[HIRING] cryptocurrency enthusiast to make me a "different" bitcoin presentation
OK, I have opportunity to share thoughts about bitcoin to about 40 people. I consider myself having enough knowledge about bitcoin but frankly speaking I don't see me able to gather down a presentation good enough to gain such an audience's interest for 1 hour. So instead ending with a shit powerpoint presentation, I would rather ask the community for help. 75% of the audience may have seen or heard about bitcoin, but not enough knowledge. On the other hand, those 25% left are from medium to experienced enthusiasts. The presentation must keep both categories attention.. Some of my ideas would include:
definitely not a standard powerpoint presentation; would love to have an interactive presentation to be able to click different categories (a 3D one would be awesome )
would like to include some tricky questions or something like TIL about bitcoin (maybe something about Silk Road's impact on bitcoin)
Price fluctuations in the bitcoin spot rate on cryptocurrency exchanges are driven by many factors. Volatility is measured in traditional markets by the Volatility Index, also known as the CBOE Volatility Index (VIX). More recently, a volatility index for bitcoin has also become available. Known as the Bitcoin Volatility Index, it aims to track the volatility of the world's leading digital currency by market cap over various periods of time. Bitcoin's value has been historically quite volatile. In a three-month span from October of 2017 to January of 2018, for instance, the volatility of the price of bitcoin reached to nearly 8%. This is more than twice the volatility of bitcoin in the 30-day period ending January 15, 2020. But why is bitcoin so volatile? Here are just a few of the many factors behind bitcoin's volatility.
Bad News Hurts Adoption Rate
News events that scare bitcoin users include geopolitical events and statements by governments that bitcoin is likely to be regulated. Bitcoin's early adopters included several bad actors, producing headline news stories that produced fear in investors. Headline-making bitcoin news over the decade or so of the cryptocurrency's existence includes the bankruptcy of Mt. Gox in early 2014 and, more recently, that of the South Korean exchange Yapian Youbit. Other news stories which shocked investors include the high-profile use of bitcoin in drug transactions via Silk Road that ended with the FBI shutdown of the marketplace in October 2013. All these incidents and the public panic that ensued drove the value of bitcoins versus fiat currencies down rapidly. However, bitcoin-friendly investors viewed those events as evidence that the market was maturing, driving the value of bitcoins versus the dollar markedly back up in the short period immediately following the news events.
Bitcoin's Perceived Value Sways
One reason why bitcoin may fluctuate against fiat currencies is the perceived store of value versus the fiat currency. Bitcoin has properties that make it similar to gold. It is governed by a design decision by the developers of the core technology to limit its production to a fixed quantity of 21 million BTC. Since that differs markedly from fiat currency, which is dynamically managed by governments who want to maintain low inflation, high employment, and satisfactory growth through investment in capital resources, as economies built with fiat currencies show signs of strength or weakness, investors may allocate more or less of their assets into bitcoin.
Uncertainty of Future Bitcoin's Value
Bitcoin volatility is also driven in large part by varying perceptions of the intrinsic value of the cryptocurrency as a store of value and method of value transfer. A store of value is the function by which an asset can be useful in the future with some predictability. A store of value can be saved and exchanged for some good or service in the future. A method of value transfer is any object or concept used to transmit property in the form of assets from one party to another. Bitcoin’s volatility at the present makes it a somewhat unclear store of value, but it promises nearly frictionless value transfer. As a result, we see that bitcoin's value can swing based on news events much as we observe with fiat currencies.
Large Currency Holder Risks
Bitcoin volatility is also to an extent driven by holders of large proportions of the total outstanding float of the currency. For bitcoin investors with current holdings above around $10M, it is not clear how they would liquidate a position that large into a fiat position without severely moving the market. Indeed, it may not be clear how they would liquidate a position of that size in a short period of time at all, as most cryptocurrency exchanges impose 24-hour withdrawal limits far below that threshold. Bitcoin has not reached the mass market adoption rates that would be necessary to provide option value to large holders of the currency.
Security Breaches Cause Volatility
Bitcoin can also become volatile when the bitcoin community exposes security vulnerabilities in an effort to produce massive open source responses in the form of security fixes. This approach to security is paradoxically one that produces great outcomes, with many valuable open source software initiatives to its credit, including Linux. Bitcoin developers must reveal security concerns to the public in order to produce robust solutions. It was a hack that drove the Yapian Youbit to bankruptcy, while many other cryptocurrencies have also made headlines for being hacked or having stashes of cryptocurrencies stolen. As an early example, in April 2014, the OpenSSL vulnerabilities attacked by the Heartbleed bug and reported by Google security's, Neel Mehta, drove Bitcoin prices down by 10% in a month. Bitcoin and open source software development are built upon the same fundamental premise that a copy of the source code is available to users to examine. This concept makes it the responsibility of the community to voice concerns about the software design, just as it is the responsibility of the community to come to consensus about modifications to that underlying source code as well. Because of the open conversation and debate regarding the Bitcoin network, security breaches tend to be highly publicized.
High-Profile Losses Raise Fear
It is worth noting that the aforementioned thefts and the ensuing news about the losses had a double effect on volatility. They reduced the overall float of bitcoin, producing a potential lift on the value of the remaining bitcoin due to increased scarcity. However, overriding this lift was the negative effect of the news cycle that followed. Notably, other bitcoin gateways looked to the massive failure at Mt. Gox as a positive for the long term prospects of bitcoin, further complicating the already complex story behind the currency’s volatility. As early adopting firms were eliminated from the market due to poor management and dysfunctional processes, later entrants learn from their errors and build stronger processes into their own operations, strengthening the infrastructure of the cryptocurrency overall.
High-Inflation Nations and Bitcoins
Bitcoin’s use case as a currency for developing countries that are currently experiencing high inflation is valuable when considering the volatility of bitcoin in these economies versus the volatility of bitcoin in USD. Bitcoin is much more volatile versus USD than the high-inflation Argentine peso versus the USD. That being said, the near frictionless transfer of bitcoins across borders makes it a potentially highly attractive borrowing instrument for Argentineans, as the high inflation rate for peso-denominated loans potentially justifies taking on some intermediate currency volatility risk in a bitcoin-denominated loan funded outside Argentina. Similarly, funders outside Argentina can earn a higher return under this scheme than they can by using other debt instruments, denominated in their home currency, potentially offsetting some of the risks of exposure to the high inflation Argentine market.
