Koinbazar - Buy Bitcoin & Cryptocurrency in India ...

"Not Your Fiat, Not Your Value"

Butters love to say, "Not your keys, not your coins." I'd like to augment this commandment, with another:
"Not your fiat, not your value."
If you are holding bitcoin, you do not have X amount of value. Stop looking at the current purchase price of bitcoin and thinking that's the value of your portfolio, because you have no idea what you really own until you liquidate.
They say, if you don't own the keys, you may not own your coin. Likewise, until you can convert your crypto into something of actual, usable value, you don't know what you have? And you don't know if when you try to make this conversion, the exchange will even allow it? You might be KYC'd to death. They might exit scam. Or if enough of you try to liquidate too fast, the price drops dramatically. You may find the crypto isn't even there because someone stole your satstash. You just don't know.
HODL'ers are holding a lottery ticket for a drawing that hasn't been made. Until you cash that ticket out, you have nothing of value.
Not your fiat, not your value.
submitted by AmericanScream to Buttcoin [link] [comments]

Raising funds through Bitcoin Cash to create a small bakery from my home.

Raising funds through Bitcoin Cash to create a small bakery from my home.
My name is Ramón Oropeza, I am a baker by profession. For many years I have been through a bad economic moment that all it does is get worse over time. I am not a defeatist, and I always seek to get ahead. I know it's not your problem and you shouldn't have to help me. However, many of us want to make the world a better place. Many help hungry people and donate to feed them one day or perhaps a year, others to help pay the medical bills of a terminally ill patient. They are all very noble causes, but they do not really change the world, they are just a cloth of water in the pain of others. That is why I am not looking for money to pay for the medicines my mother needs, nor for you to help me repair my mother's car, which has been damaged for more than two years, nor to repair the refrigerator in my house that It has been working for over 8 years and it has been impossible for us to even repair it and we cannot dream of buying a new one. No, I am not seeking financial help for that directly. My idea and the one I want you to help me with is to build my own business with which I, together with my family, can restore our lives. Indeed you will not help thousands of people directly to satisfy their hunger for a day, instead, if you decide to give me your support, you will help me create and work for a better future and a better quality for me and my family.

https://preview.redd.it/1v2irjvbd4e51.png?width=500&format=png&auto=webp&s=40c1f5a33a42a82cd7f6a63fe602e8cf71646b28
BUSINESS PLAN
I am a baker by profession, I have worked in restaurants for more than 4 years and I understand how the gastronomic business works. Therefore, not wanting to occupy a large infrastructure and only to start from scratch. The initial vision of the business is based on a Venezuelan bakery from my home and serving my neighborhood. This is possible in the context of the pandemic and the rise of home services in my country. I've already tried this system successfully and have over 50 leads a week earning sales of $ 15 to $ 20 a week. These numbers are good here in Venezuela, since I do not have to pay taxes to be in my house and the services are relatively free (Very little is paid for the electrical and water service, although both constantly fail). Basically the expenses are in salary, maintenance and restoration of inventory. Which is covered in the cost of the product.
Sales are made before bread is made through reservations made by my neighbors. This is possible thanks to the advertising and contact made with them through social networks (Whatsapp, Instagram and Facebook), as well as direct face-to-face contact. It is also possible that they come to my house to withdraw the product if they wish. Every day we send messages with the menu that corresponds to the following day. In this way, the customer selects the product and makes their reservations. The next day, the bread chosen by the customer is baked with some left over to sell customers who want bread at the last minute. It is a system that has worked and this allows us to sell fresh bread to all our customers and reduce the risk of loss of freshness of our breads and therefore of product quality. Our motto is "Good bread, always fresh".
Another important point for this initiative is to maintain customer loyalty. One strategy to follow is to create reward points to exchange them for products in a certain time. This point system would be based on Bitcoin Cash SLP tokens. This ensures that, unlike coupons or points managed by the company, each person will know how many points they have in their wallet. Another advantage offered by using SLP tokens for customers, is that they can add points to each other in a single wallet and thus claim the desired product. A direct consequence of the use of SLP tokens will be the disclosure and adoption of Bitcoin Cash among customers.
To start we have three types of bread:
Venezuelan French bread: this bread is widely consumed by our customers. It is sold in batches of 6 or 10 units. It is normally consumed for dinner or breakfast. Also, to accompany lunch.

https://preview.redd.it/h9hyt6oxc4e51.jpg?width=571&format=pjpg&auto=webp&s=c88d587766a8461f2f62695e21cefaf41c345fe1
Braided sweet bread: This is our version of a very Venezuelan bread called “piñita”. However, I always wanted to present it differently, so I knotted or braided them. This bread is consumed as a snack to accompany a coffee or a sugary drink. It is also highly consumed.

https://preview.redd.it/ma99uro0d4e51.jpg?width=1967&format=pjpg&auto=webp&s=e7d92ac4d73fc308f92c1def8ca440e8d4b9c6d1
Cinnamonrolls: This product is also very dear to our customers. One of the few luxuries that some can give themselves in this time of crisis. I am particularly pleased to be able to bring a little happiness through my breads.

https://preview.redd.it/ryrcj184d4e51.jpg?width=571&format=pjpg&auto=webp&s=db97d1325172d414b14bb9c8e5ca95fae9ae4b13
To grow after this first phase, I would add to the menu the Venezuelan cheese braided bread and the “golfeados” (a well-loved Venezuelan bread).
Finally, to do all of this. Taking into account that the premises is my home and I will use different elements to work on it (tables, dishwashers), the services are basically free, I will not pay any more taxes than those included in the cost of raw materials. Here I have the budget for what I need to start changing my family's life through my work and with all your support:
What I can start with:
1 Gas cylinder (50 USD $) 0.175 BCH
1 3-tray oven (500 USD $) 1.76 BCH
3 trays (36 USD $) 0.126 BCH
Raw material (flour, drinking water, yeast, sugar, butter, milk, salt, cinnamon ...) ($ 100) 0.351 BCH
Total: (650 USD $) 2,412 BCH (conversion 285 USD $ / BCH)
With what could start and go to a next level:
All of the above (650 USD $)
Homemade blender or mixer ($ 475 USD)
Tray holder (300 USD $)
Small refrigerator ($ 200 USD)
Total: (1625USD $) 5.7 BCH (conversion 285USD $ / BCH).
The most significant elements are: the gas cylinder, the oven, the trays and the bread mixer.
All operations will be under my charge. My assistant will be my brother. He will be in charge of sales and customer service, under my supervision, therefore, he will make home deliveries. While I will be in charge of production and maintenance.
In conclusion, it is your decision to help me take my family forward and solve our problems by our own hands. You are not changing the world, but you are changing the world of a family. I would like to promise small dividends through the delivery of SLP Tokens that guarantees their distribution. I will be informing myself about that possibility. I say goodbye hoping for all your support, thank you very much.
What is PanXCafé? https://read.cash/@ramonoropeza/undertake-from-scratch-in-venezuela-panxcafe-help-me-to-promote-this-project-bccbdf04
MigasCoin (MIGAS) Birth https://read.cash/@ramonoropeza/why-should-i-accept-bitcoin-cash-in-my-business-494f3fda
MigasCoin (MIGAS): SLP token for PanXCafé | Preview.
All contributions can go to this address, which is associated with my account at Read.Cash.

bitcoincash:qqr0zl4jznduv88xz8pegu0fx44hatpatgh5rkqenx

submitted by ramonoropeza to Bitcoincash [link] [comments]

Why Bitcoin Hasn't Solved The Double-Spending Problem

Why Bitcoin Hasn't Solved The Double-Spending Problem submitted by joekelly100 to Buttcoin [link] [comments]

BTC dumps the day before Bitfinex and NYAG meets in court - Coincidence?

Monday will be an interesting day. Bitfinex and NYAG will meet in court to battle out the Tether scam case.
submitted by goodbadidontknow to Buttcoin [link] [comments]

Crypto Banking Wars: Will Coinbase or Binance Become The Bank of The Future?

Crypto Banking Wars: Will Coinbase or Binance Become The Bank of The Future?
Can the early success of major crypto exchanges propel them to winning the broader consumer finance market?
https://reddit.com/link/i48t4q/video/v4eo10gom7f51/player
This is the first part of Crypto Banking Wars — a new series that examines what crypto-native company is most likely to become the bank of the future. Who is best positioned to reach mainstream adoption in consumer finance?
While crypto allows the world to get rid of banks, a bank will still very much be necessary for this powerful technology to reach the masses. We believe a crypto-native company, like Genesis Block, will become the bank of the future.
In an earlier series, Crypto-Powered, we laid out arguments for why crypto-native companies have a huge edge in the market. When you consider both the broad spectrum of financial use-cases and the enormous value unlocked through these DeFi protocols, you can see just how big of an unfair advantage blockchain tech becomes for companies who truly understand and leverage it. Traditional banks and fintech unicorns simply won’t be able to keep up.
The power players of consumer finance in the 21st century will be crypto-native companies who build with blockchain technology at their core.
The crypto landscape is still nascent. We’re still very much in the fragmented, unbundled phase of the industry lifecycle. Beyond what Genesis Block is doing, there are signs of other companies slowly starting to bundle financial services into what could be an all-in-one bank replacement.
So the key question that this series hopes to answer:
Which crypto-native company will successfully become the bank of the future?
We obviously think Genesis Block is well-positioned to win. But we certainly aren’t the only game in town. In this series, we’ll be doing an analysis of who is most capable of thwarting our efforts. We’ll look at categories like crypto exchanges, crypto wallets, centralized lending & borrowing services, and crypto debit card companies. Each category will have its own dedicated post.
Today we’re analyzing big crypto exchanges. The two companies we’ll focus on today are Coinbase (biggest American exchange) and Binance (biggest global exchange). They are the top two exchanges in terms of Bitcoin trading volume. They are in pole position to winning this market — they have a huge existing userbase and strong financial resources.
Will Coinbase or Binance become the bank of the future? Can their early success propel them to winning the broader consumer finance market? Is their growth too far ahead for anyone else to catch up? Let’s dive in.
https://preview.redd.it/lau4hevpm7f51.png?width=800&format=png&auto=webp&s=2c5de1ba497199f36aa194e5809bd86e5ab533d8

Binance

The most formidable exchange on the global stage is Binance (Crunchbase). All signs suggest they have significantly more users and a stronger balance sheet than Coinbase. No other exchange is executing as aggressively and relentlessly as Binance is. The cadence at which they are shipping and launching new products is nothing short of impressive. As Tushar Jain from Multicoin argues, Binance is Blitzscaling.
Here are some of the products that they’ve launched in the last 18 months. Only a few are announced but still pre-launch.
Binance is well-positioned to become the crypto-powered, all-in-one, bundled solution for financial services. They already have so many of the pieces. But the key question is:
Can they create a cohesive & united product experience?

