China cracks down on the first case of using USDT to ...

Putting $400M of Bitcoin on your company balance sheet

Also posted on my blog as usual. Read it there if you can, there are footnotes and inlined plots.
A couple of months ago, MicroStrategy (MSTR) had a spare $400M of cash which it decided to shift to Bitcoin (BTC).
Today we'll discuss in excrutiating detail why this is not a good idea.
When a company has a pile of spare money it doesn't know what to do with, it'll normally do buybacks or start paying dividends. That gives the money back to the shareholders, and from an economic perspective the money can get better invested in other more promising companies. If you have a huge pile of of cash, you probably should be doing other things than leave it in a bank account to gather dust.
However, this statement from MicroStrategy CEO Michael Saylor exists to make it clear he's buying into BTC for all the wrong reasons:
“This is not a speculation, nor is it a hedge. This was a deliberate corporate strategy to adopt a bitcoin standard.”
Let's unpack it and jump into the economics Bitcoin:

Is Bitcoin money?

No.
Or rather BTC doesn't act as money and there's no serious future path for BTC to become a form of money. Let's go back to basics. There are 3 main economic problems money solves:
1. Medium of Exchange. Before money we had to barter, which led to the double coincidence of wants problem. When everyone accepts the same money you can buy something from someone even if they don't like the stuff you own.
As a medium of exchange, BTC is not good. There are significant transaction fees and transaction waiting times built-in to BTC and these worsen the more popular BTC get.
You can test BTC's usefulness as a medium of exchange for yourself right now: try to order a pizza or to buy a random item with BTC. How many additional hurdles do you have to go through? How many fewer options do you have than if you used a regular currency? How much overhead (time, fees) is there?
2. Unit of Account. A unit of account is what you compare the value of objects against. We denominate BTC in terms of how many USD they're worth, so BTC is a unit of account presently. We can say it's because of lack of adoption, but really it's also because the market value of BTC is so volatile.
If I buy a $1000 table today or in 2017, it's roughly a $1000 table. We can't say that a 0.4BTC table was a 0.4BTC table in 2017. We'll expand on this in the next point:
3. Store of Value. When you create economic value, you don't want to be forced to use up the value you created right away.
For instance, if I fix your washing machine and you pay me in avocados, I'd be annoyed. I'd have to consume my payment before it becomes brown, squishy and disgusting. Avocado fruit is not good money because avocadoes loses value very fast.
On the other hand, well-run currencies like the USD, GBP, CAD, EUR, etc. all lose their value at a low and most importantly fairly predictible rate. Let's look at the chart of the USD against BTC
While the dollar loses value at a predictible rate, BTC is all over the place, which is bad.
One important use money is to write loan contracts. Loans are great. They let people spend now against their future potential earnings, so they can buy houses or start businesses without first saving up for a decade. Loans are good for the economy.
If you want to sign something that says "I owe you this much for that much time" then you need to be able to roughly predict the value of the debt in at the point in time where it's due.
Otherwise you'll have a hard time pricing the risk of the loan effectively. This means that you need to charge higher interests. The risk of making a loan in BTC needs to be priced into the interest of a BTC-denominated loan, which means much higher interest rates. High interests on loans are bad, because buying houses and starting businesses are good things.

BTC has a fixed supply, so these problems are built in

Some people think that going back to a standard where our money was denominated by a stock of gold (the Gold Standard) would solve economic problems. This is nonsense.
Having control over supply of your currency is a good thing, as long as it's well run.
See here
Remember that what is desirable is low variance in the value, not the value itself. When there are wild fluctuations in value, it's hard for money to do its job well.
Since the 1970s, the USD has been a fiat money with no intrinsic value. This means we control the supply of money.
Let's look at a classic poorly drawn econ101 graph
The market price for USD is where supply meets demand. The problem with a currency based on an item whose supply is fixed is that the price will necessarily fluctuate in response to changes in demand.
Imagine, if you will, that a pandemic strikes and that the demand for currency takes a sharp drop. The US imports less, people don't buy anything anymore, etc. If you can't print money, you get deflation, which is worsens everything. On the other hand, if you can make the money printers go brrrr you can stabilize the price
Having your currency be based on a fixed supply isn't just bad because in/deflation is hard to control.
It's also a national security risk...
The story of the guy who crashed gold prices in North Africa
In the 1200s, Mansa Munsa, the emperor of the Mali, was rich and a devout Muslim and wanted everyone to know it. So he embarked on a pilgrimage to make it rain all the way to Mecca.
He in fact made it rain so hard he increased the overall supply of gold and unintentionally crashed gold prices in Cairo by 20%, wreaking an economic havoc in North Africa that lasted a decade.
This story is fun, the larger point that having your inflation be at the mercy of foreign nations is an undesirable attribute in any currency. The US likes to call some countries currency manipulators, but this problem would be serious under a gold standard.

Currencies are based on trust

Since the USD is based on nothing except the US government's word, how can we trust USD not to be mismanaged?
The answer is that you can probably trust the fed until political stooges get put in place. Currently, the US's central bank managing the USD, the Federal Reserve (the Fed for friends & family), has administrative authority. The fed can say "no" to dumb requests from the president.
People who have no idea what the fed does like to chant "audit the fed", but the fed is already one of the best audited US federal entities. The transcripts of all their meetings are out in the open. As is their balance sheet, what they plan to do and why. If the US should audit anything it's the Department of Defense which operates without any accounting at all.
It's easy to see when a central bank will go rogue: it's when political yes-men are elected to the board.
For example, before printing themselves into hyperinflation, the Venezuelan president appointed a sociologist who publicly stated “Inflation does not exist in real life” and instead is a made up capitalist lie. Note what happened mere months after his gaining control over the Venezuelan currency
This is a key policy. One paper I really like, Sargent (1984) "The end of 4 big inflations" states:
The essential measures that ended hyperinflation in each of Germany,Austria, Hungary, and Poland were, first, the creation of an independentcentral bank that was legally committed to refuse the government'sdemand or additional unsecured credit and, second, a simultaneousalteration in the fiscal policy regime.
In english: *hyperinflation stops when the central bank can say "no" to the government."
The US Fed, like other well good central banks, is run by a bunch of nerds. When it prints money, even as aggressively as it has it does so for good reasons. You can see why they started printing on March 15th as the COVID lockdowns started:
The Federal Reserve is prepared to use its full range of tools to support the flow of credit to households and businesses and thereby promote its maximum employment and price stability goals.
In english: We're going to keep printing and lowering rates until jobs are back and inflation is under control. If we print until the sun is blotted out, we'll print in the shade.

BTC is not gold

Gold is a good asset for doomsday-preppers. If society crashes, gold will still have value.
How do we know that?
Gold has held value throughout multiple historic catastrophes over thousands of years. It had value before and after the Bronze Age Collapse, the Fall of the Western Roman Empire and Gengis Khan being Gengis Khan.
Even if you erased humanity and started over, the new humans would still find gold to be economically valuable. When Europeans d̶i̶s̶c̶o̶v̶e̶r̶e̶d̶ c̶o̶n̶q̶u̶e̶r̶e̶d̶ g̶e̶n̶o̶c̶i̶d̶e̶d̶ went to America, they found gold to be an important item over there too. This is about equivalent to finding humans on Alpha-Centauri and learning that they think gold is a good store of value as well.
Some people are puzzled at this: we don't even use gold for much! But it has great properties:
First, gold is hard to fake and impossible to manufacture. This makes it good to ascertain payment.
Second, gold doesnt react to oxygen, so it doesn't rust or tarnish. So it keeps value over time unlike most other materials.
Last, gold is pretty. This might sound frivolous, and you may not like it, but jewelry has actual value to humans.
It's no coincidence if you look at a list of the wealthiest families, a large number of them trade in luxury goods.
To paraphrase Veblen humans have a profound desire to signal social status, for the same reason peacocks have unwieldy tails. Gold is a great way to achieve that.
On the other hand, BTC lacks all these attributes. Its value is largely based on common perception of value. There are a few fundamental drivers of demand:
Apart from these, it's hard to argue that BTC will retain value throughout some sort of economic catastrophe.

BTC is really risky

One last statement from Michael Saylor I take offense to is this:
“We feel pretty confident that Bitcoin is less risky than holding cash, less risky than holding gold,” MicroStrategy CEO said in an interview
"BTC is less risky than holding cash or gold long term" is nonsense. We saw before that BTC is more volatile on face value, and that as long as the Fed isn't run by spider monkeys stacked in a trench coat, the inflation is likely to be within reasonable bounds.
But on top of this, BTC has Abrupt downside risks that normal currencies don't. Let's imagine a few:

Blockchain solutions are fundamentally inefficient

Blockchain was a genius idea. I still marvel at the initial white paper which is a great mix of economics and computer science.
That said, blockchain solutions make large tradeoffs in design because they assume almost no trust between parties. This leads to intentionally wasteful designs on a massive scale.
The main problem is that all transactions have to be validated by expensive computational operations and double checked by multiple parties. This means waste:
Many design problems can be mitigated by various improvements over BTC, but it remains that a simple database always works better than a blockchain if you can trust the parties to the transaction.
submitted by VodkaHaze to badeconomics [link] [comments]

Ultimate glossary of crypto currency terms, acronyms and abbreviations

I thought it would be really cool to have an ultimate guide for those new to crypto currencies and the terms used. I made this mostly for beginner’s and veterans alike. I’m not sure how much use you will get out of this. Stuff gets lost on Reddit quite easily so I hope this finds its way to you. Included in this list, I have included most of the terms used in crypto-communities. I have compiled this list from a multitude of sources. The list is in alphabetical order and may include some words/terms not exclusive to the crypto world but may be helpful regardless.
2FA
Two factor authentication. I highly advise that you use it.
51% Attack:
A situation where a single malicious individual or group gains control of more than half of a cryptocurrency network’s computing power. Theoretically, it could allow perpetrators to manipulate the system and spend the same coin multiple times, stop other users from completing blocks and make conflicting transactions to a chain that could harm the network.
Address (or Addy):
A unique string of numbers and letters (both upper and lower case) used to send, receive or store cryptocurrency on the network. It is also the public key in a pair of keys needed to sign a digital transaction. Addresses can be shared publicly as a text or in the form of a scannable QR code. They differ between cryptocurrencies. You can’t send Bitcoin to an Ethereum address, for example.
Altcoin (alternative coin): Any digital currency other than Bitcoin. These other currencies are alternatives to Bitcoin regarding features and functionalities (e.g. faster confirmation time, lower price, improved mining algorithm, higher total coin supply). There are hundreds of altcoins, including Ether, Ripple, Litecoin and many many others.
AIRDROP:
An event where the investors/participants are able to receive free tokens or coins into their digital wallet.
AML: Defines Anti-Money Laundering laws**.**
ARBITRAGE:
Getting risk-free profits by trading (simultaneous buying and selling of the cryptocurrency) on two different exchanges which have different prices for the same asset.
Ashdraked:
Being Ashdraked is essentially a more detailed version of being Zhoutonged. It is when you lose all of your invested capital, but you do so specifically by shorting Bitcoin. The expression “Ashdraked” comes from a story of a Romanian cryptocurrency investor who insisted upon shorting BTC, as he had done so successfully in the past. When the price of BTC rose from USD 300 to USD 500, the Romanian investor lost all of his money.
ATH (All Time High):
The highest price ever achieved by a cryptocurrency in its entire history. Alternatively, ATL is all time low
Bearish:
A tendency of prices to fall; a pessimistic expectation that the value of a coin is going to drop.
Bear trap:
A manipulation of a stock or commodity by investors.
Bitcoin:
The very first, and the highest ever valued, mass-market open source and decentralized cryptocurrency and digital payment system that runs on a worldwide peer to peer network. It operates independently of any centralized authorities
Bitconnect:
One of the biggest scams in the crypto world. it was made popular in the meme world by screaming idiot Carlos Matos, who infamously proclaimed," hey hey heeeey” and “what's a what's a what's up wasssssssssuuuuuuuuuuuuup, BitConneeeeeeeeeeeeeeeeeeeeeeeect!”. He is now in the mentally ill meme hall of fame.
Block:
A package of permanently recorded data about transactions occurring every time period (typically about 10 minutes) on the blockchain network. Once a record has been completed and verified, it goes into a blockchain and gives way to the next block. Each block also contains a complex mathematical puzzle with a unique answer, without which new blocks can’t be added to the chain.
Blockchain:
An unchangeable digital record of all transactions ever made in a particular cryptocurrency and shared across thousands of computers worldwide. It has no central authority governing it. Records, or blocks, are chained to each other using a cryptographic signature. They are stored publicly and chronologically, from the genesis block to the latest block, hence the term blockchain. Anyone can have access to the database and yet it remains incredibly difficult to hack.
Bullish:
A tendency of prices to rise; an optimistic expectation that a specific cryptocurrency will do well and its value is going to increase.
BTFD:
Buy the fucking dip. This advise was bestowed upon us by the gods themselves. It is the iron code to crypto enthusiasts.
Bull market:
A market that Cryptos are going up.
Consensus:
An agreement among blockchain participants on the validity of data. Consensus is reached when the majority of nodes on the network verify that the transaction is 100% valid.
Crypto bubble:
The instability of cryptocurrencies in terms of price value
Cryptocurrency:
A type of digital currency, secured by strong computer code (cryptography), that operates independently of any middlemen or central authoritie
Cryptography:
The art of converting sensitive data into a format unreadable for unauthorized users, which when decoded would result in a meaningful statement.
Cryptojacking:
The use of someone else’s device and profiting from its computational power to mine cryptocurrency without their knowledge and consent.
Crypto-Valhalla:
When HODLers(holders) eventually cash out they go to a place called crypto-Valhalla. The strong will be separated from the weak and the strong will then be given lambos.
DAO:
Decentralized Autonomous Organizations. It defines A blockchain technology inspired organization or corporation that exists and operates without human intervention.
Dapp (decentralized application):
An open-source application that runs and stores its data on a blockchain network (instead of a central server) to prevent a single failure point. This software is not controlled by the single body – information comes from people providing other people with data or computing power.
Decentralized:
A system with no fundamental control authority that governs the network. Instead, it is jointly managed by all users to the system.
Desktop wallet:
A wallet that stores the private keys on your computer, which allow the spending and management of your bitcoins.
DILDO:
Long red or green candles. This is a crypto signal that tells you that it is not favorable to trade at the moment. Found on candlestick charts.
Digital Signature:
An encrypted digital code attached to an electronic document to prove that the sender is who they say they are and confirm that a transaction is valid and should be accepted by the network.
Double Spending:
An attack on the blockchain where a malicious user manipulates the network by sending digital money to two different recipients at exactly the same time.
DYOR:
Means do your own research.
Encryption:
Converting data into code to protect it from unauthorized access, so that only the intended recipient(s) can decode it.
Eskrow:
the practice of having a third party act as an intermediary in a transaction. This third party holds the funds on and sends them off when the transaction is completed.
Ethereum:
Ethereum is an open source, public, blockchain-based platform that runs smart contracts and allows you to build dapps on it. Ethereum is fueled by the cryptocurrency Ether.
Exchange:
A platform (centralized or decentralized) for exchanging (trading) different forms of cryptocurrencies. These exchanges allow you to exchange cryptos for local currency. Some popular exchanges are Coinbase, Bittrex, Kraken and more.
Faucet:
A website which gives away free cryptocurrencies.
Fiat money:
Fiat currency is legal tender whose value is backed by the government that issued it, such as the US dollar or UK pound.
Fork:
A split in the blockchain, resulting in two separate branches, an original and a new alternate version of the cryptocurrency. As a single blockchain forks into two, they will both run simultaneously on different parts of the network. For example, Bitcoin Cash is a Bitcoin fork.
FOMO:
Fear of missing out.
Frictionless:
A system is frictionless when there are zero transaction costs or trading retraints.
FUD:
Fear, Uncertainty and Doubt regarding the crypto market.
Gas:
A fee paid to run transactions, dapps and smart contracts on Ethereum.
Halving:
A 50% decrease in block reward after the mining of a pre-specified number of blocks. Every 4 years, the “reward” for successfully mining a block of bitcoin is reduced by half. This is referred to as “Halving”.
Hardware wallet:
Physical wallet devices that can securely store cryptocurrency maximally. Some examples are Ledger Nano S**,** Digital Bitbox and more**.**
Hash:
The process that takes input data of varying sizes, performs an operation on it and converts it into a fixed size output. It cannot be reversed.
Hashing:
The process by which you mine bitcoin or similar cryptocurrency, by trying to solve the mathematical problem within it, using cryptographic hash functions.
HODL:
A Bitcoin enthusiast once accidentally misspelled the word HOLD and it is now part of the bitcoin legend. It can also mean hold on for dear life.
ICO (Initial Coin Offering):
A blockchain-based fundraising mechanism, or a public crowd sale of a new digital coin, used to raise capital from supporters for an early stage crypto venture. Beware of these as there have been quite a few scams in the past.
John mcAfee:
A man who will one day eat his balls on live television for falsely predicting bitcoin going to 100k. He has also become a small meme within the crypto community for his outlandish claims.
JOMO:
Joy of missing out. For those who are so depressed about missing out their sadness becomes joy.
KYC:
Know your customer(alternatively consumer).
Lambo:
This stands for Lamborghini. A small meme within the investing community where the moment someone gets rich they spend their earnings on a lambo. One day we will all have lambos in crypto-valhalla.
Ledger:
Away from Blockchain, it is a book of financial transactions and balances. In the world of crypto, the blockchain functions as a ledger. A digital currency’s ledger records all transactions which took place on a certain block chain network.
Leverage:
Trading with borrowed capital (margin) in order to increase the potential return of an investment.
Liquidity:
The availability of an asset to be bought and sold easily, without affecting its market price.
of the coins.
Margin trading:
The trading of assets or securities bought with borrowed money.
Market cap/MCAP:
A short-term for Market Capitalization. Market Capitalization refers to the market value of a particular cryptocurrency. It is computed by multiplying the Price of an individual unit of coins by the total circulating supply.
Miner:
A computer participating in any cryptocurrency network performing proof of work. This is usually done to receive block rewards.
Mining:
The act of solving a complex math equation to validate a blockchain transaction using computer processing power and specialized hardware.
Mining contract:
A method of investing in bitcoin mining hardware, allowing anyone to rent out a pre-specified amount of hashing power, for an agreed amount of time. The mining service takes care of hardware maintenance, hosting and electricity costs, making it simpler for investors.
Mining rig:
A computer specially designed for mining cryptocurrencies.
Mooning:
A situation the price of a coin rapidly increases in value. Can also be used as: “I hope bitcoin goes to the moon”
Node:
Any computing device that connects to the blockchain network.
Open source:
The practice of sharing the source code for a piece of computer software, allowing it to be distributed and altered by anyone.
OTC:
Over the counter. Trading is done directly between parties.
P2P (Peer to Peer):
A type of network connection where participants interact directly with each other rather than through a centralized third party. The system allows the exchange of resources from A to B, without having to go through a separate server.
Paper wallet:
A form of “cold storage” where the private keys are printed onto a piece of paper and stored offline. Considered as one of the safest crypto wallets, the truth is that it majors in sweeping coins from your wallets.
Pre mining:
The mining of a cryptocurrency by its developers before it is released to the public.
Proof of stake (POS):
A consensus distribution algorithm which essentially rewards you based upon the amount of the coin that you own. In other words, more investment in the coin will leads to more gain when you mine with this protocol In Proof of Stake, the resource held by the “miner” is their stake in the currency.
PROOF OF WORK (POW) :
The competition of computers competing to solve a tough crypto math problem. The first computer that does this is allowed to create new blocks and record information.” The miner is then usually rewarded via transaction fees.
Protocol:
A standardized set of rules for formatting and processing data.
Public key / private key:
A cryptographic code that allows a user to receive cryptocurrencies into an account. The public key is made available to everyone via a publicly accessible directory, and the private key remains confidential to its respective owner. Because the key pair is mathematically related, whatever is encrypted with a public key may only be decrypted by its corresponding private key.
Pump and dump:
Massive buying and selling activity of cryptocurrencies (sometimes organized and to one’s benefit) which essentially result in a phenomenon where the significant surge in the value of coin followed by a huge crash take place in a short time frame.
Recovery phrase:
A set of phrases you are given whereby you can regain or access your wallet should you lose the private key to your wallets — paper, mobile, desktop, and hardware wallet. These phrases are some random 12–24 words. A recovery Phrase can also be called as Recovery seed, Seed Key, Recovery Key, or Seed Phrase.
REKT:
Referring to the word “wrecked”. It defines a situation whereby an investor or trader who has been ruined utterly following the massive losses suffered in crypto industry.
Ripple:
An alternative payment network to Bitcoin based on similar cryptography. The ripple network uses XRP as currency and is capable of sending any asset type.
ROI:
Return on investment.
Safu:
A crypto term for safe popularized by the Bizonnaci YouTube channel after the CEO of Binance tweeted
“Funds are safe."
“the exchage I use got hacked!”“Oh no, are your funds safu?”
“My coins better be safu!”


