Winklevoss Twins Bitcoin Fortune Calculated - Bitcoinist.com

Quantitative Hardening, Gold With Wings, and Freedom Money (AudioVisual Bitcoin Art Collection)

Quantitative Hardening, Gold With Wings, and Freedom Money (AudioVisual Bitcoin Art Collection)

Quantitative Hardening, Gold With Wings & Freedom Money by Lucho Poletti
My AudioVisual Bitcoin Art Collection, a milestone release for my art career, drops today (Sep 3rd).
AudioVisual Bitcoin Art (Collection Preview) by Lucho Poletti
For the drop on Nifty Gateway, there will be a total of 6 different NFT's (non-fungible tokens) in the collection. For each of the 3 pieces, there will be one full-length (1/1 auction) and one shorter version of the "money shot" of each. All 6 tokens are in video format with audio tracks.

Details for each of the 6 NFT's:

1) Quantitative Hardening:
Full animation with audio effects (1:03) walking through the history of Bitcoin's Monetary policy with individual animations for the 4 key events: Bitcoin Genesis, First Halving, Second Halving, Third Halving.
https://preview.redd.it/uro7uqc9lxk51.png?width=1280&format=png&auto=webp&s=d72e8aa070a3158af89c505c75a273dd5908c56e
https://preview.redd.it/46bikiqclxk51.png?width=1642&format=png&auto=webp&s=c5a387d2ed0fff0b0d391bf35f355204d85c4500
https://preview.redd.it/tijhce5glxk51.png?width=1322&format=png&auto=webp&s=145869a4615a8c238c5c7bdf2209f32c63be7c52
https://preview.redd.it/34qf3sidlxk51.png?width=1674&format=png&auto=webp&s=cfbff94f4dcde49289d2e358b6eee60521a1c7f1
https://preview.redd.it/nupqh47yxuk51.png?width=2016&format=png&auto=webp&s=b0b14397ad1eec9f87be09336db37c4482c1e853
https://preview.redd.it/l0on7sk3lxk51.png?width=2128&format=png&auto=webp&s=5fce8a311085163bb6f109da98695a433a6a6ad0
Quantitative Hardening (Preview) by Lucho Poletti
Read the blog post on Quantitative Hardening for more info on this piece.
2) Gold With Wings:
Full animation with audio effects (1:37) focused on the narrative of bitcoin as a better version of gold with individual animations for 4 characteristics of money where Bitcoin Outshines Gold (with quotes and a tribute to each of the Winklevoss Twins): Verifiability, Portability, Divisibility, Scarcity.

https://preview.redd.it/lqit0u8plxk51.png?width=1680&format=png&auto=webp&s=0058c8838b982c8c39ea7abb520a343db56320bd
https://preview.redd.it/1dxbxy0qlxk51.png?width=1618&format=png&auto=webp&s=f71fbbbdd6f5b7a44f8c4914fc98e36c6286f5d3
https://preview.redd.it/jg83eg7olxk51.png?width=1756&format=png&auto=webp&s=596babc7292b6b818248620d7516c90cdf991538
https://preview.redd.it/9mdba68tlxk51.png?width=485&format=png&auto=webp&s=740ec26e03436fb18730bfcc961654d7c0759ab8

https://preview.redd.it/azfaadoaevk51.png?width=1698&format=png&auto=webp&s=e69e46e5ea647061d4e3a0f110e781a5aa318d62
https://preview.redd.it/snfpa6oaevk51.png?width=2088&format=png&auto=webp&s=612600b27dec08fd584d253692bbb97f4a9f6916
https://preview.redd.it/c728x5oaevk51.png?width=1126&format=png&auto=webp&s=f9d75e41f7653169680314d5f497b9ec5a7c4302
Gold With Wings (Preview) by Lucho Poletti
Read the blog post on Gold With Wings for more info on this piece.

3) Freedom Money:
Full animation with audio effects (1:35) focused on bitcoin as a fundamental freedom for society with individual animations for 4 fundamental freedoms and their relation to bitcoin and bitcoin's history: Freedom of Speech, Press, Religion, and Money
https://preview.redd.it/9d7v0uqvlxk51.png?width=611&format=png&auto=webp&s=be3cf18f2336776eee2e811322b00851d19f01df
https://preview.redd.it/0q5eaxnwlxk51.png?width=616&format=png&auto=webp&s=478ee583e8a8f4582657a0290556db903b14a386
https://preview.redd.it/tm0a4w2xlxk51.png?width=774&format=png&auto=webp&s=fdd2bf7c83745134ec64883648a0f775689624e3

https://preview.redd.it/n1sfkssxlxk51.png?width=726&format=png&auto=webp&s=845792b6f02b6b0561f4982deaf943641fce6c7e
https://preview.redd.it/h8dgjyf6mxk51.png?width=623&format=png&auto=webp&s=5fb2c708852161f6f8b39ad29cb62c8e584fbd69
https://preview.redd.it/5v57gk45mxk51.png?width=932&format=png&auto=webp&s=834bdcf700d33dc3dac7031005bbf24832cd6661
Freedom Money (Preview) by Lucho Poletti
Read the blog post on Freedom Money for more info on this piece.

Freedom Money \"Money Shot\" Animation

Why did I title my milestone collection "AudioVisual Bitcoin Art"?

I will set the tone for my explanation here, with Merriam Webster's definition of "audiovisual": Definition of Audiovisual: designed to aid in learning or teaching by making use of both hearing and sight.
Since embarking on this mission to educate the masses about bitcoin using visual art, I have contemplated long and hard about how best to impact people with combinations of images and words.
I've studied the words and practices of experts in social psychology and propaganda from the likes of Gustave Le Bon, Edward Bernays, Friedrich Nietzsche, and others.
The voice of Gustave Le Bon, particularly seems to always ring in my head as I take particular creative decisions, at times when questioning whether or not a certain image may resonate with "the crowd"
"The imagination of the crowds … is impressed above all by images. … It is possible to evoke them through the judicious use of words and formulas*."*
So here is my formula:
3 pieces of art using the same structure, each with their own narrative, to propagate the base idea "bitcoin is better money" with different groups of people: 1) The fundamental/economically focused, 2) The risk averse/wealthy, and 3) individuals who highly value freedom.
4 key points for each of those narratives, animated with full audio tracks to create a more immersive viewing experience.
Repetition and Reinforcement of the over-arching phrases and easy-to-understand aspects of the entire message for each.
All 3 pieces will also be released on collector's edition prints via www.luchopoletti.com.
Each print will offer the audiovisual experience of the animation in an augmented reality layer via the artivive app.
submitted by HODL_CRYPTO to Bitcoin [link] [comments]

On-Chain Metrics Show Ethereum Addresses Grow 350% From 2018 Figures

Ahead of Ethereum’s move to staking after its 2.0 “Serenity” update, investment and wallet activity on the network is increasing. The protocol has received a boost in recent times, driven by both institutional and technical factors.

ETH the Preferred Crypto?

Developments last month, and this, have primed Ethereum as an attractive crypto-investment, ahead of other altcoins and Bitcoin. Institutions have invested in and adopted the underlyingblockchainto create their own DLT-centric products.
Even Tyler and Cameron Winklevoss, popular Bitcoin “maximalists” and founders of the Gemini Exchange, hold “large and material” Ether amounts, the twins revealed to Camila Russo of Defiant last week. They admitted leading a significant effort to acquire and “large” amounts of the altcoin after its launch in 2015.
On-chain metrics for Ethereum are booming. Insights byGlassnode, a blockchain and crypto analytics firm, show ether wallets have grown 350 percent since the currency’s all-time high value of $1490 in 2018.
The firm statedvia a tweeton May 25:
There are now 40 million #Ethereum addresses holding #ETH. That’s an increase of more than 350% since $ETH saw its ATH price in early 2018.
(Source: Glassnode)

DeFi May Be Reinvigorating ETH

DeFi projects may have to do with Ethereum’s increased popularity and the surge in wallet addresses. At the time of writing,data on Defi Pulseshows BTC-pegged ERC20 tokens, such as Wrapped Bitcoin and tBTC, outnumber the actual bitcoin stored on the latter’s lighting network.
Other projects are adopting the Ethereum blockchain for pegged currencies as well. MakerDAO, which recentlydiscontinuedthe SAI token, issued $4 million worth of DAI on Ethereum last week.
Tweeting aboutthe above development,MakerDAOfounder Rune Christensen told the transaction was “extremely” bullish for Ethereum’s long-term value proposition, adding:
*“This really showcases the latent demand for non-ETH assets, and it’s the beginning of a broader trend of DeFi acting as an economic vacuum that will eventually attract almost all value to the Ethereum blockchain.”*
Prominent investors are recognizing Ethereum’s value as well. Andrew Keys, partner at Digital Asset Management Advisors,wrote in a ConsenSys blogin January 2020 that the protocol’s market opportunity is “estimated at well over $80 trillion.”
Similarly, Spencer Noon of DTC Capitalbelievesthe public demand for ether tokens and the Ethereum blockchain has a significant connection.
There is a growing link between Ethereum utility and ETH demand. ETH miners have captured $3.5M in fees over the past 30 days,” said Noon, adding “we can see that the demand for block space is mostly driven by stablecoins and DeFi, which together account for >63% of fees paid. Like BTCMANAGER? Send us a tip!
Our Bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4 *
Source: https://thedailyblockchain.news/2020/05/26/on-chain-metrics-show-ethereum-addresses-grow-350-from-2018-figures/
submitted by iMakeWebsites4u to daily_blockchain_news [link] [comments]

Bitcoin or Gold: Which Is More Bigly Yuge To Own?

