly you're looking at bigger things..."
The DEA agents were intrigued: "No Paul, you're the prize - what could possibly be bigger than you?"
Le Roux responded: "Nation states gentlemen, nation states."
He then started to spew out extremely valuable information on North Korea and Iran.
Of course, this wasn't the only leverage Le Roux had...
The enforcers who were once on Le Roux's payroll needed to be held accountable for their numerous murders, and the DEA were desperate to get them behind bars. Le Roux was key in their eventual capture. But that's not all: a crucial piece to this story is Part 5...
Part 5/5 - TrueCrypt
As we discussed previously, Le Roux was rumoured to be a member of the TrueCrypt collective.
In November 2012, a man with the online handle Cincinnatus decided to throw a party in Hawaii. The idea arose out of an email exchange with Runa Sandvik, a developer and expert on the online software Tor, which allows its users to mask the physical location of their computers on the Internet.
After she gave a Tor tutorial on Reddit, Cincinnatus sent Sandvik an encrypted message. Cincinnatus told Sandvik that he lived in Hawaii. Sandvik mentioned that she would be there on vacation the following month and could give a talk on Tor.
Cincinnatus suggested they host a “cryptoparty,” a phenomenon that had arisen around that time among technology- and privacy-conscious activists. The date was set for December 11.
Unbeknownst to Sandvik, her fellow party planner was hatching a much more elaborate education scheme. Four days after he contacted Sandvik, Cincinnatus sent an email to the journalist Glenn Greenwald. “The security of people’s communications is very important to me,” he wrote. In a series of emails, he suggested that Greenwald set up an encrypted means by which sources could contact him.
Cincinnatus organized the cryptoparty at a hacker space called HiCapacity, located in the back of a furniture store in Honolulu.
When Sandvik arrived around 6 p.m., Cincinnatus introduced himself as Ed and told her that he worked at the computer-hardware company Dell.
Ed kicked off the evening by welcoming the attendees, then invited Sandvik to give her presentation on Tor. When she was finished, Ed pulled out his laptop, plugged it into the projector, and began his own instructional talk about TrueCrypt. In Ed’s presentation, Sandvik later wrote, he “pointed out that while the only known name associated with TrueCrypt is someone in the Czech Republic, TrueCrypt is one of the best open-source solutions available.”
Six months later, in June 2013, Greenwald and filmmaker Laura Poitras published the first of a series of articles that grew out of their contact with Cincinnatus.
In time they revealed that his full name was Edward Snowden, that he had worked in various capacities at the National Security Agency, and that he had downloaded and handed over a trove of documents from the NSA in an effort to blow the whistle on what he believed were egregious privacy encroachments by the U.S. government.
Among them was a document revealing that TrueCrypt was one of a small number of encryption programs that had withstood the NSA’s efforts to crack it.
What Snowden and the rest of the world wouldn’t know for another two years was that Paul Le Roux, the man whose code formed the foundation of True Crypt, was at that very moment in the custody of the U.S. government. Le Roux was in a bind, facing the full force of a U.S. federal prosecution for any number of his extraordinary array of crimes. The only way out was to spill his secrets...
[[link]4
'''
Paul Le Roux
Go1dfish undelete link
unreddit undelete link
Author: financeoptimum
1: e4m.net/**l*ht*l 2: e4m*net* 3: www.yout*be.co*/watc**v=z**aMoJ**k* 4: www.youtube.com/watc*?v*z*Za*o***kc**^*
Unknown links are censored to prevent spreading illicit content.
submitted by removalbot to removalbot [link] [comments]

QuarkChain Ambassador Program Hiring

QuarkChain Ambassador Program Hiring

https://preview.redd.it/3twba5dus8r41.png?width=1024&format=png&auto=webp&s=5dfa09f409fd63f8c2de3080dd44efd543c7617f
Dear Community,
Since inception, the QuarkChain project has achieved many milestones, from launching mainnet to the opening of PoSW mining event. Thanks to the community’s support, we have made steady progress to date. At present, accounting to the second TPS competition, our community members had achieved 1,000,000 + on-chain TPS.
Despite the growth of QuarkChain to date, we are well aware that the success of a blockchain project is not only relying on technological progress. As the history of Bitcoin and Ethereum shows, their success is heavily dependent on their community support. The growth of the community and the development of the project are intricately interdependent.
To better promote community development, to allow more people to participate in the QuarkChain community, and to introduce more people to QuarkChain’s vision of a blockchain-driven future world, QuarkChain Foundation is announcing the launch of its new QuarkChain Ambassador Program, in which over a million QKC Tokens may be earned by all eligible ambassadors in total.
What is it?
Under the QuarkChain Ambassador Program, selected community members will be appointed as QuarkChain global ambassador. These ambassadors must understand the project and be passionate about QuarkChain’s prospects.
The scope of contribution includes but is not limited to:
  • Translating project latest updates and other requested information into local languages.
  • Creating or increasing local media exposure for QuarkChain
  • Arranging and organizing gatherings, meet-ups, or conferences in local cities
  • Introducing potential deployments or value-adding partnerships
(We welcome creative people who can write articles, make videos, manage groups, organize event, etc.)
Who and How to participate in?
The program is generally open to all members of the QuarkChain community other than citizens and residents of the United States. QuarkChain Foundation is currently accepting applications and expects to announce all appointed ambassadors within the next three weeks.
If you want to become one of our ambassadors, please fill out the application form.(https://forms.gle/Qy2myCEeJqpHYi3d9)! Once we receive your response. We’ll contact you and help you to become familiar with the program.
If you have any questions, please contact ambassador program manager on Telegram (Telegram ID: u/Daisyszq )
How will you be rewarded?
QuarkChain Foundation generously rewards and recognizes hard-working and value-adding ambassadors. We will have different levels of recognition depending on the impact of the ambassador’s contributions.
QKC Tokens
The reward will vary from 4,000~500,000 QKC tokens depending on every ambassadors’ level of contribution.
Conference Opportunities
Travel and conference opportunities would be provided for networking and speeches if our team considers your contributions extremely helpful and value-adding, and you prove to be prepared to represent QuarkChain.
Official Certification
We will give official certification to ambassadors who work for the QuarkChain team for more than 6 months. Also feature ambassadors with outstanding contributions will receive additional QKC tokens.
All rewards are at the full discretion of the QuarkChain Foundation.
The QuarkChain Ambassador Program and all associated events and activities are not and will not be offered in the United States or to any U.S. persons (as defined in Regulation S promulgated under the U.S. Securities Act of 1933, as amended). Any QuarkChain Ambassador Program event or, if applicable, transactions in QKC Tokens in connection therewith, are subject to all terms and conditions set forth in connection with such activities. This announcement is provided for informational purposes only and does not guarantee anyone a right to participate in or receive rewards from the QuarkChain Ambassador Program.
Also, we are not offering the program in any country subject to OFAC sanctions(Balkans, Belarus, Burma, Cote D’Ivoire, Cuba, Democratic Republic of Congo, Iran, Iraq, Liberia, North Korea, Sudan, Syria, and Zimbabwe)
Website
https://www.quarkchain.io
Telegram
https://t.me/quarkchainio
Twitter
https://twitter.com/Quark_Chain
Medium
https://medium.com/quarkchain-official
Reddit
https://www.reddit.com/quarkchainio/
Facebook
https://www.facebook.com/quarkchainofficial/
Discord
https://discord.me/quarkchain
submitted by QuarkChain to quarkchainio [link] [comments]

If Bitcoin Works in Zimbabwe, It Works Everywhere (Part 4 of a Six-Part Documentary Podcast Series) (current BTC/USD price is $7,299.10)

