You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments. It all started with the release of the release of Satoshi Nakamoto's whitepaper however that will probably go over the head of most readers so we recommend the following videos for a good starting point for understanding how bitcoin works and a little about its long term potential:
Limited Supply - There will only ever be 21,000,000 bitcoins created and they are issued in a predictable fashion, you can view the inflation schedule here. Once they are all issued Bitcoin will be truly deflationary. The halving countdown can be found here.
Open source - Bitcoin code is fully auditable. You can read the source code yourself here.
Accountable - The public ledger is transparent, all transactions are seen by everyone.
Decentralized - Bitcoin is globally distributed across thousands of nodes with no single point of failure and as such can't be shut down similar to how Bittorrent works. You can even run a node on a Raspberry Pi.
Censorship resistant - No one can prevent you from interacting with the bitcoin network and no one can censor, alter or block transactions that they disagree with, see Operation Chokepoint.
Push system - There are no chargebacks in bitcoin because only the person who owns the address where the bitcoins reside has the authority to move them.
Low fee scaling - On chain transaction fees depend on network demand and how much priority you wish to assign to the transaction. Most wallets calculate on chain fees automatically but you can view current fees here and mempool activity here. On chain fees may rise occasionally due to network demand, however instant micropayments that do not require confirmations are happening via the Lightning Network, a second layer scaling solution currently rolling out on the Bitcoin mainnet.
Borderless - No country can stop it from going in/out, even in areas currently unserved by traditional banking as the ledger is globally distributed.
Portable - Bitcoins are digital so they are easier to move than cash or gold. They can even be transported by simply memorizing a string of words for wallet recovery (while cool this method is generally not recommended due to potential for insecure key generation by inexperienced users. Hardware wallets are the preferred method for new users due to ease of use and additional security).
Bitcoin.org and BuyBitcoinWorldwide.com are helpful sites for beginners. You can buy or sell any amount of bitcoin (even just a few dollars worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also check out the bitcoinity exchange resources for a larger list of options for purchases.
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Bitwage. Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".
Securing your bitcoins
With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
If you prefer to "Be your own bank" and have direct control over your coins without having to use a trusted third party, then you will need to create your own wallet and keep it secure. If you want easy and secure storage without having to learn computer security best practices, then a hardware wallet such as the Trezor, Ledger or ColdCard is recommended. Alternatively there are many software wallet options to choose from here depending on your use case.
If you prefer to let third party "Bitcoin banks" manage your coins, try Gemini but be aware you may not be in control of your private keys in which case you would have to ask permission to access your funds and be exposed to third party risk.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email! 2FA requires a second confirmation code to access your account making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
As mentioned above, Bitcoin is decentralized, which by definition means there is no official website or Twitter handle or spokesperson or CEO. However, all money attracts thieves. This combination unfortunately results in scammers running official sounding names or pretending to be an authority on YouTube or social media. Many scammers throughout the years have claimed to be the inventor of Bitcoin. Websites like bitcoin(dot)com and the btc subreddit are active scams. Almost all altcoins (shitcoins) are marketed heavily with big promises but are really just designed to separate you from your bitcoin. So be careful: any resource, including all linked in this document, may in the future turn evil. Don't trust, verify. Also as they say in our community "Not your keys, not your coins".
Where can I spend bitcoins?
Check out spendabit or bitcoin directory for millions of merchant options. Also you can spend bitcoin anywhere visa is accepted with bitcoin debit cards such as the CashApp card. Some other useful site are listed below.
Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out. If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. If you would prefer to keep it simple there are several good options. You can view the global node distribution here.
Just like any other form of money, you can also earn bitcoins by being paid to do a job.
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins.
The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
one bitcoin is equal to 100 million satoshis
1,000 per bitcoin
used as default unit in recent Electrum wallet releases
1,000,000 per bitcoin
colloquial "slang" term for microbitcoin (μBTC)
100,000,000 per bitcoin
smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $10000 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki. Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit. Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval. Welcome to the Bitcoin community and the new decentralized economy!
The European Central Bank (ECB) doubled down on its dismissive stance on bitcoin (BTC) July 9, refusing to recognize it as currency in a Q&A session. “Bitcoin is not a currency, it rather is an asset and it is very volatile,” officials wrote quoting chief economist, Philip Lane. In May this year, a report dubbed “Crypto-Assets: Implications for financial stability, monetary policy, and payments and market infrastructures” concluded the entire phenomenon had little impact on the traditional economy. Previously, the European Union’s reserve bank had also come out bearish on the idea of issuing a digital currency of its own, in contrast to noises now coming from China and several other states.
Cybersecurity researchers have revealed eye-opening details about a widespread Android malware campaign wherein attackers silently replaced installed legitimate apps with their malicious versions on nearly 25 million mobile phones. According to researchers at Check Point, attackers are distributing a new kind of Android malware that disguises itself as innocent-looking photo editing, adult entertainment, or gaming apps and available through widely used third-party app stores. Dubbed Agent Smith, the malware takes advantage of multiple Android vulnerabilities, such as the Janus flaw and the Man-in-the-Disk flaw, and injects malicious code into the APK files of targeted apps installed on a compromised device and then automatically re-install/updates them without the victims' knowledge or interaction. Researchers initially encountered the Agent Smith malware in early 2019, which was primarily being found targeting Android devices in India (with 15 million infected devices) and other nearby Asian countries like Pakistan, Bangladesh, Indonesia, and Nepal.
Donald J. Trump tweeted Thursday that he is “not a fan” of cryptocurrencies, saying they were “not money” and referencing their price volatility relative to the dollar in his first public comments on crypto since becoming president of the United States. In his tweets Thursday, Trump took aim at the potential for using cryptocurrencies in illegal activities, citing drug trafficking in particular. “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity,” he said.
Tyler and Cameron Winklevoss, co-founders of the New York-based crypto exchange Gemini, may soon join the Libra Association, the consortium governing Facebook’s proposed cryptocurrency. Joining Libra might be a surprise move to some, considering the Winklevoss brothers’ legendary fight over control of Facebook with its CEO Mark Zuckerberg, their former Harvard classmate. But they now want to be “frenemies” with a mutual goal of promoting mainstream crypto adoption. Plus, the twins are aiming to diversify Gemini’s token offerings by 2020. They recently applied for a broker-dealer license through the Financial Industry Regulatory Authority, which would allow Gemini to list digital securities. So far, only one crypto exchange, Coinbase, has joined the Libra Association, whose ranks also include traditional financial players such as PayPal, Visa and Mastercard and VC firms such as Union Square Ventures and Andreessen Horowitz. (Crypto custodian Xapo is also a member.)
Bitcoin (BTC) bolstered its already bullish technical setup with a move above $13,000 on Wednesday. The top cryptocurrency by market capitalization rose to $13,154 in the Asian trading hours, the highest level since June 27, according to Bitstamp data. With the move to two-week highs, BTC has recovered 85 percent of the sell-off from $13,880 to $9,614 seen in seven days to July 2.
Have anything to say? Make sure to leave your comment in the comments section down below!
