You jokers speak as if mt. Gox was the ultimate bitcoin scandal. We haven't even seen the beginning, nor have we seen more professional manipulation. Fasten your seat belts. The pros are coming in. /r/Bitcoin
Crypto-Powered: Understanding Bitcoin, Ethereum, and DeFi
Until one understands the basics of this tech, they won’t be able to grasp or appreciate the impact it has on our digital bank, Genesis Block. https://reddit.com/link/ho4bif/video/n0euarkifu951/player This is the second post ofCrypto-Powered— a new series that examines what it means forGenesis Blockto be a digital bank that’s powered by crypto, blockchain, and decentralized protocols. --- Our previous post set the stage for this series. We discussed the state of consumer finance and how the success of today’s high-flying fintech unicorns will be short-lived as long as they’re building on legacy finance — a weak foundation that is ripe for massive disruption. Instead, the future of consumer finance belongs to those who are deeply familiar with blockchain tech & decentralized protocols, build on it as the foundation, and know how to take it to the world. Like Genesis Block. Today we begin our journey down the crypto rabbit hole. This post will be an important introduction for those still learning about Bitcoin, Ethereum, or DeFi (Decentralized Finance). This post (and the next few) will go into greater detail about how this technology gives Genesis Block an edge, a superpower, and an unfair advantage. Let’s dive in… https://preview.redd.it/1ugdxoqjfu951.jpg?width=650&format=pjpg&auto=webp&s=36edde1079c3cff5f6b15b8cd30e6c436626d5d8
Bitcoin: The First Cryptocurrency
There are plenty of online resources to learn about Bitcoin (Coinbase, Binance, Gemini, Naval, Alex Gladstein, Marc Andreessen, Chris Dixon). I don’t wanna spend a lot of time on that here, but let’s do a quick overview for those still getting ramped up. Cryptocurrency is the most popular use-case of blockchain technology today. And Bitcoin was the first cryptocurrency to be invented.
Bitcoin is the most decentralized of all crypto assets today — no government, company, or third party can control or censor it.
Bitcoin has two primary features (as do most other cryptocurrencies):
Send Value You can send value to anyone, anywhere in the world. Nobody can intercept, delay or stop it — not even governments or financial institutions. Unlike with traditional money transfers or bank wires, there are no layers of middlemen. This results in a process that is much more cost-efficient. Some popular use-cases include remittances and cross-border payments.
A few negative moments in Bitcoin’s history include the collapse of Mt. Gox — which resulted in hundreds of millions of customer funds being stolen — as well as Bitcoin’s role in dark markets like Silk Road — where Bitcoin arguably found its initial userbase. However, like most breakthrough technology, Bitcoin is neither good nor bad. It’s neutral. People can use it for good or they can use it for evil. Thankfully, it’s being used less and less for illicit activity. Criminals are starting to understand that transactions on a blockchain are public and traceable — it’s exactly the type of system they usually try to avoid. And it’s true, at this point “a lot more” crimes are actually committed with fiat than crypto. As a result, the perception of bitcoin and cryptocurrency has been changing over the years to a more positive light. Bitcoin has even started to enter the world of media & entertainment. It’s been mentioned in Hollywood films like Spiderman: Into the Spider-Verse and in songs from major artists like Eminem. It’s been mentioned in countless TV shows like Billions, The Simpsons, Big Bang Theory, Gray’s Anatomy, Family Guy, and more. As covid19 has ravaged economies and central banks have been printing money, Bitcoin has caught the attention of many legendary Wall Street investors like Paul Tudor Jones, saying that Bitcoin is a great bet against inflation (reminding him of Gold in the 1970s). Cash App already lets their 25M users buy Bitcoin. It’s rumored that PayPal and Venmo will soon let their 325M users start buying Bitcoin. Bitcoin is by far the most dominant cryptocurrency and is showing no signs of slowing down. For more than a decade it has delivered on its core use-cases — being able to send or store value.
At this point, Bitcoin has very much entered the zeitgeist of modern pop culture — at least in the West.
When Ethereum launched in 2015, it opened up a world of new possibilities and use-cases for crypto. With Ethereum Smart Contracts (i.e. applications), this exciting new digital money (cryptocurrency) became a lot less dumb. Developers could now build applications that go beyond the simple use-cases of “send value” & “store value.” They could program cryptocurrency to have rules, behavior, and logic to respond to different inputs. And always enforced by code. Additional reading on Ethereum fromLinda XieorVitalik Buterin.
Because these applications are built on blockchain technology (Ethereum), they preserve many of the same characteristics as Bitcoin: no one can stop, censor or shut down these apps because they are decentralized.
Just as tokens grew in popularity in 2017–2018, so did online marketplaces where these tokens could be bought, sold, and traded. This was a fledgling asset class — the merchants selling picks, axes, and shovels were finally starting to emerge.
I had a front-row seat — both as an investor and token creator. This was the Wild West with all the frontier drama & scandal that you’d expect.
Binance — now the world’s largest crypto exchange —was launched during this time. They along with many others (especially from Asia) made it really easy for speculators, traders, and degenerate gamblers to participate in these markets. Similar to other financial markets, the goal was straightforward: buy low and sell high. https://preview.redd.it/tytsu5jnfu951.jpg?width=600&format=pjpg&auto=webp&s=fe3425b7e4a71fa953b953f0c7f6eaff6504a0d1 That period left an embarrassing stain on our industry that we’ve still been trying to recover from. It was a period rampant with market manipulation, pump-and-dumps, and scams. To some extent, the crypto industry still suffers from that today, but it’s nothing compared to what it was then.
While the potential of getting filthy rich brought a lot of fly-by-nighters and charlatans into the industry, it also brought a lot of innovators, entrepreneurs, and builders.
The launch and growth of Ethereum has been an incredible technological breakthrough. As with past tech breakthroughs, it has led to a wave of innovation, experimentation, and development. The creativity around tokens, smart contracts, and decentralized applications has been fascinating to witness. Now a few years later, the fruits of those labors are starting to be realized.
I know that for the hardcore crypto people, what we covered today is nothing new. But for those who are still getting up to speed, welcome! I hope this was helpful and that it fuels your interest to learn more. Until you understand the basics of this technology, you won’t be able to fully appreciate the impact that it has on our new digital bank, Genesis Block. You won’t be able to understand the implications, how it relates, or how it helps. After today’s post, some of you probably have a lot more questions. What are specific examples or use-cases of DeFi? Why does it need to be on a blockchain? What benefits does it bring to Genesis Block and our users? In upcoming posts, we answer these questions. Today’s post was just Level 1. It set the foundation for where we’re headed next: even deeper down the crypto rabbit hole. --- Other Ways to Consume Today's Episode:
We have a lot more content coming. Be sure to follow our channels: https://genesisblock.com/follow/ Have you already downloaded the app? We're Genesis Block, a new digital bank that's powered by crypto & decentralized protocols. The app is live in the App Store (iOS & Android). Get the link to download at https://genesisblock.com/download
Watching roger and craig fight it out. You gotta thank the universe you stuck with bitcoin.
Let's face it Bitcoin cash failed. There is more derision and bitterness in that space now than a year ago. The two chains abc and sv are low grade networks dominated by the personalities of Roger (who happily vouched for Mt gox) and Craig who is playing a very week con. On top of that both chains are dominated by what can only be described as mining cartels. And one such cartel holds over 1million tokens of both chains. I don't think it's possible for the market to absorb those coins without pushing down massively. It's a bigger smoking gun than a potential tether scandal.
The Struggle of Dogecoin: A Lesson on the Importance of Community in Crypto
https://preview.redd.it/ww0g3r560r141.jpg?width=640&format=pjpg&auto=webp&s=e47dffcfa931461855aa71e89905346ff8dd02fd When crypto began garnering mainstream attention, critics were quick to point out the lack of intrinsic value, an aspect of these assets that many believe made them doomed for failure. Of course, the immediate price crash of Bitcoin around the time of the Mt. Gox scandal served as proof for these individuals. That is, until Bitcoin gradually rebounded, soaring to heights that far exceeded our expectations. A lack of intrinsic value is an interesting concept as those who utilize the argument forget that fiat currencies like the U.S. dollar, for example, have no true value but still manage to maintain their importance in the economies where they operate. While there are several factors supporting digital assets, there is one major factor that is easily forgotten: community. A cryptocurrency only has the chance to survive and thrive if it has a community that supports it and seeks to further its growth. If one wants to understand the importance of community for digital assets, one need only turn their attention to Dogecoin. What Is Dogecoin? Unless you were an early adopter of Bitcoin, Dogecoin has likely flown under your radar. Developed in 2013 as a joke currency that used the likeness of the Shiba Inu as a result of the popular “doge” meme that was circulating at the time. When it was developed, many of these emerging coins followed the same layout as Bitcoin and Litecoin, meaning there was very little variation between altcoins at the time. Still, that didn’t manage to dissuade a community from developing around the coin. Whereas Bitcoin was serious and was designed to be a financial tool, Dogecoin was seen as a refreshing break and a perfect digital currency to experiment with if you were new to the industry. What Happened to It? While Dogecoin wasn’t meant to follow in the footsteps of major competitors like Bitcoin and Litecoin, the digital currency was faced with a slew of issues from its inception that greatly weakened its growth potential. From Alex Green, a man who stole hundreds of thousands of dollars from the community through an investment scan, to the draining of 30 million coins from Dogewallet, Dogecoin is no stranger to theft. However, while some markets have been able to grow despite these setbacks, Dogecoin simply never saw the growth that the community expected. That said, that doesn’t mean that the project isn’t successful in its own right. Dogecoin Today Even seven years after its release, Dogecoin still has a strong, active community that continues to take part in fundraising for special causes, share updates and encouraging news about Dogecoin, and enjoy doge-related topics and pictures. With a market capitalization of approximately $288 million and a price of $0.002 per coin at the time of writing, Dogecoin may not be one of the high-performing assets on the market. But when it comes to community, Dogecoin may very well be one of the strongest assets across the board. Trakxis building a one-stop shop for Crypto Traded Indices. Discover more about our project on our website and social media channels, such as Telegramhttp://t.me/trakx_io.
