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Thread: Tell me about Bitcoin

  1. #21
    Iridium monty's Avatar
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    Re: Tell me about Bitcoin

    @Ares, what is the significance of this? https://www.facebook.com/debbie.aile...99243773652082




    Obama kiteboards with Richard Branson on epic vacation


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    Debbie Aileen

    April 13 at 6:53am

    This is very interesting to me about Bitfury as you will see whom is involved in it Richard Branson, some from Clinton's fad, one with DNC and they are signing Ukraine on as well as other countries plus maybe our country too. Check these out just is fishy to me

    Richard Branson: Blockchain could create ‘economic revolution’ in emerging markets

    Blockchain technology could bring an "economic revolution" in many developing countries where proving ownership of assets or getting access to capital is difficult, Virgin Group founder and billionaire entrepreneur Richard Branson said on Monday.

    Branson referenced the work of well-known economist Hernando de Soto, who recently announced a partnership wtih bitcoin and blockchain company BitFury and the Republic of Georgia's National Agency of Public Registry, to trial a land titling program. (click link below this line to continue)

    http://www.cnbc.com/…/richard-branson-blockchain-could-crea…
    ***************************************
    Global Blockchain Business Council (GBBC) Launches New US Branch in Washington, DC, Announces New Board at Kickoff Event

    “In the next 5–10 years, it is likely that Blockchain technology will fundamentally alter the way we do business; by reducing friction and costs associated with digital transactions, this technology has the power to open the global economy to billions who are currently excluded — the GBBC will be essential to making these possibilities a reality” said Valery Vavilov, CEO of The Bitfury Group and GBBC Board Member.(click link below this line to continue)

    https://medium.com/…/global-blockchain-business-council-gbb…
    *****************************************
    BREAKING NEWS: Blockchain Trust Accelerator Announces New Blockchain Pilot Project with TechSoup
    TechSoup operates the world’s leading registry of verified civil society organizations. The platform is critical to the thousands of donors, socially responsible programs, and social benefit organizations that rely on its architecture to help match philanthropic resources with critical community needs in countries around the world.(click link below this line to continue)

    https://medium.com/…/breaking-news-blockchain-trust-acceler…
    *****************************************
    Bitfury to Present Blockchain at Clinton Global Initiative Meeting

    "The problem is that up to 5 billion people around the world are not documented in national ledgers."

    Bitcoin mining giant and transaction processing company BitFury Group has revealed today that its advisory board member and economist, Dr. Hernando de Soto, as well as its Chief Communications Officer, Jamie Smith, will present at the Clinton Global Initiative (CGI) Annual Meeting. They will speak in a session called “Connectivity” and will discuss the current and future power and potential of Blockchain technology, highlighting how it can enhance opportunity, increase transparency and reduce corruption.

    (click link below this line to continue)( it takes a few seconds for article to come up)

    http://www.financemagnates.com/…/bitfury-to-present-blockc…/
    ********************************************
    The BitFury Group Adds Dr. Tomicah Tillemann of New America to Advisory Board (click link below this line to continue)

    http://bitfury.com/…/3_23_16_release_bitfury_group_add_dr_t…
    *********************************************
    Bitfury Group (please read this it is the site for Bitfury)


    http://bitfury.com/





    38 Shares

    http://constitutionalmilitia.org/
    "A well regulated Militia being necessary to the security of a free State"

    "That whenever any Form of Government becomes destructive of these ends, it is the most Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness." July 4, 1776

  2. #22
    Iridium monty's Avatar
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    http://constitutionalmilitia.org/
    "A well regulated Militia being necessary to the security of a free State"

    "That whenever any Form of Government becomes destructive of these ends, it is the most Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness." July 4, 1776

  3. #23
    Unobtanium
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    Re: Tell me about Bitcoin

    so bitfury is going to be the medium of choice for traffickers of all kinds.....hmmm
    Great minds discuss Ideas, Average minds discuss Events, Small minds discuss People. E.R.

    Anytime I'm in doubt I go outside and give it a little shake.
    Liberty Tree.


  4. #24
    Iridium monty's Avatar
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    Re: Tell me about Bitcoin

    Nobody seems to be alarmed over the government's involvement with Bitfury . . .

