Dollar Vigilante: Bitcoin (BTC) Nearing Bottom ...

Tone Vays: A year ago Roger was fully against #Bitcoin Mining especially Cloud Mining, here he is calling out @BitClubNetwork

Tone Vays: A year ago Roger was fully against #Bitcoin Mining especially Cloud Mining, here he is calling out @BitClubNetwork submitted by slacker-77 to Bitcoin [link] [comments]

Tone Vays: A year ago Roger was fully against #Bitcoin Mining especially Cloud Mining, here he is calling out @BitClubNetwork

Tone Vays: A year ago Roger was fully against #Bitcoin Mining especially Cloud Mining, here he is calling out @BitClubNetwork submitted by slacker-77 to btc [link] [comments]

Tone Vays: A year ago Roger was fully against #Bitcoin Mining especially Cloud Mining, here he is calling out @BitClubNetwork

Tone Vays: A year ago Roger was fully against #Bitcoin Mining especially Cloud Mining, here he is calling out @BitClubNetwork submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Confessions of a Core Supporter

I remember as a slightly younger Bitcoiner watching videos and eating up everything I could about the subject. There was Roger Ver and Charlie Shrem, a cast of long bearded geniuses who kept this magic money safe, and of course the mysterious creator Mr Nakamoto. Things were weird, and grand, just the way I like them.
I bought my first bitcoin after the gox collapse, then more and more. If Mt gox couldn't kill bitcoin I wanted in. I watched it go to 300, then to 500, and was thrilled. I found bitcoin. I subbed a bunch of tech nerds on twitter. I remained on the outside, but I was now part of the dream of decentralized currency. I placed a certain amount of blind faith in this new technology that I admittedly didn't fully understand, yet somehow believed in, hoping that one day it would change the world.
I soon became aware of forks, of factions, of discontent. I shrugged my shoulders. After all, I had long since learned that bitcoin was the honey badger and it would figure it out. It always does. I learned to laugh at "bitcoin is dead" headlines and learned that this was simply a cue to buy more. There was Hodl. There was, buy the dip. There was always that lame ass on reddit reminding nubes (in nasally tone I'm sure) to "never buy more than you can afford to lose". There was the cute roller coaster coin guy which seemed to be so often on a fun ride to the top. I was riding this thing to the top with that little guy. Life was good. I was invested far more than I could afford to lose and life was great that way!
But then the more I read, the more 'in the know' guys I followed on twitter, the more reddit posts I read, I learned I would be forced to pick sides in an ideological battle between two distinct sides. Let's call them the nerds, and the capitalists. Being an anarchist/libertarian and capitalist it might seem strange that I found myself quickly taking the sides of the nerds. But it was the nerds who were the ones who kept all this shit together. The code, the security, the teflon armor that kept governments and crony capitalists out of bitcoin and who ultimately kept that little roller coaster guy going up and up and up. Life was good in the hands of the nerds. I was officially a small blocker, and I stood behind my nerds. I resented those who called them neckbeards. I have a beard and that was mean. Sometimes I chimed in on reddit posts, mocked big blockers on twitter, and firmly planted my feet on the rock of 1mb blocks. I would not be moved.
Then the fork happened. I was happy to receive my dividend. I even rushed out to sell some of my coins and sold a few but my gut resisted selling all of them. Something stopped me. That something was the instinctual recognition of the echo chamber of the small block community. It was beginning to scare me. Was this really where the sharp money was? I was beginning to wonder. I was beginning to doubt.
There was also the fact that I simply couldn't get my head around bigger blocks meaning less fees for the miners yet somehow the biggest miner in the world was such a staunch advocate of bigger blocks, all while more and more people were pouring into mining. I heard about side chains and lighting network. Boy did that sound good! But where was it? Where is it? When will it be delivered? Why isn't this ready yet with all this congestion? Do we really have the best nerds working on this problem? It's been like 9 years. What's up with this?
The answers and future promises of core, I had to admit seemed a bit vague at best. Transactions were getting clogged. There would not be a day ever in the future that I would buy a coffee with my bitcoin (ok ok). But there would also never be a day that someone busting their hump washing our dishes in expensive restaurants would be able to send their bitcoin home to a family that could really use them. It was too expensive. And new leaders in the space like Ari Paul were touting $100 fees as a sign of huge success. Was this what I signed up for? Was this the face of decentralization and borderless money?
But you have to have faith in the nerds, right? After all, they're nerds! And they were the ones that got us here. Or were they? I started to notice a complete disrespect for the companies that helped bitcoin grow to what it had; there was Jeremy Allaire, Brian Armstrong, Eric Vorhees, Gavin Andreson and Vinny Lingham, all thrown UNDER the bus and mercilessly at that. Profits were suddenly bad. Growth bad. Low fees, yup-bad. Appreciation for the risk some of these early pioneers took was non existent. And this didn't sit well with me. Why were these nerds so angry? Where was the respect? Where was the appreciation? Where was the loyalty to the men that helped the little roller coaster guy go so high? Why did you so quickly renege on the NY agreement once you got what you wanted; segwit. Only dishonest pussies do that kind of thing. A bigger question started to emerge in my head: what had these small block nerds done to improve on Bitcoin that a slightly different alternative group of nerd couldn't have done? Why couldn't' we just go to 2mb blocks for the time being? What if the small block nerds were wrong? Is there a shortage of nerds in this world? Maybe. But maybe not.
I started to get back to my roots. To dig beneath the bullshit and take a shovel to dig through the propaganda, and it's deep in this war. There's a lot at stake here. If there's one thing I've learned in the years I've been an anarchist there's one rule I have which trumps them all: Never trust the popular narrative. Because it's usually dead wrong. And often, it's actually a well crafted lie. But here I was on the 'popular' side. Ut oh, not good. Had I been fooled?
Now I'm not saying I'm fully in the big block camp. If I have been brainwashed, then I'll admit it's going to take more time to deprogram myself and begin to see things more clearly. However, I am starting to see a bit more clearly. What I do know is this; Tone Vays the famous bitcoin tout said BCH was going to zero within a day. That never came close to happening. Stick to massage parlors Tone. Men I respect and look up to (in certain ways) like Roger Ver, John McAfee, Jeff Berwick - all men with a provable TRACK RECORD of defying the government in one way or another and the criminal records to prove it (good thing in my book), and many other freedom loving anarchist types are all behind Bitcoin Cash. The small block community foams at the mouth like a demon in first century Galillee when you mention the name Roger Ver. Hmmm. Maybe he really is Bitcoin Jesus! Miners who let's face it, love money, put up their capital to invest in many many millions want to see bitcoin cash succeed. Vinny Lingham was thrown to the dogs by a ruthless community, for urging people to have an open mind and getting one BTC call wrong. The whole thing has at minimum, put a bad taste in my mouth.
Then there's the fact that some of the main core developers work for a large insurance company's company called Blockstream. If you really believed in bitcoin, shouldn't you own enough to not have to work for someone? I don't work for anyone, and I'm not a neckbeard nerd. But even I figured that much out and got some bitcoins early enough that I don't have to punch any one else's time clock. And while I'm never one to shy away from conspiracies there is the fact that the CEO of the big insurance company; AXA (who owns Blockstream who employs heavy hitters from the nerd Core group) is none other than Henri de Castries, who just so happens to be the chairman of the Bilderberg Group. You might think I made that last one up. I didn't. This just smells bad to me. I think a lot of people on the nerd, Core, block stream, blah blah blah side might be, just might be getting DUPED.
So, in closing I would like to apologize to the community. You can see, I'm not that active here or in bitcoin, but I have taken some stabs and even trolled a few of you. Hey, please forgive me, I thought I was on the right side, but I'm not so certain any more. One thing I did do is load up on some bitcoin cash. I paid a premium for it, and maybe I'll live to regret it. But I'm throwing my hat in with the successful capitalists, the anarchists, and people who believed in bitcoin enough in the beginning to not only buy (and maybe mine some), but to invest their lives in the space, to put their money where their mouth and beliefs were, and not have to go get a job working for some Bilderberger clown. The clues and the truth are always there folks, but you do have to search them out for yourself and more importantly, T H I N K. Sure I'm a bit late to the party, and I'm still not sure BCH will become the 'real bitcoin', but I'm moving some of my most valuable chips to this side of the table. I sense a strong rising tide here. I also just sent 30k worth of BCH for 2 cents and it was on the exchange in like 3 minutes. That felt like the good ole days and that felt good! And then there's the fact that when it all comes down to it, and despite the attempted slander meme circulating on twitter, I rather enjoy a glass of wine one day with Roger Ver and Jeff Berwick, Calvin Ayre (and maybe even fake Satoshi) than have my picture taken outside a Chucky Cheese with a group of nerds with small blocks.
submitted by NachoKong to btc [link] [comments]