Daily analysis of cryptocurrencies 20191016(Market index 40 — Fear state)
https://preview.redd.it/58bwse6lwvs31.jpg?width=1200&format=pjpg&auto=webp&s=e6f8fed2319f4afbc85fad586908bdbc950baf19 NBA-China Scandal Crashes Nike Sneaker-Backed Crypto Token Price As Reuters reports on Oct. 16, an anonymous trader’s Weibo post from earlier this month had shone a spotlight on an apparent 10% crash in the price of crypto tokens backed by Nike’s Air Jordan sneakers on 55.com, a United States-based exchange. “It’s clear sneaker speculators were pulling money out of the market,” the trader told Reuters. He interpreted the market response in the context of Chinese netizens’ anger over a now-notorious tweet from Houston Rockets general manager Daryl Morey, in which he declared solidarity with anti-government, anti-Beijing protesters in Hong Kong. Foxconn Founder: Libra Can ‘Converge’ With China’s Digital Currency In Taiwan Terry Gou, Taiwan’s richest man and the founder of manufacturing giant Foxconn, wants the island to roll out the red carpet for Facebook’s Libra cryptocurrency project. In a recent, little-noticed speech, the billionaire and one-time presidential candidate said Taiwan could boost its status as an international financial hub by embracing Libra, rather than approaching the project with skepticism as other governments have done. Gou also suggested the island could connect Libra, if and when it launches, with the digital currency being developed by the People’s Bank of China. Ex-CFTC Chairman Proposes Digital Dollar, A Government-Sanctioned Blockchain Protocol Former Commodity Futures Trading Commission (CFTC) chairman Christopher Giancarlo, who had parted ways with the regulator this summer, published an article, named “We Sent a Man to the Moon. We Can Send the Dollar to Cyberspace,” stating that Washington should edge out rivals with a regulated platform for trading greenbacks via blockchain. “We propose a digital dollar — a government-sanctioned blockchain protocol, created and maintained by an independent nongovernmental group but administered by banks and other trusted payment organizations,” his words read. SEC Restarts Clock On Proposed ‘Bitcoin and T-Bills’ ETF According to a public filing published on Oct 15, investment management firm Wilshire Phoenix and NYSE Arca filed an amendment to their ETF proposal earlier this month to address issuance and redemption for the securities and the listing trading of the fund’s shares. Coinbase Custody will act as the custodian for the bitcoin held by the trust, according to the filing. The notice of Oct 15 says Coinbase will provide attestations confirming the amount of Bitcoin it holds within five business days of the trust’s monthly rebalancing, adding a detail not present in the original filing.
Encrypted project calendar（October 16, 2019）
BTC/Bitcoin:The 2019 Blockchain Life Summit will be held in Moscow, Russia from October 16th to 17th.MIOTA/IOTA:IOTA (MIOTA) IOTA will host a community event on the theme of “Technology Problem Solving and Testing IoT Devices” at the University of Southern California in Los Angeles on October 16.ETH/Ethereum:Ethereum launches Istanbul (Istanbul) main network upgrade, this main network upgrade involves 6 code upgrades.QTUM/Qtum:Qtum (QTUM) Qtum main network hard fork is scheduled for October 16.(CRYPTO): and 1 other 16 October 2019 Supply Chains Unblocked Supply Chains Unblocked in London from 9:30 AM — 6 PM.Binance Coin (BNB):16 October 2019 Singapore Meetup “Bring your friends to come along with, & it will be FUN! With snacks and drinks.”IoTeX (IOTX):16 October 2019 Mainet Beta “The next evolution of IoTeX blockchain, secure IoT hardware, and decentralized identity is coming October 16 — mark your calendars.”Selfkey (KEY):16 October 2019 Corporate Wallet Release “Soon, wallet users will be able to manage corporate profiles and identity attributes.”Cardano (ADA):16 October 2019 Washington D.C. Meetup “Nathan Kaiser, Chairperson of the Cardano Foundation, will join the community in Washington DC on Oct 16, and talk about the recent
Encrypted project calendar（October 17, 2019）
Holo (HOT):17 October 2019 Redgrid AMA “Join us for the AMA with RedGrid on October 17th. Submit your questions before the AMA on our Holochain Dev Forum.”IOST (IOST):17 October 2019 Breeding Competition Ends “Join IOST 2nd Breeding Competition by@FishChainGamenow! The competition only lasts till 17 Oct”Aragon (ANT):17 October 2019 Seoul Meetup “You are invited to join@licuendefor a meetup and presentation on ‘Aragon and DAOs: What’s next after ICOs and DeFi?’”Skycoin (SKY):17 October 2019 NYC Skywire Meetup NYC Skywire Mainnet Meetup in NYC from 6–8 PM.Horizen (ZEN):17 October 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.AE/Aeternity:Aeternity (AE), held by members of the DCARPE Alliance, will be held in New York on October 17.PYC/Privacy Chian:The Privacy Chian (PYC) BiKi platform will open the PYC recharge and withdrawal at 15:00 on October 17th and open the PYC/USDT trading pair transaction on October 18th at 5:00.FBT/Fanbi:Fanbi (FBT) BKEX Global will launch FBT on October 17, 2019, Singapore at 15:00, open trading pair: FBT/USDT.MFCC/Marsfarmer:Marsfarmer (MFCC) CoinW will start MFCC recharge on October 15th from 16:00 to October 17th at 16:00, and officially open MFCC/CNYT transaction in potential area on October 17th at 16:00.GT/Gatechain Token:The Gatechain Token (GT) GateChain test network will be released on October 17.
Encrypted project calendar（October 18, 2019）
BTC/Bitcoin:The SEC will give a pass on the VanEck/SolidX ETF on October 18th and make a final decisionHB/HeartBout:HeartBout (HB) will officially release the Android version of the HeartBout app on October 18.OKB (OKB):18 October 2019 Rotterdam Meetup “Meet us in Rotterdam on 18 Oct as we partner up with Crypto010 Meetup to bring you a talk on ‘Decentralized Finance’.”HeartBout (HB):18 October 2019 Android Version “18th of October 2019 will be officially released Android version of HeartBout app.”BTU Protocol (BTU):and 2 others 18 October 2019 Paris Blockchain Summit The event will gather major international key players of the Blockchain ecosystem including well-known influencers, investors, government.YDS/YDS Blockchain:YDS Blockchain (YDS) ZG.COM will open YDS’s currency and coin transfer business at 14:00 on October 18th, and open the YDS/USDT transaction pair at 19:00 on October 19th.BTU/BTU Protocol:The BTU Protocol (BTU) Paris Block Summit will be held on October 18.EWS/EWS Token:EWS Token (EWS) EXX will open the EWS recharge business at 10:18 on October 15th, Hong Kong time. It is expected to open the EWS/ETH trading market at 10:18 on October 18, Hong Kong time.SIN/SIN Token:The SIN Token (SIN) BiKi platform will open SIN’s recharge and withdrawal at 18:00 on October 18th, and open the SIN/USDT trading pair transaction on October 21st at 5:00.
Encrypted project calendar（October 19, 2019）
PI/PCHAIN Network:The PCHAIN (PI) backbone (Phase 5, 82 nodes, 164, 023, 802 $ PI, 7 candidates) will begin on October 19.LINK/ChainLink:Diffusion 2019 will be held in Berlin, Germany from October 19th to 20thDeepBrain Chain (DBC):19 October 2019 (or earlier) Deploy Main Chain “Deploy Main Chain,” during the third week of October.General Event (CRYPTO):and 1 other 19 October 2019Free State Blockchain “This “unconference” style event brings together some of the top financial tech innovators, researchers, company leaders, and other…”PCHAIN (PI):19 October 2019 Main Chain Voting “Main chain: Epoch 5, 82 nodes, 164,023,802 $PI, 7 Candidates, voting will start on Oct. 19th.”Nash Exchange (NEX):19 October 2019 Nash Anniversary Nash will present their work from the third quarter of 2019. Team members will be present and to answer your questions in person.
Encrypted project calendar（October 20, 2019）
GameCredits (GAME):20 October 2019 (or earlier) Mining Reward Drop GameCredits mining reward will be cut in half at block 2519999 (~October 20). This will be the 4th halvening of the GAME mining reward!Aeternity (AE):20 October 2019 Starfleet 3 App Deadline #Starfleet3 is happening in Malta and you have by October 20th to apply!FN/IPFS&Filenet:IPFS&Filenet (FN) will be launched on the UP project Filenet (FN). The UP subscription time is from 14:00 on October 20, 2019 to 18:00 on October 20, 2019.
Encrypted project calendar（October 21, 2019）
KNC/Kyber Network:The official online hackathon of the Kyber Network (KNC) project will end on October 21st, with more than $42,000 in prize money.Horizen (ZEN):21 October 2019 Sidechains Alpha Release Horizen releasing the alpha version of industry first decentralized and unfederated sidechains.Horizen (ZEN):21 October 2019 Updated Whitepaper Horizen releasing an updated whitepaper.Kuverit (KUV) :IDAX will list #Kuverit (KUV) and open trading for KUV/BTC trading pair. is going to be listed on 21 Oct, at 10:00 am (UTC+8).
Encrypted project calendar（October 22, 2019）
ZRX/0x:The 0x protocol (ZRX) Pantera blockchain summit will be held on October 22.Locus Chain (LOCUS):22 October 2019 Public Test Begins Public test runs for three days from October 22nd to October 24th.
Encrypted project calendar（October 23, 2019）
MIOTA/IOTA:IOTA (MIOTA) IOTA will host a community event on October 23rd at the University of Southern California in Los Angeles with the theme “Connecting the I3 Market and Experiencing Purchase and Sales Data.”BTC/Bitcoin:The WBS World Blockchain Summit (Middle East) will be held in Dubai from October 23rd to 24th.Cardano (ADA) and 1 other:23 October 2019 WBS Dubai “One of a kind gathering of 500+ curated & pre-qualified investors, CEOs, CIOs, CTOs, Heads of Blockchain, Chief Digital OfficersCloakCoin (CLOAK):23 October 2019 (or earlier) CloakCoin Competition “CloakCoin competition : solve the CloakCoin ENIGMA transaction, 3rd round.”Loom Network (LOOM):23 October 2019 Singapore Meetup “Unstack the Stack Series: Loom Network” from 6:30–8:30 PM (SST).
