Don’t Worry, Overstock’s New CEO Is Already ‘Drunk on ...

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]

I’m Bruce Fenton, 20 yr Wall St. vet, went full crypto in 2012 & never looked back AMA!

Hi Reddit!
Daily visitor here & someone suggested I do an AMA
Happy to answer any questions - the topics I know a little about are crypto/ the people and community / financial advise / token securities
My background:
I was a stockbroker / asset manager for 20 years starting in 1992 at age 19 when I became a broker at Dean Witter (later Morgan Stanley)
Got into crypto in 2012 - investor in Eth crowdsale, seed round of Shapeshift, seed round of BlockOne, later investor in Abra and others
Currently serve on the Board of Directors for Medici Ventures (owner of tZero and subsidiary of Overstock)
Founded Atlantic Financial - the internet’s first full service investment firm — a retail investment co which has done over $5 billion in transactions
Served as an advisor to large organizations like Bain Capital and the Bill & Melinda Gates Foundation (before crypto/ my opinions are not theirs)
Owner of Chainstone Labs, a company focused on tokenized securities
Created Spacesuitx - an open source method to evaluate digital assets - check it out it’s free for you to use
Former Executive Director (2013) & current Board Member of the Bitcoin Foundation, the industry’s oldest non profit advocacy org
Host of the Satoshi Roundtable, an invite only industry event limited to 200 people: past attendees include Vitalik Buterin, Adam Back, Roger Ver, Charlie Lee, Elizabeth Stark, Brian Armstrong, Fluffypony, Brock Pierce and the CEOs of Blockone, Bitfury, BTCC, Bitpay and dozens of other top investors & companies
Host of Free State Blockchain Digital Assets Conference - which is a NH crypto event every October
Working on a book called Blockchain: Truth’s Crucible
Also working hard** on the Ravencoin project **
and building a hacker environmental retreat on a New England farm
Coins I follow: Bitcoin, Bitcoin Cash, ETH, ETC, Eos, Ada, RVN, Dash, Litecoin, Monero, Zcash — a few others —* I don’t follow many others so wont have opinions on most ICOs* - but I can definitely give opinions on the industry and big picture trends.
I’m not the smartest person in Crypto but I definitely have had a front row seat to history and it’s been a thrill and fun.
AMA!
EDIT: I’ll take off for now - thanks, this was fun!
If you want to stay in touch follow me on Twitter & keep an eye out for cool projects
submitted by bruce_fenton to CryptoCurrency [link] [comments]

A Spy in the House of Byrne—The Ledger

_(This week’s Ledger newsletter is by David Z. Morris)_The crypto industry can be roughly divided into two groups. On the one hand, there are “crypto native” companies creating new things from scratch (think Binance or Brave). On the other hand are existing operations trying to use blockchain tech to get a further edge (think ICE’s Bakkt or Facebook’s Libra).
And then there was Patrick Byrne, who had a foot in both worlds—sometimes uncomfortably.
The CEO for two decades of e-commerce pioneer Overstock.com, Byrne became a vocal crypto proponent around five years ago, and has worked since then to position the company as a blockchain leader. Overstock was the first major online retailer to take payments in Bitcoin, starting in early 2014. The same year, Byrne began work on “tzero,” a blockchain-based alternative to traditional securities exchanges. Then he founded Medici Ventures, a venture fund and incubator that houses 18 blockchain startups within Overstock.
And now, it appears, he’s gone. Byrne resigned suddenly as CEO of Overstock last Thursday, after mounting controversy surrounding his past romantic relationship with alleged Russian agent Maria Butina. Butina is now serving an 18 month prison sentence for conspiring to promote Russian interests through conservative U.S. political groups.
Byrne’s statements on the matter have been vague and conspiratorial, including references to the “Deep State” and “Men in Black” who Byrne says drew him into “certain government matters.” He subsequently made detailed claims that the FBI directly encouraged his relationship with Butina circa 2016 as part of an investigation into Russian activities (claims dismissed by then-FBI director James Comey). Byrne says he’s resigning because these entanglements “may affect and complicate all manner of business relationships,” and that he’ll be “disappearing for some time.”
This is the sort of weirdness you’d expect from the wild-west world of crypto-natives, not a public company valued at more than $1 billion as recently as a year ago. But Byrne was known as a bit of a loose cannon well before Bitcoin was invented, most notably for his aggressive (and also frequently conspiratorial) campaign against naked short sellers. (You can read _Fortune’s_coverage of those battles here.)
This very enjoyable profile from Forbes dives into Byrne’s privileged and unconventional background—he has a PhD in philosophy from Stanford, and is apparently close friends with Warren Buffet through Byrne’s father. It also paints Byrne as easily distractable, and Overstock’s blockchain ventures as a boondoggle that’s destroying a once-profitable company.
The boondoggle part might wind up coming true, but if Overstock’s blockchain efforts are a risky bet, they’re anything but a lark. I spent some time at the company’s headquarters in Salt Lake City this past spring, and with Medici, Byrne has built a team that’s both technically savvy and fairly unified in its deeply-held crypto-native worldview. Most notably, Medici is a hotbed of thoughtful skepticism towards government, with managers and coders ranging from left-wing anarchists to free-market libertarians. There are even signs that Overstock’s presence is helping turn Salt Lake City into a blockchain hub with its own unique feel—for instance, the Off Chain conference there caters to the overlap between crypto, firearms, and “prepping.”
Byrne himself often described his worldview in libertarian terms, and he’ll be succeeded by Jonathan Johnson, who shares much of Byrne’s outlook on both politics and blockchain. Johnson is currently head of the Medici unit, and he’ll shoulder Byrne’s CEO duties on an interim basis. He’s a steady, composed counterpoint to Byrne’s swashbuckling verve, as well as a thoughtful strategist. Most significantly, his rise to the head job, even if temporary, signals that Overstock intends to stick with its blockchain bets.
The question now is whether some of those bets hit before Overstock’s retail revenues fade.
One final note: We’re running lean here at The Ledger this month, in part because Jeff Roberts is on book leave (look for his cryptocurrency magnum opus from Audible soon). That’s why they handed the reins over to me, the new guy. I recently joined the Fortune team from BreakerMag, a now defunct but much-loved blockchain-focused publication. In addition to reporting on the world of digital assets and decentralized technologies, I’ll be writing about A.I., Tesla, and other techie matters. I’ll also be authoring this newsletter every once in a while—hopefully, from here on out, with a header that actually has my name on it. Glad to know you.
David Z. Morris |@davidzmorris| [email protected]
* More Details Here
submitted by acerod1 to Business_Analyst [link] [comments]

Cryptocurrency Weekly Recap

submitted by QuantalyticsResearch to CryptoCurrency [link] [comments]

Tzero: Security Token Exchange Analysis

TZero, a blockchain subsidiary of e-commerce retail giant Overstock
Overstock.com is an online retailer that sells a wide range of goods. At its origins, it was a platform for selling the surplus of electronic goods or those which had been returned, but it then started to offer new products, which have attracted more of the public. The platform was founded in 1999 by Patrick Byrne, who is the current CEO of the company. The company is headquartered in the USA. In 2014, it became the first major retailer to start accepting Bitcoin as a form of payment.
TZero has created a modular, adaptable platform. The platform integrates with trade participants to create a real-time, authenticated, immutable ledger. That ledger can host ICOs that are compliant with FINRA and SEC regulations to bring the platform to life, TZero partnered with RenGen LLC and the Argon Group.
“Now, by combining our expertise with Argon’s advisory services and RenGen’s electronic trading, deep liquidity and market making capabilities, we are in a position to launch the only U.S. SEC compliant token trading venue,” explains Dr. Patrick M. Byrne, CEO of Overstock.
“tZERO has been at the forefront of the blockchain revolution for years, working closely with regulators since 2015 – launching the world’s first SEC compliant ATS for blockchain assets, the first private blockchain bond offering, and the first ever public issuance of a blockchain security.”
While tZERO originally limited the maximum amount of tokens to $250 million, it is currently unclear how much it raised during the round. In June, tZERO signed a letter of intent with Beijing-based investment company GSR Capital for the purchase of $160 million in tZERO Security Tokens at a price of $10.00 per token...
https://icodog.io/tech-analysis/security-token-exchange-analysis-tzero/
By Chris from icodog.io
submitted by EnriqueZGZ to ico [link] [comments]