"While it's true to an extent that Bitcoin Core faces scaling challenges in terms of transaction fees, Bitcoin Cash, EOS, Monero & others are already poised to solve these issues." -Jeff Berwick

Jeff Berwick (a famous libertarian & founder of The Dollar Vigilante) said that in a recent video where he was talking about Paul Krugman.
It's nice to see someone so influential calling the BTC chain by its proper name and also recognising the value of Bitcoin Cash.
It's also interesting to see that famous economists like Paul Krugman telling false stories about Bitcoin (BCH) inspired by the failures of Bitcoin Core.
In the NYT article that Jeff referenced in his video, Paul Krugman said:
Set against this history, the enthusiasm for cryptocurrencies seems very odd, because it goes exactly in the opposite of the long-run trend. Instead of near-frictionless transactions, we have high costs of doing business [1], because transferring a Bitcoin or other cryptocurrency unit requires providing a complete history of past transactions [2]. Instead of money created by the click of a mouse, we have money that must be mined [3] — created through resource-intensive computations.
And these costs aren’t incidental, something that can be innovated away [3]. As Brunnermeier and Abadi point out, the high costs — making it expensive to create a new Bitcoin, or transfer an existing one — are essential to the project of creating confidence in a decentralized system [1].
(emphasis added)
Responding to the numbered points:
  1. He's talking about Bitcoin Core (BTC), not Bitcoin (Satoshi's invention) and not the entire crypto currency industry.
  2. Cryptocurrencies, including Bitcoin, do not require providing a complete history of past transactions. Bitcoin SPV wallets (the intended, primary mechanism of user interaction with Bitcoin) need only know about block headers and just the latest UTXO (unspent transaction output). They don't need to track any given transaction all the way back to the block that originally mined the coin into existence. They certainly don't need to be concerned with other people's transactions. This appears to be one of the reasons why Satoshi designed Bitcoin such that every UTXO must be completely (not partially) spent in a transaction. The idea that the average user should run a non-mining full node and be concerned with other people's transactions is a contrived narrative of people like Greg Maxwell in Bitcoin Core.
  3. Firstly: some cryptocurrencies (like Ethereum) have created money "at the click of a mouse". Not all Ethereum in existence was mined. Some were created as an initial starting balance at Ethereums inception. Secondly: Bitcoin was deliberately designed by Satoshi to avoid mouse-click-money-creation so that central-planner economists like Paul Krugman could not deliberately or unwittingly manipulate massive economies or cause hyper inflation (a common occurrence for countries employing mouse-click-money-creation strategies). It's a desirable feature of Bitcoin; not a requirement of of all cryptocurrencies.
submitted by hapticpilot to btc [link] [comments]