Encrypted project calendar（October 24, 2019）
BCN/Bytecoin:Bytecoin (BCN) released the hidden amount of the Bytecoin block network on October 24.Horizen (ZEN):24 October 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.
Encrypted project calendar（October 25, 2019）
ADA/Cardano:Cardano (ADA) The Ada community will host a community gathering in the Dominican Republic for the first time on October 25.
Encrypted project calendar（October 26, 2019）
KAT/Kambria:Kambria (KAT) Kambria will host the 2019 Southern California Artificial Intelligence and Data Science Conference in Los Angeles on October 26th with IDEAS.BTC/Bitcoin:CoinAgenda Global Summit will be held in Las Vegas from October 26th to 28th
Encrypted project calendar（October 28, 2019）
LTC/Litecoin:Litecoin (LTC) 2019 Litecoin Summit will be held from October 28th to October 29th in Las Vegas, USABTC/Bitcoin:Mt.Gox changes the debt compensation plan submission deadline to October 28ZEC/Zcash:Zcash (ZEC) will activate the Blossom Agreement on October 28th
Encrypted project calendar（October 29, 2019）
BTC/Bitcoin:The 2nd World Encryption Conference (WCC) will be held in Las Vegas from October 29th to 31st.
Encrypted project calendar（October 30, 2019）
MIOTA/IOTA:IOTA (MIOTA) IOTA will host a community event on October 30th at the University of Southern California in Los Angeles on the topic “How to store data on IOTA Tangle.”
Encrypted project calendar（November 1, 2019）
INS/Insolar:The Insolar (INS) Insolar wallet and the redesigned Insolar Block Explorer will be operational on November 1, 2019.
Encrypted project calendar（November 6, 2019）
STEEM/Steem:The Steem (STEEM) SteemFest 4 conference will be held in Bangkok from November 6th to 10th.
Encrypted project calendar（November 8, 2019）
BTC/Bitcoin:The 2nd Global Digital Mining Summit will be held in Frankfurt, Germany from October 8th to 10th.
Encrypted project calendar（November 9, 2019）
CENNZ/Centrality:Centrality (CENNZ) will meet in InsurTechNZ Connect — Insurance and Blockchain on October 9th in Auckland.
https://preview.redd.it/39wxh8xnwvs31.png?width=504&format=png&auto=webp&s=a4eb808860157a8fdf89a36ec74765b2af7bd628 Yesterday, we discussed the chances of a possible rebound in bitcoin if it breaks the $8,400 resistance against the US Dollar. However, BTC price struggled to climb above the $8,400 resistance area. As a result, there was a fresh decline below the $8,300 level. Moreover, there was a break below the key $8,200 support area and the 100 hourly simple moving average. Finally, the price traded below the $8,100 level and formed a new weekly low near $8,062. It is currently consolidating losses above the $8,100 level. Besides, it traded above the 23.6% Fib retracement level of the recent decline from the $8,386 high to $8,062 low. An immediate resistance is near the $8,200 level (the recent key support). The next resistance is near the $8,220 level and the 50% Fib retracement level of the recent decline from the $8,386 high to $8,062 low. However, the main resistance for bitcoin is near the $8,300 level and the 100 hourly SMA. Furthermore, there is a key declining channel forming with resistance near $8,350 on the hourly chart of the BTC/USD pair. Therefore, a successful break above the channel resistance and a follow through above $8,400 is must for a decent recovery in the near term. On the downside, there are not many supports up to $8,000. If the bears gain strength, they may perhaps succeed in clearing the $8,000 support area. The next major support is near the $7,800 level, below which the price is likely to head towards the $7,500 zone. Review previous articles:https://email@example.com Telegram： https://t.me/Lay126 Twitter：https://twitter.com/mianhuai8 Facebook：https://www.facebook.com/profile.php?id=100022246432745 Reddi：https://www.reddit.com/useliuidaxmn LinkedIn：https://www.linkedin.com/in/liu-wei-294a12176/
Why Bitcoin is NOT a scam / lottery / bubble / Tulip mania / whatever
So, another thread has hit /all and brought another influx of people new to Bitcoin. I usually don't pay much attention to all negative comments, but since I have some extra time today and nothing better to do... I wanted to address the main thing that often pops up in these threads. Namely: is Bitcoin a scam? First of all, if you asked me this question in few years back (2015 when price crashed back to $200)... I would've said: maybe. At that point jury was still out - I often like to quote Satoshi's genius observation:
In twenty years, Bitcoin will either be worth quite a lot or nothing
With marketcap below $4B Bitcoin was still an easy target. We all remember MtGox scandal, government dumping Bitcoin seized from Silk Road for $48m (boy... did they dropped the ball with that one ;), discussions in Senate etc. etc. Meaning - at that point - it was still possible for rogue actor to pump and dump and break the whole system beyond repair. But, it is end of 2017 now... and Bitcoin is worth over $7000 (boy, will it be fun when it's over 9000 ;). All this results in Bitcoin ecosystem being way more powerful now than few years back. Not only there is daily trading volume of over $3 BILLION going through Bitcoin... There are now Bitcoin companies that are worth over $1B. Hell, there are people who are Bitcoin billionaires. Which brings us to the main point:
Bitcoin is genuine technological revolution, accompanied by tangible merits. In a nutshell, Bitcoin is a scam in 2010s as much as Internet was a scam in 1990s.
1 Bitcoin is valuable because you can do "technologically new" things with it. Never before in the history of humanity we had TRULY DECENTRALIZED "asset" that had properties traditionally associated with currencies (previously always backed by someone / government) or commodities (like gold).
Bitcoin is a store of value. You can easily hold it with your private key and NOBODY can take it away from you. Compare that to having $1 in the bank - government can block it. If you have $1 and you hold it in cash, government can still take parts of it from you through inflation (dollar has lost 99% of it's value from 1950s). Also, compare Bitcoin to gold - it's MUCH easier to store. And much easier to turn into medium of exchange.
Bitcoin is medium of exchange. You can buy stuff directly in Bitcoin. Numerous websites and people around the globe now accept it. You can easily transfer it. Wherever you are in the world, you can instantly send Bitcoin to other people. This is not a big deal for people in first world countries as they have numerous options. But for majority of the world this is a HUGE deal. More than 50% of population is without bank account (let along online bank account) and have no way to participate in global economy.
Bitcoin is unit of account. If you have Bitcoin you can exchange it for whatever currency you want. In a sense Bitcoin is MORE VALUABLE than native currencies of MANY countries. If you are in Venezuela right now, would you rather hold Bolivar or Bitcoin? It's kinda no-brainer, right?
I hope this overview gave you good insight into why it's pretty much impossible for Bitcoin to be scam at this point. Like, I understand that recent HUGE price jump can influence people to see Bitcoin as Tulip mania. But Tulip mania was a scam because nothing substantial changed with tulips over night. People just started paying more and more for them. Plus, you could always produce more Tulips. With Bitcoin you have genuine technological revolution behind. If you own Bitcoin you can do stuff you never could do before in various parts of the world. It's like banking infrastructure on steroids really. Plus, unlike Tulips, Bitcoin supply is limited. Hell, even gold - you can always mine more of it. Bitcoin is fixed at 21 million, for all eternity. Any question - fell free to hit me up. Always glad to help newcomers to Bitcoin! EDIT: One of the responses says - OK, we can agree Bitcoin is obviously not a scam. But, is it a bubble? Consider that Bitcoin has been a bubble for last 8 years. It was bubble when it was $2. It was bubble when it was $30. I thought it was bubble when it broke $2000. Hell, to me stock market is in the bubble. I like to compare Bitcoin to Internet... lots of people thought "Internet is a bubble"... yet 20 years later, here it is... completely changing humanity. In that sense I think Internet is best comparison to Bitcoin... time will tell whether or not Bitcoin is right now in the bubble... but I strongly believe that in 20 years Bitcoin will be above today's levels. Now, if you share my long term prospects - then "Bitcoin bubble" will never be too much of an issue for you. Like - I don't buy in batches... I dollar cost average my BTC investment (you can look through my history for more info). See also Max_Thundernice observation of using Bitcoin as vehicle for protection against inflation... EDIT: I've incorrectly presented amount of money pumped into Bitcoin... read this for explanation. EDIT: I also want to emphasize one thing:
DO NOT go ALL IN hoping that Bitcoin will hit whatever mark. Especially DO NOT BORROW MONEY and GO ALL IN unless you are ready to forget about whatever money you've invested for next 20 years.
95% of people I know that have been trading Bitcoin have LOST most of their money. I know bunch of people who bought at $20 and then sold at $2. Then there is a group that bought at $800 and sold at $200. There are also those on other side of equation... there was short worth tens of millions of $$$ earlier this year when BTC was breaking $1100. Crazy thing - Bitcoin price did drop few days later... but that was AFTER short was wiped out and whoever did it lost TENS OF MILLIONS of $$$. Profiting is not only about being right about eventual price... it's also about knowing when it'll happen. Final EDIT: Blow away by all the feedback. That's why I like to post here - I get interact with people and in the process learn something new. I'll be monitoring my Inbox so if you have more questions just drop them here. And if you like my writing, visit my motivational / various blog that I update occasionally.