Binance Weaknesses

Binance is strong, but they do have a few major weaknesses that could slow them down.
  1. Traders & Speculators Binance is currently very geared for speculators, traders, and financial professionals. Their bread-and-butter is trading (spot, margin, options, futures). Their UI is littered with depth charts, order books, candlesticks, and other financial concepts that are beyond the reach of most normal consumers. Their product today is not at all tailored for the broader consumer market. Given Binance’s popularity and strength among the pro audience, it’s unlikely that they will dumb down or simplify their product any time soon. That would jeopardize their core business. Binance will likely need an entirely new product/brand to go beyond the pro user crowd. That will take time (or an acquisition). So the question remains, is Binance even interested in the broader consumer market? Or will they continue to focus on their core product, the one-stop-shop for pro crypto traders?
  2. Controversies & Hot Water Binance has had a number of controversies. No one seems to know where they are based — so what regulatory agencies can hold them accountable? Last year, some sensitive, private user data got leaked. When they announced their debit card program, they had to remove mentions of Visa quickly after. And though the “police raid” story proved to be untrue, there are still a lot of questions about what happened with their Shanghai office shut down (where there is smoke, there is fire). If any company has had a “move fast and break things” attitude, it is Binance. That attitude has served them well so far but as they try to do business in more regulated countries like America, this will make their road much more difficult — especially in the consumer market where trust takes a long time to earn, but can be destroyed in an instant. This is perhaps why the Binance US product is an empty shell when compared to their main global product.
  3. Disjointed Product Experience Because Binance has so many different teams launching so many different services, their core product is increasingly feeling disjointed and disconnected. Many of the new features are sloppily integrated with each other. There’s no cohesive product experience. This is one of the downsides of executing and shipping at their relentless pace. For example, users don’t have a single wallet that shows their balances. Depending on if the user wants to do spot trading, margin, futures, or savings… the user needs to constantly be transferring their assets from one wallet to another. It’s not a unified, frictionless, simple user experience. This is one major downside of the “move fast and break things” approach.
  4. BNB token Binance raised $15M in a 2017 ICO by selling their $BNB token. The current market cap of $BNB is worth more than $2.6B. Financially this token has served them well. However, given how BNB works (for example, their token burn), there are a lot of open questions as to how BNB will be treated with US security laws. Their Binance US product so far is treading very lightly with its use of BNB. Their token could become a liability for Binance as it enters more regulated markets. Whether the crypto community likes it or not, until regulators get caught up and understand the power of decentralized technology, tokens will still be a regulatory burden — especially for anything that touches consumers.
  5. Binance Chain & Smart Contract Platform Binance is launching its own smart contract platform soon. Based on compatibility choices, they have their sights aimed at the Ethereum developer community. It’s unclear how easy it’ll be to convince developers to move to Binance chain. Most of the current developer energy and momentum around smart contracts is with Ethereum. Because Binance now has their own horse in the race, it’s unlikely they will ever decide to leverage Ethereum’s DeFi protocols. This could likely be a major strategic mistake — and hubris that goes a step too far. Binance will be pushing and promoting protocols on their own platform. The major risk of being all-in on their own platform is that they miss having a seat on the Ethereum rocket ship — specifically the growth of DeFi use-cases and the enormous value that can be unlocked. Integrating with Ethereum’s protocols would be either admitting defeat of their own platform or competing directly against themselves.

Binance Wrap Up

I don’t believe Binance is likely to succeed with a homegrown product aimed at the consumer finance market. Their current product — which is focused heavily on professional traders and speculators — is unlikely to become the bank of the future. If they wanted to enter the broader consumer market, I believe it’s much more likely that they will acquire a company that is getting early traction. They are not afraid to make acquisitions (Trust, JEX, WazirX, DappReview, BxB, CoinMarketCap, Swipe).
However, never count CZ out. He is a hustler. Binance is executing so aggressively and relentlessly that they will always be on the shortlist of major contenders.
https://preview.redd.it/mxmlg1zqm7f51.png?width=800&format=png&auto=webp&s=2d900dd5ff7f3b00df5fe5a48305d57ebeffaa9a

Coinbase

The crypto-native company that I believe is more likely to become the bank of the future is Coinbase (crunchbase). Their dominance in America could serve as a springboard to winning the West (Binance has a stronger foothold in Asia). Coinbase has more than 30M users. Their exchange business is a money-printing machine. They have a solid reputation as it relates to compliance and working with regulators. Their CEO is a longtime member of the crypto community. They are rumored to be going public soon.

Coinbase Strengths

Let’s look at what makes them strong and a likely contender for winning the broader consumer finance market.
  1. Different Audience, Different Experience Coinbase has been smart to create a unique product experience for each audience — the pro speculator crowd and the common retail user. Their simple consumer version is at Coinbase.com. That’s the default. Their product for the more sophisticated traders and speculators is at Coinbase Pro (formerly GDAX). Unlike Binance, Coinbase can slowly build out the bank of the future for the broad consumer market while still having a home for their hardcore crypto traders. They aren’t afraid to have different experiences for different audiences.
  2. Brand & Design Coinbase has a strong product design team. Their brand is capable of going beyond the male-dominated crypto audience. Their product is clean and simple — much more consumer-friendly than Binance. It’s clear they spend a lot of time thinking about their user experience. Interacting directly with crypto can sometimes be rough and raw (especially for n00bs). When I was at Mainframe we hosted a panel about Crypto UX challenges at the DevCon4 Dapp Awards. Connie Yang (Head of Design at Coinbase) was on the panel. She was impressive. Some of their design philosophies will bode well as they push to reach the broader consumer finance market.
  3. USDC Stablecoin Coinbase (along with Circle) launched USDC. We’ve shared some stats about its impressive growth when we discussed DeFi use-cases. USDC is quickly becoming integrated with most DeFi protocols. As a result, Coinbase is getting a front-row seat at some of the most exciting things happening in decentralized finance. As Coinbase builds its knowledge and networks around these protocols, it could put them in a favorable position to unlock incredible value for their users.
  4. Early Signs of Bundling Though Coinbase has nowhere near as many products & services as Binance, they are slowly starting to add more financial services that may appeal to the broader market. They are now letting depositors earn interest on USDC (also DAI & Tezos). In the UK they are piloting a debit card. Users can now invest in crypto with dollar-cost-averaging. It’s not much, but it’s a start. You can start to see hints of a more bundled solution around financial services.

Coinbase Weaknesses

Let’s now look at some things that could hold them back.
  1. Slow Cadence In the fast-paced world of crypto, and especially when compared to Binance, Coinbase does not ship very many new products very often. This is perhaps their greatest weakness. Smaller, more nimble startups may run circles around them. They were smart to launch Coinbase Ventures where tey invest in early-stage startups. They can now keep an ear to the ground on innovation. Perhaps their cadence is normal for a company of their size — but the Binance pace creates quite the contrast.
  2. Lack of Innovation When you consider the previous point (slow cadence), it’s unclear if Coinbase is capable of building and launching new products that are built internally. Most of their new products have come through acquisitions. Their Earn.com acquisition is what led to their Earn educational product. Their acquisition of Xapo helped bolster their institutional custody offering. They acqui-hired a team to help launch their staking infrastructure. Their acquisition of Cipher Browser became an important part of Coinbase Wallet. And recently, they acquired Tagomi — a crypto prime brokerage. Perhaps most of Coinbase’s team is just focused on improving their golden goose, their exchange business. It’s unclear. But the jury is still out on if they can successfully innovate internally and launch any homegrown products.
  3. Talent Exodus There have been numerous reports of executive turmoil at Coinbase. It raises a lot of questions about company culture and vision. Some of the executives who departed include COO Asiff Hirji, CTO Balaji Srinivasan, VP & GM Adam White, VP Eng Tim Wagner, VP Product Jeremy Henrickson, Sr Dir of Eng Namrata Ganatra, VP of Intl Biz Dan Romero, Dir of Inst Sales Christine Sandler, Head of Trading Hunter Merghart, Dir Data Science Soups Ranjan, Policy Lead Mike Lempres, Sr Compliance Vaishali Mehta. Many of these folks didn’t stay with Coinbase very long. We don’t know exactly why it’s happening —but when you consider a few of my first points (slow cadence, lack of innovation), you have to wonder if it’s all related.
  4. Institutional Focus As a company, we are a Coinbase client. We love their institutional offering. It’s clear they’ve been investing a lot in this area. A recent Coinbase blog post made it clear that this has been a focus: “Over the past 12 months, Coinbase has been laser-focused on building out the types of features and services that our institutional customers need.” Their Tagomi acquisition only re-enforced this focus. Perhaps this is why their consumer product has felt so neglected. They’ve been heavily investing in their institutional services since May 2018. For a company that’s getting very close to an IPO, it makes sense that they’d focus on areas that present strong revenue opportunities — as they do with institutional clients. Even for big companies like Coinbase, it’s hard to have a split focus. If they are “laser-focused” on the institutional audience, it’s unlikely they’ll be launching any major consumer products anytime soon.