Latest Bitcoin News:
If Bitcoin Works in Zimbabwe, It Works Everywhere (Part 4 of a Six-Part Documentary Podcast Series)
Other Related Bitcoin Topics:
Bitcoin Price | Bitcoin Mining | Blockchain
The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools. Follow us on Twitter @CoinSalad.
submitted by coinsaladcom to CoinSalad [link] [comments]

Bitcoin in Zimbabwe – Part 1 of a New Documentary Podcast Series (current BTC/USD price is $5,949.87)

Latest Bitcoin News:
Bitcoin in Zimbabwe – Part 1 of a New Documentary Podcast Series
Other Related Bitcoin Topics:
Bitcoin Price | Bitcoin Mining | Blockchain
The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools. Follow us on Twitter @CoinSalad.
submitted by coinsaladcom to CoinSalad [link] [comments]

100 Reasons to Buy Bitcoin

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

Risks and advantages of fiat money over gold and cryptocurrencies

Why do people seem to trust fiat currencies so much, despite being nothing but pieces of paper? Because state authorities guarantee that his paper is real money that you can store, exchange, or use to pay for goods and services.
We believe that it's nothing but a force of habit. It's been too long since the last crisis that would really devalue the currency of a major country.
Of course, we remember that inflation in Germany reached millions of percent after the First World War — but this happened long ago. Of course, we know that the currency of Zimbabwe was recently devalued by a factor of millions – but it's a state that’s been ruled by a dictator until recently. And yes, we see that Venezuela – another authoritarian state – is going through hyperinflation right now. But all this happened or is happening in autocratic countries and can't possibly happen in a civilized state – this is the mantra that we repeat to ourselves.
A short historical overview
Fiat paper money has only emerged recently. For thousands of years, people used all kinds of items and goods as a means of payment – cowrie shells, gold, copper, bronze, spices, and so on. If at some point, a certain item became too plentiful, its price would fall, and you could therefore get fewer other goods in exchange for it – and vice versa.
With time, people realized that paying in cowrie shells, metal bars, or something that could go bad or moldy was too complicated and costly.
As with many other issues, it was the ancient Romans who decided to solve the problem once and for all. Every new emperor or dictator made sure to mint coins with their face on them. If there wasn't enough fresh metal available, he would just take coins minted by his predecessor, melt them and make new ones.
It's from that point onward that we can track the key problem of fiat money – its constant devaluation.
For instance, in early 1st century AD, Romans used denarius – a coin made of pure silver. Just 40 years later, during the reign of Nero, a denarius contained only 94% of silver – and by the end of the century, its silver content fell to 85%.
What was the reason? Nero and his successors used this trick to pay less to their creditors. In 2nd century AD, there was less than 50% of silver left in a denarius. In 243, Emperor Philip the Arab reduced the silver content to just 0.05%. After the fall of the Roman Empire in the West, a denarius contained only 0.02% of silver.
This way, over the course of roughly 200 years, the inflation of denarii reached several thousand percent. But if we study more recent examples – say, the real value of the US dollar or pound of sterling in the last 200 years – we'll see a similar picture.
A forecast for the future
Let's go back to the question we asked in the beginning of this article. Why do people trust fiat money?
In the past 70 years, we haven't seen any major wars involving developed countries that could radically devalue their currencies. There haven't been any major natural disasters that could seriously damage the economy, either. Sure, such things keep happening in third-world countries, where currencies lose their value due to military coups, uncontrolled printing of new money, and so on.
If you ask the population in those third-world countries that have been through hyperinflation how they feel about their fiat money, you'll find that their opinion is just the opposite of that shared by people in the West.
That's why gold and jewelry are so popular in the Middle East, and that's why US dollars are in such demand in Latin America. Nobody wants to keep their savings in the local fiat currency – because its long-term stability cannot be guaranteed.
Gold is a great way to store value, especially when fiat currency is devalued rapidly for no reason.
Here's a simple example. Let's take country Z with a stable economy and equally stable fiat currency. Bob keeps his savings in a deposit account and earns a 5% annual interest. Alice uses her fiat savings to buy physical gold and then either buries it in her garden or stores it in a bank vault.
A disaster strikes: a military coup, volcano eruption, flood – you name it. The fiat currency of Z loses most of its value in an instant. And if the government decides to print more money (to pay for disaster relief or as a populist measure), inflation can quickly reach astronomical heights.
Bob's savings will be worth nothing – but Alice won't lose anything. If local fiat money is devalued by a factor of 100 relative to the US dollar, its exchange rate relative to gold will fall by a similar amount.
Any educated person can understand this – but why are so few people actually buying gold to protect their savings? And why do the majority of people take their money to the bank, even though generations after generations have lost their bank deposits?
There is only one issue with storing value in gold: buying it is complicated, costly, and sometimes dangerous. Here we'll cite just a few examples, although we could provide many more:
- In many countries you have to pay a fixed tax or VAT when buying gold, ranging from 10% to 25%. This means you'll lose up to a quarter of your money at once. Not such a great investment, is it?
- The spread between the buying and selling price of gold often reaches 10%;
- Storing gold at home is risky; storing it in a bank vault means paying a fee and can still be dangerous;
- In case of a military coup of natural disaster, if you need to exchange your gold for money, you can easily get killed. Modern-day Caracas is a good example: people are attacked even when they are suspected of carrying around as little as $100.
Cryptocurrency to the rescue
In the context of the issues described above, cryptocurrencies are a god-send for people in third-world countries. Crypto helps preserve the value of money and hide it in case of a crisis.
The demand for Bitcoin among the middle class in Africa and Asia is several times higher than in Europe. Why do people prefer Bitcoin and show much less interest in other altcoins? Because the maximum number of Bitcoins is finite. Whatever happens in the world of fiat currencies, even if governments print dozens and hundreds of times more money, new Bitcoins will only enter the market through mining – and over 80% of the total have already been mined.
Bitcoin doesn't belong to anyone. There is no organization or country that can control it. In the 10 years that have passed since its launch, nobody has managed to hack the system – while even the leading IT corporations regularly fall victim to hacker attacks.
The only real problem is that most holders of fiat money and gold bars find it’s hard to accept Bitcoin's volatility. Indeed, if the BTC price has grown by a factor of 100 or 1000, it could theoretically fall by just as much, completely devaluing one's investment. Who would take such a risk?
If only one could invest in digital gold that can't lose its value relative to fiat currencies and free from the risks and complexities of purchasing, storing and selling it that are inherent to physical gold.
The future is already here
DIGITAL GOLD is a company that has found a solution to the challenge of money storage. In summer 2019, it launched a new stablecoin which serves the purpose of Digital Gold.
Now, investors seeking to protect their savings won't have to deal with the costs and dangers of buying physical gold. It's enough to purchase GOLD stablecoins, built on the popular ERC-20 standard. In less than a minute, any person anywhere on the globe can buy $10, $100, or $1000 worth of new digital gold.
The tokens will be instantly sent to the buyer's wallet, and the only transaction fee will be the cost of gas. The risk factor is also low, granted that the greatest loss would be losing one's wallet credentials. Exchanging the digital gold back into fiat or another cryptocurrency takes just a minute as well, alongside the gas cost (usually a few cents).
Why do we call GOLD stablecoins, digital gold? Because DIGITAL GOLD has pegged it directly to the price of gold at the ratio of 1 token = 1 gram of 99.99% gold.
The new stablecoin features several key differences from previous projects that claimed to have gold-pegged tokens:
GOLD stablecoins are a highly innovative instrument that is sure to attract different groups of investors. Those who have always wanted to buy gold but didn't because of the high costs and risks can now invest in gold within a few clicks.
Yet another factor that can prove crucial in developing markets is full anonymity. By contrast, it's impossible to maintain one's privacy when buying, transporting, and storing physical gold.
These and other advantages are bound to make GOLD a preferred investment asset of the future – and each of us can join this future right now.


