2013: Year Of The Bitcoin - Forbes

Even with the recent drop. The total value (14B+) of BTC is still higher than 2013 bubble . /r/Bitcoin

Even with the recent drop. The total value (14B+) of BTC is still higher than 2013 bubble . /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Putting $400M of Bitcoin on your company balance sheet

Also posted on my blog as usual. Read it there if you can, there are footnotes and inlined plots.
A couple of months ago, MicroStrategy (MSTR) had a spare $400M of cash which it decided to shift to Bitcoin (BTC).
Today we'll discuss in excrutiating detail why this is not a good idea.
When a company has a pile of spare money it doesn't know what to do with, it'll normally do buybacks or start paying dividends. That gives the money back to the shareholders, and from an economic perspective the money can get better invested in other more promising companies. If you have a huge pile of of cash, you probably should be doing other things than leave it in a bank account to gather dust.
However, this statement from MicroStrategy CEO Michael Saylor exists to make it clear he's buying into BTC for all the wrong reasons:
“This is not a speculation, nor is it a hedge. This was a deliberate corporate strategy to adopt a bitcoin standard.”
Let's unpack it and jump into the economics Bitcoin:

Is Bitcoin money?

No.
Or rather BTC doesn't act as money and there's no serious future path for BTC to become a form of money. Let's go back to basics. There are 3 main economic problems money solves:
1. Medium of Exchange. Before money we had to barter, which led to the double coincidence of wants problem. When everyone accepts the same money you can buy something from someone even if they don't like the stuff you own.
As a medium of exchange, BTC is not good. There are significant transaction fees and transaction waiting times built-in to BTC and these worsen the more popular BTC get.
You can test BTC's usefulness as a medium of exchange for yourself right now: try to order a pizza or to buy a random item with BTC. How many additional hurdles do you have to go through? How many fewer options do you have than if you used a regular currency? How much overhead (time, fees) is there?
2. Unit of Account. A unit of account is what you compare the value of objects against. We denominate BTC in terms of how many USD they're worth, so BTC is a unit of account presently. We can say it's because of lack of adoption, but really it's also because the market value of BTC is so volatile.
If I buy a $1000 table today or in 2017, it's roughly a $1000 table. We can't say that a 0.4BTC table was a 0.4BTC table in 2017. We'll expand on this in the next point:
3. Store of Value. When you create economic value, you don't want to be forced to use up the value you created right away.
For instance, if I fix your washing machine and you pay me in avocados, I'd be annoyed. I'd have to consume my payment before it becomes brown, squishy and disgusting. Avocado fruit is not good money because avocadoes loses value very fast.
On the other hand, well-run currencies like the USD, GBP, CAD, EUR, etc. all lose their value at a low and most importantly fairly predictible rate. Let's look at the chart of the USD against BTC
While the dollar loses value at a predictible rate, BTC is all over the place, which is bad.
One important use money is to write loan contracts. Loans are great. They let people spend now against their future potential earnings, so they can buy houses or start businesses without first saving up for a decade. Loans are good for the economy.
If you want to sign something that says "I owe you this much for that much time" then you need to be able to roughly predict the value of the debt in at the point in time where it's due.
Otherwise you'll have a hard time pricing the risk of the loan effectively. This means that you need to charge higher interests. The risk of making a loan in BTC needs to be priced into the interest of a BTC-denominated loan, which means much higher interest rates. High interests on loans are bad, because buying houses and starting businesses are good things.

BTC has a fixed supply, so these problems are built in

Some people think that going back to a standard where our money was denominated by a stock of gold (the Gold Standard) would solve economic problems. This is nonsense.
Having control over supply of your currency is a good thing, as long as it's well run.
See here
Remember that what is desirable is low variance in the value, not the value itself. When there are wild fluctuations in value, it's hard for money to do its job well.
Since the 1970s, the USD has been a fiat money with no intrinsic value. This means we control the supply of money.
Let's look at a classic poorly drawn econ101 graph
The market price for USD is where supply meets demand. The problem with a currency based on an item whose supply is fixed is that the price will necessarily fluctuate in response to changes in demand.
Imagine, if you will, that a pandemic strikes and that the demand for currency takes a sharp drop. The US imports less, people don't buy anything anymore, etc. If you can't print money, you get deflation, which is worsens everything. On the other hand, if you can make the money printers go brrrr you can stabilize the price
Having your currency be based on a fixed supply isn't just bad because in/deflation is hard to control.
It's also a national security risk...
The story of the guy who crashed gold prices in North Africa
In the 1200s, Mansa Munsa, the emperor of the Mali, was rich and a devout Muslim and wanted everyone to know it. So he embarked on a pilgrimage to make it rain all the way to Mecca.
He in fact made it rain so hard he increased the overall supply of gold and unintentionally crashed gold prices in Cairo by 20%, wreaking an economic havoc in North Africa that lasted a decade.
This story is fun, the larger point that having your inflation be at the mercy of foreign nations is an undesirable attribute in any currency. The US likes to call some countries currency manipulators, but this problem would be serious under a gold standard.

Currencies are based on trust

Since the USD is based on nothing except the US government's word, how can we trust USD not to be mismanaged?
The answer is that you can probably trust the fed until political stooges get put in place. Currently, the US's central bank managing the USD, the Federal Reserve (the Fed for friends & family), has administrative authority. The fed can say "no" to dumb requests from the president.
People who have no idea what the fed does like to chant "audit the fed", but the fed is already one of the best audited US federal entities. The transcripts of all their meetings are out in the open. As is their balance sheet, what they plan to do and why. If the US should audit anything it's the Department of Defense which operates without any accounting at all.
It's easy to see when a central bank will go rogue: it's when political yes-men are elected to the board.
For example, before printing themselves into hyperinflation, the Venezuelan president appointed a sociologist who publicly stated “Inflation does not exist in real life” and instead is a made up capitalist lie. Note what happened mere months after his gaining control over the Venezuelan currency
This is a key policy. One paper I really like, Sargent (1984) "The end of 4 big inflations" states:
The essential measures that ended hyperinflation in each of Germany,Austria, Hungary, and Poland were, first, the creation of an independentcentral bank that was legally committed to refuse the government'sdemand or additional unsecured credit and, second, a simultaneousalteration in the fiscal policy regime.
In english: *hyperinflation stops when the central bank can say "no" to the government."
The US Fed, like other well good central banks, is run by a bunch of nerds. When it prints money, even as aggressively as it has it does so for good reasons. You can see why they started printing on March 15th as the COVID lockdowns started:
The Federal Reserve is prepared to use its full range of tools to support the flow of credit to households and businesses and thereby promote its maximum employment and price stability goals.
In english: We're going to keep printing and lowering rates until jobs are back and inflation is under control. If we print until the sun is blotted out, we'll print in the shade.

BTC is not gold

Gold is a good asset for doomsday-preppers. If society crashes, gold will still have value.
How do we know that?
Gold has held value throughout multiple historic catastrophes over thousands of years. It had value before and after the Bronze Age Collapse, the Fall of the Western Roman Empire and Gengis Khan being Gengis Khan.
Even if you erased humanity and started over, the new humans would still find gold to be economically valuable. When Europeans d̶i̶s̶c̶o̶v̶e̶r̶e̶d̶ c̶o̶n̶q̶u̶e̶r̶e̶d̶ g̶e̶n̶o̶c̶i̶d̶e̶d̶ went to America, they found gold to be an important item over there too. This is about equivalent to finding humans on Alpha-Centauri and learning that they think gold is a good store of value as well.
Some people are puzzled at this: we don't even use gold for much! But it has great properties:
First, gold is hard to fake and impossible to manufacture. This makes it good to ascertain payment.
Second, gold doesnt react to oxygen, so it doesn't rust or tarnish. So it keeps value over time unlike most other materials.
Last, gold is pretty. This might sound frivolous, and you may not like it, but jewelry has actual value to humans.
It's no coincidence if you look at a list of the wealthiest families, a large number of them trade in luxury goods.
To paraphrase Veblen humans have a profound desire to signal social status, for the same reason peacocks have unwieldy tails. Gold is a great way to achieve that.
On the other hand, BTC lacks all these attributes. Its value is largely based on common perception of value. There are a few fundamental drivers of demand:
Apart from these, it's hard to argue that BTC will retain value throughout some sort of economic catastrophe.

BTC is really risky

One last statement from Michael Saylor I take offense to is this:
“We feel pretty confident that Bitcoin is less risky than holding cash, less risky than holding gold,” MicroStrategy CEO said in an interview
"BTC is less risky than holding cash or gold long term" is nonsense. We saw before that BTC is more volatile on face value, and that as long as the Fed isn't run by spider monkeys stacked in a trench coat, the inflation is likely to be within reasonable bounds.
But on top of this, BTC has Abrupt downside risks that normal currencies don't. Let's imagine a few:

Blockchain solutions are fundamentally inefficient

Blockchain was a genius idea. I still marvel at the initial white paper which is a great mix of economics and computer science.
That said, blockchain solutions make large tradeoffs in design because they assume almost no trust between parties. This leads to intentionally wasteful designs on a massive scale.
The main problem is that all transactions have to be validated by expensive computational operations and double checked by multiple parties. This means waste:
Many design problems can be mitigated by various improvements over BTC, but it remains that a simple database always works better than a blockchain if you can trust the parties to the transaction.
submitted by VodkaHaze to badeconomics [link] [comments]