Bitcoin & Bitcoin Cash - A Conspiracy Theory

The following is a recent excerpt from Jeff Berwick...
I think there is a reasonably likely conspiracy theory to do with Bitcoin and its most recent fork.
As many know, many of the core bitcoin developers work for a company called Blockstream. Developers include Adam Back (President, Blockstream), Gregory Maxwell (CTO, Blockstream), Mark Friedenbach (Co-founder, Blockstream), Pieter Wuille (Bitcoin Core developer), Samson Mow (CSO), and Christopher Allen (co-author of IETF Transport Layer Security.
What many may not be aware of is that Blockstream is controlled by the Bilderberg Group. AXA Strategic Ventures, co-lead investor for Blockstream's $55 million financing round, is the investment arm of French insurance giant AXA Group - whose CEO Henri de Castries has been Chairman of the Bilderberg Group since 2012.
At the same time, the most popular Bitcoin reddit, /Bitcoin, has become almost completely censored in the last few years and only allows pro-Blockstream related content.
Blockstream has been resistant to the common sense idea of increasing the Bitcoin block size for years. And this makes perfect sense in that Blockstream’s entire business model is based on creating sidechains which profit from a slow or expensive Bitcoin network.
Finally, some people, including Roger Ver had had enough of this takeover of Bitcoin and thus we have the hard fork and Bitcoin Cash today.
This all gets quite complicated and I won’t bore you with all the details (but I will include lots of links for more information for those of you who want to understand this on a deep level).
But, here is the theory I have come up with in a nutshell.
We know the globalists want to destroy bitcoin. And, we know they can’t do it via their traditional means of sending in government thugs to kill, arrest and steal everything because there is no one central point of failure for bitcoin.
So, if they did want to try to destroy bitcoin what would they do? First they would try to employ as many of the most prominent bitcoin coders. Check.
Then they’d want to try to control the narrative which, for bitcoin, has been centered at /bitcoin, where they now appear to have complete censorship powers against anything competing with Blockstream’s proposals. Check.
They’d then want to subterfugely get code implemented into bitcoin which is a) irreversible and b) a ticking timebomb for BTC’s destruction.
Well, we don’t know yet, but that is exactly what Segwit could be.
As I said, I am not going to include pages of information supporting this theory in this issue as it would get into the hundreds of pages. Instead, I will leave you links to further information.
First, here is a blockchain techie, modprobe, and his concerns about Segwit, “I Looked Into SegWit, and Here's What I Saw .”
Here are some of the most pertinent items he mentioned:
There are two major implications to this hack. The first is that segwit is a one-way ticket: once it starts, it can never be removed because to remove the (insanely complicated) segwit rules that say "Ignore what the transaction says and look at the witness data instead" would leave only the "anyone can spend me without any authorization" rule on all segwit balances. Thus anyone could steal all the coins in segwit balances. To remove segwit, it would either be necessary to keep the (insanely complicated) rules in play, but disallow new transactions to use them, or convince all Bitcoin users to first move their bitcoins to a non-segwit balance. The first isn't really removing segwit, since its rules would still be in use, and the second is simply not going to happen since segwit proponents will lie and censor (just like they're doing now to promote segwit) to scare people away from leaving it behind. The second implication is even more chilling: for the first time, the Bitcoin protocol will have official support for theft of bitcoins. See, the formal rules of bitcoin will be "anyone can spend these coins without authorization," but the segwit rules will say otherwise. This means that anyone who can get a majority of miners to agree to look the other way (i.e. ignore the segwit rules) can send a transaction that spends those bitcoins without authorization, and it will be valid by protocol. At present, if the majority of miners attempted to do this, their blocks would be invalid (and ignored by the network) because they violate the Bitcoin protocol, but with segwit, the Bitcoin protocol will only understand "anyone can spend these coins" so as long as the miners agree to ignore the segwit rules, the transaction will pass checks. Obviously this means that the miners could collude to steal everyone's segwit balances, but more likely, a government could force mining organizations to allow their transactions to steal bitcoins, reverse transactions, or whatever else. Whereas previously this meddling would've been extremely noisy, causing a hard fork (which would have likely been ignored). With segwit, however, theft by miner collusion is a first class feature.
For those who prefer their information in video format rather than text, here is an excellent presentation on the problems with Segwit from the Chief Scientist for Bitcoin Unlimited, Peter Rizun.
To summarize, one could imagine a few scenarios where Segwit had major problems or resulted in the loss/hack/theft of the majority of bitcoins… which would be a virtual death knell for bitcoin. And, yes, it is possible this is being done on purpose.
Segwit will begin to be implemented in about two weeks.
A further “conspiracy theory” is that those behind Bitcoin Cash are doing so as a means to take over control of bitcoin. Here is a good article by bellerophon on Steemit, “The Black Swan That Could Turn Bitcoin Upside Down.”
In it he posits that Bitcoin Cash has been set-up in such a way that miners, out of self-interest, will switch from bitcoin to Bitcoin Cash mining in the coming weeks… which would cause a crash in Bitcoin and spike in Bitcoin Cash.
And yet another more obscure and anonymous theory was posted here.
Here is a snippet from this theory:
The plan goes like this: Chinese miners (f2pool, antpool etc etc) have organised with major exchanges (via/huobi/okcoin etc) to support and launch bitcoin cash. Initially they will let everyone who wants to sell, sell. Once the coin has bottomed out, and everyone who wanted to sell has sold, they [chinese miners/jihad/chinese exchanges] will begin accumulating lots and lots of bitcoin cash. They will then begin to pump the price to around 0.1 BCC/BTC - 10% The big pools won't mine it ~ they will let the smaller pools see the returns from mining this expensive, but low difficulty coin and start mining it. Later, the larger pools will join, and as we know, jihad has ALOT of hashing power, their plan is for bitcoin cash to have more hashing power than bitcoin ~ and lets be honest, once the chinese move over, that is pretty much it. Around this time, the 'hard fork' section of segwit 2x is not going to happen ~ it never was - Bitcoin cash will then be seen as the original NYA coin. At that point in time, Bitcoin cash will be on all major chinese exchanges, possibly some western exchanges aswell, and have majority hashing power. Western companies & other merchant providers (BitPay - @Spair) etc - paid off by bitmain etc will go along with the new bitcoin cash narrative and will push for the 'bitcoin cash' to be called 'bitcoin' on all their platforms, leaving only coinbase et all which will then be the odd ones out.. Now comes the scary part, The old bitcoin, the bitcoin we know and love, is going to get DESTROYED.
As you can see this is a lot to consider… and worry about if you own bitcoin!
For this reason I have suggested all those who held bitcoin on August 1st and received Bitcoin Cash hold on to it for at least the time being.
If any of the above theories play out you’ll be very happy you did. And if none of them play out and Bitcoin Cash goes the way of the Dodo bird it was really ‘free money” anyway.
And, that’s not to mention that if Blockstream continues to make bitcoin more expensive to use that Bitcoin Cash could end up being the currency of choice for day-to-day transactions while legacy bitcoin could be used more as a store of digital wealth and not for microtransactions.
So, it is definitely worth just holding on to your Bitcoin Cash for now.
That leaves the question, should you buy Bitcoin Cash? At the time of this writing it is at $320 and a $5 billion market cap.
It is too early to say how Bitcoin Cash will do so if you do want to buy consider it very speculative.
That said, as you’ll see below, from Ed Bugos, from a strictly free market perspective he is a fan of Bitcoin Cash.
At the time of this writing, bitcoin is trading near $3,300 and Bitcoin Cash near $300 for a combined total of $3,600… meaning any/all TDV subscribers who owned bitcoin prior to August 1st have all done very well in recent weeks!
submitted by 2012ronpaul2012 to conspiracy [link] [comments]

