Bitcoin (BTC) Real-Time Price Index and Chart — CoinDesk 20

This subreddit is for users of Bitcoin in Australia.

This subreddit is for users of Bitcoin in Australia.
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Bitcoin Discussion

A place for cultivating high-quality, open and serious discussions about Bitcoin. Your best source for ideas, discussions, and debate regarding technical, economic, business and political developments about the world's first and best cryptocurrency - Bitcoin. Welcome!
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Lykke - Trade Bitcoin, Ethereum, FX and Digital Assets

Lykke is building a global marketplace for the free exchange of financial assets. By leveraging the power of emerging technology, our platform eliminates market inefficiencies, promotes equal access from anywhere in the world, and supports the trade of any object of value. The Lykke Exchange is fast and secure. Users receive direct ownership of assets with immediate settlement from any mobile device.
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Store of Value Update: Bitcoin Core (BTC) Dropped from $9,200 t0 $8,300 in 3 Days

Store of Value Update: Bitcoin Core (BTC) Dropped from $9,200 t0 $8,300 in 3 Days submitted by Egon_1 to btc [link] [comments]

For Trading May 14th

DJIA -1315 From Yesterday’s High
POWELL Says, “No Neg Rates”
Today’s market was down from the start with PPI numbers and Jay Powell talking about the economy, negative rates, a slower than Trump promises recovery and just in general spooking anyone within the sound of his voice. The futures had been higher, but the rally in afterhours last night had pushed up the “fair value” to the point of a negative open. It only got worse throughout the day as the A/D and volume piled up on the downside finishing 8:1 down on the NYSE and 4:1 on the NAZ, but also on the NY the volume was a solid 7:1 down too. On the DJIA we had only one stock up, MRK, and only $ .74. The losers were spread around with UHN the biggest loser -70, GS -37, MMM -36 AND AXP -35 DPs. Financials, Energy, and Industrials were the weakest with Consumer staples and Utilities the “least weak.”
Our “open forum” on Discord, which allows me to interact with subscribers and others to allow direct questions and chart opinions on just about any stock, continues to grow with more participants every day. It is informative and allows me to share insights as the market is open and moving. The link is: https://discord.gg/ATvC7YZ and I will be there and active from before the open and all day. It’s a great place to share ideas and gain some insights, and we’ve grown to almost 1900 members. I also did this video titled “How to survive being an options trader and not blow up your account,” over the long weekend. I think it’s very informative as a guide to stock selection and option choices. The link is https://youtu.be/Y7H9RpWfLlo Enjoy!!
Tonight’s closing comment video https://youtu.be/vm3CUCipzT0