Tax Treatment Lifts Volatility
According to the Internal Revenue Service (IRS), bitcoin is actually considered an asset for tax purposes. This has had a mixed impact on bitcoin's volatility. On the upside, any statement recognizing the currency has a positive effect on the market valuation of the currency. Conversely, the decision by the IRS to call it property had at least two negative effects. The first was the added complexity for users who want to use it as a form of payment. Under the new tax law, users would have to record the market value of the currency at the time of every transaction, no matter how small. This need for record keeping can understandably slow adoption as it seems to be too much trouble for what it is worth for many users. Secondly, the decision to call the currency a form of property for tax purposes may be a signal to some market participants that the IRS is preparing to enforce stronger regulations later. Very strong regulation of the currency could cause the adoption rate of the currency to slow to the point where it is not able to achieve the mass adoption that is critical for its overall utility in society. Recent moves by the IRS are not clear as to their signaling motives and therefore have mixed signals to the market for bitcoin.
The state of financial privacy in 2020 Note: You can read this in a friendlier format with images over on Medium - https://medium.com/@johnfoss/the-elephant-in-the-room-34e061f5912a The erosion of personal privacy is gaining momentum since the coronavirus pandemic took hold. Worldwide, there have been numerous calls by governments and social commentators to increase the surveillance of citizens in hope of controlling the virus. Corporations such as Google and Apple, along with countries such as Singapore, Germany, Belgium, USA, and South Korea have been utilizing smartphone data in different capacities to monitor the movements of citizens. Many believe the implementation of new surveillance measures will calcify and become the new norm, setting precedence for further encroachment. Mainstream media has also begun supporting the notion of increased surveillance to serve social and financial needs. A recent Bloomberg opinion piece discussed the need for increased surveillance, pointing out the financial system we operate within is fractured and inefficient when dealing with wide spread social and economic problems. Once again, government over-reach of citizens’ privacy is a considered solution to our problems. Countries such as Sweden (which is expected to go entirely cashless by 2023) have been leading the charge in moving to a cashless world, and in Australia the government is preparing to ban cash transactions over ten thousand dollars in order to increase monitorization. This road to a cashless society is being sped up by the coronavirus pandemic. There is correlation between countries where ‘cash is king’ and a high number of coronavirus infections. Many retail stores are now too afraid to accept cash due to possible virus transmission, with some outright refusing to transact with cash. The erosion of privacy, and the gradual transition from cash to digital financial transactions leads us to murky waters. Will we be able to conduct private financial transactions five to ten years from now? Throughout the past decade, unorthodox individuals turned to Bitcoin in order to transact privately. This led to the inception of popular online darknet markets such as the Silk Road. However, many of the darknet markets proved to be unreliable and short-lived. It soon became apparent to Bitcoin users that Bitcoin is not private, and many of those conducting transactions in relation to darknet markets were identified and prosecuted. Blockchain analytic companies such as Chainanalysis gained traction and suddenly Bitcoin tumblers were found to be ineffective. Blockchain analytic companies take advantage of Bitcoin’s transparent blockchain, analysing data and tracking transaction outputs. The blockchain analytic company then sells this information to cryptocurrency exchanges and government organisations so they can link Bitcoin addresses to specific users. Many Bitcoin advocates tout Bitcoin can be used privately via the use of newer tumbling technologies, however this is a somewhat arduous process with no guarantee of its effectiveness. In December 2019 Chainanalysis demonstrated how they tracked transactions mixed via Wasabi Wallet that were associated with the PlusToken scam. Tumbling also leads to the possibility of coin taint, whereas certain Bitcoin may be perceived to be less valuable because they can be identified as being associated with nefarious activities, and as a result exchange services may confiscate coins when a user attempts to sell them. While Bitcoin holds many desirable characteristics of sound money, many prominent figures within the Bitcoin space have repeatedly discussed on the need for default privacy and fungibility. However, as was seen in previous years’ block size dispute, the issue of privacy will come with great lengthy debate as stakeholders attempt to reach a consensus that does not impact upon the characteristics of Bitcoin. As change within the social and financial landscape continues to accelerate, those seeking financial privacy may turn to Monero. Monero is the elephant in the room. Monero is a cryptocurrency similar to Bitcoin and shares many of the same characteristics of sound money, however it also provides default privacy. Unlike other privacy focused cryptocurrencies, privacy isn’t opt-in, so all transactions and wallet amounts are unknown and indistinguishable from one another. Every unit of Monero is valued equally as no matter its history. This allows Monero to be truly fungible, and eradicates any possibility of coin taint. It has proven this in a number of cases. For example, exchanges have been hesitant to list Monero due to KYC/AML compliance issues it raises because it is impossible to determine transaction history. If Monero provides financial privacy solutions, why is Monero being ignored? Firstly, while most deem privacy to be important, many are yet to find it necessary to adopt privacy technologies. There are many easy to use privacy solutions such as Signal or DuckDuckGo, however these are not widely used as users opt for convenience instead. As surveillance increases and data collected is harnessed to marginalize or punish users, it is like that privacy technologies will become extremely desirable. Additionally, acquiring Monero can be difficult or inconvenient for some, as cryptocurrency exchanges must comply with laws and regulations, and may perceive it to be a risk listing an untraceable cryptocurrency. This also leads to lower liquidity than other cryptocurrencies. Monero remains a community driven project. Public figures such as John McAfee and Crypto Vigilante continue to advocate the use of Monero ahead of Bitcoin. Due to its humble and open-source nature, Monero isn’t widely promoted even though it maintains the third largest cryptocurrency community on Reddit after Bitcoin and Ethereum. In respect to the technology, Monero’s hashrate has steadily been increasing over time, and the number of daily transactions taking place on the Monero blockchain are higher than ever. The Monero Research Lab continues its research in order to improve the protocol. Over the past few years these improvements resulted in reduced transaction fees, and enhanced scalability and privacy. In just a few years from now, it is extremely likely traditional financial systems will not provide the capacity to transact privately. Banks will be required to ask questions regarding why certain transactions took place, and recorded transaction data will be sold to third parties. As the erosion of our privacy continues to accelerate, it won’t be long until Monero gains the use and recognition it deserves, and price reflects this. Monero is what people think Bitcoin is. Feel free to share or publish this article as you wish.