Coinbase Wrap Up

At Genesis Block, we‘re proud to be working with Coinbase. They are a fantastic company. However, I don’t believe that they’ll succeed in building their own product for the broader consumer finance market. While they have incredible design, there are no signs that they are focused on or capable of internally building this type of product.
Similar to Binance, I think it’s far more likely that Coinbase acquires a promising young startup with strong growth.

Honorable Mentions

Other US-based exchanges worth mentioning are Kraken, Gemini, and Bittrex. So far we’ve seen very few signs that any of them will aggressively attack broader consumer finance. Most are going in the way of Binance — listing more assets and adding more pro tools like margin and futures trading. And many, like Coinbase, are trying to attract more institutional customers. For example, Gemini with their custody product.

Wrap Up

Coinbase and Binance have huge war chests and massive reach. For that alone, they should always be considered threats to Genesis Block. However, their products are very, very different than the product we’re building. And their approach is very different as well. They are trying to educate and onboard people into crypto. At Genesis Block, we believe the masses shouldn’t need to know or care about it. We did an entire series about this, Spreading Crypto.
Most everyone needs banking — whether it be to borrow, spend, invest, earn interest, etc. Not everyone needs a crypto exchange. For non-crypto consumers (the mass market), the differences between a bank and a crypto exchange are immense. Companies like Binance and Coinbase make a lot of money on their crypto exchange business. It would be really difficult, gutsy, and risky for any of them to completely change their narrative, messaging, and product to focus on the broader consumer market. I don’t believe they would ever risk biting the hand that feeds them.
In summary, as it relates to a digital bank aimed at the mass market, I believe both Coinbase and Binance are much more likely to acquire a startup in this space than they are to build it themselves. And I think they would want to keep the brand/product distinct and separate from their core crypto exchange business.
So back to the original question, is Coinbase and Binance a threat to Genesis Block? Not really. Not today. But they could be, and for that, we want to stay close to them.
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Other Ways to Consume Today's Episode:
Follow our social channels: https://genesisblock.com/follow/
Download the app. We're a digital bank that's powered by crypto: https://genesisblock.com/download
submitted by mickhagen to genesisblockhq [link] [comments]

Japanese Cryptocurrency Exchange Hacked, $60 Million Worth of Bitcoin Stolen

Japanese Cryptocurrency Exchange Hacked, $60 Million Worth of Bitcoin Stolen submitted by unitedstatian to Buttcoin [link] [comments]

SFYL Cryptsy (13,000 btc) // 300,000 LTC

SFYL Cryptsy (13,000 btc) // 300,000 LTC submitted by Feedthemcake to Buttcoin [link] [comments]

150 million bullish signals on my TA.

A fresh 150M batch of Tethers have arrived, bringing the total to 2150M.
Interestingly, OmniExplorer is offline since just before this. Either it's the traffic from all the buttcoin hitting F5, or these guys just don't want to alarm the bots watching the API for new transactions.
Edit: Apparently, just my memory playing tricks on me. I distinctly remember it being at 2000M yesterday.
I'll leave this here for a while since it was linked elsewhere, feel free to downvote it meanwhile.
Edit2: There we go. Juuuust a teensy bit too early, nothing significant on geological scale Half an aeon on cryptocurrency scale tho
submitted by R_Sholes to Buttcoin [link] [comments]

You see guys? Non reversible transactions that are recorded on a public ledger is a great feature of crypto.

The first helped provide incentive for the biggest theft in the history of mankind and the latter provides proof for it too. Just great, isn't it?
submitted by butterNcois to Buttcoin [link] [comments]

Fortune Favors the Best: Smart Contract-Powered Cryptolottery Mitoshi announces IEO on ExMarkets

Fortune Favors the Best: Smart Contract-Powered Cryptolottery Mitoshi announces IEO on ExMarkets

As the summer heatwave is burning Europe, similarly the IEO heatwave is fuelling the cryptocurrency bull run. Bitcoin just surpassed $9,000 for the second time this year and it looks like the momentum is not slowing down.
Meanwhile, ExMarkets is becoming home for an ever-increasing number of Initial Exchange Offerings. On this occasion, we want to welcome a new project — Mitoshi. Mitoshi is an online lottery platform that utilizes smart contract application in order to ensure a fair game for everyone.
https://preview.redd.it/jlb71fzyu2531.jpg?width=1280&format=pjpg&auto=webp&s=8d831cf9c5fe7881083ee794b801afe6dc42c5a1
The IEO sale starts on June 23rd and the users of ExMarkets will have the opportunity to purchase MTSH tokens through a 4 round sale process:
The IEO sale starts on June 23rd and the users of ExMarkets will have the opportunity to purchase MTSH tokens through a 4 round sale process:The IEO sale starts on June 23rd and the users of ExMarkets will have the opportunity to purchase MTSH tokens through a 4 round sale process:
Round I (06.23–06.27): Price $0.10 + 30% Bonus
Round II (06.28–07.04): Price $0.14 + 25% Bonus
Round III (07.05–07.13): Price: $0.16 + 20% Bonus
Round IV (07.14–07.23): Price: $0.18 + 15% Bonus
“We at Mitoshi are beginning to recognize that we too have to evolve with the current developments in the blockchain space. Putting the best interest of the community and of investors does sit well with an IEO as a more reassuring crowdfunding platform.” — stated TC Picardo, CEO & Founder
Visit ExMarkets Launchpad and open up an account today!
More About Mitoshi Cryptolottery
Mitoshi is building an advanced level platform for online gaming and crypto lotteries with the help of blockchain and smart contracts. The latter two will enable the project team to arrive at a completely fair and transparent environment for people to engage in the lottery market globally.
The system is oriented towards bypassing the biggest issues the lottery market faces — the unreliability of prize-selection and counterfeiting. Mitoshi lottery will implement a ‘global draw’ feature that will allow people from all over the globe to participate and have the chance to win massive prizes.
In some cases a video is a better explanation than a paragraph for words, if you feel the same — view the official Mitoshi explainer video to get a better understanding of what is the project about.
What is Mitoshi bringing to the table?
When considering to enter a lottery-driven game, a lot of potential players have a lot of suspicious questions at the back of their minds. Is the winner selected through a truly random process? Can the process be cheated and are the lottery operators trustworthy people? Concerns like these are a common barrier that significantly reduces the number of entrants.
Another concern is with the distribution of winnings — some lotteries take an extremely long time to pay out their winners, others distribute in partial payments, require multiple verification tests and so on. Mitoshi is simplifying the process immensely and is creating an infrastructure where the payments are carried out automatically and in full just after the winner is selected.
What is more, users will always have the opportunity to investigate the process on the publicly visible blockchain ledger and make sure that the winner was selected through a fair and secure selection vehicle.
https://preview.redd.it/an1eblq5v2531.jpg?width=1280&format=pjpg&auto=webp&s=b24478a7e820a44781e24227af1bddd16d82dd85
Mitoshi Mobile App
The team is building an intuitive and easy-to-use mobile application where registered users will have a dashboard to enter, monitor and manage the games they choose to be a part of. The app will contain a wallet that can be topped-up with the most popular cryptocurrencies or in fiat — whichever alternative is more suitable for the client.
To further incentivize user adoption Mitoshi has declared to organize a plethora of airdrops, bounty campaigns and ticketless lotteries on its mobile application. To find out more about Bounty campaign opportunities of Mitoshi follow this link.
Tokensale Fundamentals
Ticker: MTSH
Tokens for sale at ExMarkets: 13,600,000 MTSH
KYC: Mandatory
Hardcap: $10,000,000 USD
Softcap: $2,000,000 USD
Accepted currencies: BTC, ETH
Blockchain: Ethereum
Token standard: ERC20
“There’s an apparent need in the lottery market for accountability and integrity. I believe the Mitoshi team has found a superb use-case for blockchain technology and smart contracts. These two go together like bread and butter. We’re excited to host Mitoshi IEO on ExMarkets” — said Dylan Sharkey, head of sales at CoinStruction and ExMarkets.
REMEMBER: Mitoshi initial exchange offering launches on the 23rd of June, on the upcoming Sunday. Head over to ExMarkets right now and get accustomed to the trading and IEO environment.
ABOUT THE AUTHOR
https://preview.redd.it/2q67cgk8v2531.jpg?width=1000&format=pjpg&auto=webp&s=219b5212c5bb0ac957667256dc9435ee9223fe82
ExMarkets is a digital asset exchange platform powered by the state-of-the-art trading engine developed in-house. On the exchange, ExMarkets users can trade the most popular cryptocurrencies as well as gain the chance to participate in the token sales of the most promising blockchain and crypto projects through ExMarkets Initial Exchange Offering (IEO) LaunchPad.
Fairly recently ExMarkets was granted 2 operational licenses for crypto-fiat gateway and custodian service provision by the Estonian regulator making it one of a few certified players in the market.
It takes only a few minutes to set up your account and users are allowed to make deposits in Bitcoin, Ethereum, other supported cryptocurrencies, tokens, and most importantly Euros.
To top it all off, ExMarkets is a part of the CoinStruction liquidity framework which is aggregating order-books from the most well-known cryptocurrency exchanges guaranteeing 24/7 crypto liquidity — a feature which can seldom be seen in the current market.
All IT solutions and technology of ExMarkets and CoinStruction’s services are developed in-house guaranteeing that all security threats and third-party associated risks are kept at minimum levels throughout all stages of product deployment.
Trade. Master. Profit. ExMarkets.
https://preview.redd.it/w18zfgcbv2531.jpg?width=1280&format=pjpg&auto=webp&s=c8c8d5d3fdac732faaa1ef05ccbf1074cbf4d34a
submitted by mitoshicrypto to u/mitoshicrypto [link] [comments]

