Jamie Dimon Sounds Like a Crypto Bull at Davos - 7Bitcoins

Your thoughts and mine on JP Morgans CEO bankster gangster Jamie Dimebag Dimon condemning Bitcoin....

I think this was a heavy reach especially after what Carly Fiorina said about cryptocurrency on a technological politics aside level. The statements he made were simply ridiculous.
1) How his daughter bought bitcoin, made "some" money and thinks she's a genius.
2) Compares it to the tulip craze of the 1700's, a plant that grows and grows and grows while bitcoin is capped @ 21 million.
3) JP Morgan employers who trade cryptocurrency are going against the company policy and that they are stupid.
Remember... name calling is the lowest of the low when it comes to supporting your statement in an argument.
I think this was ALL purposely made public to drop the value (which didn't really hurt it other than give those who buy regularly a discount)
Your thoughts?
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Today in Bitcoin (2017-09-14) - Jamie Dimon is Terrified about Bitcoin - NK Mining - BTC Mainstream

Today in Bitcoin (2017-09-14) - Jamie Dimon is Terrified about Bitcoin - NK Mining - BTC Mainstream submitted by Bitcoin_Bug to btc [link] [comments]

Today in Bitcoin (2017-09-14) - Jamie Dimon is Terrified about Bitcoin - NK Mining - BTC Mainstream

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Today in Bitcoin (2017-09-14) - Jamie Dimon is Terrified about Bitcoin - NK Mining - BTC Mainstream

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Jamie Dimon Bitcoin FUD - Google CEO Kid Mines ETH - Blockchains LLC - BEX Brazil bank RippleNet

Jamie Dimon Bitcoin FUD - Google CEO Kid Mines ETH - Blockchains LLC - BEX Brazil bank RippleNet submitted by cryptoallbot1 to cryptoall [link] [comments]

Genesis Mining billboards say Jamie Dimon is right - 'Bitcoin will eat your lunch'

Genesis Mining billboards say Jamie Dimon is right - 'Bitcoin will eat your lunch' submitted by knight222 to btc [link] [comments]

Genesis Mining billboards say Jamie Dimon is right - 'Bitcoin will eat your lunch'

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James Dimon: "I'm Not Going to Talk About Bitcoin Anymore"

James Dimon: submitted by YaanPerroni to Bitcoin [link] [comments]

Finished traveling around the world ... on 1 Bitcoin

Hello BTC Redditors,
Just wanted to share a little announcement rather dear to me.
August of last year I left Portland, Oregon with a mission: see what BTC communities are like around the world...and make it happen with just 1 Bitcoin.
Finally made it :)
18 countries.
12 months.
1 BTC.
Bought it for $4,724 hard earned dollars. A month later in September I felt like a chump who bought a new car off the dealer's lot --- because BTC kept loosing value and sunk to $3,350. But I kept riding that rollercoaster.
In December the price hit $19k. Just a few days before Christmas too. I felt tempted to cash it all out right then and there, let me tell ya. But a few OG's I met in Hong Kong told me to keep saddled on that bucking Bronco -- feel the adrenaline of the ups and the heartbreak of the downs. So I stuck it through. Man, what a ride.
I put a little video together. Not super good at the editing, sorry. But here it is anyway:
https://www.youtube.com/watch?v=gjacVPEaCW8
A few highlights:
+ Met Vitalik Buterin in Shenzhen, China. Wow. Closest I've ever come to meeting an extraterrestrial. I don't mean that in a bad way, either. The guy towered above me (I'm not that tall); he was lanky and gaunt; I could see him thinking about 12 different things while talking to me -- each of them far more important than the small-talk-chitchat he was having with me.
+ Met John McAfee in Singapore. What a character! Listen to this: I ask him what he thinks about the environmental impact of BTC mining (the hot topic at the time). He tells me "I'll keep MGT mining BTC until the last polar bear drowns."
+ Volunteered at a diving school in Palawan, Philippians. It was a workaway type of place. The guy running it, Thad, was doing great things -- teaching local kids how to become dive masters so they could earn a good living diving with tourists. Great dude. A little paranoid when talking about him and crypto, but wow, in it from the early days.
+ Myanmar (Burma). Holy damn. What a country. Incredible ancient ruins. Delicious food. And the friendliest people going through some of the toughest governmental financial bullshit. Corruption, wild inflation, demonetization. And people there would love to use BTC more often to free themselves financially (being part of the unbanked, after all) but they have some of the most fundamental difficulties: (1) shitty cellphone coverage and (2) rampant power outages.
+ Colmar, France. I met one of my hero's .... Anthony Bourdain. Talked to him about food, travel, Bitcoin. A week later. One week after shaking my hand....he took his life. I keep wishing I would have said something. The right thing. Maybe I could have made a difference.
+ Amsterdam. Used a bit of my almost-running-out-BTC to taste true wormwood Absinthe. I saw visions of Bitcoin absolutely crushing governmental fiat and putting Jamie Dimon and Charlie Munger on the streets! Haha no, I wish.
+ Finally made it! 1 BTC! Tonder, Denmark. Just across the border from Germany. I thought I'd make it to Copenhagen. I didn't -- but that's okay. It was a wild ride that opened my eyes in all sorts of ways. Sure I spent months and months sleeping on Couchsurfer's cots, eating the cheapest grocery store mark-down foods, and generally wishing I had cashed out in December --- but I would do it all over again, without cashing out either. Because being on such a strict budget forced me to meet people.
Often times we feel tempted to use money to avoid pains. If I traveled on a big budget I could have stayed in hotels. Instead I couchsurfed, met amazing hosts, and told them all about BTC -- which sharpened my own knowledge. If I was on a bigger budget I could have stuck around certain cities and gone to BTC meetup's only on their set dates. But being on a budget I had to reach out to meetup hosts and hope they'd make time to meet me, trade BTC for fiat, and perhaps even introduce me to their crypto friends -- and they did, every time, because the crypto community is awesome. Around the world I met absolute badass crypto OG's, movers-and-shakers, and newbies too. Learned something from everyone :)
I suppose my mission resulted in a resounding answer: crypto will set us free.
So cheers to a few specific cool cats out there as well as the community at large: Thank you.
+R
P.S. Here's the website with some extras: BitcoinAroundtheWorld.com
submitted by markfromearth to Bitcoin [link] [comments]

The Great Bitcoin Bull Market Of 2017 by Trace Mayer

By: Trace Mayer, host of The Bitcoin Knowledge Podcast.
Originally posted here with images and Youtube videos.
I just got back from a two week vacation without Internet as I was scouring some archeological ruins. I hardly thought about Bitcoin at all because there were so many other interesting things and it would be there when I got back.
Jimmy Song suggested I do an article on the current state of Bitcoin. A great suggestion but he is really smart (he worked on Armory after all!) so I better be thorough and accurate!
Therefore, this article will be pretty lengthy and meticulous.
BACKGROUND
As I completely expected, the 2X movement from the New York Agreement that was supposed to happen during the middle of my vacation flopped on its face because Jeff Garzik was driving the clown car with passengers willfully inside like Coinbase, Blockchain.info, Bitgo and Xapo and there were here massive bugS and in the code and miners like Bitmain did not want to allocate $150-350m to get it over the difficulty adjustments.
I am very disappointed in their lack of integrity with putting their money where their mouths are; myself and many others wanted to sell a lot of B2X for BTC!
On 7 December 2015, with Bitcoin trading at US$388.40, I wrote The Rise of the Fourth Great Bitcoin Bubble. On 4 December 2016, with Bitcoin trading at US$762.97, I did this interview:

As of 26 November 2017, Bitcoin is trading around US$9,250.00. That is an increase of about 2,400% since I wrote the article prognosticating this fourth great Bitcoin bull market. I sure like being right, like usual (19 Dec 2011, 1 Jul 2013), especially when there are financial and economic consequences.
With such massive gains in such a short period of time the speculative question becomes: Buy, Hold or Sell?
FUNDAMENTALS
Bitcoin is the decentralized censorship-resistant Internet Protocol for transferring value over a communications channel.
The Bitcoin network can use traditional Internet infrastructure. However, it is even more resilient because it has custom infrastructure including, thanks to Bitcoin Core developer Matt Corrallo, the FIBRE network and, thanks to Blockstream, satellites which reduce the cost of running a full-node anywhere in the world to essentially nothing in terms of money or privacy. Transactions can be cheaply broadcast via SMS messages.
SECURITY
The Bitcoin network has a difficulty of 1,347,001,430,559 which suggests about 9,642,211 TH/s of custom ASIC hardware deployed.
At a retail price of approximately US$105/THs that implies about $650m of custom ASIC hardware deployed (35% discount applied).
This custom hardware consumes approximately 30 TWh per year. That could power about 2.8m US households or the entire country of Morocco which has a population of 33.85m.
This Bitcoin mining generates approximately 12.5 bitcoins every 10 minutes or approximately 1,800 per day worth approximately US$16,650,000.
Bitcoin currently has a market capitalization greater than $150B which puts it solidly in the top-30 of M1 money stock countries and a 200 day moving average of about $65B which is increasing about $500m per day.
Average daily volumes for Bitcoin is around US$5B. That means multi-million dollar positions can be moved into and out of very easily with minimal slippage.
When my friend Andreas Antonopolous was unable to give his talk at a CRYPSA event I was invited to fill in and delivered this presentation, impromptu, on the Seven Network Effects of Bitcoin.
These seven network effects of Bitcoin are (1) Speculation, (2) Merchants, (3) Consumers, (4) Security [miners], (5) Developers, (6) Financialization and (7) Settlement Currency are all taking root at the same time and in an incredibly intertwined way.
With only the first network effect starting to take significant root; Bitcoin is no longer a little experiment of magic Internet money anymore. Bitcoin is monster growing at a tremendous rate!!

