Tag Archives: Business

Bitcoin’s Bottom and Windfall Profits?

At least one organization is calling the bottom for bitcoin – for now. The implication here, is that bitcoin will surge to $20,000 per coin (or more).

Frank Holmes, contributor for Forbes, was the source for this. He cited material from Fundstrat research. Of course, Fundstrat was founded by Tom Lee, a former JP Morgan employee. But – according to the write up about Tom, he’s been very accurate with predictions.

Here’s a video of Tom a few months back. Suffice to say, he then saw the Bitcoin and Ethereum would be major players. He also sees a negative correlation with bitcoin and gold, but little to none with certain major market indicators. His idea that millennials might switch to or use bitcoin as a type of asset, is also interesting.

Of course, the above video was dated before the recent news that the Bitcoin blockchain was shown to have links to certain illegal websites – akin to someone writing a website address on a dollar. The dollar still spends, but nobody wants that garbage on their bitcoin. Too bad there’s no editing function for extraneous nonsense on the BTC blockchain. Sort of a bitcoin laundry.

Is bitcoin really eating 5% of Gold’s lunch as Tom implies? It’s certainly food for thought. For all the negatives about bitcoin of late, maybe it really is a fait accompli. The only thing left is time.

Tom also gave an example. If new automobile manufacturing plant opened in a rural area, it would take time for the infrastructure to build up around it. Same with bitcoin.

There was little mention of other cryptocurrencies, such as Ripple, but Tom felt that eventually, only few big players – bitcoin being one – would eventually rule the roost. This same type of sentiment is often echoed throughout the crypto-sphere. My rejoinder would be: how few? And what kind of blockchain or non-blockchain system? Alas, that crystal ball is not available.

Now, this Bitcoin prediction was made as it was dropping in price. Not when it was soaring. Personally, I saw a bottom on/about February 6, 2018. I posted that previously.

But let’s suppose for a moment that Bitcoin surged again. It headed north of $20,000. What could that mean for Ethereum and Ripple, for example?

In my opinion, Ethereum would surge to about $1,400. Ripple, $4.00.

Why do I say this? Because cryptocurrencies are generally positively correlated. When Bitcoin rises, nearly all other cryptocurrencies do the same.

But will Bitcoin now die because of it’s alleged connection with child pornography? This WIRED story doesn’t think so. On the other hand, the article does not leave one with a sense of hope. It does the opposite. It tells me that Bitcoin is doomed or at least stunted unless it can edit that content out in some fashion.

It’s the reasonable person standard. Would a reasonable person care that he/she just downloaded hundreds of child porn links with the blockchain? Answer: yes. I don’t care how you rationalize it away. You now have links to criminal websites, period.

“Wait a minute, didn’t you know Bitcoin had child porn links on its blockchain?”

“But officer, I don’t intend to use the links!”

“Explain that to the judge.”

“But everybody does it!” you yell.

This one problem, shows the underlying weakness with certain blockchain technologies. A few bad apples can spoil the barrel. It reminds me of cloned (grafted) fruit trees. One disease kills the entire grove — and beyond.

In the event, however unlikely, that Bitcoin collapses, would this then spell disaster for Ethereum? Much has been discussed about this since ETH can also be subject to unwanted information.

Will this backlash – Bitcoin Gate – spell doom for any ledger-based system — where anyone can edit content? And surge the values of the non-editable systems, like say Ripple – until, like I mentioned, bitcoin and bitcoin-like systems can be ‘cleansed?’

To layer this bad news, we need only look to China. Their National Bank is now going after cryptocurrencies, in earnest.

And can we really see valid cryptocurrency trends via Google any longer? After all, they, like many others companies, are essentially jettisoning Bitcoin and similar. Hence the uncensored search engines would have more accurate cryptocurrency trend indicators …eventually.

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Cardano (ADA) is NOT Money, but that’s Okay — neither is Bitcoin…

Dear Cryptocurrency Enthusiasts,

I heard the air just go out of the room. How can I dare say such a thing? I mean, why? Why challenge the Gods of Crypto? Because I listen to them when they say really dumb things and I’m a bad little sheep. I crap on their stage and bleat. It’s okay, I’m just a little sheep. Not much to worry about.

After reviewing several recent videos put out by the more vocal cryptocurrency developers and evangelists I wanted to reiterate a few things about what these pro-cryptocurrency, blockchain promoting, initial coin offering gurus and family, might be obfuscating: reality.

(There. I just let one go. Plop.)

And this goes for nearly all cryptocurrencies. Bitcoin, Litecoin, Sexcoin, Ether-bum and Frogpennies included.

What? There are no Frogpennies? You mean I was scammed? Again?

Dammit man!

I’m no newbie (noob) to this financial vehicle. I’ve been around the bend. Lost and gained. And I’m still here. Still playing the game. Still bleating and trading — and winning — for now.

“Freaking gambler!”

Hey…relax.

So, this is a reality check, from a fan of cryptocurrencies. (That’s me. Don’t forget that part.)

Is cryptocurrency anything other than a speculative vehicle?

I mean, look at where most of the money is going in cryptocurrency markets.  Most of the investment is going into bitcoin. Currently, bitcoin’s market capitalization is nearing $100,000,000,000.  Each BTC is now (almost) worth – $6000 each. It kind of wobbles there — for now.  Certainly, another milestone for cryptocurrency at large.

But is bitcoin worth anything at all? Go ahead. Torture yourself about energy, electricity and nodes. What type of value, other than a service value, does any cryptocurrency have?

Tick-tock.

How’s the mental argument going? Feeling twisted up yet? Okay, I’ll let you off the hook. It’s better for your blood pressure that way.