Ultimate glossary of crypto currency terms, acronyms and abbreviations

I thought it would be really cool to have an ultimate guide for those new to crypto currencies and the terms used. I made this mostly for beginner’s and veterans alike. I’m not sure how much use you will get out of this. Stuff gets lost on Reddit quite easily so I hope this finds its way to you. Included in this list, I have included most of the terms used in crypto-communities. I have compiled this list from a multitude of sources. The list is in alphabetical order and may include some words/terms not exclusive to the crypto world but may be helpful regardless.
2FA
Two factor authentication. I highly advise that you use it.
51% Attack:
A situation where a single malicious individual or group gains control of more than half of a cryptocurrency network’s computing power. Theoretically, it could allow perpetrators to manipulate the system and spend the same coin multiple times, stop other users from completing blocks and make conflicting transactions to a chain that could harm the network.
Address (or Addy):
A unique string of numbers and letters (both upper and lower case) used to send, receive or store cryptocurrency on the network. It is also the public key in a pair of keys needed to sign a digital transaction. Addresses can be shared publicly as a text or in the form of a scannable QR code. They differ between cryptocurrencies. You can’t send Bitcoin to an Ethereum address, for example.
Altcoin (alternative coin): Any digital currency other than Bitcoin. These other currencies are alternatives to Bitcoin regarding features and functionalities (e.g. faster confirmation time, lower price, improved mining algorithm, higher total coin supply). There are hundreds of altcoins, including Ether, Ripple, Litecoin and many many others.
AIRDROP:
An event where the investors/participants are able to receive free tokens or coins into their digital wallet.
AML: Defines Anti-Money Laundering laws**.**
ARBITRAGE:
Getting risk-free profits by trading (simultaneous buying and selling of the cryptocurrency) on two different exchanges which have different prices for the same asset.
Ashdraked:
Being Ashdraked is essentially a more detailed version of being Zhoutonged. It is when you lose all of your invested capital, but you do so specifically by shorting Bitcoin. The expression “Ashdraked” comes from a story of a Romanian cryptocurrency investor who insisted upon shorting BTC, as he had done so successfully in the past. When the price of BTC rose from USD 300 to USD 500, the Romanian investor lost all of his money.
ATH (All Time High):
The highest price ever achieved by a cryptocurrency in its entire history. Alternatively, ATL is all time low
Bearish:
A tendency of prices to fall; a pessimistic expectation that the value of a coin is going to drop.
Bear trap:
A manipulation of a stock or commodity by investors.
Bitcoin:
The very first, and the highest ever valued, mass-market open source and decentralized cryptocurrency and digital payment system that runs on a worldwide peer to peer network. It operates independently of any centralized authorities
Bitconnect:
One of the biggest scams in the crypto world. it was made popular in the meme world by screaming idiot Carlos Matos, who infamously proclaimed," hey hey heeeey” and “what's a what's a what's up wasssssssssuuuuuuuuuuuuup, BitConneeeeeeeeeeeeeeeeeeeeeeeect!”. He is now in the mentally ill meme hall of fame.
Block:
A package of permanently recorded data about transactions occurring every time period (typically about 10 minutes) on the blockchain network. Once a record has been completed and verified, it goes into a blockchain and gives way to the next block. Each block also contains a complex mathematical puzzle with a unique answer, without which new blocks can’t be added to the chain.
Blockchain:
An unchangeable digital record of all transactions ever made in a particular cryptocurrency and shared across thousands of computers worldwide. It has no central authority governing it. Records, or blocks, are chained to each other using a cryptographic signature. They are stored publicly and chronologically, from the genesis block to the latest block, hence the term blockchain. Anyone can have access to the database and yet it remains incredibly difficult to hack.
Bullish:
A tendency of prices to rise; an optimistic expectation that a specific cryptocurrency will do well and its value is going to increase.
BTFD:
Buy the fucking dip. This advise was bestowed upon us by the gods themselves. It is the iron code to crypto enthusiasts.
Bull market:
A market that Cryptos are going up.
Consensus:
An agreement among blockchain participants on the validity of data. Consensus is reached when the majority of nodes on the network verify that the transaction is 100% valid.
Crypto bubble:
The instability of cryptocurrencies in terms of price value
Cryptocurrency:
A type of digital currency, secured by strong computer code (cryptography), that operates independently of any middlemen or central authoritie
Cryptography:
The art of converting sensitive data into a format unreadable for unauthorized users, which when decoded would result in a meaningful statement.
Cryptojacking:
The use of someone else’s device and profiting from its computational power to mine cryptocurrency without their knowledge and consent.
Crypto-Valhalla:
When HODLers(holders) eventually cash out they go to a place called crypto-Valhalla. The strong will be separated from the weak and the strong will then be given lambos.
DAO:
Decentralized Autonomous Organizations. It defines A blockchain technology inspired organization or corporation that exists and operates without human intervention.
Dapp (decentralized application):
An open-source application that runs and stores its data on a blockchain network (instead of a central server) to prevent a single failure point. This software is not controlled by the single body – information comes from people providing other people with data or computing power.
Decentralized:
A system with no fundamental control authority that governs the network. Instead, it is jointly managed by all users to the system.
Desktop wallet:
A wallet that stores the private keys on your computer, which allow the spending and management of your bitcoins.
DILDO:
Long red or green candles. This is a crypto signal that tells you that it is not favorable to trade at the moment. Found on candlestick charts.
Digital Signature:
An encrypted digital code attached to an electronic document to prove that the sender is who they say they are and confirm that a transaction is valid and should be accepted by the network.
Double Spending:
An attack on the blockchain where a malicious user manipulates the network by sending digital money to two different recipients at exactly the same time.
DYOR:
Means do your own research.
Encryption:
Converting data into code to protect it from unauthorized access, so that only the intended recipient(s) can decode it.
Eskrow:
the practice of having a third party act as an intermediary in a transaction. This third party holds the funds on and sends them off when the transaction is completed.
Ethereum:
Ethereum is an open source, public, blockchain-based platform that runs smart contracts and allows you to build dapps on it. Ethereum is fueled by the cryptocurrency Ether.
Exchange:
A platform (centralized or decentralized) for exchanging (trading) different forms of cryptocurrencies. These exchanges allow you to exchange cryptos for local currency. Some popular exchanges are Coinbase, Bittrex, Kraken and more.
Faucet:
A website which gives away free cryptocurrencies.
Fiat money:
Fiat currency is legal tender whose value is backed by the government that issued it, such as the US dollar or UK pound.
Fork:
A split in the blockchain, resulting in two separate branches, an original and a new alternate version of the cryptocurrency. As a single blockchain forks into two, they will both run simultaneously on different parts of the network. For example, Bitcoin Cash is a Bitcoin fork.
FOMO:
Fear of missing out.
Frictionless:
A system is frictionless when there are zero transaction costs or trading retraints.
FUD:
Fear, Uncertainty and Doubt regarding the crypto market.
Gas:
A fee paid to run transactions, dapps and smart contracts on Ethereum.
Halving:
A 50% decrease in block reward after the mining of a pre-specified number of blocks. Every 4 years, the “reward” for successfully mining a block of bitcoin is reduced by half. This is referred to as “Halving”.
Hardware wallet:
Physical wallet devices that can securely store cryptocurrency maximally. Some examples are Ledger Nano S**,** Digital Bitbox and more**.**
Hash:
The process that takes input data of varying sizes, performs an operation on it and converts it into a fixed size output. It cannot be reversed.
Hashing:
The process by which you mine bitcoin or similar cryptocurrency, by trying to solve the mathematical problem within it, using cryptographic hash functions.
HODL:
A Bitcoin enthusiast once accidentally misspelled the word HOLD and it is now part of the bitcoin legend. It can also mean hold on for dear life.
ICO (Initial Coin Offering):
A blockchain-based fundraising mechanism, or a public crowd sale of a new digital coin, used to raise capital from supporters for an early stage crypto venture. Beware of these as there have been quite a few scams in the past.
John mcAfee:
A man who will one day eat his balls on live television for falsely predicting bitcoin going to 100k. He has also become a small meme within the crypto community for his outlandish claims.
JOMO:
Joy of missing out. For those who are so depressed about missing out their sadness becomes joy.
KYC:
Know your customer(alternatively consumer).
Lambo:
This stands for Lamborghini. A small meme within the investing community where the moment someone gets rich they spend their earnings on a lambo. One day we will all have lambos in crypto-valhalla.
Ledger:
Away from Blockchain, it is a book of financial transactions and balances. In the world of crypto, the blockchain functions as a ledger. A digital currency’s ledger records all transactions which took place on a certain block chain network.
Leverage:
Trading with borrowed capital (margin) in order to increase the potential return of an investment.
Liquidity:
The availability of an asset to be bought and sold easily, without affecting its market price.
of the coins.
Margin trading:
The trading of assets or securities bought with borrowed money.
Market cap/MCAP:
A short-term for Market Capitalization. Market Capitalization refers to the market value of a particular cryptocurrency. It is computed by multiplying the Price of an individual unit of coins by the total circulating supply.
Miner:
A computer participating in any cryptocurrency network performing proof of work. This is usually done to receive block rewards.
Mining:
The act of solving a complex math equation to validate a blockchain transaction using computer processing power and specialized hardware.
Mining contract:
A method of investing in bitcoin mining hardware, allowing anyone to rent out a pre-specified amount of hashing power, for an agreed amount of time. The mining service takes care of hardware maintenance, hosting and electricity costs, making it simpler for investors.
Mining rig:
A computer specially designed for mining cryptocurrencies.
Mooning:
A situation the price of a coin rapidly increases in value. Can also be used as: “I hope bitcoin goes to the moon”
Node:
Any computing device that connects to the blockchain network.
Open source:
The practice of sharing the source code for a piece of computer software, allowing it to be distributed and altered by anyone.
OTC:
Over the counter. Trading is done directly between parties.
P2P (Peer to Peer):
A type of network connection where participants interact directly with each other rather than through a centralized third party. The system allows the exchange of resources from A to B, without having to go through a separate server.
Paper wallet:
A form of “cold storage” where the private keys are printed onto a piece of paper and stored offline. Considered as one of the safest crypto wallets, the truth is that it majors in sweeping coins from your wallets.
Pre mining:
The mining of a cryptocurrency by its developers before it is released to the public.
Proof of stake (POS):
A consensus distribution algorithm which essentially rewards you based upon the amount of the coin that you own. In other words, more investment in the coin will leads to more gain when you mine with this protocol In Proof of Stake, the resource held by the “miner” is their stake in the currency.
PROOF OF WORK (POW) :
The competition of computers competing to solve a tough crypto math problem. The first computer that does this is allowed to create new blocks and record information.” The miner is then usually rewarded via transaction fees.
Protocol:
A standardized set of rules for formatting and processing data.
Public key / private key:
A cryptographic code that allows a user to receive cryptocurrencies into an account. The public key is made available to everyone via a publicly accessible directory, and the private key remains confidential to its respective owner. Because the key pair is mathematically related, whatever is encrypted with a public key may only be decrypted by its corresponding private key.
Pump and dump:
Massive buying and selling activity of cryptocurrencies (sometimes organized and to one’s benefit) which essentially result in a phenomenon where the significant surge in the value of coin followed by a huge crash take place in a short time frame.
Recovery phrase:
A set of phrases you are given whereby you can regain or access your wallet should you lose the private key to your wallets — paper, mobile, desktop, and hardware wallet. These phrases are some random 12–24 words. A recovery Phrase can also be called as Recovery seed, Seed Key, Recovery Key, or Seed Phrase.
REKT:
Referring to the word “wrecked”. It defines a situation whereby an investor or trader who has been ruined utterly following the massive losses suffered in crypto industry.
Ripple:
An alternative payment network to Bitcoin based on similar cryptography. The ripple network uses XRP as currency and is capable of sending any asset type.
ROI:
Return on investment.
Safu:
A crypto term for safe popularized by the Bizonnaci YouTube channel after the CEO of Binance tweeted
“Funds are safe."
“the exchage I use got hacked!”“Oh no, are your funds safu?”
“My coins better be safu!”


Sats/Satoshi:
The smallest fraction of a bitcoin is called a “satoshi” or “sat”. It represents one hundred-millionth of a bitcoin and is named after Satoshi Nakamoto.
Satoshi Nakamoto:
This was the pseudonym for the mysterious creator of Bitcoin.
Scalability:
The ability of a cryptocurrency to contain the massive use of its Blockchain.
Sharding:
A scaling solution for the Blockchain. It is generally a method that allows nodes to have partial copies of the complete blockchain in order to increase overall network performance and consensus speeds.
Shitcoin:
Coin with little potential or future prospects.
Shill:
Spreading buzz by heavily promoting a particular coin in the community to create awareness.
Short position:
Selling of a specific cryptocurrency with an expectation that it will drop in value.
Silk road:
The online marketplace where drugs and other illicit items were traded for Bitcoin. This marketplace is using accessed through “TOR”, and VPNs. In October 2013, a Silk Road was shut down in by the FBI.
Smart Contract:
Certain computational benchmarks or barriers that have to be met in turn for money or data to be deposited or even be used to verify things such as land rights.
Software Wallet:
A crypto wallet that exists purely as software files on a computer. Usually, software wallets can be generated for free from a variety of sources.
Solidity:
A contract-oriented coding language for implementing smart contracts on Ethereum. Its syntax is similar to that of JavaScript.
Stable coin:
A cryptocoin with an extremely low volatility that can be used to trade against the overall market.
Staking:
Staking is the process of actively participating in transaction validation (similar to mining) on a proof-of-stake (PoS) blockchain. On these blockchains, anyone with a minimum-required balance of a specific cryptocurrency can validate transactions and earn Staking rewards.
Surge:
When a crypto currency appreciates or goes up in price.
Tank:
The opposite of mooning. When a coin tanks it can also be described as crashing.
Tendies
For traders , the chief prize is “tendies” (chicken tenders, the treat an overgrown man-child receives for being a “Good Boy”) .
Token:
A unit of value that represents a digital asset built on a blockchain system. A token is usually considered as a “coin” of a cryptocurrency, but it really has a wider functionality.
TOR: “The Onion Router” is a free web browser designed to protect users’ anonymity and resist censorship. Tor is usually used surfing the web anonymously and access sites on the “Darkweb”.
Transaction fee:
An amount of money users are charged from their transaction when sending cryptocurrencies.
Volatility:
A measure of fluctuations in the price of a financial instrument over time. High volatility in bitcoin is seen as risky since its shifting value discourages people from spending or accepting it.
Wallet:
A file that stores all your private keys and communicates with the blockchain to perform transactions. It allows you to send and receive bitcoins securely as well as view your balance and transaction history.
Whale:
An investor that holds a tremendous amount of cryptocurrency. Their extraordinary large holdings allow them to control prices and manipulate the market.
Whitepaper:

A comprehensive report or guide made to understand an issue or help decision making. It is also seen as a technical write up that most cryptocurrencies provide to take a deep look into the structure and plan of the cryptocurrency/Blockchain project. Satoshi Nakamoto was the first to release a whitepaper on Bitcoin, titled “Bitcoin: A Peer-to-Peer Electronic Cash System” in late 2008.
And with that I finally complete my odyssey. I sincerely hope that this helped you and if you are new, I welcome you to crypto. If you read all of that I hope it increased, you in knowledge.
my final definition:
Crypto-Family:
A collection of all the HODLers and crypto fanatics. A place where all people alike unite over a love for crypto.
We are all in this together as we pioneer the new world that is crypto currency. I wish you a great day and Happy HODLing.
-u/flacciduck
feel free to comment words or terms that you feel should be included or about any errors I made.
Edit1:some fixes were made and added words.
submitted by flacciduck to CryptoCurrency [link] [comments]

What we can learn from Litecoin falling out of Top10

So as LTC is dropping out of Top10 coins on cmc for the first time (currently sitting at 12) I think it is time to get some insights out of its demise.
Many people in crypto community (especially here in btc) know that LTC is, while not being an outright shitcoin, basically a useless coin. The advantages it had over BTC were really small for most of its lifetime (except for BTC high fee times), and compared to most other alts it was inferior. It had no roadmap other than being a testing ground for BTC and backporting their changes. But what it had, was a clever marketing or "story to tell". Litecoin is silver to BTC's gold. With this simple marketing trick it managed to closely align it to Cryptos biggest Community (BTC) and also paved the way for the greatest dogma in crypto that developed over the years: that Bitcoin is not meant to be spend BTC rather hoarded like gold and if you need to make actual crypto payment you do it with Litecoin.
This marketing ensured that LTC could stay in Top10 for almost a decade, whereas other coins out of the 2011-2013 copycat altcoin era, even some that provided actual advantage (think of Peercoin for example) have long been forgotton.
So what can we learn from this? In crypto community there is a lot of joking about the market being irrational, shitcoins like IOTA which do not even work having the same price development as legit projects, useless projects pumping like mad because they spend all their ICO money on marketing, sentiments like "the market can stay longer irrational than you can solvent" and so and so on. In the case of LTC it is now possible to quantify how long the market can stay irrational in extreme cases: Almost a decade. Measured in crypto time frames almost an eternity, but not a lifespan.
Also important to note is that Litecoin compared to BCH has (even before their current artificial increase) better onchain stats regarding transaction count, active adresses etc. Nevertheless the gap between the coins continues to widen. The market DOES price in tech, future outlook, roadmap and things alike.
So in conclusion: 1. Marketing is extremely important and can outweigh actual tech and roadmap in the short and mid-term (up to 8 years in extreme cases), but not in the long term. 2. Community sentiment can have tremendous impact, just because LTC aligned closely with BTC community they managed to survive much longer than similiar projects from the era. 3. Over time the market does take into account future perspective and outlook.
BCH should take steps accordingly, continue to invest in solid and novel tech, but also increase its reputation in the wider crypto community (pro tip: not constantly shitting on other projects help). In a few years we can earn the fruit of it.
Another thing that came to my mind is that crypto market actually works the direct opposite of current stock market. In crypto, everything changes super fast but the actual market elements to work (valuing fundamental value, expectation trading) takes ages. In stock market (if you look at Tesla for example) things go way slower but basic market functions are comparably quicker (as seen in Tesla having better stock than other car manufacturers, despite being arguably profitable and delivering much less cars, but what matters is actual tech and future expectations).
What do you think of the analysis?
submitted by GeorgAnarchist to btc [link] [comments]

Bitcoin Newcomers FAQ - Please read!

