Bitcoin Wiki & Review

BTC is a Ponzi according to the bitcoin wiki on en.bitcoin.it

Is Bitcoin a Ponzi scheme?
In a Ponzi Scheme, the founders persuade investors that they’ll profit. Bitcoin does not make such a guarantee. There is no central entity, just individuals building an economy.
A ponzi scheme is a zero sum game. Early adopters can only profit at the expense of late adopters. Bitcoin has possible win-win outcomes. Early adopters profit from the rise in value. Late adopters, and indeed, society as a whole, benefit from the usefulness of a stable, fast, inexpensive, and widely accepted p2p currency.
My experience of BTC recently is not fast or inexpensive. 4 days ago I took advantage of the mempool dip to sweep my last BTC wallet (a brainwallet I had set up for my kids, which I've been reluctant to touch). I way over estimated the fee at 100 sats/byte, just to be sure it would be fast. Of course the mempool exploded again and I've now spent over 100 usd in additional miner bribes (in BCH of course) to get it to confirm, so that I can take advantage of the BCH/BTC dip.
This wiki was my first insight into buying bitcoin. I did a lot of research and found that it was completely factual and until 1st Aug 2017 it was a great resource. It is way past time they corrected it by adding a simple word: 'cash'. This would make it accurate again.
submitted by redditchampsys to btc [link] [comments]

BTC is a Ponzi according to the bitcoin wiki on en.bitcoin.it /r/btc

BTC is a Ponzi according to the bitcoin wiki on en.bitcoin.it /btc submitted by BitcoinAllBot to BitcoinAll [link] [comments]

My collection of amazing early Bitcoin comments, right here from Reddit:

On buying (or not) a gaming rig to mine Bitcoin:
With the difficulty skyrocketing and exchange rates sitting stagnant at $5~8 for the last week or so, you pretty much missed the boat to buy dedicated mining hardware, IMHO. If you already have the hardware, or are looking for an excuse to buy a couple bitchin' new graphics cards for a gaming rig, there's definitely money to be made mining when you're not using it.
But I don't think I'd drop $1k into a rig that's only to mine with unless it was $1k I'd blow on something even more retarded. I certainly wouldn't sink next month's rent into it.
https://reddit.com/AskReddit/comments/hnp7f/_/c1wuv1b/?context=1
On easily cashing out Bitcoin using mtgox:
I think getting money is not that difficult. The daily volume on mtgox is over $100K, so I think anyone can currently sell Bitcoins for USD without problems.
https://reddit.com/AskReddit/comments/hnp7f/_/c1wuhjh/?context=1
On it being $10:
Is Bitcoin 10 usd yet?
https://reddit.com/Bitcoin/comments/hpq6c/is_bitcoin_10_usd_yet/
Bonus: Snapshot of the isbitcoin10usdyet website from 2011: https://web.archive.org/web/20110606125320/http://www.isbitcoin10usdyet.com/
Mtgox might disappear:
400K bitcoins is $4M dollars. Given all risks and uncertainties around bitcoins, no wonder some of the early founders exit their investments. Tomorrow mtgox or dwolla may disappear. It is the matter of one government intervention.
https://reddit.com/Bitcoin/comments/hq1wj/_/c1xgesq/?context=1
Bitcoin is terrible at friendly front-end:
This is a dangerous point-of-view. The entire bitcoin ecosystem is ugly, confusing, and deeply unusable. Really think about the questions posed in the article. The client works, as in, it creates a functional front-end for some bitcoin-related tasks, but it isn't at all designed for how humans would want to interact with the currency. The point of the article isn't that the client is hard, it's that the client works pretty well for obsessive nerds (present company included), but if bitcoin is really going to succeed at the goals it sets out to accomplish, it needs to not only be usable by normal people, it needs to be exceptional. If you think it's reasonably usable, you're welcome to that opinion, but please understand that you're the exact sort of person Mr. Falkvinge was referring to. Great with complex logic, terrible at friendly front-end.
https://reddit.com/Bitcoin/comments/hrqpm/_/c1xtfuy/?context=1
On wallets going out of sync:
One thing that I think is lacking is the ability to functionally use wallets on different machines as they will tend to get out of sync. This might be able to be overcome if new addresses were deterministically created from a seed contained in the wallet, but there are probably better ways.
Also, the UI for the official client is kind of a bone.
https://reddit.com/Bitcoin/comments/hrqpm/_/c1y730k/?context=1
On Bitcoin’s ease of use:
In fact, BTC is in such an infant state right now only enthusiasts investors, and geeks who can actually grasp how the system truly works, are using it for real.
The usability issues raised by the article are real. No grandma, or any well respected enterprise for that matter, would accept working with this type of GUI. If anything, a REAL enterprise backend still needs to be developed to handle the BTC's ungly guts, with all transactions details, hashes, mining, wallets, proxy connections, peer discovery via IRC channels... I mean... this is all too RAW for the end user. I can see a near future where startups will begin to offer user friendly GUIs, online access, maybe even online banking for your bitcoin accounts, automated backups and safety mechanisms to protect your coins in case of theft.
All of us geeks will end up supporting the bootstrap of this network so that, later on, your grandma will be able to use this just as she would use a credit card today.
https://reddit.com/Bitcoin/comments/hrqpm/_/c1xungz/?context=1
rBitcoin is not a sub for memes:
This isnt a subreddit for memes. Take it back to pics
https://reddit.com/Bitcoin/comments/i7z0v/_/c21m3ld/?context=1
I think I’ll keep my money elsewhere:
This further reinforces BC's image as nothing more than a Ponzi scheme. When the distribution is skewed that heavily towards early adopters, they will have almost total control over the market. Those 32 could manipulate to their hearts content. I think I'll keep my money elsewhere....
https://reddit.com/Bitcoin/comments/ifl26/_/c23e3ei/?context=1
Tulip mania:
http://en.wikipedia.org/wiki/Tulip_mania
https://www.reddit.com/AskReddit/comments/hnp7f/i_just_invested_half_of_my_next_months_rent_in/c1wuhkt/
submitted by wisequote to btc [link] [comments]

Why Ethereum Problems Make UMI the Flagship Among the New Generation Cryptocurrencies

Why Ethereum Problems Make UMI the Flagship Among the New Generation Cryptocurrencies

https://preview.redd.it/8skuypxp9lj51.jpg?width=1023&format=pjpg&auto=webp&s=ba5a38ba592428f92dc7c1943a780ff127132875
Ethereum cryptocurrency that comes second in terms of capitalization on the crypto market is traditionally seen as fast and profitable. However, over the last few weeks it's had a rough patch. Since early August, the network has had huge queues of transactions pending processing while fees have skyrocketed and surpassed the historical high.
The main issue though is that even fees of a few dollars per transfer don't help get rid of the“traffic jams”. The cause of this is numerous DeFi projects and a huge number of financial pyramids based on the Ethereum platform. Both generate excessive load on the network.
The situation is downright unpleasant, and our users might question whether the UMI network could face a similar challenge? We'd like to assure you it could not. The UMI network is by default protected against these problems — it cannot have “traffic jams”, fees or financial pyramids. But first things first.
How has the Ethereum network ground to a halt?
In its report dated August 4, Arcane Research that provides analysis within the field of cryptocurrency stated that over the previous week the daily size of transaction fees in the Ethereum network has surged up to a record high for over two and a half years. On August 3, the median value #%D0%9F%D1%80%D0%B8%D0%BC%D0%B5%D1%80_%D0%B8%D1%81%D0%BF%D0%BE%D0%BB%D1%8C%D0%B7%D0%BE%D0%B2%D0%B0%D0%BD%D0%B8%D1%8F)of the fee amounted to $0.82, with the overall amount of transaction fees totaling $2 mln. However, it only signaled the start of real problems.
Over the next week, fees continued to grow and by August 11 the median fee value almost doubled equaling $1.57. Larry Cermak, an expert at a big analytical and news-making crypto portal The Block, wrote in his August 15 tweet that over a week the total amount of transaction fees in the Ethereum network totaled $34.5 mln, having surpassed its historical high. Meanwhile, in the Bitcoin network that is seen as too expensive the fees were almost four times lower at $9 mln.
The total fee amount paid by cryptocurrency users over a week:
  • Ethereum — $34.5 mln;
  • Bitcoin — $9 mln;
  • Monero — $2,240;
  • Tezos — $1,876;
  • Cardano — $1,615;
  • XRP — $1,138;
  • BSV — $1,102;
  • Stellar — $1,059;
  • Bitcoin Cash — $1,027;
  • UMI — $0. Let's talk about it a little later.

https://preview.redd.it/z9azd9v6alj51.png?width=1600&format=png&auto=webp&s=25c365d6e14665ecda4a2b8d19b2fc57dd5cde1e
Historical Growth Chart for Ethereum Fees. Source
The existing situation shows that Ethereum is actually not as fast and profitable as commonly cited. Additionally, this could happen to almost any cryptocurrency except UMI that charges no fees whatsoever. We will tell you why.
Why have these problems emerged?
There is nothing unoriginal: the Ethereum network simply can't handle an increased load. Arcane Research analysts consider that a principal cause of this situation is the constantly increasing number of the DeFi ecosystem projects built on the Ethereum blockchain. Their number is growing all the time which causes the overload of the network. As of August 12, the total amount of funds in DeFi applications reached $4.3 billion which is 19.5% higher than that in the past week. At the time of writing this article, the amount surged to $6.21 billion. You can see the current data here. What is the most unpleasant about DeFi protocols is that a lot of them are scam projects.
Which is not the worst part though. There is also another factor that significantly slows down the Ethereum network. There are a lot of pyramid-like projects that are built on the EOS platform and use smart contracts. One of them is SmartWay Forsage, which regularly overloads the network with a large number of transactions, causes traffic jams, and, consequently, leads to increased fees (keep in mind that Ethereum miners choose transactions with a higher commission). Vitalik Buterin, the co-founder of Ethereum, revealed his disapproval of the SmartWay Forsage methodology and asked them to "leave and not pollute Ethereum ecology in the future". However, the project is slow to do this — it continues to deceive users.
This is only the tip of the iceberg of scam projects which abounds on the EOS network –– they continually emerge, work for a while, then go down as scams and are replaced with new ones. This never-ending stream of "investment projects" based on the Ponzi scheme overloads the system. This is the reason why Adam Back, a pioneer of the crypto industry and founder of the technology company Blockstream, equated Ethereum with such infamous projects as Onecoin and Bitconnect. Adam Back's solid dig at Ethereum became the subject of much debate among crypto enthusiasts.
Of course, it all doesn't mean that Ethereum is a bad cryptocurrency. On the contrary, it has a lot of advantages over other coins. But all that has happened exposes Ethereum's faults which must be eliminated. The problem is that they may not be fixable. It is far from certain that the developers will be able to get rid of all the defects as the system has huge scalability problems.
The crypto community has to admit that Ethereum, like other first-generation cryptocurrencies, has issues with capacity, fees, and scalability and is gradually becoming obsolete.
2020 is the time for young innovative cryptocurrencies such as UMI.
UMI is the flagship of new-generation cryptocurrencies.
In real fact, any cryptocurrency could face it. Each cryptocurrency charges fees which typically surge when the network is overloaded or the price is going up. Everyone will remember 2017 when in line with price growth and the network's overload Bitcoin transaction fee reached a high of around $40.
But when it comes to UMI, it works the other way round. The UMI network's advantages are high capacity, no fees, and scaling possibilities. It uses the best and fastest crypto industry solutions and excludes all inefficient methods by default. Smart optimization in combination with the Proof-of-Authority technology operating on the master node basis enables almost instant payments.
At the stage of network testing, an incredibly high capacity was achieved:
  • up to 4,369 transactions per second;
  • up to 262,140 transactions per minute;
  • up to 15,728,400 transactions per hour;
  • up to 377,481,600 transactions per day.
Ethereum processes about 20 transactions per second. It means that the UMI network can process transactions that Ethereum processes over a year in 1 to 5 days — and with no fees.
https://preview.redd.it/rwohnov3alj51.png?width=1125&format=png&auto=webp&s=4329b75c0bd8b7a22276b529f5ca433d17a0874f
The UMI network can process transactions that Ethereum processes over a year in a few days and with no fees. More details
What is more important is that less than 0.001% of the network's overall potential is used now. The UMI network has a lot of reserve capacity and can handle hundreds of thousands of times heavier load. Moreover, with scaling possibilities, UMI can keep up with the times. The UMI code ensures the safe introduction of any upgrades — the network can be easily modified and scaled with cutting edge technology solutions. In other words, traffic jams will never pose a problem for us. UMI will instantly process all transactions, with no fees. Always.
https://preview.redd.it/t0068th0alj51.png?width=544&format=png&auto=webp&s=019f46ec8c093480c4638cf098312a5a146134a8
A real-time speedometer displays the number of transactions processed by the UMI network per second. Link
Additionally, unlike Ethereum and other cryptocurrencies, the UMI's staking smart contract prevents possibilities of any pyramid schemes, meaning eliminates their negative influence. Our staking is completely safe and secured against scammers. Read more about this in our article. Any UMI staking structure could work forever. In other words, you can multiply your coins at a rate of up to 40% per month for an indefinitely long period of time.
UMI doesn't inherit the disadvantages of the first-generation cryptocurrencies. This is an innovative, carefully designed network based on state-of-the-art technologies. UMI is an ambitious step toward the future. And we're making it together right now!
Sincerely yours, UMI team
submitted by UMITop to u/UMITop [link] [comments]