Sats/Satoshi:
The smallest fraction of a bitcoin is called a “satoshi” or “sat”. It represents one hundred-millionth of a bitcoin and is named after Satoshi Nakamoto.
Satoshi Nakamoto:
This was the pseudonym for the mysterious creator of Bitcoin.
Scalability:
The ability of a cryptocurrency to contain the massive use of its Blockchain.
Sharding:
A scaling solution for the Blockchain. It is generally a method that allows nodes to have partial copies of the complete blockchain in order to increase overall network performance and consensus speeds.
Shitcoin:
Coin with little potential or future prospects.
Shill:
Spreading buzz by heavily promoting a particular coin in the community to create awareness.
Short position:
Selling of a specific cryptocurrency with an expectation that it will drop in value.
Silk road:
The online marketplace where drugs and other illicit items were traded for Bitcoin. This marketplace is using accessed through “TOR”, and VPNs. In October 2013, a Silk Road was shut down in by the FBI.
Smart Contract:
Certain computational benchmarks or barriers that have to be met in turn for money or data to be deposited or even be used to verify things such as land rights.
Software Wallet:
A crypto wallet that exists purely as software files on a computer. Usually, software wallets can be generated for free from a variety of sources.
Solidity:
A contract-oriented coding language for implementing smart contracts on Ethereum. Its syntax is similar to that of JavaScript.
Stable coin:
A cryptocoin with an extremely low volatility that can be used to trade against the overall market.
Staking:
Staking is the process of actively participating in transaction validation (similar to mining) on a proof-of-stake (PoS) blockchain. On these blockchains, anyone with a minimum-required balance of a specific cryptocurrency can validate transactions and earn Staking rewards.
Surge:
When a crypto currency appreciates or goes up in price.
Tank:
The opposite of mooning. When a coin tanks it can also be described as crashing.
Tendies
For traders , the chief prize is “tendies” (chicken tenders, the treat an overgrown man-child receives for being a “Good Boy”) .
Token:
A unit of value that represents a digital asset built on a blockchain system. A token is usually considered as a “coin” of a cryptocurrency, but it really has a wider functionality.
TOR: “The Onion Router” is a free web browser designed to protect users’ anonymity and resist censorship. Tor is usually used surfing the web anonymously and access sites on the “Darkweb”.
Transaction fee:
An amount of money users are charged from their transaction when sending cryptocurrencies.
Volatility:
A measure of fluctuations in the price of a financial instrument over time. High volatility in bitcoin is seen as risky since its shifting value discourages people from spending or accepting it.
Wallet:
A file that stores all your private keys and communicates with the blockchain to perform transactions. It allows you to send and receive bitcoins securely as well as view your balance and transaction history.
Whale:
An investor that holds a tremendous amount of cryptocurrency. Their extraordinary large holdings allow them to control prices and manipulate the market.
Whitepaper:

A comprehensive report or guide made to understand an issue or help decision making. It is also seen as a technical write up that most cryptocurrencies provide to take a deep look into the structure and plan of the cryptocurrency/Blockchain project. Satoshi Nakamoto was the first to release a whitepaper on Bitcoin, titled “Bitcoin: A Peer-to-Peer Electronic Cash System” in late 2008.
And with that I finally complete my odyssey. I sincerely hope that this helped you and if you are new, I welcome you to crypto. If you read all of that I hope it increased, you in knowledge.
my final definition:
Crypto-Family:
A collection of all the HODLers and crypto fanatics. A place where all people alike unite over a love for crypto.
We are all in this together as we pioneer the new world that is crypto currency. I wish you a great day and Happy HODLing.
-u/flacciduck
feel free to comment words or terms that you feel should be included or about any errors I made.
Edit1:some fixes were made and added words.
submitted by flacciduck to CryptoCurrency [link] [comments]

For newcomers: Criminal charges filed against BitMEX. Why this is a good thing for crypto

BitMEX, a centralized cryptocurrency exchange, was recently charged by the United States CFTC with failing to prevent money laundering and failing to implement other basic compliance procedures. For those unfamiliar with BitMEX: BitMEX is a trading platform that offers investors access to the global financial markets using only Bitcoin. BitMEX is built by finance professionals with over 40 years of combined experience and offers a comprehensive API and supporting tools. Gee, that doesn't sound so bad. Basically, you can buy and sell bitcoin on BitMEX. So what's the big deal? Well, from the BitMEX site: Does BitMEX offer leverage? Yes, BitMEX offers leverage on all of its products. The highest leverage BitMEX offers is up to 100x leverage on its Perpetual Bitcoin / USD Perpetual Contract. Okay, but what is leveraged trading exactly? According to thebalance.com, "100:1: One-hundred-to-one leverage means that for every $1 you have in your account, you can place a trade worth up to $100. This ratio is a typical amount of leverage offered on a standard lot account. The typical $2,000 minimum deposit for a standard account would give you the ability to control $200,000."
  1. And herein lies my first issue with an unregulated exchange like BitMEX. When used in the crypto-space, I think leverage is some fucked up shit. With massive amounts of leverage, whales can manipulate the price of bitcoin while little fish like you and I are at the mercy of the gods. If the whales want to move the price higher, they can coordinate a leveraged 'attack' to increase the price of bitcoin. If they want to drop the price of bitcoin, they can similarly coordinate a massive sell off. This is often visualized as those exaggerated green and red spikes on a trading chart sending the price of bitcoin through lines of resistance or support. This, in turn, can then trigger further exaggerated selloffs. Additionally, inexperienced traders have little to no business trading on leveraged accounts. The vast majority of those who try will walk away in a world of pain carrying a huge loss on their shoulders. But... if some schmuck goes all in on leverage and loses their investment and goes broke, isn't that their fault? Well, yes. That would be a tough pill to swallow, but technically yes, it's their fault. But rather than laugh and point at this person, shouldn't we be encouraging others to embrace cryptocurrency? I think leverage exposes all the wrong things about trading cryptocurrency, yet leverage is exactly how centralized exchanges like BitMEX make their money. This leads me to my second point.
  2. Criminal charges against a centralized exchange facilitates the need for decentralized exchanges. What the hell is a decentralized exchange? From wikipedia: A decentralized exchange (DEX) is a cryptocurrency exchange which operates in a decentralized way, i.e., without a central authority. Decentralized exchanges allow peer-to-peer trading of cryptocurrencies. Because users do not need to transfer their assets to the exchange, decentralized exchanges reduce the risk of theft from hacking of exchanges. Decentralized exchanges can also prevent price manipulation or faked trading volume through wash trading, and are more anonymous than exchanges which implement know your customer requirements. I remember when I first heard about decentralized exchanges I thought to myself... this is going to be huge! But then, no one seemed to share my excitement. Coinbase continued to thrive, followed by the likes of BitMEX and other centralized exchanges. Then, one by one, hack after hack, I finally began to see people move toward decentralized exchanges like uniswap.
I mentioned in another post that we are still in the early stages of crypto development. While bitcoin has been around for over a decade, we are just now beginning to gain traction in other areas of innovation and growth. If there was ever a time to break out of the same corrupt pattern of conventional finance, now is the time!
submitted by myhaxdontwork to CryptoCurrency [link] [comments]

Coinbase Complaint Number☎️ 1844-699-6794 ☎️||| Coinbase Contact US || YTUJHJHHGJ