SECTORS: The news from UBER / GRUB was that there would be no deal at 2.1 shares of UBER for GRUB, but it was disclosed that UBER was considering a ratio of just 1.9:1, so UBER moved up $ .62 while GRUB was lower by $2.25 (3.73%). The good news was that UBER said there were $300 million in cost efficiencies in the deal for them. Not much of a dent in the $2.9 Billion they lost this quarter, but I guess you have to start somewhere.
Cisco reported a beat after the close and the stock, down from a high yesterday of $44.30 had closed $41.95 - $1.27 rallied on the news to $44.45 but closed $42.94 +.99.
ASCO, the Cancer Society annual meeting is in 2 weeks, and Allogene (ALLO) published their findings on a new therapy and the stock shot up from its close of $30.98 -1.56 (4.79%) to trade as high as $46.57 before closing $39.50 + 8.52. There will be a steady stream of these type of announcements in the next 10 days.
FOOD SUPPLY: was MIXED with TSN -1.58, BGS +1.50, FLO +1.29, CAG +.18, MDLZ -.84, KHC -.16, CALM -.55, JJSF -.65, SAFM -.94, LANC +.63, GO -.61, UNFI +7.22 (46.55%) on preliminary reporting of their Q3 sales and several upgrades lead the group, and BYND +1.07.
BIOPHARMA: was LOWER with BIIB -4.81, ABBV -1.38, REGN +19.46, ISRG -13.93, GILD -.61, MYL -.53, TEVA -.37, VRTX +1.43, BHC -.64, INCY -.29, ICPT -2.37, LABU -2.69 and IBB $130.00 -1.05 (.80%).
CANNABIS: This group was LOWER with TLRY -.21, CGC -1.07, CRON -.28, GWPH -3.95, ACB -.56 (8.67%), PYX -.04, NBEV -.065, CURLF +.06, KERN -.02 and MJ $10.96 -.59 (5.11%).
DEFENSE: was LOWER with LMT -5.51, GD -.52, TXT -1.63, NOC -5.05, BWXT -1.69, TDY -5.90, RTX -2.07, and ITA $141.70 -4.37 (2.99%).
RETAIL was LOWER with M +.06, JWN -.66, KSS -.31, DDS -1.19, JCP +.035 (17.65%), WMT +.42, TGT +.27, TJX -.76, RL -.52, USS -.74, LULU -11.22, TPR -1.21, CPRI -.62, and XRT $36.04 -.96 (2.59%).
FAANG and Big Cap: were LOWER with GOOGL -20.28, AMZN +15.05, AAPL -2.91, FB -3.80, NFLX +7.79, NVDA +3.29, TSLA -9.62, BABA -.01, BIDU -1.17, CMG -24.73, CAT -.46, BA -2.32, DIS -1.07 and XLK $91.83 -1.61 (1.72%).
FINANCIALS were LOWER with GS -4.85, JPM -2.83, BAC -.87, MS -1.24, C -1.40, PNC -3.21, AIG -1.45, TRV -4.12, AXP -4.17, V -1.16 and XLF $20.66 -.63 (2.96%).
OIL, $26.68 -.65. Oil was another short-range day that gave no hint of direction to come as we finished down a bit. The contract was rolled forward so the price is slightly higher but still unable to make any headway against overhead supply. All the stocks on my list were lower with XLE $35.73 -1.70 (4.54%).
METALS, GOLD: $1,716.40 +9.60. After the recent gains, Gold broke below $1,700 yesterday but failed to follow-thru to the downside and closed higher. The 5 and 20-day MAs look like they may cross to the upside, But it was still unable to break the downtrend line at $1,726. We are long NEM.
BITCOIN: closed $9,270 +400. After breaking out over $7500 we have moved as high as just over $10,000 before gapping down overnight to trade as low as $8,400 earlier this week. We continue to recover higher prices and we added 350 shares of GBTC yesterday @ $10.02 to our position of 400 @ $8.06, bringing our average price to $8.97. GBTC closed $11.21 + .58 today.
Tomorrow is another day.
CAM
submitted by Dashover to options [link] [comments]

