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0xBitcoin

The first pure mined ERC20 Token for Ethereum, using the soliditySHA3 hashing algorithm. This is a smart contract which follows the original Satoshi Nakamoto whitepaper to form a fundamentally sound trustless currency. This combines the scarcity and fair distribution model of Bitcoin with the speed and extensibility of the Ethereum network. Thus, it is named 0xBitcoin or 0xBTC where 0x represents the Ethereum Network and ecosystem.
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Sharing of ideas, tips, and strategies for increasing your Bitcoin trading profits

Sharing of ideas, tips, and strategies for increasing your Bitcoin trading profits
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Brasil Bitcoin

**BRASIL BITCOIN** Notícias, perguntas, descubra, denuncie. Tudo sobre **Bitcoin** aqui e no mundo. Bitcoin é a moeda da Internet: um dinheiro descentralizado e com alcance mundial. Diferente das moedas tradicionais como o dólar, os bitcoins são emitidos e gerenciados sem qualquer autoridade central que seja: não existe governo, empresa ou banco no comando do Bitcoin. Dessa forma ele é mais resistente a inflações selvagens e bancos corruptos. Com o Bitcoin, você pode ser seu próprio banco.
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Overstocks new exchange t0 - maybe 2016 /r/Bitcoin

Overstocks new exchange t0 - maybe 2016 /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Wienchain community

Wienchain community
Ever wondered how to be part of the new Blockchain economy? Become a decision-maker by helping to choose new projects and partners. Be part of #WIENCHAIN, let's build the Wienchain ecosystem together and win together. We have listed WIEN on WenXpro exchange since 25th March 2020.
有没有想过如何成为新区块链经济的一部分?通过帮助选择新项目和合作伙伴,成为决策者。作为#微米链的一部分,我们已于3月25日上线WenXpro交易所。让我们携手共同维护,共创共赢! #wienchain #wien #blockchain #cryptocurrency #miners #masternodes #wenx #exchange #tokeneconomy #bitcoin #eth #blockchaintechnology #DAO
https://preview.redd.it/466zee51qwz41.jpg?width=851&format=pjpg&auto=webp&s=43c2196f11d6376479ac47334f7712e1d291703c
submitted by wienchaindao to u/wienchaindao [link] [comments]

Two-thirds majority, Blockchain, US Constitution and the Book of Revelation

Satoshi Nakamoto did not understand the "Byzantine Generals Problem," as is evidenced by the following: https://satoshi.nakamotoinstitute.org/emails/cryptography/11/
"**The proof-of-work chain is a solution to the Byzantine Generals' Problem.** I'll try to rephrase it in that context."
Let us first make it quite clear that, for 2n+1+m nodes (which vertices are simultaneously message-radiating "generals", message-reflecting or, in the case of faulty/malignant elements, transmitting or absorbing witnesses, and message-absorbing lieutenants), no "do gooder consensus", in the case interesting us to be understood as meaning that truth is what "good guys" *decide* it to be, can be ascertained unless the traitors/fomenters' contingent m isn't above n (the problem isn't a problem if n vanishes, because for evil to overcome good, it has to exist.)
Instead of a reductio ad absurdum we shall succinctly analyze i.e., slaughter the beast at hand and excise from within its innards, that is in the very question, its general solution.
We shall as well discover that substituting reason for faith, computation for trust, complicates, slows down, hampers, squanders, pollutes i.e., is, in a word, inefficient.
Imagine a multitude of nodes and let one of them, x, ask a question to some other, say y. Now if x were endowed with simple and despised faith it would accept y's answer confining annoying solicitations to a singleton, but this age is a haughty and voluble one, we ask for proofs even of axioms, blind as we are to the fact that we still are giving our credence to authorities or, as is the case for Bitcoin, to the hardware, to the software, to the network supporting it, if only they belittle faith. Such a x won't be satisfied with y's answer but will have to beg all the other nodes for what is it that y told them in response to x's question. Far from being done with it, taking a majority of the reports, it will have to, for the same reason, ask, for any z, all the remaining nodes what is it that z told them that x said. As you can judge, we have an infinite regress in the making, "fortunately" enough for infidels, they are to be held in the chains of finitude and therefore these sequences can be terminated. How deep such a pit need be? If it were to heap n "good" nodes t0, t1, ... tn-1 where t0 would be y, then if there still remained, in addition to x, taken as "good" for argument's sake, n other "good" nodes, and at most n "bad" ones, then lo, x would find itself in the pleasant position of agreeing with any of the n other remaining "good" nodes concerning tn-1's witness, this because tn-1 being "good" will send the same message to all the askers, and so will "reflect" x, mirror as it were, or the n remaining "do gooders." Hence when x will ask these n "good" nodes "what is it that tn-1 said that ... t1 said that t0 vomited?," it will find itself sprinkled with the same droplets of noisome diarrhea that tn-1 itself benefitted it with, and therefore whatever the no more than n "false witnesses" told x in regard to t0, ... tn-1, it will have a majority of n+1 equal votes vs. less than or equal to n diverging ones. Now that, if you take some time to think instead of indulging in prolefeed such as that ridiculous but nonetheless pernicious "Lucifer" TV show or some pr0n, belongs to the species of worse scenario and by that we mean that the maximum number of "goodies" is chained for n badies, beyond which disagreement among the nice vertices is not impossible. Now picture yourself tn-1 as "bad", shall the unchained n+2 "good" nodes agree on t0, ... tn-1? Not necessarily, as a counterexample shows: tn-1, being a contrarian, isn't bound to send the same datum to all nodes, let it report i to x, j to a "good" w and any random heterogeneous, all different from i and j, garbage to all the others, where i and j are different. Now x and w will ask all the remaining nodes, whether "good" or "bad" they have no inkling of, what tn-1 told that ... t0 said. The evil nodes may very well bombard x with i all the while assuring w of j. For x this state of affairs will result in his assigning i to t0, ... tn-1 seeing that it has a majority of n occurrences of i against n+1 votes, no n of which are equal but w will conclude j for the same t0, ... tn-1. And yet, although the "good" nodes will differ on t0, ... tn-1 with an evil tn-1 appendage, they still will agree on t0, ... tn-2, because they will value the well-ending t0, ... tn-1 equally which is, for each "goodie", n+1 identical decisions against n on bad-ending t0, ... tn-1. The cases where t0, ... tn-1 is mongrelous i.e., with both "good" and "evil" ti, i < n-1 are easier because there are fewer free fomenters. This procedure ensures hivemindeness on the "good" nodes' part: they'll decide on the same value for t0, ... tn-2, for t0, ... tn-3 and so on until they come to consensus on t0 that is y.
The belabored *digression* that follows S. Nakamoto's d'entrée de jeu conclusion, for such it proves to be as far as the object of the exchange is concerned, and which is purported to cast the Blockchain into the BG's framework, is not even coherent viz.:
"It has been decided that anyone who feels like it will announce a time, and whatever time is heard first will be the official attack time. **The problem is that the network is not instantaneous, and if two generals announce different attack times at close to the same time, some may hear one first and others hear the other first.**" continued with "**They use a proof-of-work chain to solve the problem.**"
How? "Once each general **receives whatever attack time he hears first**, he sets his computer to **solve an extremely difficult proof-of-work problem** that includes the attack time in its hash."
This to my mind looks like a rather silly petitio principii.
"The proof-of-work is so difficult, it's **expected to take 10 minutes of them all working at once before one of them finds a solution.**"
So, for them to solve the problem of agreeing on a concerted-attack time against the King's WiFi password, they find no better than duplicating that same problem, for except they work *all at once* on the "extremely difficult problem" (a stupid exhaustive search), they'll hardly "solve" it within 10 minutes.
"Once one of the generals finds a proof-of-work, he broadcasts it to the network, **and everyone changes their current proof-of-work computation to include that proof-of-work in the hash they're working on.** If anyone was working on a different attack time, they switch to this one, because its proof-of-work chain is now longer."
He who wrote the above doesn't have a clear idea of what a Blockchain is, let alone the BGP: why should the less lucky, or as is often the case in practice not as powerful as the de facto general, lieutenants decide to prolong said general's already hashed and received block thereby having to restart hashing their own, now altered blocks because of their overwriting the parent block's "address" i.e., hash field? That certainly doesn't make much sense if their blocks have the same payload as is suggested by Nakamoto-san's answer. (I believe him to be a vertical, beyond our surfacic senses or in this case imaginary, vertical cross-product of the orthogonal and horizontal pair D. Kleiman, C. Wright.) Why should the would be generals not compete against one another instead, growing parallel block branches? After all it is significantly a matter of luck for one to bump into an adequate block-hash. The BGP's solution doesn't define "good" as "most powerful", but demands that the good nodes be more than twice as numerous as the bad ones.
The Blockchain is an interesting *antisolution* to the BGP, a minority of nodes (i.e., violating the indispensable to any solution with anonymous* "good guys", Bitcoin's claimed case, minimum ratio of 2n+1:n of "goodies" to "badies") can very well "speak" a longest branch of the Blockchain tree (for it is a *tree*, not a sequence as it appears to be presenting itself) and thereby impose their truth, their history, their law.
It is not difficult in the least to graft and grow a longest "bad future" on the Timechain: https://www.wingclips.com/movie-clips/back-to-the-future-2/alternative-future
* If "good guys" weren't unknown then, obviously, they would be no different from trust-exacting authorities, defeating BTC's raison d'être.
submitted by VermisCoelorum to JordanPeterson [link] [comments]

Remember: Bitcoin Cash is solving a problem Core has failed to solve for 6 years. It is urgently needed as a technical solution, and has nothing to do with "Roger" or "Jihan".