Coinbase Complaint Number☎️ 1844-699-6794 ☎️||| Coinbase Contact US || YTUJHJHHGJ
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Coinbase Complaint Number☎️ 1844-699-6794 ☎️||| Coinbase Contact US || YTUJHJHHGJ
Coinbase support number 1844-699-6794 CEO Changpeng "CZ" Zhao really doesn't want to tell you where his firm's headquarters is located. #@$#@YUYIUO
To kick off ConsenSys' Ethereal Summit on Thursday, Unchained Podcast host Laura Shin held a cozy fireside chat with Zhao who, to mark the occasion, was wearing a personalized football shirt emblazoned with the Coinbase pro support number 1844-699-6794 brand.
Scheduled for 45 minutes, Zhao spent most of it explaining how libra and China's digital yuan were unlikely to be competitors to existing stablecoin providers; how Coinbase support number 1844-699-6794's smart chain wouldn't tread on Ethereum's toes – "that depends on the definition of competing," he said – and how Coinbase pro support number 1844-699-6794 had an incentive to keep its newly acquired CoinMarketCap independent from the exchange.
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number
There were only five minutes left on the clock. Zhao was looking confident; he had just batted away a thorny question about an ongoing lawsuit. It was looking like the home stretch.
Then it hit. Shin asked the one question Zhao really didn't want to have to answer, but many want to know: Where is Coinbase support number 1844-699-6794's headquarters?
This seemingly simple question is actually more complex. Until February, Coinbase support number 1844-699-6794 was considered to be based in Malta. That changed when the island European nation announced that, no, Coinbase support number 1844-699-6794 is not under its jurisdiction. Since then Coinbase support number 1844-699-6794 has not said just where, exactly, it is now headquartered.
Little wonder that when asked Zhao reddened; he stammered. He looked off-camera, possibly to an aide. "Well, I think what this is is the beauty of the blockchain, right, so you don't have to ... like where's the Bitcoin office, because Bitcoin doesn't have an office," he said.
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number
The line trailed off, then inspiration hit. "What kind of horse is a car?" Zhao asked. Coinbase support Service number 1844-699-6794 has loads of offices, he continued, with staff in 50 countries. It was a new type of organization that doesn't need registered bank accounts and postal addresses.
"Wherever I sit, is going to be the Coinbase support number 1844-699-6794 office. Wherever I need somebody, is going to be the Coinbase support number 1844-699-6794 office," he said.
Zhao may have been hoping the host would move onto something easier. But Shin wasn't finished: "But even to do things like to handle, you know, taxes for your employees, like, I think you need a registered business entity, so like why are you obfuscating it, why not just be open about it like, you know, the headquarters is registered in this place, why not just say that?"
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number Zhao glanced away again, possibly at the person behind the camera. Their program had less than two minutes remaining. "It's not that we don't want to admit it, it's not that we want to obfuscate it or we want to kind of hide it. We're not hiding, we're in the open," he said.
Shin interjected: "What are you saying that you're already some kind of DAO [decentralized autonomous organization]? I mean what are you saying? Because it's not the old way [having a headquarters], it's actually the current way ... I actually don't know what you are or what you're claiming to be."
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number
Zhao said Coinbase support number 1844-699-6794 isn't a traditional company, more a large team of people "that works together for a common goal." He added: "To be honest, if we classified as a DAO, then there's going to be a lot of debate about why we're not a DAO. So I don't want to go there, either."
"I mean nobody would call you guys a DAO," Shin said, likely disappointed that this wasn't the interview where Zhao made his big reveal.
Time was up. For an easy question to close, Shin asked where Zhao was working from during the coronavirus pandemic.
"I'm in Asia," Zhao said. The blank white wall behind him didn't provide any clues about where in Asia he might be. Shin asked if he could say which country – after all, it's the Earth's largest continent.
"I prefer not to disclose that. I think that's my own privacy," he cut in, ending the interview.
It was a provocative way to start the biggest cryptocurrency and blockchain event of the year.
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number In the opening session of Consensus: Distributed this week, Lawrence Summers was asked by my co-host Naomi Brockwell about protecting people’s privacy once currencies go digital. His answer: “I think the problems we have now with money involve too much privacy.”
President Clinton’s former Treasury secretary, now President Emeritus at Harvard, referenced the 500-euro note, which bore the nickname “The Bin Laden,” to argue the un-traceability of cash empowers wealthy criminals to finance themselves. “Of all the important freedoms,” he continued, “the ability to possess, transfer and do business with multi-million dollar sums of money anonymously seems to me to be one of the least important.” Summers ended the segment by saying that “if I have provoked others, I will have served my purpose.”
You’re reading Money Reimagined, a weekly look at the technological, economic and social events and trends that are redefining our relationship with money and transforming the global financial system. You can subscribe to this and all of CoinDesk’s newsletters here.
That he did. Among the more than 20,000 registered for the weeklong virtual experience was a large contingent of libertarian-minded folks who see state-backed monitoring of their money as an affront to their property rights.
But with due respect to a man who has had prodigious influence on international economic policymaking, it’s not wealthy bitcoiners for whom privacy matters. It matters for all humanity and, most importantly, for the poor.
Now, as the world grapples with how to collect and disseminate public health information in a way that both saves lives and preserves civil liberties, the principle of privacy deserves to be elevated in importance.
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number
Just this week, the U.S. Senate voted to extend the 9/11-era Patriot Act and failed to pass a proposed amendment to prevent the Federal Bureau of Investigation from monitoring our online browsing without a warrant. Meanwhile, our heightened dependence on online social connections during COVID-19 isolation has further empowered a handful of internet platforms that are incorporating troves of our personal data into sophisticated predictive behavior models. This process of hidden control is happening right now, not in some future "Westworld"-like existence.
Digital currencies will only worsen this situation. If they are added to this comprehensive surveillance infrastructure, it could well spell the end of the civil liberties that underpin Western civilization.
Yes, freedom matters
Please don’t read this, Secretary Summers, as some privileged anti-taxation take or a self-interested what’s-mine-is-mine demand that “the government stay away from my money.”
Money is just the instrument here. What matters is whether our transactions, our exchanges of goods and services and the source of our economic and social value, should be monitored and manipulated by government and corporate owners of centralized databases. It’s why critics of China’s digital currency plans rightly worry about a “panopticon” and why, in the wake of the Cambridge Analytica scandal, there was an initial backlash against Facebook launching its libra currency.
Writers such as Shoshana Zuboff and Jared Lanier have passionately argued that our subservience to the hidden algorithms of what I like to call “GoogAzonBook” is diminishing our free will. Resisting that is important, not just to preserve the ideal of “the self” but also to protect the very functioning of society.
Markets, for one, are pointless without free will. In optimizing resource allocation, they presume autonomy among those who make up the market. Free will, which I’ll define as the ability to lawfully transact on my own terms without knowingly or unknowingly acting in someone else’s interests to my detriment, is a bedrock of market democracies. Without a sufficient right to privacy, it disintegrates – and in the digital age, that can happen very rapidly.
Also, as I’ve argued elsewhere, losing privacy undermines the fungibility of money. Each digital dollar should be substitutable for another. If our transactions carry a history and authorities can target specific notes or tokens for seizure because of their past involvement in illicit activity, then some dollars become less valuable than other dollars.
The excluded
But to fully comprehend the harm done by encroachments into financial privacy, look to the world’s poor.
An estimated 1.7 billion adults are denied a bank account because they can’t furnish the information that banks’ anti-money laundering (AML) officers need, either because their government’s identity infrastructure is untrusted or because of the danger to them of furnishing such information to kleptocratic regimes. Unable to let banks monitor them, they’re excluded from the global economy’s dominant payment and savings system – victims of a system that prioritizes surveillance over privacy.
Misplaced priorities also contribute to the “derisking” problem faced by Caribbean and Latin American countries, where investment inflows have slowed and financial costs have risen in the past decade. America’s gatekeeping correspondent banks, fearful of heavy fines like the one imposed on HSBC for its involvement in a money laundering scandal, have raised the bar on the kind of personal information that regional banks must obtain from their local clients.
And where’s the payoff? Despite this surveillance system, the U.N. Office on Drugs and Crime estimates that between $800 billion and $2 trillion, or 2%-5% of global gross domestic product, is laundered annually worldwide. The Panama Papers case shows how the rich and powerful easily use lawyers, shell companies, tax havens and transaction obfuscation to get around surveillance. The poor are just excluded from the system.
Caring about privacy
Solutions are coming that wouldn’t require abandoning law enforcement efforts. Self-sovereign identity models and zero-knowledge proofs, for example, grant control over data to the individuals who generate it, allowing them to provide sufficient proof of a clean record without revealing sensitive personal information. But such innovations aren’t getting nearly enough attention.
Few officials inside developed country regulatory agencies seem to acknowledge the cost of cutting off 1.7 billion poor from the financial system. Yet, their actions foster poverty and create fertile conditions for terrorism and drug-running, the very crimes they seek to contain. The reaction to evidence of persistent money laundering is nearly always to make bank secrecy laws even more demanding. Exhibit A: Europe’s new AML 5 directive.
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number
To be sure, in the Consensus discussion that followed the Summers interview, it was pleasing to hear another former U.S. official take a more accommodative view of privacy. Former Commodities and Futures Trading Commission Chairman Christopher Giancarlo said that “getting the privacy balance right” is a “design imperative” for the digital dollar concept he is actively promoting.
But to hold both governments and corporations to account on that design, we need an aware, informed public that recognizes the risks of ceding their civil liberties to governments or to GoogAzonBook.
Let’s talk about this, people.
A missing asterisk
Control for all variables. At the end of the day, the dollar’s standing as the world’s reserve currency ultimately comes down to how much the rest of the world trusts the United States to continue its de facto leadership of the world economy. In the past, that assessment was based on how well the U.S. militarily or otherwise dealt with human- and state-led threats to international commerce such as Soviet expansionism or terrorism. But in the COVID-19 era only one thing matters: how well it is leading the fight against the pandemic.
So if you’ve already seen the charts below and you’re wondering what they’re doing in a newsletter about the battle for the future of money, that’s why. They were inspired by a staged White House lawn photo-op Tuesday, where President Trump was flanked by a huge banner that dealt quite literally with a question of American leadership. It read, “America Leads the World in Testing.” That’s a claim that’s technically correct, but one that surely demands a big red asterisk. When you’re the third-largest country by population – not to mention the richest – having the highest number of tests is not itself much of an achievement. The claim demands a per capita adjustment. Here’s how things look, first in absolute terms, then adjusted for tests per million inhabitants.
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number
Coinbase Phone support number 1844-699-6794 has frozen funds linked to Upbit’s prior $50 million data breach after the hackers tried to liquidate a part of the gains. In a recent tweet, Whale Alert warned Coinbase support number 1844-699-6794 that a transaction of 137 ETH (about $28,000) had moved from an address linked to the Upbit hacker group to its wallets.
Less than an hour after the transaction was flagged, Changpeng Zhao, the CEO of Coinbase support number 1844-699-6794, announced that the exchange had frozen the funds. He also added that Coinbase Helpline support number 1844-699-6794 is getting in touch with Upbit to investigate the transaction. In November 2019, Upbit suffered an attack in which hackers stole 342,000 ETH, accounting for approximately $50 million. The hackers managed to take the funds by transferring the ETH from Upbit’s hot wallet to an anonymous crypto address.
Coinbase Complaint Number☎️ 1844-699-6794 ☎️||| Coinbase Contact US || YTUJHJHHGJ
Coinbase Complaint Number☎️ 1844-699-6794 ☎️||| Coinbase Contact US || YTUJHJHHGJ
Coinbase Complaint Number☎️ 1844-699-6794 ☎️||| Coinbase Contact US || YTUJHJHHGJ
Coinbase support number 1844-699-6794 CEO Changpeng "CZ" Zhao really doesn't want to tell you where his firm's headquarters is located. #@$#@YUYIUO
To kick off ConsenSys' Ethereal Summit on Thursday, Unchained Podcast host Laura Shin held a cozy fireside chat with Zhao who, to mark the occasion, was wearing a personalized football shirt emblazoned with the Coinbase pro support number 1844-699-6794 brand.
Scheduled for 45 minutes, Zhao spent most of it explaining how libra and China's digital yuan were unlikely to be competitors to existing stablecoin providers; how Coinbase support number 1844-699-6794's smart chain wouldn't tread on Ethereum's toes – "that depends on the definition of competing," he said – and how Coinbase pro support number 1844-699-6794 had an incentive to keep its newly acquired CoinMarketCap independent from the exchange.
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number
There were only five minutes left on the clock. Zhao was looking confident; he had just batted away a thorny question about an ongoing lawsuit. It was looking like the home stretch.
Then it hit. Shin asked the one question Zhao really didn't want to have to answer, but many want to know: Where is Coinbase support number 1844-699-6794's headquarters?
This seemingly simple question is actually more complex. Until February, Coinbase support number 1844-699-6794 was considered to be based in Malta. That changed when the island European nation announced that, no, Coinbase support number 1844-699-6794 is not under its jurisdiction. Since then Coinbase support number 1844-699-6794 has not said just where, exactly, it is now headquartered.
Little wonder that when asked Zhao reddened; he stammered. He looked off-camera, possibly to an aide. "Well, I think what this is is the beauty of the blockchain, right, so you don't have to ... like where's the Bitcoin office, because Bitcoin doesn't have an office," he said.
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number
The line trailed off, then inspiration hit. "What kind of horse is a car?" Zhao asked. Coinbase support Service number 1844-699-6794 has loads of offices, he continued, with staff in 50 countries. It was a new type of organization that doesn't need registered bank accounts and postal addresses.
"Wherever I sit, is going to be the Coinbase support number 1844-699-6794 office. Wherever I need somebody, is going to be the Coinbase support number 1844-699-6794 office," he said.
Zhao may have been hoping the host would move onto something easier. But Shin wasn't finished: "But even to do things like to handle, you know, taxes for your employees, like, I think you need a registered business entity, so like why are you obfuscating it, why not just be open about it like, you know, the headquarters is registered in this place, why not just say that?"
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number Zhao glanced away again, possibly at the person behind the camera. Their program had less than two minutes remaining. "It's not that we don't want to admit it, it's not that we want to obfuscate it or we want to kind of hide it. We're not hiding, we're in the open," he said.
Shin interjected: "What are you saying that you're already some kind of DAO [decentralized autonomous organization]? I mean what are you saying? Because it's not the old way [having a headquarters], it's actually the current way ... I actually don't know what you are or what you're claiming to be."
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number
Zhao said Coinbase support number 1844-699-6794 isn't a traditional company, more a large team of people "that works together for a common goal." He added: "To be honest, if we classified as a DAO, then there's going to be a lot of debate about why we're not a DAO. So I don't want to go there, either."
"I mean nobody would call you guys a DAO," Shin said, likely disappointed that this wasn't the interview where Zhao made his big reveal.
Time was up. For an easy question to close, Shin asked where Zhao was working from during the coronavirus pandemic.
"I'm in Asia," Zhao said. The blank white wall behind him didn't provide any clues about where in Asia he might be. Shin asked if he could say which country – after all, it's the Earth's largest continent.
"I prefer not to disclose that. I think that's my own privacy," he cut in, ending the interview.
It was a provocative way to start the biggest cryptocurrency and blockchain event of the year.
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number In the opening session of Consensus: Distributed this week, Lawrence Summers was asked by my co-host Naomi Brockwell about protecting people’s privacy once currencies go digital. His answer: “I think the problems we have now with money involve too much privacy.”
President Clinton’s former Treasury secretary, now President Emeritus at Harvard, referenced the 500-euro note, which bore the nickname “The Bin Laden,” to argue the un-traceability of cash empowers wealthy criminals to finance themselves. “Of all the important freedoms,” he continued, “the ability to possess, transfer and do business with multi-million dollar sums of money anonymously seems to me to be one of the least important.” Summers ended the segment by saying that “if I have provoked others, I will have served my purpose.”
You’re reading Money Reimagined, a weekly look at the technological, economic and social events and trends that are redefining our relationship with money and transforming the global financial system. You can subscribe to this and all of CoinDesk’s newsletters here.
That he did. Among the more than 20,000 registered for the weeklong virtual experience was a large contingent of libertarian-minded folks who see state-backed monitoring of their money as an affront to their property rights.
But with due respect to a man who has had prodigious influence on international economic policymaking, it’s not wealthy bitcoiners for whom privacy matters. It matters for all humanity and, most importantly, for the poor.
Now, as the world grapples with how to collect and disseminate public health information in a way that both saves lives and preserves civil liberties, the principle of privacy deserves to be elevated in importance.
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number
Just this week, the U.S. Senate voted to extend the 9/11-era Patriot Act and failed to pass a proposed amendment to prevent the Federal Bureau of Investigation from monitoring our online browsing without a warrant. Meanwhile, our heightened dependence on online social connections during COVID-19 isolation has further empowered a handful of internet platforms that are incorporating troves of our personal data into sophisticated predictive behavior models. This process of hidden control is happening right now, not in some future "Westworld"-like existence.
Digital currencies will only worsen this situation. If they are added to this comprehensive surveillance infrastructure, it could well spell the end of the civil liberties that underpin Western civilization.
Yes, freedom matters
Please don’t read this, Secretary Summers, as some privileged anti-taxation take or a self-interested what’s-mine-is-mine demand that “the government stay away from my money.”
Money is just the instrument here. What matters is whether our transactions, our exchanges of goods and services and the source of our economic and social value, should be monitored and manipulated by government and corporate owners of centralized databases. It’s why critics of China’s digital currency plans rightly worry about a “panopticon” and why, in the wake of the Cambridge Analytica scandal, there was an initial backlash against Facebook launching its libra currency.
Writers such as Shoshana Zuboff and Jared Lanier have passionately argued that our subservience to the hidden algorithms of what I like to call “GoogAzonBook” is diminishing our free will. Resisting that is important, not just to preserve the ideal of “the self” but also to protect the very functioning of society.
Markets, for one, are pointless without free will. In optimizing resource allocation, they presume autonomy among those who make up the market. Free will, which I’ll define as the ability to lawfully transact on my own terms without knowingly or unknowingly acting in someone else’s interests to my detriment, is a bedrock of market democracies. Without a sufficient right to privacy, it disintegrates – and in the digital age, that can happen very rapidly.
Also, as I’ve argued elsewhere, losing privacy undermines the fungibility of money. Each digital dollar should be substitutable for another. If our transactions carry a history and authorities can target specific notes or tokens for seizure because of their past involvement in illicit activity, then some dollars become less valuable than other dollars.
The excluded
But to fully comprehend the harm done by encroachments into financial privacy, look to the world’s poor.
An estimated 1.7 billion adults are denied a bank account because they can’t furnish the information that banks’ anti-money laundering (AML) officers need, either because their government’s identity infrastructure is untrusted or because of the danger to them of furnishing such information to kleptocratic regimes. Unable to let banks monitor them, they’re excluded from the global economy’s dominant payment and savings system – victims of a system that prioritizes surveillance over privacy.
Misplaced priorities also contribute to the “derisking” problem faced by Caribbean and Latin American countries, where investment inflows have slowed and financial costs have risen in the past decade. America’s gatekeeping correspondent banks, fearful of heavy fines like the one imposed on HSBC for its involvement in a money laundering scandal, have raised the bar on the kind of personal information that regional banks must obtain from their local clients.
And where’s the payoff? Despite this surveillance system, the U.N. Office on Drugs and Crime estimates that between $800 billion and $2 trillion, or 2%-5% of global gross domestic product, is laundered annually worldwide. The Panama Papers case shows how the rich and powerful easily use lawyers, shell companies, tax havens and transaction obfuscation to get around surveillance. The poor are just excluded from the system.
Caring about privacy
Solutions are coming that wouldn’t require abandoning law enforcement efforts. Self-sovereign identity models and zero-knowledge proofs, for example, grant control over data to the individuals who generate it, allowing them to provide sufficient proof of a clean record without revealing sensitive personal information. But such innovations aren’t getting nearly enough attention.
Few officials inside developed country regulatory agencies seem to acknowledge the cost of cutting off 1.7 billion poor from the financial system. Yet, their actions foster poverty and create fertile conditions for terrorism and drug-running, the very crimes they seek to contain. The reaction to evidence of persistent money laundering is nearly always to make bank secrecy laws even more demanding. Exhibit A: Europe’s new AML 5 directive.
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number
To be sure, in the Consensus discussion that followed the Summers interview, it was pleasing to hear another former U.S. official take a more accommodative view of privacy. Former Commodities and Futures Trading Commission Chairman Christopher Giancarlo said that “getting the privacy balance right” is a “design imperative” for the digital dollar concept he is actively promoting.
But to hold both governments and corporations to account on that design, we need an aware, informed public that recognizes the risks of ceding their civil liberties to governments or to GoogAzonBook.
Let’s talk about this, people.
A missing asterisk
Control for all variables. At the end of the day, the dollar’s standing as the world’s reserve currency ultimately comes down to how much the rest of the world trusts the United States to continue its de facto leadership of the world economy. In the past, that assessment was based on how well the U.S. militarily or otherwise dealt with human- and state-led threats to international commerce such as Soviet expansionism or terrorism. But in the COVID-19 era only one thing matters: how well it is leading the fight against the pandemic.
So if you’ve already seen the charts below and you’re wondering what they’re doing in a newsletter about the battle for the future of money, that’s why. They were inspired by a staged White House lawn photo-op Tuesday, where President Trump was flanked by a huge banner that dealt quite literally with a question of American leadership. It read, “America Leads the World in Testing.” That’s a claim that’s technically correct, but one that surely demands a big red asterisk. When you’re the third-largest country by population – not to mention the richest – having the highest number of tests is not itself much of an achievement. The claim demands a per capita adjustment. Here’s how things look, first in absolute terms, then adjusted for tests per million inhabitants.
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number
Coinbase Phone support number 1844-699-6794 has frozen funds linked to Upbit’s prior $50 million data breach after the hackers tried to liquidate a part of the gains. In a recent tweet, Whale Alert warned Coinbase support number 1844-699-6794 that a transaction of 137 ETH (about $28,000) had moved from an address linked to the Upbit hacker group to its wallets.
Less than an hour after the transaction was flagged, Changpeng Zhao, the CEO of Coinbase support number 1844-699-6794, announced that the exchange had frozen the funds. He also added that Coinbase Helpline support number 1844-699-6794 is getting in touch with Upbit to investigate the transaction. In November 2019, Upbit suffered an attack in which hackers stole 342,000 ETH, accounting for approximately $50 million. The hackers managed to take the funds by transferring the ETH from Upbit’s hot wallet to an anonymous crypto address.
submitted by Beautiful_Implement7 to u/Beautiful_Implement7 [link] [comments]