SPECULATION
For the Bitcoin price to remain at $9,250 it requires approximately US$16,650,000 per day of capital inflow from new hodlers.
Bitcoin is both a Giffen good and a Veblen good.
A Giffen good is a product that people consume more of as the price rises and vice versa — seemingly in violation of basic laws of demand in microeconomics such as with substitute goods and the income effect.
Veblen goods are types of luxury goods for which the quantity demanded increases as the price increases in an apparent contradiction of the law of demand.
There are approximately 16.5m bitcoins of which ~4m are lost, ~4-6m are in deep cold storage, ~4m are in cold storage and ~2-4m are salable.
(http://www.runtogold.com/images/lost-bitcoins-1.jpg)
(http://www.runtogold.com/images/lost-bitcoins-2.jpg)
And forks like BCash (BCH) should not be scary but instead be looked upon as an opportunity to take more territory on the Bitcoin blockchain by trading the forks for real bitcoins which dries up more salable supply by moving it, likely, into deep cold storage.
According to Wikipedia, there are approximately 15.4m millionaires in the United States and about 12m HNWIs ($30m+ net worth) in the world. In other words, if every HNWI in the world wanted to own an entire bitcoin as a 'risk-free asset' that cannot be confiscated, seized or have the balance other wise altered then they could not.
For wise portfolio management, these HNWIs should have at least about 2-5% in gold and 0.5-1% in bitcoin.
Why? Perhaps some of the 60+ Saudis with 1,700 frozen bank accounts and about $800B of assets being targetted might be able to explain it to you.
In other words, everyone loves to chase the rabbit and once they catch it then know that it will not get away.
RETAIL
There are approximately 150+ significant Bitcoin exchanges worldwide. Kraken, according to the CEO, was adding about 6,000 new funded accounts per day in July 2017.
Supposedly, Coinbase is currently adding about 75,000 new accounts per day. Based on some trade secret analytics I have access to; I would estimate Coinbase is adding approximately 17,500 new accounts per day that purchase at least US$100 of Bitcoin.
If we assume Coinbase accounts for 8% of new global Bitcoin users who purchase at least $100 of bitcoins (just pulled out of thin error and likely very conservative as the actual number is perhaps around 2%) then that is approximately $21,875,000 of new capital coming into Bitcoin every single day just from retail demand from 218,750 total new accounts.
What I have found is that most new users start off buying US$100-500 and then after 3-4 months months they ramp up their capital allocation to $5,000+ if they have the funds available.
After all, it takes some time and practical experience to learn how to safely secure one's private keys.
To do so, I highly recommend Bitcoin Core (network consensus and full validation of the blockchain), Armory (private key management), Glacier Protocol (operational procedures) and a Puri.sm laptop (secure non-specialized hardware).
WALL STREET
There has been no solution for large financial fiduciaries to invest in Bitcoin. This changed November 2017.
LedgerX, whose CEO I interviewed 23 March 2013, began trading as a CFTC regulated Swap Execution Facility and Derivatives Clearing Organization.
The CME Group announced they will begin trading in Q4 2017 Bitcoin futures.
The CBOE announced they will begin trading Bitcoin futures soon.
By analogy, these institutional products are like connecting a major metropolis's water system (US$90.4T and US$2 quadrillion) via a nanoscopic shunt to a tiny blueberry ($150B) that is infinitely expandable.
This price discovery could be the most wild thing anyone has ever experienced in financial markets.
THE GREAT CREDIT CONTRACTION
The same week Bitcoin was released I published my book The Great Credit Contraction and asserted it had now begun and capital would burrow down the liquidity pyramid into safer and more liquid assets.
(http://www.runtogold.com/images/Great-Credit-Contraction-Liquidity-Pyramid.jpg)
Thus, the critical question becomes: Is Bitcoin a possible solution to the Great Credit Contraction by becoming the safest and most liquid asset?
BITCOIN'S RISK PROFILE
At all times and in all circumstances gold remains money but, of course, there is always exchange rate risk due to price ratios constantly fluctuating. If the metal is held with a third-party in allocated-allocated storage (safest possible) then there is performance risk (Morgan Stanley gold storage lawsuit).
But, if properly held then, there should be no counter-party risk which requires the financial ability of a third-party to perform like with a bank account deposit. And, since gold exists at a single point in space and time therefore it is subject to confiscation or seizure risk.
Bitcoin is a completely new asset type. As such, the storage container is nearly empty with only $150B.
And every Bitcoin transaction effectively melts down every BTC and recasts it; thus ensuring with 100% accuracy the quantity and quality of the bitcoins. If the transaction is not on the blockchain then it did not happen. This is the strictest regulation possible; by math and cryptography!
This new immutable asset, if properly secured, is subject only to exchange rate risk. There does exist the possibility that a software bug may exist that could shut down the network, like what has happened with Ethereum, but the probability is almost nil and getting lower everyday it does not happen.
Thus, Bitcoin arguably has a lower risk profile than even gold and is the only blockchain to achieve security, scalability and liquidity.
To remain decentralized, censorship-resistant and immutable requires scalability so as many users as possible can run full-nodes.
(http://www.runtogold.com/images/ethereum-bitcoin-scability-nov-2017.png)
TRANSACTIONS
Some people, probably mostly those shilling alt-coins, think Bitcoin has a scalability problem that is so serious it requires a crude hard fork to solve.
On the other side of the debate, the Internet protocol and blockchain geniuses assert the scalability issues can, like other Internet Protocols have done, be solved in different layers which are now possible because of Segregated Witness which was activated in August 2017.
Whose code do you want to run: the JV benchwarmers or the championship Chicago Bulls?
As transaction fees rise, certain use cases of the Bitcoin blockchain are priced out of the market. And as the fees fall then they are economical again.
Additionally, as transaction fees rise, certain UTXOs are no longer economically usable thus destroying part of the money supply until fees decline and UTXOs become economical to move.
There are approximately 275,000-350,000 transactions per day with transaction fees currently about $2m/day and the 200 DMA is around $1.08m/day.
(http://www.runtogold.com/images/bitcoin-transaction-fees-nov-2017.png)
What I like about transaction fees is that they somewhat reveal the financial health of the network.
The security of the Bitcoin network results from the miners creating solutions to proof of work problems in the Bitcoin protocol and being rewarded from the (1) coinbase reward which is a form of inflation and (2) transaction fees which is a form of usage fee.
The higher the transaction fees then the greater implied value the Bitcoin network provides because users are willing to pay more for it.
I am highly skeptical of blockchains which have very low transaction fees. By Internet bubble analogy, Pets.com may have millions of page views but I am more interested in EBITDA.
DEVELOPERS
Bitcoin and blockchain programming is not an easy skill to acquire and master. Most developers who have the skill are also financially independent now and can work on whatever they want.
The best of the best work through the Bitcoin Core process. After all, if you are a world class mountain climber then you do not hang out in the MacDonalds play pen but instead climb Mount Everest because that is where the challenge is.
However, there are many talented developers who work in other areas besides the protocol. Wallet maintainers, exchange operators, payment processors, etc. all need competent developers to help build their businesses.
Consequently, there is a huge shortage of competent developers. This is probably the largest single scalability constraint for the ecosystem.
Nevertheless, the Bitcoin ecosystem is healthier than ever before.
(http://www.runtogold.com/images/bitcoin-ecosystem.jpg)(/images/bitcoin-ecosystem-small.jpg)
SETTLEMENT CURRENCY
There are no significant global reserve settlement currency use cases for Bitcoin yet.
Perhaps the closest is Blockstream's Strong Federations via Liquid.
PRICE
There is a tremendous amount of disagreement in the marketplace about the value proposition of Bitcoin. Price discovery for this asset will be intense and likely take many cycles of which this is the fourth.
Since the supply is known the exchange rate of Bitcoins is composed of (1) transactional demand and (2) speculative demand.
Interestingly, the price elasticity of demand for the transactional demand component is irrelevant to the price. This makes for very interesting dynamics!
(http://www.runtogold.com/images/bitcoin-speculation.jpg)
On 4 May 2017, Lightspeed Venture Partners partner Jeremy Liew who was among the early Facebook investors and the first Snapchat investor laid out their case for bitcoin exploding to $500,000 by 2030.
On 2 November 2017, Goldman Sachs CEO Lloyd Blankfein (https://www.bloomberg.com/news/articles/2017-11-02/blankfein-says-don-t-dismiss-bitcoin-while-still-pondering-value)said, "Now we have paper that is just backed by fiat...Maybe in the new world, something gets backed by consensus."
On 12 Sep 2017, JP Morgan CEO called Bitcoin a 'fraud' but conceded that "(http://fortune.com/2017/09/12/jamie-dimon-bitcoin-cryptocurrency-fraud-buy/)Bitcoin could reach $100,000".
Thus, it is no surprise that the Bitcoin chart looks like a ferret on meth when there are such widely varying opinions on its value proposition.
I have been around this space for a long time. In my opinion, those who scoffed at the thought of $1 BTC, $10 BTC (Professor Bitcorn!), $100 BTC, $1,000 BTC are scoffing at $10,000 BTC and will scoff at $100,000 BTC, $1,000,000 BTC and even $10,000,000 BTC.
Interestingly, the people who understand it the best seem to think its financial dominance is destiny.
Meanwhile, those who understand it the least make emotionally charged, intellectually incoherent bearish arguments. A tremendous example of worldwide cognitive dissonance with regards to sound money, technology and the role or power of the State.
Consequently, I like looking at the 200 day moving average to filter out the daily noise and see the long-term trend.
(http://www.runtogold.com/images/bitcoin-price-200dma-nov-2017.png)
Well, that chart of the long-term trend is pretty obvious and hard to dispute. Bitcoin is in a massive secular bull market.
The 200 day moving average is around $4,001 and rising about $30 per day.
So, what do some proforma situations look like where Bitcoin may be undervalued, average valued and overvalued? No, these are not prognostications.
(http://www.runtogold.com/images/bitcoin-price-pro-forma.png)
Maybe Jamie Dimon is not so off his rocker after all with a $100,000 price prediction.
We are in a very unique period of human history where the collective globe is rethinking what money is and Bitcoin is in the ring battling for complete domination. Is or will it be fit for purpose?
As I have said many times before, if Bitcoin is fit for this purpose then this is the largest wealth transfer in the history of the world.
CONCLUSION
Well, this has been a brief analysis of where I think Bitcoin is at the end of November 2017.
The seven network effects are taking root extremely fast and exponentially reinforcing each other. The technological dominance of Bitcoin is unrivaled.
The world is rethinking what money is. Even CEOs of the largest banks and partners of the largest VC funds are honing in on Bitcoin's beacon.
While no one has a crystal ball; when I look in mine I see Bitcoin's future being very bright.
Currently, almost everyone who has bought Bitcoin and hodled is sitting on unrealized gains as measured in fiat currency. That is, after all, what uncharted territory with daily all-time highs do!
But perhaps there is a larger lesson to be learned here.
Riches are getting increasingly slippery because no one has a reliable defined tool to measure them with. Times like these require incredible amounts of humility and intelligence guided by macro instincts.
Perhaps everyone should start keeping books in three numéraires: USD, gold and Bitcoin.
Both gold and Bitcoin have never been worth nothing. But USD is a fiat currency and there are thousands of those in the fiat currency graveyard. How low can the world reserve currency go?
After all, what is the risk-free asset? And, whatever it is, in The Great Credit Contraction you want it!
What do you think? Disagree with some of my arguments or assertions? Please, eviscerate them on Twitter or in the comments!
submitted by bitcoinknowledge to Bitcoin [link] [comments]