Wait a minute… The older guys and gals take this crap in stride. It’s just the younger ones who need to chillax. We’ve — us elders — been around the apple cart a few more times.

“Oh, but times have changed!”

No. They have not. Crooks are always crooks, not matter the century. Dummies are always dummies. Blonds are…  Never mind.

In the cryptocurrency world, there’s a lot of conjecture about the nature of money itself.  So, I’d like to explore that a bit. Remind the wandering souls who left their gamer chairs and headed over the crypto-couchs for beer and saki. (Which are both wonderful, I’ll admit.)

Hopefully, these wandering post-gamer types (Vitalik?) will sober-up before it’s too late — for the rest of us broke investors.

So, let’s get to it.

One of my favorite definitions of money was provided by Ayn Rand. If you don’t know her, consider yourself — sorry — uneducated.

Okay, maybe that was harsh. But if you are in the Fintech world, you ought to be ashamed.

If you go to aynrandlexicon.com and look up the word “money,” you will find the seeds of what I’m about to go over, there.

The Lexicon pulls this definition from a piece that Rand did titled “Egalitarianism and Inflation,” from the book titled Philosophy: Who Needs It, page 127. (Go ahead, look it up. You can google it. I’m tired of giving out shortcuts like candy.)

So, let me compare cryptocurrency to money. I think that a lot of people are disregarding this very important definition — to their own detriment.

According to Rand, money is a tool.  A tool that can be used to exercise long range control over one’s life. A tool that can be used for saving. A tool that permits delayed consumption. And, a tool that buys time for future production.

Think on that a moment. Pick up a wrench. Caress it. Did you just fondle money? Well, kind of.

Is cryptocurrency a tool? Can you fondle a crypto? Would you want to?

Certainly, crypto is a type of tool or at least an application, but it requires something a money-tool does not. Cryptocurrency requires energy. Electrical energy. It also requires a computer, software, regular updates, dedicated developers and user cooperation. These are only a few of the cryptocurrency requirements.

In other words, crypto is a “user of tools.” Catch that? It’s a multi-tool. (Oh, that’s gross.)

Can a cryptocurrency be used long range, however?

The apparent answer is that it cannot be used beyond a few years, without improvements. So, in this respect cryptocurrency cannot be used to exercise control, in a long-range manner.

Crypto is a shorty sporty. Heck, so is my wife.

Can cryptocurrency be used for saving? And by saving, I mean saving something of value (a tool — remember) that one can come back to in a week, a month, a year or longer — and pick it up, dust it off and say, “Wow, it’s still good as new.”

The simple answer, again, is…no. Attempting to save cryptocurrency beyond one week might be very risky. Yes, I’ve heard about bitcoin. Probably, before you.

In this respect, cryptocurrency cannot be used to delay any consumption for greater than perhaps a few days. It cannot buy time for the future.

Gold, for example, buys one “time” in a sense that one can delay using it for years. Maybe, if the governments did not control the price.

Let’s look at another aspect of money that Rand indicated was a definite requirement.

Money must be a material commodity that is imperishable.

Not a banana or pork bellies. Not energy or “trust.” Not nodes or networks. Material…and a commodity. A tough and tumble thing that just holds the fort and takes no prisoners — not even during “World of Warcraft.” (That should probably be Witchcraft.)

Now, you might ask what (exactly) is “imperishable.” And it is clear cut –  it is something that cannot perish or if it does perish it would take some serious effort. Computers and networks and games — they all go “bye bye.” Time kills them.

Cryptocurrency shall perish from this earth — I mean — eventually. Maybe in a few years. Maybe after Fedcoin awakens and the apparatchiks get going. Make a few arrests. Tax people into the poor house. A bit of insurance policy suicide.

So crypto is perishable, but for now, it’s a great fruit. Sort of like one of those irradiated, dehydrated apple chips. It’ll last for a few years on your counter, but once the dog finds it, yum-yum.

If the power goes out in your area, can you spend, save, and borrow a bitcoin? If your country makes cryptocurrency illegal, will you still use it? If, a few years from now, a newer and much better cryptocurrency is invented, what will happen to your preferred cryptocurrency? It just rotted. Perished into the doggy mouth.

Rare. Money should also be rare. Something that is abundant, easy to produce, easy to copy, easy to “fork,” does not meet the definition of rare. Think copy-machine. Think clones. Think, fiat-money.

Artificially reduced numbers on a digital ledger does not meet the definition of money, but it could be a type of functional currency. Reduced numbers of cryptocurrency atomic units do meet the definition of “limited,” but digital information is not in and of itself, rare.

Unless you print this — the words you are now reading (and why you waste you time here, I’ll not ask) — are born of code. Pixels instructed to turn on and off, by a bit of computer code, fed through a electronic processor. Okay, it’s not the best code. Not a crypto-code, but you catch my drift, don’t you?

Codes are not rare. They can be secure, however.

Money must be homogeneous too. Standardized. Similar. A dollar bill looks the same and spends the same all over the U.S. and many other places. (Yes, I know dollars suck — but they spend.)

Multiple kinds of functional money, i.e. cryptocurrencies, are not standardized. Although, many cryptocurrency technologies are similar they are not, for all intents and purposes identical. There is no standard. (Maybe that’s good, actually.)

Money must be easily stored.

Generally, this might mean that money is compact, perhaps stack-able, able to be placed in one’s pocket, transportable and able to be secured.

Yes, I know gold is heavy and past presidents in the US have stolen it from the people — and that it’s really hard to steal crypto.

But you know what’s even harder to steal than crypto? My thoughts. Electronic (and chemical) codes I can relay to you via spoken or written words.

