Mining for Bitcoin in China - The New York Times

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Mitch McConnell's Brother-in-Law One of the Masterminds of Trump-Russia

Jim Breyer, Mitch McConnell's brother-in-law, Facilitates Russia’s Takeover of Facebook through Yuri Milner
In 2005 Jim Breyer, a partner at Accel Partners, invested $1 million of his own money into Facebook and gained a seat on the board (1).
In Feb 2009 Jim Breyer visited Russia with a number of other Silicone Valley investors. While there, Yuri Milner, a Russian tech entrepreneur who founded DST with close ties to the Kremlin, hosted a dinner to cap the entire event (2). As one Moscow source put it:
DST has the backing of the big boys at the top in the Kremlin, which is why it will go from strength to strength (5)
Milner found out Breyer liked Impressionist art and took him to Russian’s Hermitage Museum to view Matisse paintings otherwise closed off to the public. Three months later Yuri Milner’s DST invested into Facebook at a bloated value. (2)
Mr Milner dismissed suggestions that at a valuation of $10bn he overpaid for his stake in Facebook, especially given that the social networking site has yet to prove it has turned to profit. (3)
it’s seen as a desperate and rather vulgar deal on the one hand—Milner buying a small stake in Facebook, valuing the entire company at $10 billion—and, on the other, Facebook debasing itself by taking Russian money. Russian money! In fact, it seems rather like a desperate deal for both parties (in the midst of the banking crisis, Facebook has only two other bidders for this round—and none from the top VC tier) (4)
By the end of 2009, DST would own 10% of Facebook. Later revealed by the Paradise Papers, DST’s investments into Facebook were financed by the Russian government through state-owned Gazprom. That’s right, in 2009 Russia owned 10% of Facebook. (6)
Soon after, the two continued to work together on other investments. Breyer introduced Milner to Groupon, and Milner helped Breyer’s Accel invest into Spotify (7). In 2010 an Accel representative joined a gaggle of Silicon Valley investors to Russia and signed a letter promising to invest into the country (8).
  1. http://fortune.com/2011/01/11/timeline-where-facebook-got-its-funding/
  2. http://fortune.com/2010/10/04/facebooks-friend-in-russia/
  3. https://www.telegraph.co.uk/technology/facebook/7753692/Facebook-is-just-the-first-step-say-Russians.html
  4. https://www.wired.com/2011/10/mf_milne
  5. https://www.theguardian.com/technology/2011/jan/04/facebook-dst-goldman-sachs
  6. https://www.theguardian.com/news/2017/nov/05/russia-funded-facebook-twitter-investments-kushner-investor
  7. https://dealbook.nytimes.com/2011/09/28/dst-global-hoping-to-grow-across-asia-puts-down-roots/
  8. http://www.ambarclub.org/executive-education/
Jim Breyer and Rupert Murdoch
Then in Nov 2010 Jim Breyer invested into Artsy.net, run by Rupert Murdoch’s then-wife, Wendi Deng, and Russia oligarch Roman Abramovich’s then-wife, Dasha Zhukova. Jared Kushner’s brother, Josh, also invested in the fledgling company (1).
At the time Rupert Murdoch’s News Corporation had a joint venture with the Russian mob-linked oligarch Boris Berezovsky, called LogoVaz News Corporation, that invested in Russian media (4). It was Berezovsky’s protege close to Putin, Roman Abramovich, who tied Berezovsky to the mob.
According to the Mirror Online, Abramovich paid Berezovsky tens, and even hundreds, of millions every year for "krysha", or mafia protection. (5)
In June 2011, Rupert Murdoch ended his foray into social media by selling Myspace to Justin Timberlake (2) and elected Jim Breyer to the board of News Corp (3).
  1. https://www.businessinsider.com/what-is-cadre-and-how-to-invest-in-its-real-estate-deals-2016-6
  2. https://en.wikipedia.org/wiki/Myspace
  3. https://web.archive.org/web/19990428071733/http://www.newscorp.com:80/
  4. https://www.bloomberg.com/profiles/companies/156126Z:RU-logovaz-news-corp
  5. https://en.wikipedia.org/wiki/Roman_Abramovich
Jim Breyer invests in Wickr with Erik Prince
In 2012 Breyer invested in a encrypted messenger app, Wickr. Other investors include Gilman Louie and Erik Prince. To understand the connection, we need to go back to 1987. Breyer, newly hired to Accel Partners, made his first investment with Louie’s video game company that owned the rights to the Soviet Union’s first video game export, Tetris (1).
Louie went off to become the founding CEO of the CIA-backed In-Q-Tel which invested in Palantir. Palantir’s founder, Peter Thiel, sat on the board of Facebook with Breyer (2)(3). On the board of In-Q-Tel is Buzzy Krongard (7), the man who helped Erik Prince’s Blackwater receive their first CIA contract, who also joined the board of Blackwater in 2007 (6).
Around that same time, 2012-2013, Prince met Vincent Tchenguiz, founder of Cambridge Analytica's parent company, SCL (8), and was introduced to Cyrus Behbehani of Glencore, one of the purchasers of Rosneft stock detailed in the Steele Dossier (9). Cyrus Behbehani sat on the board of RusAl with Christophe Charlier, who is also Chairman of the board at Renaissance Capital (10), an early investor of DST (11).
  1. https://wickr.com/wickr-raises-30m-series-b-led-by-jim-breye
  2. https://www.sfgate.com/politics/article/CIA-Asks-Silicon-Valley-s-Help-Executive-to-2904775.php
  3. https://www.iqt.org/palantir-technologies/
  4. https://www.politico.com/story/2016/08/palantir-defense-contracts-lobbyists-226969
  5. https://feraljundi.com/tag/reflex-responses-management-consultancy-llc/
  6. https://www.nytimes.com/2007/11/17/us/17brothers.html
  7. https://www.marketscreener.com/business-leaders/A-Krongard-006WHL-E/biography/
  8. https://www.haaretz.com/israel-news/revealed-erik-prince-had-business-ties-with-netanyahus-disgraced-chief-of-staff-1.5627887
  9. https://medium.com/@wsiegelman/a-fresh-look-at-erik-princes-house-intelligence-committee-testimony-and-emails-with-christophe-6603f06c6568
  10. https://medium.com/@wsiegelman/a-fresh-look-at-erik-princes-house-intelligence-committee-testimony-and-emails-with-christophe-6603f06c6568
  11. https://www.vccircle.com/all-you-wanted-know-about-digital-sky-technologies/
Jim Breyer and Yuri Milner invest in Prismatic
That same year, 2012, Jim Breyer invested in Prismatic, a news aggregate app, with Yuri Milner.
Prismatic’s technology works by crawling Facebook, Twitter and the web (“anything with a URL”) to find news stories. It then uses machine learning to categorize them by Topic and Publication. Prismatic users follow these Topics and Publications, as well as Individuals and the algorithm then uses these preferences and user-activity signals to present a relevant Newsfeed. (1)
Sounds like the beginning of what could be a propaganda dissemination tool. That goes in-line with Yuri Milner’s vision of Social Media. Milner’s theory:
“Zuckerberg’s Law”: Every 12 to 18 months the amount of information being shared between people on the web doubles... Over time people will bypass more general websites such as Google in favor of sites built atop social networks where they can rely on friends’ opinions to figure out where to get the best fall handbag, how to change a smoke detector, or whether to vacation in Istanbul or Rome. “You will pick your network, and the network will filter everything for you,” Milner explained. (2)
So how does Milner intend to utilize the data gathered through social media? Let’s see what Milner did to Russia’s top social media site, VK:
In January 2014, Durov sold his 12 percent stake to Ivan Tavrin, the CEO of major Russian mobile operator Megafon, whose second-largest shareholder is Alisher Usmanov, one of Russia’s most powerful oligarchs, a man who has long been lobbying to take over VK.
Then, in April 2014, Durov stated he had sold his stake in the company and became a citizen of St Kitts and Nevis back in February after "coming under increasing pressure" from the Russian Federal Security Service to hand over personal details of users who were members of a VK group dedicated to the Euromaidan protest movement in Ukraine. (3)
The Euromaidan protest ousted the Russian-backed president of Ukraine, Viktor Yanukovych, whom Paul Manafort had worked to install. (4)
  1. https://techcrunch.com/2012/12/05/prismatic/
  2. http://fortune.com/2010/10/04/facebooks-friend-in-russia/
  3. https://cointelegraph.com/news/what-ban-russias-vkcom-is-mining-bitcoin
  4. https://en.wikipedia.org/wiki/Viktor_Yanukovych
Facebook talks US Elections with Russia
In Oct 2012 Zuckerberg traveled to Moscow and met Dmitry Medvedev where they had a very interesting conversation:
Mr. Zuckerberg and Mr. Medvedev talked about Facebook’s role in politics, though only jokingly in reference to its importance in the American presidential campaign, according to Mr. Medvedev’s press office. (1)
