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Neo

Neo is an open-source, community driven platform that is leveraging the intrinsic advantages of blockchain technology to realize the optimized digital world of the future.
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Peter Schiff thinks Bitcoiners want/need to sell BTC for USD to lock in “profits”. That’s what he doesn’t get. Most Bitcoiners never want to sell their BTC back for USD. I guess goldbugs plan on cashing out for dollars one day?

What’s the point of hedging against monetary collapse if your end game is to sell back into the currency (USD) that is collapsing??
submitted by the420chronicler to Bitcoin [link] [comments]

Bitcoin Hitting $50K Will Trigger Peter Schiff to Buy — Max Keiser (current BTC/USD price is $9,134.78)

Latest Bitcoin News:
Bitcoin Hitting $50K Will Trigger Peter Schiff to Buy — Max Keiser
Other Related Bitcoin Topics:
Bitcoin Price | Bitcoin Mining | Blockchain
The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools.
submitted by coinsaladcom to CoinSalad [link] [comments]

Peter Thiel-Backed Startup Says Texas Is the Best Place to Mine Bitcoin (current BTC/USD price is $8,648.63)

Latest Bitcoin News:
Peter Thiel-Backed Startup Says Texas Is the Best Place to Mine Bitcoin
Other Related Bitcoin Topics:
Bitcoin Price | Bitcoin Mining | Blockchain
The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools. Follow us on Twitter @CoinSalad.
submitted by coinsaladcom to CoinSalad [link] [comments]

Is Gold Losing its Luster to Bitcoin and Stock Markets? Peter Schiff Cries Foul (current BTC/USD price is $9,674.44)

Latest Bitcoin News:
Is Gold Losing its Luster to Bitcoin and Stock Markets? Peter Schiff Cries Foul
Other Related Bitcoin Topics:
Bitcoin Price | Bitcoin Mining | Blockchain
The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools. Follow us on Twitter @CoinSalad.
submitted by coinsaladcom to CoinSalad [link] [comments]

Peter Schiff Says Owning Bitcoin (BTC) Was Bad Idea After Losing Access to His Wallet (current BTC/USD price is $8,644.78)

Latest Bitcoin News:
Peter Schiff Says Owning Bitcoin (BTC) Was Bad Idea After Losing Access to His Wallet
Other Related Bitcoin Topics:
Bitcoin Price | Bitcoin Mining | Blockchain
The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools. Follow us on Twitter @CoinSalad.
submitted by coinsaladcom to CoinSalad [link] [comments]

Peter Schiff Predicts Bitcoin (BTC) Price Drop to $1,000 USD

Peter Schiff Predicts Bitcoin (BTC) Price Drop to $1,000 USD submitted by n4bb to CoinPath [link] [comments]

The twitter @tipprbot community came together to donate almost $700 USD worth of bitcoin cash to Dr. Peter Rizun in just a few hours!! Thank you for your hard work Peter!

The twitter @tipprbot community came together to donate almost $700 USD worth of bitcoin cash to Dr. Peter Rizun in just a few hours!! Thank you for your hard work Peter! submitted by BitcoinAllBot to BitcoinAll [link] [comments]

About Ethereum mining pitfalls, risks, and threats

Bitcoin miners are massively switching to Ethereum. According to 8btc estimates, the payback period for a Bitcoin miner is 600 days, while for the same metric on Ether it only takes 200 days. But this goodness won’t last forever. Read about what threatens the development of Ethereum below.
Hardware and Filling – Halfway to Success
Experienced folks advise taking the most productive video cards, for example, the latest models from Nvidia and AMD. When choosing, pay attention to the amount of video memory (ideally from 2 GB), memory speed (with DDR 5 memory), bus width (better with a 256-bit bus), and cooling (basically there’s no competition to Radeon devices). Take Radeon RX 570, this 169 USD card produces 24-30 Mh/s, which is superb.
The Illusion of Stability
The entire multi-million community of Ether lovers trembled in early August when the Ethereum Classic network was subjected to several 51% attacks at once. In addition, in the first half of 2020 alone, over 5 attacks were carried out on popular DeFi platforms, including Balancer ($500,000 stolen) and bZx (17,500 ETH were stolen in total). Moreover, cybercriminals do not always use technical vulnerabilities, sometimes good old social engineering works.
Reduction of Reward
Ethereum developers have proposed to reduce the block mining reward by 75%. ConsenSys Managing Director John Leelik published the EIP-2878 proposal aimed at reducing inflation and preserving purchasing power. If supported, the reward will drop to 0.5 ETH.
The transition of ETH to ETH 2.0 (PoS)
We already wrote about this in the article "Problems of Ethereum Mining", and you can also watch the interview by Peter McCormack with the project founder Vitalik Buterin.
While the opportunity is still there, we offer everyone to get the most out of it and mine profitably. For example, take a closer look at the new CoinFLy ETH Pool, that nowadays offers more rewards than others, at least by 10%.
Profit That is Not Profit
A hidden and obvious problem is choosing the pool based on its profitability. If you only have a few capacities, then it is better to choose a pool that uses the PPS+ model, if you’ve got a lot of them, then a powerful pool with PPLNS is better. And if you’ve got so many capacities that there’s even enough for others, then you can also go SOLO, buddy. More details - here.
submitted by applesEgo to ethereum [link] [comments]

