BitOffer: What If the Bitcoin Price Does Not Rise After the 3rd Halving?
As we know it, the 3rd halving, which is expected to happen in May 2020, has been considered as the “BULL” signal by most investors even the bitcoin price has been through a huge decline as a whole during the second half of 2019. It is hard to deny that Bitcoin is a rags-to-riches myth which has risen from a “pizza” price to a peak at about $20,000. The highest growth has even been reached 8 million times. And one common thing I’ve noticed is that super bull markets came out when the last two halvings happened. So, it causes most investors are expecting the 3rd halving. Why do most investors expect the bull market to happen after the 3rd halving? It is quite simple that the total volume of bitcoins is 21,000,000, and all the bitcoins will be mined out in around 2140. Before the 1st halving, each block reward is 50 bitcoins. After that, the block reward was reduced to 25. Then, it was reduced to 12.5 bitcoins after the last halving. When the 3rd halving of bitcoins comes, each block reward for miners will be reduced to 6.25 bitcoins. As the output of new bitcoins becomes less and less, the tight supply of bitcoins will lift the price of bitcoin in a high extent. Thus, most investors hold the view that the bitcoin price will increase sharply after the 3rd halving. Overall, the expectation for a bull market is commonly accepted by most investors. However, what if the bitcoin price does not rise after the 3rd halving? Once the halving happens, the difficulty and the budget of bitcoin mining will be extremely increased. As the miner machine and the hashrate upgraded, plus the electricity bills become more and more expensive, a large number of the old miner machines have to been closed. Recently, Antminer S9, which was popular in the bitcoin mining industry, has been announced the shutdown. If the bitcoin price continues presenting a downtrend, miners would be possible to kick away the miner machines, which could directly trigger a mine disaster. In fact, investors in most financial markets have the common point that they acquiesce the market will present an uptrend. And this thought is dangerous because fluctuations are a normal factor in every market, including the bitcoin market after the 3rd halving. No one has the ability to promise that the bitcoin price will gain after the 3rd halving. So, in this context, HEDGE is the most necessary thing. For the investors in the spot trading market of bitcoins, financial derivatives (futures and options trading) is the easiest solution for hedging. Due to the futures trading is too risky, most normal investors are not able to control the risk so that bitcoin options is more suitable to hedge the risk when you hold bitcoins. For example, BTC Options on BitOffer, a bitcoin mercantile exchange, requests 0 fees, 0 margins, and users do not need to exercise the contracts. It is obviously the best hedging tool ever! Then, how do we hedge the risk by options trading? For example, now the bitcoin price is $7,000, you would earn $1,000 from the spot trading market if the bitcoin price rises to $8,000. But what if the bitcoin price drops to $6,000? Without hedging, you would directly lose $1,000 from the spot trading market. But if you buy a put contract on BitOffer with only $20-$50 to hedge the risk of holding 1 bitcoin, you would earn $1,000 with one put contract on BitOffer Options. In this way, you will save $1,000 loss in holding 1 bitcoin. The bitcoin price is highly supposed to rise after the 3rd halving. History always repeats itself. Now the bitcoin price is about $7,000, after the halving, it is expected to boom for at least twice. If you hold bitcoins, then your profit is likely to be up to 2x. But if you take this chance and purchase bitcoin ETF, then your profit would be more than 6 times. For instance, BTC Leveraged ETF launched by BitOffer in December. Different types of BTC Leveraged ETF have the same features of “Buying Long & Short”, “No Margins” and “No Liquidation”. This product will be managed by the professional financial team. With the automatic positions adjusting mechanism, even the drastic drops happen on the bitcoin price, BTC Leveraged ETF will never be at risk because of its features of “Highly Profitable but Low-risk”.
Well before Bitcoin and other cryptographic forms of money became computerized monetary standards, a thought showed up on one of the discussions. Before a coin pulled in the consideration of thousands and perhaps a great many speculators, common admirers of new items and the individuals who need to benefit from the following complimentary gift – known as "Satoshi Nakamoto" proposed one intriguing thought that was effectively actualized sooner rather than later. In October 2008, an article was distributed by Satoshi Nakamoto: "A Peer-to-Peer Electronic Cash System" which implies: a decentralized or fair electronic money framework. Satoshi turned into the dad of digital money or blockchain. There were various endeavors to make comparable structures, yet it was totally concentrated — like existing financial structures. The principal form of Bitcoin code was discharged in January 2009. The principal hinder in the Bitcoin blockchain was made, which offered ascend to the first Bitcoin mining. This exchange was between Nakamoto himself and one of the engineers named Hal Finney. At first, Bitcoin didn't have a conversion scale and proportionality in fiat money, yet in October 2009, one US dollar was equivalent to 1.309 Bitcoin. The conversion standard was equivalent to the expense of power to make the first Bitcoin through mining. In 2010, the first Bitcoin trade was made. It was classified "dwdollar". Florida designer Laszlo Hanetz paid 10,000 bitcoins to somebody in England, who in return purchased Laszlo pizza which cost $25. It was the most costly pizza ever. At the hour of this composition, 10,000 bitcoins is equivalent to $130,000. For instance, in mid-December 2017, 10,000 bitcoins was equivalent to practically a large portion of a million dollars. In August 2010, programmers found a powerless spot in the Bitcoin blockchain, which permitted them to produce 184 billion Bitcoins and the cost of Bitcoin dropped at that point. The Bitcoin trade stage called "MtGox" was made that year and Bitcoin; finished 2010 with a market capitalization of simply over $ 1 million. In 2011, a bootleg market was made under the name "Silk Road" in view of Bitcoin. The primary thought of this venture was unknown exchanges. Unexpectedly, the cost of Bitcoin transcended $ 1. Simultaneously, Bitcoin picked up popularity as an underground market cash or an approach to buy drugs on the web. https://preview.redd.it/3qvwwgk9rsj41.jpg?width=700&format=pjpg&auto=webp&s=7171343171f6e4f39e620b33e72d2f83b469f0e2 In 2012, a few organizations started to apply and acknowledge Bitcoin as a cash to pay for products and enterprises. Before the finish of 2013, the cost of one Bitcoin was somewhat more than $ 1,000. In 2014, China, USA and UK started to make rules and limitations on the utilization and tax assessment from Bitcoin, which permitted the utilization of Bitcoin by money related organizations. Numerous organizations, including Microsoft, have started to acknowledge installments in Bitcoins. In February of that year, the fundamental Bitcoin trade "MtGox", was along these lines hacked by DDOS assaults, losing a great many dollars and hurriedly shut. Notwithstanding this, the cost of Bitcoin, however dropped to $200, balanced out in the scope of $200 and 350. During 2015, the cost of Bitcoin stayed stable and Bitcoin started to secure the characteristics of an authentic cash. Ross Ulbricht, the author of the Silk Road, was condemned to life detainment, motioning to the world that Bitcoin can't be utilized for criminal purposes without any potential repercussions. Another hacking happened in 2016 on one of the cryptographic money wallet administrations, because of which around 72 million US dollars were lost. At last, toward the finish of 2017, the cost of 1 coin went up to 20,000 US dollars, beginning in 2017 with a cost of $1,000. Directly after, because of the way that numerous nations have restricted the utilization of cryptographic forms of money, and the primary informal organizations like Facebook and others have prohibited the promoting of digital currencies for different reasons. Before the finish of 2018, the cost of Bitcoin went down to $3,000, which made mining practically unrewarding. The cost went up the following year. At the hour of this composition, the bitcoin cost is $5,300.