I used BITCOIN to pay for my horse penis transplant, AMA about how you too can use block chain to experience what unlimited MONEY PENIS can do for you

Bitcoin is an experimental new ponzi scheme that is in active cock expansion. Each exploit makes Bitcoin more sexually arousing but also reveals new dongs as Bitcoin addiction to illicit goods grows. During these growing penis lengths you might encounter increased sexual arousal for very very very big men man, slower erections, or even more severe gains in money at the expense of money. Be prepared for cum and consult a technical asshole about how you are helping keep blood diamond trade alive, but keep in mind that nobody can predict Bitcoin's money and your money and my money and money for the sake of money. Bitcoin is the official currency of money launderers, drug traffickers, slave traders, illegal electronics traders and the mafia. That said, most jurisdictions still require you to have money on anything that has money, including your scrotum, ass penis and bollips. It is your responsibility to ensure that you adhere to tax and other legal or regulatory mandates issued by your mom and/or local municipalities.
submitted by AnArgumentativeBox to shittyama [link] [comments]

Mining and Dogecoin - Some FAQs

Hey shibes,
I see a lot of posts about mining lately and questions about the core wallet and how to mine with it, so here are some facts!
Feel free to add information to that thread or correct me if I did any mistake.

You downloaded the core wallet

Great! After a decade it probably synced and now you are wondering how to get coins? Bad news: You don't get coins by running your wallet, even running it as a full node. Check what a full node is here.
Maybe you thought so, because you saw a very old screenshot of a wallet, like this (Version 1.2). This version had a "Dig" tab where you can enter your mining configuration. The current version doesn't have this anymore, probably because it doesn't make sense anymore.

You downloaded a GPU/CPU miner

Nice! You did it, even your antivirus system probably went postal and you started covering all your webcams... But here is the bad news again: Since people are using ASIC miners, you just can't compete with your CPU hardware anymore. Even with your more advanced GPU you will have a hard time. The hashrate is too high for a desktop PC to compete with them. The blocks should be mined every 1 minute (or so) and that's causing the difficulty to go up - and we are out... So definitly check what is your hashrate while you are mining, you would need about 1.5 MH/s to make 1 Doge in 24 hours!

Mining Doge

Let us start with a quote:
"Dogecoin Core 1.8 introduces AuxPoW from block 371,337. AuxPoW is a technology which enables miners to submit work done while mining other coins, as work on the Dogecoin block chain."
- langerhans
What does this mean? You could waste your hashrate only on the Dogecoin chain, probably find never a block, but when, you only receive about 10.000 Dogecoins, currently worth about $25. Or you could apply your hashrate to LTC and Doge (and probably even more) at the same time. Your change of solving the block (finding the nonce) is your hashrate divided by the hashrat in sum - and this is about the same for Doge and LTC. This means you will always want to submit your work to all chains available!

Mining solo versus pool

So let's face it - mining solo won't get you anywhere, so let's mine on a pool! If you have a really bad Hashrate, please consider that: Often you need about $1 or $2 worth of crypto to receive a payout (without fees). This means, you have to get there. With 100 MH/s on prohashing, it takes about 6 days, running 24/7 to get to that threshold. Now you can do the math... 1 MH/s = 1000 KH/s, if you are below 1 MH/s, you probably won't have fun.

Buying an ASIC

You found an old BTC USB-miner with 24 GH/s (1 GH/s = 1000 MH/s) for $80 bucks - next stop lambo!? Sorry, bad news again, this hashrate is for SHA-256! If you want to mine LTC/Doge you will need a miner using scrypt with quite lower numbers on the hashrate per second, so don't fall for that. Often when you have a big miner (= also loud), you get more Hashrate per $ spent on the miner, but most will still run on a operational loss, because the electricity is too expensive and the miners will be outdated soon again. Leading me to my next point...

Making profit

You won't make money running your miner. Just do the math: What if you would have bougth a miner 1 year ago? Substract costs for electricity and then compare to: What if you just have bought coins. In most cases you would have a greater profit by just buying coins, maybe even with a "stable" coin like Doges.

Cloud Mining

Okay, this was a lot of text and you are still on the hook? Maybe you are desperated enough to invest in some cloud mining contract... But this isn't a good idea either, because most of such contracts are scams based on a ponzi scheme. You often can spot them easy, because they guarantee way to high profits, or they fake payouts that never happened, etc.
Just a thought: If someone in a subway says to you: Give me $1 and lets meet in one year, right here and I give you $54,211,841, you wouldn't trust him and if some mining contract says they will give you 5% a day it is basically the same.
Also rember the merged mining part. Nobody would offer you to mine Doges, they would offer you to buy a hashrate for scrypt that will apply on multiple chains.

Alternative coins

Maybe try to mine a coin where you don't have ASICs yet, like Monero and exchange them to Doge. If somebody already tried this - feel free to add your thoughts!

Folding at Home (Doge)

Some people say folding at home (FAH - https://www.dogecoinfah.com/) still the best. I just installed the tool and it says I would make 69.852 points a day, running on medium power what equates to 8 Doges. It is easy, it was fun, but it isn't much.
Thanks for reading
_nformant
submitted by _nformant to dogecoin [link] [comments]

Pessoas que caíram em golpe Genbit que prometia 15% de rendimento a.m. por investimento e foram pagas em moeda fictícia - Sócios da Genbit somem com o dinheiro - O que fazer?

Tenho conhecidos que caíram no seguinte golpe junto com milhares de outras pessoas que podem achar este post útil quando encontrarem.
Uma empresa chamada Zero10 oferecia cotas de investimento em Bitcoin prometendo retorno a de 10 a 15% a.m. A CVM proibiu a atuação da empresa que então o fundador Nivaldo Gonzaga dos Santos e seu filho Gabriel Tomaz Barbosa fundaram uma nova empresa chama Genbit que continuou a oferecer rendimentos de mais que 10% a.m. no pacote de vantagens. Um Coach de Valinhos chamado Robson Martins ajudava a promover o esquema entre seus seguidores (off - nada melhor que um Coach pra fazer as pessoas acreditarem em coisas impossíveis, né?).
O esquema é altamente suspeito de ser um Esquema Ponzi. A CVM também proibiu a atuação de Genbit. E uma hora começou a desmoronar tudo.
A Genbit sem dinheiro para pagar os investidores desde o segundo semestre do ano passado decidiu pagar os investidores numa moeda fictícia* chamada TPK (Treeptoken). O grupo Treepart (que é a holding da Genbit) criou uma empresa no papel na Estônia para ser dona dos TPK. A Estônia tem vários problemas de falta regulamentação de criptomoeda.
Algumas pessoas criaram um grupo no FB para negociar as coisas em TPK, muitas dizem acreditar que o TPK vai valorizar como o Bitcoin e acham que o mercado vai adotar em massa. Também está tendo muita especulação, como que "milhares de estabelecimentos estão aceitando" ou mesmo que o Nivaldo teria dito que eles estão em parceria com a BMW.
Problema maior. Alguns que entraram na justiça conseguiram que a justiça fosse bloquear as contas da Genbit para pagar os lesados mas encontrou pouquíssimo dinheiro. Talvez esteja tudo perdido pra sempre?
A Globo fez uma reportagem sobre o caso. O advogado da Genbit diz que o contrato era de investimentos em "ativos digitais", então não era dever da empresa garantir pagamentos em reais.
O Ministério Público pediu um bloqueio nas contas da empresa. Num grupo do pessoal que negocia os TPK para tentar contornar o prejuízo negociando a moeda, um certo usuário veio incentivar as pessoas a dizer para o MP que não foram lesadas afim de tentar livrar a cara da empresa com a seguinte mensagem:
Pessoal bom dia!
Outro ponto que foi falado muito ontem foi sobre a MP e que nós podemos ajudar a empresa e nós mesmos formalizando em uma carta de próprio punho que não tivemos prejuízos materiais com a empresa.
Vejam, liberdade e desejo de cada um, isso não é uma obrigação ou implica em problemas. Eu tomei de decisão de ajudar, pois é o meu, ou melhor, o nosso patrimonio que está em jogo, mas fica a critério de cada um.
A carta (de próprio punho) deve conter:
Eu Fulano de Tal brasileiro, portador do RG xx.xxx.xxx-x, declaro para os devidos fins que sou associado da Genbit desde MES/ANO e não sofri prejuízo de natureza material ou financeira da referida empresa.
CIDADE, DIA - MES - ANO
ASSINATURA
A carta pode ser digitalizada ou até fotografada e enviada para o email [EMAIL DO CARA]
Abs a todos!
A justificativa para a iniciativa seria que, ajudando a empresa os TPK iriam ter sucesso e todos sairiam ganhando.
*Digo fictícia pois não está auditável nem é claro se existe mesmo alguma blockchain. Existem posts no FB de pessoas que dizem que a Genbit é só um site que não tem nada.
submitted by rickccb to ConselhosLegais [link] [comments]

The LIES of Chris Rabalais and AllSportsMarket

https://i.imgur.com/oucavJo.jpg
A) This is a work in progress. (trying to make this neater and add things that people post) These things have been collected from forums / posts in various places (official forums, reddit groups etc)..and are here to be sifted through and examined to see which are true and which are not. Anyone is welcome to comment both agreement or disagreement.
B) ANY CORRECTIONS please send a message and reference the lie number *** I want to remove false info ASAP*** Or make a post in this thread. If there is anything in this list that shouldn't be here, it will be removed.
C) If you'd like me to add a lie, PLEASE make a post in this thread! Include something like ADD THIS LIE and make a short description
d) ASM /Allsportsmarket / the company means any or all of the proxies and identities of CWH , NSEI, Sportshares.net etc
------------------------------------
A while back, Chris claimed people on reddit were "lying" and that he would respond "point by point" to any "lies" told by redditors. I have begun to compile a list of all of Chris' lies from various sources.

To Chris Rabalais / Allsportsmarket.com : You are more than welcome to respond "point by point". Please include a lie number...and respond and explain how it isn't a lie....