    ...https://www.reddit.com/r/btc/comment...ties_with_the/...
    http://constitutionalmilitia.org/
    "A well regulated Militia being necessary to the security of a free State"

    "That whenever any Form of Government becomes destructive of these ends, it is the most Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness." July 4, 1776

  5. #25
    Unobtanium
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    Re: Tell me about Bitcoin

    I'm not sure I get the full premise of this article. Perhaps you guys can add your thoughts?

    Is This Bitcoin's Fatal Flaw?

    Bitcon has been rocketing higher lately, as it gains widespread official approval and more people figure out how to use it.

    As the first of its kind to emerge, bitcoin has become synonymous with “cryptocurrency”. But lately it’s been joined by a lot of others – which together now account for more than half of the cryptocurrency ecosystem:

    For First Time, Bitcoin Accounts for Less Than Half Of Market Cap Of All Cryptocurrencies

    (Forbes) – For the first time, Bitcoin’s market capitalization as a percentage of all cryptocurrencies has dropped to below 50%.

    It is a symbolic turning point for the first cryptocurrency, which for a long time accounted for more than 90% of the value of all blockchain-based assets combined, particularly through a period when so-called alt-coins that were only minor tweaks to bitcoin proliferated.

    Its market capitalization then comprised over 80% of all cryptocurrencies for years, a range that held true until two months ago when it dipped below 80% and not only did not recover but did a quick dive straight down.
    Several factors are driving the drop from its status as the clear leader.

    1. Bitcoin’s development is stalled.
    2. Ethereum continues to grow.
    3. New ICOs add value to the crypto space every day.
    4. Speculation is driving up the value of all tokens.
    5. Ripple is seeing a big spike.
    7. Tezos is about to launch.

    Those increasingly common predictions of bitcoin going to $20,000 or more are premised on the fact that its algorithm limits its supply. There are many more ounces of gold, for instance, than there are bitcoins, which implies that bitcoin should ultimately trade at a (possibly substantial) multiple of gold’s price.
    Each of these points has a paragraph or more discussing them at the link.
    http://www.zerohedge.com/news/2017-0...ins-fatal-flaw

    I don't see that you can really draw a conclusive comparison with PM's and BTC. Primarily because BTC has a fixed known supply limitation even if not all of it has been put into circulation yet. While PM's are also limited in accessibility they are not necessarily limited in supply like BTC is. We just don't know how much PM's there is ultimately going to be, even if we do conclude ultimate supply is limited to a maximum amount.

    On the other hand, given human propensity to inflate everything, even if it means decreasing quality and value with each unit of inflation, other Crypto's have the potential to draw demand from BTC simply because it's easier to get.

    This is probably the point closest to where PM's and BTC can be compared. Not in their individual availability but in the comparative scarcity compared to other options that are here now and those coming. Because we know that bankers will inflate as much as they desire to capture the energy and productivity of the people for themselves. When they get a crypto into operation it will be geared for their benefit and ultimately be junk.

    Does that make sense? Stand up to scrutiny? I'm curious because I've had a few people ask me if I know anything about crypto currencies. It's hard to describe without trying to explain fiat money concepts and why bitcoin is something because it is limited supply. This makes no sense to the average person... assuming I'm talking to average people. Perhaps they aren't.
    Great minds discuss Ideas, Average minds discuss Events, Small minds discuss People. E.R.

    Anytime I'm in doubt I go outside and give it a little shake.
    Liberty Tree.


  6. #26
    Bitcoin Miner Ares's Avatar
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    Re: Tell me about Bitcoin

    Quote Originally Posted by monty View Post
    @Ares, what is the significance of this? https://www.facebook.com/debbie.aile...99243773652082




    Obama kiteboards with Richard Branson on epic vacation


    News Feed






    Debbie Aileen

    April 13 at 6:53am

    This is very interesting to me about Bitfury as you will see whom is involved in it Richard Branson, some from Clinton's fad, one with DNC and they are signing Ukraine on as well as other countries plus maybe our country too. Check these out just is fishy to me

    Richard Branson: Blockchain could create ‘economic revolution’ in emerging markets

    Blockchain technology could bring an "economic revolution" in many developing countries where proving ownership of assets or getting access to capital is difficult, Virgin Group founder and billionaire entrepreneur Richard Branson said on Monday.

