http://garbage2gucci.com/2020/08/03/mara-is-one-hot-crypto-ticke Another penny stock ticker that’s worth noting and keeping on your watchlist is $MARA. The momentum, traction, and attention that this company has been getting are certainly something investors shouldn’t neglect. Before we move on a little further into the market summary, here’s a brief summary of Marathon Patent Group, Inc. for investors who have never heard of it. Brief Summary: Marathon Patent Group, Inc. / $MARA To keep it short, Marathon Patent Group, Inc. is a digital asset company that focuses on mining cryptocurrencies. According to numerous cryptocurrency believers, this type of currency will be the future. What do you think? Marathon Patent Group’s focus on the blockchain has intrigued many cryptocurrency investors. At the moment, the company is currently operating a mining facility in Quebec. Whether cryptocurrencies will be the future or not, the topic has been a debate since the beginning and introduction of Bitcoin. Let’s go over the current market summary of $MARA. Marathon Patent Group, Inc. Price, Market Cap, And Volume https://preview.redd.it/e67n1z27mse51.png?width=431&format=png&auto=webp&s=45f038c5ac302410fb3c78fdb14c0d47d1f16b9e At the moment, the price of $MARA is $1.04 after the market closed on Friday. When comparing the current volume to the average volume, the current volume outweighs the average. The average volume of $MARA is 5,718,766 while Friday’s market movement displays a volume of 24,926,863 shares. That’s definitely incredible. Another attractive market stats about $MARA is that the market cap is only at $22.652 million. We definitely still have a lot of room to move up. According to Yahoo Finance, its algorithm detected a bullish signal expecting a positive price movement within the next several weeks. With all that aside, let’s hear about Marathon Patent Group’s latest news and reports. Marathon Patent Group: Latest News May 19th, 2020: Published by GlobeNewswire, it was reported that Marathon Patent Group made an additional purchase of 500 the latest generation of Bitmain S19 Pro Miners. To give you additional stats and info about this purchase, the company will be able to:
Produce 110 TH/s
Generate 56 PH/s
Bringing Marathon Patent Group a total of 185 PH/s
The amount paid comes out to $1,258,500 and expecting the units by the end of August. June 3rd, 2020: Published by GlobeNewswire, the article mentioned that Marathon Patent Group installed 700 MS30S+ ASIC miners as well as being debt-free. Now that’s two good news in one. Mentioned in the press release, Marathon Patent Group’s long-term debt is now at zero. June 11th, 2020: Published by GlobeNewswire, it was announced that Marathon Patent Group made another purchase of 500 more of the latest version of S19 Pro ASIC miners. This purchase cost $1,190,000 and they’re expecting to receive these units by the end of September. Now – the good news is that Marathon Patent Group will have 500 units installed in August and another 500 units in September. Because of this, investors can expect higher earning coming from the company. As of right now, it’s worth keeping $MARA on your watchlist to see how the price will move within the next couple of months. Note: For this $MARA guide, please note that this post isn’t to help investors make a financial decision. It’s advised that readers should do their own due diligence. ————————————————————————————————————————– If you’re interested in furthering this discussion,you’re Invited to my free Telegram Stocks Talk Chatroom.In my freeTelegram Stocks Chatroom, we talk about speculative stocks every day during market hours. My chatroom is for all levels of experience and you are welcome to just spend a session or two with us and see if we can be another useful resource toward helping you succeed.Here’s the LINK
As of 2020 German banks offer to store and sell bitcoin. While using a bank to store your bitcoin kind of defeats the purpose (not your keys), this is a huge leap towards adoption. Germany is one of the worlds biggest economies, likely inspiring others to follow course. They choose to embrace instead of fighting the inevitable: https://finance.yahoo.com/news/german-banks-offer-bitcoin-custody-190031717.html
Bitcoin volume has been staying in unprecedented ath range since March/April 2019. What was the ath at the peak of price in 2017 seems now to be the new average with huge leaps upwards. Someone is buying, constantly, consistently.
Upcoming halving in May 2020. The Bitcoin block mining reward halves every 210,000 blocks. In May 2020 the coin reward will decrease from 12.5 to 6.25 coins: https://www.bitcoinblockhalf.com/
Decentralized finance DFC-leading the next round of financial transformation
https://preview.redd.it/roqxz2mqyf651.png?width=1269&format=png&auto=webp&s=3f6de725457c3eb419bc22bb85fecbea0525dafc The financial industry has been changing from decentralization to centralization and back to decentralization. In the early stages of the entire Internet, decentralized data was used to build a universal distributed read/write system. With the passage of time, the expandability of the Internet has become higher and higher, and the blockchain has gradually emerged, becoming an opportunity to plan and describe the blueprint of financial technology and build a next-generation Internet based on credit.
Opportunities in the era of DFC: Link the world and stand out
The global financial system has created tremendous wealth, but the centralized management of traditional financial institutions often leads to an unfair distribution of resources, and people with resource advantages are more likely to obtain funds. As global inequality becomes more severe, is there a way to break this shackle and give everyone the opportunity to achieve equal wealth growth? DeFi Decentralized Finance came into being. In the past two years, the DeFi ecosystem has made great progress. According to Consensys reports, there are more than 100 cutting-edge blockchain projects in the field of decentralized finance. DeFi is already an economic system with a value of up to 3 billion yuan. After many years of precipitation, the DFC project has become more and more perfect, and the company has chosen to announce it at this time, taking advantage of the DeFi industry heat wave. Create a decentralized and prosperous ecosystem https://preview.redd.it/7pg86vwtyf651.png?width=2481&format=png&auto=webp&s=846bf1f0d846588896e9b7228c4896a342815666 At present, the DFC project is conveniently connected with other DFC services through clearly defined APIs and standard smart contracts; focusing on its professional fields, integrating with other blockchain projects and building channels, opening the cross-chain exchange ecology to serve customers well, at the end of 2020, the lending and mining ecology will be officially launched, and mortgage lending will be started. The test network will be released in the first quarter of 2020, the stablecoin USDS ecological construction will be gradually completed, and the staking product based on DFC revenue will be launched simultaneously. It is expected that after a year of ecological testing, the main network will be officially released in the third quarter of 2021. In 2022, the construction of cross-chain ecology will be completed, and the community gradually expanded to 14 countries around the world. It will achieve the growth of millions of users worldwide, complete the leap of platform profits of tens of millions of dollars, and gradually develop and upgrade to DFC version 2.0, building more decentralized financial application ecology. What should be the future blueprint for DFC? No one knows. However, it is foreseeable that DFC will be an important supplement to traditional finance because of its non-access feature. If the emergence of Bitcoin makes low-cost cross-border payments possible, then the development of the DFC system is the second breakthrough in the blockchain system. It is fundamentally changing the settlement structure of the global financial system. With the development of technology and wide application, a new decentralized financial system came into being. DeFi Coin (hereinafter referred to as DFC) is a cross-chain decentralized financial (DeFi) platform created by the Singapore DIFI Blockchain Foundation. With the decentralized operation and management mechanism of DFC, DFC proves to the world that the promotion of decentralized business structure is a widely used business blueprint for human society. Every innovative product is launched with powerful support behind it. Adhering to the direction of decentralization and financializing encrypted assets, this is the evolution direction of encrypted assets. Blockchain is born to serve the economic system and financial system. DFC stands out and is expected to become the key to the bull market. DFC is currently building DeFi and cross-border financial solutions globally. Our scalable public blockchain supports an open financial infrastructure layer-a set of smart contracts. Developers can build products and applications accordingly, without having to start from scratch. In addition, we are also creating products that fully serve cross-border payments, allowing partners to use DFC's global settlement layer in various scenarios, such as import/export, international payroll, and international e-commerce payments. Of course, the world's largest well-known financial ecosystem created by DFC has reached a strategic partnership with the world's leading C2B blockchain data trading platform Datawallet, Indonesia's head financial technology company Ayo Uang and other large-scale traffic portal platforms. Relying on the advantages of extensive community resources and platform resources, DFC quickly formed a considerable influence on the global scale, with a total financing amount of tens of millions of dollars, and won the favor of more than 20 top blockchain investment institutions and individual investors. At the same time, CNBC, ABC, Yahoo, "The Wall Street Journal", "Forbes", Sinovision, Xinhua News Agency, Phoenix Satellite TV, Sina, SMG Vietnam VITV TV and other top media have been widely reported. In other words, unlike other functional DeFi projects, DFC is not satisfied with being an "upgraded version" or "alternative" of a traditional financial instrument, but hopes to work together with super volunteers with a high consensus spirit around the world. Using the underlying technology of the blockchain to build a decentralized financial ecosystem with complete bottom, rich applications, and prosperous communities.
There will be more and more financial products on both the B-end and C-end on DFC, and they will definitely be uneven. However, all products will enter the global unified community evaluation system, and evaluations based on product performance, safety, stability, underlying asset quality and other dimensions will also be chained to become a product traceable credit system. It is necessary for DFC's invention patents to use blockchain technology to solve existing problems on the Internet. DFC has completely independent intellectual property rights for "an implementation of a decentralized application development platform". The underlying technology platform of the DFC blockchain has the characteristics of high TPS, low latency, security, and 3D data upload, which can fully meet the needs of Internet applications data on-chain, and has applied for more than 300 invention patents, has become the strongest technology community after BAT independent research and development technology. It is not just technology that drives the decentralized financial system. The power of DFC’s huge community is based on the help of the global community.The global super-volunteer community allocates community traffic and capital resources at any time according to their respective behavior rights and functions. In response to the global community, the DFC project team concentrated on exploring the application of blockchain technology in the field of people's livelihood, contributing to the compliance and practicality of blockchain, and giving back to society with technology. In addition to the strength foundation laid by DFC North American technology development team, the community of South American community developers has also continuously added to the DFC system. Unlike the American community's strong interest in technology, the power of DFC's blockchain cultural ecology has been advancing the globalization process of the DFC community and market. DFC's African community has continuously contributed brand power to users around the world. There are volunteer communities in 100 countries around the world, and the fission of more than 100,000 communities will change the global world financial system, realize the basic ecology of DFC belonging to all mankind, and bring on-chain life services to users around the world. The decentralized ecological community has promoted the progress and development of the blockchain cultural ecosystem. In addition, it is worth mentioning that DFC includes all DeFi businesses in the current market-cross-chain asset exchange, decentralized exchanges and stable currency, financial services, loan services, and mining ecology. For DFC finance to develop, it needs to be built on the basis of other higher-frequency businesses, on the basis of the precipitation of a large number of existing assets, and on a reliable stable currency system. According to the existing ecological deduction, if decentralized transactions can slowly become popular, there will be more and more accumulated and precipitated funds. After more and more precipitated funds, the mortgage will generate decentralized stable coins. Basically, with the flow of decentralized transactions and reliable stablecoins, the development of DFC financial business is much easier, and DFC finance is where the advantages of decentralized transactions are truly reflected, and centralized exchanges cannot really do it. With DFC Finance, decentralized transactions may go hand-in-hand with centralized transactions, or even overtake. Since the entire community is a strong consensus ecology, the DeFi business can not only quickly land on DFC, but also realize model upgrade. In the future, the ecological scenario of DFC will continue to be concrete, detailed, and implement applications, get rid of the shackles of the platform, build a free economic world with the interconnection of everything using finance as a medium, and enable global fintech business in both directions.