Why Bitcoin is Superior to Gold

There is a constant war being fought between goldbugs, like Peter Schiff, and Bitcoin enthusiasts so I decided to make an outline, with links, comparing and contrasting gold and Bitcoin. I made this in November of 2019 (thus the information therein is based on figures from that time) but, being scatter brained, neglected to post this for the Bitcoin community to see. The yardsticks I used to compare the two assets included the following: shipping/transactions costs, storage costs, censorship factor, settlement time, stock to flow, blockchain vs clearing house, validation, etc. I will also touch on Roosevelt's gold confiscation executive order in 1933, transporting gold during the Spanish Civil War in 1936, and the hypothetical cost for Venezuela to repatriate its gold more recently.
I will provide a brief summary first then follow that with the outline I made. This information can be used as a tool for the Bitcoin community to combat some of the silly rhetoric coming from goldbugs such as Peter Schiff and James Rickards. I would like to make it clear, however, that I am not against gold and think that it performed its role as money very well in a technologically inferior era, namely Victorian times but I think Bitcoin performs the functions of money better than gold does in the current environment.
I have been looking to make a contribution to the Bitcoin community and I hope this is a useful and educational tool for everyone who reads this.
Summary:
Shipping/transaction costs: 100 ounces of gold could be shipped for 315 dollars; the comparable dollar value in Bitcoin could be sent for 35 dollars using a non-segwit address. Using historical precendent, it would cost an estimated $32,997,989 to transport $1 billion in gold using the 3.3% fee that the Soviets charged the Spaniards in 1936; a $1 billion Bitcoin transaction moved for $690 last year by comparison. Please note that the only historic example we can provide for moving enormous sums of gold was when the government of Spain transported gold to Moscow during the Spanish Civil War in 1936. More information on this topic will be found in the notes section.
Storage costs: 100 ounces of gold would require $451 per year to custody while the equivalent value of Bitcoin in dollar terms could be stored for the cost of a Ledger Nano S, $59.99. $1 billion USD value of gold would cost $2,900,000 per year while an Armory set up that is more secure would run you the cost of a laptop, $200-300.
Censorship factor: Gold must pass through a 3rd party whenever it is shipped, whether for a transaction or for personal transportation. Gold will typically have to be declared and a customs duty may be imposed when crossing international borders. The key take-away is gatekeepers (customs) can halt movement of gold thus making transactions difficult. $46,000 of gold was seized in India despite the smugglers hiding it in their rectums.
Settlement time: Shipping gold based on 100 ounces takes anywhere from 3-10 days while Bitcoin transactions clear in roughly 10 minutes depending on network congestion and fee size.
Historic confiscation: Franklin Roosevelt confiscated and debased the paper value of gold in 1933 with Executive Order 6102. Since gold is physical in nature and value dense, it is often stored in custodial vaults like banks and so forth which act as a honeypot for rapacious governments.
Stock to flow: Plan B's stock to flow model has become a favorite on twitter. Stock to flow measures the relationship between the total stock of an asset against the amount that is produced in a given year. Currently gold still has the highest value at 62 while Bitcoin sits at 50 in 2nd place. Bitcoin will overtake gold in 2024 after the next halving.
Blockchain vs clearing house: gold payments historically passed through a 3rd party (clearinghouse) in order to be validated while Bitcoin transactions can be self validated through the use of a node.
Key Takeaway from above- Bitcoin is vastly superior to gold in terms of cost, speed, and censorship resistance. One could theoretically carry around an enormous sum of Bitcoin on a cold card while the equivalent dollar value of gold would require a wheelbarrow...and create an enormous target on the back of the transporter. With the exception of the stock to flow ratio (which will flip in Bitcoin's favor soon), Bitcoin is superior to gold by all metrics covered.
Notes:
Shipping/transaction costs
Gold
100 oz = 155,500. 45 x 7 = $315 to ship 100 oz gold.
https://seekingalpha.com/instablog/839735-katchum/2547831-how-much-does-it-cost-to-ship-silver-and-gold
https://www.coininvest.com/en/shipping-prices/
211 tonnes Venezuela; 3.3% of $10.5 billion = 346,478,880 or 32,997,989/billion usd
http://blogs.reuters.com/felix-salmon/2011/08/23/how-to-get-12-billion-of-gold-to-venezuela/ (counter party risk; maduro; quotes from article)
Bitcoin
18 bitcoin equivalent value; 35 USD with legacy address
https://blockexplorer.com/
https://bitcoinfees.info/
1 billion; $690 dollars
https://arstechnica.com/tech-policy/2019/09/someone-moved-1-billion-in-a-single-bitcoin-transaction/
Storage costs
Gold
.29% annually; https://sdbullion.com/gold-silver-storage
100 oz – $451/year
$1 billion USD value – $2,900,000/year
Bitcoin
Ledger Nano S - $59.00 (for less bitcoin)
https://shop.ledger.com/products/ledger-nano-s/transparent?flow_country=USA&gclid=EAIaIQobChMI3ILV5O-Z5wIVTtbACh1zTAwqEAQYASABEgJ5SPD_BwE
Armory - $200-300 cost of laptop for setup
https://www.bitcoinarmory.com/
Censorship factor (must pass through 3rd party)
Varies by country
Gold will typically have to be declared and a customs duty may be imposed
Key take-away is gatekeepers (customs) can halt movement of gold thus making transactions difficult
$46,000 seized in India
https://www.foxnews.com/travel/indian-airport-stops-29-passengers-smuggling-gold-in-their-rectums
Settlement time
Gold
For 100 oz transaction by USPS 3-10 days (must pass through 3rd party)
Bitcoin
Roughly 10 minutes to be included in next block
Historic confiscation-roosevelt 1933
Executive Order 6102 (forced spending, fed could ban cash, go through and get quotes)
https://en.wikipedia.org/wiki/Executive_Order_6102
“The stated reason for the order was that hard times had caused "hoarding" of gold, stalling economic growth and making the depression worse”
Stock to flow; https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25 (explain what it is and use charts in article)
Gold; SF of 62
Bitcoin; SF of 25 but will double to 50 after May (and to 100 in four years)
Blockchain vs clearing house
Transactions can be validated by running a full node vs. third party settlement
Validation
Gold; https://www.goldismoney2.com/threads/cost-to-assay.6732/
(Read some responses)
Bitcoin
Cost of electricity to run a full node
Breaking down Venezuela conundrum; http://blogs.reuters.com/felix-salmon/2011/08/23/how-to-get-12-billion-of-gold-to-venezuela/
“The last (and only) known case of this kind of quantity of gold being transported across state lines took place almost exactly 75 years ago, in 1936, when the government of Spain removed 560 tons of gold from Madrid to Moscow as the armies of Francisco Franco approached. Most of the gold was exchanged for Russian weaponry, with the Soviet Union keeping 2.1% of the funds in the form of commissions and brokerage, and an additional 1.2% in the form of transport, deposit, melting, and refining expenses.”
“Venezuela would need to transport the gold in several trips, traders said, since the high value of gold means it would be impossible to insure a single aircraft carrying 211 tonnes. It could take about 40 shipments to move the gold back to Caracas, traders estimated. “It’s going to be quite a task. Logistically, I’m not sure if the central bank realises the magnitude of the task ahead of them,” said one senior gold banker.”
“So maybe Chávez intends to take matters into his own hands, and just sail the booty back to Venezuela on one of his own naval ships. Again, the theft risk is obvious — seamen can be greedy too — and this time there would be no insurance. Chávez is pretty crazy, but I don’t think he’d risk $12 billion that way.”
“Which leaves one final alternative. Gold is fungible, and people are actually willing to pay a premium to buy gold which is sitting in the Bank of England’s ultra-secure vaults. So why bother transporting that gold at all? Venezuela could enter into an intercontinental repo transaction, where it sells its gold in the Bank of England to some counterparty, and then promises to buy it all back at a modest discount, on condition that it’s physically delivered to the Venezuelan central bank in Caracas. It would then be up to the counterparty to work out how to get 211 tons of gold to Caracas by a certain date. That gold could be sourced anywhere in the world, and transported in any conceivable manner — being much less predictable and transparent, those shipments would also be much harder to hijack. How much of a discount would a counterparty require to enter into this kind of transaction? Much more than 3.3%, is my guess. And again, it’s not entirely clear who would even be willing to entertain the idea. Glencore, perhaps?”
“But here’s one last idea: why doesn’t Chávez crowdsource the problem? He could simply open a gold window at the Banco Central de Venezuela, where anybody at all could deliver standard gold bars. In return, the central bank would transfer to that person an equal number of gold bars in the custody of the Bank of England, plus a modest bounty of say 2% — that’s over $15,000 per 400-ounce bar, at current rates. It would take a little while, but eventually the gold would start trickling in: if you’re willing to pay a constant premium of 2% over the market price for a good, you can be sure that the good in question will ultimately find its way to your door. And the 2% cost of acquiring all that gold would surely be much lower than the cost of insuring and shipping it from England. It would be an elegant market-based solution to an artificial and ideologically-driven problem; I daresay Chávez might even chuckle at the irony of it. He’d just need to watch out for a rise in Andean banditry, as thieves tried to steal the bars on their disparate journeys into Venezuela.”
submitted by cornish_roots to Bitcoin [link] [comments]

Ethereum mining pitfalls, risks, and threats

Bitcoin miners are massively switching to Ethereum. According to 8btc estimates, the payback period for a Bitcoin miner is 600 days, while for the same metric on Ether it only takes 200 days. But this goodness won’t last forever. Read about what threatens the development of Ethereum below.
Hardware and Filling – Halfway to Success
Experienced folks advise taking the most productive video cards, for example, the latest models from Nvidia and AMD. When choosing, pay attention to the amount of video memory (ideally from 2 GB), memory speed (with DDR 5 memory), bus width (better with a 256-bit bus), and cooling (basically there’s no competition to Radeon devices). Take Radeon RX 570, this 169 USD card produces 24-30 Mh/s, which is superb.
The Illusion of Stability
The entire multi-million community of Ether lovers trembled in early August when the Ethereum Classic network was subjected to several 51% attacks at once. In addition, in the first half of 2020 alone, over 5 attacks were carried out on popular DeFi platforms, including Balancer ($500,000 stolen) and bZx (17,500 ETH were stolen in total). Moreover, cybercriminals do not always use technical vulnerabilities, sometimes good old social engineering works.
Reduction of Reward
Ethereum developers have proposed to reduce the block mining reward by 75%. ConsenSys Managing Director John Leelik published the EIP-2878 proposal aimed at reducing inflation and preserving purchasing power. If supported, the reward will drop to 0.5 ETH.
The transition of ETH to ETH 2.0 (PoS)
We already wrote about this in the article "Problems of Ethereum Mining", and you can also watch the interview by Peter McCormack with the project founder Vitalik Buterin.
While the opportunity is still there, we offer everyone to get the most out of it and mine profitably. For example, take a closer look at the new CoinFLy ETH Pool, that nowadays offers more rewards than others, at least by 10%.
Profit That is Not Profit
A hidden and obvious problem is choosing the pool based on its profitability. If you only have a few capacities, then it is better to choose a pool that uses the PPS+ model, if you’ve got a lot of them, then a powerful pool with PPLNS is better. And if you’ve got so many capacities that there’s even enough for others, then you can also go SOLO, buddy. More details - here.
submitted by applesEgo to gpumining [link] [comments]

Mining pitfalls, risks, and threats in Ethereum network

Bitcoin miners are massively switching to Ethereum. According to 8btc estimates, the payback period for a Bitcoin miner is 600 days, while for the same metric on Ether it only takes 200 days. But this goodness won’t last forever. Read about what threatens the development of Ethereum below.
Hardware and Filling – Halfway to Success
Experienced folks advise taking the most productive video cards, for example, the latest models from Nvidia and AMD. When choosing, pay attention to the amount of video memory (ideally from 2 GB), memory speed (with DDR 5 memory), bus width (better with a 256-bit bus), and cooling (basically there’s no competition to Radeon devices). Take Radeon RX 570, this 169 USD card produces 24-30 Mh/s, which is superb.
The Illusion of Stability
The entire multi-million community of Ether lovers trembled in early August when the Ethereum Classic network was subjected to several 51% attacks at once. In addition, in the first half of 2020 alone, over 5 attacks were carried out on popular DeFi platforms, including Balancer ($500,000 stolen) and bZx (17,500 ETH were stolen in total). Moreover, cybercriminals do not always use technical vulnerabilities, sometimes good old social engineering works.
Reduction of Reward
Ethereum developers have proposed to reduce the block mining reward by 75%. ConsenSys Managing Director John Leelik published the EIP-2878 proposal aimed at reducing inflation and preserving purchasing power. If supported, the reward will drop to 0.5 ETH.
The transition of ETH to ETH 2.0 (PoS)
We already wrote about this in the article "Problems of Ethereum Mining", and you can also watch the interview by Peter McCormack with the project founder Vitalik Buterin.
While the opportunity is still there, we offer everyone to get the most out of it and mine profitably. For example, take a closer look at the new CoinFLy ETH Pool, that nowadays offers more rewards than others, at least by 10%.
Profit That is Not Profit
A hidden and obvious problem is choosing the pool based on its profitability. If you only have a few capacities, then it is better to choose a pool that uses the PPS+ model, if you’ve got a lot of them, then a powerful pool with PPLNS is better. And if you’ve got so many capacities that there’s even enough for others, then you can also go SOLO, buddy. More details - here.
submitted by applesEgo to CryptoCurrencies [link] [comments]

Are you new to Crypto? I started in late 2017, here’s some useful resources.