I have secret thoughts too. Try and take them. On second thought, don’t — you might get sick. I’ve seen some pretty messed up things in my life.

Is cryptocurrency easy to store? In some sense, saving information on your computer is quite easy. But is that true storage in the physical sense? And isn’t that what we’re after? The ability to place money in a safe, under your mattress or in a tin can in your backyard?

Are my thoughts money? I think I have nodes too. My neurons are decentralized in my brain for sure. Billions of nodes, just humming along.

Money should not be subject to wide fluctuations of value, according to Rand. This seems straightforward. Sort of like, “Duh!”

My thoughts fluctuate. Crypto pops up and runs to ground often. I wonder, can I trade my thoughts on an exchange?

If you place a government issued coin in your pocket, unless you live in Venezuela, it will probably maintain its value throughout the day, perhaps an entire year.

On the other hand, if you stored a bitcoin on your computer hard drive, next week it could be worth twice as much or half as much.  And this goes for most other cryptocurrencies as well.

Not so for my thoughts. They are worth zilch, until I use them to develop something — say a crypto. There, I just did. Did you feel it? Wanna buy some thought-crypto?

So, fiat currencies are terrible, but they generally hold their value over longer periods of time – a stable value — when compared to cryptos. Especially my thought-cryptos.

What else is important about money?

Well, if you can’t go to the market and spend it, there’s a problem. If you can’t buy a cup of coffee, a soda, or a car – anywhere you normally go – there’s a problem.

Oh, please don’t bring out that BTC ATM map. Just go to the store and let them stare at you like you are a “nerd.” (Hint: you are. But it’s okay. They meet on Wednesdays, I think. Make sure to bring your pencils.)

So, if a cryptocurrency is to become a functional money it must be in demand among those you trade with. Not only the Wednesday “Nerd” Group. Currently, cryptocurrency also fails in this respect.  Let me repeat that, currently. Today.

(Note: Nerds may conquer the universe. Just look at Bill Gates. He’s got his own crypto now. “Way to go Bill, you copycat. No, I know you did not copy Apple…”)

Let’s get back on track, before Billy gets made and shuts this blog down. Really, I apologize Billy. I know you love crypto too.

Using Rand’s definitions, it seems that the only true money is gold.

“Oh not that rock thing again. You’re so retro, dude!”

Straighten up. Get a job, before your dad kicks you out.

Gold has a tangible value, but, as Rand states it, gold is “…a token of wealth actually produced.” Moreover, the transaction itself becomes much safer, much simpler, because it is like bartering.

Let’s recycle.

“No, Mr. Retro. I need to get back to War of the Witchs II!”

Money is a tool.  Cryptocurrency is an application that uses a tool – a computer.

“So.”

Tools can be used over long periods of time. We do not know how long cryptocurrencies will last.

“You mean it’s like a new modified game?”

No. Listen.

“Why?”

One can save a money-tool. If one saves a cryptocurrency application, it may be outdated within the year.

“Yep, just like my computer games. I sort of get it now.”

If you delay using your cryptocurrency, you may lose all your money – all your value.

“Right. You can’t sell used games for squat after a few months!”

The money-tool ought to be imperishable. Cryptocurrency is perishable.

“Games are dead soon after release!”

Right and a cryptocurrency is not a material commodity.

“True. I download my games now.”

Cryptocurrency is not rare, only mathematically limited.

“You got me there, grandpa.”

Cryptocurrency is not homogeneous in the sense that it is standardized among the persons with which you trade. If cryptocurrency were standardized, this might increase its demand.

“Yeah, a lot of dudes can’t stand War of Witchcraft at all! No demand. Puds.”

Cryptocurrency requires a stable value – if it is to escape the bonds of speculation.

“Hey, I made a few bucks with mining Piggycoin a few years back!”

Aside from the fact that cryptocurrencies do not meet the ‘Randian’ definition of a sound money, this does not mean that its value will not increase.

“Like I said, the Piggy was good to me. But my mom got tired of the high power bills and the gizmos making all of that noise.”

Even if governments choose to define cryptocurrencies in different ways, those jurisdictions with the least amount of regulations appear to be reaping the benefits of increased Fintech investments, for now.

“I heard that. But I’m not leaving America for some European paradise.”

Cryptocurrency is also voluntary. Fiat currency is not.

“That’s the point, right?”

Cryptocurrency is also trustworthy, in many cases. Many people trust the math, but some are concerned about the developers who write the code.

“Dude, you are confusing the hell out me. First you say they suck, now you say they don’t?”

Is fiat currency trustworthy? It depends upon the country, the economy and the leadership.

“Oh, yeah. Bummer.”

One thing is certain, however, even with two arms tied behind its back, decentralized cryptocurrency has captured the imagination of the people.

I think that any blockchain adoption by governmental entities, will only serve to solidify the people’s belief in the private use of the blockchain technologies.

I’ve also included a YouTube video of mine, highlighting some of the above issues.

“Dude, can I go back to my games now?”

Sure.

 

Sincerely,

 

Jack Shorebird

P.S. I’m selling my thoughts for one BTC each. Guaranteed to be far more awesome than any cryptocurrency ever mined, minted, spat out, staked, gassed-in or farmed-out. There is a limited supply of my thoughts because one day I’ll be dead. (Shut up, I heard that.) Just leave a reply and we can work out the details. I’m not going to leave my BTC address. That’s just tacky as hell, don’t you think? Hurry, this is a limited time offer — maybe less that 30 years before it ends and my decentralized network will cease to function.


(Disclaimer: The above is the opinion of this writer. Any appearance to reality is merely a coincidence. If it bothers you, mine some ‘coin.)


 

Cardano (ADA): The Golden Hand?