While there he also visited Victor Vekselberg's Skolkovo, who’s currently under investigation by Mueller for donations to Trump (2).
As Obama’s effort to reboot diplomatic relations [with Russia] sputtered, federal officials began raising alarms about the Skolkovo Foundation’s ties to Putin.
“The foundation may be a means for the Russian government to access our nation’s sensitive or classified research, development facilities and dual-use technologies” (3)
And took time to teach Russian's how to hack Facebook friend data, the same hack used by Cambridge Analytica, Donald Trump’s campaign data firm.
In a 2012 video, Facebook's Simon Cross shows the Moscow crowd how they can "get a ton of other information" on Facebook users and their friends. "We now have an access token, so now let's make the same request again and see what happens," Cross explains (YouTube). "We've got a little bit more data, but now we can start doing really interesting stuff. We can get my friends. We can get some more information about one of my friends. Here's Connor, who you'll meet later. Say 'hello,' Connor. He's waving. And we can also get a ton of other information as well." (4)
Facebook later hired the individual who hacked Facebook and sold the data to Cambridge Analytica (5).
A month after that visit, Putin propaganda mouth-piece Konstantin Rykov, claims he began helping with Trump’s presidential aspirations (6). Days later, Trump registered “Make America Great Again” (7). The following year, Russia's Troll Factory, the Internet Research Agency, was created as was Cambridge Analytica.
  1. https://www.nytimes.com/2012/10/02/technology/zuckerberg-meets-with-medvedev-in-key-market.html
  2. https://www.adweek.com/digital/zuckerberg-russia-skolkovo/
  3. https://apnews.com/5e533f93afae4a4fa5c2f7fe80ad72ac/Sanctioned-Russian-oligarch-linked-to-Cohen-has-vast-US-ties
  4. https://www.youtube.com/watch?v=heTPmGb6jdc&feature=youtu.be&t=11m54s
  5. https://www.theguardian.com/news/2018/ma18/facebook-cambridge-analytica-joseph-chancellor-gsr
  6. https://washingtonmonthly.com/2017/11/24/a-trumprussia-confession-in-plain-sight/
  7. https://trademarks.justia.com/857/83/make-america-great-85783371.html
Andrei Shleifer and Len Blavatnik
Len Blavatnik, a US-Russian oligarch currently under investigation by Mueller, graduated from Harvard in 1989 and quickly formed Renova-Invest with Viktor Vekselberg, another oligarch under Mueller’s investigation (7)(8). Since then Blavatnik has maintained close ties to the university.
In 1992, after the fall of the Soviet Union, Andrei Shleifer led a consortium of Harvard professors to assist Russia’s vice-president, Antaoly Chubais, with the privatization of Russia’s state-run assets. Scandal broke when it was revealed Shleifer, through Blavatnik’s company and with Blavatnik’s guidance, invested in the very companies he worked to privatize. (6)
Years later, Shleifer continued to fund loans to Blavatnik for Russian ventures through his hedge fund, managed by his wife, Nancy Zimmerman (9), and created the Russian Recovery Fund which bought $230 million of Russian debt from Julian Robertson’s Tiger Management (10), who’s seed fun, Tiger Global, later invested in Milner’s DST.
Len Blavatnik and Viktor Vekselberg are major investors in Rusal (11).
Schleifer is still a professor at Harvard.
  1. http://harry-lewis.blogspot.com/2014/01/some-russian-money-flows-back-to-harvard.html
  2. https://en.wikipedia.org/wiki/Leonard_Blavatnik#cite_note-Yenikeyeff-7
  3. https://abcnews.go.com/Politics/investigators-follow-flow-money-trump-wealthy-donors-russian/story?id=50100024
  4. https://www.newyorker.com/magazine/2014/01/20/the-billionaires-playlist
  5. https://law.justia.com/cases/federal/appellate-courts/cafc/16-1718/16-1718-2017-03-14.html
  6. https://www.bloomberg.com/news/articles/2018-04-25/tangled-rusal-ownership-thwarts-easy-end-to-sanctions-quicktake
Breyer and Harvard
On April 2013, two months after Breyer was elected to the board of Harvard (1), Len Blavatnik, donated $50 million to the school (2) and joined the Board of Dean’s Advisors (3)(4) and Harvard’s Global Advisory Council (6) alongside Breyer. The next month Breyer announced plans to step down from the board of Facebook with an intention of focusing on his latest Harvard appointment (5).
In 2016 Len Blavatnik donated over $7 million to GOP candidates, including $2.5 million to Mitch McConnell himself (7).
  1. https://news.harvard.edu/gazette/story/2013/02/breyer_elected/
  2. https://news.harvard.edu/gazette/story/2013/04/blavatnik_accelerator_donation/
  3. https://www.accessindustries.com/about/academic-boards-committees/
  4. https://www.cnbc.com/2017/07/21/delivering-alpha-2017-jim-breyer.html
  5. https://sanfrancisco.cbslocal.com/2013/04/27/facebook-board-member-jim-breyer-stepping-down/
  6. http://docplayer.net/54127503-Harvard-global-advisory-council.html
  7. https://www.dallasnews.com/opinion/commentary/2017/08/03/tangled-web-connects-russian-oligarch-money-gop-campaigns
Breyer invests in Russian Companies
In 2014 Breyer’s Accel Partners invested in Russian hotel booking site, Ostrovok, along with Yuri Milner, Esther Dyson (1), Mark Pincus, and Peter Thiel (2).
Accel Partners also invested in Avito.ru in 2012 (3) and KupiVIP.ru in 2011 (4).
  1. https://techcrunch.com/2014/06/18/ostrovok-raises-new-12m-series-c-round-to-expand-outside-russia/
  2. http://idcee.org/participants/companies/ostrovok/
  3. http://www.ewdn.com/2012/05/02/avito-ru-secures-75-million-investment-from-accel-partners-and-baring-vostok/
  4. http://www.ewdn.com/2011/04/14/leading-private-shopping-club-kupivip-ru-completes-55-m-funding/
Jim Breyer, Blackstone Group, and Saudi Arabia
In 2011 Schwarzman was named to the board of the Russian Direct Investment Fund (2), headed by Kirill Dimitriev.
In June 2016, during Trump’s presidential campaign, Jim Breyer met with Saudi Crown Prince Mohammed bin-Salman, or MBS (8). The next month Breyer joined the board of Blackstone Group (1) alongside Stephen Schwarzman and Jacob Rothschild (3). In the past Blackstone Group had loaned Kushner Companies a combined $400 million over multiple projects (7). In the 2018 election cycle, Schwzarman donated $5 million to the pro-McConnell superPAC, Senate Majority PAC (13).
Jacob’s brother, Nat, is business partners with both Oleg Deripaska (4), Rupert Murdoch, and Dick Cheney (5). Nat is also a major investor in Glencore, one of the purchasers of Rosneft stock detailed in the Steele Dossier (6), and RusAl.
In January 2017, Breyer’s business partner at Wickr, Erik Prince, was introduced to Dimitriev by MBS’s emissary, George Nader, and the Crown Prince of the UAE (10).
On October 22, 2018, three weeks after the murder of Jamal Khashoggi, when most American investors were spooked away from Saudi Arabia, Jim Breyer showed up at an MBS-hosted Saudi business summit alongside Kirill Dimitriev of the Russian Direct Investment Fund (9). That same day, MBS pledged $20 billion for Blackstone Group's new infrastructure fund (11) to fund Elaine Chao's $1.5 trillion infrastructure plan (12). Elaine Chao, Mitch McConnells wife and Jim Breyer's sister-in-law, is Trump's Secretary of Transportation.
  1. https://www.blackstone.com/media/press-releases/article/jim-breyer-to-join-blackstone-s-board-of-directors
  2. https://rdif.ru/Eng_fullNews/53/
  3. https://en.wikipedia.org/wiki/Jacob_Rothschild,_4th_Baron_Rothschild
  4. https://www.telegraph.co.uk/news/politics/conservative/3236166/Muddy-waters-over-Oleg-Deripaska-Nat-Rothschild-and-George-Osborne.html
  5. https://www.nationofchange.org/2017/01/15/cheney-rothschild-fox-news-murdoch-drill-oil-syria-violating-international-law/
  6. https://en.wikipedia.org/wiki/Nathaniel_Philip_Rothschild
  7. https://www.bloomberg.com/news/articles/2017-05-26/the-kushners-the-saudis-and-blackstone-behind-the-recent-deals
  8. https://www.thetrustedinsight.com/investment-news/saudi-prince-mohammed-met-with-20-silicon-valley-innovators-in-tech-summit-20160628142/
  9. https://www.latimes.com/business/la-fi-moelis-saudi-arabia-20181023-story.html
  10. https://www.vox.com/2018/3/7/17088908/erik-prince-trump-russia-seychelles-mueller
  11. https://www.bloomberg.com/news/articles/2018-10-22/how-blackstone-landed-20-billion-from-saudis-for-infrastructure
  12. https://www.bloomberg.com/news/articles/2018-10-22/how-blackstone-landed-20-billion-from-saudis-for-infrastructure
  13. https://www.washingtonpost.com/news/post-politics/wp/2018/07/20/big-money-is-flowing-into-the-2018-fight-for-the-senate/?noredirect=on&utm_term=.f59ac6f2ebe5
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Which type of curren(t) do you want to see(cy)? A analysis of the intention behind bitcoin(s). [Part 2]

