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Reminder: Jews have real life time machines and want me to think that particle accelerators are time machines

Helloooooooo, it's me Satan/the devil again. Thought I would post another reminder about the jews having real life time machines which they have been showing off to me using their "media" (mostly).
Here's the documentary again, which I found on amazon primevideo after already coming to the conclusion that particle accelerators might actually be time machines.
https://www.imdb.com/title/tt0867212/
If particle accelerators are actually time machines, my mother may have actually received a tour of the large hadron collider, because she has been to both France and Switzerland during the same trip and my brother even lives in one of ze countries now. The official reason for her visit was to attend a "patent" conferance. 🤷‍♂️
Dialogue from the Ark Society level of Hitman 2 which mentions "patents" - https://streamable.com/chxs6p
"You see they are sitting on some patents that will knock your socks off."
"Weather control systems."
"Recycling pollution as fuel."
"Cold fusion. You name it."
Satan is naming their time machines too. 🤣
Anyway, she visited one of zose countries again (to visit my brother) and that too without telling me. I told her not to go because of the expensive plane tickets (she has been pretending to be "poor" all these years. well, not THAT poor. "middle class" poor. 🤣). I certainly considered the plane tickets expensive. It cost more than 1 lakh rupees (1,00,000) for a two way trip (which I considered to be a lot at that time). So if I would have gone too, it would have been more than 2 lakh rupees ( rupees are also jewish apparently ). Money that could have been spent on other things (jews have been emailing Satan recently with suggestions like "spend money on experiences, not things". 🤣). Of course, now I think money and the financial system is fake and designed exclusively for Satan but only YOU will know whether that is the case or not. 🤷‍♂️
Oh, and because she was planning on going without telling me, she even agreed to give me some "mummy money" (20,000 rupees) to buy some "pyramid scheme money" (bitcoin) which I then used to buy an antminer s1. Pretty neat pyramid scheme, huh? Has cool miners and everything. 🤣
Anyway because they have time machines, jews not only know what I am "sinking about" right now, but they also know what I will be "sinking about" in the future. 🤣 Check my previous posts and reminders about their mass surveillance tech if you don't know what I am talking about (once again assuming/pretending that everyone in the world doesn't already know who I am and already know about the existence of time machines and other advanced tech). 🤷‍♂️

Moar Satanic Rambling

I mentioned amazon above. They recently VERY actively participated in the "Q psyop" by showing the following riddle to Satan/me in a "riddle quiz" (or whatever you want to call it) that they had in the "fun zone" section of their app. Here's the riddle as I remember it.
"I usually follow Q. But not in QATAR. I come twice in queue. What letter am I?"
I bet they were hoping that I would correctly answer it, but I unintentionally answered it incorrectly as "E". Otherwise it was supposed to be "U". You know, "QU". "Q you". Calling me Q. Q from LGBTQ. 😐
Anyway, I didn't even look at the list of answers properly and had very quickly decided that the answer was "E" because in my mind I imagined the letters going from left to right (in a queue 🤣) and the answer would have been "E" in that case. The letter "E" would have been following "Q". By the way, there is no "E" in any of my real life names but there is one in "JEW". 🤣 Maybe that's why a jewess was pretending to be a bot and other jews were referring to her as EBOT in the Q research 8chan board (mentioned in one of my old posts). They were spelling "ABOT" as "EBOT". 🤣🤷‍♂️
I am also guessing that "QATAR" in the above riddle is supposed to mean something since it was in all caps. "Q a rat" maybe (country names are fake apparently, as I mentioned in my previous post)? Like the rat from the movie Ratatouille? 🤣 Even my mother was once mispronouncing Qatar as "Quatar", and I corrected her saying it's QAtar and not QUatar. But yes, once again, "QU" or "QUA" (Q you, A). 😐 Like I mentioned in my previous post, I now believe she is also a "psyop" participant and she continues to actively participate in the psyop.
Just recently she threw away a pack of masala powder just to make me angry. I had already started cooking when I realized that the pack was missing. At first I thought she may have just hidden it, so I searched everywhere but when I couldn't find it I realized she had mostly likely thrown it away. I am not talking to her at all right now (for obvious reasons 😐) but did manage to indicate that I was angry because of the missing masala powder (not that she didn't already know. it was part of the "plan". trust the plan. 🤣) and she eventually admitted that she had thrown it away, apparently because the pack was "completely open". There were long expired packs of various masala powders lying around (still are) that were actually "completely open" that she didn't bother to throw out but she threw away a brand new pack that I had bought. 🤷‍♂️
Should also mention that everytime I brought up the "psyop", her dialogue was something like, "Internet people are tricksing you-internet people are tricksing you". 🤣🤷‍♂️ "Internet people" are "tricksing" me apparently. 🤣 Well, I am translating but she was using the word "tricks". 🤷‍♂️
I believe I have also figured out what one of my real life names actually means. One is supposed to be calling me an "objectophile" (like "QU". "Objectophile U".) and the other one (the one in my birth certificate, ID cards, etc.) is supposed to mean something like "You are a fool/simpleton, devil". Any jew here willing to confirm? 🤣
Anyway, as jews already know, I think it's okay to be a fool/simpletion but not okay to be evil. Who goes to hell? A fool/simpleton or someone who is evil? <- "Q" style questions. 🤣
As I mentioned in my previous posts, I believe ALL jews are evil. Especially if all of them indeed know who I am and have been watching me all these years. 😐 Someone was even posting on 8chan saying something like, "we are not evil. promise...". Watch a compilation of everything you have done to Satan all these years if in doubt about the fact that you are evil. I am assuming you have recordings. Or did the jewesses who run the jew world delete them from the face of the Earth and are now claiming that some of the things that I have been "sinking" about never happened?
Other than that they have continued to do shit like male genital mutilation and abortions despite having time machines and knowing in advance that Satan will be anti-male genital mutilation and anti-abortion. Assuming that abortion is real of course. I haven't seen it with my own eyes after all (just like my mother says that she DOES NOT believe that god exists just because she hasn't seen god with her own eyes. heard the same thing from others. 🤣). I even remember someone posting pro-abortion shit in the 8chan Q research board. Something along the lines of "if you want to buy a gun, do it. your choice, pro-choice...". How about "if you want to do the apocalypse, do it. your choice pro-choice", hmmm? Besides, jewesses who have had abortions could have "chosen" to not have sex. If abortions are real, I am guessing there are many jewesses out there who have had abortions by the time they were 30.
Satan is 30 years old in his current human form and is a virgin. 🤣 Even the "Virgin" brand is referring to Satan. Yes? Also figured out recently that the "Coca Cola" brand is referring to Satan also. Bought an "(allocacoc)[https://www.allocacoc.com] powercube" and found the name odd initially but realized that it was Coca Cola spelled backwards with an extra "L" and knew it was supposed to mean something. Later saw one of those "coke and mentos" videos on youtube again and finally realized what it is supposed to mean. "Coca Cola" is supposed to be "A Cola Coc". "Cola" is supposed to be "কলা". It's supposed to be referring to Satan's dick. That's why there were those "muh dick-muh dick-muh dick" posts on the 8chan Q research board. Yes? 😐
Anyway, if the "Coca Cola" brand was indeed established in the year stated in wikipedia then it would seem that the jews have had time machines for the past 100 years at least.
I have also realized that "muh dick" is also partially mutilated and my mother lied to me about that also. Claimed to have taken me to the nurse because she noticed "pus" was coming out of my dick and the nurse did some "cutting". Said that there would have been "कष्ट" after marriage otherwise. Had no idea at the time what she was talking about, but perhaps she meant that a lesbian jewess might have found my unmutilated dick "ugly"? 🤣 Watch that "Nip/Tuck" episode#Episodes) and that "South Park" episode defending male genital mutilation if you have no idea what I am talking about.
What if jews force their senior citizen parents to get a face lift, nose job, liposuction, or whatever without anaesthesia? And say shit like "we are only doing it to make you look beautiful so that you don't have any "कष्ट" if you decide to get married/remarried or so that you are invited to more lemon parties"? 🤣 They can use their mind control tech to wipe the memory of the surgery afterwards if necessary (or use roofies if they are real 🤣). Can even invite people to witness the surgery and they can say "mazel tov", "oy vey", or whatever it is they say after a "bris".
Now, I don't know if "brises" are real because I haven't seen one with my own eyes. I have however seen a "fully mutilated" dick when I was a kid (3rd grade). It was in the school (a different school, not the one I mentioned in my previous post) bathroom which was just a "shed" with a drain in it (was the female bathroom also just a shed with a drain in it? There was even a South Park episode about school bathrooms but in their case the bathroom wasn't just a "shed" now, was it? 🤣). Anyway, I assumed that I had seen a catheter "wrapped" around his dick as I had heard about catheters by then but did not know what they looked like or how they worked. I asked the kid why his dick looked different assuming that he would confirm my theory that he was peeing using a catheter. But he replied saying that it's because he is "muslim". It was an odd explanation I thought, and even asked my mother that day and she didn't bother to explain it either.
Even after that incident I didn't know about "male genital mutilation" for years. But eventually "real time" told me. But even then I didn't know that even my dick was partially mutilated but "real time" has now told me about that too. 🤷‍♂️
Well, jews were also posting a "render" (I think) of an unmutilated dick on 8chan and someone on voat replied to a comment of mine saying something like "No one actually knows what an unmutilated dick looks like" which I only recently saw. Could have just said something like, "Your dick is mutilated too, Satan" but whatever. 🤷‍♂️

Video games

Already mentioned a video game above, but will be mentioning moar video games here under this heading. As I mentioned in my previous post, they are also using their time machines when making video games. I also mentioneded that I could be living in a simulation for all I know and you could all be NPCs. Later I remembered a video game that I didn't play just because the story/plot had "simulation" in it. I then checked out the plot again on wikipedia and noticed that it mentions "time travel" also. 🤣
https://en.wikipedia.org/wiki/Saints_Row_IV
The game's loyalty missions impact the ending of the story: if a number of these are not completed, the Boss makes plans for the Saints to take over more planets and expand their new empire; however, if all are completed, the Saints learn that they can restore Earth using time-travel, discovering that Zinyak captured several historical figures and placed them in suspended animation. The Boss soon discovers one of them to be 19th century writer Jane Austen, whom they are a fan of, and who reveals herself as the narrator of the game's story once she is awaken her from stasis.
There's also the following DLC where Satan is mentioned. 🤣
https://en.wikipedia.org/wiki/Saints_Row:_Gat_out_of_Hell
I have both the game and the DLC in my Steam library but have never played them. I bought them during a sale or something. They were being sold as a bundle (Humble Bundle maybe) but I was only interested in Saints Row The Third.
I should also mention The Witcher 3: Wild Hunt. The game has some cannibal witches who eat kids (they ate grown ups too; they didn't discriminate. 🤣). And the witches were shown to possess "mass surveillance" capabilities, but they were using magic. They would nail human ears to trees or something. Satan chose to free that tree spirit the first time he played that mission but later noticed the tree spirit did not get rid of those "ladies" for some reason. Plot hole?
Anyway, I read right here on /conspiracy that jews apparently eat aborted babies. It was the "Robert David Steele AMA" I believe.
Were you jews hoping to tell me that you don't really eat aborted babies and I only believed it because I am gullible? There was even a South Park episode recently where there was the dialogue "well, we don't eat them...", but they were talking about cows. Were they actually talking about aborted babies? There was also the dialogue "...nobody wants to do it...". Nobody wants to do abortions but do them anyway because jewesses auto-magically get pregnant (like Satan used to think when he was a kid)? Also, there is a dialogue in a "Penny Dreadful") episode where a witch who does abortions and is called a "cut-wife" says something like "this village needs its cut-wife...". Why did the village need a "cut-wife"? Because the jewesses living there were auto-magically getting pregnant even though they didn't have sex? 🤔
Unforuntately for the jewesses who run the jew world (who are no doubt like those "ladies" of the wood), there are also stories like (Hansel and Gretel)[https://en.wikipedia.org/wiki/Hansel_and_Gretel]. Even my own mother used to try and scare me when I was a kid saying things like "juju buris (বুড়ি) kidnap kids in burlap sacks..." or something. 🤷‍♂️

TV Shows

Already mentioned TV Shows above, but will mention more here.
I recently remembered the cartoon "Pinky and the Brain" and realized they are also supposed to be depicting Satan. Check out the opening theme and the lyrics - https://www.youtube.com/watch?v=qzZmU0aGmcc
They even show Saturn crashing into Earth during the part where they sing "by the dawning of the sun, they will take over the world". 🤣 There's also "to prove their mousey worth, they will overthrow the earth...". 🤣 Satan is dinky apparently. 🤷‍♂️
At the end of the opening theme there is even the name of an openly-jew jew mentioned ("Steven Spielberg"). If you are a "poor" jew who doesn't know about the existence of time machines and other advanced tech that "rich" jews have, maybe you can ask him what he knows.🤷‍♂️
Also mentioned in my previous posts that I am also supposed to be Jesus and there is this scene from an episode of The Simpsons - https://streamable.com/oumsad
The scene was actually censored when airing on a local TV channel and I even mentioned it to a desi jewess who was "sent" to chat with me. Looking at "muh chatlogs" is how I remembered that scene. 🤣
The jewess was trying to pretend to be psychic or something. She was even telling me about my future which I had totally forgotten about. I did remember that she asked me if I believe in "astral projection". I said no, so she dropped the subject. Otherwise I am guessing she would have claimed to be able to see me using "astral projection" and not because all jews are watching me like Truman from The Truman Show.
I also remember another jewess who was "sent" to chat with me and she was asking me if I had read Harry Potter and knew what a "prophecy" was. When I said yes and used "भविष्यवाणी " to define "prophecy" she dropped the subject. 🤣 She was claiming to be studying to be a psycho-logist and was repeatedly asking me "How do you feel-How do you feel". 🤣 I had no idea what she meant at the time, but now I know (thanks to "real time") that it's just something that psycho-logists say. 🤣 No doubt that was the first thing she learnt at "psycho-logy school". 🤣 Satan is a psycho apparently. 🤣🤷‍♂️
Oh yes, I was talking about The Simpsons. I remember seeing posts right here on /conspiracy speculating whether The Simpsons creators know about the existence of real life time machines because many episodes seem to depict future events. Well, no need to speculate any longer, they do have real life time machines. But it's not just The Simpsons creators. It's all jews. Be it Hollywood, Bollywood, Tollywood, etc. Maybe you can even ask them during comic-con or something if you are a "poor" jew and do not know about the existence of real life time machines.
I now also believe that the boat painting in The Simpsons living room is based on something that Satan painted not long after the shit stick incident. After the shit stick incident that I mentioned in my previous post, my mother agreed to reconnect our TV cable connection on the condition that I attend a religious summer school. That's where I painted a ship which was supposed to be like the ships from Assassins Creed Black Flag. It was supposed to be an art "class" but there was only one and they were like "paint whatever you want to paint". Were they expecting Satan to paint something Satanic? 🤣 I remember the kid next to me was painting an alien. Large sheet of paper but he was painting a small alien in the middle of it leaving the rest of the sheet blank. 🤷‍♂️
Anyway, in case of The Simpsons, the painting is that of "a boat" (wink-wink-nudge-nudge?) but it's very similar to the ship painting that I painted. If you really do not know about the existence of time machines and other advanced tech maybe you can even ask the creators of The Simpsons (in the next comic con or something). You can say something like "a conspiracy nut on /conspiracy claiming to be Satan was also claiming that you have real life time machines and the boat painting is based on something he painted at a religious summer school after a shit stick incident and that you got rid of the Apu character because he wanted The Simpsons cancelled because he got the impression that you were being anti-Trump and pro-Hillary...". 🤣🤷‍♂️
Anyway, there was even a kid at the above mentioned summer school who was pronouncing "cheat codes" incorrectly. He was pronouncing "cheat" as "kheat". Was he acting like the actors from Truman Show and reading his lines from an "eyephone" teleprompter? Or was it intentional? 🤷‍♂️ By the way, the downstairs neighbours' kids were also there in that summer school and they would have at least heard the shit stick incident. Yes? I believe they also knew about the "psyop" and could have told Satan but didn't. How are you jews trained to participate in the "psyop" anyway? Are you sen't to special "psyop schools"? 🤣🤷‍♂️
In one of my previous posts that was deleted by a mod, a jew had commented asking me whether I was a little girl because I had used so many "emojis", so let me mention the cartoon "The Grimm Adventures of Billy and Mandy" also. All three of the main characters are also supposed to be depicting Satan, including Mandy. Check out her devil horns like hairstyle. 🤣
There is also this song from the show. https://www.youtube.com/watch?v=yui4zkZQwCA
It has the lyrics "if at first they think it's strange, they wont think twice once I've eaten their brains".
Jews thought that if Satan thinks all the evil shit they do is "strange", Satan wont think twice after they manage to figuratively eat his brain? They were also posting this image on 8chan. Yes, Satan has been "fucked by psyops" because physical wounds heal apparently. Not that jews haven't caused physical wounds also but they always end up healing. 🤣