Over 30 best links from Financial system and Bitcoin documentaries I have in my playlist for the last 5 years

Here I’m posting some of the best links from my Playlist that I’ve collected over the years. Watch this when you have time and start to understand how the current financial system works and then how BITCOIN works!
Save these links and watch when you have time This is golden stuff that I have been watching over the years!
Watch this with open mind and regarding Bitcoin videos here, Please note that Bitcoin is still new
Some of the videos are about Bitcoin and others about the current financial system and money printing etc
All these videos are great and from my YouTube playlist
https://youtu.be/XNu5ppFZbHo What gives a dollar bill its value? - Doug Levinson
https://youtu.be/9mBc0Zk1YWs Why Bitcoin Will Change The World - Andreas Antonopoulos
https://youtu.be/sDNN0uH2Z3o Why Blockchain Matters More Than You Think!
https://youtu.be/1NkyU0Ur1mE Stockman on Debt Crisis: 'We're Going to Have 80 Million People Retire Within a Decade
https://www.youtube.com/watch?v=iFDe5kUUyT0&list=PLXXvI-dMTcryJ9MByJJS3wmEOteHngNf6&index=19&t=800s Hidden Secrets of Money Ep 4 This is a must watch.
https://youtu.be/0yZ5mjbB11I Best Documentary of the Housing Market Crash
https://youtu.be/lyzS7Vp5vaY What Will Cause The Next Recession - Joseph Stiglitz On Trump's Protectionism
https://youtu.be/V3VgbQ23E8k 10 Million Dollar Bitcoin End Game (OLDER VERSION) - Good video about the technology
https://youtu.be/NtLkVgzI_RY Roubini: It’s a Scary Time for the Global Economy - Bloomberg
https://youtu.be/N9YLta5Tr2A The Causes and Effects of the Financial Crisis 2008
https://youtu.be/yXHeORUsEFw Charlie Munger: If the government prints too much money, it ends up like Venezuela
https://youtu.be/2HAgQ1zw1eU The Currency War Escalates as China Seeks to Dethrone the Dollar
https://youtu.be/m_ma2Wqsrkw Why Tim Draper Is So Excited About Bitcoin
https://youtu.be/AJ1yWihBNA4 Why Bitcoin Terrifies Big Banks | Interview with Andreas Antonopoulos
https://youtu.be/UlKZ83REIkA Bitcoin for Beginners (Old video)
https://youtu.be/l1si5ZWLgy0 Introduction to Bitcoin - Andreas Antonopoulos
https://youtu.be/SF362xxcfdk From Bitcoin To Hedera Hashgraph (Documentary) Hidden Secrets Of Money Episode 8
https://youtu.be/XXUA8XM4kt0 The END of the DOLLAR? Why do BITCOIN and cryptocurrency ARISE? - VisualPolitik EN
https://youtu.be/aq9XKNDGwXQ Why Bitcoin's Revival Is Different This Time Around - Bloomberg
submitted by janus9000 to Bitcoin [link] [comments]