Top 10 of The Biggest Cryptocurrency Hacks and Scams Ever
If you have been around the cryptocurrency industry long enough, you will know that one of the biggest risks faced by users is the loss of funds through hacks on cryptocurrency wallets and exchanges. Online exchanges are prime targets for hackers and thieves on the internet. This is mainly because of the amount of funds that are kept on these platforms. For hackers that have succeeded in stealing funds from such platforms, the amounts are usually huge. As much as individual users try to play their roles in securing their accounts by using personal passwords, PINs and codes, there is a higher layer of security that lies in the hands of the platform providers. Once this is breached, the individual security efforts become irrelevant. Over the years, exchanges and wallets appear to have improved in terms of security as the frequency of hacks and platform breaches have reduced. What used to be a common occurrence in the industry has become a rare development, with hacks now few and far between. Let’s take a look at the top 10 of the biggest cryptocurrency hacks and scams ever.
10. Bitcoin Gold ($18 Million)
In May 2018, the theoretical 51% attack possibility was proven in a heist that saw a breach in Bitcoin Gold which cost the protocol $18 million. In this heist, hackers used 51% raw computing power to seize control of the network and carry out their ulterior plans effectively. Ciphertrace and other security outfits in the ecosystem believe that the algorithm weaknesses in Bitcoin Gold’s Proof of Work (PoW) transaction verification may have enabled the success of the theft.
9. Geth ($20 Million)
In June 2018, the Ethereum client Geth was hacked and ETH worth $20 million was stolen. This incidence was reported by blockchain security firm, Cyphertrace. During the hack, JSON-RPC port 8545 was exploited. This is the port that initiates ETH send transactions. All the ETH wallets that were affected by this breach was drained by the thieves, accumulating to the quoted $20 million equivalence based on the price of ETH at that time.
8. Bancor ($23.5 Million)
In July 2018, about one month after the Geth incident, decentralized cryptocurrency exchange, Bancor was hacked and $23.5 million worth of crypto stolen. This particular event raised some eyebrows in the cryptocurrency industry, redefining the general opinion of decentralized exchanges being prone to hacking. The process involved the exploitation of a security flaw in a wallet that was used to update some of the smart contracts on the exchange. Bancor, which was one of the most successful ICOs of 2017, raising $153 million during its token sale, was forced to shut down after the hack.
7. Coinrail ($40 Million)
Coinrail was hacked in June 2018, and $40 million was stolen from the exchange. The South Korean exchange which ranked among the top 100 exchanges by volume, suspended its services shortly after the hack. According to sources from the exchange, the tokens that were stolen included NPXS tokens from the Pundi X project, ATC from Aston and the NPER project’s NPER token.
Binance ($40.7 Million)
Binance exchange was hacked in May 2019 and 7,000 Bitcoins were stolen from the platform. The value of the Bitcoins stolen at the time was about $40.7 million. To achieve their aim, hackers were able to steal API keys, two-factor codes and some other key information to access the wallets. According to the exchange, the incident impacted only about 2% of its total Bitcoin holdings as all other wallets are secure. Affected wallets were promised a refund through the exchange’s Secure Asset Fund for Users (SAFU) arrangement. This is a policy that the exchange uses to prepare for rainy days. A portion of fees charged on the exchange is set aside in order to ensure that platform users do not bear the brunt during occurrences such as this.
5. Zaif ($60 Million)
Japan-based cryptocurrency exchange Zaif was hacked in September 2018 and $60 million was stolen in the process. The theft was possible after hackers gained authorised access into the exchanges hot wallets, making away with huge amounts of Bitcoin, Bitcoin Cash, and MonaCoin. The exchange’s asset reserve could not cover the loss, therefore it reached an agreement with a Japan-listed firm called Fisco to receive a $44.5 million investment in exchange for a major share of ownership.
4. Bitfinex ($77 Million)
The Bitfinex hack of August 2016 was a popular event that rocked the entire cryptocurrency industry. The hack occurred at a time when cryptocurrencies appeared to be shifting gears in terms of awareness and development. As a matter of fact, the aftermath of the event saw the Bitcoin price drop by 20%. After the hack, Bitfinex issued cryptographic tokens to its users that were affected by the hack, all of which the exchange announced to have bought back by April 2017.
3. BitGrail ($187 Million)
$187 million worth of Nano tokens were stolen from BitGrail in February 2018. The reported theft was announced weeks after the unauthorized transfer was initiated. This information was from evidence retrieved from the Nano blockchain explorer by skeptics. While BitGrail recognized the concerns of it users, it however stated that it is impossible for it to refund the stolen amount.
2. Mt. Gox ($460 Million)
The Mt. Gox scandal remains one of the biggest stains on the cryptocurrency industry. In February 2014, Mt. Gox was hacked and as much as $460 million was stolen from the exchange. In the wake of this, the exchange’s CEO, Mark Karpeles issued a statement that accepted responsibility on behalf of his company. “We had weaknesses in our system, and our bitcoins vanished. We’ve caused trouble and inconvenience to many people, and I feel deeply sorry for what has happened, “ he said. At the time, Mt. Gox was the world’s largest Bitcoin exchange that looked impressive from the outside, but many who claimed to know about the internal workings accused the company of a messy combination of poor management, neglect, and raw inexperience. The size of this event left a huge dent on the reputation of Bitcoin and the crypto industry at large. It took a long time before the market picked up again, and for users to regain confidence in the industry. The exchange has since gone down and ceased to exist.
1. Coincheck ($500 Million)
The biggest theft in the history of the cryptocurrency industry happened in January 2018, when Japan-based cryptocurrency exchange, Coincheck was hacked. A total of NEM tokens worth $500 million were stolen in the process. A statement from the exchange accepted the blame and took responsibility for the breach. According to reports, rather than storing its customers’ assets in offline wallets, the assets were stored in hot wallets that were connected to the internet. Coincheck also reportedly failed to protect the wallets with standard multi-signature security protocols. Having traced the destination of the stolen funds, NEM developers created a tracking tool that would allow exchanges to automatically reject stolen funds.
Hacks and massive theft of cryptocurrencies have contributed to the setback experienced by the technology. Each of the events takes a hit on the confidence of investors and willing participants who may not be sure of how the affected exchanges will handle the situation. The industry is however learning from past experiences, as the frequency of such hacks have reduced, while in some cases, modalities are being put in place to ensure that end users do not bear the brunt of such events, just like the case of Binance. The NEM developers’ response to the Coincheck hack has a way of rendering stolen funds unspendable, as long as other members of the community comply. However, no one knows how long this will last, and if the hackers will be able to nullify the traceability of the stolen coins yet. The action by the developers will discourage hackers and thieves, but is yet to restore value to the end users whose funds have been stolen. For the industry to grow as it should and become stable, security of funds need to be established. Exchanges and developers are continuously making efforts to ensure that funds and transactions within the industry remain safe at all times. http://bitcoinadvisor.info/top-10-of-the-biggest-cryptocurrency-hacks-and-scams-eve?fbclid=IwAR1aKdbjF1HQpFQq3jH6PQptxt7mhXHJWsABPnlN5ZEjmq07ByMEYWvVezM
I'm an early Bitcoin adopter. As of today, I own no Bitcoin. RaiBlocks is my biggest holding. Here are my thoughts regarding the current situation.
I might get some shit for this, even from this community. I was an early adopter in Bitcoin since 2013 when the BTC price was in double digits. I didn't buy an insane amount, but I also didn't sell until mid to late 2017. I held through the Mt. Gox scandal, Silk Road shutdown, all of the China bannings... The first time I sold any was when Jihan and his crew announced that they would hard fork. The community had already become toxic, and everything you saw on Reddit was related to the "war" and how other coins sucked. This was in contrast to the good ol' days when you could go online and read about the technology and its progress. Despite all of the drama, I was still a Bitcoin fanatic. I didn't like Ethereum at the time because all of the Ethereum fanboys were talking shit about Bitcoin and how "the flippening" was coming, and I was on the "Bitcoin side." Slowly, I had started to lose faith in Bitcoin due to this ever-worsening dipolar situation where the Bitcoin fans had divided into Core supporters vs Bcash supporters. The Core devs would absolutely refuse to allow 2mb blocks (and mentally insane Luke Jr even wants to reduce BTC blocksize), and the Bitcoin Cash fans wanted endless blocksize with no Segwit or other improvements. Kind of like Democrat versus Republican where you need to be one or the other, or else you don't fit in. There is an old Arab proverb: “I against my brother; I and my brother against my cousin; I and my brother and my cousin against the world.” Unfortunately we are still not at the point where we can act amicably towards one another - even in cases where two coins are not direct competitors... And I realize now how I got sucked into the Bitcoin cult and the r-bitcoin vs r-btc war. I realize that I had slowly become blind. In late 2017, I was still moving BTC around in contrast to some people who put it into cold storage and forget about it. I was quickly becoming tired of waiting to see if my $15 fee transaction would get me into the next block or three. I was tired of waiting to see when my transaction would get its first confirmation. I would wait between one hour and days to see when my transaction got a certain amount of confirmations. In the early days of Bitcoin, the most popular meme and one of the few memes posted was comparing the transaction costs of Western Union and MoneyGram to Bitcoin. In early December I sold some BTC for RaiBlocks. It was a new technology that I didn't know much about (relative to Bitcoin, which I know a lot about), and it wasn't popular at all. When I read more about Raiblocks, I sold all of my "faster" altcoins into it (i.e. Litecoin and Vertcoin). And even more of the "king" Bitcoin. I grow tired of people trying to make a quick buck while fomo'ing into shitcoins and not caring about technology or purpose. Bitcoin no longer deserves to be in the #1 spot. As of today, I own no Bitcoin. I sold every last bit of it. I put it into RaiBlocks and Monero, and Ethereum. I put my money in the coins that deserve it. The coins that the world needs. And the three biggest needs in my opinion are that of a fast, digital, decentalized currency with no fees; a complete privacy coin that may be slower and higher in fee; and a platform for applications. Bitcoin is the next Myspace. It no longer solves a problem or fulfills a need. Nano. Monero. Ethereum. Nano/RaiBlocks is doing remarkably well despite these exchange problems. The developers are doing a remarkable job. Hell, even BitGrail may be doing a really good job with respect to the amount of resources they have. Remember the saying "be greedy when others are fearful"? Stop being so god damn impatient! If Nano were to fail for some weird reason, then so be it. I'll see you guys later, one way or another. Either on the sea floor or the moon.