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

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

Summary - reading between the lines...

DISCLAIMER: This is highly speculative so thank you in advance for pointing this out. There is no direct source for my line of thought - it is merely an educated thought process that I have managed to squeeze into this post. Many of the things I state require background knowledge in NEO. I have a short amount of time to write this so if anyone has a question hopefully someone with equal or more knowledge than I will answer. For many I am stating the absolute obvious but for the vast majority much of this will be new so consider this a GCSE Bitesize in NEO.
 
NEO is ramping up its presence behind the scenes. What we are reading and hearing is just the tip of the iceberg so to speak.
 
Onchain now has a presence on Reddit and we can assume the only reason for this is to increase their communication with the community (or those that have an actual interest in NEO rather than just when it will 'moon').
 
China has forced Chinese CNY/BTC exchanges to stop/postpone - perhaps permanently or perhaps until a framework/regulation is in place. For me the latter seems more logical.
 
The timeline of events indicates that NEO became way to popular way to quickly - forcing government intervention before it gets any bigger. It is and always will be known as 'China's first blockchain'. That in itself is a big thing to be known for and the way Da, Erik and their team have progressed (by forming the private Onchain which is effectively the corporate/enterprise NEO) and have adapted to government requirements (mostly behind the scenes) makes me more confident in their quest for creating the Smart Economy.
 
Da has clarified many things in his recent interview - one being the ICO issue and that NEO's sole purpose is not for ICOs. I stated this a few weeks ago but the CMF's of this community tore me a new one. (CMF's please quietly GFY).
 
Bitcoin has dropped significantly and I feel this has less to do with Jamie Dimon and a whole lot more to do with China. There is also an element of North Korea adding to the power of the recent fall (NK hacking exchanges and mining BTC to gain funds for their purposes etc...).
 
China's timing couldn't be more perfect. The sell off of BTC at such a high value would provide Chinese individuals with more CNY/USD than they previously had. Once the gov makes their announcement on regulation etc, whether this includes NEO or not, the fact remains that a regulated industry creates security. Those that sold their BTC/alts for their home currency will feel very secure in investing again. A large proportion of that money could well go toward NEO due to the continued compliance and proximity to the government via Onchain. (Q: Is it unrealistic to suggest that a proportion of BTC money will go directly into NEO?? NEO/BTC Flippening?)
 
With respect to ICOs, if most countries are excluded from ICOs, ICOs will have to adapt. They will absolutely need to be possible and real rather than some that exist at the minute. If people are only allowed to buy into them once they hit approved exchanges, they may require certain validation criteria in order to even hit the exchanges - which in turn creates extra security for an investor. In contrast, China's view is that funds can still be raised for ICOs as long as the number of investors is less than 200. This would keep the money within China rather than letting non-chinese to own a stake. Could this be the reason why certain ICOs (Tron perhaps?) have had to refund? I could see why the government would feel that HCC should just be for the Chinese.. maybe.
 
It is a bloodbath out there but I can only see this as being temporary. The fact that NEO (including Council & COZ) have been steaming ahead with their road-map just cements this for me.
 
Downvote, upvote, I dont care. Lets get the conversation started and discuss the wider picture.
(CMF = Cunt mother fuckers. GFY = go F yourself)
submitted by Yayowam to NEO [link] [comments]

Bitcoin at $136,000: Can it become the new gold standard?