Movies

Scene from the movie "My Favorite Martian" referring to Satan's zipper incident - https://streamable.com/n3e30i
Was four or five years old when it happened. The zipper of the shorts that I was wearing, got stuck on my partially mutilated foreskin. I was crying in pain even though there was no bleeding. Jews most likely have a recording of this incident also (if they haven't deleted). Later the same nurse who most likely mutilated my dick was telling me to wear underpants as if I could conjure them out of thin air.
I didn't wear underpants back then and didn't even for years after that incident. Now I wear "square" underpants, which is why there is "Spongebob Squarepants" (I am also supposed to be Patrick). 🤣
Anyway, jews know about the zipper incident too but are continuing to perform male genital mutilations anyway. Yes? Perhaps they are like, "another benefit of having a fully mutilated dick is that you don't have to worry about zipper issues". 🤣🤷‍♂️

Music

Jews are using their time machines even in the music they produce.
My motorcycle that I mentioned in my previous post was seized by the cops (I used to think that the local cops are useless but now I think that they are just fake) using "Coronavirus" as an excuse. And when recently looking at the details of the "Foghat" album "The Best of Foghat", I noticed the song with the title "Third Time Lucky (First Time I Was A Fool)". I have been to the cops twice to get back my seized motorcycle. First time I went was on April 1 (april fools day). I was planning on not going a third time and just let the fake cops keep my motorcycle. After all, they are jews, the motorcycle was made by jews and even the money I used to buy the motorcycle was "jew money". And I noticed that there is also the song with the title "Take It Or Leave It". 🤣 Oh, and now I see that there is also one with the title "Easy Money". 🤣
The name "Foghat" itself is most likely referring to how Satan's helmet gets foggy sometimes. Yes? 🤔🤷‍♂️
Anyway, wasn't able to pass much time with the bike anyway. It was only making me spend fake jew money on fake expensive fuel. Not to mention the trips to the service center. It needs servicing every three months apparently. So, I am thinking I will leave it with the fake cops. What do you jews think? Is it a good plan? Trust the plan? 🤔
Oh yes, the second time when I went to the cops, they gave me a phone number and asked me to call it (I didn't) and also gave me a fake name when I asked for one. Which I now think is supposed to mean "You are Satan, pal", kinda like that South Park episode about mormonism ("moronism"; Satan is a moron apparently; Amaron) where Cartman was like "My name is Yura, Yura Fag". 🤣 If yes, then here is a message for the fake cop who gave Satan the fake name, "Satan is not your pal, gal". 🤣
Yes, the second time the fake male cops were gone and there were only two jewesses. The male cops are in "isolation" apparently. 🤣 I was wondering if I should have shown them that clip from The Simpsons where Chief Wiggum says something like, "look at my badge. cash bribes only..." because most of them are fat or chubby. And because I used to think that all the local cops were good for was scaring and threatening people and asking for bribes. 🤣 The second time there was only one male cop (a gatekeeper or something, who got brave and was rude to Satan) and this time they made sure that it was not a fat one. 🤣 Anyway, I can make fun of the fake fat cops (many of whom have "pregnant" bellies. men and women are equal so men are also able to get pregnant. those cops were actually pregnant. yes? 🤣) just by "sinking" about it. How cool is that? 🤣
I also remember that South Park episode now where they were calling bikers "fags"). Original air date is 2009 whereas Satan bought his bike in 2019. So yes, you can ask them about the existence of real life time machines and other advanced tech also. 🤷‍♂️
Recently Satan has been passing the time "code monkeying". That's why the 8chan administrator is called "code monkey", yes? I have been playing with "CodeIgniter" and there is "psyopy" content even in the "CodeIgniter" documentation.
use CodeIgniter\Controller;
class Helloworld extends Controller { public function index() { echo 'Hello World!'; }
public function comment() { echo 'I am not flat!'; } }
Yeah, the world is not flat apparently but since I haven't seen it with my own eyes I probably should not believe that it's round. Yes? 🤣🤷‍♂️
Well it doesn't really matter if the world is round or "flat". What matters is that if everyone in the world knows me then unfortunately for you, you are all evil. And it's actually more unfortunate for you if you are not NPCs. You know what I am sayin'?
By the way, is Satan's "Mann ki Baat" being broadcast to everyone in the world uncensored or should he write down more of his "mann ki baat"? 🤔 Like how he has been "sinking" to Ubisoft whether the "apocalypse" comes under "everything is permitted". Feel free to comment here with your reply Ubisoft.
Mind-wiped Satan now thinks total apocalypse (get it? total apocalypse. kinda like total eclipse but apocalypse instead of eclipse) is necessary and since he is addicted to TV shows, movies, video games and the internet apparently (all jew media), it would be the unselfish thing to do (assuming it's up to him to do the apocalypse). Yes?
Satan has been trying to be "sober" though. No TV shows, movies or video games for the past two months. Did not renew his 100mbps internet connection either. Let's see how long the lockdown can continue. 🤣🤷‍♂️
It's Saturday and Satan managed to spend hours writing the above post. 🤣
submitted by rcspy to conspiracy [link] [comments]

An extensive guide for cashing out bitcoin and cryptocurrencies into private banks