Luck is when preparation meets opportunity. The hard part is recognizing the opportunity.


(Updated 7/6/2018 — based on developments)

The Cardano opportunity is a risk and maybe a pickpocket.

Life…is a risk.

The news today…the news any day…the last few crypto-days…is mixed.

From a layman’s point of view – one who has made a few good calls – I thought that the next great cryptocurrency opportunity was here. The early cryptocurrencies were the introductions, the experiments and the tests.

A lot of people have made a lot of money in this space since 2009. Some of these newly minted multimillionaires have used this opportunity to push Fintech further. To create a second generation of cryptocurrencies with smart contracts and added tokens. To allow others to use their blockchains for good or ill.

From Bitcoin to Ethereum. Public blockchains that allowed innovators to dream and make their dreams into reality. The reality, the regulators, pushing back, but not yet winning.

From Bytecoin (stay away) to Monero (use at your own risk). And we must not forget the private angle. Others in this new space felt that the current governments obstructed the development of this technology as they, the Darknet users, actively created systems to hide behind a wall of code. Or give the user the choice to secure his accounts or make them public.

The principal problem with the private angle, is that we the users, do not often know who created these coins. We have no customer service. The risk, therefore, is great. To state otherwise is to be oblivious or perhaps to take that risk in hopes of a great return.

Is there a third way, however? A third generation of cryptocurrency? Not a compromise, as I have postulated before, but a “realist” coin? One that exists and uses the regulations to its benefit, rather than subjecting itself to the laws of all nations? In other words, can Cardano (ADA) use the law of nations to its advantage, while enticing a new breed of users?

It does not look promising.

We live in the real world after all. We earn and save and spend our money on real things in real stores, where real people stuff our groceries in real bags. We use fiat money, by and large, to do this. And there are many advantages to using fiat, except for micro-payments across borders. Cryptocurrency handles the latter much better. But cryptocurrency has other problems.

Although, I’m no supporter of the IMF (International Monetary Fund) its current director made some interesting remarks recently.

Christine Lagarde, Managing Director at the IMF, indicated in her speech recently, “…this is not about digital payments in existing currencies—through Paypal and other “e-money” providers such as Alipay in China, or M-Pesa in Kenya…”

What does that tell you? Aside from the fact that she said it? Is Lagarde sounding the alarm or is she helping to clear the way for the banking industry to adopt the blockchain technology? If so, what type of cryptocurrency would governments accept? After all, the governments are the banks.

In the US, the company with the cheapest product wins the government business – a lot. Yes, there are affirmative action quotas (reverse discrimination policies) to follow, but the product used, needs to be under budget – until later, when the corruption and incompetence is discovered and the whole project exceeds the projected budget, plus some.

Would PoW cryptocurrencies be used by governments? Unlimited budgets are things of the past. Yes, China and Russia can offer inexpensive power (electricity) to cryptocurrency miners, having built the power stations on the backs of their subjects (tax and spend), however, freer countries cannot often hide such corruption for long.

PoS cryptocurrencies might fit the bill, however. In fact, Ripple is fitting the bill nicely now. More and more businesses and banks are signing on. But Ripple is not really PoS, is it? It does not encourage people to save and earn interest, it only entices them the buy, hold and sell. Perhaps to use their system. It is no longer user-friendly – if it ever was. But it is a pre-mined animal for the current financial system. Centralized and existing in the regulatory environs – and earning money for its investors. And it has been accused of being an ongoing ICO.

Back to Lagarde. She also said, “For now, virtual currencies…pose little or no challenge to the existing order of fiat currencies and central banks…[b]ecause they are too volatile, too risky, too energy intensive, and because the underlying technologies are not yet scalable. Many are too opaque for regulators; and some have been hacked.” (Underlining emphasis mine.)

Volatility is a given with cryptocurrencies. They are not often pegged to a basket of goods or a fiat money supply. On the other hand, they are not – in theory – able to cause inflation. Many Cardano-like coins are potentially inflationary, however. PoS coins often have set rates of constant “production” — i.e., printing.

Energy. There’s the big one. Bitcoin, for example, uses as much power as hundreds of thousands of homes, certainly. And there are worries, that continued unchecked, the blockchain beast might use as much electricity as entire countries.

That is a non-starter for whole countries, if they are constrained by objectivity and budgets. So, what is better? What kind of cryptocurrency would entice the average Joe, the high-power banker and, at the same time, dissuade governments from clamping down on the process? Where whole nations could participate?

It would need to be – IMO – a cryptocurrency (or more than one) with wide acceptance, ease of use, an international governance structure, economical, secure, and transparent under certain circumstances. (By that I mean, an objective set of published rules whereby the ‘coin’ would, under the circumstances outlined, provide identity information to third parties.)  Whatever else the cryptocurrency could add, given the needs and desires of the populace, would be up to them. Smart contracts. Machine to machine payments etc.

Naturally, the acceptable cryptocurrency would require scalability. In other words, be flexible enough to increase business in an efficient fashion.

Such a cryptocurrency, could become a new world reserve cryptocurrency, if it was not subject to the whims and laws of every separate bureaucracy – used a system of governance akin to Maritime Law – as has been suggested. It can be argued that Bitcoin is like this today.

This would be, as some have called it, the third stage in the evolution of cryptocurrency. And, perhaps, a stage in the re-development of a base or reserve monetary system, decentralized at its heart and beholden to its users, not its users’ users.

Efficient, secure, regulate-able, sustainable and trusted, all based upon the original concepts of peer to peer networks. With the added benefit of creating a voluntary user base to extend the network.