Owning and using Bitcoin is not a crime, but that is what FinCEN regulation is attempting to make it.

Bitcoin miner = money transmitter
From FinCEN: "a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter" In other words, if you mine bitcoins, FinCEN is trying to make you a money transmitter and subject you to all the heavy handed regulations.
Bitcoin exchange = money transmitter
From FinCEN: "a money transmitter if the person accepts such de-centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency"
money transmitter = $25m bond and onerous regulation
From Jeff Berwick's resignation: "Specifically, in the US and Europe, there are an incredible amount of banking, money and even telecommunications rules and regulations that would have to be adhered to if the company had any hope of survival. Not least of which was a $25 million "insurance bond" necessary as being deemed a "money transmitter" in the US."
Don't be fooled. The FinCEN ruling is veiled attempt at making bitcoin use a crime via arbitrary rules and regulations. It is a natural right to exchange goods and services, and one does not need to beg for permission to engage in such activity. The real criminals in such exchanges would be the ones jailing people for victimless activities.
submitted by BobbyLarken to Bitcoin [link] [comments]

Bitcoins Come to China

By Chen Huijing (陈慧晶) Issue 618, May 6, 2013 Market, page 17 Translated by Zhu Na Original article: [Chinese]
Within just one month, the value Cheng Hua’s (程华) Bitcoin holdings had increased nearly sixfold.
Bitcoin, an unofficial virtual currency that’s transferred digitally without an intermediate financial institution, saw its value soar from $46 to $230 between Mar 10 and April 10.
Cheng Hua was one of the first Chinese to trade the currency. In China, Bitcoin lovers like him call themselves “BTCers.”
Li Xiaolai (李笑来), who claims to have the largest collection of Bitcoins in China, describes his obsession saying, “Bitcoin is the most stunning and most subversive social experiment in history.”
Will Bitcoin start to challenge traditional currency? Or is this just a speculative bubble that will become the digital world’s “Tulip Mania”?
A Crisis and an Opportunity
If it weren’t for the banking crisis that hit Cyprus, Cheng Hua may have totally forgotten about the 2,000 Bitcoins that he and his friends bought two years ago.
On Mar 16, the Mediterranean island nation of about 1 million signed on for a 10 billion euro bailout from the EU and IMF. As part of the deal, Cyprus would raise 5.8 billion euro by levying a one-off 6.7 percent tax on bank deposits under 100,000 euro and 9.9 percent on higher deposits. Once the news circulated, people in Cyprus rushed to withdraw their money from banks.
During this time, downloads of online software for trading Bitcoin started to boom. Cypriots were very interested in a virtual currency with no central government control.
Jeff Berwick, founder of and CEO of TDV Media, announced that he planned to open a Bitcoin ATM in Cyprus. He said that within just a few days, he received many orders for these special ATMs.
With the surge in demand, the price of Bitcoin against the U.S. dollar soared. On Mar 16, it was worth $47. By Apr 9, it broke through $200 and reached its highest point of $230. But it soon fell back to around $100.
“During this month of watching Bitcoin, I hardly got any sleep,” said a “BTCer” who just recently got interested in the field. “Between the time I closed my eyes and opened them again, the price had risen or dropped more than $10. It was very exciting.”
He’s considering selling his house so he can invest all his money in Bitcoin.
Cheng Hua was also shocked by the recent events. He found that the 5,000 yuan he invested in Bitcoin two years ago was now worth 40 times that amount.
Bitcoin was started in 2008 by an anonymous creator as an alternative to government controlled currency - much like gold. And like gold, Bitcoin is “mined” virtually. According to Wall Street Journal, people can mine Bitcoins with computers and special software by solving complicated mathematical problems. But since the process is so difficult, most just opt to buy it. New Bitcoins are made available to be mined when the network is updated, and the amount of new coins distributed will be halved every year until 2140 when the total number will be capped at 21 million.
In May 2011, Cheng Hua and his colleagues at a software company started to mine Bitcoin online. “At that time there weren’t many people mining, so it was easy,” he said. “In the beginning, we could dig up two or three Bitcoins per day. There were different mines as well as rankings. We joined one of them, and coins were allocated based on the contribution of miners’ calculation ability.”
Like many Bitcoin lovers, Cheng Hua and his team’s mining experience wasn’t very successful. The money they generated from selling Bitcoins was less than what they’d invested in the electronic infrastructure to mine. After half a year, they gave up. Luckily for Cheng, he held on to many of the coins.
Li Xiaolai (李笑来), founder of a major website, invested hundreds of thousands of yuan and suffered major losses, but persisted in the Bitcoin market. He continued to gain more by buying low and selling high. “In the end, I gained 2,100 Bitcoins using this method, which was far beyond my expectations,” Li said.
He says that Bitcoin is valuable because it ensures inviolability of private property through its decentralized peer-to-peer structure. To him, it provides a guarantee of freedom.
The Future Economy?
Bitcoin has come a long way in its short history. As of Mar 30, all Bitcoins that have been issued so far were together worth over $1 billion. And a series of Bitcoin-related industries have developed including Bitcoin exchanges, information websites and third-party payment services.
In the U.S., Bitcoin is already being used in daily life. According to an October 2012 report by BitPay, a company providing payment mediums for Bitcoin, over 1,000 merchants accepted payment with the currency through their system.
Though Bitcoin just started to take off in China this year, there are already more than 10 online stores on Taobao that accept the currency. And after the Ya’an earthquake hit, Bitcoin donations were accepted.
American economist Paul Krugman has come down hard on Bitcoins, saying they “derive their value, if any, purely from self-fulfilling prophecy, the belief that other people will accept them as payment.”
“BTCers” have a different view. Li says that Bitcoin does indeed have some shortcomings currently, but that’s because people dealing with the young currency have a mindset that’s accumulated after thousands of years of using traditional money. Volatility, he says, is natural in the beginning.
“I don’t see Bitcoin as speculation or an investment,” Li said. “For me, it’s a social practice. Gold doesn’t support currency. People’s trust supports currency. Bitcoin is the same. It has no intrinsic value. It’s gained trust from people on the internet voluntarily. This trust is more valuable than the forced trust traditional currency relies on.”
Cheng Hua holds the same view “Bitcoin is based on the principle of trust,” he says. “Maybe it will have bubble stages, but currency must go through these stages during development. The traditional legal currency also went through these stages in its emergence. The future economy in the virtual world is built on the basis of virtual currency. This is the value of Bitcoin.”
submitted by aisen to Bitcoin [link] [comments]

Tomorrow I'm moderating 2 panels at the Texas conference: + BTC in Latin America. Suggestions for questions welcome!

Hi everyone,
Tomorrow I'll be moderating two panels here at the Austin Texas Bitcoin conference.
I'm currently preparing questions, feel free to chip in with suggestions.
Future of Bitcoin Mining, featuring:
Latin American Opportunities, featuring:
I've also posted this request on Twitter, see here for the reactions there:

Edit: sorry, "Bitcoin mining" dropped out of the title.
submitted by dtuur to Bitcoin [link] [comments]

10/19: Jeff Berwick outlines in the Dollar Vigilante the New Crypto Order including: XBT, ETH, EOS and the US$ debt transfer.