Over the past year, Bitcoin’s been on a wild ride from a low of $1,183 to a peak of $19,401.
With Bitcoin’s skyrocketing prices, detractors from J.P. Morgan chief Jamie Dimon (“[Bitcoin] is a fraud”) to Berkshire Hathaway CEO Warren Buffett (“I can say almost with certainty that [cryptocurrencies] will come to a bad ending”) have been quick to decry the digital currency as a bubble.
Predicting a crypto bubble has become the latest trend as Bitcoin and other currencies have risen meteorically. In spite of this, Bitcoin has shown that it is still a new asset with room to grow.
Bitcoin’s current market cap of $134 billion, is massive compared to most companies, and even some countries. But this pales in significance compared to traditional assets like gold. If Bitcoin becomes a widely accepted store of value, it may one day replace some of the functions of gold in the market.
Today, there is an estimated 190,040 tonnes of gold above ground in the world, with 54,000 known reserves below ground that can be mined. At today’s rate of $1,335 per ounce, that means there’s around $11.5 trillion worth of gold in the world that we know about.
Imagine that Bitcoin replaces 25% of today’s gold market. Bitcoin would leapfrog another 17x above today’s current prices.
Here’s some (very rough) back-of-the-paper-wallet math:
25% of $11.5 trillion gold reserves = $2.86 trillion $1.975 trillion market cap of bitcoin / 21 million bitcoin = 136,190 price per bitcoin While this scenario may seem extremely far-fetched, it’s not completely out of the realm of reality. In this article, we’ll look at some of the key characteristics that Bitcoin shares with gold that make it useful as a store of value and speculate around how Bitcoin might eat into the dominance of gold.
What is a Store of Value? Skeptics like to point out that Bitcoin isn’t that useful as a currency. It can have high fees, long transaction times, and comes with numerous security risks. It’s still much easier to pay for goods and services with a credit card than sending bitcoin to someone’s public address.
Yet all these things actually make Bitcoin similar to something people have valued for thousands of years: gold.
Gold has certain properties that make it useful. It conducts electricity well, and it looks pretty. But if you compare gold to more common metals such as copper or nickel, it’s actually a lot less useful for making things — it bends too easily.
The main utility of gold is that it functions as a store of value. Because gold is extremely scarce and expensive to produce it tends to retain value over time. If you buy gold today, you’ll likely be able to exchange it for a similar amount in the future.
To understand how gold functions as a store of value and how Bitcoin might replace it, we have to dig deeper into the history of gold.
A Brief Primer on Gold Gold has been valued and used as a store of value for millennia. The first known use of gold as currency began several thousand years ago in Asia.
Even with the widespread adoption of paper currency in the form of bank notes in the 19th century, the gold standard remained the most popular financial system in the world. Nations would set a fixed price that they would trade gold for paper money. For centuries, gold was an acceptable form of currency. That’s a big part of why gold is still valuable today — we believe that gold is valuable, and this belief has been culturally ingrained.
Gold has a number of properties that make it useful for this purpose. For starters, it lasts a really long time.The chemical half-life of gold is 168 days, compared to 130 days for silver, and a mere 61 hours for copper.
Gold is also easy to split up into smaller parts and transport. You can remelt a gold ingot into smaller gold coins, or even smaller pieces of jewelry. It’s also portable: an ounce of gold is worth $1,335 and weighs the same as a slice of bread. It’s estimated that the 190,040 tonnes of gold above ground would fit into a cube with 67 foot sides.
Today, we use gold for many different things. Jewelry is the most common use-case representing roughly 48% of all above-ground gold. 21% is used for private investment, whether in the physical form of gold bullion or in financial instruments like exchange-traded funds. Another 17% is used by the official sector by central banks as a reserve currency. The other 14% is used for other purposes, from industrial applications like electronics to dentistry.
source: World Gold Council
While the gold standard has largely been abandoned, gold remains a useful hedge against currency instability.
That’s because gold is inherently scarce, with a limited supply. On average, 1,500–3,000 tonnes of gold is mined each year, adding a mere 1–2% annual increase to the supply of gold. It’s also highly liquid and can be exchanged for money anywhere in the world.
Central banks buy gold to avoid currency risks and hedge against inflation. Gold is held in reserve and can be liquidated quickly in times of crises. In 2016, Russia’s central bank purchased 201 tonnes of gold in response to a weakening rouble and international sanctions, making it the largest acquirer of gold.
Today, gold continues to retain its significance because it operates as a store of value that’s removed from the financial system.
The Bull Case for Bitcoin: Why Bitcoin may replace Gold On the surface, Bitcoin and gold couldn’t be more different. Bitcoin is a digital, peer-to-peer currency created in 2008, and distributed across nodes around the world. Gold is a natural element that is mined from the ground, and which has been used as a store of value for millennia.
Despite these differences, Bitcoin and gold both share characteristics that make them useful as a store of value:
Just like the supply of gold is constrained to the amount that can be mined, the supply of Bitcoin is written into the code and maxes out at 21 million coins. While gold is relatively portable, can be verified, and divided into smaller units, Bitcoin is cryptographically secured, controlled via private key, and can be divided infinitely. That gives it distinct advantages over gold as a store of value.
While gold is useful as a store of value because it’s valuable relative to physical size, this still adds up when you’re operating at scale. For example, when the German central bank wanted to bring home 374 metric tons of gold back to Frankfurt, the gold had to be assessed for purity, be remolded from bullion into bars, then secured and transported. The whole operation cost $ 9 million. There’s a clear argument that a digital currency like Bitcoin would be much better suited to maintain reserves than gold bars.
Central banks are already beginning to look at the benefits of digital currencies. The Swedish central bank is investigating the possibility of launching a digital supplement to cash, called the e-krona. Singapore is experimenting with use-cases for cryptocurrency from cross-border payments to creating a digital Singapore dollar.
Similar to gold, Bitcoin sees high usage as a store of value in countries with currency controls or instability. In Argentina, for example, people use Bitcoin to circumvent government currency controls mean, saving nearly 40% on foreign currency exchanges. In Venezuela, Bitcoin usage has become widespread to buy everything from food to movie tickets in the face of 2,616% inflation. The Venezuelan government even launched its own contentious cryptocurrency, called the Petro, in an effort to circumvent international sanctions.
Like gold, Bitcoin provides a store of value that’s separated from the official financial system. Unlike gold, Bitcoin is far easier to hold onto and exchange. If 25% of the gold that’s used as a store of value in jewelry, private investment, and the official sector moves to Bitcoin, we may see Bitcoin at $136,190.
The New Gold Standard Bitcoin rose from the 2008 financial crash, promising a digital currency free from central bank intervention. This is something that we’ve always needed — just look at gold. Gold is useful because it provides a store of value outside of currency and stock markets. Bitcoin, if it’s able to address key technical and scalability challenges, has the potential to do the same.
What’s important to remember is that despite the boom-and-bust hype cycle, we’re still in the early innings.
https://blog.sfox.com/bitcoin-at-136-000-can-it-become-the-new-gold-standard-ee98b11aacfc
submitted by pmp301 to BitcoinMarkets [link] [comments]

"They will prevent it."--Professor Ken Rogoff on Bitcoin

*Video link (thanks u/MRDAT21): http://video.cnbc.com/gallery/?video=3000548776
Harvard professor of Economics and former economist at the IMF and Federal Reserve, Kenneth Rogoff, was on CNBC this morning promoting his latest book 'The Curse of Cash'.
During the discussion it was mentioned that people could switch to bitcoins if cash were restricted. Rogoff answered that bitcoins aren't widely used for transactions but if their use became more widespread "they would prevent that" even though they are currently "allowing some innovation."
Rogoff also explains his view of BTC in this article: "Yes, new-age crypto-currencies such as Bitcoin, if not completely invulnerable to detection, are almost so. But their value sharply fluctuates, and governments have many tools with which they can restrict their use – for example, by preventing them from being tendered at banks or retail stores." There is historical precedent for such actions. For example when FDR made it illegal for Americans to own gold. I can see a future when Bitcoin mining is 'temporarily banned' as it 'threatens the economic stability of our Great Nation'.
Make no mistake, the individuals involved in managing the current monetary system are not dummies. Others like Larry Summers, Willem Buiter, and Jaime Dimon have made similar statements regarding BTC and cash. They fully understand the threats to the fiat monetary system and will co-ordinate with governments to defend that system at any cost.
While, I appreciate what some in the Bitcoin community have done in terms of working with regulators and trying to craft 'sensible' regulation, ultimately that avenue will likely be fruitless. There are no significant changes to the system that can be obtained via 'voice'. The only option is to 'exit' and build systems that are resilient to the attacks that will eventually come.
submitted by xcsler to Bitcoin [link] [comments]

I find the SEC / CNBC / Futures all curious

I saw the original article from CNBC which suggested last year’s denial, not this years. I thought: market manipulation at its finest with July Futures closing tomorrow. Then they updated their article after a lot of other sources typed something quick and referenced them. Now we have something circulating that’s not that big of a deal.
An appeal for an already turned down ETF was rejected.
Curious question 1: Why was this decision made by the SEC on the evening of July’s Closing Futures? I hope this isn’t market manipulation, SEC team.
Curious question 2: Why did CNBC originally post an article with somewhat accurate info, change it to complete inaccurate info, and change it yet again to accurate info. By not accurate, I mean the difference between old news and present news.
Curious question(s) 3: Why did Goldman Sachs’s company Circle purchase a crypto exchange last year for millions? Or Jamie Dimon regret his comments that Bitcoin was a “fraud.” Or Fidelity, with over 2 trillion in market cap, be mining crypto since 2015? Or how MasterCard filed a blockchain patent recently.
Curious question 4: Explain to me why CME Futures were approved, but ETF’s aren’t? Will ETF’s improve market manipulation? Then is Futures helping?
submitted by Kayjay4 to CryptoCurrency [link] [comments]

We are averaging 2,000 new subs daily.