I’ll keep this short, but I know when I started I had no idea where to look and what resources to go to, so here’s some useful links:

Market Tracking & Resources

News

Twitter / social channels / people to look at

There’s a lot more than these resources, but they’re my go-to. I’m by no means a bajillionaire, but I’ve learned a lot through the last three years and wish I had a list of starting resources when I started.
Always remember, everyone is a ‘genius’ in a bull market as well.
If anyone else wants to add to this, sound off in the comments below.
submitted by John_Titor_Jnr to CryptoCurrency [link] [comments]

About problems of Ethereum miners

Bitcoin miners are massively switching to Ethereum. According to 8btc estimates, the payback period for a Bitcoin miner is 600 days, while for the same metric on Ether it only takes 200 days. But this goodness won’t last forever. Read about what threatens the development of Ethereum below.
Hardware and Filling – Halfway to Success
Experienced folks advise taking the most productive video cards, for example, the latest models from Nvidia and AMD. When choosing, pay attention to the amount of video memory (ideally from 2 GB), memory speed (with DDR 5 memory), bus width (better with a 256-bit bus), and cooling (basically there’s no competition to Radeon devices). Take Radeon RX 570, this 169 USD card produces 24-30 Mh/s, which is superb.
The Illusion of Stability
The entire multi-million community of Ether lovers trembled in early August when the Ethereum Classic network was subjected to several 51% attacks at once. In addition, in the first half of 2020 alone, over 5 attacks were carried out on popular DeFi platforms, including Balancer ($500,000 stolen) and bZx (17,500 ETH were stolen in total). Moreover, cybercriminals do not always use technical vulnerabilities, sometimes good old social engineering works.
Reduction of Reward
Ethereum developers have proposed to reduce the block mining reward by 75%. ConsenSys Managing Director John Leelik published the EIP-2878 proposal aimed at reducing inflation and preserving purchasing power. If supported, the reward will drop to 0.5 ETH.
The transition of ETH to ETH 2.0 (PoS)
We already wrote about this in the article "Problems of Ethereum Mining", and you can also watch the interview by Peter McCormack with the project founder Vitalik Buterin.
While the opportunity is still there, we offer everyone to get the most out of it and mine profitably. For example, take a closer look at the new CoinFLy ETH Pool, that nowadays offers more rewards than others, at least by 10%.
Profit That is Not Profit
A hidden and obvious problem is choosing the pool based on its profitability. If you only have a few capacities, then it is better to choose a pool that uses the PPS+ model, if you’ve got a lot of them, then a powerful pool with PPLNS is better. And if you’ve got so many capacities that there’s even enough for others, then you can also go SOLO, buddy. More details - here.
submitted by applesEgo to ethtrader [link] [comments]

Ethereum mining pitfalls, risks, and threats

Bitcoin miners are massively switching to Ethereum. According to 8btc estimates, the payback period for a Bitcoin miner is 600 days, while for the same metric on Ether it only takes 200 days. But this goodness won’t last forever. Read about what threatens the development of Ethereum below.
Hardware and Filling – Halfway to Success
Experienced folks advise taking the most productive video cards, for example, the latest models from Nvidia and AMD. When choosing, pay attention to the amount of video memory (ideally from 2 GB), memory speed (with DDR 5 memory), bus width (better with a 256-bit bus), and cooling (basically there’s no competition to Radeon devices). Take Radeon RX 570, this 169 USD card produces 24-30 Mh/s, which is superb.
The Illusion of Stability
The entire multi-million community of Ether lovers trembled in early August when the Ethereum Classic network was subjected to several 51% attacks at once. In addition, in the first half of 2020 alone, over 5 attacks were carried out on popular DeFi platforms, including Balancer ($500,000 stolen) and bZx (17,500 ETH were stolen in total). Moreover, cybercriminals do not always use technical vulnerabilities, sometimes good old social engineering works.
Reduction of Reward
Ethereum developers have proposed to reduce the block mining reward by 75%. ConsenSys Managing Director John Leelik published the EIP-2878 proposal aimed at reducing inflation and preserving purchasing power. If supported, the reward will drop to 0.5 ETH.
The transition of ETH to ETH 2.0 (PoS)
We already wrote about this in the article "Problems of Ethereum Mining", and you can also watch the interview by Peter McCormack with the project founder Vitalik Buterin.
While the opportunity is still there, we offer everyone to get the most out of it and mine profitably. For example, take a closer look at the new CoinFLy ETH Pool, that nowadays offers more rewards than others, at least by 10%.
Profit That is Not Profit
A hidden and obvious problem is choosing the pool based on its profitability. If you only have a few capacities, then it is better to choose a pool that uses the PPS+ model, if you’ve got a lot of them, then a powerful pool with PPLNS is better. And if you’ve got so many capacities that there’s even enough for others, then you can also go SOLO, buddy. More details - here.
submitted by applesEgo to Metaverse_Blockchain [link] [comments]

[ CryptoCurrency ] Are you new to Crypto? I started in late 2017, here’s some useful resources.

Topic originally posted in CryptoCurrency by John_Titor_Jnr [link]
I’ll keep this short, but I know when I started I had no idea where to look and what resources to go to, so here’s some useful links:

Market Tracking & Resources

News

Twitter / social channels / people to look at

There’s a lot more than these resources, but they’re my go-to. I’m by no means a bajillionaire, but I’ve learned a lot through the last three years an wish I had a list of starting resources when I started.
Always remember, everyone is a ‘genius’ in a bull market as well.
If anyone else wants to add to this, sound off in the comments below.
John_Titor_Jnr your post has been copied because one or more comments in this topic have been removed. This copy will preserve unmoderated topic. If you would like to opt-out, please send a message using [this link].
[deleted comment]
submitted by anticensor_bot to u/anticensor_bot [link] [comments]

24 year old who's worried about inflation, 15k to play around with. What would you do?

Background: 24 y/o with no debt, 13k in bank account, maxed out Roth IRA (~18k, all in VTTSX), 5k in a Vanguard brokerage fund (all in VTSAX), 1k in Bitcoin. Will be making 50k this year with no living expenses (I work at a boarding school, so free housing & food).
Question: I perhaps spend too much time listening to people like Peter Schiff, so I'm worried about inflation. Short term consideration is that I have potential grad school related expenses on the horizon (next 1-3 years). Long term consideration is that my ultimate goal in life is to own a house in rural America, probably around 3-400k.
I feel that I have another 15k to invest. What would you recommend as an investment that would primarily offer protection against USD inflation (rather than short-term or long-term growth)? Certain stocks, crypto, precious metals, or am I wrong to have this worry in the first place?
I'm fairly naive about finance in general. I did plenty of my own research but there's tons of contradictory advice. Posting here because I like the discussions that take place on this subreddit.
Thank you in advance for your advice.
submitted by RexBosworth2 to personalfinance [link] [comments]

the year 2020 in Bitcoin Cash so far: a detailed history

the year 2020 in Bitcoin Cash so far: a detailed history
What follows at the bottom is a four page long chronological overview of what happened in BCH in 2020 so far. To make it more digestable and fun to read I start with my narrating of the story.
My attempt was to remain as objective as possible and "let the facts speak for themselve" with everything sourced. I also link to many read.cash articles, the decision of which are the important ones to include is certainly not easy, I count on the rest of the community if I overlooked anything important.