I'm finding that "history lessons" are needed more and more, as thousands of new people swarm into crypto and land on the highly one-sided, heavily censored bitcoin sub. There are even misinformation "reps" like bitusher in r / BitcoinBeginners blatantly lying to people that are new. As a result, these newcomers have no understanding of the original purpose of Bitcoin nor its raison d'etre.
Roger puts himself out there. But Roger is neither our "leader" nor our "figurehead". He's an individual. An individual with strong ideals who doesn't do this for the money because he is already staggeringly wealthy from Bitcoin. He supports this movement because he is (and always has been) an outspoken advocate of financial sovereignty, freedom of speech, and freedom from tyranny.
Bitcoin Cash is a technical solution to a technical problem that has been ignored for too long. A problem that individuals, business, and miners have presented to Core with both urgency and utlimately anger, since 2012. Gavin Andresen, Satoshi Nakamoto's right hand man has stated publicly that "Bitcoin Cash is the Bitcoin" he was working on in 2010. Vitalik Buterin, founder of Ethereum has publicly called out mods of Bitcoin for censorship of Bitcoin Cash. As far back as 2012 Gavin was expressing serious concern about the Core Dev team as being both "ineffective and unproductive as egos were too big, and infighting was more prominent than forward progress" (paraphrase).
Understand something:
Bitcoin Cash proponents are people who actually care about Bitcoin and why it was made. These are people who had dreams of Bitcoin bringing financial sovereignty to countries whose Governments steal citizens money right from their bank accounts without asking permission. Andreas Antonopoulos used to speak of Bitcoin bringing Banking to the poorest in the world. Companies were being built to swoop into Africa and bring micro-transfers to the SMS financial system that currently services hundreds of millions there.
The attack on Bitcoin has been under way since 2012. And it hasn't been from Bitcoin Cash. The attack was the "opportunity cost" inflicted on Bitcoin by an apathetic and out-of-touch development team that wouldn't enhance it. Fidelity came and went. NASDAQ came and went. Patrick Byrne - Bitcoins biggest fan, wanted to build the first decentralized stock exchange atop Bitcoin but found it too slow and expensive to coopt.
BitWage was created to enable salaries in Bitcoin and begin the much needed "closed-loop" system that would enable people to be paid in bitcoin, and in turn pay rent, buy groceries, and one day pay taxes in bitcoin. Never needing to cash out to Fiat. These are the dreams of those who support Bitcoin Cash. This is why there is such passion behind this movement.
What does this have to do with Roger Ver? Nothing.
The first wave of Bitcoin Cash adoption has already begun. And its coming from Merchants. Merchants who've become unable to conduct business with BTC due to high fees and 24+ hr transaction times. Cores failure to keep Bitcoin relevant and functional is the reason Bitcoin Cash is seeing any success at all with Merchants and users. Bitcoin Cash never needed to exist. It exists because of Core.
Before the shit finally hit the fan, Brian Armstrong, CEO of Coinbase flew to meet with Core developers to try and finally get a solution in place. He walked away from that meeting declaring: Having Core as the only Dev Team is Bitcoin's Biggest Systemic Risk:
He wrote:
"The Core team contains some very high IQ people, but there are some things which I find very concerning about them:"
1) Some of them show very poor communication skills or a lack of maturity — this has hurt bitcoin’s ability to bring new protocol developers into the space.
2) They prefer ‘perfect’ solutions to ‘good enough’. And if no perfect solution exists *they seem ok with inaction*, even if that puts bitcoin at risk.
3) They seem to have a strong belief that bitcoin will not be able to scale long term, and any block size increase is a slippery slope to a future that they are *unwilling to allow** .*
"Even though core says they are ok with a hard fork to 2MB (they have it on their own roadmap, just very far in the future), they refuse to prioritize it. They prefer to withhold something that could help the network now, because they don’t trust the community to make educated decisions in the future"
Bitcoin Cash is the solution to the problems Brian outlines above.
Bitcoin Cash exists because of Core. Not because of Roger Ver.
Bitcoin Cash solves a problem that has remained unsolved for too many years.
submitted by BitttBurger to btc [link] [comments]

Nasdaq planning to use Ravencoin to launch a security token platform?

So we know Nasdaq is planning on entering the tokenized securities market, but in case you missed it:

https://theblockcrypto.com/2018/10/12/nasdaq-is-looking-at-gatecrashing-a-red-hot-industry-with-a-platform-to-issue-tokenized-securities/

In the article there's a relevant quote: "Nasdaq is speaking with a number of firms as part of its efforts, including blockchain startup Symbiont".

Here's another article: https://www.livebitcoinnews.com/nasdaq-reportedly-considers-creating-platform-for-cryptocurrency-security-tokens/

"Reports indicate that Nasdaq is pushing through with these plans, holding high-level talks with Symbiont – a blockchain startup focusing on institutional blockchain solutions. According to the inside sources, the proposed Nasdaq platform will both issue and trade cryptocurrency security tokens."

What does Symbiont have to do with Ravencoin? Well, follow the trail...here's a news release from Back in mid-2017: https://globenewswire.com/news-release/2017/07/19/1054397/0/en/Medici-Ventures-Announces-Strategic-Investment-in-Symbiont.html

"Medici Ventures and Symbiont today announced the completion of a strategic investment in Symbiont by Medici Ventures, a major investor in blockchain technology. As part of the new relationship, the two companies will collaborate on strategic projects involving both Medici Ventures and its parent company, Overstock.com Common Shares (NASDAQ:OSTK) / Series A Preferred (Medici Ventures’ t0 platform : OSTKP) / Series B Preferred (OTCQX:OSTBP)."

Now we already know Patrick Byrne/Overstock.com is a big fan of Ravencoin, and has helped fund development: https://www.youtube.com/watch?v=lEaqCdind2Y

"Ravencoin, I think it's Bitcoin 3.0"...

https://youtu.be/wLUshd-b6Lc?t=75

"Well I'm not really interested in cryptocurrencies per se. Although in general, I guess there's nothing wrong with me saying there is an open-source project of which I'm really letting something big out of the bag here. I'll tell you. But there's an open-source project called Ravencoin, which Overstock has put millions of dollars into teams. We have people contributing to this open-source project. We think this coin actually has quite a future. It's about — it's bitcoin, but a thousand times more energy efficient. And there's other real interesting virtues to it — so Ravencoin. But other than that, I stay out of the cryptocurrency game. I'm building the — we're focusing on applications of this technology and not just betting on coins themselves."

We also know they unveiled tZero at the Nasdaq headquarters back in late 2015: https://www.coindesk.com/overstock-unveils-blockchain-trading-platform-to/

Byrne has also talked about tZero partnering with Symbiont "at some point", check page 12 of their earnings call transcript back in March of this year: http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NjkwNjMwfENoaWxkSUQ9NDAxMjM0fFR5cGU9MQ==&t=1

"There's all kinds of -- tZero and Symbiont are wonderful partners at some point. So this ecosystem may seem random, but there's a real underlying structure to it."

and page 14 with Byrne's comments in Ravencoin:

"Next, just so I never mention or could be accused of not mentioning it, I'm going to mention Ravencoin, which is -- put this in the category of Texas
Gulf Sulphur. I have now officially publicly mentioned Ravencoin. Don't know what it's worth, I probably should disclose we have over 60 million
of these; it's currently trading at $0.03 a piece, so a couple million bucks, nothing to get excited about. Who knows? But it's not our coin it's an open source project, of which we became quite enamored and we threw in several millions of dollars of developers to help it along and such, it's a very
interesting project, and that's enough."

So are Nasdaq/Symbiont/Medici Ventures/Overstock/tZero/Ravencoin planning something huge behind the scenes? I highly doubt Nasdaq will just sit back and let ICE/New York Stock Exchange have all the fun with Bakkt.
submitted by coalission to Ravencoin [link] [comments]

1/21/2018 Bitcoin Private Update

We have many updates for the community after this weekend, so we decided to write up an official statement on our progress:
 
 
Regards,
The Bitcoin Private/ZClassic Team
submitted by BitcoinPrivate to BitcoinPrivate [link] [comments]

Ariel Ling, COO of BitMax.io (BTMX.com) Exchange, Shared Insights of Crypto Industry (Part IV)

