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.”

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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

 

 

 

 

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.


 

 

The Animals


iota

The guys are discussing cryptocurrency today. Tom is traditional, Dick is confused and Harry always wants to be on the cutting edge.


 

 

Image: Wikipedia — By ravas51 (Flickr: IMG_3747) [CC BY-SA 2.0 (http://creativecommons.org/licenses/by-sa/2.0)], via Wikimedia Commons

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

 

 

 

 

 

Will Bitcoin Fork on July 21, 2017?

Burn

 

Bitcoin has been steadily devaluing. In fact, most of the major cryptocurrencies on earth are also losing steam. Ethereum, Ripple, Litecoin, Steem, and even Dash are suffering. In some cases losses have exceeded 25% in less than a week.

Is it the end of an era or a readjustment period? A shakeout, if you will?

Many have debated why, as bitcoin dips, does it seem to initiate a larger scale downward trend throughout the cryptosphere. Each time bitcoin sneezes, crypto in general, catches a cold. Today — this week — bitcoin has the flu.

Some have pointed to alleged “Civil War” between the Bitcoin Core Team and the Bitcoin miners as the culprit. Primarily, the accusations are being leveled against the miners who control most of the network. The Chinese.

There is also some bickering within the Bitcore Core Team itself. But the idea that all of the planned changes — the proposed updates — to the code, will cause a rift is also on the debate table. A debate about a potential bitcoin fork — a split of its blockchain. Or perhaps users will use another blockchain. (I will get to that in a moment.)

Let’s face it, most bitcoin users, investors, watchers, writers — do not give a bleep about large conglomerates of miners who are churning out bitcoins and making a tidy profit. They are charging the community for the privilege of using a peer-to-peer system, allegedly designed to reduce the financial friction between willing parties. That is now history. The price of doing bitcoin business is becoming more expensive to the small consumer. Still, aside from the slow processing times, sending large amounts of bitcoin internationally, is cheaper than using the antiquated banking systems of today. In other words, bitcoin seems to be helping those with lots of bitcoin. Not a good sign.

Many of us do care that the Bitcoin Core Team is working to keep the code “bug-free” and that they are attempting to update the system. However, they are not dictators. They do not have the final say. The community must accept the updates. The users of the system are voluntary. If they do not accept the changes — if the miners feel cheated by the prospect of having their profits reduced — we could see a fork. And this could mean the destruction of the most successful private money that has ever existed — maybe.

Such a thing would not only evaporate the wealth housed within the blockchain, but potentially all of the investments tied to the bitcoin ecosystem — worldwide. From ATM’s in Vegas to the Mom and Pop Dress Shops in Morocco. All of that seed money, those start-ups, YouTube preachers — you name it. Adrift in the cosmos of bankruptcy. It would be painful for some.

Is there a silver lining to all of this?

Antpool, the largest bitcoin mining operation on earth, does not want the updates offered by Core — “SegWit.” Bitcoin Core is pushing ahead anyway. It is a Goliath versus Samson battle — all over again. Core holds the sling (the keys to the original code) but Antpool can simply copy the code. If the Antpool Goliath does this, will anyone trust him? Actually, the last I read — and info can be sketchy here — Antpool had a back-up plan. They started mining Bitcoin Unlimited a few months ago. (That’s another story, but suffice it to say it solves many of the problems associated with the current version of bitcoin.)

Philosophical battles aside, the concerns over whether bitcoin (or any cryptocurrency) must decide between the corporate world and somebody’s idea of traditional capital is a red herring. Any money ought to be neutral in that sense, if the developers/community so decide. And therein lies the problem. Any community of anything is going to debate, endlessly. Although, I am not speaking in support of Dash, their governance model does have advantages.

