Bytecoin is still kicking…


Just a quickie, before you throw yourself under the bus…

Today, I received a response to one of my blogs about Bytecoin. It was a link to a video, an audio actually, of an interview with the mysterious Jenny Goldberg. Goldberg is the new Community Manager, if we can accept this — of Bytecoin.

(Hi, Jenny.)

The connection seemed to skip or warble at times and Jenny herself, to an American, had a strange accent. I’m no ‘world traveler’ and I could not place it.

I also checked Reddit and the video was also posted there.

As some of you may recall, I often blog about various coins, especially the more anonymous ones, because I think at some point, many in the cryptosphere will actually desire a more secure and less public coin. Meaning, a cryptocurrency that is usable by anyone but not visible to everyone all the time — like bitcoin.

It’s a move simply waiting to happen. The developers have been gearing up for it.

In the mean time, there will be a large number of people who will desire the services of an anonymous coin network now. They come in several flavors of dishonest, but the bulk I feel, will be derived from the honest. Those simply trying to find a way to move and/or store value (money) in a place where others, including governments, cannot get to it.

Think on that for a moment. Let me name a few places. China. Russia. North Korea. The United States of Taxes. Cuba. Greece. Cyprus. Venezuela. Planet Earth.

The thing is, I don’t want people to get screwed. That’s why this video I mentioned is important to hear. First, do a little homework. Learn about Bytecoin. Determine for yourself, if Monero is simply trying bash a good system. And I have spoken highly of Monero in the past. Now I’m more neutral.

Secondly, make your own educated decision. Is Bytecoin good to use? Can you send value over the internet in a secure fashion, with Bytecoin. The quick answer is yes, you can. The system does work, but be fast about it. Transfer and get out of it as fast as possible — if you must use it at all.

You want to retain as much value as possible, after all. Let someone else take the risk of “holding” any cryptocurrency. It’s like holding a greased pig on crack cocaine, while drinking a beer and talking to your wife about painting the downstairs — again. It is nearly stupid, for now. Even bitcoin holders might find themselves in a world of poop, if the market decides that crypto is “old hat.”

I’m not saying to stop making money. Go for it. Spin that dial and laugh. I am. For now. Just know that the next idea is just around that dark intersection — where the bus is coming.

And listen to regular people. Too many times we gravitate to the news fed to us. I even cite them in my posts. This magazine or that financial expert. Know that in this vein, the blood that runs herein is not necessarily blue. The value if these things is transitory as hell. And the last time I looked, Satan’s Pit of Boiling Mud (think Yellowstone National Park) is still looking for permanent tourists.

And for the record, I’m curious as hell about NAVCOIN these days.

Have a good day.

Jack Shorebird

 

 

 

 

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Two’s Company, but Three Bitcoins?

 


Dear Readers,

If you have been keeping up with the news about bitcoin, being a crypto-enthusiast, no doubt you have read about NYA or the New York Agreement. It is yet another idea to change bitcoin. Ostensibly, to make it better.

Many feel that it will simply remove the original intent of Satoshi Nakamoto, but even this is a weak fintech argument. Nakamoto knew or could have imagined that if bitcoin became more popular, the necessary electricity to run the systems would increase exponentially. Did Nakamoto think that governments would then take over the operation?

Recently, Bitcoin Cash came onto the scene. It has garnered some support — in the billions of dollars — but there are still those who do not agree with the changes. Again, Bitcoin Cash, appears to favor large companies or governments since it requires more resources. In some respects, the economy of scale kicks in and prices — the cost of sending/receiving bitcoins — goes down.

But what of the other, long-term costs? The centralization aspect? The average citizen in 2009, could run bitcoin on his or her laptop.  Not now.

Now we have the NYA. Well, actually, it’s been around since at least May 23, 2017. The Digital Currency Group claims it has enough supporters to once again fork the bitcoin blockchain and create a new bitcoin. At that point, if it happens, the world would have three bitcoins — but not really. There are many bitcoin clones.

If the NYA succeeds, old bitcoin would probably devalue overnight. Bitcoin Cash might hold its own and compete, but looking at the support behind the NYA, it would probably fall from grace

So, what is happening? Are we still watching a power play unfold before our eyes? Sure we are. It’s about who can run the best bitcoin and bring in the most money. And who can make bitcoin the most efficient and essentially steal the thunder. Finally, it’s about brand. Name recognition. Competition.

With all the bitcoin clones running around out there, the first mover still holds sway. Even the tired, slow and sometimes buggy bitcoin, is trusted.  It just seems to keep growing. Yes, it pulls back, but then it usually recovers. Why? Trust.

But trust can only get you so far. If Bitcoin Core is divided or gives that appearance, we could see the world’s fastest devaluation. The question then becomes, who will remain standing?

Interestingly enough, and this is a good thing, there are new base-currencies in the cryptosphere. With a base-crypto you can purchase a sort of primary coin, then buy other altcoins. Should bitcoin suddenly fail, these others, such as Ethereum, Ripple and Dash, could, in theory, pick up the slack. Naturally, if bitcoin begins the fail, these other coins should increase in value, but usually they devalue when bitcoin does.

One wonders if the entire cryptosphere will survive, if bitcoin fails. But which one?

Add to this mix, the constant pressure by governments to rein bitcoin in. CNBC reported about China, Japan and now Australia. The impression appears to be that this newest push to regulate will ultimately lead to sort of a tacit acceptance by the people, as it were. In other words, if it’s regulated, well, it must be safe, right?

Unfortunately, government oversight, now gaining in popularity, as the volume of bitcoin transactions grow, will result in bitcoin’s original intent being subverted. It was designed as a stop-gap measure against government monetary policy. Ideally, and this is not to say that all proof-of-stake cryptocurrencies are poorly designed, but that would be a best choice. After all, governments need to be able to print unlimited numbers of ‘coins.’

I hate to admit it, but some other coins are starting to look better again. Remember, the excitement surrounding bitcoin could be irrational at the moment, fueled by speculators as well as good people. Who will get hurt, if the bubble bursts?

Maybe we should diversity our holdings.

Incidentally, if you like conspiracy theories, Clif High is still implying that silver can hit $600 an ounce. When? I’m not so certain, but if he is right, the value of gold will go down.

Disclaimer: The above, is all my opinion and/or provided from third parties. Make your own cold calculations.