Ariel Ling, as the co-founder and COO of BitMax.io (BTMX.com), was invited to the interview by Fred Schebesta, the CEO of Crypto Finder (Finder.com). Ariel has 18-year progressive executive experience in strategic planning, business development, budgeting and financial analysis risk management, regulatory program implementation, and process improvement for operational efficiency. She has an in-depth understanding of capital market products (stocks, fixed income, foreign exchange) in financial services and the development of international banking strategic trends (M&A, market structure, regulatory reforms and their impact). Her lustrous career on Wall Street made this interview a popular link on YouTube.
(Link: https://www.youtube.com/watch?v=WBYK-w2uxWc)
F: Do you believe this going to help bring more institutions into the space?
A: I am not very familiar with TokenSoft. It really depends on who are the backers, institutional backers of this venture. If the institutional backers of this venture are well regarded, are reputable, absolutely. Because at the end of day if you look at the value chain, the exchanges they are doing trading, they are doing broker dealer, they are doing wallet management themselves, and they are doing custody themselves. It becomes very nebulous. So for TokenSoft, they understand security token, which means under my prediction, it’s completely regulated just like securities. For securities, you must have a custody, and you must have a clearing house. Those are inevitable. So for them, they want to take a step ahead, and I also think that’s a smart move.
F: And we had T0 exchange launched just last week as well. Let’s get back to that question. From a broader base of adoption in the space, for 2019, Ariel, what’s your prediction in where those are going to be cleaned up?
A: I can’t predict the regulatory progress because it really comes down to how each step the government takes; sometimes it takes longer, and sometimes it takes shorter. And when the lawmaking takes place, it always takes more time to get implemented.
F: Yes. And we also talked about the digital asset, the tokenization of asset.
A: Yeah, when I’m looking at it, there are people always saying there’s coin, and there’s token. So I like to use the word: digital asset. So there’s one aspect of currency coin. Those are typical like Bitcoin, Ethereum, and stable coins. So their functionality is actually getting interesting. The origin of Bitcoin is really a payment processing platform. So their development is kind of like FX. You can either hold it, hoping the value goes up, or use it to buy product and services. So they’re like foreign currencies. And there is the other aspect, securitized token. So the token itself would present, whether equity or debt, certain percentage of the underlying project or underlying venture. So for those, as long as they pass certain security test, they are treated as securities. From security trading perspective, if you look at how the Wall Street is structured, and how the US equity trading market is structured, it’s very simple. №1, You must have a broker dealer license in order to take the client order and to put on the risk; №2, all what exchanges do is order matching, and then providing liquidity to the market right? On the primary market it’s IPO, while on the secondary market it’s trading. And after the exchanges trade it, execute it, and then the clearing house comes in to make sure the books and records are verified. Money is moved from the banks to the brokerage accounts. And then the custody piece is that everybody can pick their own custody to hold the assets. So those are the components where I think for the US, the regulator has to make a very strong distinction between what will be subjected on CFCT, what is currency, or what is commodity, and then the rest of it falls under the SEC regime and what it takes — Is it the same as equity or slightly different? This I would think is similar to UK where the FCA has to think about as well. That leads to an interesting dynamic about utility token. This is where I don’t have a particular view, because utility token value is very diminished if you take the token outside of this particular platform. So it is designed to be used on a platform. So this is where I am actually interested in. I want to see how that gets developed from a regulatory perspective. And from a BitMax.io perspective, we put actually a bit more stringent requirement on ourselves. When we list a utility token and when we design it, we just follow the security markets. For example in US, that’s why you need a trusted custody structure just to support that. And in BitMax.io, it’s crypto to crypto; there is no fiat. So that aspect diminishes a little bit. And from a market trading manipulation surveillance perspective which is very heavy for equity, for example, if you trade anything, the regulator will get your report in real time, knowing every single step. So nobody could actually manipulate the market. We also take the same stand for our exchange. We monitor the volume, and we monitor trading behavior. If there’s someone abusing the market, meaning a robot or anything, we identify the account, we notify the account owners, saying whether it is wash trade or whether this is artificially to jag up the price and then dump it, and we give the time to correct. And if he/she doesn’t, we basically freeze the account. So the users can see that it is a fair market. We have probably applied this called market manipulation kind of rule. This is very classical for equity trading. Every single exchange must demonstrate the capability and behavior to do that.
F: OK. Two last things. You have been through four crises as you said through, like the dot-com bubble, Sarbanes Oxley, Lehman Brother collapse and European financial crisis. From your experience seeing all the rise and bust, where do you think we’re at in the cryptocurrency market.
A: I think this goes back to the trading aspect, depending on whether this is a V down or a U down or U curve. So the U curve is basically when the market collapses, it takes a longer time to find a bottom. It takes a longer time for the market to find the equilibrium. And once they find it, they rise up. Or, it’s like a quick collapse. It’s down very fast and reaches the bottom. And then, there’s some catalyst event, either catalyst from a market structure, or catalyst from the market expansion itself. Suddenly it gives a boost. And then it bounces right back up. So when I look at what is happening with digital asset or crypto trading, it’s a bubble to the extent, but it’s also a market correction. And I always compare this to the internet bubble to some extent, because I remember very vividly when I first started working in 1999 on the Wall Street, the Internet was so hot that you could get an IPO without even having a website. And Nasdaq peaked in basically 2000. But then, it collapsed. It took until 2015 for Nasdaq to reach back to the last peak. So you can see how many bubbles right about dot-com because people literally just forget about the economic valuation, the intrinsic business model that kind of aspects of it. So when you look at what happened in the crypto, the Bitcoin peaked at December of 2017. Around that period, there were many many projects that could raise money so easily. This is what we call air-projects. Do they really have fundamentals? Do they really have a viable business model? Do they really have a solid user base? If they do not have those three, then you would expect what would happen when people recognize the value of that token is not sustainable, going back to my finance view. When people see through that, with Bitcoin itself it’s going through a hard time, the rest of the altcoins are actually crushing a lot more dramatically than Bitcoin. So where do we see the balance, it is just my personal view that there are couple economic theories, and one of the theories is about cost. In the financial crisis, the worst, darkest day of banking crisis is the Lehman collapse. I was right in Lehman when they fell off the cliff. And then the domino went from Lehman to Morgan to every single bank. Every single bank felt the pressure. The bank stocks got depressed so hard. At that time one of the things from investors, especially those really smart traditional investors, was looking at the book value. So if the bank stock price, was lower than a quarter of book value, of course it was a value play. It’s below the cost, basically. So you go back to Bitcoin. Assuming it costs 3,000 dollars to mine a Bitcoin, maybe that’s where certain value investor will hold a view like from a valuation perspective that if the valuation is lower than what it takes to make it, it can be called a good value. So this is where it goes back to the market that from a trading perspective, the volatility you could see where there might be some breakthrough of different resistance levels. But at the end of day, it’s all about finding the equilibrium from a valuation perspective. When it hits there, then you will see the value investors come in. If it’s cheaper enough, there are more people who will probably look into it. So when it’s 20,000 for Bitcoin, do you know how many people can afford it? Maybe not, but what if it’s getting down 4000, 3000, and especially for certain countries are way more developed than certain countries, where people understand the liquidity and usage behind Bitcoin like you can use it, you can buy piece of coffee from Starbucks. Then it comes down to the value. So right now I think it really goes back to the fundamental from a finance perspective. It’s finding the valuation, the intrinsic value. Whether it’s currency token, or it’s an altcoin from a security type of token perspective.
F: Alright Ariel. That was incredible. We asked everybody on the show that what the price they think is going to be of Bitcoin on New Year’s Eve 2019 the clock strikes 12:00. We had a whole series of predictions last year in US dollars. What’s your prediction for the price of Bitcoin?
A: I think right now… hmm the Bitcoin right now is what? 35 hundred?
F: We are trading at 3468 dollars.
A: I don’t know. It’s crazy. I actually really like Bitcoin. I mean I like Bitcoin more now because it’s cheaper and I can buy it. But when you look at it before the crisis hit, I already hoped by the end of year if they could get back to 5000 I would be really happy, because it’s pretty much a psychologic level.
F: Okay.
A: Let’s hope for that.
F: Awesome. Ariel, thank you again for coming on to the show, and your incredible insight into the Wall Street market right now. And do check out guys on BitMax.io! We’ve got margin trading and some derivatives coming up, some new improvements we can see on the platform. Thank you very much again Ariel! We will see you guys TOMORROW!
submitted by BitMax_Support to BitMax [link] [comments]

Significant bitscoin events of 2016 that bitscoiners pointedly ignored

With 2016 about to end, it may be time to list the significant events of 2016 in Bitscoin Space.
We may let them list the events that they remember because they were supposed to be Good for Bitscoin. It is up to us to remember those that they pretended not to notice. Such as:
What else?
submitted by jstolfi to Buttcoin [link] [comments]

My suggestion to Bitfinex on what to do next

First off, before I get into some specific recommendations, I'd like to state my OPINION that the situtation IS manageable. Right now BFX has lost 119k coins worth roughly ~60m. Due to how they handled open positions for non-affected accounts, many users were likely rekt in the volatility swing. At last count BFX had ~40m in USD margin funding outstanding... they may have benefitted to the tune of millions from forced liquidations. BFX may also hold a non-negligible sum (millions $) of Ethereum Classic, which has dramatically soared in price over the past 48 hours on insanely high volume. As one of the worlds largest, and likely profitable, Bitcoin companies, BFX is likely valued north of $200m if they can salvage their brand (feel free to disagree with me on that, but I'm not off by far).
Given these strengths I think there's a path forward for BFX where they can make customers whole over time, in a completely transparent way, and survive as a company.
  1. Maintain the level of transparency Zane is demonstrating, it's relieving a lot of the fear and uncertainty. Sure it sucks, but at least we know exactly how much is sucks and conspiracy theories are not flying (yet).
  2. Keep withdrawals/deposits closed for now, but allow trading to resume and users to access their accounts and survey damage. This high volatility represents precious fees you need to be collecting.
  3. Figure out what happened security wise and be working to get deposits/withdrawals ready as soon as can be done safely. Allow non effected currencies (ETH, ETHC, LTC, USD etc...) to be deposited/withdrawal.
  4. Release information on the % of Bitcoin holdings that were lost, there needs to be a decision made quickly on how to handle customer losses... do you silo losses to hacked addresses or do you socialize losses? I (personally) think if hacked bitcoin represent less than 20% of deposits, you consider socializing losses until full repayment is possible. If 50%+, I think you consider silo'ing losses to the compromised addresses until they can be repaid in whole.
  5. Issue an IOU coin with a fixed btc or usd "face" value. Allocate some % of trading fees, or margin lending fees, as regular dividends to the IOU coin, allow the IOU coin to be traded freely amongst users and a market price to form on BFX. BFX can purchase the IOU back at any time at its Face value (say 1 IOU for 1 BTC) Effectively this IOU will be treated like a bond, as confidence grows in your ability to payout for IOU holders, the value of the IOU will approach its face value... users who need liquidity most will be able to sell NOW at a steeper discount to those who are willing to speculate on seeing full face value. Be 100% transparent with the entire accounting process behind this...
  6. Get creative with revenue streams, depending on how many people owned that 120k btc, you now have a built in customer base of 10's of thousands (my guess) who will evangelize your products if it means more fees generated and faster repayment for them. This means add new crypto and fiat currency pairs, allow users higher leverage trading products, trade high fee products like mining derivatives or legal crypto-equity (Overstock's T0 financial products for example).
If executed well I think this starts to narrow that gap fairly quickly and users could be repaid in less than two years. Bitfinex would have an amazing reputation as the exchange that did what ever it took to make their customers whole while maintaining their integrity.
It's late and I've been up all night so this might read partially incoherent, but I think there is a path forward. Thoughts on this? Suggestions of you own?
submitted by davidbaileybtcmedia to Bitcoin [link] [comments]