Top teams work hard to build DFC services worldwide
The core of the future form of DFC is to realize a distributed autonomous borderless open financial system, and form a stable, self-evolving community autonomous financial system that supports the full integration of online and offline finance. Therefore, DFC will rely on cross-chain and decentralized exchanges and other technologies, expand the DeFi application ecosystem, establish a community autonomous financial system, implement modern financial transformation of existing digital token products according to certain rules, and improve the communication channels between existing physical finance and digital token finance. In the world of digital tokens, share the latest global economic achievements; in the future architecture, connect with the digital token system issued by global central banks and enterprises, such as DC/EP and Facebook’s Libra. Based on this, DFC can achieve ecological closed loop and sustainable development, serving billions of users worldwide. It is understood that the DFC team is an international team, which is composed of global financial professionals and blockchain technology talents. Its blockchain and DeFi technical teams are composed of the Musk rocket startup team, Google artificial intelligence research institution, Russian cryptography and other global diverse teams. At present, these teams have joined the DFC community in accordance with the organization principles of the open source community, and have conducted in-depth and extensive research and construction work. The participation of top international talents has prompted DFC to break through technical barriers and set off a wave of Genesis for the future. At present, some decentralized financial products have appeared in the cryptocurrency market, and DFC is one of the pioneers. Its founder and CEO Piyush Gupta is a leader in this regard. He has held various positions in Morgan Bank, DLT Association, DAO Decentralized Organization American Association, and now Piyush Gupta said that DFC has passed the 0x Project protocol test and is beginning to break the traditional use case of Bitcoin as a value store, which has become a leader in the development of decentralized financial technology.
DFC Leads Financial Change: The Best Times for Breakers
The first important development of the financial system in history is its own transformation to the direction of "finance". This sentence sounds a bit abstract，to put it in a nutshell, when people finally have enough resources for trading and cooperation, and not just for their immediate survival, abstract finance is formed. For example, extra wheat can be exchanged for pottery, animals, or even original portrait sculptures or toys. Throughout the history of finance, from coins to paper fiat currencies to digital finance, the latter is probably the most successful form of finance to date. It can realize the DFC vision, tokenize all assets, and open up the financial transformation of global free transactions. At present, the total monthly transaction volume of popular crypto exchanges can exceed billions of dollars. DFC leads the next round of financial change, from infrastructure to applications to network security, DFC embraces the future of financial technology and is a major opportunity for global finance. We are in the middle of a thousand-year opportunity, there are many changes in the process , and due to our inherent limitations of thinking, we cannot see clearly the trend of future outlets. The economic cycle of DFC's future layout faces huge global challenges, but it also contains rare opportunities. Under internal and external troubles, this is the worst era, but for those who break the game, this is the best era.
Why we won't have a long term bear market, and how to systematically pick your future investments in crypto
With so much uncertainty right now it would be a good time to take some time to go over what happened recently and how to invest moving foward. We've seen a peak bubble at around 850 billion total market cap in the first week of January, consolidated down to $750 billion and have now just experienced a 40% correction.
What's happening now and how bad will it get?
First of all you should realize that there is a January Dip that happens every year, when we see a roughly 20-30% decline around mid January. This year its been much more severe though for several additional factors that have compounded on top. Different theories exist on why this happens (its actually the mirror opposite of the "January Effect" that happens in the US stock market), but the two major theories are: 1) Asian markets pull into fiat because of Asian New Year spending needs 2) People in the US sell in January to defer their capital gains tax liability an extra year While this cyclic event has lead to a healthy correction in the last few years, this year we got these new factors making more fear as well:
We had a new breed of speculators come in during the NovembeDecember timeframe after media made cryptocurrency mainstream following the Bitcoin 10K landmark. While cryptocurrency markets have always had too much hype, the latest rise wasn't just over-enthusiasm in fundamentally sound cryptocurrencies like Monero and Ethereum, but mass inflows of fiat into vaporware and complete nonsense without any use case. Many people came in to essentially gamble on symbols on an exchange, and are thus short term oriented and quick to sell on any slight downturn, which such further adds to selling pressure.
So in essence we got a storm of scary news along with the usual cyclic downturn. Currently I don't see this as being a systematic crash like Mt.Gox was that would lead to a long term bear market because the fundamental ecosystem is still intact, and I suspect that after about a month we should consolidate around a new low. All the exchanges are still operational and liquid, and there is no breakdown in trust nor uncertainty whether you'll be able to cash out. What range the market trades in will all depend how Bitcoin does, right now we've already broken below 10K but I'm seeing a lot of support at around $8000, which is roughly where the long term MA curve settles. We don't know how bad it will get or what the future will bring, but as of right now we shouldn't be in a bear market yet. What should you do if you recently entered the market? If you did buy in the last few months at or near ATH, the very worst thing you can do now is sell in panic and lose your principal. You shouldn't have more money in crypto than you can afford to lose, so it shouldn't be a problem to wait. You have to realize that 30% corrections in crypto are relatively common, just last fall we had a 40% flash correction over more China fears. Unless there is a systematic breakdown like we had during Mt.Gox, the market always recovers. The other worst thing you can do is unload into Tether as your safety net. If there is one thing that could actually cause a long term destruction of trust within the cryptocurrency investment ecosystem, its Tether having a run up on their liabilities and not having enough reserve to cover the leverage. It would not only bring down exchanges but lead to years of litigation and endless media headlines that will scare off everybody from putting fiat in. I don't know when the next Mt.Gox meltdown will occur but I can almost guarantee it will involve Tether. So stay away from it. What should long term investors do? For long term holders a good strategy to follow each year is to capture profit each December and swallow the capital gains taxation liability, park a reserve of fiat at Gemini (whose US dollar deposits are FDIC-insured) and simply wait till around late January to early February to re-enter the market at a discount and hold all year until next December. You can keep a small amount in core coins in order to trade around various Q1 opportunities you anticipate. Others may choose to simply do nothing and just keep holding throughout January which is also a perfectly fine strategy. The cyclical correction usually stabilizes toward late January and early February, then we see a rise in March and generally are recovered by end of April. Obviously this decision whether to sell in December to profit on the dip and pay tax liability or to just hold will depend on your individual tax situation. Do your own math sometime in November and follow suit. Essentially revaluate your positions and trim your position sizes if you don't feel comfortable with the losses.
How to construct your portfolio going forward
Rather than seeing the correction as a disaster see it as a time to start fresh. If you have been FOMO-ing into bad cryptos and losing money now is a time to start a systematic long term approach to investing rather than gambling. Follow a methodology for evaluating each cryptocurrency Memes and lambo dreams are fun and all, but I know many of you are investing thousands of dollars into crypto, so its worth it to put some organized thought into it as well. I can't stress enough how important it is to try and logically contruct your investment decisions. If you follow a set methodology, a checklist and template you will be able to do relative comparisons between cryptocurrencies, to force yourself to consider the negatives and alternative scenarios and also sleep comfortably knowing you have a sound basis for your investment decisions (even if they turn out to be wrong). There is no ideal or "correct" methodology but I can outline mine: 1) Initial information gathering and filtering Once I identify something that looks like a good potential investment, I first go to the CoinMarketCap page for that symbol and look at the website and blockchain explorer.
Critically evaluate the website. This is the first pass of the bullshit detector and you can tell from a lot from just the website whether its a scam. If it uses terms like "Web 4.0" or other nonsensical buzzwords, if its unprofessional and has anonymous teams, stay away. Always look for a roadmap, compare to what was actually delivered so far. Always check the team, try to find them on LinkedIn and what they did in the past.
Read the whitepaper or business development plan. You should fully understand how this crypto functions and how its trying to create value. If there is no use case or if the use case does not require or benefit from a blockchain, move on. Look for red flags like massive portions of the float being assigned to the founders of the coin, vague definition of who would use the coin, anonymous teams, promises of large payouts...etc
Check the blockchain explorer. How is the token distribution across accounts? Are the big accounts holding or selling? Which account is likely the foundation account, which is the founders account?
Read the subreddit and blogs for the cryptocurrency and also evaluate the community. Try to figure out exactly what the potential use cases are and look for sceptical takes. Look at the Github repos, does it look empty or is there plenty of activity?
2) Fill out an Investment Checklist I have a checklist of questions that I find important and as I'm researching a crypto I save little snippets in Evernote of things that are relevant to answering those questions:
What is the problem or transactional inefficiency the coin is trying to solve?
What is the Dev Team like? What is their track record? How are they funded, organized?
Who is their competition and how big is the market they're targeting? What is the roadmap they created?
What current product exists?
How does the token/coin actually derive value for the holder? Is there a staking mechanism or is it transactional?
What are the weaknesses or problems with this crypto?
3) Create some sort of consistent valuation model/framework, even if its simple I have a background in finance so I like to do Excel modeling. For those who are interested in that, this article is a great start and also Chris Burniske has a great blog about using Quantity Theory of Money to build an equivalent of a DCF analysis for crypto. Here is an Excel file example of OMG done using his model. You can download this and play around with it yourself, see how the formulas link and understand the logic. Once you have a model set up the way you like in Excel you can simply alter it to account for various float oustanding schedule and market items that are unique to your crypto, and then just start plugging in different assumptions. Think about what is the true derivation of value for the coin, is it a "dividend" coin that you stake within a digital economy and collect fees or is it a currency? Use a realistic monetary velocity (around 5-10 for currency and around 1-2 for staking) and for the discount rate use at least 3x the long term return of a diversified equity fund. The benefit is that this forces you to think about what actually makes this coin valuable to an actual user within the digital economy its participating in and force you to think about the assumptions you are making about the future. Do your assumptions make sense? What would the assumptions have to be to justify its current price? You can create different scenarios in a matrix (optimistic vs. pessimistic) based on different assumptions for risk (discount rate) and implementation (adoption rates). If you don't understand the above thats perfectly fine, you don't need to get into full modeling or have a financial background. Even a simple model that just tries to derive a valuation through relative terms will put you above most crypto investors. Some simple valuation methods that anyone can do
Metcalfe's Law which states that the value of a network is proportional to the square of the number of connected users of the system (n2). So you can compare various currencies based on their market cap and square of active users or traffic.