summary & my narrating of the story:
The year started out relatively calm, with cashfusion in "the news" and an older ongoing controversy between Amaury and Roger Ver being worked out. Starting Jan 22nd all debate broke loose with the announcement of “Infrastructure Funding Plan for Bitcoin Cash” by Jiang Zhuoer of BTC.TOP. To illustrate this point 2 days later coinspice ran the title " Roger Ver Praises Vigorous Debate, [...]" and 6 days, less than a week, later Chris Pacia made a read.cash post titled "The 253rd "Thoughts on developer funding" Article" which might have been only a slight exaggeration or he might have been counting. Part of the reason of the tsunami was the lack of worked out details. By the time of Pacia's post a lot had changed: Both BU, Bitcoin Verde and a group of miners had made announcements not to go along with "the plan".
On feb 1st, the second version of the IFP was announced by Jiang Zhuoer in a post “BCH miner donation plan update”. Two weeks later on Feb 15th, the third iteration was announced by Bitcoin ABC which was to be activated by hashrate voting and on the same day Flipstarter was introduced, a sign of the search for alternative solutions. After a few more days and a few more people coming out more against the IFP (including Jonald Fyookball, Mark Lundeberg & Josh Ellithorpe), BCHN was announced on feb 20th with a formal release a week later. Also feb 27th, the DAA was brought back into the conversation by Jonathan Toomim with his " The BCH difficulty adjustment algorithm is broken. Here's how to fix it." video. By early march the IFP was effectively dead with its author Jiang Zhuoer vowing to vote against it. This became clear to everyone when ABC, a day later sudddenly shifted gears towards non-protocol, donation based funding: the IFP was dead. End march ABCs 2020 Business Plan was announced as a way to raise $3.3 million. Mid april to mid may was the high time for voluntary funding with four node implementations and General Protocols, a BCH DeFi Startup successfully raising funds.
By May 15th, the 6th HF network upgrade things had pretty much cooled down. The upgraded included nothing controversial and even saw an unexpected doubling in the unconfirmed transaction chain. June 15th a month later things started to heat up again with the BCHN announcement to remove the "poison pill" or "automatic replay protection". 8th Jul Jonathan Toomim posted "BCH protocol upgrade proposal: Use ASERT as the new DAA" which promised the solution to the long dragging DAA problem. Jul 23th however an unexpected twist occurred when Amaury Séchet posted "Announcing the Grasberg DAA" an incompatible, alternative solution. This, again, sparked a ton of debate and discussion. Grasberg lasted just two weeks from Jul 23th to Aug 6th when ABC announced its plans for the november 2020 upgrade but it had successfully united the opposition in the meanwhile. ABCs plan for november included dropping grasberg in favour of aserti3–2d and introducing IFPv4. Now we're here August 8th, the IFP which was declared dead after just over a month (Jan 22-Mar 5) is now back in full force. The rest of the history is still being written but if p2p electronic cash is to succeed in any big regard it's very thinkable that these events will get into history books.

Important resources: coinspice IFP timeline & Compiled list of BCH Miner Dev Fund posts, articles, discussions

History
Jan 13th : “Do CoinJoins Really Require Equal Transaction Amounts for Privacy? Part One: CashFusion” article by BitcoinMagazine [source]
Jan 13th : “Clearing the Way for Cooperation” Read.cash article by Amaury Séchet [source] on the controversy with Roger Ver about the amount of donations over the years
Jan 22nd : “Infrastructure Funding Plan for Bitcoin Cash” IFPv1 announced by Jiang Zhuoer of BTC.TOP [source] IFPv1: 12.5% of BCH coinbase rewards which will last for 6 months through a Hong Kong-based corporation & to be activated on May 15th
Jan 22nd : ”Bitcoin Cash Developers React to Infrastructure Fund Announcement: Cautiously Optimistic” coinspice article including Amaury Séchet, Antony Zegers, Jonald Fyookball & Josh Ellithorpe [source]
Jan 23rd : Jiang Zhuoer reddit AMA [source] [coinspice article]
Jan 23rd : Vitalik weighs in with his take on twitter [source]
Jan 23rd :” On the infrastructure funding plan for Bitcoin Cash” article by Amaury Séchet [source] [coinspice article] in which he proposed to place control of the IFP key in his hands together with Jonald Fyookball and Antony Zegers. . A group of 7 to 12 miners, developers, and businessmen in total would get an advisory function.
Jan 24th : “Bitcoin.com's Clarifications on the Miner Development Fund“ which emphasizes, among other things, the temporary and reversible nature of the proposal [source] [coinspice article]
Jan 24th : “Little Known (But Important!) Facts About the Mining Plan” Read.cash article by Jonald Fyookball in which he defended the IFP and stressed its necessity and temporary nature.
Jan 25th : massive amounts of public debate as documented by coinspice [coinspice article] with Justin Bons, Tobias Ruck and Antony Zegers explaining their take on it.
Jan 26th : public debate continues: “Assessment and proposal re: the Bitcoin Cash infrastructure funding situation” Read.cash article by imaginary_username [source] which was noteworthy in part because the post earned over Earns $1,000+ in BCH [coinspice article] and “The Best Of Intentions: The Dev Tax Is Intended to Benefit Investors But Will Corrupt Us Instead” by Peter Rizun [source]
Jan 27th : “We are a group of miners opposing the BTC.TOP proposal, here's why” article on Read.cash [source] [reddit announcement]
Jan 27th : Bitcoin Unlimited's BUIP 143: Refuse the Coinbase Tax [source][reddit announcement]
Jan 28th : “Bitcoin Verde's Response to the Miner Sponsored Development Fund” read.cash article by Josh Green in which he explains “Bitcoin Verde will not be implementing any node validation that enforces new coinbase rules.” [source]
Jan 28th : “Update on Developer Funding” read.cash article from Bitcoin.com [source] in which they state “As it stands now, Bitcoin.com will not go through with supporting any plan unless there is more agreement in the ecosystem such that the risk of a chain split is negligible.” And that “any funding proposal must be temporary and reversible.” This announcement from bitcoin.com and their mining pool lead the anonymous opposition miners to stand down. [source]
Jan 28th : The 253rd "Thoughts on developer funding" Article – by Chris Pacia, to tackle the “serious misconceptions in the community about how software development works”. He ends on a note of support for the IFP because of lack of realistic alternatives. [source]
Feb 1st: “BCH miner donation plan update” IFPv2 announced by Jiang Zhuoer of BTC.TOP [source] Which changes the donation mechanism so miners directly send part of their coinbase to the projects they wants to donate to. It would be activated with hashrate voting over a 3-month period with a 2/3 in favour requirement. The proposal also introduces a pilot period and a no donation option, Jiang Zhuoer also says he regards 12.% as too much.
Feb 7th: Group of BCH miners led by AsicSeer voice scepticism about the IFP during a reddit AMA [source]
Feb 15th: “On the Miner Infrastructure Funding Plan” article by Bitcoin ABC [source] In which they announce they will implement IFPv3 in their upcoming 0.21.0 release. This version has amount reduced to 5% of block reward and will go in effect with BIP 9 hashratevoting and a whitelist with different projects.
Feb 15th : “Introducing Flipstarter” [source]
Feb 16th :” Bitcoin.com’s stance on the recent block reward diversion proposals” video by Roger Ver on the Bitcoin.com Official Channel. [source] > Ver called Zhuoer’s IFP “clever” but ultimately “problematic.” [coinspice article]
Feb 16th :” BCH miner donation plan update again” read.cash article by Jiang Zhuoer of BTC.TOP [source] In which he briefly outlines the details of IFPv3
Feb 17th : “Latest Thoughts On Infrastructure Mining Plan” post by Jonald Fyookball [source]
Feb 17th : “Regarding the Bitcoin Cash Infrastructure Funding Plan, I am certain now that it should be scrapped immediately.” tweet by Mark Lundeberg [source]
Feb 19th : “Thoughts on the IFP - A Dev Perspective“ read.cash article by Josh Ellithorpe [source]
Feb 20th : “Bitcoin Cash Node” post announcing the new node implementation [source]
Feb 20th : First “Bitcoin Cash Developer Meeting” After IFP Proposal [source]
Feb 24th : “Flipstarter 500k, 6 independent campaigns” post announcing the goal to “fund the BCH ecosystem with 6 independent campaigns and an overall 500,000 USD target” [source]
Feb 27th : BCHN Formally Released [source]
Feb 27th : “The BCH difficulty adjustment algorithm is broken. Here's how to fix it.” Video by Jonathan Toomim [source]
Mar 3th :” Bitcoin Cash Node 2020: plans for May upgrade and beyond” post by BCHN [source]
Mar 4th :”Author of the Bitcoin Cash IFP [Jiang Zhuoer] Vows to Vote Against It, Using Personal Hash in Opposition” [source]
Mar 5th :Bitcoin ABC announces their 2020 Business Plan Fundraising for later in march [source]
Mar 15th : “EatBCH campaign funded! Next: node campaigns.” campaign funded after 11 hours [source]
Mar 30th : Bitcoin ABC 2020 Business Plan [source] $3.3 Million Fundraiser [source]
Apr 17th : Five flipstarter node campaign launched. [source]
Apr 26th : BCHN flipstarter campaign successfully funded. [source]
Apr 27th : VERDE flipstarter campaign successfully funded. [source]
May 4th : KNUTH flipstarter campaign successfully funded. [source]
May 7th : “BCH DeFi Startup General Protocols Raises Over $1 mil“ [source]
May 8th : BCHD flipstarter campaign successfully funded. [source]
May 9th : Deadline for node campaigns, ABC flipstarter campaign not funded. [source]
May 14th : “With IFP Defeated, Bitcoin ABC, ViaBTC & CoinEX CEO Publicly Consider a Bitcoin Cash Foundation” [source]
May 15th : deadline for ABC fundraiser campaign, ends at 55% completed. [source]
May 15th : 6th HF network upgrade -> new opcode op_Reversebytes, increased of the chained transaction limit from 25 to 50, and the improved counting of signature operations using the new “Sigchecks” implementation [source] with the “Controversial Funding Plan Rejected by Miners” [source]
May 25th : “Announcing the SLP Foundation” [source]
Jun 15st : “BCHN lead maintainer report 2020-06-15” announcement to remove the Automatic Replay Protection (a.k.a. the Poison Pill) from BCHN in november [source]
Jun 16st : “So [BCHN] is going to fork off from BCH at the next upgrade. Same old story. […]” tweeted Vin Armani [source]
Jun 21st : “Why Automatic Replay Protection Exists” post by Shammah Chancellor [source]
Jul 7th : “The Popular Stablecoin Tether Is Now Circulating on the Bitcoin Cash Network” [source]
Jul 8th : “BCH protocol upgrade proposal: Use ASERT as the new DAA” post by Jonathan Toomim [source]
Jul 18th : “$6M Worth of Tether on the Bitcoin Cash Chain Highlights the Benefits of SLP Tokens” [source]
Jul 23th : “Announcing the Grasberg DAA” post by Amaury Séchet[source]
Jul 24th : “Thoughts on Grasberg DAA” post by Mark Lundeberg [source]
Jul 29th : CashFusion security audit has been completed [source]
Jul 31st : Electron Cash 4.1.0 release with CashFusion support [source]
4th year, august 2020 – 2021
Aug 1st : “Bitcoin Cash: Scaling the Globe“ Online conference for ForkDay Celebration [source]
Aug 2nd : >“Is there going to be a fork between ABC and BCHN?” > “IMO it is very likely. If not in November, then next May.” – Amaury Séchet
Aug 3rd : “Dark secrets of the Grasberg DAA” post by Jonathan Toomim [source]
Aug 3rd : “Joint Statement On aserti3-2d Algorithm“ post by General Protocols, including Cryptophyl, Read.cash, Software Verde & SpinBCH [source]
Aug 3rd : Knuth announces they will be implementing aserti3-2d as DAA for november. [source]
Aug 3rd : Amaury rage quit from the developer call [source]
Aug 4th : “But why do people care about compensating for historical drift? Seems like a tiny problem and if it's causing this much social discord it seems not even worth bothering to try to fix.” Tweet by Vitalik [source]
Aug 5th : “Bitcoin Cash (BCH) November 2020 Upgrade statement” signed by BCHD, electron cash, VERDE, BU members, BCHN developers, Jonathan Toomim, Mark B. Lundeberg and many others [source]
Aug 5th : “BCHN FAQ on November 2020 Bitcoin Cash network upgrade” [source]
Aug 6th : “Bitcoin ABC’s plan for the November 2020 upgrade” [source] the announcement that they will drop Grasberg in favour of aserti3–2d (ASERT) and will also include FPv4 in which 8% of the blockreward goes to ABC as development funding.
Aug 7th : “Joint Statement from BCH Miners regarding Bitcoin ABC and the November 2020 BCH Upgrade.” Read.cash article by asicseer [source] stating “Over recent months, most miners and pools have switched to BCHN, and presently operate a majority of BCH hashrate.”
Aug 7th : “Simple Ledger Protocol's Joint Statement Regarding Bitcoin ABC on BCH's November 2020 Upgrade” read.cash post by the SLP-Foundation [source]
submitted by Mr-Zwets to btc [link] [comments]