Cryptocurrencies and their Characteristics

Hello! My name is Irina Shevchuk, I am a designer at Platinum where we create best ICO and STO promotion ever! We know how to launch STO in 2019 and will help your project to get in the list of best security tokens 2019!
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Get familiar with Ethereum, its founding principles and major improvements/limitations upon the initial Bitcoin Blockchain!
Did you know that due to the nature of the cryptographic community from which cryptocurrencies have been developed, it is only natural that the adoption of cryptocurrencies in the digital sphere has dwarfed that in the traditional business world? Cryptocurrency adoption has firmly permeated the online gaming sphere with offerings such as Experience points (XP) for purchasing incentives in games and educational content, as well as GameCredits (GAME), which aims to be a universal currency for gamers worldwide and STORM, a kind of Blockchain Mechanical Turk, a crowdsourcing Internet marketplace. In the online gambling space, Funfair (FUN) aims to be the go-to currency for all online gaming, and Edgeless (EDG) supposedly offers a gambling experience with no edge for the house, a project all gamblers would surely welcome and support.
Cryptocurrency projects have already provided use cases for conventional businesses and enabled existing commercial operations to improve their performance with the implementation of Blockchain technology. Thus far, Bitcoin is the cryptocurrency that has most readily made inroads into the public consciousness. Microsoft, for example, has begun to accept Bitcoin payments in Windows and XBox stores, and Expedia has teamed up with Coinbase to allow Bitcoin to be used to book hotel rooms. Much like Iconomy in the crypto asset management sphere, NapoleonX (NPX), is allowing crypto investors to buy into Decentralized autonomous funds which focus on conventional markets. As we have already covered, one of the main reasons that Blockchain technology is causing so much excitement is because of the great number of ways the technology might be developed and applied in business.
The Canadian-Russian boy genius named Vitalik Buterin first envisaged the next stage in Blockchain technology as a scripting language for Bitcoin. But this particular idea failed to reach a consensus with the community. That is what stimulated development of a totally new platform with a more general type of language. Initial development on the Ethereum project began in Spring 2014 with the core team of Vitalik Buterin, Mihai Alisie, Anthony DiIorio, and Charles Hoskinson, working through the Swiss company EthSuisse. Subsequently, the Ethereum Foundation was created in the run up to the July 2014 crowd sale. Then, the Ethereum project’s currency Ether was distributed to participants who purchased the token with Bitcoin.
The initial questions about the security of the project were proven to be warranted after an infamous entity called the DAO (Decentralized Autonomous Organization) led to the loss of $50 million of the $150 million dollars raised in the Ethereum crowdsale. The Ethereum Blockchain then underwent a very contentious hard fork resulting in the Ethereum, ETH, we know today being separated from its parent chain, Ethereum Classic, ETC. By the end of 2016, the Ethereum Blockchain had forked twice more resulting in increased DDoS protection, that de-bloated its Blockchain, and thwarted further spam attacks by hackers.
The true cost of the financial crisis for the world economy is still being calculated and may never actually be known, but conservative estimates put the cost at approximately $20,000 per America citizen. Satoshi Nakamoto, the anonymous creator of the most famous and infamous digital currency, sought to create a means of transmitting value that did not require a trusted third party to oversee the transaction or guarantee the value. By using distributed ledger technology on the Blockchain he laid the foundation for a trustless decentralized financial system that did not rely on central banks to mediate transactions. This is a “peer-to-peer version of electronic cash…. sent directly from one party to another without going through a financial institution”. With no trusted third party, each individual becomes a self-sovereign, one-person-bank, responsible for his or her own transactions and security.
The Ether token’s authenticity is guaranteed by its Blockchain, which is a continuously growing list of records connected and secured using cryptography. Like Bitcoin, the Ethereum Network is an open and distributed ledger that records transactions between two people in a confirmable and permanent way. The Ether token is superior to bitcoin in that its blocktime is approximately 15 seconds compared to 10 minutes with Bitcoin. Mining generates new coins at a usually consistent rate, and the average transaction cost in December 2017 was $0.33 compared to $23 for Bitcoin. As alluded to above, Ethereum initially aimed to become both a decentralized internet and a decentralized app store supporting a new kind of app (dapp). In order for the network to function correctly, a novel piece of code “ether” was created in order to pay for the computational power needed to run an application on the Ethereum network. Ether is a digital bearer asset like BTC, and does not need a third party to verify or mediate transactions. “ERC-20 Token: The Ethereum Request for Comment -20 token is standard set of rules used for smart contracts on the Ethereum Blockchain for executing new tokens. It defines a uniform set of rules on how a new token will function within the Ethereum Blockchain. The creation of this token has made it very easy for start-up companies to create their own token within the Ether ecosystem. That was a very significant advancement that caused the 2017 ICO boom in newly issued tokens.
Monero: This fork of Bitcoin is focused on privacy and decentralization. It obfuscates the sender and recipient’s addresses, as well as the amount of the transaction. The original Monero (the name is Esperanto for “coin”) author, Nicolas van Saberhagen, sought to make mining rewards more egalitarian as an additional benefit of being part of the Monero ecosystem. The very private nature of the Monero architecture, which mixes sender “ring signatures” with many others, makes the deciphering of the destination and recipient address increasingly difficult. This has made the Monero cryptocurrency the go-to coin for illicit transactions on the Dark web. There is, however, another way to look at this. Although Monero’s intensely private nature and deliberate obfuscation of transaction destinations and sources is undoubtedly used for criminal and corrupt purposes, the exact opposite effect may occur if its privacy characteristics are placed within the context of third world countries where corruption is already rife. In developing countries, it has proven much easier for people to obtain devices with an internet connection than it is for them to open a bank account. With 2 billion people worldwide without a bank account, much of them in Sub-Saharan Africa, privacy coins like Monero could play a key role in distributing aid to the needy without having to deal with any potentially corrupt and inefficient organizations or state institutions standing in between.
Ripple: Ripple is well-known as one of the very first big Blockchain projects. In fact, its predecessor, RipplePay dates all the way back to 2004. The modern version of the Ripple payment protocol (conceived by Jared McCaleb and built by Arthur Britto and David Schwartz) enables instant peer-to-peer transfer of money. The protocol and the facility to avoid the banking system, results in drastically reduced fees and transaction times compared to international transfers by conventional banking methods. Ripple is currently known as the cryptocurrency of the financial services industry, with major involvement by Santander, American Express and RBS, amongst many others. Ripple has also teamed up with Moneygram to speed up the process of cross-border payments. Ripple is aiming to send money across national lines “as quickly as information” in the words of its CEO Brad Garlinghouse. The almost laughable inefficiencies and delays in sending money to friends or loved ones in foreign countries is a major pain point for banking customers the world over. Now, with the implementation of Blockchain technology through Ripple’s XRapid initiative in partnership with Moneygram, international transfer times will go from being measured in days to being measured in seconds.
NEO: This is often described as the “Chinese Ethereum”. NEO is similar to Ethereum in that it is a Blockchain platform that is designed to be a scalable platform for the construction of decentralized applications. The NEO Blockchain project was founded by Da Hongfei in 2014. Like Ether (ETH) in the Ethereum network, the NEO token is the base asset of the NEO Blockchain. But unlike Ether, it is indivisible, and it accrues a GAS token when stored in a wallet. The GAS token can be used to pay transaction fees on the NEO Blockchain. The NEO cryptocurrency was rebranded from Antshares in 2017, and has started to produce highly successful ICOs on its platform, most notably Ontology (ONT) and RPX which will make use of the NEP-5 token. In the immediate aftermath of rebrand from Antshares, the all-encompassing vision of NEO 2.0 was laid out as follows: “We hope the platform can be used for different front-end scenarios, such as the Digital asset wallet, Forum, Voting, Profile management and Mobile applications. The platform also features an open API that can be used for integration with other systems.” One of the main alterations made to the NEO project was the addition of more up-to-date digital identity management protocols which employed Public Key Infrastructure(PKI)X.509 digital identity standards. NEO’s verification of identity when issuing digital identities includes fingerprint, voice and facial feature authentication methods.
IOTA’s code architecture is not in the same mold of Bitcoin or Ethereum, both of which could be described as existing on and making use of a Blockchain to order their transaction history. IOTA, and its token, the MIOTA, are embedded in a code structure called “The Tangle” which is a form of Direct Acyclic Graph data architecture. This particular architecture enables the code to function with no fixed block and each transaction carries its own proof of work. These types of transactions are enabled by “storing the most recent transactions in a fast cache, and by using checkpoints such that older transactions cannot be references. Thus, the system can be made as fast as Bitcoin, or faster”. IOTA’s main use case is for the transmission of information and value between Internet of Things enabled devices, in an automated manner. This project is truly one oriented toward the future, when many more IoT devices will be online, and there is a great need for such devices to communicate and transact without any human intervention. One weak point in DAG code architecture is that much less than a 51% attack is sufficient to compromise the network. It would be theoretically possible to bring about double spending on a DAG network with a 34% attack.
TenX (PAY) TenX was founded in 2014 as part of a PayPal incubator program. It sought to bridge the gap between Blockchain assets and everyday commerce, providing an efficient solution for the liquidity problems of many cryptocurrencies. The project will eventually be centered around a debit card that makes use of the COMIT protocol that enables many different Blockchains to interact with one another without having to issue a different token. That could be another milestone event in the crypto ecosystem. The project roadmap presented to investors began with the ICO in July 2017. They famously raised $34 Million in the first 7 minutes. The roadmap will conclude when they obtain their banking license in the middle of 2020. At that point they also aim to issue FIAT tokens fully backed and issued by a government. So far, the TenX project is on course to meet its stated targets. They brought out their highly rated IOS and web apps at the end of 2017. This serves as a fantastic example of how a well-run ICO can help both the investors and the startup streamline the capitalization process to the benefit of all parties involved.
Influence upon Traditional Merchants around the world. Due to the inherent volatility of cryptocurrency, the adoption of crypto payment methods by traditional businesses has generally been slower than in the online sphere. Although some major companies have in fact begun to come around to the idea of integrating digital currencies into their methods of accepting payments, the volatility of crypto is still a serious impediment for most. Microsoft has led the way by incorporating Bitcoin payment systems into the Window Store, as well as adding the ability for game players to purchase credit on the Xbox live network with Bitcoin. Overstock began accepting Bitcoin payments on January 9th, 2014, and saw a significant uptick in orders immediately. They received 900 new orders for $126,000 worth of BTC. Electronic retailer NewEgg, and online gaming site Zynga, also now take Bitcoin payments. There are even certain Subway outlets in South America that have started to accept Bitcoin as a method of payment too. On a far smaller scale, Coingate has partnered with Prestashop, to take Europe to the verge of a widescale cryptocurrency payment method. Merchants of any size need only apply for a Coingate account, and then have a crypto payment module installed, in order to accept payment in Bitcoin, BCash, Ether, Litecoin and nearly 50 other cryptocurrencies. The price is locked in immediately at the time of the transaction, which solves the volatility issue, and the whole process can be completed without the merchant having to deal in anything other than Euros. CryptoCredit card projects Monaco and TenX help to bridge the gap between the worlds of fiat and crypto, allowing a card holder to spend their cryptocurrency anywhere in the world.
Decentralization & Our Financial World In the Financial World, decentralization would radically alter the roles of, and creation of value by, our modern day ‘too-big-to-fail’ financial institutions. The capping of the supply of most major cryptocurrencies is itself an idea nothing short of revolutionary, in the truest sense of the word. All developed economies are oriented around a Central Bank that, through the system of fractional reserve banking, has power to create loans or investments and accept deposits, but is only required to hold reserves equal to 10% of its total liabilities. This in effect empowers central banks to print money as they see fit, a mechanism which gives central banks massive power in contemporary society. Any move toward decentralized ledgers, and any number of finite decentralized currencies, would upset the balance of power between central banks and the individual in a way that has never occurred before. The role of central banks in the economy, and the traditional means of solving common financial problems by having the central bank manipulate the money supply, for example, would need to be radically rethought. Consider the recently used machinations such as quantitative easing, negative interest rates, etc. These are present-day “solutions” that would no longer be able to be applied to the economic and financial problems they are attempting to solve.
If Blockchain technology was meaningfully deployed in the political arena it is conceivable that political corruption and vote-rigging could be severely curtailed or even eradicated. By providing a clear, transparent and incorruptible method of vote recording and counting, voter fraud and election rigging could be eliminated. The political climate could be detoxified and faith could be restored in both fledgling and established democracies. The idea of being able to present a publicly available digital ledger would allow journalists to maintain lists of sources that would be able to be shared between peers without compromising the source’s identity. The possibilities for the application of the Blockchain founding principles are truly revolutionary and just may be the largest leap forward for society since the computerization of the work force or the globalization of trade. The Cryptocurrency Ecosystem Overstock is a large e-commerce company that has successfully adopted a Blockchain solution for its business needs. The Silk Road was one of the most widely known early beneficiaries of the mass adoption of cryptocurrencies. Purpose of Cryptocurrencies -Ethereum was developed after the original creator’s suggested changes to Bitcoin were not implemented by the community. -Ethereum is a completely separate cryptocurrency. -DAO Hack & the Ether Token. -Monero, Ripple, NEO, Stellar & Iota. -Microsoft has begun to accept Bitcoin on the Xbox live network store.
If there is a wide-scale expansion of the mechanism of asset-tokenization we could see stocks, bonds, synthetic instruments and commodities being brought on-chain in the future. This would allow traditional assets to be easily integrated with smart contracts, and facilitate their interaction. This would cut down transaction times, and even more importantly, dramatically slash legal fees to a fraction of what they are today. It can cost up to $1,000 an hour or more to hire corporate lawyers to preside over a deal, draft contracts, or give advice on the intricacies of high finance. So, the potential savings involved for big businesses, if smart contracts and asset tokenization became the norm, is an amazing thing to think about at this time. The ASX is the first exchange in the world to implement a solution that would change the settlement of equities transactions from two days, to mere minutes. This radically changes how traders on both the buy and sell side, as well as companies, would be able to trade their securities, manage their risk and leverage their positions.
Learn more on the role ICO tokens play as a part of Blockchain backed solutions. What is a crypto token? How do security tokens work? How to market an ICO?
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Tzero: Security Token Exchange Analysis