The Great Bitcoin Bull Market Of 2017 by Trace Mayer
By: Trace Mayer, host of The Bitcoin Knowledge Podcast. Originally posted here with images and Youtube videos. I just got back from a two week vacation without Internet as I was scouring some archeological ruins. I hardly thought about Bitcoin at all because there were so many other interesting things and it would be there when I got back. Jimmy Song suggested I do an article on the current state of Bitcoin. A great suggestion but he is really smart (he worked on Armory after all!) so I better be thorough and accurate! Therefore, this article will be pretty lengthy and meticulous. BACKGROUND As I completely expected, the 2X movement from the New York Agreement that was supposed to happen during the middle of my vacation flopped on its face because Jeff Garzik was driving the clown car with passengers willfully inside like Coinbase, Blockchain.info, Bitgo and Xapo and there were here massive bugS and in the code and miners like Bitmain did not want to allocate $150-350m to get it over the difficulty adjustments. I am very disappointed in their lack of integrity with putting their money where their mouths are; myself and many others wanted to sell a lot of B2X for BTC! On 7 December 2015, with Bitcoin trading at US$388.40, I wrote The Rise of the Fourth Great Bitcoin Bubble. On 4 December 2016, with Bitcoin trading at US$762.97, I did this interview:
As of 26 November 2017, Bitcoin is trading around US$9,250.00. That is an increase of about 2,400% since I wrote the article prognosticating this fourth great Bitcoin bull market. I sure like being right, like usual (19 Dec 2011, 1 Jul 2013), especially when there are financial and economic consequences. With such massive gains in such a short period of time the speculative question becomes: Buy, Hold or Sell? FUNDAMENTALS Bitcoin is the decentralized censorship-resistant Internet Protocol for transferring value over a communications channel. The Bitcoin network can use traditional Internet infrastructure. However, it is even more resilient because it has custom infrastructure including, thanks to Bitcoin Core developer Matt Corrallo, the FIBRE network and, thanks to Blockstream, satellites which reduce the cost of running a full-node anywhere in the world to essentially nothing in terms of money or privacy. Transactions can be cheaply broadcast via SMS messages. SECURITY The Bitcoin network has a difficulty of 1,347,001,430,559 which suggests about 9,642,211 TH/s of custom ASIC hardware deployed. At a retail price of approximately US$105/THs that implies about $650m of custom ASIC hardware deployed (35% discount applied). This custom hardware consumes approximately 30 TWh per year. That could power about 2.8m US households or the entire country of Morocco which has a population of 33.85m. This Bitcoin mining generates approximately 12.5 bitcoins every 10 minutes or approximately 1,800 per day worth approximately US$16,650,000. Bitcoin currently has a market capitalization greater than $150B which puts it solidly in the top-30 of M1 money stock countries and a 200 day moving average of about $65B which is increasing about $500m per day. Average daily volumes for Bitcoin is around US$5B. That means multi-million dollar positions can be moved into and out of very easily with minimal slippage. When my friend Andreas Antonopolous was unable to give his talk at a CRYPSA event I was invited to fill in and delivered this presentation, impromptu, on the Seven Network Effects of Bitcoin. These seven network effects of Bitcoin are (1) Speculation, (2) Merchants, (3) Consumers, (4) Security [miners], (5) Developers, (6) Financialization and (7) Settlement Currency are all taking root at the same time and in an incredibly intertwined way. With only the first network effect starting to take significant root; Bitcoin is no longer a little experiment of magic Internet money anymore. Bitcoin is monster growing at a tremendous rate!!
SPECULATION For the Bitcoin price to remain at $9,250 it requires approximately US$16,650,000 per day of capital inflow from new hodlers. Bitcoin is both a Giffen good and a Veblen good. A Giffen good is a product that people consume more of as the price rises and vice versa — seemingly in violation of basic laws of demand in microeconomics such as with substitute goods and the income effect. Veblen goods are types of luxury goods for which the quantity demanded increases as the price increases in an apparent contradiction of the law of demand. There are approximately 16.5m bitcoins of which ~4m are lost, ~4-6m are in deep cold storage, ~4m are in cold storage and ~2-4m are salable. (http://www.runtogold.com/images/lost-bitcoins-1.jpg) (http://www.runtogold.com/images/lost-bitcoins-2.jpg) And forks like BCash (BCH) should not be scary but instead be looked upon as an opportunity to take more territory on the Bitcoin blockchain by trading the forks for real bitcoins which dries up more salable supply by moving it, likely, into deep cold storage. According to Wikipedia, there are approximately 15.4m millionaires in the United States and about 12m HNWIs ($30m+ net worth) in the world. In other words, if every HNWI in the world wanted to own an entire bitcoin as a 'risk-free asset' that cannot be confiscated, seized or have the balance other wise altered then they could not. For wise portfolio management, these HNWIs should have at least about 2-5% in gold and 0.5-1% in bitcoin. Why? Perhaps some of the 60+ Saudis with 1,700 frozen bank accounts and about $800B of assets being targetted might be able to explain it to you. In other words, everyone loves to chase the rabbit and once they catch it then know that it will not get away. RETAIL There are approximately 150+ significant Bitcoin exchanges worldwide. Kraken, according to the CEO, was adding about 6,000 new funded accounts per day in July 2017. Supposedly, Coinbase is currently adding about 75,000 new accounts per day. Based on some trade secret analytics I have access to; I would estimate Coinbase is adding approximately 17,500 new accounts per day that purchase at least US$100 of Bitcoin. If we assume Coinbase accounts for 8% of new global Bitcoin users who purchase at least $100 of bitcoins (just pulled out of thin error and likely very conservative as the actual number is perhaps around 2%) then that is approximately $21,875,000 of new capital coming into Bitcoin every single day just from retail demand from 218,750 total new accounts. What I have found is that most new users start off buying US$100-500 and then after 3-4 months months they ramp up their capital allocation to $5,000+ if they have the funds available. After all, it takes some time and practical experience to learn how to safely secure one's private keys. To do so, I highly recommendBitcoin Core (network consensus and full validation of the blockchain), Armory (private key management), Glacier Protocol (operational procedures) and a Puri.sm laptop (secure non-specialized hardware). WALL STREET There has been no solution for large financial fiduciaries to invest in Bitcoin. This changed November 2017. LedgerX, whose CEO I interviewed 23 March 2013, began trading as a CFTC regulated Swap Execution Facility and Derivatives Clearing Organization. The CME Group announced they will begin trading in Q4 2017 Bitcoin futures. The CBOE announced they will begin trading Bitcoin futures soon. By analogy, these institutional products are like connecting a major metropolis's water system (US$90.4T and US$2 quadrillion) via a nanoscopic shunt to a tiny blueberry ($150B) that is infinitely expandable. This price discovery could be the most wild thing anyone has ever experienced in financial markets. THE GREAT CREDIT CONTRACTION The same week Bitcoin was released I published my book The Great Credit Contraction and asserted it had now begun and capital would burrow down the liquidity pyramid into safer and more liquid assets. (http://www.runtogold.com/images/Great-Credit-Contraction-Liquidity-Pyramid.jpg) Thus, the critical question becomes: Is Bitcoin a possible solution to the Great Credit Contraction by becoming the safest and most liquid asset? BITCOIN'S RISK PROFILE At all times and in all circumstances gold remains money but, of course, there is always exchange rate risk due to price ratios constantly fluctuating. If the metal is held with a third-party in allocated-allocated storage (safest possible) then there is performance risk (Morgan Stanley gold storage lawsuit). But, if properly held then, there should be no counter-party risk which requires the financial ability of a third-party to perform like with a bank account deposit. And, since gold exists at a single point in space and time therefore it is subject to confiscation or seizure risk. Bitcoin is a completely new asset type. As such, the storage container is nearly empty with only $150B. And every Bitcoin transaction effectively melts down every BTC and recasts it; thus ensuring with 100% accuracy the quantity and quality of the bitcoins. If the transaction is not on the blockchain then it did not happen. This is the strictest regulation possible; by math and cryptography! This new immutable asset, if properly secured, is subject only to exchange rate risk. There does exist the possibility that a software bug may exist that could shut down the network, like what has happened with Ethereum, but the probability is almost nil and getting lower everyday it does not happen. Thus, Bitcoin arguably has a lower risk profile than even gold and is the only blockchain to achieve security, scalability and liquidity. To remain decentralized, censorship-resistant and immutable requires scalability so as many users as possible can run full-nodes. (http://www.runtogold.com/images/ethereum-bitcoin-scability-nov-2017.png) TRANSACTIONS Some people, probably mostly those shilling alt-coins, think Bitcoin has a scalability problem that is so serious it requires a crude hard fork to solve. On the other side of the debate, the Internet protocol and blockchain geniuses assert the scalability issues can, like other Internet Protocols have done, be solved in different layers which are now possible because of Segregated Witness which was activated in August 2017. Whose code do you want to run: the JV benchwarmers or the championship Chicago Bulls? As transaction fees rise, certain use cases of the Bitcoin blockchain are priced out of the market. And as the fees fall then they are economical again. Additionally, as transaction fees rise, certain UTXOs are no longer economically usable thus destroying part of the money supply until fees decline and UTXOs become economical to move. There are approximately 275,000-350,000 transactions per day with transaction fees currently about $2m/day and the 200 DMA is around $1.08m/day. (http://www.runtogold.com/images/bitcoin-transaction-fees-nov-2017.png) What I like about transaction fees is that they somewhat reveal the financial health of the network. The security of the Bitcoin network results from the miners creating solutions to proof of work problems in the Bitcoin protocol and being rewarded from the (1) coinbase reward which is a form of inflation and (2) transaction fees which is a form of usage fee. The higher the transaction fees then the greater implied value the Bitcoin network provides because users are willing to pay more for it. I am highly skeptical of blockchains which have very low transaction fees. By Internet bubble analogy, Pets.com may have millions of page views but I am more interested in EBITDA. DEVELOPERS Bitcoin and blockchain