r/MAINSTREETCRYPTO EXCLUSIVE: INTERVIEW WITH ROGER VER
MAINSTREETCRYPTOEXCLUSIVE: INTERVIEW WITH ROGER VER https://preview.redd.it/9rycme1mdgr41.jpg?width=200&format=pjpg&auto=webp&s=30c55fb3ff8b3705726a04109797063a26798798 Roger Ver, is one of the five founders of the bitcoin foundation. You could say he was ahead of his time, buying $25,000 worth of bitcoin when they were merely $1 each. He was the first major investor to invest millions in Blockchain.info, Ripple, Kraken, and Bitpay among others. Now he wants Bitcoin Cash, a fork of the legacy chain, to be used as a global P2P currency, and says it can scale just like Satoshi first laid out in the original Bitcoin whitepaper.--------------------------------------------------------------Bitcoincash.orgRank: #5Current Price: $257.65Market Cap : $4,741,042,75924 hour trading volume : 1.741 Billion USD--------------------------------------------------------------Hi Roger, first and foremost, I wanted to thank you for taking the time to do this. You are truly a pioneer in the Bitcoin space, and all of us owe you a debt of gratitude. On behalf of all of us, I wanted to say thank you for advancing the space. 1. First, I want you to take a moment and appreciate how far bitcoin and cryptocurrency has come this past decade. Did you ever believe you would see such growth, interest, and adoption in such a short period of time or has it completely surprised you? We always over estimate the amount of progress that will be made in the short term, but underestimate the amount of progress that will be made in the long term. Crypto currency is another example of that. 2. At what point did it hit you that bitcoin was history in the making? From the very first day I knew it was one of the most important inventions in the history of humankind. The book Digital Gold goes over how I literally had to go to the emergency room because of the excitement I had for Bitcoin. 3. How did you first get into bitcoin, pre Bitinstant? I first heard about it on the FreeTalkLive.com radio show. A full history of the early years is covered well by Digital Gold. 4 .What economists and philosophers do you align with? I think Murray Rothbard fits into both categories and his thinking influenced mine more than any other single author. Others who have influenced me would include: Adam Smith Ludwig von Mises Milton Friedman David Friedman John Locke Henry Hazlitt Frederick Bastiat Larked Rose Ray Kurzweil 6. What has been your favorite moment in crypto history thus far? My favorite moments were reading the underlying philosophy behind the Silk Road. The government has done an amazing job distorting and smearing the underlying message behind the site. My eyes started to tear up when I read this post on the front page of the Silk Road for the fist time: https://www.reddit.com/Anarcho_Capitalism/comments/29diyt/defcons_latest_post_on_silk_road/?sort=top I never bought or sold a single thing there, but I spent countless enjoyable hours reading their forums and exploring the site. 7. What are your future plans for Bitcoin Cash? It isn’t just a hobby, it’s a global revolt. We will become money for the world. 8. Branding is so important. Bitcoin currently has greater brand recognition a la Coca-Cola, and is regarded by many as the “real” Bitcoin, even though this is widely disputed, especially by crypto-fundamentalists. Do you envision a Coca-Cola vs. Pepsi type scenario? Do you envision parity price-wise between the two on a long enough timeline? Bitcoin Cash has more utility than BTC, so in the long run it will have a larger market cap. Currently we are in the era when Myspace was bigger than Facebook, but Myspace’s servers were being over loaded and causing a bad user experience. Eventually people migrated to Facebook and eventually people will migrate away from BTC. 8. a) Have you ever thought of re-branding Bitcoin Cash? No one is in control to do such a thing by themselves. The community can’t even agree on orange vs green for the colors. 9. Bitcoin Cash has the potential to truly be used as a global form of payment rather than merely a store of value, what else excites you the most about the potential of Bitcoin Cash?
Payments for the world. That’s all we need. 10. I asked Adam Back the same question: If you could remove yourself from the equation, and remove bias, how would you objectively evaluate the pros and cons of Bitcoin Cash versus The Lightning Network? Anyone can permissionlessly start using BCH to start sending or receiving payments world wide in about 30 seconds. (The time it takes to download an app) It is accepted by more than 100,000 websites around the world, and has millions of users. Lightning Network would take about a full day to setup and get working permissionlessly, and would take several hundred dollars of additional computer hardware. Once it is setup, you can spend it at about 300 websites world wide, and it has maybe a few tens of thousands of users. 11. When you’re not working, what do you like to do for fun? Favorite hobbies? I enjoy reading, and Brazilian Jujitsu. I’m especially interested in doing more competitions before I get too old. 12. What are a few of your favorite books? What are some that have made a long lasting impact on you? (Can be fiction or nonfiction) I loved the Age of Spiritual Machines. It painted a picture of how exciting the world is going to be thanks to More’s Law. I also loved The Moon is a Harsh Mistress. I see crypto currency being a world life parallel. 13. What are you most excited about for the future of blockchain technology and where do you see the space in 5 years? I’m excited to see wide spread wallets with strong privacy, and more agorism starting to take place around the world. 14. What are your personal theories of who Satoshi was / were, what was their motivation, and do you think something like bitcoin would have inevitably been created eventually, had Satoshi never existed? I don’t know who Satoshi is or was, but it was clear they were trying to build a peer to peer electronic cash system, not what BTC has become today. It was an inevitability that someone would create something like Bitcoin eventually. People like David Friedman and others had been writing about it for decades in advance. 15. What advice would you give our viewers regarding blockchain, business, motivation, or life in general? Read more books. Reading a book like having a one on one tutoring session from the author. It’s the best way to learn directly from the greatest minds the human race has ever produced. BONUS: If you were a director and could make only one film out of all the wild stories regarding crypto, what subject matter would you choose and why? The Silk Road because it embodied the spirit of peer to peer cash and voluntaryism.