    Branson referenced the work of well-known economist Hernando de Soto, who recently announced a partnership wtih bitcoin and blockchain company BitFury and the Republic of Georgia's National Agency of Public Registry, to trial a land titling program. (click link below this line to continue)

    http://www.cnbc.com/…/richard-branson-blockchain-could-crea…
    ***************************************
    Global Blockchain Business Council (GBBC) Launches New US Branch in Washington, DC, Announces New Board at Kickoff Event

    “In the next 5–10 years, it is likely that Blockchain technology will fundamentally alter the way we do business; by reducing friction and costs associated with digital transactions, this technology has the power to open the global economy to billions who are currently excluded — the GBBC will be essential to making these possibilities a reality” said Valery Vavilov, CEO of The Bitfury Group and GBBC Board Member.(click link below this line to continue)

    https://medium.com/…/global-blockchain-business-council-gbb…
    *****************************************
    BREAKING NEWS: Blockchain Trust Accelerator Announces New Blockchain Pilot Project with TechSoup
    TechSoup operates the world’s leading registry of verified civil society organizations. The platform is critical to the thousands of donors, socially responsible programs, and social benefit organizations that rely on its architecture to help match philanthropic resources with critical community needs in countries around the world.(click link below this line to continue)

    https://medium.com/…/breaking-news-blockchain-trust-acceler…
    *****************************************
    Bitfury to Present Blockchain at Clinton Global Initiative Meeting

    "The problem is that up to 5 billion people around the world are not documented in national ledgers."

    Bitcoin mining giant and transaction processing company BitFury Group has revealed today that its advisory board member and economist, Dr. Hernando de Soto, as well as its Chief Communications Officer, Jamie Smith, will present at the Clinton Global Initiative (CGI) Annual Meeting. They will speak in a session called “Connectivity” and will discuss the current and future power and potential of Blockchain technology, highlighting how it can enhance opportunity, increase transparency and reduce corruption.

    (click link below this line to continue)( it takes a few seconds for article to come up)

    http://www.financemagnates.com/…/bitfury-to-present-blockc…/
    ********************************************
    The BitFury Group Adds Dr. Tomicah Tillemann of New America to Advisory Board (click link below this line to continue)

    http://bitfury.com/…/3_23_16_release_bitfury_group_add_dr_t…
    *********************************************
    Bitfury Group (please read this it is the site for Bitfury)


    http://bitfury.com/





    38 Shares

    Sounds like Ethereum (Contract based blockchain). Instead of using a 3rd party to secure the contract, use the blockchain as the trusted 3rd party to secure the agreement. I see blockchain doing more and more of that in the coming years, watch banks, and mortgage companies drastically reduce their prices to try and compete.
    "Paper is poverty, it is only the ghost of money, and not money itself." --Thomas Jefferson to Edward Carrington, 1788
    "The greatest threat to the state is when the people figure out they can exist without them." - Twisted Titan
    "Some Libertarians are born, the government makes the rest."
    "Voting is nothing more than a slaves suggestion box, voting on a new master every few years does not make you free."

  7. The Following User Says Thank You to Ares For This Useful Post:

    monty (25th May 2017)

  8. #27
    Unobtanium
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    Re: Tell me about Bitcoin

    Up and down $400 in a single day = no change in price trend BUT it's a good cue for some BitCoin DOOOOOM

    Bitcoin plummets nearly $400 just HOURS after Health Ranger warned of “catastrophic correction”

    File this under the “I told you so” category: Earlier today, I posted a detailed mathematical analysis and warning that spoke of a “catastrophic collapse” that will occur in Bitcoin. I was immediately called an “idiot” by Bitcoin cultists who have become delusional in their faith that Bitcoin can only go up forever. Yet in less than two hours, Bitcoin crashed by almost $400, plummeting from almost $2750 to nearly $2350 (see chart below).

    Meanwhile, Coinbase has become a total joke, seizing up private accounts and denying people access to their Bitcoins for days on end (possibly WEEKS, for all we know). The blockchain is being overrun with unprecedented trading volume, and the confirmation transaction premium keeps rising. It now costs an average of nearly $17 just to send any amount of Bitcoin to anyone, and many transactions are taking DAYS to get confirmed. In a panic selloff, it will easily cost you $100 just to sell any amount of Bitcoin.