In any event, the fireworks begin in just a few days — July 21, 2017. If 80% of the bitcoin community adopts the updates — SegWit — all should be fine. On the other hand, if the community does not adopt the updates, it is likely that an alternative solution might be employed on August 1, 2017. That is the idea of a “soft fork” employing SegWit as user activated “choice.” By then, Antpool may be off the reservation — employing Bitcoin Unlimited. The tension is palpable.

Let’s add more fuel to that fire, shall we dear readers?

CNBC put out a panic article recently and it does have some rather prescient information. Namely, that the Bitcoin.org community has recommended that everyone — every user of bitcoin — take a “bank holiday” a few days before the proposed changes are to take place. Say on Friday, July 19, 2017 — you know — just to be on the safe side. Did you catch that? Turn off your bitcoin wallets. Now I’m as brave as the next guy, but don’t get between me and my cash. And yet, major players are notifying bitcoin users that they are doing just that. No deposits or withdrawals? No trading for a few days? Be prepared.

Do you know what happens during bank holidays? Panic. Users might find a substitute. Certainly trust will be eroded.

Hence, bitcoin is devaluing. People are cashing out. Waiting on the sidelines.

Now if you are confused, you should be. Hour by hour, bitcoin is still loosing ground. As of this writing, the price of one bitcoin just dropped below $2000, then popped up again. That is over a 30% value reduction in just over a month. Coming from just over $570 each last August (2016), which is amazing in itself, anyone holding the coin, if the blockchain forks, could be left holding thin air.

As some have put it, we are witnessing, once again, a sea of red. Let’s just hope that the entire thing does not go “bleeps up.”

You can check here for up to date valuations:

CryptoCurrency Market Capitalizations.

Thanks for reading. If you have any input, let me know in the comments section below.

(Oh, and thanks RK.)


Image: Flickr

 

Morgan Stanley…bitcoin…a poster child for speculation

blockchain_illustration
Wikimedia

It’s fashionable, right now, to bash Fintech — especially bitcoin. So get your blockchains while they are hot!

This is the latest on the banking/investment front. When bitcoin (BTC) loses value, the traditional financiers let it be known that it just will not work and, in all honesty, they might be right — in the long term. But so too will the US dollar devalue — probably sooner than we think — unless a rabbit is pulled from the proverbial hat, in the short term.

Bitcoin may be the reigning prima donna of the crypto market but Morgan Stanley is not impressed.

Source: Morgan Stanley thinks bitcoin is nothing more than a poster child for speculation – MarketWatch

In a nutshell, the Marketwatch article, by Reporter Sue Chang, at first tells us that bitcoin has soared by over 250% in the last year. “Great!” we say, but then she drops the bomb. She cites Morgan Stanley’s analysts and James Faucette in particular. Bitcoin is on a wild ride and it’s probably not a legitimate currency we learn. I guess that all depends upon how one defines legitimate, because nearly anything can be a currency — or as I have indicated in the past — “functional money.”

On the other hand and we need to face the music. There is, according to Faucette, virtually no merchant acceptance. Again, virtually is another one of those weasel words. And we are so surprised. Aren’t you surprised, dear reader?

Sure, I can’t buy a gallon of milk at the corner store with my BTC, but I can buy a TV or a chair or even bike, on Overstock.com. Microsoft, Virgin Galactic, Steam are other well known vendors and the list goes on. So are we really losing vendors? Yeah, probably. Okay then, why?

According to the article, bitcoin does not appeal to retailers — and that is one reason it is not so good. Let’s examine that objection. Why does bitcoin appeal to the country of Japan say, but not the local supermarket in New York City? Is it because we, as a nation are less technologically advanced? Probably not. Is it because the regulations in the United States, the tax laws, the trading laws, the money laundering laws — you name it. The short answer? It certainly puts the kibosh on the whole thing, does it not? Only the big players, such as Coinbase or Subway Sandwiches, with a bevy of lawyers and tax accounts, seem brave enough to wander into that quagmire. On the other hand, the small players and the hidden ones (not all criminals by the way) can also wade into that pond.