programming is not an easy skill to acquire and master. Most developers who have the skill are also financially independent now and can work on whatever they want. The best of the best work through the Bitcoin Core process. After all, if you are a world class mountain climber then you do not hang out in the MacDonalds play pen but instead climb Mount Everest because that is where the challenge is. However, there are many talented developers who work in other areas besides the protocol. Wallet maintainers, exchange operators, payment processors, etc. all need competent developers to help build their businesses. Consequently, there is a huge shortage of competent developers. This is probably the largest single scalability constraint for the ecosystem. Nevertheless, the Bitcoin ecosystem is healthier than ever before. (http://www.runtogold.com/images/bitcoin-ecosystem.jpg)(/images/bitcoin-ecosystem-small.jpg) SETTLEMENT CURRENCY There are no significant global reserve settlement currency use cases for Bitcoin yet. Perhaps the closest is Blockstream's Strong Federations via Liquid. PRICE There is a tremendous amount of disagreement in the marketplace about the value proposition of Bitcoin. Price discovery for this asset will be intense and likely take many cycles of which this is the fourth. Since the supply is known the exchange rate of Bitcoins is composed of (1) transactional demand and (2) speculative demand. Interestingly, the price elasticity of demand for the transactional demand component is irrelevant to the price. This makes for very interesting dynamics! (http://www.runtogold.com/images/bitcoin-speculation.jpg) On 4 May 2017, Lightspeed Venture Partners partner Jeremy Liew who was among the early Facebook investors and the first Snapchat investor laid out their case for bitcoin exploding to $500,000 by 2030. On 2 November 2017, Goldman Sachs CEO Lloyd Blankfein (https://www.bloomberg.com/news/articles/2017-11-02/blankfein-says-don-t-dismiss-bitcoin-while-still-pondering-value)said, "Now we have paper that is just backed by fiat...Maybe in the new world, something gets backed by consensus." On 12 Sep 2017, JP Morgan CEO called Bitcoin a 'fraud' but conceded that "(http://fortune.com/2017/09/12/jamie-dimon-bitcoin-cryptocurrency-fraud-buy/)Bitcoin could reach $100,000". Thus, it is no surprise that the Bitcoin chart looks like a ferret on meth when there are such widely varying opinions on its value proposition. I have been around this space for a long time. In my opinion, those who scoffed at the thought of $1 BTC, $10 BTC (Professor Bitcorn!), $100 BTC, $1,000 BTC are scoffing at $10,000 BTC and will scoff at $100,000 BTC, $1,000,000 BTC and even $10,000,000 BTC. Interestingly, the people who understand it the best seem to think its financial dominance is destiny. Meanwhile, those who understand it the least make emotionally charged, intellectually incoherent bearish arguments. A tremendous example of worldwide cognitive dissonance with regards to sound money, technology and the role or power of the State. Consequently, I like looking at the 200 day moving average to filter out the daily noise and see the long-term trend. (http://www.runtogold.com/images/bitcoin-price-200dma-nov-2017.png) Well, that chart of the long-term trend is pretty obvious and hard to dispute. Bitcoin is in a massive secular bull market. The 200 day moving average is around $4,001 and rising about $30 per day. So, what do some proforma situations look like where Bitcoin may be undervalued, average valued and overvalued? No, these are not prognostications. (http://www.runtogold.com/images/bitcoin-price-pro-forma.png) Maybe Jamie Dimon is not so off his rocker after all with a $100,000 price prediction. We are in a very unique period of human history where the collective globe is rethinking what money is and Bitcoin is in the ring battling for complete domination. Is or will it be fit for purpose? As I have said many times before, if Bitcoin is fit for this purpose then this is the largest wealth transfer in the history of the world. CONCLUSION Well, this has been a brief analysis of where I think Bitcoin is at the end of November 2017. The seven network effects are taking root extremely fast and exponentially reinforcing each other. The technological dominance of Bitcoin is unrivaled. The world is rethinking what money is. Even CEOs of the largest banks and partners of the largest VC funds are honing in on Bitcoin's beacon. While no one has a crystal ball; when I look in mine I see Bitcoin's future being very bright. Currently, almost everyone who has bought Bitcoin and hodled is sitting on unrealized gains as measured in fiat currency. That is, after all, what uncharted territory with daily all-time highs do! But perhaps there is a larger lesson to be learned here. Riches are getting increasingly slippery because no one has a reliable defined tool to measure them with. Times like these require incredible amounts of humility and intelligence guided by macro instincts. Perhaps everyone should start keeping books in three numéraires: USD, gold and Bitcoin. Both gold and Bitcoin have never been worth nothing. But USD is a fiat currency and there are thousands of those in the fiat currency graveyard. How low can the world reserve currency go? After all, what is the risk-free asset? And, whatever it is, in The Great Credit Contraction you want it! What do you think? Disagree with some of my arguments or assertions? Please, eviscerate them on Twitter or in the comments!
Startup Raises $4 Million to Secure Crypto Transactions Without an Internet Connection
Thieves can frequently steal cryptocurrency because the underlying technology for digital currency requires the Internet for tracking transactions—and nearly anything online can be hacked. Even so-called cold storage wallets, which store currencies like Bitcoin on unconnected physical devices, are vulnerable because users must briefly use the web to access their digital money. In response to this problem, an Israeli startup called GK8 promises to offer a way for crypto exchanges, hedge funds, and other institutions a record of digital currency transactions without an Internet connection. On Wednesday, the company said that it had raised $4 million from investors including the founder of the cybersecurity giant Checkpoint. GK8 was launched in 2018 by two members of a special defense unit that guards Israel’s digital assets. The startup also counts Eran Trofer, a noted cryptography expert and the founder of the digital currency ZCash, as a board member. In an interview with Fortune, CEO Lior Lamesh described GK8’s technology as “ledger agnostic,” meaning it can be used for Bitcoin and other cryptocurrencies. GK8’s customers include the stock buying app eToro, which offers trading a number of cryptocurrencies, as well as banks and exchanges, he added. Lamesh says G8K can record transactions to a blockchain—public online ledgers used to memorialize transactions—while offline by using a “unidirectional connection.” That means data can be uploaded without exposing the crypto owner to the broader Internet. The company has filed several patent applications for the security system, one of which describes “unidirectional communication hardware” and a digital wallet isolated from other devices. “The product is unique in communicating with blockchain to manage large amounts of money,” said Lamesh. “The current cold wallet solutions try to decentralize the problem but don’t solve it.” G8K’s formal launch comes at a time when crypto theft is as prevalent as ever. A recent U.N. report disclosed that North Korea made concerted attacks on crypto exchanges as part of a campaign in which its hackers stole over $2 billion to fund the country’s military activities. Meanwhile, the business for “crypto custody”—storing Bitcoin and other digital assets for a fee—is booming. The U.S. crypto giant Coinbase has vastly expanded its custody business in the last year, while Gemini, the crypto service founded by the Winklevoss twins, this month launched a custody service of its own. * More Details Here
A Cryptocurrency Custody Battle Is A-Brewing—The Ledger
Talk about a custody battle. A slew of startups and established financial giants are vying to become the trusted vault for cryptocurrency investors’ wealth, a potentially lucrative business that could greatly boost the market for digital assets. A glimpse of the fight: After months of rumors, Coinbase officially acquired Xapo, the cryptocurrency custody business known for hoarding Bitcoin in a Swiss mountain. My colleague Jeff Roberts broke news of the $55 million deal last week. Apparently, Coinbase outbid Fidelity, the decades-old financial giant, which has lately been busy getting its own cryptocurrency custody business off the ground. At least one competitor saw fit to tamp down Coinbase’s triumph. BitGo, an early cryptocurrency custody provider, claimed in a blog post that it has been receiving calls from Xapo customers who are worried about the transfer. “The clients calling us are concerned about the safety of their digital assets,” BitGo wrote. No doubt eyeing a sales opportunity, the firm said it would offer “qualifying clients” a year of custodial service free of charge. (Shortly thereafter, BitGo also hired a top Xapo executive as its chief revenue officer.) A land-grab is clearly underway—pun intended, given Xapo’s granite fortress—and other rivals want a piece of the action too. Let’s not forget Anchorage, a startup that recently raised millions of dollars from Visa. (Both companies are founding members of Facebook’s cryptocurrency coalition, Libra.) And Bakkt, a sibling of the New York Stock Exchange which counts Microsoft and Starbucks among its backers, finally appears poised for its long-awaited debut. The venture said Friday it had received a regulatory green light; it plans to launch its product on September 23 (despite originally planning to launch at the end of last year). If institutional money is truly going to flow from the sidelines into the digital asset industry, as many cryptocurrency enthusiasts hope and expect, custody will be key. Earlier this year when I spoke to Chris Dixon, a cryptocurrency investor at Andreessen Horowitz, he described custody as “the single biggest piece of infrastructure holding back the growth of the space.” A lot has happened since then. Brian Armstrong, Coinbase’s CEO, is ebullient about the prospects. “The institutional space for crypto is going through a period of incredible growth. Many still don’t realize it,” he wrote in a post on Twitter earlier this month. Custody “has been a huge unlock for the industry,” he added. The real unlock will come, however, when regulators issue clearer guidance about what exactly constitutes a qualified custodian in the realm of cryptocurrency. In July, the Securities and Exchange Commission and the Financial Industry Regulatory Authority, or FINRA, released preliminary joint guidance on the issue. But the statement didn’t do much to clarify the situation, other than to serve as a signal that the powers that be are mulling the question. In the meantime, institutional investors courageous enough to move ahead in the cryptocurrency market must choose their custodians carefully. I have a meeting scheduled later this week with the head of digital assets and blockchain at State Street, the world’s second biggest custodial bank, and you can bet I’ll be probing the subject with him. Robert Hackett | @rhhackett | [email protected] * More Details Here
What many of us don't get about Bitcoin (its biggest strength).