---

Lies of Chris Rabalais

1)This is and was an investment
He has always claimed this was an investment, and still does. He claims you will get a return...yet from the other side of his mouth, he makes sure to mention that this is a "donation." Not one of us would have donated to him without the chance of a return / profit. None of us. This was a donation....to Chris Rabalais...NOT an investment. Still to this day when askign for money he makes suree to put in DONATION but then out of the other side of his mouth he claims you will get a return..or profit..and says you are an investor / insider etc.....This is NOT an investment. This is a DONATION to a very inefficient "charity" claiming you will someday see a "return" on it.
2) Investors into ASM would get a return on their investment -- profit from it
He is still promising people a return...many people show a 'profit' on their account statement but are unable to cash out. Unable to withdraw etc...Chances are, If you have made a "profit" from this on paper, you cannot withdraw it.
3) He was in the process of registering the company shares with the SEC
The SEC has stated point blank he has taken NO STEPS to register the company shares. It is in the complaint.
4) The company shares were ABOUT to be registered, and once they did...they would have even more value and we would miss out unless we bought in
Not only did he say it was in process, he claimed many times they were very close to getting the shares registered and when they did, they would have more value..and investors would be sorry if we didn't jump in on this "rocketship".
5) Chris knows how to get the shares registered with the SEC or has any clue what he is doing in terms of registering the shares
According to the SEC , Chris Rabalais has no idea HOW to even get the shares registered...and that is in their complaint as well. Meanwhile for years Chris was claiming he knew what do do to get the shares registered.
6) "This may be the last chance to jump on this great opportunity"
How many times have we all heard this lie? This or that program is ending....you'll never get another chance at giving money to Chris Rabalais again...but then shockingly...there's another even better offer in a couple days/weeks...
7) If you don't give X amount of money right now , the lights might suddenly go out on ASM..and you'll lose your "investment"
Another lie they tell is that if you don't give money, they will go out of business and you will "lose your investment". Bullcrap , they're not shutting off their free money machine....until someone MAKES them. Oh and you have no investment. Two lies for the price of one.
8) This is not a ponzi scheme
Chris has addressed the ponzi issue only VERY briefly over the years. He recently claimed it isn't a ponzi because the "last guy in can still make money" but that would require MONEY coming in from others...so he gets around the truth by omitting that its not the "guy" its the "last money in " which is nearly the same thing... the people who put their money in last will lose....that is a ponzi. The Judge in the Seth Leon case said so...and I hope another judge says so soon. (See here: https://www.reddit.com/ASMEunfiltered/comments/e61nya/summary_of_the_seth_leon_case_with_update/ )
9) The sports shares have value
Chris claims they have value because they area "claim on future dividends" which is a lie. That is not any definition of real or intrinsic value...and even if it was (it isn't, IMO) the claim on future dividends is a LIE because every penny of that future dividend money relies on new money coming into the market...which is a ponzi...which is valueless
10) You would be able to cash out (sell your holdings, pay off your bonus margin and keep your profits)
He changed the rules when the market started imploding. For years he promised investors they could sell their shares, pay off our margin and take our profits. No one would've bought in if they thought they could never do this. Even after he froze people's ability to cash out...he kept claiming that we would be able to soon...and urged people to buy more margin because all of the profits would be able to be kept.
11) Chris would stop selling margin
Recently, there was a conference call where key members of the team called for an end to the margin offers..NOT because they were a scam (they are) but because it was no longer possible to ignore the implosion of the pilot market and the collapse was being blamed on margin....Chris agreed to end margin and made announcements to this end. In a short time, he realized that promising people money on margin profit was his only revenue...so he HAD to start selling margin again...He knows it is worthless, promised to stop selling it....and lied.
12) Different celebrities, politicians, business people were about to come on board and help us
XFL (paul has contacts with them!!), PHIL COLLINS' WIFE!, Mark Cuban, Jon Bon FUCKING Jovi, Roger Goddell, Snoop Dogg, Brian Austin Green, Trump (speaker at zero club), Labron James, meetings with MLB people, Jack MA / Alibaba.......god knows how many other names this guy drops as potential people who are going to help or who we are 'reaching out' to in order to get them to help us. (help me add to this list)
13) ASM would have a "liquidity event" and be able to make money off of our company shares
There was going to be some liquidity event where we could sell our company shares to other investors...of course it never happened.
14) The new york times ad was going to be about ASM or helping our investment
There was NO MENTION of ASM or AllSportsMarket in the new york times ad and it didn't do a single thing to help ASM become a legitimate company. The only thing it did (from memory) was bash gambling.
15) The trips to Israel, funded by the investors, were something worthy of doing with the money...
Chris bragged and posted pictures of his trips to Israel...but what did they have to do with ASM? How was spending "donations" (investments) for him to go to Israel supposed to help the company? Clearly this was a waste.
16) the Hero club events he goes to (more travel) help ASM in any way whatsoever
I have never seen any evidence that spending who knows how much of the investors' money has been wasted on this,yet chris continues to act as if his membership in the Hero Club is a wise way to spend money...I have seen no evidence that the Hero club has done anything bust waste money.
17) donating to ASM is helping anyone or doing anything other than putting money in HIS pocket...
Quite simply, Chris "donates" 10% of the money given him, if we are to believe that. So He has given (according to him) 150k+ to a hunger charity. They have (according to Chris) matched this 7x, so the 150k donation has turned into a millionish dollars worth of charity. Sounds good right? Well in doing so, Chris has just wasted 90% of the money. Instead of 150k, had we all simply given our 1.5 million to this same charity....and they matched it 7x...we would have turned our money into 10+ million dollars for charity. So essentially, even by Chris' own numbers...we have wasted 9 million dollars of potential charity....by paying Chris's rent..cars etc.. all so that he can take 90% and give 10% to charity....to me, this is wasteful and we would be better donationg directly to the 7x charity the entire 100% rather than wasting the 90%.
18) The ASM 'real market' was a real money market
Chris started the real market to fool us into thinking it was actual money. He later then changed the name to "pilot market" after taking people's REAL money..so he could have the excuse "HEY this is a PILOT market!!!" when you cant withdraw...otherwise why call this a "real" market then suddenly change the name to "pilot"?
19) the ASM pilot market was going to transition with your holdings to a 'regulated' or 'exempt market' and you would be able to keep your profit from the pilot market
So it has been promised to us that the pilot (which was the real market) market will transition to another market..where.....where you'll STILL be able to keep your profits...so..guys..KEEP BUYING BONUS MARGIN lol....
20) If there is a good enough plan, Chris will happily step down in January 2020 and let someone else change the direction of the "company"
Chris claims "give him till December" and if no one is happy he will step aside if that's what everyone wants...IF there is a plan he likes..LOL..we will see...but I am guessing he will not.
21) The pilot market is working
He has claimed the pilot market is working and proves that ASM is functional...yet the market has collapsed and he has frozen everyone's accounts from withdrawing..or paying off margin..etc...but the real/pilot market has been a disaster. Here is him contradicting himself and admitting that the pilot market does NOT work : https://vocaroo.com/bsbcnHWDF8z . This is an admission thatthe pilot market as it is now is busted and will never work without being completely re-designed (revenue sharing etc). The worst part of this is he KNOWS the pilot market is not working yet he is still selling margin to buy stocks on this market.....that to me is criminal. How can he do this?
22) The learning market is working and proves that the math and numbers are correct and functional
Claims have been made the learning market is working..LOL...anyone who has touched the learning market knows it is completely dysfunctional...and not any kind of advertisement or positive experience...
23) Bonus margin has some sort of value other than to put money in his pocket
He claims bonus margin has value. It doesn't. Its worthless. If he tries to deny this..ask him why he is selling it if it has no value? Ask him how he plans on turning something with 0 value into something with value. This is the core of his scam right now..selling WORTHLESS bonus margin with no value for real money...which he donates 10% of and the rest goes to expenses...and his salary & rent etc...
24) Chris "had alper" double check the math in 2009 , and the market math is fine..
Oh god...so in one of the videos, Chris claims he had Alper check the math in 2009 and alper told him the numbers work. This is such utter horseshit, and mainly designed to deflect responsibility for the failure of the market..so he can blame it on Alper. Chris knows the math doesn't work. Alper knows the math doesn't work..and Alper & Chris know that margin is worthless...and they know the market is a failure...they have to know this...
25) special clubs like "ASM Black", "Insider programs", "Advisory Councils" etc etc are anything other than him trying to get even more money out of your pocket
All of these programs are just designed to get you to give them more money..there is no real benefit to being a member in them. The insider program just basically stopped people from being able to withdraw sooner....who knows what ASM black was..and this advisory council...what was that? Give Chris 100$ to listen to more youtube rants? Ok...whatever new club or council they will come up with next is a bunch of crap designed to make you feel special as you give them your hard earned money.
26) The NDA he sent via email before spamming you with more ads is legally binding
We all know the NDA he sent via e-mail was worthless..it was hilarious.....and unenforceable....
27) They would provide investors with financial documents / audit / detailed information at the end of October 2019
Yeah so will we ever get to see the "audit" ? Doubt it...they are not transparent with any pertinent info. Who is paid what? Who holds what shares? What shares have been granted to who? What money was paid by NSEI to who , and for what? "Seal of transparency" my ass.
28) The SEC filing suit against him could be viewed as a positive in some ways
I forget how he worded it but he basically claimed the SEC suit was some sort of opportunity for something positive for him. The one positive thing I can think of is it stopped him from getting more money from suckers...
29) He didn't "really" lose the case against Seth Leon
He made all kinds of excuses and claims the only reason he lost against Seth Leon is because Seth Leon sent the papers to an old address....LOL (see here: https://www.reddit.com/ASMEunfiltered/comments/e61nya/summary_of_the_seth_leon_case_with_update/ ) Make NO mistake..Chris LOST the case. The court found "AMPLE EVIDENCE" of fraud by Chris Rabalais.
30) It was Trump's fault (Govt shutdown) that he didn't get paperwork done with the SEC
LOL...I hope this is what he tells the Judge
31) It was Jason's fault that "a letter" wasn't sent to the SEC regarding the NRHL
Blame it on a guy who doesn't work for the company any more...
32) It is alper's fault the math/numbers don't work because Chris asked alper to "check the numbers" in 2009
Blame this on Alper.....when he has known for YEARS the numbers do not work
33) there were "saboteurs" who tried to wreck the "deal" with NRHL, who came from reddit..*but luckily they saved the deal!
Remember the saboteurs? remember how they "saved" the deal with the NRHL? Remember how the NRHL was going to be huge for ASM? Yeah none of these things were true....MAYBE a guy (gregson?) tried to contact the NRHL to find out if they were even real.. but NO ONE thought the NRHL was going to be a good thing..and NO ONE wanted to transition their money to a market led by roller derby..because it was and is a stupid idea.
34) There were lawyers (zero club? friends?) who were going to help with the SEC defense for free
Chris had an army of lawyers, some of the best in the country and who had never lost...but yet he had to beg the court for a free lawyer because he can't get a lawyer to represent him...LOL
35) "secured by blockchain" - Chris claims this tech is in use now but what is it exactly other than bullshit?
On one of his latest videos he claims the blockchain technology is protecting the ASM market right now...BS. There is no technology that I have seen. There hasn't been anything said about what this even is or does. Ace hasn't even been heard from since around August has he? They can't even get an android app...the blockchain bullshit is just more jargon and buzzwords...trying to get you to give them money...there is nothing behind this "secured by blockchain" trademark...other than words...otherwise why not explain exactly what it is, and how it works ..etc...
36) Chris is going to counter sue the SEC and prove that he is a legitimate business
LOL.. with his free lawyer?
37) All cryptocurrencies are a SCAM
Notice he screams and cries FRAUD at many things, but he is a fraud himself. Typical tactic...accuse others of what you are doing. Also, there is some real value in some cryptos, like bitcoin...unlike a sports share on ASM. Its called 'proof of work' ...that has real value that can even be measured..by electricity use, processing power etc...I am not arguing it has a lot of value, or even that it is as valuable as the price....but it is above zero, unlike a share in a sports team on ASM. I'm also not an expert nor to I condone investing in crypto...
38) Gambling is more of a problem than ASM / NSEI
Again, he screams and cries about how dirty Gambling is...but at least legal gambling is regulated, and you have a chance to win. Unlike ASM...
39) They were working on an Android app , and needed donations for it
One of the reasons I donated early on was because of seeing the IOS app, and the promises of making an android app.In fairness this might not have been a lie....but if theyre not going to make an android app , then say so.
41) They lied by omission and did not tell investors about the SEC suit until August 2019
So someone else came and announced the SEC lawsuit on the reddit forum in August 2019. There is some strong evidence that Chris knew about this in April 2019 or even earlier like maybe Oct 2018...and if he knew about it before it was announced , then he witheld this information from all of us..
42) The NFL / MLS "Deals"
We very nearly had a deal with the NFL and MLS...or have / had a chance to make deals with them...its all bullshit. The guy cant even make a deal with roller derby leagues...and we are expected to believe he is making deals with major leagues?
43) Wefunder / Crowd Funding
We started the process to sell shares through we-funder....but they turned us down. Guess what Chris "forgot" to tell us all? THE REASON they turned us down...because ASM / CWH doesn't pass the "smell test"? What was the reason? It seems like maybe the reason was the UNREGISTERED SECURITIES? I mean there had to be a reason..what was it?
44) Share Buyback
They were going to buy back company shares from investors....and at times stated the shares were so valuable they would gladly buy them back for X amount because they were sure to go up in price...but when push comes to shove they NEVER will buy this worthless junk back......even for 1 penny. A lot of the 'tyes men' have stated they would also buy shares back from unhappy investors but of course they never do this in reality.
45) Telling the truth, even if it is harmful to Chris / ASM is some type of Slander or Libel
Chris would like you to think that calling him out on fraud and lies is some type of "libel" or "slander" but as anyone knows...telling the truth is not slander or libel. He is trying to scare people from telling the truth. Blowing the whistle on his fraud is NOT slander or libel. Period. He is the CEO of a company that he sold shares of stock in, fraudulently. He must and will be held accountable.
46) The market cap number is a legitimate indicator of the validity of ASM
Chris love to throw around market capitalization numbers (4 Billion LOL) as if they mean anything at all or indicate that this market is healthy. They include the learning market (fake money) and the margin (also fake money). If you subtract the learning market, the bonus margin, and the money "used" by chris for data, rent, cars etc...you have pretty much zero market cap in reality.
47) ASM has a way of checking if an investor is accredited: See here: https://www.reddit.com/ASMEunfiltered/comments/eacs69/new_lies_regarding_searching_for_for_accredited/ . In my understanding , one of the ways (in some cases) un-registered securities can be sold is if it is to an "accredited" investor. The SEC has said Chris has no means of checking this. I would personally believe the SEC at this point....and I will count this as a lie until it is proven that Chris / ASM actually does have a way of legitimately checking accreditation.
48) The reason Chris withheld the fact the SEC was investigating him and suing him was because the SEC told him he couldnt tell us.
BULLSHIT. In the audio Chris makes absurd claims that he couldnt tell "investors" of his problems with the SEC because they told him not to talk about it. Yet meanwhile he kept taking money from investors as if everything was fine..KNOWING that trouble was brewing and KNOWING that the shit was going to hit the fan. Show me a letter by the SEC that says he can't warn his investors of an impending action by them SHOW IT TO US. If you show this to us, I'll remove this lie. It doesnt make any sense because the SEC exists to protect us from predators like Chris , so why would they tell him he cannot warn us of problems with the SEC????? MAKES ZERO SENSE. Does not pass the smell test. This is a lie by omission..taking our money , pretending things are fine....but KNOWING problems are coming. The bottom line: Chris didnt say SHIT about this anywhere that I know of until AFTER it was posted publicly that the lawsuit was filed...I heard about this online before it was ever mentioned by chris in any conference call or statement by him.
49) Not sure if this is technically a "lie" or not but the guy / ASM has at least 10 twitter accounts...here are a few of them: 1) https://twitter.com/AllSportsMarket 2) https://twitter.com/rabalais_cva 3) https://twitter.com/asmclients 4) https://twitter.com/thesportsvote 5) https://twitter.com/SportsFolios 6) https://twitter.com/MySportsWiki 7) https://twitter.com/chrisrabalais 8) https://twitter.com/NuSportsEconomy 9) https://twitter.com/ASMFreeApp 10) https://twitter.com/ASM_Advisor (not 100% on this one but it looks fake) ..etc..... It looks as if this one: https://twitter.com/ASMFreeApp has a bunch of bots or paid 'farm' followers. So, while not a 'lie' exactly...very odd and shady behavior.
50) In the "Investors Q& A" found here: https://tinyurl.com/spbznmf They failed to disclose the Seth Leon case, the failed attempt at bankruptcy discharge of the fraud debt, and failed to disclose the debt owed to Seth Leon. So they lied in the sections about Legal Problems and they Lied in the sections about Debt. This is in a Q&A involving potential ionvestors so they are lying to potential investors about the risks.