Hoarding was another objection. Sure, bitcoin has appreciated. People are holding it, but there is still a lot of BTC available. One can’t simply worry that there will only ever be approximately 21 million BTC’s in circulation. It would be like saying, if we put cash under our mattresses, hoarded large denomination fiat bills, we would somehow make it less usable. The thing is, there’s plenty of cash out there. Too much actually. In a manner, hoarding can serve to increase and stabilize bitcoin values.

The objection to bitcoin’s accelerating costs and slowing transactions time is a legitimate concern, however. We will know, probably within the next 30 to 60 days, if bitcoin will adopt new perimeters allowing for faster confirmations, but the applications — the coding — is still being hashed-out. And there are associated centralization of power risks as well. Only a few developers control the code, but don’t forget, anyone can copy (clone)  the code and “improve” it.

Surprisingly, the apparent objection that bitcoin’s own skyrocketing — I would say its volatility — worth, is somehow a minus, is ludicrous. Speculators are certainly present, but as I have submitted, the fact that regulators stand in bitcoin’s way, is the primary culprit. The Great American Regulatory Wall, against mass adoption — that it the goblin.

Government oversight is needed, they say. And that, my friends, is the big snow-job. It is not required at all. The real reason bitcoin cannot, in this environment, ever be allowed to function unhindered is that it threatens the dollar. It threatens all fiat currencies in existence. That is plain. When a digital currency, not printed into oblivion does that, no debt-based economy can abide it. Even Japan, mired in its eternal economic crises, probably hopes that cryptocurrencies can save their century.

Is bitcoin funny money? That’s another implied objection and it’s an ignorant one at best. If so, then the dollar is funny money. A reserve note that represents a slowly failing — bankrupt system. Most intelligent people know this already. We just have little choice. We are required, by law, to use this debt based system. Is it moral to force people to use a monetary system that has no real value? Even less of a perceived value than bitcoin? That’s a no brainer, right?

Morgan Stanley is the sixth largest bank in the United States. Banks take our fiat dollar deposits and create more fiat dollars — out of thin air. Now I’m not against honest banking services, where money is real — like gold and silver — and where fractional reserves are quaint memories, but to attempt stay the high road in a FED-made swamp? What magic is this? Answer? The emperor is naked.

And finally, we the people also know, us speculators and hoarders alike, that bitcoin could fail. The blockchain tech might fork. China might continue to build BTC mining farms and essentially own the network.  But, my Morgan Stanley late-comers, the Fintech field is just getting started. I’d keep an eye on the Fintech start-ups and the giant Cloud Servers owned not by the banking system, if I were you.

I’d hate to know what they think about Monero or Aeon. Kind of reminds me when the car replaced the horse. Many objected back then. It was certainly a learning curve.

Thanks for reading. Let me know if I bored the hell out of you.

 


Image: Wikimedia

Bytecoin: The DStrange Con?

Money Drain
Money Drain

If you need to boost your customer base, sell more goods — more crypto — what do you do? Hire a “PR” guy, right? Or pretend to hire one. I mean, on the internet one can create any number of what are called “sock puppet” accounts. Additional emails and user names for various social networking websites to make it appear as if many people are behind the scenes — hiding in the deep dark web — working hard to make things happen.

A bit of Bytecoin history that might be fiction is in order to help us understand the Bytecoin outlook. A short re-hash. In any event, it makes for a good story.

The personalities in this space are colorful, but think of cardboard cutouts. Think of characters in a book — a book of fiction. Think about keeping your money while you are at it. Even if the Chinese own Bitcoin, maybe you’d better just wait and see who owns Bytecoin.

I have often wondered what it is that has brought me here to the Bytecoin.org doorstep. It’s the mystery of course. The not knowing. It bothers me. And maybe that’s the lure or the pull, if you will. Is it a marketing method? No, I doubt that. I doubt that all of the mystery surrounding Bytecoin is meant to make us feel protected — secure in our monies. Our crypto. No matter how great the code may be, there are simply too many red flags to ignore.