Hey guys.
Merry Xmas !
I am coming back to you with a follow up post, as I have helped many people cash out this year and I have streamlined the process. After my original post, I received many requests to be more specific and provide more details. I thought that after the amazing rally we have been attending over the last few months, and the volatility of the last few days, it would be interesting to revisit more extensively.
The attitude of banks around crypto is changing slowly, but it is still a tough stance. For the first partial cash out I operated around a year ago for a client, it took me months to find a bank. They wouldn’t want to even consider the case and we had to knock at each and every door. Despite all my contacts it was very difficult back in the days. This has changed now, and banks have started to open their doors, but there is a process, a set of best practices and codes one has to follow.
I often get requests from crypto guys who are very privacy-oriented, and it takes me months to have them understand that I am bound by Swiss law on banking secrecy, and I am their ally in this onboarding process. It’s funny how I have to convince people that banks are legit, while on the other side, banks ask me to show that crypto millionaires are legit. I have a solid background in both banking and in crypto so I manage to make the bridge, but yeah sometimes it is tough to reconcile the two worlds. I am a crypto enthusiast myself and I can say that after years of work in the banking industry I have grown disillusioned towards banks as well, like many of you. Still an account in a Private bank is convenient and powerful. So let’s get started.
There are two different aspects to your onboarding in a Swiss Private bank, compliance-wise.
*The origin of your crypto wealth
*Your background (residence, citizenship and probity)
These two aspects must be documented in-depth.
How to document your crypto wealth. Each new crypto millionaire has a different story. I may detail a few fun stories later in this post, but at the end of the day, most of crypto rich I have met can be categorized within the following profiles: the miner, the early adopter, the trader, the corporate entity, the black market, the libertarian/OTC buyer. The real question is how you prove your wealth is legit.
1. Context around the original amount/investment Generally speaking, your first crypto purchase may not be documented. But the context around this acquisition can be. I have had many cases where the original amount was bought through Mtgox, and no proof of purchase could be provided, nor could be documented any Mtgox claim. That’s perfectly fine. At some point Mtgox amounted 70% of the bitcoin transactions globally, and people who bought there and managed to withdraw and keep hold of their bitcoins do not have any Mtgox claim. This is absolutely fine. However, if you can show me the record of a wire from your bank to Tisbane (Mtgox's parent company) it's a great way to start.
Otherwise, what I am trying to document here is the following: I need context. If you made your first purchase by saving from summer jobs, show me a payroll. Even if it was USD 2k. If you acquired your first bitcoins from mining, show me the bills of your mining equipment from 2012 or if it was through a pool mine, give me your slushpool account ref for instance. If you were given bitcoin against a service you charged, show me an invoice.
2. Tracking your wealth until today and making sense of it. What I have been doing over the last few months was basically educating compliance officers. Thanks God, the blockchain is a global digital ledger! I have been telling my auditors and compliance officers they have the best tool at their disposal to lead a proper investigation. Whether you like it or not, your wealth can be tracked, from address to address. You may have thought all along this was a bad feature, but I am telling you, if you want to cash out, in the context of Private Banking onboarding, tracking your wealth through the block explorer is a boon. We can see the inflows, outflows. We can see the age behind an address. An early adopter who bought 1000 BTC in 2010, and let his bitcoin behind one address and held thus far is legit, whether or not he has a proof of purchase to show. That’s just common sense. My job is to explain that to the banks in a language they understand.
Let’s have a look at a few examples and how to document the few profiles I mentioned earlier.
The trader. I love traders. These are easy cases. I have a ton of respect for them. Being a trader myself in investment banks for a decade earlier in my career has taught me that controlling one’s emotions and having the discipline to impose oneself some proper risk management system is really really hard. Further, being able to avoid the exchange bankruptcy and hacks throughout crypto history is outstanding. It shows real survival instinct, or just plain blissed ignorance. In any cases traders at exchange are easy cases to corroborate since their whole track record is potentially available. Some traders I have met have automated their trading and have shown me more than 500k trades done over the span of 4 years. Obviously in this kind of scenario I don’t show everything to the bank to avoid information overload, and prefer to do some snacking here and there. My strategy is to show the early trades, the most profitable ones, explain the trading strategy and (partially expose) the situation as of now with id pages of the exchanges and current balance. Many traders have become insensitive to the risk of parking their crypto at exchange as they want to be able to trade or to grasp an occasion any minute, so they generally do not secure a substantial portion on the blockchain which tends to make me very nervous.
The early adopter. Provided that he has not mixed his coin, the early adopter or “hodler” is not a difficult case either. Who cares how you bought your first 10k btc if you bought them below 3$ ? Even if you do not have a purchase proof, I would generally manage to find ways. We just have to corroborate the original 30’000 USD investment in this case. I mainly focus on three things here:
*proof of early adoption I have managed to educate some banks on a few evidences specifically related to crypto markets. For instance with me, an old bitcointalk account can serve as a proof of early adoption. Even an old reddit post from a few years ago where you say how much you despise this Ripple premined scam can prove to be a treasure readily available to show you were early.
*story telling Compliance officers like to know when, why and how. They are human being looking for simple answers to simple questions and they don’t want like to be played fool. Telling the truth, even without a proof can do wonders, and even though bluffing might still work because banks don’t fully understand bitcoin yet, it is a risky strategy that is less and less likely to pay off as they are getting more sophisticated by the day.
*micro transaction from an old address you control This is the killer feature. Send a $20 worth transaction from an old address to my company wallet and to one of my partner bank’s wallet and you are all set ! This is gold and considered a very solid piece of evidence. You can also do a microtransaction to your own wallet, but banks generally prefer transfer to their own wallet. Patience with them please. they are still learning.
*signature message Why do a micro transaction when you can sign a message and avoid potentially tainting your coins ?
*ICO millionaire Some clients made their wealth participating in ETH crowdsale or IOTA ICO. They were very easy to deal with obviously and the account opening was very smooth since we could evidence the GENESIS TxHash flow.
The miner Not so easy to proof the wealth is legit in that case. Most early miners never took screenshot of the blocks on bitcoin core, nor did they note down the block number of each block they mined. Until the the Slashdot article from August 2010 anyone could mine on his laptop, let his computer run overnight and wake up to a freshly minted block containing 50 bitcoins back in the days. Not many people were structured enough to store and secure these coins, avoid malwares while syncing the blockchain continuously, let alone document the mined blocks in the process. What was 50 BTC worth really for the early miners ? dust of dollars, games and magic cards… Even miners post 2010 are generally difficult to deal with in terms of compliance onboarding. Many pool mining are long dead. Deepbit is down for instance and the founders are MIA. So my strategy to proof mining activity is as follow:
*Focusing on IT background whenever possible. An IT background does help a lot to bring some substance to the fact you had the technical ability to operate a mining rig.
*Showing mining equipment receipts. If you mined on your own you must have bought the hardware to do so. For instance mining equipment receipts from butterfly lab from 2012-2013 could help document your case. Similarly, high electricity bill from your household on a consistent basis back in the day could help. I have already unlocked a tricky case in the past with such documents when the bank was doubtful.
*Wallet.dat files with block mining transactions from 2011 thereafter This obviously is a fantastic piece of evidence for both you and me if you have an old wallet and if you control an address that received original mined blocks, (even if the wallet is now empty). I will make sure compliance officers understand what it means, and as for the early adopter, you can prove your control over these wallet through a microtransaction. With these kind of addresses, I can show on the block explorer the mined block rewards hitting at regular time interval, and I can even spot when difficulty level increased or when halvening process happened.
*Poolmining account. Here again I have educated my partner bank to understand that a slush account opened in 2013 or an OnionTip presence was enough to corroborate mining activity. The block explorer then helps me to do the bridge with your current wallet.
*Describing your set up and putting it in context In the history of mining we had CPU, GPU, FPG and ASICs mining. I will describe your technical set up and explain why and how your set up was competitive at that time.
The corporate entity Remember 2012 when we were all convinced bitcoin would take over the world, and soon everyone would pay his coffee in bitcoin? How naïve we were to think transaction fees would remain low forever. I don’t blame bitcoin cash supporters; I once shared this dream as well. Remember when we thought global adoption was right around the corner and some brick and mortar would soon accept bitcoin transaction as a common mean of payment? Well, some shop actually did accept payment and held. I had a few cases as such of shops holders, who made it to the multi million mark holding and had invoices or receipts to proof the transactions. If you are organized enough to keep a record for these trades and are willing to cooperate for the documentation, you are making your life easy. The digital advertising business is also a big market for the bitcoin industry, and affiliates partner compensated in btc are common. It is good to show an invoice, it is better to show a contract. If you do not have a contract (which is common since all advertising deals are about ticking a check box on the website to accept terms and conditions), there are ways around that. If you are in that case, pm me.
The black market Sorry guys, I can’t do much for you officially. Not that I am judging you. I am a libertarian myself. It’s just already very difficult to onboard legit btc adopters, so the black market is a market I cannot afford to consider. My company is regulated so KYC and compliance are key for me if I want to stay in business. Behind each case I push forward I am risking the credibility and reputation I have built over the years. So I am sorry guys I am not risking it to make an extra buck. Your best hope is that crypto will eventually take over the world and you won’t need to cash out anyway. Or go find a Lithuanian bank that is light on compliance and cooperative.
The OTC buyer and the libertarian. Generally a very difficult case. If you bought your stack during your journey in Japan 5 years ago to a guy you never met again; or if you accumulated on https://localbitcoins.com/ and kept no record or lost your account, it is going to be difficult. Not impossible but difficult. We will try to build a case with everything else we have, and I may be able to onboard you. However I am risking a lot here so I need to be 100% confident you are legit, before I defend you. Come & see me in Geneva, and we will talk. I will run forensic services like elliptic, chainalysis, or scorechain on an extract of your wallet. If this scan does not raise too many red flags, then maybe we can work together ! If you mixed your coins all along your crypto history, and shredded your seeds because you were paranoid, or if you made your wealth mining professionally monero over the last 3 years but never opened an account at an exchange. ¯_(ツ)_/¯ I am not a magician and don’t get me wrong, I love monero, it’s not the point.
Cashing out ICOs Private companies or foundations who have ran an ICO generally have a very hard time opening a bank account. The few banks that accept such projects would generally look at 4 criteria:
*Seriousness of the project Extensive study of the whitepaper to limit the reputation risk
*AML of the onboarding process ICOs 1.0 have no chance basically if a background check of the investors has not been conducted
*Structure of the moral entity List of signatories, certificate of incumbency, work contract, premises...
*Fiscal conformity Did the company informed the authorities and seek a fiscal ruling.
For the record, I am not into the tax avoidance business, so people come to me with a set up and I see if I can make it work within the legal framework imposed to me.
First, stop thinking Switzerland is a “offshore heaven” Swiss banks have made deals with many governments for the exchange of fiscal information. If you are a French citizen, resident in France and want to open an account in a Private Bank in Switzerland to cash out your bitcoins, you will get slaughtered (>60%). There are ways around that, and I could refer you to good tax specialists for fiscal optimization, but I cannot organize it myself. It would be illegal for me. Swiss private banks makes it easy for you to keep a good your relation with your retail bank and continue paying your bills without headaches. They are integrated to SEPA, provide ebanking and credit cards.
For information, these are the kind of set up some of my clients came up with. It’s all legal; obviously I do not onboard clients that are not tax compliant. Further disclaimer: I did not contribute myself to these set up. Do not ask me to organize it for you. I won’t.
EU tricks
Swiss lump sum taxation Foreign nationals resident in Switzerland can be taxed on a lump-sum basis if they are not gainfully employed in our country. Under the lump-sum tax regime, foreign nationals taking residence in Switzerland may choose to pay an expense-based tax instead of ordinary income and wealth tax. Attractive cantons for the lump sum taxation are Zug, Vaud, Valais, Grisons, Lucerne and Berne. To make it short, you will be paying somewhere between 200 and 400k a year and all expenses will be deductible.
Switzerland has adopted a very friendly attitude towards crypto currency in general. There is a whole crypto valley in Zug now. 30% of ICOs are operated in Switzerland. The reason is that Switzerland has thrived for centuries on banking secrecy, and today with FATCA and exchange of fiscal info with EU, banking secrecy is dead. Regulators in Switzerland have understood that digital ledger technologies were a way to roll over this competitive advantage for the generations to come. Switzerland does not tax capital gains on crypto profits. The Finma has a very pragmatic approach. They have issued guidance- updated guidelines here. They let the business get organized and operate their analysis on a case per case basis. Only after getting a deep understanding of the market will they issue a global fintech license in 2019. This approach is much more realistic than legislations which try to regulate everything beforehand.
Italy new tax exemption. It’s a brand new fiscal exemption. Go to Aoste, get residency and you could be taxed a 100k/year for 10years. Yes, really.
Portugal What’s crazy in Europe is the lack of fiscal harmonization. Even if no one in Brussels dares admit it, every other country is doing fiscal dumping. Portugal is such a country and has proved very friendly fiscally speaking. I personally have a hard time trusting Europe. I have witnessed what happened in Greece over the last few years. Some of our ultra high net worth clients got stuck with capital controls. I mean no way you got out of crypto to have your funds confiscated at the next financial crisis! Anyway. FYI
Malta Generally speaking, if you get a residence somewhere you have to live there for a certain period of time. Being stuck in Italy is no big deal with Schengen Agreement, but in Malta it is a different story. In Malta, the ordinary residence scheme is more attractive than the HNWI residence scheme. Being an individual, you can hold a residence permit under this scheme and pay zero income tax in Malta in a completely legal way.
Monaco Not suitable for French citizens, but for other Ultra High Net worth individual, Monaco is worth considering. You need an account at a local bank as a proof of fortune, and this account generally has to be seeded with at least EUR500k. You also need a proof of residence. I do mean UHNI because if you don’t cash out minimum 30m it’s not interesting. Everything is expensive in Monaco. Real Estate is EUR 50k per square meter. A breakfast at Monte Carlo Bay hotel is 70 EUR. Monaco is sunny but sometimes it feels like a golden jail. Do you really want that for your kids?
Dubaï
  1. Set up a company in Dubaï, get your resident card.
  2. Spend one day every 6 month there
  3. ???
  4. Be tax free
US tricks Some Private banks in Geneva do have the license to manage the assets of US persons and U.S citizens. However, do not think it is a way to avoid paying taxes in the US. Opening an account at an authorized Swiss Private banks is literally the same tax-wise as opening an account at Fidelity or at Bank of America in the US. The only difference is that you will avoid all the horror stories. Horror stories are all real by the way. In Switzerland, if you build a decent case and answer all the questions and corroborate your case in depth, you will manage to convince compliance officers beforehand. When the money eventually hits your account, it is actually available and not frozen.
The IRS and FATCA require to file FBAR if an offshore account is open. However FBAR is a reporting requirement and does not have taxes related to holding an account outside the US. The taxes would be the same if the account was in the US. However penalties for non compliance with FBAR are very large. The tax liability management is actually performed through the management of the assets ( for exemple by maximizing long term capital gains and minimizing short term gains).
The case for Porto Rico. Full disclaimer here. I am not encouraging this. Have not collaborated on such tax avoidance schemes. if you are interested I strongly encourage you to seek a tax advisor and get a legal opinion. I am not responsible for anything written below. I am not going to say much because I am so afraid of uncle Sam that I prefer to humbly pass the hot potato to pwc From here all it takes is a good advisor and some creativity to be tax free on your crypto wealth if you are a US person apparently. Please, please please don’t ask me more. And read the disclaimer again.
Trust tricks Generally speaking I do not accept fringe fiscal situation because it puts me in a difficult situation to the banks I work with, and it is already difficult enough to defend a legit crypto case. Trust might be a way to optimize your fiscal situation. Belize. Bahamas. Seychelles. Panama, You name it. At the end of the day, what matters for Swiss Banks are the beneficial owner and the settlor. Get a legal opinion, get it done, and when you eventually knock at a private bank’s door, don’t say it was for fiscal avoidance you stupid ! You will get the door smashed upon you. Be smarter. It will work. My advice is just to have it done by a great tax specialist lawyer, even if it costs you some money, as the entity itself needs to be structured in a professional way. Remember that with trust you are dispossessing yourself off your wealth. Not something to be taken lightly.
“Anonymous” cash out. Right. I think I am not going into this topic, neither expose the ways to get it done. Pm me for details. I already feel a bit uncomfortable with all the info I have provided. I am just going to mention many people fear that crypto exchange might become reporting entities soon, and rightly so. This might happen anyday. You have been warned. FYI, this only works for non-US and large cash out.
The difference between traders an investors. Danmark, Holland and Germany all make a huge difference if you are a passive investor or if you are a trader. ICO is considered investing for instance and is not taxed, while trading might be considered as income and charged aggressively. I would try my best to protect you and put a focus on your investor profile whenever possible, so you don't have to pay 52% tax if you do not have to :D
Full cash out or partial cash out? People who have been sitting on crypto for long have grown an emotional and irrational link with their coins. They come to me and say, look, I have 50m in crypto but I would like to cash out 500k only. So first let me tell you that as a wealth manager my advice to you is to take some off the table. Doing a partial cash out is absolutely fine. The market is bullish. We are witnessing a redistribution of wealth at a global scale. Bitcoin is the real #occupywallstreet, and every one will discuss crypto at Xmas eve which will make the market even more supportive beginning 2018, especially with all hedge funds entering the scene. If you want to stay exposed to bitcoin and altcoins, and believe these techs will change the world, it’s just natural you want to keep some coins. In the meantime, if you have lived off pizzas over the last years, and have the means to now buy yourself an nice house and have an account at a private bank, then f***ing do it mate ! Buy physical gold with this account, buy real estate, have some cash at hands. Even though US dollar is worthless to your eyes, it’s good and convenient to have some. Also remember your wife deserves it ! And if you have no wife yet and you are socially awkward like the rest of us, then maybe cashing out partially will help your situation ;)
What the Private Banks expect. Joke aside, it is important you understand something. If you come around in Zurich to open a bank account and partially cash out, just don’t expect Private Banks will make an exception for you if you are small. You can’t ask them to facilitate your cash out, buy a 1m apartment with the proceeds of the sale, and not leave anything on your current account. It won’t work. Sadly, under 5m you are considered small in private banking. The bank is ok to let you open an account, provided that your kyc and compliance file are validated, but they will also want you to become a client and leave some money there to invest. This might me despicable, but I am just explaining you their rules. If you want to cash out, you should sell enough to be comfortable and have some left. Also expect the account opening to last at least 3-4 week if everything goes well. You can't just open an account overnight.
The cash out logistics. Cashing out 1m USD a day in bitcoin or more is not so hard.
Let me just tell you this: Even if you get a Tier 4 account with Kraken and ask Alejandro there to raise your limit over $100k per day, Even if you have a bitfinex account and you are willing to expose your wealth there, Even if you have managed to pass all the crazy due diligence at Bitstamp,
The amount should be fractioned to avoid risking your full wealth on exchange and getting slaughtered on the price by trading big quantities. Cashing out involves significant risks at all time. There is a security risk of compromising your keys, a counterparty risk, a fat finger risk. Let it be done by professionals. It is worth every single penny.
Most importantly, there is a major difference between trading on an exchange and trading OTC. Even though it’s not publicly disclosed some exchange like Kraken do have OTC desks. Trading on an exchange for a large amount will weight on the prices. Bitcoin is a thin market. In my opinion over 30% of the coins are lost in translation forever. Selling $10m on an exchange in a day can weight on the prices more than you’d think. And if you trade on a exchange, everything is shown on record, and you might wipe out the prices because on exchanges like bitstamp or kraken ultimately your counterparties are retail investors and the market depth is not huge. It is a bit better on Bitfinex. It is way better to trade OTC. Accessing the institutional OTC market is not easy, and that is also the reason why you should ask a regulated financial intermediary if we are talking about huge amounts.
Last point, always chose EUR as opposed to USD. EU correspondent banks won’t generally block institutional amounts. However we had the cases of USD funds frozen or delayed by weeks.
Most well-known OTC desks are Cumberlandmining (ask for Lucas), Genesis (ask for Martin), Bitcoin Suisse AG (ask for Niklas), circletrade, B2C2, or Altcoinomy (ask for Olivier)
Very very large whales can also set up escrow accounts for massive block trades. This world, where blocks over 30k BTC are exchanged between 2 parties would deserve a reddit thread of its own. Crazyness all around.
Your options: DIY or going through a regulated financial intermediary.
Execution trading is a job in itself. You have to be patient, be careful not to wipe out the order book and place limit orders, monitor the market intraday for spikes or opportunities. At big levels, for a large cash out that may take weeks, these kind of details will save you hundred thousands of dollars. I understand crypto holders are suspicious and may prefer to do it by themselves, but there are regulated entities who now offer the services. Besides, being a crypto millionaire is not a guarantee you will get institutional daily withdrawal limits at exchange. You might, but it will take you another round of KYC with them, and surprisingly this round might be even more aggressive that the ones at Private banks since exchange have gone under intense scrutiny by regulators lately.
The fees for cashing out through a regulated financial intermediary to help you with your cash out should be around 1-2% flat on the nominal, not more. And for this price you should get the full package: execution/monitoring of the trades AND onboarding in a private bank. If you are asked more, you are being abused.
Of course, you also have the option to do it yourself. It is a way more tedious and risky process. Compliance with the exchange, compliance with the private bank, trading BTC/fiat, monitoring the transfers…You will save some money but it will take you some time and stress. Further, if you approach a private bank directly, it will trigger a series of red flag to the banks. As I said in my previous post, they call a direct approach a “walk-in”. They will be more suspicious than if you were introduced by someone and won’t hesitate to show you high fees and load your portfolio with in-house products that earn more money to the banks than to you. Remember also most banks still do not understand crypto so you will have a lot of explanations to provide and you will have to start form scratch with them!
The paradox of crypto millionaires Most of my clients who made their wealth through crypto all took massive amount of risks to end up where they are. However, most of them want their bank account to be managed with a low volatility fixed income capital preservation risk profile. This is a paradox I have a hard time to explain and I think it is mainly due to the fact that most are distrustful towards banks and financial markets in general. Many clients who have sold their crypto also have a cash-out blues in the first few months. This is a classic situation. The emotions involved in hodling for so long, the relief that everything has eventually gone well, the life-changing dynamics, the difficulties to find a new motivation in life…All these elements may trigger a post cash-out depression. It is another paradox of the crypto rich who has every card in his hand to be happy, but often feel a bit sad and lonely. Sometimes, even though it’s not my job, I had to do some psychological support. A lot of clients have also become my friends, because we have the same age and went through the same “ordeal”. First world problem I know… Remember, cashing out is not the end. It’s actually the beginning. Don’t look back, don’t regret. Cash out partially, because it does not make sense to cash out in full, regret it and want back in. relax.
The race to cash out crypto billionaire and the concept of late exiter. The Winklevoss brothers are obviously the first of a series. There will be crypto billionaires. Many of them. At a certain level you can have a whole family office working for you to manage your assets and take care of your needs . However, let me tell you it’s is not because you made it so big that you should think you are a genius and know everything better than anyone. You should hire professionals to help you. Managing assets require some education around the investment vehicles and risk management strategies. Sorry guys but with all the respect I have for wallstreebet, AMD and YOLO stock picking, some discipline is necessary. The investors who have made money through crypto are generally early adopters. However I have started to see another profile popping up. They are not early adopters. They are late exiters. It is another way but just as efficient. Last week I met the first crypto millionaire I know who first bough bitcoin over 1000$. 55k invested at the beginning of this year. Late adopter & late exiter is a route that can lead to the million.
Last remarks. I know banks, bankers, and FIAT currencies are so last century. I know some of you despise them and would like to have them burn to the ground. With compliance officers taking over the business, I would like to start the fire myself sometimes. I hope this extensive guide has helped some of you. I am around if you need more details. I love my job despite all my frustration towards the banking industry because it makes me meet interesting people on a daily basis. I am a crypto enthusiast myself, and I do think this tech is here to stay and will change the world. Banks will have to adapt big time. Things have started to change already; they understand the threat is real. I can feel the generational gap in Geneva, with all these old bankers who don’t get what’s going on. They glaze at the bitcoin chart on CNBC in disbelief and they start to get it. This bitcoin thing is not a joke. Deep inside, as an early adopter who also intends to be a late exiter, as a libertarian myself, it makes me smile with satisfaction.
Cheers. @swisspb on telegram
submitted by Swissprivatebanker to Bitcoin [link] [comments]

【EliteX】2019 World Blockchain Conference · Wuzhen

【EliteX】2019 World Blockchain Conference · Wuzhen

https://preview.redd.it/brju941p07041.png?width=1252&format=png&auto=webp&s=76927bd994263c12f1bc79d78de1756f51de7ff8
From November 8 to 9, 8BTC.com held the 2019 world blockchain conference in Wuzhen, where nearly 100 experts and scholars, technology tycoons, opinion leaders and founders of hot projects from global blockchain, digital assets, AI and 5G gathered. EliteX is also invited. It's a great honor to participate in such a large-scale conference, and we also feel the strength and enthusiasm of practitioners and enthusiasts from all regions of the world.
Alibaba, Tencent, Baidu, Jingdong, Huawei and other Internet giants gathered for the first time to discuss Wuzhen, which let many people see the layout and thinking of the giants in the field of blockchain.
Libra, central bank digital currency, domestic public chain, 5G, Defi… These rich hot topics let many people see the core trend of the blockchain era.
This Wuzhen conference focuses on several major topics. With breakthrough, transform and future, I deeply feel the charm of blockchain besides technology.