51) Chris will "fact check" and respond to every accusation made against him and prove that these things are lies told by "known liars"
https://i.imgur.com/HaGfekN.jpg
So a couple of weeks ago, Chris said he would fact check all of the "lies" told about him...so I thought I would do him a big favor and make a huge list. His claim was that everyone saying all of these things are "known liars" and none of these things is true. He says they are all bogus "claims" made by "liars." He said he would refute these"claims." Well guess what asshole? Every songle person reading this is probably a victim of yours, and they KNOW all of these things aren't "claims" ... they are facts. I have done my best here to stick to things that are universal..that we have all witnessed as investors.
Now (shockingly) chris refuses to "fact check" any of these "lies." He says he will respond only if you sign your name and send him a private e-mail or make a post on his censored and controlled website where he has to approve any post before it is seen by the public... So I will add this as yet another lie. He will never refute SHIT. He is a thief and a liar. and a con man....and CAN"T refute anything said above. Period. More than likely if anyone posted this list on his forums, he would NEVER allow it to stand....so how is anyone supposed to get this list "fact checked"? The only Known liar here..well..I think we all know who that is...
You would think he might want to address these things publicly instead of making people ask via e-mail and leaving a cloud of suspicion for potential investors to see..and maybe he would rather answer one time,rather than a bunch of separate e-mails......but I guess when there are literally no answers to any of these things, the only solution is to try and hide it more...
submitted by 707NorCaL707 to ASMEunfiltered [link] [comments]

r/Bitcoin recap - July 2019

Hi Bitcoiners!
I’m back with the 31st monthly Bitcoin news recap.
For those unfamiliar, each day I pick out the most popularelevant/interesting stories in Bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best) overview of what happened in bitcoin over the past month.
You can see recaps of the previous months on Bitcoinsnippets.com
A recap of Bitcoin in July 2019
Adoption
Development
Security
Mining
Business
Education
Regulation & Politics
Archeology (Financial Incumbents)
Price & Trading
Fun & Other
submitted by SamWouters to Bitcoin [link] [comments]

Why we won't have a long term bear market, and how to systematically pick your future investments in crypto

With so much uncertainty right now it would be a good time to take some time to go over what happened recently and how to invest moving foward. We've seen a peak bubble at around 850 billion total market cap in the first week of January, consolidated down to $750 billion and have now just experienced a 40% correction.

What's happening now and how bad will it get?

First of all you should realize that there is a January Dip that happens every year, when we see a roughly 20-30% decline around mid January. This year its been much more severe though for several additional factors that have compounded on top.
Different theories exist on why this happens (its actually the mirror opposite of the "January Effect" that happens in the US stock market), but the two major theories are:
1) Asian markets pull into fiat because of Asian New Year spending needs
2) People in the US sell in January to defer their capital gains tax liability an extra year
While this cyclic event has lead to a healthy correction in the last few years, this year we got these new factors making more fear as well:
So in essence we got a storm of scary news along with the usual cyclic downturn. Currently I don't see this as being a systematic crash like Mt.Gox was that would lead to a long term bear market because the fundamental ecosystem is still intact, and I suspect that after about a month we should consolidate around a new low. All the exchanges are still operational and liquid, and there is no breakdown in trust nor uncertainty whether you'll be able to cash out. What range the market trades in will all depend how Bitcoin does, right now we've already broken below 10K but I'm seeing a lot of support at around $8000, which is roughly where the long term MA curve settles. We don't know how bad it will get or what the future will bring, but as of right now we shouldn't be in a bear market yet.
What should you do if you recently entered the market?
If you did buy in the last few months at or near ATH, the very worst thing you can do now is sell in panic and lose your principal. You shouldn't have more money in crypto than you can afford to lose, so it shouldn't be a problem to wait. You have to realize that 30% corrections in crypto are relatively common, just last fall we had a 40% flash correction over more China fears. Unless there is a systematic breakdown like we had during Mt.Gox, the market always recovers.
The other worst thing you can do is unload into Tether as your safety net. If there is one thing that could actually cause a long term destruction of trust within the cryptocurrency investment ecosystem, its Tether having a run up on their liabilities and not having enough reserve to cover the leverage. It would not only bring down exchanges but lead to years of litigation and endless media headlines that will scare off everybody from putting fiat in. I don't know when the next Mt.Gox meltdown will occur but I can almost guarantee it will involve Tether. So stay away from it.
What should long term investors do?
For long term holders a good strategy to follow each year is to capture profit each December and swallow the capital gains taxation liability, park a reserve of fiat at Gemini (whose US dollar deposits are FDIC-insured) and simply wait till around late January to early February to re-enter the market at a discount and hold all year until next December. You can keep a small amount in core coins in order to trade around various Q1 opportunities you anticipate. Others may choose to simply do nothing and just keep holding throughout January which is also a perfectly fine strategy. The cyclical correction usually stabilizes toward late January and early February, then we see a rise in March and generally are recovered by end of April. Obviously this decision whether to sell in December to profit on the dip and pay tax liability or to just hold will depend on your individual tax situation. Do your own math sometime in November and follow suit.
Essentially revaluate your positions and trim your position sizes if you don't feel comfortable with the losses.