    Oblivious to risk, the zombie speculator class of newbie fools is buying into Bitcoin under the absurd impression that they can all wait for it to rise to incredible valuations, then sell at the top and convert Bitcoin into their local fiat currency.

    As I explained in my analysis, 99% of them are wrong. These newbies have no clue what crypto currency is, and they have no idea how hard it is to sell Bitcoin during a panic selloff. I’ve mined Bitcoin for years and I understand the blockchain, peer-to-peer crypto currency and transactional bottlenecks, yet the average Bitcoin newbie just entering the market right now has ZERO understanding of any of those key concepts. (They think Bitcoin is like a corporate stock that can be easily bought and sold with high fluidity.)
    The most sensible thing said so far:
    In case you haven’t yet figured this out, Bitcoin is not a “save haven” for storing assets. If you currently own Bitcoin, you may wish to buy gold with Bitcoin and exit the Bitcoin frenzy by converting your crypto currency into physical precious metals (which, amazingly, don’t disappear in a panic).
    But remember, store of wealth. Not speculative investment for wealth creation.

    . The smart people are the early Bitcoin adopters who are now SELLING to the newbs and banking real profits
    http://www.naturalnews.com/2017-05-2...th-ranger.html

    Interesting second article "illustrating" why BTC will go to zero when people make a run on BTC and try to sell just 1% - 2% of BTC in circulation
    http://www.naturalnews.com/2017-05-2...ent-value.html

    300,000 transactions per day and the system has slowed to a crawl.
    It costs $17 for every BTC transaction
    Doesn't mention:
    BTC is under massive continual DDoS
    BTC does not have enough active nodes for clearing
    Everyone wants the BTC but no one wants to help support it.
    Market value of BTC is proportional to the number of BTC yet to be mined.
    This is not driven by market demand but by the BTC system itself which inflicts various value adjustments on mining rewards when certain mining milestones are reached.
    The price of BTC adjusts to reflect this situation.

    While ground floor holders who kept the faith can unload or stay faithful, I think newcomers should be flippers. Mine and flip. Convert to something else. The investment and overhead to mining is so significant now, it might not even be worth that. There is ROI but potential problems should be considered. On a cost benefit you might trade off the potential problems to encounter while trying to increase your money by 50% with the zero risk of storing the money you do have in a commodity.

    BTW John Mcaffee says he's pulling $100K USD per month in BTC mining. Not sure what the spend would be in Washington but it might be as high as $65K/mth.
    Great minds discuss Ideas, Average minds discuss Events, Small minds discuss People. E.R.

    Anytime I'm in doubt I go outside and give it a little shake.
    Liberty Tree.


  9. #28
    Unobtanium PatColo's Avatar
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    Re: Tell me about Bitcoin

    vlogger (((David Seaman))); tragically conflicted pro-gold/sound money, anti-Rothschild/NWO (he doesn't, or pretends he doesn't, recognize that it's the JWO), pro-izzy/zion dude. His fellow tribesman Bill Still suffers under the burden of the same conflict...

    27:00
    Google Invests In Bitcoin / Cryptocurrency!

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    "If telling the truth marginalizes you, then that is the place to be. After all, if enough people are willing to be marginalized, then before you know it, society has developed a different center. This is the politics of truth." -- E. Martin Schotz

  10. #29
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    Re: Tell me about Bitcoin

    (((David Seaman)))

    5:42
    LIVE: Soros Plans To Attack Bitcoin (But Will Fail)

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    FAKE "ELECTIONS" - Why Ron Paul Can't "Win"

    "If telling the truth marginalizes you, then that is the place to be. After all, if enough people are willing to be marginalized, then before you know it, society has developed a different center. This is the politics of truth." -- E. Martin Schotz

  11. #30
    Unobtanium PatColo's Avatar
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    Re: Tell me about Bitcoin


    Banks Are Scheming to Dominate a Future Cashless Society

    Banks Are Scheming to Dominate a Future Cashless Society

    July 24, 2017 renegade 0 Comments



    Renegade Editor’s Note: This is an interesting analysis, but I can’t help but thinking that perhaps Bitcoin and other crypto currencies are where the money masters want us to be headed, as it fits in with the cashless paradigm.
    By Shaun Bradley

    Visa recently announced its new Cashless Challenge program, which offers $10,000 to restaurants willing to transition into accepting only digital payments. As the largest credit card processor in the U.S., it’s no surprise Visa is spearheading this campaign. Under the guise of increasing transparency and efficiency, they’ve partnered with governments around the world to help convert financial systems into cashless models, but their real incentive is the billions of dollars in extra transaction fees it would generate.