Breakthrough: birth, deduction and evolution of digital assets

Bitcoin's fourth production reduction was triggered at 630000 block heights, expected around 19 May, 2020. At that time, block bonus will be reduced to 6.25 pieces, and the daily issuance will be reduced to 900 pieces.
At this moment, the mining industry has been fully opened up, and miners are urgently ordering chips to expand their army and prepare for the war. A large number of futures mining machines rush to the front line. Bitcoin HashRate points to the 100E pass. However, with the end of the high water period, half reduction is bound to be a tragic elimination competition of mining machinery. The mining industry will usher in an iterative cycle. Bitcontinental is the mainstay, and HashRate will enter the stage of centralization. Mining profits will be uncertain.
At the same time, the global economy is in cold, the regional situation is tense, and the quantitative easing monetary policy is a point of no return. Bitcoin become digital gold like being acclaimed emperor. Whether it can become a reserve asset has become a hot topic for discussion. Some people swear that some people still have reservations.
In the secondary market, emerging exchanges and aggregate exchanges are covetous, and the head exchanges are attacking with futures, options, leverage, lending, DEX and other methods. The battle for the entry of cryptocurrencies has begun. It all depends on the bull market, but will it come? Will the division of mainstream and copycat be more obvious? Is the price of the currency bound to rise? But it is certain that all the heated discussion comes from blockchain.

Transformation: the underlying infrastructure of next generation blockchain

In 2019, there are not many opportunities left for the public chain. Cosmos and Algorand are on the scene, and Polkadot, Filecoin and Telegram are coming soon. The public chain is exploring the two dimensions of verticalization and wan-chain interconnection in depth. The simple dispute of efficiency has been expanded into the close combat of community users, developer ecology, landing applications and other dimensions. But do you really need so many public chains? Is the future a single chain world or one chain? Subsequently, the battle for the king of consensus between POS and POW has begun. Who can take the throne of power in the blockchain world?
In the field of underlying infrastructure, the privacy technology dominated by MimbleWimblew, the sharding technology dominated by Ethereum, the lightning network technology dominated by Bitcoin, and the two-layer network technology like Bytom are more mature. So, is the public chain really getting better and better? What technologies are likely to stand out for the future?
https://preview.redd.it/62jrc4hq07041.png?width=1213&format=png&auto=webp&s=9f2f050561e1e2147116a311e42f0c42f3655877

Fusion: industrial integration and practice in the digital era

Blockchain has been suffering from "landing" and "small crowd" for a long time. But now the trend of technology integration, industry cross-border and scene landing has emerged. Blockchain is extending from a castle in the air to a real scene and business.
Technically, the combination of 5G, big data, AI and blockchain is ushering in more industry breakthroughs. In the industry, even the national government have begun to study blockchain technology, including Internet technology enterprises, banks, real estate, logistics. On the ground, more and more applications such as cross-border payment, digital content copyright, electronic certificate, supply chain finance, traceability, etc. , are used by enterprises to develop new business tracks.
However, how to popularize the value of blockchain, build new industrial standards, and promote user growth and cross-border cooperation have become the problems faced by the industry. If Bitcoin is the king of millions of users, can we see killer applications of tens of millions of users in 2020?
https://preview.redd.it/az2uvocr07041.png?width=1201&format=png&auto=webp&s=b1c9ca3abbaa27f69d2a6cad0fc3decd6c0c5a19
These are several major topics, covering some of the most exciting and confusing directions in the blockchain industry today. It means that at this moment, the blockchain industry is facing considerable uncertainty, and it is difficult for you to sketch its future with a few strokes. At the same time, it also means a kind of certainty. When institutions come, regulators come, and giants come, you know it will grow vigorously in one direction.
Elitex was also honored to be invited to participate in offline activities organized by various major media, such as Beekuaibao, Jinse, Beep and Chainup. There is a warm atmosphere for participation. Let's have an in-depth interaction with people related to blockchain after the meeting.
https://preview.redd.it/2d0oa97t07041.png?width=1080&format=png&auto=webp&s=e8a60d185f9f90b3c06a07bbb8716f11592e8ea9
Thank you all for making this trip to Wuzhen more complete. Elitex will continue to remember its original intention and march forward bravely!
Author:Bom from EliteX
submitted by EliteXExchange to u/EliteXExchange [link] [comments]

Removed comments/submissions for /u/jigaxx

Hi jigaxx, you're not shadowbanned, but 37 of your most recent 90 comments/submissions were removed. They may be removed automatically by spam filters and not necessarily by human moderators.
Comment (1pts) in CryptoCurrency, "Daily Discussion Megathread - August 10, 2018", (10 Aug 18):
Indeed, they are telling me that my eos tokens are worthless now because I didn't register my tokens on time. I was one of the really early investors on their platform. All gone just like that. What a...
Comment (1pts) in SnowDividends, "Exit scam?", (01 Aug 18):
Thanks! You're the man.
Comment (1pts) in SnowDividends, "Exit scam?", (01 Aug 18):
Yep, looks like it
Comment (1pts) in garlicoin, "Forgive me for I have killed somany garlic.", (20 Jul 18):
Hey friend, no worries. I'll give you the 761 garlic if you tell me how you're going to back them up.
Comment (1pts) in CryptoCurrency, "Daily Discussion Megathread - July 17, 2018", (18 Jul 18):
I've been sucker punched too many times by pumps like these. I'm staying skeptical for now.
Comment (1pts) in CryptoCurrency, "Daily Discussion Megathread - July 11, 2018", (11 Jul 18):
What a fucking nightmare!
Comment (1pts) in CryptoCurrency, "Daily Discussion Megathread - June 22, 2018", (23 Jun 18):
Oh yeah. Sit down and let me tell you a story about the bearwhale fight at $300
Comment (1pts) in CryptoCurrency, "Daily Discussion Megathread - June 12, 2018", (13 Jun 18):
I know, it feels like the downtrend from early 2014 but this one feels waay worse and artificial. Almost like everyone is being waterboarded.
Comment (1pts) in nanocurrency, "feels like it's the same with Nano..", (10 Apr 18):
RemindMe! 3 Years
Comment (1pts) in CryptoCurrency, "List of dividend-paying cryptos", (06 Nov 17):
COSS and Kucoin
Comment (1pts) in CryptoCurrency, "Anything similar to tether?", (16 Jul 17):
Nubits
Comment (1pts) in videos, "When a male gymnastic coach tries uneven bars.", (20 Dec 14):
10
Comment (1pts) in Bitcoin, "I love this man: If you've never heard of Bitcoin, "get...", (09 Dec 14):
Right, that enthusiasm. He even forgot to take a puff puff from his weed and the thing went out.
Comment (1pts) in explainlikeimfive, "ELI5: What is the best way/position for humans to sleep? It...", (21 Nov 14):
Lean on the wall.
Comment (1pts) in dogecoin, "The Count Down to the Biggest storm in Doge History has...", (09 Nov 14):
Battle Creek here
Comment (1pts) in Music, "What was the last actual compact disc (not download) you...", (08 Nov 14):
50 cent - Get Rich Or Die Tryin. Year: 2003.
Comment (1pts) in dogecoin, "Doges of the world! [OC!]", (11 Oct 14):
Africa?
Comment (1pts) in dogecoin, "Dear whales leaving our currency...", (08 Aug 14):
Whales? More like bottom feeders. They get higher profit margins when the prices are low but now I think they've realized the consequences of pressuring the prices towards the bottom. Miners are findi...
Comment (1pts) in dogecoin, "I guess we might see bitcoin race against dogecoin...", (25 Jul 14):
Seal of approval. It means our community is highly regarded by BTC. This imitation is flattering.
Comment (1pts) in dogecoin, "First they ignore you, then they laugh at you, then they...", (16 Jul 14):
First they ignore you, then they laugh at you, then they fight you, then you wow!
Comment (1pts) in flappycoin, "FlappyCoin Qt Wallet 2.0.0 released", (23 Mar 14):
Hello dev. Please follow the instructions from the link below to fix the "libgcc_s_dw2-1.dll" issue: http://stackoverflow.com/questions/4702732/the-program-cant-start-because-libgcc-s-dw2-1-dll-is-mis...
Comment (1pts) in flappycoin, "I will buy 1 million flaps for 300 doge.", (22 Mar 14):
1 dogecoin = about 123 satoshis
1 flappycoin = 1 satoshi (at current market price)
300 dogecoin = 300 X 123 (which comes out to about 36,900 flappycoin)
Your 300 Doge will get you 36,900 flappy. Wh...
Comment (1pts) in flappycoin, "Stop selling You %@[email protected]", (16 Mar 14):
He's talking about the dipshits selling so low and pilling a huge sell wall and crippling the coin.
Comment (1pts) in flappycoin, "Lets bring up the value of Flappycoin!!!!!!", (05 Mar 14):
Check out Flappy Party. It is a Flappy Bird gambling ring using bitcoin. If we could get them to accept Flappycoin, it will increase our transaction volume.
Comment (1pts) in dogecoin, "Want Coinkite to accept Dogecoin? First to ฿25 wins!", (14 Feb 14):
Did Bitcoin and Litecoin have to pay to be included? If the answer is no, then we shouldn't have to either.
Comment (1pts) in science, "Be Happier: Spend More Money on Others " ... Psychologists...", (06 Feb 14):
I think this phenomenon is happening on a massive scale at /dogecoin
Comment (1pts) in dogecoin, "I love you all my dear shibes <3 :)", (01 Feb 14):
Am I welcome too?
Comment (1pts) in dogecoin, "a few people asked for an sms tipbot so i made one", (27 Jan 14):
Behold, we are witnessing the birth of a killer app.
Comment (1pts) in dogecoin, "a few people asked for an sms tipbot so i made one", (27 Jan 14):
I am not sure if anyone really understands the gravity of this. This is going to be similar to how the M-Pesa system revolutionized finance in East Africa.
Comment (1pts) in dogecoin, "a few people asked for an sms tipbot so i made one", (27 Jan 14):
Tanzania (+255)
Comment (1pts) in dogecoin, "Just found our ticket to the moon", (22 Jan 14):
Yes yes yes! Shut up and take my doge.
Comment (1pts) in dogecoin, "Just wanted everyone to see this link showing our progress...", (20 Jan 14):
Just donated, hope too see them at the Olympics. It would be nice if they could somehow promote dogecoin at the olympics.
Comment (1pts) in explainlikeimfive, "ELI5: Whats the difference between () [] and {} ?", (07 Dec 13):
public class HelloReddit { public static void main(String[] args) { System.out.println("[The] Magic bean store (where my buddy Jerry used to work until he ate too much merchandise: {beans, ornamental ...
Comment (1pts) in gifs, "Downhill longboarding.", (05 Nov 13):
Claremont is another great video
Comment (1pts) in videos, ["Russell Brand Hilariously Embarrases Morning Show H
submitted by MarkdownShadowBot to CommentRemovalChecker [link] [comments]

All The Longreads (So Far)

