iBankCoin
CAPS LOCK IS CRUISE CONTROL FOR AWESOME
Joined May 7, 2012
204 Blog Posts

On Second Thought, FUCK OFF

Good Thursday to you all, even the haters.

As a follow up to Allow Myself to Defend Myself….

This is another BSV focused Op-Ed. Please direct all complaints to flybroker AT gmail dot com

Today I have been introduced to yet another peak at the future running exclusively on BSV. It’s called baemail and it’s a BSV web email client that inscribes emails on the BSV blockchain for a fee.

I’m not going to describe the screenshot, should be self explanatory. A few years ago a company called 21co attempted a similar project and was blessed immediately with a huge valuation. Their promise was to protect your email inbox from spam by requiring others to pay small fees to email you. Less than a year later they completely changed their business plan to be earn.com and sold their user’s emails database to the highest bidder (That last part may not be true, just my assumption based on their about face and money problems). But I digress.

What do I think of baemail? I think it’s basic. Has no chance of massive adoption. Likely to fail. That’s not what’s important here. Follow along.

Another interesting project: weiblock.app This is the Chinese clone of twetch.app. Basically a Twitter clone where every action is a microtransaction on BSV. A BSV powered social media platform focused on Chinese market is pretty huge. In all likelihood it will fail but the lessons here are important.

You have to have perspective. These are exciting times.

Over time the more of these projects the better. Iterations are key. Look at how many dotcoms failed. Most of them.

The dotcoms that succeeded have made the Internet the behemoth that it is today.

BSV is the future. Weiblock, Twetch, Paymail, Moneybutton etc are all in the infancy stage of the next generation Internet.

It’s called MetaNet and within a few years businesses will be adapting to run on top of MetaNet. MetaNet runs on top of BSV.

Also, FYI, I am from the fucking future.

Let the hatemail flow.

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Allow myself to…..defend…myself

Looks like my last post got someone’s attention. Here’s their lengthy reply:

I’ve followed Coinspeak since his/her first post here, thankful that Based Fly conscripted a crypto writer. Although I rarely agreed with the posts, I continued to read with an open mind to survey the BCH thesis (as I held a large amount of coins prior to the hard fork and did not have a clear plan on what to do with my BCH and now BSV). So, I was intrigued when I saw the about-face to BSV, an admittedly unpopular choice. I became a bit more incensed over the last two posts as I felt they read more like a white-paper/marketing shill than well-reasoned analysis. For instance, poaching the “Bitcoin (the program, not a specific chain) is the future”/Austrian hard money narrative from videos and then asserting later in the post that while the cited authors/presenters didn’t mention BSV by name, if they really thought about which chain is best and most likely to succeed, they would undoubtedly choose BSV. So now, I feel compelled to retort.

To anyone waiting for OP to defend this increasingly implausible thesis: prepare yourselves for a feat of tinfoil hat mental gymnastics, the likes of which have only been parodied with the image adorning the Bitcoin Economy part 2 post.

For a network and asset class that’s built to eliminate the need for trust, the BSV thesis at this point requires a hell of a lot of it. Namely, to trust BSV bagholders that the following is true, despite a consensus of evidence and opinion; (I remind you that consensus is a more relevant governing standard than “truth” in these matters)

1-CSW is still somehow Satoshi. For those that don’t know, CSW got BTFO in courts both of the legal variety and of public opinion. (for the record, I do think that Peter Mc., an opposing party in one of CSW’s ongoing suits, is insufferable and has become the “reality TV star” of crypto; lacking in skill, insight, and prizing his own promotion above all else.) The only talking point CSW defenders have left is that the Kleinman estate will have a large tax bill upon receipt of CSW’s purloined bitcoin. Even if his claims were true, CSW was bested and locked out by his own creation, unable to sign any transaction with consensus-recognized Satoshi holdings, which any competent user must know how to do—a far cry from his crafted brilliant inventor image espoused by his underlings and this blogger. Imagine the inventor of the first thought-powered car unable to prove it worked because he locked the keys inside.

One must pause here at the cartoonish nature of his defense; blatant blog back-date forgeries, recanted statements, demonstrably false transactions, and not a shred of proof that he was doing anything other than attempting to hack kitchen appliances whilst detailing a list of what classical music and romantic authors he happened to be Wikipedia-ing at the time (I invite readers to scan the above post and note the striking similarity in the “here’s a list of important sounding things I’ve seen other people talk about, but I can’t bother to synthesize them into prose/coherency”).