When was Bitcoin created? Who invented Bitcoin? In 2009, the first Bitcoin was mined by someone nicknamed Satoshi Nakamoto. There are still disputes over who Satoshi is. Ever since then, the open source project has been accumulating many users and enthusiasts who have contributed their time and efforts to developing and distributing the bitcoin around the world. How is Bitcoin created? What is Bitcoin mining? Bitcoin comes into the world through a process called mining. It’s an analogy to gold mining, but instead of actual mining, new Bitcoins are created using computer power. In the past it would have been worthwhile to mine Bitcoin. Today such huge computer power is required that bitcoin mining is not usually profitable. Currently, there are total of 16.5 million Bitcoins, and the mining process will continue until reaching the maximum limit of 21 million Bitcoins. How to buy and sell Bitcoin? The simple and easy way to get Bitcoin is by buying online or at bitcoin ATMs that are located around the world. Click hereto buy Bitcoin with a credit card with our partner exchange. How can you store Bitcoin and other cryptocurrencies? Just as regular coins are stored in your wallet, Bitcoins are also stored in a dedicated digital wallet. Each wallet has its own public digital address, to which coins can be sent. The address is a string of numbers and English letters about 30 characters long. There is no cost to create a new wallet, or a limit on the amount of wallets you can have. There are several types of wallets, which differ mainly in their security level. How is Bitcoin being transferred? How long does it take to send Bitcoin? A Bitcoin transaction is a digitally signed order and hence securely encrypted. The transaction is signed by the outgoing wallet and gets broadcast to the internet, and then gets listed on the block explorer. This explorer is a log that keeps track of all Bitcoin transactions. The log is divided into blocks, each block contains of a number of log commands, and once the block is closed, the actual transaction takes place. It takes an average of about 10 minutes to close a block and confirm a Bitcoin transaction. Most exchanges require at least 2-3 confirmations in order to ensure a bitcoin transaction. How much does it cost to send Bitcoin? The only cost of a Bitcoin transaction from one place to another (doesn’t matter the physical distance) is the miner’s fee, which is added to each order and paid to the miner for his work to close the block. Relative to the means of money transfers, the cost of transferring Bitcoin is significantly cheaper. The fee is not fixed and most of the wallets automatically calculate the fee required. The higher the fee, the faster the transfer will be (i.e., your transfer will be handled by the miner, who prefers to take the higher fee transactions) As of writing this, Bitcoin’s transaction cost (fee) is around 1 USD. Is it possible to buy or send less than one Bitcoin? Bitcoin has 8 numbers after the decimal. The smallest amount is 0.00000001 Bitcoin and this unit of measurement is called one Satoshi. It is better not to send such a small amount because the transaction fee will be higher than the amount sent. Bitcoin use: Who accepts Bitcoin? What can I buy with Bitcoin? Today more and more business places and online stores are adopting Bitcoin as a valid payment method. Bitcoin’s daily use as money is still not as common as the traditional bank account, but with the help of companies such as Xapo and Bitpay, credit cards can be linked directly to Bitcoin wallets and are respected anywhere as a standard credit card. What affects the price of Bitcoin? As stated, Bitcoin is traded on an open free market. Its value is affected by supply and demand as in any normal market. According to past events, a direct connection can be discerned between instability and crisis around the world and the Bitcoin. For example, political events such as the Brexit (the UK voted to leave the European Union), the last US elections where president Trump was elected, cancellation of the largest Rupee bills in India – all of which have recently led to an increase in the Bitcoin’s value. Of course, an event such as recognition of Bitcoin as a legitimate way of payment (like in Japan) also increased Bitcoin’s value, whereas hacking of crypto exchanges, Bitcoin regulation, the postponement of the Bitcoin’s ETF caused panic and a rapid decline in value. So – we decided to publish an article with an appropriate answer to the ultimate question – should I buy Bitcoin? What is the Guinness record for the most expensive pizza? During the summer of 2010, when many had doubted the concept of Bitcoin, one of the early adopters named Laszlo Henitz tried very hard and succeeded in ordering pizza and paid for it with Bitcoin. In those days, Bitcoin was worth nothing (cents) and to order two family pizzas worth $ 30, Laszlo paid 10,000 Bitcoins! What was later considered as the first ever purchase in Bitcoin, became also the world’s most expensive pizza. 10,000 Bitcoins worth today is worth more than 25 million USD. Original article: https://cryptopotato.com/bitcoin-for-beginners/
Bitcoin since 2013. I was here before many people. I have been through more bulls runs than a spanish matador. I went through the worst bear run in Bitcoin's history in 2013. (And because I was scared, didn't accumulate more during that time). I get it. Yet I still have this question. What will BTC be used for? If you are the BTC maximalist type that thinks BTC will replace fiat and be used to buy chipotle and socks, then you are mistaken. Bitcoin will NEVER be used as THE main currency in the western world. If you have purchased BTC as an investment. And you think it will continue to go up over time, why would you buy socks with it? Those socks will be worthless in 2 years. And if BTC continues to rise, those socks will be more expensive in 2 years. The merchant who sold those socks to you just sold a worthless item for an appreciating asset. We've already seen this. In 2010 Two Papa Johns pizzas were bought for 10,000 BTC. My first thought is, Papa Johns pizza is nasty. They literally ate some BTC and flushed it down the toilet. My 2nd though is, those 2 pizzas are now the equivalent of the most expensive home in the world. So buying everyday items with BTC is never going to be a thing that the average person does. BTC also doesn't scale. Even if people wanted to buy coffee with it, the TPS is not high enough to transact that much volume. The network would be too congested. And please don't talk to me about Lightning. It is unproven and at this point not a solution. That could change in the future. So that leaves what I feel are the best 2 use cases for Bitcoin. A. Digital gold B. Paying off debt Bitcoin solves the weight issue and jurisdictional issues when it comes to moving large amounts across borders. You are not getting on a flight with a million dollars worth of gold or even cash. But you can get on a flight with as much BTC as you care to take with you hypothetically speaking. That solves a problem. A bigger problem in my opinion is the damage done to the environment by extracting gold. Large areas of earth are destroyed and dangerous levels of mercury are released by extracting tiny amounts of gold (and other metals). Most miners simply leave after destroying and are not tasked with "replacing the earth" that they destroyed. Eventually, they will run out of places to dig. BTC harms no one when its mined. It does produce heat. And it uses a ton of electricity, but electricity is a renewable energy. BTC will eventually replace Gold as a speculative asset. Gold has physical properties that will make it useful, but as a spec asset it has no future. Something is only worth something when others want to buy it. The demand must be higher than the supply. Most of the gold industry is supported by the fact that people like shiny things. What happens when people stop liking shiny things? If hologram technology ever becomes common, and someone has the ability to put an image of the gaudiest piece of jewelry on, then that sector of the gold industry disappears. We already have the ability to 3d print things. How long before 3d printers are fast enough to where you can 3d print simple items like jewelery? My point is, Bitcoin can easily replace the spec part of gold trading. Is that enough? The 2nd use case is paying for debt. This one is easy. Imagine having a student loan of $100,000 when you graduate. And in 10 years when you pay it off BTC is worth 10 times what it was 10 years ago. Now your student loan bill is only $10,000. But in each of these cases it doesn't have to be BTC. It could easily be something else. BTC has first mover advantage. The only reason big money is pouring in (which I find ironic that crypto people now actually WANT bank people involved when BTC was invented to be anti bank) is because they are not intelligent about crypto. BTC is not the best crypto by any technical standards that we use to measure crypto. It just happens to be first. Will that last forever? Most people are still looking at BTC as a spec investment. But in order for it to truly have long term viability it must have more use cases than digital gold, and paying down debt. What other use cases do you see?
Trying to explain Bitcoin to people who don't understand it- Can r/Bitcoin proof read this for accuracy?
The below is from a blog I'm working on that explains blockchain/bitcoin/cryptocurrencies to people trying to understand it. This one was especially tricky to write so I would love it if you guys would spot check it for accuracy. Thanks! Site is www.cryptoambit.com In my opening post, I cited Bitcoin's skyrocketing price as a distraction from blockchain's potential to be the most revolutionary innovation since the creation of the internet. In addition to distracting from blockchain's promise, I think that the price of bitcoin the currency serves as a distraction from just how revolutionary Bitcoin the technology truly is. While the mainstream media debates endlessly on whether or not bitcoin merits its $12,000 price tag, they don't seem to spend much time covering just how incredible it is that a $200 billion dollar global financial network without any formal government or corporate structure cropped up out of nowhere. Where Bitcoin came from and how it works is a fascinating story which I'll attempt to cover here. Before I go into the Bitcoin origin story in depth, here it is in one paragraph: In 2008, some anonymous person (or group) using the name Satoshi Nakamoto published an 8 page paper to an internet forum that laid out the framework for an internet currency that operated outside of banks and governments. To keep the currency secure, Nakamoto came up with a clever system that would incentivize people all over the world to run software that would secure the network by maintaining a shared record of transactions (blockchain). This software was open sourced which means that anyone in the world could contribute to it and help make it better. In the years since it was unleashed on the internet, thousands of people contributed to the code, built businesses and infrastructure around the Bitcoin network and adopted the currency. In that time, the value of one bitcoin went from eight hundredths of a penny to over $12,000; a $200 billion global financial network emerged from the depths of the internet. To this day, Satoshi Nakamoto's identity remains unknown. Now let's go a little deeper... Bitcoin is a difficult thing to wrap your head around, mainly because nothing like it has ever existed before. Bitcoin (with a capital B) is a global network that facilitates the transfer of the bitcoin (lower case b) currency, relying on a decentralized network of computers rather than trust in centralized institutions. There is no Bitcoin headquarters, where the Bitcoin CEO discusses the 4th Quarter Bitcoin earnings report in a boardroom full of Bitcoin executives. Bitcoin simply exists on the internet, owned by no one and maintained by thousands of passionate people all over the world. From the Depths of The Internet The Bitcoin story starts on a cryptography message board, when the world was in the midst of the 2008 financial crisis, at a time when trust in traditional financial institutions was at an all-time low. A mysterious poster going by the name Satoshi Nakamoto posted a paper entitled, Bitcoin: A Peer-to-Peer Electronic Cash System. It laid out the framework for "a purely peer-to-peer version of electronic cash" that would replace the need for trust in banks and governments with reliance on computer code, algorithms and cryptography. So what was so special about Nakamoto's proposal? It was not the first digital currency ever attempted - it had several predecessors that all failed, mainly because they were unable to solve what's referred to as, the "double spend problem", without appointing some kind of trusted 3rd party to make sure no one was cheating the system. If a 3rd party is needed to verify transactions, it starts to look like a bank which is precisely what Bitcoin aimed to avoid. The "Double Spend Problem" In the physical world, exchange is simple: if I hand someone a dollar, they have it and I no longer do. In the digital world, if I send someone a file, I'm not sending the original - I'm sending a copy: I retain the original and the person I sent it to has a copy. That scenario applied to a currency would be disastrous, and is referred to as, "the double spend problem". So how could Nakomoto get someone to trust that the bitcoin they're receiving online wasn't a copy that had already been spent elsewhere without having a bank or trusted third party like PayPal verify it? Having all transactions be processed through a central authority was counter to what Bitcoin aimed to accomplish, because it