Another easy one is simply looking at the total market for the industry that the coin is supposedly targeting and comparing it to the market cap of the coin. Think of the market cap not only with circulating supply like its shown on CMC but including total supply. For example the total supply for Dentacoin is 1,841,395,638,392, and when multiplied by its price in early January we get a market cap that is actually higher than the entire industry it aims to disrupt: Dentistry.
If its meant to be just used as just a currency: Take a look at the circulating supply and look at the amount that is in cold storage or set to be released/burned. Most cryptos are deflationary so think about how the float schedule will change over time and how this will affect price.
Once you have a model you like set up, you can compare cryptos against each other and most importantly it will require that you build a mental framework within your own mind on why somebody would want to own this coin other than to sell it to another greater fool for a higher price. Modeling out a valuation will lead you to think long term and think about the inherent value, rather than price action. Once you go through this 3-step methodology, you'll have a pretty good confidence level for making your decision and can comfortably sit back and not panic if some temporary short term condition leads to a price decrease. This is how "smart money" does it. Think about your portfolio allocation You should think first in broad terms how you allocate between "safe" and "speculative" cryptos. For new investors its best to keep a substantial portion in what would be considered largecap safe cryptos, primarily BTC, ETH, LTC. I personally consider XMR to be safe as well. A good starting point is to have between 50-70% of your portfolio in these safe cryptocurrencies. As you become more confident and informed you can move your allocation into speculative small caps. You should also think in terms of segments and how much of your total portfolio is in each segment:
You should also think about where we are in the cycle, as now given so much uncertaintly its probably best to stay heavily in core holdings and pick up a few coins within a segment you understand well. If you don't understand how enterprise solutions work or how the value chain is built through corporations, don't invest in the enteprise blockchain solutions segment. If you are a technie who loves the technology behind Cardano or IOTA, invest in that segment. Think of your "circle of competence" This is actually a term Buffet came up with, it refers to your body of knowledge that allows you to evaluate an investment. Think about what you know best and consider investing in those type of coins. If you don't know anything about how supply chains functions, how can you competently judge whether VeChain or WaltonChain will achieve adoption? This where your portfolio allocation also comes into play. You should diversify but really shouldn't be in much more than around 12 cryptos, because you simply don't have enough competency to accurately access the risk across every segment and for every type of crypto you come across. If you had over 20 different cryptos in your portfolio you should probably think about consolidating to a few sectors you understand well. Continually educate yourself about the technology and markets If you aren't already doing it: Read a bit each day about cryptocurrencies. There are decent Youtubers that talk about the market side of crypto, just avoid those that hype specific coins and look for more sceptical ones like CryptoInvestor. If you don't understand how the technology works and what the benefits of a blockchain are or how POS/POW works or what a DAG is or how mining actually works, learn first. If you don't care about the technology or find reading about it tedious, you shouldn't invest in this space at all.
Summing it up
I predicted a few days ago that we would have a major correction in 2018 specifically in the altcoins that saw massive gains in Decemebeearly January, and it seems we've already had a pretty big one. I don't think we'll have a complete meltdown like some are predicting, but some more pain may be incoming. Basically take this time to think about how you can improve your investment style and strategy. Make a commitment to value things rather than chasing FOMO, and take your time to make a decision. Long term investment will grant you much more returns as will a systematic approach. Take care and have fun investing :) Edit March 2018: Lol looking back I'm regretting starting the title with "Why we won't have a long term bear market" now, I was more karma whoring with that catchy title than anything. We recovered up to 11K from this post, but then crashed again hard later in February-March because of a slew of reasons from Tether subpeona to unforseen regulatory issues.
Which type of curren(t) do you want to see(cy)? A analysis of the intention behind bitcoin(s). [Part 2]
Part 1 It's been a bit of time since the first post during which I believe things have crystallised further as to the intentions of the three primary bitcoin variants. I was going to go on a long winded journey to try to weave together the various bits and pieces to let the reader discern from themselves but there's simply too much material that needs to be covered and the effort that it would require is not something that I can invest right now. Firstly we must define what bitcoin actually is. Many people think of bitcoin as a unit of a digital currency like a dollar in your bank but without a physical substrate. That's kind of correct as a way to explain its likeness to something many people are familiar with but instead it's a bit more nuanced than that. If we look at a wallet from 2011 that has never moved any coins, we can find that there are now multiple "bitcoins" on multiple different blockchains. This post will discuss the main three variants which are Bitcoin Core, Bitcoin Cash and Bitcoin SV. In this respect many people are still hotly debating which is the REAL bitcoin variant and which bitcoins you want to be "investing" in. The genius of bitcoin was not in defining a class of non physical objects to send around. Why bitcoin was so revolutionary is that it combined cryptography, economics, law, computer science, networking, mathematics, etc. and created a protocol which was basically a rule set to be followed which creates a game of incentives that provides security to a p2p network to prevent double spends. The game theory is extremely important to understand. When a transaction is made on the bitcoin network your wallet essentially generates a string of characters which includes your public cryptographic key, a signature which is derived from the private key:pub key pair, the hash of the previous block and an address derived from a public key of the person you want to send the coins to. Because each transaction includes the hash of the previous block (a hash is something that will always generate the same 64 character string result from EXACTLY the same data inputs) the blocks are literally chained together. Bitcoin and the blockchain are thus defined in the technical white paper which accompanied the release client as a chain of digital signatures. The miners validate transactions on the network and compete with one another to detect double spends on the network. If a miner finds the correct solution to the current block (and in doing so is the one who writes all the transactions that have elapsed since the last block was found, in to the next block) says that a transaction is confirmed but then the rest of the network disagree that the transactions occurred in the order that this miner says (for double spends), then the network will reject the version of the blockchain that that miner is working on. In that respect the miners are incentivised to check each other's work and ensure the majority are working on the correct version of the chain. The miners are thus bound by the game theoretical design of NAKAMOTO CONSENSUS and the ENFORCES of the rule set. It is important to note the term ENFORCER rather than RULE CREATOR as this is defined in the white paper which is a document copyrighted by Satoshi Nakamoto in 2009. Now if we look at the three primary variants of bitcoin understanding these important defining characteristics of what the bitcoin protocol actually is we can make an argument that the variants that changed some of these defining attributes as no longer being bitcoin rather than trying to argue based off market appraisal which is essentially defining bitcoin as a social media consensus rather than a set in stone rule set. BITCOIN CORE: On first examination Bitcoin Core appears to be the incumbent bitcoin that many are being lead to believe is the "true" bitcoin and the others are knock off scams. The outward stated rationale behind the bitcoin core variant is that computational resources, bandwidth, storage are scarce and that before increasing the size of each block to allow for more transactions we should be increasing the efficiency with which the data being fed in to a block is stored. In order to achieve this one of the first suggested implementations was a process known as SegWit (segregating the witness data). This means that when you construct a bitcoin transaction, in the header of the tx, instead of the inputs being public key and a signature + Hash + address(to), the signature data is moved outside of header as this can save space within the header and allow more transactions to fill the block. More of the history of the proposal can be read about here (bearing in mind that article is published by the bitcoinmagazine which is founded by ethereum devs Vitalik and Mihai and can't necessarily be trusted to give an unbiased record of events). The idea of a segwit like solution was proposed as early as 2012 by the likes of Greg Maxwell and Luke Dash Jnr and Peter Todd in an apparent effort to "FIX" transaction malleability and enable side chains. Those familiar with the motto "problem reaction solution" may understand here that the problem being presented may not always be an authentic problem and it may actually just be necessary preparation for implementing a desired solution. The real technical arguments as to whether moving signature data outside of the transaction in the header actually invalidates the definition of bitcoin as being a chain of digital signatures is outside my realm of expertise but instead we can examine the character of the individuals and groups involved in endorsing such a solution. Greg Maxwell is a hard to know individual that has been involved with bitcoin since its very early days but in some articles he portrays himself as portrays himself as one of bitcoins harshest earliest critics. Before that he worked with Mozilla and Wikipedia and a few mentions of him can be found on some old linux sites or such. He has no entry on wikipedia other than a non hyperlinked listing as the CTO of Blockstream. Blockstream was a company founded by Greg Maxwell and Adam Back, but in business registration documents only Adam Back is listed as the business contact but registered by James Murdock as the agent. They received funding from a number of VC firms but also Joi Ito and Reid Hoffman and there are suggestions that MIT media labs and the Digital Currency Initiative. For those paying attention Joi Ito and Reid Hoffman have links to Jeffrey Epstein and his offsider Ghislaine Maxwell. Ghislaine is the daughter of publishing tycoon and fraudster Robert Maxwell (Ján Ludvík Hyman Binyamin Hoch, a yiddish orthodox czech). It is emerging that the Maxwells are implicated with Mossad and involved in many different psyops throughout the last decades. Greg Maxwell is verified as nullc but a few months ago was outed using sock puppets as another reddit user contrarian__ who also admits to being Jewish in one of his comments as the former. Greg has had a colourful history with his roll as a bitcoin core developer successfully ousting two of the developers put there by Satoshi (Gavin Andreson and Mike Hearn) and being referred to by Andreson as a toxic troll with counterpart Samon Mow. At this point rather than crafting the narrative around Greg, I will provide a few links for the reader to assess on their own time:
Now I could just go on dumping more and more articles but that doesn't really weave it all together. Essentially it is very well possible that the 'FIX' of bitcoin proposed with SegWit was done by those who are moral reprobates who have been rubbing shoulders money launderers and human traffickers. Gregory Maxwell was removed from wikipedia, worked with Mozilla who donated a quarter of a million to MIT media labs and had relationship with Joi Ito, the company he founded received funding from people associated with Epstein who have demonstrated their poor character and dishonesty and attempted to wage toxic wars against those early bitcoin developers who wished to scale bitcoin as per the white paper and without changing consensus rules or signature structures. The argument that BTC is bitcoin because the exchanges and the market have chosen is not necessarily a logical supposition when the vast majority of the money that has flown in to inflate the price of BTC comes from a cryptographic USD token that was created by Brock Pierce (Might Ducks child stahollywood pedo scandal Digital Entertainment Network) who attended Jeffrey Epstein's Island for conferences. The group Tether who issues the USDT has been getting nailed by the New York Attorney General office with claims of $1.4 trillion in damages from their dodgey practices. Brock Pierce has since distanced himself from Tether but Blockstream still works closely with them and they are now exploring issuing tether on the ethereum network. Tether lost it's US banking partner in early 2017 before the monstrous run up for bitcoin prices. Afterwards they alleged they had full reserves of USD however, they were never audited and were printing hundreds of millions of dollars of tether each week during peak mania which was used to buy bitcoin (which was then used as collateral to issue more tether against the bitcoin they bought at a value they inflated). Around $30m in USDT is crossing between China to Russia daily and when some of the groups also related to USDT/Tether were raided they found them in possession of hundreds of thousands of dollars worth of counterfeit physical US bills. Because of all this it then becomes important to reassess the arguments that were made for the implementation of pegged sidechains, segregated witnesses and other second layer solutions. If preventing the bitcoin blockchain from bloating was the main argument for second layer solutions, what was the plan for scaling the data related to the records of transactions that occur on the second layer. You will then need to rely on less robust ways of securing the second layer than Proof Of Work but still have the same amount of data to contend with, unless there was plans all along for second layer solutions to enable records to be deleted /pruned to facilitate money laundering and violation of laws put in place to prevent banking secrecy etc. There's much more to it as well and I encourage anyone interested to go digging on their own in to this murky cesspit. Although I know very well what sort of stuff Epstein has been up to I have been out of the loop and haven't familiarised myself with everyone involved in his network that is coming to light. Stay tuned for part 3 which will be an analysis of the shit show that is the Bitcoin Cash variant...