Chromapolis FUD: Stop the nonsense. (RE: The Ian Balina Scandal)
This piece was originally posted here by an anonymous writer, but I thought that it hadn't received enough views to truly defend the team. I'm sure many of you saw the Ian Balina ICO pool scandal here, but I thought it unfairly dragged down Chromaway's name with it. ---------------------------------------------- There has been massive amounts of FUD going around the ICO community–some accusations are well-founded, and I understand the confusion and anger. I’m not here to defend the actions of the team, and I’m not here to say that they have reacted in the best way possible. Nor am I here to defend the actions of Ian Balina. I am, however, here to defend the characters of the ChromaWay team and the accomplishments and contributions they have made to the blockchain industry. First of all, Alex Mizrahi has contributed more to the development of this fascinating industry than 99.99% of ICO participants. The ChromaWay team, led by Alex, were the first to create a protocol capable of issuing tokens, called “colored coins” at the time (circa 2011~2012). The concept was so new at the time that he even had to quote Meni Rosenfield on what “colored coins” were:
By the original design bitcoins are fungible, acting as a neutral medium of exchange. However, by carefully tracking the origin of a given bitcoin, it is possible to “color” a set of coins to distinguish it from the rest. These coins can then have special properties supported by either an issuing agent or a Schelling point, and have value independent of the face value of the underlying bitcoins. Such colored bitcoins can be used for alternative currencies, commodity certificates, smart property, and other financial instruments such as stocks and bonds.
What were you doing to help this revolution? They may have made mistakes--after all it is their first ICO. But it’s not fair to attack their character based on miscommunications and mistakes, that ultimately have no long-term effects on the project. If you have a problem with the way they have communicated with the community and investors that is completely reasonable. But do not start acting out character assassinations on people that have been building infrastructure in the space for years simply because you are unhappy with their inexperience in PR relations and communications. Come at them with your concerns not your vitriol. Creating anonymous posts where all you do is bash on them without providing constructive criticism will only create more problems. To add onto this, this article has been making the rounds and makes a lot of assumptions and straight out unfounded accusations. To be more specific near the end they call out an influencer known as “TheGobOne” as having been fined $400,000 by the SEC because of pooling. First of all TheGobOne is a Canadian citizen and is not governed by the SEC. And by his own word has not been in contact or been contacted by them in regards to pooling funds. To create entirely false talking points to support your narrative is as disingenuous as possible. Why the author felt the need to spread lies to try and support his point shows a clear alterior motive in trying to character assassinate influencers and team members associated with the project, rather than coming at them with purely fact based concerns. Above: TheGobOne refuting claims he was fined by the SEC in his Discord Announcements channel earlier today. Everyone in the blockchain space has been a bit on edge lately because of the serious market downturn. If you’re an investor you’ve been feeling the heat of the giant -70%+ losses on altcoins. Feeling frustrated at that is completely natural but in the end we have to make sure we don’t explode at projects and people that have little to do with our own down investments. There are teams and projects that are simply trying to build something they believe the space needs. Let’s try to make the crypto community stronger and come together to help these developers make the best projects they can. Without bombarding them with negativity for every mistake they make on the way there. Ending on a lighter note, you can see Alex’s true character in a funnily relevant thread from 2012 titled “fuck this shit, I want my own blockchain!” where he says:
I understand that many community members won't like some of these features, but the goal here is to try new things, not to get some people rich. If you don't like it, then forget about it. If nobody likes it, I have other things to do.
Since the advent of blockchain technologies and associated cryptocurrencies in 2009, less than 30 million wallets have been opened around the globe. Mass adoption of Bitcoin has not reached the heights expected yet and it has become a worry to most investors of the asset. Back in 1989 during the advent of the internet age, much skepticism and criticism were thrown about the industry. Ten years later, over 280 million people were connected to the internet globally. Blockchain has had the same calls of growth but is yet to gain such adoption in the world. According to Statista, the total number of blockchain wallets opened as of Q3 2018 is 28.8 million users. This shows close to 10 times fewer people accepting blockchain compared to the internet in the same period, what could be the issue? Graph showing the growth of blockchain wallet users. (Image source: statista)
Steps to Mass Adoption of Bitcoin
The problems associated with the mass adoption of Bitcoin are easy to spot out but finding solutions is not as simple. Below we look at the various steps to be taken to increase the adoption of Bitcoin across the world. In general, the issues can be categorized as systemic and unsystematic challenges.
1. Unsystematic issues
· Solving scalability issues
One of the most persistent problems in the world of cryptocurrencies is the scalability trilemma. The trilemma involves Decentralization – Scalability – Security and the challenge of a blockchain project obtaining all the three. Bitcoin and Ethereum were created with decentralization and security in focus. However, it became evident that the transaction processing times can be extremely slow and expensive. Well, from the technical side, there are still some obstacles as far as I see – the current 7tx/s limit is quite too low to provide a global payment network. Still, I believe that all these aspects will be solved over time – and all these smart brains out there will come up [with a solution] for these current or upcoming issues. – Dominik Weil, Co-Founder of Bitcoin Azerbaijan This problem is currently being addressed using the Lightning Network that is set to increase the throughput and speeds on Bitcoin’s system. For masses to uses the technology, transaction times need to be minimized.
· Security and ease of use
https://preview.redd.it/ynioferrf6621.png?width=624&format=png&auto=webp&s=23bc084b90f713aca18af314c9ef31b361e49617 Cryptography is one of the safest ways to transfer value in a peer to peer network. Bitcoin has however suffered from the theft of private keys and theft of coins as seen during the Mt. Gox scandal. Furthermore, buying and exchanging of Bitcoin requires a longer process than most payment options. New investors in the field are usually discouraged in the processes required to obtain and store Bitcoins. Having a one-stop shop that you can buy and securely store your coins will play a huge role in the adoption of Bitcoin in the future.
2. Unsystematic challenges
· Government participation in blockchain: “Regulation first, Business later”
Governments have the biggest role in pushing global mass adoption of Bitcoin in two major ways: regulation and education. Blockchain technologies have suffered a lot in the past decade from governments lacking proper regulations set in place for the industry. The Securities Exchange Commission (SEC) has a “regulation first, business later” policy (Image: Bitcoin Magazine Mass adoption of Bitcoin needs the government’s regulations to be implemented well and in a timely fashion. Working in an unpredictable environment makes it difficult for people to join the movement which should be solved by setting fixed rules. “The first step for Bitcoin to be adopted on the mainstream level is US government’s stamp of approval, the rest has already been done – ATM machines, Bitcoin Exchanges, Merchant Accounts, Bitcoin Wallets, Bitcoin Payroll – the system is up and running.” – Michal Handerhan, CEO of BitcoinShopUS. The recent regulations being set in the United States by the SEC and further scrutiny by the Chinese governments will be key for mass adoption of Bitcoin. The G20 summit also discussed the blockchain industry but are yet to offer a conclusive say on the topic yet.
· Big Corporations and Merchant adoption
One external factor that will boost the mass adoption of Bitcoin as a form of transaction is adoption by big corporations and merchants. According to Kevin Barnes, CEO of Playcoin Entertainment, “The largest corporations accepting bitcoin as a global payment form. The more your daily life sees bitcoin being accepted as a payment form, the more you are programmed to adopt it as such mentally.”
· Kill off speculation in the market
Bitcoin is being used more as a speculative asset rather than a transaction asset. This has made the price of Bitcoin extremely volatile from highs of $20000 USD to $3500 USD today, less than a year later. Such wild swings in volatility continue to push away investors (risk averse) from the asset. “For Bitcoin to have value as a payment method, two things need to happen: It must be very easy to obtain bitcoins and it must be very easy (and cost effective) to use them to purchase a wide variety of goods.” – Teemu Päivinen, CEO of Coinmotion Having stability in the price of Bitcoin will not only increase adoption among the retail investors but institutions as well. A currency requires stability for widespread use to grow hence the need for stability with Bitcoin.
3. Regain trust of the people
https://preview.redd.it/haoefjt6g6621.png?width=624&format=png&auto=webp&s=26cdb848bd5f93f3d7ff04efe957ed3d7f10e089 Trust is almost completely lost in the blockchain and cryptocurrency industry. This can be seen through the closure of most blockchain projects barely a year after offering their ICO. As of 2017, over 60% of the projects that offered an ICO were scams or failed before the end of Q3 2018 In a recent survey carried out by PricewaterhouseCoopers (PwC) users specified Trust as one of the biggest barriers to blockchain adoption. Potential reasons could be the constant exchange hacks, scams and the whole bad publicity surrounding ICOs. In a sense, people still don’t trust the technology itself. Many are put off by the possibility of losing all their funds due to a private key theft/loss. Regaining trust will require stringent laws to be in place to kill off ICO scams. Notwithstanding, pump & dumps and any kind of underperforming project should be destroyed. Investors’ trust in projects that are stable (and NOT scams) will increase the overall adoption rate of Bitcoin.
· Measures to regain investors trust
Vitalik Buterin, Founder of Ethereum speaking at TechCrunch (Image: TechCrunch) Vitalik Buterin, Ethereum’s founder has repeatedly called for a new model for ICOs to operate, DAICOs. This model allows investors to vote on the release of funds raised in a gradual manner. Provided investors are satisfied with the performance of the team, they release the next batch of tokens. If the team underperforms, investors can decide to destroy the contract and get their funds back. This keeps the development teams focused on the project and discourages raising capital without a solid plan.