 

 

 

Is Bitcoin in a Bubble?


The Big Question:

This seems to be the question of the day, if not the decade.

Can cryptocurrencies replace money or are they just another bubble?

The answers vary.

To the optimist, but not necessarily the realist, bitcoin is already money. So, yes, not only will it replace all government fiat cash, but it will free the masses from the tyranny of the state. It will never “bubble” and the way it’s designed, it will only become more valuable with time. Freedom for all forever and all the drugs you want. Gold? It’s a quaint idea. Caveman monetary policy, complete with pretty rocks.

Okay, maybe that was a bit overboard.

To the pessimist, no. Bitcoin is a Ponzi scheme. It is a well-marketed fiat asset trick. Don’t fall for it. It will eventually bubble, crash and burn. In the meantime, it will benefit the criminal element. It must go and/or be regulated as soon as possible. The state should always be the final arbiter of monetary policy, after all.

To the middle-of-the-road folks? Bitcoin can exist along side the current fiat money systems. It should work within the current frameworks of nationalized  monies, however. It can improve things from there. We can create a sound money standard after we iron out all of the regulatory kinks within the new cryptocurrency technology.

Unfortunately, our governments, as they are now designed, will not be able to survive on a diet of sound money and that is why fiat money was created in the first place. To escape the bonds of reality with a legal fiction, all the while, kicking the inflation can down the road.

But why not stop inflation by connecting bitcoin with gold? Make each one represent a certain amount of some rare earth metal? Why not couple gold and cryptocurrency, privately? Because the political environment is fiscally destructive. That’s why.

We know that our centrally planned economies will not allow citizens to derail the inflation machine which keeps our governments in control. It is only when the puppeteers begin to loose control of inflation that the money strings of government unravel, resulting in a revolution against the “evils of money.” Such revolutions do not always end up with a population of free citizens, however.

Cryptocurrency Negatives:

So, let us be cruel to ourselves. Take it on the chin, like a good cryptocurrency enthusiast should.

What is often cited as the main reason that bitcoin (or any cryptocurrency) can never serve as money? There are many reasons actually and here are a few:

  • Unstable Value
  • Trust
  • Fiat
  • Acceptance
  • Taxation
  • Bubble

Now, before we go off spouting all the great things about cryptocurrency, lets define money. I mean, what is this paper stuff we carry in out wallets and what are those electronically recorded digits in our banks? Better yet, let’s just define a good money.

Money:

  • A tool of humans
  • Used when high level of productivity is reached
  • Desire for long-range control over their lives
  • A tool of saving for delayed consumption and later production
  • A material commodity which is:
    • imperishable
    • rare
    • homogeneous
    • easily stored
    • not subject to wide fluctuations of value
    • always in demand among those you trade with

Source: Ayn Rand Lexicon

Few people ever go this deep, however. The dollar, euro, yen, dinar, peso, franc, pound, lira, rupee, krone, zloty, rand, and the shekel are, for all intents, legal notes. It’s money for the masses. Buts it’s not real money. It’s fiat money, which represents nothing but trust. I trust you, do you trust me? Besides, what choice do we have, right? It’s legal tender. It’s easier to use than chunks of silver, which the government wants to value in fiat anyway.

You can, at least in the US, pay your taxes with fiat currency and most of us trust that the currency is money.

We also know everything is becoming more expensive, but few of realize that the root cause of inflation is not the weather, the wealthy or our enemies. It’s simple math. The more fiat notes we print or e-print, the less valuable they become. This holds true for some cryptocurrencies as well. You simply divide the value, in fiat currency, by the current number of altcoins. This gives you a rough estimate of the fiat value of a particular cryptocurrency, at a given moment in time.

So, it’s easier to understand values with cryptocurrencies, since their creation is usually straight forward. There is no Federal Reserve to manipulate alleged M1, M2 and so on. There are no banks to create endless supplies of fiat. The only inflation regulators in bitcoin, for example, is its code base. It is currently programmed to create a finite number of BTC’s. It’s not manipulated to screw the masses, but to retain its spending value.

Paper money used to represent or hold title to gold or silver. That was why it worked. Why it functioned. Once the paper no longer held title to some form of property, it became fiat. It became dysfunctional. At that point, almost always, economies begin their decline. Some economies decline faster than others of course.

Perhaps if our governments set hard long-term limits on fiat numbers, then our fiat monies might stand a chance. But there are no such limits.

High Hopes:

Many hoped that bitcoin could save our failing economies, tame our ever growing governments, and usher in some new global paradigm of wealth, but not without effort.  If this is your thinking, you are guilty of being overly optimistic and just maybe, a bit naive. Don’t worry, I’m rooting for you because I’m a near-convert myself.

What holds us back from becoming “one with the crypto?” History. It is full of examples of ledger based monetary systems that ultimately failed. It is replete with evidence that all of the fiat based systems failed as well. And the gold-backed systems — failed, but after the decoupling of functional money (paper notes) from the metals. The governments enforced these failures, often by confiscating the one form of money that has never become valueless: gold.

So we have to ask ourselves why have all monetary systems failed throughout history? Now, I’m not asserting that gold became worthless–ever. Fiats did. Ledger systems were scrapped or forced out. Seashells were abandoned. But not a single monetary system transcended all governments, in any cohesive fashion. Bitcoin, though an asset, does.

Asked another way. Aside from gold and silver being an asset for thousands of years, what monetary system, fiat or otherwise, has ever existed beyond the constructive control of all governments, simultaneously?

Bitcoin as an Asset:

The latest thinking is that bitcoin (cryptocurrency) is not money, but acts as like an asset. That is Peter Schiff’s thinking. Schiff works with Goldmoney Inc., based in Canada and he lives in Puerto Rico. Goldmoney(tm) is a company that allows you to spend gold, via a debit card, in many countries, for a small fee. You can also store gold in various vaults around the word. And there are other benefits.

You can find out about more about Schiff’s views easily. He has his a radio show, owns several companies, is an author, but to sum up his financial views I would offer this:

He has repeatedly held bullish views on long-term investments in foreign stocks and currencies in countries with sound fiscal and monetary policies, as well as global commodities including physical precious metals and has expressed bearish views on the US economy and the US dollar.

Source: Wikipedia

So what is an asset?