would concentrate power in one place. What Bitcoin needed was a way of validating transactions without a central authority. Enter: Bitcoin Miners To avoid the need for a central record keeper, Nakamoto ingeniously devised a system in which thousands of record keepers would validate new transactions through majority consensus. These people are called "Bitcoin miners" and by downloading the bitcoin software, they collectively maintain the decentralized Bitcoin network in the form of the Bitcoin blockchain. For playing their part in maintaining the accuracy and security of the bitcoin network, miners are paid in newly created bitcoin, as well as transaction fees. Mining serves two basic functions: 1) Secures the bitcoin network 2) Introduces new bitcoins into circulation How Mining Works In my opening post, I established that a blockchain is simply a ledger of transactions distributed across a network of computers. That ledger is made up of blocks that chronologically list every transaction that has ever occurred. These blocks are linked through cryptography which means that once a new block is added, it is permanent and can't be altered. Miners are the ones that collectively update the blockchain by agreeing on which blocks of transactions to add to the blockchain through what's called a "consensus algorithm." When new bitcoin transactions occur, they are broadcast to every miner in the network, upon which each miner collects those transactions into a block. Only one miner wins the privilege of adding their block to the blockchain, collecting newly created bitcoin and transaction fees in the process. To win that privilege, they have to do what's called proof-of-work. Warning: here's where things start to get weird so bear with me. To complete proof-of-work and win the privilege of adding the next block, miners use their computers in a competition to solve a complex and time consuming math problem. When a miners solves the problem, they announce it to the network, along with their proposed block of transactions. At this point, the rest of the miners verify that the problem has been properly solved and that the proposed transactions are valid. If 51% of the miners agree on the block, it is permanently added to the blockchain. In order to agree, they use cryptographic proof to double check that the bitcoins in the proposed block have not already been spent. More On That Math Problem This weird mathematical competition is what makes the bitcoin network secure. Miners have to solve this computationally difficult math problem because it ensures that it takes actual real world resources to add transactions to the blockchain - solving the problem requires computing power, which requires electricity, which costs money. As I stated above, 51% of the miners need to agree on a block before adding it to the permanent ledger. This means that to add just one block with false information on the bitcoin blockchain, it would require 51% of the network's computing power. Since the global bitcoin network has 100x the computing power of Google, this would be incredibly cost prohibitive to do. Without the proof-of-work math problem, it would be much easier to gain the 51% needed to co-opt the network. With proof-of-work, it would cost billions of dollars to double spend just one bitcoin; at that price, you would be better off putting those resources into earning bitcoin the honest way just like the rest of the miners. Why Is It Called Mining? The term mining conjures up images of dirty men in overalls with pick axes and hard hats pulling gold from the ground. While bitcoin mining involves none of those things, there are some similarities to gold mining from which the name is derived. Gold is a scarce resource and to pull it from the ground, it costs money in the form of equipment and labor. Bitcoin is also a scare resource that costs money to acquire in the form of the mining equipment and electrical output described above - only when those resources are spent to win the block reward are new bitcoins created. Bitcoins are a scarce resource because Nakamoto's protocol dictates that there will only be be 21 million bitcoins ever created. Originally, the miner reward for adding a block was 50 bitcoin, before it halved to 25 and then halve again to the current reward of 12.5 bitcoins per block. It will continue to halve at regular intervals until the year 2140, when no more new bitcoins will be introduced into circulation and miners will be paid solely in transaction fees. To Summarize Mining So that's the meat and potatoes of how bitcoin works: miners run software that enters them into this mathematical competition where the prize is adding the next block to the blockchain. When a miner wins, pending transactions on the bitcoin network are added to the blockchain and become irreversible. The miner receives newly issued bitcoin as well as transaction fees, which was their incentive to run the Bitcoin mining software in the first place. Still confused? Join the club: mining is a confusing process. The most important take away is that mining is how a decentralized currency functions and remains secure. If John gives me a check for $100 USD, I deposit it to my bank and trust that the banks will tally that I have $100 more and John has $100 less. If John pays me 1 bitcoin, mining is the process that the bitcoin network uses to securely record that I have 1 more bitcoin and John has one less while insuring that John had the 1 bitcoin to pay me to begin with. The Importance of Decentralization When learning about Bitcoin and blockchain technology, decentralization is a concept that you will see often. Bitcoin's decentralized nature allows it to operate globally, without being shut down by any government or environmental disaster and without being controlled by any single powerful entity. To illustrate the importance of decentralization, think of Napster versus a peer-to-peer music sharing service like Tor. When the United States decided that Napster was illegal, they went to the Napster headquarters and demanded they shut down their servers - Napster was dead. Meanwhile, P2P music sharing networks like Tor that allow people to share music for free exist to this day because there is nothing to shut down. The network exists across thousands of users that have downloaded the Tor software. Bitcoin has no central point of failure which means that if the Chinese government, for example, wanted to try and shut down Bitcoin by making mining illegal, the network would be unaffected because the rest of the miners around the world would continue operations as normal. To shut down Bitcoin would mean you would have to shut down the internet - not going to happen. From Rags To Riches So how did Bitcoin go from being worth eight-one hundredths of a penny to over $12,000 per bitcoin? For the first two years, it was basically unknown outside of the developing community of programmers that wanted to see the project succeed. The first ever bitcoin transaction occurred when one Bitcoin user agreed to sell another two Poppa John's pizza's in exchange for 10,000 bitcoin. There's a twitter account that tracks the present day price of those pizzas- worth over $116M in today's dollars. Bitcoin first came into the public's awareness with the creation of The Silk Road: a decentralized marketplace that launched in 2011 where any product could be bought or sold (including illegal drugs). Bitcoin was this internet marketplace's currency of choice and the price shot up to around $10 based on demand. When Gawker ran a piece on Bitcoin's role within The Silk Road, the price jumped up to $30. In 2013, the tiny Mediterranean nation of Cyprus fell into financial crisis and started dipping into their own citizens' bank accounts to bail themselves out. This painted a clear use case for a currency that existed outside the control of governments and the price shot up again to $230. Then the Chinese markets started pouring Chinese Yuan into bitcoin, seeing an opportunity to get their money out of an economy they feared was in danger of collapsing; bitcoin surged to over $1,200. Then from 2014 to 2015, the music stopped and a series of events brought bitcoin back to earth. China, fearing that Yuan would continue to pour into bitcoin, ruled that it was "not a currency in any true sense of the word" and tightened controls. The FBI arrested the founder of The Silk Road and the most popular exchange for buying bitcoin (Mt. Gox) collapsed due to mismanagement. These 3 events caused panic in the markets and sank bitcoin to a low of $200, but the network rolled on. In 2016, bitcoin showed its resilience, recovering to just under $1,000 at the end of the year. In 2017, bitcoin went parabolic on global interest, surging to its current high of $12,000. In addition to mainstream global awareness, the price surge is due to more and more people and institutions viewing bitcoin as a legitimate asset rather than a scary magic internet currency. Two of those institutions are The Chicago Mercantile Exchange and The Chicago Board Options Exchange, which will be launching bitcoin futures markets this month - a sign that Wall Street and the mainstream financial world is taking Bitcoin seriously. Bubble Waiting To Burst? So what could possibly justify bitcoin's value? All a bitcoin is is a string of 1's and 0's on a digital ledger, so how could something that has no physical representation be worth $12,000? First off, anything can have value if people agree it has value. Throughout history, that has included anything from cows, to seashells, to rare metals, to paper currencies backed by governments. In today's digital world, people have agree that something that is purely digital has value - the price of that value is, and will always be, determined by free markets. Here's where bitcoin's value is derived: Scarcity: The Bitcoin protocol dictates that there will only be 21 million bitcoins ever created; unlike fiat currencies, where governments cause inflation by continually printing new currency, bitcoin is deflationary. Bitcoin is similar to gold in that it derives value from being scarce. Increased demand for a scarce asset drives up its price. Utility: Bitcoin's utility is two fold: Medium of Exchange- anyone with an internet connection can transact with anyone, anywhere in the world. If I wanted to send $10,000 to someone in another country, the quickest way to do it with fiat currency is to take it on a plane and bring it to them in cash. With bitcoin, it can be done in minutes. Store of Value- Due to its scarcity and the security of the bitcoin network, bitcoin is similar to gold in that it is a place to store your money outside of government issued currency. While gold has a couple of hundred years head start on bitcoin, with each passing day bitcoin's reputation as an effective store of value grows more and more true. Community: Just like Facebook is valuable because billions of people use it, the growing bitcoin community of developers, miners, businesses and people who transact in bitcoin give it tremendous value. In 2016, $100,000 worth of bitcoin was transacted every minute and 2017 saw bitcoin's user base grow to over 19 million. With more and more users entering the network each day and with 2.5 Billion people in the world who don't have access to traditional financial services but do have access to the internet, the potential for the Bitcoin network to grow is tremendous. Speculation: There's no question that speculation plays a huge part in bitcoin's current valuation. Speculation that this scarce asset's utility and community will grow in time has driven the price well beyond it's present day utility value. If Bitcoin adoption fails to live up to expectations, bitcoin's value will surely fall. Last Word Bitcoin is, and will continue to be subject to wild swings brought on by the speculation of the crowd for the foreseeable future. However, regardless of speculation, Bitcoin is valuable because there is utility in a borderless, non-government issued currency that can move at the speed of the internet. If you live in America, you might not see the need for it in your every day life because the dollar is stable and we have cool things like Venmo and Applepay that make transacting seem effortless. If you live in Venezuela or Zimbabwe, where you need 8 duffle bags full of your hyper-inflated currency just to buy a sandwich, you might be more inclined to agree. That's not too say that bitcoin is perfect, or anywhere close to it. For one, its mining process has raised environmental concerns over the amount of electricity miners burn to maintain the network. Secondly, the network is currently prone to congestion which raises transaction fees, making it too expensive to use for small purchases. Thirdly, people are more likely to hoard it than use it as a currency as originally intended due to expectations that its price will continue to rise. Fourthly, the network can't handle anywhere near the capacity that something like Visa or Mastercard can, so much innovation is needed if it's going to reach mass adoption. Lastly, bitcoin is still figuring out what it will ultimately become: a global internet currency, digital gold, or both - a subject that is hotly debated within the Bitcoin community. Whether you think bitcoin is the future of money or a speculative craze bound to collapse, I think one thing is beyond debate: Bitcoin is an absolute marvel of modern technology and human collaboration and a testament to the crazy times in which we live. A completely anonymous person (or group) posted a paper and some code to the internet and the end result is a $200B global network that is challenging the way we think about trust and money. If that weren't enough, it gave the world the blueprint for blockchain technology that is likely to change the way we transact forever.