Let’s face it, Bitcoin would be much faster if everyone connected and kept their computer on. But why waste energy? Why download the blockchain when cryptocurrencies like Cardano offer more efficient ways of participating – and obtaining PoS rewards?

The trick will be in the regulation. And how Cardano can manage what will certainly absorb much of their nest egg, that we the user must be willing to provide.

Can Cardano outpace Ripple and become a serious international player in short order?

Read between my lines. Probably not. Why?

Cardano was created by Charles Hoskinson and others, who also helped to create Ethereum Classic or ETC. ETC said, essentially, that the manifesto (the code as immutably written) was more important than humans who were harmed in the DAO Hack of Ethereum. Ethereum made it right (moral) by forking away the problem — “arresting the thieves.” ETC said “no, let the thieves steal” and here is free ETC to steal again. The immutable blockchain must be obeyed — like their God. And you think Cardano is not “jaded” by that same nonsense? That statements from Hoskinson’s blog about having “hardcore socialists” (more thieves) working for him on this project should make anyone on Earth, aside from other thieves, feel good?

Advice? Get thy money out of ADA. Too many red flags.

 

Bytecoin: The Cryptopia Delist

Why did the Cryptopia cryptocurrency exchange choose to delist Bytecoin (BCN), even after it surged in recent weeks? Don’t let the above picture give you any ideas. I am not saying that Cryptopia has a large stash of BCN and they are making off with it — since they can’t find the rightful owners. After all, abandoned property means “finders keepers” in the crypto-world, right?

The official explanation is:

Delist Notice – BCN

Due to an on-going issue of deposits being sent to Cryptopia without payment id, resulting in long delays for users or loss of coins, BCN is being delisted. Please withdrawal your BCN before 20/09/17

Published by: DaRoll @ 8/20/2017 11:30:01 AM

Okay, but that doesn’t seem rational. Many other CryptoNote based coins use the same method of depositing. They require a payment “ID” in addition to an address.

Boolberry (another CryptoNote derivative) is also being delisted at Cryptopia.

But what about Monero (XMR)? Will they be next on the chopping block? If Bytecoin deposits were creating a problem, would not Monero deposits create similar issues? Are Monero users savvier or is it simply a more trusted coin? I don’t think so. Even the Cryptopia blog/forum has threads from people having similar problems.

According to Cryptopia’s own policy, coins can be relisted, after having been delisted,

…provided the issue that was the reason for delisting has been addressed and the network can be synced.

The policy also states that “coins may face delisting” for several reasons:

  • Sufficient nodes are not maintained to keep the network synced and moving
  • A coinswap
  • Any network issues or bugs that could result in loss of user funds
  • Statements made by a coin or coin community that could bring the reputation of Cryptoipa [sic] into disrepute.

And there is a primary reason cryptocurrency exchanges are in business: money. If they cannot earn enough money, they shut down. If Bytecoin is a problem coin, it becomes a money drain. Based upon the official Cryptopia forum statement (above) Bytecoin is problematic for them.

Could the Cryptopia folks design their systems to assist BCN customers? Maybe. But why should they, if other coins are more profitable, more in demand, long term, and easier to deal with?

Will Cryptopia anger the BCN customer base by their actions, like Poloniex did? We know, after some months, Poloniex finally relisted BCN. So, why then, did Cryptopia delist now?

Clearly, there is something, besides the payment “ID” issue that is bothering Cryptopia. That is my opinion, but I’d sure like to have a fly on the wall at Cryptopia, after the recent Poloniex debacle.

There are the “sour grapes” folks as well. From Reddit:

BYTEcoin being Delisted on Cryptopia (self.BytecoinBCN)

submitted 12 hours ago by RightwayNZ: As of now you can no longer buy and sell BCN on www.cryptopia.co.nz; Not sure why because they stock a lot [sic] of sh*tcoins and I wouldn’t classify BCN as a “Sh*t coin”

[–]JR_216 3 points 11 hours ago: Old news. Cryptopia is kind of a sh*tty exchange as well. The community didn’t seem to care much when this was announced a couple weeks ago.

[–]Franzferdinan51 2 points 11 hours ago: Sh*t dumb move on their part

[–]propagandapalace 1 point 9 hours ago: Cryptopia has more currency and crypto pairings than any other exchange I can think of, but low volume, crappy customer service, and “dumb decisions” like this one, are why most people steer clear of it… They will come to regret letting BCN go…

Not all is well at Cryptopia, it seems. Bitcointalk.org has had a fair share of complaints from folks indicating that responses from the staff at Cryptopia were taking over a month. This does not bode well from a rather small exchange (by comparison) in New Zealand. Perhaps the best way to rid themselves of this negative community press, was to delist and seek the easy-to-use coins. Too much business too fast.

Is this what prompted the delistings of late?

Our team is proud to announce that we have launched full support for Cryptopia on Coinigy. While Cryptopia’s charts were already available on the platform, users can now attach API keys to track portfolio balances and trade through Coinigy.

The above is from here. Information that, as of August 12, 2017, Cryptopia was getting a new pal from America. Three days later Boolberry is delisted. Eight days later the announcement that BCN was out.

What does Coinigy do? It allows trading by customers over multiple exchanges at once. Great idea, right? So, what is the drawback? What problems might a New Zealand exchange have with an American company?

For one, compliance. All American companies must comply with related regulations from multiple agencies requiring the identification of coin holders.  Bytecoin’s main purpose is privacy. It is probably impossible to trace Bytecoin deposits and transfers, unless the coin holders supply that information.

If this is correct and Cryptopia is trying to put on a better face, they might soon abandon any coin allowing the level of security and privacy Bytecoin affords. Meaning Monero might be next. Coinigy could then be relied upon to handle the phone calls, texts, emails and complaints? Is Cryptopia hiring a well polished front man? You know, so they can concentrate on their main business.