Crypto-Powered: Understanding Bitcoin, Ethereum, and DeFi
Until one understands the basics of this tech, they won’t be able to grasp or appreciate the impact it has on our digital bank, Genesis Block. https://reddit.com/link/ho4bif/video/n0euarkifu951/player This is the second post ofCrypto-Powered— a new series that examines what it means forGenesis Blockto be a digital bank that’s powered by crypto, blockchain, and decentralized protocols. --- Our previous post set the stage for this series. We discussed the state of consumer finance and how the success of today’s high-flying fintech unicorns will be short-lived as long as they’re building on legacy finance — a weak foundation that is ripe for massive disruption. Instead, the future of consumer finance belongs to those who are deeply familiar with blockchain tech & decentralized protocols, build on it as the foundation, and know how to take it to the world. Like Genesis Block. Today we begin our journey down the crypto rabbit hole. This post will be an important introduction for those still learning about Bitcoin, Ethereum, or DeFi (Decentralized Finance). This post (and the next few) will go into greater detail about how this technology gives Genesis Block an edge, a superpower, and an unfair advantage. Let’s dive in… https://preview.redd.it/1ugdxoqjfu951.jpg?width=650&format=pjpg&auto=webp&s=36edde1079c3cff5f6b15b8cd30e6c436626d5d8
Bitcoin: The First Cryptocurrency
There are plenty of online resources to learn about Bitcoin (Coinbase, Binance, Gemini, Naval, Alex Gladstein, Marc Andreessen, Chris Dixon). I don’t wanna spend a lot of time on that here, but let’s do a quick overview for those still getting ramped up. Cryptocurrency is the most popular use-case of blockchain technology today. And Bitcoin was the first cryptocurrency to be invented.
Bitcoin is the most decentralized of all crypto assets today — no government, company, or third party can control or censor it.
Bitcoin has two primary features (as do most other cryptocurrencies):
Send Value You can send value to anyone, anywhere in the world. Nobody can intercept, delay or stop it — not even governments or financial institutions. Unlike with traditional money transfers or bank wires, there are no layers of middlemen. This results in a process that is much more cost-efficient. Some popular use-cases include remittances and cross-border payments.
A few negative moments in Bitcoin’s history include the collapse of Mt. Gox — which resulted in hundreds of millions of customer funds being stolen — as well as Bitcoin’s role in dark markets like Silk Road — where Bitcoin arguably found its initial userbase. However, like most breakthrough technology, Bitcoin is neither good nor bad. It’s neutral. People can use it for good or they can use it for evil. Thankfully, it’s being used less and less for illicit activity. Criminals are starting to understand that transactions on a blockchain are public and traceable — it’s exactly the type of system they usually try to avoid. And it’s true, at this point “a lot more” crimes are actually committed with fiat than crypto. As a result, the perception of bitcoin and cryptocurrency has been changing over the years to a more positive light. Bitcoin has even started to enter the world of media & entertainment. It’s been mentioned in Hollywood films like Spiderman: Into the Spider-Verse and in songs from major artists like Eminem. It’s been mentioned in countless TV shows like Billions, The Simpsons, Big Bang Theory, Gray’s Anatomy, Family Guy, and more. As covid19 has ravaged economies and central banks have been printing money, Bitcoin has caught the attention of many legendary Wall Street investors like Paul Tudor Jones, saying that Bitcoin is a great bet against inflation (reminding him of Gold in the 1970s). Cash App already lets their 25M users buy Bitcoin. It’s rumored that PayPal and Venmo will soon let their 325M users start buying Bitcoin. Bitcoin is by far the most dominant cryptocurrency and is showing no signs of slowing down. For more than a decade it has delivered on its core use-cases — being able to send or store value.
At this point, Bitcoin has very much entered the zeitgeist of modern pop culture — at least in the West.
When Ethereum launched in 2015, it opened up a world of new possibilities and use-cases for crypto. With Ethereum Smart Contracts (i.e. applications), this exciting new digital money (cryptocurrency) became a lot less dumb. Developers could now build applications that go beyond the simple use-cases of “send value” & “store value.” They could program cryptocurrency to have rules, behavior, and logic to respond to different inputs. And always enforced by code. Additional reading on Ethereum fromLinda XieorVitalik Buterin.
Because these applications are built on blockchain technology (Ethereum), they preserve many of the same characteristics as Bitcoin: no one can stop, censor or shut down these apps because they are decentralized.
Just as tokens grew in popularity in 2017–2018, so did online marketplaces where these tokens could be bought, sold, and traded. This was a fledgling asset class — the merchants selling picks, axes, and shovels were finally starting to emerge.
I had a front-row seat — both as an investor and token creator. This was the Wild West with all the frontier drama & scandal that you’d expect.
Binance — now the world’s largest crypto exchange —was launched during this time. They along with many others (especially from Asia) made it really easy for speculators, traders, and degenerate gamblers to participate in these markets. Similar to other financial markets, the goal was straightforward: buy low and sell high. https://preview.redd.it/tytsu5jnfu951.jpg?width=600&format=pjpg&auto=webp&s=fe3425b7e4a71fa953b953f0c7f6eaff6504a0d1 That period left an embarrassing stain on our industry that we’ve still been trying to recover from. It was a period rampant with market manipulation, pump-and-dumps, and scams. To some extent, the crypto industry still suffers from that today, but it’s nothing compared to what it was then.
While the potential of getting filthy rich brought a lot of fly-by-nighters and charlatans into the industry, it also brought a lot of innovators, entrepreneurs, and builders.
The launch and growth of Ethereum has been an incredible technological breakthrough. As with past tech breakthroughs, it has led to a wave of innovation, experimentation, and development. The creativity around tokens, smart contracts, and decentralized applications has been fascinating to witness. Now a few years later, the fruits of those labors are starting to be realized.