Welcome to the /Bitcoin Sticky FAQ

You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments.
It all started with the release of the release of Satoshi Nakamoto's whitepaper however that will probably go over the head of most readers so we recommend the following videos for a good starting point for understanding how bitcoin works and a little about its long term potential:
Some other great resources include Lopp.net, the Princeton crypto series and James D'Angelo's Bitcoin 101 Blackboard series.
Some excellent writing on Bitcoin's value proposition and future can be found at the Satoshi Nakamoto Institute.
Some Bitcoin statistics can be found here and here. Developer resources can be found here. Peer-reviewed research papers can be found here.
Potential upcoming protocol improvements and scaling resources here and here.
The number of times Bitcoin was declared dead by the media can be found here (LOL!)

Key properties of Bitcoin

Where can I buy bitcoins?

Bitcoin.org and BuyBitcoinWorldwide.com are helpful sites for beginners. You can buy or sell any amount of bitcoin (even just a few dollars worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also check out the bitcoinity exchange resources for a larger list of options for purchases.
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Bitwage.
Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".

Securing your bitcoins

With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email!
2FA requires a second confirmation code to access your account making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
Google Auth Authy OTP Auth
Android Android N/A
iOS iOS iOS

Watch out for scams

As mentioned above, Bitcoin is decentralized, which by definition means there is no official website or Twitter handle or spokesperson or CEO. However, all money attracts thieves. This combination unfortunately results in scammers running official sounding names or pretending to be an authority on YouTube or social media. Many scammers throughout the years have claimed to be the inventor of Bitcoin. Websites like bitcoin(dot)com and the btc subreddit are active scams. Almost all altcoins (shitcoins) are marketed heavily with big promises but are really just designed to separate you from your bitcoin. So be careful: any resource, including all linked in this document, may in the future turn evil. Don't trust, verify. Also as they say in our community "Not your keys, not your coins".

Where can I spend bitcoins?

Check out spendabit or bitcoin directory for millions of merchant options. Also you can spend bitcoin anywhere visa is accepted with bitcoin debit cards such as the CashApp card. Some other useful site are listed below.
Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Spendabit, Overstock and The Bitcoin Directory Retail shopping with millions of results
ShakePay Generate one time use Visa cards in seconds
NewEgg and Dell For all your electronics needs
Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, LivingRoomofSatoshi, Coinsfer, and more Bill payment
Menufy, Takeaway and Thuisbezorgd NL Takeout delivered to your door
Expedia, Cheapair, Destinia, Abitsky, SkyTours, the Travel category on Gyft and 9flats For when you need to get away
Cryptostorm, Mullvad, and PIA VPN services
Namecheap, Porkbun Domain name registration
Stampnik Discounted USPS Priority, Express, First-Class mail postage
Coinmap and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out.
If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. If you would prefer to keep it simple there are several good options. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.
Site Description
WorkingForBitcoins, Bitwage, Cryptogrind, Coinality, Bitgigs, /Jobs4Bitcoins, BitforTip, Rein Project Freelancing
Lolli Earn bitcoin when you shop online!
OpenBazaar, Purse.io, Bitify, /Bitmarket, 21 Market Marketplaces
/GirlsGoneBitcoin NSFW Adult services
A-ads, Coinzilla.io Advertising
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins.

Bitcoin-Related Projects

The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
Project Description
Lightning Network Second layer scaling
Blockstream, Rootstock and Drivechain Sidechains
Hivemind and Augur Prediction markets
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
JoinMarket and Wasabi Wallet CoinJoin implementation
Coinffeine and Bisq Decentralized bitcoin exchanges
Keybase Identity & Reputation management
Abra Global P2P money transmitter network
Bitcore Open source Bitcoin javascript library

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
bitcoin BTC 1 bitcoin one bitcoin is equal to 100 million satoshis
millibitcoin mBTC 1,000 per bitcoin used as default unit in recent Electrum wallet releases
bit bit 1,000,000 per bitcoin colloquial "slang" term for microbitcoin (μBTC)
satoshi sat 100,000,000 per bitcoin smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $10000 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki.
Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit.
Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval.
Welcome to the Bitcoin community and the new decentralized economy!
submitted by BitcoinFan7 to Bitcoin [link] [comments]

[WTS] $15.5FV - 90% Kennedy’s, 1882 - 20 Lire 0.1867, 800 Silver Spoon, 10k,14k,18k 925 Jewelry - Necklaces, Chains, Mexican, Thailand, Bracelets, Bangles, Pendants, Rings, 10K Herringbone, 10k MEX Joseph Bracelet @ SPOT

Proof: https://imgur.com/a/o6IbJ0z
$15.50 FV - 1964 Kennedy Half Dollars - 90% Silver - $20/Per $1 Face 1 face = 2 coins, $12FV Available
8 - 1882 - 20 Lire Italian Gold - 0.1867 AGW - $375/Each 5 sold, 3 available - Melt Value = $364
2 - 2013 1 oz Canadian Silver Wood Bison Coin - $31 Each 1 available
10K Mexico Jospeh Bracelet - 7” Inches Long - 10.23 grams @ SPOT!! - $266 @ spot
14K Earrings - 1.41 Grams @ SPOT!! - $51.45 @ spot
10K Herringbone Chain - 20” Inches Long - 4mm Wide - 5.85 Grams - Melt is $153, price Is $160
Black Hills 925 Sterling Silver Bracelet With 12K Gold Leafs, 8” inches long, 20.28 grams - $120
18K Leaf Brooch - 10.76 grams @ SPOT - $507 @ spot
14K ArtCarved White Gold Ring, Size 8.5, 6 grams - $300
14K Gold Ring, Size 7.5, 5.26 grams - $240
RGVS 14K Slider Bracelet, 31.34 grams - $1625 or best offer
14K Opal/Diamond Pendant, 8.61 grams - $1,600 On Consignment Ask Me About It If Intrested
10K Opal Ring - 5 Carat Opal - Size 6.5 - 8.66 grams - $650
14k Gold Bracelet 11.5 grams, 31 diamonds - $600
10K Opal Ring, Size 6.75 - $295
10K Australian Opal Ring - Size 6.75 - 3.02 Grams - $225
14K Blue Stone/Diamond Pendant, 4.66 grams - $245
14K Oval Jadeite Cabochon Greek Key Ring, HONG KONG, SIZE 10 - $295
14K Beautiful Yellow/Orange/Green/White/Black Stone Pendant - 13.71 grams - $475
10K Brown Stone Ring, Size 7.25 - $220
10K Red Stone Ring, Size 6.25 - $115
10K Light Blue/Green Rock Diamond Ring - Size 6.5 - 2.14 Grams - $95
14k Light Purple Pendant - 0.42 grams - $30
Buy All Scrap Gold and I’ll cover the shipping - 13.23 grams of 14k and 2.03 grams of 10k - ALL 10% Below MELT
14K Gold Scrap/Refine Lot - 6.35 Grams - 10% Below Spot - $208.54
14K Ring - 10% below spot - gold scrap/refine - 2.27 grams - $74.53
14k - Gold Scrap/Refine Lot - 2.45 grams - 10% below spot - $77.15
14k gold lot - 2.16 grams - 10% below melt - $70.92
10K Scrap/Refine - 2.03 grams - 10% Below Melt - $47.61 If interested in more scrap I have more available, just ask**
14K Diamond Ring, Size 7, 8.29 grams @ SPOT - $302 @ spot
14K White/Clear RingRock Size 4.5, 3.42 Grams @ SPOT. - $125 @ spot
14k Opal Ring, Size 6.75, 3.63 Grams @ SPOT - $132 @ spot
10K Red Stone Ring, Size 7.25, 5.55 grams @ SPOT - $144.84 @ spot
14K White/Clear Rock Ring, 1.78 grams, size 7.5 @ SPOT - $65 @ spot
14K White/Clear Rock Ring, Size 7.25, 4.43 grams @ SPOT - $161 @ spot
10K Green Rock Ring, Size 8.25, 4.93 grams @ SPOT - $129 @ spot
10K Pink Rock Ring, Size 6.75, 4.91 grams @ SPOT - $128 @ spot
Austrian 800 Silver Spoon - 12.07 grams - 80% Silver @ SPOT!! - $8.43
925 Italy Sterling Silver Bracelet - 7” Inches Long - $14
925 Italy Sterling Silver Bracelet- 8” Inches Long - $14
925 Italy Sterling Silver Bracelet- 7” Inches Long - 7.36 Grams - $15
925 Italy Sterling Silver Gold Plated Bracelet- 8” Inches Long - 15.07 Grams - $26
925 Sterling Silver Beaded Bracelet - 8”Inches Long - $30
2 - 925 Mexico Taxco Sterling Silver Bracelet/Bangle - 2.5” Inch Diameter - $40/Each
925 Mexico TC-177 Bracelet Sterling Silver - Diameter 2-3” Inches Adjustable - 20.86 grams - $40
925 Los Ballesteros Sterling Panel Bracelet - 42.87g - $50
Siam Sterling Silver Bangle Bracelet Etched Design Pattern - $55
925 Sterling Silver SU Thailand Adjustable Cuff Cable Bracelet - 3” Inch Adjustable Diameter - 24.87 grams - $65
925 Thai Sterling Silver Necklace with Black Gemstone Dress Pendant - 18.5” Inches Long - $15
925 Sterling Silver Necklace with Blue Stone Pendant - 17” Inches Long - $25
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925 Green Rock Ring, Size 8.75 - **$15
925 Sterling Silver Ring With White/Blue Stone Size 6.5 - **$10
925 Sterling Silver Green Rock Moveable Ring - Size 6-6.25 - 7.41 grams - $20
925 Sterling Silver Ring - Size 7 - 13.62 grams - $20
925 Sterling Silver Ruby? Ring - Size 7 - 2.69 Grams - $50
925 Liquid Silver 30 Strand Necklace With 10 Strand Earrings - $60
925 Wells Sterling Silver Leaf Brooch - $8
925 Sterling Silver Leaf/Green Stone Brooch - 7.46g - $14
925 Sterling Silver Belt Buckle Blue/White/Red/Dark Blue - 24.87 Grams @ SPOT - $20.08
925 Sterling Silver Rose Pendant - $5
925 Thailand Sterling Silver Heart Pendant - $5
Aspire 925 Sterling Silver - My Family Tree Pendant - $7
925 Mexico MM-34 Sterling Silver Heart Pendant - $15
Bell Trading Post Abalone 925 Sterling Silver Vintage Pendant 1936-1969 - $15
ATI Mexico 925 Sterling Silver Black Onyx Pendant - 22.18g - $30
Payment
I accept PayPal Friends and Family, Zelle, Venmo, Cash App, Zelle, Google pay
Bitcoin and other crypto currencies now accepted
Shipping
0-4 oz - $4 5-8 oz - $4.25 9-12 oz - $6 Priority shipping =$8, Stamped envelope - $1, medium flat rate box = $15
•Signature Confirmation $3 (Optional)
•Insurance is also available at buyers expense.
•I pack safely and discretely.
•Prices are subject to change at any moments notice.
•Message me if you have any questions.
•All packages will be dropped off on Friday or Saturday.
•Once I drop the package at the post office I’m not responsible for USPS mistakes or losses
submitted by Redditaccount1543354 to Pmsforsale [link] [comments]