TZero, a blockchain subsidiary of e-commerce retail giant Overstock
Overstock.com is an online retailer that sells a wide range of goods. At its origins, it was a platform for selling the surplus of electronic goods or those which had been returned, but it then started to offer new products, which have attracted more of the public. The platform was founded in 1999 by Patrick Byrne, who is the current CEO of the company. The company is headquartered in the USA. In 2014, it became the first major retailer to start accepting Bitcoin as a form of payment.
TZero has created a modular, adaptable platform. The platform integrates with trade participants to create a real-time, authenticated, immutable ledger. That ledger can host ICOs that are compliant with FINRA and SEC regulations to bring the platform to life, TZero partnered with RenGen LLC and the Argon Group.
“Now, by combining our expertise with Argon’s advisory services and RenGen’s electronic trading, deep liquidity and market making capabilities, we are in a position to launch the only U.S. SEC compliant token trading venue,” explains Dr. Patrick M. Byrne, CEO of Overstock.
“tZERO has been at the forefront of the blockchain revolution for years, working closely with regulators since 2015 – launching the world’s first SEC compliant ATS for blockchain assets, the first private blockchain bond offering, and the first ever public issuance of a blockchain security.”
While tZERO originally limited the maximum amount of tokens to $250 million, it is currently unclear how much it raised during the round. In June, tZERO signed a letter of intent with Beijing-based investment company GSR Capital for the purchase of $160 million in tZERO Security Tokens at a price of $10.00 per token...
https://icodog.io/tech-analysis/security-token-exchange-analysis-tzero/
By Chris from icodog.io
submitted by EnriqueZGZ to ico [link] [comments]