We just celebrated the 350,000 mark 5 days ago and today we are over 360,000. Nice to see this sub and the Bitcoin community in general growing this big and this fast.
If you are one of those many just coming in, welcome! I'm sure you'll find this place very interesting, fun and informative. We are here to help you to better understand what Bitcoin is and and how it works, and for ourselves to keep learning. This is my welcome post for newbies:
When you come asking when is a good time to buy, the answer is: Buy now, always Hodl in FUD times (Bitcoin has "died" many times, but Moneybadger don't care, buy the dips and never panic-sell, stuff like: "China ban Bitcoin...again!" will keep happening again and again.
Here's Bitcoin's response to Jamie Dimon. Stick to the real Bitcoin through all the 'forks' and 'splits' that accomplish nothing but new mediocre, unsafe and centralized altcoins, strengthen/immunize Bitcoin and give you free altcoins to buy more Bitcoin.
All Central Powers look silly trying to control or ban it. Learn from history and listen to this absolute Boss. There will never be enough Bitcoin for every existing millionaire to own just ONE SINGLE BITCOIN, Total number of millionaires (in USD value) worldwide is around 33 million. Get one while you still can.
Also relax, you are actually an early adopter if you start investing today, mentally prepare yourself for healthy and expected market volatility/dips/corrections/"crashes" (check out this amazing 'Corrections Trends Perspective') and remember all this regarding Bitcoin investment:
Never try to time the market. Dollar cost average by buying what you can afford to lose every week.
It is always a good time to buy Bitcoin if you are hodling long term and not just for day trading, so this is a great strategy. Remember that Bitcoin has practically been up most of the time, and the road to the moon is paved with minor corrections (Bitcoin is never really "down" when you zoom-out).
Everybody parroting: "The bitcoin bubble is about to pop" since 2009, don't know that bitcoin is a decentralized system with mathematically fixed, deflatioary and limited supply currency and its growth is exponential.
So is not farfetched to say that it will be at 100,000 by 2020, since it came from less than $1 to $5,000 in less than 10 years, and it hasn't even hit the bottom part of the exponential 'S-Curve' of adoption. Check out this great 2017 MIT study: "The Cryptocurrency Market Is Growing Exponentially". Patience pays, don't listen to the "Expert Analysts on MSM".
Bitcoin is a Moneybadger that get's stronger and immunized with every new attack and this broad picture of its price since infancy (1 year candles on a logarithmic scale) shows Bitcoin growth is not in a "bubble" right now. Learn the difference between Inflation (dollar) and Deflation (Bitcoin) and just take a look at the fiat >20 trillion (and growing fast) debt clock to get a visual shock of unlimited fiat supply (vs limited Bitcoin/Gold supply).
Bitcoin has outperformed every other currency, commodity, stock and asset since its inception in 2009: "2017: Bitcoin Beats Stocks, Bonds, And Gold, Again”. Bitcoin, the Moneybadger, is the first unseizable store of value in human history, unlike gold, equities, or fiat, it can't be confiscated if stored correctly. How banks think blockchain will disrupt their industry.
Also, remember its fixed, limited supply of 21 million coins ever, there are just ~4.5 million (~20%) bitcoins left to be mined till 2140 and the production will keep decreasing ("halving") every 4 years till then. So, remember this and don't wait for the Bitcoin "bubble" to burst or for the price to drop significantly again, because you could be waiting forever:
“The best time to buy bitcoin was a few years ago, the second best time is always now”.
Don't be -- this guy
Here is a good start:
"Introduction to Bitcoin" - Andreas Antonopoulos
Playlists on Andreas own YT channel
Check out this great articles:
"What Gave Bitcoin Its Value?"
"How do Bitcoins have value?"
"Yes, Cryptocurrencies are Valuable"
ELI5: BITCOIN
How to buy Bitcoin?
Where to buy Bitcoin list
Excellent "Crypto 101" by stos313)
Where to use Bitcoin list by Bitcoin-Yoda
Starter Guide "Bitcoin Complete And Ultimate Guide".
Who accepts Bitcoin? List of Companies, Stores, Shops.
Bitcoin is a worldwide-distributed decentralized peer-to-peer censorship-resistant trustless and permissionless deflationary system/currency (see Blockchain technology) backed by mathematics, open source code, cryptography and the most powerful and secure decentralized computational network on the planet, orders of magnitude more powerful than google and government combined. There is a limit of 21 million bitcoins (divisible in smaller units). "Backed by Government" money is not backed by anything and is infinitely printed at will by Central Banks. Bitcoin is limited and decentralized.
Receive and transfer money, from cents (micropayments) to thousands:
And that’s just as currency, Bitcoin has many more uses and applications.
Edit: Fixed some non-working links and added new ones.
submitted by readish to Bitcoin [link] [comments]

Bolton Coin STO – BFCL

Bolton Coin STO – BFCL
Why Bitcoin is Here to Stay

https://preview.redd.it/ci8faevto4o21.png?width=737&format=png&auto=webp&s=f1352f1f032e6156152edc091ff178ab802f19ff
A decade into its launch and hovering at over $3.4 K USD per coin, the ruler of cryptocurrencies, Bitcoin, has undergone a fascinatingly transformative rise, fall, and period of normalization. The foundation of cryptocurrencies and blockchain technology has a strong public appeal, but there are those that question Bitcoin’s endurance with concerns of longevity, volatility, and fear of an uncertain financial future.
Leaders in finance have given their own impassioned opinions. Venture capitalist Tim Draper calls it “the greatest technology since the internet.” Christine Lagarde, head of the International Money Fund, praises the innovation and security of cryptocurrency and sees it as the future of finance. Flip the coin and Bitcoin has naturally drawn enmity from big-bank opponents such as JP Morgan CEO Jamie Dimon, who threatened that any JP Morgan trader caught buying Bitcoin would be “fired in a second.” As with any argument, we’re left wondering who is right.
But oblivious to the chatter, Bitcoin doesn’t have mathematically-constructed ears and they sure aren’t burning. Thus, it has carried on.

Transparency and Security

In 2017, Dimon referred to Bitcoin as a “fraud.” He later rescinded his statement, but in looking at the very essence of Bitcoin’s differences from the FIAT system, Bitcoin by its very nature is likely the most genuine form of currency ever invented. The introduction of Bitcoin following the 2008 financial crisis seemed to be an answer that could shackle government manipulation. As Wall Street’s seedy activities plunged the US into the Great Recession, many lost nearly everything, and only one executive served a sentence. The response was Bitcoin, where every single transaction, each secure and resistant of any form of manipulation, is recorded via blockchain technology and is built on a system of mathematical proof, stamping each transaction as wholly legitimate.

Resilience

Time is the purest test of fate. Ponzi schemes, get-rich-quick fads, and meaningless tech show their true nature quickly, but Bitcoin, even with its up-and-down volatility, has garnered both steady and growing public interest. Digital currency ATMs are blooming in locations worldwide, offering users of any level of cryptocurrency knowledge an easy way to buy and sell Bitcoin and other cryptocurrencies. While direct purchases are less common, they are increasing, and with major outlets. Overstock, Expedia, and opting Shopify merchants are now all able to accept Bitcoin, and you can even buy real estate with the digital currency.

Ease of Use and Bitcoin’s Underlying Advantages

Once the waters are tested and a fundamental knowledge is achieved, buying, selling, and investing in Bitcoin is incredibly easy. Digital platforms – most accessible by smartphones – make Bitcoin simple for users, which, in an era where an overwhelming amount of the population values their time, is increasingly priceless.
Advantages of Bitcoin come in many forms, including decentralisation, low transaction costs, ease-of-use for transactions abroad, trustless autonomy without the need for intermediaries, and inflation-resistant safeguards. The list here goes on and on and on.
Bitcoin’s fate will ultimately be up to us. But judging its tenacity and appeal thus far, it looks as if Bitcoin will keep climbing the finance ladder.
For BOLTON coin STO , the DIVERSIFICATION is the key of Consistent and Sustainable Profits. Bitcoin mining represents a really important business unit for BOLTON Coin, that combined to the others two (trading of commodities, real estate), makes an extremely profitable investment solution.
In this smart way, BOLTON Coin is not just exposed to a single market with the associated risks but it mixes solid profits from all the business, guaranteeing to investors a large share of their profits.
BOLTON Coin is a Security token offering (STO) program that enables anyone to get the unique chance to participate in the core business of the company, through the tokenization of an unattainable market, so far restricted to only institutional investors.
https://bfclcoin.com/
submitted by danilhadiwinata to TradeIOICO [link] [comments]