Over the past 100 days, Grayscale has bought every third bitcoin
Over the past 100 days, Grayscale has bought every third bitcoin The Grayscale Investments cryptocurrency investment fund acquired every third bitcoin mined in the last 100 days. And in April, the fund bought 50% of all ETH mined. At the same time, despite the financial crisis and the fall of the cryptocurrency market in March, shares of Grayscale crypto funds in the first quarter of 2020 attracted record investments, which indicates a growing interest of institutional investors in the crypto industry. Why does the company need so many coins, what is its current position regarding the crypto market and what role does it play on it?
Aggressive Grayscale crypto purchases have recently been spotted with respect to ether. So, by April 24, the company had bought about 756 539 ETNs (accurate data are not publicly available) for its Ethereum Trust fund. This is about 48.4% of all 1.5 million coins mined since the beginning of this year. As a result, the company already owns 1% of all coins in circulation and only increases the pace of purchases. The first user to notice this was Reddit under the nickname u/nootropicat. According to the latest quarterly report by Grayscale, the flow of investments in ETN reached a record level for the first three months of 2020 — $110 million. This is a very sharp increase, given that total investments in ETN for the previous two years amounted to $95.8 million. The total demand for the Ethereum fund grew over the quarter is almost 2.5 times compared with the fourth quarter of 2019. From the beginning of the year until the end of April, the company issued 5.23 million shares of the fund at 0.09427052 ETN apiece. At the same time, shares are traded with a premium of 420% relative to the current price of the coin — $92 against $17.70. That is, investors are willing to pay extra pretty much not to deal with cryptocurrency on their own. Most likely, the increase in the rate of purchase of the coin is associated with the upcoming upgrade of the network to the state of Ethereum 2.0. It can take place at the end of July, but, most likely, it will happen not earlier than the end of the year. After the upgrade, the network will become more scalable and there will be the possibility of staking — validators will be able to receive passive income for providing their funds to confirm the blocks. The crypto market, by the way, is also preparing for the transition of the ecosystem to a new stage. ETH has grown 55% since the crash in March, from $110 to $202 on the day of publication. At the end of April, CoinDesk drew attention to the increase in the number of long positions in ETH futures — this indicates expectations for further growth of the coin.
Last quarter — the most successful in the history of the company
In May, Grayscale released a report on the results of the first quarter of this year. “Despite the decline in risky assets this quarter, Grayscale’s assets continue to approach record highs, as does our share of the digital asset market,” the document says. And this despite the coronavirus pandemic, the global recession and the traditional cryptocurrency market volatility. A record $503.7 million investment was raised in the first quarter. This is almost twice the previous quarterly maximum of $254 million in the third quarter of last year and accounts for 83% of the total capital of $1.07 billion raised for the entire 2019. New investors accounted for $160 million of raised funds. The main products of Grayscale Bitcoin Trust and Grayscale Ethereum Trust raised $388.9 million and $110 million, respectively. It is noteworthy that the company reduced the premium on stocks of funds relative to the price of assets. 88% of investments came from institutional investors, among which hedge funds prevail; 5% — from accredited individuals, 4% — from pension accounts (yes, pension funds are extremely conservative in nature, but also invest in bitcoin against the background of a decrease in the profitability of other assets); 3% came from family offices, and 38% of customers invested in several products at once. It is noteworthy that two years ago the share of institutional investors was about 50% — it is obvious that they no longer consider bitcoin as something criminal. “Many of our investors see digital assets as medium and long-term investment opportunities and the main component of their investment portfolios. Quarterly inflows doubled to $ 503.7 million, demonstrating that demand is reaching new peak levels even in conditions of “risk reduction”, the document says. Today, more than 46.5% of the inflow of funds was attracted from multi-strategic investors. Crypto investors accounted for only 11.2% of the inflow, according to the report. Grayscale currently operates ten cryptocurrency investment products targeted at institutional investors. They cover PTS, ETN, ETS, BCH, ZEC, XRP, LTC, ZEN, XLM. The value of the assets under his management is more than $3.8 billion. GBTC is the most demanded product, most investors invest in it and it takes about 1.7% of the total volume of circulating bitcoins. Aggregate quarterly flow of funds to different Grayscale products. Pay attention to the growing share of investors diversifying portfolios with products tied to altcoins. Since January of this year, the Grayscale Bitcoin Trust has been registered with the US Securities and Exchange Commission (SEC). According to it, the company provides quarterly and annual reports in the form of 10-K. The status makes it possible to sell shares of a trust in the secondary market after 6 months, rather than 12, as before, and also increases the confidence of conservative investors. Other products comply with OTCQX reporting standards in the OTC market and are approved by the US Financial Services Regulatory Authority (FINRA) for public offering. Amount of assets managed by Grayscale as of May 20, 2020. It is noteworthy that the news about the success of Grayscale comes amid news of how panicky investors in traditional assets are fleeing from market turmoil. So, the largest fund managers — BlackRock, Vanguard and State Street Global Advisors — lost several trillion in capitalization of their assets, and BlackRock in the first quarter for the first time in five years saw a net outflow of funds from its long-term investment products.
Bitcoin is the best asset for hedging portfolios in crisis
At the end of April, Grayscale also released a separate report on the analysis of the impact of regulators during a pandemic and the crisis caused by it and how it affected the bitcoin and cryptocurrency market as a whole. The document said fiat currencies are at risk of devaluation as central banks print more and more money. Even the US dollar, which is the world’s reserve currency, risks being devalued if the US Federal Reserve continues to print the currency in trillions. A decrease in interest rates to zero and negative values deprives government bonds of the status of “safe haven” during the crisis. Therefore, investors are trying to diversify their portfolios with alternative instruments. Cryptocurrencies are the best choice for this, according to the authors of the report. The text emphasizes the historical significance of gold as a global standard, but it is noted that in the modern digital world it is becoming increasingly burdensome for investors — it has complex logistics. Bitcoin seems resistant to the problems that other assets face. Therefore, in times of economic uncertainty, the first cryptocurrency is one of the best assets that investors can use to hedge their portfolios. The coin performs better than any other asset, including fiat currencies, government bonds, and traditional commodities like gold. The authors of the report emphasize that Bitcoin has already begun to show signs of becoming a protective asset. At the same time, the company believes that bitcoin is an excellent asset not only in times of crisis. So, in December 2019, Managing Director of Grayscale Investments Michael Sonnenshine said that the company expects an influx of investments in bitcoin after the transfer of $68 trillion of savings between generations in the next 25 years. Today, this capital is invested in traditional assets, but a significant part of these wealth millennials will invest in cryptocurrencies. Already, according to him, investments in GBTC are among the five most popular among young people, ahead of, for example, investments in Microsoft and Netflix.
The unprecedented financial measures taken by the US Federal Reserve, as well as the worsening recession, are forcing even the most conservative investors to rethink their current strategies and portfolio composition. Many of them are increasingly beginning to appreciate the fixed emission and non-correlation of Bitcoin — it is becoming a tool for risk diversification. Growing institutional interest is driving the acceleration of coin prices. Subscribe to our Telegram channel
Your Guide to Monero, and Why It Has Great Potential
/////Your Guide to Monero, and Why It Has Great Potential/////
Marketing. It's a dirty word for most members of the Monero community. It is also one of the most divisive words in the Monero community. Yet, the lack of marketing is one of the most frustrating things for many newcomers. This is what makes this an unusual post from a member of the Monero community. This post is an unabashed and unsolicited analyzation of why I believe Monero to have great potential. Below I have attempted to outline different reasons why Monero has great potential, beginning with upcoming developments and use cases, to broader economic motives, speculation, and key issues for it to overcome. I encourage you to discuss and criticise my musings, commenting below if you feel necessary to do so.