JPMorgan suppresses gold & silver prices to prop up the USDollar - via "naked short selling" of GLD & SLV ETFs. Now AXA (which owns $94 million of JPMorgan stock) may be trying to suppress Bitcoin price - via tiny blocks. But AXA will fail - because the market will always "maximize coinholder value"

TL;DR
As a bitcoin user (miner, hodler, investor) you have all the power - simply due to the nature of markets and open-source software. Core/Blockstream, and their owners at AXA, can try to manipulate the market and the software for a while, by paying off devs who prefer tiny blocks, or censoring the news, or conducting endless meetings - but in the end, you know that they have no real control over you, because endless meetings are bullshit, and code and markets are everything.
Bitcoin volume, adoption, blocksize and price have been rising steadily for the past 7 years. And they will continue to do so - with or without the cooperation of Core/Blockstream and the Chinese miners - because just like publicly held corporations always tend to "maximize shareholder value, publicly held cryptocurrencies always tend to "maximize coinholder value".
How much of a position does AXA have in JPMorgan?
AXA currently holds about $94 million in JPMorgan stock.
http://zolmax.com/investing/axa-has-94718000-position-in-jpmorgan-chase-co-jpm/794122.html
https://archive.is/HExxH
Admittedly this is not a whole lot, when you consider that the total of JPMorgan's outstanding shares is currently around USD 3.657 billion.
But still it does provide a suggestive indication of how these big financial firms are all in bed with each other. Plus the leaders of these big financial firms also tend to hang out which each other professionally and socially, and are motivated to protect the overall system of "the legacy ledger of fantasy fiat" which allows them to rule the world.
How does JPMorgan use paper GLD and SLV ETFs to suppress the price of physical gold and silver?
As many people know, whistleblower Andrew Maguire exposed the massive criminal scandal where JPMorgan has been fraudulently manipulating gold and silver prices for years.
JPMorgan does this via the SLV and GLD ETFs (Exchange Traded Funds).
The reason they do it is in order to artificially suppress the price of gold and silver using "naked short-selling":
https://duckduckgo.com/?q=andrew+maguire+gata+jpmorgan+nake+short&t=hd&ia=videos
How exactly does JPMorgan manage to commit this kind of massive fraud?
It's easy!
There's actually about 100x more "phantom" or fake silver and gold in existence (in the form of "paper" certificates - SLV and GLD ETFs) - versus actual "physical" gold and silver that you can take delivery on and hold in your hand.
That means that if everyone holding fake/paper SLV & GLD ETF certificates were to suddenly demand "physical delivery" at the same moment, then only 1% of those people would receive actual physical silver and gold - and the rest would get the "equivalent" in dollars. This is all well-known, and clearly spelled out in the fine print of the GLD and SLV ETF contracts.
(This is similar to "fractional reserve" where almost no banks have enough actual money to cover all deposits. This means that if everyone showed up at the bank on the same day and demanded their money, the bank would go bankrupt.)
So, in order to fraudulently suppress the price of gold and silver (and, in turn, prevent the USDollar from crashing), JPMorgan functions as a kind of "bear whale", dumping "phantom" gold and silver on the market in the form of worthless "paper" SLV and GLD ETF certificates, "whenever the need arises" - ie, whenever the US Dollar price starts to drop "too much", and/or whenever the gold and silver prices start to rise "too much".
(This is similar to the "plunge protection team" liquidity providers, who are well-known for preventing stock market crashes, by throwing around their endlessly printed supply of "fantasy fiat", buying up stocks to artificially prevent their prices from crashing. This endless money-printing and market manipulation actually destroys one of the main purposes of capitalism - which is to facilitate "price discovery" in order to reward successful companies and punish unsuccessful ones, to make sure that they actually deliver the goods and services that people need in the real world.)
Is there an ELI5 example of how "naked short selling" works in the real world?
Yes there is!
The following example was originally developed by Overstock CEO Patrick Byrne - who, as many people know, is very passionate about using Bitcoin not only as cash, but also to settle stock trades - because his company Overstock got burned when Wall Street illegally attacked it using naked short selling:
Here's how naked short-selling works: Imagine you travel to a small foreign island on vacation. Instead of going to an exchange office in your hotel to turn your dollars into Island Rubles, the country instead gives you a small printing press and makes you a deal: Print as many Island Rubles as you like, then on the way out of the country you can settle your account. So you take your printing press, print out gigantic quantities of Rubles and start buying goods and services. Before long, the cash you’ve churned out floods the market, and the currency's value plummets. Do this long enough and you'll crack the currency entirely; the loaf of bread that cost the equivalent of one American dollar the day you arrived now costs less than a cent.
With prices completely depressed, you keep printing money and buy everything of value - homes, cars, priceless works of art. You then load it all into a cargo ship and head home. On the way out of the country, you have to settle your account with the currency office. But the Island Rubles you printed are now worthless, so it takes just a handful of U.S. dollars to settle your debt. Arriving home with your cargo ship, you sell all the island riches you bought at a discount and make a fortune.
http://www.rollingstone.com/politics/news/wall-streets-naked-swindle-20100405
Why isn't anybody stopping JPMorgan from using "naked short selling" to fraudulently suppress gold and silver prices?
Because "certain people" benefit!
Of course, this "naked short selling" (selling a "phantom" asset which doesn't actually exist in order to suppress the price of the "real" asset) is actually illegal - but JPMorgan is allowed to get away with it, because suppressing the gold and silver price helps prop up the United States and world's major "fantasy fiat" financial institutions - which would be bankrupt without this kind of "artificial life support."
How does suppressing the gold and silver price help governments and banks?
If gold and silver (and Bitcoin!) rose to their actual "fair market value", then the US dollar (and most other national "fiat" currencies) would crash - and many major financial institutions would be exposed as bankrupt. Also, many "derivatives contracts" would default - and only a tiny percentage of defaults would destroy most major financial companies' balance sheets. (For example, see Deutsche Bank - which is may become "the next Lehman", due to having around around $80 trillion in dangerous derivatives exposure.)
So, major financial firms like JPMorgan are highly motivated to prevent a "real" (honest) market from existing for "counterparty-free" assets such as physical gold and silver (and Bitcoin!)
So, JPMorgan fraudulently manipulate the precious-metals market, by flooding it with 100x more "phantom" "silver" and "gold" in the form of worthless GLD and SLV ETF certificates.
Basically, JPMorgan is doing the "dirty work" to keep the US government and its "too-big-to-fail" banks and other financial institutions afloat, on "artificial life support".
Otherwise, without this GLD & SLV ETF "naked short selling" involving market manipulation and fraud, the US government - and most major US financial institutions, as well as many major overseas financial institutions, and most central banks - would all be exposed as bankrupt, once traders and investors discovered the real price of gold and silver.
So, what does this have to do with AXA and Bitcoin?
Just like JPMorgan wants to suppress the price of gold and silver to prop up the USDollar, it is reasonable to assume that AXA and other major financial players probably also want to suppress the price of Bitcoin for the same reasons - in order to postpone the inevitable day when the so-called "assets" on their balance sheets (denominated in US Dollars and other "fantasy fiat" currencies, as well as derivatives) are exposed as being worthless.
Actually, only the motives are the same, while the means would be quite different - ie, certain governments or banks might want to suppress the Bitcoin price - but they wouldn't be able to use "naked short selling" to do it.
As we know, this is because with Bitcoin, people can now simply demand "cryptographic proof" of how many bitcoins are really out there - instead of just "trusting" some auditor claiming there is so much gold and silver in a vault - or "trusting" that a gold bar isn't actually filled with worthless tungsten (which happens to have about the same "molecular weight" as gold, so these kinds of counterfeit gold bars have been a serious problem).
(And, by the way: hopefully it should also be impossible to do "fractional reserve" using "level 2" sidechains such as the Lightning Network - although that still remains to be seen. =)