Only ideologues will deny CSW is an intelligent and capable programmer, but the open source world is full of anons with similar and greater skills. Not only is there a legal record of the repudiation of his claim to be Satoshi, but a paucity of peer validations other than anyone currently standing to benefit from his ordainment as Satoshi. Again, the peer-to-peer issue looms large here. Bitcoin and most similar cryptocurrencies are valuable because they can codify consensus amongst an adversarial community. CSW’s appeal to consensus has been rejected by the majority of Bitcoiners. The community has spoken and the value of his token, BSV will reflect its speech.

2-BSV will eventually succeed in developing a competitive product. Currently, the largest user of the BSV blockchain is a d-app that records the weather each day. I’m not kidding, most daily transactions on the BSV blockchain are just this automated weather log. BSV’s mining community is very incestuous with its small team of promoters, which keeps large agnostic miners uninterested, at a certain scale, mining pools would rather security and longevity over the possibility of manipulation (my assertion). Even commentators on this blog have been unable to properly install and use the few d-apps that are basically promising to be the knock-off versions of Twitch, Cashapp, Venmo, Twitter, YouTube, and whatever else might entice dupes to believe that BSV will one day be the gold standard of information technology.

There’s a reason that first-mover advantages are rarely overcome in the information space- the chicken and egg problem. Developers won’t waste time making a better version of YouTube for free and from the ground-up because Google’s got the resources to incentivize them to improve the existent YouTube, with its existing codebase. It’s almost impossible to unseat a large digital ecosystem, much less all of them at once like the BSV project aims to do. Betting on Flippenings has about the same track record, especially on Bitcoin chains. Factor in the existing resources and sentiment of most developers regarding the BSV community and you’ll see why all BSV hype must promise the same utopian future state; where CSW is recognized as the true Satoshi and all his dreams will become reality. I don’t know why someone would choose to save wealth in BSV over BTC with the existing features and the overhang of being piloted by such a goon.

Firstly, I’ll agree with the conclusion of this comment in that I have tunnel vision on BSV. Not just my last 2 posts, but probably more like my last 20. Fly doesn’t tell me what to write. In fact, I’ve only spoken to him twice and maybe a dozen emails tops. So, no editorial oversight. Constructive criticism noted though. I will endeavor to maintain a more balanced analysis. With that said, I am sharing my opinion and my opinion is that it’s BSV or bust.

Now, to get into a few other things I’d like respond to in this comment.

I may, time permitting, write a post about Kleiman v Wright. But basically Wright is being sued for 500k Bitcoins by his dead friend’s brother, Ira Kleiman. The entire case HINGES on CSW being Satoshi. CSW has definitely been his own worst enemy in the courtroom nearly getting charged with contempt by the judge but there is still a long way to go in the case. Here’s a recent writeup of the hearings this week savaging Craig Wright. Even if Craig Wright loses 500k Bitcoins by losing the court case….as I said on Twitter earlier:

Regarding the alleged forged documents, I will point you to Craig Wrights GIAC certifications.

He’s in elite company worldwide with the number and difficulty of the exams he’s passed. He’s not only a double PhD with multiple Masters degrees he’s a world class security expert. Do you think if he really wanted to fake documents he’d fail at it?

Further, to speak about CSW’s qualifications to be Satoshi, read his blog. No one understands Bitcoin and it’s origins like the creator. For example, one of the easier to understand posts is Zeno’s Paradox yet NO ONE figured that out before he shared it.

The above is why I provided a laundry list of technologies and things to research in my previous post. Each of those areas is it’s own specialty. They have all been baked into Bitcoin. I am not qualified nor interested in providing a detailed explanation on the intricacies but I can say after years of research I understand them well enough to begin to see how they apply in Bitcoin, and I’m blown away by it. Most “OG” Bitcoiners don’t see this at all.

The drama and intrigue in Bitcoin is beyond Tom Clancy level. The attacks on CSW have been relentless. Notice who does the attacking, bloggers like Peter McCormack. While BSV may have it’s own SJW I think if you honestly look at the players you’d see the teams are stacked for BSV. BSV is in the minority for sure but quality counts. Much like the “Raspberry Pi nodes matter” fallacy, a majority Twitter army means nothing when faced with entrepreneurs building new applications (and let’s not forget CSW’s has nearly 1,000 patents). Twitter consensus means very little in the real world.