Bulletproofs - A Reduction in Transaction Sizes and Fees Since the introduction of Ring Confidential Transactions (Ring CT), transaction amounts have been hidden in Monero, albeit at the cost of increased transaction fees and sizes. In order to mitigate this issue, Bulletproofs will soon be added to reduce both fees and transaction size by 80% to 90%. This is great news for those transacting smaller USD amounts as people commonly complained Monero's fees were too high! Not any longer though! More information can be found here. Bulletproofs are already working on the Monero testnet, and developers were aiming to introduce them in March 2018, however it could be delayed in order to ensure everything is tried and tested. Multisig Multisig has recently been merged! Mulitsig, also called multisignature, is the requirement for a transaction to have two or more signatures before it can be executed. Multisig transactions and addresses are indistinguishable from normal transactions and addresses in Monero, and provide more security than single-signature transactions. It is believed this will lead to additional marketplaces and exchanges to supporting Monero. Kovri Kovri is an implementation of the Invisible Internet Project (I2P) network. Kovri uses both garlic encryption and garlic routing to create a private, protected overlay-network across the internet. This overlay-network provides users with the ability to effectively hide their geographical location and internet IP address. The good news is Kovri is under heavy development and will be available soon. Unlike other coins' false privacy claims, Kovri is a game changer as it will further elevate Monero as the king of privacy. Mobile Wallets There is already a working Android Wallet called Monerujo available in the Google Play Store. X Wallet is an IOS mobile wallet. One of the X Wallet developers recently announced they are very, very close to being listed in the Apple App Store, however are having some issues with getting it approved. The official Monero IOS and Android wallets, along with the MyMonero IOS and Android wallets, are also almost ready to be released, and can be expected very soon. Hardware Wallets Hardware wallets are currently being developed and nearing completion. Because Monero is based on the CryptoNote protocol, it means it requires unique development in order to allow hardware wallet integration. The Ledger Nano S will be adding Monero support by the end of Q1 2018. There is a recent update here too. Even better, for the first time ever in cryptocurrency history, the Monero community banded together to fund the development of an exclusive Monero Hardware Wallet, and will be available in Q2 2018, costing only about $20! In addition, the CEO of Trezor has offered a 10BTC bounty to whoever can provide the software to allow Monero integration. Someone can be seen to already be working on that here. TAILS Operating System Integration Monero is in the progress of being packaged in order for it to be integrated into TAILS and ready to use upon install. TAILS is the operating system popularised by Edward Snowden and is commonly used by those requiring privacy such as journalists wanting to protect themselves and sources, human-right defenders organizing in repressive contexts, citizens facing national emergencies, domestic violence survivors escaping from their abusers, and consequently, darknet market users. In the meantime, for those users who wish to use TAILS with Monero, u/Electric_sheep01 has provided Sheep's Noob guide to Monero GUI in Tails 3.2, which is a step-by-step guide with screenshots explaining how to setup Monero in TAILS, and is very easy to follow. Mandatory Hardforks Unlike other coins, Monero receives a protocol upgrade every 6 months in March and September. Think of it as a Consensus Protocol Update. Monero's hard forks ensure quality development takes place, while preventing political or ideological issues from hindering progress. When a hardfork occurs, you simply download and use the new daemon version, and your existing wallet files and copy of the blockchain remain compatible. This reddit post provides more information. Dynamic fees Many cryptocurrencies have an arbitrary block size limit. Although Monero has a limit, it is adaptive based on the past 100 blocks. Similarly, fees change based on transaction volume. As more transactions are processed on the Monero network, the block size limit slowly increases and the fees slowly decrease. The opposite effect also holds true. This means that the more transactions that take place, the cheaper the fees! Tail Emission and Inflation There will be around 18.4 million Monero mined at the end of May 2022. However, tail emission will kick in after that which is 0.6 XMR, so it has no fixed limit. Gundamlancer explains that Monero's "main emission curve will issue about 18.4 million coins to be mined in approximately 8 years. (more precisely 18.132 Million coins by ca. end of May 2022) After that, a constant "tail emission" of 0.6 XMR per 2-minutes block (modified from initially equivalent 0.3 XMR per 1-minute block) will create a sub-1% perpetual inflatio starting with 0.87% yearly inflation around May 2022) to prevent the lack of incentives for miners once a currency is not mineable anymore. Monero Research Lab Monero has a group of anonymous/pseudo-anonymous university academics actively researching, developing, and publishing academic papers in order to improve Monero. See here and here. The Monero Research Lab are acquainted with other members of cryptocurrency academic community to ensure when new research or technology is uncovered, it can be reviewed and decided upon whether it would be beneficial to Monero. This ensures Monero will always remain a leading cryptocurrency. A recent end of 2017 update from a MRL researcher can be found here.
///Monero's Technology - Rising Above The Rest///
Monero Has Already Proven Itself To Be Private, Secure, Untraceable, and Trustless Monero is the only private, untraceable, trustless, secure and fungible cryptocurrency. Bitcoin and other cryptocurrencies are TRACEABLE through the use of blockchain analytics, and has lead to the prosecution of numerous individuals, such as the alleged Alphabay administrator Alexandre Cazes. In the Forfeiture Complaint which detailed the asset seizure of Alexandre Cazes, the anonymity capabilities of Monero were self-demonstrated by the following statement of the officials after the AlphaBay shutdown: "In total, from CAZES' wallets and computer agents took control of approximately $8,800,000 in Bitcoin, Ethereum, Monero and Zcash, broken down as follows: 1,605.0503851 Bitcoin, 8,309.271639 Ethereum, 3,691.98 Zcash, and an unknown amount of Monero". Privacy CANNOT BE OPTIONAL and must be at a PROTOCOL LEVEL. With Monero, privacy is mandatory, so that everyone gets the benefits of privacy without any transactions standing out as suspicious. This is the reason Darknet Market places are moving to Monero, and will never use Verge, Zcash, Dash, Pivx, Sumo, Spectre, Hush or any other coins that lack good privacy. Peter Todd (who was involved in the Zcash trusted setup ceremony) recently reiterated his concerns of optional privacy after Jeffrey Quesnelle published his recent paper stating 31.5% of Zcash transactions may be traceable, and that only ~1% of the transactions are pure privacy transactions (i.e., z -> z transactions). When the attempted private transactions stand out like a sore thumb there is no privacy, hence why privacy cannot be optional. In addition, in order for a cryptocurrency to truly be private, it must not be controlled by a centralised body, such as a company or organisation, because it opens it up to government control and restrictions. This is no joke, but Zcash is supported by DARPA and the Israeli government!. Monero provides a stark contrast compared to other supposed privacy coins, in that Monero does not have a rich list! With all other coins, you can view wallet balances on the blockexplorers. You can view Monero's non-existent rich list here to see for yourself. I will reiterate here that Monero is TRUSTLESS. You don't need to rely on anyone else to protect your privacy, or worry about others colluding to learn more about you. No one can censor your transaction or decide to intervene. Monero is immutable, unlike Zcash, in which the lead developer Zooko publicly tweeted the possibility of providing a backdoor for authorities to trace transactions. To Zcash's demise, Zooko famously tweeted:
" And by the way, I think we can successfully make Zcash too traceable for criminals like WannaCry, but still completely private & fungible. …"
Ethereum's track record of immutability is also poor. Ethereum was supposed to be an immutable blockchain ledger, however after the DAO hack this proved to not be the case. A 2016 article on Saintly Law summarised the problematic nature of Ethereum's leadership and blockchain intervention:
" Many ethereum and blockchain advocates believe that the intervention was the wrong move to make in this situation. Smart contracts are meant to be self-executing, immutable and free from disturbance by organisations and intermediaries. Yet the building block of all smart contracts, the code, is inherently imperfect. This means that the technology is vulnerable to the same malicious hackers that are targeting businesses and governments. It is also clear that the large scale intervention after the DAO hack could not and would not likely be taken in smaller transactions, as they greatly undermine the viability of the cryptocurrency and the technology."
Monero provides Fungibility and Privacy in a Cashless World As outlined on GetMonero.org, fungibility is the property of a currency whereby two units can be substituted in place of one another. Fungibility means that two units of a currency can be mutually substituted and the substituted currency is equal to another unit of the same size. For example, two $10 bills can be exchanged and they are functionally identical to any other $10 bill in circulation (although $10 bills have unique ID numbers and are therefore not completely fungible). Gold is probably a closer example of true fungibility, where any 1 oz. of gold of the same grade is worth the same as another 1 oz. of gold. Monero is fungible due to the nature of the currency which provides no way to link transactions together nor trace the history of any particular XMR. 1 XMR is functionally identical to any other 1 XMR. Fungibility is an advantage Monero has over Bitcoin and almost every other cryptocurrency, due to the privacy inherent in the Monero blockchain and the permanently traceable nature of the Bitcoin blockchain. With Bitcoin, any BTC can be tracked by anyone back to its creation coinbase transaction. Therefore, if a coin has been used for an illegal purpose in the past, this history will be contained in the blockchain in perpetuity. A great example of Bitcoin's lack of fungibility was reposted by u/ViolentlyPeaceful:
"Imagine you sell cupcakes and receive Bitcoin as payment. It turns out that someone who owned that Bitcoin before you was involved in criminal activity. Now you are worried that you have become a suspect in a criminal case, because the movement of funds to you is a matter of public record. You are also worried that certain Bitcoins that you thought you owned will be considered ‘tainted’ and that others will refuse to accept them as payment."
This lack of fungibility means that certain businesses will be obligated to avoid accepting BTC that have been previously used for purposes which are illegal, or simply run afoul of their Terms of Service. Currently some large Bitcoin companies are blocking, suspending, or closing accounts that have received Bitcoin used in online gambling or other purposes deemed unsavory by said companies. Monero has been built specifically to address the problem of traceability and non-fungibility inherent in other cryptocurrencies. By having completely private transactions Monero is truly fungible and there can be no blacklisting of certain XMR, while at the same time providing all the benefits of a secure, decentralized, permanent blockchain. The world is moving cashless. Fact. The ramifications of this are enormous as we move into a cashless world in which transactions will be tracked and there is a potential for data to be used by third parties for adverse purposes. While most new cryptocurrency investors speculate upon vaporware ICO tokens in the hope of generating wealth, Monero provides salvation for those in which financial privacy is paramount. Too often people equate Monero's features with criminal endeavors. Privacy is not a crime, and is necessary for good money. Transparency in Monero is possible OFF-CHAIN, which offers greater transparency and flexibility. For example, a Monero user may share their Private View Key with their accountant for tax purposes. Monero aims to be adopted by more than just those with nefarious use cases. For example, if you lived in an oppressive religious regime and wanted to buy a certain item, using Monero would allow you to exchange value privately and across borders if needed. Another example is that if everybody can see how much cryptocurrency you have in your wallet, then a certain service might decide to charge you more, and bad actors could even use knowledge of your wallet balance to target you for extortion purposes. For example, a Russian cryptocurrency blogger was recently beaten and robbed of $425k. This is why FUNGIBILITY IS ESSENTIAL. To summarise this in a nutshell:
"A lack of fungibility means that when sending or receiving funds, if the other person personally knows you during a transaction, or can get any sort of information on you, or if you provide a residential address for shipping etc. – you could quite potentially have them use this against you for personal gain"
Major Investors And Crypto Figureheads Are Interested Ari Paul is the co-founder and CIO of BlockTower Capital. He was previously a portfolio manager for the University of Chicago's $8 billion endowment, and a derivatives market maker and proprietary trader for Susquehanna International Group. Paul was interviewed on CNBC on the 26th of December and when asked what was his favourite coin was, he stated "One that has real fundamental value besides from Bitcoin is Monero" and said it has "very strong engineering". In addition, when he was asked if that was the one used by criminals, he replied "Everything is used by criminals including the US dollar and the Euro". Paul later supported these claims on Twitter, recommending only Bitcoin and Monero as long-term investments. There are reports that "Roger Ver, earlier known as 'Bitcoin Jesus' for his evangelical support of the Bitcoin during its early years, said his investment in Monero is 'substantial' and his biggest in any virtual currency since Bitcoin. Charlie Lee, the creator of Litecoin, has publicly stated his appreciation of Monero. In a September 2017 tweet directed to Edward Snowden explaining why Monero is superior to Zcash, Charlie Lee tweeted:
All private transactions, More tested privacy tech, No tax on miners to pay investors, No high inflation... better investment.