Meet Brock Pierce, the Presidential Candidate With Ties to Pedophiles Who Wants to End Human Trafficking

thedailybeast.com | Sep. 20, 2020.
The “Mighty Ducks” actor is running for president. He clears the air (sort of) to Tarpley Hitt about his ties to Jeffrey Epstein and more.
In the trailer for First Kid, the forgettable 1996 comedy about a Secret Service agent assigned to protect the president’s son, the title character, played by a teenage Brock Pierce, describes himself as “definitely the most powerful kid in the universe.” Now, the former child star is running to be the most powerful man in the world, as an Independent candidate for President of the United States.
Before First Kid, the Minnesota-born actor secured roles in a series of PG-rated comedies, playing a young Emilio Estevez in The Mighty Ducks, before graduating to smaller parts in movies like Problem Child 3: Junior in Love. When his screen time shrunk, Pierce retired from acting for a real executive role: co-founding the video production start-up Digital Entertainment Network (DEN) alongside businessman Marc Collins-Rector. At age 17, Pierce served as its vice president, taking in a base salary of $250,000.
DEN became “the poster child for dot-com excesses,” raising more than $60 million in seed investments and plotting a $75 million IPO. But it turned into a shorthand for something else when, in October of 1999, the three co-founders suddenly resigned. That month, a New Jersey man filed a lawsuit alleging Collins-Rector had molested him for three years beginning when he was 13 years old. The following summer, three teens filed a sexual-abuse lawsuit against Pierce, Collins-Rector, and their third co-founder, Chad Shackley. The plaintiffs later dropped their case against Pierce (he made a payment of $21,600 to one of their lawyers) and Shackley. But after a federal grand jury indicted Collins-Rector on criminal charges in 2000, the DEN founders left the country. When Interpol arrested them in 2002, they said they had confiscated “guns, machetes, and child pornography” from the trio’s beach villa in Spain.
While abroad, Pierce had pivoted to a new venture: Internet Gaming Entertainment, which sold virtual accessories in multiplayer online role-playing games to those desperate to pay, as one Wired reporter put it, “as much as $1,800 for an eight-piece suit of Skyshatter chain mail” rather than earn it in the games themselves. In 2005, a 25-year-old Pierce hired then-Goldman Sachs banker Steve Bannon—just before he would co-found Breitbart News. Two years later, after a World of Warcraft player sued the company for “diminishing” the fun of the game, Steve Bannon replaced Pierce as CEO.
Collins-Rector eventually pleaded guilty to eight charges of child enticement and registered as a sex offender. In the years that followed, Pierce waded into the gonzo economy of cryptocurrencies, where he overlapped more than once with Jeffrey Epstein, and counseled him on crypto. In that world, he founded Tether, a cryptocurrency that bills itself as a “stablecoin,” because its value is allegedly tied to the U.S. dollar, and the blockchain software company Block.one. Like his earlier businesses, Pierce’s crypto projects see-sawed between massive investments and curious deals. When Block.one announced a smart contract software called EOS.IO, the company raised $4 billion almost overnight, setting an all-time record before the product even launched. The Securities and Exchange Commission later fined the company $24 million for violating federal securities law. After John Oliver mocked the ordeal, calling Pierce a “sleepy, creepy cowboy,” Block.one fired him. Tether, meanwhile, is currently under investigation by the New York Attorney General for possible fraud.
On July 4, Pierce announced his candidacy for president. His campaign surrogates include a former Cambridge Analytica director and the singer Akon, who recently doubled down on developing an anonymously funded, $6 billion “Wakanda-like” metropolis in Senegal called Akon City. Pierce claims to be bipartisan, and from the 11 paragraphs on the “Policy” section of his website it can be hard to determine where he falls on the political spectrum. He supports legalizing marijuana and abolishing private prisons, but avoids the phrase “climate change.” He wants to end “human trafficking.” His proposal to end police brutality: body cams.
His political contributions tell a more one-sided story. Pierce’s sole Democratic contribution went to the short-lived congressional run of crypto candidate Brian Forde. The rest went to Republican campaigns like Marco Rubio, Rick Perry, John McCain, and the National Right to Life Political Action Committee. Last year alone, Pierce gave over $44,000 to the Republican National Committee and more than $55,000 to Trump’s re-election fund.
Pierce spoke to The Daily Beast from his tour bus and again over email. Those conversations have been combined and edited for clarity.
You’re announcing your presidential candidacy somewhat late, and historically, third-party candidates haven’t had the best luck with the executive office. If you don’t have a strong path to the White House, what do you want out of the race?
I announced on July 4, which I think is quite an auspicious date for an Independent candidate, hoping to bring independence to this country. There’s a lot of things that I can do. One is: I’m 39 years old. I turn 40 in November. So I’ve got time on my side. Whatever happens in this election cycle, I’m laying the groundwork for the future. The overall mission is to create a third major party—not another third party—a third major party in this country. I think that is what America needs most. George Washington in his closing address warned us about the threat of political parties. John Adams and the other founding fathers—their fear for our future was two political parties becoming dominant. And look at where we are. We were warned.
I believe, having studied systems, any time you have a system of two, what happens is those two things come together, like magnets. They come into collision, or they become polarized and become completely divided. I think we need to rise above partisan politics and find a path forward together. As Albert Einstein is quoted—I’m not sure the line came from him, but he’s quoted in many places—he said that the definition of insanity is making the same mistake or doing the same thing over and over and over again, expecting a different result. [Ed. note: Einstein never said this.] It feels like that’s what our election cycle is like. Half the country feels like they won, half the country feels like they lost, at least if they voted or participated.
Obviously, there’s another late-comer to the presidential race, and that’s Kanye West. He’s received a lot of flak for his candidacy, as he’s openly admitted to trying to siphon votes away from Joe Biden to ensure a Trump victory. Is that something you’re hoping to avoid or is that what you’re going for as well?
Oh no. This is a very serious campaign. Our campaign is very serious. You’ll notice I don’t say anything negative about either of the two major political candidates, because I think that’s one of the problems with our political system, instead of people getting on stage, talking about their visionary ideas, inspiring people, informing and educating, talking about problems, mentioning problems, talking about solutions, constructive criticism. That’s why I refuse to run a negative campaign. I am definitely not a spoiler. I’m into data, right? I’m a technologist. I’ve got digital DNA. So does most of our campaign team. We’ve got our finger on the pulse.
Most of my major Democratic contacts are really happy to see that we’re running in a red state like Wyoming. Kanye West’s home state is Wyoming. He’s not on the ballot in Wyoming I could say, in part, because he didn’t have Akon on his team. But I could also say that he probably didn’t want to be on the ballot in Wyoming because it’s a red state. He doesn’t want to take additional points in a state where he’s only running against Trump. But we’re on the ballot in Wyoming, and since we’re on the ballot in Wyoming I think it’s safe—more than safe, I think it’s evident—that we are not here to run as a spoiler for the benefit of Donald Trump.
In running for president, you’ve opened yourself up to be scrutinized from every angle going back to the beginning of your career. I wanted to ask you about your time at the Digital Entertainment Network. Can you tell me a little bit about how you started there? You became a vice president as a teenager. What were your qualifications and what was your job exactly?
Well, I was the co-founder. A lot of it was my idea. I had an idea that people would use the internet to watch videos, and we create content for the internet. The idea was basically YouTube and Hulu and Netflix. Anyone that was around in the ‘90s and has been around digital media since then, they all credit us as the creators of basically those ideas. I was just getting a message from the creator of The Vandals, the punk rock band, right before you called. He’s like, “Brock, looks like we’re going to get the Guinness Book of World Records for having created the first streaming television show.”
We did a lot of that stuff. We had 30 television shows. We had the top most prestigious institutions in the world as investors. The biggest names. High-net-worth investors like Terry Semel, who’s chairman and CEO of Warner Brothers, and became the CEO of Yahoo. I did all sorts of things. I helped sell $150,000 worth of advertising contracts to the CEOs of Pepsi and everything else. I was the face of the company, meeting all the major banks and everything else, selling the vision of what the future was.
You moved in with Marc Collins-Rector and Chad Shackley at a mansion in Encino. Was that the headquarters of the business?
All start-ups, they normally start out in your home. Because it’s just you. The company was first started out of Marc’s house, and it was probably there for the first two or three months, before the company got an office. That’s, like, how it is for all start-ups.
were later a co-defendant in the L.A. County case filed against Marc Collins-Rector for plying minors with alcohol and drugs, in order to facilitate sexual abuse. You were dropped from the case, but you settled with one of the men for $21,600. Can you explain that?
Okay, well, first of all, that’s not accurate. Two of the plaintiffs in that case asked me if I would be a plaintiff. Because I refused to be a part of the lawsuit, they chose to include me to discredit me, to make their case stronger. They also went and offered 50 percent of what they got to the house management—they went around and offered money to anyone to participate in this. They needed people to corroborate their story. Eventually, because I refused to participate in the lawsuit, they named me. Subsequently, all three of the plaintiffs apologized to me, in front of audiences, in front of many people, saying Brock never did anything. They dismissed their cases.
Remember, this is a civil thing. I’ve never been charged with a crime in my life. And the last plaintiff to have his case dismissed, he contacted his lawyer and said, “Dismiss this case against Brock. Brock never did anything. I just apologized. Dismiss his case.” And the lawyer said, “No. I won’t dismiss this case, I have all these out-of-pocket expenses, I refuse to file the paperwork unless you give me my out-of-pocket expenses.” And so the lawyer, I guess, had $21,000 in bills. So I paid his lawyer $21,000—not him, it was not a settlement. That was a payment to his lawyer for his out-of-pocket expenses. Out-of-pocket expenses so that he would file the paperwork to dismiss the case.
You’ve said the cases were unfounded, and the plaintiffs eventually apologized. But your boss, Marc Collins-Rector later pleaded guilty to eight charges of child enticement and registered as a sex offender. Were you aware of his behavior? How do you square the fact that later allegations proved to be true, but these ones were not?
Well, remember: I was 16 and 17 years old at the time? So, no. I don’t think Marc is the man they made him out to be. But Marc is not a person I would associate with today, and someone I haven’t associated with in a very long time. I was 16 and 17. I chose the wrong business partner. You live and you learn.
You’ve pointed out that you were underage when most of these allegations were said to take place. Did you ever feel like you were coerced or in over your head while working at DEN?
I mean, I was working 18 hours a day, doing things I’d never done before. It was business school. But I definitely learned a lot in building that company. We raised $88 million. We filed our [form] S-1 to go public. We were the hottest start-up in Los Angeles.
In 2000, you left the country with Marc Collins-Rector. Why did you leave? How did you spend those two years abroad?
I moved to Spain in 1999 for personal reasons. I spent those two years in Europe working on developing my businesses.
Interpol found you in 2002. The house where you were staying reportedly contained guns, machetes, and child pornography. Whose guns and child porn were those? Were you aware they were in the house, and how did those get there?
My lawyers have addressed this in 32 pages of documentation showing a complete absence of wrongdoing. Please refer to my webpage for more information.
[Ed. Note: The webpage does not mention guns, machetes, or child pornography. It does state:“It is true that when the local police arrested Collins-Rector in Spain in 2002 on an international warrant, Mr. Pierce was also taken into custody, but so was everyone at Collins-Rector’s house in Spain; and it is equally clear that Brock was promptly released, and no charges of any kind were ever filed against Brock concerning this matter.”]
What do you make of the allegations against Bryan Singer? [Ed. Note: Bryan Singer, a close friend of Collins-Rector, invested at least $50,000 in DEN. In an Atlantic article outlining Singer’s history of alleged sexual assault and statutory rape, one source claimed that at age 15, Collins-Rector abused him and introduced him to Singer, who then assaulted him in the DEN headquarters.]
I am aware of them and I support of all victims of sexual assault. I will let America’s justice system decide on Singer’s outcome.
In 2011, you spoke at the Mindshift conference supported by Jeffrey Epstein. At that point, he had already been convicted of soliciting prostitution from a minor. Why did you agree to speak?
I had never heard of Jeffrey Epstein. His name was not on the website. I was asked to speak at a conference alongside Nobel Prize winners. It was not a cryptocurrency conference, it was filled with Nobel Prize winners. I was asked to speak alongside Nobel Prize winners on the future of money. I speak at conferences historically, two to three times a week. I was like, “Nobel Prize winners? Sounds great. I’ll happily talk about the future of money with them.” I had no idea who Jeffrey Epstein was. His name was not listed anywhere on the website. Had I known what I know now? I clearly would have never spoken there. But I spoke at a conference that he cosponsored.
What’s your connection to the Clinton Global Initiative? Did you hear about it through Jeffrey Epstein?
I joined the Clinton Global Initiative as a philanthropist in 2006 and was a member for one year. My involvement with the Initiative had no connection to Jeffrey Epstein whatsoever.
You’ve launched your campaign in Minnesota, where George Floyd was killed by a police officer. How do you feel about the civil uprising against police brutality?
I’m from Minnesota. Born and raised. We just had a press conference there, announcing that we’re on the ballot. Former U.S. Senator Dean Barkley was there. So that tells you, when former U.S. Senators are endorsing the candidate, right?
[Ed. note: Barkley was never elected to the United States Senate. In November of 2002, he was appointed by then Minnesota Governor Jesse Venture to fill the seat after Sen. Paul Wellstone died in a plane crash. Barkley’s term ended on Jan. 3, 2003—two months later.]
Yes, George Floyd was murdered in Minneapolis. My vice-presidential running mate Karla Ballard and I, on our last trip to Minnesota together, went to visit the George Floyd Memorial. I believe in law and order. I believe that law and order is foundational to any functioning society. But there is no doubt in my mind that we need reform. These types of events—this is not an isolated incident. This has happened many times before. It’s time for change. We have a lot of detail around policy on this issue that we will be publishing next week. Not just high-level what we think, not just a summary, but detailed policy.
You said that you support “law and order.” What does that mean?
“Law and order” means creating a fair and just legal system where our number one priority is protecting the inalienable rights of “Life, Liberty and the pursuit of Happiness” for all people. This means reforming how our police intervene in emergency situations, abolishing private prisons that incentivize mass incarceration, and creating new educational and economic opportunities for our most vulnerable communities. I am dedicated to preventing crime by eliminating the socioeconomic conditions that encourage it.
I support accountability and transparency in government and law enforcement. Some of the key policies I support are requiring body-cams on all law enforcement officers who engage with the public, curtailing the 1033 program that provides local law enforcement agencies with access to military equipment, and abolishing private prisons. Rather than simply defund the police, my administration will take a holistic approach to heal and unite America by ending mass incarceration, police brutality, and racial injustice.
Did you attend any Black Lives Matter protests?
I support all movements aimed at ending racial injustice and inequality. I​ have not attended any Black Lives Matter protests.​ My running-mate, Karla Ballard, attended the March on Washington in support of racial justice and equality.
Your platform doesn’t mention the words “climate change.” Is there a reason for that?
I’m not sure what you mean. Our policy platform specifically references human-caused climate change and we have a plan to restabilize the climate, address environmental degradation, and ensure environmental sustainability.
[Ed. Note: As of writing the Pierce campaign’s policy platform does not specifically reference human-caused climate change.]
You’ve recently brought on Akon as a campaign surrogate. How did that happen? Tell me about that.
Akon and I have been friends for quite some time. I was one of the guys that taught him about Bitcoin. I helped make some videogames for him, I think in 2012. We were talking about Bitcoin, teaching him the ropes, back in 2013. And in 2014, we were both speaking at the Milken Global Conference, and I encouraged him to talk about how Bitcoin, Africa, changed the world. He became the biggest celebrity in the world, talking about Bitcoin at the time. I’m an adviser to his Akoin project, very interested in the work that he’s doing to build a city in Africa.
I think we need a government that’s of, for, and by the people. Akon has huge political aspirations. He obviously was a hugely successful artist. But he also discovered artists like Lady Gaga. So not only is he, himself, a great artist, but he’s also a great identifier and builder of other artists. And he’s been a great businessman, philanthropist. He’s pushing the limits of what can be done. We’re like-minded individuals in that regard. I think he’ll be running for political office one day, because he sees what I see: that we need real change, and we need a government that is of, for, and by the people.
You mentioned that you’re an adviser on Akoin. Do you have any financial investments in Akoin or Akon City?
I don’t believe so. I’d have to check. I have so much stuff. But I don’t believe that I have any economic interests in his stuff. I’d have to verify that. We’ll get back to you. I don’t believe that I have any economic interests. My interest is in helping him. He’s a visionary with big ideas that wants to help things in the world. If I can be of assistance in helping him make the world a better place, I’m all for it. I’m not motivated by money. I’m not running for office because I’m motivated by power. I’m running for office because I’m deeply, deeply concerned about our collective future.
You’ve said you’re running on a pro-technology platform. One week into your campaign last month, a New York appeals court approved the state Attorney General’s attempt to investigate the stablecoin Tether for potentially fraudulent activity. Do you think this will impact your ability to sell people on your tech entrepreneurship?
No, I think my role in Tether is as awesome as it gets. It was my idea. I put it together. But I’ve had no involvement in the company since 2015. I gave all of my equity to the other shareholders. I’ve had zero involvement in the company for almost six years. It was just my idea. I put the initial team together. But I think Tether is one of the most important innovations in the world, certainly. The idea is, I digitized the U.S. dollar. I used technology to digitize currency—existing currency. The U.S. dollar in particular. It’s doing $10 trillion a year. Ten trillion dollars a year of transactional volume. It’s probably the most important innovation in currency since the advent of fiat money. The people that took on the business and ran the business in years to come, they’ve done things I’m not proud of. I’m not sure they’ve done anything criminal. But they certainly did things differently than I would do. But it’s like, you have kids, they turn 18, they go out into the world, and sometimes you’re proud of the things they do, and sometimes you shake your head and go, “Ugh, why did you do that?” I have zero concerns as it relates to me personally. I wish they made better decisions.
What do you think the investigation will find?
I have no idea. The problem that was raised is that there was a $5 million loan between two entities and whether or not they had the right to do that, did they disclose it correctly. There’s been no accusations of, like, embezzlement or anything that bad.
[Ed. Note: The Attorney General’s press release on the investigation reads: “Our investigation has determined that the operators of the ‘Bitfinex’ trading platform, who also control the ‘tether’ virtual currency, have engaged in a cover-up to hide the apparent loss of $850 million dollars of co-mingled client and corporate funds.”]
But there’s been some disclosure things, that is the issue. No one is making any outrageous claims that these are people that have done a bunch of bad—well, on the internet, the media has said that the people behind the business may have been manipulating the price of Bitcoin, but I don’t think that has anything to do with the New York investigation. Again, I’m so not involved, and so not at risk, that I’m not even up to speed on the details.
[Ed note: A representative of the New York State Attorney General told Forbes that he “cannot confirm or deny that the investigation” includes Pierce.]
We’ve recently witnessed the rise of QAnon, the conspiracy theory that Hollywood is an evil cabal of Satanic pedophiles and Trump is the person waging war on them. You mentioned human trafficking, which has become a cause for them. What are your thoughts on that?
I’ve watched some of the content. I think it’s an interesting phenomenon. I’m an internet person, so Anonymous is obviously an organization that has been doing interesting stuff. It’s interesting. I don’t have a big—conspiracy theory stuff is—I guess I have a question for you: What do you think of all of it, since you’re the expert?
You know, I think it’s not true, but I’m not running for president. I do wonder what this politician [Georgia congressional candidate Marjorie Taylor Greene], who’s just won her primary, is going to do on day one, once she finds out there’s no satanic cabal room.
Wait, someone was running for office and won on a QAnon platform, saying that Hollywood did—say what? You’re the expert here.
She won a primary. But I want to push on if we only have a few minutes. In 2006, your gaming company IGE brought on Steve Bannon as an investor. Goldman later bought out most of your stock. Bannon eventually replaced you as CEO of Affinity. You’ve described him as your “right-hand man for, like, seven years.” How well did you know Bannon during that time?
Yes, so this is in my mid-twenties. He wasn’t an investor. He worked for me. He was my banker. He worked for me for three years as my yield guide. And then he was my CEO running the company for another four years. So I haven’t worked with Steve for a decade or so. We worked in videogame stuff and banking. He was at Goldman Sachs. He was not in the political area at the time. But he was a pretty successful banker. He set up Goldman Sachs Los Angeles. So for me, I’d say he did a pretty good job.
During your business relationship, Steve Bannon founded Breitbart News, which has pretty consistently published racist material. How do you feel about Breitbart?
I had no involvement with Breitbart News. As for how I feel about such material, I’m not pleased by any form of hate-mongering. I strongly support the equality of all Americans.
Did you have qualms about Bannon’s role in the 2016 election?
Bannon’s role in the Trump campaign got me to pay closer attention to what he was doing but that’s about it. Whenever you find out that one of your former employees has taken on a role like that, you pay attention.
Bannon served on the board of Cambridge Analytica. A staffer on your campaign, Brittany Kaiser, also served as a business director for them. What are your thoughts on their use of illicitly-obtained Facebook data for campaign promotional material?
Yes, so this will be the last question I can answer because I’ve got to be off for this 5:00 pm. But Brittany Kaiser is a friend of mine. She was the whistleblower of Cambridge Analytica. She came to me and said, “What do I do?” And I said, “Tell the truth. The truth will set you free.”
[Ed. Note: Investigations in Cambridge Analytica took place as early as Nov. 2017, when a U.K. reporter at Channel 4 News recorded their CEO boasting about using “beautiful Ukranian girls” and offers of bribes to discredit political officials. The first whistleblower was Christopher Wylie, who disclosed a cache of documents to The Guardian, published on Mar. 17, 2018. Kaiser’s confession ran five days later, after the scandal made national news. Her association with Cambridge Analytica is not mentioned anywhere on Pierce’s campaign website.]
So I’m glad that people—I’m a supporter of whistleblowers, people that see injustice in the world and something not right happening, and who put themselves in harm’s way to stand up for what they believe in. So I stand up for Brittany Kaiser.
Who do you think [anonymous inventor of Bitcoin] Satoshi Nakamoto is?
We all are Satoshi Nakamoto.
You got married at Burning Man. Have you been attending virtual Burning Man?
I’m running a presidential campaign. So, while I was there in spirit, unfortunately my schedule did not permit me to attend.
OP note: please refer to the original article for reference links within text (as I've not added them here!)
submitted by Leather_Term to Epstein [link] [comments]