Why I support the Core Roadmap

I posted this as a comment yesterday, but I think it could use more discussion:
For a long time I have waivered back and forth between the blocksize/hardfork debate.
I do believe I have settled my mind on the issue.
Listening to Jamie Dimon speak about governments attempt to shut Bitcoin down "if it gets too big" reminded me really what it is we are up against.
Bitcoin seeks to displace centuries old power structures, and they certainly won't go without a fight. We've been ignored up to this point, but now financial institutions and governments are taking notice.
Bitcoin must remain as decentralized and censorship resistant as possible. If we create a situation where nodes and miners have no possibility of operating anonymously, then they could theoretically all be targeted. Increasing centralization decreases the targets.
If for some reason major governments, the US, Russia, China, and the EU decided to outlaw bitcoin and/or create onerous regulations, a highly decentralized network would be able to adapt.
People would be able to mine behind TOR and VPN, people in South America and even some places in Africa could keep mining on.
Jamie Dimon makes it clear that he will use his influence to try to crush Bitcoin if it becomes a threat to his empire. I want Bitcoin to be as resilient as possible to any and all of these threats.
Additionally, a hardfork without a true state of emergency demonstrates that this currency and network can be changed by the will of the majority. We do not want a currency and network controlled by a political process. Yes the Core maintainers are a small group, but Bitcoin will grow beyond Core development. As the ecosystem grows, it will become more and more difficult to make any changes that are not absolutely necessary. This is a great property of Bitcoin, to be absolutely resistant to change. It inspires confidence that other parameters won't be changed in the future.
Another point I want to bring up is the halving we will experience later this year. We all want to believe that the price will increase significantly in response to the halving. This is far from guaranteed. A rising fee market will help subsidize miners during what WILL be an incredibly volatile year.
We, as the Bitcoin community have created something the world has never seen before. Bitcoin is worthless if we make it fragile enough to be ruined by State sanctions. Bitcoin is invaluable to me because it is anti-fragile.
submitted by 45sbvad to Bitcoin [link] [comments]

Bolton Coin STO – BFCL

Bolton Coin STO – BFCL
Why Bitcoin is Here to Stay

https://preview.redd.it/mya84ipdo4o21.png?width=737&format=png&auto=webp&s=b66535bebc3fec8322a1927d0b833487f9afe1a3
A decade into its launch and hovering at over $3.4 K USD per coin, the ruler of cryptocurrencies, Bitcoin, has undergone a fascinatingly transformative rise, fall, and period of normalization. The foundation of cryptocurrencies and blockchain technology has a strong public appeal, but there are those that question Bitcoin’s endurance with concerns of longevity, volatility, and fear of an uncertain financial future.
Leaders in finance have given their own impassioned opinions. Venture capitalist Tim Draper calls it “the greatest technology since the internet.” Christine Lagarde, head of the International Money Fund, praises the innovation and security of cryptocurrency and sees it as the future of finance. Flip the coin and Bitcoin has naturally drawn enmity from big-bank opponents such as JP Morgan CEO Jamie Dimon, who threatened that any JP Morgan trader caught buying Bitcoin would be “fired in a second.” As with any argument, we’re left wondering who is right.
But oblivious to the chatter, Bitcoin doesn’t have mathematically-constructed ears and they sure aren’t burning. Thus, it has carried on.

Transparency and Security

In 2017, Dimon referred to Bitcoin as a “fraud.” He later rescinded his statement, but in looking at the very essence of Bitcoin’s differences from the FIAT system, Bitcoin by its very nature is likely the most genuine form of currency ever invented. The introduction of Bitcoin following the 2008 financial crisis seemed to be an answer that could shackle government manipulation. As Wall Street’s seedy activities plunged the US into the Great Recession, many lost nearly everything, and only one executive served a sentence. The response was Bitcoin, where every single transaction, each secure and resistant of any form of manipulation, is recorded via blockchain technology and is built on a system of mathematical proof, stamping each transaction as wholly legitimate.

Resilience

Time is the purest test of fate. Ponzi schemes, get-rich-quick fads, and meaningless tech show their true nature quickly, but Bitcoin, even with its up-and-down volatility, has garnered both steady and growing public interest. Digital currency ATMs are blooming in locations worldwide, offering users of any level of cryptocurrency knowledge an easy way to buy and sell Bitcoin and other cryptocurrencies. While direct purchases are less common, they are increasing, and with major outlets. Overstock, Expedia, and opting Shopify merchants are now all able to accept Bitcoin, and you can even buy real estate with the digital currency.

Ease of Use and Bitcoin’s Underlying Advantages

Once the waters are tested and a fundamental knowledge is achieved, buying, selling, and investing in Bitcoin is incredibly easy. Digital platforms – most accessible by smartphones – make Bitcoin simple for users, which, in an era where an overwhelming amount of the population values their time, is increasingly priceless.
Advantages of Bitcoin come in many forms, including decentralisation, low transaction costs, ease-of-use for transactions abroad, trustless autonomy without the need for intermediaries, and inflation-resistant safeguards. The list here goes on and on and on.
Bitcoin’s fate will ultimately be up to us. But judging its tenacity and appeal thus far, it looks as if Bitcoin will keep climbing the finance ladder.
For BOLTON coin STO , the DIVERSIFICATION is the key of Consistent and Sustainable Profits. Bitcoin mining represents a really important business unit for BOLTON Coin, that combined to the others two (trading of commodities, real estate), makes an extremely profitable investment solution.
In this smart way, BOLTON Coin is not just exposed to a single market with the associated risks but it mixes solid profits from all the business, guaranteeing to investors a large share of their profits.
BOLTON Coin is a Security token offering (STO) program that enables anyone to get the unique chance to participate in the core business of the company, through the tokenization of an unattainable market, so far restricted to only institutional investors.
https://bfclcoin.com/
submitted by danilhadiwinata to u/danilhadiwinata [link] [comments]

r/Bitcoin recap - January 2018

Hi Bitcoiners!
I’m back with the thirteenth monthly Bitcoin news recap. I must say it's becoming pretty hard to select just 1 or 2 stories per day, too much is going on!
For those unfamiliar, each day I pick out the most popularelevant/interesting stories in Bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best) overview of what happened in the Bitcoin space over the past month.
You can see recaps of the previous months on Bitcoinsnippets.com
A recap of Bitcoin in January 2018
submitted by SamWouters to Bitcoin [link] [comments]

Bitcoin and altcoin prices: The importance of inflation

I wonder if there is anyone who has been immersed in cryptocurrencies for any length of time who IS NOT UTTERLY SURPRISED that one Bitcoin is now selling for around $7900, at current prices around 6.16 times one ounce of gold. You show me someone who genuinely predicted Bitcoin's meteoric rise, and I'll show you a boaster or a liar. Sure lots of people, Roger Ver, et cetera, predicted a rise. But not the magnitude, and I'm not talking about all those out declaring to-the-moon quotes to get a soundbyte and their name in the newspaper.
Personally, I have been very surprised. But maybe if I was smarter, I would not have been. When Bitcoin first overtook gold in price, I was floored - whatttt? went my brain. But maybe again that was just me being dumb.
Some people think there are about 150,000 tons of total gold in the world, which would mean there are about 4 billion, 374 million, 990 thousand ounces of gold in existence. But others think there are 2.5 million tons of gold in the world, which would mean there are about 72 billion, 915 million ounces of gold.
And so when I think of the supply of gold, which is universally considered a very rare and valuable item, should I have been surprised when Bitcoin, of which there will ever only be 21 million, surpassed gold in price? And that's without thinking of fiat currencies, like the US dollars which I understand are so plentiful or infinite in number that the Treasury and Federal Reserve tend to give them out for free to any and all polite bankers that come asking.
What has dawned on me over time is that there is clearly demand for cryptographic currencies, and that the cryptocurrencies that have, and will continue to, rise fastest in price are those with the most limited supply. It has struck me that the free-money responses of all the central banks since the GFC of 2008 have fundamentally changed the way people view fiat money, and fundamentally broken their confidence in it. And not just this, but that the solution offered by one Satoshi Nakamoto of a distributedly verified digital currency with a limited and fixed total number of units is viewed by many as a better alternative, and one that given even modest demand from early adopters and technology enthusiasts has over time risen exponentially in price.
It led me to thinking, what is the real funny-money here? Is it Bitcoin and other cryptocurrencies, derided by the Jamie Dimon's, the Warren Buffet's, the heroes of the old financial order? Or is it in fact the case that it is the fiat currencies, the US Dollars, the Pounds Sterling, the Yen that are the real funny-money? My personal view is that all major floating fiat currencies are now fundamentally suspect, especially those issued by countries with small central bank gold reserves, but frankly given their sheer excess of supply all of them.
That is not to say all cryptocurrencies will succeed. But I fundamentally believe some certainly will, and in my view exponentially relative to fiat currency. And to do date, and I believe continuing into at least the medium term, the cryptocurrencies that will succeed in terms of rising most in price are the ones with the most limited supply. Bitcoin is the obvious example.
The problem with Bitcoin is, it HAS ALREADY risen exponentially through multiple iterations. In my view, while anyone trading in the crypto space now would be wise to consider holding a portion of their float in Bitcoin, Bitcoin's capacity to continue to rise exponentially is limited by its relatively larger market capitalization. I'm quite confident it could double, or triple, I'd even grant a fourfold rise.
But what about the real rises, the rises of 20 fold, 50 fold, 100 fold and more that have turned many a 30-something year old man with a day job, an interest in technology, and too much time in front of the computer screen into millionaires? I don't believe Bitcoin is capable of the exponential rise that smaller market cap coins are capable of, or put another way, I think there are certain small cap coins with limited supply that have a real chance to rise at a faster rate than Bitcoin. They can outperform.
The key of this for me in the short to medium term is that such a cryptocurrency must have a good development team, and must have a low supply. At present, 'low supply' basically means coins that copied Bitcoin's maximum 21 million total supply, of which a number have. This also means that I'm rather neutral on coins with very big total supplies like XRP, and why I'm not surprised that lately Ethereum has tracked sideways while many other coins with lower total supplies have risen. It is why Litecoin with its already over 53 million coins have has never excited me. Sure Litecoin today is fifth largest by market cap on coinmarket cap, but this is misleading. It's only worth $67 per coin, whereas Dash which sits just below it in total market cap is worth $418 per coin. Remember, they were once worth about the same per coin, and they're now worth roughly equal in market cap, but PER COIN price is what we have to consider. In this regard Dash has blown Litecoin out of the water.
Now of the coins I've considered with limited supply, one stands out to me as offering the best potential for exponential rise and outperformance. That is Zencash, a zkSNARKs coin that protects transactional privacy. There are three reasons why this coin has made such a mark on my radar. One, it's worth about $22 today, and it has really only risen about threefold from its lows. What if we could have all bought Dash at $22, we'd be pretty happy today, wouldn't we, with our 20 fold profit? The second reason I like Zencash is, like Dash and Bitcoin, its total supply is limited to 21 million. The third and final reason I like Zencash is that like Dash it has a funded governance model where a portion of coins earned from mining are allocated to fund the coin's development, in other words to pay staff and contractors to develop the coin and ecosystem. It worked for Dash, and I believe it will work for Zencash.
If there's anything that has struck me about the whole cryptocurrency revolution, it has been the impact of scarcity and limited supply in catalyzing the exponential rise in value of an asset even in the face of only moderate and not yet mainstream demand. Perhaps it shouldn't have, but I must raise my hand and admit this has surprised me.
submitted by missymole to CryptoCurrency [link] [comments]