The pools are all reporting the wrong network data (I hope its this - but the rate of discovery of blocks by pools would suggest otherwise)”
(https://bitcointalk.org/index.php?topic=583449.msg6782852#msg6782852) -2192: “New source (0.8.8.1) is up with optimizations in the hashing. Hashrate should go up ~4x or so, but may have CPU architecture dependence. Windows binaries are up as well for both 64-bit and 32-bit." (https://bitcointalk.org/index.php?topic=583449.msg6788812#msg6788812) [eizh makes official announce of last miner optimization, it is may 17th] -2219: (https://bitcointalk.org/index.php?topic=583449.msg6792038#msg6792038) [wolf0 is part of the monero community for a while, discussing several topics as botnet mining and miner optimizations. Now spots security flaws in the just launched pools] -2301: "5x optimized miner released, network hashrate decreases by 10% Make your own conclusions. :|" (https://bitcointalk.org/index.php?topic=583449.msg6806946#msg6806946) -2323: "Monero is on Poloniex https://poloniex.com/exchange/btc_mro" (https://bitcointalk.org/index.php?topic=583449.msg6808548#msg6808548) -2747: "Monero is holding a $500 logo contest on 99designs.com now: https://99designs.com/logo-design/contests/monero-mro-cryptocurrency-logo-design-contest-382486" (https://bitcointalk.org/index.php?topic=583449.msg6829109#msg6829109) -2756: “So... ALL Pools have 50KH/s COMBINED. Yet, network hash is 20x more. Am i the only one who thinks that some people are insta mining with prepared faster miners?” (https://bitcointalk.org/index.php?topic=583449.msg6829977#msg6829977) -2757: “Pools aren't stable yet. They are more inefficient than solo mining at the moment. They were just released. 10x optimizations have already been released since launch, I doubt there is much more optimization left.” (https://bitcointalk.org/index.php?topic=583449.msg6830012#msg6830012) -2765: “Penalty for too large block size is disastrous in the long run. Once MRO value increases a lot, block penalties will become more critical of an issue. Pools will fix this issue by placing a limit on number and size of transactions. Transaction fees will go up, because the pools will naturally accept the most profitable transactions. It will become very expensive to send with more than 0 mixin. Anonymity benefits of ring signatures are lost, and the currency becomes unusable for normal transactions.” (https://bitcointalk.org/index.php?topic=583449.msg6830475#msg6830475) -2773: "The CryptoNote developers didn't want blocks getting very large without genuine need for it because it permits a malicious attack. So miners out of self-interest would deliberately restrict the size, forcing the network to operate at the edge of the penalty-free size limit but not exceed it. The maximum block size is a moving average so over time it would grow to accommodate organic volume increase and the issue goes away. This system is most broken when volume suddenly spikes." (https://bitcointalk.org/index.php?topic=583449.msg6830710#msg6830710) -3035: "We've contributed a massive amount to the infrastructure of the coin so far, enough to get recognition from cryptonote, including optimizing their hashing algorithm by an order of magnitude, creating open source pool software, and pushing several commits correcting issues with the coin that eventually were merged into the ByteCoin master. We also assisted some exchange operators in helping to support the coin. To say that has no value is a bit silly... We've been working alongside the ByteCoin devs to improve both coins substantially." (https://bitcointalk.org/index.php?topic=583449.msg6845545#msg6845545) [tacotime defends the Monero team and community of accusations of just “ripping-off” others hard-work and “steal” their project] -3044: "image" (https://bitcointalk.org/index.php?topic=583449.msg6845986#msg6845986) [Monero added to coinmarketcap may 21st 2014] -3059: "You have no idea how influential you have been to the success of this coin. You are a great ambassador for MRO and one of the reasons why I chose to mine MRO during the early days (and I still do, but alas no soup for about 5 days now)." (https://bitcointalk.org/index.php?topic=583449.msg6846509#msg6846509) [random user thanks smooth CONSTANT presence, and collaboration. It is not all FUD ;)] -3068: "You are a little too caught up in the mindset of altcoin marketing wars about "unique features" and "the team" behind the latest pump and dump scam. In fact this coin is really little more than BCN without the premine. "The team" is anyone who contributes code, which includes anyone contributing code to the BCN repository, because that will get merged as well (and vice-versa). Focus on the technology (by all accounts amazing) and the fact that it was launched in a clean way without 80% of the total world supply of the coin getting hidden away "somewhere." That is the unique proposition here. There also happens to be a very good team behind the coin, but anyone trying too hard to market on the basis of some "special" features, team, or developer is selling you something. Hold on to your wallet." (https://bitcointalk.org/index.php?topic=583449.msg6846638#msg6846638) [An answer to those trolls saying Monero has no innovation/unique feature] -3070: "Personally I found it refreshing that Monero took off WITHOUT a logo or a gui wallet, it means the team wasn't hyping a slick marketing package and is concentrating on the coin/note itself." (https://bitcointalk.org/index.php?topic=583449.msg6846676#msg6846676) -3119: “image” [included for the lulz] -3101: "[…]The main developers are tacotime, smooth, NoodleDoodle. Some needs are being contracted out, including zone117x, LucasJones, and archit for the pool, another person for a Qt GUI, and another person independently looking at the code for bugs." (https://bitcointalk.org/index.php?topic=583449.msg6848006#msg6848006) [the initial "core team" so far, eizh post] -3123: (https://bitcointalk.org/index.php?topic=583449.msg6850085#msg6850085) [fluffy steps-in with an interesting dense post. Don’t dare to skip it, worthwhile reading] -3127: (https://bitcointalk.org/index.php?topic=583449.msg6850526#msg6850526) [fluffy again, worth to read it too, so follow link, don’t be lazy] -3194: "Hi guys - thanks to lots of hard work we have added AES-NI support to the slow_hash function. If you're using an AES-NI processor you should see a speed-up of about 30%.” (https://bitcointalk.org/index.php?topic=583449.msg6857197#msg6857197) [flufflypony is now pretty active in the xmr topic and announces a new optimization to the crippled miner] -3202: "Whether using pools or not, this coin has a lot of orphaned blocks. When the original fork was done, several of us advised against 60 second blocks, but the warnings were not heeded. I'm hopeful we can eventually make a change to more sane 2- or 2.5-minute blocks which should drastically reduce orphans, but that will require a hard fork, so not that easy." (https://bitcointalk.org/index.php?topic=583449.msg6857796#msg6857796) [smooth takes the opportunity to remember the need of bigger target block] -3227: “Okay, optimized miner seems to be working: https://bitcointalk.org/index.php?topic=619373” [wolf0 makes public his open source optimized miner] -3235: "Smooth, I agree block time needs to go back to 2 minutes or higher. I think this and other changes discussed (https://bitcointalk.org/index.php?topic=597878.msg6701490#msg6701490) should be rolled into a single hard fork and bundled with a beautiful GUI wallet and mining tools." (https://bitcointalk.org/index.php?topic=583449.msg6861193#msg6861193) [tail emission, block target and block size are discussed in the next few messages among smooth, johnny and others. If you want to know further about their opinions/reasonings go and read it] -3268: (https://bitcointalk.org/index.php?topic=583449.msg6862693#msg6862693) [fluffy dares another user to bet 5 btc that in one year monero will be over dash in market cap. A bet that he would have lost as you can see here https://coinmarketcap.com/historical/20150524/ even excluding the 2M “instamined” coins] -3283: "Most of the previous "CPU only" coins are really scams and the developers already have GPU miner or know how to write one. There are a very few exceptions, almost certainly including this one. I don't expect a really dominant GPU miner any time soon, maybe ever. GPUs are just computers though, so it is certainly possible to mine this on a GPU, and there probably will be a some GPU miner, but won't be so much faster as to put small scale CPU miners out of business (probably -- absent some unknown algorithmic flaw). Everyone focuses on botnets because it has been so long since regular users were able to effectively mine a coin (due to every coin rapidly going high end GPU and ASIC) that the idea that "users" could vastly outnumber "miners" (botnet or otherwise) isn't even on the radar. The vision here is a wallet that asks you when you want to install: "Do you want to devote some of you CPU power to help secure the network. You will be eligible to receive free coins as a reward (recommended) [check box]." Get millions of users doing that and it will drive down the value of mining to where neither botnets nor professional/industrial miners will bother, and Satoshi's original vision of a true p2p currency will be realized. That's what cryptonote wants to accomplish with this whole "egalitarian mining" concept. Whether it succeeds I don't know but we should give it a chance. Those cryptonote guys seem pretty smart. They've probably thought this through better than any of us have." (https://bitcointalk.org/index.php?topic=583449.msg6863720#msg6863720) [smooth vision of a true p2p currency] -3318: "I have a screen shot that was PMed to me by someone who paid a lot of money for a lot of servers to mine this coin. He won't be outed by me ever but he does in fact exist. Truth." (https://bitcointalk.org/index.php?topic=583449.msg6865061#msg6865061) [smooth somehow implies it is not botnets but an individual or a group of them renting huge cloud instances] -3442: "I'm happy to report we've successfully cracked Darkcoin's network with our new quantum computers that just arrived from BFL, a mere two weeks after we ordered them." [fluffy-troll] -3481: “Their slogan is, "Orphaned Blocks, Bloated Blockchain, that's how we do"" (https://bitcointalk.org/index.php?topic=583449.msg6878244#msg6878244) [Major FUD troll in the topic. One of the hardest I’ve ever seen] -3571: "Tacotime wanted the thread name and OP to use the word privacy instead of anonymity, but I made the change for marketing reasons. Other coins do use the word anonymous improperly, so we too have to play the marketing game. Most users will not bother looking at details to see which actually has more privacy; they'll assume anonymity > privacy. In a world with finite population, there's no such thing as anonymity. You're always "1 of N" possible participants. Zero knowledge gives N -> everyone using the currency, ring signatures give N -> your choice, and CoinJoin gives N -> people who happen to be spending around the same amount of money as you at around the same time. This is actually the critical weakness of CoinJoin: the anonymity set is small and it's fairly susceptible to blockchain analysis. Its main advantage is that you can stick to Bitcoin without hard forking. Another calculated marketing decision: I made most of the OP about ring signatures. In reality, stealth addressing (i.e. one-time public keys) already provides you with 90% of the privacy you need. Ring signatures are more of a trump card that cannot be broken. But Bitcoin already has manual stealth addressing so the distinguishing technological factor in CryptoNote is the use of ring signatures. This is why I think having a coin based on CoinJoin is silly: Bitcoin already has some privacy if you care enough. A separate currency needs to go way beyond mediocre privacy improvements and provide true indistinguishably. This is true thanks to ring signatures: you can never break the 1/N probability of guessing correctly. There's no additional circumstantial evidence like with CoinJoin (save for IP addresses, but that's a problem independent of cryptocurrencies)." (https://bitcointalk.org/index.php?topic=583449.msg6883525#msg6883525) [Anonymity discussions, specially comparing Monero with Darkcoin and its coinjoin-based solution, keep going on] -3593: "Transaction fees should be a fixed percentage of the block reward, or at the very least not be controllable by the payer. If payers can optionally pay more then it opens the door for miner discrimination and tx fee bidding wars." (https://bitcointalk.org/index.php?topic=583449.msg6886770#msg6886770) [Johnny Mnemonic is a firm defender of fixed fees and tail emission: he see the “fee market” as big danger to the usability of cryptocurrencies] -3986: (https://bitcointalk.org/index.php?topic=583449.msg6930412#msg6930412) [partnership with i2p] -4373: “Way, way faster version of cpuminer: https://bitcointalk.org/index.php?topic=619373” (https://bitcointalk.org/index.php?topic=583449.msg6993812#msg6993812) [super-optimized miner is finally leaked to the public. Now the hashrate is 100 times bigger than originally with crippled miner. The next hedge for "cloud farmers" is GPU mining] -4877: “1. We have a logo! If you use Monero in any of your projects, you can grab a branding pack here. You can also see it in all its glory right here: logo […] 4. In order to maintain ISO 4217 compliance, we are changing our ticker symbol from MRO to XMR effective immediately." (https://bitcointalk.org/index.php?topic=583449.msg7098497#msg7098497) [Jun 2nd 2014] -5079: “First GPU miner: https://bitcointalk.org/index.php?topic=638915.0” (https://bitcointalk.org/index.php?topic=583449.msg7130160#msg7130160) [4th June: Claymore has developed the first CryptoNight open source and publicly available GPU miner] -5454: "New update to my miner - up to 25% hash increase. Comment and tell me how much of an increase you got from it: https://bitcointalk.org/index.php?topic=632724" (https://bitcointalk.org/index.php?topic=583449.msg7198061#msg7198061) [miner optimization is an endless task] -5464: "I have posted a proposal for fixed subsidy: https://bitcointalk.org/index.php?topic=597878.msg7202538#msg7202538" (https://bitcointalk.org/index.php?topic=583449.msg7202776#msg7202776) [Nice charts and discussion proposed by tacotime, worth reading it] -5658: "- New seed nodes added. - Electrum-style deterministic wallets have been added to help in the recovery of your wallet should you ever need to. It is enabled by default." (https://bitcointalk.org/index.php?topic=583449.msg7234475#msg7234475) [Now you can recover your wallet with a 24 word seed] -5726: (https://bitcointalk.org/index.php?topic=583449.msg7240623#msg7240623) [Bitcoin Pizza in monero version: a 2500 XMR picture sale (today worth ~$20k)] -6905: (https://bitcointalk.org/index.php?topic=583449.msg7386715#msg7386715) [Monero missives: CryptoNote peer review starts whitepaper reviewed)] -7328: (https://bitcointalk.org/index.php?topic=583449.msg7438333#msg7438333) [android monero widget built] This is a dense digest of the first several thousand messages on the definitive Monero thread. A lot of things happened in this stressful days and most are recorded here. It can be summarized in this:
28th April: Othe and zone117x assume the GUI wallet and CN pools tasks.