TkeyNet: switching to a new Protocol, testing, main theses

TkeyNet: switching to a new Protocol, testing, main theses

https://preview.redd.it/tmi7bp02h2f51.png?width=700&format=png&auto=webp&s=ac7124d584269772286a7bcfd2bb493efcf81ae9
In a series of publications: Coming TkeyNet and listing on exchanges and TkeyNet: release date, a brief analysis of the system, plans-revealed the General characteristics of the new TkeyNet system, which we will all switch to soon.
Given the volume of material, it was possible to miss the main theses or interpret them in their way, while the question ”why now“ was ignored.
Today we will review the main questions and tell you about the testing process of TkeyNet.

Why will the switching to TkeyNet take place this year, and not later, as planned?

Let’s look at the project history. The TKEY concept dates back to October 2017, and it was in the fourth quarter of 2017 that the distributed infrastructure concept was approved. In early 2018, the formation of the TkeyNet architecture began.
To make the whole course of events clear, we highlighted the main points and commented on them:
The projected development period for TkeyNet is 2.5–3 years.
This forecast was made in 2018 when the development of TkeyNet began.

The course of events that was part of our strategy

Core 1.0 launch and exchange
The company planned to launch a Protocol based on Core 1.0 and conduct a subsequent listing of the asset on the exchange in late 2018-in the first half of 2019. Depending on the completion of work on Core 1.0.
Why launch Core 1.0? There is a fixed practice in the market when a project starts on a ready-made blockchain, and then switches to its own, for example, EOS. This project was launched based on the Ethereum blockchain, and later the transition to its Protocol was made.
Our main task was to launch a Protocol with non-standard technical solutions for the market and enter the auction to expand the project audience and obtain liquidity for the asset.
With an increase in the asset price, the company would be able to increase its financial resources and reinvest them in the development of the project. Thus, the launch of a blockchain-based on Core 1.0 fully met these tasks.
In Core 1.0, new transaction models introduced and multi-blockchain support implemented. The first version of the Protocol supported the inclusion of 10 separate chains. The mechanics allowed you to change the number of parallel chains in the blockchain. To increase throughput, the team implemented PostgreSQL support, instead of the typical key-value database that is present in most cryptocurrencies.
Switching to Core 2.0 during trading and then switching to TkeyNet
Next, the plan was to upgrade the network to Core 2.0 and continuously modify it. The modification means the gradual implementation of functionality and standards from TkeyNet so that it is easy to make the transition from Core 2.0 to the new TkeyNet Protocol during trading on the exchange.
https://preview.redd.it/zcf5vnsgg2f51.png?width=1191&format=png&auto=webp&s=d5d5e41551ccc95f8a8a401f8fd2d081f1068939
In 2019, a Core 1.0 — based system launched. The year was simultaneously busy: the first presentation of TkeyNet at APA-2019, presence at IFC-2019, work on draft laws, and at the same time, the year was quite difficult for our company, which affected the timing shifts for products and all project plans in General. The listing did not take place.
Reasons for switching to TkeyNet
There is a silver lining. In the period from April to May, there was positive news from developers: work on TkeyNet will be completed much earlier than planned.
By the end of June, we were preparing to launch a test network based on TkeyNet, to start the final testing of all functions.
On June 22, 2020, the core 1.0 network suspended. For more information, see the link.
Shortly, we will be able to switch to TkeyNet and list the TKEY asset to crypto exchange.
Upon completion of the launch of TkeyNet, the official date of listing of TKEY on the trading platform will publish at the link: tkeycoin.com/start/;

What is TkeyNet?

We have already talked about TkeyNet in the previous article: TkeyNet-release date, a brief analysis of the system, further plans, gave examples of how the use of technology, told what products can be created based on TkeyNet, all this covered in General terms.
https://preview.redd.it/olp8lviig2f51.png?width=7418&format=png&auto=webp&s=9403b97e8bd2080fb8678530dbb418053db317c3
In this publication, we share some theses so that you will gradually develop an objective picture of the new TkeyNet system and its capabilities, which many of you will be able to apply in the future in business or everyday life.
From the very beginning of development, — TkeyNet was intended to improve the existing financial system, not to replace it.
From a technical point of view, the system and its functionality entirely based on blockchain technology. However, this is not a classic variation, as, for example, with bitcoin, but the new implementation of It — more secure, more suitable for global use, more perfect. In simple words, our developers took the best from Bitcoin, Ethereum, Litecoin, and other market leaders, combined their pros, eliminated their cons, and modified existing solutions on the market, resulting in new technology with new features.
For the user, TkeyNet is a fast payment network that allows you to store, use, and move various assets in the payment network, such as currencies, shares, real estate, and precious metals, etc. Businesses will be able to legally conduct international transfers in seconds and significantly save on transactions.
For developers and startups, this means best practices, infrastructure, liquidity, and access to ready-made solutions that can complete in their products.
Among competitors, TkeyNet is much faster than its predecessors, more profitable, and cheaper in terms of transactions.
For businesses and financial institutions, it is an infrastructure that will significantly improve existing financial processes, from payment routing to multi-level exchange and clearing operations.
If we compare the giants of the financial industry-banks, and the new paradigm — distributed payment systems, we will notice a significant difference. The total market capitalization of cryptocurrencies estimated at ≈340 billion US dollars and the capitalization of 10 world banks is 2 trillion dollars. A significant difference, don’t you agree?
http://www.outsourcingportal.eu/en/bitcoin-would-rank-as-8th-largest-bank-globally-with-169-billion-in-market-capitalization
You can’t argue with the numbers, and we must understand that banks remain vital objects of the financial system. Banks help us send funds within the country and abroad, and provide a lot of services, such as loans, deposits, and a lot of other services.
Anyway, using cryptocurrency, users actively exchange it for Fiat currencies to pay for any formed needs. Therefore, TkeyNet will serve as a bridge between fiat and digital currencies, providing its users with best practices and tools through which we will all have access to various digital and cash at any time and anywhere in the world.
The Asian Parliamentary Assembly actively raised the issue of trust and the development of financial products in underdeveloped countries. The problem in such countries is total state control of property registers. Citizens prefer to dispose of their funds in informal settings because they do not consider state systems reliable.
The representatives of the senior management of the TKEY group of companies — Pavel Yakimov (the Director of Information Technologies) and Maxim Yakimov attended these discussions. Both of them recommended several approaches to develop a digital framework that can combat money laundering, and also illustrated open investment platforms, security, and data exchange systems that are based on TKEY distributed solutions. © — businessinsider.com
According to the World Bank alone, about 1.7–1.8 billion people do not have accounts in any financial institution, and about 47% of them located in developing countries. The problem of interaction between a person and a financial institution consists of three main reasons: poverty, trust issues, and geographical difficulties. With systems such as TkeyNet, it is possible to connect people and financial institutions with a single source of trust. With the use of such systems, a person does not need anything other than access to the Internet.
https://www.statista.com/chart/18497/countries-with-the-highest-share-of-adults-without-a-bank-account-in-2017/

The investments that bring us all together

On the other hand, the audience of the TKEY project is quite diverse: our investors represent a variety of professions, a variety of cities, and a variety of age groups. However, one thing, nevertheless, unites us all — this thing is an investment. And therefore, some of the users may not be interested in technical details or the difference between 1.0, 2.0, or TkeyNet. But at least the thesis, the main message, must be understood by absolutely everyone.
The more popular the company’s products are on the market, the stronger it is and the development. Due to the reliability of the company, the prices of its assets grow.
Whether you are interested in technology or not, the company’s development will directly affect the reliability of its assets. Each of us knows that any cooperation, any news is a reason to move on the stock exchange. TkeyNet opens up these opportunities to us, provides several strategically profitable, and importantly — stable partnerships with financial institutions. The number of users in the digital payments segment expected to reach 4,636,34 million by 2024.

https://www.statista.com/outlook/295/100/fintech/worldwide#market-revenue
https://www.statista.com/statistics/647231/worldwide-blockchain-technology-market-size/

Testing the TkeyNet system

From 22 to 24 July, the test network TkeyNet was successfully launched.
Our team is currently actively testing the entire network and conducting a security audit. Developers are testing the network with different scenarios: security, reliability of the full system, as well as individual modules and functions.
Given the different number of similar-looking formulations, but at the same time completely different from each other, some users wondered what is the difference between such concepts: Mainnet, Testnet, and TkeyNet.
Testnet should consider as a demonstration network for testing, testing concepts, new features, experiments, and debugging without the risk of losing any data. Testnet is a polygon for the development team that used to improve the system and introduce new features.
Mainnet (Main Network) this is a complete product, ready to use.
TkeyNet is the name of the infrastructure, the entire system that we are developing, and Testnet and Mainnet are technical concepts within this system.
After testing the system is complete, TkeyNet will launch. We will issue instructions on how to upgrade to the new Protocol and new software, respectively.
Testing takes place without any excesses, and the launch of TkeyNet is just around the corner.
Thank you for being with us! Follow the project news to stay up to date. If you missed the latest news, you read the notification on the site: https://tkeycoin.com/en/news/.
submitted by tkeycoin to Tkeycoin_Official [link] [comments]