For Trading May 14th

DJIA -1315 From Yesterday’s High
POWELL Says, “No Neg Rates”
Today’s market was down from the start with PPI numbers and Jay Powell talking about the economy, negative rates, a slower than Trump promises recovery and just in general spooking anyone within the sound of his voice. The futures had been higher, but the rally in afterhours last night had pushed up the “fair value” to the point of a negative open. It only got worse throughout the day as the A/D and volume piled up on the downside finishing 8:1 down on the NYSE and 4:1 on the NAZ, but also on the NY the volume was a solid 7:1 down too. On the DJIA we had only one stock up, MRK, and only $ .74. The losers were spread around with UHN the biggest loser -70, GS -37, MMM -36 AND AXP -35 DPs. Financials, Energy, and Industrials were the weakest with Consumer staples and Utilities the “least weak.”
Our “open forum” on Discord, which allows me to interact with subscribers and others to allow direct questions and chart opinions on just about any stock, continues to grow with more participants every day. It is informative and allows me to share insights as the market is open and moving. The link is: https://discord.gg/ATvC7YZ and I will be there and active from before the open and all day. It’s a great place to share ideas and gain some insights, and we’ve grown to almost 1900 members. I also did this video titled “How to survive being an options trader and not blow up your account,” over the long weekend. I think it’s very informative as a guide to stock selection and option choices. The link is https://youtu.be/Y7H9RpWfLlo Enjoy!!
Tonight’s closing comment video https://youtu.be/vm3CUCipzT0
SECTORS: The news from UBER / GRUB was that there would be no deal at 2.1 shares of UBER for GRUB, but it was disclosed that UBER was considering a ratio of just 1.9:1, so UBER moved up $ .62 while GRUB was lower by $2.25 (3.73%). The good news was that UBER said there were $300 million in cost efficiencies in the deal for them. Not much of a dent in the $2.9 Billion they lost this quarter, but I guess you have to start somewhere.
Cisco reported a beat after the close and the stock, down from a high yesterday of $44.30 had closed $41.95 - $1.27 rallied on the news to $44.45 but closed $42.94 +.99.
ASCO, the Cancer Society annual meeting is in 2 weeks, and Allogene (ALLO) published their findings on a new therapy and the stock shot up from its close of $30.98 -1.56 (4.79%) to trade as high as $46.57 before closing $39.50 + 8.52. There will be a steady stream of these type of announcements in the next 10 days.
FOOD SUPPLY: was MIXED with TSN -1.58, BGS +1.50, FLO +1.29, CAG +.18, MDLZ -.84, KHC -.16, CALM -.55, JJSF -.65, SAFM -.94, LANC +.63, GO -.61, UNFI +7.22 (46.55%) on preliminary reporting of their Q3 sales and several upgrades lead the group, and BYND +1.07.
BIOPHARMA: was LOWER with BIIB -4.81, ABBV -1.38, REGN +19.46, ISRG -13.93, GILD -.61, MYL -.53, TEVA -.37, VRTX +1.43, BHC -.64, INCY -.29, ICPT -2.37, LABU -2.69 and IBB $130.00 -1.05 (.80%).
CANNABIS: This group was LOWER with TLRY -.21, CGC -1.07, CRON -.28, GWPH -3.95, ACB -.56 (8.67%), PYX -.04, NBEV -.065, CURLF +.06, KERN -.02 and MJ $10.96 -.59 (5.11%).
DEFENSE: was LOWER with LMT -5.51, GD -.52, TXT -1.63, NOC -5.05, BWXT -1.69, TDY -5.90, RTX -2.07, and ITA $141.70 -4.37 (2.99%).
RETAIL was LOWER with M +.06, JWN -.66, KSS -.31, DDS -1.19, JCP +.035 (17.65%), WMT +.42, TGT +.27, TJX -.76, RL -.52, USS -.74, LULU -11.22, TPR -1.21, CPRI -.62, and XRT $36.04 -.96 (2.59%).
FAANG and Big Cap: were LOWER with GOOGL -20.28, AMZN +15.05, AAPL -2.91, FB -3.80, NFLX +7.79, NVDA +3.29, TSLA -9.62, BABA -.01, BIDU -1.17, CMG -24.73, CAT -.46, BA -2.32, DIS -1.07 and XLK $91.83 -1.61 (1.72%).
FINANCIALS were LOWER with GS -4.85, JPM -2.83, BAC -.87, MS -1.24, C -1.40, PNC -3.21, AIG -1.45, TRV -4.12, AXP -4.17, V -1.16 and XLF $20.66 -.63 (2.96%).
OIL, $26.68 -.65. Oil was another short-range day that gave no hint of direction to come as we finished down a bit. The contract was rolled forward so the price is slightly higher but still unable to make any headway against overhead supply. All the stocks on my list were lower with XLE $35.73 -1.70 (4.54%).
METALS, GOLD: $1,716.40 +9.60. After the recent gains, Gold broke below $1,700 yesterday but failed to follow-thru to the downside and closed higher. The 5 and 20-day MAs look like they may cross to the upside, But it was still unable to break the downtrend line at $1,726. We are long NEM.
BITCOIN: closed $9,270 +400. After breaking out over $7500 we have moved as high as just over $10,000 before gapping down overnight to trade as low as $8,400 earlier this week. We continue to recover higher prices and we added 350 shares of GBTC yesterday @ $10.02 to our position of 400 @ $8.06, bringing our average price to $8.97. GBTC closed $11.21 + .58 today.
Tomorrow is another day.
CAM
submitted by Dashover to OptionsOnly [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]

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]

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]