Note: Ryan Wilday and I just co-wrote this crypto article, and we thought you may find it interesting.
Recently, the Winklevoss twins (who founded the Gemini crypto exchange) coined Bitcoin as ‘Gold 2.0.’ To support their perspective, they cited Bitcoin’s scarcity, its fungibility and its portability as meeting or exceeding that of the yellow metal.
Greyscale Investments, the company that has brought crypto based trusts to the US OTC market, recently ran ads urging investors to drop gold as a relic of the past in favor of cryptocurrency, which is ‘secure’, borderless, and in their direct words, ‘actually has utility’.
It seems that there are more and more comparisons between Bitcoin and gold, but is one better to hold more so than the other? Well, to be honest, each has a different ultimate purpose for which each is better suited.
With gold and crypto starting to launch on their next bull run, we thought it would be fun to explore these questions. At the end of the day, we find each asset worth owning. And, for the libertarian minded, both assets provide “insurance” from inflationary fiat and the centralized banking system. Yet, each asset has their die-hard investors who view each asset as “the” asset to own, while they simultaneously look down at the other camp.
For example, ‘gold bug’s’ such as Peter Schiff decry Bitcoin as ‘not viable as money’, ‘not a store of value’, and ‘fool’s gold’. And, Bitcoin fans simply consider gold a cumbersome hunk of metal with a value based on tradition rather than utility.
As far as we are concerned, each camp has a point, which is why we feel that one should diversify into both asset classes for the same types of protections. You see, gold and bitcoin share values which are sought after by both groups of investors: separation from the centralized financial system, scarcity, security, portability, and fungibility. However, whereas Bitcoin may better serve investors with certain of these benefits, gold will serve investors better with others.
Separation from the System
In regards to separation from the centralized finance system of the world, Bitcoin and Gold are comparable. Both assets allow the holder to remain in control of their holdings, effectively becoming the bank for themselves. In that regard, holding either asset removes counterparty risk. Moreover, both allow for exchange between parties without intermediaries. And, finally, both are immune from the inflationary efforts of central banks.
Scarcity
All the gold ever mined is estimated at 190,000 tonnes and there is expected to be 54,000 tonnes in the ground. The current supply of Bitcoin is approaching 18 million and will never exceed 21 million. Furthermore, untold numbers of bitcoin are lost due to misplaced keys. Therefore, it is quite clear that both assets are scarce and finite, though one could certainly argue that Bitcoin is more so.
Security
The holders of both assets need to pay attention to security. For the gold holder, of course, security involves keeping gold away from prying hands. However, storage does become an issue the larger the holding, and involves additional costs. So, clearly, this is certainly one of the drawbacks of holding gold.
Yet, theft of cryptocurrency has been one of the biggest deterrents from adoption of crypto as a common asset class. Yet, with appropriate cyber security protections, one can keep their crypto secure. Given that it is not held in a physical location, there are no additional costs of storage. Moreover, as long as one doesn’t expose how they maintain their private keys, one is unlikely to experience a physical robbery attempt. (We created a quick document on crypto security here).
However, the Achilles heel of Bitcoin is that it requires the internet and electric grids to run properly. Should electricity become compromised for whatever the reason, I think it would be clear to understand how gold would become the more desirable of the two assets in this event.
Portability
I don’t think there is much of a question that Bitcoin wins hands down with respect to portability. Bitcoin is weightless and gold is over 19 grams per cubic centimeter. This is why so many Venezuelans reportedly ran to Bitcon to take capital out of the country. Doing so with gold is nearly impossible during such times of crisis.
Fungibility
Bitcoin and Gold are both fungible. However, Bitcoin is much more easily divided into smaller units down to 8 decimal places. At current price, one could theoretically exchange Bitcoin worth 1 /100 of a cent. Try doing that with gold. Since units of gold generally need to be rated for investment level purity, it is quite hard to exchange less than a 1/10th ounce of gold, or roughly $140 at today’s price.
Conclusion
Perhaps gold and crypto investors can find some common ground, as they each have similar benefits. The benefits that have traditionally led gold investors to hoard the yellow metal are not too different from those driving today’s Bitcoin buyers. Nonetheless, as we’ve shared, both are expected to embark on their next bull run. And, a disadvantage to owning one asset is often an advantage of owning other. Therefore, we believe both deserve a place in your portfolio for at least insurance purposes.
submitted by avigilburt to StockMarket [link] [comments]

ARCHIVE: I Am A Time Traveler From The Future, Here To Beg You To Stop What You Are Doing

the original post was just deleted a few minutes ago. (it was deleted around 7:45pm EST on March 8, 2019)

Wanted to be sure the original text was still visible. I copied / pasted this from the Internet Wayback Machine. Snapshot pasted below is from 9/11/2018: https://web.archive.org/web/20180911055950/https://www.reddit.com/Bitcoin/comments/1lfobc/i_am_a_timetraveler_from_the_future_here_to_beg/

Original Post from u/Luka_Magnotta

I am a time-traveler from the future, here to beg you to stop what you are doing.

I am sending this message from the year 2025. Things are looking bleak here, and some of you will carry blood on your hands.
If you don't believe me, please move on, as I have no way of proving to you I'm really who I claim to be.
I don't want to waste any of your time, so I'm merely going to explain what happened.
On average, every year so far, the value of Bitcoin has increased by about a factor ten. From 0.1 dollar in 2010, to 1 dollar in 2011, to 10 dollar in 2012, to 100 dollar in 2013. From now on, there's a slight slowdown, as the value increased by a factor ten every two years, to 1,000 dollar in 2015, to 10,000 in 2017, 100,000 in 2019, and 1,000,000 in 2021. From here onwards, there's no good way of expressing its value in dollars, as the dollar is no longer used, nor is any central bank issued currency for that matter. There are two main forms of wealth in today's world. Land and cryptocurrency.
There are just over 19 million Bitcoin known to be used in the world today, as well as a few hundred thousand that were permanently lost, and we're still dealing with a population of just over 7 billion people today. On average, this means the average person owns just under 0.003 bitcoin. However, due to the unequal distribution of wealth in my world, the mean person owns just 0.001 bitcoin. That's right, most of you reading this today are rich. I personally live next to an annoying young man who logged into his old Reddit account two years ago and discovered that he received a tip of 0.01 Bitcoin back in 2013 for calling someone a "faggot" when he was a 16 year old boy. Upon making this discovery he bought an airline ticket, left his house without telling anyone anything and went to a Citadel.
"What is a Citadel?" you might wonder. Well, by the time Bitcoin became worth 1,000 dollar, 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.
In my world, soon to be your world, most governments no longer exist, as Bitcoin transactions are done anonymously and thus most governments can enforce no taxation on their citizens. Most of the success of Bitcoin is due to the fact that Bitcoin turned out to be an effective method to hide your wealth from the government. Whereas people entering "rogue states" like Luxemberg, Monaco and Liechtenstein were followed by unmanned drones to ensure that governments know who is hiding wealth, no such option was available to stop people from hiding their money in Bitcoin.
Governments tried to stay relevant in my society by buying Bitcoin, which just made the problem worse, by increasing the value of Bitcoin. Governments did so in secret of course, but my generation's "Snowdens" are in fact greedy government employees who transferred Bitcoin to their own private account, and escaped to anarchic places where no questions are asked as long as you can cough up some money.
The four institutions with the largest still accessible Bitcoin balance are believed to be as following:
-ASICminer - 50,000 Bitcoin
-The IMF's "currency stabilization fund" - 70,000 Bitcoin
-Government of Saudi Arabia - 110,000 Bitcoin
-The North Korean government - 180,000 Bitcoin
Economic growth today is about -2% per year. Why is this? If you own more than 0.01 Bitcoin, chances are you don't do anything with your money. There is no inflation, and thus no incentive to invest your money. Just like the medieval ages had no significant economic growth, as wealth was measured in gold, our society has no economic growth either, as people know their 0.01 Bitcoin will be enough to last them a lifetime. The fact that there are still new Bitcoin released is what prevents our world from collapse so far it seems, but people fear that the decline in inflation that will occur during the next block halving may further wreck our economy.
What happened to the Winklevoss twins? The Winklevoss twins were among the first to die. After seeing the enormous damage done to the fabric of society, terrorist movements emerged that sought to hunt down and murder anyone known to have a large balance of Bitcoin, or believed to be responsible in any way for the development of cryptocurrency. Ironically, these terrorist movements use Bitcoin to anonymously fund their operations.
Most people who own any significant amount of Bitcoin no longer speak to their families and lost their friends, because they had to change their identities. There have been also been a few suicides of people who could not handle the guilt after seeing what happened to the bag-holders, the type of skeptical people who continued to believe it would eventually collapse, even after hearing the rumors of governments buying Bitcoin. Many people were taken hostage, and thus, it is suspected that 25% percent of "Bitcoin rich" actually physically tortured someone to get him to spill his password.
Why didn't we abandon Bitcoin, and move to another system? Well, we tried of course. We tried to step over to an inflationary cryptocurrency, but nobody with an IQ above 70 was willing to step up first and volunteer. After all, why would you voluntarily invest a lot of your money into a currency where you know your wealth will continually decline? The thing that made Bitcoin so dangerous to society was also what made it so successful. Bitcoin allows us to give into our greed.
In Africa, surveys show that an estimated 70% of people believe that Bitcoin was invented by the devil himself. There's a reason for this. It's a very sensitive issue that today is generally referred to as "the tragedy". The African Union had ambitious plans to help its citizens be ready to step over to Bitcoin. Governments gave their own citizens cell phones for free, tied to their government ID, and thus government sought to integrate Bitcoin into their economy. All went well, until "the tragedy" that is. A criminal organization, believed to be located in Russia, exploited a hardware fault in the government issued cell phones. It's believed that the entire continent of Africa lost an estimated 60% of its wealth in a period of 48 hours. What followed was a period of chaos and civil war, until the Saudi Arabian and North Korean governments, two of the world's major superpowers due to their authoritarian political system's unique ability to adapt to the "Bitcoin challenge", divided most African land between themselves and were praised as heroes by the local African population for it.
You might wonder, what is our plan now? It's clear that the current situation can not be sustained, without ending in a nuclear holocaust. I am part of an underground network, who seek to launch a coordinated attack against the very infrastructure of the Internet itself. We have at our disposal about 20 nuclear submarines, which we will use to cut all underwater cables between different continents. After this has been successfully achieved, we will launch a simultaneous nuclear pulse attack on every densely population area of the world. We believe that the resulting chaos will allow the world's population to rise up in revolt, and destroy as many computers out there as possible, until we reach the point where Bitcoin loses any relevance.
Of course, this outcome will likely lead to billions of deaths. This is a price we are forced to pay, to avoid the eternal enslavement of humanity to a tiny elite.
This is also the reason we contacted you.
It doesn't have to be like this. You do not have to share our fate. I don't know how, but you must find a way to destroy this godforsaken project in its infancy. I know this is a difficult thing to ask of you. You believed you were helping the world by eliminating the central banking cartel that governs your economies.
However, I have seen where it ends.
submitted by Kinolva to Bitcoin [link] [comments]

A letter from the future about Bitcoin.