Website : https://gold.storage/
Whitepaper: https://gold.storage/wp.pdf
Follow us on social media:
Twitter: https://twitter.com/gold_erc20
Telegram: https://t.me/digitalgoldcoin
Steemit: https://steemit.com/@digitalgoldcoin
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submitted by digitalgoldcoin to golderc20 [link] [comments]

Is BTC living up to the hype?

Had you invested $27 on Bitcoin when it was produced by Satoshi Nakamoto in 2009 your financial investment would now deserve over $37,000,000.
Commonly considered as the best financial investment automobile of perpetuity, Bitcoin has actually seen a meteoric increase throughout 2017 going from $777 all the method to $17,000.
Producing millionaires out of opportunistic financiers and leaving banks open-mouthed, Bitcoin has actually addressed its critics at every turning point this year and some think this is simply the start.
The launch of Bitcoin futures on December 10th, which for the very first time will permit financiers to go into the Bitcoin market through a significant regulated United States exchange, suggests that we are simply beginning.
What makes Bitcoin so important is that there is a limited quantity out there. There will just ever be an optimum of 21 million Bitcoins and unlike typical fiat currencies you can't simply print more of them whenever you seem like. This is since Bitcoin operates on an evidence of work procedure: in order to develop it, you need to mine it utilizing computer system processing power to resolve intricate algorithms on the Bitcoin blockchain. When this is accomplished, you are rewarded with Bitcoin as payment for the "work" you have actually done. Sadly the benefit you get for mining has actually reduced dramatically practically every year considering that Bitcoin's beginning, which indicates that for many people the only feasible method to get Bitcoin is purchasing it on an exchange. At the present rate levels is that a danger worth taking?
Lots of think Bitcoin is merely a bubble. I talked to cryptocurrency professional and long term financier Duke Randal who believes the possession is miscalculated, "I would compare this to numerous supply and need bubbles over history such as Dutch Tulip Mania and the dot com bubble of the late 90s. Costs are simply speculation based, and when you take a look at Bitcoin's performance as a real currency it is practically awkward." For those who do not understand, the dot com bubble was a duration in between 1997-2001 where lots of web business were established and offered insanely positive assessments based simply on speculation that later plunged 80-90% as the bubble started to collapse in the early 2000s. Some business such as eBay and Amazon, recuperated and now sit far above those evaluations however for others it was completion of the line.
Bitcoin was initially produced in order to take power far from our monetary systems and put individuals in control of their own cash, eliminating the middle guy and allowing peer to peer deals. Nevertheless, it is now among the slowest cryptocurrencies on the marketplace, its deal speed is 4 times slower than the 5th most significant cryptocurrency and its closest rival for payment options Litecoin. Untraceable personal privacy coin Monero makes deals even quicker, boasting a typical block time of simply 2 minutes, a fifth of the time Bitcoin can do it in, which lacks privacy. The world's 2nd most significant cryptocurrency, Ethereum, currently has a greater deal volume than Bitcoin in spite of being valued at just $676 dollars per Ether compared to Bitcoin's $16,726 per Bitcoin.
So why is Bitcoin's worth so high? I asked John McAfee the exact same concern. "Everything returns to the very same supply and need economics, fairly there is not quite Bitcoin offered and its current rise in cost has actually drawn in a great deal of limelights, this integrated with the launch of Bitcoin futures which numerous view as the very first indication Bitcoin is being accepted by the mass market, has actually led to a great deal of individuals following suit for monetary gain. Like any possession, when there is a greater need to purchase than to offer, the cost increases. This is bad since these brand-new financiers are getting in the marketplace without comprehending blockchain and the underlying concepts of these currencies indicating they are most likely to get charred".
Another factor is that Bitcoin is incredibly unstable, it has actually been understood to swing up or down countless dollars in less than a minute which if you are not utilized to nor anticipating it, triggers less knowledgeable financiers to worry sell, leading to a loss. This is yet another factor Bitcoin will have a hard time to be embraced as a kind of payment. The Bitcoin rate can move significantly in between the time suppliers accept Bitcoin from clients and offer it on to exchanges for their regional currency. This unpredictable motion can erase their whole success. Will this instability disappear whenever quickly? Not most likely: Bitcoin is a fairly brand-new property class and although awareness is increasing, just a really little portion of the world's population hold Bitcoin. Till it ends up being more extensively dispersed and its liquidity enhances substantially, the volatility will continue.
So if Bitcoin is quite ineffective as a real currency, what are its applications? Numerous think Bitcoin has actually carried on from being a feasible type of payment to ending up being a shop of worth. Bitcoin resembles "digital gold" and will merely be utilized as a standard for other cryptocurrencies and blockchain tasks to be determined versus and traded for. Just recently there have actually been stories of individuals in high inflation nations such as Zimbabwe purchasing Bitcoin in order to hang on to what wealth they have instead of see its worth decrease under the recklessness of its main banking system.
Is it far too late to get associated with Bitcoin? If you think in what these cryptocurrencies will provide for the world then it is never ever far too late to get included, however we recommend you look into crypto market scanners as they will provide you the best insight.. You may be much better off taking a look at Litecoin, up 6706% for the year or Ethereum which is up an amazing 7421% for the year. These more recent, quicker currencies wish to accomplish what Bitcoin initially set out to do back in its creation in 2009 and change federal government run fiat currencies.
Who understands what the rate of these currencies will be 10, fifteen or perhaps twenty years from now? Something is specific though, we much better strap ourselves in as it is going to be a wild flight.
submitted by Eleanor8762 to Bitcoinshow [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]