Are you worried about the trolls, the Professor Bitcorn and BitCon types the media books on their shows, while ignoring people like Andreas, Roger, TwoBitIdiot, Circle execs, the Xapo CEO - all of whom would be better representatives of the technology and the currency. Look, these people are playing their game: they don't want Bitcoin to succeed. Allow me to repeat that: they do not want Bitcoin to succeed. For people in the media, especially television, who already have money - they don't want to hear the Bitcoin narrative. They really don't. They're busy and being told their millions are worthless fiat shit bothers them. People don't like change - we couldn't even switch to the metric system in the States. This turns money around, a full 180. Some aren't ready for that. And the credit card companies, the banks, some governments... Bitcoin is not a thorn in their side. It's an existential threat and, as with Occupy, they're doing their thing to make it go away. How much of the regulatory and legislative shitstorm do you think has been generated by card company lobbyists whispering into the right people's ears? Think about it. This stuff is not conspiracy thinking. It is economic war. They're threatened, and they are attempting to crush that threat. I was never in Occupy, I found it pedantic, but a friend was. Recently we were talking and I told her "something like that was doomed from the get go - no clear demands, no clear leaders, no vision". This led to a very scary conversation about her experiences in Occupy. She's one of the smarter people I know, definitely not a UFO/conspiracy/NWO conspiratard. And she said, point blank, it was her experience that at least 1 out of every 4 "Occupiers" by the end of it was a fed, undercover cop, or provocateur. None of it made sense toward the end - crazies showing up to meetings, advocating violence and property damage. People with no history in activist communities whatsoever popping up with recording equipment, not journalists mind you, and asking questions and taking face shots without permission. All that scary Cointelpro shit they used against Martin Luther King, Jr and others whose views were a little too ahead of the curve? Those programs have not ended, they have just been compartmentalized and in many cases privatized. Internet trolling is big business. Social engineering and opinion "shepherding" is also big business. Why do banks advertise on TV so much? Why do they sponsor so many stadiums? The Buttcoiners frequently say Bitcoin is a cult. Money IS a cult: flip around a dollar bill, you'll find more occult creepiness than in the last twenty minutes of Eyes Wide Shut. Money is a psychological phenomena, and Satoshi got the economics right for duplicating that phenomena, without needing a government to kickstart it with all of their imagery, force, and bullshit. One of the recent favorite lines of Bitcoin detractors is "the blockchain technology is great, but the currency side of it will never work". This is intentional, one last attempt to undermine Bitcoin in the courts of public opinion. "The engines on this plane are great, but it will never fly." Wrong. Currency, value transfer, is the whole fucking point of Bitcoin. Notice how the trolling increased as Changetipping took off? That's because if tipping goes viral, the threat to them increases - it cannot be stopped at that point. Also, sorry it took me so long to get to the point of this post: Bitcoin's biggest strength IS its currency aspect. All the rest is nice bells and whistles, but currency is what Bitcoin was designed to replace. As Gates said, "Bitcoin is better than currency." He's not a dumb guy. That's one of those five word quotations that doesn't seem like much today, but in three years will appear positively prophetic in its accuracy. Bitcoin isn't just another currency. It's not just some card network for transferring ledger credit/debit balances around. It's a technology inherently better than govt-issued currency itself, just as email is inherently better than the post. The logical conclusion, therefore, is that price does matter. Sellers - each of us - decide the price of Bitcoin. Given how much bullshit they are throwing at the wall lately trying to slow us down, I no longer recognize Bitcoin as a $350, $500, or $1,000 per coin technology. It's become personal. I'll HODL until the bastards are out of business. Because if more of us thought like that, Bitcoin fairy tale time would be here a lot sooner. These banks and institutions are begging to be put out of business. And they know it, or the trolls and media shills wouldn't be out in force. Time to finish the job. HODL til the bleed. For every shill who says price doesn't matter and Bitcoin will never work as money, I say it is money - more money than your derogatory surveillance and war funding Chuck E Cheese notes, more money than the heavy metal our predecessors used to have to lug around. And price does matter. The detractors will see that this holiday season. Satoshi built a brilliant Chinese finger trap for money: it won't take much fresh seasonal demand to send all these numbers astronomical. And I think enough of us are pissed off that we won't sell when things heat up. That's when it gets fun. To quote my favorite Bond villain, "Hello, James. Welcome. Do you like the island? My grandmother had an island. Nothing to boast of. You could walk around it in an hour, but still it was, it was a paradise for us. One summer, we went for a visit and discovered the place had been infested with rats. They'd come on a fishing boat and gorged themselves on coconut. So how do you get rats off an island? Hmm? My grandmother showed me. We buried an oil drum and hinged the lid. Then we wired coconut to the lid as bait and the rats would come for the coconut and... they would fall into the drum. And after a month, you have trapped all the rats, but what do you do then? Throw the drum into the ocean? Burn it? No. You just leave it and they begin to get hungry. And one by one... they start eating each other until there are only two left. The two survivors. And then what? Do you kill them? No. You take them and release them into the trees, but now they don't eat coconut anymore. Now, they only eat rat. You have changed their nature. The two survivors. This is what she made us." We're going to change their nature. We want it badder than they do, and the future is ours.
Olga Feldmeier is CEO and co-founder of SMART VALOR, a Swiss-based blockchain start-up building a decentralised marketplace for tokenised alternative investments. Olga has extensive experience working in the banking and financial services sector for global brands such as Barclays Capital, UBS Wealth Management and Boston Consulting Group, where she focused on strategy projects at financial institutions such as Deutsche Bank, Unicredit and Commerzbank. Prior to founding SMART VALOR, Olga held the position of Commercial Managing Partner at prominent Silicon Valley Bitcoin startup Xapo. Olga is a prominent founding member of the Crypto Valley community, and is the producer of the Crypto + ICO Summit, the first global conference focusing on blockchain crowdfunding in Switzerland. She is also a mentor at the largest European accelerator program, Kickstart Accelerator, and regularly delivers talks at conferences and universities on the regulation of Blockchain industry, the tokenisation of assets and the disruption of the banking industry. When was your first encounter with Blockchain technology, Olga? The first time I bought Bitcoin was back in 2013. It was because I came across something intriguing, something that was making no sense from the point of view of classical monetary theory. As the government of Cyprus announced a bail-in for banks, they had to cascade the losses on their shareholders, debt holders and even large depositors. The run on the Cypriot banks pushed Bitcoin from around 50 USD to 200 USD. This case in itself was actually quite an interesting incident from a historical perspective. For the first time in our history the role and behaviour of gold – a physical asset as old as history of humanity – was replicated by something that does not really exist: some abstract computer code run on decentralised network of computers. Perplexing situation, right? Especially if you’ve ventured into the history of monetary policy before. At my post-Soviet Union University this subject was my favourite, as it was a glossy new addition to our Fiscal Policy course. What about it really caught your attention? I didn’t take Bitcoin seriously before, but this incident got me thinking. Is it really possible to create a post-national currency that would substitute gold, a universally acknowledged asset? Cyprus was just a little ripple in the ocean of capital markets. What would happen to Bitcoin’s price if World War III were to break out tomorrow? Later the same year (2013) the Chinese got excited about Bitcoin and the price started to rise even further. Chinese government however understandably was not so happy about this new borderless currency which makes it so easy to circumvent the capital control. There were announcements about a clamp-down on Bitcoin. All of this was to no avail, as the price of Bitcoin just dived for a while. This was the first proof, that governments can’t do much about Bitcoin. This story was replayed in September last year as the Chinese government introduced restrictions on cryptocurrencies exchanges.