Here’s another resource to read. Dr Wright says he knows the author but has not read it. I just ordered it and have not started reading but early reviews from friends say it’s good. The Art of Bitcoin: Satoshi’s Vision. Ignore the Amazon reviews, like most things BSV the BTC social media trolls are out to discredit BSV including Amazon reviews.

Turning to your second point regarding adoption, yes, currently WeatherSV is the majority of BSV transactions. Here’s a screenshot of Bitcoinblocks.live

Notice a few of those blocks are larger than the cap on BTC at 1MB. This should be of great interest to anyone in Bitcoin. Scaling matters. While a weather app is currently producing the most transactions it’s useful data that someone is PAYING for. What is happening on BTC?

……….

Right, nothing. No scaling, no development, no adoption, no future.

On adoption, beating a YouTube isn’t easy but Bitcoin is a Red Queen game. When everything is based on incentives rather than advertising we may see YouTube displaced or YouTube may adopt Bitcoin. Either way, these are early times as I’ve stressed many times. You must be able to imagine where this is headed and keep updating your hypothesis. Broad strokes, BSV has the POTENTIAL that BTC does not.

On that note, Twetch, the popular BSV Twitter clone, just got cloned….by the Chinese. THE FUCKING CHINESE CLONED A BSV SOCIAL MEDIA APP. Chinese people love Social Media and are hugely influential in Bitcoin markets. This should be it’s own post, but I doubt I’ll write about it. Potential: HUGE. And if it fails it’s still another baby step forward for BSV.

Is that happening on BTC? Nope.

Adoption matters and those who spend money to start new businesses are starting them on BSV because they see BSV has a shot at lasting.

I’d really like to see someone respond with what’s happening on BTC. Please. From what I’ve seen, the utility is null and the scaling is a joke.

We’ll see who’s right in 2020.

 

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The Bitcoin Economy Part 2

Follow up to The Bitcoin Economy Part 1.

Bitcoin is a genie that can’t be put back in the bottle. I can only point to the tip of an iceberg in a blog but this summary is the result of years of research on my part.

Things to research if you want to begin to understand Bitcoin:

Byzantine General’s Problem – how Bitcon settles transactions nearly instantly
Triple entry accounting – I know what you see is what I see
Blockchain – Chain of digital signatures, verifying the ledger block by block
Game Theory – Balance of disparate factors coming together to balance the system
Small world network – No node in Bitcoin is more than 1.3 hops away
Proof of Work – Each Bitcoin is minted as a result of verifiable work performed. No forgery, just competition.
Particle Swarm Optimization – Solve difficult problems inside Bitcoin
Cellular Automaton – Simple rules for complex calculations
Mandala Network – Bitcoin is a dense network
Neural Network – Bitcoin is a brain
SEIR(S) – How diseases propagate. Also relevant to how Bitcoin propagates transactions
Total Turing Machine – Any answer calculable by a Turing machine is calculable by any Turing complete system, like Bitcoin
Wang B Machine – similar to Turing machine

You may notice several of these technologies mirror biological processes. Hmmmm….

All of the above, and more, exist in Bitcoin. This is genius level design.

We are starting to see a flood of new use cases and apps built on top of Bitcoin. It’s very important to get what I’m saying here, the current development of apps on BSV will lead to an explosion of powerful use cases in the near future.

Craig Wright (Satoshi Nakamoto) implemented the above tech (and more) in a unique way with Bitcoin and holds hundreds of patents. I believe Dr Wright will be recognized as a genius for this work within a decade. This will be a reversal of current sentiment as many have painted Dr Wright negatively to further their own goals. This will all resolve itself soon. Dr Wright is an incredibly patient man.

I spent many hours researching everything in the video below. It’s mind boggling. If you want to understand Bitcoin it will take a lot of work, I am still learning every day. Bitcoin is world changing technology.

(start at 11 min mark)

Bitcoin will usher in a new revolution. Bitcoin will be bigger than the Internet.

Bitcoin will be the single global repository for all data that has value. I know that sounds impossible but that’s the goal. This is unconventional thinking in 2019 but will be taken for granted in near future.

All of the technologies above will be combined so that anyone, anywhere can transact value peer to peer. Bitcoin is honest money which will bring accountability to every area of life. Honest money creates an honest economy. Imagine an economy run on a single ledger where everyone is accountable. Governments will be forced to be efficient. Corporations will be honest or perish. Goodbye Dutch Irish companies where Joe Sixpack pays more in taxes than Apple. This a decade away, but it’s coming.