So, even though it should not be possible to flood the market with "phantom" Bitcoins (since people can always demand "cryptographic proof of reserves"), AXA could instead use a totally different tactic to suppress the price: by suppressing Bitcoin trading volume - explained further below.
Does AXA does actually have the motives to be suppressing the Bitcoin price - right now?
Yes, they do!
As described above, the only thing which gives giant banking and finance companies like JPMorgan and AXA the appearance of solvency is massive accounting fraud and market manipulation.
They use the "legacy ledger of fantasy fiat" (ie, debt-backed "currency", endlessly printed out of thin air) - and the never-ending carrousel of the worldwide derivatives casino, currently worth around 1.2 quadrillion dollars - to "paper over" their losses, and to prevent anyone from discovering that most major insurance firms like AXA - and most major banks - would already be considered bankrupt, if you counted only their real assets. (This is known as "mark-to-market" - which they hate to do. They much prefer to do "mark-to-model" which some people call "mark-to-fantasy" - ie, fraudulent accounting based on "phantom" assets" and rampant market manipulation.)
So, it is public knowledge that nearly all "too-big-to-fail" financial companies like AXA (and JPMorgan) would be considered bankrupt if their fraudulent accounting practices were exposed - which rely on the "legacy ledger of fantasy fiat" and the "never-ending carrousel of the derivatives casino" to maintain the façade of solvency:
If Bitcoin becomes a major currency, then tens of trillions of dollars on the "legacy ledger of fantasy fiat" will evaporate, destroying AXA, whose CEO is head of the Bilderbergers. This is the real reason why AXA bought Blockstream: to artificially suppress Bitcoin volume and price with 1MB blocks.
https://np.reddit.com/btc/comments/4r2pw5/if_bitcoin_becomes_a_major_currency_then_tens_of/
Does AXA actually have the means to to be suppressing the Bitcoin price... right now?
Yes, they do!
For example, AXA could decide to support economically ignorant devs like Greg Maxwell (CTO of Blockstream), Adam Back (CEO of Blockstream), and the other Core devs who support Blockstream's "roadmap" based on tiny blocks.
Wait - isn't AXA already doing precisely that?
Yes, they are!
As we all know, AXA has invested tens of millions of dollars in Blockstream, and Blockstream is indeed fighting tooth and nail against bigger blocks for Bitcoin.
Blockstream is now controlled by the Bilderberg Group - seriously! 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.
https://np.reddit.com/btc/comments/47zfzt/blockstream_is_now_controlled_by_the_bilderberg/
So, how would artificially tiny blocks artificially suppress the Bitcoin price?
This is pretty much based on common sense - plus it's also been formalized and roughly quantified in concepts involving networking and economics, such as "Metcalfe's Law".
Metcalfe's Law says pretty much what you'd expect it to say - ie: the more people that use a system, the more valuable that system is.
More precisely: the value of a system is proportional to the square of the number of users in that system - which also makes sense, since when there are N users in a system, the number of connections between them is N*(N - 1)2 which is "on the order of" N squared.
In fact, Metcalfe's Law has been shown to hold for various types of networks and markets - including faxes, internet, national currencies, etc.
Does Metcalfe's Law apply to Bitcoin?
Yes, it does!
The past 7 years of data also indicates - as predicted - that Metcalfe's Law also does indeed apply to Bitcoin as well.
Graphs show that during the 5 years before Blockstream got involved with trying to artificially suppress the Bitcoin price via their policy of artificially tiny blocks, Bitcoin prices were roughly in proportion to the square of the (actual) Bitcoin blocksizes.
Bitcoin has its own E = mc2 law: Market capitalization is proportional to the square of the number of transactions. But, since the number of transactions is proportional to the (actual) blocksize, then Blockstream's artificial blocksize limit is creating an artificial market capitalization limit!
https://np.reddit.com/btc/comments/4dfb3bitcoin_has_its_own_e_mc2_law_market/
During all those years, actual blocksizes were still low enough to not bump into the artificial "ceiling" of the artificial 1 MB "max blocksize" limit - which, remember, was only there as a temporary anti-spam measure, so it was deliberately set to be much higher than any actual blocksize, and everyone knew that this limit would be removed well before actual blocksizes started getting close to that 1 MB "max blocksize" limit.
But now that Bitcoin volume can't go up due to hitting the artificial "max blocksize" 1 MB limit (unless perhaps some people do bigger-value transactions), Bitcoin price also can't go up either:
Bitcoin's market price is trying to rally, but it is currently constrained by Core/Blockstream's artificial blocksize limit. Chinese miners can only win big by following the market - not by following Core/Blockstream. The market will always win - either with or without the Chinese miners.
https://np.reddit.com/btc/comments/4ipb4q/bitcoins_market_price_is_trying_to_rally_but_it/
So what does this all have to do with that meeting in Silicon Valley this weekend, between Core/Blockstream and the Chinese miners?
This latest episode in the never-ending saga of the "Bitcoin blocksize debates" is yet another centralized, non-transparent, invite-only stalling non-scaling, no-industry-invited, no-solutions-allowed, "friendly" meeting being held this weekend - at the very last moment when Blockstream/Core failed to comply with the expiration date for their previous stalling non-scaling non-agreement:
The Fed/FOMC holds meetings to decide on money supply. Core/Blockstream & Chinese miners now hold meetings to decide on money velocity. Both are centralized decision-making. Both are the wrong approach.
https://np.reddit.com/btc/comments/4vfkpthe_fedfomc_holds_meetings_to_decide_on_money/
So, on the expiration date of the HK stalling / non-scaling non-agreement, Viacoin scammer u/btcdrak calls a meeting with no customer-facing businesses invited (just Chinese miners & Core/Blockstream), and no solutions/agreements allowed, and no transparency (just a transcript from u/kanzure). WTF!?
https://np.reddit.com/btc/comments/4vgwe7/so_on_the_expiration_date_of_the_hk_stalling/
This disastrous, desperate meeting is the latest example of how Bitcoin's so-called "governance" is being hijacked by some anonymous scammer named u/btcdrak who created a shitcoin called Viacoin and who's a subcontractor for Blockstream - calling yet another last-minute stalling / non-scaling meeting on the expiration date of Core/Blockstream's previous last-minute stalling / non-scaling non-agreement - and this non-scaling meeting is invite-only for Chinese miners and Core/Blockstream (with no actual Bitcoin businesses invited) - and economic idiot u/maaku7 who also brought us yet another shitcoin called Freicoin is now telling us that no actual solutions will be provided because no actual agreements will be allowed - and this invite-only no-industry no-solutions / no-agreements non-event will be manually transcribed by some guy named u/kanzure who hates u/Peter__R (note: u/Peter__R gave us actual solutions like Bitcoin Unlimited and massive on-chain scaling via XThin) - and as usual this invite-only non-scaling no-solutions / no-agreements no-industry invite-only non-event is being paid for by some fantasy fiat finance firm AXA whose CEO is head of the Bilderberg Group which will go bankrupt if Bitcoin succeeds.**
What is the purpose of this meeting?
The "organizers" and other people involved - u/btcdrak and u/maaku7 - say that this is just a "friendly" meeting - and it is specifically forbidden for any "agreements" (or scaling solutions) to come out of this meeting.
What good is a meeting if no agreements or solutions can some out of it?
Good question!
A meeting where solutions are explicitly prohibited is actually perfect for Blockstream's goals - because currently the status quo "max blocksize" is 1 MB, and they want to keep it that way.
So, they want to leverage the "inertia" to maintain the status quo - while pretending to do something, and getting friendly with the miners (and possibly making them other "offers" or "inducements").
So this meeting is just another stalling tactic, like all the previous ones.
Only now, after the community has seen this over and over, Blockstream has finally had to publicly admit that it is specifically forbidden for any "agreements" (or scaling solutions) to come out of this meeting - which makes it very obvious to everyone that this whole meeting is just an empty gesture.
So, why is this never-ending shit-show still going on?
Mainly due to inertia on the part of many users, and dishonesty on the part of Core/Blockstream devs.
Currently there is a vocal group of 57 devs and wannabe devs who are associated with Core/Blockstream - who refuse to remove the obsolete, temporary anti-spam measure (or "kludge") which historically restricted Bitcoin throughput to a 1 MB "max blocksize".
Somehow (via a combination of media manipulation, domain squatting, censorship, staged international Bitcoin stalling "scaling" meetings and congresses, fraudulent non-agreements, and other dishonest pressure tactics) they've managed to convince everyone that they can somehow dictate to everyone else how Bitcoin governance should be done.