The threat of ZCash on Ethereum

Hello Ethereum folks,
After being part of the cryptocurrency community for many years, I want to express some concerns I have about the potential for a backdoor to be introduced into Ethereum. I am very optimistic about the progress and success of Ethereum so far, and I want to preserve its integrity. We can benefit from zero knowledge proofs without a "trusted" third party.
I think many of the people in this community, enthusiastic as they are, do not recognize the social significance of cryptocurrency. It is not just a neat toy, not just a cool new piece of software, not just a new investment opportunity. It is all of these things, and it is also an attempt at a fundamental change in the power structure on this planet. There is a banking empire at stake whose value cannot be measured in currency because it can generate unlimited amounts of it.
Just think about that, for a moment. Almost everybody has to work for money, while these entities get to print it whenever they want it. Furthermore, since governments borrow all of their money into existence from central banks, your tax money goes into government treasuries, they use it to pay back some of the debt, and the central bank then pays it out to their private shareholders, most of whom are anonymous. This bears repeating: your tax money goes into private bank accounts.
This is important to understand because it informs our threat model. We are not just protecting our system against random hackers, or rogue governments. We need to protect it against entities that are extremely skilled at manipulating humans, so much so that they have managed to create a global financial system in which nearly everyone work for them. How do you measure the value of a currency system that is fundamentally rigged in your favor? You would become a god in any community that adopted such a rigged system. "In God we trust".
This brings me to ZCash and it's "trusted setup" (good name, huh?). I went thru their details, and I have no proof of any wrongdoing, but the incentive for shenanigans in this setup is nearly infinite. We should not accept the logs and videos and elaborate rituals as proof that they have not fundamentally rigged this system. As Eli Ben-Sasson, one of the creators of zk-SNARKs, says
You cannot allow the public to view all parts of the ceremony, because...then the public could have reconstructed this forgery key, and the system would have been ruined.
From the ZCash website
It is the secrets used to generate these keys that if not destroyed could be used to forge transactions by false verification thereby giving that person the ability to create unlimited Zcash undetected.
There is simply too much at stake for us to accept this glaring backdoor. Furthermore, it mirrors exactly the tricks in the current financial system in which central bankers can print as much money as they want. So when I read about ZoE, ZeroCash on Ethereum, and how ZCash's trusted setup may be reused on Ethereum, things start to smell really bad.
The good news is that someone desiring to issue a token supporting privacy-preserving transactions can simply reuse the public parameters that have already been securely generated by Zcash.
It also suggests a reason as to why banks seem to be supporting Ethereum and attacking Bitcoin. They may believe they will be able to keep their position of power and violate the integrity of the blockchain by introducing ZCash's forgery key into Ethereum. Ethereum's flexibility will allow many new currencies and financial systems to be created and proliferate across the world, and banks may have the backdoor keys to all of it if we allow the ZCash magic ritual to entrance us. Meanwhile, all the early adopters will be rich and probably happy to look the other way if they happen to see anything out of place.
So let us look at the costs and benefits of using the ZCash zk-SNARK system.
Costs:
Pros:
Does that seem like a worthy tradeoff to you? It costs only a few thousand dollars to do an Ethereum trusted setup and make some nice videos about it. Furthermore, the benefits of zero knowledge proofs can be gotten without a trusted setup, so we shouldn't be using trusted setups at all. The whole thing just stinks to high hell, altho I'm sure most of the people working on this stuff are perfectly well intentioned. We need to zoom out and look at the bigger picture. Please, please, please do not underestimate the significance of this potential backdoor.
We humans have a tremendous opportunity right now, to take our place alongside the gods. Humanity is divine. All we have to do is assert our sovereignty. We do not have to remain slaves.
submitted by ganesha1024 to ethereum [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]

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]

Call me a conspiracy theorist, but the US economy will collapse by the end of 2015.

Here are my reasons:
First of all, the US has been fiercely pushing QE, which has seen US debt increase exponentially over the recent years. I believe that this is unsustainable, and that the US economy is in for an ever bigger collapse than we have ever seen before. As such, I don't see much value in the stock and forex markets for these 2 years. Source: http://www.youtube.com/watch?v=iFDe5kUUyT0
Secondly, China, the largest holder of US debt has announced that it is no longer "in the interest of the country to increase their foreign reserves". This means that China is not only NOT buying US debt, but I would assume that they will be looking to DECREASE the US debt they currently have. Source: http://www.bloomberg.com/news/2013-11-20/pboc-says-no-longer-in-china-s-favor-to-boost-record-reserves.html Source: http://www.youtube.com/watch?v=nengClMwqbw
Thirdly, the rising tension in the middle east -- Syria, Iran, Iraq. This is a proxy war between the USA and the powers from the East (China, Russia), and has already been going on for decades. If anything, it's only going to get worse, as the USA continues to try to assert their dominance in the middle east, especially over oil trading. Source: http://www.youtube.com/watch?v=8ZK5gRLJ9h0
These are my reasons for why the economy will collapse by the end of 2015. Call me a conspiracy theorist, but before you dismiss my comments, I advise you to take a look at my links and judge for yourself with an open mind.
If you agree with me, my advise is to BUY BITCOINS, and let's build a new world together =)
submitted by bakedric3 to conspiracy [link] [comments]