The recent Facebook hearings in congress were bullish for BSV. The legislators see the danger in a centralized currency run by a cabal of tech companies. BSV is designed to operate within current legal frameworks. Legal compliance is baked into Bitcoin from the start.

Governments will be regulating coins soon. Most coins won’t survive, and what doesn’t survive regulation will be swallowed by Bitcoin.

BSV is gathering critical mass. 2020 will be the year it takes off. These are early stage projects built exclusively on BSV. Imagine them with a bit more time to mature. The future is going to be amazing.

yours.org – blogging
Audiob.app – music
twetch.app – social media, replaces Twitter with a system of micropayments possible only on BSV
streamanity.com – streaming video
moneybutton.com (and Paymail) – payments
Handcash POP – point of sale

These projects can only be built on Bitcoin as originally designed. No other coin has an ecosystem like BSV. Now, consider most of those projects are less than a year old and were bootstrapped from small teams. Imagine when large scale development begins in earnest on BSV.

Bitcoin is a genius invention that will change the world. Bitcoin is more than money. We are still so early that the picture is not clear yet but watch the next 1-2 years. The 20+ years of hard work on Bitcoin is about to pay off.

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Macro Guy Groks Bitcoin

Last night I watched a RealVision video about Bitcoin. In a moment I will tell you why this video is important.

RealVision focuses on Macro market views. Despite their slight gold bias most of their content is well supported in terms of data and balanced opinion.

This is the RealVision interview on Bitcoin.

Here is why this is an important video:

  • This macro gold guy sees Bitcoin at Trillion plus valuations
  • Calls Bitcoin a “truth security machine”
  • Recognizes Bitcoin as an invention and a system to benefit mankind, not a silly digital token
  • Sees the genius of it’s design. The multi disciplinary mastery involved.
  • Sees the breakthrough of solving Byzantine General’s Problem. Says it’s not properly valued.
  • While ETH and a few coins are mentioned, the majority of his thesis works only on BSV

People outside Bitcoin are starting to see what’s coming. He’s starting to get it. He further states it’s irresponsible to not have a 1-2% of your portfolio in Bitcoin.

He presents the Macro story of Bitcoin very well and it’s a story that aligns with BSV only. Legal, scalable, professional, honest.

This is the first video I’ve seen from someone outside Crypto who gets the potential and can talk about it in intelligent terms. Draper, Novogratz etc don’t lay out the details as well. I don’t think they get it to be honest. This guy is different. He hints at the particulars. He’s in the process of groking Bitcoin.

For me, this confirms that guys at this level are prepping for what they see as Macro changes. They are going to be increasing their positions as it becomes clearer to them Bitcoin is here to stay. To be clear, this is not me saying “the institutions are coming”. That’s a meme propagated by fools. An ETF is not going to save Bitcoin. What I’m saying is smart macro guys are seeing that Bitcoin has survived it’s blow off top. It’s not going to die. There is a whole world being built on Bitcoin and it’s dumb to ignore it. Now is the time to be serious about this breakthrough. Now the real adoption begins.

The market cycle is at play. This is where Macro guys live. They look for this type of play. This chart is their bread and butter and RealVision is posting videos saying the time is now.

Further, while he didn’t mention BSV specifically, if he’s doing this level of homework and ignoring the drama he’ll naturally discover why BSV is Bitcoin.

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Playtime is OVER

Sorry Crypto Kiddies, it’s time to grow up.

Pumping coins on the latest meme was good times while it lasted. Trust me, I enjoy a good meme.

Everyone makes money in a bull market and 2017 was a grand bubble. On large timeframes, we’ve been dead cat bouncing ever since.

Here’s the future of “alt coins”.

It looks like fundamentals are catching up to the market.

What are the fundamentals of BTC?

  • 1MB blocks
  • 7 transactions per second max
  • “store of value”
  • depends on sidechains to scale

What are the fundaments of BSV?

  • 2GB blocks
  • 1,000 transactions per second
  • Peer to Peer Electronic Cash / Global Ledger
  • Competitive network, scale or die, no third parties needed

Applications built on BSV:

yours.org – blogging
Audiob.app – music
twetch.app – social media
streamanity.com – streaming video
moneybutton.com (and Paymail) – payments
Handcash POP – point of sale

Applications built on BTC:

?????? – no kidding. I can’t name one. BTC’s only use case is speculation as far as I can tell.

Price:
BTC ~$10,150
BSV ~$150

70:1 ratio. I see a grand opportunity here for BSV. Remember, I said buy BSV at $130 and below in Buy The Blood.