On Nov 27th and 28th, the first ever VeChain Foundation Steering Committee meeting was held in Singapore. Over the course of this meeting, we have accomplished a lot. We are pleased to say that we have finalized members for our VeChain Foundation Steering Committee; we have revolutionized our blockchain foundation governance system; we have discussed the evolution of the our blockchain design and functionalities and an exponentially upgraded economic model for all of our stakeholders. In celebration of the VeChain Foundation evolution, we have initiated a rebranding effort, or rather an escalation of our brand, which we will have finalized within a month and a half. More will be presented below. VeChain believes that a well governed foundation is the key to longevity, growth and stability. Making an actionable governance system, that matches the identity we envision for our product, is the base in which we built on for our apotheosis. As such, the governance model of VeChain Foundation was at the paramount of discussions. VeChain is going through an evolutionary period across all aspects of the foundation as directed by our Board of Steering Committee. At its core, the VeChain Foundation does not believe in a fully anarchically decentralization, nor does it believe in totalitarian governance. It is for that reason the board members envisioned something in between. Our governance structure is a new breed of a decentralized system through centralized channels, at its core it is a principal never seen before within the blockchain industry. PICTURE ONE Being the centralized agency to govern the decentralized workflows, VeChain is as strong as our Board of Steering Committee enables us to become. The Board of Steering Committee oversees the various functional committees within a decentralized foundation. The board members, though a governing agency, ultimately guide units towards cohesive goals and enables collaboration, efficiency, and output across channels that traditional org charts cannot. The Board of Steering Committee is the governing body of VeChain Foundation. It oversees the various functional committees within the foundation and represents the balanced interests of the VeChain blokchains stakeholders as a whole. Stakeholders include Blockchain Smart Contract Owners, VeChain Authority Nodes, and token holders. In addition, the Board of Steering Committee ensures the development, innovation, coordination and advancement of the VeChain blockchain ecosystem. Though not necessarily involved in day to day operational activities, the main functions include but not limited to the following:
Propose and organize blockchain-wide general voting;
Review and approve the Foundation’s fundamental strategies on technical, financial and business;
Review and approve the governance principle;
Review and approve the Foundation’s annual budget;
Review, approve and monitor the procedure of nomination and election of the Steering Committee members, functional committee chairs and the General Secretary of the Foundation.
The Board of Steering Committee must be comprised of brilliant and respected individuals across a multitude of industries and it is for that reason we are very lucky to introduce our complete Board:
PwC Cybersecurity and Fintech Partner
Head of Regulation Committee
CEO of Greater China Region, DNV GL Business Assurance
Head of Public Relation Committee
CFO, VeChain Co-founder
Head of Operational Committee
Margret Rui Zhu
Assistant Professor of City University of Hong Kong
Head of Compensation & Nomination Committee
Chief Scientist, VeChain Partner
Head of Technical Committee
Global Digital Transformation Director, DNV GL Business Assurance
In charge of VeChain business development related affairs
CEO, VeChain Co-founder
General Secretary of the Foundation
C Y Cheung - PwC Cybersecurity and Fintech Partner Chun Yin Cheung is a partner in PwC China's Risk Assurance Practice, based in the Shanghai office, having worked at PwC for over 14 years. Mr. Cheung is an information security subject matter expert, with extensive experience in security assessment and regulatory compliance related advisory for financial service institutions in China and Hong Kong. Mr. Cheung was educated at the Hong Kong University of Science and Technology and achieved a Bachelor of Business Administration (B.B.A.) in Information Technology George Kang - CEO Greater China Region, DNV GL Assurance George Kang has worked for one of the biggest state-owned automotive design and manufacturing company - SAIC Motor before joined GNV GL in 1999. George has accumulated extensive experience in supply chain management, product assurance with a particular strategic focus on the food & beverage, healthcare and automotive & aerospace sectors. George was graduated from Shanghai Jiaotong University with a bachelor degree in Engineering and EMBA from Xiamen University. ** Jie (Jay) Zhang - CFO / CoFounder VeChain** Jay has worked at 2 of the ‘Big 4’ accountancy firms - PwC and Deloitte’s and joined VeChain as leader of their Blockchain governance framework design and digital asset management framework. Jay has 14 years’ experience in IT assurance and advisory services. Jie’s major areas of expertise and experience include IT General controls, IT security, IT Governance and risk management, System Application Controls, etc. Jay was educated at Shanghai Jiaotong University and studied Electrical and Electronics Engineering Margret Rui Zhu - Assistant Professor City University of Hong Kong Professor Zhu received her BA from Fudan University, China, MA in Economics from Indiana University USA and PhD in Finance from University of Texas at Austin USA. Professor Zhu is currently interested in corporate finance, corporate risk management and the interaction of capital market and product market. Peter Zhou - Chief Scientist / VeChain Partner Dr. Zhou obtained a Ph.D in Computer Sciences from the University of Southampton and serves as VeChain’s R&D Director. He has been involved in projects funded by the European Commission and Academy of Finland whilst working as a postdoctoral researcher for the University of Kent in the UK. He has been published in numerous international scientific research journals. Renato Grottola - Global Digital Transformation Director, DNV GL Assurance Renato is an experienced global Director with a demonstrated history of working in the advisory industry, skilled in Strategic Planning, Mergers and Acquisitions, Business Development and Management of complex international operations. Renato has been working on a blockchain backed project to introduce ship certifications to a private blockchain. Sunny Lu - CEO, VeChain Co-founder Sunny Lu, the Project Lead for VeChain, has a wealth of experience in IT and Information Security across luxury retail brands, with his most recent role prior to co-founding BitSE being as CIO, IS&T Director for Louis Vuitton China. Part of the LVMH Group, other famous brands across the portfolio include luxury fashion brands Givenchy and Christian Dior, alongside Champagne Brands Moet et Chandon, Veuve Cliquout and Dom Perignon. Sunny was educated at Shanghai Jiao Tong University and studied Electronics and Communication Engineering A board of this magnitude will need outside forces keeping them in check and aiding in the design, implementation, and vision of VeChain. This is why VeChain has seeked out a promising Advisory Board to be a backbone that the foundation can lean on to provide immense wisdom and experience in the blockchain industry. VeChains Advisory Board is currently comprised as follows:
Partner, founder of FenBuShi Capital
General Counsel of Bitcoin.com
CEO of ChainB.com
Partner of Broad&Bright Law Firm
CEO of BitOcean
Bo Shen - General partner of FENBUSHI Capital Bo cofounded Bitshares, Qtum, Zcash, etc. He is also a veteran of traditional financial industry, accumulating 12 years of senior management in brokerages, hedge funds and investment banks. Daniel Kelman - General Counsel of GSR and Bitcoin.com Daniel represented the interests of creditors who lost funds in the MtGox hacking scandal. Besides, he is also a co-founder of BitOcean Japan, a cryptocurrency exchange which will be licensed by Japanese regulator FSA. James Gong - CEO of ChainB.com ChainB is the most influential professional blockchain and cryptocurrency media in China. Roland Sun - Partner of a full-service Chinese law firm named Broad&Bright Roland has rich experience in providing law consultancy services in the following practice areas, such as cryprocurrency, blockchain, banking and trust. Nan Ning - CEO of BitOcean BitOcean is a cryptocurrency exchange which will be licensed by Japanese regulator FSA. With the combined expertise of the Board of Steering Committee and the wisdom of the Advisory Board, VeChain has the foundation to be a revolutionary force within the blockchain industry and a global initiative for decentralization of businesses, truly embracing a digital way of life.
As mentioned above, VeChain stakeholders include Blockchain Smart Contract Owners, Authority Nodes and token holders (including VeChain Economic Masternodes/Nodes). Each of the stakeholder holds at least 10,000 VeChain tokens with a single public key will be considered to have ONE vote, and each stakeholder can have not more than ONE vote. PICTURE TWO The following fundamental subjects will be voted by the stakeholders:
The election of new Board of Steering Committee;
The modification of fundamental consensus mechanism;
Other subjects that Board of Steering Committee deemed necessary for general voting.
The general voting activities shall be carried in the VeChain Blockchain voting platform, designed to ensure anonymity, accuracy and not subject to manipulation.
Our brand is not our name or logo, it is who we are. It is as much our governance model as it is our economic model. With VeChain undergoing its apotheosis it is imperative for our brand to grow with it. This evolution brings VeChain from a status of a blockchain solution to an one of a kind blockchain pioneer that can last indefinitely, offering a powerful and adaptable product for any business process that could benefit from trustless, immutable, and readily available data. This evolutional output requires us to reinvent the structure of our mainnet to coexist with an economic model design for indefinite stability and reward. As a result VeChain has become bigger, faster, stronger, disruptive, ambitious, incentivized and above all else, impactful. The board has made every effort to bring power to the stakeholders/people of VeChain. There are many attributes that make the Norse God “Thor“ and VeChain similar, and therefore: VeChain is opting to upgrade the VeChain blockchain itself to VeChain Thor. The process of this transformation we call Apotheosis. Our efforts towards apotheosis will last over the course of a month and a half from today, the full range of details will be released periodically from now until the mid of January. Here is a glimpse at some of the changes being incorporated into VeChain Thor:
VeChain Blockchain will be upgraded to VeChain Thor Blockchain
Upon this release, we will be converting the existing VEN tokens for VeChain Thor tokens (VET). We are taking the appropriate measures to make this conversion seamless, we will begin this process by aiding current exchanges with the conversion first, all future exchanges will list our token as VET instead of VEN, including the ones we have been actively speaking to prior to this announcement of the name change.
Transactions on VeChain Thor Blockchain will not use VET token as expense. This is our way of giving back to the stakeholders. In turn the blockchain transactions will be incentivized through other reward structures. This allows VeChain to offer a stable and predictable budget for enterprise users. This new system also enables resource optimisation and adjustments by economical approaches for the indefinite future.