Part 1
It's been a bit of time since the first post during which I believe things have crystallised further as to the intentions of the three primary bitcoin variants. I was going to go on a long winded journey to try to weave together the various bits and pieces to let the reader discern from themselves but there's simply too much material that needs to be covered and the effort that it would require is not something that I can invest right now.
Firstly we must define what bitcoin actually is. Many people think of bitcoin as a unit of a digital currency like a dollar in your bank but without a physical substrate. That's kind of correct as a way to explain its likeness to something many people are familiar with but instead it's a bit more nuanced than that. If we look at a wallet from 2011 that has never moved any coins, we can find that there are now multiple "bitcoins" on multiple different blockchains. This post will discuss the main three variants which are Bitcoin Core, Bitcoin Cash and Bitcoin SV. In this respect many people are still hotly debating which is the REAL bitcoin variant and which bitcoins you want to be "investing" in.
The genius of bitcoin was not in defining a class of non physical objects to send around. Why bitcoin was so revolutionary is that it combined cryptography, economics, law, computer science, networking, mathematics, etc. and created a protocol which was basically a rule set to be followed which creates a game of incentives that provides security to a p2p network to prevent double spends. The game theory is extremely important to understand. When a transaction is made on the bitcoin network your wallet essentially generates a string of characters which includes your public cryptographic key, a signature which is derived from the private key:pub key pair, the hash of the previous block and an address derived from a public key of the person you want to send the coins to. Because each transaction includes the hash of the previous block (a hash is something that will always generate the same 64 character string result from EXACTLY the same data inputs) the blocks are literally chained together. Bitcoin and the blockchain are thus defined in the technical white paper which accompanied the release client as a chain of digital signatures.
The miners validate transactions on the network and compete with one another to detect double spends on the network. If a miner finds the correct solution to the current block (and in doing so is the one who writes all the transactions that have elapsed since the last block was found, in to the next block) says that a transaction is confirmed but then the rest of the network disagree that the transactions occurred in the order that this miner says (for double spends), then the network will reject the version of the blockchain that that miner is working on. In that respect the miners are incentivised to check each other's work and ensure the majority are working on the correct version of the chain. The miners are thus bound by the game theoretical design of NAKAMOTO CONSENSUS and the ENFORCES of the rule set. It is important to note the term ENFORCER rather than RULE CREATOR as this is defined in the white paper which is a document copyrighted by Satoshi Nakamoto in 2009.