Binance Support Number 🎧 【+𝐼 】 𝟪𝟦𝟦-𝟫𝟢𝟩-𝒪𝟧𝟪𝟥☎️ Customer Service Number

Binance Support Number 🎧 【+𝐼 】 𝟪𝟦𝟦-𝟫𝟢𝟩-𝒪𝟧𝟪𝟥☎️ Customer Service Number

Binance support number 1844-907-0583 CEO Changpeng "CZ" Zhao really doesn't want to tell you where his firm's headquarters is located.
Binance support number 1844-907-0583 has loads of offices, he continued, with staff in 50 countries. It was a new type of organization that doesn't need registered bank accounts and postal addresses.
To kick off ConsenSys' Ethereal Summit on Thursday, Unchained Podcast host Laura Shin held a cozy fireside chat with Zhao who, to mark the occasion, was wearing a personalized football shirt emblazoned with the Binance support number 1844-907-0583 brand.
Scheduled for 45 minutes, Zhao spent most of it explaining how libra and China's digital yuan were unlikely to be competitors to existing stablecoin providers; how Binance support number 1844-907-0583's smart chain wouldn't tread on Ethereum's toes – "that depends on the definition of competing," he said – and how Binance support number 1844-907-0583 had an incentive to keep its newly acquired CoinMarketCap independent from the exchange.
There were only five minutes left on the clock. Zhao was looking confident; he had just batted away a thorny question about an ongoing lawsuit. It was looking like the home stretch.
Then it hit. Shin asked the one question Zhao really didn't want to have to answer, but many want to know: Where is Binance support number 1844-907-0583's headquarters?
This seemingly simple question is actually more complex. Until February, Binance support number 1844-907-0583 was considered to be based in Malta. That changed when the island European nation announced that, no, Binance support number 1844-907-0583 is not under its jurisdiction. Since then Binance support number 1844-907-0583 has not said just where, exactly, it is now headquartered.
Little wonder that when asked Zhao reddened; he stammered. He looked off-camera, possibly to an aide. "Well, I think what this is is the beauty of the blockchain, right, so you don't have to ... like where's the Bitcoin office, because Bitcoin doesn't have an office," he said.
The line trailed off, then inspiration hit. "What kind of horse is a car?" Zhao asked. "Wherever I sit, is going to be the Binance support number 1844-907-0583 office. Wherever I need somebody, is going to be the Binance support number 1844-907-0583 office," he said.
Zhao may have been hoping the host would move onto something easier. But Shin wasn't finished: "But even to do things like to handle, you know, taxes for your employees, like, I think you need a registered business entity, so like why are you obfuscating it, why not just be open about it like, you know, the headquarters is registered in this place, why not just say that?"
Zhao glanced away again, possibly at the person behind the camera. Their program had less than two minutes remaining. "It's not that we don't want to admit it, it's not that we want to obfuscate it or we want to kind of hide it. We're not hiding, we're in the open," he said.
Shin interjected: "What are you saying that you're already some kind of DAO [decentralized autonomous organization]? I mean what are you saying? Because it's not the old way [having a headquarters], it's actually the current way ... I actually don't know what you are or what you're claiming to be."
Zhao said Binance support number 1844-907-0583 isn't a traditional company, more a large team of people "that works together for a common goal." He added: "To be honest, if we classified as a DAO, then there's going to be a lot of debate about why we're not a DAO. So I don't want to go there, either."
"I mean nobody would call you guys a DAO," Shin said, likely disappointed that this wasn't the interview where Zhao made his big reveal.
Time was up. For an easy question to close, Shin asked where Zhao was working from during the coronavirus pandemic.
"I'm in Asia," Zhao said. The blank white wall behind him didn't provide any clues about where in Asia he might be. Shin asked if he could say which country – after all, it's the Earth's largest continent.
"I prefer not to disclose that. I think that's my own privacy," he cut in, ending the interview.
It was a provocative way to start the biggest cryptocurrency and blockchain event of the year.
In the opening session of Consensus: Distributed this week, Lawrence Summers was asked by my co-host Naomi Brockwell about protecting people’s privacy once currencies go digital. His answer: “I think the problems we have now with money involve too much privacy.”
President Clinton’s former Treasury secretary, now President Emeritus at Harvard, referenced the 500-euro note, which bore the nickname “The Bin Laden,” to argue the un-traceability of cash empowers wealthy criminals to finance themselves. “Of all the important freedoms,” he continued, “the ability to possess, transfer and do business with multi-million dollar sums of money anonymously seems to me to be one of the least important.” Summers ended the segment by saying that “if I have provoked others, I will have served my purpose.”
You’re reading Money Reimagined, a weekly look at the technological, economic and social events and trends that are redefining our relationship with money and transforming the global financial system. You can subscribe to this and all of CoinDesk’s newsletters here.
That he did. Among the more than 20,000 registered for the weeklong virtual experience was a large contingent of libertarian-minded folks who see state-backed monitoring of their money as an affront to their property rights.
But with due respect to a man who has had prodigious influence on international economic policymaking, it’s not wealthy bitcoiners for whom privacy matters. It matters for all humanity and, most importantly, for the poor.
Now, as the world grapples with how to collect and disseminate public health information in a way that both saves lives and preserves civil liberties, the principle of privacy deserves to be elevated in importance.
Just this week, the U.S. Senate voted to extend the 9/11-era Patriot Act and failed to pass a proposed amendment to prevent the Federal Bureau of Investigation from monitoring our online browsing without a warrant. Meanwhile, our heightened dependence on online social connections during COVID-19 isolation has further empowered a handful of internet platforms that are incorporating troves of our personal data into sophisticated predictive behavior models. This process of hidden control is happening right now, not in some future "Westworld"-like existence.
Digital currencies will only worsen this situation. If they are added to this comprehensive surveillance infrastructure, it could well spell the end of the civil liberties that underpin Western civilization.
Yes, freedom matters
Please don’t read this, Secretary Summers, as some privileged anti-taxation take or a self-interested what’s-mine-is-mine demand that “the government stay away from my money.”
Money is just the instrument here. What matters is whether our transactions, our exchanges of goods and services and the source of our economic and social value, should be monitored and manipulated by government and corporate owners of centralized databases. It’s why critics of China’s digital currency plans rightly worry about a “panopticon” and why, in the wake of the Cambridge Analytica scandal, there was an initial backlash against Facebook launching its libra currency.
Writers such as Shoshana Zuboff and Jared Lanier have passionately argued that our subservience to the hidden algorithms of what I like to call “GoogAzonBook” is diminishing our free will. Resisting that is important, not just to preserve the ideal of “the self” but also to protect the very functioning of society.
Markets, for one, are pointless without free will. In optimizing resource allocation, they presume autonomy among those who make up the market. Free will, which I’ll define as the ability to lawfully transact on my own terms without knowingly or unknowingly acting in someone else’s interests to my detriment, is a bedrock of market democracies. Without a sufficient right to privacy, it disintegrates – and in the digital age, that can happen very rapidly.
Also, as I’ve argued elsewhere, losing privacy undermines the fungibility of money. Each digital dollar should be substitutable for another. If our transactions carry a history and authorities can target specific notes or tokens for seizure because of their past involvement in illicit activity, then some dollars become less valuable than other dollars.
The excluded
But to fully comprehend the harm done by encroachments into financial privacy, look to the world’s poor.
An estimated 1.7 billion adults are denied a bank account because they can’t furnish the information that banks’ anti-money laundering (AML) officers need, either because their government’s identity infrastructure is untrusted or because of the danger to them of furnishing such information to kleptocratic regimes. Unable to let banks monitor them, they’re excluded from the global economy’s dominant payment and savings system – victims of a system that prioritizes surveillance over privacy.
Misplaced priorities also contribute to the “derisking” problem faced by Caribbean and Latin American countries, where investment inflows have slowed and financial costs have risen in the past decade. America’s gatekeeping correspondent banks, fearful of heavy fines like the one imposed on HSBC for its involvement in a money laundering scandal, have raised the bar on the kind of personal information that regional banks must obtain from their local clients.
And where’s the payoff? Despite this surveillance system, the U.N. Office on Drugs and Crime estimates that between $800 billion and $2 trillion, or 2%-5% of global gross domestic product, is laundered annually worldwide. The Panama Papers case shows how the rich and powerful easily use lawyers, shell companies, tax havens and transaction obfuscation to get around surveillance. The poor are just excluded from the system.
Caring about privacy
Solutions are coming that wouldn’t require abandoning law enforcement efforts. Self-sovereign identity models and zero-knowledge proofs, for example, grant control over data to the individuals who generate it, allowing them to provide sufficient proof of a clean record without revealing sensitive personal information. But such innovations aren’t getting nearly enough attention.
Few officials inside developed country regulatory agencies seem to acknowledge the cost of cutting off 1.7 billion poor from the financial system. Yet, their actions foster poverty and create fertile conditions for terrorism and drug-running, the very crimes they seek to contain. The reaction to evidence of persistent money laundering is nearly always to make bank secrecy laws even more demanding. Exhibit A: Europe’s new AML 5 directive.
To be sure, in the Consensus discussion that followed the Summers interview, it was pleasing to hear another former U.S. official take a more accommodative view of privacy. Former Commodities and Futures Trading Commission Chairman Christopher Giancarlo said that “getting the privacy balance right” is a “design imperative” for the digital dollar concept he is actively promoting.
But to hold both governments and corporations to account on that design, we need an aware, informed public that recognizes the risks of ceding their civil liberties to governments or to GoogAzonBook.
Let’s talk about this, people.
A missing asterisk
Control for all variables. At the end of the day, the dollar’s standing as the world’s reserve currency ultimately comes down to how much the rest of the world trusts the United States to continue its de facto leadership of the world economy. In the past, that assessment was based on how well the U.S. militarily or otherwise dealt with human- and state-led threats to international commerce such as Soviet expansionism or terrorism. But in the COVID-19 era only one thing matters: how well it is leading the fight against the pandemic.
So if you’ve already seen the charts below and you’re wondering what they’re doing in a newsletter about the battle for the future of money, that’s why. They were inspired by a staged White House lawn photo-op Tuesday, where President Trump was flanked by a huge banner that dealt quite literally with a question of American leadership. It read, “America Leads the World in Testing.” That’s a claim that’s technically correct, but one that surely demands a big red asterisk. When you’re the third-largest country by population – not to mention the richest – having the highest number of tests is not itself much of an achievement. The claim demands a per capita adjustment. Here’s how things look, first in absolute terms, then adjusted for tests per million inhabitants.
Binance support number 1844-907-0583 has frozen funds linked to Upbit’s prior $50 million data breach after the hackers tried to liquidate a part of the gains. In a recent tweet, Whale Alert warned Binance support number 1844-907-0583 that a transaction of 137 ETH (about $28,000) had moved from an address linked to the Upbit hacker group to its wallets.
Less than an hour after the transaction was flagged, Changpeng Zhao, the CEO of Binance support number 1844-907-0583, announced that the exchange had frozen the funds. He also added that Binance support number 1844-907-0583 is getting in touch with Upbit to investigate the transaction. In November 2019, Upbit suffered an attack in which hackers stole 342,000 ETH, accounting for approximately $50 million. The hackers managed to take the funds by transferring the ETH from Upbit’s hot wallet to an anonymous crypto address.
submitted by SnooPeripherals4556 to u/SnooPeripherals4556 [link] [comments]

Bitcoin 11 Years - Achievements, Lies, and Bullshit Claims So Far - Tooootally NOT a SCAM !!!!