An asset is anything of value that can be converted into cash.

Source: Investopedia

It’s a bit more complicated than this, but for the sake of argument, all cryptocurrencies are assets, since conversions to some other form of trusted money is the fundamental purpose to both buy and hold bitcoins. I mean, that is the allegation, right? Moreover, as Schiff asserts, companies that accept bitcoin in payment for services or products, ultimately convert it to either fiat currency or some other more trusted asset. Sure they do. After all, what real choice do they have? None.

In other words, the companies that will accept your bitcoins direclty just want to sell you stuff. Of course they do and they are held to the regulations requiring them to report their earnings in a nationalized fiat currency format. A government euro. A dollar. One wonders what would happen if companies and citizens were not required to convert to government fiat money? If they were actually free to use the asset of their choosing for all debts, public and private.

But we are not free in this sense. Not completely.

You Must Comply:

Are we to then shrug and comply? I don’t think so. The future is not made by those in the halls of government. That is not the purpose of government. They are present simply to protect and serve the people. They are peace keepers, not currency makers. Currency and money should be denationalized anyway. Things like bitcoin serve as a reminder of who should be in charge. Even if it fails. Even if it is a bubble.

Under the current circumstances, bitcoin, as asserted by Peter Schiff, is untraceable. This, I’m afraid is close, but not the complete cigar. All bitcoin transactions are public. You can see them zip around the network, but they can be obfuscated for privacy and criminal reasons. And your name is not attached to your account. Other cryptocurrencies are much better at retaining your privacy.

A Common Criminal:

Naturally, Schiff keys in on the criminal aspect. We’ve all heard it. A terrorist or crook will send his bitcoin, instead of carrying cash. At some point the bitcoin will be converted into cash to buy or sell something illegal.

One of the main problems with this criminal tactic are the fluctuations in bitcoin prices. The criminal might have a set price for his product and bitcoin is terrible for that reason. Perhaps it would be better to use what is called Tether ™. It’s a bank backed cryptocurrency that is almost pegged at the US dollar. Better yet, use paper dollars or digital fiats. That’s the routine.

I used to work in criminal justice field, just a few years ago. We rarely came across evidence of cryptocurrency use. Maybe it’s more prevalent now. What we did come across were stolen credit cards, emailed cash, fiat bill, drugs, debit card numbers and so on. Criminals wanted dollars just as fast as they could get them. Not gold or silver coins, but paper fiats. They used the banking system and filed false IRS refunds (very lucrative since the IRS does a terrible job of policing their own refund system) as a way to easily subvert the antiquated, government regulated, fiat monetary system.

This is not to say that cryptocurrency is immune to criminal exploitation, but cash is king — by law. And even criminals love to exploit that law. Some even print their own bills. This is next to impossible with bitcoin.

Bubbles:

The comparison of cryptocurrencies to the Dot-com bubble is also interesting, but old. The idea that investing in cryptocurrency is similar to a fad or is speculative, is certainly a strong argument, however. More and more people are becoming aware of the technology and as a result, more money is flowing in. Is this a new opportunity for those who are already versed in their use and speculation? Sure it is. The first comers are on top of that pyramid, right? But can’t this also be said of a new stock? The more people buy the faster the value of the stock increases, right?

One must realize, however, that as cryptocurrencies become more and more popular, they become more and more risky. They are not stocks. There are few barriers to entry and trades are nearly instant. There are few restrictions. You are free to lose and gain and panic. At least with stocks, you have a broker who earns very high commissions by comparison, and you can execute trades reasonably quickly, in most cases. Oh, and you have no privacy. Every transaction is logged for tax and regulatory purposes, to ensure that you are not being cheated. That never happens…

This new injection of funds into the cryptosphere, ostensibly from a broader base — regular people — and not simply from the brokerage houses that fueled the Dot-coms, serves to magnify the potential bubble. This is a given. If such a bubble bursts, the fallout could eclipse a standard market collapse…in the future. Not right now though. Which is why the heat is not all that hot.

Currently, the amount of money in the cryptocurrency system is peanuts compared to the banking sector. Sure, lawsuits and investigations happened after the Dot-coms, the housing bubble — after any number of market implosions. Bailouts are always an option for government to soften the blow of poor investment decisions. But when banks collapse, governments step in and the insurers pay up. Then the arrests come. Fines and Senate Hearings, when the circus comes to town.

Brokerage houses are known entities. The mortgage companies and banks are all around us. If bitcoin fails, the loss is real. It will hurt millions, but in the scheme of things, it will be very small. Currently, if all the cryptocurrencies listed on coinmarketcap here went to zero overnight, it would only be half as bad as the Washington Mutual insolvency in 2008. One bank compared to over 1000 cryptocurrencies.

Diversification:

Diversification may not help. One might be safer with a mutual fund or an ETF but not a cryptocurrency. Why? Because there are few, what I will call base-cryptocurrencies, bitcoin being one. When bitcoin drops in value, nearly all cryptocurrencies lose value. So, loses are often magnified. When bitcoin recovers, so do the others. Tether cryptocurrency is one exception. It usually hovers around one US dollar in value, but it has little upside. Conversely, if say Ripple (tm) devalues, bitcoin may not.

The tie-in with bitcoin and all other cryptocurrencies happens because it was a first comer and trusted. If you want other cryptocurrencies you will often need to trade for them using your bitcoin. If you want to convert back to fiat, it is often best to use bitcoin. This is changing, however. Other coins are slowly earning a type of base-currency status.

Anti-Money:

The Fallout:

What do you suspect will happen to the hundreds of international cryptocurrency market exchanges, when (and if) the bubble bursts? Do we even know where they are? How about the US based exchanges? Will their doors be closed, their assets frozen? Will your bitcoins be stuck in Europe or Asia? Will you keep your BTC at home on your hard-drive or some other device. Will cryptocurrency developers in the US then be shuffled off to prison?

How about the giant bitcoin mining farms in China and the world over? Shut off? Scrapped? Bitcoins Confiscated? What about the cryptocurrencies that do not use the ‘farms?’ The ones like Peercoin ™, which is essentially PC based?

What of the decentralized cryptocurrency exchanges that exist only between you an unknown parties over the internet? Will these applications be shut down and their unknown creators sought?