I know that for the hardcore crypto people, what we covered today is nothing new. But for those who are still getting up to speed, welcome! I hope this was helpful and that it fuels your interest to learn more. Until you understand the basics of this technology, you won’t be able to fully appreciate the impact that it has on our new digital bank, Genesis Block. You won’t be able to understand the implications, how it relates, or how it helps. After today’s post, some of you probably have a lot more questions. What are specific examples or use-cases of DeFi? Why does it need to be on a blockchain? What benefits does it bring to Genesis Block and our users? In upcoming posts, we answer these questions. Today’s post was just Level 1. It set the foundation for where we’re headed next: even deeper down the crypto rabbit hole. --- Other Ways to Consume Today's Episode:
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Spreading Crypto: How Protocols Reach Mainstream Adoption
This is the first post of ourSpreading Cryptoseries where we take a deep dive into what it’ll take to help this technology reach broader adoption. We look at some of the obstacles holding it back and what strategies we think will be successful. Mick Hagen (FoundeCEO) talking about protocols and how they become adopted Like many others working in crypto, I really want to see this tech reach a larger audience. I’ve been drinking crypto kool-aid for awhile now. I bought my first Bitcoin in 2013 and have been working full-time with decentralized protocols since 2014. I’ve been through the peaks of the bull market down to the depths of the bear market. Multiple times. I would not be all-in on this technology if I wasn’t a true believer. I obviously hope that Genesis Block will play an important role. But this goes beyond self-interest. I think for most of us in the industry, increasing crypto adoption is not about money.
It’s not about dumping our bags on retail. But rather it’s about the positive impact we believe this technology can have on the lives and societies all around us.
So, how do we bring this to the masses? How do we rid ourselves of the reputational damage that came with Mt Gox and dark markets like Silk Road? How do we make this technology easier for the normals to use? Today we start answering those questions. ---
Most of the products and services that we all enjoy today use protocols that are under the hood, operating in the background. For example, when you send someone an email you’re using a protocol called SMTP. When you browse the web, you’re using the HTTP protocol. Protocols allow for applications, computers, and devices to interact with each other. They are similar to a spoken language, where they have their own set of rules and vocabulary. If two people share the same language, they can communicate with each other. Protocols are usually hard for the common person to understand because they’re very technical and provide no user interface. There are a few rare cases where the protocols themselves have made it into the cultural lingo, like Bluetooth, WiFi, and SMS. But for the most part, protocols are invisible and hidden from end-users. Other protocols that have reached broad adoption
The world did not embrace the web when the TCP/IP or HTTP protocols were first invented. Nor did they start using email when the POP, SMTP, or IMAP protocols were invented. The masses started browsing the web when AOL and Netscape were launched. They started using email when Hotmail and Gmail went live.
Protocols become adopted when an application makes them more accessible and easier to use.
Protocols become adopted when a strong team abstracts away the complexity, and delivers a compelling product experience that solves a real user pain. This is a pattern that has repeated throughout the history of technology. Other examples include XMPP (chat), VoIP (internet audio calls), WebRTC (video conferencing), and NFC (close-contact device communication). Those protocols weren’t widely adopted until the launch of applications like AIM, WhatsApp, Skype, Google Hangouts, and Apple Pay. Protocols become adopted when the killer application arrives. Screenshots of Netscape and Hotmail
If history is any indication, crypto and blockchain will be no different. Bitcoin is a protocol. Ethereum is a protocol. Decentralized Finance (DeFi) is filled with low-level protocols. What many out there don’t realize — and those within our industry don’t like to acknowledge — is that Crypto today is mostly all protocols.
Decentralized protocols won’t be replacing Robinhood, SoFi, or Venmo anytime soon. They never will. They aren’t meant to!
Crypto protocols are the building blocks, the lego pieces, the primitives that developers can use to build applications on top of. As with the numerous protocols that came before, these innovative protocols need world-class applications. They need product experiences that can propel this exciting tech to the masses. Crypto needs great product teams that abstract away all the blockchain complexity, and deliver it in a way that is simple, convenient, and powerful. Decentralized protocols are like lego pieces
Protocols usually operate in the background. So it should be no surprise that interacting directly with crypto and decentralized protocols is raw, rough, confusing, and complicated for most “normal” people out there. Most of the crypto industry today is still focused on protocol development. That’s totally fine — we’re still at the early stages of this entire industry. But because of that protocol focus, it should be no surprise to any of us that we still haven’t seen mainstream adoption. But as an industry, we cannot forget or lose sight of what it takes to reach the masses. As Mark Twain said, “history doesn’t repeat itself, but it often rhymes.”
If we want these exciting protocols to be adopted by billions of people around the world, we’re gonna need killer applications. Just like every protocol before.
In our next post, we’ll explore the current state of application development within crypto. Are we getting closer to that killer app? What will it look like? How do we achieve it? Stay tuned, that’s all coming next. --- Other links related to this episode:
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Nowadays, the Bitcoin currency rate perhaps is the most unpredictable thing. All predictions about how BTC price will increase or drop are in some way similar to the weather forecasts. No one can tell what will happen to the coin tomorrow. One of the most important factors that experts rely on is the history of the currency rate over the whole period of BTC existence with its dynamics. It is essential to know what was happening to the coin as this allows you to understand what can happen to it in the future.
The first digital currency – Bitcoin – came to the world on January 9, 2009. In the same month, the creator of Bitcoin mined the first block and he also made the first financial operation in the BTC system. At the beginning of its history, the Bitcoin price was ridiculously low. The first exchange of BTC to US dollars was made in the summer of 2009 when Martti Malmi received 5.02 USD for his 5050 Bitcoins. The first official Bitcoin exchange rate to the fiat dollar was established on October 9, 2009. At that time, for 1 dollar you could buy 1 309.03 BTC. Many people now regret that they missed the opportunity to buy Bitcoin for pennies.