Now if we look at the three primary variants of bitcoin understanding these important defining characteristics of what the bitcoin protocol actually is we can make an argument that the variants that changed some of these defining attributes as no longer being bitcoin rather than trying to argue based off market appraisal which is essentially defining bitcoin as a social media consensus rather than a set in stone rule set.
BITCOIN CORE: On first examination Bitcoin Core appears to be the incumbent bitcoin that many are being lead to believe is the "true" bitcoin and the others are knock off scams. The outward stated rationale behind the bitcoin core variant is that computational resources, bandwidth, storage are scarce and that before increasing the size of each block to allow for more transactions we should be increasing the efficiency with which the data being fed in to a block is stored. In order to achieve this one of the first suggested implementations was a process known as SegWit (segregating the witness data). This means that when you construct a bitcoin transaction, in the header of the tx, instead of the inputs being public key and a signature + Hash + address(to), the signature data is moved outside of header as this can save space within the header and allow more transactions to fill the block. More of the history of the proposal can be read about here (bearing in mind that article is published by the bitcoinmagazine which is founded by ethereum devs Vitalik and Mihai and can't necessarily be trusted to give an unbiased record of events). The idea of a segwit like solution was proposed as early as 2012 by the likes of Greg Maxwell and Luke Dash Jnr and Peter Todd in an apparent effort to "FIX" transaction malleability and enable side chains. Those familiar with the motto "problem reaction solution" may understand here that the problem being presented may not always be an authentic problem and it may actually just be necessary preparation for implementing a desired solution.
The real technical arguments as to whether moving signature data outside of the transaction in the header actually invalidates the definition of bitcoin as being a chain of digital signatures is outside my realm of expertise but instead we can examine the character of the individuals and groups involved in endorsing such a solution. Greg Maxwell is a hard to know individual that has been involved with bitcoin since its very early days but in some articles he portrays himself as portrays himself as one of bitcoins harshest earliest critics. Before that he worked with Mozilla and Wikipedia and a few mentions of him can be found on some old linux sites or such. He has no entry on wikipedia other than a non hyperlinked listing as the CTO of Blockstream. Blockstream was a company founded by Greg Maxwell and Adam Back, but in business registration documents only Adam Back is listed as the business contact but registered by James Murdock as the agent. They received funding from a number of VC firms but also Joi Ito and Reid Hoffman and there are suggestions that MIT media labs and the Digital Currency Initiative. For those paying attention Joi Ito and Reid Hoffman have links to Jeffrey Epstein and his offsider Ghislaine Maxwell.

Ghislaine is the daughter of publishing tycoon and fraudster Robert Maxwell (Ján Ludvík Hyman Binyamin Hoch, a yiddish orthodox czech). It is emerging that the Maxwells are implicated with Mossad and involved in many different psyops throughout the last decades. Greg Maxwell is verified as nullc but a few months ago was outed using sock puppets as another reddit user contrarian__ who also admits to being Jewish in one of his comments as the former. Greg has had a colourful history with his roll as a bitcoin core developer successfully ousting two of the developers put there by Satoshi (Gavin Andreson and Mike Hearn) and being referred to by Andreson as a toxic troll with counterpart Samon Mow. At this point rather than crafting the narrative around Greg, I will provide a few links for the reader to assess on their own time:
  1. https://coinspice.io/news/btc-dev-gregory-maxwell-fake-social-media-account-accusations-nonsense/
  2. https://www.trustnodes.com/2017/06/06/making-gregory-maxwell-bitcoin-core-committer-huge-mistake-says-gavin-andresen
  3. https://www.ccn.com/gavin-andresen-samson-mow-and-greg-maxwell-toxic-trolls//
  4. https://www.nytimes.com/2016/01/17/business/dealbook/the-bitcoin-believer-who-gave-up.html
  5. https://www.coindesk.com/mozilla-accepting-bitcoin-donations
  6. https://spectrum.ieee.org/tech-talk/computing/networks/the-bitcoin-for-is-a-coup
  7. https://www.reddit.com/btc/comments/68pusp/gavin_andresen_on_twitter_im_looking_for_beta/dh1cmfl/
  8. https://www.reddit.com/btc/comments/d14qee/can_someone_post_the_details_of_the_relationships/?ref=tokendaily
  9. https://www.coindesk.com/court-docs-detail-sexual-misconduct-allegations-against-bitcoin-consultant-peter-todd
  10. https://coinspice.io/news/billionaire-jeffrey-epstein-btc-maximalist-bitcoin-is-a-store-of-value-not-a-currency/
  11. https://www.dailymail.co.uk/news/article-7579851/More-300-paedophiles-arrested-worldwide-massive-child-abuse-website-taken-down.html
  12. https://news.bitcoin.com/risks-segregated-witness-opening-door-mining-cartels-undermine-bitcoin-network/
  13. https://micky.com.au/craig-wrights-crackpot-bitcoin-theory-covered-by-uks-financial-times/
  14. https://www.reddit.com/btc/comments/74se80/wikipedia_admins_gregory_maxwell_of_blockstream/