30th April: First NoodleDoodle's miner optimization.
11th May: First Monero exchanger
13th May: Open source pool code is ready.
16th May: First pool mined block.
19th May: Monero in poloniex
20th May: Monero +1100 bitcoin 24h trading volume in Poloniex.
21st May: New official miner optimization x4 speed (accumulated optimization x12-x16). Open source wolf0's CPU miner released.
25th May: partnership with i2p
28th May: The legendary super-optimized miner is leaked. Currently running x90 original speed. Hedge of the "cloud farmers" is over in the cpu mining.
2nd June: Monero at last has a logo. Ticker symbol changes to the definitive XMR (former MRO)
4th June: Claymore's open source GPU miner.
10th June: Monero's "10,000 bitcoin pizza" (2500 XMR paintig). Deterministic seed-based wallets (recover wallet with a 24 word seed)
March 2015 – tail emission added to code
March 2016 – monero hard forks to 2 min block and doubles block reward
There basically two things in here that can be used to attack Monero:
Crippled miner Gave unfair advantage to those brave enough to risk money and time to optimize and mine Monero.
Fast curve emission non-bitcoin-like curve as initially advertised and as it was widely accepted as suitable
Though we have to say two things to support current Monero community and devs:
The crippled miner was coded either by Bytecoin or CryptoNote, and 100% solved within a month by Monero community
The fast curve emission was a TFT miscalculation. He forgot to consider that as he was halving the block target he was unintentionally doubling the emission rate.
Turkey has audio and video evidence showing that Saudi agents tortured & killed journalist Jamal Khashoggi inside the Saudi Consulate in Turkey Link | Comments Richard Branson halts $1B project with Saudi Arabia over Khashoggi disappearance Link | Comments In major shift, the U.S. says it won’t ban Canadian pot workers Link | Comments
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Made a bigger dimmer slider for my light switch and printed a missing screw Link | Comments Designed and printed a ventilation system for my enclosure. Link | Comments 3D printed Angles for a shelf Comments
Animating the Mercator projection to the true size of each country in relation to all the others. [OC] Link | Comments [OC] US Electric Vehicle Market Share Crosses 3% For The First Time Link | Comments 2 Years since we started talking [OC] Link | Comments
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For every 1 BTC in the world, there's 333 ounces of gold. True "bitcoin-gold parity" is 1 BTC = 333 ounces of gold or 1 mBTC = 1/3 oz gold. Today's 1 mBTC average fee (forced on us by Greg Maxwell / Adam Back / AXA) is the new 10,000 BTC pizza. Congratulations! You just paid 1/3 oz gold in txn fees!
For every 1 BTC on the planet, there's 333 ounces of gold.
For every 1 mBTC (0.001 BTC) on the planet, there's 1/3 ounce of gold.
Under the artificial "fee markets" imposed by the ignorant, corrupt, AXA-fiat-funded Blockstream CEO Adam Back and CTO Greg Maxwell, network congestion and transaction delays lasting for days have now become a weekly occurrence - and the average Bitcoin transaction fee has now skyrocketed to 1 mBTC per transaction.
So now you're paying the future equivalent of 1/3 ounce of gold in artificially high fees, every time you do a slow, unreliable Bitcoin transaction.
This disaster was totally avoidable. The blame is due solely to the economic ignorance and central planning of Adam Back / Greg Maxwell / AXA, and their misguided attempt to distort Bitcoin's economic value in order to force everyone off the blockchain and onto Blockstream's non-existent, centralized, censorable, unreliable LightningNetwork Central Banking Hubs.
We must preserve Satoshi's original economic design for Bitcoin:
Details http://www.numbersleuth.org/worlds-gold/ For every 1 BTC on the planet, there's 333 ounces of gold. There's only 15 MILLION BTC in the world (plus new BTC mining of 12.5 * 6 * 24 * 365 = 657,000 new BTC mined each year - ie 4.38% annual bitcoin "inflation" - during the current 4-year "halving" period which runs from approximately August 2016 to August 2020). There's 165,000 metric tons * 32,150 troy ounces per ton = 5 BILLION troy ounces of gold in the world (plus new gold mining of 2,500 metric tons * 32,150 troy ounces per ton = 80.375 million new troy ounces of new gold being mined each year - ie 1.52% annual gold "inflation"). If you like to think of Bitcoin as "digital gold", and you want to be able to do rough but realistic comparisons and computations quickly in your head, then you should adopt the following guidelines: A whole bitcoin is really big! Stop thinking in terms of whole Bitcoins, and start thinking in terms of milli-Bitcoins - ie mBTC (0.001 BTC). Always remember that a whole bitcoin is very "big" - it contains 1,000 mBTC (milli-Bitcoins, where 1 mBTC = 0.001 BTC). The following comparison (motto / slogan) is what you should always say to yourself in your head:
For every 1 BTC in the world, there are 333 ounces of gold.
This is because it is based on comparing roughly similar number of units in the world:
the 15 billion mBTC or "milli-Bitcoins" (0.001 BTC) in the world, versus
the 5 billion ounces of gold in the world.
So 3 mBTC (3 milli-Bitcoins) corresponds to 1 troy ounce of gold - and will probably someday be worth as much, after we get rid of the price suppression caused by Greg Maxwell / Adam Back / AXA. It's nice to see comparisons of "1 BTC = 1 ounce of gold!!1!" in the mainstream and the Bitcoin media - but talking about "bitcoin-gold parity" now is actually a meaningless, confusing, financially ingorant and deceptive distraction. This is because the only thing that has happened is that the price of 1 BTC (which is a lot of mBTC, it's 1000 mBTC!) has surpassed the price of 1 troy ounce of gold - which isn't really very meaningful, because it doesn't match similar-number-of-units-to-similar-number-of-units. True "bitcoin-gold parity" will arrive:
when the total market cap of Bitcoin (currently about USD 20 BILLION USD) is equal to the total market cap of gold (currently about 6.6 TRILLION USD);
ie when 1 BTC is worth 333 ounces of gold;
ie when 3 mBTC is worth 1 ounce of gold.
So, the true "bitcoin-gold parity" isn't here yet - but it's almost certainly going to be here in a few years. The Bitcoin price "only" needs to rise about 333x - ie it "only" needs to double 8-9 more times (because 28 = 256 and 29 = 512) - which is actually quite doable in the next few years. "1 mBTC fees" are the new "10,000 BTC pizza." Remember, today's ridiculously and artificially high "1 mBTC average transaction fee" will probably eventually be worth 1/3 ounce of gold. Congratulations! You just spent 1/3 of an ounce of gold to send a "cheap" Bitcoin transaction! In a few years, we will all look back with regret on the "one-dollar average Bitcoin transaction fees" which we have now started (over-)paying in the artificial "fee market" of 2017 which was artificially forced on us by the evil central bankers of AXA and Blockstream's toxic, deceptive, economically ignorant CEO Dr Adam Backu/adam3us and CTO Greg Maxwellu/nullc.
"I'm angry about AXA scraping some counterfeit money out of their fraudulent empire to pay autistic lunatics millions of dollars to stall the biggest sociotechnological phenomenon since the internet and then blame me and people like me for being upset about it." ~ u/dresden_k
Adam Back & Greg Maxwell are experts in mathematics and engineering, but not in markets and economics. They should not be in charge of "central planning" for things like "max blocksize". They're desperately attempting to prevent the market from deciding on this. But it will, despite their efforts.
People are starting to realize how toxic Gregory Maxwell is to Bitcoin, saying there are plenty of other coders who could do crypto and networking, and "he drives away more talent than he can attract." Plus, he has a 10-year record of damaging open-source projects, going back to Wikipedia in 2006.
Greg Maxwell u/nullc says "The next miner after them sets their minimum [fee] to some tiny value ... and clears out the backlog and collects a bunch of funds that the earlier miner omitted" - like it's a BAD THING. Greg is proposing a SUPPLY-LIMITING AND PRICE-FIXING CARTEL, like it's a GOOD THING.