I’ve said it before and I have to say it again. I am shocked at how fast everything is moving.
When we started The Dollar Vigilante in 2010 we only wrote one issue per month and each month I’d have to think quite hard about the important issues to cover. There just wasn’t that much happening on a month to month basis.
Now, I have to literally filter through dozens of important things that have just occurred and try to select a few of them to focus on or this newsletter would be 100+ pages long.
The crypto space has become an entire topic on its own with so much happening that we are looking to bring on even more people onto the TDV team with a focus on cryptos, ICOs and trading. This will likely result in an add-on newsletter to TDV because just covering this space alone is worth 50 pages per month in research and analysis (I’ll briefly mention a number of interesting developments further below though). Stay tuned for more on that.
In the bitcoin space alone, ignoring all the other cryptos & ICOs, so much has occurred in just the last month.
The criminal Chinese government shut down three of the world’s largest exchanges and banned ICOs. JPMorgan has been attacking bitcoin as a fraud - which is laughable coming from that bunch. And the New York Agreement signatories proceeded further with the scheduled SegWit2x hard fork (which Juan Galt will cover in depth in this issue).
You’d think with all that happening and the uncertainty surrounding yet another bitcoin fork it would have seriously hurt the price of bitcoin.
Nope, bitcoin nearly doubled in the last month. Bitcoin just don’t care.
As I write, bitcoin is trading at $5600 after hitting a new all-time high of $5,844.18 on Sunday.
For the last three months I mentioned numerous times that I liked the short term prospects of bitcoin over the entire cryptocurrency space as a whole. And that has turned out to be correct as bitcoin has risen from a low of 37.82% dominance in the sector in June to 54.45% now.
The total market capitalization of all cryptocurrencies excluding bitcoin has fallen from $97 billion at the beginning of September to $79 billion today.
Meanwhile, bitcoin itself currently sits near $94 billion in market cap. It was only one year ago today that bitcoin had a market cap of just over $10 billion meaning it has increased nearly 1,000% in the last year in both market cap and price.
Not a bad year!
I recall many TDV subscribers lamenting how they had missed out on bitcoin after it had skyrocketed to $150 in 2013 after starting the year near $15. I said then that it was definitely not too late to get in.
The same happened after bitcoin surged through $1,000. And, I said the same, “it’s not too late.” When bitcoin hit $3,000 I said the same.
With it now near $6,000 I am telling you it is not too late. Here’s the main reason:
This is a chart of the money supply or value of gold, bitcoin, Chinese yuan, Japanese yen, euro and the US dollar.
You’ll notice one stands out as being miniscule. Bitcoin.
Gold is the next closest to bitcoin with a total value of approximately $7 trillion.
If bitcoin, which many including myself consider to be the digital version of gold were to one day be valued the same as gold it would have to rise 80x to a value, in today’s dollars, of over $450,000.
If bitcoin were ever to supplant the US dollar as a currency it’d have to rise nearly two-fold above that, for nearly $1 million per bitcoin.
Will it ever get there? Well, there is absolutely no way to know. And, if it does, it will take a long while.
Does it have the potential? Yes, absolutely. If we continue to live in a digital world and the fiat currencies of the world’s most indebted and bankrupt companies return to their intrinsic value of $0, then bitcoin would be the frontrunner to become the new world currency even more than gold due to all of its ease of use benefits.
It’s not going to get there without a fight though. And I expect nothing but volatility, crisis and chaos in the years ahead.
But consider the fact that there are only a total of 21 million bitcoins that will ever be available.
Some data shows that there are over 15 million millionaires in the world today. What if each one of them wanted to own just two bitcoins. There wouldn’t be enough.
And what if many of those millionaires begin to realize the entire fiat currency system was on the verge of collapse? The panic buying that would ensue would rise bitcoin, and to a lesser extent gold, to levels so high that sellers would eventually stop accepting fiat currencies whatsoever in exchange for bitcoin.
That’s where we could be headed.
In the meantime, though, with a rise of 1,000% in the last year a sizeable pullback is clearly possible.
Will it happen anytime soon? Truthfully, everything I am seeing says no.
Bitcoin, which once was just known by a few of us crazy people here around The Dollar Vigilante is now talked about at every level of business, banking and politics across the world… and a lot of the conversation is, “How do we get some?”
And, did I mention, the entire cryptocurrency space is moving forward at light speed.
Considering I was one of the only people talking about blockchain about three years ago it is incredible to see the speed in which this technology is accelerating.
Russia has flip flopped on bitcoin countless times now and has just announced it will be r eleasing its own CryptoRuble (CR). Of course, it will be nothing like bitcoin as it cannot be mined and will be issued and controlled by the Russian mafia (government). CR can be exchanged for regular Rubles at any time — however, if the holder is unable to explain the origin of the CR then a 13% extortion tax will be levied.
China may be following in Russia’s footsteps as the Director of the Digital Currency Research Institute under the People’s Bank of China hinted towards the creation of a state-backed cryptocurrency.
I expect most fiat currencies to become digital over time which will make most people accustomed to using digital currencies… from there it is only a click away to trade in or out of bitcoin and the myriad of other decentralized cryptocurrencies.
Coinshares, the issuer behind the world’s first Bitcoin Exchange Traded Note (ETN), has announced that they will be launching the world’s first Ether ETN on the Nasdaq Stockholm.