If we can extrapolate from here, the movement from public coins, like bitcoin, to private coins with anonymous developers, like Bytecoin and Monero, answerable to no one – the centralized exchanges might need to comply with the ever-increasing pressure from the authorities to know their customers. We live in a “terrorist world,” after all and everyone is a suspect.

One option, if the private and secure cryptocurrencies are shunted off to the less trustworthy decentralized exchanges or the “wild west” of crypto-land, would be the adoption, by some country with strict privacy laws, of a cryptocurrency freedom code.

Although, there have been several attempts to utilize a cryptocurrency as money (currency) in various countries, these monies are tracked and regulated. China, that bastion of freedom, is allegedly preparing to launch a national cryptocurrency. This is just one example, but suffice to say, governments want to track your money and with public cryptocurrencies like bitcoin, it’s not a problem.

If regulators push the secure and private cryptos (Bytecoin, Monero, Aeon, Nav Coin etc.) into the black markets, they may be surprised when their values begin to soar. Not only might they create a wealthy criminal class, but solidify a crypto-substrate that will undoubtedly be used against them. Such a class of people the world might be better off without, if only the regulators allow us the freedom to manage and create our own currencies with no interference or spying on the innocents.

But this is a dream from a future century.


Note: There is more information about the Cryptopia BCN delist in my blog titled “Poloniex v. Cryptopia.”

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 meantime, 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

 

 

 

 

Where there is smoke there is Iota?


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 political tangles.

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 was the only major exchange offering Iota trading in the beginning. Now more have come on board, but the selection seems more Asian related — currently. If you read the Reddits all is well they say. Others say get out of there.

Certainly, Iota needs more exchanges.

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

 

 

 

 

 

Clif High: “Fact or Fiction?” You be the Judge…

Updated: November 7, 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 fin-tech ether.

Actually, I’ve been listening in to this chap for a while. Hey, I’m open minded, but skeptical.

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.

I’ve interviewed thousands of people over my former law enforcement career and this guy just strikes me as Mr. Fiction.

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. Actually, he is way past unusual and often his predictions are way off the mark.

And yet, he has a following.

When you listen to his interviews, few people seem to ask him the hard questions. And I often wonder how he would respond to them if they did try to pin him down.

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. It’s okay, if Palm Readers can obtain occupational licenses, so can Clif.

Years of $600 an ounce silver predictions, that have never materialized. Will it? Could it? I think it could — if the US went back on the silver standard or if, as Clif indicates, newly discovered applications drive the prices.

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 any particular cryptocurrency) succeed?

Here’s what Clif indicated:

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

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.

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. The Woo-Woo to be real.

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.

But the Chinese Government cannot be trusted. Can any government? Each new day brings a new policy. And yet Clif advises China will be the home of BTC by the 2020’s. (Boy, was he way off the mark here! At least for now.)

The suggestion here, and not only from me, is that Clif High or who ever he is wrong. Has been, repeatedly — regarding his predictions.

If you check Google Trends you will see that Clif’s popularity peaked in June of 2017. And the Canadians like him best of all, with the US a close second. I wonder if that was about the time Clif “decided” not to make his own videos?

So we listen.

  • Anti-gravity forklifts. They are coming.
  • Turkey will unleash a global financial meltdown, very soon. (Waiting on that.)
  • Major earthquakes were suppose to have diverted rivers in North America and precipitated nuclear meltdowns in August of 2017. (???)
  • Hollow-moon assertions. (Where’s the evidence?)

And we trust that just maybe Clif is onto something about crypto’s?

Maybe, if you buy his reports, you’ll make millions. Many have chimed in on that one. Made money, based upon Clif’s Webbot predictions, with cryptocurrencies.

Maybe his Webbot was garbled by bad data like he said, which is why he currently focuses on cryptocurrency and not a wider set of data, except economic stuff.

As far as I can see, his “predictions” have raised eyebrows for several years now. But are his prognostications simply too general? Like any psychic’s?

Certainly, Clif is more assertive than Nostradamus. He gives better dates anyway.

And his alleged Webbot? It’s not “open source.” We can’t have it inspected.

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 a life insurance actuarial table predicting deaths per thousand, based on past data. Even Google Trends are “trends” and not predictions.

Clif talks about silver prices skyrocketing — for a time — constantly. As I have mentioned. 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? At least in the short term.

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.

Clif has apparently spoken about of Cloakcoin. You decide why.

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.

I think the reports are about $100.00 (US) each now. There are complaints about those too.

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.

 

 

(Click here for more of Clif High’s “Theories”)


Note: I have come into possession a copy of the January 2017 ALTA report. I have reviewed it. If my copy is legit, other than several estimated dates when BTC would rise in value to certain target levels and it did, I don’t find any specific predictions that have come to pass. There are numerous future predictions that I will keep an eye on.


Related Books:

Will Bitcoin Miners Initiate “SegWit” Early?

 


 

Bitcoin is not like the Titanic. The Titanic was on her maiden voyage when she struck that iceberg. Bitcoin has been sailing for years. It has been through rough seas before.

Thus far, the bitcoin community has not panicked about the upcoming SegWit updates. But preparations are being made by a few. It is possible that many in the community are wholly unaware of the SegWit icebergs now visible in the distance.

The 24 hour bitcoin outlook is currently positive, as of press time. The one hour trade display continues to blare “red” warnings on and off. Losses of up to three percent have been reported in the top ten most traded coins. You can see a current list of gains/losses here.