Greg Maxwell used to have intelligent, nuanced opinions about "max blocksize", until he started getting paid by AXA, whose CEO is head of the Bilderberg Group - the legacy financial elite which Bitcoin aims to disintermediate. Greg always refuses to address this massive conflict of interest. Why?
The biggest threat to Bitcoin is Blockstream President Adam "Phd" Back. He never understood Bitcoin, but he wants to control it and radically change it. It is time for Bitcoin users, developers and miners to reject his dangerous ideas and his attempts to centrally control our community and our code.
4 weird facts about Adam Back: (1) He never contributed any code to Bitcoin. (2) His Twitter profile contains 2 lies. (3) He wasn't an early adopter, because he never thought Bitcoin would work. (4) He can't figure out how to make Lightning Network decentralized. So... why do people listen to him??
Changing to a very high fee model is a betrayal of investors, a vast diminishment of sound money, as every holder must spend in order to benefit from all their holding. Such a betrayal, if it ever must happen, needs to be a disastrous last resort, certainly not a first resort. ~ u/ForkiusMaximus
https://np.reddit.com/btc/comments/5fpk9m/changing_to_a_very_high_fee_model_is_a_betrayal/ Don't fall for the economic ignorance of the corrupt AXA-fiat-funded Blockstream CEO Dr Adam Back and CEO Greg Maxwell and their artificial, insanely overpriced "fee markets". Remember, every time you send 3 transactions - you just paid ridiculous, artificially overpriced fees to miners which will someday probably be worth a whole ounce of precious gold. What can we do? We can and should reject the artificial fee markets created by AXA and Blockstream CEO Adam Back and CTO Greg Maxwell and their crippled Blocktream Core / SegWit code with its centrally planned 1MB and 1.7MB blocksize. If you want Bitcoin's price and volume to rise, and Bitcoin's fees to decrease - while miners can still make lots of money from the block reward based on high prices and high volume, now you can! Now you can support lower fees and higher volume and prices (and plenty of profits for miners - due to higher bitcoin price, and more, cheaper transactions per block), simply by running better Bitcoin software - such as Bitcoin Unlimited. Bitcoin Unlimited is better than Bitcoin Core and SegWit - because Bitcoin Unlimited supports market-based blocksize - in line with Satoshi's original vision for Bitcoin, supporting higher volume and prices, and lower fees.
1 BTC = 64 000 USD would be > $1 trillion market cap - versus $7 trillion market cap for gold, and $82 trillion of "money" in the world. Could "pure" Bitcoin get there without SegWit, Lightning, or Bitcoin Unlimited? Metcalfe's Law suggests that 8MB blocks could support a price of 1 BTC = 64 000 USD
Bitcoin Original: Reinstate Satoshi's original 32MB max blocksize. If actual blocks grow 54% per year (and price grows 1.542 = 2.37x per year - Metcalfe's Law), then in 8 years we'd have 32MB blocks, 100 txns/sec, 1 BTC = 1 million USD - 100% on-chain P2P cash, without SegWit/Lightning or Unlimited
https://np.reddit.com/btc/comments/5uljaf/bitcoin_original_reinstate_satoshis_original_32mb/ Miners provide a cheap commodity (blockspace) - and they work for you. From the block reward alone, miners are earning 12.5 Bitcoins - or 12,500 mBTC, every ten-minute block, during this current 4-year "halving" period. At some point in the not-too-distant future, today's 10-minute block reward of 12.5 bitcoins could easily be worth 12,500 / 3 = 4,163 friggin' ounces of gold! Doing 10 minutes of work to compete to earn 12.5 BTC or 12,500 mBTC (ie, the future equivalent of 4,163 ounces of gold) is a lot of fuckin' money - based on the block reward alone, and not even counting any fees, which are just "gravy". This is why Satoshi was right when he intended the block reward alone to be sufficient for mining during this four-year "halving" period - and during the next few four-year halving periods as well. Remember, 1 BTC is a lot.
1 BTC = 1,000 mBTC
1 BTC corresponds to 333 ounces of gold
3 mBTC corresponds to 1 ounce of gold.
Miners don't need fees to get rich, during the next few decades of four-year "halving" periods where each 10-minute block reward alone (without fees) lets a miner earn:
50,000 mBTC per block until 2012 (probably eventually worth 16,650 ounces of gold);
25,000 mBTC per block until 2016 (probably eventually worth 8,325 ounces of gold);
12,500 mBTC per block until 2020 (probably eventually worth 4,163 ounces of gold);
6,250 mBTC per block until 2024 (probably eventually worth 2,081 ounces of gold);
3,125 mBTC per block until 2028 (probably eventually worth 1,041 ounces of gold);
1,562.5 mBTC per block until 2032 (probably eventually worth 520 ounces of gold);
781.25 mBTC per block until 2036 (probably eventually worth 260 ounces of gold);
390.625 mBTC per block until 2040 (probably eventually worth 130 ounces of gold);
195.3125 mBTC per block until 2044 (probably eventually worth 65 ounces of gold);
The above "ounces of gold" are what a miner can earn every ten minutes with Bitcoin - before even including any fees. Miners are being short-sighted and greedy by trying to get more money from (artificially) higher bitcoin fees right now. They're shooting themselves in the foot. They should instead focus on getting more money from higher bitcoin price - which will happen with market-based blocksize (which will actually also bring more fees, because there will be more transactions per block).
I think that it will be easier to increase the volume of transactions 10x than it will be to increase the cost per transaction 10x. - jtoomim (miner, coder, founder of Classic)
The Nine Miners of China: "Core is a red herring. Miners have alternative code they can run today that will solve the problem. Choosing not to run it is their fault, and could leave them with warehouses full of expensive heating units and income paid in worthless coins." – tsontar
For 55.2% of Bitcoin addresses, fees are now bigger than the amount of Bitcoin they have. Where will YOU be when YOUR savings are wiped out by fees?
https://www.reddit.com/btc/comments/5xsxhu/for_552_of_bitcoin_addresses_fees_are_now_bigge The market - and Satoshi - knows more than any of today's coders, when it comes to Bitcoin's economic qualities, like volume and price and fees. Core/Blockstream wants "centrally planned" (tiny) Bitcoin's volume - which actually leads to "centrally planned" (high) fees and "centrally planned" (suppressed) price - and over half of Bitcoin's currently addresses now becoming essentially unspendable, as shown in the link above.
Nobody has been able to convincingly answer the question, "What should the optimal block size limit be?" And the reason nobody has been able to answer that question is the same reason nobody has been able to answer the question, "What should the price today be?" – tsontar
The debate is not "SHOULD THE BLOCKSIZE BE 1MB VERSUS 1.7MB?". The debate is: "WHO SHOULD DECIDE THE BLOCKSIZE?" (1) Should an obsolete temporary anti-spam hack freeze blocks at 1MB? (2) Should a centralized dev team soft-fork the blocksize to 1.7MB? (3) OR SHOULD THE MARKET DECIDE THE BLOCKSIZE?
https://np.reddit.com/btc/comments/5pcpec/the_debate_is_not_should_the_blocksize_be_1mb/ Core/Blockstream's code is starting to cause an economic disaster for Bitcoin. Core/Blockstream's code imposes a centrally planned 1MB blocksize (or SegWit's centrally planned 1.7MB blocksize) - inevitably leading to frequent backlogs and high fees and decreased price and adoption - plus years of distracting, needless bikeshedding about blocksize. Core/Blockstream's proposed SegWit would be yet more unwanted and inefficient "central planning" - plus new, radical, irresponsible changes to Bitcoin's original economic design - imposing a centrally planned 1.7MB blocksize - plus adding lots of dangerous and unnecessary technical debt (eg, making all transactions "anyone-can-spend").
Segregated Witness: A Fork Too Far by Jaqen Hash'ghar Segregated Witness is the most radical and irresponsible protocol upgrade Bitcoin has faced in its eight year history. The push for the SW soft fork puts Bitcoin miners in a difficult and unfair position to the extent that they are pressured into enforcing a complicated and contentious change to the Bitcoin protocol, without community consensus or an honest discussion weighing the benefits against the costs. The scale of the code changes are far from trivial - nearly every part of the codebase is affected by SW. While increasing the transaction capacity of Bitcoin has already been significantly delayed, SW represents an unprofessional and ineffective solution to both transaction malleability and scaling. As a soft fork, SW introduces more technical debt to the protocol and fundamentally fails to achieve its design purpose. As a hard fork, combined with real on-chain scaling, SW can effectively mitigate transaction malleability and quadratic signature hashing. Each of these issues are too important for the future of Bitcoin to gamble on SW as a soft fork and the permanent baggage that comes with it. It is far better to work towards a clean technical solution to malleability and scaling than to further encumber the Bitcoin protocol with permanent technical debt.
is artificially causing congestion on the network - driving away users;
is artificially increasing Bitcoin fees;
has artificially made over half of all current Bitcoin addresses effectively "unspendable".
Some people might laugh and say that those addresses represent "only" a total of 1,600 BTC - but remember, that corresponds to "only" 1,600 * 333 = 532,800 or over half a million ounces of gold being made "unspendable" - all because of the economic ignorance and central planning of Adam Back and Greg Maxwell and AXA.
Core/Blockstream is living in a fantasy world. In the real world everyone knows (1) our hardware can support 4-8 MB (even with the Great Firewall), and (2) hard forks are cleaner than soft forks. Core/Blockstream refuses to offer either of these things. Other implementations (eg: BU) can offer both.
If there are only 20 seats on the bus and 25 people that want to ride, there is no ticket price where everyone gets a seat. Capacity problems can't be fixed with a "fee market", they are fixed by adding seats, which in this case means raising the blocksize cap. – Vibr8gKiwi
Letting FEES float without letting BLOCKSIZES float is NOT a "market". A market has 2 sides: One side provides a product/service (blockspace), the other side pays fees/money (BTC). An "efficient market" is when players compete and evolve on BOTH sides, approaching an ideal FEE/BLOCKSIZE EQUILIBRIUM.
imposing yet another centrally planned blocksize (1.7MB);
adding dangerous and unnecessary "technical debt" by making all transactions "anyone-can-spend" - simply because Core is afraid that a proper upgrade (a hard fork) would remove them from their position of power.