r/Bitcoin recap - January 2019

Hi Bitcoiners!
I’m back with the 25th 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) 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 January 2019
Adoption * The number of daily bitcoin transactions has been increasing rapidly again (10 Jan) * Bitcoin ads in Tokyo (11 Jan) * A fish-market in San Diego accepting bitcoin (12 Jan) * A discussion on handing out bitcoin at work (14 Jan) * Bitcoin transactions have increased by 50% over 6 months, with fees at a 2 year low (16 Jan) * LocalBitcoins has more volume than the Venezuelan stock market (16 Jan) * A popular content creator deletes his Patreon account and starts accepting bitcoin (16 Jan) * Buying bitcoin at one of 20k coinstar machines (17 Jan) * A story from a European teacher working in China using bitcoin to send money home (22 Jan) * Germany has 1/5th of the world’s Bitcoin nodes (23 Jan) * SatoshiLabs’ Lightning Node routes over 1 btc in transactions in one day (27 Jan) * Someone in Cambodia uses the Lightning Network and Bitrefill to pay their $1 weekly phone bill (30 Jan) * The Lightning Network reaches 600 btc in capacity (30 Jan)
Development * A special thank you to all the Bitcoin Core contributors in 2018 (1 Jan) * A discussion on the need for a lightning network stress test (6 Jan) * New Lightning apps made at the Seoul Bitcoin Lightning Hackathon (7 Jan) * Wasabi wallet can now mix large amounts faster (12 Jan) * Bitcoin Core developer Adam Gibson talks about fungibility, privacy and coinjoin (16 Jan) * A new Bitcoin developers school is launched in Switzerland (28 Jan)
Security * Bitcoin’s immune system (2 Jan) * A discussion on the importance of running full nodes after an attack on another cryptocurrency (8 Jan) * Google Play store requires Samourai Wallet to disable some of its security features (8 Jan) * The Kraken exchange CEO warns users to not store coins on an exchange if you’re not actively trading (16 Jan) * LocalBitcoins.com is compromised (26 Jan)
Mining * Bitmain lost 28% of its bitcoin mining market share in 6 months (2 Jan) * An analysis of a strange nonce pattern in Bitcoin since block 400k (7 Jan) * Bitcoin mining becomes more decentralized as Bitmain loses dominance (18 Jan)
Business * Overstock becomes the first major US company to pay taxes in bitcoin (4 Jan) * Gemini exchange promises it will start using SegWit, Bech32 addresses and transaction batching by the end of Q1 2019 (7 Jan) * Gab emails its 850k users about its switch to Bitcoin (9 Jan) * Bitrefill launches a Lightning channel opening service (9 Jan) * Jihan Wu is stepping down from his role as CEO of Bitmain according to an insider leak (10 Jan) * Bitcoin crowdfunding powered by BTCPay (10 Jan) * Bitmain shuts down its btc.com office (14 Jan) * One of the biggest banks in the Netherlands launches a bitcoin wallet (23 Jan) * A ‘leaked’ photo shows that the Samsung Galaxy 10 has a cryptocurrency wallet (24 Jan) * Data collection by bitcoin businesses (29 Jan) * Fidelity will launch its bitcoin custody service in March (30 Jan) * Paxful a P2P bitcoin marketplace, launches its second school in Rwanda (31 Jan) * The QuadrigaCX exchange goes bankrupt after losing access to its cold wallets (31 Jan)
Research * Data on the Proof of Keys event over the last 9 years (2 Jan) * 50% of the bitcoin supply hasn’t moved in a year (10 Jan) * A rebuttal to the reports of Bitcoin’s environmental damage (31 Jan)
Education * Bitcoin’s first block was mined 6 days after its genesis block (10 Jan) * TIME on why Bitcoin matters for freedom (24 Jan) * A simple explainer video of the Lightning Network (27 Jan)
Regulation & Politics * Coinbase bans Gab.com and its founder (5 Jan) * Some Yellow Vests in France are calling on their supporters to withdraw their money from the banks (8 Jan) * Wyoming introduces bill offering cryptocurrencies legal clarity (19 Jan) * The government of Zimbabwe shuts down the Internet country-wide and hurts its economy (21 Jan) * Venezuela’s new interim president is pro-bitcoin (25 Jan) * Iran lifts its Bitcoin ban (29 Jan)
Archeology (Financial Incumbents) * The European Central Bank has printed €2.85T since 2015 to help sustain the EU economy (4 Jan) * Some of the Yellow Vests in France are calling upon supporters to withdraw money from the banks (8 Jan) * EU fines Mastercard for €570M for high fees (22 Jan)
Price & Trading * Don’t look at ATHs, look at yearly lows (3 Jan) * Whenever you doubt your investing decisions, remember this guy (4 Jan) * Someone creates an open-source terminal dashboard for automated trading and charting (15 Jan)
Fun & Other * Someone put 5% of their paycheck into bitcoin for 3 years (1 Jan) * Bitcoin featured in The Times newspaper on its 10th anniversary (2 Jan) * Bitcoin was launched 10 years ago (3 Jan) * A “How to use bitcoin anonymously” article gets banned on Medium (5 Jan) * A street art treasure hunt in Paris with a Bitcoin puzzle (7 Jan) * An AMA with the co-founder of Wasabi Wallet (7 Jan) * People are trying to encourage others to quit smoking and acquire bitcoin with those savings (8 Jan) * 10 years since Hal Finney’s “Running Bitcoin” tweet (9 Jan) * Gab calls bitcoin “free speech money” (9 Jan) * Nick Szabo on Central Banks, gold and bitcoin (11 Jan) * A discussion on the public perception of ‘hodl’ (12 Jan) * A Twitch streamer receives 20 bitcoin in donations (13 Jan) * The Paris bitcoin puzzle was solved (14 Jan) * An AMA by Blockstream (16 Jan) * The challenges of launching a new cryptocurrency with Proof-of-Work today (16 Jan) * A bitcoin logo on a football team’s shirts in Israel (21 Jan) * Buckminster Fuller on an energy-value system in 1981 (22 Jan) * Someone started anonymously broadcasting messages over Blockstream’s satellites (24 Jan) * Bitcoin is inspiring a new generation of investors (28 Jan) * A story from someone who lost ~$2M USD in btc (29 Jan) * A discussion on tokenization in stock and bonds trading (31 Jan)
submitted by SamWouters to Bitcoin [link] [comments]

The Government Knows Bitcoin Is The Superior Form Of Money, And They Are Fearful

The Government Knows Bitcoin Is The Superior Form Of Money, And They Are Fearful

https://preview.redd.it/wixam9z024121.jpg?width=630&format=pjpg&auto=webp&s=98744b945aa50492b7d25b1221f59acf432b405a
http://genesisblocknews.com/the-government-knows-bitcoin-is-the-superior-form-of-money-and-they-are-fearful/
Bitcoin has absolutely terrified the governments of the world, since they know Bitcoin will transfer the power over money from the governments to the people. This is why governments have been banning Bitcoin, regulating it so much that it is intractable to use banks long term for Bitcoin activity, suing crypto and blockchain companies, and arresting prominent Bitcoiners. Below I will explain how Bitcoin will inevitably take over the global financial system, and how this is a problem for the establishment.
Governments use fiat currency to make money and increase their power. Each government has a Central Bank, which can print fiat currencies at will, at the expense of all the people who hold fiat currency, according to the laws of supply and demand. Several countries have experienced hyperinflation crises, including Zimbabwe, Venezuela, Iran, and Turkey, due to excessive printing of fiat currency to balance budgets. In these countries the government got the money they needed, while the people lost everything. Even the United States will inevitably experience hyperinflation and a currency collapse.
Bitcoin can not be printed at will by anyone. There will be a total supply of 21 million Bitcoins, and these can only be mined via a set-in-stone algorithm. Bitcoin is cryptographically secure, and no government or entity can somehow hack Bitcoin to print more. Therefore, as global fiat currencies collapse in succession, Bitcoin will gain value relative to them. This is already happening, and can explain some of Bitcoin’s long term price rise.
The government is scared of this, since for the first time in recent history people have a choice between an inflationary currency, and a currency that will hold value long term. Prior to Bitcoin, governments had total control on inflation rates for currency, and the people could do nothing about it. Now people can choose for themselves. In countries like Iran where fiat is collapsing the government does everything they can to stop it. Due to Bitcoin’s decentralization and cryptographic security, Bitcoin literally cannot be stopped however. If someone wants to use Bitcoin and follows proper security and anonymity procedures, no law can stop them.
Decentralization is the next strength of Bitcoin. The Bitcoin network runs on thousands of nodes and many more miners spread across the globe, and as long as any single node survives, Bitcoin survives too. Even in the worst attack Bitcoin would survive, so there is nothing any government could do to eliminate Bitcoin.
Another aspect of Bitcoin’s decentralization is that it is immutable. No one is controlling Bitcoin, it is impossible to control. Therefore, Bitcoin transactions can never be reversed, and accounts cannot be frozen or seized, if proper security procedures are followed. This makes Bitcoin ideal for people to use, since they have full control of their money. Compare this to fiat payment networks, which are controlled by multiple centralized organization. Practically any type of fiat payment can be reversed, and any fiat account can be frozen or seized.
The ability to reverse and freeze money gives governments great power over the people, but that power is weakening with each dollar that enters the Bitcoin ecosystem. For the first time in history, people have full control of money, and it is obvious the world will transition to Bitcoin. Not even gold is as secure as Bitcoin, since gold is easily stolen by physical force.
The ultimate fear that governments have is Bitcoin will replace fiat currency. This would eliminate the government’s power over leveraging currency to balance budgets, and their power to control people’s money would be relinquished. GenesisBlockNews believes Bitcoin will ultimately take over the global financial system. Bitcoiners should be ready for war however, the government will not easily give up their power over money. The regulations, lawsuits, and arrests are the first stage of the Bitcoin War.
submitted by turtlecane to Bitcoin [link] [comments]

I wrote a 30,000 ft. "executive summary" intro document for cryptos. Not for you, for your non-technical parents or friends.