The owners of Blockstream are spending $75 million to do a "controlled demolition" of Bitcoin by manipulating the Core devs & the Chinese miners. This is cheap compared to the $ trillions spent on the wars on Iraq & Libya - who also defied the Fed / PetroDollar / BIS private central banking cartel.

At this point, that's really the simplest "Occam's razor" explanation for Blockstream's "irrational" behavior.
Once you let go of your irrational belief that Blockstream's owners actually want to get a "return" on their $75 million investment, from "innovations" such as sidechains technology (Lightning Network - LN) - only then will you be able to see that Blockstream's apparently "irrational" behavior is actually perfectly rational.
They say their goal is to "get rich" from LN. And if you believe that, I have a Dogecoin I'd like to sell you.
What are the real goals of Blockstream's owners?
Blockstream's owners don't give a fuck about the Rube Goldberg vaporware which some focus group christened "the Lightning Network". That name is just there to placate the masses of noobs who congregate on /bitcoin.
The owners of Blockstream are laughing at Adam Back as he continues to labor in isolation, the stereotypical math PhD who is clueless about economics, toiling away creating a slow, overpriced, centralized "level 2" payment layer on top of Bitcoin - a complicated contraption which may never work. They have neutralized him - but meanwhile, he thinks he's a rock star now, as "CEO of Blockstream". Little does he know he is the worst "collaborator" of all.
Investors are risk-averse
If Blockstream's owners really wanted to get rich from LN, do you really think they would freeze the "max blocksize" at 1 MB for the next year, when this 1-year freeze obviously risks destroying Bitcoin itself (along with their investment)?
Investors are not stupid - and they are risk-averse. They know that if there's no Bitcoin, then there's no Lightning - so their $75 million investment would go out the window.
And all the "Core" devs have actually gone on the record stating (in their less-guarded moments, or before they signed their employment contracts with Blockstream) that 2 MB blocks would work fine - even 3-4 MB blocks. Empirical research by miners has shown that 3-4 MB blocks - or even bigger - would work fine right now.
So why aren't the Blockstream investors pressuring the Core devs to go to 2 MB now, to remove the risk of Bitcoin failing?
If Blockstream did the "rational" thing and agreed to 2 MB now, the price would shoot up, the community would heal, innovation would start happening again. Bitcoin would proper, and Blockstream's investors would have a good chance at making a "return" on their investment.
For some reason, Blockstream's investors are trying to stop all this from happening. So we have to look for a different explanation. If the owners of Blockstream don't want to get rich from the Lightning Network, then what do they really want?
The simplest explanation is that the real risk which Blockstream's investors are "averse" to is the possibility of trillions of dollars in legacy fiat suddenly plunging in relative value, if Bitcoin were to shoot to the moon. They're afraid they'll lose power if Bitcoin succeeds.
In order to provide some support for this radical but simple hypothesis, we have to dive into some pretty nasty and shadowy geopolitics.
What do the wars on Iraq and Syria, JPMorgan's naked short selling of silver, and the book "Confessions of an Economic Hit Man" all have in common?
Whenever a currency tries to compete with the Fed / Petrollar / BIS [1] private central banking cartel, the legacy fiat power élite destroys that currency (if the currency has a central point of control - which Bitcoin does have: the Core devs, the Chinese miners, and Theymos).
[1] BIS = the Bank for International Settlements, often referred to as "the central bank of central banks"
Trillions of dollars were spent to take down the central banks of Iraq and Libya, because they defied the hegemony of the Fed / Petrodollar / BIS private central banking cartel.
https://duckduckgo.com/?q=ellen+brown+iraq+libya+bis
And while you're googling, you might want to look up whistleblower Andrew Maguire (who exposed how JPMorgan uses naked short selling to "dump" nonexistent silver in order to prevent the USDollar from collapsing).
https://duckduckgo.com/?q=andrew+maguire+jpmorgan
And you might also want to look up John Perkins, whose book "Confessions of an Economic Hit Man" is another major eye-opener about how "the Washington consensus" manages to rule the world by printing fiat backed by violence and justified by "experts" and propaganda.
https://duckduckgo.com/?q=john+perkins+confessions+economic+hit+man
That's just how the world works - although you have to do a bit of research to discover those unpleasant facts.
So for the legacy fiat power élite, $75 million to take down Bitcoin (and maintain their power) is chump change in comparison.
You all knew that "they" were going to try to destroy Bitcoin, didn't you?
Even Jamie Dimon practically admitted as much.
https://duckduckgo.com/?q=jamie+dimon+bitcoin
Did you really think they would be clumsy enough to try to ban it outright?
Private central bankers run this planet, and they have never hesitated to use their lethal combination of guns, debt and psyops to maintain their power. They pay for the wars, they keep people enslaved to debt, and they dumb down the population so nobody knows what's really going on.
Print up a trillion dollars here, kill a million people there, brainwash everyone with censorship and propaganda. That's their modus operandi.
So we shouldn't be surprised if they they ruthlessly and covertly try to take down Bitcoin. They have the means and the motivation.
It was only a matter of time before they identified the three weakest centralized points in the Bitcoin system:
And so that's where they applied the pressure.
I'm sorry to be rude, but all three of those players listed above are idiot savants / sitting ducks up against the full-spectrum of covert dirty tricks deployed by the legacy fiat power élite - whether it's money, ego-stroking, or pretending to go along with their crazy cypherpunk beliefs that Bitcoin will only prosper as long as it remains small enough to run a node on a dial-up internet on a Raspberri Pi in Luke-Jr's basement.
So the simplest explanation is this: Blockstream is a "front company" which has been established for the purpose of performing a "controlled demolition" of Bitcoin.
So Satoshi messed up. He messed up by baking in a 1 MB constant into the code at the last minute as a clumsy anti-spam kludge - which could unfortunately only be removed via a hard fork - and which the global legacy power élite have figured how to retain via social engineering directed at clueless Core devs and clueless Chinese miners (and clueless forum moderators).
So why is the price is still fairly stable?
Heck, I'm so paranoid, I wouldn't even put it past them to try to interfere with investors who might otherwise be trying to send a signal by "voting with their feet".
In other words, several observers have commented that the only way to liberate Bitcoin from the cartel of Chinese miners and Core/Blockstream devs is to crash the price.
And many other observers are puzzled that the price isn't crashing now that Bitcoin is being strangled in its cradle by Blockstream.
Well, this wouldn't be the first time that the Fed / PetroDollar / BIS private central banking cartel sent in the "plunge protection" team to artificially prop up their fragile, centralized, permissioned currency.
https://duckduckgo.com/?q=plunge+protection+team
Who knows, they could easily have printed up a few million dollars in phoney fiat and given it to players like Jamie Dimon or Blythe Masters who probably have access to the HFT (high frequency trading) tools to keep the price exactly where they want it, for as long as they want it. Manipulating an unregulated $6 billion market would be child's play for them.
The point is, we have no idea who is buying bitcoins at this price right now. Or what their motives are.
I know that if I were part of the legacy fiat power élite, this is exactly what I'd be doing now: buy off the devs, pressure the miners, encourage the censors, and play with the price - so nobody knows what the hell is going on. Prevent the price from crashing for the next year (so the community won't have a "smoking gun" to reject the Core devs and the Chinese miners)... and prevent it from going to the moon also (so the dollar won't look like it's crashing). Not too hard to do, especially if you have unlimited fiat at your disposal.
2016 is the perfect time to perform a "controlled demolition" on Bitcoin.