I'm trying to work on a system that would pull only the longreads links out and shove them into their own RSS feed. It's super hacky and embarrassing and all the other things that prevent people from sharing code (I will eventually, I promise...it's only 11 lines of python right now). But, I should at least share all the links, by date, in a post. Please enjoy all the longreads:
Tue, 20 Nov 2018 21:56:00 -0000 * How The Wall Street Journal is preparing its journalists to detect deepfakes * Self-driving trucks in US offer window into where machines may replace humans * When Elon Musk Tunnels Under Your Home * The Case Against Quantum Computing * HOW GOOGLE AND AMAZON GOT AWAY WITH NOT BEING REGULATED * How to Use an iPod Touch as a Secure Device Instead of a Phone * Scientists say goodbye to physical definition of the kilogram
Fri, 16 Nov 2018 22:15:10 -0000 * THE GENIUS NEUROSCIENTIST WHO MIGHT HOLD THE KEY TO TRUE AI * Are Killer Robots the Future of War? Parsing the Facts on Autonomous Weapons * The Internet Has a Huge C/C++ Problem and Developers Don't Want to Deal With It * How Superhuman Built an Engine to Find Product/Market Fit * THE HAIL MARY PLAN TO RESTART A HACKED US ELECTRIC GRID * Space Camp grows up
Fri, 09 Nov 2018 21:56:00 -0000 * Why Technology Favors Tyranny * Tech C.E.O.s Are in Love With Their Principal Doomsayer * HQ Trivia was a blockbuster hit — but internal turmoil and a shrinking audience have pushed its company to the brink * ‘It’s Giant and Has Like Five Million Buttons.’ The Office Desk Phone Won’t Die * Why Doctors Hate Their Computers * Here Comes ‘Smart Dust,’ the Tiny Computers That Pull Power from the Air * ASTRONOMERS SEE MATERIAL ORBITING A BLACK HOLE RIGHT AT THE EDGE OF FOREVER
Fri, 02 Nov 2018 20:56:00 -0000 * The Facebook Dilemma, Part 1 * The Facebook Dilemma, Part 2 * A Cryptocurrency Millionaire Wants to Build a Utopia in Nevada * The Man Behind the Scooter Revolution * A Fork in the Road for Avis * The Encyclopedia of the Missing
Fri, 26 Oct 2018 20:56:00 -0000 * Inside Rockstar Games' Culture Of Crunch * At Netflix, Radical Transparency and Blunt Firings Unsettle the Ranks * Podcast on Netflix Culture * It Might Get Loud: Inside Silicon Valley’s Battle to Own Voice Tech * How Dara Khosrowshahi’s Iranian heritage shapes how he leads Uber * AN ALTERNATIVE HISTORY OF SILICON VALLEY DISRUPTION
Fri, 05 Oct 2018 20:56:00 -0000 * The iPhone XS & XS Max Review: Unveiling the Silicon Secrets * Sex Workers Pioneered the Early Internet—and It Screwed Them Over * Raised by YouTube * Old Unicorn, New Tricks: Airbnb Has A Sky-High Valuation. Here's Its Audacious Plan To Earn It * EA announces ‘FIFA 19’ PS4 esports tournament
Fri, 28 Sep 2018 20:56:00 -0000 * How Uber is getting flying cars off the ground * Coinbase Wants To Be Too Big To Fail * The Apple Watch – Tipping Point Time for Healthcare * Meet the Community Keeping Obsolete Supercomputers Alive * The first Android phone 10 years later: An annotated review * Hacker says he'll livestream deletion of Zuckerberg's Facebook page
Fri, 21 Sep 2018 20:46:00 -0000 * Inside Facebook’s Election ‘War Room’ * Bitcoin Miners Flock to New York’s Remote Corners, but Get Chilly Reception * Living The Stream * A brief history of the numeric keypad * Inside the Dramatic, Painful--and Hugely Successful--Return of Reddit's Founders
Fri, 14 Sep 2018 20:55:47 -0000 * Android 9 Pie, thoroughly reviewed * Why a Leading Venture Capitalist Is Betting on a Decentralized Internet * Olaf Carlson-Wee Rode the Bitcoin Boom to Silicon Valley Riches. Can He Survive the Crash? * Memo to the Silicon Valley boys’ club: Arlan Hamilton has no time for your BS * Driverless Hype Collides With Merciless Reality
Fri, 07 Sep 2018 21:02:25 -0000 * Inside the World of Eddy Cue, Apple’s Services Chief * Bezos Unbound: Exclusive Interview With The Amazon Founder On What He Plans To Conquer Next * The Super Rich of Silicon Valley Have a Doomsday Escape Plan * What went wrong at Social Capital * How Android Pie’s Adaptive Battery and Adaptive Brightness work * The man who won the lottery 14 times
Fri, 31 Aug 2018 20:56:00 -0000 * Franken-algorithms: the deadly consequences of unpredictable code * Logged off: meet the teens who refuse to use social media * How Big Tech Swallowed Seattle * The Mystery of People Who Speak Dozens of Languages
Fri, 17 Aug 2018 20:56:00 -0000 * VIRGIN GALACTIC’S ROCKET MAN * Inside Evernote’s brain * LET’S ALL GO BACK TO TUMBLR * Why Can’t Europe Do Tech? * To Get Ready for Robot Driving, Some Want to Reprogram Pedestrians
Fri, 03 Aug 2018 20:56:00 -0000 * How Robot Hands Are Evolving to Do What Ours Can * Why the Next Silicon Valley Will Probably Be Outside the U.S. * Masayoshi Son’s secret to running his $100 billion fund: Telling start-ups to treat each other like family * What Happened to General Magic? * Growing Up Jobs
Fri, 27 Jul 2018 20:56:00 -0000 * Brock Pierce: The Hippie King of Cryptocurrency * How Silicon Valley Has Disrupted Philanthropy * THE 'GUERRILLA' WIKIPEDIA EDITORS WHO COMBAT CONSPIRACY THEORIES * Inside Google’s Shadow Workforce * MySpace and the Coding Legacy it Left Behind
Fri, 13 Jul 2018 20:55:00 -0000 * Hell for Elon Musk Is a Midsize Sedan * How Twitter Became Home to the Teen Status Update * Why Some of Instagram's Biggest Memers Are Locking Their Accounts * GEORGE HOTZ IS ON A HACKER CRUSADE AGAINST THE ‘SCAM’ OF SELF-DRIVING CARS * THE ONLY GOOD ONLINE FANDOM LEFT IS DUNE * Netflix Isn’t Being Reckless, It’s Just Playing a Game No One Else Dares (Netflix Misunderstandings, Pt. 3)
Fri, 22 Jun 2018 20:50:39 -0000 * How Twitter Made The Tech World's Most Unlikely Comeback * The Legend of Nintendo * Intel now faces a fight for its future * INSIDE THE CRYPTO WORLD'S BIGGEST SCANDAL
Fri, 08 Jun 2018 20:57:00 -0000 * ‘I can understand about 50 percent of the things you say’: How Congress is struggling to get smart on tech * The Twitter crime mystery that gripped Spain * Meet the people who still use Myspace: 'It's given me so much joy' * Exploring The Digital Ruins Of 'Second Life' * Why Aren’t We All Buying Houses on the Internet?
Fri, 01 Jun 2018 20:57:00 -0000 * Obama's US Digital Service Survives Trump—Quietly * he Search for Women Who Want Cybersecurity Careers * How Futures Trading Changed Bitcoin Prices * The Growing Emptiness of the "Star Wars" Universe
Fri, 11 May 2018 20:57:00 -0000 * Don't Skype Me: How Microsoft Turned Consumers Against a Beloved Brand * How to Make Your Open Office Less Annoying * The 15 People Who Keep Wikipedia’s Editors From Killing Each Other * The Wealthy Are Hoarding $10 Billion of Bitcoin in Bunkers * Supercomputers are driving a revolution in hurricane forecasting
Fri, 04 May 2018 20:57:00 -0000 * ‘Hi, It’s Amazon Calling. Here’s What We Don’t Like in Your City.’ * Over 400 Startups Are Trying to Become the Next Warby Parker. Inside the Wild Race to Overthrow Every Consumer Category * All We Want to Do Is Watch Each Other Play Video Games * CoinTalk
Fri, 27 Apr 2018 20:30:29 -0000 * Inside Jeff Bezos’s DC Life * Hulu Beyond 'Handmaid's Tale': Execs and Stars on a Promising Yet Uncertain Future * Can Silicon Valley Get You Pregnant? * You could be flirting on dating apps with paid impersonators
Fri, 06 Apr 2018 21:05:17 -0000 * Lawyer bots take the hassle out of fighting parking tickets and property taxes — and could cost local governments real revenue * How Europe’s new privacy rule is reshaping the internet * Checking in with the Facebook fact-checking partnership * A 200-Year-Old Idea Offers A New Way to Trace Stolen Bitcoins * South Korean millennials are reeling from the Bitcoin bust
submitted by berrydewd to RideHome [link] [comments]

Why the Bitcoin Error Log Interview is Important

In a recent interview between John Carvahlo, CEO of Xotika and owner of the YouTube channel Bitcoin Error Log, and Roger Ver, millionaire Bitcoin investor and owner of the web domain bitcoin.com, tensions rise to all time highs much like the price of the coin these two individuals sponsor. In this near 45 minute interview that was cut short due to the latter “Rage-Quitting”, a lot was revealed from the core philosophies surrounding both Bitcoin and Bitcoin Cash in the 2017 market of crypto currencies.
The interview begins and ends with a discussion over the name “Bcash” which was infamously given to Bitcoin Cash by its opponents in the crypto-sphere. Bitcoin Cash was given the name Bcash by the Bitcoin community so as to not create confusion between the two coins as well as to anger the supporters of Bitcoin Cash; a tactic which appears to be quite effective as demonstrated in this interview. To be fair to Roger Ver, Carvahlo did seem a bit unprofessional by not trying to avoid calling Bitcoin Cash Bcash or by getting equally as heated as Roger Ver, but it’s a free market and there are no rules or laws that prevent him from doing as he pleases.
On one side we have Roger Ver, vehemently defending the honour of Bitcoin Cash as the truest form of the white paper created by Satoshi Nakamoto. On the other hand we have John Carvahlo who seems to use the term Bcash to delegitimize the claim that Bitcoin Cash is the true Bitcoin, to avoid confusion between the two coins for any newcomers to the crypto currency space and to annoy Roger Ver. Through out the rest of the interview, between overlapping rebuttals, some bits of information are dropped that reveal a lot about the true intention of one party in particular.
For starters Roger Ver claims that Bitcoin is a peer-to-peer electronic cash system to which Carvahlo disagrees as the presence of nodes on the network suggests otherwise. And I have to agree with John Carvahlo. Nothing on the Internet is truly peer-to-peer. The Internet itself suffers from forms of centralization between Internet Service Providers and the regional nodes they get the Internet from. The Internet in 2017 is void of any direct communication between peers; there are always middlemen in between. This brings up another topic discussed during the interview, whether or not Bitcoin as a network is truly decentralized.
For starters, Roger Ver claims that varying degrees of centralization are acceptable within the network and he expects the network to become more and more centralized as the growth of Bitcoin continues. To which I half agree. I think anarchy as governance is flawed; some political structure is necessary, such as Athenian democracy. Yes the Internet’s structure as well as that of the Bitcoin network, with the nodes and the ever-increasing difficulty of mining, can both guarantee that the Bitcoin network will never be truly decentralized and peer-to-peer. But what is worrying is what degree of centralization Roger Ver is ok with; and that is the heart of the scaling debate.
​Yes at times the Bitcoin network suffers from slow transaction times and high fees. Yes scaling is a problem with a desperate need for a solution. No, increasing the block size is not the answer.
​First, lets dissect Roger Ver’s position on bigger blocks. He claims that over the last 7 to 8 years, the Bitcoin blocks have scaled successfully and that empirically, it is a proven scaling solution that will lower transaction fees and times. The problem with that is his premise that Bitcoin has been scaling since the beginning is completely wrong and paints his cause in a preferred light. Bitcoin has not been scaling since 2009. When Bitcoin was created, within the code a block size limit was written. The block size limit has to be defined for blockchain to work because that would be a coding error. It would cause network stalls during periods of high traffic where a block could in theory never fill if enough transactions are being sent to the network at once. This is what is known as a Sybil attack. So from a certain point in time early in Bitcoin’s development, a block size limit of 1MB was coded into Bitcoin. Roger Ver claims that over the years, the block size grew from 1 KB to 2KB, so on and so forth until it reached the 1MB block size but that is wrong. The blocks always had room for 1MB but were very small due to the amount of transactions present in the mempool. That’s like saying my 100 mL cup that is half filled is actually a 50 mL cup because only half of it is being used. It’s still a 100 mL cup. And this is important because it proves that bigger blocks as a scaling solution has not been empirically tested. Which is why an “altcoin with a smaller market cap is being used to test new features”; it’s called Bitcoin Cash.
Another point that was not talked about during the interview is how bigger blocks cause greater miner centralization, the most critical flaw of the bigger blocks approach. With ASIC’s and ASIC Boost, it has become incredibly difficult for any individual to start mining Bitcoin for a profit. A large upfront investment into specialized mining hardware is required in order to generate a profit. This means that mining or the process of validating transactions is becoming more and more reserved to wealthy individuals. And this is apparently, arguably bad; at least Roger Ver seems to be ok with varying degrees of centralization. Except the whole point of crypto currencies is that no individual or no individual group should be able to control the network for their own self interest; we have fiat currency for that. So then when increasing the block size, yes more transactions are able to be processed in one block which does reduce fees and settling times except that bigger blocks are harder to mine, pushing the mining process further into centralization. It’s also a temporary solution because with the growing number of Bitcoin users, a bigger block size limit will be reached requiring another hard fork to increase the block size limit. This is like adding lanes to a highway because too many drivers are present on the road; it’s a bandaid solution that avoids the root of the problem.
This interview is important because between the well-rehearsed lines and the pressing questions, within his off-script bouts of rage, the true Roger Ver shines bright. Roger Ver talks about Bitcoin as if it’s a company. He criticizes the Core development team because since their arrival into the space, he claims that the market cap of Bitcoin has been “bleeding out” and that it’s losing its market share to altcoins, pointing to its drop in market dominance as proof. He might be right, or perhaps more and more people are looking at the wealth of early Bitcoin adopters and are trying to get rich from altcoins that could see similar growth. Or maybe it’s because altcoins aren’t direct competitors to Bitcoin and are using blockchain to solve real world problems and people are seeing their value. Regardless, he also argues that not anybody is able to contribute code to Bitcoin. And all of this is a twisted version of reality that pushes his agenda. Anybody today can write code for Bitcoin, and through community consensus can have it implemented. Roger Ver did not have the opportunity to defend his claim during the interview, but I think it’s apparent that because block size increases have been repeatedly shut down by the community, he claims that nobody outside Core can contribute code to Bitcoin. That’s just not true. Segwit, a Bitcoin feature added through node consensus, is allowing for the lightning network, a layer 2 scaling solution, to be independently developed by passionate members of the Bitcoin community. The very idea of a BIP (Bitcoin Improvement Proposal) was proposed and implemented by a community member. Roger Ver also often refers to permissions on the GitHub repository as “the keys” as if any one person can own the network like a house. This is false. The reason why the core developers code is widely accepted is because the community supports the work they’re doing. Roger Ver says it himself: he believes we need to let the market decide what coin is the true Bitcoin. Except that it already has. If people wanted bigger blocks, Bitcoin Cash would be called Bitcoin. It is also worth noting that the market has decided multiple times that it does not want to increase the block size as other Bitcoin forks that Roger Ver has supported in the past, namely Bitcoin Classic and Bitcoin Unlimited, have failed.
Roger Ver claims that people who call Bitcoin Cash, Bcash have been brainwashed by its opponents. He believes that Segwit is adopted by brainwashed individuals. As if nobody in the Bitcoin community can think for themselves; we’re all just sheep waiting for a shepherd like Roger Ver to tell us what’s right. Except that by purposefully misleading newcomers to the crypto space by calling his website that supports Bitcoin Cash, bitcoin.com, by misleading the newcomers by not clearly explaining the differences between Bitcoin Cash and Bitcoin on the wallet app his website sponsors and by also calling Bitcoin, Bitcoin Core or Bitcoin Segwit, he’t not only being a hypocrite for criticizing Carvahlo for name calling, he’s also issuing his own brand of brainwashing instead of letting new users decide for themselves which coin is the real Bitcoin. If his claims that Core and Core supporters are brainwashing people were true, Roger Ver would be just as guilty of doing this.
A final point I would like to make is how both camps view Bitcoin philosophically. The Bitcoin supporters mostly view Bitcoin as a store of value while Bitcoin Cashers view Bitcoin as a peer-to-peer digital cash. And I want to point out that Bitcoin fails tremendously in its current state at being a dollar killer, a digital cash. Bitcoin as a store of value has succeeded tremendously. People all over the world are using Bitcoin to have value traverse borders with ease, to send value to loved ones without going through Western Union or as an investment vehicle. In that sense, Bitcoin is truly like digital gold. As a currency, it has seen some success in terms of adoption. Many merchants accept Bitcoin as a form of payment. You can even buy airline tickets with Baltic Airlines via Bitcoin. But, in my opinion, neither Bitcoin nor Bitcoin Cash could today successfully replace fiat currency. If today either coin were adopted globally, both coins in their current state would face tremendous scaling issues, causing insanely high transaction fees and slow confirmation times. The lightning network is showing more promise than bigger blocks as it doesn’t push miner centralization, it actually decreases the amount of transactions on chain but it has yet to be seen if this solution will work. Without scaling as an issue, both coins also suffer from a deflationary problem, which many economists argue disqualifies most crypto currencies as a good fiat replacement. That however, is a different topic.
The scaling debate should not be a debate anymore. The community has been offered a currency with larger blocks, lower fees and faster settling times, time and time again. It had Bitcoin Classic, Bitcoin Unlimited, Bitcoin Cash and Segwit 2X to decide and the answer has been an astounding no. If users truly desired a coin that fit this description, Litecoin would lead the crypto currency market, or any other crypto currency like it. But the fact is Bitcoin in its flawed state leads the pack and nobody today uses Bitcoin as a digital cash as Satoshi Nakamoto intended. Just like nobody avoids eating shrimp and other crustaceans because the Bible said it was a great sin. I believe the topic on crypto forums should no longer be scaling as Segwit is being adopted through consensus and the Lightning Network is imminent. If it fails to scale Bitcoin, then we’ll go back to the drawing board. I think the true debate should be whether the community wants Bitcoin to truly be a replacement for fiat currencies or if it should remain a store of value like gold.
Either way, this interview gives the crypto community a glimpse at the real Roger Ver, a used-car-salesmen type who rehearses his lines and changes definitions to paint his cause in the proper light. A guy who is ok with Bitcoin becoming centralized. A guy who likes to flash his cash and likes to belittle others for making less money than him and for operating legitimate businesses within the sex industry. A guy who disagrees with the decisions the Bitcoin community has made over the years so instead of creating his own currency and leaving the Bitcoin brand alone, he constantly pushes a skewed narrative of Core and Bitcoin and how it’s flawed. How Bitcoin Cash is the true Bitcoin. He acts like a paternal figure, knowing what’s best for the community despite it’s previous choices and loses his temper when it’s evident he doesn’t have control; like an abusive lover. If his intentions were honest, why would he try to steal the Bitcoin brand? Why would he try to tarnish the name of the thing that gave him a large part of his wealth in the first place? Personally, it seems to me like he’s that kid at the playground, the one that nobody wanted to play games by his rules. Instead of finding someone else to play with, he tries to manipulate others, takes fits when he doesn’t get his way and ultimately decides for everyone that if he can’t have his way, then nobody should.
submitted by TheRebelOfBabylon to Bitcoin [link] [comments]