This document was originally written for my dad, an intelligent guy who was utterly baffled about the cryptocurrency world. The aim was to be extremely concise, giving a broad overview of the industry and some popular coins while staying non-technical. For many of you there will be nothing new here, but recognize that you are in the 0.001% of the population heavily into crypto technology.
I've reproduced it for Reddit below, or you can find the original post here on my website. Download the PDF there or hit the direct link: .PDF version.
Donations happily accepted:
ETH: 0x4e03Bf5CCE3eec4Ddae4d3d6aAD46ca4f198AeD6 BTC: 1GqWMZRRygRJJWYYTWHkAVoRcgyQHjgBMZ XMR: 42Y1S1KBoPk381kc7hA68zaiC78BxMoCADjLrFcTdWiE7ejhZc49s1t9i7P2EmTnHsLDiKoSUiogCbLVHXRJxjrCT4WG8ic XRB: xrb_1bpzh745s9kzk8ymfnks3jtdi65ayumdstokzd4yw4ohu3fopxmiocjcntcu 

Background

This document is purely informational. At the time of writing there are over 1000 cryptocurrencies (“cryptos”) in a highly volatile, high risk market. Many of the smaller “altcoins” require significant technical knowledge to store and transact safely. I advise you to carefully scrutinize each crypto’s flavor of blockchain, potential utility, team of developers, and guiding philosophy, before making any investment [1] decisions. With that out of the way, what follows are brief, extremely high-level summaries of some cryptos which have my interest, listed in current market cap order. But first, some info:
Each crypto is a different implementation of a blockchain network. Originally developed as decentralized digital cash, these technologies have evolved into much broader platforms, powering the future of decentralized applications across every industry in the global economy. Without getting into the weeds, [2] most cryptos work on similar principles:
Distributed Ledgers Each node on a blockchain network has a copy of every transaction, which enables a network of trust that eliminates fraud. [3]
Decentralized “Miners” comprise the infrastructure of a blockchain network. [4] They are monetarily incentivized to add computing power to the network, simultaneously securing and processing each transaction. [5]
Peer-to-peer Cryptos act like digital cash-- they require no third party to transact and are relatively untraceable. Unlike cash, you can back them up.
Global Transactions are processed cheaply and instantly, anywhere on Earth. Using cryptos, an African peasant and a San Francisco engineer have the same access to capital, markets, and network services.
Secure Blockchains are predicated on the same cryptographic technology that secures your sensitive data and government secrets. They have passed seven years of real-world penetration testing with no failures. [6]

Bitcoin (BTC)

The first cryptocurrency. As with first movers in any technology, there are associated pros and cons. Bitcoin has by far the strongest brand recognition and deepest market penetration, and it is the only crypto which can be used directly as a currency at over 100,000 physical and web stores around the world. In Venezuela and Zimbabwe, where geopolitical events have created hyperinflation in the centralized fiat currency, citizens have moved to Bitcoin as a de facto transaction standard. [7]
However, Bitcoin unveiled a number of issues that have been solved by subsequent cryptos. It is experiencing significant scaling issues, resulting in high fees and long confirmation times. The argument over potential solutions created a rift in the Bitcoin developer community, who “forked” the network into two separate blockchains amidst drama and politicking in October 2017. Potential solutions to these issues abound, with some already in place, and others nearing deployment.
Bitcoin currently has the highest market cap, and since it is easy to buy with fiat currency, the price of many smaller cryptos (“altcoins”) are loosely pegged to its price. This will change in the coming year(s).

Ethereum (ETH)

Where Bitcoin is a currency, Ethereum is a platform, designed as a foundational protocol on which to develop decentralized applications (“Dapps”). Anyone can write code and deploy their program on the global network for extremely low fees. Just like Twitter wouldn’t exist without the open platform of the internet, the next world-changing Dapp can’t exist without Ethereum.
Current Dapps include a global market for idle computing power and storage, peer-to-peer real estate transactions (no trusted third party for escrow), identity networks for governments and corporations (think digital Social Security card), and monetization strategies for the internet which replace advertising. Think back 10 years to the advent of smartphones, and then to our culture today-- Ethereum could have a similar network effect on humanity.
Ethereum is currently the #2 market cap crypto below Bitcoin, and many believe it will surpass it in 2018. It has a large, active group of developers working to solve scaling issues, [8] maintain security, and create entirely new programming conventions. If successful, platforms like Ethereum may well be the foundation of the decentralized internet of the future.

Ripple (XRP)

Ripple is significantly more centralized than most crypto networks, designed as a backbone for the global banking and financial technology (“fintech”) industries. It is a network for exchanging between fiat currencies and other asset classes instantly and cheaply, especially when transacting cross-border and between separate institutions. It uses large banks and remittance companies as “anchors” to allow trading between any asset on the network, and big names like Bank of America, American Express, RBC, and UBS are partners. The utility of this network is global and massive in scale.
It is extremely important to note that not all cryptos have the same number of tokens. Ripple has 100 Billion tokens compared to Bitcoin’s 21 Million. Do not directly compare price between cryptos. XRP will likely never reach $1k, [9] but the price will rise commensurate with its utility as a financial tool.
In some sense, Ripple is anathema to the original philosophical vision of this technology space. And while I agree with the cyberpunk notion of decentralized currencies, separation of money and state, this is the natural progression of the crypto world. The internet was an incredible decentralized wild west of Usenet groups and listservs before Eternal September and the dot-com boom, but its maturation affected every part of global society.

Cardano (ADA)

Cardano’s main claim to fame: it is the only crypto developed using academic methodologies by a global collective of engineers and researchers, built on a foundation of industry-leading, peer-reviewed cryptographic research. The network was designed from first-principles to allow scalability, system upgrades, and to balance the privacy of its users with the security needs of regulators.
One part of this ecosystem is the Cardano Foundation, a Swiss non-profit founded to work proactively with governments and regulatory bodies to institute legal frameworks around the crypto industry. Detractors of Cardano claim that it doesn’t do anything innovative, but supporters see the academic backing and focus on regulation development as uniquely valuable.

Stellar Lumens (XLM)

Stellar Lumens and Ripple were founded by the same person. They initially shared the same code, but today the two are distinct in their technical back-end as well as their guiding philosophy and development goals. Ripple is closed-source, for-profit, deflationary, and intended for use by large financial institutions. Stellar is open-source, non-profit, inflationary, and intended to promote international wealth distribution. As such, they are not direct competitors.
IBM is a major partner to Stellar. Their network is already processing live transactions in 12 currency corridors across the South Pacific, with plans to process 60% of all cross-border payments in the South Pacific’s retail foreign exchange corridor by Q2 2018.
Beyond its utility as a financial tool, the Stellar network may become a competitor to Ethereum as a platform for application development and Initial Coin Offerings (“ICOs”). The theoretical maximum throughput for the network is higher, and it takes less computational power to run. The Stellar development team is highly active, has written extensive documentation for third-party developers, and has an impressive list of advisors, including Patrick Collison (Stripe), Sam Altman (Y Combinator), and other giants in the software development community.

Iota (IOT)

Iota was developed as the infrastructure backbone for the Internet of Things (IoT), sometimes called the machine economy. As the world of inanimate objects is networked together, their need to communicate grows exponentially. Fridges, thermostats, self-driving cars, printers, planes, and industrial sensors all need a secure protocol with which to transact information.
Iota uses a “Tangle” instead of a traditional blockchain, and this is the main innovation driving the crypto’s value. Each device that sends a transaction confirms two other transactions in the Tanlge. This removes the need for miners, and enables unique features like zero fees and infinite scalability. The supply of tokens is fixed forever at 2.8*1015, a staggeringly large number (almost three thousand trillion), and the price you see reported is technically “MIOT”, or the price for a million tokens.