Leak: Bruce Fenton attempts to revive failed and incompetent Bitcoin Foundation
Source: http://pastebin.com/8a2EdtSV (archive: https://archive.is/JK0wO) To The Core Development Team (BCC: BF Board, Craig Sellars & Bitcoin Error Log) TLDR: The Bitcoin Foundation is working hard to be an asset to Core Dev and we have some ideas on that -/ we'd appreciate help and feedback. The Foundation is here and here to stay - lets have this organization be a resource that helps Core and Bitcoin as much as possible. MOST IMPORTANTLY: We hope for Core Devs to consider the foundation an asset that belongs to you just as much as us or anyone else. We've fixed much of what needed fixing and would welcome your help to make this the most effective benefit to Bitcoin it can be. Some ways this could be carried out: - Board Seat / I would recommend that the board consider and I believe they would vote to accept a qualified member of the Core Development team to serve - the foundation belongs to you and you can help us lead it
Committee Chair / Officer Role - as Executive Director I am able to appoint Committee Chairs and officers - I would be glad to appoint a qualified developer to a role of Chief Technology Officer / Chief of Development / Chairman of Technical Development or some similar role - we could then build a committee around this role and fundraise and assist the dev volunteer with time being effective while also aiming to have real impact. Eric Lombrozo and Greg Maxwell are two names we thought would be a great fit, certainly we'd love feedback from anyone interested
Speakers bureau / press coverage - we'd welcome any Core Devs to join our speakers bureau or press matching service
General feedback - we are in this together - we understand that you may not have been a fan of the foundation in the past - many of us were not either (at least three of us, including me, were involved in founding organizations which serve as alternatives) Please let us know your ideas about how we can use this organization effectively
WHAT IF THE FOUNDATION 'BELONGED' TO YOU PERSONALLY OR CORE - Closing or destroying the foundation isn't on the table we are here to stay -- however EVERYTHING else is on the table. If you were an official steward of this organization what would you do tomorrow? MORE DETAILS: The foundation, like Bitcoin itself, had its four share of ups and downs early on. While the group did some good things: funding of three developers, the bitnodes project, some solid events and a response to Bitlicense, there were some stumbles as well. In general, the decisions most consider to be mistakes at the foundation were the result of management that is long gone. The current team, the board and I, volunteered our time to make the foundation the best asset it can be. A COUPLE INTERESTING FACTS: My role as Executive Director had previously been a paid role with a $100,000 salary. Currently I serve in this role as an unpaid volunteer. Likewise all board seats are volunteer positions. No board member or me as Executive Director receives any compensation at all for this work. We also do not have any related business, travel pay or any other such perks. Bobby Lee / BTCC, Brock Pierce and I personally each donated $10,000 to the foundation this quarter The Bitcoin Foundation is the oldest and largest industry group with, by far, the most broad cross section of key industry leaders as members: Circle, Xapo, BTCC, Bitpay, BitFury and many many others. We also represent individual members ranging from newcomers to long time Bitcoin leaders and early adopters to many Core Devs such as Greg Maxwell and Peter Todd. Most importantly, we are objective, neutral and global. We have maintained representation of a wide variety of members on all sides of major issues and also are the most major organization working on a global scale. NICK SZABO GRANT RECOMMENDATION FOR CRUCIAL BITCOIN SECURITY STUDY We've spoken to cryptographer and digital asset expert Nick Szabo for his help and suggestions on the most effective use of a grant. (Please note, his involvement is confidential until the donation received and he confirms.) In summary: There is is a large amount of code development based on handwaving. In Nick's opinion the blocksize debate showed that even some of the developers don’t really know how secure Bitcoin is they are at the very least very reluctant to talk about the topic, which leaves everybody else in the dark (and not knowing whether some of the developers themselves are in that dark having talked with them about these topics Nick is afraid that many of them are). That is the biggest reason there is so much heat and so little light in the blocksize and related debates about performance vs. security. So instead of primarily funding yet more development he instead recommends using the funds to increase the rigor of the thinking involved. Specifically, Nick recommends providing it to: (a) a computer scientist (or small group of same) who is/are familiar with probabilistic and anonymous Byzantine consensus generally, and Bitcoin and Ethereum specifically, in order to (b) write a paper on proofs of security (technically a proof of highly reliability in a Byzantine consensus-like model that includes defense against Sybil attacks) in abstract models based on Bitcoin and Ethereum, and discuss assumptions and limitations when applying those proofs to actual Bitcoin and Ethereum (this is the most important part), and optionally (c) recommending or designing next-generation blockchain technology based on improving on those assumptions or reducing those limitations Nick has agreed to recommend computer scientists who would make good referees to peer review such a paper. He is a widely respected and relatively non-controversial figure in this industry who also has among the deepest understanding of the real issues facing Bitcoin. The board and I believe that this may be an effective possible use of the funds. We'd also like feedback from core for any development funding or other initiatives you suggest. OVERALL ACTIVITIES / WHERE THE BITCOIN FOUNDATION IS TODAY In addition to the Nick Szabo proposal and development grants, the foundation supports many activities which we believe are beneficial to the Bitcoin ecosystem. A few notable points: · The Bitcoin Foundation remains the largest industry group and one of the only major industry groups with an international focus. · Membership includes over 1500 and many of the top industry leaders including KnC, BitPay, BitFury, BTCC, ItBit, Circle, Blockchain, Perkins Coie, Chain, Ok, Pillsbury, Lightspeed, Xapo and many others. · We have international affiliates in a dozen countries and members all over the world. · All board members, the Executive Director serve as unpaid volunteers. · Expenses for the foundation have been significantly reduced and fixed costs are very low - currently at less than 10% of peak spending · Current Board Members: Elizabeth McCauley (formerly Ploshay), Global Business Development Head, Coinsecure Bobby Lee, CEO, BTCC (Board Vice Chair) Vinny Lingham, Founder, Civic and Gyft Michael Perklin, Head of Security (Ledger Labs), President (C4) Brock Pierce, Managing Director, Blockchain Capital (Board Chair) Francis Pouliot, Director-Bitcoin Embassy
Other volunteers include: Executive Director, Bruce Fenton (Atlantic Financial) Chairman of the Regulatory Affairs Committee, Marco Santori, Education Committee, Colin Gallagher and many others
· As discussed above, the main focus areas for The Bitcoin Foundation are in three areas:
Developing Development: increasing the number of developers and the training and knowledge available to them - the flagship of this area is our DevCore event series, next slated for Toronto - past speakers include Greg Maxwell, Charlie Lee, Jeff Garzik, Matt Corallo, Andreas Antonopoulos, Jeremy Allaire and many others.
Education and adoption: our Education Committee focuses on providing knowledge, white papers, and data to individuals and organizations with a goal of explaining the technology and increasing usage.
Promoting technical solutions to industry and regulatory challenges: the Bitcoin Foundation does not focus on lobbying and, as an internationally focused organization, we do not actively work on legislation issues. We do however believe that there is benefit in education of international regulators and officials, particularly with a focus on solutions of a technical nature.