The fact that Amazon ™ lost 90% of it’s stock value over as many years, as Schiff indicated, is his example of what can happen to bitcoin. The nearly constant ICO’s (Initial Coin Offerings), the new cryptocurrencies popping up like so much graffiti, will not survive, even if they use the latest blockchain technology or some variant of it. There will be a saturation point, no doubt. Already, there is talk that if you are in “blockchain” (your company invests or develops this type of new tech) you don’t make any money.

Some companies can exist in the red for years, but at some point they must turn a profit or fail. The only other option is to ask for a loan. In any event, even Amazon ™ has not failed, but it has real products as well as software. (Bitcoin is software. An intangible asset.)

The Beginning of the End?

Flipping houses before the market imploded was all the rage before 2007. It still happens today, in Florida, where I live, but not nearly at the pace of a decade earlier. When friends quit their jobs back then, bought huge homes, new cars and lived the life, only to be financially destroyed later, it was rough. The house flippers paid the price. After the building boom things slowed and housing prices dropped. We can argue all day about how and why the crisis began. One thing is certain, however, irrational exuberance was the norm.

Is that beginning to happen with cryptocurrencies now? In a sense, flipping cryptocurrencies doesn’t really happen. You can’t buy one, improve it, unless you are the developer, sell it and walk away. You can however, buy one at the bottom, when it’s cheap, then trade it for bitcoin or Tether, when it increases in value. Unfortunately, the tax headaches in some countries makes this type of arbitrage unprofitable. If you ignore the taxes, you are chancing fines or worse.

But what of the P/E Ration? I mean, we can calculate the price to earnings ratio of a stock, but how would you do that with bitcoin? Can we ever know when and if it is overvalued? We can see when underlying government fiat money is devaluing by comparing it to something like gold. When more fiat buys less gold we have inflation or more correctly, currency devaluation. When less bitcoin buys more fiat dollars, what is occurring? Is bitcoin becoming more popular or is it acting like gold? Is it becoming like a peoples’ barometer of their own fiat money — worldwide?

The Aftermath?

After this cryptocurrency bubble bursts, if it does, what might remain? Cryptocurrencies which offer a type of service, like Ethereum ™? Ones that offer fiat trading via third parties, and other services, like Stellar ™? Newer models, such as Iota ™ or Neo ™? It’s your guess.

Worse case? Your country outlaws innovation or co-ops it, then slowly destroys it.

The best case scenario, for now? Bitcoin keeps growing and more nationalized fiat  currencies fail. The cryptosphere becomes indispensable, trusted by people everywhere, and nations begin to compete by adopting sound monetary policies.

In the meantime, don’t fall for the hype. Do your homework if you are curious about cryptocurrencies.

And a parting thought. At some point, technology will be able to create physical items upon demand. If we are then able to create gold by recombining atoms and molecules, an abundant resource nearly everywhere where we look, on the cheap, how will we then design a voluntary, sound monetary system?

 

Good Day,

Jack Shorebird.


 

 

Where there is smoke there is Iota?

Updated: September 4, 2017


An open letter to Cryptocurrency fans, that is not investment advice.

Where there is smoke there is Iota?

For the crypto-enthusiast Iota is nothing new. It’s another cryptocurrency with great new tech, we are advised. Some call it the Bitcoin Killer. A new type of coin with a blockchain and a “tangle” and a new way of reaching consensus — to validate transactions.

It’ll reach a ten billion market cap in no time, some say.

Bitcointalk.org is a good place to do some research. Reddit is another, but understand that the coin’s actual website is often the best.

If the coin’s page was well thought out, clean, understandable, with a community of serious people, so much the better.  If it’s disorganized, errors are abundant or if the developer’s comments are abrasive, over the top and ridiculous, then question the coin.

And yes I know that many great minds are jerks on the outside. If so, then they’d best get a partner to smooth out the people wrinkles. That goes for broad based appeals to the general public and also getting the German government, for example, on board.

In a recent Iota video, such a process was discussed. Grants from Uncle Germany? Doesn’t make me feel good. When you obtain grants, you gather strings.

And then, after the sales pitch, citing the great tangled tech, a very detailed Reddit Page, new tests are announced. Tests? Yes, I said tests. More tests.

Why?

Well, things need fixing. But don’t worry, if you can download a large file, a new wallet, if the repository is not too busy, install it and follow basic instructions (not easily located) you will be just fine.

That’s what happened recently and has apparently happened on more than one occasion.

Why might you need to reinstall a wallet? Because of the upgrades. This happens with bitcoin as well. Everyone expects it.

They are making things better for you, of course. They are going to have the machines talk to each other and probably take over the world. Not really. It’s just to speed things up, like for paying automobile tolls in Germany. A new M2M — machine to machine — tech to speed up transactions and lower the costs of doing business.

The only consideration was if you had a web wallet, during these last tests. You need newer software. So you download, follow the instructions. You install a basic new wallet, pull over your funds from your old “seed” and get all sorted out. You get your new “seed.”

If you are a US citizen there’s another problem.

Bitfinex, the only major exchange offering Iota trading has decided that Americans are too risky. You read the Reddits. All is well they say. Others say get out of there. All, just after your wallet is upgraded.

Certainly, Iota needs more exchanges.

Iota did advance at a good clip, but after the Chinese ICO news, like all crypto’s, it’s drifting lower.

Due diligence. Researching Iota, you will find several experts who work for or with Iota.  You can listen to German youth talk about how they are now reformed gamers. Roof top talks with guys who sold game mods on the sly. Could be another Bill Gates. But not likely. I don’t think Bill was gamer as much as a thinker.

All that reading and research. Does it pay off?

All those audio broadcasts. Here’s one. You can listen to them from the Iota guy. That’s what I call him, the Iota guy.

What does it all mean?

Perhaps the Iota Reddit is the best of the worst, at times. So much chatter and occasionally a gem.

I wish Iota luck.

Sincerely,

Jack Shorebird

 

 

 

 

 

So, Where is Mr. Bytecoin?


There’s no meat on these bones, but fish as you please.

Recently, within the past few weeks, maybe a bit longer, Bytecoin.org has attempted or is attempting to make yet another comeback. Not unlike the comeback kid. And since I’m an avid crypto-junkie, having immersed myself in this sphere of innovation since Satoshi was wet behind the ears, I figured that a bit of advice is in order. If you feel Bytecoin is without sin, stop reading this blog now.