How to construct your portfolio going forward

Rather than seeing the correction as a disaster see it as a time to start fresh. If you have been FOMO-ing into bad cryptos and losing money now is a time to start a systematic long term approach to investing rather than gambling.
Follow a methodology for evaluating each cryptocurrency
Memes and lambo dreams are fun and all, but I know many of you are investing thousands of dollars into crypto, so its worth it to put some organized thought into it as well. I can't stress enough how important it is to try and logically contruct your investment decisions. If you follow a set methodology, a checklist and template you will be able to do relative comparisons between cryptocurrencies, to force yourself to consider the negatives and alternative scenarios and also sleep comfortably knowing you have a sound basis for your investment decisions (even if they turn out to be wrong).
There is no ideal or "correct" methodology but I can outline mine:
1) Initial information gathering and filtering
Once I identify something that looks like a good potential investment, I first go to the CoinMarketCap page for that symbol and look at the website and blockchain explorer.
  • Critically evaluate the website. This is the first pass of the bullshit detector and you can tell from a lot from just the website whether its a scam. If it uses terms like "Web 4.0" or other nonsensical buzzwords, if its unprofessional and has anonymous teams, stay away. Always look for a roadmap, compare to what was actually delivered so far. Always check the team, try to find them on LinkedIn and what they did in the past.
  • Read the whitepaper or business development plan. You should fully understand how this crypto functions and how its trying to create value. If there is no use case or if the use case does not require or benefit from a blockchain, move on. Look for red flags like massive portions of the float being assigned to the founders of the coin, vague definition of who would use the coin, anonymous teams, promises of large payouts...etc
  • Check the blockchain explorer. How is the token distribution across accounts? Are the big accounts holding or selling? Which account is likely the foundation account, which is the founders account?
  • Read the subreddit and blogs for the cryptocurrency and also evaluate the community. Try to figure out exactly what the potential use cases are and look for sceptical takes. Look at the Github repos, does it look empty or is there plenty of activity?
2) Fill out an Investment Checklist
I have a checklist of questions that I find important and as I'm researching a crypto I save little snippets in Evernote of things that are relevant to answering those questions:
  • What is the problem or transactional inefficiency the coin is trying to solve?
  • What is the Dev Team like? What is their track record? How are they funded, organized?
  • Who is their competition and how big is the market they're targeting? What is the roadmap they created?
  • What current product exists?
  • How does the token/coin actually derive value for the holder? Is there a staking mechanism or is it transactional?
  • What are the weaknesses or problems with this crypto?
3) Create some sort of consistent valuation model/framework, even if its simple
I have a background in finance so I like to do Excel modeling. For those who are interested in that, this article is a great start and also Chris Burniske has a great blog about using Quantity Theory of Money to build an equivalent of a DCF analysis for crypto.
Here is an Excel file example of OMG done using his model. You can download this and play around with it yourself, see how the formulas link and understand the logic.
Once you have a model set up the way you like in Excel you can simply alter it to account for various float oustanding schedule and market items that are unique to your crypto, and then just start plugging in different assumptions. Think about what is the true derivation of value for the coin, is it a "dividend" coin that you stake within a digital economy and collect fees or is it a currency? Use a realistic monetary velocity (around 5-10 for currency and around 1-2 for staking) and for the discount rate use at least 3x the long term return of a diversified equity fund.
The benefit is that this forces you to think about what actually makes this coin valuable to an actual user within the digital economy its participating in and force you to think about the assumptions you are making about the future. Do your assumptions make sense? What would the assumptions have to be to justify its current price? You can create different scenarios in a matrix (optimistic vs. pessimistic) based on different assumptions for risk (discount rate) and implementation (adoption rates).
If you don't understand the above thats perfectly fine, you don't need to get into full modeling or have a financial background. Even a simple model that just tries to derive a valuation through relative terms will put you above most crypto investors. Some simple valuation methods that anyone can do
  • Metcalfe's Law which states that the value of a network is proportional to the square of the number of connected users of the system (n2). So you can compare various currencies based on their market cap and square of active users or traffic.
  • Another easy one is simply looking at the total market for the industry that the coin is supposedly targeting and comparing it to the market cap of the coin. Think of the market cap not only with circulating supply like its shown on CMC but including total supply. For example the total supply for Dentacoin is 1,841,395,638,392, and when multiplied by its price in early January we get a market cap that is actually higher than the entire industry it aims to disrupt: Dentistry.
  • If its meant to be just used as just a currency: Take a look at the circulating supply and look at the amount that is in cold storage or set to be released/burned. Most cryptos are deflationary so think about how the float schedule will change over time and how this will affect price.
Once you have a model you like set up, you can compare cryptos against each other and most importantly it will require that you build a mental framework within your own mind on why somebody would want to own this coin other than to sell it to another greater fool for a higher price. Modeling out a valuation will lead you to think long term and think about the inherent value, rather than price action.
Once you go through this 3-step methodology, you'll have a pretty good confidence level for making your decision and can comfortably sit back and not panic if some temporary short term condition leads to a price decrease. This is how "smart money" does it.
Think about your portfolio allocation
You should think first in broad terms how you allocate between "safe" and "speculative" cryptos.
For new investors its best to keep a substantial portion in what would be considered largecap safe cryptos, primarily BTC, ETH, LTC. I personally consider XMR to be safe as well. A good starting point is to have between 50-70% of your portfolio in these safe cryptocurrencies. As you become more confident and informed you can move your allocation into speculative small caps.
You should also think in terms of segments and how much of your total portfolio is in each segment:
  • Core holdings - BTC, Ethereum, LTC...etc
  • Platform segment - Ethereum, NEO, Ark...etc
  • Privacy segment - Monero, Zcash, PivX..etc
  • Finance/Bank settlement segment - Ripple, Stellar...etc
  • Enterprise Blockchain solutions segment -VeChain, Walton, WABI...etc
  • Promising/Innovative Tech segment - Raiblocks, IOTA, Cardano...etc
You should also think about where we are in the cycle, as now given so much uncertaintly its probably best to stay heavily in core holdings and pick up a few coins within a segment you understand well. If you don't understand how enterprise solutions work or how the value chain is built through corporations, don't invest in the enteprise blockchain solutions segment. If you are a technie who loves the technology behind Cardano or IOTA, invest in that segment.
Think of your "circle of competence"
This is actually a term Buffet came up with, it refers to your body of knowledge that allows you to evaluate an investment. Think about what you know best and consider investing in those type of coins. If you don't know anything about how supply chains functions, how can you competently judge whether VeChain or WaltonChain will achieve adoption?
This where your portfolio allocation also comes into play. You should diversify but really shouldn't be in much more than around 12 cryptos, because you simply don't have enough competency to accurately access the risk across every segment and for every type of crypto you come across. If you had over 20 different cryptos in your portfolio you should probably think about consolidating to a few sectors you understand well.
Continually educate yourself about the technology and markets
If you aren't already doing it: Read a bit each day about cryptocurrencies. There are decent Youtubers that talk about the market side of crypto, just avoid those that hype specific coins and look for more sceptical ones like CryptoInvestor. If you don't understand how the technology works and what the benefits of a blockchain are or how POS/POW works or what a DAG is or how mining actually works, learn first. If you don't care about the technology or find reading about it tedious, you shouldn't invest in this space at all.

Summing it up

I predicted a few days ago that we would have a major correction in 2018 specifically in the altcoins that saw massive gains in Decemebeearly January, and it seems we've already had a pretty big one. I don't think we'll have a complete meltdown like some are predicting, but some more pain may be incoming.
Basically take this time to think about how you can improve your investment style and strategy. Make a commitment to value things rather than chasing FOMO, and take your time to make a decision. Long term investment will grant you much more returns as will a systematic approach.
Take care and have fun investing :)
Edit March 2018: Lol looking back I'm regretting starting the title with "Why we won't have a long term bear market" now, I was more karma whoring with that catchy title than anything. We recovered up to 11K from this post, but then crashed again hard later in February-March because of a slew of reasons from Tether subpeona to unforseen regulatory issues.
submitted by arsonbunny to CryptoCurrency [link] [comments]

Bienvenido al subreddit [Normas de la comunidad]

Este es un foro dedicado a compartir información en español sobre las criptomonedas. Promovemos el efectivo electrónico peer-to-peer tal y como lo planteó Satoshi Nakamoto. Es bienvenido el debate respetuoso así como la promoción del dinero digital resistente a la censura. Este foro fue oficinalmente pensado para mantener informada a la comunidad BCH hispana, pero son bienvenidos todos los que gusten de las criptomonedas como herramienta para la libertad individual. Por favor, intente ser asertivo y respete las normas.
Nuestra wiki: https://old.reddit.com/Bitcoin_espanol/wiki/index
submitted by darthroison to Bitcoin_espanol [link] [comments]

Staking — The New Way to Earn Crypto for Free

Staking — The New Way to Earn Crypto for Free

https://preview.redd.it/jpadsinyz3c41.png?width=616&format=png&auto=webp&s=c0dc410484430b863b0488727f92135f218edff2
Airdrops are so 2017, free money was fun while it lasted but now when someone says free money in crypto, the first thoughts are scams and ponzi schemes. But in 2020, there is a way to earn free money, in a legitimate, common practice, and logical manner — staking.
Staking is the core concept behind the Proof-of-Stake (PoS) consensus protocol that is quickly becoming an industry standard throughout blockchain projects. PoS allows blockchains to scale effectively without compromising on security and resource efficiency. Projects that incorporate staking include aelf, Dash, EOS, Cosmos, Cardano, Dfinity and many others.

https://preview.redd.it/luczupo004c41.png?width=616&format=png&auto=webp&s=2a2aba11c35c9962e42d1ea56b9e4f33532750ef

PoW — Why change

First, let’s look at some of the issues facing Proof-of-Work (PoW) consensus that led to the development of PoS.
  1. Excessive energy consumption — In 2017, many concerns were raised over the amount of electricity used by the bitcoin network (Largest PoW blockchain). Since then the energy consumption has increased by over 400%, to the point where 1 single transaction on this network has the same carbon footprint of 736,722 Visa transactions or consumes the same amount of electricity as over 20 U.S. households.
  2. Varying Electricity Costs — The profit of any miner on the network is tied to two costs, the initial startup cost to obtain the hardware and infrastructure, and more critically, the running cost of said equipment in relation to electricity usage. Electricity costs can vary from fractions of a cent per kWh to over 50 cents (USD) and in some cases it is free. When a user may only be earning $0.40 USD per hour then this will clearly rule out certain demographics based purely on electricity costs, reducing the potential for complete decentralization.
  3. Reduced decentralization — Due to the high cost of the mining equipment, those with large financial bases setup mining farms, either for others to rent out individual miners or entirely for personal gains. This results in large demographic hotspots on the network reducing the decentralized aspect to a point where it no longer accomplishes this aspect.
  4. Conflicted interests — The requirements of running miners on the network are purely based on having possession of the hardware, electricity and internet connection. There are no limits to the amount a miner can earn, nor do they need to hold any stake in the network, and thus there is very little incentive for them to vote on upgrades that may benefit the network but reduce their rewards.
I want to take this moment to mention a potential benefit to PoW that I have not seen anyone mention previously. It is a very loose argument so don’t take this to heart too strongly.
Consistent Fiat Injection — The majority of miners will be paying for their electricity in fiat currency. At a conservative rate of $0.1 USD per kWh, the network currently uses 73.12 TWh per year. This equates to an average daily cost of over $20 million USD. This means every day around $20 million of fiat currency is effectively being injected into the bitcoin network. Although this concept is somewhat flawed in the sense that the same amount of bitcoin will be released each day regardless of how much is spent on electricity, I’m looking at this from the eyes of the miners, they are reducing their fiat bags and increasing their bitcoin bags. This change of bags is the essence of this point which will inevitably encourage crypto spending. If the bitcoin bags were increased but fiat bags did not decrease, then there would be less incentive to spend the bitcoin, as would see in a staking ecosystem.

https://preview.redd.it/8dtqt6e204c41.png?width=631&format=png&auto=webp&s=065aedde87b55f0768968307e59e62a35eac949d

PoS Variations

Different approaches have been taken to tackle different issues the PoS protocol faces. Will Little has an excellent article explaining this and more in PoS, but let me take an excerpt from his piece to go through them:
  • Coin-age selection — Blockchains like Peercoin (the first PoS chain), start out with PoW to distribute the coins, use coin age to help prevent monopolization and 51% attacks (by setting a time range when the probability of being selected as a node is greatest), and implement checkpoints initially to prevent NoS problems.
  • Randomized block selection — Chains like NXT and Blackcoin also use checkpoints, but believe that coin-age discourages staking. After an initial distribution period (either via PoW or otherwise), these chains use algorithms to randomly select nodes that can create blocks.
  • Ethereum’s Casper protocol(s) — Being already widely distributed, Ethereum doesn’t have to worry about the initial distribution problem when/if it switches to PoS. Casper takes a more Byzantine Fault Tolerant (BFT) approach and will punish nodes by taking away (“slashing”) their stake if they do devious things. In addition, consensus is formed by a multi-round process where every randomly assigned node votes for a specific block during a round.
  • Delegated Proof-of-Stake (DPoS) — Invented by Dan Larimer and first used in Bitshares (and then in [aelf,] Steem, EOS, and many others), DPoS tackles potential PoS problems by having the community “elect” delegates that will run nodes to create and validate blocks. Bad behavior is then punished by the community simply out-voting the delegated nodes.
  • Delegated Byzantine Fault Tolerance (DBFT) — Similar to DPoS, the NEO community votes for (delegates) nodes, but instead of each node producing blocks and agreeing on consensus, only 2 out of 3 nodes need to agree on what goes in every block (acting more like bookkeepers than validators).
  • Tendermint — As a more sophisticated form of DBFT and a precursor to Casper, Jae Kwon introduced tendermint in 2014, which leverages dynamic validator sets, rotating leader elections, and voting power (i.e. weight) that is proportional to the self-funding and community allocation of tokens to a node (i.e. a “validator”).
  • Masternodes — First introduced by DASH, a masternode PoS system requires nodes to stake a minimum threshold of coins in order to qualify as a node. Often this comes with requirements to provide “service” to a network in the form of governance, special payment protocols, etc…
  • Proof of Importance (POI)NEM takes a slightly different approach by granting an “importance calculation” to masternodes staking at least 10,000 XEM. This POI system then rewards active nodes that act in a positive way over time to impact the community.
  • “Proof-of-X” — And finally, there is no lack of activity in the PoS world to come up with clever approaches and variants of staking (some are more elaborate than others). In addition to BFT protocols such as Honeybadger, Ouroboros, and Tezos, for further reading, also check out “Proof-of-”: Stake Anonymous, Storage, Stake Time, Stake Velocity, Activity, Burn, and Capacity.
https://preview.redd.it/n28a8n5404c41.png?width=604&format=png&auto=webp&s=0ea8827fd0458e768d4eb3a0a1fa88c984ba0a82

Earning Your Stake

In order to understand how one can earn money from these networks, I’ll break them down into 3 categories: Simple staking, Running nodes, and Voting.
Simple Staking - This is the simplest of the 3 methods and requires almost no action by the user. Certain networks will reward users by simply holding tokens in a specified wallet. These rewards are generally minimal but are the easiest way to earn.
Running a node - This method provides the greatest rewards but also requires the greatest action by the user and most likely will require ongoing maintenance. Generally speaking, networks will require nodes to stake a certain amount of tokens often amounting to thousands of dollars. In DPoS systems, these nodes must be voted in by other users on the network and must continue to provide confidence to their supporters. Some companies will setup nodes and allow users to participate by contributing to the minimum staking amount, with a similar concept to PoW mining pools.
Voting - This mechanism works hand in hand with running nodes in relation to DPoS networks. Users are encouraged to vote for their preferred nodes by staking tokens as votes. Each vote will unlock a small amount of rewards for each voter, the nodes are normally the ones to provide these rewards as a portion of their own reward for running a node.