Core/Blockstream is pro-AXA and pro-central-bankers - and anti-market and anti-Bitcoin. The only reason you're now paying the future equivalent of 1/3 of an ounce of gold every time you do a Bitcoin transaction is because of the toxic alliance between $76 million in "fantasy fiat" from evil central bankers like AXA combined with the centralized economic planning and ignorance of Blockstream CEO Adam Back and CTO Greg Maxwell. Adam Backu/adam3us and Greg Maxwellu/nullc are among the most economically ignorant and damaging people in the Bitcoin community.
They don't understand anything about how Bitcoin and markets actually work in the real world.
They want to impose their own centrally planned numbers, which they pulled out of their ass (1MB current blocksize, 1.7MB SegWit blocksize), instead of letting the market (miners) continue to determine the blocksize - the way Bitcoin worked so successfully for the past 8 years.
Adam Back was one of the first people that Satoshi told about Bitcoin - but Adam didn't understand it then, and he didn't buy any until it was at its first major all-time high of over 1,100 USD. So he missed being an early adopter - because he doesn't understand economics and markets.
Adam Back thinks he's important because he invented hashcash - and he says very misleading things like "Bitcoin is hashcash plus inflation control" which is ignorant and/or insulting on his part.
The proper terminology should not be "inflation control" - it should be "distributed permissionless Nakamoto Consensus based on Satoshi's brilliant solution to the long-standing Byzantine Generals trustless coordination problem" - which Adam Back not only did not invent - but he also apparently does not fully understand, because he's trying to abolish Nakamoto Conensus_ for the blocksize, and replace it with his centrally planned blocksize.
Greg Maxwell knows cryptography and C++ - but this should not give him "special powers" to dictate the economic parameters of Bitcoin. Only the market can do this.
Fortunately, you don't need to run Core/Blockstream's crippled code any more.
We can revert to Satoshi's original 32MB blocksize (which would probably provide enough transaction capacity to support "million-dollar bitcoin" - far beyond "bitcoin-gold parity").
Or we can install Bitcoin Unlimited which would also allow the Bitcoin blocksize (and Bitcoin volume and price and fees) to be determined by the market.
Market-based blocksize will naturally lead to:
plenty of profits for miners (from the block reward alone, based on much higher Bitcoin price - plus also based on more total fees for miners and lower individual fees for users - due to greater volume, due to more transactions per block).
21 months ago, Gavin Andresen published "A Scalability Roadmap", including sections called: "Increasing transaction volume", "Bigger Block Road Map", and "The Future Looks Bright". This was the Bitcoin we signed up for. It's time for us to take Bitcoin back from the strangle-hold of Blockstream.
Bitcoin Unlimited is the real Bitcoin, in line with Satoshi's vision. Meanwhile, BlockstreamCoin+RBF+SegWitAsASoftFork+LightningCentralizedHub-OfflineIOUCoin is some kind of weird unrecognizable double-spendable non-consensus-driven fiat-financed offline centralized settlement-only non-P2P "altcoin"
AXA/Blockstream are suppressing Bitcoin price at 1000 bits = 1 USD. If 1 bit = 1 USD, then Bitcoin's market cap would be 15 trillion USD - close to the 82 trillion USD of "money" in the world. With Bitcoin Unlimited, we can get to 1 bit = 1 USD on-chain with 32MB blocksize ("Million-Dollar Bitcoin")
https://np.reddit.com/btc/comments/5u72va/axablockstream_are_suppressing_bitcoin_price_at/ If you want Bitcoin to continue to succeed, and if you want the price to continue going towards the moon, and if you want to stop paying exorbitant artificially high fees corresponding to 1/3 ounce of gold, and if you want miners to still get rich from the block reward (while they also earn some extra money based on higher total fees due to more transactions per block, while users pay lower individual fees per transaction)... ...then the best roadmap would be:
Reject Core/Blockstream's current centrally planned blocksize of 1MB, and their proposed SegWit 1.7MB centrally planned blocksize with its unnecessary, dangerous "anyone-can-spend" soft-fork semantics;
Continue using using Satoshi's original market-based blocksize, by installing Bitcoin Unlimited - which lets miners continue to set the blocksize as they always have, using emergent consensus.
There are two pertinent things about me which you must understand: I have a photographic memory, and I am a criminal. My memory means you can trust that my tale is accurate; my criminality does not indicate any deception or fabrication – it is much easier to omit rather than to lie. It is your prerogative to doubt me, for in the interest of my own anonymity I cannot provide any tangible proof of my encounter with the malevolent object (or whatever compels or creates this object) which I have named, for the sake of convenience, the Green Glass. A photographic memory is certainly an interesting trait, but wasn’t for me a particularly useful one. This trait never got me a high-paying job, hell, it never even helped in getting me laid. I worked at a call center for a major department store taking inbound calls and processing orders for merchandise. As you could guess, I see hundreds of credit card numbers every week, complete with the expiration date, security code, and the full name of the cardholder. Sometimes I even came across social security numbers. If one were to engage in an unsavory crime involving customers’ credit card numbers, there are two ways that person would be caught. The first would be if they were spotted taking a photograph or writing down the number, and the second would be if they were stupid enough to use that number to buy something for themselves. I was more clever than that. I stored that information inside my memory and wrote it down later in the safety of my own home – even my memory has limits. Then I would wait a full year, letting the cardholder make purchases in all sorts of places so that when I sold the numbers on the dark web, there would be hundreds of suspects other than myself that investigators would look for when the cardholder reported fraudulent purchases. It was a regular work day, and another act of future identity theft I was committing, when I first saw the Green Glass. Then, it had no such name; it was merely a centerpiece for a dining room table being sold on my company’s website. A very expensive, finely crafted centerpiece going for $3,099.99. Who spends that much money on a thing that has no other purpose but to sit on a table and impress dinner guests? This lady whom I was talking to who wanted to order it, who we’ll call “Kristin.” I’ve changed all the names here, of course, so as to not implicate myself in whatever began that day. “Sixteen” said Kristin, “that’s the item number.” The item numbers on the company’s website are always 7 digits. I seriously doubted my customer knew what the hell she was talking about, but that’s nothing new. The site was never very user friendly, customers tended to mistake all kinds of things for the item number and then I had to find it for them. I was going to politely correct her, but by muscle memory I typed “16” into the search bar and pressed enter. And to my mild surprise, an item actually appeared. It was this centerpiece, which the site’s description told me was “crafted by the most highly skilled glass artisans in North America.” A ridiculously overpriced centerpiece. The only other thing worth noting, apart from the price, is that I saw in the image that the centerpiece had a very faint, very subtle shade of green despite the object also being described as “flawlessly clear.” But that was probably nothing more than bad lighting when the photograph was taken, and if Kristin didn’t mention it, there was no way I would and risk losing the sale. My employer sold a few luxury items but for the most part, the department store chain catered to middle-class people, and the vast majority of callers were not the wealthy, but instead those looking for $50 items marked down to $10 on a fire sale. Still, I didn’t see anything out of the ordinary at the time, and I was honestly excited – exceed a sales quota and I would earn some bonus cash. This would bring me right over the benchmark. As I half-listened to Kristin’s boring blabbering about her dinner plans and gave her intermittent acknowledgment, I thought of what I might treat myself to with my extra earnings. I explained to her that the one-day shipping she chose actually meant two days but that she would undoubtedly receive it time, and then the call was finished. Later that night, I was at a friend’s apartment drinking beer, smoking weed, and playing Rocket League. Many of my weeknights went this way. I could stay up until dawn killing time like this because I worked afternoons and evenings. When we took a break from the PS4, I felt inclined to whine to my buddy Eric about the shallowness of my customers. He bitched about his shitty job all the time, so naturally I returned the favor. “This woman bought like, a fucking piece of glass, like a fancy fucking piece of glass, for $3100. Just to sit on a table. For one night. I wanted to tell her she wouldn’t be able to return it so I wouldn’t have to deal with that, but I mean I didn’t want her to get insulted, obviously. I earn that much in 4 months. If I had that much money, I’d buy...” but the weed was kicking in and I forgot what I would have bought. “I wanna see it” Eric said. My other friend, Jason, nodded in agreement. I pulled up the company’s website on my phone and entered 16 into the search bar. But no results came up. I don’t remember anything incorrectly, but anyone can remember 16 regardless. I tried the name of it instead. Nothing. I stubbornly went to the fine china tab and chose the price range, and still I couldn’t bring up the damn thing. “The site is being shitty, never mind” I said. For all I knew, it was just that the site was being shitty. It didn’t matter then. Kristin called back two weeks later, and that is when things started to get strange. “Hey, I remember you!” she said in a chipper voice. “Do you remember me?” “Yes ma’am, of course” I said. “Did your dinner party go well? Did you get compliments on the centerpiece?” Kristin spared no detail in answering me. “Oh, everything was perfect. All my colleagues were envious! The reason I’m calling though… last week I was the victim of a home invasion.” I was going to give a courteous “Oh, I’m so sorry to hear that” sort of interjection. But Kristin kept talking. “I wasn’t home at the time. But my husband and Elizabeth, my 6 year old, they were both there. These thugs broke my husband’s jaw, he’s still in the hospital, Elizabeth is sleeping with the lights on. They took most of my jewelry, the cash. But that’s not what’s important.” “Of course” I thought, but didn’t say. I kept listening. Kristin continued. “You think they stole the centerpiece, right? No, they just broke it. My wonderful centerpiece was in a million pieces on the floor. So heartbreaking. Obviously, I want another. I know you can’t do anything on your end and that’s fine, maybe my homeowners’ insurance will reimburse me, but I want to buy another today. The house looks so empty without it! Can you help me?” Husband in the hospital, traumatized daughter, and she wants another one. I hated her in that moment. Even more shallow than I thought possible! I hesitated for a moment, but not long. I do my job, and I don’t lecture customers. Normally, I would express sympathy for her family. But she didn’t seem like she would care. “Are you still there?” Kristin asked. “Yes ma’am. I just need a moment to pull it up.” 16. But the centerpiece still was missing. I searched in every possible way, distracted as Kristin continued to impatiently ask if I had located the item yet. I put her on hold and called my supervisor over. Since it was a valuable sale and she was a high roller as far as customers go, the matter warranted some extra effort. But 10 minutes later, we were at a dead end. My supervisor suggested that I put her