John McAfee, arguably cryptocurrency's most controversial character at the moment, has publicly supported Monero numerous times over the last twelve months(before he started shilling ICOs), and has even claimed it will overtake Bitcoin. Playboy instagram celebrity Dan Bilzerian is a Monero investor, with 15% of his portfolio made up of Monero. Finally, while he may not be considered a major investor or figurehead, Erik Finman, a young early Bitcoin investor and multimillionaire, recently appeared in a CNBC Crypto video interview, explaining why he isn't entirely sold on Bitcoin anymore, and expresses his interest in Monero, stating:
"Monero is a really good one. Monero is an incredible currency, it's completely private."
There is a common belief that most of the money in cryptocurrency is still chasing the quick pump and dumps, however as the market matures, more money will flow into legitimate projects such as Monero. Monero's organic growth in price is evidence smart money is aware of Monero and gradually filtering in. The Bitcoin Flaw A relatively unknown blogger named CryptoIzzy posted three poignant pieces regarding Monero and its place in the world. The Bitcoin Flaw: Monero Rising provides an intellectual comparison of Monero to other cryptocurrencies, and Valuing Cryptocurrencies: An Approach outlines methods of valuing different coins. CryptoIzzy's most recent blog published only yesterday titled Monero Valuation - Update and Refocus is a highly recommended read. It touches on why Monero is much more than just a coin for the Darknet Markets, and provides a calculated future price of Monero. CryptoIzzy also published The Power of Money: A Case for Bitcoin, which is an exploration of our monetary system, and the impact decentralised cryptocurrencies such as Bitcoin and Monero will have on the world. In the epilogue the author also provides a positive and detailed future valuation based on empirical evidence. CryptoIzzy predicts Monero to easily progress well into the four figure range. Monero Has a Relatively Small Marketcap Recently we have witnessed many newcomers to cryptocurrency neglecting to take into account coins' marketcap and circulating supply, blindly throwing money at coins under $5 with inflated marketcaps and large circulating supplies, and then believing it's possible for them to reach $100 because someone posted about it on Facebook or Reddit. Compared to other cryptocurrencies, Monero still has a low marketcap, which means there is great potential for the price to multiply. At the time of writing, according to CoinMarketCap, Monero's marketcap is only a little over $5 billion, with a circulating supply of 15.6 million Monero, at a price of $322 per coin. For this reason, I would argue that this is evidence Monero is grossly undervalued. Just a few billion dollars of new money invested in Monero can cause significant price increases. Monero's marketcap only needs to increase to ~$16 billion and the price will triple to over $1000. If Monero's marketcap simply reached ~$35 billion (just over half of Ripple's $55 billion marketcap), Monero's price will increase 600% to over $2000 per coin. Another way of looking at this is Monero's marketcap only requires ~$30 billion of new investor money to see the price per Monero reach $2000, while for Ethereum to reach $2000, Ethereum's marketcap requires a whopping ~$100 billion of new investor money. Technical Analysis There are numerous Monero technical analysts, however none more eerily on point than the crowd-pleasing Ero23. Ero23's charts and analysis can be found on Trading View. Ero23 gained notoriety for his long-term Bitcoin bull chart published in February, which is still in play today. Head over to his Trading View page to see his chart: Monero's dwindling supply. $10k in 2019 scenario, in which Ero23 predicts Monero to reach $10,000 in 2019. There is also this chart which appears to be freakishly accurate and is tracking along perfectly today. Coinbase Rumours Over the past 12 months there have been ongoing rumours that Monero will be one of the next cryptocurrencies to be added to Coinbase. In January 2017, Monero Core team member Riccardo 'Fluffypony' Spagni presented a talk at Coinbase HQ. In addition, in November 2017 GDAX announced the GDAX Digit Asset Framework outlining specific parameters cryptocurrencies must meet in order to be added to the exchange. There is speculation that when Monero has numerous mobile and hardware wallets available, and multisig is working, then it will be added. This would enable public accessibility to Monero to increase dramatically as Coinbase had in excess of 13 million users as of December, and is only going to grow as demand for cryptocurrencies increases. Many users argue that due to KYC/AML regulations, Coinbase will never be able to add Monero, however the Kraken exchange already operates in the US and has XMfiat pairs, so this is unlikely to be the reason Coinbase is yet to implement XMfiat trading. Monero Is Not an ICO Scam It is likely most of the ICOs which newcomers invest in, hoping to get rich quick, won't even be in the Top 100 cryptocurrencies next year. A large portion are most likely to be pumps and dumps, and we have already seen numerous instances of ICO exit scams. Once an ICO raises millions of dollars, the developers or CEO of the company have little incentive to bother rolling out their product or service when they can just cash out and leave. The majority of people who create a company to provide a service or product, do so in order to generate wealth. Unless these developers and CEOs are committed and believed in their product or service, it's likely that the funds raised during the ICO will far exceed any revenue generated from real world use cases. Monero is a Working Currency, Today Monero is a working currency, here today. The majority of so called cryptocurrencies that exist today are not true currencies, and do not aim to be. They are a token of exchange. They are like a share in a start-up company hoping to use blockchain technology to succeed in business. A crypto-assest is a more accurate name for coins such as Ethereum, Neo, Cardano, Vechain, etc. Monero isn't just a vaporware ICO token that promises to provide a blockchain service in the future. It is not a platform for apps. It is not a pump and dump coin. Monero is the only coin with all the necessary properties to be called true money. Monero is private internet money. Some even describe Monero as an online Swiss Bank Account or Bitcoin 2.0, and it is here to continue on from Bitcoin's legacy. Monero is alleviating the public from the grips of banks, and protests the monetary system forced upon us. Monero only achieved this because it is the heart and soul, and blood, sweat, and tears of the contributors to this project. Monero supporters are passionate, and Monero has gotten to where it is today thanks to its contributors and users.
///Key Issues for Monero to Overcome///
Scalability While Bulletproofs are soon to be implemented in order to improve Monero's transaction sizes and fees, scalability is an issue for Monero that is continuously being assessed by Monero's researchers and developers to find the most appropriate solution. Ricardo 'Fluffypony' Spagni recently appeared on CNBC's Crypto Trader, and when asked whether Monero is scalable as it stands today, Spagni stated that presently, Monero's on-chain scaling is horrible and transactions are larger than Bitcoin's (because of Monero's privacy features), so side-chain scaling may be more efficient. Spagni elaborated that the Monero team is, and will always be, looking for solutions to an array of different on-chain and off-chain scaling options, such as developing a Mimblewimble side-chain, exploring the possibility of Lightning Network so atomic swaps can be performed, and Tumblebit. In a post on the Monero subreddit from roughly a month ago, monero moderator u/dEBRUYNE_1 supports Spagni's statements. dEBRUYNE_1 clarifies the issue of scalability:
"In Bitcoin, the main chain is constrained and fees are ludicrous. This results in users being pushed to second layer stuff (e.g. sidechains, lightning network). Users do not have optionality in Bitcoin. In Monero, the goal is to make the main-chain accessible to everyone by keeping fees reasonable. We want users to have optionality, i.e., let them choose whether they'd like to use the main chain or second layer stuff. We don't want to take that optionality away from them."
"Monero has all the mechanisms it needs to find the balance between transaction load, and offsetting the costs of miner infrastructure/profits, while making sure the network is useful for users. But like the interviewer said, the question is directed at "right now", and Fluffys right to a certain extent, Monero's transactions are huge, and compromises in blockchain security will help facilitate less burdensome transactional activity in the future. But to compare Monero to Bitcoin's transaction sizes is somewhat silly as Bitcoin is nowhere near as useful as monero, and utility will facilitate infrastructure building that may eventually utterly dwarf Bitcoin. And to equate scaling based on a node being run on a desktop being the only option for what classifies as "scalable" is also an incredibly narrow interpretation of the network being able to scale, or not. Given the extremely narrow definition of scaling people love to (incorrectly) use, I consider that a pretty crap question to put to Fluffy in the first place, but... ¯_(ツ)_/¯"
u/xmrusher also contributed to the discussion, comparing Bitcoin to Monero using this analogous description:
"While John is much heavier than Henry, he's still able to run faster, because, unlike Henry, he didn't chop off his own legs just so the local wheelchair manufacturer can make money. While Morono has much larger transactions then Bitcoin, it still scales better, because, unlike Bitcoin, it hasn't limited itself to a cripplingly tiny blocksize just to allow Blockstream to make money."
Setting up a wallet can still be time consuming It's time consuming and can be somewhat difficult for new cryptocurrency users to set up their own wallet using the GUI wallet or the Command Line Wallet. In order to strengthen and further decentralize the Monero network, users are encouraged to run a full node for their wallet, however this can be an issue because it can take up to 24-48 hours for some users depending on their hard-drive and internet speeds. To mitigate this issue, users can run a remote node, meaning they can remotely connect their wallet to another node in order to perform transactions, and in the meantime continue to sync the daemon so in the future they can then use their own node. For users that do run into wallet setup issues, or any other problems for that matter, there is an extremely helpful troubleshooting thread on the Monero subreddit which can be found here. And not only that, unlike some other cryptocurrency subreddits, if you ask a question, there is always a friendly community member who will happily assist you. Monero.how is a fantastic resource too! Despite still being difficult to use, the user-base and price may increase dramatically once it is easier to use. In addition, others believe that when hardware wallets are available more users will shift to Monero.
I actually still feel a little shameful for promoting Monero here, but feel a sense of duty to do so. Monero is transitioning into an unstoppable altruistic beast. This year offers the implementation of many great developments, accompanied by the likelihood of a dramatic increase in price. I request you discuss this post, point out any errors I have made, or any information I may have neglected to include. Also, if you believe in the Monero project, I encourage you to join your local Facebook or Reddit cryptocurrency group and spread the word of Monero. You could even link this post there to bring awareness to new cryptocurrency users and investors. I will leave you with an old on-going joke within the Monero community - Don't buy Monero - unless you have a use case for it of course :-) Just think to yourself though - Do I have a use case for Monero in our unpredictable Huxleyan society? Hint: The answer is ? Edit: Added in the Tail Emission section, and noted Dan Bilzerian as a Monero investor. Also added information regarding the XMR.TO payment service. Added info about hardfork
The Next Recession May be Brutal: That’s a Net Positive for Gold and Bitcoin
Prominent gold bull Peter Schiff predicts that the next recession will be brutal, and owning gold or Bitcoin will be a net positive. The US economy is more robust than it has ever been. With a roaring stock market and decent consumer spending, talk of recession is minimal. However, certain aspects of this growth are cause for investors like Schiff to raise the alarm: “Today’s revisions to Q3 GDP confirm the U.S. economy is a bubble. GDP ‘growth’ is driven completely by excess consumer and government spending, as the real economy contracts. But such spending is a function of debt, much of which can’t be repaid. The coming bust will be brutal!” With the S&P 500 pushing record high after record high, stock market traders are as bullish as ever. Such sentiment could make the next crash particularly devastating. In the 2008 financial crash, stocks in a hallmark Wall Street firm, Bear Stearns, went from over $100 to $2 within a week. Investing in stocks can be great, but when it rains, it pours. Accurately predicting the next recession is often a hit-and-miss game even for the top analysts. Even those who predicted the financial crisis of 2008 couldn’t pinpoint with precision when it would begin. Regardless, this does not discredit anyone who tells investors to be cautious. The issues Schiff raises are pertinent to the macro-economic stability of the American and global economies. Even those who make the right predictions about an upcoming recession have no respite if they do nothing about it. Building a defensive portfolio is one way to absorb such shocks. In recent decades, gold has distinguished itself as the premier safe-haven asset.