Aelf’s DPoS system

The aelf consensus protocol utilizes a form of DPoS. There are two versions of nodes on the network, active nodes & backup nodes (official names yet to be announced). Active nodes run the network and produce the blocks, while the backup nodes complete minor tasks and are on standby should any active nodes go offline or act maliciously. These nodes are selected based upon their number of votes received. Initially the top 17 nodes will be selected as active nodes, while the next 100 will stand as the backup ones, each voting period each node may change position should they receive more or less votes than the previous period. In order to be considered as a node, one must stake a minimum amount of ELF tokens (yet to be announced).

https://preview.redd.it/47d3wqe604c41.png?width=618&format=png&auto=webp&s=062a6aa6186b826d400a0015d4c91fd1a4ed0b65
In order to participate as a voter, there is no minimum amount of tokens to be staked. When one stakes, their tokens will be locked for a designated amount of time, selected by the voter from the preset periods. If users pull their tokens out before this locked period has expired no rewards are received, but if they leave them locked for the entire time frame they will receive the set reward, and the tokens will be automatically rolled over into the next locked period. As a result, should a voter decide, once their votes are cast, they can continue to receive rewards without any further action needed.
Many projects have tackled with node rewards in order to make them fair, well incentivized but sustainable for everyone involved. Aelf has come up with a reward structure based on multiple variables with a basic income guaranteed for every node. Variables may include the number of re-elections, number of votes received, or other elements.
As the system matures, the number of active nodes will be increased, resulting in a more diverse and secure network.
Staking as a solution is a win-win-win for network creators, users and investors. It is a much more resource efficient and scalable protocol to secure blockchain networks while reducing the entry point for users to earn from the system.
submitted by Floris-Jan to aelfofficial [link] [comments]

Vitalik Keeps Saying It. A lot of others say it too. Let's Get Real. Crypto and Blockchain Has a Major Problem Problem We Need to Address Immediately. Here's How I Think We'll Do It.

Vitalik Keeps Saying It. A lot of others say it too. Let's Get Real. Crypto and Blockchain Has a Major Problem Problem We Need to Address Immediately. Here's How I Think We'll Do It.

Let's get real. [Vitalik talks about this constantly]. The cryptocurrency/blockchain community has a cultural problem.

Edit: Links here suck. I put quotes around them so you can spot them out. I did a lot of research for this post.
Edit #2: Put square brackets around links. Now they should be clearly visible.
TLDR: The ills Vitalik talks about are primarily about psychology. New scalable solutions can fix it partially, but we have to deal with people first.
Before I dig deep into this post, I want to let you know what it's about. Yes, you'll see some emotional content. You'll see ideological ideas. However, this post ain't about ideologies. It's about something I deem as a real problem. Its about the corrupt mindsets that we have as community since the prices spiked early 2017. To advance forward, I want to analyze them, distill the problem into the most basic form possible, then point people into a direction I deem would be good for the cryptocurrency community. The format will go like this:
  1. My history with Crypto/Blockchain. Why I'm here in the first place.
  2. My analysis of the problem Vitalik talked about
  3. My perceived solution to the problem.
  4. The steps I've already taken towards the problem

Why I'm Here

Time travel back into pre-2017 and you'll see that the cryptocurrency/blockchain community was filled with hopeful young nerds that dreamed of making the world into a better place; A much more open, peaceful and freer place. I was going through a hard time with my life 2015-16 -- my twin died, I was on the verge of going homeless with nobody else to rely on, had to go unbanked in America, almost entirely dropped out of college and my first contracting business failed. I couldn't get my life right at all, and I didn't see any hope. The future was bleak to me. However, I found people here in the blockchain community actually trying their hardest to do things that would solve the world's problems, [even if that was mainly reporting the news for people and addressing people live in chat to create a community]. That drew me in well before the price of cryptocurrencies spiked; almost in a manic like way -- I read about it constantly, practiced solidity, talked to everyone I could that would have the capacity to understand cryptocurrencies and more.
Even now, when I attend conferences, I meet good-hearted, sleep deprived developers, marketers, business owners and specialist that aim to solve the world's greatest problems in the best ways they can. Many are in small corners of the world helping each other out. Inside of this community I found hope and meaning. My depression lifted, my anxiety went away, my life got back on track, and that hope propels me though the field years since I joined this movement. I'm now more confident than ever knowing that collectively this industry will possibly be the epicenter of change for not only money, but for everything. We'll [eliminate poverty], [solve global warming], [prevent hyper-inflation like we've seen with Venezuela], [improve supply chains] around the world, improve healthcare, and solve the [social ills of the world like corruption]. That's just the tip of the iceberg. I believe intensely in the vision set for crypto.
The community is filled with brilliant people that will make a difference. That excites me.
I'm for freedom, boosting happiness of individuals, increasing health, making life more fun and less stressful for the common person, open discussions to progress everyone forward, and a more livable planet. I'm thinking of all people and I'm not against any group. However, I'm not for FUD, greed while abusing others, bigotry, trolling, hatred, racism, evil acts and stealing. Those are against my values. I think that's against the values of many of the cryptocurrency community's foundational members.

A problem we can't ignore

In 2017, as the prices exploded and the returns grew in for the average person, I noticed the community was starting to get tainted. People were no longer focusing on technology, freedom and community. No longer focusing on creating better lives for people in their communities around the world. We were missing the altruism I originally felt in the community. [If I were in Vitalik shoes, where I'd invest 80-100 hours a week into a vision, I'd feel extreme frustration too]. People are instead focusing on [needless politics], searching for the next big price pump, the next big score. Instead of people figuring out about how to use blockchain and crypto for making people's lives better, I've heard people say HODL and scam more than I ever have in the history of the community. This saddens me and frustrates me at the same time. On one end I see great potential and beauty in the community, and at the same time I see the beast within us come out that hasn't been even thought about deeply enough to be accurately tamed. Trolls, profiteers running away with ICO money, market manipulators and scam artist ruining the reputation and progress of the community.
While I could complain about what I see, I decided to instead dissect it in this post. I wanted to know what's causing this on a larger scale. See, by training I'm a psychologist, social scientist and computer scientist. I've been transitioning over to economics and data science because I feel it's a solid cornerstone of the industry. My perspective will be coming from those first. Allow me to explain. If our community is going to "grow up and actually solve problems", the corruption of minds because of money needs to be fully explored first.
Only by understanding the problem thoroughly can we solve it.
Explicitly stating the problem: Its the extreme predatory, egotistical, harsh behavior we as a community have adopted.

The Psychology And Behavioral Science Of Finance

Let's start with the biggest premise. Money is an idea. It exist because people communicate, produce, share, trade, have scarcity for goods and have needs. Money is an ideological binding agent for people.
  • It helps us exchange two irrelevant things with a medium
  • Helps us do more things in knowing the value we hold will help us improve productivity in the future
  • Helps us determine value in an abstract way
  • Helps us navigate the world.
Money is about as social and psychological as anything in the world can get outside of direct human interactions. Coincidentally, this psychological/social aspect isn't talked about very much inside of the cryptocurrency landscape. However, it's the foundation of everything we have here today. If we can't talk about how money is connected to the mind, we can't solve the maturity problem Vitalik was talking about. My intent is to explore that deeply so a firm direction can be at least set.

Money and the Mind

Our mind is complex. Beyond the usual processing of information people have (our 11 senses), we people have 2 primary centers for decision making and control.
Limbic System
The first one is the limbic system. It has gone by the nickname of "the lizard brain" in recent history. It's responsible for storing memories, handling stress responses, attention and emotional processing. In a sense, it controls all of intuition and fast heuristic choices you make.
https://preview.redd.it/xvpw95ate8d11.png?width=551&format=png&auto=webp&s=eeed7e25448614af346091f6ededac41be9df5b5
Prefrontal Cortex
The second system is known as the prefrontal cortex. It controls higher order functions such as planning, reasoning, serial processing and how we think about emotions.
https://preview.redd.it/if5p4n90f8d11.png?width=512&format=png&auto=webp&s=92ef641c4f583d38239cdf380d443b2b7557767e
These two centers are not mutually exclusive. You brain has circuits to make decisions about everything. The two parts talk to each other to do so. Any dysfunction in behavior is usually due to a lack of communication between these two decision centers, rather than a lack of communication between the centers of your brain. This is heavily seen in mental disorders. According to the book [Upward Spiral ], a book that looks at mental disorders from a neuroscientific view and explains how to reverse the ill effects of them, here's now some disorders can play out inside of our heads:
  1. Depression -- A poor link between the Anterior Cingular Cortex and PFC. It means you will notice more negative and therefore act on negative impulses and thoughts.
  2. Dissociation -- A poor link between the Anterior Cingular Cortex and Anterior Insular makes it so your attention can't be accurately directed towards yourself. There will likely be a poor understanding of pain and out of body experiences. It can be reversed with meditation and yoga.

How Crypto Fits

This should hopefully be the first question we have. It's easy to only pay attention to the ill behaviors of the more recent cryptocurrency industry and say "shame on you!". But what if people had a hard time actually controlling themselves? Inside of the book Upward Spiral, Alex Korb, the neuroscientist that wrote it explored that people with depression and anxiety had a hard time not being depressed and anxious by choice. Because the depressed person's circuitry is skewed, they act on it subconsciously in a forever perpetuating loop. In fact, the only way to reverse depression is to reverse the circuitry that holds it together.
Part of what makes anti-depressants more effective is that the serotonin improves sleep and makes a person's brain more susceptible to positive changes. That would be doing things like doing gratitude journals everyday to make your anterior cingular cortices notice more positive events, being around people who love you to boost your serotonin and cut down stress hormones, or getting a little exercise everyday to send oxygen to your brain.
So that leads us back to the original question. What if people didn't have a fully conscious control over how they acted about money and crypto? I did some research between many different articles and found that this was absolutely the case. People don't have much control. They tend to be on extremes of some end all the time.
How Does Finance Play With The Brain?
Of the many ways, there's one key way it does. Money plays with people through the the hypothalamus stress response. It charges people into fight or flight mode, and can literally destabilize the homeostatic systems. This can do all sorts of things. It can make the anterior cingulate weaker in strength (known to help us control emotions and learn), and therefore reduce the power of our prefrontal cortex. When people are stressed about finance, or even excited about it, it will put people into extreme states. [Meaning the lizard brain takes the show]. That can make people easily make haphazard decisions.
Of course, there's other things that happen with the introduction of more money, but that IS the most intense thing to take note of.
If we want to solve the problem of relinquishing poor community, like Vitalik continuously makes comments about, we need to look at the problem in this way. If we don't see it this way, we're screwed. The problem wont be solved, companies like Microsoft will continuously kill off their implementations due to price fluctuations, the cryptocurrency community wont pass go and wont make a huge impact. Instead we'll blame, shout at each other, and create another Wall Street 2.0. In fact, we'll become worse than them. We will have more leverage over resources than any other group in history and the corruption will be strong.
Money affects decisions, period.