In 2010, events in the cryptocurrency market began to develop more intensively. The Bitcoin Market exchange was opened in February 2010, where it was possible to sell the digital coin. In May of this year, the most well-known deal with Bitcoin had happened. The programmer Laszlo Hanyecz bought 2 pizzas for 10,000 BTC. It was the first purchase using cryptocurrency in the real world. He posted a request on the crypto forum saying that he wanted to buy two pizzas. In exchange for that, he offered 10K Bitcoins that back then cost about 40 dollars. And there was a person who agreed to have this deal – it was the 19 years old Jeremy Sturdivant. Jeremy didn’t become a millionaire since then as he spent his coins to travel across the USA. As for Laszlo, he doesn’t regret about the lost millions. He was mining coins for his pleasure at that time and spent them to different non-significant things. In July of 2010, BTC price raised to 0.08 dollars. Then in November, the price went up for 50 percent. In general, 2010 was an excellent period for strengthening the position of Bitcoin. The digital currency was almost able to reach the point of one dollar.
BTC overcame the point of 1 dollar only in February of 2011. By early June, the price had grown to 10 dollars. This was a small victory for Bitcoin. Another maximum was set at the point of $31.91. In the middle of June 2011, there was a sharp drop in price: from 31.91 again to 10 dollars. The year 2011 was full of negative events. One of them happened on June 13, when a user’s electronic wallet was first hacked and 25 thousand coins were stolen from there. In a few days, some geeks hacked MtFox exchange where they got data of sixty thousand users. These events negatively affected the Bitcoin rate. It became clear that in the future the price of digital currency will be determined taking into consideration any events that occur in the market.
In 2012, the exchange rate was ranging from 8 to 12 dollars per 1 BTC. This period was also rich in significant events. One of them is that Bitcoin Central bank began its work. This bank received a license and was even recognised by European regulators.
February 22, 2013, was the day when Bitcoin began to grow again. The price reached the mark of $30. Another increase occurred at the end of January – $31.9. The upward trend continued. March 22 rate was 74.9 dollars per BTC. On the first day of April, the price went up to $100 and within another nine days, the BTC price grew to 266 dollars. But the growth did not last long. By October it was $109. The possible reason for that is the arrest of an anonymous trading platform Silk Road. Since November 2013, the price of Bitcoin began to grow anew. By the end of the month, the price exceeded all expectations and raised up to $1,200 per coin. The reason for overcoming the $1,000 point was the BTC support by Zynga game creator. Experts also noted another event that could affect the growth: one of the higher education institutions in Cyprus started accepting the Bitcoin as payment for tuition. But by the end of the first week of December, the price was 1,000 dollars. In the middle of December 2013, the BTC price dropped to 600 dollars because the China Central Bank prohibited the country’s financial institutions to maintain operations with cryptocurrency.
During the year 2014, there happened rather a significant amount of events that had an impact on the Bitcoin volatility. In the first days of January, 1 BTC was equal to 770 dollars. In February it was 700 dollars. Summer 2014 slightly strengthened the reputation of the cryptocurrency. Many experts think that it was 2014 when BTC strengthened its position in the market, in spite of the fact that Bitcoin price was low – by the end of the year it settled in at around 310 dollars. In 2014 investors began to consider Bitcoin as a potential investment as Bitcoin price predictions seemed quite attractive.
At the beginning of 2015, the BTC price started rising: with 177 dollars in January to 281 dollars to March. The number of people who were trading Bitcoin increased – there were about 160,000 people was buying and selling BTC on exchanges by August 2015. In one period of 2015 the Bitcoin price grew up to 500 dollars, but to the end of 2015, it dropped to about 350 USD.
In 2016, Japan declared Bitcoin as a currency and allowed to use it to pay for goods and services. South Africa was the next who did the same. In April 2016, BTC rate went up and reached $454 per coin. By the end of May, 1 BTC was already worth $600. The reason for the price increase might be the growth of the number of transactions in the Chinese market. The highest price in 2016 was in December – $950 for one Bitcoin.
The year of 2017 was an incredible period in respect of BTC price. It started with $1,000 for 1 coin. Already in June, it was $2,600. By the beginning of September, the price jumped to $5,000 per 1 BTC. On December 17, the Bitcoin price achieved a record and was over 20,000 US dollars. How did this happen? Here are some reasons that experts point due to the growth of Bitcoin price:
In 2017 social media broadcasted a lot of information about Bitcoin and the blockchain system;
China resumed cashout of bitcoins from the Chinese cryptocurrency exchanges;
In December 2017, the United States officially allowed trading futures for Bitcoin;
The number of companies and people who were buying BTC increased as they considered Bitcoin the profitable investment and etc.
However, later in December, the price plummeted from 20 000 dollars to 12 000 dollars. Experts had different reasons including that one of the first cryptocurrency creators sold out all his digital savings and called such investments too risky.
During the first 4 months of 2018, the price of BTC dropped below 7,000 USD. These negative dynamics were quite logical because the rise is always followed by the fall. For the first time since October 2017, the Bitcoin price fell below 6,000 dollars. On November 25, the price of Bitcoin fell even lower – $3,676 per 1 BTC. By mid-December, the bitcoin rate fell by almost 80% to its yearly rate, the price was $3,200.
What can we expect in 2019? What Bitcoin price predictions do crypto experts have? People hope that 2019 will bring new opportunities for Bitcoin and also other cryptocurrencies. Some investors and crypto enthusiasts predict that the BTC price will grow to 40 – 50,000 USD by the end of 2019. One of them, John McAfee, is assured that the price will rise to 1 million dollars by the end of 2020. He even had a bet that he posted in his Twitter saying that he would eat his “love muscle” if his BTC price prediction will not come true. There may be a number of factors that can influence the BTC price in 2019. They are:
Nasdaq, the world’s second largest exchange plans to launch futures for Bitcoin;
Coming out of the first crypto-ETP in the world;
and many other unpredictable factors that can change the price of Bitcoin.