How Prices are Formed - We All Seem to be Confused

I've been perusing the sub lately, and I see people debating about how the price of Bitcoin is generated. People are getting into arguments saying that scarcity generates the price, and others saying that the inherent value of Bitcoin determines its price.
This is insane and it needs to be cleared up. If you'd like to learn more, beyond what I write here, check out the millions of free hours of lectures, videos, articles, and books available at Mises.org
What I write will be a rather crude representation of very detailed ideas that you can learn more about at Mises.org.
1) Nothing has inherent value.
Sorry, inherent value doesn't exist.
Humans flush shit down the toilet, while flies swim to it for a buffet (to further prove the point, research "nightsoil");
Drawing modern-day hentai-porn takes just about as much effort as the original painting of Mona Lisa, yet one sells for millions while the other is available for free online;
Up until as late as 150 years ago, one of the most valuable things to our economy today - oil - was seen as a horrific nuisance. Farmers would wake up one day and have black goo ruin their crops and they wouldn't be able to sell their farms because no one wanted it - their lives were ruined. Now, decade-long wars are fought for control over it;
Water is the most important substance on the planet for life, yet giant cities with millions of people are built in deserts and the stuff is handed out for free, and even pumped full of chlorine and used in fountains.
Nothing has inherent value.
2) All value is subjective.
All value is in the eye of the beholder.
This is a loaded statement and has a lot of information packed into it, so let's break it down into a few sub-sections
2.A.) Humans have goals
Humans have goals - they recognize that their lives could be better in the future than it is now, and they can contemplate a way to achieve that better life.
2.A.a) This means time exists and it moves forward
If our lives suck now, and we can imagine - and actually accomplish - a way to make it better, then time must exist.
2.A.b) This means that "things now" are more valuable than "things later"
No one wants to have a shitty life at any point of their life. Thus, ending suffering immediately - or pre-emptively avoiding suffering - is preferred to ending suffering later
(Psst: this is why "loans" and "interest rates" exist)
2.B) Not everyone's goals are the same
Many of our goals are the same, but not all of them. Some people desire to become gods of the universe, some just want to make cartoons for a living, and others would rather be non-stop strung out on drugs.
2.B.b) People can trade! (Provided private property exists)
If we all have different tastes, then I don't mind giving you a peanut butter sandwich in exchange for a turkey one. Children will begin trading after Trick-Or-Treat because Sally likes Twix, while Jimmy likes Kit-Kats.
Trading can only happen when the parties involved both agree to do so. It is, per se, always viewed as profitable before the trade happens. Barring fraud and horrible accidents, everyone always benefits from voluntary trade by definition. This is why socialism ALWAYS fails. Sorry, kids: Socialism IS death.
2.B.b.a) Trading is difficult
If you have a chicken, and want pickles, you're a chicken-having-pickle-wanter. You'll need to find someone with pickles who wants chickens, a pickle-having-chicken-wanter. (Thanks to Walter Block for this fun phrase)
This is difficult and really stifles the development of an economy. How many farmers need A.I. technologies for Google Cloud Services? None, that's how many. Thus, A.I. can't be developed because the programmers would starve (or, at least, there would be a strong incentive to NOT be a programmer).
2.B.b.a.a) A common medium of exchange facilitates trade
Money makes trading easier! People have goals, and so do other people, but their goals might not correlate and so countless professions are unsustainable. People eventually see that they can obtain these other professions if they simply create a local medium of exchange (money). Everyone is better off with money.
2.B.c) People's goals and desires are revealed through action, not speech.
Liars exist. People might say they want to be the world's best Oncologist, but they spend all their time playing League of Legends. It sucks, but, the person reveals that, indeed, they want to vegetate in front of their computer.
Bitcoin's Subjective Value comes from the fact that PEOPLE WITH THE GOAL OF HAVING STABLE MONEY OBSERVE THAT (a) money can be used to ease trade, (b) paper monies are completely controlled by sadistic megalomaniacs, (c) precious metals are too heavy and difficult to hide to travel around the globe easily, (d) and Bitcoin is a money that doesn't have these problems. Thus, the goal of having a stable, free, uncontrolled, worldwide money can be accomplished via Bitcoin. THIS is why Bitcoin has VALUE - people GIVE it value via its ability to help them achieve their goals.
3) Value alone doesn't generate prices - It takes two to tango
Prices are generated via a sort of auction system. If I have a tomato, I can go to a market and start yelling that I want to sell a tomato. The people in the market who view the tomato as a means to achieve their goals will then begin bidding on how much to pay for the tomato.
As they bid, the bidders one by one drop out as the price becomes too high for them.
4) Many products are fungible
When you buy 3 turkey sandwiches from the same store in the same order, they're largely the same. Even though the lettuce on each sandwich might have come from different heads of lettuce, the onion slices might have come from different onions, the tomato slices might have come from different tomatoes, the bottle of oil or mayo might have run out half way through the second sandwich and had to be replaced by another bottle, or the person making one sandwich might have been different from the person making the other sandwiches...
...they're still pretty much the same sandwiches.
They're fungible.
4.A) We use products for what we think are our most important goals first.
If you're on a small island alone, and you know you'll be saved in a week, and you have 20 gallons of water, you'll put aside 10 gallons (or so) for drinking, and use the rest for bathing, watering plants, or whatever else.
However, if a storm comes through and destroys 5 of the 10 gallons you set aside for drinking (so now you have 5 for drinking, and 10 for "other"), you don't have to worry about dehydration. You'll just reassign 5 of the "other" water gallons into "drinking" gallons. After all, they're all fungible, and 'watering plants' is a less important goal than 'drinking and living'.
(Thus, disasters are NOT good for the economy)
4.A.a) The more we have of something, the less each individual thing is worth to us
If you only really "need" 5 pencils for the year, and you "want" an emergency 10 pencils just in case... but you have 500 pencils, then you won't even bother to pick up a pencil if you drop it on the floor. Why bother? You'd have to go through 2 every day to actually be worried about running out.
Indeed, after the first 100 pencils, they're largely a nuisance. Thus, pencils #101 through #500 are pretty much worthless to you.
However, your neighbors might need some pencils, so you'd be willing to sell them. Even though the pencils are worthless to you, your neighbors are willing to bid up the price to buy them off you.
This is why "Greater Supply leads to Lower Prices" -- If all 30 people in your neighborhood only need/want 20 pencils each, but you have 50,000,000 of them to sell, people don't need to bid very high to convince you to sell one. Hell, you might just give them out for free.
We've literally just used the phrase "people have goals and act to achieve them" to deduce the laws of Supply and Demand.
This is how the price of everything is determined: you have more of something than you feel you need, and you're willing to trade the left-over things for something else; AND someone else wants that thing, and is willing to trade FOR the left-over things with his something else.
*A price is NOTHING more than "What someone is willing to give you for whatever it is that you own". *
The amount of Bitcoin is the amount of Bitcoin, and people with goals will assign a value to it, and this value will run into other people's valuation of it, which will eventually, on an open, free market, generate a price of it.
Again, if you want to learn how REAL economics works, or just get your teeth whet, hop over to Mises.org where you can learn economics in EASY TO UNDERSTAND terms.
If it weren't for Ron Paul waking me up in 2007 and pointing me to Mises.org and Austrian Economics, I wouldn't have ever thought about Bitcoin as anything serious.
And remember kids: Socialism IS death.
submitted by EvanGRogers to Bitcoin [link] [comments]

VeriCoin and Verium Reserve through their linked blockchains make a better Bitcoin. This is my VeriCoin Shill.

