There are 4,000 $100 bills in circulation for every man, woman and child in the US. In many foreign countries up to 90% of US bills are $100 denominations.
Regarding Bitcoin he states “They allow it for now and they’ll prevent it in the future”. Other than outlawing Bitcoin, like FDR outlawed gold, that shows massive ignorance on the ability to control Bitcoin.
“We’re not even a big cash printing country compared to Japan.” Go USA!
“The government makes a fortune off printing cash.” No kidding!
Sat Sep 3, 2016 4:55pm ESTComments Off on Bitcoin ready to pop, but which direction?
Bitcoin has been in a relatively stable range with a midpoint of $570.
Within past few hours we’ve printed $597. A move of ~5% is not a big deal on the Bitcoin volatility scale but is this the start of an upside move, a bull trap or just a blip? Bitcoiners are watching closely.
Overall Bitcoin has been in an uptrend in 2016. Bitcoin just printed a 3 box reversal on the 6H PNF chart. Levels to watch are $615 and $650. On the downside $560 and $530.
Sundays are sometimes big trading days for Bitcoin (driven by Chinese?).
I am grabbing some popcorn and hoping for a good show.
As an example, CNN is a pig of a site that takes 5-10 seconds to fully load in Chrome. That extra time between when the first images appear and the site is fully displayed is the loading of the different ads, site trackers, Facebook plug ins and complete crap snooping your personal information. In Brave CNN loads almost instantly. A peek at the Brave settings shows the following for CNN:
On the desktop, Brave provides a 40% to 60% speed increase and a 2-4x speed increase on mobile devices. Mobile users see a direct reduction in both battery and data plan consumption. Brave also protects users with leading privacy and security features such as HTTPS Everywhere (encrypted data traffic), fingerprinting shields, phishing protection, malware filtering, and script blocking.
Fri Sep 2, 2016 6:35pm ESTComments Off on We’ve reached peak Facebook, YouTube etc.
Le Fly posted about YouTube blocking certain content creators. Reminds me of Twitter and Facebook “curating” their users’ newsfeeds.
Should we be surprised? No. Absolute power corrupts absolutely.
This type of subjective censorship won’t last on the Internet. There are now decentralized competitors popping up in many areas: Arcade City vs Uber, Steemit vs Reddit, YouTube vs ????.
An example of a shift against monopolistic control driven by ad revenue is a new browser on the market called Brave. Their Mission:
….to save the web by increasing browsing speed and safety for users, while growing ad revenue share for content creators.
The Brave Browser team are removing the middle man and enabling payments to content creators directly in the browser. Sounds like YouTube/Facebook’s worst nightmare.
Introducing Brave Payments
As part of our 0.11.6 release of Brave for desktop today, we are pleased to announce the beta version of Brave Payments, our Bitcoin-based micropayments system that can automatically and privately pay your favorite websites.
For the first time in the history of web browsers, people can now seamlessly reward the sites whose content they value and wish to support, while remaining untracked by anyone, including us at Brave Software, Inc. This removes the need for intermediaries who may overwhelm web pages with invasive trackers and ads (and sometimes even malware). It also avoids centrally managed “feed” algorithms that may or may not value your idea of content quality.
Decentralized mircopayments to content creators cut out the middle man. Add in privacy and an open system…what’s not to like?
This concept is in pre early adopter phase but it’s happening in many industries. Most projects will fail, but new projects will take their place.
So while YouTube, Twitter and Facebook pick and choose what is good for their users the Internet is striving to be free (from censorship) again.
The question is, does Joe Public care about monopolistic entities censoring the Internet for them or have we given up those rights for the easiest possible access to cat videos?
If you haven’t heard of Megaupload founder Kim Dotcom then hold on because you are in for a treat. His Wikipedia:
Kim Dotcom (born Kim Schmitz; 21 January 1974), …. first rose to fame in Germany in the 1990s as a teenage internet entrepreneur. In 1994 he received a two-year suspended sentence for computer fraud and data espionage because he was underage, and received a similar sentence in 2003 for insider trading and embezzlement.
Dotcom was the founder of now-defunct file hosting service Megaupload but has subsequently been accused of criminal copyright infringement and a host of other charges, such as money laundering, racketeering and wire fraud, by the U.S. Department of Justice. In January 2012, the New Zealand Police raided his home in Auckland and placed him in custody in response to the US charges. Dotcom was accused of costing the entertainment industry $500 million through unlicensed content uploaded to Megaupload which had 150 million registered users. Dotcom has denied the charges, and is currently fighting attempts to extradite him to the United States.
He has been called one of the world’s “largest tech entrepreneurs”. He changed his surname to Dotcom in 2005, apparently in homage to the stock market bubble that made him a millionaire. At the time, he was living in Hong Kong, where he set up Megaupload.
Arcade City is a decentralized ride sharing service set to launch September 1st. It aims to compete with Uber and Lyft.
What makes Arcade City different is that it’s goal is to have the Arcade City network be the service. Riders and drivers will connect via an app and all payments will be automated peer to peer. There will never be a corporate Arcade City setting rates, policies etc. Cryptocurrencies like Bitcoin and Ethereum are set to the be payment methods.
Drivers and riders can name their own price. The market will work it out, in theory.
Arcade City is a test for a decentralized service going head to head vs major for-profit services like Uber and Lyft. Arcade City is a fascinating and ambitious project and one to watch.