Why so much speculation

Short answer
If people are incapable of estimating the correct number logically, the only method to the answer is by genetic algorithm where cloud wisdom hopefuly takes time to solve and volatility is inevitable.
Long answer
Believe it or not, the valuation of a currency-purpose asset is in fact much easier than the valuation of a stock. To be a currency-purpose asset, a somewhat universal valuation opinion must be among the mass. For a stock, on the contrary, one needs to evaluate many factors such as marketing/product/… and people have different opinions about the possible gain of a stock.
Every asset has a production cost, the piece of paper of stock certificate has little production cost. For currency-purpose asset, the production cost is thought to be independent of W-questions such as "who produces this asset", "where is this asset produced", "how many sale a producer has done", …etc. It is this property that the so-called universal opinion is formed. Money is also supposed not to have capital gain like stocks such as "I will have a generous dividend next year", so there is indeed not a "calculate the present value of all future gain by having a stock" but a "global understanding of the cost to fake/rollback/cheat a trust" for currency-purpose asset.
Let
Story 1 Assume all miners calculate the production cost in the coming 8 years and users are not investors. Let's express price in real term so that weird fiat monetary policy has nothing to do with the following argument we shall focus on.
The equation for cost of the production is 0 = KI + sum(KT - ( F+C(t, t+2)) * P, from t to t+2)
Therefore P = K * (T + I/210000 * 2 )/(F + C(2.41, 4.41)). Note that C(2.41, 4.41)=7.4515 so the miner will sell at least at this price. A user, as a non-investor who never cares P, may buy the coin from the miner and sell the coin for a merchant service/goods who will adjust the service bitcoin-nominated price with P accordingly. For your curiosity, by current data, the P by Story 1 is 3.49444E+11 Joule.
Is the Story 1 reallistic ? Not at all.
What about a miner who is thinking to run the business till t1=3 only. Then C(2.41, 3)=12.5 and this miner can undercut other miners in Story 1. Every users, as non-investors, do not care any bit about P because the user will always need to commit the same real-term service price from the merchant. Being undercut means death, so all the miners will split the pricing logic so that two P numbers, one for time 2.41 to 3, the other for 3 to 4.41; for your curiosity, C(3, 4.41) = 5.3413
Story 2 As the miners competition settled down, the P is not constant any more; there will be two P numbers, one, being lower, for time 2.41 to 3, the other, being higher, for 3 to 4.41.
Is the Story 2 reallistic ? Not at all.
What about a user who starts noticing that the P will increase and being investors is a good deal. While this user may observe the increasing of P empirically but never logically understanding, knowing nothing about math and miners' plan, this user will speculate between market price of P; he might buy at 5000 and see it explode at 10000 and take profit at 6000 (in USD term) and has no idea the 5000 may be much lower than the correct number. Should the P is pricing at the correct number so that there is no room between the two P, speculators are gone and people are comfortable the stable price with store-of-value and media-of-exchange.
Is the Story 2 realistic ? Not at all.
What about a hobby miner wants to be investor too and starts mining from time 2.41 to 3 and never sell all the coins for users but only pay partially little for the electricity while price bullish and keep the rest coins as investment for himself after time 3 ?
Story 3 Being also speculation. While other users investors may increase the volatility (mainly because being without fundamental knowledge but rather TA or market-sentiment orientated traders), this move will shrink the room between the two P and therefore decrease the volatility of P. So the ratio of time 2.41-to-3 miners to time 2.41-to-4.41 miners increases up to the two P are equal then no more new miners of such plan.
Is the Story 3 realistic ? Not at all.
What about there are miners/investors for all possible time frame t0 to t1 in the future ?
Let
Story 4 Therefore, the only setting where no arbitrage for miners and investors is such that P=KT/F and the graph of (Kt + K ) / K is like this.
We know T and F and the ratio of Kt/K, but what is exactly K ?
No one really knows. K could be low or high, one can only guess by observation. We know the difficulty is proportional to hash rate and hash rate is proportional to Kt and K. So you can see the graph of difficulty to have a guess of K. Should the two graph looks similar, we know people are finally logical and feel delight. By the difficulty graph and miners' time frame to amortize fixed cost so that it can be averaged out, taking the current global hash as K and updating it as time goes by may be a good guess. For your curiosity, currently KT/F is 2.13007E+12 Joule.
BUT. It is not logical to assume people are all logical. If people are never logical and never investors, a graph of KT/( F + C(t, t+1) ) which is increasing till KT/F shall resemble the graph of P. If some people are logical and some are not, the empirical graph will be hysterical around and between.
I tend not to comment about pricing in public. But since I know wall street and I know what wall street knows, feeling sad about the mass, bear me. I thought these information could leak to the mass if there were future contracts after each halving date, but no luck for such contracts.
Credit: not me. I knew this long after someone knew it.
submitted by LucSr to BitcoinDiscussion [link] [comments]

Released List of Satoshi Roundtable Attendees Gathering this Weekend

Satoshi Roundtable II
This weekend a group of blockchain and bitcoin industry leaders gather again for the Satoshi Roundtable (satoshiroundtable.org) retreat. Participants in the second Satoshi Roundtable include developers, CEOs, investors, adopters and influencers from the blockchain and bitcoin world.
The retreat is limited to approximately 75 attendees and designed to encourage organic, participant-driven discussion free of the distractions of a conference.
Sessions include several topics of overall blockchain interest and a roundtable discussion on bitcoin capacity.
Please provide any suggestions you have for areas of discussion/ focus.
Partial list of confirmed participants:
Gabriel Abed, CEO, Bitt Charles Allen, CEO, BTCS Gavin Andresen, MIT / Bitcoin Foundation Adam Back, President, Blockstream David Bailey, CEO, yBitcoins Mike Belshe, CEO, BitGo Patrick Byrne, CEO, Overstock / T0 Michael Cao, CEO, zoomhash Dave Carlson, CEO, Mega Big Power Daniel Castagnoli, CCO Exodus Sam Cole, CEO, KNC Miner Matt Corallo, Core Developer Luke Dashjr, Core Developer Anthony Di Iorio, CDO-Toronto Stock Exchange, Founder-Ethereum/Decentral/Kryptokit Joe Disorbo, CEO, Webgistix Jason Dorsett, Early Adopter Evan Duffield, FoundeLead Scientist, Dash Andrew “Flip” Filipowski, Partne Co-Founder, Tally Capital Thomas France, Founder, Ledger Jeff Garzik, Founder, Bloq Yifo Guo, Tech Develope Early Adopter David Johnston, Chairman, Factom Samy Kamkar, Super Hacker Alyse Killeen, Partner, Venture Capital Investor Jason King, Founder, Unsung Mike Komaransky, Cumberland Mining Peter Kroll, Founder, bitaddress.org Bobby Lee, CEO, BTC China, Vice-Chairman of the Board, Bitcoin Foundation Charlie Lee, Director of Engineering, Coinbase/Founder of Litecoin Eric Lombrozo, Founder, Ciphrex Corp / Developer Marshall Long, CTO, Final Hash Matt Luongo, CEO, Fold Jake Mazulewicz, Ph.D. JMA Associates (guest speaker) Human performance researcher Halsey Minor, CEO, Uphold / Founder of CNet Alex Morcos, Hudson Trading/ Core Developer Neha Narula, MIT, Director of DCI – Digital Currency Initiative Dawn Newton, Co-Founder, COO, Netki Justin Newton, Founder CEO, Netki Stephen Pair, Co-FoundeCEO, BitPay Inc. Michael Perklin, President, C4 – CryptoCurrency Certification Consortium / Board Member, Bitcoin Foundation Alex Petrov, CIO, BitFury Phil Potter, CFA, Bitfinex Francis Pouliot, Director, Bitcoin Embassy, Board Member, Bitcoin Foundation JP Richardson, Chief Technical Officer, Exodus Jamie Robinson, QuickBt Jez San, Angel Investor Marco Santori, Partner, Pillsbury Scott Scalf, EVP/Head of Tech Team, Alpha Point Craig Sellars, CTO, Tether Ryan Shea, Co-Founder, One Name Greg Simon, CEO & Co-Founder Ribbit! Me / President, Bitcoin Association Paul Snow, CEO Factom, Texas Bitcoin Conference Riccardo Spagni, Monero Nick Spanos, Founder, Bitcoin Center NYC Elizabeth Stark, Co-Founder & CEO, Lightning Marco Streng, CEO, Genesis Mining Nick Sullivan, CEO, ChangeTip Paul Sztorc, Truthcoin Michael Terpin, CEO, Transform Group Peter Todd, Core Developer Joseph Vaughn Perling, New Liberty Dollar Roger Ver, CEO, Memory Dealers / Bitcoin.com Aaron Voisine, CEO, Breadwallet Zooko Wilcox, CEO, Z Cash Shawn Wilkinson, Founder, Storj Micah Winkelspecht, CEO, Gem
Also, representatives from Blockchain, Bain Capital Ventures, Mycelium, Fidelity Investments and others.
submitted by bruce_fenton to Bitcoin [link] [comments]

Who Accepts Bitcoin?