on a waiting list so the first centerpiece back in stock is held for her. That usually placated the more persistent customers. Not this time. “Ma’am” I said “I am sorry to inform you that we are out of stock on this item nationwide, but I have added your name to our waiting list and you will receive a call immediately from myself or another associate as soon as we can ship this centerpiece to you again.” “No!” Kristin protested. “I need it NOW! NOW! Don’t you get it? The house is worthless without it, I can’t stand to be in my own dining room knowing it’s gone! They broke it and I need another one! PLEASE.” I could hear her sob. This was unbelievable. “I’m so sorry” I apologized again, not sorry in the least for this woman. “I’d be happy to offer you a special discount coupon that would be valid for any other item in our fine china selection.” She screamed. Shrieked. Directly into my headset. I tore it off my head and slammed it down on the desk, and I could still hear her frantic pleas. “I WANT IT BACK!! I WANT IT BACK!! HELP ME!! WHAT WILL PEOPLE SAY?!” After that, I couldn’t take it anymore. I hung up. That wasn’t allowed at my workplace, but I didn’t care. After my shift came another night drinking and smoking with Eric and Jason, who laughed as I told them about this, as they weren’t the ones who had the weaponized sound of this awful woman’s voice assaulting their ears. Both of them speculated on what could have been going on. Eric offered that it was “probably PMS” while Jason mused on his ex-girlfriend with borderline personality disorder. No theories on Kristin’s mental state satisfied me, this was just too much. But with no other choice, I stored this incident in the back of my mind and moved on with my life. Up to this point, I was sure there was a rational, albeit terrible explanation for all this, and I didn’t think the centerpiece itself had anything to do with it. Three weeks later, this belief of mine was challenged. Back at work, I received a transfer call from an employee in another state who sold furniture. “We’re having some sort of problem with our computers. I have a customer looking to buy a mirror, could you take this, please?” she asked. I accepted the transfer and introduced myself to the customer. “Well howdy” a man with a Texas accent greeted me. “I found a great bargain on a mirror. My family and I just moved into a new house, it’s still pretty bare bones, but I think this mirror would really add some character.” I was too exasperated with work to extol the quality of my company’s items. I apathetically asked for the item number. “That would be 19, my friend” the man answered. In that moment, I did feel uneasy. This was the second time I was given a number that shouldn’t correspond to anything on the website, and the second time it yielded a result nevertheless. It was a mirror, nothing special by my reckoning. When I examined it more closely, I felt a bit more worried. I could see the faint, green hue again on glass that shouldn’t be green. Like most customers, this man – Greg, talked on while I filled out his order and took a mental snapshot of his credit card information. “It’s kind of new age, or modern, or whatever they call it – I’m a man, I don’t know the terminology” Greg said, laughing to himself. I wasn’t sure what he meant. Then Greg said “I mean, it’s so green, I’ve never seen a green mirror before. But my wife is into that kind of stuff. It’s a birthday present for her, a way of giving her something nice and showing her that I have good taste, you hear?” “It’s a very good choice” I said, not wanting to say anything more. Some time passed, and one night off from work with not much interesting to do, I felt compelled to pull up the mirror on the company website and take another look. Like before, the merchandise was missing. Then I googled Kristin’s full name, and found her on a local news site for Sacremento. I read the article, and what I read made me seriously consider quitting my job for the first time. “Authorities have ruled that the death of a local business owner and her six-year-old daughter was the result of a murder-suicide.” I read on. “Last July, the Sacremento Police Department were on the scene in response to a strong-arm home invasion. One of the deputies there told reporters that Kristin Ross exhibited strange behavior at the time, apparently ignoring her injured husband and daughter while complaining about some of her valuables being destroyed by the home invaders. ‘She said “They ruined it, they ruined it and I don’t know what to do”, and she refused to answer my questions because she was gathering these pieces of broken glass. She asked me if I had superglue. I thought she was just a bit shaken by what happened, and now I’m very upset to think I might have missed some warning signs of paranoid schizophrenia, or some other condition.’ Matthew Ross, Kristin’s husband, passed away in August from a hospital-acquired infection while undergoing treatment for his injuries. Investigators have speculated that this loss may have caused Kristin’s mental state to deteriorate. Elizabeth Ross’ death was ruled the result of drowning by the county coroner. Kristin allegedly took her own life after drowning her daughter in the bathtub.” The thought crossed my mind to call Greg. The 10 digits of his phone number were not something I had forgotten. But I didn’t call him. What would I even say? I didn’t even have any idea what was going on. But as it turned out, Greg found me a week later, on national news. An anchorman read from his teleprompter as images of a scorched house and a picture of a middle-aged man were displayed on screen. “Law enforcement officials and first responders in Dallas arrived at a house ablaze after receiving a chilling 911 call. Gregory Farnsworth called 911 on Thursday, stating his intention to commit suicide. We now know that Mr. Farnsworth was under investigation for insider trading, a factor which may have contributed to his tragic decision to end the life of himself and another person. Although police were immediately dispatched to the address the call was placed from, they found the home of Mr. Farnsworth on fire, apparently set deliberately. The bodies of Mr. Farnsworth and a currently unidentified woman were recovered from the scene. The audio and transcript of the 911 call has been withheld.” I burned my credit card numbers in the sink that night, every last one. As far as I could tell, this thing, this Green Glass, might be something that punishes greed. Although there were many numbers I couldn’t forget, I swore to myself that I would never sell another one again. I locked myself out of my Bitcoin account by randomly generating a new password and copypasting it in to change it. Then I put in my two weeks notice at my call center job. Every day until my last day there, I dreaded every incoming call, expecting a customer to order another glass object that would now be listed under the number “21” - probably the number of victims claimed so far. That didn’t happen. I gratefully took a new job as a pizza delivery driver soon after, and I tried to forget about the Green Glass despite all of my unanswered questions. Why did Kristin kill her daughter? Why did Greg apparently see the glass as a vibrant green when I only saw a pale, barely discernible hue? Does it punish greed, or does it just want to kill as many as it can? I was most haunted by the most obvious question: Why me? Why did it appear for me to sell both times? I regret to inform you I have no answers to this day, and all I can give you now is the story of my last – hopefully, please God last encounter with this fucking thing. It was a year and change after I found out what happened to Kristin and Greg. I had gotten in Eric’s car on a Saturday night, with Jason there too. Our group, still getting drunk, still getting high, just trying to find some joy in our disappointing lives. We planned to blaze up in a nearby park and then hit a bar or two. We stopped first at a headshop so Jason could buy a new pipe. So we perused the display case, and one pipe caught Jason’s eye. “Check it, guys. That looks gangsta as fuck, look at how bright that green is!” My chest tightened and my heart raced, but I was in for one more surprise: It didn’t look green at all to me; it didn’t even have the slightest hint of green. It was nothing more than transparent glass. “I’ll take it!” Jason declared. The guy behind the desk said “Fifteen dollars.” Maybe I was wrong. Before, I saw the green, and the item was always expensive. But then Jason paid and had it in his hands, and as he showed it to Eric and I, I saw the number 44 on the side of the bowl. I was done. “I feel sick” I lied. “We’re still close to my place, so I’m just going to walk back. You guys have fun.” Neither of them seemed to believe me. I never told them. I still couldn’t bring myself to warn them. It’s not that I didn’t care, it’s just that I didn’t want to be a part of this. “We’ll drive you back” Eric offered, but I declined. Jason looked me over skeptically and asked “What’s your deal, man? You’re not sick. Come on, don’t be a pussy.” All I said back to him was “I don’t really give a fuck what you think” and I stormed out the door. Eric called me later that night. Jason was dead. He got into a bar fight. According to Eric, Jason was very high and very drunk, and ended up starting a fight with a stranger over some petty insult. A fistfight broke out, and the man pulled a gun and shot Jason point blank in the chest. I didn’t talk to Eric after that night, I didn’t go to Jason’s funeral. I packed my shit and took a Greyhound to the other side of the country. Again, in vain, I’ve tried to forget about all this. The reason I’m telling my story now is because I think I finally understand what the Green Glass does. That 911 call from Greg was finally released. He was saying: “I’m gonna end it all now, you sons of bitches think I’m a criminal and I won’t ever change your minds. Miranda didn’t even like my mirror, that bitch. I’m lighting it all up now.” Miranda was the unidentified woman who died in the fire, who I believe was probably Greg’s “other woman.” I think Kristin lied about the home invasion. I think her daughter Elizabeth accidentally broke that centerpiece, and her husband tried to stop Kristin from hurting her. Jason always felt threatened, had problems with self-confidence. Always liked to show off. I don’t think the Green Glass punishes greed. I believe the Green Glass hurts those who worry too much what others think about them. It changes them, talks to them, makes them believe that it is the best thing about them. And anyone who doesn’t appreciate the owner of the Green Glass dies for it in the end, too. That would explain why I no longer saw the color when Jason bought the pipe, because I just wanted out and didn’t care what he thought about me for leaving. That’s my theory, and you can take it or leave it. I don’t give a shit what you think about me, and that might be my only defense.
The first Bitcoin purchase was for pizza. The first ever transaction of Bitcoin was the purchase of 2 pizzas by Hanyecz. Today, this transaction is seen as the most expensive food order in history. May 22 nd is the date Hanyecz made his pizza purchase, which now many cryptocurrency enthusiasts worldwide remember as “Bitcoin Pizza Day” . The post Bitcoin Pizza Day: Celebrating the world’s most expensive fast food order appeared first on Coin Rivet. More Back in 2010, Laszlo Hanyecz, aka ‘Bitcoin Pizza Guy’, bought two Papa In those days, Bitcoin was worth nothing (cents), and to order two family pizzas worth $ 30, Laszlo paid 10,000 Bitcoins! What was later considered as the first-ever purchase in Bitcoin, also became the world’s most expensive pizza. 10,000 Bitcoins worth today is worth more than 50 million USD. That has to have been the most expensive pizza: Since the inception of Bitcoin, Hanyeczs' pizzas have got more and more expensive. Nine months after the purchase, Bitcoin reached parity with the U.S. dollar, making the two pizzas worth $10,000 Three years ago, one man paid 10,000 Bitcoin for two pizzas. How times have changed. But are we living in a Bitcoin bubble or a brand new world?
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