The mystery is what it is. A lack of information which has led to multiple inquires going back since at least 2012. Now ask yourself what kind of people do not want you to obtain information about them? Are they the crypto-saviors or just the opposite? Scammers — criminals — or at the very least unethical developers bent on fast profits and a slow exit?

The point is, when some of us smell a rat or a bunch of them — even if they are living in a palace of fantastic code-cheese (that’s a slight reference to “Cheesus” — a mod on the Bytecoin Forum as well as BitcoinTalk) — well, we investigate. And I may have praised certain aspects of BCN in the past, but now is the season — once again — to hunt. To hunt and to make crypto-enthusiasts aware that scammers are alive and feasting — have been — for years in this “Wild West” environment. An environment where cheap cryptos entice the buyers, who only later discover that the shear number of BCN coins prevents any giant pumps. And that is just as well, since quick profits are just as easy to come by as quick losses.

Take DStrange. A character. A fiction? Yet another pseudonymous ghost. A Bytecoin promoter — who rarely promotes. You’ll find him listed under the Teto-Team at Bytecoin.org. He is a recent member, allegedly. Meaning he came after the rest of them. If you peruse the Bitcointalk forums you will find a trove of information which dovetails with the Bytecoin developers, going back to 2014. You will find argument after argument, accusations fly — and always the Bytecoin Team loses. DStrange loses. Rias loses. Cheesus loses. They are never able to explain why they — or Bytecoin — chose certain “dark” paths. Why Bytecoin essentially made the lion’s share of the coins for themselves, under optimal conditions.

Why is DStrange so curious, however? Because few people have ever had any contact with the Bytecoin Team. There’s a load of theories and maybe I will explore some in the future, but for now I’d like to focus on DStrange. Apparently, if you have questions, he might help. Maybe Cheesus will too. Praise the Lord! If he is still around.

We can see on the Bytecoin.org website — if true — that DStrange is a public relations guy with a major in Management / Psychology. He has a Master’s Degree in Management, from Erasmus University in Rotterdam — in Europe.  Rotterdam is in the Netherlands, for those who may not know.

And all of this is “academic” as they say. Why? Again, DStrange is not likely David Miller — and he probably never attended Erasmus. Naturally, if I’m wrong, please — oh please — correct me. Show me the evidence and the error of my ways; and I will retract these accusatory words.

DStrange recently joined the team in a high action. Besides public relations DStrange develops further Bytecoin applications for business.

This is what Bytecoin.org offers us by way of a short bio — regarding DStrange. We can see that not only is DStrange a public relations guy, but he is also a developer of Bytecoin applications. Again, we must take this on faith. Oh, and ask politely for a single example of an application created by DStrange. Just one.

If we go back to the BitcoinTalk Forum to May 16, 2014, we can find an exchange between DStrange, who is also listed as David Miller, with an email address of Dstrange.m@gmail.com — and the Bytecoin Team. If you check the email address of DStrange on this verification service, you will see that DStrange’s Trust Score is 7.25. By comparison, my Trust Score for my email address (jgshorebird@gmail.com) on the same service, is only 5.5. Maybe it’s because this is not my primary email address.

DStrange’s trust score is much worse on BitcoinTalk, however. User fluffypony (Riccardo Spagni) of Monero fame, has even linked the user rethink-your-strategy’s post detailing the Bytecoin scam. (Warning: the writer is pissed.)

At any rate, DStrange is one of the few people who will actually answer the phone, so to speak. I’ve confirmed that at least he does respond on Reddit. His user name there is DStrangeM — again, if it’s not a sock puppet account.

At this point, if DStrange ever reads this blog, I’d like to ask him to tell me if he lives in the Netherlands (Holland?). It is interesting that ScamAdviser.com gives us a 2% chance that the Bytecoin.org website is in the Netherlands. Is that a result of DStrange’s influence? Or is Bytecoin hidden there?