vampireban wants you to believe that "a lot of people voted" and "there is consensus" for Core's "roadmap". But he really means only 57 people voted. And most of them aren't devs and/or don't understand markets. Satoshi designed Bitcoin for the economic majority to vote - not just 57 people.
https://np.reddit.com/btc/comments/4ecx69/uvampireban_wants_you_to_believe_that_a_lot_of/
Meanwhile, pretty much everyone else in Bitcoin - ie, everyone who's not involved with Blockstream - knows that Bitcoin can and should have bigger blocks by now, to enable increased adoption, volume, and price, as shown by the following points:
(1) Most miners, and investors, and Satoshi himself, all expected Bitcoin to have much bigger blocks by now - but these facts are censored on most of the media controlled by Core/Blockstream-associated devs and their friends:
Satoshi Nakamoto, October 04, 2010, 07:48:40 PM "It can be phased in, like: if (blocknumber > 115000) maxblocksize = largerlimit / It can start being in versions way ahead, so by the time it reaches that block number and goes into effect, the older versions that don't have it are already obsolete."
https://np.reddit.com/btc/comments/3wo9pb/satoshi_nakamoto_october_04_2010_074840_pm_it_can/
The moderators of r\bitcoin have now removed a post which was just quotes by Satoshi Nakamoto.
https://np.reddit.com/btc/comments/49l4uh/the_moderators_of_rbitcoin_have_now_removed_a/
(2) Research has repeatedly shown that 4 MB blocks would work fine with people's existing hardware and bandwidth - such as the Cornell study, plus empirical studies in the field done by jtoomim:
https://np.reddit.com/btc+bitcoin/search?q=cornell+4+mb&restrict_sr=on&sort=relevance&t=all
(3) Even leading Bitcoin figures such as Blockstream CTO Greg Maxwell u/nullc and r\bitcoin censor moderator u/theymos have publicly stated that 2 MB blocks would work fine (in their rare moments of honesty, before they somehow became corrupted):
theymos 1/31/2013: "I strongly disagree with the idea that changing the max block size is a violation of the 'Bitcoin currency guarantees'. Satoshi said that the max block size could be increased, and the max block size is never mentioned in any of the standard descriptions of the Bitcoin system"
https://np.reddit.com/btc/comments/4qopcw/utheymos_1312013_i_strongly_disagree_with_the/
"Even a year ago I said I though we could probably survive 2MB" - nullc
https://np.reddit.com/btc/comments/43mond/even_a_year_ago_i_said_i_though_we_could_probably/
Greg Maxwell used to have intelligent, nuanced opinions about "max blocksize", until he started getting paid by AXA, whose CEO is head of the Bilderberg Group - the legacy financial elite which Bitcoin aims to disintermediate. Greg always refuses to address this massive conflict of interest. Why?
https://np.reddit.com/btc/comments/4mlo0z/greg_maxwell_used_to_have_intelligent_nuanced/
So... What can we do now to stop giant financial institutions like AXA from artificially suppressing Bitcoin adoption, volume and price?
It's not as hard as it might seem - but it might (initially) be a slow process!
First of all, more and more people can simply avoid using crippled code with an artificially tiny "max blocksize" limit of 1 MB produced by teams of dishonest developers like Core/Blockstream who are getting paid off by AXA.
Other, more powerful Bitcoin code is available - such as Bitcoin Unlimited or Bitcoin Classic:
https://np.reddit.com/btc/comments/3ynoaa/announcing_bitcoin_unlimited/
https://np.reddit.com/btc/comments/4089aj/im_working_on_a_project_called_bitcoin_classic_to/
In addition, proposals for massive on-chain scaling have also been proposed, implemented, and tested - such as Xthin:
https://np.reddit.com/btc+bitcoin/search?q=xthin+author%3Apeter__r&restrict_sr=on&sort=relevance&t=all
Hasn't the market already rejected other solutions like Bitcoin Unlimited or Bitcoin Classic?
Actually, no!
If you only read r\bitcoin, you might not hear about lots of these promising new innovations - or you might hear people proclaiming that they're "dead".
But that forum r\bitcoin is not reliable, because it routinely censors any discussion of on-chain scaling for Bitcoin, eg:
The most upvoted thread right now on r\bitcoin (part 4 of 5 on Xthin), is default-sorted to show the most downvoted comments first. This shows that r\bitcoin is anti-democratic, anti-Reddit - and anti-Bitcoin.
https://np.reddit.com/btc/comments/4mwxn9/the_most_upvoted_thread_right_now_on_rbitcoin/
So, due to the combination of inertia (people tend to be lazy and cautious about upgrading their software, until they absolutely have to) and censorship, some people claim or believe that solutions like Bitcoin Unlimited or Bitcoin Classic have "already" been rejected by the community.
But actually, Bitcoin Classic and Bitcoin Unlimited are already running seamlessly on the Bitcoin network - and once they reach a certain predefined safe "activation threshold", the network will simply switch over to use them, upgrading from the artificially restrictive Bitcoin Core code:
Be patient about Classic. It's already a "success" - in the sense that it has been tested, released, and deployed, with 1/6 nodes already accepting 2MB+ blocks. Now it can quietly wait in the wings, ready to be called into action on a moment's notice. And it probably will be - in 2016 (or 2017).
https://np.reddit.com/btc/comments/44y8ut/be_patient_about_classic_its_already_a_success_in/
I think the Berlin Wall Principle will end up applying to Blockstream as well: (1) The Berlin Wall took longer than everyone expected to come tumbling down. (2) When it did finally come tumbling down, it happened faster than anyone expected (ie, in a matter of days) - and everyone was shocked.
https://np.reddit.com/btc/comments/4kxtq4/i_think_the_berlin_wall_principle_will_end_up/
So what is the actual point of this weekend's meeting between Core/Blockstream and the Chinese Miners?
It's mainly just for show, and ultimately a meaningless distraction - the result of desperation and dishonesty on the part of Core/Blockstream.
As mentioned above, real upgrades to Bitcoin like Bitcoin Classic and Bitcoin Unlimited have already been implemented and tested and are already running on the Bitcoin network - and the overall Bitcoin itself can and probably will switch over to them, regardless of any meaningless "meetings" and delaying tactics.
Is it inevitable for Bitcoin to move to bigger blocks?
Yes, for three reasons:
(1) As mentioned above, studies show that the underlying hardware and bandwidth will already easily support actual blocksizes of 2 MB, and probably 4 MB - and everyone actually agrees on this point, including die-hard supporters of tiny blocks such as Blockstream CTO Gregory Maxwell u/nullc, and r\bitcoin censor moderator u/theymos.
(2) The essential thing about a publicly held company is that it always seeks to maximize shareholder value - and, in a similar fashion, a publicly held cryptocurrency also always seeks to maximize "coinholder" value.
(3) Even if Core/Blockstream continues to refuse to budge, the cat is already out of the bag - they can't put the toothpaste of open-source code back into the tube. Some people might sell their bitcoins for other cryptocurrencies which have better scaling - but a better solution would probably be to wait for a "spinoff" to happen. A "spinoff" is a special kind of "hard fork" where the existing ledger is preserved, so your coins remain spendable on both forks, and you can trade your coins on markets, depending on which fork you prefer.
Further information on "spinoff technology" can be found here:
https://bitcointalk.org/index.php?topic=563972.0
https://duckduckgo.com/?q=site%3Abitco.in%2Fforum+spinoff&ia=web
An excellent discussion of the economic advantages of using a "spinoff" to keep the original ledger (and merely upgrade the ledger-appending software), can be found here:
https://bitcointalk.org/index.php?topic=678866.0
And today, based on new information learned from Ethereum's recent successful "hardfork split", people are already starting to talk about the specific details involved in implementing a "spinoff" or "hardfork split" for Bitcoin to support bigger blocks - eg, changing the PoW, getting exchanges to support trading on both sides of the fork, upgrading wallets, preventing replay attacks, etc:
We now know the miners aren't going to do anything. We now know that a minority fork can survive. Why are we not forking right now?
https://np.reddit.com/btc/comments/4vieve/we_now_know_the_miners_arent_going_to_do_anything/
So - whether it's via a hardfork upgrade, or a hardfork split or "spinoff" - it is probably inevitable that Bitcoin will eventually move to bigger blocks (within the underlying hardware and bandwidth constraints of course - which would currently support 2-4 MB blocksizes).
Why are bigger blocks inevitable for Bitcoin?
Because that's how markets always have and always will behave - and there's nothing that Blockstream/Core or AXA can do to stop this - no matter how many pointless stalling scaling meetings they conduct, and no matter how many non-agreements they sign and then break.
Conclusion
Endless centralized meetings and dishonest agreements are irrelevant. The only thing that matters is decentralized markets and open-source code. Users and markets decide on what code to install, and what size blocks to accept. Bitcoin adoption, volume - and price - will continue to grow, with or without the cooperation of the dishonest devs from Core/Blockstream, or misguided miners - or banksters at "fantasy fiat" financial firms like JPMorgan or AXA.
submitted by ydtm to btc [link] [comments]