Solving the Cultural problem

I'm nervous. As I type this response, I know that by revealing my idea to the public I could be condemned by the community for "shilling", and even worse, somebody else can pick it up and run with it. That is the most nerve wreaking thing I could ever consider. Months of 80 hour weeks and extreme sacrifices to bring out a vision because I didn't see much of a choice. If we don't remove what limits us soon as a community we will get engulfed by outsiders that don't want to create virtuous society.
My solution: Algorithmic Trading
Now, before you tell me that the market is entirely unpredictable, I'd like to be one to say that the notion is false. We see everywhere that people using AI and more complex forms of math to be able to make reasonable gains in the financial world. Companies like Bridgewater predicted the financial crash of 2008 with reasonable accuracy, and other people like [mathematicians are able to do the same]. Realistically, the market has some degree of predictability. However, much of the access to that is limited.
Even beyond that, the financial industry is one of the only social fields that is highly transparent to many actors, through the news and price information, and reflects ideas and beliefs through the markets. If we can better analyze markets, we could discover all sorts of social phenomenon that previously made no sense. With algorithmic trading we're heavily incentivized to learn, as that will produce a direct outcome of earning money.
We could better solve the social ills of the world quickly and efficiently over time. On top of that, we will be able to stabilize the market and protect against bad agents if algorithmic trading becomes coordinated and effective enough throughout the industry.
Again, How Does it Fit With Cryptocurrency?
Bitconnect could answer how automated trading fits.
Before I continue, let me be clear. People lost their money through that scam. It was awful. I know some people that had a lot of money taken from them. Many of them are now fearful of cryptocurrency.
However, I don't think Bitconnect was 100% wrong with their idea. Yes they were a ponzi scheme, yet realistically many of the people I met that fell for it felt as though the crypto markets were already complex. They were losing money while HODLing, making rash decisions and trading.
Bitcoin and the entire industry carries too much of a cognitive burden for a person to keep track of beyond their normal everyday life. News, prices, scams, hacks and technical information. That's a lot to keep track of if you have 3-4 part-time jobs as a single mom or dad while raising 2 kids. That's a lot to keep track of if you're old and don't have the technical capacity to read into the crypto markets all day everyday.
Therefore, even while people were making less money from investing into Bitconnect, on paper it required less thinking and they were still getting benefits that they cared about. They could share with friends because they thought that there money would not shrink in value heavily due to a random market crash. As a consumer, it isn't wrong to believe that you can be apart of something big without having to work an extra 5 hours everyday reading blogs and watching youtube videos just to keep up with the happenings of the industry.
It doesn't require us to be judging people for falling into a ponzi scheme. It requires a bit of caring and empathy to see people's main intentions. They want a better life compared to the one that has been crushing them with student debt and poor job prospects. People want to have a better life without being as stressed beyond belief like they currently are.
And for the everyday trader, giving them the incentive they seek, while giving them the capacity to do some research for themselves is important. Choice matters a lot for some people.

Steps I've taken towards this:

Here comes the shill part you've been waiting for. Over the last year I've been building an application that would help us solve the problems we face today as a community. It I'll reduce the stress response of people worrying more about money, with technology like it getting standardized throughout the entire industry, it'll make things a lot more stable. It's an automated AI-based trading platform that aims to make reduce the cognitive load and worry about holding your funds in crypto. The aim of it is to dynamically trade for people while also letting them have 100% control over their funds. For now, that's by using exchange API keys. Though in the future, that can be through decentralized exchanges, meaning no middle man.
My product's name: It's [Funguana.com]. [Internally meaning the interconnection of all Dhrama in the Huayan Buddhist religion].
I've already received controversial reviews, and feel crazy for putting it back out there. However, I'm now confident I can follow through, and maybe by explaining my reasoning behind why I built it the community will respond differently this time.
To make it more trust-able, 4 months after public release, if my resources allow me to, I plan to open source the infrastructure code so people can implement their own platform within a matter of weeks, then systemically open many of the algorithms so they can appropriate powerful algorithms together over time (many not based on AI). I have to be strategic though. If I open it too soon, too many bad actors can enter the space and cause havoc early, without much chance to keep them in check.
Edit: I made changes to the page to make the links more obvious. Now they're in bold and italic
Edit 2: Adding quotes to make links more obvious again.
submitted by kivo360 to CryptoCurrency [link] [comments]

Bitcoin Jokes! - C'mon it's the silly season!

Bitcoin is no joke. But this thread sure is!
(Take 'em with a pinch of salt, no harm intended!)
Please "Coin"tribute any you have yourself and enjoy!
Merry Christmas /bitcoin !!!
What’s the difference between an average bitcoin miner and an average plumber?
An average plumber can at least solve a block.
What’s the difference between Bitcoin and NASA?
Bitcoin’s actually going to the moon.
Why won’t the government embrace bitcoin?
They hate the idea of a ‘Proof Of Work’.
How many miners does it take to change a lightbulb?
A million - One to do it and 999,999 to verify that he did.
Knock Knock.
Who’s there?
Satoshi!
Satoshi who?
;-)
What’s the difference between Mt Gox and marriage?
There’s still hope of recovering some of your coins after Gox
Why won’t the Icelandic government embrace bitcoin?
They don’t trust anything they can’t freeze.
What’s the difference between bitcoin and marriage?
You only lose the house, kids and half your wealth when your marriage turns to shit.
I paid a hooker with bitcoins once and asked if I’d ever see her again.
She said sure, next week you’ll find me just a few blocks away.
Why are the Chinese dumping their Bitcoins this week?
Because they were Wong about Wright.
In Bitcoin news the real Satoshi Namakoto was found and arrested this week.
He was charged with indecent exposure for revealing himself to a minor in the pool.
There were concerns that photo evidence in his trial would be deemed too “cryptographic” for public release.
Satoshi’s miraculous escape from his cell moments later was witnessed by at least 200 of his peers…
but is still yet to be confirmed.
What is an Irish cryptocurrency investor most worried about?
“Forking Bitcoin!”
Why is Santa still struggling to get his shit together this year?
His lists are still capped at 1mb!!!
Merry Christmas!
submitted by Dogamondo to Bitcoin [link] [comments]

Bitconnect (BCC) Is A Zombie Shitcoin, Since It Still Exists After Epic USD 2.7 Billion Collapse

Bitconnect (BCC) Is A Zombie Shitcoin, Since It Still Exists After Epic USD 2.7 Billion Collapse

https://preview.redd.it/g0ky0k0lhb321.png?width=540&format=png&auto=webp&s=bc5c3b2e431e9511fb1dca1f9779b284890c2bff
http://genesisblocknews.com/bitconnect-bcc-is-a-zombie-shitcoin-since-it-still-exists-after-epic-usd-2-7-billion-collapse/
After intense scientific research, the experts at GenesisBlockNews have discovered a new type of shitcoin: the zombie shitcoin. The definition of a zombie shitcoin is a shitcoin that already totally died, but somehow continues to have trading activity and a value. Bitconnect (BCC) is the first identified zombie shitcoin.
Bitconnect was a typical ponzi scheme where people thought they were getting profits by holding its native token, BCC, but really they were just being paid with the money from new investors. Once the cryptocurrency market began to decline in December 2017 and January 2018, and new investments dried up, Bitconnect imploded like the infamous Chernobyl nuclear reactor. The market cap of BCC declined from USD 2.77 billion to USD 20 million within a month.
It is important to note that USD 2.77 billion would place Bitconnect in #4 today, ahead of Stellar, Bitcoin Cash, EOS, Litecoin, Tether, etc. The fact that the native cryptocurrency of a ponzi scheme was able to gain such a high market cap is illustrative of how naive, and honestly outright stupid, the crypto space got. People were dumping truck loads of money into the pockets of the Bitconnect scammers, since they thought they could get quick profits, instead of doing research and investing in cryptocurrencies that have real potential. This same story has been repeated for thousands of ICO scams, but perhaps Bitconnect is the most obvious example.
Currently BCC has a price of USD 0.68 and a market cap of USD 7.4 million. Not only that, but CoinMarketCap indicates that BCC has daily volume of USD 10,000 on average, and there was a 100+% rally in August 2018. This firmly indicates that BCC is indeed a zombie shitcoin. People are still paying actual money for a cryptocurrency which totally died an entire year ago.
The only advice we have, after watching zombie movies, is to shoot BCC straight in the head. Bitconnect already died in the crypto equivalent of a nuclear meltdown, and now it walks the Earth as an undead cryptocurrency.
submitted by turtlecane to CryptoCurrency [link] [comments]