Why do I care? In my last life I caught bad guys. It’s in my nature I guess — to keep after them. And when some jerk wise-mouths me, like DStrangeM from Reddit did, well then, he has it coming.

In my last life I gathered the evidence, took the statements, pointed the gun, cuffed the perps, dragged them to jail, went to court and bled the blood. Not in that order of course, but it irks me, to say it nicely, when a bunch of alleged cryptocurrency developers — or those purporting to be thus — have the gall to cry foul when any regular citizen (me) asks for a smidgen of proof. They whine and moan. Why do you pee on my pump, they scream? It is always the same. Then again, in the back of my mind, that little voice asks, could they be innocent?

A new name has surfaced on the Bytecoin Reddit: Jenny Goldberg. No bio offered. She’s the “Community Manager” and BCN_official, we are advised, as of sixteen days ago. Her name does not appear on the Bytecoin.org website that I can find. (As indicated in the comments below — Goldberg’s name does appear on the Bytecoin.org Contact Page, just not under the Teto-Team page.)

Goldberg is on Reddit and I’m sure she’s on Telegram and Slack, but that does not verify that she has anything to with Bytecoin original Teto-Team — if said team ever really existed. It’s not even close to a confirmation, even if she will (or someone will) respond to emails sent to Contact@Bytecoin.org — which is the listed email for the Bytecoin.org webpage. Too easy to buy and sell email addresses these days — and websites.

Jenny offered this under the heading “BCN_Official”:

Dear BCN community,

My name is Jenny Goldberg and I’m the official BCN community manager

From this moment on, the official Bytecoin team will be making an effort to be more transparent to the community. We’ve been following all the activity in the community and we know you’ve been waiting for us to make a public statement. We see that there are lots of questions and we are now here to answer.

But firstly let me express my gratitude to all those enthusiasts who have made such valuable contributions to the development of BCN. We are so grateful for all the work put in by @Leogheo and BFB program team, @kinlakinla for the Bytecoin info page, @GaboCarranza and @sydney40 for Bytecointalk activity, @july for the Telegram channel, @boomworking for help with the design and @Camilo_Gil for your sincere appeal to our team. Thanks to the entire community for your trust and support even when you didn’t hear from us. Only with your support we were able to keep up our strength and continue working.

Just a few words about our history, Bytecoin is the first coin developed under the cryptonote protocol, but due to the fragmented nature of the community, BCN was forked a million times. You know that sometimes we were criticized for “slow development”, but the truth is that when the others were spending time on marketing, we were putting all our effort into enhancing the already existing cryptocurrency ecosystem.

In any case, we’re still here and we’re looking to grow. We would like to invite the best cryptographers, developers, bright minds and passionate hearts to join our BCN team to create absolutely new and exciting developments – get ready for the BCN of the new era. To ensure our success in this new era, we’ll need to support and trust each other and make our community even stronger.

Starting now, we are open for communication. Feel free to share your thoughts, bugs and features with us. Please send all feedback to contact@bytecoin.org and we’ll get back to you asap. We will do our best to bring the best ideas to life.

Let’s start a new chapter of Bytecoin together!

Source: Reddit

The only other Admin name on the Reddit for BytecoinBCN is our illustrious DStrangeM, who is a bit miffed at me today. (Hi, DStrangeM! I’m Danesjold on Reddit, by the way…) We are not even certain if DStrangeM is the DStrange, as is mentioned on the Bytecoin.org website. And does it matter anyway?

There are so many twists and turns.

From Bytecoin.org:

DStrange - Copy

Oh what a tangled web we weave when we practice to deceive.

And just who is DStrange or DStrangeM? Good question. But don’t worry, they/he/she — has your fiscal interests at heart. Are you certain?

The Bytecoin_BCN Twitter feed suddenly became active after nearly a year in slumber. How does that make you feel? There was an April 25, 2016 tweet then silence, until July 28, 2017. Announcements indicated that there was now a Telegram Group and a Slack Channel. The thing is, we really don’t know if these new groups have anything to do with the original developers of Bytecoin.

There is also the Bytecoin.org Twitter feed with tweets beginning on January 14, 2017. Why are there two feeds like this? Which one is official? Both? Neither? Half and half?

There is also the new Bytecoin Trading Community (Exchange). I found this out by accident. A Redditor advised me. (Thanks.) Anyway, according to Scamadviser, the site is 68 days old. It’s ownership is hidden, but what do we expect from a “secret” coin, right? For now the site’s reputation is pending. In other words, we will see.

A bad bit of news which continues to slow down any real progress, is the Poloniex issue. They are, for all intents and purposes, blocking BCN deposits and withdrawals. This has been going on for some time…over a month. (Longer according to Goldberg.) I’ve yet to hear a clear reason why, other than the recent mining issue, when extra BCN were created by a bad actor. Bytecoin did not rollback the blockchain to “unsteal” the coins. And I am uncertain now, if Bytecoin ever really fixed the flaw. I will need some expert, disinterested party to confirm this. (Not DStrangeM.)

What is my take on all of this, having spent decades bringing scum to justice? That these guys — that the people listed on Bytecoin.org as the Teto-Team do not exist. They never have. Prove me wrong. Come forward. Just one of you. I dare you.

I assert that the CryptoNote.org website is a farce. Has always been a front. But the code…is good. Now doesn’t that rankle your spuds? Again, if I am wrong, correct me. I will gladly print a retraction. I will be your biggest fan, if you can clear the “air.”

But I expect no answer. There are no men in the room. Only fluffy pony had the gumption. (Inside joke. If you don’t get it, get out of crypto, yesterday.)

So where is Mr. Bytecoin?

Answer: We must keep our identities secret, the governments are after us.

In those immortal words: “That dog don’t hunt.”

Have a spine.

In the end, which is where I hope all the noobs don’t take it, Bytecoin’s past is biting the heck out of their backside. Read a few more of my posts here. Surf the net and catch a few really stinky byte-fish, before you get caught, in what I believe will be yet another sucker’s rally.

Or chance it and prove me wrong.

But, unlike John McAfee, I will not consume my privates, if Bytecoin surges to the bitcoin spot or even gives Litecoin a run for the money.

Have a good day or night, as the case may be.

Jack Shorebird.