Now I could just go on dumping more and more articles but that doesn't really weave it all together. Essentially it is very well possible that the 'FIX' of bitcoin proposed with SegWit was done by those who are moral reprobates who have been rubbing shoulders money launderers and human traffickers. Gregory Maxwell was removed from wikipedia, worked with Mozilla who donated a quarter of a million to MIT media labs and had relationship with Joi Ito, the company he founded received funding from people associated with Epstein who have demonstrated their poor character and dishonesty and attempted to wage toxic wars against those early bitcoin developers who wished to scale bitcoin as per the white paper and without changing consensus rules or signature structures.
The argument that BTC is bitcoin because the exchanges and the market have chosen is not necessarily a logical supposition when the vast majority of the money that has flown in to inflate the price of BTC comes from a cryptographic USD token that was created by Brock Pierce (Might Ducks child stahollywood pedo scandal Digital Entertainment Network) who attended Jeffrey Epstein's Island for conferences. The group Tether who issues the USDT has been getting nailed by the New York Attorney General office with claims of $1.4 trillion in damages from their dodgey practices. Brock Pierce has since distanced himself from Tether but Blockstream still works closely with them and they are now exploring issuing tether on the ethereum network. Tether lost it's US banking partner in early 2017 before the monstrous run up for bitcoin prices. Afterwards they alleged they had full reserves of USD however, they were never audited and were printing hundreds of millions of dollars of tether each week during peak mania which was used to buy bitcoin (which was then used as collateral to issue more tether against the bitcoin they bought at a value they inflated). Around $30m in USDT is crossing between China to Russia daily and when some of the groups also related to USDT/Tether were raided they found them in possession of hundreds of thousands of dollars worth of counterfeit physical US bills.
Because of all this it then becomes important to reassess the arguments that were made for the implementation of pegged sidechains, segregated witnesses and other second layer solutions. If preventing the bitcoin blockchain from bloating was the main argument for second layer solutions, what was the plan for scaling the data related to the records of transactions that occur on the second layer. You will then need to rely on less robust ways of securing the second layer than Proof Of Work but still have the same amount of data to contend with, unless there was plans all along for second layer solutions to enable records to be deleted /pruned to facilitate money laundering and violation of laws put in place to prevent banking secrecy etc.
There's much more to it as well and I encourage anyone interested to go digging on their own in to this murky cesspit. Although I know very well what sort of stuff Epstein has been up to I have been out of the loop and haven't familiarised myself with everyone involved in his network that is coming to light.
Stay tuned for part 3 which will be an analysis of the shit show that is the Bitcoin Cash variant...
submitted by whipnil to C_S_T [link] [comments]

According to this Mashable article, the Winklevoss twins own about 10% of the world's Bitcoins. Is this really true?

According to this Mashable article, the Winklevoss twins own about 10% of the world's Bitcoins. Is this really true? submitted by GusRuss89 to Bitcoin [link] [comments]

Tracing a "Bitcoin is saving the economy of [country]!" claim to its roots: Venezuela

Another excerpt, I'm sure you'll enjoy. I've linked the refs, the Reason article is bloody rabid. Probably won't bother with the fabulous Bitcoin fanfic since, the actual media are bad enough on this one.
Venezuelans are relying on Bitcoin to eat!
Periodically, there will be a rash of news stories claiming that Bitcoin has become popular in some country suffering economic problems, such as Venezuela, India or Argentina – because the word “Bitcoin” makes a headline catchy, even if there’s nothing to the story. This transmutes into claims that Bitcoin will definitely take over the world, any day now. Or in response to scepticism about Bitcoin, advocates will just answer “But, Venezuela!”
These always fall apart on closer examination. Venezuela is a typical example: all the coverage traces back to a story in Libertarian magazine Reason, fiercely advocating Bitcoin as a way to avert the spectre of socialism and regulation.[1] One of their interviewees had been arrested for stealing electricity to mine bitcoins, which the author describes as a “government crackdown” on “freedom” because “bitcoin mining is arguably the best possible use of electricity in Venezuela”.
A story in The Guardian in the wake of the Reason story appears to be where the rest of the press picked it up. It speaks of some Venezuelans relying on Bitcoin for “basic necessities,” and was based on interviews with a Bitcoin exchange owner, one of his employees and two of his customers.[2] The author had previously written of Argentina and bitcoin.[3]
These two questionably-founded stories were echoed and elaborated upon by the rest of the press, including – amongst many others – the Washington Post claiming that Bitcoin mining is “big business” in Venezuela,[4] the New York Times that Bitcoin has “gained prominence” because of Venezuela[5] or BBC News repeating claims from a Bitcoin boosterism blog[6] – all of this being factoids repeated in a media game of “telephone.”
The Venezuelan volume on LocalBitcoins (a site for arranging person-to-person Bitcoin trades) at the time was on the order of 300-400 BTC/week, which isn't nothing but is negligible in the context of a whole country, and tracked fairly closely with LocalBitcoins usage in other countries.
.
1 Jim Epstein. “The Secret, Dangerous World of Venezuelan Bitcoin Mining: How cryptocurrency is turning socialism against itself”. Reason, January 2017.
2 Kamilia Lahrichi. “Growing number of Venezuelans trade bolivars for bitcoins to buy necessities”. The Guardian, 16 December 2016.
3 Kamilia Lahrichi. “Argentina’s Bitcoin Scene Booms”. International Finance Magazine, July-September 2015.
4 Mariana Zuñiga. “Bitcoin ‘mining’ is big business in Venezuela, but the government wants to shut it down”. Washington Post, March 10 2017.
5 Nathaniel Popper. “S.E.C. Rejects Winklevoss Brothers’ Bid to Create Bitcoin E.T.F.” Dealbook, New York Times, 10 March 2017.
6 Leisha Chi. “Bitcoin digital currency hits three-year high of $1,000”. BBC News, 3 January 2017.
submitted by dgerard to Buttcoin [link] [comments]

Unable to Withdraw due to forced 2 factor Authentication

As stated in this thread Binance, please do not force 2FA for withdrawals with only those 2 options which is locked I have the problem of not being able to withdraw due to 2 Factor being a prerequisite.
THERE IS ZERO reason we should be forced to use google or to give a phone number.
SMS Authentication is a security hazard and should NOT BE USED
Identity Thieves Hijack Cellphone Accounts to Go After Virtual Currency
A Simple EMAIL Verification has always worked on other exchanges for me and it should be the option here as well.
It looks like you are Data mining your customers.
And to Force it only when I try to withdraw is offensive.
And the link in the previous post on reddit I linked had a link to medium that could be used to use duo in lieu of has the account suspended.
symbiotic_bnb-angel 7 months ago stickied comment: Google Authenticator is not required. There are other apps. Personally, I use Duo, but Authy is a good alternative as well. Please try following this guide
submitted by Vikebeer to binance [link] [comments]

[GIVEAWAY] Para quem nunca ouviu falar de criptomoedas, ou quer experimentar uma versão mais soft das bitcoins - DOGECOINS!