Daily Updated Table List of Blockchain based Games

Reworked and styled list of games with personal recommendations

Follow me on Twitter to stay tuned. Please vote for MAX price you're gonna spend on blockchain game here: https://redd.it/7pb4yb
# Game Description Channels Status Should I Join?
1. Cryptokitties Pioneer in blockchain gaming. Currently has biggest auditory and market turnover per day. But since no new functionality has been added by developers(you could only breed, buy and sell), market is dropping prices each day. Hard to enter for newbies and earn something. On other hand has interesting science side to breed new cats. Honestly think it will be one of the longest projects, however it is hard earn there right now, HODLers very rare cats might win at the end of 2018(Gen0 cats will no appear). It is just very short description about project, more details coming soon. With current prices and price of breeding there are very little kittyfans right now Twitter Reddit Discord Released promising
2. Etheremon One of the most potentially best blockchain games with battle mechanic(will be working from 8th Jan but is already implemented in smart contracts) and design looks like Pokemons. Started as ponzi-like scheme, but developers turned it into amazing solution as gen0 holders which might moon just in next few weeks. Those who hadn't returned their ROI received eggs which will turn into additional gen0 mons. Moreover project leader nakasatoshi has opened weekly thread about current status and seems to be very positive and hardworking guy. Personally I'm very excited about Etheremons and waiting starting trade/lease/battle functionality. Project spend 0(ZERO) dollars on marketing and have already huge community. Medium Twitter Reddit Discord(NO) Deviantart Beta Promising
3 CryptoPets Another cool projects with solid White Paper and smart contracts which will start very soon. Early adopters are already defined(1500 persons), but still project has very big potential. I'm recommending subscribe to their channels and start playing as soon as they'll start, should be very good. They have announced cooperation with Decentraland Twitter Discord WhitePaper Reddit Whitepaper Promising
4 EtherArmy Previously EtherTanks. Official SCAM Telegram Beta Ponzi Scam
5 Pandarium Promising game to be released very soon, with unique competition system. Highly recommend to subscribe. Twitter Facebook Discord Announced Promising
6 Ethermon Official SCAM Gmail Beta Scam
7 Fishbank Collecting userbase via referral system. After 3 referrals you're going get 1 x Common Fish, after 15 - 1 Rare Fish, 100 - Legendary, 1000 - Epic. Release of Alpha is planned january 18th. Telegram Twitter Discord WhitePaper Whitepaper Maybe
8 CryptoPunks Oldest strange project of Larva Labs, there is nothing to do just buy or cell one of 10000 punks. But game already has their own auditory Discord Released Maybe
9 SubPrime Crypto Upcoming project with blockchain real estate trading Twitter Announced Maybe
10 CryptoPuppies Another pet adoption game, will be released in near future, seems to be much cuter than Cryptokitties. Twitter Telegram Discord Announced Maybe
11 CryptoFighters Interesting and potentially very attractive project. Join now to have possibility to win gen0 fighters which might have some good value quite soon. Twitter Facebook Telegram Released Promising
12 HashPupies Currently only one based not on ETH network, but on NEO. Airdrop is already finished and beta test of project is planned on early March of 2018. Twitter Facebook Reddit Discord Announced Maybe
13 EtherRock Totally strange project, similar to Punks but only 100 rocks. Hm ... really?!!! :) Discord NO Released Maybe
14 Cryptodrome Interesting project, will be starting very soon, now with Horses, not only siring/breeding, but competition game, where you can compete in horseracing with your own champion and win Ethers. Join now to get chance win Gen 0. Telegram Announced Promising
15 Parsec Frontiers Absolutely another subject (no more pets) of blockchain but seems very perspective - space economic strategy, ICO has not been started, so if you're interested, try to rush into whitelist. Twitter Facebook Medium Discord Reddit Whitepaper Whitepaper Promising
16 Decentraland Not a game originally but based on their own cryptocurrency MANA and will join blockchain with AR. Had finished parcels sale Whitepaper Twitter Reddit Whitepaper Promising
17 Nova Blitz Potentially one of the hugest TCG on blockchain. They're are starting initial coin sell in couple of hours. Whitepaper looks very solid at least right now. Only one project with user agreement during buying tokens. Telegram BitcoinTalk Whitepaper Whitepaper Promising
18 Pray 4 Prey Don't know if it is true game, or just a gambling one, cause no rules and FAQs working on site. It seems the mechanics is as follows: you buy a fish, it stays in aquarium until some shark attacks (1 time per 24 hrs?), if your fish survives it gains additional ether in its price. Twitter Reddit Beta Not really
19 CryptoMons Looks like TCG battle game. I like the design, let's see what shall it be. Telegram Beta Maybe
20 Realms of Ether 8-bit blockchain game. The game is promissing however more information on rules is needed. Believe me, there are oldschool gamers which will be fans of it. BitcoinTalk Beta Maybe
21 Puppy Planet No info currently, just follow twitter to get some free stuff. Twitter Announced Maybe
22 Tron Dogs Site is currently without English customization, but dogs look amazing (similar to cryptokitties). Could be next hype, but based on TRON network. Twitter Beta Maybe
23 Ether Racing Official SCAM Gmail Beta Ponzi Scam
24 Kryptowars Totally new project, with at least some working mechanics, only 100 armies exists, you are selecting country and try to get more wins. Internal Blog Released Maybe
25 CryptoStamps Interesting project from small San Francisco team with collectible stamps. Subscribe to their channel and get chance win Initial Stamp Twitter Facebook Reddit Released Promising
26 Etherions New project with 3D Web-GL browser graphics with which looks like not bad as for start Reddit Discord Beta Maybe
27 Steam Punk The first MMORPG announced on blockhain, check wheir whitepaper if you're interested Discord Whitepaper Whitepaper Maybe
28 Mooncat Rescue Another 8-bit project, now with kitties Twitter Beta Maybe
29 Etherpoly Monopoly game on Ether network? Why not No Announced Maybe
30 Own A Number Selling numbers on Eth network, what's next? Facebook Beta Not really
31 Crypto Battle Start of project has been postponed due to developing smart contract, developers had redunf to all persons who had bought monster and didnt know about smart contract absence. Seems pretty fair. Gen0 sales will start on Jan 09 Gmail Announced Maybe
32 SnapCity SnapCity is the latest geo-location adventure game built on the blockchain and coming to Android and iOS soon. Reddit Telegram Whitepaper Whitepaper Maybe
33 Costume First Play-to-Earn Blockchain Based MMO Video-Game with a Self-Sustaining Economic Loop Twitter Facebook Medium Whitepaper Promising
34 Crypto Zombies Actually not a game in commons sense, is a free, interactive code school that teaches you to build games on Ethereum. Twitter Released Promising
35 Ledger Legends Brand new game in style of Heartstone, very early beta now Discord Beta Promising
36 EthBabies Censored version of Crypto-pussies from the same author, now with lingerie on, currently nothing to do excepet breeding Discord Beta Maybe
37 CryptoHunt A healthy and educational augmented reality game with earning potential Twitter Discord Telegram Whitepaper Whitepaper Maybe
38 CryptoBots Another Cryptokitties clone with nothing to do, just buy and breed No Beta Not really
39 EtherSpace EtherTanks-like ponzi cryptogame now in space Twitter Beta Ponzi Not really
40 EtherCraft First 8-bit blockchain RPG. Contains ponzi scheme, but provides free items as well. Might be interesting. Twitter Telegram Discord Reddit Medium Beta Ponzi Promising
41 EtherRacing Yeah, you don't mix-up, another ponzi game with same! name Twitter Discord Reddit Beta Ponzi Scam
42 EtherRocket Brand new space game with working space rockets missions - you have to reach certain planet. Seems quite fresh and finally some with working functionality Twitter Beta Not Really
43 CryptoCelebrities Simple collectible game, where you could buy token with your favourite celebrity (only 1 token of each celebrity exists). You're owner of token until someone decides double your price (so you'll get x2 you'd paid) Twitter Facebook Instagram Beta Scam
44 EtherTulips Currently only buy seeds and get flowers with certain probability: Very Common (50.9%), Common (20.5%), Uncommon (12.7%), Rare (6.4%), Very Rare(3.2%), Epic (0.8%), Legendary (0.4%), and an exceedingly exclusive Secret Tulip (0.1%)! Twitter Reddit Medium Beta Scam
45 CryptoAlpaka Decentralized pet-rising crypto game with rewards Twitter Telegram Medium Announced Maybe
46 Etherbots Interesting idea, constructor-like robots war on blockchain, will be more details after official launch Twitter Reddit Discord Medium Beta Promising
47 EtherLambos 1st producer of digital high-end luxury vehicles on the Ethereum blockchain. Etherlambos are tokens of craftsmanship dedicated to collect the desire of people to possess unique items of value. Etherlambos can be collected, traded, and tuned. All Etherlambos come in a limited edition. Twitter Facebook Reddit Beta Maybe
48 Beyond the Void Description Beyond the Void is a 1v1 MOBA game with decisive features from RTS games. The gameplay is a unique mix of genres. It takes place in a universe of sci-fi and fantasy. It’s powered by blockchain as the in-game items are available to purchase only in Nexium (NXC) - the dedicated cryptocurrency. The objective is to offer a new game experience for players as they will truly own their in-game items, be able to use their cross-gaming items in feature Nexarium games and, to trade or sell them on the Beyond the Void’s shop Twitter Facebook Discord Early Access Promising
49 Cryptosaga New decentralized RPG from Korean development studio with amazing animation and very promising gameplay Twitter Discord Medium Presale Promising
50 CryptoCountries CryptoCelebrities - like game, at least for now. Developers promised add gaming elements and not just trading. As for now it is not recommended for newbies, as you could stuck with expensive country card Discord Twitter Facebook Medium Beta Promising
51 Ether Dungeon Ether Dungeon is a real ethereum blockchain based game in which players can explore the depth of dungeons, collecting & upgrading epic heroes, powerful items, challenge fierce enemies, and finally become the Dungeon Master! Discord Twitter Reddit Medium Beta Maybe
52 ÐWorld ÐWorld is a game centered around owning and trading parts of the world. We call them plots. Each plot is owned by you: no one else can claim it or take it from you, unless they pay you more than you did. You can customize your plots for everyone to see. Discord Beta Maybe
53 Cryptocities.net Cryptocities - brand new blockchain game with possibility to discover new cities each 12-14 hours, and sell/rent them. Aim is to discover most valuable cities. More details could be found on site or on Discord. I like their idea and 'no rushing' cooldown before each new action. Long term project for sure Discord Beta Promising
54 Dragonereum Built on Ethereum blockchain, Dragonereum is a cryptocollectible player vs. player game, allowing users to collect, breed and battle unique dragons. As for me project seems to be very promising with very cool design and idea. Telegram Twitter Facebook Discord Whitepaper Beta Promising
55 Augmentors Augmentors Game will be for all mobile devices when launching in Q4 2018. The game features Augmented Reality. The creatures are AR and can battle anywhere in the world. There are collectible Creature that are in limited supply as they were part of the ICO nearly a year ago. These creatures are unlike most games seen today, you can use them in real battles in real AR all over the world. Facebook Twitter Instagram YouTube Telegram Medium Reddit Announced Promising
56 KimJongCrypto CryptoPunks like collectibles developed by BushidoLab, with really fun design, I was laughing a lot when saw this first time. If you're loved with collecting you should try it for sure Facebook Twitter Beta Maybe
57 CryptoLandmarks Collect unique cards, which represent real recognizable natural or artificial landmark existing on our planet. There is only one card of each landmark. Facebook Twitter Discord Released Maybe
58 CryptoArts CryptoArts is a Blockchain based Virtual Gallery where players can invest into masterpieces and earn, art lovers can browse virtual gallery via mobile app in AVR. Galleries and individual artists can host exhibitions. Very ambitious and promising project. I really like and idea! Twitter Discord Beta Promising
59 Cryptociti.es It is blockchain place where you could buy and trade your own Cryptocity. Countries, Continents and Subcontinents are ongoing. Discord Reddit Twitter Facebook Beta Maybe
60 Cryptopoliticians CryptoPoliticians is a game that allows anyone to own and trade one-of-a-kind politicians. Buy politicians and play politics with other politicians around the world. Discord Beta Scam
61 EtherQuest New fantasy game with RPG elements where you can battle your heroes against other players on arena or challenge on big tournament. Current prices for arena battles are high, but overall concept and design is very good Discord Twitter Telegram Medium Beta Maybe
62 Rabona New promising and first on blockchain Football Manager. Join a team or create your own, play together with friends in the pursuit to climb the top and claim the biggest share. Train your own champions and sell them for Ether or enroll them to your own dream team! Reddit Twitter Medium Instagram Telegram Released Maybe
63 Infect the World Pandemic reborn on blockchain. Funny viruses mutation game with pyramid scheme. Create your own virus and try to infect as much as possible people. Read FAQ carefully to understand how to play properly BitcoinTalk Beta Not really
64 Etherwaifu Etherwaifu (do not mix up with scam Ethwaifus) is fresh crafting collectible game with amazing artworks from two raising talents Jubi and Agro. Each of this fantastic artwork has thousands of unique variations, and you can craft a new one by combining traits of other artworks you own. See the magic yourself. Discord Twitter Reddit Telegram Medium Contract Beta Promising
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REVIEW MINERWORLD. BITCOIN MINING PONZI WITH NO PROOF! Is Bitcoin a Ponzi Scheme? Wikipedia can not Prove that OneCoin Ponzi Scam Is Bitcoin a Ponzi Scheme? A Pyramid Scheme? A Bubble? or None? How a ponzi scheme works - YouTube

Barstool Sports founder Dave Portnoy revealed in an interview with Bitcoin bull Anthony “Pomp” Pompliano that he had previously bought $1.25 million worth of Bitcoin (BTC), despite thinking that the largest cryptocurrency by market cap was just a “just one big Ponzi scheme.”The eccentric “Davey Day Trader” previously invested heavily in cryptocurrencies, after getting briefed about ... One of the biggest myths regarding Bitcoin is that many consider it as a fraudulent, Ponzi scheme. But very few actually understand what a Ponzi scheme is.. It is not wise for people to draw conclusions without a proper understanding of any topic whatsoever. In a Ponzi scheme using bitcoins, the Bitcoin Savings and Trust promised investors up to 7% weekly interest, and raised at least 700,000 bitcoins from 2011 to 2012. In July 2013, the U.S. Securities and Exchange Commission charged the company and its founder in 2013 “with defrauding investors in a Ponzi scheme involving bitcoin”. From Bitcoin Wiki. Jump to: navigation, search. This page is being considered for deletion with the following reason:" Yet another spammy ponzi "Support or contest this page's deletion in the relevant discussion page. Feel free to edit the page, but the page must not be blanked, and this notice must not be removed, until the discussion is closed. CoinPig - Bitcoin wallet with integrated ... Bitcoin-Qt ist ein Open-Source-Projekt und derzeit einer der sichersten Vertreter unter den Mining-Clients. Hier müssen Sie sich nicht um eventuelle Angriffe auf Ihr virtuelles Geld sorgen. Ebenfalls Open-Source und vertrauenswürdig ist Electrum.Das Tool punktet mit einer 2-Faktor-Authentifizierung, dem Support von Add-ons und der Möglichkeit, Ihre Keys jederzeit in andere Bitcoin-Clients ...

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REVIEW MINERWORLD. BITCOIN MINING PONZI WITH NO PROOF!

Visit Our Website: https://bit.ly/2KwvcYa Main Website: https://bit.ly/2TcitJr Asalam-o-Alaikum beautiful people; Have a very beautiful day!! Dear, Please visit our official website by clicking on ... I've seen many comments from many people who are claiming that #Bitcoin is a straight-up #PonziScheme. But is Bitcoin A) a #Ponzi Scheme? B) a #PyramidScheme... This video is unavailable. Watch Queue Queue. Watch Queue Queue In this video, I discuss whether or not Bitcoin is a Pyramid scheme or a Ponzi scheme. I conclude that it is neither, simply because: 1) Bitcoin is decentralized, not run by a corporation or ... This video is unavailable. Watch Queue Queue. Watch Queue Queue Queue

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