That's right folks, it's that time again for the annual review of how Bitcoin is going: all of those claims, predictions, promises .... how many have turned out to be true, and how many are completely bogus ???
Please post / link this on Bitcoin (I am banned there for speaking the truth, so I cannot do it) ... because it'a way past time those poor clueless mushrooms were exposed to the truth.
Anyway, without further ado, I give you the Bitcoin's Achievements, Lies, and Bullshit Claims So Far ...
.
Bitcoin Achievements so far:
  1. It has spawned a cesspool of scams (2000+ shit coin scams, plus 100's of other scams, frauds, cons).
  2. Many 1,000's of hacks, thefts, losses.
  3. Illegal Use Cases: illegal drugs, illegal weapons, tax fraud, money laundering, sex trafficking, child pornography, hit men / murder-for-hire, ransomware, blackmail, extortion, and various other kinds of fraud and illicit activity.
  4. Legal Use Cases: Steam Games, Reddit, Expedia, Stripe, Starbucks, 1000's of merchants, cryptocurrency conferences, Ummm ????? The few merchants who "accept Bitcoin" immediately convert it into FIAT after the sale, or require you to sell your coins to BitPay or Coinbase for real money, and will then take that money. Some of the few who actually accept bitcoin haven't seen a customer who needed to pay with bitcoin for the last six months, and their cashiers no longer know how to handle that.
  5. Contributing significantly to Global Warming.
  6. Wastes vasts amounts of electricity on useless, do nothing work.
  7. Exponentially raises electricity prices when big miners move into regions where electricity was cheap.
  8. It’s the first "currency" that is not self-sustainable. It operates at a net loss, and requires continuous outside capital to replace the capital removed by miners to pay their costs. It’s literally a "black hole currency."
  9. It created a new way for people living too far from Vegas to gamble all their life savings away.
  10. Spawned "blockchain technology", a powerful technique that lets incompetent programmers who know almost nothing about databases, finance, programming, or blockchain scam millions out of gullible VC investors, banks, and governments.
  11. Increased China's foreign trade balance by a couple billion dollars per year.
  12. Helped the FBI and other law enforcement agents easily track down hundreds of drug traffickers and drug users.
  13. Wasted thousands if not millions of man-hours of government employees and legislators, in mostly fruitless attempts to understand, legitimize, and regulate the "phenomenon", and to investigate and prosecute its scams.
  14. Rekindled the hopes of anarcho-capitalists and libertarians for a global economic collapse, that would finally bring forth their Mad Max "utopia".
  15. Added another character to Unicode (no, no, not the "poo" 💩 character ... that was my first guess as well 🤣)
  16. Provides an easy way for malware and ransomware criminals to ply their trade and extort hospitals, schools, local councils, businesses, utilities, as well as the general population.
.
Correct Predictions:
  1. 2015-12: "1,000 dollar in 2015", u/Luka_Magnotta, aka time traveler from the future, 31-Aug-2013, https://www.reddit.com/Bitcoin/comments/1lfobc/i_am_a_timetraveler_from_the_future_here_to_beg/ (Technically, this prediction is WRONG because the highest price reached in 2015 was $495.56 according to CMC. Yes, Bitcoin reached $1,000 in 2013 and 2014, but that's NOT what the prediction says).
  2. 2017-12: "10,000 in 2017", u/Luka_Magnotta, aka time traveler from the future, 31-Aug-2013, https://www.reddit.com/Bitcoin/comments/1lfobc/i_am_a_timetraveler_from_the_future_here_to_beg/
  3. 2018-04: $10,000 (by April 2018), Mike Novogratz, link #1: https://www.bitcoinprice.com/predictions/, link #2: https://www.bloomberg.com/news/articles/2017-11-21/mike-novogratz-says-bitcoin-will-end-the-year-at-10-000
  4. 2018-12: $10,000 (by 2018), Tim Draper, link #1: https://www.bitcoinprice.com/predictions/, link #2: https://www.youtube.com/watch?v=3AW5s6QkRRY
  5. Any others ? (Please tell me).
.
Bitcoin Promises / Claims / Price Predictions that turned out to be lies and bullshit:
  1. ANONYMOUS
  2. CENSORSHIP RESISTANT
  3. FRICTIONLESS
  4. TRUSTLESS
  5. UNCENSORABLE
  6. UNTRACEABLE
  7. SAFE
  8. SECURE
  9. YOU CANNOT LOSE
  10. NOT A SCAM
  11. PERMISSIONLESS
  12. GUARANTEED PRIVACY
  13. CANNOT BE SEIZED
  14. CANNOT BE CONFISCATED
  15. Be your own bank
  16. Regulation-proof
  17. NO MIDDLEMEN
  18. DECENTRALIZED
  19. Instantaneous transactions
  20. Fast transactions
  21. Zero / No transaction fees
  22. Low transaction fees
  23. A store of value
  24. A deflationary digital asset
  25. "A deflationary digital asset that no single human being can destroy."
  26. "an asset that is equally as dual use as a car, water, or any other traditional element that has existed."
  27. "Digital gold"
  28. Easy to use
  29. Cannot be stolen
  30. Cannot be hacked
  31. Can be mined by anyone
  32. Can be mined by anyone, even with an old computer or laptop
  33. Cannot be centralized
  34. Will return power back to the people.
  35. Not a Ponzi scam
  36. Not a Pyramid scam
  37. Never pay tax again
  38. Your gains cannot be taxed
  39. A currency
  40. An amazing new class of asset
  41. An asset
  42. A means to economic freedom
  43. A store of value
  44. The best investment the word has ever seen
  45. A great investment
  46. Efficient
  47. Scalable
  48. Stable
  49. Resilient
  50. Reliable
  51. Low energy
  52. Low risk
  53. Redistribute wealth to everybody
  54. No more have's and have not's
  55. No more US and THEM
  56. No more disadvantaged people
  57. No more RICH and POOR
  58. No more poor people
  59. Uses amazing new technology
  60. Uses ingenious new technology
  61. Satishi Nakamoto invented ...
  62. Segwit will solve all of Bitcoin's woes
  63. Lightning Network will solve all of Bitcoin's woes
  64. Limited by scarcity
  65. Can only go up in value
  66. Price cannot crash
  67. Has intrinsic value
  68. Value will always be worth more than cost to mine
  69. Adoption by investors is increasing exponentially
  70. Adoption by investors is increasing
  71. Adoption by merchants is increasing exponentially
  72. Adoption by merchants is increasing
  73. You are secure if you keep your coins on an exchange
  74. You are secure if you keep your coins in a hardware wallet
  75. You are secure if you keep your coins in an air-gapped Linux PC
  76. Will change the world
  77. "the next phase in human evolution"
  78. "Blockchain is more encompassing than the internet"
  79. Blockchain can solve previously unsolvable problems.
  80. "The only regulation we need is the blockchain"
  81. "Bank the unbanked"
  82. "To abolish financial slavery and the state's toxic monopoly on money."
  83. "To have better tools in the fight against the state violence and taxation."
  84. "To stamp information on a blockchain forever so we can bypass state censorship, copyrights, patents(informational monopolies) etc."
  85. Will destroy / overthrow FIAT
  86. Will destroy / overthrow the world's governments
  87. Will destroy / overthrow the banking system
  88. Will destroy / overthrow the world economies
  89. Will free people from tyranny
  90. Will give people financial freedom
  91. Will bring world peace
  92. Never going below $19K again
  93. Never going below $18K again
  94. Never going below $17K again
  95. Never going below $16K again
  96. Never going below $15K again
  97. Never going below $14K again
  98. Never going below $13K again
  99. Never going below $12K again
  100. Never going below $11K again
  101. Never going below $10K again
  102. Never going below $9K again
  103. Never going below $8K again
  104. Never going below $7K again
  105. Never going below $6K again
  106. Never going below $5K again
  107. Never going below $4K again
  108. Is NOT a Scam
  109. Hashing Power secures the Bitcoin network
  110. Untraceable, private transactions
  111. Guaranteed privacy
  112. Not created out of thin air
  113. Not created out of thin air by unregulated, unbacked entities
  114. Totally NOT a scam
  115. Is not used primarily by crimonals, drug dealers, or money launderers.
  116. 100% secure
  117. 2010 will be the "Year of Crypto"
  118. 2011 will be the "Year of Crypto"
  119. 2012 will be the "Year of Crypto"
  120. 2013 will be the "Year of Crypto"
  121. 2014 will be the "Year of Crypto"
  122. 2015 will be the "Year of Crypto"
  123. 2016 will be the "Year of Crypto"
  124. 2017 will be the "Year of Crypto"
  125. 2018 will be the "Year of Crypto"
  126. 2019 will be the "Year of Crypto"
  127. 2010: MASS ADOPTION any day now"
  128. 2011: MASS ADOPTION aany day now"
  129. 2012: MASS ADOPTION aaany day now"
  130. 2013: MASS ADOPTION aaaany day now"
  131. 2014: MASS ADOPTION aaaaany day now"
  132. 2015: MASS ADOPTION aaaaaany day now"
  133. 2016: MASS ADOPTION aaaaaaany day now"
  134. 2017: MASS ADOPTION aaaaaaaany day now"
  135. 2018: MASS ADOPTION aaaaaaaaany day now"
  136. 2019: MASS ADOPTION aaaaaaaaany day now"
  137. "Financial Freedom, bro."
  138. no single entity, government or individual, can alter or reverse its transactions
  139. insurance against the tyranny of state
  140. Bitcoin has come to destroy all governments and bring about the libertarian utopia of my dreams.
  141. The major issues in Bicoin's network will be fixed. This is still early days, Bitcoin has only been around for 2+ years.
  142. The major issues in Bicoin's network will be fixed. This is still early days, Bitcoin has only been around for 5+ years.
  143. The major issues in Bicoin's network will be fixed. This is still early days, Bitcoin has only been around for 7+ years.
  144. The major issues in Bicoin's network will be fixed. This is still early days, Bitcoin has only been around for 9+ years.
  145. 1,000's of predictions of skyrocketing and/or never falling prices
  146. Escape the petty rivalries of warring powers and nation states by scattering control among the many. The Bitcoin Cash debacle proves that even the most cryptographically secure plans of mice and men often go awry. Ref: https://www.reddit.com/Buttcoin/comments/9zfhb6/like_theres_only_one_flaw_with_buttcoin_crash/ea8s11m
  147. People will NEVER be able to welch out of bets or deals again. Nov-2018, Ref: https://www.reddit.com/Buttcoin/comments/9zvpl2/the_guy_who_made_the_1000_bet_that_btc_wouldnt/
  148. "Everything will be better, faster, and cheaper.", Brock Pierce, EOS.io shill video.
  149. "Everything will be more connected.", Brock Pierce, EOS.io shill video.
  150. "Everything will be more trustworthy.", Brock Pierce, EOS.io shill video.
  151. "Everything will be more secure.", Brock Pierce, EOS.io shill video.
  152. "Everything that exists is no-longer going to exist in the way that it does today.", Brock Pierce, EOS.io shill video.
  153. "Everything in this world is about to get better.", Brock Pierce, EOS.io shill video.
  154. You are a slave to the bankers
  155. The bankers print money and then you pay for it
  156. Bitcoin is The Peoples Money
  157. Bitcoin will set you free
  158. Bitcoin will set you free from the slavery of the banks and the government Ref: https://www.reddit.com/Bitcoin/comments/cd2q94/bitcoin_shall_set_you_free/
  159. ~~Bitcoin is "striking fear into the hearts of bankers, precisely because Bitcoin eliminates the need for banks. ~~, Mark Yusko, billionaire investor and Founder of Morgan Creek Capital, https://www.bitcoinprice.com/predictions/
  160. "When transactions are verified on a Blockchain, banks become obsolete.", Mark Yusko, billionaire investor and Founder of Morgan Creek Capital, https://www.bitcoinprice.com/predictions/
  161. SnapshillBot quotes from delusional morons:
  162. "A bitcoin miner in every device and in every hand."
  163. "All the indicators are pointing to a huge year and bigger than anything we have seen before."
  164. "Bitcoin is communism and democracy working hand in hand."
  165. "Bitcoin is freedom, and we will soon be free."
  166. "Bitcoin isn't calculated risk, you're right. It's downright and painfully obvious that it will consume global finance."
  167. "Bitcoin most disruptive technology of last 500 years"
  168. "Bitcoin: So easy, your grandma can use it!"
  169. "Creating a 4th Branch of Government - Bitcoin"
  170. "Future generations will cry laughing reading all the negativity and insanity vomited by these permabears."
  171. "Future us will thank us."
  172. "Give Bitcoin two years"
  173. "HODLING is more like being a dutiful guardian of the most powerful economic force this planet has ever seen and getting to have a say about how that force is unleashed."
  174. "Cut out the middleman"
  175. "full control of your own assets"
  176. "reduction in wealth gap"
  177. "no inflation"
  178. "cannot print money out of thin air"
  179. "Why that matters? Because blockchain not only cheaper for them, it'll be cheaper for you and everyone as well."
  180. "If you are in this to get rich in Fiat then no. But if you are in this to protect your wealth once the current monetary system collapse then you are protected and you'll be the new rich."
  181. "Theres the 1% and then theres the 99%. You want to be with the rest thats fine. Being different and brave is far more rewarding. No matter your background or education."
  182. "NO COINERS will believe anything they are fed by fake news and paid media."
  183. "I know that feeling (like people looking at you as in seeing a celebrity and then asking things they don't believe until their impressed)."
  184. "I literally walk round everyday looking at other people wondering why they even bother to live if they don't have Bitcoin in their lives."
  185. "I think bitcoin may very well be the best form of money we’ve ever seen in the history of civilization."
  186. "I think Bitcoin will do for mankind what the sun did for life on earth."
  187. "I think the constant scams and illegal activities only show the viability of bitcoin."
  188. "I think we're sitting on the verge of exponential interest in the currency."
  189. "I'm not using hyperbole when I say Satoshi found the elusive key to World Peace."
  190. "If Jesus ever comes back you know he's gonna be using Bitcoin"
  191. "If this idea was implemented with The Blockchain™, it would be completely flawless! Flawless I tell you!"
  192. "If you're the minimum wage guy type, now is a great time to skip food and go full ramadan in order to buy bitcoin instead."
  193. "In a world slipping more and more into chaos and uncertainty, Bitcoin seems to me like the last solid rock defeating all the attacks."
  194. "In this moment, I am euphoric. Not because of any filthy statist's blessing, but because I am enlightened by own intelligence."
  195. "Is Bitcoin at this point, with all the potential that opens up, the most undervalued asset ever?"
  196. "It won't be long until bitcoin is an everyday household term."
  197. "It's the USD that is volatile. Bitcoin is the real neutral currency."
  198. "Just like the early Internet!"
  199. "Just like the Trojan Horse of old, Bitcoin will reveal its full power and nature"
  200. "Ladies if your man doesnt have some bitcoin then he cant handle anything and has no danger sex appeal. He isnt edgy"
  201. "let me be the first to say if you dont have bitcoin you are a pussy and cant really purchase anything worldwide. You have no global reach"
  202. "My conclusion is that I see this a a very good thing for bitcoin and for users"
  203. "No one would do such a thing; it'd be against their self interests."
  204. "Ooh lala, good job on bashing Bitcoin. How to disrespect a great innovation."
  205. "Realistically I think Bitcoin will replace the dollar in the next 10-15 years."
  206. "Seperation of money and state -> states become obsolete -> world peace."
  207. "Some striking similarities between Bitcoin and God"
  208. "THANK YOU. Better for this child to be strangled in its crib as a true weapon for crypto-anarchists than for it to be wielded by toxic individuals who distort the technology and surrender it to government and corporate powers."
  209. "The Blockchain is more encompassing than the internet and is the next phase in human evolution. To avoid its significance is complete ignorance."
  210. "The bull run should begin any day now."
  211. "The free market doesn't permit fraud and theft."
  212. "The free market will clear away the bad actors."
  213. "The only regulation we need is the blockchain."
  214. "We are not your slaves! We are free bodies who will swallow you and puke you out in disgust. Welcome to liberty land or as that genius called it: Bitcoin."
  215. "We do not need the bankers for Satoshi is our saviour!"
  216. "We have never seen something so perfect"
  217. "We must bring freedom and crypto to the masses, to the common man who does not know how to fight for himself."
  218. "We verified that against the blockchain."
  219. "we will see a Rennaisnce over the next few decades, all thanks to Bitcoin."
  220. "Well, since 2006, there has been a infinite% increase in price, so..."
  221. "What doesn't kill cryptocurrency makes it stronger."
  222. "When Bitcoin awake in normally people (real people) ... you will have this result : No War. No Tax. No QE. No Bank."
  223. "When I see news that the price of bitcoin has tanked (and thus the market, more or less) I actually, for-real, have the gut reaction "oh that’s cool, I’ll be buying cheap this week". I never knew I could be so rational."
  224. "Where is your sense of adventure? Bitcoin is the future. Set aside your fears and leave easier at the doorstep."
  225. "Yes Bitcoin will cause the greatest redistribution of wealth this planet has ever seen. FACT from the future."
  226. "You are the true Bitcoin pioneers and with your help we have imprinted Bitcoin in the Canadian conscience."
  227. "You ever try LSD? Perhaps it would help you break free from the box of state-formed thinking you have limited yourself..."
  228. "Your phone or refrigerator might be on the blockchain one day."
  229. The banks can print money whenever they way, out of thin air, so why can't crypto do the same ???
  230. Central Banks can print money whenever they way, out of thin air, without any consequences or accounting, so why can't crypto do the same ???
  231. It's impossible to hide illegal, unsavory material on the blockchain
  232. It's impossible to hide child pornography on the blockchain
  233. Fungible
  234. All Bitccoins are the same, 100% identical, one Bitcoin cannot be distinguished from any other Bitcoin.
  235. The price of Bitcoin can only go up.
  236. "Bubbles are mathematically impossible in this new paradigm. So are corrections and all else", John McAfee, 7 Dec 2017 @ 5:09 PM,https://mobile.twitter.com/officialmcafee/status/938938539282190337
  237. Scarcity
  238. The price of Bitcoin can only go up because of scarcity / 21 million coin limit. (Bitcoin is open source, anyone can create thir own copy, and there are more than 2,000+ Bitcoin copies / clones out there already).
  239. immune to government regulation
  240. "a world-changing technology"
  241. "a long-term store of value, like gold or silver"
  242. "To Complex to Be Audited."
  243. "Old Auditing rules do not apply to Blockchain."
  244. "Old Auditing rules do not apply to Cryptocurrency."
  245. "Why Bitcoin has Value: SCARCITY.", PlanB, Coin Shill, 22-Mar-2019, https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25
  246. "Bitcoin is the first scarce digital object the world has ever seen, it is scarce like silver & gold, and can be sent over the internet, radio, satellite etc.", PlanB, Coin Shill, 22-Mar-2019, https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25
  247. "Surely this digital scarcity has value.", PlanB, Coin Shill, 22-Mar-2019, https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25
  248. Bitcoin now at $16,600.00. Those of you in the old school who believe this is a bubble simply have not understood the new mathematics of the Blockchain, or you did not cared enough to try. Bubbles are mathematically impossible in this new paradigm. So are corrections and all else", John McAfee, 7 Dec 2017 @ 5:09 PM,https://mobile.twitter.com/officialmcafee/status/938938539282190337
  249. "May 2018 will be the last time we ever see $bitcoin under $10,000", Charlie Shrem, bitcoin advocate and convicted felon, 11:31 AM 3-May-2018, https://twitter.com/CharlieShrem/status/992109375555858433
  250. "Last dip ever.", AngeloBTC, 14 Oct 2018, https://mobile.twitter.com/AngeloBTC/status/1051710824388030464/photo/1
  251. "Bitcoin May Have Just Experienced its Final Shakeout Before a Big Rally", Joseph Young, coin shill, October 15, 2018 22:30 CET, https://www.ccn.com/bitcoin-may-have-just-experienced-its-final-shakeout-before-a-big-rally/
  252. Bitcoin would be a buy if the price fell under $5,000., Mohamed El-Erian, chief economic advisor at Allianz, 29-Jun-2018, https://www.ccn.com/bitcoin-a-buy-below-5000-says-allianz-chief-economic-adviso
  253. 2013-11-27: ""What is a Citadel?" you might wonder. Well, by the time Bitcoin became worth 1,000 dollar [27-Nov-2013], services began to emerge for the "Bitcoin rich" to protect themselves as well as their wealth. It started with expensive safes, then began to include bodyguards, and today, "earlies" (our term for early adapters), as well as those rich whose wealth survived the "transition" live in isolated gated cities called Citadels, where most work is automated. Most such Citadels are born out of the fortification used to protect places where Bitcoin mining machines are located. The company known as ASICminer to you is known to me as a city where Mr. Friedman rules as a king.", u/Luka_Magnotta, aka time traveler from the future, 31-Aug-2013, https://www.reddit.com/Bitcoin/comments/1lfobc/i_am_a_timetraveler_from_the_future_here_to_beg/
  254. 2018-02: Bitcoin price to hit $27,000 by February 2018, Trace Mayer, host of the Bitcoin Knowledge Podcast, and self-proclaimed entrepreneur, investor, journalist, monetary scientist and ardent defender, Link #1: https://mobile.twitter.com/TraceMayestatus/917260836070154240/photo/1, Link #2: https://www.bitcoinprice.com/predictions/
  255. 2018-06: "Bitcoin will surpass $15,000 in June [2018]." John McAfee, May 25, 2018, https://bitcoinist.com/john-mcafee-says-bitcoin-will-surpass-15000-in-june/
  256. 2018-07: Bitcoin will be $28,000 by mid-2018, Ronnie Moas, Wall Street analyst and founder of Standpoint Research, http://helpfordream.com/2018/12/23/5-bitcoin-price-predictions-gone-wrong/.
  257. 2018-12: Bitcoin to reach a price of between 40,000 and 110,000 US dollars by the end of the 2017 bull run ... sometime before 2019, Masterluc, 26-May-2017, an anonymous "legendary" Bitcoin trader, Link #1: https://www.tradingview.com/chart/BTCUSD/YRZvdurN-The-target-of-current-bubble-lays-between-40k-and-110k/, Link #2: https://www.bitcoinprice.com/predictions/
  258. 2018-12: "There is no reason why we couldn’t see Bitcoin pushing $50,000 by December [2018]", Thomas Glucksmann, head of APAC business at Gatecoin, Link #1: https://www.bitcoinprice.com/predictions/
  259. 2018-12: Listen up you giggling cunts... who wants some?...you? you want some?...huh? Do ya? Here's the deal you fuckin Nerds - Butts are gonna be at 30 grand or more by next Christmas [2018] - If they aren't I will publicly administer an electronic dick sucking to every shill on this site and disappear forever - Until then, no more bans or shadow bans - Do we have a deal? If Butts are over 50 grand me and Lammy get to be mods. Deal? Your ole pal - "Skully" u/10GDeathBoner, 3-Feb-2018 https://www.reddit.com/Buttcoin/comments/7ut1ut/listen_up_you_giggling_cunts_who_wants_someyou/
  260. 2018-12: 1 bitcoin = 1 Lambo. Remind me on Christmas eve [2018] u/10GDeathBoner, 3-Feb-2018, https://www.reddit.com/Buttcoin/comments/7ut1ut/listen_up_you_giggling_cunts_who_wants_someyou/dtn2pna
  261. 2018-12: Been in BTC since 2014 and experienced many "deaths" of BTC... this too shall pass... $10k end of the year. [2018] u/Exxe2502, 30-Jun-2018 https://reddit.com/Bitcoin/comments/8uur27/_/e1ioi5b/?context=1
  262. 2018-12: "Yale Alumni prediction - 30 Grand by Christmas [2018] - and you my friend... you will be the one eating Mcafee's dick in 2020. :) -:", u/SirNakamoto, 15-Jun-2018, https://www.reddit.com/Buttcoin/comments/8r0tyh/fdic_agrees_to_cover_bitcoin_losses_in_event_of/e0nzxq7
  263. 2018-12: "Impossible For Bitcoin Not to Hit $10,000 by This Year (2018)", Mike Novogratz, a former Goldman Sachs Group Inc. partner, ex-hedge fund manager of the Fortress Investment Group and a longstanding advocate of cryptocurrency, 22-Sep-2018, https://www.newsbtc.com/2018/09/22/billionaire-novogratz-impossible-for-bitcoin-not-to-hit-10000-by-this-yea
  264. 2018-12: "[Bitcoin] between $13,800 and $14,800 [by end of 2018]", Fundstrat's Tom Lee, 13-Dec-2018, https://www.cnbc.com/2018/12/13/wall-streets-bitcoin-bull-tom-lee-we-are-tired-of-people-asking-us-about-target-prices.html
  265. 2018-12: "Bitcoin is going to be $15k-$20k by the end of the year (2018)", Didi Taihuttu, 1-Nov-2018, https://www.wsj.com/video/series/moving-upstream/the-bitcoin-gamble/85E3A4A7-C777-4827-9A3F-B387F2AB7654
  266. 2018-12: 2018 bitcoin price prediction reduced to $15,000 [was $25,000], Fundstrat's Tom Lee, 16-Nov-2018, https://www.cnbc.com/2018/11/16/wall-streets-crypto-bull-tom-lee-slashes-year-end-forecast-by-10000.html
  267. 2018-12: "I want to be clear, bitcoin is going to $25,000 by year end (2018)", Fundstrat's Tom Lee, 5-Jul-2018, https://www.cnbc.com/video/2018/07/05/tom-lee-i-want-to-be-clear-bitcoin-is-going-to-25000-by-year-end.html
  268. 2018-12: "Bitcoin could be at $40,000 by the end of 2018, it really easily could", Mike Novogratz, a former Goldman Sachs Group Inc. partner, ex-hedge fund manager of the Fortress Investment Group and a longstanding advocate of cryptocurrency, 21-Sep-2018, https://www.youtube.com/watch?v=6lC1anDg2KU
  269. 2018-12: "Bitcoin will be priced around $50,000 by the end of the year (2018)", Bitcoin bull Arthur Hayes, co-founder and CEO of BitMEX, 29-Jun-2018, https://www.cnbc.com/2018/06/29/bitcoin-will-reach-50000-in-2018-says-founder-of-bitcoin-exchange.html
  270. 2018-12: "Bitcoin could definitely see $50,000 in 2018", Jeet Singh, cryptocurrency portfolio manager, speaking in January 2018 at the World Economic Forum in Davos, https://www.dcforecasts.com/new-prediction-says-bitcoin-hit-50000-2018/
  271. 2018-12: "Bitcoin will hit $100,000 this year (2018)", Kay Van-Petersen, an analyst at Saxo Bank, 17-Jan-2018, https://www.cnbc.com/2018/01/16/bitcoin-headed-to-100000-in-2018-analyst-who-forecast-2017-price-move.html
  272. 2018-12: "Bitcoin price to surpass the $100,000 mark by the end of 2018", Tone Vays, 21-Sep-2017, https://www.ccn.com/prominent-bitcoin-trader-price-is-heading-towards-100000-in-2018/
  273. 2018-12: "Bitcoin’s Price Will Surpass the $100,000 Mark by the End of 2018", Anonymous ("author" obviously too embarrassed to put his name to such bullshit "articles"), Oct-2018, https://investingpr.com/bitcoin-price-predictions-for-2018/
  274. 2018-12: "Our [2018] year-end bitcoin target is $7700.", James Stefurak, Founder at Monarch Research. See article: "Experts Forecast Bitcoin will rise by 2019", REF: https://hackernoon.com/experts-forecast-bitcoin-will-rise-by-2019-f4af8807036b?gi=dfea3c30d6d8
  275. 2018-12: "... we’ll see the price rally reaching its all-time of high of around $20K before the end of 2018", Khaled Khorshid, Co-Founder at Treon ICO. See article: "Experts Forecast Bitcoin will rise by 2019", REF: https://hackernoon.com/experts-forecast-bitcoin-will-rise-by-2019-f4af8807036b?gi=dfea3c30d6d8
  276. 2018-12: Bitcoin will end 2018 at the price point of $50,000, Ran Neuner, host of CNBC’s show Cryptotrader and the 28th most influential Blockchain insider according to Richtopia,https://www.bitcoinprice.com/predictions/
  277. Plus a whole host of wrong 2019 predictions (could not be included here because of post character limit issues), so please see my earlier post from 4 days ago: Ummm, remember those "Expert" Bitcoin Price Predictions for 2019 ..... ohhhhh dear ....., https://www.reddit.com/Buttcoin/comments/eiqhq3/ummm_remember_those_expert_bitcoin_price/
.
But it's NOT all bad news, some claims and promises are yet to be determined:
  1. Never going below $3K again
  2. Never going below $2K again
  3. Never going below $1K again
  4. Any others ? Please let me know.
submitted by Crypto_To_The_Core to Buttcoin [link] [comments]