Monero (XMR)

The most successful privacy-focused cryptocurrency. In Bitcoin and most other cryptos, anyone can examine the public ledger and trace specific coins through the network. If your identity can be attached to a public address on that network, an accurate picture of your transaction history can be built-- who, what, and when. Monero builds anonymity into the system using strong cryptographic principles, which makes it functionally impossible to trace coins, [10] attach names to wallets, or extract metadata from transactions. The development team actively publishes in the cryptography research community.
Anonymous transactions are not new-- we call it cash. Only in the past two decades has anonymity grown scarce in the first-world with the rise of credit cards and ubiquitous digital records. Personal data is becoming the most valuable resource on Earth, and there are many legitimate reasons for law-abiding citizens to want digital privacy, but it is true that with anonymity comes bad actors-- Monero is the currency of choice for the majority of black market (“darknet”) transactions. Similarly, US Dollars are the main vehicle for the $320B annual drug trade. An investment here should be based on the underlying cryptographic research and technology behind this coin, as well as competitors like Zcash. [11]

RaiBlocks (XRB)

Zero fees and instantaneous transfer make RaiBlocks extremely attractive for exchange of value, in many senses outperforming Bitcoin at its original intended purpose. This crypto has seen an explosion in price and exposure over the past month, and it may become the network of choice for transferring value within and between crypto exchanges.
Just in the first week of 2018: the CEO of Ledger (makers of the most popular hardware wallet on the market) waived the $50k code review fee to get RaiBlocks on his product, and XRB got listed on Binance and Kucoin, two of the largest altcoin exchanges globally. This is one to watch for 2018. [12]

VeChain (VEN)

Developed as a single answer to the problem of supply-chain logistics, VeChain is knocking on the door of a fast-growing $8 trillion industry. Every shipping container and packaged product in the world requires constant tracking and verification. A smart economy for logistics built on the blockchain promises greater efficiency and lower cost through the entire process flow.
Don’t take my word for it-- VeChain has investment from PwC (5th largest US corporation), Groupe Renault, Kuehne & Nagel (world’s largest freight company), and DIG (China’s largest wine importer). The Chinese government has mandated VeChain to serve as blockchain technology partner to the city of Gui’an, a special economic zone and testbed for China’s smart city of the future. This crypto has some of the strongest commercial partnerships in the industry, and a large active development team.
  1. “Investment” is a misnomer. Cryptos are traded like securities, but grant you no equity (like trading currency).
  2. The weeds for Bitcoin: basic intro (1:36), non-technical explanation (5:24), Bitcoin 101 – Andreas Antonopoulos (23:51).
  3. It is impossible to double-spend or create a fake transaction, as each ledger is confirmed against every other ledger.
  4. Some utility token blockchains use DAG networks or similar non-linear networks which don’t require mining.
  5. In practice, these are giant warehouses full of specialized computers constantly processing transactions. Miners locate to the cheapest electricity source, and the bulk of mining currently occurs in China.
  6. Centralized second-layer exchange websites have been hacked, but the core technology is untouched.
  7. This effect has been termed "bitcoinization".
  8. The Ethereum roadmap shows moving from a Proof of Work (PoW) to Proof of Stake (PoS) consensus model.
  9. At $2.62 per XRP token, Ripple already commands a $100B market cap.
  10. After a January 2017 update.
  11. Monero uses ring signatures while Zcash uses ZK-SNARKs to create anonymity. Both have pros and cons.
  12. Note: all signs point to this crypto being renamed “Nano” in the coming weeks: nano.co.
submitted by jhchawk to CryptoCurrency [link] [comments]

The role of cryptocurrencies in SHTF scenarios

Years ago when I first learned about the history of money and how the current monetary system worked I got really interested in investing. I wanted to improve my financial situation as part of my prepping for harder times. Part of that was diversification into various assets to protect what I had worked so hard to build. Gold and silver was a logical first choice. And another one that really interested me was cryptocurrencies, where you didn't have to worry about physical assets and could just memorize a private key or write it on a piece of paper, which would be great in a SHTF situation where your metals and other assets were potentially seized or you had no way to retreive them.
A lot of people see it as a diversification or potential get rich quick scheme, or even outright scams. I used to think it was BS untill I really got into it. But now, personally I think cryptocurrencies are the future of money, for better or worse, and especially the last few months the news surrounding crypto's has been crazy. From constant demonization and also valid criticism at the start of the year to now basically all the big banks and hedge funds that were shitting on it getting in on the action. It's been a wild ride. And I've learned so much along the way.
But one of the things that I think is often overlooked is the role they are currently playing in poorer countries. Mainly those hit by hyperinflation such as Zimbabwe and especially Venezuela.
A lot of people think a SHTF situation will be a solar flare or an outbreak or something like that. And while those are also possible, what we're seeing more often are slow declines, where the frog is boiled slowly but stays put. Not realizing it's in trouble untill things have gotten so bad and it's screwed.
In Venezuela, the government has total control. They took over big businesses and private property, scared away investors, brought sanctions on themselves, ruined their economy and local businesses, ... and now it's people are starving. Many thought things would get better, but they only got worse. And even those who had the forsight to prepare are in part being blamed for the situation.
Venezuela's fiat currency continues to tank and black markets have erupted where alternative currencies are far more valuable and stable than the governments money. Even ingame credits are being earned and sold as a way to survive. And cryptocurrencies have also surged in popularity and use.
The government desperately tried to profit from that interest (and avoid US sanctions) by creating their own cryptocurrency called the Petro, and threatened to punish those who mined or traded other crypto's. But as you'd expect people wanted no part of that and instead stick to more widely used cryptocurrencies not controlled by that corrupt government.
There have been cryptocurrency aid programs that have helped lots of people in those areas where people donated crypto's to help people buy food. And this one silly meme token I basically got into as a joke called 'Banano coin', has apparantly become quite popular among parts of the Venezuelan youth. I was susprised by how many Venezuelans are on their Discord chat server hoping for airdrops or donations and such, where they also trade in the persuit of profits. And for many they actually provide a decent source of income and potential relief from their hopelessness.
TLDR: I think crypto's are often overlooked in prepping. They are a highly volatile and speculative asset class, but are also very interesting and have a lot of potential. And just as in investing, I think diversification is also very important for prepping. Certainly not financial advice or anything like that. I just think it's a very interesting development.
A few articles that might be worth a quick read:
https://qz.com/africa/1021155/bitcoin-is-being-taken-up-in-zimbabwe-nigeria-south-africa-and-venezuela-among-developing-countries/
https://hackernoon.com/dystopias-philosophies-and-cryptocurrencies-venezuela-earth-19866bcb82c
submitted by SilverHoard to preppers [link] [comments]

The Final and Strongest Weapon Against us will be the Hardest to Beat! - Conflict of Interest

Good afternoon, dear Dash family. It is with a gleeful heart, the I bring to you the summary of our detractors greatest weaponry against us, so that we may protect our hearts and our minds from their attempts to destroy us from within. Firstly, a congratulations to DCG, and the other decentralized autonomous organizations that are working diligently and daily for our growth and continued success. Without your efforts, this conversation wouldn't even be possible. Because Dash is so technically and fundamentally sound as a cryptocurrency, it really isn't possible to successfully attack us using traditional means.
The masternode layer provides a secondary financial buffer that gives us much protection from a variety of attacks. However the Masternode layer DRAMATICALLY increases the financial incentive for our greatest weakspot:

Conflicts of Interest

We have people, who are right now, parasitically and maliciously siphoning as much funding from the treasury as possible, in order to prevent growth in Dash. These are not just trolls. These are individuals within our own community who for whatever reason, have seen fit to sabotage our future growth. These individuals will not tell you of the financial gain or the intimidation they may be under. They will only tell you what they've been told to tell you in order to disrupt this community, and destroy us.
We have to overcome them in order to succeed because they will not allow us to grow naturally or normally. You can see evidence of it in the things they advocate for. You can see evidence of it in the way they argue and push speculative assertions as fact. You can also see evidence of it in the refusal of the moderators to act against this blatant violation of the rules. You can see evidence of it in the way our most promising teams have been repeatedly defunded, like in Ghana, Nigeria, Zimbabwe, etc. This cannot be accidental, although it is designed to appear to be, or if not that then racism, this is deliberate malicious action! While this may sound like bad news, it's actually really good news.
Why?? Because this is the last attack. After we defeat this, there will be no stopping us. We are literally at the final boss. They are attempting to jettison our teams in third world countries because they know we can really get demand and service these places with financial freedom. They are attempting to shutdown our voting process with either control or coercion of masternodes and their owners. In other words, they are desperate and using final, obvious measures. They are praying that we don't notice, just act lazy, don't do anything and hope it gets better while they sabotage us. But we can stop them dead in their tracks. If we defeat them here, they will be gone for good. So stay vigiliant.
Never one to complain without offering solutions, the best way to clear individuals who may have a conflict of interest is simply to ask them. 'Have you ever been paid by such and such for commentary, advice, or to infiltrate the Dash network?' Don't worry, they won't lie. Because if you force them to lie, they are setting themselves up for exposal later. If they refuse to answer, then you should become suspicious.
There should be no reason you wouldn't acknowledge a link to the Nano community here, for example. We're competitors but there's no conflict of interest. The Monero community, however, has a vested stated goal in our destruction, and thus being paid by them, working for or with them would obviously be an unacceptable, massive conflict of interest. They, however, are relying on our 'civility' to prevent us from 'going there', and giving them cover basically. So the best way to defeat that is to go there, and go there often. As often as needed until our community is again filled with those of us who only wish to see it succeed.
In recap, the best way to defeat conflicts of interest are to
  1. Become aware of them
  2. Call them out
  3. Shun and evict those members from the community
Its that simple. The beauty/achille's heel of soft manipulation/mind control techniques is that they're easily defeated by simple mental efforts. Scissors statements, for example, are easily and universally defeated by adopting a position of neutrality. If everyone agrees to do this then not only will the scissor statement fail, but you will likely arrive at a decently reasoned conclusion.
Concern trolling is another simple to beat technique. All you have to do, is verify if the concerns are valid logical premises. For example, there is no reason to be concerned about a lack of inflation in Dash. Inflation is bad. The only use for inflation in a cryptocurrency is to prevent it from being centralized in the same hands, hence mining and disinflation until fee market. So no inflation is part of the plan and a feature not a bug. If you have inflation in your coin supply, then you should be concerned, because you're destroying forever the wealth held in the coin's economy.
Blockstream destroyed bitcoin core not because they were not competent developers. BTC has some of the best and brightest developers. Blockstream destroyed bitcoin core because they had a conflict of interest. Their salaries were paid by bankers and credit card companies. We cannot allow the same thing to happen to our community.
submitted by thethrowaccount21 to dashpay [link] [comments]