Stellar x Elon

I saw a video by Chico Crypto about Elon Musk and Bitcoin. It was fun to watch but it gets better.
Elon Musk is connected to Stellar directly or indirectly through Stripe.
Elon Musk Backs Stripe (2012)
Jed Working At Ripple, Stripe Deal Falls Apart and Jed Leaves Ripple (2013)
Stripe Provides Seed Funding For Stellar ( 2014)
Stellar Launches with Rocket Ship Logo. Stripe gets %2 of all Lumens ( 4% today after coin burn)
Keith Rabois is on the Stellar Board of Directors. He is connected to Elon Musk in many ways. The earliest tie goes back to the PayPal Mafia before Bitcoin was even a thing.
In May this year Stellar Board Member Keith Rabios showed how loyal he is to Elon Musk.
Stripe and Stellar seem even more tight when you look into AnchorUSD. This project is Co-Founded by Jim Berkley-Danz. Early Stripe Engineer. Also, offer a Payment API solution integrating Stripe/PayPal and StellaBitcoin - Airpay.
There has even been public discussion between Elon Musk and (Stripe CEO/Stellar Advisor) Patrick Collison on twitter:
📷Patrick Collison@patrickc·Apr 4, 2019I recently drove a @Tesla for the first time (yes, late to the party), and it is truly an amazing car. So many details are *years* ahead of everyone else. Genuinely inspiring to see how much improvement can be conjured by a small group of dedicated outsiders.
Elon Musk@elonmusk·Apr 4, 2019Replying to @patrickc and @TeslaGreat work with Stripe btw. Much needed.
I can go on, there are so many dots to connect so feel free to add to this. Stellar x Stripe X Elon. How is he not attached to this space themed crypto at its earliest incarnation when there is a paper trail like this?
More on this soon. And no, it wont be suppressed and blocked like it was on Stellar
submitted by Mista_Incognito to StellarUncut [link] [comments]

How Blockchain.com harms the cryptocurrency community

How Blockchain.com harms the cryptocurrency community
This post has been written to draw Blockchain.com's attention to the issues of its product.
Blockchain.com (formerly Blockchain.info) was founded in 2011 and with no doubt has helped the Bitcoin community to create a block explorer and has proven itself as a valuable service. Millions of people from all over the world use their wallet. However, time goes on, Bitcoin develops, but one of the main cryptocurrency companies not only slows down the process of its development, but also discredits the usability of cryptocurrencies. Why is that? We have tried to explain that in this post.
https://preview.redd.it/i0yk7qraqkw41.jpg?width=1024&format=pjpg&auto=webp&s=963dc18551d2900bca456bfa3a6cfd3636c7c93c

1. Lack of Segwit Address Support

This is the most painful problem for our service. To receive cryptocurrency we use segwit addresses by default. If a customer contacts our support, we can of course change an address in an order to P2SH (the one that begins with number "3"), but it reduces the usability of the service. Why don't we use P2SH by default? It is less beneficial both for us and for our client, as the cost of the consolidation of the transaction is taken into account when calculating the exchange rate. With a high network load and with orders for a small amount, the commission becomes significant. To compare — segwit addresses (or Bech32 that starts with "bc1") are 15% more advantageous than P2SH.
Segwit (Segregated Witness) was activated in 2017. At the end of the same year the CEO of Blockchain.info announced its support starting from (most likely) 2018. We can understand certain fears at the beginning of the way, as the company's security system is for sure not that bad. However more than 2 years have passed since then and that is a lot for the crypto world.

2. Using Legacy (P2PKH) Addresses Only

As of now only a P2PKH address (that starts with number "1") is used in the Blockchain.com wallet to receive cryptocurrency. Why is that bad? It is unfavorable for the users of this wallet. They spend 29% more than those using P2SH addresses.

3. Confusion with PAX and USD Digital

Changing the names of the currencies from one to another only in a Blockchain.com wallet is a rather strange decision. The key problem is that nowhere in the wallet are there any clues that this is an ERC-20 PAX token on the Ethereum blockchain. New wallet users will most likely be confused by this.
We sometimes get questions: "do we have USD Digital to buy or to sell?" and our technical support is forced to explain that it is PAX.

4. Incompetence of mobile application developers

In fact, this post was inspired by this particular problem. We will not focus on performance or shortcomings, we will just tell you about the main issue.
It is worth starting with questions. What problem does a mobile application solve when a person needs to pay for something? What is the best way to fill in the recipient address and the payment amount on the smartphone? Answer: QR code.
Scanning the QR code in this application is done not just badly, but also in such a way that creates maximum number of problems for a user.
The fact is that in the Android application when scanning code with the bitcoin:
?amount=, the value of the amount to be inserted in the corresponding field may differ from the encoded value by 1-100 Satoshi! Our team simply does not understand how this was implemented.
Do not believe? Try it yourself. Amount to insert — 0.00143452 BTC
bitcoin:3LAxDr5CxwBJT4tCejV8rpAXETz7bUH3tG?amount=0.00143452
After receiving information on such a problem from our users, we began to monitor updates to this application. After 2 updates had come out, the problem was not fixed.
And what about iOS? When scanning a QR code with a sum in iOS , the sum value is simply not inserted into the field! No comments. Bravo!
Blockchain.com wallet has different currencies, not just Bitcoin. Let's try Ethereum. You want to scan QR codes for Ethereum payment with the relevant sum? There is no such possibility. The application will respond with an "Invalid address" to all such codes:
  • eth:
    ?amount=
  • ether:
    ?amount=
  • ethereum:
    ?amount=
For BitcoinCash, the task of identifying the amount in the line is also an impossible task. Line with wallet bitcoincash:qpk0689rt3xkzlw8ap4yy72amp2zpws6zujkcgavptconsidered true, but with the amount bitcoincash:qpk0689rt3xkzlw8ap4yy72amp2zpws6zujkcgavpt?amount=0.1 — "Invalid address"
But there are applications that understand all such formats, or at least one of them. The string parsing function is pretty trivial and should not be a problem for the developer.
This article has been written based on the experience of using the application of the members of our team (who have used it for many years) and our users.
We encourage Blockchain.com to fix at least 3 of the 4 problems that we covered in this article. We still hope that the company will work on the bugs and will earn back trust of its users.
In the meantime — use other applications! ;)
The post is published on our blog:https://fixedfloat.com/blog/guides/how-blockchain-com-harms
submitted by FixedFloat to Bitcoin [link] [comments]

Crypto Banking Wars: Can BlockFi & Celsius Disrupt Banking?