Well gee, this blew up.
Bitcoin should not be treated as an investment, it should be recognized as a speculative negative-sum game. The Bitcoin system currently consumes an estimated 3.6 billion dollar worth of electricity on an annualized basis, just to update the ledger that contains a record of everyone's transactions. This enormous consumption of electricity is indirectly paid for by people who invest their savings in Bitcoin, as a consequence, money is continually "leaking" from the system.
As a Bitcoin investor, you're paying for Chinese businesses to waste electricity by solving an abstract math problem that is designed to get continually more difficult. Besides ensuring that many people lose vast sums of money while a small minority of early adapters is enriched, Bitcoin causes tremendous ecological damage in an era when we should be focusing as a society on reducing our carbon emissions.
The Bitcoin developers responsible for updating the protocol appear to have no genuine intention to introduce code changes that reduce the ecological damage caused by Bitcoin mining, so my suggestion has to be to sell your Bitcoins, which indirectly has the effect of reducing the ecological damage caused by Bitcoin mining.
Theft and loss of coins are also enormous problems affecting Bitcoin, so although it is theoretically possible to store your coins in a safe manner, history has shown that a lot of people will simply lose their coins, further illustrating why Bitcoin is not a good investment option.
The other cryptocurrencies share most of Bitcoin's flaws (resource waste, no protection against theft or loss, vulnerable to market manipulation, etc), but most importantly, what sets cryptocurrencies apart from proper investments is that these coins don't produce anything. If you invest in a company, that company can use the money to deliver more products. If you buy, silver, gold, bitcoin or beanie babies, you're hoping someone else will come along one day and pay more money for it. History has shown that people who invest money in the stock market will generally end up witnessing much higher returns than people who buy gold.
With that said, I hope this story has entertained you and helped you recognize some of the problems our society would face if we ever witnessed widespread adaption of Bitcoin or similar digital currencies.
I am sending this message from the year 2025. Things are looking bleak here, and some of you will carry blood on your hands.
If you don't believe me, please move on, as I have no way of proving to you I'm really who I claim to be.
I don't want to waste any of your time, so I'm merely going to explain what happened.
On average, every year so far, the value of Bitcoin has increased by about a factor ten. From 0.1 dollar in 2010, to 1 dollar in 2011, to 10 dollar in 2012, to 100 dollar in 2013. From now on, there's a slight slowdown, as the value increased by a factor ten every two years, to 1,000 dollar in 2015, to 10,000 in 2017, 100,000 in 2019, and 1,000,000 in 2021. From here onwards, there's no good way of expressing its value in dollars, as the dollar is no longer used, nor is any central bank issued currency for that matter. There are two main forms of wealth in today's world. Land and cryptocurrency.
There are just over 19 million Bitcoin known to be used in the world today, as well as a few hundred thousand that were permanently lost, and we're still dealing with a population of just over 7 billion people today. On average, this means the average person owns just under 0.003 bitcoin. However, due to the unequal distribution of wealth in my world, the mean person owns just 0.001 bitcoin. That's right, most of you reading this today are rich. I personally live next to an annoying young man who logged into his old Reddit account two years ago and discovered that he received a tip of 0.01 Bitcoin back in 2013 for calling someone a "faggot" when he was a 16 year old boy. Upon making this discovery he bought an airline ticket, left his house without telling anyone anything and went to a Citadel.
"What is a Citadel?" you might wonder. Well, by the time Bitcoin became worth 1,000 dollar, 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.
In my world, soon to be your world, most governments no longer exist, as Bitcoin transactions are done anonymously and thus most governments can enforce no taxation on their citizens. Most of the success of Bitcoin is due to the fact that Bitcoin turned out to be an effective method to hide your wealth from the government. Whereas people entering "rogue states" like Luxemberg, Monaco and Liechtenstein were followed by unmanned drones to ensure that governments know who is hiding wealth, no such option was available to stop people from hiding their money in Bitcoin.
Governments tried to stay relevant in my society by buying Bitcoin, which just made the problem worse, by increasing the value of Bitcoin. Governments did so in secret of course, but my generation's "Snowdens" are in fact greedy government employees who transferred Bitcoin to their own private account, and escaped to anarchic places where no questions are asked as long as you can cough up some money.
The four institutions with the largest still accessible Bitcoin balance are believed to be as following:
-ASICminer - 50,000 Bitcoin
-The IMF's "currency stabilization fund" - 70,000 Bitcoin
-Government of Saudi Arabia - 110,000 Bitcoin
-The North Korean government - 180,000 Bitcoin
Economic growth today is about -2% per year. Why is this? If you own more than 0.01 Bitcoin, chances are you don't do anything with your money. There is no inflation, and thus no incentive to invest your money. Just like the medieval ages had no significant economic growth, as wealth was measured in gold, our society has no economic growth either, as people know their 0.01 Bitcoin will be enough to last them a lifetime. The fact that there are still new Bitcoin released is what prevents our world from collapse so far it seems, but people fear that the decline in inflation that will occur during the next block halving may further wreck our economy.
What happened to the Winklevoss twins? The Winklevoss twins were among the first to die. After seeing the enormous damage done to the fabric of society, terrorist movements emerged that sought to hunt down and murder anyone known to have a large balance of Bitcoin, or believed to be responsible in any way for the development of cryptocurrency. Ironically, these terrorist movements use Bitcoin to anonymously fund their operations.
Most people who own any significant amount of Bitcoin no longer speak to their families and lost their friends, because they had to change their identities. There have been also been a few suicides of people who could not handle the guilt after seeing what happened to the bag-holders, the type of skeptical people who continued to believe it would eventually collapse, even after hearing the rumors of governments buying Bitcoin. Many people were taken hostage, and thus, it is suspected that 25% percent of "Bitcoin rich" actually physically tortured someone to get him to spill his password.
Why didn't we abandon Bitcoin, and move to another system? Well, we tried of course. We tried to step over to an inflationary cryptocurrency, but nobody with an IQ above 70 was willing to step up first and volunteer. After all, why would you voluntarily invest a lot of your money into a currency where you know your wealth will continually decline? The thing that made Bitcoin so dangerous to society was also what made it so successful. Bitcoin allows us to give into our greed.
In Africa, surveys show that an estimated 70% of people believe that Bitcoin was invented by the devil himself. There's a reason for this. It's a very sensitive issue that today is generally referred to as "the tragedy". The African Union had ambitious plans to help its citizens be ready to step over to Bitcoin. Governments gave their own citizens cell phones for free, tied to their government ID, and thus government sought to integrate Bitcoin into their economy. All went well, until "the tragedy" that is. A criminal organization, believed to be located in Russia, exploited a hardware fault in the government issued cell phones. It's believed that the entire continent of Africa lost an estimated 60% of its wealth in a period of 48 hours. What followed was a period of chaos and civil war, until the Saudi Arabian and North Korean governments, two of the world's major superpowers due to their authoritarian political system's unique ability to adapt to the "Bitcoin challenge", divided most African land between themselves and were praised as heroes by the local African population for it.
You might wonder, what is our plan now? It's clear that the current situation can not be sustained, without ending in a nuclear holocaust. I am part of an underground network, who seek to launch a coordinated attack against the very infrastructure of the Internet itself. We have at our disposal about 20 nuclear submarines, which we will use to cut all underwater cables between different continents. After this has been successfully achieved, we will launch a simultaneous nuclear pulse attack on every densely population area of the world. We believe that the resulting chaos will allow the world's population to rise up in revolt, and destroy as many computers out there as possible, until we reach the point where Bitcoin loses any relevance.
Of course, this outcome will likely lead to billions of deaths. This is a price we are forced to pay, to avoid the eternal enslavement of humanity to a tiny elite.
This is also the reason we contacted you.
It doesn't have to be like this. You do not have to share our fate. I don't know how, but you must find a way to destroy this godforsaken project in its infancy. I know this is a difficult thing to ask of you. You believed you were helping the world by eliminating the central banking cartel that governs your economies.
However, I have seen where it ends.
More: https://www.youtube.com/watch?v=SgrUEHe7CZY&t=3s
submitted by chapikla to u/chapikla [link] [comments]

Top 10 Richest People in the World, in Bitcoin

Bitcoin has been given the nickname “digital gold”. This is because of its characteristic as a store of wealth. Many big investors are resorting to Bitcoin as a good place to put their money. The reason for this is not just because it can be sustained, but also because of the high tendency of appreciation in value. Here we shall be considering the top 10 richest people in the world, in Bitcoin.
We will take a look at their net worth, and how much that amounts to in Bitcoin. We will also consider their primary business and a little bit of their history. How they started out in the Bitcoin ecosystem and what they have achieved so far will also enable us to understand more about them.
So, here is a list of the top 10 richest people in the world, in Bitcoin.
10. Matthew Roszark
Matthew Roszark is the founder of Tally Capital, and co-founder of Bloq. Roszark is widely known as the man who gave Richard Branson and Bill Clinton their first Bitcoins. Roszark made it early into the Bitcoin space and participated in the very first ICO in 2013. Although that wasn’t what it was called at the time.
Roszark has investments in 20 startups in the cryptocurrency ecosystem, some of which have gone ahead to do great things. Some of the startups that he invested in include Coinbase, Kraken and BTCC.
Roszark’s net worth is $1 billion, which amounts to 102,712.94 BTC (at the time of writing).
  1. Anthony Di Iorio
Anthony Di lorio is the founder of Jaxx and Decentral, and co-founder at Ethereum. Having studied a bit of economics and trying to find out the true essence of money after the recession of early 2000, Di lorio discovered Bitcoin and decided to explore. He started a Toronto Bitcoin-meetup, where he met his eventual co-founder of Ethereum, Vitalik Buterin.
Di lorio contributed his personal funds towards the coding of Ethereum, and has since been involved in a number of other crypto assets. Some of them include Qtum, VeChain and ZCash.
Di lorio is a serial investor who commits to projects at an early stage, then after levelling up, he pulls his funds and moves on to something new. His net worth of $1 billion is the equivalent of 102,712.93 BTC.
  1. Michael Novogratz
This CEO of Galaxy Digital is also popular in the field of macro hedge fund management. Novogratz started investing in cryptocurrencies in 2013 and two years later he left his position at Fortress Investment Group to focus on crypto.
In the cryptocurrency industry, Novogratz is known as a seasoned trader who believes that the crypto market as it is today is a bubble. According to him, his aim is to make as much money as possible from the bubble before it bursts.
Novogratz is worth $1 billion which is the equivalent of 102,712.92 BTC
  1. Cameron and Tyler Winklevoss
The Winklevoss twins arrived in the face of the public through the controversial law suit against Facebook for intellectual property theft. They eventually won the case and were paid $11 million in compensation.
With many Silicon Valley startups not wanting to get into Facebook’s black book, the twins seemed to not have where to invest their money. They were introduced to Bitcoin by Brooklyn-based investor David Azar in 2012, and found their new investment ecosystem.
Over the years, the astronomic rise in Bitcoin price has turned their $11 million investment to a $1 billion portfolio of 102,712.91 BTC.
  1. Matthew Mellon
Matthew Mellon’s money started as old money which he inherited from family sources. However, through his “crazy” investment approach, he has been able to build a fortune out of his family inheritance.
Having bought into Bitcoin some years ago, Mellon abandoned his early investments and sold his Bitcoins at some point. His attachment with the banking industry and the XRP feasibility attracted him to the coin.
Mellon spent $2 million to acquire XRP tokens a few years back. That investment has grown to $1 billion, in the equivalence of 102,712.90 BTC.
  1. Zhao Chaopeng
Zhao Chaopeng popularly known as CZ, is the founder of cryptocurrency exchange, Binance. Within one year of its launch, Binance became the largest cryptocurrency exchange in terms of volume.
The platform’s tokens were sold at a price of 10 cents during its ICO. At the time of writing, the price of the coin has risen to over $27 and CZ owns a huge volume of the coins.
In 2014, CZ sold his house in Shanghai, which was practically all he had, to go all out into Bitcoin. Today, his net worth is $1.3 billion, which is equivalent to 133,523.65 BTC.
  1. Brian Armstrong
Brian Armstrong is the CEO of Coinbase, the largest cryptocurrency exchange in America. Coinbase was founded in 2012, and is the most patronized cryptocurrency exchange in the US. The exchange has also expanded, and is now available in many countries of the world.
In 2018, the exchange embarked on a financing round that saw it raise $300 million, and the company is now valued at $8 billion.
Armstrong’s net worth stands at $1.3 billion, with equates to 133,523.64 BTC.
  1. Jihan Wu
Johan Wu is the co-founder of Bitmain, a China-based Bitcoin mining giant. Together with Micree Zhan Ketuan, they have grown Bitmain to become a household name in the industry, and the main supplier of ASIC-chip miners. Wu is also popular for his open support of Bitcoin Cash.
Wu is estimated to be worth up to $1.5 billion, which translates in Bitcoin to 154,065.75 BTC.
  1. Chris Larsen
Chris Larsen is the co-founder of Ripple, a company which was founded in 2012 with Jed McCaleb, the founder of Mt Gox.
Larsen is regarded as a self-made billionaire, with the bulk of his wealth coming from cryptocurrency enterprises. Ripple boasts many top end customers in its portfolio. Among the list includes Bank of America, Santander and Mitsubishi Financial.
Larsen’s net worth is estimated at $1.5 billion, which is equivalent to 154,065.74 BTC.
  1. Micree Zhan Ketuan
Zhan is the co-founder of Bitmain technologies. Bitmain is regarded as the biggest Bitcoin mining company in China. The company is also known to specialize in the sale of ASIC-chip miners.
Zhan is an electrical engineer by training and is the builder of the ASIC chips on the Bitmain hardware. He is an acclaimed self-made billionaire whose source of wealth is the manufacturing and sales of cryptocurrency mining chips.
Zhan’s net worth is estimated at $2.7 billion, which when converted to Bitcoin is 215,692.05 BTC.
Conclusion
The dominant investment industry concept is evolutionary. At different eras of existence, different industries have produced different money magnates. Serial investors at the same time have found ways of aligning with the prevailing markets as the times change.
With the advent of Bitcoin and blockchain technology, the digital assets ecosystem appears to be making a strong statement in the wealth sector. The number of self made billionaires within this sector is a testimony to the impact of this concept in today’s world.
The top 10 richest people in the world, in Bitcoin, parades some names that can stand side-by-side with money magnates of traditional industries. With more developments likely to emerge in the crypto ecosystem, it will not be surprising to see the number of crypto-made billionaire skyrocket in the near future.
https://medium.com/@4kingsocials/top-10-richest-people-in-the-world-in-bitcoin-94183268189b
submitted by OliAustin101 to CryptoNewsandTalk [link] [comments]