EDIT: Wow tantos comentários
Olá a todos! Este tópico será para enviar dogecoins a todos aqueles que desejarem e também para testar o "bot das gorjetas" no portugal. Acho que fazermos uma pausa da conversa das praxes faz-nos bem a todos.
Mas antes, comecemos do início:
O QUE SÃO CRIPTOMOEDAS?!
As criptomoedas são um meio digital de troca, tendo começado com as Bitcoins em 2009. As informações a reter são:
Um exemplo desta volatilidade: No início de 2013 um bitcoin valia ~9.5€, e em dezembro um mesmo bitcoin já valia cerca de ~905€. Esta variação de valor pode parecer atractiva, mas também fez da comunidade uma comunidade mais séria, focada apenas no lucro e egoísmo.
É aqui que entram as Dogecoins
OK, BITCOINS SÃO FIXES, MAS O QUE SÃO DOGECOINS E O QUE TÊM DE ESPECIAL?
As Dogecoins são uma variação das Litecoins, que por sua vez são uma variação de Bitcoins. Como o código Bitcoin é open-source na teoria (e práctica) qualquer pessoa pode fazer a sua própria moeda. As Litecoins foram feitas como uma espécie de prata ao "ouro do bitcoin", e têm sido a base da maior parte de criptomoedas alternativas criadas.
As Dogecoins, criadas no início de Dezembro de 2013, começaram por ser uma forma de paródia de todas as outras criptomoedas alternativas que têm surgido (sexcoin, bbqcoin, etc), usando o meme Doge como inspiração.
Contudo, a paródia começou a tornar-se bem real, porque ao contrário de Bitcoins e Litecoins, que fomentam a acumulação das mesmas criptomoedas com o pensamento de que irão valer mais no futuro, as Dogecoins existem em muito maior quantidade, e têm sido usadas muito mais como moeda de troca do que como investimento (que é, afinal de contas, o objectivo inicial destas criptomoedas!)
As dogecoins também tornaram-se a criptomoeda de eleição para enviar gorjetas, através do reddit, twitter, imgur e até SMS.
Por último, a comunidade Dogecoin no reddit tem demonstrado ser a mais generosa, tendo doado dinheiro para a equipa da Jamaica poder ir às Olimpíadas, assim como o atleta da Índia e outras variadas doações.
E é por isso que estou aqui! Para partilhar com vocês algumas dogecoins de forma generosa!
RECEBI DOGECOINS ATRAVÉS DO BOT, O QUE FAÇO AGORA?!
Sigam as instrucções aqui. Basicamente: - Quando receberem a gorjeta (através de uma mensagem privada de confirmação), enviem uma mensagem com +accept para o bot - O bot têm andando bastante sobrecarregado por isso pode demorar algum tempo entre eu comentar e vocês receberem uma mensagem de confirmação! (Pode demorar mais de 16h :O ) - Se ainda não receberam nenhuma gorjeta mas já se querem registar com o bot, enviem uma mensagem com +register para o bot - Depois, saquem o cliente oficial dogecoin, esperem que sincronize com a rede, e cliquem em "Much Receive". Podem usar o endereço existente (uma série de números e letras) ou criar um novo. Esse será o vosso endereço público para receber dogecoins. Para enviar as dogecoins que receberam no reddit para esse endereço, enviem uma mensagem com withdraw, colocando o vosso endereço onde diz "ADDRESS".
E é tudo! O que podem fazer com dogecoins? Podem comprar produtos e serviços de forma rápida e segura! Alguns websites que listam empresas e serviços que aceitam dogecoins:
DESTE-ME BUÉ POUCAS DOGECOINS. COMO CONSIGO MAIS?
De muitas formas! Podes:
submitted by hjras to portugal [link] [comments]