VeriCoin and Verium Reserve are two coins from the same project. VeriCoin is Proof of Stake and Verium Reserve is an ASIC and GPU resistant POW coin that will have their blockchains interwoven to bring the strengths of each consensus mechanism without the downsides of either. VeriCoin and Verium Reserve will gain adoption because the binary chain (the interwoven blockchain mentioned above) means they're profitable for the average user to mine/stake. The genius of combining two different crypto assets (Proof of Work Verium Reserve, Proof of Stake Vericoin) on the same blockchain means you get the best of both worlds: a profitable commodity that the average user can mine with their CPU (VRM), and an ultra-fast, near-zero fee currency that anyone can stake for interest (VRC).
The binary chain solves the "fee market" problem that Bitcoin has with its huge fees. It also scales automatically so backlog will never be a problem, and it's already 10x faster than Bitcoin (even faster once the binary chain is implemented).
Everything about this project is clean and fair. No shady premine, devs identities are known (not anonymous), VRM mining is available to everyone with a CPU (It's ASIC and GPU resistant), VRC staking from the official wallet couldn't be easier to set up. You literally just have to hit a button that says "Stake", so participation in this network is a piece of cake which leads to unparalleled decentralization.
The Binary Chain is the bread and butter of this project, but there's plenty more cool stuff on the roadmap, for example Aliases, so you can register a name and then just send to "Joe" instead of a long hex string, private messaging, and a p2p exchange built right into the wallet for swapping between VeriCoin and Verium Reserve.
The market cap for these coins are is absurdly low (currently under $4 Million for VRC and under $500,000 for VRM), probably because it's the world's first binary chain so the benefits aren't easily understood. DYOR and tell me you aren't at least a little intrigued. This project has the potential to be the cryptocurrency we all want. Something that anyone can mine and stake, with low fees, fast transaction times, and it's super decentralized because literally anyone can participate by staking with an open wallet or mining with an old CPU. This is what cryptocurrency is supposed to be, and the current valuations are absolutely minnescule.
submitted by c0ltieb0y to Buttcoin [link] [comments]

We need more consumer friendly infrastructure

I feel that we are still lacking some basic services that one would expect Bitcoin to have by now.
Especially towards the "general consumer", your average Joe. They want to send, receive, buy and sell Bitcoin for FIAT as simple as possible.
- Bitcoin Apps. The bread and butter that people can download to buy their first bitcoin, store it and send it to other people. If you look at the app store, we got:
- CoinBase.
- Bitcoin.com Wallet, which does more harm than good promoting BCH instead.
- Blockchain.com App, which also introduced the ability to Sell/Buy to your bank account.
Your average Joe is pretty much forced to go with CoinBase or don't enter crypto. Average Joe is not interested in making a deposit on one website and then send the money to another site to store, and then send to another site to spend. Let alone registering to an exchange and figuring out what an order book is.
There are some big consumer friendly apps that dabbled in crypto recently like Robin hood, Revolut, Cash app, Circle, ... but so far, sadly, they all are too restrictive about what they allow.

- Payment processors, back in 2013-2015 BitPay did us a huge service allowing anyone to accept bitcoin and actively seeking big companies to accept Bitcoin. We all know the company basically imploded due to mismanagement, but nobody ever replaced them. We have some contenders but none of them have reached the bar that BitPay once did.

- Paying wages: It's very difficult for anyone to get paid in BTC who also wants part or all of it converted to FIAT, especially when you want to follow all regulations.

Please list any other services that are maybe overlooked and Bitcoin could use (more of).
submitted by esi_seb to Bitcoin [link] [comments]

LN and its implications on price

Hello again. I made this post originally in the daily, but Mr. Moonmath suggested to post it as a self-post so here it comes ;) with a few edits here and there as many people who commented gave a good input on what I wrote:
I know fundamentals is not a thing that should be discussed too much on /BitcoinMarkets as it's primarily about the market but as /Bitcoin is utterly delusional, /BTC is not about Bitcoin but Bitcoin Cash and /BitcoinDiscussion doesn't like price talks, I feel a little bit forced to write about it in here. My topic is LN and its implications on price.
There are two main aspects about Bitcoin that people seem to be interested about: on the one hand it's the "Store of Value"-mentality, where Bitcoin is similar to gold, but in a digital form. On the other hand there is the "Medium of Exchange"-mentality, where Bitcoin works as a global currency. In 2017 and 2018, we pretty much peaked in terms of transaction volume. The mempool was completely clogged and transactions took 40$+ to go through. Where Bitcoin Cash and other coins try to scale the amount of processable transactions with an increased blocksize, Bitcoins solutions are, as of now, the SegWit softfork, LN and sidechains. SegWit is actually working, but has not reached the desired block-capacity of 2,4MB. Instead it's hovering in the range between 1,1-1,2MB. It's likely because only around 40% of the transactions are SegWit transactions. Sidechains are, IMHO, a double-edged sword and they didn't really deliver so far. If I'm wrong on this, please feel free to correct me ;) . And yes, I heard about liquid and how good it's supposed to be, but I have not seen a huge impact yet or hard facts. So what's left? LN, a possible block-size increase and scaling solutions that have not been developed yet. As the block-size increase needs a huge majority of the Bitcoin-participants to agree on a hardfork and its terms, this might take a very long time. We can't discuss about scaling-solutions that don't exist yet, so let's just talk about LN and some numbers.
So we want to assume that Bitcoin scales up to Visa levels of transaction-capacity ( if we believe that Bitcoin is more a medium of exchange than a store of value). CONTROLurKEYS pointed out that there is no real incentive to stop using your credit-card if Bitcoin really takes off. I agree to disagree on this point as I'd feel much more safe if I could decouple myself from any company(!) who tries to profit off of me doing transactions. I'd rather give my money to the miners than to banksters but that's just me. Going on: looking at the numbers, there are roughly 900 million Visa credit cards out there. Assuming that every card belongs to one person, we get 900 million visa users. For my calculations I'm going to use 1,000 million users as an approximation because it's easier to handle in calculations. If everyone of those 1 billion users wants to make micro transactions via LN, we'd need at least 1 channel for every user. That would be 1 billion channels minimum. Assuming that hubs are going to have many channels to other hubs and that there are going to be smaller hubs that don't acutally act like a user but simply as a payment processor, there are going to be many more channels. But for the sake of argument, let's assume that, to serve 1 billion people, we'd need 1 billion channels.
So now let's talk about what a micro-transaction is and what the least amount inside a LN channel should be. Many people take the coffee transaction as the standard example for a micro-transaction. That example is okay'ish, but when you think about it, it's not only coffee-transactions that happen on a daily basis. People go to supermarkets, pay their bills, buy fuel for their cars and so on. Considering that we're processing around 300k transactions per day, we have to categorize those payments also as micro-payments. If everybody of the 1 billion users would clog the blockchain with their bread and butter purchases, we will get nowhere with a 1MB blocksize. So what is the worst purchase that you're doing on a daily basis when you think about the price of that transaction? My biggest day to day transaction would be buying fuel for my car. The cost for that is easily 100$. So if I want to do this payment via LN, my channel would need a balance of at least 100$ in form of BTC. 1 billion channels at 100$ would be 100 billion $.
If we look at the LN capacity now, the capacity is very very small in comparison to the available supply. Let's say 10% of all BTC ever available lands inside LN channels. Yes, this is a number I pulled out of my ass, but if you compare the amount of money you have in your cash-wallet in comparison to your net worth or your savings in your bank-account, that would also be less than 10%. More like 1% or less. Let's play it through with both scenarios and let's say that only 1 million BTC is lost forever so the math gets easier.
LN Capacity in % of total Bitcoin supply: 10% = 2,000,000 BTC
1,000,000,000 channels à 100$ would be 100,000,000,000$ in LN channels (which is not considering the big player money between the hubs).
For this scenario to actually work, BTC price would need to be 50,000$...
LN Capacity in % of total Bitcoin supply: 1% = 200,000 BTC
1,000,000,000 channels à 100$ would still be 100,000,000,000$ in LN channels (which is still not considering the big player money between the hubs).
For this scenario to actually work, BTC price would need to be 500,000$.....
In addition to that, the numbers I took were chosen in a way that BTC price would not look too ridiculously high. 100$ per channel for example is IMHO not that much if you really want to pay for groceries and fuel and all the other daily stuff without a need to refund the channel every few days. I track every penny I spend and earn each month and the numbers for me, if I refund my LN channel each month would be: 200$ for food + toilet paper + other consumables, 200$ for car bills + fuel, 50$ for hobbies, 100$ for other forms of transportation, 50$ for my mobilephone-bills + Amazon Prime + barber. That would be already 600$ total. I don't mind refunding my LN channel each month with that much money as the money is going to be spend on those things anyways and is in some form already tied as monthly expanses. Let's just say I pay 400$ in rent for my appartment so the numbers add up again, that would be 1,000$ in my LN channel. Yes, if you think about it, it appears dumb to pay rent via LN. But on the other hand, if 1,000,000,000 people would broadcast a blockchain-transaction for their rent each month, the blockchain would be clogged in no time again. 100$/channel in comparison to 1,000$/channel adds a factor of *10 to the calculations above. Consider that every person in the world would use Bitcoin and LN? Add a factor of *8 to both scenarios. You think LN capacity will be less than 1% of total Bitcoin supply? Add another factor. You think more than 1,000,000 BTC is lost for ever so the supply is even less? Add another factor.
If you take the most conservative model where 10% of Bitcoin supply at a max of 20M BTC (which is actually not going to happen bc more BTC than that are lost) would be in LN, 1/8 of the population uses LN for there daily transactions and their channels have each 100$ in it, we'd end up with a market cap of 50,000$ * 20,000,000 = 1,000,000,000,000 = 1 trillion$. That's the most conservative assumption on marketcap considering that LN is going to work as promised and gets as much adoption as E-Mail got in the uprising of the internet. I'm not posting these numbers to spit moon juice all over the place but to put things into perspective. 1 trillion$ is not a small amound of money but not too big either if you think about a global digital currency. Taking 1/2 of the population, channel capacities per person of 1,000$, LN capacity at 1% of BTC available with max 1,000,000 BTC lost forever:
LN Capacity in % of total Bitcoin supply: 1% = 200,000 BTC
4,000,000,000 channels à 1,000$ would be 4,000,000,000,000$ in LN channels (which is still not considering the big player money between the hubs).
For this scenario to actually work, BTC price would need to be 20,000,000$ which would put the mcap to 400,000,000,000,000$ or 400 trillion$. Which is basically fifty times the mcap of all the gold in the world.
What I'm trying to say is, if you guys and gals are really thinking that LN is going to work out the way everybody promises, and all the little things that are still a little bit hard like refunding channels from different parties and routing bigger amounts, Bitcoin would actually need to be priced in the range of X00,000$ - XX,000,000$. At that point you really don't need to trade it and just throw your money into this thing. So if you really believe in LN and that LN is going to be the TCP/IP of Bitcoin just go all in. I'm definitely pro Bitcoin and I also think that a very big majority of altcoins are not adding any value to the world, but the numbers and calculations above just seem utterly ridiculous. 20,000,000$/BTC? I mean come on... basically everybody in this subreddit would be a millionair if the LN-promises are going to be met. In addition to that gr8ful4 pointed out, that opening 1,000,000,000 channels would need 1,000,000,000 blockchain-transactions. Let's say we process 333,333 transactions per day. That would mean that we would need 3,000 days for just opening those channels and we're not even considering closing channels and all the other transactions that are happening on-chain.
If I have any logical mistakes or wrong assumptions let me know and let's discuss a little bit. The price is not doing exciting things anyways.
submitted by CapableOfLearning to BitcoinMarkets [link] [comments]