My mother's fears drive me crazy.

When I was kicked out of the public school system at the age of 9, I ended up going to a special needs school for a few years. Being at that place, I was forced to comply. The place was an extension of my parents. My parents would have long phone conversations with my "teachers" over the weekend and a "daily contract" had to be signed each day by a parent or guardian and returned the next day. They'd always say "You start at 100!" It was because the contract had been based on a fake monetary value and each day was "a dollar." In other words, each point taken off was a cent taken off.
Every so-often, you could use the "money" that you've accumulated to buy staff's junk in a closet. That was "the student store." At the end of the school year would be the "student auction" where you could "buy" the staff's junk, like a chewed up water bottle, with your "money."
There were three statuses of students, platinum, gold, and silver. If you had 90 or above on your contract for above a certain amount of days, you would be "platinum." I don't remember the exact circumstances to dropping status. "Platinum students" would get the right to "platinum trips." One "platinum trip" was a trip to a nursing home.
If you "acted out," staff would mark it on your contract and "take points off" based on their judgment. They'd also be so random with giving out "bonus points," so you could end a day with a 103 or 104. Students had complained that the contract system had been very discouraging to them and once the staff got started negatively marking their contracts, it would make them feel awful, and it just caused them to get further negative marks.
I know, I used a lot of quotation marks. That place made no sense and it ran on suppression. You were treated like little babies and dummies there. The place was honestly a private hospital with a CEO and a board of directors. I don't feel as though we were "students," but sometimes, I just don't want to keep substituting words.
If I had "acted out," then my parents often knew before I'd get home. I wasn't at that school because I was slow. I was there because of my reactions. The place had consumed me. Why? Because I was forced to comply. I had seen the consequences of not complying. I hadn't complied and I ended up in a hospital day program for months. That was the summer I had turned 10. It was really swell.
So...just as in 2011, when my family went freakin' mad after I was doing things on my own, I had never wanted to be treated that way again. I put on an act until my body couldn't take it anymore. Each time I got out of the house, there was a chance that TV Tokyo might've been filming. That wasn't normal. I don't live in Japan.
So I escaped home and got to the dorms. I felt so ashamed, stressed, and afraid living there. I had basic freedoms that I had never been allowed to have. Also, though, I didn't have a plan to transition out of the dorms. I had gone through so much before escaping and there wasn't any transition. My mother had threatened me with the police up until the moment we left the house to leave for the dorms.
I said some crazy things over Internet messages and I ended up hospitalized and imprisoned. My mother had blamed "computers" and she's like the mainstream news personified. Nearly all my life, my mother was terrified that I was going to be "investigated by the FBI," so I'm really not surprised that it actually happened. "Computers" was not it, but my mother's mind is a product of so much strange fear mongering.
I got out of prison and a few months later, I was sentenced to three years of probation. My mother wouldn't help me get a computer. As a result, I spent $20 on a 2013 ThinkPad from eBay. The seller said there was no memory or Wi-Fi module. They had existed under the keyboard, though. Even though I bought both of those things after buying the laptop, I still had to buy an AC adapter.
Also, my mother wouldn't help me with getting my belongings back from my house, so I broke in when my parents were in Cape May. Now, my mother tells me "I could've GIVEN YOU your stuff! You didn't have to do what you did!" Sure. I asked for one container and my mother picked things out and wouldn't let me have them.
My mother consumes each step of progress that I make. When I got of prison, she limited the amount of money she gave me each week so that I couldn't buy a computer of any kind. When she saw that I was struggling with that, she "increased the amount that I get," as she had worded it. Then I bought a laptop and she ended up "being fine" with me having it.
She wouldn't let me have my belongings, but then she told me crap like I just stated. Then, I was asking for help with building a PC because my laptop really wasn't ideal. Did I mention how scared she was that I was registered for school for the fall of 2019 when the only computers that I could've used were the ones at my town's library and at my school's campus? My Sundays were so awful. I didn't have a phone or a computer and the library was closed on Sundays over the summer. I was going CRAZY each Sunday staring at the walls.
So anyway, I asked my mother for help in building a PC. She was adamantly declining. I then spent what money I had saved up to build a PC and it's fantastic! I have four monitors and an Elgato Stream Deck. The Elgato Stream Deck is amazing. If I want to take a screenshot of the current window during class, I just press a button.
Microsoft PowerToys's FancyZones helps so much. I have three of my monitors divided into three zones that I can snap windows to. Also, I'm not struggling with the small-capacity solid state drive in my ThinkPad. When I got out of prison, I had scoured the Internet trying to find all my personal files again and I was buying extra space in various cloud services and even transferring the files from, say, Google Drive to OneDrive so that I'd have the files in more than one place.
Hell, I don't know if I'd be able to record my audio for notes from my school's accessibility office with the audio built into the motherboard. My sound card has a feature called "What U Hear," though, and it lets me record whatever audio is being played on the computer.
Of course, I want to drive and my mother is NEVER going to help with that. Instead, as with everything else, if I buy a car and start driving again, she's initially going to be absolutely terrified, but she's going to consume that as well.
My setup has proved to be so helpful in ways that that 2013 laptop would have made far more difficult or even impossible. Heck, I even found myself having to attend two conference calls at the same time recently. I had moved one of the conference calls to a secondary monitor and it was really not necessary for me to participate in it or listen to anything. I lowered the volume on the unnecessary conference call using EarTrumpet from the Microsoft Store and I focused on the call that I had to focus on.
Before I got my computer, I didn't even have a home network. I wouldn't have had the Internet speed to handle things during COVID-19 while tethering with my phone. I had to do it myself. Asking my mother for help would've gone nowhere.
I have a real-time Bitcoin value monitor on my Elgato Stream Deck. It's sure rising. If I would've not spent what I had spent to have this setup, then I would've had nearly $20,000. I'm past the point of blaming myself, but I'm not past the point of feeling frustrated. My mother takes me for drives and that helps. I wish I could do that myself, though. Movement soothes my newborn baby niece and it works for me, too.
I'd prefer an Android phone, actually, due to how it can interface with Windows, but I don't have the money to buy a Google Pixel phone when I can buy an iPhone SE and it'll be supported for way longer. I bought an iPhone SE about 15 or 16 months ago and it'll be supported until next September. Also, because I don't drive, I'm playing video games. Microsoft's cloud streaming service isn't available on iPhone. Microsoft is trying to get around that by making it available as a web app. That doesn't exist yet, though.
This is just a final aside, but Outlook is permanently opened on my fourth monitor and it would work even better if it was a touch screen. I was so stressed without a computer, though, so the original "use" of having that fourth monitor was related to Microsoft Flight Simulator. I was so caught up in it and I had no control over that. I'm not going to replace that monitor right now, though.
Thank you so much for reading.
submitted by DocLuis to raisedbynarcissists [link] [comments]

How EpiK Protocol “Saved the Miners” from Filecoin with the E2P Storage Model?