Gold Prices During a Recession
Gold has historically performed well during times of financial uncertainty. Naturally, recessions are the extreme end of such turmoil, meaning that gold prices should peak. In the aftermath of the 2008 financial crisis, gold prices rose dramatically and peaked in 2011 at the height of quantitative easing measures from major central banks. If a brutal crisis such as Schiff predicts could happen comes to pass, gold prices should ease past the $2,000 mark. Gold has millennia of reputation and scarcity that makes it the perfect safe-haven asset in such a crisis. Therefore, investors see it as a valuable asset to hedge against recessions. If you are already in one, it can provide cover against further negative slides. This stability is why investors like Schiff advise that traders have anywhere between 10–30% weighting in gold. Whether split between physical gold and mining equities, gold-backed ETFs, or any other arrangement, gold has a track record of weathering the storm.
Bitcoin as a Store of Value Asset
Using the phrase ‘store of value’ for Bitcoin may sound like an oxymoron. After all, Bitcoin and cryptocurrencies are notorious for volatility in their few years of existence. In the 2018 calendar year, Bitcoin went from about $18,000 down to about $3,400 only to rebound to over $10,000 by mid-2019. However, one trait gives Bitcoin a silver lining: decentralization. Bitcoin is a decentralized, pseudonymous network that is independent of central bank control. Accordingly, Bitcoin has the eye of many investors who seek to diversify their holdings. So far, there is little evidence as to whether Bitcoin will trade like a safe-haven asset during a full-blown crisis. The fact that Bitcoin does not have a direct correlation to the mainstream is what drives interest. Bitcoin prices are purely market-driven as no one controls supply like regular fiat. Therefore, some speculate that in the event of a financial crisis, investors will flock to Bitcoin just like gold. Recent history suggests that temporary Bitcoin investors hold the coin for speculative purposes rather than a store of value. Will this change soon? It could be that investors allocate money to risky assets when they feel comfortable about investing generally. Therefore, there is a distinct possibility that investors could shy away from Bitcoin during times of economic turbulence. What will transpire during an actual recession is difficult to predict. Bitcoin may have insulation from mainstream stocks, but bearish sentiment can affect investor sentiment either way. You can have a situation where investors hedge Bitcoin more or avoid high-risk assets in general. It will take time before Bitcoin has the stability and reputation of gold. The maturity of crypto markets between now and when an actual recession hits is also a factor. Bitcoin can be a viable alternative to gold, but a lot of stars have to align.
Based on current economic and policy trends, gold is in the perfect position to have a net positive from a recession. Incredibly, even with the S&P 500 and other stock market indices up by a lot, gold has had a strong bull run in 2019. The macro-economic factors that have fueled gold prices include geopolitical tensions and low interest rates. All through 2020, these factors will still loom large. Gold enjoys a stability that Bitcoin holders can only dream of. Even in the rare event that an institution or person dumps a significant amount of gold in the market, the net price effect will not be as drastic as with other assets. Demand for gold is only getting stronger with the resilience it is showing. Central banks in emerging and struggling economies are adding rapidly to their gold holdings to hedge against currency slides. Accordingly, the likes of Russia, China, Kazakhstan, and Turkey have added significantly to their gold reserves in recent years. Part of this demand stems from an effort to reduce reliance on the U.S. dollar as a reserve currency. Russia and China are dealing with sanctions and a trade war, respectively, while many developing countries have stuttering currencies. Gold provides a useful alternative to store value for such countries. Additionally, Islamic countries like Iran, Malaysia, Turkey, and Qatar are considering a gold barter system among themselves to hedge against future economic sanctions. Iran continues to bear the brunt of punitive sanctions while Qatar almost experienced an economic shutdown after a Saudi orchestrated blockade in 2018. The deliberations began after an economic summit led by Malaysian PM Mahathir Mohamed from the 18th to the 21st of December 2019. Therefore, gold enjoys a universal credibility that Bitcoin and crypto can only dream about. When looking to store value or hedge against a stock crash, gold is still the premier asset to hold.
Gold to Surge in the Coming Decade
Many analysts see the tremendous upside of holding gold now. Paul Schatz, Heritage Capital president, recently touched on this sentiment in comments to Yahoo Finance: “I think gold’s going to $2,500, $3,000 an ounce in the 2020s because the climate — the landscape for gold is so hugely supportive.” Investors see the value of using bullion as a hedge. Even though gold cannot replace government bonds entirely in portfolio diversification, the case for reallocating a portion of normal bond exposure to gold is as strong as ever. Bullion has had a steady decade of growth through the 2010s. It has performed better than most assets, save for outliers like cryptocurrencies. Stocks have rallied in the past decade, but a combination of high debt levels and low interest rates places the value of fiat at a precarious place. These factors have allowed gold to maintain solid prices even through periods of relative economic prosperity. For those who distrust fiat and central bank management of fiat, hedging gold is a no-brainer. Having at least 10% gold in your portfolio is a decent approach to start the next decade. Investing in bullion, gold mining equity, or gold-backed ETFs provides useful diversification to your portfolio. With digital gold-backed tokens now available in the market, you don’t need to worry about the hassle of storing and transporting the gold. Either way, investing in gold now puts you in a great position entering the new decade.
Wow, what a change. From using shovels to mine for metals & minerals, to using ASIC chips to mine for Bitcoin. Two months later (October 2018), Coingeek is promoting "Squire Mining", which claims that they now have an ASIC miner prototype, that is faster & more efficient than most commonly used crypto miners on the market, and they will deliver them to Coingeek in 2019.
Ryan Gosling is probably disappointed that his photo wasn't included on the team members page.
At this point, the penny stock company "Squire Mining" looks like a nChain shell company, acquired through reverse merger. And it could easily be a pump & dump scam, designed to capture the media hype around "blockchain, Bitcoin, ASICs". Which wouldn't be surprising, given that nChain's Chief Scientist Craig Wright ("Fake Satoshi") is a known fraudster.
What’s up everyone! (TL:DR at the end this time, I've learned from my past mistakes haha)
Yep, it’s me again! New case for a new coin that seems to have taken off lately (and for good reason!) I’ve been researching it deeply lately. For those of you wondering (and in a voluntary spirit of being transparent), I do hold nice bags of the coins I post about. However I do not dump them. I’m a HODLER at heart, and love to invest in and hold coins that have a purpose. You know, like, an actual purpose. I have a Phore masternode, which i intend to keep running indefinitely. I also have a decent chunk of COSS, which I also intend to keep for a very long time (3+ years, until they are a full crypto one-stop-solution).
If you’ve missed my previous post, you can find it here:
For those who do not know me, or haven’t read my previous post, here’s my intro: I come from a business & logistics management background. I started investing in cryptocurrencies and trading a little more than six months ago. I am very detail oriented and I’ve been researching all kinds of cryptos, for hours a day, for the past six months. Cryptocurrencies went from a simple hobby to a burning passion during that 6 month period.
I’ve spotted great coins at great prices, and it seems I keep doing so! Firstly, Ethereum at 150$. Then NEO when it was antshares (sub-3$), Gas when it was antcoin (sub-30c), OMG when it was sub-1$, ETP at 1$ (ended up selling at 5$, too many wallet issues and kind of lost faith in it), COSS at 6 cents, that ended up getting a lot of visibility due to my last post (23K+ views), and finally, Phore at 60cents.
It took me less than an hour of research to understand Phore’s potential. I immediately purchased and setup a Masternode after seeing how undervalued it is compared to coins like Dash, PivX, and other privacy/masternode coins. I must admit, i FOMO’ed in really fast, but then kept on researching after I had secured my cheap PHR, and the more I researched, the more I saw the vision.
For those of you that don’t know, Phore is a fork of PIVX. It is a Masternode/Proof of Stake hybrid (MN + PoS), meaning 60% of the block reward goes to Masternodes, 30% to stakers, and 10% is left for the “development fund”.
For the newbs reading this (welcome, by the way!), a masternode is basically a node that you deploy on a virtual server (or on your own computer) and it basically verifies the blockchain and maintains concensus alongside the other nodes. You need to “lock” 10000 phore to deploy a Masternode. Proof of Stake, on the other end, basically means you can purchase coins and “Stake them” (aka put them in your wallet) and they will also be used to validate the blockchain. Both masternodes and staking will give you rewards, in Phore coins. Masternodes more than staking, obviously, as you “lock” a rather high amount of coins to deploy one.
Allright, so, what’s so good about this Phore coin? Isn’t it just a PivX knock-off?
1) Well, first of all, The MN/PoS structure is simply genius IMO. Dash’s value has gone up a lot simply because there is so little in circulation and most of the coins are locked up in masternodes. But Dash is MN/PoW, basically Masternodes + Mining. Miners do not have as big an incentive to hold unlike MN’s, it’s their mining equipment that generates them Dash. In Phore’s Case, yes, we do have the Masternodes locking up most of the supply, but we also have the stakers that are incentivized to lock up their coins to stake, and generate some extra coins.
2) Which brings us to point 2. There is a BIG incentive to buy and hold this coin. Masternodes are being deployed at a rate of 5 to 10 per day. This means 50 to 100k phore are being purchased and locked up, every day. On top of that, people that cannot afford a costly masternode, can still buy a few thousand coins and earn “interests” as they help validating the blockchain too! This basically drains the order book, fast, and skyrockets the price.
3) What happens when the vast majority (65%+) of the coins are locked up in masternodes, and from the 35% remaining, most of it goes into “staking”? Here’s what happens: the supply becomes increasingly low, the demand increasingly high. People that own masternodes or own decent amounts of coins don’t wanna sell, as the “interests” they make double, triple, quadruple in value, incentivizing them even further to hold.