Crypto Investment Up 300% in Third Quarter, Grayscale Reports

Grayscale Investments, which offers investors access to Bitcoin and other cryptocurrencies in the form of shares, on Tuesday reported a record third-quarter inflow of over a quarter of a billion dollars.
In a report, the New York-based investment firm said Q3 inflows amounted to $254.9 million, which is triple the $85 million it posted the previous quarter, and that 84% of the new funds came from hedge funds and other institutional investors.
Grayscale’s third quarter investment figure is striking in part because the crypto market has been in a slump during this time. While a rally earlier this year saw the price of Bitcoin hit $12,000 in July, its value has fallen by around a third since then.
According to Grayscale’s managing director, Michael Sonnenshein, the record inflows are the result of a growing number of professional investors deciding to make cryptocurrencies a part of their portfolio mix. He also credited the company’s recent “Drop Gold” advertising blitz, which encourages investors to buy crypto rather than precious metal—a choice Grayscale says is appealing to younger people.
“When the world gets to be the way it is at the moment, these institutions want a new source of alpha,” said Sonnenshein, referring to investments that can out-perform the market. “There’s also a growing acceptance that younger generations want a part of this asset class.”
But while Grayscale touts the appeal of various digital assets, its report shows that 67% of third quarter investments went into the company’s Bitcoin Trust shares, while virtually all the rest went to shares of other cryptocurrencies, Ethereum and Ethereum Classic. Other Grayscale offerings such as XRP and Zen attracted virtually no interest.
Sonnenshein explains the disproportionate interest in the company’s products as a function of liquidity. Specifically, Grayscale customers—who must be accredited investors—can sell their shares a year later in the public market, but only in the case of Bitcoin, Ethereum, and Ethereum Classic.
Grayscale is asking regulators to allow this liquidity option for its other products, says Sonnenshein, adding he expects interest to spike if they receive approval. Meanwhile, the company received approval this week from regulator FINRA to sell shares of its Digital Large Cap Fund—an ETF-like investment made up different cryptocurrencies—to the general public.
The Grayscale report also notes that the majority of investors in the third quarter bought shares using cryptocurrency rather cash—in most cases, trading actual Bitcoin for shares in a Bitcoin trust.
Sonnenshein says such decisions are likely the result of institutional investors lacking the legal and security infrastructure to hold actual cryptocurrency, which is vulnerable to being hacked. Shares in a crypto trust provide an easier option, he suggests.
The service, however, comes at a cost: Grayscale clients pay a management fee of between 2% and 3% for owning the company’s products.
Grayscale expects to make a new advertising push in coming months. Citing the success of the “Drop Gold” ads, Sonnenshein says a similar campaign will launch in the near future.

More must-read stories from Fortune:

Digital assets will ‘trickle, trickle, trickle—then flood,’ State Street exec says
—Credit Karma is launching a savings account, but ‘high yield’ is relative
IRS’s new cryptocurrency rules create ‘messy’ problems for industry
—Ripple CEO not bullish on Facebook’s ability to launch Libra cryptocurrency
—7 CEOs on the [future of Bitcoin
](https://fortune.com/2019/07/22/7-ceos-on-the-future-of-bitcoin/)_Sign up for[_The Ledger](https://cloud.newsletters.fortune.com/fortune/nloptin?nl=THE_LEDGER&source=LinkStack)_, a weekly newsletter on the intersection of technology and finance._
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submitted by acerod1 to Business_Analyst [link] [comments]

Who is the richest Bitcoin owner?

Technically, Bitcoin was worth less than 10 cents per bitcoin upon its inception in 2009. The cryptocurrency has risen steadily since then and is now worth around $6000 per Bitcoin. This is the most remarkable appreciation of the value and has created many millionaires over the last eight years.
Here are the top ten people/institutions that held a large amount of Bitcoins over time:
1. Satoshi Nakamoto
The creator of Bitcoin, who hides behind the moniker Satoshi Nakamoto, remains the major holder of bitcoins. The number of bitcoins that Nakamoto owns today is estimated at around 1.1 million, based on the early mining that he did. This is the equivalent of about $6 billion at today’s exchange rate of 1BTC to 6,098 USD. At least Nakamoto has never touched most of his bitcoins, and neither converted them into real-world currencies nor used them for any other purpose. If he were to sell his entire stash, the value of Bitcoin could plummet in an instant.
2. Bulgaria
Bulgaria is currently sitting on one of the biggest stashes of Bitcoin in the world. How did the European nation come into the possession of this enormous sum of money? A crackdown on organized crime by the Bulgarian law enforcement in May 2017 resulted in the seizure of a stash of 213,519 Bitcoins, enough to pay off a quarter of the country’s national debt.
According to Bulgarian authorities, the criminals used their technical prowess to circumvent taxes. As of June 2018, the virtual coins would be worth more than $1.2 billion. The Bulgarian government has declined to comment on the status of the coins.
3. BitFinex
BitFinex, a crypto exchange, has one of the largest bitcoin wallets with 163,133.38 BTC that are worth approximately $1 billion at the current price of $6,098.24 per bitcoin. The coins are believed to be kept in a cold wallet to protect them from cyber hacks, unauthorized access and other vulnerabilities that a system connected to the internet is prone to.
4. The FBI
The FBI is one of the largest renowned holders of Bitcoin. In September 2013, they brought down Silk Road, the infamous dark web drug bazaar, and seized 144,000 Bitcoin owned by the site’s operator Ross Ulbricht, better known as, “Dread Pirate Roberts”. Ulbricht made critical blunders that allowed investigators to locate the site and link him to it. Users of Silk Road are said to have traded around 9.5 million bitcoins since Ulbricht launched the site in 2011. Even thought the FBI sold a large amount of their Bitcoin holdings or even all, the FBI worth mentioned as they had a fortune in Bitcoin at some point. A large portion of the Bitcoins seized and sold went to Barry Silbert.
5. The Winklevoss Twins
Tyler Winklevoss and Cameron Winklevoss were among the first Bitcoin billionaires. The duo had first gained popularity when they sued the Facebook C.E.O. Mark Zuckerberg for allegedly stealing the idea of creating Facebook from them. They were contacted by Zuckerberg to develop the ConnectU site, which was to become Facebook later on.
They used $11 million of the $65 million cash compensation they received from the legal dispute with Zuckerberg to purchase 1.5 million Bitcoins in 2013. Back then, one Bitcoin traded at $120. That investment has increased more than 20000% since then.
The twins allegedly own around 1 percent of all Bitcoin in circulation. Their combined net worth is approximately 400 million. They created the Windex, funded several bitcoin-related ventures and invested $1.5 million in BitInstant.
6. Garvin Andresen
Although bitcoin is the brainchild of Satoshi Nakamoto, Garvin Andresen is credited as the person who made it what it is today. Garvin is one of the people who has been suspected to be Satoshi, a claim he denies. Rather, he says that he had a close relationship with the anonymous cryptographer for many years. The real Satoshi Nakamoto picked him as his successor in late 2010. Garvin became the chief developer of the open source code that determines how Bitcoin operates – and whether it can survive. He was once paid over $200,000 in Bitcoin by the Bitcoin Foundation for his contributions. He had already cashed out multiple times.
7. Roger Ver
Roger Ver, otherwise known as Bitcoin Jesus, is one of the first Bitcoin billionaires and believed to hold or held at least 100,000 bitcoins. The renowned libertarian allegedly dropped out of college to focus on his bitcoin-related projects. Unlike other crypto billionaires out there who are throwing their cash in the typical private Islands or luxury jets, Ver’s dream is to establish his own libertarian nation where every individual is the absolute owner of their own life and are free to do whatever they wish with their person or property. The controversial bitcoin evangelist renounced his U.S. citizenship in 2014 and relocated permanently to a small Caribbean Island.
8. Barry Silbert
Silbert is a venture capitalist and founder of Digital Currency Group. He was an early adopter of Bitcoin. He purportedly walked away with an eye-watering 48,000 Bitcoins in an auction held by the U.S. Marshals Service in 2014. The US government had confiscated much of the crypto coins from Ross Ulbricht, the alleged operator of the dark web marketplace for drugs and other illegal products. Bitcoin was then worth $350, which means Silbert’s coins have skyrocketed in value from $16.8 million to $288 million.
9. Charlie Shrem
Charlie Shrem is no doubt one of the most controversial Bitcoin millionaires. He invested in a large quantity of Bitcoin in the early days of the cryptocurrency. Shrem was also an active member of the Bitcoin Foundation and founded BitInstant when he was just 22 years old. By the end of December 2014, Shrem had been found guilty of money laundering and received a two-year prison sentence. After his release from federal custody, he unveiled a startup called Intellisys Capital, a company that sells investment portfolios in blockchain companies.
10. Tony Gallippi
A famous business magnate Tony Gallippi is also believed to be one of the big holders of bitcoins. He is the brain behind BitPay, one of the most popular Bitcoin payment service providers in the world. The company was launched in May 2011 and processes over one million dollars per day. Bitpay is also one of the companies to sign contracts with major companies including Microsoft, Dell, TigerDirect, and Newegg. By 2014, the company had employed approximately 100 people.
Conclusion
It is estimated that the top 1000 bitcoin addresses own approximately 35% of the total bitcoin in circulation. There are also thousands of individuals who hold large stashes of bitcoin but have chosen to remain anonymous.
submitted by alifkhalil469 to BtcNewz [link] [comments]

Lost bitcoins, Early miners and the Future

I will start my post with the i'm a hodler preface before i get fanatics attacking me left right and center..
But i foresee some problems, and would appreciate a logical explanation how these circumstances will play out.
Scenario 1
21 million bitcoins, with a presumption that 4 million are missing. Over time i see this number increasing but never decreasing, how will that affect bitcoin as a store of value?
I'm aware of shipwrecks carrying tonnes of gold being lost, this could be a good example of the outcome. However there is almost always still more gold to be discovered.. (we have been using it as a store for centuries yet theres still gold out there to be mined.) Currently we estimate 2140 for this to have ran out of resources for bitcoin.
Scenario 2
Bitcoin is supposed to equalise the playing fields of currency supposedly giving power back to the people.. yet with already 17.3 million already mined with a max limit of 21 million.. the majority of this asset has already fallen into a select few (the 1% dilemma we already face with current currency). We have already heard of the billion dollar Winklevoss twins, and there are few more. (even Craig Wright possibly, #Faketoshi)? So how does this fix the current system? To me the initial blocks mined scream of a very eloborate get rich quick scheme, with such huge rewards for early adopters.. was this satoshis intention, or a necessary compromise or maybe a miscalculation on his part? I'ts been 10 years since introduction.. yet we have mined 80% of the total reserve.. thats far too quick.
I understand improvements of technology will improve bitcoin such as the current proposed lightning network (ill leave that proposal out of it as like the internet theres room for improvement).. however both scenarios above I don't believe can be rectified by a software solution.. so am interested in peoples thoughts on how they play out in the long run.
Thanks!
submitted by bootyskie to Bitcoin [link] [comments]

r/Bitcoin recap - September 2018

Hi Bitcoiners!
I’m back with the 21st monthly Bitcoin news recap.
For those unfamiliar, each day I pick out the most popularelevant/interesting stories in Bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best) overview of what happened in bitcoin over the past month.
You can see recaps of the previous months on Bitcoinsnippets.com
A recap of Bitcoin in September 2018
submitted by SamWouters to Bitcoin [link] [comments]

6 Cognitive Biases Aiding Bitcoin's Adoption

Six cognitive biases are aiding Bitcoin's global adoption:

Let’s explore each of them.