Bitcoin Penetration

Bitcoin Penetration
https://preview.redd.it/60xk8jku7kr11.jpg?width=1080&format=pjpg&auto=webp&s=fdcf8827a4520b235c86188cfa6b2cd484609a3d
Bitcoin is making its way into ever more sectors of our lives. Entire industries are adapting to cryptos as their clients are starting to use Bitcoin as a viable means of payment. Though Bitcoin has passed through the stage of a meteoric rise in price and a subsequent plunge, the relative stability that is now being observed is pushing ever more companies to seriously consider the use of Bitcoin in their businesses.
One of the latest companies to announce its acceptance of Bitcoin as a means of payment is Overstock.com, an American internet retailer headquartered in Midvale, Utah. Patrick M. Byrne founded the company in 1997 and launched it in May 1999. Overstock.com initially sold exclusively surplus and returned merchandise on an online e-commerce marketplace. The company has now turned to new goods sales as it is actively considering the use of blockchain in its operations. CEO Patrick M. Byrne says that he is using blockchain to prevent institutional mischief around the globe by providing trust through technology and the use of Bitcoin.
Another adopter of Bitcoin is Newegg, a major US company specializing in various hardware for computers, including mining equipment. The company has recently announced that it will be accepting Bitcoin as a means of settlements with its clients. The move is unsurprising, considering that most of the company’s clients specializing on mining equipment find using the rewards of their mining activities as a convenient means of payment.
Other companies that have turned to embracing the Bitcoin revolution include the Roadway Moving Company, a New York based moving company, and PizzaForCoins, a pizzeria that now offers its clients the famous dish for cryptos.
But the greatest support for Bitcoin came from one of the biggest giants the world economy has ever seen. Microsoft has started accepting Bitcoins as a means of payment and as a balance supplementing currency in user accounts. The company’s official website even has an instruction on how to top up user balances with Bitcoins. It is also no great news to anyone that the software giant is experimenting with blockchain technologies and means to develop its own distributed registry network.
Given the immense popularity that Bitcoin is gaining and its prospects as a means of payment in the future, it is only logical that the Astra mining pool has decided to concentrate its efforts on mining the asset. With its vast pool of mining equipment located in the most convenient locations around the world, low entry fees and unrivaled transparency, Astra offers its clients an opportunity to obtain the coveted cryptocurrency and use it as payment for their daily needs with convenience and peace of mind.
submitted by astra_mining to u/astra_mining [link] [comments]

Bitcoin 2017 a Comprehensive Timeline

Some of the most notable news and events over the past year:
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My Investment notes on Overstock OSTK