OTHER INITIATIVES OF INTEREST: DevCore Toronto @ The Blockchain Training Conference: The Bitcoin Foundation has hosted a number of DevCore events, these are not-for-profit workshop intensives designed to encourage development. Following the successful DevCore Boston, London and San Mateo events, The Bitcoin Foundation is proud to be bringing The Blockchain Training Conference to Toronto in June. This conference - the first of its kind - will host hands-on technical courses from DevCore in addition to hands-on non-technical courses teaching them relevant blockchain skills such as tracking bitcoin sales in QuickBooks (for accountants), how to avoid legal issues when using bitcoin in your company (for lawyers and entrepreneurs), and how buying/selling/trading bitcoin works (for investment advisors). This unique training conference hits two of our three main focus areas and represents The Bitcoin Foundation’s commitment to preparing the global community for the Development Communicstions: One exiting new expansion of our "developing development" efforts is in the area of increasing communication and focusing on common areas of development consensus. Leading this effort is Craig Sellars who will join me and the board in working to bring industry leaders together and to foster communications between various development opinions, CEOs and the public. Speakers Bureau: We have created a Speakers Bureau which includes industry leaders like Andreas Antonopoulos, Nic Cary, Erik Voorhees and many others Press matching service: We have an additional group of prominent members and friends of the Bitcoin Foundation who we can match to press inquires based on location and topic If you are still reading this long email, thank you. More importantly, thank you for the work you do on this mission critical software that makes this amazing tech we all love and care about possible. We know your work is misunderstood and unappreciated at times and we also understand that we and Bitcoin owe you a great debt. Please let us do our part and make this organization a resource that you are happy with and which is seen as an asset to core. I available anytime to discuss.
Smart Valor Officially Accepted as a Financial Intermediary
Zug, Switzerland, 5 September 2018 - SMART VALOR AG, a Swiss-based blockchain startup, announced that, following acceptance as a Financial Intermediary by a SRO in Switzerland, it will be launching the VALOR Platform in Q4 2018. The VALOR Platform will be a first global marketplace for tokenized alternative investments. Founded by CEO Olga Feldmeier, a leading figure in the blockchain space, and security and cryptography expert Dr. Julien Bringer, jointly with two other co-founders, SMART VALOR AG has been developing the VALOR Platform in stealth-mode in the heart of the Swiss Crypto Valley, Canton Zug. The VALOR platform is the first global marketplace for tokenized alternative investments. It will be launched in two stages. The first stage will be implemented with the public launch of the VALOR Platform scheduled for Q4 2018, which will focus on cryptocurrencies and non-security tokens in accordance with SMART VALOR´s status as financial intermediary. In the second stage, pending regulatory approval, the VALOR platform will expand its offering to asset-backed tokens, such as equity in blockchain companies, blockchain-related infrastructure projects, real estate, crypto funds, venture capital, and private equity funds. “The mission of the SMART VALOR is to give access to digital assets to people around the world in an easy, secure and compliant way. Beyond native digital assets like cryptocurrencies, tokenization applied to alternative investments can fundamentally transform the way they are issued and distributed today. Most of these investments have previously only been available to a small elite of high-net-worth individuals (HNWI) and institutional investors. Tokenization transforms the way people own things, it improves liquidity, and makes investment opportunities accessible to a broader audience of investors. We utilize blockchain technology to democratize access to wealth,” says Olga Feldmeier CEO of SMART VALOR AG. SMART VALOR will offer a range of services to asset issuers, such as any type of private company, fund or even real estate developer, including simple issuance of their tokens as well as initial listing and secondary trading on the VALOR Platform with direct access to the global investor audience, once regulatory approvals have been confirmed. “SMART VALOR will now be able to publicly launch its platform given its recent admission as a member of the Association for the Quality Assurance of Financial Services (VQF), an officially recognized self-regulatory organization (SRO) pursuant to the Swiss Anti-Money-Laundering Act. Through this membership, the company received the status of Financial Intermediary in Switzerland and can start operations in compliance with the Swiss Anti-Money Laundering Act (AMLA) for certain tokenized investments,” said Alexandra Sowa, Head of Legal and Compliance at SMART VALOR AG, who previously served as Regulatory Requirements and Policies expert for various aspects of financial services regulations at HSBC Private Bank and Head of Group Compliance Operations at Zurich Group. The second stage of the platform roll-out is aimed to introduce security tokens and is planned for the Q2 of 2019. Within the security tokens space, the focus will lie on tokens backed by equity in blockchain companies, infrastructure projects, crypto funds, real estate, and venture capital. SMART VALOR is currently paving the way for this by working on obtaining a banking license. Olga Feldmeier, who previously pioneered the Bitcoin regulatory solution in Switzerland as Commercial Managing Partner of renowned Bitcoin custodian company Xapo, said: “It is good to see that what we managed to achieve for Xapo has provided the proven path for other cryptocurrency businesses." Currently, SMART VALOR has 26 full-time contributors with offices in Munich, Paris and Zug, where the majority of its staff is working out of Thomson Reuters Incubator. Out of hundreds of applicants, Thomson Reuters selected SMART VALOR to become one of the five startups to be hosted by the Incubator, benefiting from office space, support, and potential collaboration on several blockchain-related topics. https://smartvalor.com
"The Rise and Rise of Bitcoin" at the Sundance Film Festival
The Rise and Rise of Bitcoin will be screening during the Sundance Film Festival in Park City Utah tomorrow, Friday, January 23rd, at 3:30 pm on Main Street. If you happen to be in the area or are up for a good old fashioned road trip, we would love to have you there. Please email [email protected] with your information, and we will reply as soon as possible with your confirmation. Matthew Roszac and Erik Voorhees will be speaking after the screening, accompanied by one of the film's producers, Ben Bledsoe. (me). If you are unable to attend but would like to help, we would love any tweeting, posting, and general promotion that you are willing to offer. Thank you so much. Below is our press release information: What: Screening of “The Rise and Rise of Bitcoin” documentary during the Sundance Film Festival. Paired with and followed by the annual Hackdance. Where: 596 Main Street, Park City, UT 84060 When: 3:30 P.M. on Friday January 23rd. Synopsis: A computer programmer becomes fascinated with the digital currency Bitcoin, and through his involvement in the Bitcoin community, we learn about the impending global impact of this amazing new technology. Or Dan is a 35 year old computer programmer from Pittsburgh who lives a busy life. Along with balancing work, his marriage, and raising his three boys, Dan spends much of his time actively involved in all things Bitcoin. After discovering Bitcoin in 2011, his love and obsession for the crypto-currency was born, revealing an uncharted world of new possibilities for him to explore. Join us as we take a journey through the rapidly growing world of Bitcoin. Along the way, we'll follow the stories of entrepreneurs and startups that are helping shape the new financial frontier. We'll look at the competitive mining market and the various subcultures within the Bitcoin community. You'll encounter a variety of characters and opinions as we examine the social and political impact of an open-source digital currency. Will the rise of Bitcoin bring a monetary paradigm shift that will forever change the world? Director: Nicholas Mross Who: Paired with the annual celebrity Hackdance, this screening of “The Rise and Rise of Bitcoin” will both educate its viewers on this emerging new technology and system of finance, as well as offer questions for industry experts after the screening. Matthew Roszak Founder & CEO, Tally Capital Mr. Roszak is founder and CEO of Tally Capital, a venture capital firm focused on blockchain enabled technologies and currencies. Named as one of the “who’s who of the crypto-currency world” by The Wall Street Journal, Mr. Roszak is a Bitcoin investor, advocate and speaker. Mr. Roszak has invested in over 20 Bitcoin start-ups, including BitFury, BitGo, Blockstream, Robocoin and Xapo. Mr. Roszak is also a founding partner with Crypto Currency Partners. Mr. Roszak is an advisor to several Bitcoin accelerators, including Bitropolis (Los Angeles), Decentral (Toronto) and The Chicago Bitcoin Center. In addition, Mr. Roszak is the co-chairman of The North American Bitcoin Conference. In 2013, Mr. Roszak founded the Bitcoin Supper Club, a gathering of CEOs, founders and extraordinary individuals in the Bitcoin community. Mr. Roszak is also a producer of the first ever Bitcoin documentary, “The Rise and Rise of Bitcoin.” Mr. Roszak is the chairman of BitcoinCares, a charity that leverages the Bitcoin community for initiatives in promoting