Karatcoin is the perfect place for any investor who wants to keep gold safe in a vault.

Karatcoin is the perfect place for any investor who wants to keep gold safe in a vault.

https://preview.redd.it/621x74xhoys11.png?width=900&format=png&auto=webp&s=cd85106c693a709de443b8e5f2db4d9391c38977
With very low fees compared to our competitors, Karatcoin is the perfect place for any investor who wants to keep gold safe in a vault.
KCG (Karatcoin Gold Token) is a stable crypto-asset that represents 1 gram of 99.99% LBMA standard gold secured in Safehouse Vaults; the gold is safe from political influence and will preserve and increase its value over time.
Karatcoin’s Platform is directly linked to operational gold mines that will receive financing to help increase their gold production. The more Karatcoin’s financing increases, so will the aggregated gold production of our mines, which in turn will increase the value of circulating Karatcoin tokens. All the mines selected by Karatcoin’s technical and legal team have been carefully analyzed for their production ability, operational background, structural credibility, as well as their financial rating. No third-party intermediary is involved in the selection and vetting process.
Website: https://karatcoin.co/
White Paper: https://s3-eu-west-1.amazonaws.com/karatco…/…/docs/KC_WP.pdf
Token sale: https://karatcoin.dreammy.io/register
#bitcoin #cryptocurrency #Ethereum #GOLD #ICO #EOS #cryptofever#CryptoNews
submitted by DBlackMoon to u/DBlackMoon [link] [comments]

The blockchain and it's timing in history.

In my mind,the invention of the blockchain at this time in history isn't a coincidence. It's a product of a need and means to a way. I think that it has great resemblences to the invention of the bookpress and printing. The bookpress was invented because it was a necessity at that time to easely spread ideas that opposed the dogmatic autoritarian belief system and increased literacy in the progress. This in turn led (or at the very least greatly helped) to enlightment, scientific revolution and reformation. I believe the blockchain and bitcoin is an alternative to the dogmatic autoritarian system that is our current monetary system. And the understanding of the blockchain technology can lead to economic literacy.
It also coincides with the 6th/7th stage in the life cycles of great powers and the shift from greatly devaluated currency back to real money as it is explained here: https://www.youtube.com/watch?v=EdSq5H7awi8
Why are people so hung on the fact that our current monetary system is to big to fail. Do they believe we're at the pinnacle of social evolution and the political, economical and financial structures can't evolve any further? If you're looking at at all the events that happen in the world today we're slapped in the face with facts that the current status quo is starting to fall apart. The world is rebelling against the domination of the petrodollar, the formation of BRICS,.... The only way the dollar can uphold it's power is ultimatly through military power and as we have seen it's that very same military that siphons the wealth away from the empire that wields it.
The blockchain that can't exist without bitcoin (Andreas 'Anology' Antonopoulos explains this very well: https://www.youtube.com/watch?v=J8y_GypCWf4) is a disruptive technology that can help society shapeshift into something more global. It enables global human economic interaction without the nationalistic connotations that are a burden on todays national fiat currencies and lead to devastating economical wrangling between nations. This doesn't mean the ones in power now suddenly won't be anymore but at least the'll have to alter the ways in which they siphon wealth from all of us and in the process we might get a bit of power back.
From another discussion I cherrypicked the following: "You are as much of slave to fiat as the rest of us."
When I realised this a while ago, that was the moment I decided in order to try escape from this, I had to educate myself on how all this monetary shit really works. While educating myself I became flabbergasted by the level of oblivion we the sheeple have in regards to all these matters that rule our life.
To explain what I mean I'll again refer to the video series shown previously.( they did quite a good job to make it understandable) https://www.youtube.com/watch?v=iFDe5kUUyT0
Do you also recognise how bitcoin creates an oppertunity to babystep out of this system and how it is invented out of an actual need?
Another thing I often hear is the fact that many hold on to their bitcoins and don't use them as a "currency" should be used. That is the whole situation backwards! It shows how brainwashed we are into our current system that we think it's a bad thing to be able to save a token that represents our labour instead of having to "invest" this token in order for it to remain of the same value. Or the simple fact that it encourages you to directly spend and live in the now instead of thinking about (and by doing so, questioning) the future. The more knowledgable I become about all of this the more I urge my mother, sisters, friends,.. to educate themselves and the more I'm convinced that dismissing Bitcoin is a mistake of a lifetime. Not recognizing the potential bitcoin holds, is mostly due to the fact that that we all have a tendency to dismiss change and hold on unto false and dogmatic premises. This could also explain why bitcoiners are often regarded and ridiculed to as a cult, one uses existing dominant templates as reference fields to compare new and unknown things.
The truth is, I wasn't interested in these kind of subjects like an illiterate isn't interested in getting information out of a book. The fact that I am now questioning and learning all of this leads me to believe that many more are becoming aware of this. After all, I'm not a special snowflake!
This gets me back to the beginning of this post so the circlejerk is completed.
submitted by Zentologic to Bitcoin [link] [comments]