Lindy rule: The longer an idea has been around without being falsified, the longer its future life expectancy.
The longer Bitcoin exists, the longer it is likely to continue to exist. Economist and author Nouriel Roubini calls this the "Lindy rule", which applies to books, technologies, and ideas. Bitcoin has existed for 10 years. Every day it exists, every day it is more likely to keep existing. And the longer it exists, the more likely it is to be valued as a reliable store of wealth.
Availability cascade: The more people hear about something, the more likely people believe it to be true.
Bitcoin's word of mouth is remarkable. Blowhards like Anthony Pompliano and the Winklevoss twins are preaching Bitcoin's story on Twitter, CNBC, and CNN. The more often people hear about Bitcoin's potential, the more they believe it to be true. This is called the Availability cascade. You hear about something a lot so you start to believe it.
Donald Trump knows this, which is why he repeats the same points over and over and over and over and over again. The same principle applies to local news -- if you watch reports about local murders and fires every night, you’re likely to believe we live in an unsafe world (even though that is not the case statistically).
FOMO: Fear of missing out.
Each bull run creates a new crop of wealthy individuals, who make way too much money and catalyze the next wave of word of mouth. Our society is infatuated with get rich quick stories like lottery jackpot winners. In the future, I imagine local news stories about neighborhood "Bitcoin millionaires!" who will make their whole community jealous enough that they too decide to buy into Bitcoin. Sadly, I think this aspect of Bitcoin brings out the worst in people. Money, money, money. It kills culture.
While this phenomena is local in nature, Bitcoin's reach is global. Anyone in the world can buy it. The total addressable market size is literally planet earth. Someone in Caracas can buy it. So can someone in East Hampton. That makes for a gigantic market opportunity that is still barely tapped.
Endowment effect: Caring more about things that you own.
As FOMO grows, access to acquiring Bitcoin is becoming easier. There are hundreds (or thousands?) of companies building products in the ecosystem. With Coinbase or Square Cash, it literally takes 3 clicks to buy Bitcoin. It's almost too easy to buy it.
Other onramps exist too. With Lolli, you earn Bitcoin when shopping. I wouldn't be surprised if we see more cryptogaming companies like Satoshi Games creating the next Candy Crush, but rewarding players with Bitcoin.
And when you own it, you're more incentivized to root for it. That's the Endowment effect. In a famous study by Daniel Kahneman, participants who are given a coffee mug will sell it for $7. Participants who are offered to buy a mug only offer $3. People value things they already own more than things they don’t own. The moment you own some Bitcoin, start to think it’s worth more than others who don’t own it.
Anchoring: When you are influenced by an initial piece of information that anchors your decision making.
Bitcoin maximalists talk about the price going "to the moon". For some, that means $100K price target by 2021 (10x what it is today). To others, it's $1 million. While these prices are merely predictions, the public's beliefs have already been anchored to an astronomical future price of the cryptocurrency.
And what’s the thinking behind those predictions? Gold's market cap is $7 trillion; Bitcoin's market cap is $300Bn. The logic is that when Bitcoin becomes accepted as "digital gold" and a digital store of wealth, it's market cap will enter the stratosphere of gold’s market cap. So gold, really, is the anchor.
Social proof: If other people are doing it (or saying it), it must be correct.
The smartest money in the world is invested in Bitcoin. Andreessen Horowitz has a dedicated crypto fund. Square has a crypto division. Peter Thiel and Naval Ravikant were early investors. The social proof has been growing, creating the feeling that you're investing alongside the greats.

So...what's the biggest risk to Bitcoin’s adoption?

They're not rooted in psychological biases, but worth mentioning what I see as two risks:
1) Governments will try to squash it. Bitcoin threatens fiat currency if citizens can pay for things "outside the system". Some countries will ban it.. This, to me, is the existential risk: If the countries around the world decide that internet money independent of national governments and central banks is illegal.
On the flipside, we'll probably see other weaker governments embrace Bitcoin and other cryptocurrencies. Maybe even ditch their own weak currency in favor of a globally valued Bitcoin. So perhaps Bitcoin will be legal tender in some countries and illegal in others.
2) Who the fudge is Satoshi? It's mind boggling that millions of people have adopted a currency created by a mysterious identity. That's some biblical shit right there. What if Satoshi has the master code and shuts it all down one day? I get it, the blockchain is immutable. But I'm still uncomfortable with his lack of identify. Show your face!

So where do we go from here?

At times, it feels like this is all an experiment that very well could fail.
Other times, it feels like we’re in very first stage of a century-long transition to digital currency. There’s too much excitement too soon.
But lately, bitcoin’s adoption feels inevitable. It has momentum, brain power, money, a passionate community, and a bunch of cognitive biases willing it into existence.
We'll probably look back on this period the same way we look at buying up domain names 20 years ago. It will look obvious in hindsight. Another bias.

See original post here: https://cofounder.substack.com/p/-human-psychology-is-pumping-bitcoin
submitted by kubeans to btc [link] [comments]

Top 10 Richest People in the World, in Bitcoin

Bitcoin has been given the nickname “digital gold”. This is because of its characteristic as a store of wealth. Many big investors are resorting to Bitcoin as a good place to put their money. The reason for this is not just because it can be sustained, but also because of the high tendency of appreciation in value. Here we shall be considering the top 10 richest people in the world, in Bitcoin.
We will take a look at their net worth, and how much that amounts to in Bitcoin. We will also consider their primary business and a little bit of their history. How they started out in the Bitcoin ecosystem and what they have achieved so far will also enable us to understand more about them.
So, here is a list of the top 10 richest people in the world, in Bitcoin.
10. Matthew Roszark
Matthew Roszark is the founder of Tally Capital, and co-founder of Bloq. Roszark is widely known as the man who gave Richard Branson and Bill Clinton their first Bitcoins. Roszark made it early into the Bitcoin space and participated in the very first ICO in 2013. Although that wasn’t what it was called at the time.
Roszark has investments in 20 startups in the cryptocurrency ecosystem, some of which have gone ahead to do great things. Some of the startups that he invested in include Coinbase, Kraken and BTCC.
Roszark’s net worth is $1 billion, which amounts to 102,712.94 BTC (at the time of writing).
  1. Anthony Di Iorio
Anthony Di lorio is the founder of Jaxx and Decentral, and co-founder at Ethereum. Having studied a bit of economics and trying to find out the true essence of money after the recession of early 2000, Di lorio discovered Bitcoin and decided to explore. He started a Toronto Bitcoin-meetup, where he met his eventual co-founder of Ethereum, Vitalik Buterin.
Di lorio contributed his personal funds towards the coding of Ethereum, and has since been involved in a number of other crypto assets. Some of them include Qtum, VeChain and ZCash.
Di lorio is a serial investor who commits to projects at an early stage, then after levelling up, he pulls his funds and moves on to something new. His net worth of $1 billion is the equivalent of 102,712.93 BTC.
  1. Michael Novogratz
This CEO of Galaxy Digital is also popular in the field of macro hedge fund management. Novogratz started investing in cryptocurrencies in 2013 and two years later he left his position at Fortress Investment Group to focus on crypto.
In the cryptocurrency industry, Novogratz is known as a seasoned trader who believes that the crypto market as it is today is a bubble. According to him, his aim is to make as much money as possible from the bubble before it bursts.
Novogratz is worth $1 billion which is the equivalent of 102,712.92 BTC
  1. Cameron and Tyler Winklevoss
The Winklevoss twins arrived in the face of the public through the controversial law suit against Facebook for intellectual property theft. They eventually won the case and were paid $11 million in compensation.
With many Silicon Valley startups not wanting to get into Facebook’s black book, the twins seemed to not have where to invest their money. They were introduced to Bitcoin by Brooklyn-based investor David Azar in 2012, and found their new investment ecosystem.
Over the years, the astronomic rise in Bitcoin price has turned their $11 million investment to a $1 billion portfolio of 102,712.91 BTC.
  1. Matthew Mellon
Matthew Mellon’s money started as old money which he inherited from family sources. However, through his “crazy” investment approach, he has been able to build a fortune out of his family inheritance.
Having bought into Bitcoin some years ago, Mellon abandoned his early investments and sold his Bitcoins at some point. His attachment with the banking industry and the XRP feasibility attracted him to the coin.
Mellon spent $2 million to acquire XRP tokens a few years back. That investment has grown to $1 billion, in the equivalence of 102,712.90 BTC.
  1. Zhao Chaopeng
Zhao Chaopeng popularly known as CZ, is the founder of cryptocurrency exchange, Binance. Within one year of its launch, Binance became the largest cryptocurrency exchange in terms of volume.
The platform’s tokens were sold at a price of 10 cents during its ICO. At the time of writing, the price of the coin has risen to over $27 and CZ owns a huge volume of the coins.
In 2014, CZ sold his house in Shanghai, which was practically all he had, to go all out into Bitcoin. Today, his net worth is $1.3 billion, which is equivalent to 133,523.65 BTC.
  1. Brian Armstrong
Brian Armstrong is the CEO of Coinbase, the largest cryptocurrency exchange in America. Coinbase was founded in 2012, and is the most patronized cryptocurrency exchange in the US. The exchange has also expanded, and is now available in many countries of the world.
In 2018, the exchange embarked on a financing round that saw it raise $300 million, and the company is now valued at $8 billion.
Armstrong’s net worth stands at $1.3 billion, with equates to 133,523.64 BTC.
  1. Jihan Wu
Johan Wu is the co-founder of Bitmain, a China-based Bitcoin mining giant. Together with Micree Zhan Ketuan, they have grown Bitmain to become a household name in the industry, and the main supplier of ASIC-chip miners. Wu is also popular for his open support of Bitcoin Cash.
Wu is estimated to be worth up to $1.5 billion, which translates in Bitcoin to 154,065.75 BTC.
  1. Chris Larsen
Chris Larsen is the co-founder of Ripple, a company which was founded in 2012 with Jed McCaleb, the founder of Mt Gox.
Larsen is regarded as a self-made billionaire, with the bulk of his wealth coming from cryptocurrency enterprises. Ripple boasts many top end customers in its portfolio. Among the list includes Bank of America, Santander and Mitsubishi Financial.
Larsen’s net worth is estimated at $1.5 billion, which is equivalent to 154,065.74 BTC.
  1. Micree Zhan Ketuan
Zhan is the co-founder of Bitmain technologies. Bitmain is regarded as the biggest Bitcoin mining company in China. The company is also known to specialize in the sale of ASIC-chip miners.
Zhan is an electrical engineer by training and is the builder of the ASIC chips on the Bitmain hardware. He is an acclaimed self-made billionaire whose source of wealth is the manufacturing and sales of cryptocurrency mining chips.
Zhan’s net worth is estimated at $2.7 billion, which when converted to Bitcoin is 215,692.05 BTC.
Conclusion
The dominant investment industry concept is evolutionary. At different eras of existence, different industries have produced different money magnates. Serial investors at the same time have found ways of aligning with the prevailing markets as the times change.
With the advent of Bitcoin and blockchain technology, the digital assets ecosystem appears to be making a strong statement in the wealth sector. The number of self made billionaires within this sector is a testimony to the impact of this concept in today’s world.
The top 10 richest people in the world, in Bitcoin, parades some names that can stand side-by-side with money magnates of traditional industries. With more developments likely to emerge in the crypto ecosystem, it will not be surprising to see the number of crypto-made billionaire skyrocket in the near future.
https://medium.com/@4kingsocials/top-10-richest-people-in-the-world-in-bitcoin-94183268189b
submitted by OliAustin101 to CryptocurrencyToday [link] [comments]