Smooth (developer at Monero and AEON) — a well known and respected user on the BitcoinTalk Forum and many others — has leveled many allegations against DStrange and other Bytecoin Team members. And against the early code itself. One important factor was addressed on May 17, 2014, as DStrange and others were posting in support of Bytecoin.

Smooth posted:

The “optimizations” are fairly absurd. They are better described as de-un-optimizations. The straightforward implementation of the algorithm is the optimized one, not the other way around. You’d have to go out of your way to make it as slow as it was. Several highly qualified people have commented along these lines already (ignore me, I don’t know what I’m talking about).

If we look at the latest round of de-un-optimizations, most of the history of the bytecoin premine comes down to just 4-8 PCs. Or a somewhat larger number over a shorter period of time. Really, that’s all.

This one post by Smooth (above) is perhaps the most challenging for the Bytecoin team to explain. Why would they “de-un-optimize?” Logically, to grab the lion’s share of BCN early on. Is that a bad thing? I mean it was their baby, right?

Now think about that for a moment. If they used the extra money to develop the coin, since the price has surged of late — probably just speculators — then they could have plowed some of it back into R&D, right? Has the money ended up in the Cayman Islands or Panama instead? We don’t know. Why? They don’t talk much and when they do — they do not ever appear to defend themselves from all of the accusations. They have, as Americans put it:

Refused to incriminate themselves in any public way.

And the history of a thing cannot be undone. It has been years, but no reliable information has surfaced about Bytecoin (BCN). It has, in no uncertain terms, staunchly refused to explain all of the inconsistencies related to the launch of Bytecoin — the premine, the apparent falsified White Papers, the assertion that the “blockchain” verifies the launch date — and the list goes on. Until that time, until Bytecoin can remove the stench from it’s hidden launch, I might continue to regurgitate these forgotten memories in an effort to dissuade or at the very least, to make users extremely cautious about BCN.

It’s high time Bytecoin Team. If you have any guts, show us the money.

 


Image: Flickr

Bytecoin and the PACIFIC_SKYLINE “Ghost”

15116129817_0992beac90_k - Copy
Source: Flickr

This is an open letter to: PACIFIC_SKYLINE

Dear Sir/Ma’am:

I don’t usually write letters to ghosts, but this time I’ve made an exception. You see, I figure that one of these days a Teto-Team member will have had enough. I hope that today is that day. That today, a Bytecoin Team member will have the bleeping bleeps to respond to this open letter. Just to clear the cryptosphere.

I’m not necessarily tearing down the Bytecoin tech. I hear it’s cool beans. Really cutting edge stuff and I know Monero is stealing some of your thunder. They’ve even updated their website as well as your tech. I’m sure you’ve noticed. Doesn’t that irk you?

On the other hand, I also see the pumps and dumps associated with BCN. Millions flowing in quickly — being laundered? I hope not — and millions flowing out at speed. I don’t see that as much with the other children of BCN (Bytecoin).

We users of the Bytecoin system are once again staring at the Bytecoin Team Members list on Bytecoin.org and wondering if you, Mr. Pacific Skyline, really exist. If you ever really lived at all or if you are merely a fiction. You are aren’t you? A fiction…

I do not mind that you use an anonymous name or handle — if you are real. I would, however, enjoy a word or two. Perhaps a Tweet or even a response to this post would suffice. Make one. I dare you. Go public right now.

Maybe you would care to read my previous post about “Neocortex,” a.k.a. Joseph Lin. Maybe you would rather peruse my post about the “Seigen” mysteries. It doesn’t matter. What matters is that you kindly respond. That you post something under your name on the Bytecoin website or that you just come forward here and tell us who you really are. Or tell us something else. Talk about the weather where you are. Do you own a pet? What is your favorite drink? Vodka?