OSTK This is an example of some investment notes I continually put together. These notes relate to Overstock.com (OSTK). We are not suggesting or implying that anyone should buy, sell or hold TASR. We are merely supplying some investment notes I put together. Our internal notes are much more in depth and include various financial modeling.
Please read disclaimer at bottom of this page.
My full notes have tables and pictures, etc. which has not been posted here. I have only supplied a link to my notes on onedrive. I apologize if some of you think it is intended as promotion. I have been sharing my notes, and am not familiar of how else I could post them here, and still be within proper compliance.
The full notes can be found at this link:http://1drv.ms/1y4J4r9
November 5, 2014 (23.93)
I am fairly meticulous on the stocks we own, and notes I take for such investments. This was not one of those typical scenarios. We currently have a ~3.0% position, with an average cost of $16.08. The annual low was $13.80, and I bought it after reading a Value Line on it. OSTK had dropped nearly 50% since mid 2013. I am also intrigued with CEO, Patrick Byrne. John Byrne was Patrick’s father, and was a CEO at GEICO, and if I recall correctly he was a person credited for their turnaround. I think John was one of Buffett’s favorite lieutenants. Patrick has been known as a somewhat “wacky” guy, and he had issues with alleged naked short sellers years back. I was intrigued because he was the son of a respected Buffett protégé. He appears long term minded, and realistic. New HQ in Salt Lake City, UT is being constructed. OSTK is focusing on technology spending.
I expect to own this as long as revenue, earnings, cash flow and such continue to move along positively. ROE is a key metric. Earnings will be brought down by technology infrastructure build and new SLC headquarters being built. Expected occupancy is August 2016.
As of June 30, 2014, Fairfax Financial owns 3,184,677 shares, or 13.25% of the company. OSTK is 5.55% of FFH’s total holdings.
Insider activity has not had much selling.
Yield is 0.00% ($0.00). Earnings expected at $0.55 for 2014, which would give a P/E of 43.51X. Dividend payout has averaged N/A% for the last 10 years. The payout ratio was N/A% in F2012, and N/A% in F2013. Dividend payout ratio expected to be 0.0% and 0.0% for F2014 and F2015 respectively. ROE has averaged NMF% for the last 10 years. ROE is expected to be 11.0% for F2014 and 14.5% for F2015. Average P/E for the last 10 years has been NMFX. Projected eps for F2015 is $1.00 which equates to a forward P/E of 23.93X. VL gives it ‘B’ financial strength, and a Safety rating of 4. VL projects a price between $17 - $30 between 2017 – 2019 (8/15/14).
Morningstar Credit Rating is Not Followed with debt/assets of 0.0%.
3Q14 10Q notes
24M shares outstanding. We are projecting minimal to no dilution through 2015. OSTK does not typically dilute. Fully diluted weighted average shares are 24,290.
Free cash flow is difficult to assess, as the corporate headquarters might be included. The following is a quick and generic table:
See http://1drv.ms/1y4J4r9
As of September 30, 2014 OSTK has investments in precious metals of $8.9M. The precious metals are presented at lower of cost or market. I find the owning of precious metals odd, yet what would be surprising about that with Mr. Byrne at the helm.
As of September 30, 2014 OSTK owned $346K of Bitcoin. Bitcoin is a cryptocurrency.
“We seek to invest efficiently in technology, including web services, customer support solutions, website search, expansion of new and existing product categories, and in investments in technology to enhance the customer experience, improve our process efficiency and support our logistics infrastructure. We continue to seek opportunities for growth in our business, including expanding our international sales and ourdistribution capabilities and multi-channel fulfillment services. We have also begun to broker insurance products, and offer consumer financing products through a third party, to our customers. We are also working to develop financial service software that utilizes the bitcoin network and its protocols, subject to the resolution of technical, legal,and regulatory constraints. As a result of these and other initiatives, we expect to continue to increase our technology expenses, and these expenses may be material.” Overstock.com 10Q
September 30, 2014
“Our current estimate of the total cost of the development and construction and related equipment and furniture of our new headquarters is approximately $96 million. We have entered into a syndicated senior secured credit facility with U.S. Bank and other banks that is intended to provide us with construction and term financing of $45,760,000. The facility is designed to convert to an approximately 6.75-year term loan upon completion of construction.”
Earnings release and conference call 10/23/14:
“Q3 total net revenue was $353 million, a 17% increase from last year. Q3 gross profit dollars increased 13% to $67.1 million. Q3 contribution was $41.6 million, a 13% increase from last year, and contribution margin was 11.8%.“
“Let me give you an internal goal. People ask us and do a lot of analyses I see and I want to be clear about what it is we're trying to do, so you can judge us on whether we accomplish our mission or not. My goal is in each year to grow by -- it's really quite simple. I've got two primary goals: grow the contribution dollar 15% or more and goal number two is half of that increase in dollars I would like to see fall to the bottom line to the pretax operating income line.
Those are my two goals and I think that you can judge us at the end of each year -- I'm saying now that those are the two things we want to accomplish. I guess we could arguably say there's a third thing, which is top line growing 15% or more as well. But really the contribution dollar growing 15% and half of those increased dollars flowing to the bottom line.
I see people get somewhat hung up on sort of tiny shifts quarter to quarter and how one quarter did on one thing versus the same quarter the prior year, and that to me is sort of a lot of noise. What we are managing the business for is to accomplish those two principles. Not saying that we will accomplish it this year, both because we got off to a bit of a slower start and because this year, as I have said at the beginning, we had realized that this was a year of really reinvestment in some large projects.
But just so you know, those were what we are running the business around: keeping the top line at 15% or more on an annual basis, the contribution line on 15% or more growth, and then half of those dollars coming to the bottom line on an annual basis. Don't ask us to try to hit those quarter to quarter and such because we don't look at it on a quarterly basis.” Patrick Byrne – CEO
“I used to, maybe somewhat stupidly, say 10 years ago we are not a tech company. We are a retailer. We are a lemonade stand with a computer in it. But that is not it-- that was because we ran on old-fashioned retail values.
But we have more and more morphed into a tech company and we know that because there's all kinds of technology under the hood that we have in the past had third parties providing for us because we couldn't do it ourselves as well. But over time, our tech teams have grown. We
now have about 330 developers. In 2007 I think we had seven or 12.” Patrick Byrne – CEO
“We have a really robust tech department now with lots of scientists, smart folks, and we are developing our own technologies internally and wetest them against those third-party providers. And we've gotten to the point that an awful lot of our technologies are better than any commercially available third-party. That's why you see us sort of losing some of those integrations.
But anyway, that is where I am going and I'm not at all worried about that kind of expense. I like that we are building our tech expense like that. We are seeing so many opportunities -- so I am not worried about that.
I think that there's probably a lot of attention played -- maybe a bit too much attention paid to one quarter versus the same quarter last year on the bottom line. It all comes down to the fourth quarter.
I think we are going to have a really good year this year. So going forward I'm just reminding people, don't get all hung up in the first quarter on what the bottom line did, some giblet changes versus the previous year, because we really -- we don't really anticipate seeing those first three quarters of each year change a lot in the years ahead, in the next few years ahead. It is the big change we hope is in the fourth quarter each time.” Patrick Byrne – CEO
OSTK discussed the annual debt service of $46M, and reminded investors to consider the rent expense which would have occurred had they not owned the new corporate headquarters. The annual difference on a 10 year lease would have been around $5.4M. OSTK discussed that they now have double the space, and the building will be owned. “So it saves us $1 million a year, it gives us much more space, and we think that there's going to be a lot of synergy by getting the two halves of the brain into the same skull.” Patrick Byrne – CEO
Disclaimer:
If you are a client of ours, and if you have questions regarding the company or investment mentioned in this report please call our office. If you are not a client of Redfield, Blonsky & Starinsky LLC Investment Management Division and are reading these notes, we urge you to do your own research. We will not be responsible for any person making an investment decision based on these notes. These notes are a "by-product" of our research. We are not responsible for the accuracy of these notes. We are not responsible for errors that may occur in these notes. Please do not rely on us to monitor or update this or any other report we may issue. In theory, we could come across some type of data or idea, which causes us to eliminate our long or short position of the company or investment mentioned in this report from our portfolios. We will not notify reader’s revisions to these notes. We are not responsible to keep readers of these notes updated for changes or material errors or for any reason whatsoever. We manage portfolios for clients, and those clients are our greatest concern as it relates to investing. Certain clients of Redfield, Blonsky & Starinsky, LLC may not have the company or investment mentioned in this report in their portfolios. There could be various reasons for this. Again, if you would like to discuss the company or investment mentioned in this report , please contact Ronald R. Redfield, CPA, PFS (partner in charge of investment management division).
Information herein is believed to be reliable, but its accuracy and completeness cannot be guaranteed. Opinions, estimates, and projections constitute our judgment and are subject to change without notice. This publication is provided to you for information purposes only and is not intended as an offer or solicitation. Redfield, Blonsky & Starinksy, LLC
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Overstock CEO: bitcoin a 'form of sound money' Overstock.com founder & CEO Patrick Byrne talks about Bitcoin and Ethereum!! Patrick M. Byrne CEO of OVERSTOCK.COM talks BITCOIN Overstock.com's CEO Wants To Undermine Wall Street With ... Overstock CEO on Future of Bitcoin

Overstock CEO Patrick Byrne announced, “Bitsy sets a new standard for cryptocurrency wallets. It is a game-changer because it gives users the freedom that bitcoin has always promised. This new ... Latest News Overstock CEO: bitcoin a ‘form of sound money’ – CNN Video. Chat with us in Facebook Messenger. Find out what’s happening in the world as it unfolds.JUST WATCHEDOverstock CEO: Bitcoin a ‘form of sound money’ (2017)ReplayMore Videos …MUST WATCHOverstock.com CEO Patrick Byrne talks with CNN’s Zain Asher about the potential strengths of bitcoin during a dollar crisis ... Overstock CEO Puts Millions Of Dollars Into Unknown Coin, Compares To Bitcoin CEO of Overstock Patrick Byrne said that he is not really interested in cryptocurrencies, with the exception of a virtually unknown new project, Ravencoin. Patrick Byrne, the CEO of Overstock , which was the first major retailer to accept Bitcoin (BTC) back in 2014, has said that he is not really interested in ... Overstock CEO Predicts Mass Crypto Adoption as Bitcoin Price Rises. by Davit Babayan. 2 years ago. in Bitcoin, Cryptocurrency news. Reading Time: 2min read Cryptocurrency markets have fallen by more than 70 percent this year. But according to a veteran from the industry, they are standing at the edge of a revolution. Patrick Byrne, the CEO of Overstock, an Amazon-like marketplace which accepts ... The outspoken CEO of online home goods retailer Overstock.com, Patrick Byrne, resigned days after he issued a press release entitled "Comments on Deep State" that claimed he helped the FBI carry ...

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Overstock CEO: bitcoin a 'form of sound money'

The CEO of Overstock.com is one of the most outspoken proponents of bitcoin. The more I study bitcoin, and find true VISONARIES like Bill Gates, Richard Bran... Recently, Tokyo-based Bitcoin exchange Mt. Gox had 350 million dollars worth of the virtual currency stolen -- leading to its insolvency. To discuss the future of the cryptocurrency sector, anchor ... Overstock.com CEO Patrick Byrne talks with CNN's Zain Asher about the potential strengths of bitcoin during a dollar crisis. Patrick M. Byrne CEO of OVERSTOCK.COM talks about Bitcoin going up in value Learn about Bitconnect: https://goo.gl/71kFZQ TWITTER: https://twitter.com/Crypto... CEO of Overstock, Patrick Byrne, talks with me at Porcfest about the financial system, and what he believes should be the government's role in bitcoin. This ...

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