Who Accepts Bitcoin?
Bitcoin is the, without doubt, the biggest cryptocurrency. Many major companies around the world are now accepting bitcoin payment for online goods and services (in Denver, you can even use Bitcoin to pay for your parking!) An aggressive campaign led by Coinbase (where $1 million worth of transactions were processed for free) prompted large companies to start accepting bitcoin by using third-party services like Bitpay & Cryptopay. As the trend has been started it appears to be growing, so who accepts Bitcoin? There are some surprising companies and we’ve listed them below.
Who accepts Bitcoin?
KFC Canada – The world’s largest chicken franchise – KFC, is allowing customers in Canada to pay for “The Bitcoin Bucket” using bitcoins for a limited time. “The Bitcoin Bucket”, a themed container can be purchased for $20 CAD, and is delivered to customers. The digital currency is accepted only via BitPay – an online payment mode and does not encourage customers to pay crypto at the cash counters.
Overstock.com – This large online retail store sells electronic products at minimal prices due to excess stock. Overstock.com allows customers to buy using bitcoin. It is the first major retailer to accept bitcoins and other major cryptocurrencies.
Subway – Subway in Buenos Aires has begun to accept bitcoin as a payment method. The belief is that accepting bitcoin as a method of payment would increase business.
Microsoft – The tech giant Microsoft is enabling users to create a Microsoft account in which the user can deposit Bitcoin. A well-structured process allows users then, to utilize these funds for purchasing movies, games, and apps in Xbox stores and Windows.
Reddit – Reddit; a community that provides thousands of your favorite things. It allows you to buy premium features with bitcoins.
Virgin Galactic – Bitcoins are taking the place of old conventional currencies at a fast pace. Sir Richard Branson, founder of Virgin Group including Virgin Galactic, Virgin Mobile, Virgin Airline, (and many more) has said that Virgin is accepting bitcoins to reserve tickets for a space travel. Branson feels that Bitcoin is a low-risk option; he has invested in it in the past and encourages others to do so now. Space travel costs 98 bitcoins or 250,000 US Dollars.
OkCupid – OkCupid, the world’s most popular dating site has started accepting cryptocurrency. By partnering with Coinbase, OkCupid allow users to subscribe with bitcoin. The costs for a “premium subscription” list called the “A-List”, can be up to 0.10 bitcoins or $10 a month.
Namecheap – A domain name registrar and web hosting company with nearly 3 million domains are accepting the digital currency as a method of payment for their services. Namecheap is the first company among numerous domain name registrar companies to accept bitcoins for registering a website, hosting domains, etc.
CheapAir.com – Now, you can spend a little of your cryptocurrency on airline reservations, hotel bookings, and car rentals. CheapAir.com, a travel booking site enables customers to purchase both domestic and international flight tickets with bitcoin. It is the only company to accept bitcoin currency for air travel and customers can pay from their Coinbase wallets.
Expedia.com – The exclusive online travel booking agency Expedia, has partnered with Coinbase to create a bitcoin payment option. Since June 2014, Expedia users have been able to book their hotels with bitcoins. As of now, Expedia is accepting digital currency only for hotel bookings.
Gyft – Gyft, a leading digital gift card retailer offers gift cards in exchange for bitcoin. The association of Gyft with Coinbase ensures that bitcoin payments are made via a Coinbase wallet. Gift cards can be redeemed or used to purchase goods at over 200 retailers.
Newegg.com – Popular online computer hardware and electronics retailer now accepts bitcoin as payment. With bitpay as the digital currency processing partner, Newegg expects to see higher sales in certain product categories.
Wikipedia – Wikipedia, the free online encyclopedia with more than 4,570,000 articles has established a partnership with Coinbase to accept donations in the form of virtual currency. To provide users with an ease of choosing payment options, Wikipedia’s donation page is now flexible to make one-time or recurring donations using bitcoin.
Alza – The biggest and most successful Czech e-retailer store has introduced bitcoin payments for shoppers. In many of its showrooms, bitcoin ATMs are available to facilitate smoother transactions for those paying in bitcoin. It is accepted via BitPay.
The Internet Archive – The internet archive provides free access to web documentation such as music, software applications, games, and so on. It has expressed its interest in accepting digital currencies as donations. This nonprofit organization assures its supporters to use bitcoins to enhance its operations and achieve its mission of providing free and secure services to the public.
PizzaforCoins – Want pizza? Order now and pay using bitcoins at PizzaforCoins. Any pizza joint including Pizza Hut, Dominos or Papa John’s is available with this service. Order now, enjoy your meal and pay with bitcoins. It also accepts more than 50 other cryptocurrencies.
Reeds Jewels, Inc. – At REEDS.com, you can shop exclusive jewelry, watches, and loose diamonds with your bitcoins using a bitcoin wallet like Coinbase. Reeds Jewels has brick-and-mortar stores in 13 states and also offers online shopping. Purchase of loose diamonds is complimented with a free delivery.
Shopify Stores – Looking to spend bitcoins? Shopify – an e-commerce platform, helps merchants to sell their commodities through an online platform similar to eBay. Shopify has recognized digital currency and is integrated with BitPay to simplify the payment process.
Final thoughts…
Many companies are embracing digital currencies by partnering with crypto platforms to transfer digital funds in exchange for goods and services. Though many of the larger companies have started t0 accept bitcoin, so many are still lagging behind and have yet to jump on the band-wagon. The reality is that the future of online shopping is definitely heading towards virtual currencies and the time has come for bitcoin to be a staple payment option when you reach the tills. If you’re not in, you can’t win.
The source of this article: CryptoCurrency News
https://preview.redd.it/u8ha9x7d70i11.png?width=1280&format=png&auto=webp&s=7b7d3710b06e187e669338c5a496a065a3f7d8d2
submitted by Lumi_wallet to LumiWallet [link] [comments]

Proposition : The only thing that matters for Bitcoin to succeed is its ability to be a good store of value

Proposition : The only thing that matters for Bitcoin to succeed is its ability to be a good store of value.
Let me say it again. Bitcoin might be completely crap on the transactional side, you might have to wait 3 days for each transaction to confirm and pay 10$ : if it is a great store of value, it will succeed nevertheless, it’s market cap will become huge and we will all be rich. If it is not a good store of value (because, for exemple, it is perceived as unsafe) it will fail.
Now you might think it is ludicrous, absurd. So let me try to convince you otherwise.
But first, I would like to make a point. The point is that there is no difference in theory between value storing and speculation.You might think it is completely different things, and it may well be in practice for the average Joe, but from a theoritical point of view, there is no difference. In both cases, if you are a rational economic agent, you buy some asset X at time t0 (witch might be dollars, euros, gold, etc...) in order to spend it latter at time t1. In the mean time, you expect asset X to be the best possible investment (speculation) because otherwise you would have chosen another asset Y, wich you could exchange at time t1 for more X (having more of someting is always better). So the best store of value is the best way to teleport your wealth in the future, it is also the best asset to speculate on. (The reason I say it is true only in theory and not in practice is because in practice there is something called risk aversion, suffice it to say that it can be mitigated by special agents (invesment funds, etc) and in the end what really matters is the expected value of the asset : EV = p1x1 + p2x2...)
Now you might try to recall why you bought bitcoins in the first place. Let me refresh your memory : You bought bitcoins because you thought it was a good way to become rich. I know it because I bought bitcoins for the exact same reason. In other words, you speculated on bitcoins : you used it as a store of value. Many people thought the same way and this is the reason why Bitcoin today has a 3 billion dollars market cap. Now this might not be a proof that the store of value side is so important, you might think of yourself as a special snowflake who bought bitcoins early for this specific reason, but expect others to use bitcoins for very different reasons. But still, it suggests that this speculation side of things may not be completely irrelevant.
Now you may have heard about the transactional value of bitcoin and the famous formula MV = PQ. This certainly suggests that the medium of exchange side of things might be important after all. For exemple, there was recently a post from someone arguing that bitcoin was on the verge to world domination because banks were going to use it as an inter-bank medium of exchange. I’m affraid, even if it is true (and it may well be) that it will have no impact whatsoever on the price of bitcoin. It would be good publicity though, but nothing more. Now why do I say this ? First some empirical evidence : when merchants all over the world began to accept bitcoin, it did not increase the price contrary to what many expected (including myself actualy). On the contrary, it seemed to depress the price more than anything else. The reason, I believe, is that it incited people to spend bitcoins wich where automaticaly dumped on the market by the merchants, creating selling pressure. Now if every bitcoiner had rebought the same quantity of bitcoin they had just spent in order to conserve their speculative exposition to bitcoin, it would have had no impact at all, but it was not the case. The truth is, the transactionnal value of an asset depends solely on the time both parties have to be exposed to the asset in order for the transaction to complete. In the limit that this time tends to zero, the impact on the asset price also tends to zero. It is obvious, because if you buy 1 bitcoin on an exchange and then re-sell it immediatly, it can not have any long term impact on the price. You may not agree with all this but I think many will agree, so I will jump to another point and defend this thesis later if needed.
Now I would like to make another point : If bitcoin succeeds as a store of value and it becomes the standard way to store wealth in the world, it will nescessarily also be used as a medium of exchange, because why wouldn’t merchants accept it in a world where everybody saves in bitcoin ? I am affraid, however, that the reverse is not true. First, if all you savings are in dollar, why on earth would you not directly buy your stuff with you dollars ? Well there are some cases where you might want to use bitcoin : To buy drugs on the darknet, to buy porn on the internet, etc.. But this will only ever be niche use cases, and even if it became fashionable, it would’nt change the fact that these kind of use have no impact whatsoever on bitcoin price. In fact they are dependant on bitcoin market cap to be sufficiently large, (ie being a good store of value/investment in the eye of many people) : If bitcoin market cap was 10 dollars, you obviously couldn’t use it to buy $50 worth of meth on the darknet. It doesn’t mean the market cap would magicaly grow to allow such use as a wrong understanding of the MV = PQ formula might suggest. It would just mean that bitcoin could not be used for this, and would not be used for this. In other word, it would be useless.
Now what is the relation between bitcoin market cap and it's qualities as a store of value ? It is simple : if bitcoin is not a good store of value, nobody will want to hoard bitcoins, so everyone who is currently hording will want to sell, and noboby will want to buy. In other word, the value of bitcoins will be zero. And when the market cap is zero, it can not even be used as a medium of exchange anyway.
So let us analyse bitcoin qualities as a store of value. First there is the dilution/inflation/scarcity aspect. With a fixed supply of 21 million coins, bitcoin pretty much scores A+. It is just impossible to imagine something better. But alas, there is another aspect to consider : for bitcoin to be a good store of value, it has to be safe. If there is a 20% probability that Bitcoin will stop working within one year, for whatever reason, you have to take that into account. And suddenly it doesnt look like a great store of value anymore. So bitcoin resiliance is of the utmost importance, it is actualy, I believe, the single most important factor that will determine wether it succeeds or not. Let me say it again : Bitcoin success depends solely on its resilience as a store of value. And what bitcoin resilience depends on ? On decentralisation. The one single distinguishing feature of bitcoin. This is why, I think, we should concentrate on this aspect, more than anything else. It is also why, I think, Gavin Andresen and Mike Hearn are just plain wrong. They want to sacrifice some security (decentralisation) to improve transaction bandwidth, while in reality, security is many,many many orders of magnitude more important that anything related to transaction bandwidth. Now you may not agree with this way of seeing things, and that’s ok. I just wanted to explain this theory so that everybody can think about it and come to his own conclusion. If I am wrong, please try to change my mind, I may have forgoten something, my logic might be wrong, etc... Bitcoin is a communauty and we must think together about these issues and try to reach, together, a better understanding. In the meantime, HODL to your coins !
Finally, I would like to say that I am not a native english speaker so this might explain the poor english.
EDIT All this is inspired from http://unqualified-reservations.blogspot.f2011/04/on-monetary-restandardization.html "In any economy, there exists no less than one commodity or security of inelastic volume which is overvalued due to reservation demand. Ie: one scarce good which is money."
EDIT 2 I should not have talked about Mike Hearn etc... and entered the block size debate. My point on the importance of the store of value side of things is independant from the block size debate.
submitted by toddler361 to Bitcoin [link] [comments]

BitWhite News 13.06.18.