“…bitcoin is 33% off of its recent highs…”

Few cryptocurrencies are gaining value, if one has a seven-day measuring stick. Currently, bitcoin is 33% off of its highs posted in June of this year. If this was a stock, losing $1000 dollars per share, many would have initiated a sell order by now. Hint: cryptocurrencies are not stocks or bonds.

Bitcoin is once again flirting with $2200, which could serve to lull investors into a false sense of security. Ethereum’s volume also eclipsed bitcoin over the past 24 hours. This is happening more often now and yet bitcoin still has double the market cap at present. Iota and Veritaseum have also posted amazing gains in the last 24 hours.

But don’t let the “blips” fool you. Keep an eye out for the value spikes — the pump and dumps. And watch out for the sales pitches from all manner of used car salesmen. Make informed decisions. The SegWit icebergs are real. Either bitcoin slips by unscathed or it won’t.

Japanese bitcoin trade may halt.

The Japan Cryptocurrency Business Association  may recommend that its member exchanges stop processing all bitcoin transactions for as long as a week, as a result of the perceived crisis of faith. (See this Altcoin Today article for more details.) The concerns revolve around the legal ramifications if they take no action. Translated? If they lose money and customers come calling. The Japanese government could also change its mind about allowing their citizens to continue using bitcoin. They’ve already had experience with MtGox.

“…GDAX…taking similar actions.”

We also know that GDAX, a cryptocurrency exchange in the United States, is taking similar actions. Surely, for similar reasons. If SegWit results in US citizens losing money, you can bet the lawyers will start to circle. But the regulatory agencies will probably step in first.

This worse case scenario is always good to examine. But there are many other less problematic scenarios.

A consensus appears to be building. Get your bitcoins to safety and away from the exchanges.

“…ViaBTC…creating a separate token…”

ViaBTC, one of the largest mining operations in the world, with roughly 5% of the network, is taking steps to help ensure customer bitcoin holdings by creating a separate token based on BitcoinABC.

In a MarketWatch article out today, experts indicate that bitcoin has not yet bottomed. Other business gurus have concluded the opposite. The situation is fluid for sure.

$2888 bitcoin price?

On the positive, but unusual side, Clif High of Half Past Human has reported a probable bitcoin price of about $2888 in several months. You can check out his latest video here — if you are so inclined. In no way am I suggesting that he is accurate, I just like to give you all angles and some comedic relief.

Finally, it is rather ludicrous that some do not understand why merchants are not flocking to bitcoin. If you’ve been reading my blogs — well — I’m sure you have an idea. Heck, if you’ve been reading the bitcoin news in general, you should be feeling queasy — if you own any bitcoin.

Here is another optimistic viewpoint concerning the lack of merchant adoption:

“That is a very troubling development, even though there doesn’t appear to be a clear logic behind it.”

The above quote is from a NewsBTC article dated today. Do they get it? Bitcoin is not yet an easily adoptable technology. Debates about its core functions and who controls it, are major concerns.

How many other cryptocurrency exchanges are making preparations behind the scenes? And, are miners preparing to nip this thing in the bud? It appears to be true.

“…miners…signalling for SegWit early.”

CoinDesk has reported that miners are signalling for SegWit early. Here is the Countdown Clock they are referencing.

I’ll continue to keep you posted.


Image: Flickr

 

 

 

 

 

Bytecoin Blackout?


>

Earlier today it was reported that Bytecoin.org mysteriously went offline. (You can read about it on BitcoinTalk.org here.) As of this writing the site is still down. Here’s what you might get:

An error occurred.

Sorry, the page you are looking for is currently unavailable. Please try again later.

If you are the system administrator of this resource then you should check the error log for details.

Faithfully yours, nginx.

Now this does not necessarily mean that 300 million dollars in BCN will evaporate, but it might end up that way. Especially if news comes out that Bytecoin.org was a complete and utter scam from jump street. Many have warned about this very thing.

And please know that Bytecoin’s Forum is still up. See: https://bytecointalk.org/index.php to verify. However, this is not a very active forum.

Are we about to experience another Alphabay fiasco? It does not appear to be that way — exactly. Unless the Bytecoin Team has raked in enough cash and has decided to abandon ship — which is not sinking. Maybe they are quitting on a high note? If so, the value should fall very soon. Why? Who will tend the software? How will we know when there is a software update? Are they switching to a full wallet based system — a more decentralized approach? If so, then where will newcomers obtain the application software? The wallet? The blockchain?

You can check here to see if the site is up yet: Bytecoin.org

The timing of this outage — this blackout — is curious. It coincides with a massive pump on the order of four million dollars (US). Although, Poloniex has not yet opened BCN (Bytecoin) for deposits/withdrawals — allegedly they are waiting for a solution from Bytecoin. Meanwhile, back at the ranch, the BCN trading at Poloniex is “off the chain.” What do they know that we don’t? Is this just another Polo-Pump?

If we back up a bit, some of us might recall that Bytecoin.org took their private forum offline recently and dumped a load of spam. This was shortly after I emailed them about the problem, but I do not know if they conducted the cleaning because of my email.

Strangely, just after my post yesterday about Pacific_Skyline, the main site went offline. Again, that’s probably just a coincidence, right? I mean, did I shame them? Maybe. I’ve been pretty tough on them lately about their odd writing — how it seems foreign-styled. Foreign in the sense that it’s not the American style of writing. Which is okay, but they might need to hire an editor to flesh out some of their extraneous verbiage. Long winded and flowery for sure. That is unusual, in my mind, for “math” types. Maybe it’s a French thing, since their website is allegedly based there. But I doubt it.