And then we have the topic that has distracted the market for years. Who is Satoshi Nakamoto? The truth is coming out. Bitcoin was not designed for dark markets or money laundering. Bitcoin is designed to be legal and poised to be THE world currency.

Craig Wright on Cheddar today. CNBC by 2020. Speaking at United Nations within 5 years.

Crypto Twitter has been playing the game of attacking Craig Wright for years. Play foolish games get foolish prizes.

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Stocks get Clowned

This was easy to see coming.

The great QE experiment nears it’s end. Stock your bunkers and hug your transgender children America, we are in for a rough landing as we fall from the top.

Zerohedge’rs are in the streets lighting live bulls on fire.

Trump is on Fox and Friends bashing Fed Chairs while tweeting from a gold toilet bowl.

Idiocracy was not a comedy. It’s a documentary made by time travelers.

It’s ok. A suitcase of Bud is still $18 and the fish are biting.

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Priced out of California

Cost of living in California is spiraling upwards at a dizzying pace. I left in November of 2018 because even though I make Bitcoin sized returns California still seems insanely unaffordable. Sure, San Diego has perfect weather but housing and rents have doubled within a few years. This is not sustainable. I see a huge correction coming to “America’s Finest City”.

For rentals, how about $3,075/month for less than 600SF sound? Sounds ridiculous to me. This is near the median for 1 bedrooms in the Little Italy neighborhood. Don’t worry, if you have your heart set on paying $8,000 for a 1 bedroom Little Italy has you covered.

 

This neighborhood is mostly young professionals. “Excuse me sir, but what are you doing at 28 to afford a $5,000 apartment?” Sure, many people make lots of money but is everyone making the required $200k plus to be rolling in a neighborhood with those rents paying $14 for avocado toast snacks and $12 cocktails on the daily? I doubt it. I smell daddy’s money or insane credit card debt.

The only way the math works out is that everyone is going broke, fast. But their Instagram is lit AF.

To be clear, I *could* afford to live in California but at $3k for <600SF why would I? Add in that a burger, beer and fries is over $20 and it was time to move. I was eating my retirement one $20 burger at at time. Maybe it’s because I still have my midwestern roots and no matter how much I make I refuse to blow obscene amounts of money on a studio with a peak ocean view. Or, maybe I can just do basic math.

But wait, there’s more. As a trader, California is creeping up on the Fed for their share of your tax dollars. You think short term capital gains from the Fed are bad? Wait till you have a great year and with Fed and CA capital gains you are paying over 50% of profit in taxes. That’s right, you keep less than 50% of your profit. But hey, you get to take 100% of the risk so it evens out? That’s an example of the new California math.

I realize NY or SF may have more ridiculous rents. Great, if you live there I’m surprised you are smart enough to read.

I sold my home shortly after the last bubble. I may be a buyer during the next crash. It’s going to be a doozy.

 

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Road To Winship

This is Gentlemen.

Fitting I start this post with a crypto saying. Crypto has been entertaining. The memes are memorable. The drama never ending.

Say goodbye to all that shit. Crypto fun and games are over.

BSV is up 30% in six days since I posted Buy The Blood and Crypto is a Ponzi.

Congress is sick of the money laundering and shadow coins. They are going to lay down the law, literally.

This means your portfolio of alt coins are dead. This was not hard to see. I have been calling it since the epic bull run of 2017.

There is a Giant Meteor Headed for Crypto. BSV is the ark.

NC Congressman Patrick McHenry: 

“The world that Satoshi Nakamoto, author of the bitcoin white paper, envisioned is an unstoppable force. We should not attempt to deter this innovation … those who have tried have already failed.”

BSV is the only coin that follows the Whitepaper. BSV is “set in stone” and obeys current laws. BSV is honest money. BSV is the unstoppable force McHenry references above. The rest of Crypto will go to zero.

The virus is spreading. The Road to Winship begins in earnest now.

 

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Worst Case

100 BSV = $13,500
When 1 BSV = $13,500
Your $13,500 will be worth $1,350,000

Worst case you lose $13,500.

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Mnuchin talks Crypto

Treasury Secretary Mnuchin talked about Crypto today:

Remember how I have been saying BSV is honest money? BSV fits within the law. Most of Crypto is a pipedream for anarchists who didn’t have good fathers.

BTC is relying on a non existent Lightning Network which runs afoul of KYC and AML. BTC can’t scale and now it will soon be illegal.

For me, Mnuchin’s comments were bullish for BSV.

BSV scales ON-CHAIN, legally.

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