The Story of ICODOG, November Progress Report

Crashing through the support lines like a Boss
If you are reading this, then your awesome! ICO DOG started off as a simple twitter channel in January 2018. People started to follow the dog, because we provided useful insights into ICO investing and whitelist links. Back then people still had to race everyone else to get into these things, before they would dump hard. In February we then had the first guys asking us to make a telegram chat room for the community and use primablock to pool funds together to send to such projects. It was a very exciting time to see ICO DOG brand grow so organic. After that, the market crashed 20% every single day. That was a rough period. To be honest, the whole year was a stony road. Several people came together, that were very active in the telegram channel and formed a team. It was like a mini DAO. We had review & marketing guys, tech guys, lawyer team and all that happened by itself on Telegram. We build the first Presale Platform, created a cool UI for users introduced a level system to build the community and later even added master nodes. However, things just became more and bleaker. As Bitcoin fell closer to $3000 more people left and the group became silent. Sounds like a sad story right? Well, every good storyline has a downturn, followed by a boost of motivation to get through all the shit. A few months ago, we decided that the ICO space became a bit too scammy in 2018. We started to become more selective with the investment choices and eventually stopped pooling altogether. Pooling was about winning together, and it’s not fun if everybody loses. We started to look into other forms of revenue that we can build up to keep us over water until the bear market is over. What we love to do the most is community building, and community is the MOST important aspect of a decentralized network. The idea of blockchain was it to move from a centralized system to a decentralized one. This word decentralized is being thrown around on a daily basis although most people still do not understand what it means to change the architecture from centralized to decentralized. Most if not all big projects still have a very centralized structure going on with a few exceptions like Bitcoin, Ethereum & Steem.
Understanding decentralized Architecture
A decentralized architecture is fundamentally different to anything we know as of know. That’s also why it’s so hard to understand. Think of bitcoin as the first decentralized company. Let’s call it Bitcoin Crop. To help understand the Bitcoin Company metaphor, let’s say bitcoins properties are the products that this new decentralized company is producing. Common things said about Bitcoin is its decentralized, censorship resistance peer to peer money. These are often the terms used when people tell you why you should buy bitcoin. Bitcoin is the fastest growing asset of all time. Therefore Bitcoin as the first decentralized company is the fastest growing Company in the world, reaching an evaluation of over 300 Billion USD in less than 10 years. Although the Bitcoin Company is producing high-quality stuff, the products themselves are only as good as the sales, distribution, marketing and that where decentralized architecture kicks centralized companies ass. To make things even more complicated we now have to rethink what it means to be paid and to receive a salary. In a centralized company, build on the centralized architecture model, you work for your boss, who has a boss and that boss gets told what to do by some CEO who then has to take his others from shareholders. The money “trickles down” the food chain and by the time it reaches the bottom almost all of it is gone. Let’s compare this with the first decentralized company Bitcoin. In the Bitcoin company its a bit more complicated than that. In the early days of the company, if you want to work there, you actually have to pay the company first! Crazy I know! Think of it as some tribute to show your loyalty to the Network. The earlier you join, the less you have to pay, and the more of the company network you own. In the early days of Bitcoin Corp. most of the employees there were just engineers and a few crazy marketing guys. Things became a lot more interesting in 2013, when some important people started to work at Bitcoin Corp. People like the Winklevoss twins, Roger ver, Chamath Palihapitiya and many others bought a big share in Bitcoin Corp. and thereby earned the right to work for the Bitcoin. After that, Bitcoin Corp started to grow exponentially, because those new high-class employees had a lot of leverage and even more incentive to grow Bitcoin. The harder they would work the bigger the company would become and the more valuable there coins would be. This was the birth of the first decentralized payroll. Most of the mentioned people earned millions working for Bitcoin and are still working hard getting ETFs approved and spreading the word about it. Every person that owns Bitcoin becomes an employee at Bitcoin Corp. Everybody is rewarded for the work that anybody does, and everybody is incentivized to help grow the Bitcoin company.
Introducing a New Way of Doing Everything
A few months ago, we decided to build software to help ICOs build their own decentralized Networks. We called the system Proof of Engagement and called the Software the DAO Maker. Pun intended. Proof of Engagement is a concept that helps onboard new users and uses token bondage curves and community incentive to create an organic community of long-term token holders. We took our functions that we build to detect contributors in an ICO pool and combined it with our Point system to great a smart community program. The idea is that users can join the ICO before it starts and do community work, quizzes, and other services before the public sale ends. Once the tokens are unlocked, those users that joined the ICO will get their investment tokens + engagement reward tokens. Users can then continue to earn community bonus tokens monthly, but ONLY if they keep their ICO token in the wallet which they used for investing into the ICO. The monthly rewards increase with:
Time user holds the initially invested coins.
Time users hold their earned engagement tokens.
The total amount of tokens held by registered users.
The total amount of tokens user is currently holding.
Current users community level.
Monthly earned points.
All of these factors are added together, to give the exact value that a user will receive monthly. Put simply its a micro staking system, that rewards engaged users in tokens. The result is a dynamic token bonded community. People have incentives to build and help the network, the more experience that have the more tokens they will own, the more tokens they will earn. The system incentives loyalty and hodlers, while also makes it possible for new users to join the system and help the network to grow. For a deeper understanding on Dynamic Token Bonding Curves you can check out some publications on Token Economy here 
The best KYC & AML & CTF in Crypto
For the past months, we were talking to A LOT of KYC providers. We quickly came to the conclusion that most of them are scams. The state of Anti Money laundry in crypto is pretty scary. I lots of people will end up in court for violating the AML directives. Currently, most ICOs do not comply with KYC & AML laws. The EU currently requires to be compliant until the 4th EU AML directive, which will change in 2019. We are already compliant with EU AMLD5, which is not in force yet but already includes cryptocurrencies, we are a step ahead of the curve in the EU. Starting this week, we will introduce the new KYC & AML features on our Platform. We are using the newest system of machine learning to scan a users face and password as well as detecting an applicants voice, to generate a complete biometric signature of his application. We will be able to onboard KYC & AML application in real time and will be one of the first fully compliant with the new regulations of 2019. 
Updates to ICODOG Reviews
We changed the homepage for ICO DOG to show more crypto stories, reviews and post analysis. We are working on a more in-depth redesign for ICODOG.IO in 2019. We added a few new Blog sections namely, ICO Analysis and Post ICO Reviews and Crypto Stories. We want to take more time in 2019 to evaluate ICOs that concluded their Sale in 2017 & 2018. We are planning to make this a decentralized work effort with the help of Token Curated Lists (TCL). We will make a few posts about TCL in the next few weeks. ICODOG.IO is focusing on providing value-adding content, not the same stuff that the mainstream crypto outlets write about. This will be a really cool project that we are very excited to start next year and finish by end of Q1 2019. We welcomed 3 new writers to the ICODOG team and are trying to produce useful content every day.
New Partnerships & Business Development
Last month we Partnered up with several high-quality service providers as well as high potential ICOs. We will add all of the new partners on the Partners on the Partners tap of the updated website. Looking forward to building the new world with likeminded people.
ICO DOG Platform Upgrade 2.0
We been very busy and added a lot new feature on ICO DOG Investment platform. We are still in bug hunting so if you use the bug bounty tap on the platform to help us. We added some cool features that will make the life of many a lot easier. Automated twitter confirmation Users once a user connects their Twitter account in the profile section and starts generating tweets and retweets, these actions will be detected at midnight automatically. That means users do not need to click claim every day, but instead can earn points directly on Twitter. Reddit Automated Integration Users can now also join the Reddit campaign and generate threads and comments to spread the word about ICO DOG. We increased the team to help with the distribution of content among all the social media accounts. This should help you guys earn points quicker and easier as well as build a community on Reddit. For launching this new system we are increasing the points for reddit registrations by 3x. Ambassador Program We added an Ambassador Program for the ICO DOG community. We added Ambassador status to several people already that have been part of the community for almost a year and been working together through this bear Market. Ambassadors have special rights and access to social media accounts, discord reddit and will be informed about the latest updates.
ICO DOG COIN
We plan to introduce the ICO DOG Coin next year. This coin will be the fuel that powers all of the ICO DOG utility. Ambassadors will get monthly airdrops in the ICODOG coin depending on their contribution. Part of the revenue that ICO DOG will make goes into the coin via buybacks and token burns. As we are not raising any funds from nobody, the coin is cannot be considered a security. All new Features Summarized Following a few of the new features: + Upgraded pool system: – new wallet management – my pools is now a list (click the red sync button to update your pools) – record and track all the transaction you have sent, even from different address – improved overall working flow + Add reddit integration with auto check (it runs every day) + Weekly competition + Global real-time notifications + Two factor authentication support (Google authenticator) + Twitter with auto claim (it runs every day, no need to click Claim anymore) + Many other new features and bug fixes 
Summary
This year was rough, but we did not give up. The harder Bitcoin Dumps, the harder we work! Things could be better in terms of the market, but fundamentally ICO DOG is doing pretty good. We want to thank all those that have been with us on this amazing journey since the beginning. Crypto will change the world and we will help make that happen. If you like what we do please register on the icodogpool platform and shill this and other-other content! As always like, share and join discord & telegram.
https://icodog.io/crypto-stories/the-story-of-icodog-november-progress-report/
submitted by icocatapult to icodog [link] [comments]

I am a time-traveler from the future, here to beg you to stop what you are doing.