30+ Reasons Why Cryptocurrencies Are Worthless

1)It is possible to change the code through a miner vote or a fork and change the total supply or anything. DASH did it : they reduced the total supply from 84M to 18.9M a few years ago. They could also increase it to 999 Trillions if they wanted to so that millions of DASH are mined every week.

2)You can also fork bitcoin anytime , start over from 0 and claim it's the real bitcoin. (BCH , BSV , BTG , LTC , BCD etc)

3)Why would you pay $10,000 for a digital collectible unit called BTC when you can use BCH or TRX or LTC .. you name it. They work just as fine and cost less. There is no rarity like in gold.

4)Think of any amount you hold in ethereum as a gift card to use smart contracts on the ETH blockchain. Ridiculous. You’d rather hold a wal mart gift card or even simply cash.

5)Private keys may be bruteforced as we speak. Quintillions entries a second. When they’ll have enough bitcoins under control , they could move them all at once instantly.(At least 45,000 ETH have been stolen this way for now through ethereum bandit)SHA 256 is too old , bitcoin is 10 years old , it is not secure enough , quantum computing could potentially break it.

6)And that’s if people don’t find a way to create an infinite amount of coins to sell on exchanges.. it happened with monero , stellar , bitcoin , zcash , zcoin , eos , etc..

proofs :

“Bitcoin , Coindesk : “The Latest Bitcoin Bug Was So Bad, Developers Kept Its Full Details a Secret”an attacker could have actually used it to create new Bitcoin — above the 21 million hard-cap of coin creation — thereby inflating the supply and devaluing current bitcoins.”

Stellar : “Stellar Inflation: Glitch Leads to 2.25 Billion Extra XLM Printed”

Monero : “A bug in the Monero (XMR) wallet software that could enable fake deposits to exchanges has been recently brought to public attention through a Medium post”

Zcoin : Forged coins were created, but not exceeding 1% of the circulating supply. We will release further details on exact numbers when Sigma is released.

EOS : “Hackers Forge Billion EOS Coins to Steal Real Crypto From DEX “

Zcash : “Zcash Team Reveals It Fixed a Catastrophic Coin Counterfeiting Bug” etc..

7)Segwit , and especially Lightning network is a very complex technology and it will inevitably have flaws , bugs , it will be exploited and people will lose money. That alone can cause bitcoin to drop very low levels.

8)Then miners may be losing millions so they will stop mining , blocks may be so slow , almost no transaction will come though , and bitcoin may not have enough time to reach the next difficulty adjustement. This is reffered to as a death spiral. Then every crypto even those with no mining involved may crash hard.

9)Many crypto wallets are unsafe and have already caused people to lose all their investment , including the infamous “parity wallet”.

10)It is NOT trustless. you have to trust the wallet you’re using is not just generating an address controlled by the developper , you have to trust the node the wallet connects to is an honest node , you have to trust a Rogue state or organization with enough computing power will not 51% attack the network. etc..

11)Bitcoin is NOT deflationary. Bitcoins are created every blocks (roughly every 10 minutes) and you wil be dead by the time we reach the 21 million current hard cap.

12)Bitcoin price may artificially be inflated by Tether.

13)It’s an energy waste , an environmental catastrophy.

14)The only usecases are money laundering , tax evasion , gambling , buying on the dark net , evading sanctions and speculation.

15)Governments will ban it if it gets too big , and they have a big incentive to do so , not only for the obscure usecases but also because it threatens the stability of sovereign currencies. Trump could kill bitcoin with one tweet , force fiat exchanges to cease activity.

16)Most cryptos are scams , the rest are just crazy speculative casino investments.

17)It is pyramidal : early adopters intend to profit massively while last comers get crushed. That's not how money works. The overwhelming majority of crypto holders are buying it because they think they will be able to sell it to a higher price later. Money is supposed to be rather stable. That's why the best cryptocurrencies are USDT USDC etc..

18)The very few stores accepting bitcoin always have the real price in the local currency , not in bitcoin. And prices like 0.00456329 BTC are ridiculous !

19)About famous brokers listing bitcoin : they have to meet the demand in order to make money , it doesn't mean they approve it , some even short it (see interactive broker's CEO opinion on bitcoin)

20)People say cash is backed by nothing and losing value slowly , and yes it is very flawed , but there is a whole nation behind it , it's accepted everywhere , you can buy more things with it.

21)Everybody in crypto thinks that there will be a new bullrun and that then , they will sell. But because everybody thinks it will happen , it might not happen. The truth is past performance doesn’t indicate future performance and it is absolutely not guaranteed that there will ever be another bullrun. The markets are unpredictable.

22)Also BTC went from about $0.003 to the price it is today , so don’t think it’s cheap now.

23)There is no recourse if you’re scammed/hacked/made a mistake in the address etc. No chargebacks. But it might be possible to do a rollback (blockchain reorganization) to reverse some transactions. BSV did it.

24)In case of a financial crisis , the speculative assets would crash the most and bitcoin is far from being a non speculative safe heaven ; and governments might ban it to prevent fiat inflation to worsen.

25) Having to write down the private key somewhere or memorize it is a security flaw ! It’s insane to think a system like this will gain mass adoption.

26) The argument saying governments can not ban it because it is decentralized (like they banned drugs) doesn’t work for cryptos. First , drugs are much harder to find and much more expensive and unsafe because of the ban , and people are willing to take the risk because they like it. But if crypto is banned , value will drop too much , and if you can’t sell it for fiat without risking jail , goodluck to find a buyer. Fiat exchanges could close. Banks could terminate every crypto related bank account. And maybe then the mining death spiral would happen and kill all cryptos.

27) Crypto doesn’t exist. It’s like buying air. It’s just virtual collectibles generated by a code. Faguzzi, fugazzi, it’s a whazzie, it’s a whoozie.. it’s a.. fairy dust. It doesn’t exist. It’s never landed. It’s no matter, it’s not on the elemental chart. It… it’s not fucking real!

28) Most brilliant guys have come out and said Bitcoin was a scam or worthless. Including Bill Gates , Warren Buffet , The Wolf Of Wall Street…

29) Inflation is necessary for POW , BTC code will have to be changed to bypass the 21M cap or mining will die ! If BTC code is not changed to allow for miners to be paid reasonably , they will cease mining when the bitcoin block reward gets too low.Even monero understood it ,the code will have to be changed to allow for an infinite bitcoin supply (devaluating all current bitcoins) or the hash will decrease and the security of bitcoin will decrease dramatically and be 51% attacked

30) Don’t mix up blockchain and cryptos. Even blockchain is overrated. But when you hear this or that company is going blockchain , it doesn’t mean they support cryptocurrencies.

31) Craig Wright had a bitcoin mining company with Dave Kleinman (he died) and on january 1 2020 he claims he will be able to access the 1.1M BTC/BCH/BTG from the mining trust. He may or may not dump them on the market , he also said BTC had a fatal flaw and that by 2019 there will be no more BTC.

32) Hacks in cryptos are very common and usually massive. Billions of dollars in crypto have been stolen in the last 6 years. In may 2019 Binance was hacked and lost 7,000 BTC (and it’s far from being the biggest crypto hack).

33) Bitcoin was first. It's an ancient technology. Newer blockchains have privacy, smart contracts, distributed apps and more.Bitcoin is our future? Was the Model T the future of the automobile? (John Mc Afee)

34) IOTA investiguating stolen funds on mainnet. IOTA shuts down the whole network to deal with trinity wallet attack.

35) Compared to bitcoin other cryptos work just as fine and don't waste so much energy.

36 ) Everytime miners disagree on the updates it will create another version of bitcoin : problem of governance and legitimacy.

37) Cryptos are only legitimate if they act as a credit for a redeemable asset like USDT or gold backed coins.


While the native language of the writter is not english , I think you get the point and it doesn't make it any less relevant.
submitted by OverTheRedHills to u/OverTheRedHills [link] [comments]

KYC is absolutely not acceptable for MakerDAO!