As it was said before, Bitcoin price predictions are almost like the weather forecast – you never know what price it will have tomorrow. If you think about investing in BTC or any other cryptocurrency you should follow its rate at present time but never forget to compare it to the past. But please, don’t bet to eat any of your body parts 🙂 Feel free to follow our updates and news onTwitter,Facebook,Reddit,TelegramandBitcoinTalk. Read what the customers say about SimpleSwap onTrustpilot. Don’t hesitate to contact us with any questions you may have via [[email protected]](mailto:[email protected]).
Bitcoin BCH is the Bitcoin I thought I was getting when I bought Bitcoin back in 2012: a Peer-to-peer Electronic Cash System where the system works "just like cash"
When I got involved with Bitcoin it was the currency of the Silk Road: a digital hard currency that worked like teleportable gold so you could spend it like cash. The idea of a weightless, invisible, teleportable hard currency was the most disruptive thing I'd ever heard of. I read the white paper, chatted with the devs here on Reddit, and eventually my skepticism became enthusiasm. Bitcoin could do to finance what the web page did to newspapers and what streaming did to music and video. Along the way came people who didn't think Bitcoin could continue to work the way it had been working from 2009-2015. These people argued that Bitcoin would need to be changed from a Cash System for casual, cashlike payments into a Settlement System for infrequent, high value transfers. And the rest, as they say, is history: BTC embarked on its plan to re-engineer itself into a multilayered network by implementing Segwit which essentially froze capacity at 1-2MB for the foreseeable future. BCH implemented a capacity upgrade that basically gives us onchain scale equivalent to if we had started with 1MB in 2009 and doubled roughly every two years. Which was more or less what the devs were talking about back when I got involved. Bitcoin Cash BCH is the version of Bitcoin that most closely represents what I thought I was getting, back when I bought Bitcoin. And most importantly: that vision of Bitcoin - where Alice pays Bob with no intermediary - remains the most disruptive, most impactful vision of Bitcoin. BCH is Bitcoin: a Peer-to-peer Electronic Cash System
Paul Goldenberg San Diego, CA | 619.577.6751 | [[email protected]](mailto:[email protected]) TALENT ACQUISITION / COACHING / SENIOR RECRUITER Specializes in: Full Life Cycle Recruiting and Operational Excellence Innovative leader with strong candidate sourcing and talent acquisition skills. Experience recruiting for large and small organizations, start-ups, and venture capitals. Expert in integrating program capabilities with broader business goals to craft cohesive strategies. Effective critical thinker and problem-solver, ability to recognize issues or discrepancies and produce prompt resolutions. Windows 7 & 10 Professional | Vurv Express | macOS | macOS High Sierra | Avature | Jobvite | Workday | BrassRing Silk Roads | Deploy | iCIMS | Taleo | PC Recruiter | EZAccess | Resumix | Lever | Virtual Edge | Breezy HR | Greenhouse Prophet Pro | Hiretual | LinkedIn Recruiter | Email Hunter | Hound | Lusha | HiringSolved | SeekOut | Hunter | Reddit GitHub | Stack Overflow | Connectifier | GoogleDocs | Google Chrome | Thunderbird Email Host | Slack Professional Highlights § Exceeds company averages in all metrics including time-to-fill, fill rate, and total revenue § Performs full-cycle recruiting & sourcing of an average of up to 50 job reqs up to 25 hires per month § Managed and led virtual teams of up to ten (10) team members while maintaining a 2:1 ratio for interviews to hire § Skilled in information technology (IT), engineering, healthcare, medical devices, finance, FinTech, hospitality, real estate, aerospace, and pharmaceutical C-suite § Trained 250+ hiring managers and peer interviewers on the techniques of behavioral interviews impacting first-year retention rates from 85% to 97% (AMN Healthcare) § Increased production by 75% through the utilization of Avature, Lever & Greenhouse ATS, HiringSolved, LinkedIn Recruiter, Boolean searches, Lusha and phone sourcing Professional Experience Independent Recruiting Projects (Upwork, Workana) 2018 – Present Technical Executive Search Recruiter (Remote) | USA § Offering a SaaS solution that integrates all benefits, in a one stop shop, providing simplicity to complex plans § Headed a 10-week project placing 12 IT/Engineering hires for a late-stage start-up in the FinTech space o Recruited DevOps, Engineering Manager, IT Director, Ruby/React Engineers, Full Stack, Back-End, and Web App Developers § Hired for C-Level Executives, IT/Tech/Engineering, Hospitality, Real Estate, Product Marketing, Accounting, Corporate Communications, Sales and Account Executives § Sourced 250+ candidates and placed 39 in a 12- month period. 2 1/2:1 ratio § Enhanced the overall candidate experience mandate for this project Quantum Technical Solutions, Disney & DirecTV 2015 – 2018 Senior Technical Recruiter (Remote)(2016-2018)| San Diego, CA IT Recruiter (Remote)(2015-2016)| San Diego, CA § Managed an average of 25 - 40 requisitions as the Sr. Technical Recruiter while performing both full life cycle recruiting and strategic sourcing for various information technologies (IT) positions at both Disney & DirecTV o Recruited mobile iOS/Android Developers, Full-Stack Engineers, AWS, Cloud, Java Developers, Sales, ERP (SAP), Big Data and Hadoop Developers, Network Engineers, DBA’s, Cyber Security, DevOps, UI/UX Designers, Cloud Architects, .NET Developers, IT-based sales & marketing as well as non-technical corporate level roles § Exercised traditional and non-traditional sources such as LinkedIn Recruiter, social media (Twitter), Google/AIRS searches, Craigslist, internal applicant tracking system Avature, Lever, Greenhouse, Indeed, Zip Recruiter, Reddit, GitHub and Stack Overflow, Twitter, and Google/AIRS searches AMN Healthcare 2016 – 2016 Recruitment/Sourcing Specialist RPO (Contract)| San Diego, CA § Utilized analytics to track and report progress and success rate of various sourcing strategies § Reached out to 250+ candidates weekly to pre-screen and submit to recruiters resulting in a 3:1 ratio § Sourced and recruited candidates for various healthcare opportunities