 


Note: This blog has been edited to reflect the comments through August 11, 2017.

 

 

Clif High: “The Charlatan”

Updated: September 19, 2017


Hello, crypto enthusiasts. Thanks for stopping by.

As usual, I’ve been scanning the net for the scoops. Watching the crypto-markets for the fizz and pop. And here’s the latest curiosity I’ve managed to dig up from the fintech ether.

And mind you, the people (person) I may cite herein may not have one of the cleanest resumes, but damned if he doesn’t get your spaz juices flowing.

He’s sort of like a preacher. Magnetic personality, but a bit high and mighty. That should warn you.

The personality I speak of is Clif High. And he’s a bit of a, how can I say this nicely — an unusual chap? But I’m not one for killing the messenger, even if he is a bit burnt, if you catch my drift. Actually, he is way past unusual and often his predictions are way off the mark.

And yet, he has a cult-like following. That should warn you — I repeat.

That’s why I’ve been chomping at the bit. Kind of mulling this whole thing over for months. Trying to align my belief in a gold backed (silver backed) monetary system with the alleged future facts (and ideas) Clif High is constantly bringing to the table.

Clif’s detractors are all over the spectrum, but many are simply fuming.

Years of $600 an ounce silver predictions, that have never materialized.

But I can’t really do it justice and I do not work for Clif. Don’t know him from Adam, as it were. Yet, the guy is able to explain, in words and ideas — in a few seconds — in a way that resonates with the listener.

  • Bitcoin (cryptocurrency) may, within the next 10 to 20 years, undo thousands of years of stagnant and centralized money control
  • This new world of crpyto can serve as a shot-in-the-arm for economies, for wealth, technological development and so on

But his often oblique remarks to explain why this is, are rather wanting. For example, why can bitcoin (or a particular cryptocurrency) succeed? Here’s what Clif implied:

  • The U.S. split from Great Britain when about 3% of the people wanted it
  • Only about 1% or less of people, now want bitcoin or cryptocurrency
  • If this margin reaches 10%, the governments of the world, which are always behind the times, will be unable to stop it

That, the iron is heating up and you may be able to make some serious cash, if you invest soon. That’s my crypto-take, but be careful of the pumpers. Clif has been accused of being a pumper many times.

These are very positive statements in a lot of ways, in my book. But based on zero facts, unless one considers a Webbot and ESP as factual.

Why does Clif seem to ignore the implications of the PBoC (People’s Bank of China)? They have been waffling for years, but recently they’ve turned over an accusatory leaf. Crypto is a financial threat, they say.

The suggestion here, and not only from me, is that Clif High or who ever he is — is a fraud. That he sells bunk and snake-oil to the hopeful people. That he mixes fact and fiction so well, the facts tend to lend him a sort of a credibility.

So we listen. Anti-gravity forklifts. They are coming.

Turkey will unleash a global financial meltdown, very soon.

Major earthquakes were suppose to have diverted rivers in North America and precipitated nuclear meltdowns in August of 2017. (Whoops, on that prediction.)

We listen to Clif’s hollow-moon babble. Just believe.

And we trust that just maybe he’s onto something about crypto’s? Swamp-land anyone?

Maybe, if you buy his reports, you’ll make millions. He appears to be rich, right? Have you seen any pictures or videos of his home(s)? His camper? His rented cabin(s)?

Maybe his Webbot thing was garbled by bad data like he said, which is why he currently focuses on cryptocurrency. Suspicious, don’t you think?

Wild and woolly nonsense. The lot of it.

I hope that Clif’s inexplicable descriptions, his references to the unusual and seemingly unproven, are not, in some ways, infecting his ability to maintain his rationality. But one needs to be rational in the first place.

As far as I can see, his “predictions” have raised eyebrows for several years now. But are his prognostications simply too general? Too crazy? Do you really need to ask yourself that question?

And his alleged Webbot? Where is it? In his brain? It’s not “open source.”

And yes, there are other experiments like the Webbot, predictive markets, and the wisdom of the crowd ideas. Estimations based upon predictions are akin to gambling, however. It is not like life a life insurance actuarial table predicting deaths per thousand, based on past data.

Clif talks about silver prices skyrocketing — for a time — constantly. This is not something new. Given the devaluation of fiat currencies worldwide, this scenario is possible, but is it probable? Could anyone with the ability to read and understand basic economics, also make this observation?

Gold is just sort of okay, as far I can judge by Clif’s statements. However, he’s not too enthusiastic about it.

New tech that will create matter from energy is only a few years away, Clif implies. So why mine gold or silver in say, 15 years — anyway? If we will be able to manufacture gold and silver with relative ease, why invest in any metal?

Potential limited nuclear wars are on the horizon. Really? Is anyone not worried that North Korea or some other rogue nation might push the button?

But by and large, the outlook is very positive, in Clif’s assessments? Really?

How can anyone be happy about earthquakes, nuclear bombs, market crashes and hollow-moons? One cannot — unless what? Unless one is not telling the truth. Unless one has created a  “Webbot” of lies.

Clif has apparently spoken about of Cloakcoin. Is he pumping it? Is he using his “cult following” to make money by influencing the crpyto-markets? That is the allegation. In fact, if you check Clif’s past, some have alleged that he has been practicing “pumping” for years.

Please — you be the judge. Give this guy a listen. Tell me that he does not, in some weird way, make you very positive about the future of our world and at the same time, make you feel that hell is about to be unleashed.

You’d better listen in and buy his reports to survive and profit — so he can. I think the reports are about $100.00 (US) each now. There are complaints about those too. Irrational babble.

Here’s a recent talk. It’s long — a YouTube interview with Clif.

The Interview.

Here’s a rebuttal video. It’s a bit abrasive.

Rebuttal.

Conclusion and my prediction without using a Webbot:

Clif’s popularity will remain among the wingnuts, but based on his continued irrational statements, the vast and silent majority, will begin to ignore his rants.

Clif has recently stopped posting his own videos, choosing instead to be interviewed. It is an effort to stop others from allegedly taking soundbites from his videos and twisting the message. Or is it something else? Perhaps pressure from video providers to stop reporting “fake news.”

Even his recent remarks about Carbon 60 consumption has been debunked by others.

And Clif mentioned that his brother had Schizotypal Personality Disorder.

Enough said.