[uncensored-r/Bitcoin] It's in times like these that education is necessary

The following post by jonat3 is being replicated because some comments within the post(but not the post itself) have been silently removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ Bitcoin/comments/7r1eah
The original post's content was as follows:
Playlist with Andreas Antonopoulos as well as a few other classics. Is meant for people completely new to bitcoin.
Took quite awhile to assemble this playlist. Playlist is in chronological order. Watch in that sequence. Adjust playing speed in youtube to suit your needs.
Consider this page 1 in a series. May be updated from time to time.
Intro
Who is in control
How does it work
Security (and who's backing it)
By the love of God, watch first video entirely (click link in description once you understand). Don't be goxxed!
Some videos about bitcoin being a bubble
Some basic economics
Networks (!!!)
Why Bitcoin
Altcoins vs Bitcoin
Worried about high fees or the slow transactions? See the motivation behind the fee structure (pay special attention to the last video)
Important classics about the theory of money
Early classics (last video is gold :p)
Important backdrop for why bitcoin emerged starring Stefan Molyneux and Mike Maloney
Bitcoin's larger importance with Andreas Antonopoulos
Banking and Blockchain with Andreas Antonopoulos
Consumer protection
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

Help wanted: I'm giving my first bitcoin presentation!

I am assembling my first official presentation on bitcoin/blockchain technology. The audience is technical but may not have any prior knowledge in this area of study. As such, my primary goal is to convey the entire picture somewhat "in a nutshell" so that someone observing the presentation would walk away with a general understanding of how everything works. The amount of time I have allotted is approximately 30 minutes and I plan to find and use visuals for basic concepts.
Listed below is my rough outline that has not yet been translated into a visual story (ie slides). I want to make sure I get the foundation correct first. I am still learning myself, so some of these concepts may not be clear or may even be wrong. I'd greatly appreciate any input or suggestions here. If I'm missing anything major please let me know!
(note: any links provided are for bibliography/source info purposes)
Thank you in advance.
concept A. crypto: private key + public key: ability to communicate securely
concept B. proof-of-work: solve a puzzle (costly), but verify answer quickly
concept C. byzantine generals: reach consensus, eliminate the need for trust
practical uses of bitcoin and blockchain technologies today
EDIT: some improvements/additions
submitted by dusktrader to Bitcoin [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]

What are your Passive Income (Investment) streams?