In order to take full advantage of decentralization and strong governance, the Foundation has decided to adopt Proof of Authority as the consensus mechanism of the VeChain Blockchain so that future developments are aligned with vision and direction the Foundation has designed;
As for Nodes and Masternodes, (Yes, we have them!) We categorize two major types of nodes on the VeChain Thor Blockchain, a total of four distinctive nodes all together:
One Authority Masternode
Three Economic Masternodes/Nodes
VeChain Authority Masternode
Thrudheim means ‘World of Strength’ and is the home of Thor. We announce Thrudheim Masternode as the senior and most privileged masternodes that VET token holders can own. There will be a total 101 Thrudheim Masternodes on the VeChain Thor Network. Thrudheim Masternodes:
Receive the highest rewards of any node operators on VeChain Thor;
Hold the most power when it comes to voting rights
Are the most senior of masternodes that VET token holders can attain;
Stabilise the VeChain Thor blockchain network;
Are selected and rated based on the criteria the VeChain Foundation announce in the near future;
To successfully become a Thrudheim Masternode Owner operating a Thrudheim Masternode, the token holder needs to fulfill certain criteria: A) Owns a Qualified Thrudheim Masternode Candidate, the said candidate is a trackable address holding a minimum of 250,000 VET/VEN starting from Trust Tracking Day until the Date of Decision. Date of Decision will be announced soon, this date should coincide approximately with our main net launch date. B) The person who owns a Qualified Thrudheim Masternode Candidate is a Qualified Thrudheim Masternode Operator Applicant and will automatically enter into the application process, given he/she meets the below criteria:
Due to the importance of these Masternodes, and the limited number available, VeChain Foundation will need a period of time to observe and review each applicant to determine their trustworthiness and value proposition within the network, and the decision of acceptance will take into consideration of the holder’s contributions to the Foundation as whole, therefore, the Trust Tracking Day of the Thrudheim Masternodes will start on December 21th. More detailed information soon to be released on The Decision Making Criteria of Becoming a Thrudheim Masternode Holder.
The moment the token holding of Qualified Thrudheim Masternode Candidate is less than 250,000 VET, the address will lose the privilege of applying to become a Thrudheim Masternode when the blockchain launches.
Hardware conditions: CPU, hard disk capacity, memory, overall performance will be reviewed individually.
A full KYC and application procedure.
VeChain Foundation will release a detailed Thrudheim Nodes selection standards, procedure and rewards together in a later announcement.
VeChain Economic Masternodes and Nodes:
A VeChain Economic Masternode/Node offers stability to the ecosystem and acts as a distribution of power and privilege within the blockchain’s economy. VeChain Economic Masternodes/Nodes also have representation within the ecosystems voting periods. For an address with at least 10,000 VET/VEN held, a node represents one vote within the majority consensus. Unlike Authority Masternodes, Economic Masternodes/nodes do not produce blocks and ledger records.
Token possession: 150,000 VET and above Incentive received: receive the highest reward among VeChain Economic Nodes. Cannot be upgraded More information on Mjolnir Masternodes soon
Thunder Nodes (Higher-incentive Nodes)
Token possession: 50,000 - 149,999 VET/VEN; Incentive received: receive the higher Thor incentive; Can be upgraded; More information on Thunder Nodes to come.
Strength Nodes (Medium-incentive Nodes)
Token possession: 10,000-49,999 VET/VEN; Incentive received: receive the medium Thor incentive, however, still more than none-node holders; Can be upgraded; More information on Strength Nodes to come.
Holders with less than 10,000 VET tokens receive default incentive.
Important Timetable and planned events:
Hold corresponding quantity of VET/VEN tokens in a trackable wallet (such as MEW) starting from 00:00:00 UTC+8 on 21st December; if your wallet has more than or equal to 250,000 VET/VEN, then you will be considered as an applicant to become a Thrudheim Masternode Operator, this is one of important must-have criteria when the Foundation selects Thrudheim Masternode Operators.
Any wallet holding a corresponding quantity of VEN/VET tokens for any other nodes begins to accumulate seniority and that will be used as a means of distributing incentives in the future.
An official strategic partnership announcement event is planned late January at London between DNV GL and VeChain.
A VeChain Rebranding event, in Singapore, is planned for mid-January.
A detailed economic model upon completion
Listing on a major exchange in December
A complete upgrade and rewrite of our current “VeChain Development Plan (Not a Whitepaper Document)
A short history of the most famous crypto exchange’ scam. We showed the history of Mt. Gox – the most scandalous crypto-exchange with the help of Little Big, Skibidi song. In 2014, this exchange conducted 70% of all transactions within the bitcoin network. But after the hacker attack 850,000 of bitcoins was stolen, and 750,000 ofthem were customer’s coins. If only Mt.Gox were decentralized exchange the hackers could not steal customer’s funds. DEEX is the best thing that has happened with decentralized exchanges. Trade on DEEX and get profit! Right now! Safe and secure! https://deex.blog/2018/12/22/the-story-of-the-most-famous-scam/#more-1363
The UnTethering: What happened to Tether and Market today?
(1/2) This will be a two part post. First will explain the Current Situation of Tether and market while the Second one will explain the Downsides of Tether and its Future Impact on the Crypto Market. Impending Tether Collapse Rumors are not new if you have been in the crypto space for a while. But, today was a little different. The crypto market and Bitcoin investors went in for a shock today, as Tether, a self-proclaimed “stablecoin,” fell 6% below its U.S. Dollar (USD) peg touching its ATL at $0.86 while shooting its competitor coins above $1.10. A USD-peg stable-coin touching that mark was both funny and disturbing situation. These are the few things that escalated the situation further:
Bandwagon Effect - A Belief that everybody thought all USDT pairs are pumping because everyone wants to get out of USDT. Thus, I should also do the same.
FUD related to Bitfinex and Kucoin got cleared after Bitfinex released the statement that they will open the deposits in next 24HRS (http://twitter.com/bitfinex/status/1051750465782906880), or in case of Kucoin, already opened (https://news.kucoin.com/en/usdt-deposits-and-withdrawals-are-now-enabled-2/). That Binance delisting FUD was fake though. We even saw someone circulating fake Binance USDT delisting notice. And last but not the least the typical Bandwagon effect we can always see in trading markets. Thus, Against the background of Tether fall, BTC and ETH were growing. But there is a significant difference in the rates between USD and USDT. At one point, the price spread between the value of Ethereum on Bitfinex and Coinbase surpassed 10%, which is nearly unheard of in the nascent crypto market. While USDT is one of the most liquid crypto assets in this market, the order books of the BTC/USDT trading pair couldn’t handle this unprecedented liquidation, resulting in Bitcoin’s unrelenting move above $7,500 on Tether-enabled exchanges. However, it is unlikely that this irrational price action will be sustained for an extended period of time. All you need to do, is the math behind 'premium' value of USDT supporting exchanges, against ones with real US dollars. (2/2) The UnTethering: Tether and its Impact on Future Crypto Market Collapse. Now, even though we have cleared the FUD regarding Tether, we don't mean that Tether won't eventually collapse. There is a strong likelihood of that happening. You can count the situation today as a cautionary bell for future Tether implosions. We highly recommend you use other stablecoins as much as possible for stability requirements. The next scandal is brewing as we speak. The only thing we don't know is when. So, Better safe than sorry. Here is a simple explanation for the same. Note: The idea behind this post isn't to create FUD, but to create awareness among the masses. Q. If tether's value goes to zero, but I have alt coins on binance, how would I lose some of my alt coins?A - The idea is that on first sight Tether doesn't seem like a very big coin. Sure, it's top 8, but there are bigger coins on Binance. However with a lot of coins their market cap on paper is not their "real" market cap, it's not a real value invested in those coins, so a $1 billion market cap coin might only have a $5 million of value that was actually invested in it. So if somebody sold $5 million worth of that coin, it would basically drop to zero and have no market cap (some people would obviously buy it up at that point just due to the opportunity but that's a different thing). So you have hundreds of coins on Binance, which combined on paper have a market cap of hundreds of billions of dollars, but the real value in them is maybe 5% of that. But with Tether every 1 USDT is actually 1 real dollar of value invested (obviously this is debatable, but that's the premise of tether). So you have $2.4 BILLION of REAL value against maybe $10 billion of real value with other coins (if we exclude BTC). So if Tether collapses and goes to zero, Binance suddenly doesn't have the money that it "technically" owes its users, because Tether is never supposed to be under $1, it's not treated as a traditional coin where if it goes down it's your fault. Meaning, If tether is trading at 97.5, it means that people think there is a 2,5% chance they will not be able pay you the $1 when you ask. That’s the risk you take with your strategy. So, Binance will likely halt all trading and moving of tether, and that will create bunch other problems. There will be massive outrage and there will be thousands of lawsuits. Simply put Binance will suddenly find itself in a position where they owe people $10 billion dollars, but they only hold coins worth $8 billion dollars, so they might be forced (either willingly or by law) to pay up and bail out the tether holders. But that might be debatable based on whatever the courts would decide at that point. Not to mention Binance (and just about every exchange out there) uses Tether for trading with other exchanges, and that could create a range of other issues. Tether claims that every Tether they print is backed by real US Dollar, but although their website claims that they are subject to frequent professional audit, this has never happened. There has been one incomplete audit (and some conflict of interest) back in June. So basically nobody knows if Tether is backed or if they are printing it from thin air. Thus, If tether collapses the entire market will break for YEARS. It might even be worse than Mt. Gox. Not to mention basically every exchange out there uses Tether and many people that have funds on these exchanges may lose portions of their funds or even all of it, even if they never touched tether. Thus, We need better stable coins, we can't rely upon a really shady currency propping up the market. There's starting to come better alternatives like Gemini, DAI and Paxos but they don't have enough circulation or volume to cater the needs of the crypto market. So, we need to carefully revisit our strategy and deliberate what's good of us in a long run. Content by (@) whatsoncrypto (What's On Crypto) and Cointify
What are your best alternatives to USDT to hide your capital for the potential upcoming hard correction?
We've had a massive influx of attention towards bitcoin and crypto over the past few weeks, and i'm sure many of you can recognise that more and more are entering the market on the basis of FOMO. I myself have had 6-7 friends all of a sudden take an interest in crypto and are asking for advice. Bitcoin and crypto will rise long term but these short term gains seem to indicate they might not be sustainable for now (potential V top forming). What are your best alternatives to USDT considering the huge amount of FUD and general consensus of Tether carrying out some shady business? I am beginning to feel like there's going to be another scandal in the near future, and it'd be ignorant of us to think it not possible since the likes of Mt. Gox, Parity etc have happened in the past.