education and fighting child hunger. Mr. Roszak is a member of the National Venture Capital Association, serves on the executive committee of the Chamber of Digital Commerce and is a lifetime member of the Bitcoin Foundation. Mr. Roszak is a board member and beneficial owner of various companies, including: Barefoot Landing, Eboost, InterAct911, MissionMode, Onramp, Pendulab, SolidSpace, TrueLook and Viwawa. Mr. Roszak has spent over 18 years in private equity and venture capital with Advent International, Keystone Capital Partners, Platinum Venture Partners and SilkRoad Equity, and has invested over $1 billion of capital (from start-up to IPO) in a broad range of industries. Erik Voorhees Erik Voorhees is among the top-recognized serial Bitcoin advocates and entrepreneurs, understanding Bitcoin as one of the most important inventions ever created by humanity. Having been a featured guest on Bloomberg, Fox Business, CNBC, BBC Radio, The Peter Schiff Show, and numerous Bitcoin and industry conferences, Erik humbly suggests that there is no such thing as a “free market” when the institution of money itself is centrally planned and controlled. This blog is about the human struggle for the separation of money and state, and about Bitcoin as the instrument by which it will happen. Ben Bledsoe Founder & CEO, 44th Floor Productions Producer of “The Rise and Rise of Bitcoin” Ben Bledsoe is closely familiar with several sides of the entertainment industry. Having 2 Gold records as a musician, series regular and lead roles in film and TV, and having produced a wide range of Film, TV, and commercial projects, Bledsoe is thrilled to be a part of the team that is bringing The Rise and Rise of Bitcoin, a documentary showcasing this incredible new technology and system of finance, to the world. Having premiered at the Tribeca International Film Festival, and released through Gravitas Ventures, the feature-length doc quickly reached the #1 Documentary spot on iTunes. The film has been requested, showcased, and discussed by companies like Bloomberg Media, government funded think tanks, International Banking companies and conferences, and much more. “The Rise and Rise of Bitcoin” offers a rare inside look at some of the visionaries who helped bring this groundbreaking and disruptive new technology out of the fringe and into the forefront. For more information, please visit: www.BitcoinDoc.com
This is the early days of Cryptocurrency. We are still in the lunatic fringe, and it is time to dive in
Olga Feldmeier - CEO of Smart Valor SMART VALOR AG is a Swiss-based company founded in April 2017 by Dr. Julien Bringer, Thomas Felber, and Oliver and Olga Feldmeier. Today, our team consists of 31 full-time contributors working mainly in the Swiss Crypto Valley, Zug. CEO Olga Feldmeier previously pioneered the Bitcoin regulatory solution in Switzerland, as Commercial Managing Partner of renowned Bitcoin custodian Xapo. Our team was selected by Thomson Reuters out of hundreds of applicants to become part of the Thomson Reuters Incubator, where we are headquartered today. SMART VALOR was also recognized by Forbes as one of Europe’s 10 most exciting technology SMEs in 2018. We’re currently preparing the roll-out of our Early-Access Program. So, stay tuned and subscribe here to keep up with our latest developments, and let us help you diversify your alternative assets portfolio! Stay tuned and subscribe https://www.smartvalor.com to keep up with Smart Valor latest developments.
Contact bitcoin business you have used in the past and suggest they upgrade to Bitcoin Cash so their bitcoin works once again. Here is contact info for many major Bitcoin companies.
Don't spam them obviously Now is a great time to contact companis and let them know how you feel so here is...
A contact list of major bitcoin companies
Did you join Bitcoin for the idea of a decentralized electronic currency that operates from one person to another without excess middlemen? Is legacy-bitcoin no longer that coin? Do you have solid and fact based reasoning? I can't prmise this found list is correct but why not try and explain your point of view. Tell someone
Good morning all, I am submitting our Altcoin Assembly Weekly two days early because of some prior committments this coming Sunday. Enjoy! And as always, looking forward to some great discussion around this. Our focus this week is on Blockchain Capital. Blockchain Capital (www.blockchain.capital) (formerly Crypto Currency Partners) is a venture capital company that invests in blockchain related companies. It is headquartered in San Francisco, California. It was founded in October 2013 by Bart Stephens, Bradford Stephens and Brock Pierce. To say they invest in blockchain related companies is an understatement. They ONLY invest in ventures inside the space. As of now anyway, who knows if that may change in the future. They are one of the few VCs that do this. Bart and Brad are brothers who have been involved in the financial sector for quite some time. Bart started his career at e-trade in the FinTech sector while his brother was a former hedge fund manager at Fidelity. They also ran one together for ten years. Brock Pierce is someone that you may know as Chairman of the Bitcoin Foundation. All three combined bring a wealth of experience to the venture. Having a quick look at their advisory board, it reads names like Vinny Lingham, Bobby Lee and Charlie Lee among traditional financial corporate heavyweights. Entrepreneur and self titled Disruptepreneur, Jeremy Gardner resides at Blockchain Capital as well. He is an Augur co-founder. They are currently invested in 40+ companies and have a proven record of exits as well. See below this post for their current holdings and past acquisitions which are publicly available. Another part of their business is money management, usually for family offices, high net worth individuals including 25 Bitcoin CEOS. The aim of Blockchain Capital is to invest in early stage fundraising, meaning they will meet with teams that may only have a small group of devs and a PowerPoint presentation. That’s a great position to be in since this is where the most money can be made if prospects can pass their criteria. Primarily, they want to see strong engineering teams with a proven track record of success. The opportunities need to lie in places where there is a large total available market, have an engineering advantage or a new business model that sits overtop free to use hardware/software models. Go big or go home right? Investing in A, B or C round is something they don’t ignore either. Their ICO has happened already (April 10 to May 17, 2016) and it was successful. Their ticker is BCAP, an Ethereum based smart contract token. They raised $10MM in 6 hours, self-proclaiming they were oversold. This is 20% of the total funds they are raising. The rest will come through traditional channels and will not have a token. Though their token supply is also 10MM, valuing each $1.00. As of this (Sunday, June 4, 2017, the value of BCAP is currently $1.73. The token represents an indirect fractional non-voting economic interest in Blockchain Capital. The sales were only available to accredited investors. Interested parties had to submit documentation to confirm their identity and net worth/income. A complete turnaround from how ICOs are usually currently conducted. They could be setting the way for how future sales happen. Keep in mind this isn’t a completely new concept. From what I know, they have been in touch with the Federal Reserve on how to structure this so I feel it wasn't done blindly or without guidance. What they did here was disrupt the very industry they work in. And why wouldn’t they try to? It makes perfect sense. Why wait for someone else to do it? Your local cab company didn’t start Uber. Netflix isn't owned by Blockbuster. Look where those two are now. One is struggling to catch up and the other is defunct. This is a perfect example of a firm who sees blockchain technology as both a threat and an opportunity. The funds raised from their ICO will be split 50/50. Half will be for new ventures. The remaining for follow-up investments. Their token grants holders a portion of the profits earned by their investment fund. They wish to spread $500,000 per investment which means 20 deals at that rate. Blockchain Capital will take a 2.5% management fee from that plus a 25% performance fee calculated on the returns. The remainder of the profits will be distributed to the token holders. Further, a token buyback provision will also enable them to purchase tokens on the open market. This would be in the event that their market value tumbles below their net asset value. I’m curious to hear your thoughts on this. As mentioned, this isn't an ICO we're used to seeing although this isn't the first of its kind. I do not own any BCAP and I’m hoping u/laughncow can add something here given that he met and spoke with Brock Pierce at his party in NYC during Consensus 2017. Portfolio includes: o Coinbase – (https://www.coinbase.com) o ABRA - (https://www.goabra.com/) o AlphaPoint -(https://alphapoint.com/) o Bitaccess - (https://www.bitaccess.co/) o BitFury - (http://www.bitfury.org/) o BitGo - (https://www.bitgo.com/) o Blade - (http://www.bladepayments.com/) o BitPesa - (https://www.bitpesa.co/) o BLOCKCYPHER -(http://www.blockcypher.com/) o Blockstream - (http://www.blockstream.com/) o BTCC - (https://www.btcchina.com/) o Chain - (https://chain.com/) o Civic - (https://www.civic.com/) o ETHCORE - (https://parity.io/) - Led by Gavin Wood, with Fenbushi who VB is a partner in o Expresscoin - (https://www.expresscoin.com/) o Gem - (https://gem.co/) o Go - (https://www.gocoin.com/) o itBit - (https://www.itbit.com/) o Kraken - (https://www.kraken.com/) o LedgerX - (https://ledgerx.com/) o Noble - (http://noblex.io/) o PEERNOVA - (http://peernova.com/) o Ripple - (https://ripple.com/) o SFOX - (https://www.sfox.com/) o SNAPCARD – (https://www.snapcard.io/) o Stampery - (https://stampery.com/) o Stem - (http://stem.is/) o String - (http://string.technology/) o TIERION - (https://tierion.com/) o WAVE - (www.wavebl.com/) o Xapo - (https://xapo.com/es/) o zenbox o zipzap - (http://zipzapinc.com/) o ShapeShift - (https://shapeshift.io/) o Ox - (https://0xproject.com/) Exits include: o Authy – Acquired by Twilio o Bex.io - Acquired by Klinch o Bitnet - Acquired by Rakuten o ChangeTip - Acquired by Airbnb o Coinsetter - Acquired by Kraken Side note: Had you not participated in the ICO for whatever reason, they also have an AngelList network that allows smaller investors to get in on their deals with as little as $1K. I think this is smart on their part to extend and flex their financial reach. You can visit their page here, (https://angel.co/blockchain-capital) Edit: Formatting