    “We are declaring war on cash,” Visa spokesman Andy Gerlt proudly proclaimed after the program was announced.


    The food-based small businesses Visa is targeting are among those that benefit most from accepting cash from customers. When transactions are for amounts less than $10, the fees charged cut significantly into profits. Only 28% of food trucks currently accept credit card payments because of the huge losses they incur from them. The bribe from Visa may seem appealing up front but will be mostly paid back to them over the next few years in fees alone.
    Liz Garner, Vice President of the Merchant Advisory Group, which represents over 100 of the largest businesses in the U.S., explained some of the hurdles faced when dealing with card networks:


    For many businesses – both large and small – the cost of accepting plastic cards and other forms of electronic payments is one of their highest operating costs. Most business owners have no qualms about paying reasonable fees for business services, and they do so every day for items such as cleaning services, security systems, Wi-Fi, and other basic needs. However, they have the ability to negotiate for those services in a fair and transparent marketplace, which they do not with the two major credit and debit card networks….Credit card and debit card fees are dictated directly by Visa and MasterCard and are imposed on the majority of merchants in a take-it-or-leave-it fashion. Most businesses feel that failing to accept these major card brands is not a competitive option so they continue accepting electronic payments even though the costs are squeezing their business, and the inflexible acceptance rules fly in the face of free market enterprise.”

    This ongoing push for a cashless society in Europe, Asia, and the Americas is about much more than just phasing out paper money — it’s about central planners solidifying control over the public’s wealth. This ongoing merger of corporate and government interests is the definition of crony capitalism. Regardless of the blatant collusion, the choices individuals make will still ultimately decide the direction for the future. Buying material goods on credit has become a lifestyle for millions, but the long-term costs of those decisions must be understood if there’s any chance for progress.


    Americans have made a huge mistake by running up a staggering $1 trillion dollars in credit card debt with an average interest rate of over 16%. Thanks to the Federal Reserve system, companies like Mastercard, Discover, and American Express can issue bonds paying extremely low-interest rates to the investors while simultaneously lending that money out to credit card holders at sky high rates. Companies will always take advantage of opportunities to increase profits, but the people’s willingness to keep borrowing from them is at the core of the problem.


    Access to cheap capital has been extended to the largest corporations for over a decade, but when it comes to small businesses or individuals there is a completely different set of standards. The pressure to consistently increase revenues and stock prices has led to an unnatural parasitic relationship between these companies and their customers. Cash is one of the last options that allows people a way to avoid dealing with this kind of shakedown.


    More than 30% of all payments in the U.S. are still conducted in cash, but financial intermediaries that charge processing fees are joining with the State and central banks to ensure the public has no room to innovate. Credit and debit cards have been the most convenient way to make purchases for over a decade, but emerging competition is slowly making them irrelevant.
    Bitcoin and smart contract platforms have introduced an entirely new marketplace for businesses and individuals outside the dominion of the old financial vanguard. Dozens of large corporations have founded the Enterprise Ethereum Alliance to build support for other developing alternative blockchain technologies aside from Bitcoin. This ongoing evolution towards peer-to-peer payments will eventually doom companies like Visa to the same fate as Blockbuster. Those in power may champion the benefits of going cashless, but going bankless may be the only way out of this extortion matrix.


    The efforts by governments and the financial industry to eliminate cash are only going to intensify. Those who adapt to the new paradigm of peer-to-peer payments will thrive, while those who don’t will have their hard earned money extracted to support a failing system. The illusion of banks being safe should have been shattered after the 2008 crisis, but eventually, the reality of how unstable the current institutions are will become apparent. Educating entrepreneurs and businesses on the benefits of Bitcoin and other decentralized options is the only way to shift this economy away from the control of central planners and towards a free and voluntary market.


    This article originally appeared on The Anti-Media.
    FAKE "ELECTIONS" - Why Ron Paul Can't "Win"

    "If telling the truth marginalizes you, then that is the place to be. After all, if enough people are willing to be marginalized, then before you know it, society has developed a different center. This is the politics of truth." -- E. Martin Schotz

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