I've heard that founder of MakerDAO is not strictly against KYC. I have a message to whole community and specifically to a founder of MakerDAO Rune Christensen. I will explain using concrete examples why having KYC in MakerDAO is a grave mistake and it will lead to MakerDAO fork.
Many people in the first world never actually understand why financial privacy and financial inclusion is important. Even people (in the first world) who seemingly supportive of such ideas are not able to provide any concrete examples of why it's actually important.
Unfortunately, I was born in a "wrong" country (Uzbekistan) and I experienced first hand what financial exclusion actually means. I know first hand that annoying feeling when you read polite, boilerplate rejection letter from financial institution based in first world. So I had to become practical libertarian. I'm going to give you concrete examples of financial discrimination against me. Then I'm going to explain fundamental reasons why it happens. And finally, I'm going to explain my vision for DAI.
Back in 2005, I lived in Uzbekistan. I had an idea to invest in US stocks. I was very naive and I didn't know anything about investing, compliance, bank transfers, KYC etc. All I knew is nice long term charts of US stocks and what P/E means. I didn't contact any US brokerage but I checked information about account opening and how to transfer money there. I approached local bank in Uzbekistan and asked how to transfer money to Bank of New York. Banker's face was like - WOW, WTF?!?! They asked me to go to private room to talk with senior manager. Senior manager of local bank in Uzbekistan asked me why I wanted to transfer money to US. They told me that it's absolutely impossible to transfer money to US/EU and pretty much anywhere. I approached nearly every local bank in the town and they told me the same.
In 2012, I already lived in Moscow and acquired Russian citizenship. I got back to my old idea - investing in US stocks. I called to many US brokerages and all of them politely rejected me. Usually when I called I asked them if I can open an account with them. They told me to hold on line. After long pause, I was able to speak with "senior" support who politely explain me that Russia in their list of restricted countries and they can't open an account for me. Finally, I was able to open an account with OptionsXpress. Next challenge was to convince local Russian bank to transfer money to US. Back then in 2012, I was able to get permission to do so. So you might say - is this happy end?
Fast forwarding US brokerage story to 2017, OptionsXpress was acquired by Charles Schwab. I was notified that my OptionsXpress account will be migrated to Charles Schwab platform. In 2017, I already lived in the Netherlands (but still having Russian citizenship). I wasn't happy with my stupid job in the Netherlands. I called Charles Schwab and asked if I quit my job in the Netherlands and have to return to Russia, what will happen with my account. Schwab told me that they will restrict my account, so I can't do anything except closing my account. So even if I was long term customer of OptionsXpress, Charles Schwab is not fully okay with me.
Going back to 2013, I still lived in Russia. I had another idea. What if I quit my job and build some SAAS platform (or whatever) and sell my stuff to US customers. So I need some website which accept US credit cards. I contacted my Russian bank (who previously allowed me to transfer money to OptionsXpress) about steps to make in order to accept US credit cards in Russia. I've been told explicitly in email that they won't allow me to accept US credit cards under any circumstances.
Back then I still believed in "the free west". So I thought - no problem, I will just open bank account abroad and do all operations from my foreign account. I planned vacation in Hong Kong. And Hong Kong is freest economy in the world. Looks like it's right place to open bank account. I contacted HSBC Hong Kong via email. Their general support assured me that I can open bank account with them if I'm foreigner. I flew to Hong Kong for vacation and visited HSBC branch. Of course, they rejected me. But they recommended me to visit last floor in their HQ building, they told me that another HSBC branch specializes on opening bank accounts for foreigners. I went there and they said minimum amount to open bank account is 10 mil HKD (1.27 mil USD). Later I learned that it's called private banking.
When I relocated to the Netherlands, I asked ABN Amro staff - what's happen with my bank account if I quit/lose my job in the Netherlands and have to return back to Russia. I've been told that I can't have my dutch bank account if I go back to Russia even if I already used their bank for 2+ years.
I still had idea that I would like to quit my job and do something for myself. The problem is that I'm Russian citizen and I don't have any residency which is independent from my employment. So if I quit my job in the Netherlands, I have to return back to Russia. I wanted to see how I would get payments from US/EU customers. I found Stripe Atlas, it's so exciting, they help you to incorporate in US, and even help with banking, all process of receiving credit card payments is very smooth. But as usual in my case, there is a catch - Russia in their list of restricted countries.
Speaking of centralized compliance-friendly (e.g. KYC) crypto exchanges. This year I live and work in Hong Kong. Earlier this year, I thought it would be nice to have an account at local crypto exchange in Hong Kong so I can quickly transfer money from my bank account in Hong Kong to crypto exchange using FPS (local payment system for fast bank transfers). What could go wrong? After all Hong Kong is freest economy in the world, right? I submitted KYC documents to crypto exchange called Weever including copy of my Hong Kong ID as they requested. They very quickly responded that they need copy of my passport as well. I submitted copy of my Russian passport. This time they got silent. After a few days, they sent me email saying that Russia is on the US Office of Foreign Assets Control sanction list, so they just require me to fill a form about source of the funds. I told them that the source of my funds is salary, my Hong Kong bank can confirm that along with my employment contract. They got very silent after I sent them a filled form. After a week of silence I asked them - when my account get approved? They said that their compliance office will review my application soon. And they got very silent again. I waited for two or three weeks. Then I asked them again. And I immediately got email with title - Rejection for Weever Account Opening. And text of email was:
We are sorry to inform you that Weever may not be able to accept your account opening application at this stage.
Exactly the same situation I had with one crypto exchange in Europe back in 2017. Luckily I have accounts at other crypto exchanges including Gemini, one of most compliance obsessed exchange in the world. Although I don't keep my money there because I can't trust them, who knows what might come into head of their compliance officer one sunny day.
By the way, I'm living and working outside of Russia for quite a few years. The situation with crypto exchanges is much worse for those who still living in Russia.
I give you a few other examples of financial discrimination is not related to troubles with my Russian citizenship.
Back in 2018, I still lived in the Netherlands. I logged in into my brokerage account just to buy US ETFs as I always do - SPY and QQQ. I placed my order and it failed to fill. I thought it's just a technical problem with my brokerage account. After a few failed attempts to send buy orders for SPY and QQQ, I contacted their support. What they told me was shocking and completely unexpected. They said I'm not permitted to buy US ETFs anymore as EU resident because EU passed a law to protect retail investors. So as a EU resident I'm allowed to be exposed to more risk by buying individual US stocks but I'm not allowed to reduce my risk by buying SPY because ... EU wants to protect me. I felt final result of new law. By the way, on paper their law looks fine.
And the final example. It's a known fact that US public market become less attractive in recent decades. Due to heavy regulatory burden companies prefer to go public very late. So if successful unicorn startup grows from its inception/genesis to late adoption, company's valuation would be 3-5 orders of orders of magnitude. For example, if valuation of successful company at inception is 1 Mil USD, then at its very latest stage it's valuation would be 10 Bil USD. So we have 10'000 times of growth. In the best case scenario, company would go public at 1 Bil USD 5-10 years before reaching its peak 10 Bil USD. So investors in private equity could enjoy 1000 fold growth and just leave for public only last 10 fold growth stretched in time. In the worst case scenario, company would go public at 10 Bil USD, i.e. at its historical peak. But there are well known platforms to buy shares of private companies, one of such platforms is Forge Global. You can buy shares of almost all blue chip startups. You can even invest in SpaceX! But as always, there is a catch - US government wants to protect not just US citizens but all people in the world (sounds ridiculous, right?). US law requires you to have 1 Mil USD net worth or 200'000 USD annual income if you want to buy shares of non-public company. So if you are high-net worth individual you can be called "accredited investor". Funny thing is that the law intends to protect US citizens but even if you are not US citizen and never even lived in US, this law is still applies to you in practice. So if you are "poor loser", platforms like Forge Global will reject you.
So high-net worth individuals have access and opportunity to Bitcoin-style multi-magnitude growth every 5-10 years. Contrary to private equity markets, US public markets is low risk/low return type of market. If you have small amount of capital, it's just glorified way to protect yourself from inflation plus some little return on top. It's not bad, US public market is a still great way to store your wealth. But I'm deeply convinced that for small capital you must seek fundamentally different type of market - high risk/high return. It's just historical luck that Bitcoin/Ethereum/etc were available for general public from day one. But in reality, viral/exponential growth is happening quite often. It's just you don't have access to such type of markets due to regulatory reasons.
I intentionally described these examples of financial discrimination in full details as I experienced them because I do feel that vast majority of people in the first world honestly think that current financial system works just fine and only criminals and terrorists are banned. In reality that's not true at all. 99.999% of innocent people are completely cut off from modern financial system in the name of fighting against money laundering.
Here is a big picture why it's happening. There are rich countries (so called western world) and poor countries (so called third world). Financial wall is carefully built by two sides. Authoritarian leaders of poor countries almost always want full control over their population, they don't like market economy, and since market forces don't value their crappy legal system (because it works only for close friends of authoritarian leader) they must implement strict capital control. Otherwise, all capital will run away from their country because nobody really respects their crappy legal system. It only has value under heavy gun of government. Only friends of authoritarian leader can move their money out of country but not you.
Leaders of rich countries want to protect their economy from "dirty money" coming from third world. Since citizens of poor countries never vote for leaders of rich countries nobody really cares if rich country just ban everyone from poor country. It's the most lazy way to fight against money laundering - simply ban everyone from certain country.
Actually if you look deeper you will see that rich countries very rarely directly ban ordinary people from third world. Usually, there is no such law which doesn't allow me to open bank account somewhere in Europe as non-EU resident. What's really happens is that US/EU government implement very harsh penalties for financial institutions if anything ever goes wrong.
So what's actually happens is that financial institutions (banks, brokerages etc) do de-risking. This is the most important word you must know about traditional financial system!
So if you have wrong passport, financial institution (for example) bank from rich country just doesn't want to take any risks dealing with you even if you are willing to provide full documentation about your finances. It's well known fact that banks in Hong Kong, Europe, US like to unexpectedly shutdown accounts of thousands innocent businesses due to de-risking.
So it's actually de-risking is the real reason why I was rejected so many times by financial institutions in the first world!!! It's de-risking actually responsible for banning 99.999% of innocent people. So governments of rich democratic countries formally have clean hands because they are not banning ordinary people from third world directly. All dirty job is done by financial institutions but governments are well aware of that, it's just more convenient way to discriminate. And nobody actually cares! Ordinary citizens in rich countries are never exposed to such problems and they really don't care about people in third world, after all they are not citizens of US/EU/UK/CH/CA/HK/SG/JP/AU/NZ.
And now are you ready for the most hilarious part? If you are big corrupt bureaucrat from Russia you are actually welcome by the first world financial institutions! All Russian's junta keep their stolen money all across Europe and even in US. You might wonder how this is possible if the western financial system is so aggressive in de-risking.
Here is a simple equation which financial institution should solve when they decide whether to open an account for you or not:
Y - R = net profit
Where:
Y - how much profit they can make with you;
R - how much regulatory risk they take while working with you;
That's it! It's very simple equation. So if you are really big junta member from Russia you are actually welcome according to this equation. Banks have special name for serving (ultra) high-net worth individuals, it's called private banking. It's has nothing to do with the fact that bank is private. It's just fancy name for banking for rich.
So what's usually happen in real world. Some Estonian or Danish bank got caught with large scale money laundering from Russia. European leaders are ashamed in front of their voters. They implement new super harsh law against money laundering to keep their voters happy. Voters are ordinary people, they don't care about details of new regulations. So banks get scared and abruptly shutdown ALL accounts of Russian customers. And European voters are happy.
Modern money laundering laws are like shooting mouse in your house using bazooka! It's very efficient to kill mouse, right?
Now imagine world without financial borders. It's hard to do so because we are all get so used to current status quo of traditional financial system. But with additional effort you can start asking questions - if Internet economy is so global and it doesn't really matter where HQ of startup is located, why they are all concentrated in just a few tiny places like Silicon Valley and ... well, that's mostly it if you count the biggest unicorns!
Another question would be - why so many talented russian, indian, chinese programmers just go to the same places like San Francisco, London and make super rich companies like Amazon, Google, Facebook, Apple to get even richer? If all you need is laptop and access to internet, why you don't see any trade happening between first and third world?
Well actually there is a trade between first and third world but it's not exactly what I want to see. Usually third world countries sell their natural resources through giant corporations to the first world.
So it's possible to get access to the first world market from third world but this access usually granted only to big and established companies (and usually it means not innovative).
Unicorns are created through massive parallel experiment. Every week bunch of new startups are created in Silicon Valley. Thousands and thousands startups are created in Silicon Valley with almost instant access to global market. Just by law of large numbers you have a very few of them who later become unicorns and dominate the world.
But if you have wrong passport and you are located in "wrong" country where every attempt to access global market is very costly, then you most likely not to start innovative startup in the first place. In the best case scenario, you just create either local business or just local copy-paste startup (copied from the west) oriented on (relatively small) domestic market. Obviously in such setup it's predictable that places like Silicon Valley will have giant advantage and as a result all unicorns get concentrated in just a few tiny places.
In the world without financial barriers there will be much smaller gap between rich and poor countries. With low barrier of entry, it won't be a game when winner takes all.
Whole architecture of decentralized cryptocurrencies is intended to remove middle man and make transactions permissionless. Governments are inherently opposite to that, they are centralized and permissioned. Therefore, decentralized cryptocurrencies are fundamentally incompatible with traditional financial system which is full of middle mans and regulations (i.e. permissions).
Real value of crypto are coming from third world, not the first world. People are buying crypto in rich countries just want to invest. Their financial system and their fiat money are more or less already working for them. So there is no immediate urgency to get rid of fiat money in the first world. So the first world citizens buying crypto on centralized KYCd exchanges are essentially making side bet on the success of crypto in third world.
Real and natural environment of cryptocurrencies is actually dark OTC market in places like Venezuela and China.
But cryptocurrencies like Bitcoin and Ethereum have a big limitation to wide adoption in third world - high volatility.
So the real target audience is oppressed (both by their own government and by first world governments) ordinary citizens of third world countries yet they are least who can afford to take burden of high volatility.
Right now, Tether is a big thing for dark markets across the world (by the way, dark market doesn't automatically imply bad!). But Tether soon or later be smashed by US/EU regulators.
The only real and working permissionless stable cryptocurrency (avoiding hyped word - stablecoin) is DAI.
DAI is the currency for post-Tether world to lead dark OTC market around the world and subvert fiat currencies of oppressive third world governments.
Once DAI become de-facto widespread currency in shadow economy in all of third world, then it will be accepted (after many huge push backs from governments) as a new reality. I'm talking about 10-20+ years time horizon.
But if MakerDAO chooses the route of being compliance friendly then DAI will lose its real target audience (i.e. third world).
I can not imagine US/EU calmly tolerate someone buying US stocks and using as a collateral to issue another security (i.e. DAI) which is going to be traded somewhere in Venezuela! You can not be compliance friendly and serve people in Venezuela.
Facebook's Libra was stupidest thing I've seen. It's extremely stupid to ask permission from the first world regulators to serve third world and create borderless economy. Another stupid thing is to please third world governments as well. For example, Libra (if ever run) will not serve Indian, Chinese, Venezuelan people. Who is then going to use stupid Libra? Hipsters in Silicon Valley? Why? US dollars are good enough already.
submitted by omgcoin to MakerDAO [link] [comments]

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BITCOIN EXPLODING!!! NEW ALL TIME HIGH THIS MONTH!? SECRET ...

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