Bitcoin Segwit 2x Fork Speculations and Tin Foil Hat Theories.

https://steemit.com/bitcoin/@golden.parazyth/6tz1dz-bitcoin-segwit-2x-fork-speculations-and-tin-foil-hat-theories#
Bitcoin Segwit 2x Fork Speculations and Tin Foil Hat Theories.
This article summarises the current theories of what will happen after the Bitcoin Segwit 2x fork from the most likely and sensible outcomes to currently circulating conspiracy theories. Facts regarding the coming fork (somewhere around the 16th of November) are nicely summarized by the tenmillionsterling , therefore they are not repeated in this article as this is a summary of potential ‘What will happen to the price and bitcoin?’ OPINIONS and by no means it’s a financial advice. For the readers who don’t know what is the coming fork, please follow this link. I would like to stress out one more time that this article is a collection of opinions based on facts, feelings, bias, and pure human idiocy so please use your own critical thinking in making life decisions.
https://steemitimages.com/DQmUQs6f2j8Ee9yuEaehtFyCeGndHGVnuvjN2K89nMof7GY/4140332263_6e88268e80_z.jpg
Terminology. Current Bitcoin (core) is called 1x or core. The updated/forked (Segwit2x)is referred as 2x or B2X. Alts – alternative crypto currencies also widely known as shitcoins. Double spending Replay protection
Theory number 1. No split occurs and life goes on. Probably the best outcome (not necessarily the most likely) is to avoid the blockchain split altogether. In this scenario all miners update the protocol to Segwit2x (or abandon 2x) and Bitcoin does not split. Therefore, the second chain does not occur and Segwit2x protocol gets successfully activated. As a result, there is only one Bitcoin (2X or 1X) and every exchange calls 2x (or 1X) as a Bitcoin, there is no network disruption, no double spending. In this scenario Bitcoin price should continue its uprising trend and altcoins would continue to be suppressed. The likelihood of every miner achieving consensus is moderate. Currently 83% of miners signal for 2x and 33.2 percent signal for 1x coin (reference). It is possible for no split to occur, although I think, there is going to be a split. Theory number 2. Bitcoin splits into 2 coins (1x and 2x). Bitcoin core developers are unlikely to give in and split occurs. Peter Todd (core developer) said Segwit2x is a fraud. As a result all hell breaks loose, a disaster, since there is no replay protection and no consensus of what will be called Bitcoin. Opinion alert! In my humble opinion this is the most likely scenario. First of all, there are no consensus among exchanges and various service providers of what is going to be Bitcoin and what is going to be called B2X as each company want to call Bitcoin with their own names. Table 1 shows summary of what each coin after split is being called, taking into the consideration that B2X will have the most hash.
Table 1
Table 1 shows the decision of crypto service providers regarding the naming of split coins. Bitcoin is going to be called a chain with the majority of hash power and only 1 coin listed. In case B2X is called Bitcoin, it is not clear how the original coin is going to be named. *Opinion alert! I think they name Bitcoin with the most hash power. References: 1) https://bitcoinmagazine.com/articles/b2x-or-not-b2x-how-exchanges-will-list-segwit2x-coin/ 2) http://nob2x.org/ 3) https://cointelegraph.com/news/xapo-on-segwit2x-we-might-not-treat-btc-chain-as-real-bitcoin 4) https://blog.bitpay.com/segwit2x/ 5) Peter Todd calling Segwit2x a fraud
As the table 1 indicates, there is no consensus of what is going to be Bitcoin, the lack of replay protection specifies that spending Bitcoin you will also spend the B2X and vice versa. It will cause madness. For example, if you spend Bitcoin to pay for the game on Steam which effectively will name B2X (Bitpay) as Bitcoin, your money may be lost or transferring BTC from one exchange to the other when the same name Bitcoin is used while indicating 2 different chains! On the other hand, a lot of miners may switch back to support the 1x chain (or they may not). Opinion alert!!! What does this mean and what to do? In this scenario until the consensus is reached (and it will be reached), price of 1x and 2x plummets, while money flows back to dirty, disgusting, filthy fiat and glorious alternative crypto currencies. All major alts should experience the price boom against the Bitcoin and depending how low the Bitcoin drops, possibly against the fiat. I think DASH, LTC, ETH, NEO will be the major gainers. I deliberately left BCH out of this. Depending to the miners support, original Bitcoin will become vulnerable to the double spending attack. High difficulty and low mining profitability may lead to the remaining miners to switch to the most profitable coin (BCH or B2X), in fact potentially exposing 1x and 2x chains to double spending attacks (probably unlikely scenario). All depends on how fast the emergency protocol is released to adjust the difficulty for the Bitcoin Core (1x) chain to avoid exodus of the miners. In case of the double spending attack 1X would loose all the confidence, generally would die. However, the emergency protocol may be released quickly, difficulty adjusted really fast and enough of miners will remain mining 1X to prevent any potential attacks. The uncertainty about the support for each chain (1x or 2x), lack of consensus of what is what, logically should cause the BTC price to drop. However, this is crypto, logic does not work all the time, why else bitconnect exist?
This leads us to the conspiracy. AND WE ALL LOVE CONSPIRACY, JET FUEL CANT MELT STEAL ! For the following theories please put your tin foil hats.
![tinfoilhat.gif](https://steemitimages.com/DQmVyacpCN4YrKHDt4KqBRyXk6We93hxcrK9uSTrurJXJnH/tinfoilhat.gif)
For readers that don’t have one here is the link why you should have one and how to make one.
Theory number 3. Destruction of Bitcoin and rise of B2X. Overtake by the bankers.
Split occurs and majority of the hash power supports B2X. The 1x chain becomes laggy and slow, and hence experience the dump by people and groups interested in killing core. The large sums of 1x gets dumped while B2X is being equivalently bought while cheap. All big holders (hedge funds, whales, bankers buy a large sums of B2X while the price is low) and increase the total Bitcoin stake (2X), rich get richer and now have the absolutely majority of the coins hence can do various price manipulations and steer the direction of the Bitcoin. This theory is provided by the poorbrokebastard. This article about Segwit2x and its threat. And here the most highly controlled Brokerage service Coinbase says that Bitcoin Core are the biggest threat.While Coinbase itself may freeze your account at any time due to any reason they want (bitcoin you own previously was used in a gambling or any other activity they don’t like), Coinbase is happy to hand all the customer info to the government at any time and yet still, they see volunteer developers as a threat.
**
Theory number 4. BCH becomes Bitcoin as Jihan Wu will take over the world!
**
![DCZY16tUMAAw7kc.jpg](https://steemitimages.com/DQmUPVk9G2RdYD7DYu59Jcx7NDzK1SFr5NmgqtcGMve2Ycz/DCZY16tUMAAw7kc.jpg)
The lack of reply protection and deliberate attack on 1x chain by the major hashing power would lead to the loss of confidence in 1x and 2x chains. Price would plummet of 1x and 2x coins, while at the same time BCH would be pumped leading to the miners and herd of people flocking to the BCH. Jihan Wu and Roger Ver with the power of lobbying persuade business to call BCH as Bitcoin. We need very thick hat to understand this! Bitcoin cannot be destroyed, however it can be changed. Hundreds of millions have been invested in Bitcoin mining operations. Hence Bitcoin will prevail, however it may be core,B2X or BCH. As noted by the tenmillionsterrling, it is possible for the BCH to overtake Bitcoin name in the case of 1x and 2x destruction. That does not mean that people will start using BCH over the much better alternative crypto currencies. I would like to add to the tenmillionsterrling comment, in support of the BCH take over. Jihan Wu and Bitmain is the major supplier of BTC miners, they only accept BCH as a payment option, and hence have enough power and influence to blackmail the community and stir the Bitcoin future to their own benefit. Jihan Wu is very smart and he rightly deserves applause for being the best in the mining business. I don’t believe in this theory at all and don’t want to support the BCH, although BCH may increase in price significantly.
Other theories will be added later as they appear. Please share and I will add them giving you credit.
Summary. OPINION ALERT.
The most likely scenario is that split occurs. Exchanges will disable BTC deposits and Withdrawals 24 hours before the fork and will enable only when its save. Various service providers such as Bitpay (that supports major businesses as Steam) will suspend the service. Therefore BTC price should drop as people will still need to perform transactions. Consequently, the transactions will be performed using altcoins. The biggest gainer is LTC as this coin is universally accepted by every exchange and is frequently used to transfer BTC from one exchange to the other due to smaller fees and shorter block generation time. However, second contender is DASH and several businesses already accept DASH over Bitcoin (BitCart – save on your amazon vouchers), or via the use ShapeShift integration as popular amazon discount provider states that DASH is the most popular altcoin used on the site. Which coin will prevail (1x or 2x) as Bitcoin, I don’t know, but tend to think it will be B2X as currently it has the majority hash supply. Secondly, the massive split in the hash power would lead to Bitcoin core being vulnerable to the double spend attack at any point and lead to the loss of confidence, hence disappearance. However, anything is possible and it all depends on the intentions of the participating groups. Are all the miners evil and mine what is the most profitable disregarding the technology? Have the core developers ditched the vision of Satoshi and are closed to the public opinion? Does Jihan Wu seek to replace Bitcoin with BCH? Do the bankers and governments want to control the Bitcoin or perhaps even destroy it? There are plenty of arguments for and against, while answer to each question directly correlates to the quality of foil used to make the hat.
But hey– money talks. As much as I would like to see the decentralization the trend is set not by the early and crazy libertarian adopters, but by the herd of newcomers, who don’t really care about escaping the system. How can unpaid volunteers (Bitcoin core) compete with billionaires such as Jihan Wu? Masses and Bankers seek stability which is in their opinion only achieved by the regulations and control. It is possible for B2X take over the core, also possible for Bitcoin Core (1x) to prevail and B2X being listed as an altcoin. The month after the fork (in case of the split) will be turbulent, and as I expressed earlier, its probably best to stay out of bitcoin and keep fiat or alts (again OPINION so you are free not to listen at all and do whatever the hell your heart desires).
NOTE: I generally don’t like the control and centralization, monopoly. Otherwise I would stick with the fiat and would lead the life of a slave, take a mortgage, and would demand Bitcoin to be banned or at least regulated by the government. Maybe also become a communist too or at least highly aggressive socialist and a vegan. If you are looking for the more serious predictions, please read these articles 1 2.
Disclaimer. I don’t own any LTC, well I do, but cant remember the password I set 4 years ago, and 200 LTCs are locked forever. Perhaps someone knows how I could reach into my consciousness and help remember it? Also, I don’t like BCH, I don’t use it, I hate it. I did my best to make this article entertaining and informing at the same time. The tinfoil hat theories, well you need a hat to understand them.For the more comprehensive theories you should read Jimmy Song and other highly influential people.
submitted by Golden_parazyth to CryptoCurrency [link] [comments]

Qtum Co Founder Patrick Dai | "3 o'clock no sleep blockchain" depth of sharing

In the industry known as the "first block of the block community," the three o'clock sleepless block chain group, brought together the heavyweight figures in the domestic block chain industry. On the second day of the New Year, starting at 11 am, the group members with a total market capitalization of about 1 trillion yuan, as the traditional world still rejoice in the Great Reign, Technology, valuation, investment and future, the main questions raised in the group were carefully answered and shared. The full text is as follows:
 
Q1: Stellar recently fierce in Silicon Valley, do you think the threat to eth big?
Patrick Dai: ETH has become an ecosystem where the greatest risk comes from the risks inherent in one's own ecology but less from outside risks unless there is a tenfold increase in Ethereum's advanced ideas and technologies, giving it an opportunity to replace Ethereum , Otherwise it is a big threat to the nature, but not competing with the front of Ethereum, in other areas (outside the ICO) force, there are still a lot of business and investment opportunities.
 
Q2: What do you think about the millions of TPS that eos claims?
Patrick Dai: Blockchain is not born for the TPS, if we need faster TPS, the existing banking system and Paypal and WeChat payment, is a better choice. In addition to the degree of decentralization and TPS is basically an irreconcilable conflict, many of the replacement of TPS is to sacrifice network to the degree of centralization to obtain, I personally think, simply in pursuit of higher TPS, but it makes no sense , Especially if the network after only a few dozen large nodes (this is not the early stages of the bank?), Then the high TPS, very often not significant.
 
TPS makes sense for specific things, but requires a compromise with the philosophy behind cryptocurrencies. Because traditional IT technology has been studied for distributed systems for decades, all algorithms based on BFT and various variants can achieve very high TPS, but their degree of centralization is relatively high. The average person in the network is Can not get the right of reciprocity If you can not participate in the supervision and verification of the network, in fact, the use of existing financial services are more than enough.
 