Follow Clif at your own risk.


 

 

Bitcoin Cash Crash

 


Just a few words before you jump ship…

I’ve been holding back these last few days. Watching and waiting. But I can’t resist. No matter where I look it seems that few in the cryto-news arena are willing to take a serious “political” stab at the Bitcoin Civil War. But there is no war. It’s just money. And as the saying goes…

…the good money chases out the bad.

Okay, I know bitcoin isn’t money and in this cryptosphere, the shysters can defraud the noobs unseen. And yet this thing is playing out in plain sight. The big miners are sucking all the air out of the the little guys. Little guys who can’t get it together. Yes, I’m bad mouthing the bitcoin core team. And the Chinese miners supported by cheap power handed to them on electroplated silver platters are walking away with the cash — literally. Your cash.

Even CNBC is in on the act. This article gives you their latest take. They talk about the Chinese Miners — how big they are.

I’m sure you cryptocurrency watchers have been, well, watching the coins, as it were. “Bitcoin Cash” debuted yesterday as the Bitcoin replacement. We’ve seen some explosive growth with a lot of newsflashes chiming in about how great it will be for commercial operations — think Communist China. Okay, that’s my opinion. I’m sure North Korea is fighting for a spot at the Cash table as we speak. Maybe Venezuela and Greece too.

So far, however, the high stakes gamble is gyrating. Bitcoin Cash, whether it’s BCC or BCH, is like crypto-rocket one moment, but the next it’s reentering the atmosphere. We saw over ten billion in market value plummet to just over five billion. That’s a lot of bread my friends. Especially in these markets. If any of the world’s largest cryptocurrency exchanges played the risky side of that bet, I would expect some problems shortly — some margin calls. But we’ll see.

What’s even more curious and I would advise you to be careful, is that some of the websites that track the prices of cryptocurrencies are becoming less and less reliable. You can bring up the prices on the actual exchange(s) you like — a more accurate representation of what is happening in the “street” — or you can rely on the slow and often mistaken websites that try to track all of the cryptos at once. Don’t do it. Click around. Get the best picture before you buy or sell.

There are numerous opinions out there as to what will happen now that Bitcoin Cash launched. Well, has forked — whatever. The fact that bitcoin holders can receive the equivalent in the new currency is mentioned. In my mind that’s bad news. I would sell the crap out of it if you gave me free money. Cash it in to my local stable currency. Maybe some of that is going on now — and if so — it should be a few days as everyone who wants to cash-out, does so. (I just hope they buy some Iota.)

In the old days we saw new cryptocurrencies do this and you know what happened, almost invariably? They crashed — after a great spike. After the free giveaway of free money — I mean crypto — they went bye bye. They languished in crypto-hell for years, vanished or stagnated. But don’t take my word for it. Try some Crave, Vcash (formerly Vanilla) or maybe some Auroracoin. Go ahead, make their day.

Of course, few look at bitcoin as a “junk” coin or a “pump” coin these days. It’s the “can-do no-wrong-coin” or the “first mover.” Say what you like, but remember, like I’ve been warning you, diversify if you are a crypto-enthusiast. Bitcoin has been copied before. In fact, many if not most of the coins out there are knock-offs — at least that’s what we read. Sure, some are new. Iota and a few others, but the clone universe is telling.

The confidence war begins now, if you will. The world’s biggest bitcoin miners, should, if they are smart, defect to Bitcoin Cash. They can do more with it and control it better — by centralizing it even more. But wait, the people may not trust the big boys, even if Bitcoin Cash is faster and better than old plain bitcoin. Are you certain? Would you continue to use a slow coin, outdated, outmoded, controlled by a few developers — who argue — who live all over the globe? Or would you like a strong, business-like model, run by Communist China?

Kind of a screwy decision huh?


Image: Flickr

Revelation Nation


Zombie

 


Introduction:

Above, is my newest “self-designed” ebook cover for my novelette on Amazon.

This is a break from myself — a novelette preview of mine.

I originally had this story on Hubpages. I’ve previewed it here minus most of the pictures.

For some odd reason I had a regular readership on this one.

Now onto the preview. I’m sure you just can’t wait for the bloody parts…

Has anyone ever told you that you are sick if you like this stuff?

 


The Horror is in our own heads.

— Jack Shorebird, July 2017 — as told to him by Slade East

 


 

Preview…the basic rough idea…

It wasn’t mass murder. Really, it wasn’t.

But I need to unload this anyway. Let you know where I am coming from. Then you can judge me. You can decide if I did the right thing or not.

Let me tell it the best way I can, while I burn one. My last one.

It all started sometime last year. I’m a little fuzzy about when exactly. I remember I was smoking my first of the day then. Letting the morning cancer clouds help me think. Sipping my Jesus Christ java. You know, just like any other day. A little “wake me up” and “chill-me-out.”

I was sitting there at my concrete pulpit — my table. The one with the cheesy red and white sun-bleached aluminum umbrella. Delaying the inevitable. Another day on the streets of sin. My beat. My chosen profession. A love-hate relationship at best.

Trying not to think about the cranks I would be dealing with in short order was tough. Not to mention my coworkers, the real cranks. The streets were lame by comparison, actually. I mean we brought he worst of the streets right into our offices. And it changed us. Made us better as cops, but worse humans. Suspicious. On edge. Screwed up hearts. Soft dicks. The works.

The real refuse was skulking around the police station in handcuffs, being escorted to the interrogation rooms. And yes, we had our share of bad cops. Sitting in their unmarked police units, in secluded places, with the windows rolled up, the air conditioning cranked all the way up and their gear sticks in their hand. We tried to weed those out fast. Too much of a liability. If we couldn’t weed them out we’d promote them and then ignore them.

I thought of a few choice adjectives for the few puds I worked with. A selection of egotistical cop hacks. Hawaiian shirt has-beens. Fake name-brand watches. Concealed weapons and knock-off “flea-market” sunglasses. Football fanatic, hunting crazed macho puds. We knew their types.

None of this really matters now.

How I’d like to tell them off now, grab them by their short hairs — but how that wouldn’t work either. Since they’re all probably dead.

I held my tongue back then. Back last year on that last good morning. Bided my time. Let my blood pressure build up its morning head of steam, so I could focus. Same as any other pisser morning in Miami, before work.