The Dubai Land Department — the government arm responsible for the registration and organization of real estate in the emirate — is now processing and implementing all real estate transactions on a blockchain, with the ultimate goal to have all Dubai properties recorded on a blockchain within the next 2-3 years.
This is one area in which I have no trouble with the government using blockchain technology: in the recording of property rights and activities. It will, over time, make government unnecessary in such activities and will enable the economy to transact with more trust and less expense in the form of lawyers.
Vitalik Buterin, the founder of Ethereum, has confirmed that 63% of central banks are working with Ethereum. Moreover, 44% of public institutions and 50,000 developers are building applications on the platform.
IBM has announced a partnership with Stellar Lumens , a blockchain-based payment processing company, to move money across borders throughout the South Pacific. Merchants and consumers will be able to send money to another country in near real-time, accelerating a payments process that typically takes days.
IBM hopes to use the blockchain network to process up to 60% of all cross-border payments in the South Pacific’s retail foreign exchange corridors by early 2018. The Stellar Lumens coin appreciated 150% after the announcement.
Basecoin, a form of stable coin, has attracted investment from some of Silicon Valley’s largest funds including 1confirmation, Andreessen Horowitz, Bain Capital Ventures, Digital Currency Group, MetaStable Capital, Pantera Capital and PolyChain Capital.
Basecoin is lauded by investors for its unique approach to what's been called the "holy grail" of cryptocurrency – a digital asset able to keep its value free from volatility. The basecoin protocol can be pegged to the value of any asset or basket of assets, dynamically adjusting its market price through the creative use of a combination of tokens.
Grid+, the blockchain-based company aiming to provide consumers with direct access to wholesale energy markets, has partnered with Tokyo Electric Power Company (TEPCO), Japan’s largest energy utility.
TEPCO aims to leverage its partnership to learn about the potential benefits of Ethereum for decentralizing the exchange of energy, while Grid+ hopes to learn how to refine its algorithms to purchase cheaper energy.
Winding Tree, a decentralized market for travel booking, has announced a partnership with Lufthansa, the largest German airline. The Winding Tree ICO starts on November 1.
And, Overstock CEO Patrick Byrne has confirmed that his security token exchange, tZERO, will be pursuing an ICO sometime before Thanksgiving. Byrne suggested that the ICO could raise as much as $500m, which would be double the record for an ICO raise.
I interviewed Patrick Byrne on Anarchast last month. You can see that here.
And, Vanuatu this month announced that it will accept bitcoin in exchange for citizenship— 44 bitcoin to be exact .
And we barely mentioned any of the ICO news. That’s a whole other area on its own.
I wanted to post this chart, though, of the main ICO’s return to date.
As can be seen, buying a small amount of certain ICOs, which have had returns of 10x, 100x and even 1,000x can be very profitable but you do need to be careful.
We’ll continue to cover them here and are increasing our research and analysis resources dramatically to do so.
Speaking of ICOs we have had a rough start with EOS which unfortunately, at the moment, is on the right side (loss side) of the above chart.
Many subscribers asked me to interview Dan Larimer again and, as I always try to do, I obliged.
This interview is exclusive to subscribers for the next 48 hours and then we will put it live to the public.
Here is the video .
*This video was also livestreamed on the TDV subscribers only Facebook Group here . Due to many things happening so quickly we don’t have time to even email out alerts like this but try to post if we can in the FB group. I realize some people don’t like FBIbook for obvious reasons but even just having a sock (fake) account set-up to access the group gets you access to a lot of valuable realtime info.
To summarize, Dan believes the drop in the price of EOS isn’t due to their long ICO period but mostly attributable to the Chinese ban on ICOs. According to Dan, 50% of buying was coming from China.
I’ve seen a number of people on the internet and even amongst subscribers questioning EOS. That is fairly normal.
I was one of the only people in the world lauding bitcoin at $3 in 2011 and still to this day people say it is a scam, a ponzi scheme or a fraud. I obviously stopped listening to them a long time ago.
When I first featured Ethereum in January 2016 near $2 there was a lot of criticism… and while it did rise to the $10 level fairly quickly afterwards it plateaued there for nearly a year bringing out a lot of catcalls about how it was dead.
It wasn’t.
So, with EOS, it has gotten off to a rocky start but it is also very early stage… and I have said that. However, by the time it is launched in June the price will likely be dramatically higher. So, you can wait and pay more later when the world realizes what a huge advance it is or you can get in early and take a few lumps waiting for the market to realize its value.
Dan Larimer outlined a lot of good information on EOS in our interview but afterwards, off the record, he went into detail on many of the projects they are working on… and I can tell you, they have ‘world changing” written all over them.
The market doesn’t know or realize a lot of it. And EOS has an absolutely massive bankroll, in the hundreds of millions of dollars, to bring all their projects (which are all related to or linked with EOS) to market.
And Dan has an amazing vision. He understands what the market needs and wants - which is often a downfall of most techies - and knows how to get there.
He announced this week in the official Telegram channel that EOS will be the first blockchain with unprecedented sub-second block times of 500 milliseconds and sub-second last irreversible block (LIB) providing finality. In other words, the time between a user sending a transaction or a command and being included in the blockchain could be consistently under a second compared to 10 minutes on Bitcoin.