Question 3: Qtum Chain initial design of the core of what is the point? Qtum how to build their own ecology? Qtum globalization is good, even South Koreans like Qtum,landing strategies and methods in different states around the world how to look?**
 
Patrick Dai:
The core of Qtum Blockchain design:
  1. Security, security is the number one priority for cryptocurrency systems, with no foundation for security and sophisticated software as a back-up.
  2. Qtum chain is basically compatible with bitcoin's UTXO and all BIPs, and is also compatible with EVM and EVM-based ecology.
  3. Flexible, the biggest innovation in Qtum is based on bitcoin transaction model, which supports the implementation of smart contract, so that Ethereum's virtual machine can run on the bitcoin network. In addition, the current Qtum network is already in the POS phase, and around 3000 A full node. POS is more friendly to business applications. Through technical support, development tools, Community Roadshow investment hatching in the constant construction of the ecology of the Qtum Blockchain. The more important thing is landing on the local community developers and local project developers to achieve localization, the international team will also be a lot of help.
 
Question 4: Decentralized trading system, the future direction of development is?
 
Patrick Dai: to the center of the trading system of my research is not much to talk about a few specific cases, the earliest to the center of the trading system is based on the colorcoin mastercoin and counterparty transactions colorcoin on the back appeared on NXT and the BTS Decentralized trading systems, followed by the emergence of etherdelta (based on the smart contract trading system), from the experience above, several decentralized trading system experience, similar to the centralized trading system of high-frequency mobile Sex, a great gap. About decentralized trading system in the order matching and order synchronization, this can find some developers in this area, consult.
 
Q5: ipfs really can really decentralized web and app? Not a simple one? What is the point of going to a centralized app?
Patrick Dai: IPFS specific technology to achieve no in-depth study, but read the design concept, the project itself also mentioned for several years, to the center of the web and app should be serverless service to developers, as long as the interface , Regardless of who behind the service to provide. Is not a simple token, depending on the ecology behind it, bitcoin is essentially just a piece of data in a bitcoin network, and decentralized apps make sense, but at the moment many of Dapp's really just an app + blockchain as a settlement layer .
However, the future of blockchain and Dapp's future will transcend the existence of cryptocurrency and will become a social infrastructure: trust. Dapp has a lot of good direction: the game (props channels), content (movie music text), Internet of things, ID and so on.
 
Q6: Everyone has been saying that it is necessary to decentralize and intensify the high level of Dapp's certain degree of contradictions. However, we can not just stay at the stage where btc is used as a currency and eth only serves as a currency to be raised. Developing Dapps to address user needs, that is, the need to strike a balance between a purely decentralized utopia and user application world, Dpos is a solution for now, what do you think? How to grasp the degree of the two?
Patrick Dai: Indeed, many Dapp is a pseudo-concept, but cryptocurrency itself has begun to penetrate into various places as the first successful application based on blockchain technology. My consideration for the future blockchain system is that there is enough decentralization at the bottom and the application layer can be neutralized. We need a trustless bottom plus an application layer that requires trust, on the one hand, a trustless premium (trust cost Lowest) + centralized premium (centralized), Dapp still has a lot to see in the future, such as gaming (virtual assets and channel changes) digital content (movie music) Internet of Things security and management of digital identities Areas of Pratt & Whitney Finance (Insurance-autonomous finance and micro-financial services, etc.).
At present, many Dapp just use the characteristics of a blockchain, that is, the issuance and clearing of tokens. The blockchain has many other features that need to be discovered and discovered.
 
Q7: How do you think about the feasibility and security of cross-link technology? At present, you are optimistic about this project. In addition, how to ensure the trust and reliability of the link in the chain?
Patrick Dai: I personally feel that the current cross-link area is still in its early stages, both in bitcoin and Ethereum network have limited processing power, and the process of continuous evolution, I personally feel that this one cross-chain is not yet mature enough, and from the solution Just need to point out whether cross-link at least at this stage is not just a need.
On the Oracle side, this is a need, especially in the popularization of smart contracts, we need the blockchain can access external systems, in a sense, the current blockchain is an algorithm-driven self-consistent Closed system, the logic is pre-set. Through Oracle we can introduce external data sources to trigger the execution of the contract. There are many directions on how to solve the problem of credible data sources.
One is a centralized approach, such as providing data sources by auditing companies and government departments. Another way to go to the center is to introduce games and mortgages. Punish fraud and reward honest data sources and establish a preferred positive feedback mechanism. Of course, there are many other solutions, there is a lot of community research, Microsoft also has a cryptolet project.
 
Q8: Ask a funny, 10 times eth, I have been curious about this issue, high-dimensional playing low-dimensional, non-dimensional entanglement. You must have thought about this 10 times the problem or possible direction method, want to hear you talk about the possibility of 10 times the direction of eth?
Patrick Dai: 10 times ETH advanced concepts and technology iteration, ETH basically invest this thing is done through the ICO done the ultimate, 15 seconds to complete the investment process (DD TS Token release). It takes a few months, compared to the traditional melting of an angel, which is a difference of 15 seconds vs 3 months. So somehow, ETH becomes the largest investment and financing platform in the world. This is also the largest application of Ethereum, but the application of other smart contracts but did not develop.
 
From the cash point of view there are several directions:
  1. distributed governance (refer to bitcoin 1M to 2M process and DAO processing);
  2. system of self-evolution and evolution;
  3. ease of use 10 times the increase;
 
From a technical point of view:
  1. scalability (full node size participation threshold TPS reciprocal rights);
  2. privacy and application independence and loose coupling (refer to Parity theft);
  3. Better flexibility (more types of virtual machines and a wider range of smart contract languages);
  4. network layering and partitioning and data compression;
  5. new consensus mechanisms (often requiring years of testing and practice) and more.
 
Q9: On the current blockchain + distributed computing issues, I think in the future if the dapp market can really make it indispensable based on the blockchain program to solve the calculation, storage, node acceleration and other issues. Currently I see several projects on distributed computing are based on the construction of Ethereum, are worrying about the performance, how do you think?
Patrick Dai: Distributed Computing I did not study much, but its initial project should come from MaidSafe (https://maidsafe.net/), a nearly 10-year project, essentially Proof of Resource, and many others. The type of computation is actually not very suitable for distributed processing, requiring serial processing of data that is essentially not accelerated through distributed computing, and distributed computing may be able to handle similar game rendering and image rendering needs, but I do not know How big is a market?
In addition, in distributed computing, it is also a problem how to use a common programming language to describe the computing task to be calculated and submit it accurately to the computing node. This one can consult the head of distributed computing projects.
 
Q10: Analysis of the following characteristics and advantages and disadvantages of the underlying chain: BTC / QTUM / ETH / EOS / NEO / ELASTOS?
 
Q11: At present more discussion is the public chain and the basic agreement, the application of technology in the future how to develop, what application scenarios faster landing?
Patrick Dai: The current blockchain technology is still in its early stages of evolution, standing in the Internet era 20 years ago, when we can hardly imagine today can be called a mobile phone uber, the development of technology to give everyone a more rich diversity The possibility is the future.
From an application perspective, the blockchain industry is indeed in the early stages of its application. Cryptocurrency is relative to the blockchain, similar to Email versus Internet, but the development behind the Internet goes far beyond emailing for information exchange, Then the future development of the blockchain will certainly not stop at cryptocurrencies born for value exchange.
Cryptocurrency is just the beginning. From a scenario perspective, the biggest feature of blockchain technology is that it guarantees a trustless platform through a variety of technologies, a trust-free platform that reduces the cost of all business transactions.
 
Q12: First ask yourself a few questions: blockchain where the biggest investment opportunities?
Patrick Dai: Based on the changes and disruptiveness brought by cryptocurrency, its wealth is created faster than the industrial revolution and the information revolution. From an investment point of view, I personally feel that there are several good directions:
  1. Encrypted currency (cryptocurrency and token) in the underlying publicchain, which basically became the industry's first token-based blockchain technology with a close combination of blockchain
  2. Technologies and specific application scenarios (the industry is in its infancy)
  3. Encryption Asset Services Portal (Wallet Exchange IM)
  4. Breaking Down Scenarios Across Industries (Games, Entertainment, IoT, ID, Healthcare, Supply Chain)
  5. Organizational Change Research, Economics, Think Tanks, Deep Media.
 
Q13: Is cryptocurrency popular at large scale?
Patrick Dai: the development of technology with jumping, but difficult to retract, with the car, the car will never disappear, although the carriage also continued to exist for hundreds of years. The advent of cryptocurrency is not a coincidence, but is accompanied by the maturity of various internet infrastructures and the enlightenment of Cyber ​​punk movement concept. It belongs to the fusion of technology and thought, not just to technological innovation.
Personally, I think the cryptocurrency is unlikely to disappear, the widespread adoption of cryptocurrency depends on the applicability of the cryptocurrency system, including what rigid demands are being addressed, and for the moment, the greatest use is to provide people around the world an option: a very fluid Transparent, credible, secure global assets.
 
Q14: How to build a valuation model of blockchain platform?
Patrick Dai: I have sent an article before. At present, this is a big problem in the industry. We do not have a set of valuation system to realize early warning and assessment of risks. What is the valuation of a project? Before writing something for your reference. http://www.gongxiangcj.com/posts/3895 "The number of nodes and cryptocurrency valuation model."
 
Q15: Who is Nakamoto?
Patrick Dai: From what I learned, Nakamoto was a hardworking man with idealistic feelings. It should be done independently by one person. There are many anonymous tech bucks in IRC channel in 2011 and 2012, on which you can see Nakamoto's figure. In addition to the birth of BTC, there is also some relationship with a Chinese Wei Dai.
Wei Dai, who wrote Bmoney's paper before, Zhong Zhongcong and Wei Dai also had some emails, and mentioned to Wei Dai that he has implemented Bmoney's part of cryptoCurrency, but in the second part of Bmoney there is actually a tentative idea about the contract. We can refer to Wei Dai's thesis at http://www.weidai.com/bmoney.txt and Qtum's idea Wei Dai has had some simple email exchanges, but Wei Dai's interest is no longer in the circle of cryptocurrencies.
 
Q16: In all the coins, which one will live the longest?
Patrick Dai: simply look at cryptocurrencies, BTC completed a historic jump, but also a breakthrough from 0 to 1, followed by many cryptocurrencies are 1 to 1.1 and 1.1 to 1.2 changes, more than one billion US dollars in the amount of encrypted currency thoroughly It is unlikely that it will disappear because of the drive and governance of the community that the community will uphold even if the developer does not maintain it. However, there are indeed many crypto-currencies that will be eliminated and 95% of the projects should be gone after three years.
 
Q17: 18 years blockchain private market analysis, what kind of industry is better?
Patrick Dai: Currently the industry needs to find other applications in addition to the cryptocurrency killer app, from the technical development point of view, I personally trust the concept of trustless Platform constantly landing and provide the underlying technology research and development and application scenarios.
 
Q18: Which industry has the largest total of all the industries in the blockchain?
Patrick Dai: Cryptocurrency itself seems to be the biggest at this moment, and others feel that there are many opportunities for the gaming industry and for digital content (video and audio) and for financial services and the Internet of Things.
 
Q19: Want to hear the competition between the public chain and the public relations and cooperation, how to comment on the big brother?
Patrick Dai: last year's growth in the industry, in essence, we are still eating BTC created by the combination of technology and ideas, creating a human species in the history of a new species premium, BTC has its historic significance. The groundbreaking idea it brought, gradually attracted the public's attention, but from a technical point of view, what BTC can do is limited, but it does solve its positioning.
Technology is not good or bad, mainly to meet the needs. BTC technology to meet its point-to-point electronic cash system positioning and needs. We do not expect to build infinite applications in the BTC above, this is impossible. The public chain is indeed an open experimental field and a community-driven evolutionary community of interests. Its vitality is also very strong. However, at present, the problem is that we really need technological progress to further promote the scene. If only from the perspective of cryptocurrency, BTC LTC DogeCoin for a user, in essence, is the same experience, and the experience of Ethereum is not much different. The difference is, BTC and the US dollar experience is very different.
I personally feel that the blockchain industry is an ecology. Whether it is serving one of the areas in the blockchain and ultimately building a blockchain together, it is essentially a collaborative evolution that builds a stronger consensus mechanism. Diversity provides the basis for the choice of consensus, and if there is only one technical direction, then the evolution of technology has become slow. In addition this is only a technical factor, but the blockchain system is not only as simple as technology, there is community community of interests behind.
 
Q20: What dimensions are the most important when evaluating the value of a blockchain project? What factors can be rejected one vote?
The Beginning: The Essential Elements of the Encrypted Currency Valuation Model (I send some thoughts that I wrote before) As the first truly successful decentralized e-cash system, bitcoin became the anchor of value in the industry and By far the most centralized network, Bitcoin is designed as an electronic currency that is secure, secure, and has a very low threshold of participation in the early stages.
It is early everyone can participate, and become a full node without any threshold, anyone can download bitcoin client, early mining in his computer, so in fact the realization of the low threshold of the financial services system, everyone With the freedom to join and exit, bitcoin clients have been rapidly evolving early, and if the client is a game, the Bitcoin client's distribution is a borderless game.
In P2P network, a very important core element is full node. In a P2P network, the total number of nodes basically determines the technical value of this network.
 
Why do you say that?
In the traditional database domain and distributed system, we study the consistency of the data, there are already many, all major companies have their own solutions, but few companies have tens of thousands of distributed system distributed nodes, So most of the research results are more suitable for some enterprises to solve the solution. For example, the Paxos algorithm proposed by Leslie Lamport in 1990 can achieve highly fault-tolerant requirements based on message passing. The latter algorithm is also widely used in google Chubby lock, and Chubby lock behind is widely used in Google's core design Bigtable, bigtable is to support a lot of Google's core business.
 
The realization of Bitcoin network is a fusion of technology and humanity.
In a traditional distributed network, in a large company's network, each node in many cases is due to network reasons, dropping or sending wrong messages, instead of deliberately forging information for the sake of profit.
 
The realization of bitcoin is facing a more complicated network environment, not only a more complex network environment, but also a more complicated game of humanity. In the traditional distributed network, no one will consider the introduction of incentives to allow nodes to maintain data consistency, Nakamoto was the first person to do so, and through a resource that can not be monopolized (hash function computing power ) To ensure the effective allocation of accounting rights to avoid single-point ddos ​​attacks on specific accounting nodes.
 
Bitcoin network to each distributed node in the network, the consistency of each time slice into a time interval consistency, if you look at the global currency bitcoin network, you will find each time slice and time, different The miners in calculating the different chains, in fact, is a bifurcated network, but in a 10-minute time interval, the probability that the data is modified is a Poisson distribution. The probability of the attacker's success is q, The growth of the block is exponentially declining. When the blockchain has six acknowledgments, the attacker's probability of success tends to be essentially zero.
 
If you are the full node in a Bitcoin network, then you have the largest and equal rights to the network, and you no longer have to trust third parties or give up your rights to others. At present, many other cryptocurrencies tend to be centralized. Many consensus mechanisms realize a fast transaction processing speed. In essence, they deprive participants of their equal rights and allow the network to return to a centralized network. But if we really need to hand over our rights in the blockchain network, banks may be a better choice than a lot of centralized blockchain systems.
 