Update, 27 oktober 2019:
Well gee, this blew up.
Bitcoin should not be treated as an investment, it should be recognized as a speculative negative-sum game. The Bitcoin system currently consumes an estimated 3.6 billion dollar worth of electricity on an annualized basis, just to update the ledger that contains a record of everyone's transactions. This enormous consumption of electricity is indirectly paid for by people who invest their savings in Bitcoin, as a consequence, money is continually "leaking" from the system.
As a Bitcoin investor, you're paying for Chinese businesses to waste electricity by solving an abstract math problem that is designed to get continually more difficult. Besides ensuring that many people lose vast sums of money while a small minority of early adapters is enriched, Bitcoin causes tremendous ecological damage in an era when we should be focusing as a society on reducing our carbon emissions.
The Bitcoin developers responsible for updating the protocol appear to have no genuine intention to introduce code changes that reduce the ecological damage caused by Bitcoin mining, so my suggestion has to be to sell your Bitcoins, which indirectly has the effect of reducing the ecological damage caused by Bitcoin mining.
Theft and loss of coins are also enormous problems affecting Bitcoin, so although it is theoretically possible to store your coins in a safe manner, history has shown that a lot of people will simply lose their coins, further illustrating why Bitcoin is not a good investment option.
The other cryptocurrencies share most of Bitcoin's flaws (resource waste, no protection against theft or loss, vulnerable to market manipulation, etc), but most importantly, what sets cryptocurrencies apart from proper investments is that these coins don't produce anything. If you invest in a company, that company can use the money to deliver more products. If you buy, silver, gold, bitcoin or beanie babies, you're hoping someone else will come along one day and pay more money for it. History has shown that people who invest money in the stock market will generally end up witnessing much higher returns than people who buy gold.
With that said, I hope this story has entertained you and helped you recognize some of the problems our society would face if we ever witnessed widespread adaption of Bitcoin or similar digital currencies.
I am sending this message from the year 2025. Things are looking bleak here, and some of you will carry blood on your hands.
If you don't believe me, please move on, as I have no way of proving to you I'm really who I claim to be.
I don't want to waste any of your time, so I'm merely going to explain what happened.
On average, every year so far, the value of Bitcoin has increased by about a factor ten. From 0.1 dollar in 2010, to 1 dollar in 2011, to 10 dollar in 2012, to 100 dollar in 2013. From now on, there's a slight slowdown, as the value increased by a factor ten every two years, to 1,000 dollar in 2015, to 10,000 in 2017, 100,000 in 2019, and 1,000,000 in 2021. From here onwards, there's no good way of expressing its value in dollars, as the dollar is no longer used, nor is any central bank issued currency for that matter. There are two main forms of wealth in today's world. Land and cryptocurrency.
There are just over 19 million Bitcoin known to be used in the world today, as well as a few hundred thousand that were permanently lost, and we're still dealing with a population of just over 7 billion people today. On average, this means the average person owns just under 0.003 bitcoin. However, due to the unequal distribution of wealth in my world, the mean person owns just 0.001 bitcoin. That's right, most of you reading this today are rich. I personally live next to an annoying young man who logged into his old Reddit account two years ago and discovered that he received a tip of 0.01 Bitcoin back in 2013 for calling someone a "faggot" when he was a 16 year old boy. Upon making this discovery he bought an airline ticket, left his house without telling anyone anything and went to a Citadel.
"What is a Citadel?" you might wonder. Well, by the time Bitcoin became worth 1,000 dollar, 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.
In my world, soon to be your world, most governments no longer exist, as Bitcoin transactions are done anonymously and thus most governments can enforce no taxation on their citizens. Most of the success of Bitcoin is due to the fact that Bitcoin turned out to be an effective method to hide your wealth from the government. Whereas people entering "rogue states" like Luxemberg, Monaco and Liechtenstein were followed by unmanned drones to ensure that governments know who is hiding wealth, no such option was available to stop people from hiding their money in Bitcoin.
Governments tried to stay relevant in my society by buying Bitcoin, which just made the problem worse, by increasing the value of Bitcoin. Governments did so in secret of course, but my generation's "Snowdens" are in fact greedy government employees who transferred Bitcoin to their own private account, and escaped to anarchic places where no questions are asked as long as you can cough up some money.
The four institutions with the largest still accessible Bitcoin balance are believed to be as following:
-ASICminer - 50,000 Bitcoin
-The IMF's "currency stabilization fund" - 70,000 Bitcoin
-Government of Saudi Arabia - 110,000 Bitcoin
-The North Korean government - 180,000 Bitcoin
Economic growth today is about -2% per year. Why is this? If you own more than 0.01 Bitcoin, chances are you don't do anything with your money. There is no inflation, and thus no incentive to invest your money. Just like the medieval ages had no significant economic growth, as wealth was measured in gold, our society has no economic growth either, as people know their 0.01 Bitcoin will be enough to last them a lifetime. The fact that there are still new Bitcoin released is what prevents our world from collapse so far it seems, but people fear that the decline in inflation that will occur during the next block halving may further wreck our economy.
What happened to the Winklevoss twins? The Winklevoss twins were among the first to die. After seeing the enormous damage done to the fabric of society, terrorist movements emerged that sought to hunt down and murder anyone known to have a large balance of Bitcoin, or believed to be responsible in any way for the development of cryptocurrency. Ironically, these terrorist movements use Bitcoin to anonymously fund their operations.
Most people who own any significant amount of Bitcoin no longer speak to their families and lost their friends, because they had to change their identities. There have been also been a few suicides of people who could not handle the guilt after seeing what happened to the bag-holders, the type of skeptical people who continued to believe it would eventually collapse, even after hearing the rumors of governments buying Bitcoin. Many people were taken hostage, and thus, it is suspected that 25% percent of "Bitcoin rich" actually physically tortured someone to get him to spill his password.
Why didn't we abandon Bitcoin, and move to another system? Well, we tried of course. We tried to step over to an inflationary cryptocurrency, but nobody with an IQ above 70 was willing to step up first and volunteer. After all, why would you voluntarily invest a lot of your money into a currency where you know your wealth will continually decline? The thing that made Bitcoin so dangerous to society was also what made it so successful. Bitcoin allows us to give into our greed.
In Africa, surveys show that an estimated 70% of people believe that Bitcoin was invented by the devil himself. There's a reason for this. It's a very sensitive issue that today is generally referred to as "the tragedy". The African Union had ambitious plans to help its citizens be ready to step over to Bitcoin. Governments gave their own citizens cell phones for free, tied to their government ID, and thus government sought to integrate Bitcoin into their economy. All went well, until "the tragedy" that is. A criminal organization, believed to be located in Russia, exploited a hardware fault in the government issued cell phones. It's believed that the entire continent of Africa lost an estimated 60% of its wealth in a period of 48 hours. What followed was a period of chaos and civil war, until the Saudi Arabian and North Korean governments, two of the world's major superpowers due to their authoritarian political system's unique ability to adapt to the "Bitcoin challenge", divided most African land between themselves and were praised as heroes by the local African population for it.
You might wonder, what is our plan now? It's clear that the current situation can not be sustained, without ending in a nuclear holocaust. I am part of an underground network, who seek to launch a coordinated attack against the very infrastructure of the Internet itself. We have at our disposal about 20 nuclear submarines, which we will use to cut all underwater cables between different continents. After this has been successfully achieved, we will launch a simultaneous nuclear pulse attack on every densely population area of the world. We believe that the resulting chaos will allow the world's population to rise up in revolt, and destroy as many computers out there as possible, until we reach the point where Bitcoin loses any relevance.
Of course, this outcome will likely lead to billions of deaths. This is a price we are forced to pay, to avoid the eternal enslavement of humanity to a tiny elite.
This is also the reason we contacted you.
It doesn't have to be like this. You do not have to share our fate. I don't know how, but you must find a way to destroy this godforsaken project in its infancy. I know this is a difficult thing to ask of you. You believed you were helping the world by eliminating the central banking cartel that governs your economies.
However, I have seen where it ends.
submitted by Luka_Magnotta to Bitcoin [link] [comments]

Winklevoss twins’ advice to Zuckerberg: Work with regulators

The Winklevoss twins said they expect other technology heavyweights to launch products similar to Facebook’s Libra.
Still, Tyler and Cameron Winklevoss said they’re positive on the tech giant’s cryptocurrency bet.
Asked what advice they’d offer Facebook CEO Mark Zuckerberg as he and his team prepare for next week’s Senate hearing, Tyler says it comes down to cooperating with lawmakers.

Despite Tyler and Cameron Winklevoss’ tumultuous relationship with Facebook, they were positive on the tech giant’s cryptocurrency bet, Libra.

”[Libra] is very positive for crypto, a company the stature of Facebook talking about crypto currencies demystifies the word and makes people feel a lot more comfortable,” Tyler told CNBC in an exclusive interview at New York’s 92nd Street Y on Tuesday night.

The twins, who reportedly had discussions with Facebook prior to the Libra announcement, said they expect other technology heavyweights to launch similar products.

“Our prediction is every FANG company will have some sort of crypto currency project within the next two years, ” Tyler said.

When asked what advice they would offer Facebook CEO Mark Zuckerberg as he and his team prepare for next week’s Senate hearing, Tyler said it comes down to cooperating with lawmakers.

“Work with regulators,” he said. “Talk with them. You know, we definitely went through the front door, and we tried to educate the regulators and shape the regulation in a thoughtful manner because if you get the regulation wrong it can stifle innovation, but the right regulation allows for innovation to flourish, and we think we have achieved that right balance with New York.”

Whether the twins, who now run cryptocurrency exchange Gemini, will use Libra is still unclear. “We’ll keep evaluating, but at Gemini we ask for permission not forgiveness and that has really been our ethos since day one,” said Cameron.


Facebook’s Libra announcement raised questions as to whether it would heighten competition with the Winkelvoss brothers, who have been relentlessly working since 2014 on bringing new crypto products to the market. Some analysts have pointed out that Libra is similar to the Gemini Dollar, a so-called stable coin launched by the twins last year.

“We actually think it’s a very interesting trade because Libra as we know it is a basket ... it is tied to assets that are stable whereas Gemini dollar is a one-to-one peg so we think there is a use case for both types of instruments, they are not apples to apples,” said Tyler. “I think that a bitcoin-Libra trade pairing or a Libra-Gemini dollar could actually be quite interesting.”

The brothers say they remain focused on building Gemini to better compete in what is quickly becoming a highly competitive space. Gemini recently plucked five engineers from rival Coinbase to work in a new Chicago office.

”[Our goal] is expansion, global expansion ... we continue to build our mobile app and probably will be adding more assets by year end,” said Cameron.

As to their thesis on bitcoin, the twins said they still see opportunity even with the emergence of stable coins like Libra and the J.P. Morgan’s own digital currency.

“Our thesis is that bitcoin is gold 2.0 and so until it has a market cap of $7 trillion, which is the size of gold, it’s a very under-valued asset, so I think people are waking up to that,” said Tyler.

The Winklevoss brothers shared the same prediction that bitcoin is gold 2.0 with CNBC in December 2017 — right before the cryptocurrency crashed from its all-time highs.