Hello Buttcoin. I'm writing my Master's final project on a topic I'm sure many of you will be interested in- "Everything that's wrong with Bitcoin". After doing an economic critique on everything that's wrong by design, I want to add a chapter with everything that went wrong in practice. I'm obviously going to give a special chapter to Mt. Gox and the Chinese bubble(s), but I'd like to add a few of the larger SFYLs caused by all sorts of crooks, ponzis and the like. Since looking through this subreddit would take hours, I ask you, oh shills, could you point me in the direction of some of the biggest scandals from the past years? I'd really appreciate the help of your collective memory. Thanks in advance. Cheers.
Conspiract Theory: Satoshi invented the first ever quantum computer
Imagine you're Satoshi who in this scenario is a mad scientist You've just invented the world's first quantum computer! Wow you're a fucking god. Now it's time to make lots of money and go down in history as one of the greatest inventors of all time! No, that would be too easy. Instead, wouldn't it be enticing to flex your scientific merit along with your economical prowess and evil plot forming prowess? Why not weave a story worthy of being the featured chapter in future history textbooks? So satoshi began to brainstorm, and he decided that he would try to invent a revolutionary technology which is unbreakable, except through quantum computing. He stumbled upon papers from people trying to create the world's first decentralized currency. Bingo. He then created bitcoin under the false alias of 'satoshi'. Why did he leave himself anonymous? Well if we knew who he was off the bat, nobody would care. Have you seen how much more often people talk about satoshi than they do about vitalik? This just adds more and more depth to the legend of the mythical 'satoshi'. So I think you know where I'm going with this, but satoshis plan is to create the largest ponzi scheme of all time. The reason it's so convincing? It's built on a REAL product, it's the PERFECT crime. Fast foward a couple years and satoshi begins his strike, he steals all of the coins from mt gox. Having no idea wtf just happened the owners of mt gox panic and go into hiding/off themselves to avoid punishment, as they know there is no way to explain themselves in this situation. Satoshi was ready to finally reveal who he is. But he had a funny feeling that he should wait, and his gut was right. Bitcoin somehow rebounded, even after a 500million dollar scandal. He realized his work was not yet done. So years start to pass and satoshi is realizing that the world needs help revolutionizing into the realm of cryptocurrency. So he decides to create a new coin known as ethereum, with even more advanced tech which would help speed up adoption. He allowed his son under the guise of vitalik buterin to be the face of this project. In this fasion, the grand reveal that vitalik and satoshis pasts were so intertwined would be incredibly awe-striking to the citizens of earth when the inevitable happens. And now, legend tells us that satoshi does nothing but sit, and wait while quietly laughing to himself and waiting for the entire world economy to become reliant on cryptocurrency. So that he can finally make his mark on world history. Now I know what your thinking, how could you trust another person with this plan? Even if its his son, clearly satoshi is nuts so he would never entrust anyone with this kind of information, and who the hell would make babies with somebody like that? Not to mention, how old is this guy that he thinks he has any chance of still being alive at a time when cryptocurrency dominates a majority of the world economy? Well, it's quite obvious. Satoshi isn't vitalik buterin's father. In fact, they are the same person. One day, satoshi will strike. He will use his quantum computer to destroy everything that everyone is working so hard for. And when he does, the world economy will collapse, and everyone would be at his mercy. TLDR; It's basically a bunch of nonsense, but if it was a fable I'd say the moral is that maybe you shouldn't someone without a reason too? idk tbh Enjoy memorizing this and reciting it around the campfire when you try to scare your normie, weak-handed friends. And btw I know what you're thinking. No, I'm not a professional writer. And yes, I am on medication so don't worry
Factors driving the current crypto dip and what it means
Bitfinex taxation policy, the scandal of South Korea’s two largest cryptocurrency exchanges UPbit and Bithumb, and the initial sell-off of the Mt. Gox trustee’s bitcoin funds. All these issues are getting ironed out relatively soon. Personally, I am treating this as a buying opp. hodl strong
Why people saying buy the current dip when we all know the price will fall further in the coming weeks
Its obvious price will fall to around $1300 before Aug 1st and when the split happens will fall again to $700-800. So who's mad enough to buy at high $2000 now. Theres still 2-3 weeks left for segwit drama and already bitcoin has lost $1000 of value from $3000 to $2000 in a couple of weeks so imagine how much further it can lose in 2-3 weeks more. This is bitcoin biggest crash more bigger than mt.gox 2013 scandal all because of segwit in theory suppose to help bitcoin. Laughable. Unless someone can reply back and correct me giving reasons why bitcoin price will stabilise or won't fall further.
I'm an early Bitcoin adopter. As of today, I own no Bitcoin. RaiBlocks is my biggest holding. Here are my thoughts regarding the current situation.
I might get some shit for this, even from this community. I was an early adopter in Bitcoin since 2013 when the BTC price was in double digits. I didn't buy an insane amount, but I also didn't sell until mid to late 2017. I held through the Mt. Gox scandal, Silk Road shutdown, all of the China bannings... The first time I sold any was when Jihan and his crew announced that they would hard fork. The community had already become toxic, and everything you saw on Reddit was related to the "war" and how other coins sucked. This was in contrast to the good ol' days when you could go online and read about the technology and its progress. Despite all of the drama, I was still a Bitcoin fanatic. I didn't like Ethereum at the time because all of the Ethereum fanboys were talking shit about Bitcoin and how "the flippening" was coming, and I was on the "Bitcoin side." Slowly, I had started to lose faith in Bitcoin due to this ever-worsening dipolar situation where the Bitcoin fans had divided into Core supporters vs Bcash supporters. The Core devs would absolutely refuse to allow 2mb blocks (and mentally insane Luke Jr even wants to reduce BTC blocksize), and the Bitcoin Cash fans wanted endless blocksize with no Segwit or other improvements. Kind of like Democrat versus Republican where you need to be one or the other, or else you don't fit it. There is an old Arab proverb: “I against my brother; I and my brother against my cousin; I and my brother and my cousin against the world.” Unfortunately we are still not at the point where we can act amicably towards one another - even in cases where two coins are not direct competitors... And I realize now how I got sucked into the Bitcoin cult and the r-bitcoin vs r-btc war. I realize that I had slowly become blind. In late 2017, I was still moving BTC around in contrast to some people who put it into cold storage and forget about it. I was quickly becoming tired of waiting to see if my $15 fee transaction would get me into the next block or three. I was tired of waiting to see when my transaction would get its first confirmation. I would wait between one hour and days to see when my transaction got a certain amount of confirmations. In the early days of Bitcoin, the most popular meme and one of the few memes posted was comparing the transaction costs of Western Union and MoneyGram to Bitcoin. In early December I bought sold some BTC for RaiBlocks. It was a new technology that I didn't know much about (relative to Bitcoin, which I know a lot about), and it wasn't popular at all. When I read more about Raiblocks, I sold all of my "faster" altcoins into it. Litecoin. Vertcoin. And more of the "king" Bitcoin. I grow tired of people trying to make a quick buck while fomo'ing into shitcoins and not caring about technology or purpose. And Bitcoin no longer deserves to be in the #1 spot. As of today, I own no Bitcoin. I sold every last bit of it. I put it into RaiBlocks and Monero, and Ethereum. I put my money in the coins that deserve it. The coins that the world needs. And the three biggest needs in my opinion are that of a fast, digital, decentalized currency with no fees; a complete privacy coin that may be slower and higher in fee; and a platform for applications. Bitcoin is the next Myspace. It no longer solves a problem or fulfills a need. Nano. Monero. Ethereum. Nano/RaiBlocks is doing remarkable well despite these exchange problems. The developers are doing a remarkable job. Hell, even BitGrail may be doing a really good job with respect to the amount of resources they have. Remember the saying "be greedy when others are fearful"? Stop being so god damn impatient! If Nano were to fail for some weird reason, then so be it. I'll see you guys later, one way or another. Either on the sea floor or the moon.
The Mt Gox bitcoin scandal is the best thing to happen to bitcoin in years. After its biggest exchange’s collapse, Bitcoin could shed its shady reputation and start anew as believable currency. At the risk of appearing hyperbolic, this could be the end of Bitcoin, at least for most of the public.” The leaked memo also detailed a strategy to address the situation. One of the points is to shut down MtGox for a month and rebrand itself as Gox. The Fall of Mt.Gox, Bitcoin Exchange. Bitcoin was sky-rocketing in its value and setting all-time-highs during late 2013 and early 2014 until one incident occurred. It was the hacking scandal of Mt.Gox, once the biggest Bitcoin exchange on the market. About Mt. Gox. In February 2014 Mt. Gox suspended trading and filed for bankruptcy after approximately 850,000 Bitcoins were stolen, at the time, valued at more than $450m. This What Bitcoin Did series of interviews is with a number of the key people related to Mt. Gox. Mt. Gox was the largest Bitcoin exchange as of February 2014, handling over seventy percent of all transactions. It was launched on July 2010 and operated out of a humble building in Tokyo, Japan. It began as the brainchild of Jed McCaleb as a means of selling Magic the Gathering Trading Cards in a way that was similar to the way stocks are sold, but after seeing the potential of Bitcoin, he
Bitcoin Brief - Mt.Gox Liquidation, BLS signatures vs Schnorr, BCash Stress Tests ... OKEx Scandal 📉Mt. Gox Dump? NYSE Brings Crypto Mainstream 🚀 - Duration: 15:18. Crypto Zombie 7,080 views. Mount Gox comes to mind. Quadriga has been given a 30 day stay on lawsuits. This is another example of why people should NOT trust online centralized exchanges! This is a brief history of the Mt. Gox exchange. Its history, hacks and impact on Bitcoin and the crypto world. Contact me about crypto business ventures at [email protected] Items That I ... Bitcoin COULD replace US Dollars (USD), OKEx “societal loss risk management mechanism,” NYSE making crypto mainstream, Mt. Gox potential dump incoming, BTC SEC Mole, crypto hub for USA, crypto ... MT. GOX TO CRASH BITCOIN AGAIN! - A HISTORY OF MT. GOX SCANDAL STORY Rockstar Trading. Loading... Unsubscribe from Rockstar Trading? Cancel Unsubscribe. Working...