Do any of you currently have money parked in passive income investment streams such as Equity funds or others? What do you think of the Equity markets, is this sustainable and will it be going on a bull trend for much longer?
I'm currently using Forex robots to make my money grow for me, but would like to diversify my investment portfolio, due to the high risks involved. I recently diversified some into Bitcoins, which is yet another highly volatile currency (commodity, if you prefer).
I'm open to all kinds of possibilities so let's hear it, what are your passive income streams? What kind of investment opportunities have caught your eye?
On the other hand, I also believe that the US (and world) Economy is heading for an inevitable collapse, by the end of 2015. I have my reasons to believe that investing in Bitcoin is actually more profitable and safer than ETFs at the moment, and here are my reasons why:
First of all, the US has been fiercely pushing QE, which has seen US debt increase exponentially over the recent years. I believe that this is unsustainable, and that the US economy is in for an ever bigger collapse than we have ever seen before. As such, I don't see much value in the stock and forex markets for these 2 years. Source: http://www.youtube.com/watch?v=iFDe5kUUyT0
Secondly, China, the largest holder of US debt has announced that it is no longer "in the interest of the country to increase their foreign reserves". This means that China is not only NOT buying US debt, but I would assume that they will be looking to DECREASE the US debt they currently have.
Source: http://www.bloomberg.com/news/2013-11-20/pboc-says-no-longer-in-china-s-favor-to-boost-record-reserves.html
Source: http://www.youtube.com/watch?v=nengClMwqbw
Thirdly, the rising tension in the middle east -- Syria, Iran, Iraq. This is a proxy war between the USA and the powers from the East (China, Russia), and has already been going on for decades. If anything, it's only going to get worse, as the USA continues to try to assert their dominance in the middle east, especially over oil trading.
Source: http://www.youtube.com/watch?v=8ZK5gRLJ9h0
These are my reasons for why the economy will collapse by the end of 2015. Call me a conspiracy theorist, but before you dismiss my comments, I advise you to take a look at my links and judge for yourself with an open mind.
So let's hear it, what are you views on the health of our Economy right now and in the near (3-5 years) future? How are you diversifying your portfolio and what passive income streams do you have?
submitted by bakedric3 to personalfinance [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]

A Watershed Moment For Bitcoin

Singapore Prime Minister's speech at UOB 80th Anniversary
Transcript : "... there are other technologies like Blockchains which is used for bitcoins, but can also be use for many other applications like, Real Gross Time Settlement and Trade Finance Verification. So our banks and our regulators MAS must keep up to date and up to scratch with these developments..."
Real Time Gross Settlement : "Gross settlement" means the transaction is settled on one to one basis without bundling or netting with any other transaction. RTGS systems are typically used for high-value transactions that require immediate clearing, usually by a country's central bank.
and
Trade Finance Verification : Same-day affirmation (SDA) also known as T0 refers to completing the entire trade verification process on the same day that the actual trade took place.
He refers to Blockchains (plural), He points out that there are many type of blockchains and only one of which is bitcoin. This actually sidesteps the previously negative image attributed to bitcoin.
It shows a clear understanding of what blockchain technology is all about. Furthermore he directs that their banks and regulators keep up to date with developments. Singapore have always maintained a level headed approach towards bitcoin. It was the first country to clearly define the legal position of bitcoin. Here regulators treat bitcoin for tax purposes it the way it is used, either as a commodity or currency. This has allowed many innovative bitcoin companies to setup and thrive in Singapore.
In his speech he praised the banking industry for it's success but also points out that there are other banks that are better in other areas of the finance and banking, such as mobile payments. This is reinforcing Singapore's model of always wanting to be the best in areas of industry that they target. Being a financial hub have been part of the plan since the founding of Singapore as an independent state.
I would argue that this is a watershed moment for bitcoin and blockchain technologies in general. The community have always hoped for a country to "adopt" bitcoin. This endorsement from the leader of a major developed nation and a global financial hub comes close. It is a good bet that a good many leaders have been taken by surprise and are "scrambling for the exits" so to speak.
submitted by phanpp to Showerthoughts [link] [comments]

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How to value a bitcoin - YouTube

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