The Russian Facebook Conspiracy

https://old.reddit.com/RussiaLago/comments/a34y7i/mitch_mcconnells_brotherinlaw_one_of_the/ by u/Puffin_Fitness
Mitch McConnell's Brother-in-Law One of the Masterminds of Trump-Russia
2,158 points•149 comments•submitted 22 hours ago * by Puffin_Fitness to RussiaLago
Jim Breyer, Mitch McConnell's brother-in-law, Facilitates Russia’s Takeover of Facebook through Yuri Milner
In 2005 Jim Breyer, a partner at Accel Partners, invested $1 million of his own money into Facebook and gained a seat on the board (1).
In Feb 2009 Jim Breyer visited Russia with a number of other Silicone Valley investors. While there, Yuri Milner, a Russian tech entrepreneur who founded DST with close ties to the Kremlin, hosted a dinner to cap the entire event (2). As one Moscow source put it:
DST has the backing of the big boys at the top in the Kremlin, which is why it will go from strength to strength (5)
Milner found out Breyer liked Impressionist art and took him to Russian’s Hermitage Museum to view Matisse paintings otherwise closed off to the public. Three months later Yuri Milner’s DST invested into Facebook at a bloated value. (2)
Mr Milner dismissed suggestions that at a valuation of $10bn he overpaid for his stake in Facebook, especially given that the social networking site has yet to prove it has turned to profit. (3)
it’s seen as a desperate and rather vulgar deal on the one hand—Milner buying a small stake in Facebook, valuing the entire company at $10 billion—and, on the other, Facebook debasing itself by taking Russian money. Russian money! In fact, it seems rather like a desperate deal for both parties (in the midst of the banking crisis, Facebook has only two other bidders for this round—and none from the top VC tier) (4)
By the end of 2009, DST would own 10% of Facebook. Later revealed by the Paradise Papers, DST’s investments into Facebook were financed by the Russian government through state-owned Gazprom. That’s right, in 2009 Russia owned 10% of Facebook. (6)
Soon after, the two continued to work together on other investments. Breyer introduced Milner to Groupon, and Milner helped Breyer’s Accel invest into Spotify (7). In 2010 an Accel representative joined a gaggle of Silicon Valley investors to Russia and signed a letter promising to invest into the country (8).
http://fortune.com/2011/01/11/timeline-where-facebook-got-its-funding/
http://fortune.com/2010/10/04/facebooks-friend-in-russia/
https://www.telegraph.co.uk/technology/facebook/7753692/Facebook-is-just-the-first-step-say-Russians.html
https://www.wired.com/2011/10/mf_milne
https://www.theguardian.com/technology/2011/jan/04/facebook-dst-goldman-sachs
https://www.theguardian.com/news/2017/nov/05/russia-funded-facebook-twitter-investments-kushner-investor
https://dealbook.nytimes.com/2011/09/28/dst-global-hoping-to-grow-across-asia-puts-down-roots/
http://www.ambarclub.org/executive-education/
Jim Breyer and Rupert Murdoch
Then in Nov 2010 Jim Breyer invested into Artsy.net, run by Rupert Murdoch’s then-wife, Wendi Deng, and Russia oligarch Roman Abramovich’s then-wife, Dasha Zhukova. Jared Kushner’s brother, Josh, also invested in the fledgling company (1).
At the time Rupert Murdoch’s News Corporation had a joint venture with the Russian mob-linked oligarch Boris Berezovsky, called LogoVaz News Corporation, that invested in Russian media (4). It was Berezovsky’s protege close to Putin, Roman Abramovich, who tied Berezovsky to the mob.
According to the Mirror Online, Abramovich paid Berezovsky tens, and even hundreds, of millions every year for "krysha", or mafia protection. (5)
In June 2011, Rupert Murdoch ended his foray into social media by selling Myspace to Justin Timberlake (2) and elected Jim Breyer to the board of News Corp (3).
https://www.businessinsider.com/what-is-cadre-and-how-to-invest-in-its-real-estate-deals-2016-6
https://en.wikipedia.org/wiki/Myspace
https://web.archive.org/web/19990428071733/http://www.newscorp.com:80/
https://www.bloomberg.com/profiles/companies/156126Z:RU-logovaz-news-corp
https://en.wikipedia.org/wiki/Roman_Abramovich
Jim Breyer invests in Wickr with Erik Prince
In 2012 Breyer invested in a encrypted messenger app, Wickr. Other investors include Gilman Louie and Erik Prince. To understand the connection, we need to go back to 1987. Breyer, newly hired to Accel Partners, made his first investment with Louie’s video game company that owned the rights to the Soviet Union’s first video game export, Tetris (1).
Louie went off to become the founding CEO of the CIA-backed In-Q-Tel which invested in Palantir. Palantir’s founder, Peter Thiel, sat on the board of Facebook with Breyer (2)(3). On the board of In-Q-Tel is Buzzy Krongard (7), the man who helped Erik Prince’s Blackwater receive their first CIA contract, who also joined the board of Blackwater in 2007 (6).
Around that same time, 2012-2013, Prince met Vincent Tchenguiz, founder of Cambridge Analytica's parent company, SCL (8), and was introduced to Cyrus Behbehani of Glencore, one of the purchasers of Rosneft stock detailed in the Steele Dossier (9). Cyrus Behbehani sat on the board of RusAl with Christophe Charlier, who is also Chairman of the board at Renaissance Capital (10), an early investor of DST (11).
https://wickr.com/wickr-raises-30m-series-b-led-by-jim-breye
https://www.sfgate.com/politics/article/CIA-Asks-Silicon-Valley-s-Help-Executive-to-2904775.php
https://www.iqt.org/palantir-technologies/
https://www.politico.com/story/2016/08/palantir-defense-contracts-lobbyists-226969
https://feraljundi.com/tag/reflex-responses-management-consultancy-llc/
https://www.nytimes.com/2007/11/17/us/17brothers.html
https://www.marketscreener.com/business-leaders/A-Krongard-006WHL-E/biography/
https://www.haaretz.com/israel-news/revealed-erik-prince-had-business-ties-with-netanyahus-disgraced-chief-of-staff-1.5627887
https://medium.com/@wsiegelman/a-fresh-look-at-erik-princes-house-intelligence-committee-testimony-and-emails-with-christophe-6603f06c6568
https://medium.com/@wsiegelman/a-fresh-look-at-erik-princes-house-intelligence-committee-testimony-and-emails-with-christophe-6603f06c6568
https://www.vccircle.com/all-you-wanted-know-about-digital-sky-technologies/
Jim Breyer and Yuri Milner invest in Prismatic
That same year, 2012, Jim Breyer invested in Prismatic, a news aggregate app, with Yuri Milner.
Prismatic’s technology works by crawling Facebook, Twitter and the web (“anything with a URL”) to find news stories. It then uses machine learning to categorize them by Topic and Publication. Prismatic users follow these Topics and Publications, as well as Individuals and the algorithm then uses these preferences and user-activity signals to present a relevant Newsfeed. (1)
Sounds like the beginning of what could be a propaganda dissemination tool. That goes in-line with Yuri Milner’s vision of Social Media. Milner’s theory:
“Zuckerberg’s Law”: Every 12 to 18 months the amount of information being shared between people on the web doubles... Over time people will bypass more general websites such as Google in favor of sites built atop social networks where they can rely on friends’ opinions to figure out where to get the best fall handbag, how to change a smoke detector, or whether to vacation in Istanbul or Rome. “You will pick your network, and the network will filter everything for you,” Milner explained. (2)
So how does Milner intend to utilize the data gathered through social media? Let’s see what Milner did to Russia’s top social media site, VK:
In January 2014, Durov sold his 12 percent stake to Ivan Tavrin, the CEO of major Russian mobile operator Megafon, whose second-largest shareholder is Alisher Usmanov, one of Russia’s most powerful oligarchs, a man who has long been lobbying to take over VK.
Then, in April 2014, Durov stated he had sold his stake in the company and became a citizen of St Kitts and Nevis back in February after "coming under increasing pressure" from the Russian Federal Security Service to hand over personal details of users who were members of a VK group dedicated to the Euromaidan protest movement in Ukraine. (3)
The Euromaidan protest ousted the Russian-backed president of Ukraine, Viktor Yanukovych, whom Paul Manafort had worked to install. (4)
https://techcrunch.com/2012/12/05/prismatic/
http://fortune.com/2010/10/04/facebooks-friend-in-russia/
https://cointelegraph.com/news/what-ban-russias-vkcom-is-mining-bitcoin
https://en.wikipedia.org/wiki/Viktor_Yanukovych