So, with a market capitalization of $400 million currently - and a bankroll of almost the same amount - to me this is a no brainer lottery ticket.
Sure, like any new product it may fail. But, it may also succeed… and has a good chance of doing so in my opinion. And, if it does, we’ll laugh at how cheap it currently is for the opportunity.
In other words, stick with it and if you bought earlier at higher levels look to average down.
Like I said, A LOT is going on in the crypto space. It isn’t going to go away overnight no matter how many times Peter Schiff says it will.
Make sure to stick with us here at The Dollar Vigilante, the only financial newsletter in the world that has covered bitcoin and cryptos since 2011. Still to this day most financial newsletters don’t even cover this space… or even avoid it.
Their, and their subscribers, loss. Keep this in mind with bitcoin, too. Since bitcoin was launched in 2009 it has actually been in a near-state of hyperinflation… a type of hyperinflation that was necessary in order to widely distribute the coins. That time of high inflation is nearly over just as quite a large part of the world is just waking up to bitcoin.
What happens when increased demand meets decreasing supply? I think we all know the answer to that basic economics question.
So many other things have happened in the last two weeks but we only have so much time and mindspace to cover it all.
I didn’t even touch on what was quite obviously a false flag in Las Vegas. All the typical 9/11 type scenarios have occurred along with a storyline from the LameStream Media and the government that make zero sense.
Insiders sold stock of MGM prior to the event? Check .
A surge in buying in ammunition starting on 9/11 leading up to the event? Check.
Eyewitness to multiple shooters dead? Check .
Predictive programming? Check… as I’ll outline here.
It is well known by many that Hollywood and the music industry are largely controlled by elites. In fact it also well known that many popular stars are used for predictive programming purposes to influence the opinions of the masses.
It appears as if country singer Jason Aldean is one of these celebrities that is being used to convey subliminal messages along with others.
As we have come to learn, many of the nefarious plots that are planned by elites are planned decades in advance if not scores of years. With that in mind, there exists an Illuminati card game that contains a “Las Vegas” card. On this card are depicted a jack and ace, something you might see in a game of black jack, along with a picture of a sun.
The game created in 1996 has predicted multiple false flags and operations carried out by the elite including the Pentagon blowing up and 9/11.
In blackjack, the jack has the value “10” the ace has the value 1 or 11. In this case, it appears the symbology used on this card is conveying that the value of this ace is “1” - A is the first letter of the alphabet and in numerology - which the elites strongly believe in - it has the value “1”.
So when you put the two values together you end up with 10/1 - the same day the Las Vegas shooting occurred. Coincidence?
Well, if that was all coincidence, which it very likely wasn’t, what’s more, is that Jason Aldean has a nearly identical tattoo that depicts a jack and ace plus his initials are also “JA” the same exact letters. Also, Aldean has a picture of a black sun in the same tattoo. Likewise, sun symbology is heavily used on Jason’s website and album cover artwork.
As many of our enlightened readers probably know, the sun is worshiped by many secret societies, perhaps most famously, the freemasons.
Remember, this game has existed for more than 20 years. So, the Las Vegas shooting has probably been years in the making.
Just take a look at what went on with MK Ultra and the history of such government operations such as Project Mockingbird. This kind of manipulation has been going on for a long time.
Another one of Jason’s tattoos is a black cross depicting a red star - a pentagram - in the center of it.
And as many people know, many of the Illuminati elites worship satan or have Luciferian beliefs of some kind.
And, I didn’t even mention the location of the event, right in front of the giant black pyramid and numerous occult symbology… I get into this in a soon to be released Anarchast episode with Mark Passio.
Just remember nothing happens by accident.
Same ol’, same ol’.
If there is one heartening thing I’ve noticed is that a lot more people are questioning these events. Ten years ago when I was adamant that 9/11 was an inside job false flag death ritual most people thought I was crazy. Now, many agree.
And now, many are questioning these events… a positive in my opinion.
What will occur in the next two weeks prior to our next issue? I think it’s a safe bet to say “lots”.
So far we have made it through September and halfway through October with no market crash. As I write the Dow we just crossed 23,000.
The number 23 is quite an occult number . Could the powers behind the scene be targeting 23,000 before a planned crash?
We’ll have to wait and see. As you’ll see below, though, Ed Bugos is not giving up on “the big short.”
I’ll be in Austin for the Texas Bitcoin Conference on October 28th and 29th. You can get a discount to the conference by using the code “Anarchast”. And then I’ll be going to Lisbon, Portugal for Steemfest from November 1st to 5th.
And, of course, don’t forget about Anarchapulco from February 15-17th, then Cryptopulco on February 18th and the TDV Internationalization & Investment Summit on February 19th!
For those mostly interested in cryptocurrency, finance and investment, Cryptopulco and the TDV Summit the next day are the events to go to.
You can check out the websites to see all the amazing speakers lined up including Trace Mayer, Roger Ver, Bruce Fenton, Dan Larimer and many, many others.
And, unlike many other conferences most of the speakers will be around the entire week, and often poolside, where you can casually chat. That also includes myself, Ed Bugos, Juan Galt, Luis Fernando Mises and the rest of the team from TDV.
Phew. So much going on… but we are happy to be one of your trusted sources to help you survive and prosper through it all.
Thank you for that! And thank you for subscribing!
Jeff Berwick
submitted by 2012ronpaul2012 to conspiracy [link] [comments]