In the meantime I will attempt to determine who you are. Attempt, little by little, to show the Bytecoin users that you probably do not exist. That you are indeed “hot air” as in the kind used in an aerostat you allegedly desire. And if you do exist, I humbly apologize for calling you a ghost. But if the sheet fits…

“Pacific_skyline devoted his life to developing the technologies that will help humanity to realize its full potential. Bytecoin is the basis for several projects under his supervision. Among the earthly things, he’s interested in aeronautics and plans to obtain his own aerostat.”

That is your description. It’s kind of vague. Once again, the immediate reaction I get is the wording weirdness. When it states:

“…devoted his life…”

…it almost sounds as if you are dead. It’s kind of past tense. You should have them change that. Unless you are dead, but the following words seem to hint that you actually live. I mean if you are interested in aeronautics that would mean you are alive or is there a subtle hint again. Your bio mentions…

“…earthly things…”

Is that a hint that you are spiritual in some way? Or is there another hidden meaning here? Are you deceased? Are you unearthly?

And this vague bit of enlightenment is a tad strange:

“…developing the technologies that will help humanity to realize its full potential…”

Humanity realize its full potential? Don’t you know how that sounds? It sounds as if you are not human or that perhaps your work is so fantastic as to enrich all of us. But that is a tall order my friend. It seems to hint that you have one heck of an ego.

How so? How will your plan help all of us? In what vein? What kind of full potential are we talking about? Augmented humanity? Better spreadsheet technology? Monetary freedom? How about some clarity and a little less B.S.

If Bytecoin is (or was) the basis for some of your projects, can you give us a hint about any of them? Do they have anything to do with aerostats? And why do we care if you like to play with hot-air balloons. More dead-end nonsense, right?

How about your profession? Project Manager is it? And you majored in Computer Science Management at the University of Washington? You have an M.S. in Information Management. Great. Was that from the Paul G. Allen School? Can you be a little more specific, because I can’t seem to find that degree department at U of W.

And where did you get that name? From the “Pacific Skyline Council” in Foster City, California? Are you a Boy Scout?

Maybe you are making a reference to the musical group?

Let’s go back to November 5, 2015, shall we? The last known blog post from you on the Bytecoin website. Here you explained how we can make our own cryptocurrency and how:

“…creator has vision.”

And other mundane things.  Again, as an English speaker, I note the odd usage of the written language.  Missing conjunctions. Typo’s. All of these seem to hint at a Russian dialect, in my view. Or perhaps a bad Google Translator package. Are you really “Black Sea_Skyline” then? Come on, gimme some “pravda.” (Truth.)

Need some examples — again? How about this one:

“The first example that jumps to mind is the inventor of transistor.”

Dear Pacific_Skyline, how about adding an extra “the” before “transistor.” Clearly, given all of these types of mistakes, you are not from the United States. Were you an Exchange Student? And why is it that all of you — the Teto Team — seem to make the same kinds of English errors in your blogs? Are you all the same person? From the same region of the world? I’m certain any professional linguist could tell us much about you.

“The development itself is time and labor consuming process.”

Correction: “The development itself is “a time and labor consuming process.” But it’s still weird, even after I correct it. It’s wordy. How about: “The development is time consuming and laborious.” Is there a report writer on your staff? I mean I’m no editor, but I think you need one.

And these glaring English usage patterns persist throughout your other articles as well. The September 6, 2015 blog post has them. The July 24, 2015 blog has more. And I could go on, but I think you get the picture. You are not originally American. Not by a long shot, but you never said you were. You did, however, imply that you were. And why?

So, Pacific_Skyline, your identity remains intact, but your words define you. A great tech, such as Bytecoin — even with its recent glitches related to mining — cannot hide your fake bios. It’s high time to clean out your garage.

On the conspiracy side of the house, I hope you are not an operative, Pacific_Skyline. I hope you are not part of the NSA or some Russian apparatchik. I’m betting you are not, however. I’m betting you and your team are what you say you are.

We’ll see.


Image Source: Flickr