4) What I’ve described in points 1 to 3 is pretty basic stuff. Economics 101. It’s a positive feedback loop: More MN’s/stakers = less coins in circulation = higher price = higher “interests” earned = more people want in = even less coins in circulation = even higher price = even higher “interests”, and it repeats itself until an equilibrium is reached (judging from PivX, equilibrium is at or around 425M market cap). Everybody wants in early on PoS coins, even moreso with MN coins, because of that simple fact. Early dash masternode owners are pretty much laughing right now. Everyone FOMO’s a good masternode coin, and that’s a fact, pure and simple.
5) Alright, now let’s dive into the actual “technical” merits of Phore. Phore is developed by an anonymous team. The same team that created Kryptcoin a few years ago (a coin with a decentralized marketplace). The team performed in a stellar fashion with kryptcoin, as well as their marketplace. Unfortunately, they were way ahead of their time with the marketplace. Most people didn’t even know what a bitcoin was back then. Phore definitely has this “old school, underground project” feel to it, and you will notice a good chunk of its community on discord are crypto believers from well before crypto was even talked about. They are “remaking” Kryptcoin from scratch, with tons of added features, and an even better marketplace. The fact they pulled it off back then only further reassures me that they will pull it off even better this time. This team actually has something under its belt.
6) Phore will have SegWit, as well as Smart Contracts. Yep, you read that right, smart contracts and dApps will eventually be running on PHORE. Zerocoin protocol as well for completely anonymous transactions.
7) Phore is integrating a Decentralized marketplace based on OpenBazaar’s codebase. They aim to have it running smoother, with a better UI and make it very intuitive. If there’s one team you have to believe can pull it off, it’s definitely the Phore dev team (They already did it in the past!) And the best part is that it’s not for late 2018 unlike some other coins. Nope. We are already in the testing phase, and it should launch somewhere in Q1 2018.
8) Although it is obvious, I thought I’d mention it for the less familiar: 10% of each block reward goes to the development fund. This means the project has a constant flow of money to hire new devs, grow the marketing team, grow the project, pay for exchange listing fees, etc. (They’ve already added an extra dev & an extra marketing team member, just this week, and are already hiring right now for another dev position. So, if you are a talented dev, feel free to apply!)
9) They have applied for Binance today. Although this does NOT mean it is guaranteed, at all, it’s good to see them applying to a variety of exchanges. It is currently only available on cryptopia and is skyrocketing. Getting added to Binance, Bittrex and the likes would make it explode in a ridiculous way.
10) Point number 10 will be a little off topic, to put us in context for point #11. Personally, I like to contribute feedback to projects i truely believe in. One example I came up with was a cool idea for COSS and I let Rune (COSS founder) know about it. Basically, when COSS will get FIAT trading, it is impossible for people to get USD and EUR “fee split” from holding COSS, as USD and EUR are not compatible with the DAO, which is an Ethereum Smart Contract.
My way around this was to create a “COSSusd and a COSSeur”, basically an ERC20 token that’s automatically created/destroyed as FIAT is deposited/withdrawn from the exchange. People sending fiat over to COSS would basically be credited with the “COSSusd or COSSeur”, trade with it, and then when they want to withdraw they would exchange their ERC20 for FIAT and withdraw it via wire transfer. The whole thing would be smart-contract powered and transparent so there is always the same number of COSSusd and Real USD on COSS.
Basically, this would result in COSS holders receiving “fiat dividends” as well, and not only “crypto dividends”. Rune is currently in the process of getting legal opinion on this idea as he is an adamant believer in compliance and wants to do everything by the Book.
11) Well, for Phore, I’ve also contributed a few ideas to attempt to make the marketplace go viral. Viral as in mainstream viral, not only viral in the crypto-space. The devs, advisors, marketing team, advisors and even the community were all very impressed and took notes of everything. Now I cannot comment on what will and what won’t be implemented, but overall my feedback was received in an extremely positive manner. Here goes:
Basically an easy gateway that's only fiat > phore. Coded in a way that when you purchase with fiat it automatically sends it to your wallet (and obviously we'd need to have a phore mobile wallet app).
This is how Phore will go mainstream, no way around it, unless we wanna wait 10+ years for every crypto "newbies" coming in to actually go through the lengthy process of learning about crypto, how they work, familiarize themselves, etc. So many newbies flooding in, we definitely need easy one-click fiat > phore solution.
Plus it would be super easy for me or phore marketing team (or both, working together) to put up a small nice and concise "press release kit" and send it out to all the major media outlets (all the big blogs, bloomberg, yahoo finance, lifestyle blogs for the libertarian / marijuana users / all the people that are into the whole “freedom thing” as well as all media outlets targeted to the 18-30 crowd).
Facebook advertising campaigns (targeting 18-35 age range, people interested in crypto, people interested in "online commerce", etc etc.) as well as google advertising campaigns (people search amazon or ebay, and they find our sponsored paid ad on top saying "thinking of trying amazon? Check out the phore marketplace, it's cheaper, blockchain-powered and 100% decentralized".
*Instagram campaigns as well, lots of the 16-30 crowd there. Instagram, google, Facebook and Reddit campaigns and any other viable channels. We can do all these things AND succeed at them quite easily, all we need is 1) an intuitive marketplace, which the devs are busting their asses off to achieve and we KNOW it'll be phenomenal, and 2) a fiat > phore gateway integrated. That second point will make or break it in terms of mainstream adoption, hence why it's indispensable to have it before we tackle "mainstream marketing" via FB, IG, Google, Reddit, Twitter, Blogs & Other Media outlets.
Ideally the fiat > phore gateway would be on the website itself, so people get credited their phore directly on their marketplace account. With a mobile wallet being a nice add-on of course so they can keep the extra phore in there when not in use, and 1-click transfer from marketplace to mobile wallet and vice versa, "a la paypal/dash evolution.
TL;DR for the lazy: Masternodes + PoS // Self-sufficient project due to the “treasury fund” // Stellar team who has ALREADY DONE THIS before // Currently underserved (cryptopia only) // Team applied to exchanges including Binance// Segwit + Smart Contracts + Strong privacy features // Decentralized Marketplace being beta tested as we speak and launching Q1 2018 // Strong incentive to hold as both Masternodes AND stakers dry up the supply for staking purposes, which creates a positive feedback loop (coins get bought, price goes up making the “staking & MN rewards go up”, making more people want a MN or Stake, more people buy, price rises again, “interests” earned go up, rinse and repeat in an endless loop until equilibrium is reached).
Currently, a masternode generates roughly 120phweek. Calculate Phore’s current price multiplied by 120 and you’ll get a pretty solid estimate of the weekly revenue generated from a Masternode.
What to do in the event you "get Zuckerberged" in a startup where you're minority shareholder?
Hello, I am a technical founder in a 2 person Delaware C-Corp which puts my co-founder having majority control. I had brought the company up from 0 kLoC to the 100 kLoC it is today. When we first had the equity talk in early October last year, we came to a napkin agreement with my co-founder to receive slightly lower equity compensation (35%) as a workaround for my timetable (I'm currently in my undergraduate studies in Singapore, my hometown, so that I can be eligible for a Visa upon graduation), with the exception on the condition if we get into a prestigious accelerator (YC) that I'd drop everything and spend every minute of every day on it. Long story short, we didn't get into YC after the interview but we pushed on for the month after and received some, but not too much seed investment commitments. We filed incorporation paperwork in early December and I returned home early January. On filing the paperwork, my co-founder was concerned with how non-standard clauses could affect our ability to fund-raise so we decided to use boilerplate 4-year cliff, 1-year vest with double-trigger acceleration terms in our incorporation documents. I agreed but was blindsided (which I found out later) by a clause that superseded the napkin arrangement. What was also present was the existence of only one board seat and the promise of a board seat. However, I never got one, even today. Since being back home, I have continuously pushed updates (had meetings and managed developers in New York) and worked on the business (wrote code weekly) while receiving no ($0) compensation for my work. As my team was in New York, I made sure to stay up late nights most of the time to guide my weaker developers through the problem they were having. To keep myself updated on what was going on in the business end of things, I always asked my co-founder if he could schedule a call. Keep in mind he never took the initiative, even as a CEO, to schedule something as trivial as an update. I began to get suspicious when he rejected almost all of my requests on the basis that he did not have the time. As my developers were mostly interns and that we had a myriad of ongoing projects , I realized I had to scale up development operations. So what better way to do that than to hire out of my home-base in Southeast Asia where the technical talent was exceptional and not expensive on the level we could not afford, like in New York or Silicon Valley. In one of our rare phone calls, my co-founder agreed to the plan and I began conducting research into options. I ran into a roadblock when trying to gain administrative access to some of our company's accounts like job portals, AWS (I was trying to create a well-structured IAM organization policy to protect our users). When asking for access, my co-founder kept saying no, until I convinced him that these things should be trivial, or all our users' key data would be vulnerable. Something I'm sure no one wants... right? At the same time, fundraising had come to a standstill in the US so I decided to look for opportunities in this side of the world. I had successfully made inroads into both hiring and VCs and had used various *@ourdomain.com to make them. I had not been receiving any emails on those that I created so I started investigating into what was happening. As it turns out, my co-founder had been routing all emails into his personal email and that's where I became a little paranoid - if he had been doing that to all emails, what had he been doing to mine? It was impossible to know for sure as he wasn't particularly honest. When poached for a shared email address where we could collect all emails, he was not only hesitant, but simply gave an unsupported excuse that some of the emails had to go directly to him. I eventually got him to set up one, but turns out he only routed some to it. I sent a message to him last night about this, after creating more email addresses but no access to retrieve them. Today morning, I got locked out of all accounts. Even pictures with me on our Social Media and Instagram were completely deleted. He finally decided he wanted to call me, which he explained to me that I should "just walk away" and would follow up with more information. I must admit, I chose my co-founder poorly and this is probably a horror story many founders never want to experience, I am freaking out and hopeful for good advice here. Was I wrong? Did I make a mistake? What can I do? Who do you think I should talk to in person about this? While founder disagreements is the #1 reason startups fail, I am on the fence about any kind of ideas that will jeopardize my company because I have literally poured my heart, soul and sweat into this venture and I don't want to see it fail just yet. This is a tough question but, is there still anything I can do to regain majority shareholding? Things I have considered so far:
Just starting my own company here and rebuild the network and operations from scratch, I only have had a couple months of work to lose.
Warn my users about the security problems that currently exist under the management team. This one's controversial I know, but it is really scary how my co-founder blatantly holds all of our users' private data and says they agreed to it, via the T&Cs. I'd rather have my users safe than sorry. I mean after all, how can you trust someone after pulling stuff like what I mentioned?
Sent a warning email to investors (that I know of)
I whistleblowed on SEC's website, but I mean, not like they're gonna give two shits about a small time company.
I whistleblowed on 4 subreddits, I hope that's going to make a difference:
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