How EpiK Protocol “Saved the Miners” from Filecoin with the E2P Storage Model?

https://preview.redd.it/n5jzxozn27v51.png?width=2222&format=png&auto=webp&s=6cd6bd726582bbe2c595e1e467aeb3fc8aabe36f
On October 20, Eric Yao, Head of EpiK China, and Leo, Co-Founder & CTO of EpiK, visited Deep Chain Online Salon, and discussed “How EpiK saved the miners eliminated by Filecoin by launching E2P storage model”. ‘?” The following is a transcript of the sharing.
Sharing Session
Eric: Hello, everyone, I’m Eric, graduated from School of Information Science, Tsinghua University. My Master’s research was on data storage and big data computing, and I published a number of industry top conference papers.
Since 2013, I have invested in Bitcoin, Ethereum, Ripple, Dogcoin, EOS and other well-known blockchain projects, and have been settling in the chain circle as an early technology-based investor and industry observer with 2 years of blockchain experience. I am also a blockchain community initiator and technology evangelist
Leo: Hi, I’m Leo, I’m the CTO of EpiK. Before I got involved in founding EpiK, I spent 3 to 4 years working on blockchain, public chain, wallets, browsers, decentralized exchanges, task distribution platforms, smart contracts, etc., and I’ve made some great products. EpiK is an answer to the question we’ve been asking for years about how blockchain should be landed, and we hope that EpiK is fortunate enough to be an answer for you as well.
Q & A
Deep Chain Finance:
First of all, let me ask Eric, on October 15, Filecoin’s main website launched, which aroused everyone’s attention, but at the same time, the calls for fork within Filecoin never stopped. The EpiK protocol is one of them. What I want to know is, what kind of project is EpiK Protocol? For what reason did you choose to fork in the first place? What are the differences between the forked project and Filecoin itself?
Eric:
First of all, let me answer the first question, what kind of project is EpiK Protocol.
With the Fourth Industrial Revolution already upon us, comprehensive intelligence is one of the core goals of this stage, and the key to comprehensive intelligence is how to make machines understand what humans know and learn new knowledge based on what they already know. And the knowledge graph scale is a key step towards full intelligence.
In order to solve the many challenges of building large-scale knowledge graphs, the EpiK Protocol was born. EpiK Protocol is a decentralized, hyper-scale knowledge graph that organizes and incentivizes knowledge through decentralized storage technology, decentralized autonomous organizations, and generalized economic models. Members of the global community will expand the horizons of artificial intelligence into a smarter future by organizing all areas of human knowledge into a knowledge map that will be shared and continuously updated for the eternal knowledge vault of humanity
And then, for what reason was the fork chosen in the first place?
EpiK’s project founders are all senior blockchain industry practitioners and have been closely following the industry development and application scenarios, among which decentralized storage is a very fresh application scenario.
However, in the development process of Filecoin, the team found that due to some design mechanisms and historical reasons, the team found that Filecoin had some deviations from the original intention of the project at that time, such as the overly harsh penalty mechanism triggered by the threat to weaken security, and the emergence of the computing power competition leading to the emergence of computing power monopoly by large miners, thus monopolizing the packaging rights, which can be brushed with computing power by uploading useless data themselves.
The emergence of these problems will cause the data environment on Filecoin to get worse and worse, which will lead to the lack of real value of the data in the chain, high data redundancy, and the difficulty of commercializing the project to land.
After paying attention to the above problems, the project owner proposes to introduce multi-party roles and a decentralized collaboration platform DAO to ensure the high value of the data on the chain through a reasonable economic model and incentive mechanism, and store the high-value data: knowledge graph on the blockchain through decentralized storage, so that the lack of value of the data on the chain and the monopoly of large miners’ computing power can be solved to a large extent.
Finally, what differences exist between the forked project and Filecoin itself?
On the basis of the above-mentioned issues, EpiK’s design is very different from Filecoin, first of all, EpiK is more focused in terms of business model, and it faces a different market and track from the cloud storage market where Filecoin is located because decentralized storage has no advantage over professional centralized cloud storage in terms of storage cost and user experience.
EpiK focuses on building a decentralized knowledge graph, which reduces data redundancy and safeguards the value of data in the distributed storage chain while preventing the knowledge graph from being tampered with by a few people, thus making the commercialization of the entire project reasonable and feasible.
From the perspective of ecological construction, EpiK treats miners more friendly and solves the pain point of Filecoin to a large extent, firstly, it changes the storage collateral and commitment collateral of Filecoin to one-time collateral.
Miners participating in EpiK Protocol are only required to pledge 1000 EPK per miner, and only once before mining, not in each sector.
What is the concept of 1000 EPKs, you only need to participate in pre-mining for about 50 days to get this portion of the tokens used for pledging. The EPK pre-mining campaign is currently underway, and it runs from early September to December, with a daily release of 50,000 ERC-20 standard EPKs, and the pre-mining nodes whose applications are approved will divide these tokens according to the mining ratio of the day, and these tokens can be exchanged 1:1 directly after they are launched on the main network. This move will continue to expand the number of miners eligible to participate in EPK mining.
Secondly, EpiK has a more lenient penalty mechanism, which is different from Filecoin’s official consensus, storage and contract penalties, because the protocol can only be uploaded by field experts, which is the “Expert to Person” mode. Every miner needs to be backed up, which means that if one or more miners are offline in the network, it will not have much impact on the network, and the miner who fails to upload the proof of time and space in time due to being offline will only be forfeited by the authorities for the effective computing power of this sector, not forfeiting the pledged coins.
If the miner can re-submit the proof of time and space within 28 days, he will regain the power.
Unlike Filecoin’s 32GB sectors, EpiK’s encapsulated sectors are smaller, only 8M each, which will solve Filecoin’s sector space wastage problem to a great extent, and all miners have the opportunity to complete the fast encapsulation, which is very friendly to miners with small computing power.
The data and quality constraints will also ensure that the effective computing power gap between large and small miners will not be closed.
Finally, unlike Filecoin’s P2P data uploading model, EpiK changes the data uploading and maintenance to E2P uploading, that is, field experts upload and ensure the quality and value of the data on the chain, and at the same time introduce the game relationship between data storage roles and data generation roles through a rational economic model to ensure the stability of the whole system and the continuous high-quality output of the data on the chain.
Deep Chain Finance:
Eric, on the eve of Filecoin’s mainline launch, issues such as Filecoin’s pre-collateral have aroused a lot of controversy among the miners. In your opinion, what kind of impact will Filecoin bring to itself and the whole distributed storage ecosystem after it launches? Do you think that the current confusing FIL prices are reasonable and what should be the normal price of FIL?
Eric:
Filecoin mainnet has launched and many potential problems have been exposed, such as the aforementioned high pre-security problem, the storage resource waste and computing power monopoly caused by unreasonable sector encapsulation, and the harsh penalty mechanism, etc. These problems are quite serious, and will greatly affect the development of Filecoin ecology.
These problems are relatively serious, and will greatly affect the development of Filecoin ecology, here are two examples to illustrate. For example, the problem of big miners computing power monopoly, now after the big miners have monopolized computing power, there will be a very delicate state — — the miners save a file data with ordinary users. There is no way to verify this matter in the chain, whether what he saved is uploaded by himself or someone else. And after the big miners have monopolized computing power, there will be a very delicate state — — the miners will save a file data with ordinary users, there is no way to verify this matter in the chain, whether what he saved is uploaded by himself or someone else. Because I can fake another identity to upload data for myself, but that leads to the fact that for any miner I go to choose which data to save. I have only one goal, and that is to brush my computing power and how fast I can brush my computing power.
There is no difference between saving other people’s data and saving my own data in the matter of computing power. When I save someone else’s data, I don’t know that data. Somewhere in the world, the bandwidth quality between me and him may not be good enough.
The best option is to store my own local data, which makes sense, and that results in no one being able to store data on the chain at all. They only store their own data, because it’s the most economical for them, and the network has essentially no storage utility, no one is providing storage for the masses of retail users.
The harsh penalty mechanism will also severely deplete the miner’s profits, because DDOS attacks are actually a very common attack technique for the attacker, and for a big miner, he can get a very high profit in a short period of time if he attacks other customers, and this thing is a profitable thing for all big miners.
Now as far as the status quo is concerned, the vast majority of miners are actually not very well maintained, so they are not very well protected against these low-DDOS attacks. So the penalty regime is grim for them.
The contradiction between the unreasonable system and the demand will inevitably lead to the evolution of the system in a more reasonable direction, so there will be many forked projects that are more reasonable in terms of mechanism, thus attracting Filecoin miners and a diversion of storage power.
Since each project is in the field of decentralized storage track, the demand for miners is similar or even compatible with each other, so miners will tend to fork the projects with better economic benefits and business scenarios, so as to filter out the projects with real value on the ground.
For the chaotic FIL price, because FIL is also a project that has gone through several years, carrying too many expectations, so it can only be said that the current situation has its own reasons for existence. As for the reasonable price of FIL there is no way to make a prediction because in the long run, it is necessary to consider the commercialization of the project to land and the value of the actual chain of data. In other words, we need to keep observing whether Filecoin will become a game of computing power or a real value carrier.
Deep Chain Finance:
Leo, we just mentioned that the pre-collateral issue of Filecoin caused the dissatisfaction of miners, and after Filecoin launches on the main website, the second round of space race test coins were directly turned into real coins, and the official selling of FIL hit the market phenomenon, so many miners said they were betrayed. What I want to know is, EpiK’s main motto is “save the miners eliminated by Filecoin”, how to deal with the various problems of Filecoin, and how will EpiK achieve “save”?
Leo:
Originally Filecoin’s tacit approval of the computing power makeup behavior was to declare that the official directly chose to abandon the small miners. And this test coin turned real coin also hurt the interests of the loyal big miners in one cut, we do not know why these low-level problems, we can only regret.
EpiK didn’t do it to fork Filecoin, but because EpiK to build a shared knowledge graph ecology, had to integrate decentralized storage in, so the most hardcore Filecoin’s PoRep and PoSt decentralized verification technology was chosen. In order to ensure the quality of knowledge graph data, EpiK only allows community-voted field experts to upload data, so EpiK naturally prevents miners from making up computing power, and there is no reason for the data that has no value to take up such an expensive decentralized storage resource.
With the inability to make up computing power, the difference between big miners and small miners is minimal when the amount of knowledge graph data is small.
We can’t say that we can save the big miners, but we are definitely the optimal choice for the small miners who are currently in the market to be eliminated by Filecoin.
Deep Chain Finance:
Let me ask Eric: According to EpiK protocol, EpiK adopts the E2P model, which allows only experts in the field who are voted to upload their data. This is very different from Filecoin’s P2P model, which allows individuals to upload data as they wish. In your opinion, what are the advantages of the E2P model? If only voted experts can upload data, does that mean that the EpiK protocol is not available to everyone?
Eric:
First, let me explain the advantages of the E2P model over the P2P model.
There are five roles in the DAO ecosystem: miner, coin holder, field expert, bounty hunter and gateway. These five roles allocate the EPKs generated every day when the main network is launched.
The miner owns 75% of the EPKs, the field expert owns 9% of the EPKs, and the voting user shares 1% of the EPKs.
The other 15% of the EPK will fluctuate based on the daily traffic to the network, and the 15% is partly a game between the miner and the field expert.
The first describes the relationship between the two roles.
The first group of field experts are selected by the Foundation, who cover different areas of knowledge (a wide range of knowledge here, including not only serious subjects, but also home, food, travel, etc.) This group of field experts can recommend the next group of field experts, and the recommended experts only need to get 100,000 EPK votes to become field experts.
The field expert’s role is to submit high-quality data to the miner, who is responsible for encapsulating this data into blocks.
Network activity is judged by the amount of EPKs pledged by the entire network for daily traffic (1 EPK = 10 MB/day), with a higher percentage indicating higher data demand, which requires the miner to increase bandwidth quality.
If the data demand decreases, this requires field experts to provide higher quality data. This is similar to a library with more visitors needing more seats, i.e., paying the miner to upgrade the bandwidth.
When there are fewer visitors, more money is needed to buy better quality books to attract visitors, i.e., money for bounty hunters and field experts to generate more quality knowledge graph data. The game between miners and field experts is the most important game in the ecosystem, unlike the game between the authorities and big miners in the Filecoin ecosystem.
The game relationship between data producers and data storers and a more rational economic model will inevitably lead to an E2P model that generates stored on-chain data of much higher quality than the P2P model, and the quality of bandwidth for data access will be better than the P2P model, resulting in greater business value and better landing scenarios.
I will then answer the question of whether this means that the EpiK protocol will not be universally accessible to all.
The E2P model only qualifies the quality of the data generated and stored, not the roles in the ecosystem; on the contrary, with the introduction of the DAO model, the variety of roles introduced in the EpiK ecosystem (which includes the roles of ordinary people) is not limited. (Bounty hunters who can be competent in their tasks) gives roles and possibilities for how everyone can participate in the system in a more logical way.
For example, a miner with computing power can provide storage, a person with a certain domain knowledge can apply to become an expert (this includes history, technology, travel, comics, food, etc.), and a person willing to mark and correct data can become a bounty hunter.
The presence of various efficient support tools from the project owner will lower the barriers to entry for various roles, thus allowing different people to do their part in the system and together contribute to the ongoing generation of a high-quality decentralized knowledge graph.
Deep Chain Finance:
Leo, some time ago, EpiK released a white paper and an economy whitepaper, explaining the EpiK concept from the perspective of technology and economy model respectively. What I would like to ask is, what are the shortcomings of the current distributed storage projects, and how will EpiK protocol be improved?
Leo:
Distributed storage can easily be misunderstood as those of Ali’s OceanDB, but in the field of blockchain, we should focus on decentralized storage first.
There is a big problem with the decentralized storage on the market now, which is “why not eat meat porridge”.
How to understand it? Decentralized storage is cheaper than centralized storage because of its technical principle, and if it is, the centralized storage is too rubbish for comparison.
What incentive does the average user have to spend more money on decentralized storage to store data?
Is it safer?
Existence miners can shut down at any time on decentralized storage by no means save a share of security in Ariadne and Amazon each.
More private?
There’s no difference between encrypted presence on decentralized storage and encrypted presence on Amazon.
Faster?
The 10,000 gigabytes of bandwidth in decentralized storage simply doesn’t compare to the fiber in a centralized server room. This is the root problem of the business model, no one is using it, no one is buying it, so what’s the big vision.
The goal of EpiK is to guide all community participants in the co-construction and sharing of field knowledge graph data, which is the best way for robots to understand human knowledge, and the more knowledge graph data there is, the more knowledge a robot has, the more intelligent it is exponentially, i.e., EpiK uses decentralized storage technology. The value of exponentially growing data is captured with linearly growing hardware costs, and that’s where the buy-in for EPK comes in.
Organized data is worth a lot more than organized hard drives, and there is a demand for EPK when robots have the need for intelligence.
Deep Chain Finance:
Let me ask Leo, how many forked projects does Filecoin have so far, roughly? Do you think there will be more or less waves of fork after the mainnet launches? Have the requirements of the miners at large changed when it comes to participation?
Leo:
We don’t have specific statistics, now that the main network launches, we feel that forking projects will increase, there are so many restricted miners in the market that they need to be organized efficiently.
However, we currently see that most forked projects are simply modifying the parameters of Filecoin’s economy model, which is undesirable, and this level of modification can’t change the status quo of miners making up computing power, and the change to the market is just to make some of the big miners feel more comfortable digging up, which won’t help to promote the decentralized storage ecology to land.
We need more reasonable landing scenarios so that idle mining resources can be turned into effective productivity, pitching a 100x coin instead of committing to one Fomo sentiment after another.
Deep Chain Finance:
How far along is the EpiK Protocol project, Eric? What other big moves are coming in the near future?
Eric:
The development of the EpiK Protocol is divided into 5 major phases.
(a) Phase I testing of the network “Obelisk”.
Phase II Main Network 1.0 “Rosetta”.
Phase III Main Network 2.0 “Hammurabi”.
(a) The Phase IV Enrichment Knowledge Mapping Toolkit.
The fifth stage is to enrich the knowledge graph application ecology.
Currently in the first phase of testing network “Obelisk”, anyone can sign up to participate in the test network pre-mining test to obtain ERC20 EPK tokens, after the mainnet exchange on a one-to-one basis.
We have recently launched ERC20 EPK on Uniswap, you can buy and sell it freely on Uniswap or download our EpiK mobile wallet.
In addition, we will soon launch the EpiK Bounty platform, and welcome all community members to do tasks together to build the EpiK community. At the same time, we are also pushing forward the centralized exchange for token listing.
Users’ Questions
User 1:
Some KOLs said, Filecoin consumed its value in the next few years, so it will plunge, what do you think?
Eric:
First of all, the judgment of the market is to correspond to the cycle, not optimistic about the FIL first judgment to do is not optimistic about the economic model of the project, or not optimistic about the distributed storage track.
First of all, we are very confident in the distributed storage track and will certainly face a process of growth and decline, so as to make a choice for a better project.
Since the existing group of miners and the computing power already produced is fixed, and since EpiK miners and FIL miners are compatible, anytime miners will also make a choice for more promising and economically viable projects.
Filecoin consumes the value of the next few years this time, so it will plunge.
Regarding the market issues, the plunge is not a prediction, in the industry or to keep learning iteration and value judgment. Because up and down market sentiment is one aspect, there will be more very important factors. For example, the big washout in March this year, so it can only be said that it will slow down the development of the FIL community. But prices are indeed unpredictable.
User2:
Actually, in the end, if there are no applications and no one really uploads data, the market value will drop, so what are the landing applications of EpiK?
Leo: The best and most direct application of EpiK’s knowledge graph is the question and answer system, which can be an intelligent legal advisor, an intelligent medical advisor, an intelligent chef, an intelligent tour guide, an intelligent game strategy, and so on.
submitted by EpiK-Protocol to u/EpiK-Protocol [link] [comments]