Inspiring post by /u/CryptoDonDraper (2 years ago) that reminds me why I am here
Original post Are you worried about the trolls, the Professor Bitcorn and BitCon types the media books on their shows, while ignoring people like Andreas, Roger, TwoBitIdiot, Circle execs, the Xapo CEO - all of whom would be better representatives of the technology and the currency. Look, these people are playing their game: they don't want Bitcoin to succeed. Allow me to repeat that: they do not want Bitcoin to succeed. For people in the media, especially television, who already have money - they don't want to hear the Bitcoin narrative. They really don't. They're busy and being told their millions are worthless fiat shit bothers them. People don't like change - we couldn't even switch to the metric system in the States. This turns money around, a full 180. Some aren't ready for that. And the credit card companies, the banks, some governments... Bitcoin is not a thorn in their side. It's an existential threat and, as with Occupy, they're doing their thing to make it go away. How much of the regulatory and legislative shitstorm do you think has been generated by card company lobbyists whispering into the right people's ears? Think about it. This stuff is not conspiracy thinking. It is economic war. They're threatened, and they are attempting to crush that threat. I was never in Occupy, I found it pedantic, but a friend was. Recently we were talking and I told her "something like that was doomed from the get go - no clear demands, no clear leaders, no vision". This led to a very scary conversation about her experiences in Occupy. She's one of the smarter people I know, definitely not a UFO/conspiracy/NWO conspiratard. And she said, point blank, it was her experience that at least 1 out of every 4 "Occupiers" by the end of it was a fed, undercover cop, or provocateur. None of it made sense toward the end - crazies showing up to meetings, advocating violence and property damage. People with no history in activist communities whatsoever popping up with recording equipment, not journalists mind you, and asking questions and taking face shots without permission. All that scary Cointelpro shit they used against Martin Luther King, Jr and others whose views were a little too ahead of the curve? Those programs have not ended, they have just been compartmentalized and in many cases privatized. Internet trolling is big business. Social engineering and opinion "shepherding" is also big business. Why do banks advertise on TV so much? Why do they sponsor so many stadiums? The Buttcoiners frequently say Bitcoin is a cult. Money IS a cult: flip around a dollar bill, you'll find more occult creepiness than in the last twenty minutes of Eyes Wide Shut. Money is a psychological phenomena, and Satoshi got the economics right for duplicating that phenomena, without needing a government to kickstart it with all of their imagery, force, and bullshit. One of the recent favorite lines of Bitcoin detractors is "the blockchain technology is great, but the currency side of it will never work". This is intentional, one last attempt to undermine Bitcoin in the courts of public opinion. "The engines on this plane are great, but it will never fly." Wrong. Currency, value transfer, is the whole fucking point of Bitcoin. Notice how the trolling increased as Changetipping took off? That's because if tipping goes viral, the threat to them increases - it cannot be stopped at that point. Also, sorry it took me so long to get to the point of this post: Bitcoin's biggest strength IS its currency aspect. All the rest is nice bells and whistles, but currency is what Bitcoin was designed to replace. As Gates said, "Bitcoin is better than currency." He's not a dumb guy. That's one of those five word quotations that doesn't seem like much today, but in three years will appear positively prophetic in its accuracy. Bitcoin isn't just another currency. It's not just some card network for transferring ledger credit/debit balances around. It's a technology inherently better than govt-issued currency itself, just as email is inherently better than the post. The logical conclusion, therefore, is that price does matter. Sellers - each of us - decide the price of Bitcoin. Given how much bullshit they are throwing at the wall lately trying to slow us down, I no longer recognize Bitcoin as a $350, $500, or $1,000 per coin technology. It's become personal. I'll HODL until the bastards are out of business. Because if more of us thought like that, Bitcoin fairy tale time would be here a lot sooner. These banks and institutions are begging to be put out of business. And they know it, or the trolls and media shills wouldn't be out in force. Time to finish the job. HODL til the bleed. For every shill who says price doesn't matter and Bitcoin will never work as money, I say it is money - more money than your derogatory surveillance and war funding Chuck E Cheese notes, more money than the heavy metal our predecessors used to have to lug around. And price does matter. The detractors will see that this holiday season. Satoshi built a brilliant Chinese finger trap for money: it won't take much fresh seasonal demand to send all these numbers astronomical. And I think enough of us are pissed off that we won't sell when things heat up. That's when it gets fun. To quote my favorite Bond villain, "Hello, James. Welcome. Do you like the island? My grandmother had an island. Nothing to boast of. You could walk around it in an hour, but still it was, it was a paradise for us. One summer, we went for a visit and discovered the place had been infested with rats. They'd come on a fishing boat and gorged themselves on coconut. So how do you get rats off an island? Hmm? My grandmother showed me. We buried an oil drum and hinged the lid. Then we wired coconut to the lid as bait and the rats would come for the coconut and... they would fall into the drum. And after a month, you have trapped all the rats, but what do you do then? Throw the drum into the ocean? Burn it? No. You just leave it and they begin to get hungry. And one by one... they start eating each other until there are only two left. The two survivors. And then what? Do you kill them? No. You take them and release them into the trees, but now they don't eat coconut anymore. Now, they only eat rat. You have changed their nature. The two survivors. This is what she made us." We're going to change their nature. We want it badder than they do, and the future is ours.
Xapo also offers a Bitcoin debit card that is associated with your Bitcoin wallet, allowing you to spend Bitcoin easier than most other services. In this Xapo review, we’ll be diving into their company and examining their reputation to see if they’re worth the hype, or if you’d be better off with another exchange . Xapo CEO, Wences Casares believes that bitcoin detains the potential to become the new gold Standard; he firmly stated this in a video posted by Bigthink. Casares is an Argentinean entrepreneur with many years of experience with internet technologies and the gaming industry. In all these years of activity he gathered an enormous financial expertise. Xapo wallet is a web-based Bitcoin wallet that users can access either on a mobile app or online. It offers a provision to store most funds in deep cold storage vaults while keeping the rest in a ... I am Wences Casares, co-founder & CEO of Xapo, Ask Me Anything. Tue Nov 03, 2015 4:16 pm . I am a fintech entrepreneur. I learned about Bitcoin in 2011 and I think that it has the potential to have more impact than the Internet itself. I decided to dedicate the rest of my career to help Bitcoin succeed. I think a world in which Bitcoin succeeds is a much better world. rogerver Founder Posts ... Xapo CEO: A Bitcoin Could Be Worth $1M in 10 Years. Wences Casares, co-founder and CEO of Bitcoin firm Xapo, sits down with WSJ's Evelyn Rusli to talk about Bitcoin's potential for investment ...
Bitcoin CEO joins PayPal Board Bitcoin News TheProtocol.TV
Xapo CEO: A Bitcoin Could Be Worth $1M in 10 Years - Duration: 5:03. Wall Street Journal 285,727 views. 5:03. Language: English Location: United States Restricted Mode: Off ... Wences Casares, co-founder and CEO of Bitcoin firm Xapo, sits down with WSJ's Evelyn Rusli to talk about Bitcoin's potential for investment growth and soluti... Xapo CEO: A Bitcoin Could Be Worth $1M in 10 Years - Duration: 5:03. Wall Street Journal 285,802 views. 5:03. How To Fix Forward Head Posture - 3 Easy Exercises (From a Chiropractor) - Duration ... Xapo CEO A Bitcoin Could Be Worth $1M in 10 Years Global Opportunity. Loading... Unsubscribe from Global Opportunity? Cancel Unsubscribe. Working... Subscribe Subscribed Unsubscribe 508. Loading ... Wall Street Journal Interview with CEO of Xapo - A Bitcoin Could Be Worth $1M in 10 Years - YouTube Wences Casares, co-founder and CEO of Bitcoin firm Xapo, sits down with WSJ's Evelyn Rusli to...