Crypto Banking Wars: Can BlockFi & Celsius Disrupt Banking?
These crypto lending & borrowing services found early traction. Are they capable of bundling more financial services and winning the broader consumer finance market?
https://reddit.com/link/icps9l/video/98kl1y596zh51/player
This is the third part of Crypto Banking Wars — a new series that examines what crypto-native company is most likely to become the bank of the future. Who is best positioned to reach mainstream adoption in consumer finance?
While crypto allows the world to get rid of banks, a bank will still very much be necessary for this very powerful technology to reach the masses. As we laid out in our previous series, Crypto-Powered, we believe a crypto-native company will ultimately become the bank of the future. We’re confident Genesis Block will have a seat at that table, but we aren’t the only game in town.
In the first post of this series, we did an analysis of big crypto exchanges like Coinbase & Binance. In our second episode, we looked at the world of non-custodial wallets.
Today we’re analyzing crypto lending & borrowing services. The Earn and Borrow use-case covers a lot of what traditional banks deliver today. This category of companies is a threat worth analyzing. As we look at this market, we’ll mostly be focused on custodial, centralized products like BlockFi, Nexo, and Celsius.
Many of these companies found early traction among crypto users. Are they capable of bundling more financial services and winning the broader consumer finance market? Let’s find out.

Institutional Borrowers

Because speculation and trading remains one of the most popular use-cases of crypto, a new crypto sub-industry around credit has emerged. Much of the borrowing demand has been driven by institutional needs.
For example, a Bitcoin mining company might need to borrow fiat to pay for operational costs (salaries, electricity). Or a crypto company might need to borrow USD to pay for engineering salaries. Or a crypto hedge fund needs to borrow for leverage or to take a specific market position. While all of these companies have sufficient crypto to cover the costs, they might not want to sell it — either for tax or speculative reasons (they may believe these crypto assets will appreciate, as with most in the industry).
Instead of selling their crypto, these companies can use their crypto as collateral for loans. For example, they can provide $1.5M in Bitcoin as collateral, and borrow $1M. Given the collateralization happening, the underwriting process becomes straightforward. Companies all around the world can participate — language and cultural barriers are removed.

https://preview.redd.it/z9pby83d6zh51.png?width=600&format=png&auto=webp&s=54bf425215c3ed6d5ff0ca7dbe571e735b994613
The leader (and one of our partners) in this space is Genesis Capital. While they are always the counterparty for both lenders and borrowers, they are effectively a broker. They are at the center of the institutional crypto lending & borrowing markets. Their total active loans as of March 2020 was $649M. That number shot up to $1.42B in active loans as of June 2020. The growth of this entire market segment is impressive and it’s what is driving this opportunity for consumers downstream.

Consumer Products

While most of the borrowing demand comes from institutional players, there is a growing desire from consumers to participate on the lend/supply side of the market. Crypto consumers would love to be able to deposit their assets with a service and watch it grow. Why let crypto assets sit on an exchange or in cold storage when it can be earning interest?
A number of consumer-facing products have emerged in the last few years to make this happen. While they also allow users to borrow (always with collateral), most of the consumer attraction is around growing their crypto, even while they sleep. Earning interest. These products usually partner with institutional players like Genesis Capital to match the deposits with borrowing demand. And it’s exactly part of our strategy as well, beyond leveraging DeFi (decentralized finance protocols).
A few of the most popular consumer services in this category include BlockFi, Nexo, and Celsius.

https://preview.redd.it/vptig5mg6zh51.png?width=1051&format=png&auto=webp&s=b5fdc241cb9b6f5b495173667619f8d2c93371ca

BlockFi

BlockFi (Crunchbase) is the leader in this category (at least in the West). They are well-capitalized. In August 2019, they raised $18.3M in their Series A. In Feb 2020, they raised $30M in their Series B. In that same time period, they went from $250M in assets under management to $650M. In a recent blog post, they announced that they saw a 100% revenue increase in Q2 and that they were on track to do $50M in revenue this year. Their growth is impressive.
BlockFi did not do an ICO, unlike Celsius, Nexo, Salt, and Cred. BlockFi has a lot of institutional backing so it is perceived as the most reputable in the space. BlockFi started with borrowing — allowing users to leverage their crypto as collateral and taking out a loan against it. They later got into Earning — allowing users to deposit assets and earn interest on it. They recently expanded their service to “exchange” functionality and say they are coming out with a credit card later this year.

https://preview.redd.it/byv2tbui6zh51.png?width=800&format=png&auto=webp&s=bac080dcfc85e89574c30dfb396db0b537d46706
Security Woes
It’s incredible that BlockFi has been able to see such strong growth despite their numerous product and security woes. A few months ago, their systems were compromised. A hacker was able to access confidential data, such as names, dates of birth, postal addresses, and activity histories. While no funds were lost, this was a massive embarrassment and caused reputational damage.

https://preview.redd.it/lwmxbz5l6zh51.png?width=606&format=png&auto=webp&s=ebd8e6e5c31c56da055824254b35b218b49f80e0
Unrelated to that massive security breach and earlier in the year, a user discovered a major bug that allowed him to send the same funds to himself over and over again, ultimately accumulating more than a million dollars in his BlockFi account. BlockFi fortunately caught him just before withdrawal.
Poor Product Execution
Beyond their poor security — which they are now trying to get serious about — their products are notoriously buggy and hard-to-use. I borrowed from them a year ago and used their interest account product until very recently. I have first-hand experience of how painful it is. But don’t take my word for it… here are just a few tweets from customers just recently.

https://preview.redd.it/wcqu3icn6zh51.png?width=1055&format=png&auto=webp&s=870e2f06a6ec377a87e5d6d1f24579a901de66b5
For a while, their interest-earning product had a completely different authentication system than their loan product (users had two sets of usernames/passwords). Many people have had issues with withdrawals. The app is constantly logging people out, blank screens, ugly error messages. Emails with verification codes are sometimes delayed by hours (or days). I do wonder if their entire app has been outsourced. The sloppiness shines through.
Not only is their product buggy and UX confusing, but their branding & design is quite weak. To the left is a t-shirt they once sent me. It looks like they just found a bunch of quirky fonts, added their name, and slapped it on a t-shirt.

https://preview.redd.it/mi6yeppp6zh51.png?width=600&format=png&auto=webp&s=fd4cd8201ad0d5bc667498096388377895b72953
Culture
To the innocent bystander, many of these issues seem totally fixable. They could hire an amazing design agency to completely revamp their product or brand. They could hire a mercenary group of engineers to fix their bugs, etc. While it could stop the bleeding for a time, it may not solve the underlying issues. Years of sloppy product execution represents something much more destructive. It represents a top-down mentality that shipping anything other than excellence is okay: product experience doesn’t matter; design doesn’t matter; craftsmanship doesn’t matter; strong execution doesn’t matter; precision doesn’t matter. That’s very different from our culture at Genesis Block.
This cancerous mentality rarely stays contained within product & engineering — this leaks to all parts of the organization. No design agency or consulting firm will fix some of the pernicious values of a company’s soul. These are deeper issues that only leadership can course-correct.
If BlockFi’s sloppiness were due to constant experimentation, iteration, shipping, or some “move fast and break things” hacker culture… like Binance… I would probably cut them more slack. But there is zero evidence of that. “Move fast and break things” is always scary when dealing with financial products. But in BlockFi’s case, when it’s more like “move slow and break things,” they are really playing with fire. Next time a massive security breach occurs, like what happened earlier this year, they may not be so lucky.
Institutional Focus
Based on who is on their team, their poor product execution shouldn’t be a surprise. Their team comes mostly from Wall Street, not the blockchain community (where our roots are). Most of BlockFi’s blockchain/crypto integration is very superficial. They take crypto assets as deposits, but they aren’t leveraging any of the exciting, low-level DeFi protocols like we are.
While their Wall Street heritage isn’t doing them any favors on the product/tech side, it’s served them very well on winning institutional clients. This is perhaps their greatest strength. BlockFi has a strong institutional business. They recently brought on Three Arrows Capital as a strategic investor — a crypto hedge fund who does a lot of borrowing. In that announcement, BlockFi’s founder said that bringing them on “aligns well with our focus on international expansion of our institutional services offering.” They also recently brought someone on who will lead business development in Asia among institutional clients.
BlockFi Wrap Up
There are certainly BlockFi features that overlap with Genesis Block’s offering. It’s possible that they are angling to become the bank of the future. However, they simply have not proven they are capable of designing, building, and launching world-class consumer products. They’ve constantly had issues around security and poor product execution. Their company account and their founder’s account seem to only tweet about Bitcoin. I don’t think they understand, appreciate, or value the power of DeFi. It’s unlikely they’ll be leveraging it any time soon. All of these reasons are why I don’t see them as a serious threat to Genesis Block.
However, because of their strong institutional offering, I hope that Genesis Block will ultimately have a very collaborative and productive partnership with them. Assuming they figure out their security woes, we could park some of our funds with BlockFi (just as we will with Genesis Capital and others). I think what’s likely to happen is that we’ll corner the consumer market and we’ll work closely with BlockFi on the institutional side.
I’ve been hard on BlockFi because I care. I think they have a great opportunity at helping elevate the entire industry in a positive way. But they have a lot of issues they need to work through. I really don’t want to see users lose millions of dollars in a security breach. It could set back the entire industry. But if they do things well… a rising tide lifts all boats.