Most people who have heard of Bitcoin think Bitcoin is Magic Internet Money.
In layman’s terms Bitcoin is a series of entries in a distributed ledger called the Blockchain. The entries in the ledger are secured through cryptography. Cryptography is also used to protect your online banking website. At a high level Bitcoin and your banking website security are similar. The only way to spend a bitcoin is to possess the secret key which matches a public entry on the Blockchain. Unlike a bank, the Blockchain is publicly accessible and censorship resistant.
No one person or entity controls Bitcoin or the Blockchain so no one can manipulate Bitcoin to serve their own purpose. Due to this distributed and decentralized ledger it’s impossible to counterfeit bitcoins and impossible to shut down Bitcoin. Bitcoin is a protocol running on thousands of computers across the globe. Since bitcoins are digital they are easily transferable and easily divisible (all advantages over gold).
Here is a randomly selected transaction from Blockchain.info This transaction shows 20BTC (~$11,000) was moved for a .00027BTC ($.11) fee. The transaction should be 100% confirmed, complete and irreversible within 30 minutes. No third parties required and the transaction is practically anonymous. Those bitcoins could be destined for anyone in the world. That’s not a problem for Bitcoin. Try that with gold or fiat currency. Moving $10k via a US bank requires a special form so the nice government men can keep an eye on you.
How do you send bitcoins?
(I won’t go into setting up an account to acquire bitcoins, there are plenty of tutorials. Here is a referral link for Coinbase.com if you want to shorcut that.)
Here is an example of a bitcoin address: 1EnhQvrtYDpKqMrDBM9C2UiNFdt3Jr9fAG and the corresponding QR code below. From the smartphone bitcoin app of your choice you scan the code, choose the amount and press send. The bitcoins arrive within minutes. Here’s a record of every transaction on that address (currently 0, feel free to send a small amount to see it on the blockchain). This may sound complicated but it’s not. Much easier than moving money from a bank account.
BTW, Bitcoin’s market cap is now over $9 billion. If you still think Bitcoin is a joke here’s a list of the top 100 richest addresses. Many people store millions of USD in Bitcoins.
If anyone has heard of Bitcoin they’ve likely heard how Bitcoin was hacked (again) and how Bitcoin has been declared dead a dozen times by mainstream media. Casual observers may have heard that the Winklevoss twins opened a Bitcoin Exchange or they may have heard Mike Tyson lent his name to a Bitcoin ATM in Vegas.
You could say Bitcoin credibility is lacking.
I don’t believe you could write a worse story for Bitcoin if you tried. The largest exchange for buying and selling Bitcoin up until a few years ago was Mt Gox. Mt Gox stood for Magic the Gathering Online Exchange. Mt Gox was originally a place for neckbeards to trade Magic the Gathering game cards. True fucking story. Eventually Mt Gox became a place for neckbeards to trade bitcoins. Mt Gox imploded along with $460 million in client bitcoins. Bitcoin was declared dead, but what is dead can never die (extra GoT).
You see, Bitcoin is the Sewer Rat of Currencies. The TLDR of that article is that despite what’s been in the media, Bitcoin has never been hacked. Only the exchanges that sold Bitcoin have been hacked. In fact, Bitcoin has been tested over and over and has come back stronger each time. Bitcoin is a sewer rat. It can’t be killed but people keep trying.
bitcoin isn’t living in a bubble. Bitcoin is a sewer rat. It’s missing a leg. Its snout was badly mangled in an accident in last year. It’s not allergic to anything. In fact, it’s probably got a couple of strains of bubonic plague on it which it treats like a common cold. You have a system that is antifragile and dynamic and robust.
Bitcoin doesn’t give a fuck.
So why Bitcoin? Bitcoin has the six characteristics of money:
Durability Objects used as money must withstand physical wear and tear Check, bitcoins are digital. Theoretically they will last forever.
Portability People need to be able to take money with them as they go about their business Unlimited funds can be stored on a piece of paper or you can memorize a 12 word phrase.
Divisibility To be useful, money must be easily divided into smaller denominations , or units of value Bitcoin can be easily divided down to .00000001 AKA a Satoshi.
Uniformity Any two units of money must be uniform or the same in the terms of what they will buy All bitcoins are created equal.
Limited Supply Money must be available only in limited quantities There will only ever be 21,000,000 bitcoins and we already know the predetermined rate of inflation.
Acceptability Everyone must be able to exchange the money for goods and services This one is gaining traction everyday. You can use purse.io to get substantial discounts at Amazon using bitcoins.
With Trillions in QE, the EU in negative interest rate territory, Japan going all in on Abenomics and China building ghost cities it’s no wonder a decentralized currency like Bitcoin is starting to gain traction.
Whatever your portfolio looks like today consider it’s missing something if there’s no Bitcoin. Bitcoin could fail, but if it doesn’t then it’s future is incredibly bright. Bitcoin is the Internet of Money. A small position today could be the hedge you need against central banks, crazy politicians and a world gone mad. Caveat emptor, Bitcoin is extremely volatile.
If you add Bitcoin to your portfolio I highly recommend a hardware wallet like KeepKey. While Bitcoin the protocol is secure your greatest risk is leaving your bitcoins vulnerable to loss via sloppy security. Whatever you do, do *not* store your bitcoins with an online exchange.