How YFI came out of nowhere to become the fastest coin to reach $1B and the fastest coin to ever get listed on Coinbase

Note: As mentioned to the original 624 Reddit subscribers, there will be $YFI based Exclusive Original Content released here by myself and others from time to time. These kinds of interactive Deep Dives with a Q&A with fellow Investors / Beta Testers right afterwards is a rare thing in Crypto, and will only be found with this level of immediacy, social interaction, permanence, depth, and complexity of analysis and feedback on a platform like Reddit.

A lot of projects have low innovation, just copying something that someone else has already done, but with small tweaks to things like variables in Smart Contracts. A few rare projects have genuine innovation, providing genuine value to investors and users by providing attractive new products that simplify a lot of things in this space.
Even rarer are the Unicorns that not only have innovation, but they have innovation in spades, oozing out of every pore. $YFI is one of these types of Unicorns. The scope of products and rapidity of release of new revolutionary products of this project has been simply unmatched in the short history of Crypto.
Since 2009, the world of crypto has never seen anything like this lightning fast pace of development spanning such a wide scope of products - optimized automated yield farming and lending that relentlessly hunts the best yields, crypto insurance on Smart Contracts, a revolutionary Stablecoin idea that essentially makes a USD altcoin "smart" with built-in yield farming capabilities for the first time, to name a few - all built by a genius Smart Contract Builder who provided the world the first Fair Launch token.
Key to wrapping your head around the advantages that the yEarn Finance ecosystem has over - well, every single other option out there at this time - are the concepts below:

  1. CeFi vs. DeFi
  2. Composability
  3. Smart Contract Stacking
  4. The power of a Talented and Diverse DAO

To discuss these concepts, and to educate beginners, we have to understand what the terms above truly mean. This post doesn't discuss any particular products and their advantages, only the systemic advantages that are available only to $YFI. This project seems to attract the smartest and the highest risk taking of crypto investors, and an important thing in truly understanding all of the risks involved, is that you have to know the terms and concepts first. Even veteran crypto and DeFi users may be thrown for a loop by some of the innovative products and concepts that keep coming out of the YFI Labs.
This project is going through an expansion phase, where the scope of everything and the reach of the various released products is increasing (Insurance, A truly pegged Stablecoin, yETH Version 2, ySwap, yLiquidate, etc, etc..)
You know that there's some motherforker or twenty that is now just avidly waiting for every piece of code that Andre drops onto GitHub, so that they can be among the first to copy it verbatim then claim it as "their own variation" because they changed some variables and titles. Yawn.
From the definitive glossary for the DeFi space - yet another $YFI innovation - I'll list their definitions below. These may not be their final definitions when I finish any V1.1 edits to it, but they're good enough for now, and at least 3 or more YFI Dev Team members have read, reviewed, or edited these definitions. I've also invited my fellow Beta testers to provide comments to my RFC on this subreddit and in the Governance forum (among the documentation volunteers).
Yes, this is how early DeFi investors are in the development and maturation of the DeFi space. Anyone reading this right now is so early into DeFi's evolution that the terms used for this space are literally still being finalized by the community.
I've given a little bit of a sneak peek into how technical documentation is somehow self-organized in a powerful DAO such as this one. In this example, it starts off with a call for help on Twitter to improve our documentation by tracheopteryx. Interested and qualified volunteers show up (or don't) when such a call is made.
Your writers and editors have spent many a moment pondering off into space debating whether this term really means this or that, or if the term was either succinctly described, or fully sufficient. It's a usually thankless and anonymous job, that is critical in providing enough relevant information to its users and investors. [Note: Just like anything you see related to the $YFI project: You can help us improve this documentation - any of it - if you see errors or better ways of describing this information.]
All terms are shamelessly plagiarized from myself and my fellow writeeditors - u/tracheopteryx and Franklin - from the draft definitions in our new DeFi glossary: https://docs.yearn.finance/defi-glossary

1. CeFi vs. DeFi
CeFi - Centralized Finance. In terms of cryptocurrency, CeFi is represented by centralized cryptocurrency exchanges, businesses or organizations with a physical address, and usually with some sort of corporate structure. These CeFi businesses must follow all applicable laws, rules, and regulations in each country, state, or region in which they operate.
DeFi - DeFi, or Decentralized Finance, is at its root a set of Smart Contracts running independently on blockchains such as the Ethereum network. Smart Contracts may or may not interact with other smart contracts and even other blockchains.
The goal of DeFi is to enhance profitability of investors in DeFi through automated smart contracts seeking to maximize yields for invested funds. DeFi is marked by rapid innovative progression and testing of new ideas and concepts.
DeFi often involves high risk investing sometimes involving smart contracts that have not been audited or even thoroughly reviewed (a review is not as comprehensive as an audit, but may be also be included as part of an audit). Due to this and other reasons, DeFi is conventionally considered to be more risky than CeFi or traditional investing.
Comment: DeFi is higher risk, partly because it moves so fast. A lot of yams, hot dogs, and sushi can get lost when you move so fast that you can't even bother to do a thorough audit before releasing code. The cream of the crop projects will all have had multiple audits done by multiple independent auditors. Auditors are expensive. At such an embryonic stage, most projects can't afford to have one audit done let alone 5.
But if you can live with that higher risk intrinsic in DeFi and be willing to be a part of "testing in prod," then financial innovation can truly blossom. And if you let your best and brightest members of your community focus only on doing what they do best, then they don't have to bother to try to grow a business like a Bezos, Musk, or a Zuckerberg. Innovative entrepreneurs in this mold such as Andre, don't have to even try to do this business growth on their own because the DAO sets it up so that they don't have to do this. The DAO both grows the business while supporting and allowing these innovators to simply innovate, instead of trying to get nerds to do backroom deals to gain market share and access to new customers. It turns out that nerds are much more productive when you just let them be a nerd in their labs.

  1. Composability
Composability - The measure of the usability and ability of a product to be used as a building block (or "money lego") in the construction of other products or domains. A protocol that is simple, powerful, and that functions well with other protocols would be considered to have high composability.
Comment: The maturity of the cryptocurrency ecosystem and the evolution of composable building tools in the DeFi space now make new products and concepts available. $YFI would not have been possible only 2 or 3 years ago; the tools and ecosystem simply weren't ready for it yet.
This is why only now are you and many other now hearing about YFI. In 2018, Andre began providing free code reviews to Crypto Briefing. Andre had to learn to walk before he could run, and the composable tools needed to work on embryonic ideas in his head were simply not ready or available then. By reading and reviewing so many Smart Contracts he learned to recognize good code from bad code at what was still a very early stage in Smart Contract development in 2018, only 3 years after ETH's launch in July 2015.

  1. Smart Contract Stacking
Smart Contracts - A digital contract that is programmed in a language that is considered Turing complete, meaning that with enough processing power and time, a properly programmed Smart Contract should be able to use its code base and logical algorithms to perform almost any digital task or process. Ethereum's programming languages, such as Solidity and Vyper, are Turing complete.
Comment: Smart Contracts have actually gotten smarter since ETH launched in July 2015. It's because Smart Contract builders needed to learn Solidity and how it functions and interoperates before they could spread their wings as designers. With more time and experience under their belts, the early SC builders that stuck to it have gotten much better.
In Andre Cronje, we may have been witness to the rise of the next Satoshi or Vitalik of crypto. There is a reason that a couple of days ago, I counted 6 of 41 YF clones - nearly 15% - among the top gainers on the day. Success breeds copycats showing a ton of flattery. A smart contract is so smart, it can be used to be stacked upon other smart contracts such as at Aave or Maker.
True innovation takes time, sacrifice, blood, sweat, and tears. It does not come without cost to those doing the innovating.
There is not a single project in DeFi, CeFi, or even all of cryptocurrency that can claim the breadth and diversity of innovation and product reach that is found in the $YFI ecosystem. As a tech investor and professional nerd who's been involved at Research Labs and around product development and testing since before the year 2000. Prior to that I've ready widely and keenly to keep up with technological changes and assess investment potential in these disruptive changes nearly my whole life.
The amount of innovation shown in this project is breathtaking if you're a Tech or FinTech researcher. It's being released at a ridiculously rapid pace that is simply unmatched in any private or government research lab anywhere, let alone at any CeFi or traditional financial institution one can name. The only comparable levels of innovation shown by this young project is typically only seen during periods of epochal changes such as The Renaissance or times of strife and war, such as World War II.
Unless you've been in the industry and working with coders: I don't think those that haven't been around software development and testing can understand, can truly grasp that no one, no group does this. This isn't normal. This rapid-fire release of truly innovative code and intelligent strategies would have to be comparable to some of the greatest creative periods of human ingenuity and creativity. It's truly on par with periods of brilliance seen by thinkers like Newton, Einstein and Tesla, except with software code and concepts in decentralized finance. When the history of FinTech writes this chapter in its history, $YFI may need its own section or chapter.
Don't forget all of these financial instruments we take for granted all around us, all had a simple start somewhere, whether it was an IOU system of credit, insurance, stocks, bonds, derivatives, futures, options, and so on...they all started off as an idea somewhere that had to get tested sooner or later "in production."
One brilliant aspect of $YFI Smart Contracts is that they're built as a profitable layer atop existing DeFi protocols, extracting further value from base crypto assets and even primary crypto derivatives. $YFI is built atop existing smart contracts to create further value where there was none before, and help maximize gains for long term investors.