I puffed away on that first cigarette. Curls of blue death snaking between my knuckles. Pictured those chalk white knuckles and my fingers wrapped around the throat of this one coworker. I got problems. What can tell you? And it made me feel good. Better now, as I remember it.

I guess I had the cop gene like all the other puds or maybe something else. Some slow acting disease that ate you up from the gut, until you were a cynical dried-up, alcoholic, chain smoker. A divorced piece if crap just waiting for the melancholy years. The retirement home where they did the cooking, ass wiping and laundry, in that order.


 

If you’ve enjoyed this so far, please follow this link for the rest of the story…

Revelation Nation, by Slade East. At Amazon, Kindle ebook Edition.

Cryptocurrency Predictions From Experts?

Ball


Expertise

Is anyone really — I mean really, really, really — an expert when it comes to cryptocurrency? Even the experts don’t agree what cryptocurrency means. Is it a tool? A convenient form of functional money — like a check with drawing rights. But rights to what?

This aside, what are the latest prognostications from experts? Try these:

  • Balaji Srinivasan, CEO of 21.co
  • Peter Smith, CEO of Blockchain
  • Kathleen Breitman, CEO of Tezos

Bitcoin, the Master

Like all “experts” in this relatively new field, the implication is that bitcoin and Ethereum have staying power is common-speak. A five to ten year future window of opportunity seems to be the consensus — even given the current problems associated with bitcoin. That belief — almost a religion — is nothing new. It is going to make these experts look like digital noobs, if on July 31, 2017 or even down the road a piece,  bitcoin forks anyway. By then I’m sure they will have edited their theories.

There can be only one — or something like that…

New cryptocurrencies will come along and become successful. Some currently unheard of technology could dominate the market. Again, this seems obvious. That’s why we have a thing called progress. Can we be less obtuse here and stop pandering to noob-ville.

Rich Man, Poor Man, Fraud Man?

People will become rich and poor as new cryptocurrencies enter this space. As a result of the people who lose money due to fraudulent enterprises, more regulation seems to be in the offing.

No kidding?

In fact, Ripple may be implying that markets are heavily regulated for a reason. This is yet another eyebrow raiser. Ripple went to the dark side early in the game and is no doubt leveraging its position against the “free” cryptocurrencies as they themselves struggle to become a meaningful player in the cryptosphere. One wonders if they will soon apply for monopolistic benefits. Perhaps become one with “Fedcoin,” in the United States of America.

The Cashless Prison

Cryptocurrency must not be private? Regulation will eventually take over.

The critical component required by governments is ultimately, a cashless system whereby — allegedly — everyone can be more secure. The problem is, one has no privacy in this scenario, no right to life, liberty and, in the end, no private property — even digital property. How can one be even remotely free if every personal transaction is cataloged by the state, controlled by bureaucrats and dictated by the political wind?

Benevolent Big Brothers

Speculation in cryptocurrencies will lessen as certain altcoins become more stable. That bitcoins are not just for drugs.

Right. Got it.

This bit of speculation is a bit disingenuous. In fact, it’s just a set up. Stated to entice the under-educated. The noobs. To hint again, that appropriate rules to unmask the users of cryptocurrencies will magically enable a virtual world-utilization of cryptocurrencies, especially when new “killer apps” come online. All will be well, so long as we obey.

Conversely, it can be argued that the instability of cryptocurrencies are in part, caused by the states themselves. Take China for example. That bastion of corruption on one hand implies that bitcoin miners will be heavily regulated and on the other, they are allowed to profit. Do you hear “payoff?”

Since China purportedly manages most of the bitcoin blockchain, is it any wonder that it bitcoin is inherently unstable? And we all see what happens when bitcoin catches a cold — almost all other relevant cryptocurrencies nosedive.

In support of the move away from state controlled cryptocurrency, things like Bytecoin, Monero and Aeon were born — and many others — in an ongoing attempt to remind the minders that well, all of the people have not rolled over and played dead — just yet.

The Silly Con

Silicon Valley will become a direct competitor to Wall Street. This seems straightforward. As computer technology advances, its underlying information infrastructure will continue lubricate the wheels of finance. All of the major trading floors, worldwide are already supported by the latest Fintech. But the assumption here is much deeper. That the technology itself will make Wall Street, for all practical purposes, passé.

Imagine that for a moment. Not that all the brokers and lawyers would be replaced by smart contracts, but that the wheels of finance themselves are replaced with cryptocurrency. Where paper money, fiat currency, the Federal Reserve, are at once, relics of a bygone age.

Do you take VISA?

Competition will force the old guard — say MasterCard and Visa — to step up. In other words, if bitcoin or any cryptocurrency, can one day compete with the current regulated entities then and only then, would the need arise for the old guard to “improve.” That or be ushered out.

The only problem is, bitcoin is currently too slow to compete with the current credit based entities, except where it comes to moving large amounts of money across borders cheaply. A point that is often ignored. They don’t want to remind anyone that there are inexpensive ways to do big business.

Micro-transactions are all the rage today — supposedly — but when it comes down to the “golden” tacks, if one can move 200,000,000 dollars in ten minutes or less, across 50 borders, without taxes or banking fees, well, who needs bitcoin “micro?” We have Iota for that anyway and they are cheaper — better at the small stuff. Maybe better at all the crypto stuff.

Quantum Query

One should remember that technology is advancing. Governments worldwide are working on systems — quantum computers — which, if true, can crack cryptocurrency addresses — take your funds — in about a minute. It might therefore behoove one, if cryptocurrency seems a lucrative investment, to study the next generation of altcoins which are resistant or even immune to the quantum “state” hackers. Maybe Iota, but there are others.

This being said, if governments cannot get what they want, if they cannot control the newest generations of non-state currencies, they would need to make them irrelevant by installing a better form of money, perhaps by privatizing the banking industry altogether or by controlling the internet, radio waves, WiFi etc. At last resort, Big Brother would require draconian laws, like those in North Korea, and the dismantling of technology altogether.

Absent a total crackdown against cryptocurrency, there are other more curious ways to thwart the ever growing popularity of the expanding cryptosphere: government sponsored hacks, thefts, 51% attacks and so on.

It is interesting of late, how many cryptocurrency exchanges, wallets, etc., are being hacked. The newest one today? Veritaseum, to the tune of eight million dollars.