Butter yells at false prophet for going off to create fifth fake religion

https://mobile.twitter.com/ToneVays/status/1068298105886371840
I have noticed that the true butters are really warming to the idea of the government killing off competing tokens.
In a sense I can understand this with ICOs. As far as I can tell if you are raising money from non accredited U.S. investors you are legally in the wrong. But many of the maximalists are openly calling for the government to kill both PoS coins & premines.
Literally everything in crypto has always been shady. From the first closed sourced GPU miners, litecoin forked off of Solidcoin or something. The guy who invented the first GPU miner created as a "CPU Coin" while he alone could GPU mine. Or Dash that had a "bug" & "accidentally" dumped like 15% of the supply in the first week. Or one of my favorites is "Shitcoin #451" that looks like a scam with a 6 month mine period with halving every 3 weeks, then the devs come put features in, rebrand & market later (no one knows if it's going to be an outright scam or an actual shady project till insiders own most of the supply)
The weirdest thing about all this is I only see three options. A.) Everything is bitcoin in crypto that doesn't take USD because everything is shady AF with inside manipulation, pump n dumps, exchanges trading against users etc. No regulations except don't collect USD, don't use USD unless you are a compliant exchange. B.) No direct ICOs. Premines, token drops, instamines etc all fine cuz you are creating alternate funbucks - just a different flavor of shady than bitcoin. C.) Outlaw everything.
Didn't the crypto market used to be about "fuck the government"? I like to think I'm pragmatic. I don't know that I have much of a moral compass when the government has monopolies on gambling with lotteries that prey on the desperate or pulls shit like auctioning off NYC Cab Medallions for millions to taxi drivers, then destroys the market by allowing Uber in. But butters seem to be absolutely cheering for a reluctant government that seems to have little interest in actually pissing on the cockroach nest ... just grabbing a few outliers. They hate each other more than the fed.
submitted by jackjill9500 to Buttcoin [link] [comments]

B 1k-5k

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Bonobo Bonsai_Pottery Boobphysics boobsandbottles boobtoobig boogers BoogieMonster boogiemusic Book_Recommendations BookArtsSection BookbindingResource bookcaseporn bookdesign bookdiscussion BookInASitting BookInscriptions bookmarklets BookOfAdverbs BookofShadows BookRecommendations BooksAMA booksgetdrawn booksVmovies booktube BookWallpapers boombeachrecruit Boomer Boomerhumour BoomInTheShot BoomtownFestival boondocking boone BoonTech BoopableSnoots booptheheckinsnoot boopthesnoot BoostMasterLin Boosto bootcamp BootcutBandit BootEdgeEdge Bootleg bootlego Bootlegrapbattles boottobig borderhands Borderlands_3 BorderlandsGuns Borderline BorderTerrier BoredatworkNSFW BoredCelebs boringdystopia BoringReality borkdays borntoday BoschTV BoscoMornings Bosozoku bossanova BossBattles BossfightBestiary BossKatana BossmanRaids Boston_Running bostonbeer bostonboardgames bostoncalling bostoncollege BostonDynamics bostonforsale BostonJobs Bostonmusic BostonSports bostonterriers BostonU BostonUprising 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BuenosAires BUENZLI BuffByzantineMemes BuffFluff buffgame BuffyTheVampireSlayer bugbounty BugFights buglabProject Buick buildaboat BuildaCarAVForMe BuildAPCSalesMeta buildapcvideoediting buildastudio buildering BuildFightSystem building_architecture buildingblocks BuildPC builds_io builttospill Bujinkan bukowski bulge_acceptance bulimia bulldog Bulleon bullet_journals Bullion Bullpups bullshitadvertising bully bully2 bullying BulwarkCoin bumblebro Bumbleby buncomfortable bundeswehr Bungie BungouStrayDogs bunnieswithhats BunnyAyumi burbank BurgerKing BurgerPlanetLive buriedbornes BurkeKelleher BurlingtonON burma burnaby burncentre burningmanmusic BurningWheel Burnout BushcraftUK bushido Bushwick businesscasual BusinessFashion BusinessInsiders businessnews Busking bustedcarbon BustedGifs BustFriendlyClothing bustyisraeligirls bustywenches Busybeecarys Butchery ButterBody Butterflies ButterProject buttholessss ButtonAftermath Buttplug_lover buttplug_x ButtsInJeans ButtvoteGifs buttwiggle ButVideos ButWhy buy_reddit_upvotes Buyingforbaby BuyItForDays BuyItForLife_Jerk BuyModa buywoodworking buzzfeed BuzzShow buzzstories BWCA bwfmemes Bwipogifs ByeByeAcademia ByndoGehk bystandertales ByteBall Bytemine bytewave BytomBlockchain byu ByzantineMemes byzantium bzzzzzzt
submitted by j259awesome to u/j259awesome [link] [comments]

Why should you give a shit about these $300,000 and $4,000,000 market cap projects. Those caps are so small, they must be junk then right? Wrong, here is why:

VeriCoin and Verium Reserve will gain adoption because the binary chain means they're profitable for the average user to mine/stake. The genius of combining two different crypto assets (Proof of Work Verium Reserve, Proof of Stake Vericoin) on the same blockchain means you get the best of both worlds: a profitable commodity that the average user can mine with their CPU (VRM), and an ultra-fast, near-zero fee currency that anyone can stake for interest (VRC).
The binary chain solves the "fee market" problem that Bitcoin has with its huge fees. It also scales automatically so backlog will never be a problem, and it's already 10x faster than Bitcoin (even faster once the binary chain is implemented).
Everything about this project is clean and fair. No shady premine, devs identities are known (not anonymous), VRM mining is available to everyone with a CPU (It's ASIC and GPU resistant), VRC staking from the official wallet couldn't be easier to set up. You literally just have to hit a button that says "Stake", so participation in this network is a piece of cake which leads to unparalleled decentralization.
The Binary Chain is the bread and butter of this project, but there's plenty more cool stuff on the roadmap, for example Aliases, so you can register a name and then just send to "Joe" instead of a long hex string, private messaging, and a p2p exchange built right into the wallet for swapping between VeriCoin and Verium Reserve.
The market cap for these coins are is absurdly low, probably because it's the world's first binary chain so the benefits aren't easily understood. DYOR and tell me you aren't at least a little intrigued. This project has the potential to be the cryptocurrency we all want. Something that anyone can mine and stake, with low fees, fast transaction times, and it's super decentralized because literally anyone can participate by staking with an open wallet or mining with an old CPU. This is what cryptocurrency is supposed to be, and the current valuations are absolutely minnescule.
submitted by c0ltieb0y to CryptoCurrency [link] [comments]