Additionally, a number of gold analysts told CNBC they remain cautious about comparing bitcoin to gold, referencing the recent price fluctuations and volatility in the cryptocurrency. So far this year, bitcoin has gained over 240%.
submitted by TrueCastleX to u/TrueCastleX [link] [comments]

In case you missed it: Major Crypto and Blockchain News from the week ending 12/14/2018

Developments in Financial Services

Regulatory Environment

General News


submitted by QuantalyticsResearch to CryptoCurrency [link] [comments]

02-02 18:02 - 'What Happened to the 2013 Time Traveler's Post? A lot of u/Luka_Magnotta's predictions were coming to fruition...' (self.Bitcoin) by /u/globalchain removed from /r/Bitcoin within 0-5min

'''
Removed post: [[link]3
Deleted account: u/Luka_Magnotta
Archived post: [[link]4
I am sending this message from the year 2025. Things are looking bleak here, and some of you will carry blood on your hands.
If you don't believe me, please move on, as I have no way of proving to you I'm really who I claim to be.
I don't want to waste any of your time, so I'm merely going to explain what happened.
On average, every year so far, the value of Bitcoin has increased by about a factor ten. From 0.1 dollar in 2010, to 1 dollar in 2011, to 10 dollar in 2012, to 100 dollar in 2013. From now on, there's a slight slowdown, as the value increased by a factor ten every two years, to 1,000 dollar in 2015, to 10,000 in 2017, 100,000 in 2019, and 1,000,000 in 2021. From here onwards, there's no good way of expressing its value in dollars, as the dollar is no longer used, nor is any central bank issued currency for that matter. There are two main forms of wealth in today's world. Land and cryptocurrency.
There are just over 19 million Bitcoin known to be used in the world today, as well as a few hundred thousand that were permanently lost, and we're still dealing with a population of just over 7 billion people today. On average, this means the average person owns just under 0.003 bitcoin. However, due to the unequal distribution of wealth in my world, the mean person owns just 0.001 bitcoin. That's right, most of you reading this today are rich. I personally live next to an annoying young man who logged into his old Reddit account two years ago and discovered that he received a tip of 0.01 Bitcoin back in 2013 for calling someone a "faggot" when he was a 16 year old boy. Upon making this discovery he bought an airline ticket, left his house without telling anyone anything and went to a Citadel.
"What is a Citadel?" you might wonder. Well, by the time Bitcoin became worth 1,000 dollar, 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.
In my world, soon to be your world, most governments no longer exist, as Bitcoin transactions are done anonymously and thus most governments can enforce no taxation on their citizens. Most of the success of Bitcoin is due to the fact that Bitcoin turned out to be an effective method to hide your wealth from the government. Whereas people entering "rogue states" like Luxemberg, Monaco and Liechtenstein were followed by unmanned drones to ensure that governments know who is hiding wealth, no such option was available to stop people from hiding their money in Bitcoin.
Governments tried to stay relevant in my society by buying Bitcoin, which just made the problem worse, by increasing the value of Bitcoin. Governments did so in secret of course, but my generation's "Snowdens" are in fact greedy government employees who transferred Bitcoin to their own private account, and escaped to anarchic places where no questions are asked as long as you can cough up some money.
The four institutions with the largest still accessible Bitcoin balance are believed to be as following:
-ASICminer - 50,000 Bitcoin
-The IMF's "currency stabilization fund" - 70,000 Bitcoin
-Government of Saudi Arabia - 110,000 Bitcoin
-The North Korean government - 180,000 Bitcoin
Economic growth today is about -2% per year. Why is this? If you own more than 0.01 Bitcoin, chances are you don't do anything with your money. There is no inflation, and thus no incentive to invest your money. Just like the medieval ages had no significant economic growth, as wealth was measured in gold, our society has no economic growth either, as people know their 0.01 Bitcoin will be enough to last them a lifetime. The fact that there are still new Bitcoin released is what prevents our world from collapse so far it seems, but people fear that the decline in inflation that will occur during the next block halving may further wreck our economy.
What happened to the Winklevoss twins? The Winklevoss twins were among the first to die. After seeing the enormous damage done to the fabric of society, terrorist movements emerged that sought to hunt down and murder anyone known to have a large balance of Bitcoin, or believed to be responsible in any way for the development of cryptocurrency. Ironically, these terrorist movements use Bitcoin to anonymously fund their operations.
Most people who own any significant amount of Bitcoin no longer speak to their families and lost their friends, because they had to change their identities. There have been also been a few suicides of people who could not handle the guilt after seeing what happened to the bag-holders, the type of skeptical people who continued to believe it would eventually collapse, even after hearing the rumors of governments buying Bitcoin. Many people were taken hostage, and thus, it is suspected that 25% percent of "Bitcoin rich" actually physically tortured someone to get him to spill his password.
Why didn't we abandon Bitcoin, and move to another system? Well, we tried of course. We tried to step over to an inflationary cryptocurrency, but nobody with an IQ above 70 was willing to step up first and volunteer. After all, why would you voluntarily invest a lot of your money into a currency where you know your wealth will continually decline? The thing that made Bitcoin so dangerous to society was also what made it so successful. Bitcoin allows us to give into our greed.
In Africa, surveys show that an estimated 70% of people believe that Bitcoin was invented by the devil himself. There's a reason for this. It's a very sensitive issue that today is generally referred to as "the tragedy". The African Union had ambitious plans to help its citizens be ready to step over to Bitcoin. Governments gave their own citizens cell phones for free, tied to their government ID, and thus government sought to integrate Bitcoin into their economy. All went well, until "the tragedy" that is. A criminal organization, believed to be located in Russia, exploited a hardware fault in the government issued cell phones. It's believed that the entire continent of Africa lost an estimated 60% of its wealth in a period of 48 hours. What followed was a period of chaos and civil war, until the Saudi Arabian and North Korean governments, two of the world's major superpowers due to their authoritarian political system's unique ability to adapt to the "Bitcoin challenge", divided most African land between themselves and were praised as heroes by the local African population for it.
You might wonder, what is our plan now? It's clear that the current situation can not be sustained, without ending in a nuclear holocaust. I am part of an underground network, who seek to launch a coordinated attack against the very infrastructure of the Internet itself. We have at our disposal about 20 nuclear submarines, which we will use to cut all underwater cables between different continents. After this has been successfully achieved, we will launch a simultaneous nuclear pulse attack on every densely population area of the world. We believe that the resulting chaos will allow the world's population to rise up in revolt, and destroy as many computers out there as possible, until we reach the point where Bitcoin loses any relevance.
Of course, this outcome will likely lead to billions of deaths. This is a price we are forced to pay, to avoid the eternal enslavement of humanity to a tiny elite.
This is also the reason we contacted you.
It doesn't have to be like this. You do not have to share our fate. I don't know how, but you must find a way to destroy this godforsaken project in its infancy. I know this is a difficult thing to ask of you. You believed you were helping the world by eliminating the central banking cartel that governs your economies.
However, I have seen where it ends.

'''
What Happened to the 2013 Time Traveler's Post? A lot of u/Luka_Magnotta's predictions were coming to fruition...
Go1dfish undelete link
unreddit undelete link
Author: globalchain
1: ww*.reddit*co*/r*Bitcoin/c*****t**1*fob*/i_am_a_*i*et*avel*r_f*om_the_fu**re_here_t*_be*/ 2: np.re*dit.c*m/***coin/com*e**s/*lfobc/i*am**_timetravel***f**m_t*e_future*he*e_*o_*eg/ 3: www*re*di***om**itcoin/co*ments/1lfobc/*\_am\_***timetravel*r\_fr*m\_*h*\**ut*re\_***e\_to**beg/*^^* 4: np.reddit.com/Bit*oin***mments**l***c/i\*a***a\_*imetrav**er\*fro*\**he\_fu**re\*h*re\_to\_beg/]^^*
Unknown links are censored to prevent spreading illicit content.
submitted by removalbot to removalbot [link] [comments]

Crypto gets expert support

The last week has been good for the leading cryptocurrencies, with more days showing all the tickers in the green than in recent times. Even the mainstream media has picked up on the fact that perhaps the bears have been chased back into the woods, with the UK’s Independent newspaper publishing an almost euphoric headline, Bitcoin surges past $4,000 as cryptocurrency experts bet on major market turnaround.
As it points out, this mini surge has been accompanied by a swathe of predictions by crypto luminaries about what is likely to happen with bitcoin in the coming months, with most of them believing we will see significant gains.
Cameron Winklevoss, one half of the Winklevoss Twins, was talking at the South by Southwest conference in Texas when he said, “The only thing that’s truly precious, in my mind, is bitcoin. If you talk to someone who’s playing Fortnite and say, okay, two options, bar of gold or the equivalent in bitcoin, they are 10 times out of 10, 100 times out of 100, going to take the bitcoin. They want software, they don’t want hardware.”
Brendan Blumer, the founder of Block.One, a blockchain-based firm, tweeted, “Over the next two decades, #bitcoin will replace #gold as the leading commodity to store value.” He added that he believes this will happen by 2040.
One Twitter user known as @HTradingSystems proudly announced, “All in Cyptos. All fucking in. Ether. Bitcoin. EOS. LTC. Bitcoin cash. If it has a pulse and it is a Crypto. I am buying.” He or she couldn’t clearer about how they feel about the cryptocurrency market.
And @Genateq, tweeted, “What are your predictions for 2019? One is for sure: Bitcoin is great long-term investment.”
Although the market is still hovering around the long-term bearish position, it is threatening to break to the upside. This week is likely to be a pivotal one for cryptocurrencies and its supporters are cheering it on.
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Winklevoss Twins Talk Bitcoin's Rise Winklevoss Twins Invest in Bitcoin Winklevoss Twins - Bitcoin 40X! Regulators Need to Move Faster! The Winklevoss Brothers: Bitcoin Worth 100 Times More How the Winklevoss twins made billions from bitcoin

Feb 28, 2018 - Cameron and Tyler Winklevoss have led extraordinary lives — from Facebook lawsuits and Olympic dreams to becoming Bitcoin billionaires. Bitcoin again demonstrated its value as money without central control. Soon after the Greek crisis, China began to devalue the Yuan. As reported at the time, Chinese savers turned to Bitcoin to protect their accumulated wealth. 2015 Bitcoin chart by Tyler Durden of Zero Hedge. A current positive influencer of Bitcoin price, or at least perception, is the ">Argentinian situation. Argentina’s ... Winklevoss twin, Cameron favours Bitcoin over the US dollar. His argument is the failure of the coronavirus stimulus which exposes the irrelevance of the US fiat currency. He also charged that it is a “wake up call” for those who care less about the cryptocurrency, Bitcoin. Tyler Winklevoss and Cameron Winklevoss, the co-founders of Gemini and long-time Bitcoin investors, think that BTC could hit a price of $500,000 in this market cycle or at least in the future. They even mentioned a potential price target of $600,000 and beyond, discussing how there may be companies and central banks that truly convert their reserves over to BTC, resulting in inflows never seen ... Winklevoss Twins: Bitcoin could soon hit $500,000. Tyler Winklevoss and Cameron Winklevoss, the co-founders of Gemini and long-time Bitcoin investors, think that BTC could hit a price of $500,000 in this market cycle or at least in the future. They even mentioned a potential price target of $600,000 and beyond, discussing how there may be companies and central banks that truly convert their ...

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Winklevoss Twins Talk Bitcoin's Rise

In 2011, the Winklevoss twins, known for suing Mark Zuckerberg over the idea of Facebook, invested $11 million into Bitcoin. That's now valued at more than $1 billion. In an interview with Fox Business Monday, Tyler and Cameron Winklevoss, whose holdings in bitcoin are now worth more than $1 billion, say it could reach well above $300,000 a coin. Currently, the ... Winklevoss Twin: Next Bitcoin Bull Run Will Be ‘Dramatically Different’ Billionaire investor and Gemini founder Cameron Winklevoss says the next Bitcoin bull... Ben Mezrich joins CNBC's "Closing Bell" to discuss his new book "Bitcoin Billionaires." After suing Mark Zuckerberg over the idea for Facebook, Tyler and Cameron Winklevoss invested part of their payout in Bitcoin. For more videos, subscribe to ...

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