The Future of Bitcoin & STEEM May Be Limitless! - Jeff Berwick Talks Cryptocurrencies Taking Over With Bitcoin Mining Joby Weeks and Jeff Berwick The RISE Of The Cashless Society & The TRUTH About Bitcoin with Jeff Berwick Why Bitcoin will be the next big thing: Interview with ... Jeff Berwick interviews Joby Weeks Founder Of Bitclub Network

Jeff Berwick, the so-called Dollar Vigilante (a skeptic of the U.S. fiat system), recently sat down with BlockTV, an up-and-coming crypto-centric media outlet, to discuss his optimistic outlook on Bitcoin (BTC). It should come as no surprise that Berwick was bullish on decentralized cryptocurrencies, especially considering his seeming distaste for government-issued currency, but his comments ... By Greg Hunter’s . Financial editor Jeff Berwick predicts what is coming to the world is “the end of the monetary system as we know it.” Berwick contends, “We’re in the very end stages of this system because of the amount of U.S. government debt. The debt is going up over $1 trillion a year. If actually accounted for properly, it is really going up more than $5 ... MINING; ALTCOINS . BITCOIN CASH; LITECOIN; RIPPLE; IOTA; DASH; EOS; MONERO; ZCASH; NEO; COUNTERPARTY; CHARTS; Updated news about bitcoin and all cryptocurrencies. JEFF BERWICK. Read news and updates about JEFF BERWICK and all related bitcoin & cryptocurrency news. Displaying items 1 - 7 of 7 . Anarchapulco Returns Promoting Freedom and Cryptocurrencies. 02/02/2019 - 00:55 . PR: ... Bitcoin, Gold, Libra, & Govt: Jeff Berwick, Fmr head of US Mint, + more! July 29, 2019 admin Investing In Bitcoin 49. What has government done to our Money? Ed Moy was the 38th director of the United States Mint, and one of the highest ranking officials in government to have … Subscribe to Get more stuff like this. Subscribe to our mailing list and get interesting stuff and updates to your ... Berwick is the founder of The Dollar Vigilante, an anarcho-capitalist media outlet focusing on gold, silver, mining stocks, cryptocurrencies, and offshore banking. chatted with ...

[index] [1417] [4646] [49311] [37219] [33759] [37695] [35990] [48596] [31609] [41230]

The Future of Bitcoin & STEEM May Be Limitless! - Jeff Berwick Talks Cryptocurrencies

Blockchain technology has the potential to put the power back into the people's hands. Jeff shares his insights and views how cryptocurrency can change the society for the better. If you're ... The Dollar Vigilante's Jeff Berwick ( on why bitcoin will continue to gain in popularity worldwide. In this interview with Cam... Listen to this awesome interview of Joby Weeks one of the founders of Bitclub Network which is one of the largest minining company in the world by Jeff Berwick. What ... Dollar Vigilante Jeff Berwick: Favorite Coin, Institutions, Bitcoin, & Much More!- Anarchapulco 2019 Crypt0. Loading... Unsubscribe from Crypt0? Cancel Unsubscribe. Working... Subscribe Subscribed ... Josh Sigurdson sits down with The Dollar Vigilante Jeff Berwick in Las Vegas, Nevada during Freedom Fest to talk about the future of the crypto-markets following the MASSIVE corrections we've seen ...