Honorable Mentions

Celsius (ICO Drops) raised $50M in an ICO, and is led by serial entrepreneur Alex Mashinsky. I’ve met him, he’s a nice guy. Similar to Binance, their biggest Achilles heel could be their own token. There are also a lot of unanswered questions about where their deposits go. They don’t have a record of great transparency. They recently did a public crowdraise which is a little odd given their large ICO as well as their supposed $1B in deposits. Are they running out of money, as some suggest? Unclear. One of their biggest blindspots right now is that Mashinsky does not understand the power of DeFi. He is frequently openly criticizing it.
Nexo (ICO Drops) is another similar service. They are European-based, trying to launch their own card (though they’ve been saying this forever and they still haven’t shipped it), and have a history in the payments/fintech space. Because they haven’t penetrated the US — which is a much harder regulatory nut to crack — they are unlikely to be as competitive as BlockFi. There were also allegations that Nexo was spreading FUD about Chainlink while simultaneously partnering with them. Did Nexo take out a short position and start spreading rumors? Never a dull moment in crypto.
Other players in the lending & borrowing space include Unchained Capital, Cred (ICO Drops), and Salt (ICO Drops).

https://preview.redd.it/9ts6m0qw6zh51.png?width=1056&format=png&auto=webp&s=dd8d368c1aa39994c6bc5e4baec10678d3bbba2d

Wrap Up

While many companies in this category seem to be slowly adding more financial services, I don’t believe any of them are focused on the broader consumer market like we are. To use services like BlockFi, Nexo, or Celsius, users need to be onboarded and educated on how crypto works. At Genesis Block, we don’t believe that’s the winning approach. We think blockchain complexity should be abstracted away from the end-user. We did an entire series about this, Spreading Crypto.
For many of these services, there is additional friction due to ICO tokens that are forcefully integrated into the product (see NEXO token or CEL Token). None of these services have true banking functionality or integration with traditional finance —for example, easy offramp or spending methods like debit cards. None of them are taking DeFi seriously — they are leveraging crypto for only the asset class, not the underlying technology around financial protocols.
So are these companies potential competitors to Genesis Block? For the crypto crowd, yes. For the mass market, no. None of these companies are capable of reaching the billions of people around the world that we hope to reach at Genesis Block.
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submitted by mickhagen to genesisblockhq [link] [comments]

The reality is that we may never have another rally like 2017 again

TL;DR - bearish outlook (***trigger warning*** )
Most people in bitcoin social media are mega bulls who go crazy at anyone with a hint of bearish projections. I posted a little while back about how futures might impact bitcoin price in a negative way and basically got hated it for it. I mentioned I was already in bitcoin for a long time and got sarcastic ''sure buddy'' answers.
Face it, half of you reading this are almost basically gambling addicts, a bunch of hyenas drooling at the mouth and viciously attacking in a pack anyone who dares to question. Bitcoin is a wet dream to YOLO to Lambo money in the next 24 months, or whatever your ''projected'' one million usd bitcoin will be reality. Just go on youtube and google bitcoin - look at the results, it's a joke. Little peter pan boys dressed in suites pretending to be financial experts.
I'm not dissing bitcoin here because bitcoin is SOLID, I'm dissing the scene, what it's become. Roller-coaster meme mentality. Look at the recent debates with people like Craig Wright and Tone Vays - seriously. These people are big names in the space and make it look like a circus.
Also, half, if not 90% of people here don't give a crap about the roots of bitcoin, the cypher punks movement. If the government were to crack down on bitcoin I know most people in here probably don't have the balls to hold, they'll jump out as soon as uncle Sam says so.
Despite what McAffee says, or stock to flow, the truth is that it's going to take a TON of money to move bitcoin from a couple thousand to $50+. People think we 100% going to $100k because of ''math'', ''halving'' and ''hopeium''. The current market sentiment is something to be very scared of and reminds me of a fools market. Yes I'm going to get a lot of hate comments for this post, or just be ignored because that's what people do with opinions that doesn't lock with their view.
Going from $300 to $20k took about 200 billion give or take. Chump change. You guys seriously think TRILLIONS are going to flow into bitcoin overnight because it's 'getting more scarce''?! If people are not interested in bitcoin they don't give a crap if it's scarce or not.
You know the old adage, when something seems to good to be true... You see, back when people were buying bitcoin at 300-500 usd there was no ''future too good to be true'' - it felt super risky and most people never heard of bitcoin. That was where the opportunity lay. The potential for huge upside was based on HUGE RISK and low market cap. Sure, bitcoin will rise again. But you ain't gonna ever make 2000% profit again unless maybe you hold for 30 years. Even IF bitcoin goes to $50k - that implies a TRILLION dollar market cap for 10x? And then everybody dump the crap down 90% again?
I read a comment once, something like '"the 2017 bitcoin rally was a like a first coke high that we will seek out forever, but unlikely to ever experience again''.

EDIT I stated in my post that I still believe bitcoin can 10x but I'm getting attacked left right and center. Anyone who is seriously believing for anything more than 10x in the next couple years is JOHN MCAFFE CRAZY imo
*IF THIS POST HAS CAUSED YOUR ANY MENTAL OR EMOTIONAL DISTRESS HERE IS A VERY RECENT HODL MEME TO CALM YOU NERVES; https://www.reddit.com/Bitcoin/comments/dmf1v3/hodl/
submitted by Viruscatman to Bitcoin [link] [comments]