Unleashing The Hidden Investment Scam : WorldWide.Energy

Unleashing The Hidden Investment Scam : WorldWide.Energy
What youre about to read is not an opinion or tell-tale. What youll read are facts spoken by representatives of https://WorldWide.energy and their Victims.
Disclaimer:
https://WorldWide.energy which is the subject of this reivew is not the same as World Wide Energy LTD or INC which is a legitimate energy company
Lets get started:
So it all started when one of my friends came to me explaining the biggest gig and the most lucrative opportunity he has come across. Its the investment that you would not want to miss
My friend invited me for an official meeting with him and one of the people who works forhttps://worldwide.energy so that they have the chance to explain the project to me and let me in
https://Worldwide.energy scheme:
The whole investment concept of this company relies on three aspects :
1- Oil Trading
2- Electronic Energy Coin [ E2C]
3- Green Energy
How this scam works?
They set up meetings with their victims, personal meetings, not in offices nor in any official corporate place cuz they dont have any
They invite people to join and start their investment with three options:
1- minimum of 1K $ which is the Bronze package [ 8-10%] annual returns
2- Minimum of an avg of 20K $ which is the silver package [ 10-12%] annual returns
3- Minimum of an avg of 60K $ which is the gold package [ 12-14%] annual returns
once one deposits his/her money into their account at https://worldwide.energy [ which you cant register one for free or trial mode] this amount is frozen and blocked which is called the Capital Investment
Every month there will be a monthly returns on your account which differs according to your package. You can withdraw the profits every month but you can't withdraw or pull out your original capital investment cuz its blocked.
Suppose you started with 20K $, at the end of the year if your profits reached 22K $, then you can only withdraw 2K $ and not the whole amount which is ridiculous
What decides if you would lose or gain is the companys trading operations in Oil. If they continuously wining then you are profiting if they lose then you lose as well
Now coming to the brain butter, how they send you your monthly profits?
They use Electronic Energy Coin [ E2C] which is their proprietary coin. Basically they share with you an app [ my trust wallet] and they send you your monthly profits in E2C Only. Then you go and create an account at Tidex and trasnfer the e2c you got from them to this account at Tidex so that you can change them to Bitcoinc, Etherium etc.....Then youre on your own to change them to your local currency
They tell their victims that their proprietary E2C will get into the stock market with a minimum exchange price of 1 E2C = 50$ and thats how they lure their victims to deposit more into their account and buy more packages
Why this scheme is a pure screaming scam ?
Well, lets put that into bullet points
The company doesnt have any official physical address in any location around the world nor any contact number. An Investment company should have at least one contact number and one physical address. Even if it's an online business, there should be a network of support team who can be reached anytime and known to people
When we asked them about a physical location, they mentioned a consultancy office in London which is registered at the UK government website. Upon looking for that in the website of UK Government, we found that what they mentioned is their office turned out to be an office for Word Wide Energy LTD or INC which reveals another fact they lied about. see the link below
https://beta.companieshouse.gov.uk/search?q=worldwide+energy
The company listed in the link above is this http://www.worldwideenergy.com
which is completely different company as per what one of their representatives said not me. so this is another suspicion point
The company doesn't have a feasibility study nor official governmental registration that this company is a registered business entity and legal to operate
If you really have at least 1K $ to invest in E2C as it's cheap to buy now, why would someone waste 1k$ that may be irrecoverable and not waiting till E2C gets into the stock market then you can invest your money freely with this currency like you do with bitcoin or etherium. Why the fuck should I get into this scheme for this coin? If I have that money to invest, then I would wait till this currency gets into stock market then I can exchange freely without any intermediary entity
This investment is shit, what a silly ridiculous returns you get. So you start with 1K $ only to get 60 $ after one year????what if the company disappears ? what if the company blocked my account ?? what if the company went bankrupt ? you are doomed cuz no one you can reach out to
here's another report on the company and its relation to creator academyhttps://www.ripoffreport.com/reports/worldwideenergy/kuala-lumpur-kuala-lumpuworldwideenergy-unifunds-creator-academy-adrows-media-creator-army-ponzi-scheme-investmen-1430819
If you really want to invest your money, you can invest in stocks with a company that's known registered and have a track record. Forex, etoro...are examples
If you want to invest into Crypto currencies they you have coinbase, gemi ...all are wallets for sending,receiving and exchanging cryptocurrencies
submitted by MotasemHa to Scams [link] [comments]

If $1 USDT = $1 USD, why are butters buying BTC

ICOs, miners, exchanges, scammers, etc are cashing out. With alts tanking regular butters are trying to preserve what they have left by buying into BTC. Bitcoin dominance right now is 55%. Why do butters think it's safer to buy BTC over "USD", when BTC has lost 75% of it's value. Is the market sentiment that BTC has less risk than "USD"? Do they subconsciously know that Tether does not have the billions they claim they do? Do they know Mt.Gox still has thousands of coins to liquidate for creditors?
submitted by MoneyManIke to Buttcoin [link] [comments]

Bitfinex chapter, quick preview: an attempt to explain WTF. Doesn't include latest developments. Please nitpick.

Currently trying to do a non-shit cover for the book, which is actually a huge amount of work given I have no artistic talent whatsoever (though I'm OK at graphic design).
So instead of doing that, here's what I have so far on a current rich seam of comedy gold!
Please look over this and flag any inaccuracies or unclear bits. What they did is convoluted and confusing, and a good example of why bankruptcy laws exist, so we need to maximise clarity.
The latest developments are not included, except the redemption. But OH BOY WILL SAID DETAILS BE FUN!
Bitfinex: software competence turns out not to be optional
If you’re not interested in mining or selling something to get bitcoins, exchanges unfortunately haven’t improved much since Mt. Gox.
Bitfinex is one of the closer things Bitcoin has, or had, to a reputable exchange. Advocates liked and trusted it and enjoyed using it – it has margin trading and other fancy features – and recommended it to others.
Its software turned out to be made entirely of copy-and-pasted cheese and string that nobody at all knew how to fix. This is quite typical of Bitcoin-related code and systems, as if financial software and systems had never happened.
Bitfinex was based on the codebase from defunct exchange Bitcoinica, which was founded by sixteen-year-old Bitcointalk user “Zhoutong” and shut down after being hacked in 2012. One of Bitfinex's early developers described what the system was like when he had been working on it:[1]
It has proved impossible to cleanly modularize and upgrade zhoutong’s spaghetti code. (Or if it is possible, Bitfinex technical team doesn’t know how to proceed.) In the current system, everything is entangled. There is no clean separation of concerns. They inherited this steaming shitpile of a codebase and they're stuck with it.
Their legacy data model, as implemented in their current system is insane. The system was designed by a 16 year old FFS! Everything is ad hoc, there is no specification, there was zero documentation, there is minimal accounting for edge cases, exception handling was tacked on as an afterthought. There was no thinking things through. Everything is ad-hoc! Therefore it kinda works except when it doesn’t!
A Bitfinex representative responded stating that “a grand total of 0 lines from Bitcoinica's code exist on Bitfinex” (the site moved at least partially to the AlphaPoint platform in 2015), but the poster asked him to explain, if Bitfinex had an all-new codebase, how they had accurately reproduced bugs that dated back to Bitcoinica.
The software problems were glossed over for years, because day traders are otherwise known as compulsive gamblers, and cryptocurrency day traders are the worst. I don’t often use the word “degenerate,” but if I did, they’re who I’d apply it to: reduced to a lizard brain, typing and clicking obsessively and watching for a number to change and provide a hit to the pleasure centre, all other mental and bodily functions atrophied. They make foreign exchange day traders look sober, considered and balanced.
On 12 August 2016, nearly 120,000 BTC (then around US$60 million) was stolen from Bitfinex customer accounts. The accounts were secured with multiple signatures, including from third party agency Bitgo, but the hacker seemed to know Bitfinex’s systems and even overrode Bitfinex’s transaction limits. On many accounts, two of the three signatures were Bitfinex, and Bitgo routinely allowed all requests from Bitfinex because there were so many.
Usually a theft of this magnitude heralds an exchange disappearing or shutting up shop with apologies, or the regulators noticing their existence and swooping in. In this case, as the supplier of gambling trading facilities not available elsewhere, Bitfinex felt there was sufficient demand for their services that a drastic action would be considered acceptable to their users. To wit: a 36% “haircut” for all customers. Depositors who had been hacked would be compensated with money from depositors who hadn’t.
You might think that compensating your customers using money from other customers, while the managers or owners don’t take a hit in any way, would be grossly illegal in any reasonable financial system. Particularly as bankruptcies usually go creditors, then depositors, and equity holders last. But welcome to Bitcoin.
Why on earth did the users put up with this? Secondly, because this was claimed to be the haircut they’d take if Bitfinex were to liquidate. (No, Bitfinex didn't show their working.) But firstly, because they were obsessive gamblers, desperate for more access to their strip mall casino. Bitfinex promptly went back up to No. 1 on the Bitcoin exchange volume charts, because Bitcoiners never learn.
Bitfinex didn’t want its users to feel they’d been left high and dry. So it offered them Bitfinex tokens (BFX) for their losses, saying (though not guaranteeing) that they’d totally come through at some later date on these IOUs and reimburse the holders with their face value:[2]
The token is a notional credit, is dependent on the Bitfinex Group’s recovery of Losses, and is subordinated to any claims against the Bitfinex Group not related to the Losses.
Meanwhile, you could trade these tokens – trading away your right to reimbursement if the stolen coins were recovered – and use them as collateral for financed trades! Only on Bitfinex, of course:
The token and your rights pursuant thereto may not be assigned except with notice to, and the prior consent of, the Bitfinex Group, on terms to be determined by the Bitfinex Group.
You might think this would constitute offering an unregistered security, but welcome to Bitcoin. The price for BFX dropped below its $1 face value even before release, opening at $0.80 and ending the day at $0.32.
Bitfinex redeemed about 1% of the BFX in early September. As it happened, they had enabled margin trading on BFX one day before, and the price went up from $0.40 to $0.56 just before the announcement. Speculation was that they had paid for the 1% redemption using insider margin trading on the BFX itself, thus looking good for free,[3] but I’m sure it was all just pure coincidence.
Bitfinex was getting their customers coming and going, and keeping them coming and going. Around the time of the 1% redemption, 30% of trading on Bitfinex was BFX, which they collected trading fees on. Furthermore, the BFX tokens kept their customers on Bitfinex in the hope of a payout, rather than just cashing out and never coming back.
In October, they came up with another layer on the scheme: the Recovery Right Token (RRT), for everyone who had converted their BFX for further gambling. Should any of the stolen coins ever be recovered, Bitfinex would first pay back the BFX holders who had not converted their BFX to something else, then pay back RRT holders with the remainder. That’s a made-up token on a made-up token on money they would normally have had to pay back.
Convoluted arrangements like this are part of why bankruptcy laws, let alone financial trading regulations, exist: so that creditors and depositors get paid first and fairly in a clear and open manner, rather than having what they are owed obscured in fast-talking flimflam.
In the meantime, Bitfinex set a financial and security audit in motion. Not by any such tawdry profession as actual accountants; they used “Ledger Labs Inc., a top blockchain forensics and technology firm,” which happens to be run by Vitalik Buterin, creator of altcoin Ethereum (of which more later).[4]
They also posted an open letter to the hacker, seeking “a mutually agreeable arrangement in exchange for an enormous bug bounty”, i.e., if only they would explain how they’d hacked Bitfinex: “Our interest here is not to accuse, blame or make demands, but rather to discuss an arrangement that we think you will find interesting.”[5]
It was entirely unclear to any observer what possible arrangement would be more interesting to the thief than “I have all your bitcoins now.” The stolen bitcoins are slowly being sold off through other exchanges.[6] This is very like a bank accepting dye-marked notes known to have been stolen from another bank and deciding they don’t care. At least Bitfinex will never have to cash in those RRTs.
In April 2017, Bitfinex announced they would finally redeem 100% of the BFX tokens for their $1.00 face value![7] This involves paying back the dollar value of the stolen bitcoins at the time of the theft – i.e., about half what it was by April. They also shut down all margin positions on BFX, putting users with insufficient collateral into debt to them (on a margin position on their own debt).
The founder of Bitfinex, Raphael Nicolle, has never seemed to appreciate the problem financial regulators tend to have with schemes that pay early investors using money from later investors. He enthusiastically backed the Pirateat40 Ponzi – though at least he later apologised for that one[8] – and came up with a high-yield scheme of his own:
So I'm thinking of the following plan: when I need more coins than I have to fill an order, I will ask everyone that previously “registered” with me to lend me some btc. After 7 days, I will return all of it, principal + 2% interests. For you to be contacted, you would have to post here or in PM to say you might lend me bitcoins, and approx. how many you'd be willing to lend me.[9]
Nicolle has not been seen online since the 120,000 BTC hack.[10]
The Bitfinex hack does answer one common question about Bitcoin:
“If you're so down on Bitcoin, why don't you short it?”
“Well ...”
1 elux. Comment on “[Daily Discussion] Sunday, October 04, 2015”. Reddit /bitcoinmarkets, 4 October 2015.
2 Bitfinex. “BFX Token Terms”. August 2016.
3 e.g., 7a11l409b1d3c65. "Buttfinex pays back 1% of their debt - Butters cheer, not realizing that they have been scammed again". Reddit /buttcoin, September 2016.
4 Zane Tackett. “Bitfinex: Update Regarding Security Audit, Financial Audit, And More”. Reddit /bitcoinmarkets, 17 August 2016.
5 Giancarlo Devasini. “Message to the individual responsible for the Bitfinex security incident of August 2, 2016”. Bitfinex blog, 21 October 2016.
6 Andrew Quentson. “Bitfinex’s Hacked Bitcoins Are on the Move; 5% Recovery Bounty Offered”. CryptoCoinsNews, 27 January 2017.
7 “100% Redemption of Outstanding BFX Tokens”. Bitfinex, 3 April 2017.
8 unclescrooge. “[shame thread]The sorry and thank you Pirateat40 thread”. Bitcointalk.org Bitcoin Forum > Economy > Marketplace > Lending > Long-term offers, 17 August 2012.
9 unclescrooge. "Unclescrooge 1-week deposit program at 2%/week". Bitcointalk.org Bitcoin Forum > Economy > Marketplace > Lending > Long-term offers, 13 September 2012.
10 Andrew Quentson. “Bitfinex’s Founder Seemingly Tried to Start a Ponzi Scheme”. Cryptocoins News, 8 June 2016. hai
submitted by dgerard to Buttcoin [link] [comments]