including RN's, pharmacy techs, dialysis RN’s, clinical nurse specialists, scientists, medical lab technologists, ED nurses and corporate level positions § Created innovative sourcing strategies to recruit utilizing social media (Twitter, LinkedIn, Facebook), paid and free job boards, as well as sourcing tools (Hound, Prophet Pro, Email Hunter, HiringSolved) Talent Fusion by Monster 2015 – 2015 RPO Recruiter (Remote) | San Diego, CA § Designed and executed aggressive sourcing strategies via the internet, social media, and networking channels § Sourced and recruited project managers, IT directors, UNIX administrators, JAVA developers, cloud architects, Big Data, front-end/back-end developers, sales, marketing business managers, and real estate construction managers Independent Virtual Office 2010 – 2015 Recruiting/Sourcing Specialist (Remote) | San Diego, CA § Partnered with a bitcoin cryptocurrency start-up to fill thirty (30) C-suite and director level positions § Referral networking through social media reduced time-to-fill from 45 days to 27 improving start dates § Managed an average of 10 - 50 requisitions while providing high volume sourcing and lead generation for clients including T. Rowe Prices, BDS, Edward Life Sciences and Assurant/Comcast § Domestic and international placements in social media, healthcare, big data, call center, medical and pharmaceutical, retail, cybersecurity, business intelligence (BI), .NET, Hadoop, ERP (SAP), CRM, sales/marketing (all levels, OEM through solutions sales), hospitality, finance/investment banking, automotive, manufacturing, and virtual staffing § Integrated social media into recruiting strategies o Amassed 14K followers on Twitter which boosted LinkedIn connections and incorporated sites (Empire Avenue, Google+, Instagram and clients career page) o Exposure of job postings increased submittal of on-target applications by 70% Additional Relevant Experience § Technical RecruiteBusiness Development Consultant, The Benefit Partnership, San Diego, CA (2010) § Virtual Recruiting/Sourcing Analyst, AON Hewitt, Los Angeles, CA (2007 – 2009) § Senior RecruiteSourcing Mgr., Enterprise Staffing Solutions, Phoenix/Los Angeles (1997 – 2007) § Senior Technical & Sales Recruiter, Volt Technical Services, Phoenix, AZ (1995 – 1997) Education Bachelor of Science, Hotel & Restaurant Management – University of Wisconsin-Stout AIRS Certification Professional Memberships RecruitingBlogs, CyberSleuths Apprentice, Sourcer's Guild, LinkedIn Open Networker (LION) and XeeMe Open Power Networker (XOPN)
Investigating the $1B Bitcoins on the move from a SilkRoad related wallet
2 days ago, I reported that a SilkRoad related wallet containing about $1B worth of Bitcoins (111,114 $BTC and the same amount of $BCH and of other Bitcoin forks) was on the move after 4 years and 5 months of inactivity : https://www.reddit.com/Bitcoin/comments/9bfnff/near_1b_are_currently_on_the_move_from_a_silkroad/ Today, I will dig a little bit more into this wallet activity. Below you will find a graph representation of the transactions sent over time from the original 111,114-BTC wallet to the most recent wallets which have received some of the coins. Each branch represent a sequence of transactions sent through several wallets. Red nodes indicate the most recent transactions (< 1 month), blue nodes indicate quite recent ones (<1 year) and green nodes are the older ones ( > 1 year).
Picture 2: original coins are currently transferred on Binance wallet, in fact it is a major end-point/aggregate of transactions originated from the 111,114-BTC wallet (1NDyJtNTjmwk5xPNhjgAMu4HDHigtobu1s).
Picture 4: funds are currently actively mixed, you can see a chain of red nodes with no other purpose than transferring n time the coins and splitting/mixing it a bit (3Ah15skNb8R1teRWs6h2Q2vRywkLJWUhhb).
It put bitcoin in the hands of countless new users, demonstrated firsthand what could really be possible with decentralized currency and served as Bitcoin’s first significant use case. For many in the Bitcoin space, Silk Road has become a touchstone for Bitcoin’s utility and its role as a foil to the mainstream economic system. And, adding to this symbolism, its founder, Ross Ulbricht, was ... He is currently on trial for further counts of money laundering through BTC-e, a bitcoin exchange that was recently shut down by the FBI during the investigation into the Mt Gox hacking. Following Ross Ulbricht’s arrest in October 2013, Silk Road 2.0 was temporarily re-opened by administrators of the original site. Silk Road 2.0 survived for about a year until it too was shut down and the ... Silk Road and Bitcoin ... Impact • Accessible only through the anonymising Tor browser (see Box 1) the online narcotics site Silk Road boasted $1.2 billion in sales over the course of its two and a half years of operations and an alleged $80 million in commissions for its owner and moderator, also known as the “Dread Pirate Roberts”. This reflect the enormous profitability ... Bitcoin is a distributed, worldwide, decentralized digital money … Press J to jump to the feed. Press question mark to learn the rest of the keyboard shortcuts. r/Bitcoin. log in sign up. User account menu. 76. Analysis of Silk Road’s Historical Impact on Bitcoin. Close. 76. Posted by. u/SaltyMiso. 6 years ago. Archived. Analysis of Silk Road’s Historical Impact on Bitcoin ... Silk Road Auction, and the Impact on Bitcoin Price . By Coinbrief Last updated on June 19, 2018 at 18:26 2 Comments. The announcement from the US Marshals that they will be auctioning off the bitcoins seized in the Silk Road bust late last year has been the biggest piece of Bitcoin news in the past two weeks. News of this auction has ...
Recientemente fue estrenado ‘Deep Web’, un documental sobre el mundo digital que se ha construido en torno a la moneda virtual bitcoin y la Deep Web. Este do... The FBI has shut down drug dealing website Silk Road and seized a trove of bitcoins. The seizure threatens the currency's secrecy. http://www.thestreet.com/v... This video is unavailable. Watch Queue Queue. Watch Queue Queue Queue The next video is starting stop. Loading... Watch Queue Max Keiser of Russia Today drops by to explain the genesis and implications of the digital currency Bitcoin, why The Federal Reserve and the banking system should apologise to the people for ...