At present there are about 13,000 full nodes in the bitcoin network. Due to the characteristics of the p2p network, it is very difficult to accurately count the total number of nodes in the network. These 13000 full nodes bear the accounting of the distribution and transaction of currency, and are also bits The foundation of the currency. Bitcoin is definitely a more distributed clearing network than Alipay, and unlike Alipay, Alipay is just a payment instrument that serves the renminbi system. Bitcoin's global clearing network also has its own currency system --- Bitcoin Compared to a bank, opening a bitcoin "dot" actually requires only one computer to run a full node. Therefore, the final service boundary of Bitcoin is borderless, and the service objects of banks and Alipay have boundaries.
 
Bitcoin achieved a breakthrough from 0 to 1 and completed the carriage-to-car transition (steam engine). In fact, crypto-currencies appeared behind us. In fact, we made some improvements on the basis of Nakamoto. Indeed, we have not Take the carriage again, essentially all the cryptocurrencies are in the car.
 
If we look at bitcoin from a software science perspective rather than a currency perspective, the various cryptocurrencies that appear later are essentially improvements and enhancements based on bitcoin's open-source software, which many teams make And upgrading, and not much difference, whether it is to change a mining algorithm, or add some total, a lot of bifurcation is done from 1 to 1.001 experiment, bitcoin from paper currency to electronic currency from 0 To 1 transition and fission.
 
Today, Bitcoin has the strongest network effect and the loudest brand effect. Although the technology iteration is very, very slow, some progress has been made one after another, but it can not be surpassed from the aspect of things development. , But no matter whether it will be surpassed, the emergence of bitcoin has its historical inevitability and it will certainly accomplish its historic mission. As the world's largest distributed clearing network and built-in monetary system in the future, as well as the anchor of the value in the parallel financial world in the blockchain and the boost of crazy humanity, we predict where its future highs will be Speaking of other factors aside, cryptocurrency has opened up a new era in which its market value should surpass that of the previous wave of the Internet.
 
Question 21: Blockchain whether the future is required to apply for a license to do?
Patrick Dai: From the future development of cryptocurrency, this is an inevitable.
 
Question 22: The future of blockchain in the IP field?
Patrick Dai: This still need to solve the chain and chain problems, as well as integration with the existing legal system. But purely virtual assets may not be needed, such as audio and video saved in the art and electronic formats of game props and electronic designs. But no matter what kind of industry, we have to think about, in addition to the token premium liquidity brought us by the blockchain, the blockchain really helped solve what problems?
 
Q23: Now the real consumption of blockchain project is not much, why do not wait for the project landing, re-vote? Tencent like buying now is not too late. Estimated seed round billion reasonable?
Patrick Dai: revolutionary ideas and new technology has brought endless imagination mixed with human speculation and greed.
 
Q24: Want to know how to treat EOS Q1 beta?
Patrick Dai: the specific progress did not pay attention to too many details, each project has its own position, as long as the solution to a certain area or the general needs, I personally feel that are very valuable. But we also look at the duration of the project is also to our own positioning, if the measurement of time is one day, it is trader, if it is a month, it is a short-term speculators, if it is one year, in the block chain industry is long-term investors If it is three to five years or ten years, it's the value discoverer and the leader in technological change.
 
Q25: What kind of impact can blockchain have on the economic vitality of the third and fourth tier cities today? When will have an impact?
Patrick Dai: I do not know this.
 
 
Credit.Wang Jiehui
submitted by thisthingismud to Qtum [link] [comments]

Call to all users to unite against Segwit2x (r/btc and r/bitcoin) !!!!!!!!!!!!!!!

Guys,
We have to unite against corporations taking over, forget about Big blocks and Segwit. It is not about scaling anymore.
At this point is clear corporations will support anything that will let them take over control of the Bitcoin protocol, this will in the end kill decentralization and everything good Bitcoin has.
We can´t let miners and corporations control ALSO the software that runs bitcoin...Bitcoin works beautifully by keeping powers separate. I can clearly see now the dangers of a lot of power concentrating into a few companies.
The users will never be taken into account again, and Bitcoin will be controlled by meetings behind closed doors by a few companies...that will decide what´s good for THEM. This will make Bitcoin centralized, controlled, biased and will ultimately become inert due the companies get rich quick short-sighted views.
I think this is an unbiased view:
https://medium.com/@LordAesop/segwit2x-the-real-bitcoin-killer-995688f8d4a0
I do firmly believe we can´t let this happen...whatever you believe I think we need to remain together on this one. Or Bitcoin will disappear as we know it today, and die soon afterwards.
Let me know if I am wrong...
submitted by eumartinez20 to btc [link] [comments]

Bitcoin Segwit 2x Fork Speculations and Tin Foil Hat Theories.

https://steemit.com/bitcoin/@golden.parazyth/6tz1dz-bitcoin-segwit-2x-fork-speculations-and-tin-foil-hat-theories# Please use steemit link as images there are posted properly.
Bitcoin Segwit 2x Fork Speculations and Tin Foil Hat Theories.
This article summarises the current theories of what will happen after the Bitcoin Segwit 2x fork from the most likely and sensible outcomes to currently circulating conspiracy theories. Facts regarding the coming fork (somewhere around the 16th of November) are nicely summarized by the tenmillionsterling , therefore they are not repeated in this article as this is a summary of potential ‘What will happen to the price and bitcoin?’ OPINIONS and by no means it’s a financial advice. For the readers who don’t know what is the coming fork, please follow this link. I would like to stress out one more time that this article is a collection of opinions based on facts, feelings, bias, and pure human idiocy so please use your own critical thinking in making life decisions.
https://steemitimages.com/DQmUQs6f2j8Ee9yuEaehtFyCeGndHGVnuvjN2K89nMof7GY/4140332263_6e88268e80_z.jpg
Terminology. Current Bitcoin (core) is called 1x or core. The updated/forked (Segwit2x)is referred as 2x or B2X. Alts – alternative crypto currencies also widely known as shitcoins. Double spending Replay protection
Theory number 1. No split occurs and life goes on. Probably the best outcome (not necessarily the most likely) is to avoid the blockchain split altogether. In this scenario all miners update the protocol to Segwit2x (or abandon 2x) and Bitcoin does not split. Therefore, the second chain does not occur and Segwit2x protocol gets successfully activated. As a result, there is only one Bitcoin (2X or 1X) and every exchange calls 2x (or 1X) as a Bitcoin, there is no network disruption, no double spending. In this scenario Bitcoin price should continue its uprising trend and altcoins would continue to be suppressed. The likelihood of every miner achieving consensus is moderate. Currently 83% of miners signal for 2x and 33.2 percent signal for 1x coin (reference). It is possible for no split to occur, although I think, there is going to be a split.
Theory number 2. Bitcoin splits into 2 coins (1x and 2x). Bitcoin core developers are unlikely to give in and split occurs. Peter Todd (core developer) said Segwit2x is a fraud. As a result all hell breaks loose, a disaster, since there is no replay protection and no consensus of what will be called Bitcoin. Opinion alert! In my humble opinion this is the most likely scenario. First of all, there are no consensus among exchanges and various service providers of what is going to be Bitcoin and what is going to be called B2X as each company want to call Bitcoin with their own names. Table 1 shows summary of what each coin after split is being called, taking into the consideration that B2X will have the most hash.
Table 1
Table 1 shows the decision of crypto service providers regarding the naming of split coins. Bitcoin is going to be called a chain with the majority of hash power and only 1 coin listed. In case B2X is called Bitcoin, it is not clear how the original coin is going to be named. *Opinion alert! I think they name Bitcoin with the most hash power. References: 1) https://bitcoinmagazine.com/articles/b2x-or-not-b2x-how-exchanges-will-list-segwit2x-coin/ 2) http://nob2x.org/ 3) https://cointelegraph.com/news/xapo-on-segwit2x-we-might-not-treat-btc-chain-as-real-bitcoin 4) https://blog.bitpay.com/segwit2x/ 5) Peter Todd calling Segwit2x a fraud
As the table 1 indicates, there is no consensus of what is going to be Bitcoin, the lack of replay protection specifies that spending Bitcoin you will also spend the B2X and vice versa. It will cause madness. For example, if you spend Bitcoin to pay for the game on Steam which effectively will name B2X (Bitpay) as Bitcoin, your money may be lost or transferring BTC from one exchange to the other when the same name Bitcoin is used while indicating 2 different chains! On the other hand, a lot of miners may switch back to support the 1x chain (or they may not). Opinion alert!!! What does this mean and what to do? In this scenario until the consensus is reached (and it will be reached), price of 1x and 2x plummets, while money flows back to dirty, disgusting, filthy fiat and glorious alternative crypto currencies. All major alts should experience the price boom against the Bitcoin and depending how low the Bitcoin drops, possibly against the fiat. I think DASH, LTC, ETH, NEO will be the major gainers. I deliberately left BCH out of this. Depending to the miners support, original Bitcoin will become vulnerable to the double spending attack. High difficulty and low mining profitability may lead to the remaining miners to switch to the most profitable coin (BCH or B2X), in fact potentially exposing 1x and 2x chains to double spending attacks (probably unlikely scenario). All depends on how fast the emergency protocol is released to adjust the difficulty for the Bitcoin Core (1x) chain to avoid exodus of the miners. In case of the double spending attack 1X would loose all the confidence, generally would die. However, the emergency protocol may be released quickly, difficulty adjusted really fast and enough of miners will remain mining 1X to prevent any potential attacks. The uncertainty about the support for each chain (1x or 2x), lack of consensus of what is what, logically should cause the BTC price to drop. However, this is crypto, logic does not work all the time, why else bitconnect exist?
This leads us to the conspiracy. AND WE ALL LOVE CONSPIRACY, JET FUEL CANT MELT STEAL ! For the following theories please put your tin foil hats.
![tinfoilhat.gif](https://steemitimages.com/DQmVyacpCN4YrKHDt4KqBRyXk6We93hxcrK9uSTrurJXJnH/tinfoilhat.gif)
For readers that don’t have one here is the link why you should have one and how to make one.
Theory number 3. Destruction of Bitcoin and rise of B2X. Overtake by the bankers.
Split occurs and majority of the hash power supports B2X. The 1x chain becomes laggy and slow, and hence experience the dump by people and groups interested in killing core. The large sums of 1x gets dumped while B2X is being equivalently bought while cheap. All big holders (hedge funds, whales, bankers buy a large sums of B2X while the price is low) and increase the total Bitcoin stake (2X), rich get richer and now have the absolutely majority of the coins hence can do various price manipulations and steer the direction of the Bitcoin. This theory is provided by the poorbrokebastard. This article about Segwit2x and its threat. And here the most highly controlled Brokerage service Coinbase says that Bitcoin Core are the biggest threat.While Coinbase itself may freeze your account at any time due to any reason they want (bitcoin you own previously was used in a gambling or any other activity they don’t like), Coinbase is happy to hand all the customer info to the government at any time and yet still, they see volunteer developers as a threat.
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Theory number 4. BCH becomes Bitcoin as Jihan Wu will take over the world!
**
![DCZY16tUMAAw7kc.jpg](https://steemitimages.com/DQmUPVk9G2RdYD7DYu59Jcx7NDzK1SFr5NmgqtcGMve2Ycz/DCZY16tUMAAw7kc.jpg)
The lack of reply protection and deliberate attack on 1x chain by the major hashing power would lead to the loss of confidence in 1x and 2x chains. Price would plummet of 1x and 2x coins, while at the same time BCH would be pumped leading to the miners and herd of people flocking to the BCH. Jihan Wu and Roger Ver with the power of lobbying persuade business to call BCH as Bitcoin. We need very thick hat to understand this! Bitcoin cannot be destroyed, however it can be changed. Hundreds of millions have been invested in Bitcoin mining operations. Hence Bitcoin will prevail, however it may be core,B2X or BCH. As noted by the tenmillionsterrling, it is possible for the BCH to overtake Bitcoin name in the case of 1x and 2x destruction. That does not mean that people will start using BCH over the much better alternative crypto currencies. I would like to add to the tenmillionsterrling comment, in support of the BCH take over. Jihan Wu and Bitmain is the major supplier of BTC miners, they only accept BCH as a payment option, and hence have enough power and influence to blackmail the community and stir the Bitcoin future to their own benefit. Jihan Wu is very smart and he rightly deserves applause for being the best in the mining business. I don’t believe in this theory at all and don’t want to support the BCH, although BCH may increase in price significantly.
Other theories will be added later as they appear. Please share and I will add them giving you credit.
Summary. OPINION ALERT.
The most likely scenario is that split occurs. Exchanges will disable BTC deposits and Withdrawals 24 hours before the fork and will enable only when its save. Various service providers such as Bitpay (that supports major businesses as Steam) will suspend the service. Therefore BTC price should drop as people will still need to perform transactions. Consequently, the transactions will be performed using altcoins. The biggest gainer is LTC as this coin is universally accepted by every exchange and is frequently used to transfer BTC from one exchange to the other due to smaller fees and shorter block generation time. However, second contender is DASH and several businesses already accept DASH over Bitcoin (BitCart – save on your amazon vouchers), or via the use ShapeShift integration as popular amazon discount provider states that DASH is the most popular altcoin used on the site. Which coin will prevail (1x or 2x) as Bitcoin, I don’t know, but tend to think it will be B2X as currently it has the majority hash supply. Secondly, the massive split in the hash power would lead to Bitcoin core being vulnerable to the double spend attack at any point and lead to the loss of confidence, hence disappearance. However, anything is possible and it all depends on the intentions of the participating groups. Are all the miners evil and mine what is the most profitable disregarding the technology? Have the core developers ditched the vision of Satoshi and are closed to the public opinion? Does Jihan Wu seek to replace Bitcoin with BCH? Do the bankers and governments want to control the Bitcoin or perhaps even destroy it? There are plenty of arguments for and against, while answer to each question directly correlates to the quality of foil used to make the hat.
But hey– money talks. As much as I would like to see the decentralization the trend is set not by the early and crazy libertarian adopters, but by the herd of newcomers, who don’t really care about escaping the system. How can unpaid volunteers (Bitcoin core) compete with billionaires such as Jihan Wu? Masses and Bankers seek stability which is in their opinion only achieved by the regulations and control. It is possible for B2X take over the core, also possible for Bitcoin Core (1x) to prevail and B2X being listed as an altcoin. The month after the fork (in case of the split) will be turbulent, and as I expressed earlier, its probably best to stay out of bitcoin and keep fiat or alts (again OPINION so you are free not to listen at all and do whatever the hell your heart desires).
NOTE: I generally don’t like the control and centralization, monopoly. Otherwise I would stick with the fiat and would lead the life of a slave, take a mortgage, and would demand Bitcoin to be banned or at least regulated by the government. Maybe also become a communist too or at least highly aggressive socialist and a vegan. If you are looking for the more serious predictions, please read these articles 1 2.
Disclaimer. I don’t own any LTC, well I do, but cant remember the password I set 4 years ago, and 200 LTCs are locked forever. Perhaps someone knows how I could reach into my consciousness and help remember it? Also, I don’t like BCH, I don’t use it, I hate it. I did my best to make this article entertaining and informing at the same time. The tinfoil hat theories, well you need a hat to understand them.For the more comprehensive theories you should read Jimmy Song and other highly influential people.
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