Proposal to change the volume of Iota per Token. This is becoming urgent very quickly.**

I see a lot of comments out there saying something like "$650 USD per Miota, January 2018!". I see that the founders and developers of the project see this kind of forecasting and anticipation from excited investors as stupid, annoying, and unrealistic. And for good reason. The lay person who is investing in these projects remember back when Bitcoins were available on Mt. Gox for 1 dollar each. I am one of those people. They make the logical connection that if 1 Miota is about 30 cents today, it could see the same kind of explosion in value that other Crypto's have seen. But, due to the volumes that Iota is exchanged, this is a logical fallacy and unrealistic expectation. When speculators realize that their 'thousands' of Miota aren't quite the same as their 'thousands' of other coins, they fall victim to FUD.
The apparently high volume of coins is also fueling accusations of Iota being a 'scam' or 'shit-coin'. And reading that makes me angry. I usually go out of my way to explain to these people that, at scale, there aren't really THAT many more Iota than Satoshi. And that there are certainly many MANY more units of ETH currently available on the markets when you look at each token on a 1:1 scale.
Here's an example for the crypto-enthusiast who may have stumbled upon this thread via Google search;
At a market cap of $ 50 Billion USD the price of 1 Miota would be about $17.98.
Miota current market cap = $826,618,409 Number of 'coins' = 2,779,530,283 Price per coin (Right now) = 0.29 cents.... wow.
We can address this by appealing to the Iota Foundation to begin trading in volumes of 100 million per token as opposed to 1 million per "Miota".
Of course, the true value of the tokens remain the same but the psychological impact this has on investors and potential investors is not insignificant. People cite the "zillions of tokens" as the number one source of FUD surrounding this technology. Just read through the comments of any video on Iota and you'll see people calling it a 'scam-coin' and investors "Idiotas" or "Iotards" because of the sheer volume of coins available.
They don't get that 1 Bitcoin is 100 million Satoshi. They don't know or care that 1 Miota is 1 Million Iota. They just see a Max Market of 21 million BTC and see 'scarcity' which equates to 'value' to them. Then they see 2.7 Billion Miota and laugh. This is scaring people off. I know that it seems stupid. Of course how the coins are 'divvied' up doesn't change the actual value of the market cap or real max volume of tokens in the world. But it does have a tremendous psychological impact.
I strongly believe that the community and the core team has to address this! We need the markets to look more like this;
Miota market cap = $826,618,409 (hopefully not this low ever again) Number of "coins' = 27,779,530 and, today, the value would be = $29.73 USD per coin.
I believe that this would solve a lot of problems the market is facing right now. When you increase the number of coins being transacted people are more likely to invest more money because it's easier to conceptualize a realistic ROI. And the associated consequences of increased daily trading volume may lead to an increase in price. The appearance of 'scarcity' has a tremendous impact on the value of a token. At present the illusion of scarcity is not present when trading Miota. The impact this is having on the value of Iota is apparent in the markets. The confusion has been obvious since launch. It even caused Coinmarketcap.com to list the wrong information. People were panicking when they saw the number of "Iota" they thought they owned evaporate out of their wallet because they didn't know what a "Miota" was or that it was to become the standard trading token. People are still confused about how much 1 Iota is worth and what exactly it is that they're buying on Bitfinex.
Yeah, these people may be dumb, annoying, or "cancerous", but they're also your Bread and Butter.
*Please, consider changing the units we trade with from 1 Million Iota to 100 Million. *
This would also reduce the amount of 'FUD' to a significant degree. All that FUD goes away when you see a significantly lower volume of 'coins' on the market at a higher price per coin. 100 million per Iota would be about 29 dollars per coin today. And with the higher trading volume that means more people are going to move MORE money and you'll see the value increase much more quickly. Otherwise people are going to sit on their 'thousands' of Miota thinking it can go up the way ETH did, which is impossible. And when they realize this you're going to see the market for Iota crash HARD.
This is a massive Marketing and Branding error. You can see the psychological impact this is having on investors. The evidence is in the markets and spread across various forums and YouTube comment sections. The psychological impact of moving the token's trade value over a few decimal spaces should not be ignored.
If anyone agree's with me and by some miracle the core dev's actually consider what I've written, please just don't do it all at once. Please do a PSA, talk about it on the Slack channel, send out several EMAIL notices. Spread the word and before you begin exchanging on another market make sure we all KNOW that we're buying 100 Million Iota per Token. It's not too late to do this.
Really, it's probably the best time to start.
submitted by Vanpotheosis to IOTAmarkets [link] [comments]

Reality.

I've been reading this sub for a while and I've made the point that I think many of the users are in fact more delusional than the "butters" that they criticize. I did not find the thoughful or humorous criticism of bitcoin that I was looking for here. The internet creates echo chambers and this is definitely one. So this is a thread about what is actually happening. Here's a few things I've learned that I believe to be true. Feel free to disagree.
My personal conclusion from this is that, most of the criticism of Bitcoin that occurs on this sub is not really that bitcoin isn't working but that Bitcoin has not fullfilled the overly optimistic vision put forward by some of its early proponents. So for example, it hasn't replaced credit cards. When in fact it is outperforming the expectations of its creators.
Another major criticism is that bitcoin is used for crime. I don't like drugs personally but I also know that governments that have tried to stop the drug trade have always failed and increased violence in the process. If people buy drugs online, it really is better for everyone than buying them on the street. I see the illicit use of bitcoin as part of the pioneer species of an ecosystem not the final state.
If technologies such as payment channel networks continue to develop we may see a resurgence of interest in using bitcoin for legitimate purchases.
So almost every prediction that has been touted by this sub has turned out to be wrong, and many of it's most vocal members consistently resort to conspiracy theories to explain a reality that does not fit their model.
In other words: you've become what you hate.
In other words: the skullfucks will continue until morale improves.
submitted by biglambda to Buttcoin [link] [comments]

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