All the forces in the global economy are now aligned for a massive economic storm of epic proportions. Without Blockstream's interference, Bitcoin's price would be shooting to the moon right now, because it's the only digital asset class free of counterparty risk, compared to all the other garbage floating around in the system:
https://duckduckgo.com/?q=deutsche+bank+lehman
https://np.reddit.com/BitcoinMarkets/comments/45ogx7/daily_discussion_sunday_february_14_2016/d0015vf
https://duckduckgo.com/?q=china+capital+flight
https://duckduckgo.com/?q=NIRP+Negative+Interest+Rate+Policy
Bitcoin is one of the only safe harbors in this oncoming economic storm. So it should be skyrocketing right now - if there were no artificial constraints on its growth.
So if Blockstream were not doing a controlled demolition of Bitcoin right now by freezing the blocksize to 1 MB for the next year, then the Bitcoin price could easily go to 4,000 USD - instead languishing around 400 USD.
In other words: the USDollar would be crashing 10-fold versus Bitcoin.
The only bulwark against Bitcoin rising 10x versus the USDollar is Blockstream's stranglehold on the Core devs and the Chinese miners.
Just like the only bulwark against precious metals rising 10x versus the USDollar right now is JPMorgan's naked short selling of phoney (paper) precious metals, mainly via the SLV ETF (exchange traded fund).
https://duckduckgo.com/?q=jpmorgan+naked+short+selling+slv
(Most informed estimates say that there is 100x more "fake" or "paper" gold and silver in existence, versus "physical" gold and silver. So it's easy for JPMorgan to suppress the silver price: just naked-short-sell "paper" silver. They do this as a service to the Fed, to prop up the dollar. And your tax dollars pay for this fraud.)
The silence of the devs
Isn't it strange how not a single Blockstream dev dares to "break ranks" on the 2 MB taboo?
This unanimous code of silence among Blockstream devs speaks volumes.
Devs on open-source projects like this (particularly ones which were founded on principles of "permissionless" "decentralization") would never maintain this kind of uniform code of developer silence - especially when their precious open-source project is on the verge of failing.
Most devs are rebels - especially Bitcoin devs - ready to break ranks at the drop of a hat, and propose their brilliant ideas to save the day.
But right now - utter silence.
This bizarre code of silence which we are now seeing from the "Core" devs must be the result of some major behind-the-scenes arm-twisting by the owners of Blocsktream, who must have made it abundantly clear that any dev who attempts to provide a simple on-chain scaling solution will be severely punished - financially, legally and/or socially.
Blockstream has deliberately set Bitcoin on a suicide course right now - and all the devs there are silently complicit - and so are the Chinese miners who submissively bowed down to Blockstream's stalling "scaling" roadmap.
But I don't really blame the devs and the miners. I feel bad for them.
I'm not really "blaming" any Chinese miners for being used like this - nor am I really "blaming" devs such as Adam Back, Greg Maxwell, etc.
Nor do I really "blame" guys like Austin Hill.
And I even think guys like Theymos and Luke-Jr "mean well".
They're all just being played. They think they're doing the right thing. Their arguments are genuine and heart-felt. Wrong, but heart-felt. This is what makes them so dangerous - because they really sound sincere and convincing. This is why they are the perfect pawns for the owners of Blockstream to play like this.
Subtle coercion
We recently found out that they locked the Chinese miners in a room for 13 hours until 3 AM to force them to sign an "agreement" to never use any code from a competing Bitcoin implementation that would increase the blocksize.
https://np.reddit.com/btc/comments/46tv22/only_emperors_kings_and_dictators_demand_fealty/
Have you ever seen this kind of coercion in an open-source project - an open-source project founded on the principles of "permissionless" "decentralization" - where many of the founders were "cypherpunks"??
The miners and the devs - and Theymos - and guys like Austin Hill - all are passionate about Bitcoin, and they all believe they are doing "the right thing".
But they are being manipulated, without their knowledge, by the real power behind Blockstream.
Prisoners in a golden cage
Strange how we never get to hear what really goes on behind closed doors at Blockstream. We never get to see the PowerPoint decks, we never get to find out who said what. Blockstream's public messaging is tightly controlled.
If Bitcoin were to have a "core" dev team, it should have had something like the Mozilla Group, or the Tor Project - non-profits, who answer to the public, not to private investors. Instead we got Blockstream - a private company funded by some of the biggest players of the legacy fiat power élite. WTF?!?
If they wanted to develop sidechains and LN, then fine, they should be able to. But what they're really doing is radically changing Bitcoin itself - mainly by freezing growth at 1 MB blocks now, which is choking the system.
Depite all this, I still would not go so far as to say that the Core devs and the Chinese miners are really "traitors". At most, they are actually prisoners in a golden cage, who are not even really conscious of their own imprisonment. They're smart people - and in some ways, smart people are actually easier to fool, once you figure out what they believe in.
So this is what I really think the owners of Blockstream have done. They've figured out how to manipulate the Core devs and the Chinese miners - and they're happy that Theymos is playing along, censoring the main online forums - so they're able to move ahead with their plan to do a "controlled demolition" of Bitcoin, and it only cost them $75 million dollars.
Centralization got us into this mess.
The only reason Bitcoin is vulnerable to this kind of "controlled demolition" being performed by the owners of Blockstream is because mining operations and dev teams are centralized - thus providing a single, vulnerable point where the legacy fiat power élite could easily deploy their full-spectrum attack.
We finally have a digital asset with no counterparty risk - and they want to take it away from us, so that we continue to depend on their debt-backed, violence-backed legacy fiat.
And they're able to do this because the Core devs and the Chinese miners and Theymos were such easy gullible centralized targets.
Decentralization will get us out.
If you are a miner or a dev, and if you want Bitcoin to survive, then you must go back to the principles of permissionless decentralization.
Go dark, release some code anonymously.
Release an internal Blockstream PowerPoint deck or some internal Blockstream emails to Wikileaks, exposing what the Blockstream investors are really up to.
Otherwise, Bitcoin is probably going to fail to realize its potential - and we'll have to wait a while for truly decentralized development (and mining, and forums) to possibly create a successor someday.
If you're a hodler, it would be great if such a phoenix rising from Bitcoin would be a "spinoff" - ie, a coin bootstrapped off of the existing ledger (to preserve existing wealth, while upgrading to a new protocol for appending new blocks).
https://bitcointalk.org/index.php?topic=563972.0
But who knows.
submitted by UndergroundNews to btc [link] [comments]

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This entry was posted in Bank of New York Mellon, banking, bitcoin, Bitcoin News, Blockchain, Cryptocurrency, Jamie Dimon, JPM Coin, JPMorgan Chase, News, United States House of Representatives Financial Services Committee, US, virtual currency, Warren Davidson on April 12, 2019 by adminbtc. Even Dimon's own bank, JPMorgan, has reportedly begun a trial project using blockchain as it tries to cut trading costs.Blockchain is the technology behind bitcoin. Bitcoin has already soared 315 ... In September bitcoin was trading around $5,000 but 3 months later it was trading for $20,000. Hearing Jamie at the World Economic Forum in Davos speaking as a crypto bull is impressive. Seems like cryptocurrency has invaded his mind. When asked about bubbles he answered: “only in sovereign debt.” You Are Right Jamie Dimon… Category / Featured posts / Conferences / Bitcoin / Altcoin Published on 21.01.2016. Last April in his annual letter to shareholders, CEO of JPMorgan Jamie Dimon warned that “Silicon Valley is coming”. Jamie Dimon vs. Bitcoin (BTC): October 2018 Two days ago at an AXIOS conference, the CEO was asked about changing his mind on Bitcoin, and he said, "I never changed what I said, I just regret having said it," CNBC reported. Dimon continued by saying: "I didn't want to be the spokesman against Bitcoin (BTC).

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Jamie Dimon BUSTED Buying Bitcoin! (Bix Weir)

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