  1. The Power of a Talented and Diverse DAO
DAO - Distributed Autonomous Organization. The first DAO was started in 2016. According to Wikipedia's definition, it is an: "organization represented by rules encoded as a computer program that is transparent, controlled by the organization members and not influenced by a central government. A DAO's financial transaction record and program rules are maintained on a blockchain."
When implemented well, a DAO allows for real world experiments in decentralized democratic organization and control, with more freedom of action and less regulatory oversight for DAO controlled projects and products when compared to legacy corporate structures and organizations.
Comment: yEarn Finance has shown us what a properly motivated and sufficiently powerful DAO can do in a short amount of time.
There's many reasons why this project with an already profitable business model is the fastest original project in history to ever reach a $1B marketcap in any market - traditional or crypto - accomplishing this amazing feat in less than two months. There's reasons why this is probably the fastest coin in history to get listed on Coinbase in less than 2 months.
The power of a sufficiently talented and diverse development team and community is stunning in its power, speed, and ability to get things done quickly. There are risks aplenty with parts of this project, but $YFI is now seen as a "safe" place in DeFi, because you know you that as far as yield farming you probably couldn't do it better yourself unless you took a chance on unaudited code with anonymous Devs, or you were doing the trading equivalent of throwing darts blindfolded and somehow won, except that you even more improbably kept doing that over and over and winning.

Summary: There's reasons why YFI has been called the Bitcoin of DeFi and the Berkshire Hathaway Series A of crypto. I've listed some of the reasons above. The confluence of these 4 factors has helped lead to explosive growth for this project.
This isn't financial advice as I'm not a financial pro but make no mistake: as a Crypto OG around crypto since early 2013, who was deeply involved in multiple community projects as an early organizer, and who was a small investor during the DotCom era investing in early giants that went on to be gorillas, I don't say this lightly that the $YFI project is lightning in a bottle and a diamond in the rough.
What $YFI allows, when all is said and done, is the rapid fire implementation of great ideas that have gone through a rapid Darwinian evolution, where only the best ideas are implemented. Thoughts and ideas are powerful things. The valuation of this coin and ecosystem has to, it must take into account that this nascent financial innovation hub and ecosystem actually works and allows the best of these ideas to actually blossom rapidly.
You just don't find too many gems like this.
submitted by CryptoOGkauai to yearn_finance [link] [comments]

Play Online Poker with Bitcoins

Play Online Poker with Bitcoins
Bitcoin (or BTC) is a decentralized virtual currency which is traded in the same way as currencies or bonds, except that for the storage of Bitcoins it is necessary to download an “electronic wallet”. According to Bitcoin there is no person, company or government that controls Bitcoin, so it requires users for its operation and the greater the demand, the greater its value. One of the main attractions of Bitcoin is its possible anonymity which allows the user to buy, pay and sell products and services without the intervention of any bank or financial institution.
Best Online Casinos to Play Bitcoin Poker of October 2020
In its beginnings, in 2008, Bitcoin did not obtain great popularity, but little by little it began to be adopted by more users and companies. It was in 2011 that the newspapers began to read about Bitcoin, since then companies of great international impact have begun to open their doors to transactions with Bitcoin, some of these companies are: Dell, Overstock and Microsoft.
The increasing adoption of Bitcoin by multinational companies spurred a reaction from government entities, with each country taking very different actions. In August 2013, the German Finance Minister declared Bitcoin as a "unit of account" which can be used for private transactions, which allowed Germany to control this virtual currency. In December 2013, the Chinese government prohibited banks and financial institutions from transacting with Bitcoins due to security and transparency issues. This government action caused a considerable drop in the value of Bitcoin since users in this country could not change their Bitcoins to the local currency. The United Kingdom and the European Union have also recognized Bitcoin as a type of currency and every day this cryptocurrency is accepted by more countries. However, each specific case must be analyzed, for example: in the case of the United States; Bitcoin is not considered a digital currency but rather a taxable product.
Buying Bitcoins for the first time can seem a lot more difficult than it actually is. There are many methods to acquire Bitcoins, the most practical is to acquire them directly from an exchange house or Bitcoins exchange houses. Their names denote their difference, in exchange houses you will go to a provider who will sell you Bitcoins for your local currency, while in exchange houses you interact with other users to exchange Bitcoins for real money. Bitcoins transactions can last from 10 minutes to several hours and are made through a Bitcoin address (similar to mail methods, only the address in this case is a series of numbers and characters), once you receive the transfer you must move your Bitcoins to your electronic wallet before you can use them.
In short, that's how easy it is to use Bitcoins:
· Bitcoin is a virtual currency that is stored in an electronic wallet.
· The value of Bitcoin is decentralized so it fluctuates depending on its demand.
· You can make a Bitcoins transfer in seconds and its verification takes about an hour.
· Once a Bitcoins transfer has been made, it cannot be reversed
· For the most part, Bitcoins transactions are not subject to fees or commissions.
For more detailed information, you can consult the Wikipedia site on Bitcoin here
Sites to play online poker with Bitcoins
Online poker sites have become more popular every day and since the use of Bitcoin is anonymous, decentralized and more or less instant transfers, online casinos have recognized in this cryptocurrency an excellent potential to attract new customers.
The way Bitcoins are used to gamble online divides casinos into two categories: exclusive Bitcoin poker sites and online casinos that accept Bitcoin. So, what is the distinguish between using an online casino that accepts Bitcoins and using a Bitcoin casino to play poker?

https://preview.redd.it/wo0is3x12wu51.png?width=621&format=png&auto=webp&s=b733c7964f58ba0441de2f060fed7aaf1dbfe4ed
Differences between Bitcoin poker and poker sites that accept Bitcoins
There are several differences between using an online casino that accepts Bitcoins and a Bitcoincasino, here are the most important ones:
The great differentiation between these types of online casinos will be the total offer of payment methods to enter or withdraw funds from your casino account, Bitcoin casinos do not accept other payment methods other than Bitcoin transfer, while traditional online casinos They will offer you other payment options such as a bank account or PayPal.
The expenses for using exclusive Bitcoins casinos are minimal and normally there are no fees for withdrawal of funds, contrary to the case of online casinos that accept Bitcoins as one of their payment methods since they most likely will charge you some commission.
Another great advantage of choosing Bitcoin casinos over online casinos is anonymity since you will not need to link your email or personal data to create an account. In addition to the convenience that this anonymity provides, it also streamlines the transfer process in relation to online casinos that require documentation. You should consider that this anonymity also makes Bitcoin casinos vulnerable to security problems with other users.
The game offer does not vary much between a Bitcoin casino and a traditional online casino, the most popular are: poker, roulette, slots and dice. Some small Bitcoin casinos do not turn to typical gaming providers like Playtech and Bets off as they tend to look for smaller providers that you may not have seen before.
Some of the most relevant Bitcoin casinos are: PokerStars, SWC Poker, Bitcoin Casino and Bit casino.
Pros of using Bitcoins when playing online poker
Transfer money to and from your online casino account
The requirements are basically the same as those of any traditional form of payment, of course you must have the electronic wallet software to use Bitcoins, but remember that withdrawals with this cryptocurrency they are usually much faster.
User anonymity
This advantage applies or not depending on the online casino you use, if when you sign up they only ask for information about your Bitcoin account then you will enjoy complete anonymity, however if you need to fill in personal or banking information to register at the casino then this benefit will not apply on that platform.
American users can use Bitcoin
Since Bitcoin is not recognized in the United States as a currency, it can be used as a means to enter and withdraw funds from an online casino account, remember that in the United States the laws vary a lot from one state to another so if you are an American user make sure you know the laws of your state in relation to online gambling before registering on a platform.
The double bet with Bitcoin
Many players opt for Bitcoin to place their bets since there is the possibility of winning some money depending on the exchange rate of Bitcoin when it comes to changing it to their local currency. This is why when used as a payment method for an online casino account, it is considered a double bet.
Best Rake backs
It is normal for Bitcoin casinos to offer better rake backs to their users since their expenses when using Bitcoin as the only payment method are lower, however this applies only to exclusive Bitcoin online casinos.
Cons of using Bitcoins when playing online poker
Where there are advantages, there are also disadvantages, here are the main cons you should consider when betting with Bitcoins.
Bitcoin-exclusive online casinos are sites without regulation or oversight
In the absence of a regulatory entity, it is hard to believe the promise of these casinos to use random platforms and take care of your funds. You must be much more careful when choosing an exclusive Bitcoins casino than a traditional online casino, the reputation and opinion of other players will be very important when choosing a Bitcoin Casino.
Another factor that you should take into account is that the lack of regulation of gambling with Bitcoin does not mean that you are exempt from following the gambling regulations of the place where you live, especially in the case of the United States, where the government has previously intervened in activities of bets regardless of the means of deposit or withdrawal of funds from the companies.
The fluctuating value of Bitcoin
The value of Bitcoin can vary both upward and downward. Its value can change in a matter of hours, and the behavior of its value is not so similar to that of currencies such as euros, dollars, pounds or pesos, but is more similar to the behavior of products such as oil, gold or wheat,
Relative anonymity of Bitcoin
While it is possible to register to exclusive Bitcoin poker sites without giving personal information, the use of Bitcoins can be traced through the blockchains to a personal account.
Lack of support from financial institutions
Being a decentralized currency, Bitcoin is not backed by financial institutions or government, which gives you less support as a user. If there were to be a problem with the Bitcoins system, there would be no government intervention as would happen in the case of a bank. Of course, you should consider that it is thanks to this lack of intervention that transfers with Bitcoins do not charge fees or commissions.
Being a virtual currency it is susceptible to cyberattacks.
While the programming behind the Bitcoins System is sophisticated, so are the hackers' systems. In 2013, the UK Crime Agency reported that several users of this cryptocurrency had been victims of cyber extortion, after receiving an email their computer was infected with a virus and later they were sued for some bitcoins to repair the virus on their computers. Unfortunately there are more cases like this, in Europe a payment provider lost more than a million dollars after a cyberattack.
All transactions are final
Remembering that there is no intervention by financial institutions, it becomes evident that it will be difficult to file a dispute in the event of a transfer error, so you will have to be much more careful.
conclusion
Playing poker online is a game of both chance and strategy. For some bettors it is exceptionally alluring to utilize Bitcoins since they have the chance of expanding their benefits as indicated by the Bitcoin swapping scale.
For many, traditional online casinos play poker with bitcoin will continue to be the best option due to the reliability and regulation of their transactions.
What cannot be denied is that the use of Bitcoins grows day by day and in the world of online poker as in any cyber activity you must consider the most innovative and practical solutions that there is for you.
submitted by emani19 to u/emani19 [link] [comments]

Trading Bitcoin - Price Drops Under $6k, Still Just a 1-4 ... ANOTHER DROP?? BITCOIN LITECOIN and ETHEREUM bitcoin price prediction, analysis, news, trading Bitcoin price fundamentals in ‘moon mode’ as BTC held on ... Should I Buy Bitcoin Now... or Wait For Price To Drop ... BITCOIN: HOW LOW WILL PRICE DROP. Follow me on twicth

Bitcoin Price Stabilizes as Gold Experiences Worst Drop Since 2013. Rasmus Pihl All news February 29, 2020 February 29, 2020 2 Minutes. The cryptocurrency and stock markets saw much turbulence in the past week. Specifically, growing fears over the coronavirus’ spread went on to cause the biggest weekly losses since 2008. Specifically, gold is also tumbling – despite often being seen as a ... In 2013, the month of April alone so BTC drop by more than 9% more than 20 times. Although, that same month, bitcoin also suffered a gut-wrenching loss of 83% in value . Long-Term Bullish, Short-Term Derivatives Dominated Bitcoin price chart by Coin Metrics. The short-term holders were reportedly selling their coins at a loss. Bitcoin price drop. The report also highlights the fact that the market value of Bitcoin to realized value (MVRV) slipped under 1.0. On 12th March, MVRV experienced its biggest drop since the year 2013. The Coin Metrics report explains: Editor’s Note: Check out Kitco’s full 2014 coverage. (Kitco News) - It has been a wild year for bitcoin and although the currency has been around for the last five years, 2013 is when most ... This was likely a contributing factor in the drop of Bitcoin’s price from $1,230 on Dec. 4, 2013, to $750 by Dec. 7. There was some trading stabilization in January 2014, with the price staying about $920. When Mt. Gox filed for bankruptcy protection in February, another Bitcoin crash occurred. Between Feb. 4 and 16, it declined about 71 ...

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Trading Bitcoin - Price Drops Under $6k, Still Just a 1-4 ...

Should I buy Bitcoin now, or should I wait for the price to drop is a question I get asked almost every day. The answer to this question depends on many thin... WILL WE CONTINUE TO DROP??? BITCOIN LITECOIN and ETEREUM DAILY UPDATE!!! 🔥My Wife's CRYPTO MERCH page: https://inkurimage.com 🔻 Trading Exchanges 🔻 🔥 BYBIT e... #Bitcoin #BTC #Crypto The possibility of a bitcoin dip of another 20% is very real. Do you think it will happen? Comment below and let me know what you think BTC price will do next. Trading Bitcoin - Price Drops Under $6k, Still Just a 1-4 Day Correction? 👉 Subscribe so you don't miss the next one: http://bit.ly/2QKVDdV Check below fo... Bitcoin Price Heads Toward $12,000 as Stocks Drop Xeonbit Discussion At the moment, proponents of this narrative are being bolstered: the price of Bitcoin ...

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