*** Technical Updates ***
  1. Consensus will be updated on Main net this Friday. !Note: Beginning from Jun 15, don't perform any transaction a couple of days until we tell you. All delegates, please be ready by this time and check that your nodes are prepared for running.
Description of Consensus New feature. - The delegate rating will fall down, if the node stops working, by 0.01% every 101 blocks. The rating will be decreasing until inactive delegate drops out of the top 101 list. Delegate can restore the work of the node and start creating blocks again, in such case rating will be increasing by the similar way, + 0.01% every 101 bloks. Pay attention, that after dropping out from the top 101, delegate can be returned only by receiving additional votes.
  1. Added the minVersion parameter to disconnect the network from the old version in case of an update.
*** Reminder of Consensus logic ***
- 40% of the general delegate's income will go to the DAO Budget - 60% of the general delegate's income will go to Delegate. Delegate will decide how to use them, he can share this profit between his candidates (voters) at one's own discretion - how much BTW and to whom it will be send. - The rate of the candidate's income depends on the weight of the candidate's vote - The weight of the vote depends on the amount of BTW coins in the wallet
*** Local groups reorganization ***
- Africa Hub will be eliminated, all African countries will have their own local group. - Asia Hub will be eliminated, all Asia countries will have their own local group. - BitWhite corp2 will be eliminated, for now will be only one Main Corp.
*** Representatives progress ***
Meet the Representatives that will advance and protect the interests of the BTW community in their countries! - Chris Butler - USA - Daniel Muller - Norway - Raizalyn Razo - Philippines - Emmanuel Adams - Nigeria - Erhan Gokalp - Turkey - Zellagui Bilal - Algeria
We are continue to recruit new Representatives for other countries. All of them will be presented on the website. You can cooperate with them, discuss general issues, give suggestions and help each other, because they are your local reps.
*** Admins in local chats ***
Meet the Admins that will keep order in local group, answer the questions, provide feedback from community to dev team!
- @Garrycat - Indonesia - @AceMediaGroup - Nigeria - @PVHbabu - India - @Erchh - Philippines - @Ellelooks - Nigeria - @Z_y_v - Spanish - @talhaunsal - Turkey - @cryptowhit3 - Croatian - @Allyjay - Kenya - @nezbill19 - Arabic - @DannyMT90 - Scandinavian - @lcanaldomaxxorl - Portuguese - @GlobalTrader07 - Philippines - @Mdrag16 - Philippines - @Fondago - German + Russian - @BlankWu - Chinese - @Bibop99 - Vietnam - @Possum51 - BitcoinTalk
Respect administrators, communicate with them and provide your suggestions.
*** Additional set to BTW legion ***
  1. We announce additional set for Representatives. Their mission is the development of BTW in their own country or region.
Main responsibilities of representatives: 1. Advance and protect the interests of the entire BTW community on their region. 2. Develop and supervise a local BTW community. 3. Conduct the necessary negotiations, for example with funds, stock exchanges, investors, companies, private person, government agencies and all the others who will be interested in working with the BitWhite project and using BTW. 4. Promote the use of BTW. 5. Publicly speak at various conferences and Mitapahs.
Form for Represantative request: https://docs.google.com/…/1TGDSg_WpPDREmkY21pihIFT91e…/edit…
  1. We still looking for external developers. Form for External Devs request: https://docs.google.com/…/1MlsGWzXyS7b7GiB9s1Ud51-Xzi…/edit…
  2. We still looking for admins in local groups Hrvatski (Croatian) Deutsch (German) Ελληνικά (Greek) Italiano (Italian) 日本語 (Japanese) Nederlands (Dutch) 한국어 (Korean) Polski (Polish) Română (Romanian) Română (Romanian)
Admins request: https://docs.google.com/…/1nvUoLcbtUiKiznxDPESlIEccus…/edit…
or contact @Muviton777 directly. t.me/WhiteBitcoin https://bitwhite.org/ #BitWhite #BTW
submitted by BitWhite to u/BitWhite [link] [comments]

Patrick Byrne launches t0.com...gives hints it's powered by ethereum!

http://www.coindesk.com/overstock-unveils-blockchain-trading-platform-to/
I watched the entire press conference live. The whole time, I assumed t0.com ran on the bitcoin blockchain, but apparently this isn't so.
Originally, Patrick hired the Counterparty guys to build t0 on the bitcoin blockchain, but they flaked-out on him and founded their own company - Symbiont.
The video isn't on YouTube yet, so I'll have to paraphrase from memory, but this is why I think he's using ethereum. At the very end of his talk he said t0.com is "ledger agnostic" or "blockchain agnostic". He then looked at his lawyer and asked "Can we announce what technology we're using to power t0?"....and then Patrick almost answered...but his lawyer said "no, not yet."
Right around that same time, Patrick gave examples that some stock exchange start-ups use Bitcoin, some use Ripple, some use Counterparty, etc. (I don't think he mentioned any others)...since his lawyer said NOT to announce t0's technology, that basically implies that t0.com is NOT using Bitcoin, Ripple, or Counterparty.
If you google "blockchain agnostic", the first results you get will be etherparty.io, BC they wrote a blog on June 1st specifically called Blockchain Agnostic
You can get all the details on their site, but long story short, etherparty is built on ethereum!
Lastly, I don't think the timing is an accident. Patrick may have waited until Frontier was successfully launched, and then he held his press conference.
To reiterate, I'm not saying it's a slam dunk, but there's several good clues that he's using etherparty.io, which runs on ethereum...
If this turns out to be true, it is excellent news!
there's already quite a buzz going on over at bitcoin about Patrick's announcement...many are upset that he didn't announce he's using the BTC blockchain: https://www.reddit.com/Bitcoin/comments/3ftcsv/t0com_is_built_to_be_ledger_agnostic/
There are several other threads over there as well about t0.com that are worth reading.
Overstock's and t0's Press Release said the video will be uploaded here:
https://www.youtube.com/useOverstockNewsroom
...but it's not up yet.
"To the toppermost of the poppermost." ~John Lennon
submitted by anthony334 to ethereum [link] [comments]

What is Bitcoin? A Step-By-Step Guide For Beginners An in-depth guide by BlockGeeks