Some very important points that most people do not understand about Bitcoin

Point 1)
Most people do not understand that you can't send money over internet, but only information. Bitcoin is the first digital settlement layer.
When I send a picture to someone on Facebook messenger, I don't actually send a picture. I send information about the pictures structure, and the picture gets restructured on the client side (the cellphone) of the user I send it to. Copy of the information is being sent, not the picture itself. So you can't send money over internet, it is not possible, only information.
If I have a bank account at some bank, and I send $50 dollars to another person in the same bank by using the banks website, then a transaction happens between two people within the same infrastructure, which is the banks back-end system and database. So the banks system just subtracts $50 dollars from one person and adds $50 dollars to another person. But no money has moved, only information has been edited. But if I send money to someone that uses another Bank, then this bank has its own infrastructure which is independent of the first. So Bank1 tells Bank2 that they have a user that wants to send money to a user of the other bank. So Bank1 subtracts $50 from User1, and Bank2 adds $50 to User2, but now Bank1 owes Bank2 $50, why? Because you can't send money over internet. So they have to settle the difference between them with some kind of a settlement system, (cash, gold or a third party like a central bank). This difference can be the result of many transactions between many users and can be millions of dollars of worth, the settlement can be done periodically for example every 6 months.
With Bitcoin, because of how the system works, it is almost as if you can send value over internet for the first time, even though you don't really send value, you still send information, but since the infrastructure is global, it is like the first example, it is as if the world has (one large bank infrastructure), that is fully automated and which no one controls.
This alone makes Bitcoin extremely valuable, because it is a trust less digital settlement layer which is extremely secure and not dependent on one particular nation or organisation.
Point 2)
There can never be more than 21 million Bitcoin. This is very hard for people to grasp. Because what do you mean there can never be more than 21 million bitcoin? It sounds like a game, such a scam... People do not understand that Bitcoin is not normal software. In normal software the developers can change the code as they want and publish the code when they want. They do not understand that Bitcoin is a software that is not like a normal software. You can't actually change the number even if the number is programmed in. Which of-course most people will deny, because it makes no sense for most people. They do not understand that even though it is theoretically possible to change it, it is practically almost impossible. It is theoretically possible for me to convince half of Sweden to burn half of their money, but practically impossible. Just because something is theoretically possible, doesn't mean that it will happen within a time frame, or even in your lifetime. In order for the 21 million supply to change, most people in the Bitcoin community needs to agree on it, which is practically impossible. Miners have to change to the new protocol and so on. Not going to happen.
When gold treasures were lost in the past, someone else could find them. Gold practically never completely disappears, it is a chemical element. With Bitcoin, once it is lost it is practically lost forever (put aside quantum computing for now and other theoretical unforeseeable events). 21 million is only the upper theoretical limit. Bitcoin will be more and more scarce as time goes by. Gold is not like this. Gold has an inflation rate of 1,5% every year. The reason it is constant is because even if the stock gets bigger, the flow into the stock also gets bigger because of better mining capabilities, so you can look at it as constant inflation of 1.5% every year. With Bitcoin, not only do the stock to flow ratio go up every halvening, and the flow into bitcoin not only decreases with time, but almost goes into negative because of lost coins every year. This is completely insane and people do not understand this. If you combine this almost deflationary nature of Bitcoin with extreme bullish market sentiment then you will realize that no one knows what is going to happen in the future because wrapping your head around all this and to come to a conclusion about the Bitcoin price will make you sound absolutely delusional to most people.
Point 3)
People think that $100,000 bitcoin is wishful thinking and that there is not enough money in the world for Bitcoin to be worth millions of dollars. Which I can assure you is false. Bitcoin can even be worth $50 million dollars per coin, which would make 2 satoshi 1 dollar. Even if one Bitcoin transaction would cost 10 000 Satoshi. You might say, that's not possible, whats the point if one transaction is so expensive. Again, you don't need to actually do a transfer of money, as in the first example of point 1, virtual transactions on bank level can happen, or on Coinbase. You can send 100 satoshi to someone and pay 1 satoshi in fee "on the bank level", not on chain, banks or exchanges then will settle the difference as they want. At least with Bitcoin you have the option to be you own bank, even if that will cost you more, you still have the option. This is already happening in front of your eyes. Banks like Dutch ING, Deutsche bank, are already working on custody services for cryptocurrencies. And even exchanges want to operate as banks and exchanges like Coinbase are working to get license for this. This is already happening and it is the correct move forwards, a mix between the legacy banking system and cryptocurrencies. You can already spend your Bitcoin with Coinbase Visa Card or similar services. Most people are too lazy and stupid to operate like us with their own wallets, it is a fact well known.
In terms of the price, money inflow is not the same as market cap. Take for instance the following simple scenario. I own 100% of the shares of my own company and I decide to sell 10% of the company for 1 million USD, which will value my whole company at 10 million USD, so 1 million flow into my company leads to 10x market cap of 10 million USD. For Bitcoin to have 21 trillion market cap, Bitcoin does not need 21 trillion of money inflow. Bitcoin price is dependent on market sentiment, if the market sentiment is such that very few people want to sell their coins because the price keeps going up then you might have 100x market cap of the money inflow. So 1 billion USD in money inflow translates to 100 billion USD in market cap. The multiplier can be 10x, 2x or 50x, all depends on market sentiment and time period. So an inflow of 10 trillion USD in 10 years might lead to 100 trillion USD market cap of BTC and 5 million USD per Bitcoin.
Bitcoin value have no roof, the price might actually just keep going up and up and up and up and up. We have never had something that is absolutely scarce, and global, and seen as an alternative form of money, when the rest of the world keeps bubbling up. There is no limit on the BTC price because the whole world works with a bubbly system, and the way Bitcoin is price discovered, is a guaranteed insane BTC price in the future. Even $100 million USD per Bitcoin in 50 years before I am dead is possible.
Point 4)
Fiat does not need to die, and Bitcoin does not need to take over in order for Bitcoin to have "ridiculous price". No financial crisis is needed. Actually what you want is things to just continue as they have done in the last 10 years. No too extreme events. Just "small events" here and there. You can't change human nature, it is inevitable. Bitcoin is so ingrained into our world that there is no way back. There will be people with whole Bitcoin, and people without. Just like people with gold and stock investments and real estate, and people without those things. No insane events, this is all normal.
Point 5)
Bitcoin has won as the financial cryptocurrency. No flippening will happen. The only flippening will be with gold and fiat currencies. If I wanted to, I could have developed a system like PayPal in 1 month time, and it would be able to do 5000 transactions per second because I would use MySQL and SSD, but no one would use my service because they would not trust me because they have no idea who I am and what my service is, and there is no one to send money too, so the network is not there. Bitcoin has won because security and network effect is way more important than transactions per second. Transactions per second will be dealt with on bank level, exchange level, or layer 2 solutions. This is already clear to me. Bitcoin has won.
Point 6)
In order to understand Bitcoin and what will happen in the future, you have to be able to see things that are not in front of you. You can't compare Bitcoin to Tulip mania, or even Gold. Because something like Bitcoin has never existed before and you have to think about it's properties and try to understand it with human nature and with how the world works and how everything keeps increasing, and Bitcoin is the thing that does not increase in supply. You will eventually accept the unnatural thought of Bitcoin never stopping going up in value, which is something that is hard to come to terms with, because it feels unnatural, "and it could not possibly be so".
Point 7)
The Gini coefficient of Bitcoin is not a big deal. I used to think that it was unfair that some people had 1,000 BTC, 10,000 BTC, or even 50,000 BTC. And I was afraid that they might dump their coins into the market and crash it. I have now realised that these people are smart people and they think like me, and they won't just dump their whole BTC holding on the market as that might be a very bad move for them. It is like when a majority holder of a company, like Jeff Bezos and Amazon, understands that he can't sell all of his shares in one go as that would effect Amazon stock value too much and would not be smart. It is best to sell when the price goes up, but then when they sell the BTC will just be eaten up by other people, and they will be at a loss in the longer term. And the other thing is that perhaps there is no other smart place to put that fiat money, Bitcoin might just be the best place to keep those amounts of money. Someone with a very large holding has two options. He can either sell his BTC, in which case the price would go down but the Bitcoin would be spread out between potentially thousands of new users, or he might decide to never sell. If he decides to never sell, it is as if those Bitcoins are lost forever and that is good for the Bitcoin price and Bitcoin in general. If he decides to sell then Bitcoin will be divided more equally among many users which is also a good thing for Bitcoin because that increases the network effect, and after he sells he no longer has the power to drive the price down, but now he sits on a very large fiat holding, he might even buy back at a higher price and drive the price higher. I know that if I had 10,000 BTC, I would sell 1,000 BTC and buy a house and a car and whatever I wanted, and sell another 1,000 BTC to diversify into some other assets. And keep 8,000 BTC because I don't know of anywhere else to put that kind of money into good work. I believe in Bitcoin so as an investor it makes sense to keep it here. I probably would never sell because I would never need anything else after the initial 1,000 BTC sell.
Bitcoin is like a black hole that sucks in the Earths monetary resources over time. Most people that bought really early and were smart enough to hold all the way to these prices will only sell what they need to sell and keep the rest in BTC. Some of them might want to speculate and try to time the ATH, only to buy back in with most of the fiat they sold. Which means that even if money goes out of the market, it only goes out of the market temporarily, only to get back in at hopefully lower prices. And so the market grows, and grows and grows over time.
Point 8)
Bitcoin has intrinsic value. When people like Peter Schiff say that gold has intrinsic value because gold can be used in electronics and aviation and therefore gold has value but Bitcoin has no value because it has no intrinsic value, you have to take a pause and do some critical thinking. Can you imagine 16th century pirates looking to find a gold treasure worth an insane amount because they knew gold had value because of electronics and aviation? This is clearly absurd. Gold has been used as money for thousands of years and electronics and aviation was not even a thing 150 years ago. Gold has value because it is globally scarce. Bitcoin is absolutely verifiable scarce. Bitcoin has intrinsic value because of it's monetary policy and because you can carry millions of dollars of value by remembering only 24 words in your head, and carry that value wherever you want and no one can stop you, that is intrinsic value.
People had a hard time understanding that a website like Facebook could be worth billions of dollars, because it was not physical, it was "just a website". Even a website like Google search is not physical and still it has immense value. It is valuable information and it provides a good service, and that has value, it does not have to be physical and tangible.
submitted by 21btc to Bitcoin [link] [comments]

Bitcoin Skeptic Peter Schiff Loses His BTC BITCOIN WILL EAT USD TILL THE WORLD DOESNT WANT USD!! IT'S COMING SOONER THAN YOU THINK! Bitcoin at $250,000 - What is Bitcoin? Bitcoin Explained Simply for Dummies ... Peter McCormack on Bitcoin & the COVID-19 reality (38)

Keiser Insists 'Bitcoin Inversely Correlated To USD Not Stock Markets' After Crypto Market Tumble ... Euro Pacific Bank, founded by gold bug and bitcoin skeptic Peter Schiff, is reportedly under ... Peter Schiff prognostiziert Rückgang von Bitcoin auf $1000 USD BTC/USD bearish squeeze riskiert einen Rückgang in Richtung 7.200 USD. Der Rückgang von Bitcoin auf 7.300 USD von über 8.100 USD brachte die Community oder die Medien nicht so hoch, da die wilden Schwankungen zu einem normalen Ereignis auf dem Markt geworden sind. Bitcoin was created after the 2008 financial crisis and hodlers always assumed that it would be the safe-haven of choice during the next. Looks like they assumed wrong. If #Bitcoin is not a currency, not a store of value, and not a safe haven, then what is it and why own it? — Peter Schiff (@PeterSchiff) March 9, 2020 Chart suggesting Bitcoin is poised for a bull run. Source: Peter Brandt on Twitter. Although bulls failed to extend gains to $11,000, hitting an intraday high of $10,918 suggests the market is poised for a breakout. BTC/USD price outlook As part of a market shakeout, the Bitcoin price will fall to USD 7,000 to 7,500 before a long-term upward trend follows in mid-September at the earliest, according to Brandt. The controversial Bitcoin analyst and trading veteran with more than 40 years of experience, Peter Brandt, has again commented on Bitcoin’s current price development. In a new interview with Crypto Markets Live, the ...

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Bitcoin Skeptic Peter Schiff Loses His BTC

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