Now the Cryptonote.org website is still up. If you recall, Bytecoin is a Cryptonote coin. Run Scamadviser and you should find that this site is listed as “99%” and it “looks safe.” “Looks” is a weasel word. My cat “looks” safe, but he will eat your dog. Cryptonote.org might be located in the Netherlands, but it is hidden, according to the review. The site could just as easily be located in Panama or in the US. There has also been a lot of speculation that Cryptonote.org and Bytecoin.org are operated by the same crew. Should we then expect the CryptoNote.org site to shut down next? According to others, Bytecoin and CryptoNote parted ways some years ago and therefore Bytecoin.org going silent at this juncture, should not cause any troubles on CryptoNote.org.

Since many of the CryptoNote coins are related, I checked the following websites:

Aside from Pebblecoin and Quazarcoin, the above websites are easy to find and active. There are more CryptoNote coins, but they are essentially “dead” coins. In other words, many of the CryptoNote websites are alive and well. This makes me think that we are simply experiencing some kind of upgrade to the Bytecoin.org website. Again, if you will recall — at least for those of us who follow Bytecoin and the CryptoNote coins in general — we were advised about a forthcoming “colored coin” update by the Bytecoin Team about a month ago. We were not advised, however, that the website would blackout for a time. And, this new bit of news was a long time coming. About a year. And…it seemed repetitive. Are we being led by the nose? The long con?

There is no news on the CryptoNote.org website about Bytecoin.org’s current hiatus. There is no recent activity on Github, but I would not expect any if this is just a website upgrade. But I would expect this if the Teto-Team is upgrading BCN. You would think with all of the money flowing into BCN of late, that the TetoTeam can now focus on some serious development. Or maybe a seriously long vacation?

This of course brings up the 80 plus percent Bytecoin premine allegation. These days, with all of the ICO’s about, it does not strike us as odd, that any type of big premine is a big deal. It’s only about our acceptance of the coin — if it works as advertised. And it has always worked for me.

A recent piece on Reddit, if it can be believed, advised of an older exchange with the one of the previous Bytecoin Team members. What I got out of it was that there were about a 1000 or so early miners of BCN and the coin was really released in 2012, but the post did not go into the specifics — nothing about the fudged White Paper dates or the non-existence of a website back then.

If the Redditor in question stumbled upon a truth about Bytecoin, it would seem to imply several things. First, that over a thousand individuals have over 80% of the coins, which means it is not a small group of people and that is probably a good thing. Secondly, that the core Teto-Team may not know each other, personally. Now, take this as you may, but the most successful secret operatives work using the cell theory. They often do not know the organization they work for and only have one other contact — a vague one at that. In the new world of the internet, the developers of cryptocurrencies can work completely — or almost completely — anonymously. They do not need to identify their other team members at all.

Like I’ve mentioned before, this ability to work independently and anonymously, within the international financial environment, makes Bytecoin, if it survives its christening by fire, a force to be reckoned with. No other POW (Proof-of-Work) cryptocurrency on earth has ever accomplished such privacy and independence before; and had such success. (Please correct me if I am wrong.)

There has been much praise for the “coding” as well. Bytecoin is not a *bleep*coin, as it were. There have been recent issues with mining, however. This problem allowed someone or a group of them, to mine extra coins — beyond the perimeters set up in the code. It appears as if the Bytecoin Team has refused to undo these added coins and this stand has probably angered some. In the final analysis, however, when a cryptocurrency invalidates transactions after the fact, which would be required if a blockchain was rolled-back in order to reverse the creation of these extra coins, you end up with things like Ethereum Classic. Bytecoin avoided this rift. Full ahead, they said —  then they fixed the workings on the fly, as I understand it.

And please do not mention Monero. We know at least one player in that space. It is not unimaginable that other, less moral characters (our governments), know a lot more about the Monero developers. I’d say, in a world controlled by government money, that allowing one’s identity to leak out in this arena, is like to planning to go to prison in the future. Or, at the very least, sending a public invitation to the regulatory agencies the world over to plant electronic eavesdropping devices on your dog. (Hint: check their floppy ears.)

There is a side note here. Something that is causing a lot of concern on the internet. The Net Neutrality debate is raging. This could be one of the reasons that many websites have slowed over the past 48 hours. Of course those who support neutrality aren’t really supporting free and fair internet usage. They are supporting the institution of force. How so? If you are an internet company, under the idea of neutrality, you are required not to act in the interest of your own business. You may not charge other companies extra for use of your servers. You can’t offer special deals or market products of your choice by slowing down or limiting the access of competitors. You must allow every company connected to the internet — which really does not exist at all since it is simply computers connected to each other — free and unfettered access to your equipment. After all, under this alleged neutrality, the internet, which might use your equipment, your electrical power, your time — whether you agree to allow it or not — does not belong to you. It is some virtual thing, afloat in a sea of electricity — like the air we breathe. Nuts. It’s like Johnny Mnemonic all over again. “Information should be free!” Okay, but who will pay for it kids? Silence. Haven’t you heard? There ain’t no such thing as a free lunch, Jethro. Okay, the above is over-simplified, but ain’t that the gist of it?

Now we wait. The thing is, customers hate waiting. In fact, we find other, better suppliers — ones who are up to the job. (There, I just had to get that last Bytecoin dig in.)

Get off of your duff Bytecoin — if you’re still live.

Are you under attack?

Seriously, I hope that Bytecoin.org is “under reconstruction” as some have speculated. If true and if the new site comes up with some great new tech, well then, we might be in for a wild rocket ride.

I know…a lot of “ifs.”

Curiously, a few hours after posting this, the Bytecoin.org website once again showed itself. ScamAdviser indicates that the site is currently “94%” safe. There has been no official word from the Teto-Team as to why the site disappeared for over a day.

 


Image Source: Flickr