An in-depth guide by BlockGeeks
Content available at: http://bit.ly/smarterspending
If you want to know what is Bitcoin, how you can get it and how it can help you, without floundering into technical details, this guide is for you. It will explain how the system works, how you can use it for your profit, which scams to avoid. It will also direct you to resources that will help you store and use your first pieces of digital currency.
What is Bitcoin in a nutshell Small wonder that Bitcoin emerged in 2008 just after Occupy Wall Street accused big banks of misusing borrowers’ money, duping clients, rigging the system, and charging boggling fees. Bitcoin pioneers wanted to put the seller in charge, eliminate the middleman, cancel interest fees, and make transactions transparent, to hack corruption and cut fees. They created a decentralized system, where you could control your funds and know what was going on.
Bitcoin has come far in a relatively short time. All over the world, companies, from REEDS Jewelers, a large jewelry chain in the US, to a private hospital in Warsaw, Poland, accept its currency. Billion dollar businesses such as Dell, Expedia, PayPal, and Microsoft do, too. Websites promote it, publications such as Bitcoin Magazine publish its news, forums discuss cryptocurrency and trade its coins. It has its application programming interface (API), price index, and exchange rate.
Problems include thieves hacking accounts, high volatility, and transaction delays. On the other hand, people in third world countries may find Bitcoin their most reliable channel yet for giving or receiving money.
What is Bitcoin in-depth? At its simplest, Bitcoin is either virtual currency or reference to the technology. You can make transactions by check, wiring, or cash. You can also use Bitcoin (or BTC), where you refer the purchaser to your signature, which is a long line of security code encrypted with 16 distinct symbols. The purchaser decodes the code with his smartphone to get your cryptocurrency. Put another way; cryptocurrency is an exchange of digital information that allows you to buy or sell goods and services.The transaction gains its security and trust by running on a peer-to-peer computer network that is similar to Skype, or BitTorrent, a file-sharing system.
Bitcoin Transactional properties:
1.) Irreversible: After confirmation, a transaction can‘t be reversed. By nobody. And nobody means nobody. Not you, not your bank, not the president of the United States, not Satoshi, not your miner. Nobody. If you send money, you send it. Period. No one can help you, if you sent your funds to a scammer or if a hacker stole them from your computer. There is no safety net.
2.) Pseudonymous: Neither transactions or accounts are connected to real world identities. You receive Bitcoins on so-called addresses, which are randomly seeming chains of around 30 characters. While it is usually possible to analyze the transaction flow, it is not necessarily possible to connect the real world identity of users with those addresses.
3.) Fast and global: Transaction is propagated nearly instantly in the network and are confirmed in a couple of minutes. Since they happen in a global network of computers they are completely indifferent of your physical location. It doesn‘t matter if I send Bitcoin to my neighbour or to someone on the other side of the world.
4.) Secure: Bitcoin funds are locked in a public key cryptography system. Only the owner of the private key can send cryptocurrency. Strong cryptography and the magic of big numbers makes it impossible to break this scheme. A Bitcoin address is more secure than Fort Knox.
5.) Permissionless: You don‘t have to ask anybody to use cryptocurrency. It‘s just a software that everybody can download for free. After you installed it, you can receive and send Bitcoins or other cryptocurrencies. No one can prevent you. There is no gatekeeper.
Judd Bagley: What is BlockchainThe creator of bitcoin figured out a way to let two entities confidently trade directly with one another, without the need to rely on all these intermediaries. The key is mathematics. As long as we both trust in math, we can be confident the exchange to occur as expected.
Bitcoin uses public key cryptography and an innovative approach to bookkeeping to achieve the authorization, balance verification, prohibition on double spending, delivery of assets and record inalterability described above. And it happens in near real time at no cost.
Cryptography ensures authorization. You need a private key to transact. And your key is complex enough that it would take the best computer longer than the earth has existed to crack it. In other words, it’s essentially unhackable.
– Director of Communications at Overstock.com and Chief Evangelist at t0.com
Where can I find Bitcoins? First, we would recommend you read this in-depth guide for buying Bitcoin.
You can get your first bitcoins from any of these four places.
A cryptocurrency exchange where you can exchange ‘regular’ coins for bitcoins, or for satoshis, which are like the BTC-type of cents. Resources: Coinbase and LocalBitcoins in the US & Canada, and BitBargain UK and Bittylicious in the UK. A Bitcoin ATM (or cryptocurrency exchange) where you can change bitcoins or cash for another cryptocurrency. Resources: Your best bets are BTER and CoinCorner A classified service where you can find a seller who will help you trade bitcoins for cash. Resources: The definitive site is LocalBitcoins. You could sell a product or service for bitcoins. Resources: Sites like Purse. Caution! Bitcoin is notorious for scams, so before using any service look for reviews from previous customers or post your questions on the Bitcoin forum.
How does Bitcoin work? Without getting into the technical details, Bitcoin works on a vast public ledger, also called a blockchain, where all confirmed transactions are included as so-called ‘blocks.’ As each block enters the system, it is broadcast to the peer-to-peer computer network of users for validation. In this way, all users are aware of each transaction, which prevents stealing and double-spending, where someone spends the same currency twice. The process also helps blockchain users trust the system.
“Unlike traditional currencies, which are issued by central banks, Bitcoin has no central monetary authority. Instead it is underpinned by a peer-to-peer computer network made up of its users’ machines, akin to the networks that underpin BitTorrent, a file-sharing system, and Skype, an audio, video and chat service. Bitcoins are mathematically generated as the computers in this network execute difficult number-crunching tasks, a procedure known as Bitcoin “mining”. The mathematics of the Bitcoin system were set up so that it becomes progressively more difficult to “mine” Bitcoins over time, and the total number that can ever be mined is limited to around 21 million. There is therefore no way for a central bank to issue a flood of new Bitcoins and devalue those already in circulation.”
What is Bitcoin? A Step-By-Step Guide For BeginnersSave How can I store my bitcoins? To see how the system works, imagine someone called Alice who’s trying out Bitcoins. She’d sign up for a cryptocurrency wallet to put her bitcoins in.
The Bitcoin Wallets
There are three different applications that Alice could use.
Full client – This is like a standalone email server that handles all aspects of the process without relying on third-party servers. Alice would control her whole transaction from beginning to end by herself. Understandably, this is not for beginners. Lightweight client – This is a standalone email client that connects to a mail server for access to a mailbox. It would store Alice’s bitcoins, but it needs a third-party-owned server to access the network and make the transaction. Web client – This is the opposite of “full client” and resembles webmail in that it totally relies on a third-party server. The third party replaces Alice and operates her entire transaction. You’ll find wallets that come in five main types: Desktop, mobile, web, paper and hardware. Each of these has its advantages and disadvantages.
How do I buy and sell stuff with Bitcoins? Here’s the funny thing with Bitcoins: there are no physical traces of them as of dollars. All you have are only records of transactions between different addresses, with balances that increase and decrease in their records that are stored on the blockchain.
To see how the process works, let’s return to Alice.
Example of a Bitcoin transaction
Alice wants to use her Bitcoin to buy pizza from Bob. She’d send him her private “key,” a private sequence of letters and numbers, which contains her source transaction of the coins, amount, and Bob’s digital wallet address. That “address” would be another, this time, the public sequence of letters and numbers. Bob scans the “key” with his smartphone to decode it. At the same time, Alice’s transaction is broadcast to all the other network participants (called “nodes”) on her ledger, and, approximately, ten minutes later, is confirmed, through a process of certain technical and business rules called “mining.” This “mining” process gives Bob a score to know whether or not to proceed with Alice’s transaction.
The transaction between Alice and Bob
What is Mining? Mining, or processing, keep the Bitcoin process secure by chronologically adding new transactions (or blocks) to the chain and keeping them in the queue. Blocks are chopped off as each transaction is finalized, codes decoded, and bitcoins passed or exchanged.
Miners can also generate new bitcoins by using special software to solve cryptographic problems. This provides a smart way to issue the currency and also provides an incentive for people to mine.
The reward is agreed-upon by everyone in the network but is generally 12.5 bitcoins as well as the fees paid by users sending transactions. To prevent inflation and to keep the system manageable, there can be no more than a fixed total number of 21 million bitcoins (or BTCs) in circulation by the year 2040, so the “puzzle” gets increasingly harder to solve.
What do I need to know to protect my Bitcoins? Here are four pieces of advice that will help your bitcoins go further.
As you’d do with a regular wallet, only store small amounts of bitcoins on your computer, mobile, or server for everyday uses, and keep the remaining part of your funds in a safer environment.
Backup your wallet on a regular basis and encrypt your wallet or smartphone with a strong password to protect it from thieves (although, unfortunately, not against keylogging hardware or software). Store some of your bitcoins in an offline wallet disconnected from your network for added security. Think of this as a bank, while you, generally, keep only some of your money in your wallet. Update your software. For added protection, use Bitcoins’ multi-signature feature that allows a transaction to require multiple independent approvals to be spent.
Spending some time on these steps can save your money.
We recommend the Nano Ledger S – Hardware Wallet
Nano Ledger S is just as secure as the other two hardware wallets. It is popular because of its relatively low price of $65 compared to its competitors. Being smaller than KeepKey, it is more portable and easier to carry around. It is a hardware wallet that comes at a very competitive price.
What else do I need to know? Protect your address: Although your user identity behind your address remains anonymous, Bitcoin is the most public form of transaction with anyone on the network seeing your balances and log of transactions. This is one reason why you should change Bitcoin addresses with each transaction and safeguard your address. You can also use multiple wallets for different purposes so that your balance and transaction history remain private from those who send you money.
Your confirmation score: As said, you receive a confirmation score of about 10 minutes before you make your purchase. Different wallets have their own reading.
Government taxes and regulations: Government and local municipalities require you to pay income, sales, payroll, and capital gains taxes on anything that is valuable – and that includes bitcoins. The legal status of Bitcoin varies from country to country, with some still banning its use. Regulations also vary with each state. In fact, as of 2016, New York state is the only state with a bitcoin rule, commonly referred to as a BitLicense.As shown in the Table above, zero is the least with the number 3 being the most reliable for average bitcoin transfers. If you’re sending or paying for, something valuable, wait until you, at least, receive a 6.
What are the disadvantages of Bitcoin? Bitcoin got off on the wrong foot by claiming an apocryphal person (or persons), Satoshi Nakamoto as its founder. Nakamoto has never been found.
Regarding more practical concerns, hacking and scams are the norms. They happen at least once a week and are getting more sophisticated. Bitcoin’s software complexity and the volatility of its currency dissuade many people from using it, while its transactions are frustratingly slow. You’ll have to wait at least ten minutes for your network to approve the transaction. Recently, some Reddit users reported waiting more than one hour for their transactions to be confirmed.
Scams to watch out for
The four most typical Bitcoin scams are Ponzi schemes, mining scams, scam wallets and fraudulent exchanges.
Ponzi Scams: Ponzi scams, or high-yield investment programs, hook you with higher interest than the prevailing market rate (e.g. 1-2% interest per day) while redirecting your money to the thief’s wallet. They also tend to duck and emerge under different names in order to protect themselves. Keep away from companies that give you Bitcoin addresses for incoming payments rather than the common payment processors such as BitPay or Coinbase. Bitcoin Mining Scams: These companies will offer to mine outrageous amounts of bitcoin for you. You’ll have to pay them. That’s the last you’ll see of your money (with no bitcoins to show for it, either). Bitcoin Exchange Scams: Bitcoin Exchange Scams offer features that the typical bitcoin wallets don’t offer, such as PayPal/Credit Card processing, or better exchange rates. Needless to say, these scams leave you in the hang while they siphon your dollars. Bitcoin Wallet Scams: Bitcoin scam wallets are similar to online wallets – with a difference. They’ll ask you for your money. If robbers like the amount, that’s the last you’ll see of your deposit. The address, in other words, leads to them, rather than to you. Of all of these, wallet scams are the most popular with scammers managing to pinch millions.
What are the advantages of Bitcoin? The best thing about Bitcoin is that it is decentralized, which means that you can settle international deals without messing around with exchange rates and extra charges. Bitcoin is free from government interference and manipulation, so there’s no Federal Reserve System‍ to hike interest rates. It is also transparent, so you know what is happening with your money. You can start accepting bitcoins instantly, without investing money and energy into details, such as setting up a merchant account or buying credit card processing hardware. Bitcoins cannot be forged, nor can your client demand a refund.
It’s small wonder that users call Bitcoin “Money 2.0” or that Bill Gates called it “a techno tour de force
An in-depth guide by BlockGeeks
Content available at: http://bit.ly/smarterspending
submitted by smartspender to u/smartspender [link] [comments]

05-17 07:32 - 'Let's admit it. Bitcoin is never going to scale.' (self.Bitcoin) by /u/insanityzwolf removed from /r/Bitcoin within 2-12min

'''
I don't see either segwit or on-chain scaling happening. Bitcoin is stuck with 1 MB blocks, high fees and unpredictably long confirmation times for the long term.
We should set this expectation for the entire world so that there are no bad surprises in the future. Whatever value bitcoin has should be based on its current capacity alone, plus whatever centralized off-chain solutions become available, like exchange-t0-exchange account balance transfers.
'''
Let's admit it. Bitcoin is never going to scale.
Go1dfish undelete link
unreddit undelete link
Author: insanityzwolf
submitted by removalbot to removalbot [link] [comments]

Twin Bitcoins, Sharing the Same Protocol, Push Down Long Term Price.