I work for a Bank in NZ and was asked to write an article on Crypto

Our internal social media site had a couple of negatively-toned articles on Bitcoin and the state of Crypto-Currencies, which as a crypto-enthusiast irked me a little. I posted a comment on one of these articles arguing a more favourable point of view, to which the editors were intrigued and in return asked me to write a follow up article on it, expressing a different side of the debate. It received plenty of interest from staff who'd only ever heard the topic discussed in a negative light, so I thought I'd share it here for you all to read too. Let me know what you think :)
IN DEFENCE OF CRYPTO-CURRENCIES
Working for a Bank, I can’t help but feel uncomfortable publicly discussing my interest in crypto-currencies; it feels almost counter-productive, as the very ambition of these coins is to rewire the foundations on which the industry I work for is built. That being said, we live in an age now where disruptive technologies are being openly considered, if not welcomed - and so they should, regardless of any ‘threat’ it may pose to an established system or industry.
Both crypto-currencies and the underlying ‘Blockchain’ technology they’re built on serve many purposes and can benefit both consumers and corporations alike. The media attention on the former is mostly negative, while the latter is discussed halfheartedly and not as thoroughly as it deserves.
THE CRIMINAL ARGUMENT
For those who heard about Bitcoin before its recent claim to fame when it crossed that psychological milestone of $10,000 USD in late 2017, you probably first remember its use as a digital payment method for drug dealers on the dark-web site, Silk Road. The main argument against Bitcoin at this time was that it facilitated the exchange of goods and services on the black market, allowing criminals to use an anonymous currency to purchase narcotics, weapons and other illegal products.
This has since been debunked, as the Blockchain that Bitcoin is built on is entirely traceable – every single transaction that has ever been made on the decentralised Blockchain ledger, is not only public but immutable; it cannot be deleted or altered. For criminals, this is by no means ideal, and so they have since turned to ‘privacy coins’ such as Monero and Z-Cash.
Further to the argument that crypto-currencies are an enabler for criminal activities, I would argue that this is testament to the Blockchain technology that Crypto coins are built on. This technology transcends borders, regulations, financial monopolies and in some cases offers near flawless privacy. Sure, this is attractive to criminals, but historically criminals will always use the most advanced technology to fuel their motives. The internet wasn't widely understood when it first arrived, and the same argument was applied, suggesting that the Web was a haven for pedophiles & drug dealers – now look at us, completely dependent on the very same technology in our day-to-day lives.
The point here is that just because a new technology can be utilised by criminals, it doesn’t mean it should be banned outright, as doing so would only stifle innovation, forcing criminals to continue their business and habits through other means. We should celebrate new technology and adapt to it, accepting that any detrimental aspects are part-in-parcel of growth, and can always be overcome through other creative solutions.
THE BITCOIN OBSESSION
Almost every article written in the mainstream media, is usually headlined with and focused on Bitcoin. This is understandable – Bitcoin was the first crypto-currency, and whose founder is curiously shrouded in mystery. Satoshi Nakamoto (the creator’s pseudonym) also created Blockchain, a very simple technology in theory, but a system of which could revolutionise all other industries, solving complex issues by means that are simple and effective. Satoshi, whoever he or she is, and depending on whether they are even still alive, would now be one of the richest people on the planet. Bitcoin has made unlikely millionaires and even billionaires out of people who wouldn’t have achieved this from attempting to game the traditional finance system. Its price has risen from literally a fraction of a cent when it first become tradable 7 years ago, to an all-time high in late 2017 where it topped $20,000 USD on some exchanges. And while other crypto-currencies are starting to be discussed in more depth, BTC is still the main trading pair for which the purchase of all other crypto-currencies is made possible.
With the crypto market having such a dependence upon Bitcoin’s success, it’s only natural that it’s given so much attention. But in 2018, this will all change. Sure, Bitcoin’s price will continue to rise, providing that more fiat money is flowing inward rather than outward - with its limited supply of 21 million coins, the simple law of supply & demand guarantees an increase in value. But with a limited number of human beings to invest, and the possibility that interest in it will eventually decline, this growth will reach a tipping point and eventually stifle, whether that’s 6 months off or 50 years away.
We've seen Bitcoin’s crypto market dominance drop from between 80% - 90% over a year ago, to as low as 35% recently. As new money flows into Bitcoin, investors are inevitably exposed to the other crypto-currencies traded on these exchanges, and eventually find themselves delving into the rabbit hole, alongside millions of others, learning about these different coins on sites such as YouTube, Reddit, Facebook groups and other online forums. This influx of money into ‘alt’ coins will continue to surge in 2018, and as a result, the discussion will no longer be so obsessed with the ‘King’, Bitcoin.
THE BUBBLE
I will be the first to admit that the amount of ‘shut up & take my money!’ investors flooding the market right now is concerning. When your mother expresses interest in cryptos over Christmas dinner, when your normally conservative father asks you to help him invest, or when your hairdresser starts talking about Bitcoin with a tone of authority, you know that the market is beginning to look a little bubble-esque.
While I want financial freedom for all, and I also want friends and family to be able to invest in something whose returns are unbeatable, I agree that the current market is based purely on speculation, and this isn’t sustainable. People easily fall into the ‘get rich quick’ trap, but with an understanding of risk and having a patient attitude, many have become and will continue to get very rich from these alternative currencies. I do believe that eventually investor confidence and interest will inevitably plummet, as a result of either a slowing of market returns, persistent negative attention in the media, government attempts to regulate the market, or a combination of all of the above.
REGULATIONS & CONSUMER PROTECTION
With a recent market cap high of close to $800 Billion USD, it’s clear that we’re now dealing with big money – both institutional, and millions of small investors, innocent and gleeful. This is where big Banks and governments must be very careful of regulations if they are truly concerned about protecting the consumer. With so much market manipulation, both by ‘whales’ (investors with enormous balances) and by trading bots, some form of regulation surely can’t hurt.
But if a group of governments came together to ban the trading of crypto-currencies and make crypto exchanges illegal, this would only hurt the consumer. Firstly, crypto-currencies will still be able to be traded outside the normal tracking process of traditional banking, as by nature they are decentralised. This will simply drive the use of the currencies underground even more for those who desire to keep using them. For those who are less educated or are less resistant to risk and change, they will panic sell before the ban, driving the price down and down until a huge portion of investors are now at a loss – all of this completely influenced by the stroke of a pen from the big cats of government, who as a result become responsible for the investment losses of the very citizens they were supposedly trying to protect.
MAINSTREAM MEDIA BIAS
In the above hypothetical scenario, the media will post headlines… “Bitcoin now valueless after govt regulations” and social media commenters will laugh, bragging that they saw this coming all along. This would further uproot investor confidence, and next thing we would see a massive crash that was entirely avoidable had these bullying tactics and unnecessary bans not been imposed.
Mainstream media post an article every single time there’s a dip in the market, as if to prove a point, but rarely discuss the incredibly impressive returns that override these dips each time. They will call ‘Breaking News’, stating that South Korea, for example, is drafting legislation to ban crypto-currencies when this was incorrect as a result of a mistranslation, but refuse to exercise journalistic integrity by editing and correcting their articles.
Governments, Banks and the media need to take a more mature approach to crypto-currencies - accept that they’re here, that they come with risks, but also exhibit technology that they themselves can benefit from. Acknowledge the legitimate concerns of investors losing money from market volatility, but understand the need to tread carefully when considering how to resolve this issue.
SUMMARY
Let’s move away from the Bitcoin-bashing articles that scoff at investors who’re falling for the supposed ‘bubble’ that they’ve been saying is going to pop for 5 years now. Let’s stop using the issue of Bitcoin mining taking up so much energy as a reason for it being banned, but rather start discussing the other cryptos such as Ethereum that are moving towards, or have already implemented a ‘Proof of Stake’ validation system that requires little to no energy at all. Let’s stop knocking Bitcoin itself as it struggles with huge network congestion, high fees and slow transaction times, but rather explore the other coins that have already solved this problem, and celebrate ones that are solving real-world issues such as the speed and cost with international SWIFT payments, or providing a viable alternative to the national currencies in Venezuela & Zimbabwe, which have been plagued with unhealthy inflation.
Ultimately, we should start to focus on the positive side of Crypto & Blockchain tech; it’s unique, offers financial freedom to those in countries without it, and it showcases the most innovative, revolutionary disruption to the status-quo not seen since the inception of the internet. This technology is new and it’s not perfect, but can we at least try to build on it and see where it takes us? Can we work to see how it could be utilised to benefit our institutions, as opposed to outright dismissing it just because the majority of us don’t yet understand it?
Crypto-currencies and Blockchain technology are here to stay in one form or another. Jamie Dimon, CEO of JP Morgan-Chase initially called those who invested in Bitcoin ‘stupid’, and then later (suspiciously) changed his tune, admitting he regretted making this comment. Now his Bank is experimenting with Blockchain technology. Mark Cuban, multi-Billionaire investor who previously laughed at Bitcoin, now recommends that people hold a small percentage of it to maintain a well-diversified investment portfolio, and is now actively investing himself in ‘ICO’ crypto-currency crowd sales. Mark Zuckerberg, one of the wealthiest people on the planet publicly shared his favourable thoughts on crypto-currencies, and his interest in Blockchain technology to his 2 Billion Facebook users. Knowing now that it’s not just you’re run-of-the-mill geek in his mum’s basement that’s speaking out in favour of crypto, perhaps it’s time to join the conversation, alongside the many influential people in the world, just some of whom are listed above.
So one day when your grandkids come home from History class asking what it was like to live through and experience the Blockchain/Crypto revolution, will you excitedly tell them how you embraced and benefited from it during its infancy, or regretfully explain that you were late to the party because of your apathy and disinterest?
submitted by landoxando to CryptoCurrency [link] [comments]

INDIGOCOIN MINING SITE 2020,NEW LATEST BTC CLOUD MINING ... Bitcoin for Zimbabwe Farmers Bitcoin News - YouTube Coin Bitcoin Mining - Reviews? Should You Start Mining Cryptocurrency In 2020? + How Much ...

If you read crypto media, you may be under the impression that bitcoin plays a major role in helping cash-strapped Zimbabweans. The “bitcoin is saving Zimbabwe” story may sell but the reality of cryptocurrency adoption in the Southern African nation is quite different. In this article, you will discover the real story of bitcoin in Zimbabwe […] Zimbabwe has long been a hive of cryptocurrency trading. But aside from some rumors after the government banned forex trading in Oct 2019, bitcoin’s fate in this country has been someone uncertain. Not for much longer, though. At long last, the Reserve Bank of Zimbabwe (RBZ) has drafted a proposal to regulate cryptocurrency. Mining News. Kitco Gibson Capital. Mining by Sector. Gold Sector; Silver Sector ; Iron Sector ... Grummes maintains that it will be bitcoin. “While we’ve been experiencing quantitative easing in the fiat money systems in the last 20 years like crazy, bitcoin, this year, went through quantitative hardening through halving. People need to understand the new phenomenon which is digital ... Bitcoin mining means you need to solve a complex mathematical problem. It is only for evaluating the transactions of other individuals. In the form of a reward, you will be provided with bitcoins ... Philip Haslam, the author of When Money Destroys Nations suggests the use of Bitcoin to solve the current economic problems of Zimbabwe. Read more...

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INDIGOCOIN MINING SITE 2020,NEW LATEST BTC CLOUD MINING ...

News has just circulated world-wide that Bitcoin in Zimbabwe is trading at $76K. I dig into the article to find out whether there is some validity, or whether this report is Fake News. What do you need to mine one Bitcoin BTC coin AFTER the block reward halving in 2020? Let's review Bitcoin mining profitability and what BTC mining rigs you ... SITE LINK https://zee.gl/2mGzr ♥️♥️♥️♥️♥️♥️♥️♥️♥️♥️♥️♥️♥️♥️♥️ new bitcoin mining site,earn 1 btc daily,new high paying bitcoin site ... Skip navigation Sign in. Search Cryptocurrency Mining is a fun thing to get into so in this guide, we explain what to expect when you start mining and how much money can you make mining cry...

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