The following mathematical analysis relies only on the fundamental premise of economics: individuals act towards maximizing perceived self benefit. It shows that bitcoin as we know it today is heading towards a stable trade, fragmented among several twin-bitcoins, all trading at a very low price, by residue of diehard bitcoin traders. This conclusion is limited to bitcoin at its present protocol, it does not apply to the larger issue of crypto money.
Analysis: let us designate the prevailing bitcoin trade and protocol as bitcoin1, or B1. B1 started trading at t0 = 2009. Its exchange value against the $US started at zero (P0=0 $US); it lingered at a few pennies for a long time. It experienced a steady growth in popularity and price, and then at t1 = [March, 2013], the Cypress financial crisis took place. Many in Spain, Italy and in other stumbling countries in the EU pulled their money from the bank and bought bitcoins. Bitcoin then shot out of the “pennies” zone and traded quite stable around the $100 price tag. Then in November 2013 The price of a bitcoin shot up to over $1100. From that peak price it was showing a steady descent that got more and more moderate towards a price tag of $300+ by the end of 2014. Data shows that bitcoin buyers are mainly investors betting on a price hike.
Bitcoin proponents very zealously push the bitcoin gospel of the “perfect money”, free from the shackles and shortcomings of the old currencies. They cast off the doubters as reminiscent of yesterday’s Internet disbelievers, or as climate change deniers. The effectiveness of this pitch is reflected in the price of the currency.
Here is what is bound to happen, based solely on the fundamental premise of economics: one, or several entrepreneurs will announce with great fanfare the establishment of a competing currency Bitcoin2! (or B2). B2 will use the exact same protocol as Bitcoin1 — same algorithms, same rules, same modifications of the original procedure. We can write B1 = B2 — except that B2 will be a starter, and its price very much lower than the price of B1: P2 << P1.
This is a unique situation. Two competing commodities, like gas, are never totally equal — they represent two companies with different appeal, they command loyalty, efficiency, different return policy, etc. None of this applies to bitcoin which is an open source, free for all. To the extent that Bitcoin2 will use the very same protocol as Bitcoin1, there would be no reason for a trader to buy one or the other, except the price. A trader would not even be able to say that the “traders are nice at Bitcoin1" because the traders are anonymous in both trades. By analogy, recall how Compaq reverse-engineered the IBM PC, and stole the market? Bitcoin2 will not have to reverse-engineer anything, it’s all in the open, and defined at programming specificity — copyable.
Given the price history of Bitcoin1, and the near zero price of Bitcoin2, and since the price cannot go below zero, one is led to act upon his self interest, and buy Bitcoin2, with the rational expectation for a price hike, given the history of Bitcoin1. The stories of the instant millionaires with Bitcoin1 still fresh in people’s mind, the rush to buy Bitcoin2 will be fast in coming. And as it happens, the price of Bitcoin2 will rise (dP2/dt >> 0, where t represents time). The buyers will be a mix of newcomers to bitcoin and a hefty count of Bitcoin1 holders who bought Bitcoin1 in the first place, as an investment — and have seen no durable price hike happening since December 2013. As Bitcoin1 holders migrate to Bitcoin2, the price of the former declines, and the price of the latter rise. The more this happens, the more people rush to grab a piece of the new bitcoin offering. Mind you: the Bitcoin1 proponents will no longer be able to raise the flag of newness, of vision, futurism, innovation, anonymity, convenience, speed, freedom, security etc. All these arguments have drawn people to shell out dollars and euros and keep the price of Bitcoin1 where it was. But these arguments don’t hold water against Bitcoin2 because it is using exactly the very same algorithms, and mathematical wisdom as Bitcoin1. And its price is rising, while the old bitcoin is dying out. The migration will accelerate — again, based only on the fundamental assumption of economic behavior — self maximizing one’s benefit.
When will it stop? Obviously when P1 = P2 — when the price of the original bitcoin and the challenger bitcoin become equal. What happens then?
At the point of equal price, the two bitcoin flavors will find it in their interest to integrate, in order to gain the advantage of a unified bitcoin, trading at a lower price, but with more traders on the roll. But human nature being what it is, it is likely that the administrators of the two bitcoins will opt out of a functional co-embrace, and continue to compete with each other. The economic literature offers various analyses for such commodity competitions, showing that it would restrict the price instability of both competitors relative to the price dynamics, had only one bitcoin been in play.
If the equilibrium price between these two bitcoin flavors will be relatively high (even if much less than the pre-competition price of Bitcoin1), then the same attack will happen again, with a Bitcoin3 — its price will rise as the price of Bitcoin1 and Bitcoin2 goes down. They will quickly equalize at the price which is still lower than before the appearance of Bitcoin3. And if that price is of any attractive measure, then a fourth bitcoin will pop out. This iterative process will continue until the price of the various bitcoin flavors is low enough, and no sooner would it rise, than another flavor will come forth.
The asymptotic behavior of bitcoin is therefore a stable, low price, currency, traded by diehard believers that are immunized against any facts or reality to the contrary. The majority of traders will move on to non-bitcoin digital money, likely to the non-speculative kind. Bitcoin itself can be resurrected to prominence should it adapt its protocol to add the Price Stabilizer Agency (PSA) proposed by BitMint, LLC.
The described scenario is not only bound to happen because it is a sure mechanism to enrich the early adopters of the new bitcoin, it is also morally clean. It is no more valid to decry the Bitcoin2 entrepreneurs as spoilers than it is to deride any competitor competing on price.
When will Bitcoin2 show up? Maybe as soon as a quick action entrepreneur finishes reading this piece, or may be a while later. My bet is that someone is setting up Bitcoin2 right now, in stealth. Offering cheap bitcoins to family and friends who stand to make a killing once Bitcoin2 is unleashed to the public. At the best case this multiple-bitcoin scenario is yet another ticking bomb attached to the bitcoin reality, and hence one must issue a disclaimer note that the above will happen provided other ticking bombs have not destroyed bitcoin beforehand.
This analysis should be taken to indicate that the immature bitcoin protocol that was tossed unprepared into the limelight, should go back to the drawing table and emerge in due time as a mature version of its raw self, claiming its role in the world where money is fully abstracted into a digital entity. The socio economic impact of digital money is beyond imagining right now, but weeding out the field is our job at present
submitted by GideonSamid to BitcoinMarkets [link] [comments]

Bitcoin scaling - BU and the truth. Can you handle it?

What is the truth about the scaling debate?
truth: It is not about scaling but centralization of control. truth: Profit motive protects bitcoin as long as profit is the motive of the miners. If control is the motive we can not rely upon game theory and must view this for what it is. A state sponsored economic terrorist attack.
To understand who and what we are up against you must first understand the secrets of money here is one video of a multi part series that is enlightening and simple to understand.
https://www.youtube.com/watch?v=iFDe5kUUyT0
I believe the big mining pools in china are acting to the benefit of the communist party and have no interest in even their own profit. Because even if they centralized (by making it more difficult for smaller mining rigs and nodes to exist) Bitcoin market cap would not grow and hence they would have the largest slice of an ever decreasing pie. (i.e. financial suicide)
The issues we face are about control not money and therefore the 'market' must step in (nodes users and exchanges). I'm not sure if that is UASF or a POW tweak but it is time to come together as the monopoly of hash power via subsidized electricity and ASIC monopoly must be opposed via an algorithm which evens the playing field.
We should not be afraid of a split and let the market back up progress through node upgrades. Miners CAN NOT overpower nodes + market. let's get this battle over with so we can activate segwit and other changes that allow bitcoin to grow.
submitted by vroomDotClub to Bitcoin [link] [comments]

Bitcoin Drops on PBOC, Waits ETF

Another exciting week in the crypto arena. Both bitcoin and litecoin clocked some gains since our last weekly update. But will these gains stick?
Bitcoin Drops on PBOC Comments
Bitcoin prices dropped from $1,255 to a low of $1,170 today on comments by PBOC’s Zhou Xuedong. The official said that while bitcoin exchanges will not be forbidden, strict regulations will be applied to the sector. The PBOC will undertake an observation period and may even close non-complying exchanges. Zhou Xuedong is the director of the PBoC’s Business Administration unit and was the person in charge of the audit conducted on bitcoin exchanges earlier this year.
This tone is the strongest yet to date from the People’s Bank of China so it’s not surprising to see the price fall a decent amount. However BTC/USD has recovered about half of the losses already and is quoted at $1,226 right now. Chinese prices remain suppressed as bitcoin withdrawals are still not possible. One coin is selling from $1,150 t0 $1,165 on the Big Three, a discount of over $70 dollars from USD exchanges. Imgur Read more: https://blog.fxopen.com/bitcoin-drops-on-pboc-waits-etf/
submitted by izveniklickov to CryptoMarkets [link] [comments]

Spendabit, Storj, Overstock and more. by Huobi

Hi everybody, we are from Huobi.com! Welcome to check our weekly summary of the latest virtual currency related events to provide you the comprehensive perspective to know the industry. Now let’s review what important news happened last week!
Bitcoin:
Blockchain application:
Other:
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SEC Approves Overstock.com S-3 Filing to Issue Shares Using Bitcoin Blockchain

This is an automatic summary, original reduced by 55%.
According to multiple sources close to Overstock, the U.S. Securities and Exchange Commission has approved a S-3 filing for online retailer Overstock.com to issue new publicly traded shares of the company on the Bitcoin blockchain.
Form S-3 is a securities registration form that gives companies a simplified process for issuing publicly traded securities.
Unlike Form S-1, which is the comprehensive filing required for companies which plan to hold an initial public offering of their stock, the S-3 is for companies that already have achieved a certain level of compliance with the Securities Exchange Act of 1934.
Specifically, a company must have at least 12 months of properly filed reports with the SEC to be eligible to file an S-3.Overstock's t0 platform has been working on bringing equity trades and settlement to the blockchain since it was first announced in April 2015.
Fundamentally, t0 operates with the mentality that "The trade is the settlement." In traditional equity trades today, the markets operate on a trade date plus three days settlement mechanism in which the exchange of payment and securities can take up to three days to settle.
The t0 platform is built utilizing colored coin technology, which allows for fractions of bitcoin to be used to track ownership of many assets besides bitcoin.
Summary Source | FAQ | Theory | Feedback | Top five keywords: trade#1 company#2 Bitcoin#3 blockchain#4 Overstock#5
Post found in /Bitcoin, /btc, /technology, /bitcoinxt, /BitcoinAll, /BTCNews and /news.
NOTICE: This thread is for discussing the submission topic only. Do not discuss the concept of the autotldr bot here.
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