Facebook talks US Elections with Russia
In Oct 2012 Zuckerberg traveled to Moscow and met Dmitry Medvedev where they had a very interesting conversation:
Mr. Zuckerberg and Mr. Medvedev talked about Facebook’s role in politics, though only jokingly in reference to its importance in the American presidential campaign, according to Mr. Medvedev’s press office. (1)
While there he also visited Victor Vekselberg's Skolkovo, who’s currently under investigation by Mueller for donations to Trump (2).
As Obama’s effort to reboot diplomatic relations [with Russia] sputtered, federal officials began raising alarms about the Skolkovo Foundation’s ties to Putin.
“The foundation may be a means for the Russian government to access our nation’s sensitive or classified research, development facilities and dual-use technologies” (3)
And took time to teach Russian's how to hack Facebook friend data, the same hack used by Cambridge Analytica, Donald Trump’s campaign data firm.
In a 2012 video, Facebook's Simon Cross shows the Moscow crowd how they can "get a ton of other information" on Facebook users and their friends. "We now have an access token, so now let's make the same request again and see what happens," Cross explains (YouTube). "We've got a little bit more data, but now we can start doing really interesting stuff. We can get my friends. We can get some more information about one of my friends. Here's Connor, who you'll meet later. Say 'hello,' Connor. He's waving. And we can also get a ton of other information as well." (4)
Facebook later hired the individual who hacked Facebook and sold the data to Cambridge Analytica (5).
A month after that visit, Putin propaganda mouth-piece Konstantin Rykov, claims he began helping with Trump’s presidential aspirations (6). Days later, Trump registered “Make America Great Again” (7). The following year, Russia's Troll Factory, the Internet Research Agency, was created as was Cambridge Analytica.
https://www.nytimes.com/2012/10/02/technology/zuckerberg-meets-with-medvedev-in-key-market.html
https://www.adweek.com/digital/zuckerberg-russia-skolkovo/
https://apnews.com/5e533f93afae4a4fa5c2f7fe80ad72ac/Sanctioned-Russian-oligarch-linked-to-Cohen-has-vast-US-ties
https://www.youtube.com/watch?v=heTPmGb6jdc&feature=youtu.be&t=11m54s
https://www.theguardian.com/news/2018/ma18/facebook-cambridge-analytica-joseph-chancellor-gsr
https://washingtonmonthly.com/2017/11/24/a-trumprussia-confession-in-plain-sight/
https://trademarks.justia.com/857/83/make-america-great-85783371.html
Andrei Shleifer and Len Blavatnik
Len Blavatnik, a US-Russian oligarch currently under investigation by Mueller, graduated from Harvard in 1989 and quickly formed Renova-Invest with Viktor Vekselberg, another oligarch under Mueller’s investigation (7)(8). Since then Blavatnik has maintained close ties to the university.
In 1992, after the fall of the Soviet Union, Andrei Shleifer led a consortium of Harvard professors to assist Russia’s vice-president, Antaoly Chubais, with the privatization of Russia’s state-run assets. Scandal broke when it was revealed Shleifer, through Blavatnik’s company and with Blavatnik’s guidance, invested in the very companies he worked to privatize. (6)
Years later, Shleifer continued to fund loans to Blavatnik for Russian ventures through his hedge fund, managed by his wife, Nancy Zimmerman (9), and created the Russian Recovery Fund which bought $230 million of Russian debt from Julian Robertson’s Tiger Management (10), who’s seed fun, Tiger Global, later invested in Milner’s DST.
Len Blavatnik and Viktor Vekselberg are major investors in Rusal (11).
Schleifer is still a professor at Harvard.
http://harry-lewis.blogspot.com/2014/01/some-russian-money-flows-back-to-harvard.html
https://en.wikipedia.org/wiki/Leonard_Blavatnik#cite_note-Yenikeyeff-7
https://abcnews.go.com/Politics/investigators-follow-flow-money-trump-wealthy-donors-russian/story?id=50100024
https://www.newyorker.com/magazine/2014/01/20/the-billionaires-playlist
https://law.justia.com/cases/federal/appellate-courts/cafc/16-1718/16-1718-2017-03-14.html
https://www.bloomberg.com/news/articles/2018-04-25/tangled-rusal-ownership-thwarts-easy-end-to-sanctions-quicktake
Breyer and Harvard
On April 2013, two months after Breyer was elected to the board of Harvard (1), Len Blavatnik, donated $50 million to the school (2) and joined the Board of Dean’s Advisors (3)(4) and Harvard’s Global Advisory Council (6) alongside Breyer. The next month Breyer announced plans to step down from the board of Facebook with an intention of focusing on his latest Harvard appointment (5).
In 2016 Len Blavatnik donated over $7 million to GOP candidates, including $2.5 million to Mitch McConnell himself (7).
https://news.harvard.edu/gazette/story/2013/02/breyer_elected/
https://news.harvard.edu/gazette/story/2013/04/blavatnik_accelerator_donation/
https://www.accessindustries.com/about/academic-boards-committees/
https://www.cnbc.com/2017/07/21/delivering-alpha-2017-jim-breyer.html
https://sanfrancisco.cbslocal.com/2013/04/27/facebook-board-member-jim-breyer-stepping-down/
http://docplayer.net/54127503-Harvard-global-advisory-council.html
https://www.dallasnews.com/opinion/commentary/2017/08/03/tangled-web-connects-russian-oligarch-money-gop-campaigns
Breyer invests in Russian Companies
In 2014 Breyer’s Accel Partners invested in Russian hotel booking site, Ostrovok, along with Yuri Milner, Esther Dyson (1), Mark Pincus, and Peter Thiel (2).
Accel Partners also invested in Avito.ru in 2012 (3) and KupiVIP.ru in 2011 (4).
https://techcrunch.com/2014/06/18/ostrovok-raises-new-12m-series-c-round-to-expand-outside-russia/
http://idcee.org/participants/companies/ostrovok/
http://www.ewdn.com/2012/05/02/avito-ru-secures-75-million-investment-from-accel-partners-and-baring-vostok/
http://www.ewdn.com/2011/04/14/leading-private-shopping-club-kupivip-ru-completes-55-m-funding/
Jim Breyer, Blackstone Group, and Saudi Arabia
In 2011 Schwarzman was named to the board of the Russian Direct Investment Fund (2), headed by Kirill Dimitriev.
In June 2016, during Trump’s presidential campaign, Jim Breyer met with Saudi Crown Prince Mohammed bin-Salman, or MBS (8). The next month Breyer joined the board of Blackstone Group (1) alongside Stephen Schwarzman and Jacob Rothschild (3). In the past Blackstone Group had loaned Kushner Companies a combined $400 million over multiple projects (7).
Jacob’s brother, Nat, is business partners with both Oleg Deripaska (4), Rupert Murdoch, and Dick Cheney (5). Nat is also a major investor in Glencore, one of the purchasers of Rosneft stock detailed in the Steele Dossier (6), and RusAl.
In January 2017, Breyer’s business partner at Wickr, Erik Prince, was introduced to Dimitriev by MBS’s emissary, George Nader, and the Crown Prince of the UAE (10).
On October 22, 2018, three weeks after the murder of Jamal Khashoggi, when most American investors were spooked away from Saudi Arabia, Jim Breyer showed up at an MBS-hosted Saudi business summit alongside Kirill Dimitriev of the Russian Direct Investment Fund (9). That same day, MBS pledged $20 billion for Blackstone Group's new infrastructure fund (11) to fund Elaine Chao's $1.5 trillion infrastructure plan (12). Elaine Chao, Mitch McConnells wife and Jim Breyer's sister-in-law, is Trump's Secretary of Transportation.
https://www.blackstone.com/media/press-releases/article/jim-breyer-to-join-blackstone-s-board-of-directors
https://rdif.ru/Eng_fullNews/53/
https://en.wikipedia.org/wiki/Jacob_Rothschild,_4th_Baron_Rothschild
https://www.telegraph.co.uk/news/politics/conservative/3236166/Muddy-waters-over-Oleg-Deripaska-Nat-Rothschild-and-George-Osborne.html
https://www.nationofchange.org/2017/01/15/cheney-rothschild-fox-news-murdoch-drill-oil-syria-violating-international-law/
https://en.wikipedia.org/wiki/Nathaniel_Philip_Rothschild
https://www.bloomberg.com/news/articles/2017-05-26/the-kushners-the-saudis-and-blackstone-behind-the-recent-deals
https://www.thetrustedinsight.com/investment-news/saudi-prince-mohammed-met-with-20-silicon-valley-innovators-in-tech-summit-20160628142/
https://www.latimes.com/business/la-fi-moelis-saudi-arabia-20181023-story.html
https://www.vox.com/2018/3/7/17088908/erik-prince-trump-russia-seychelles-mueller
https://www.bloomberg.com/news/articles/2018-10-22/how-blackstone-landed-20-billion-from-saudis-for-infrastructure
https://www.bloomberg.com/news/articles/2018-10-22/how-blackstone-landed-20-billion-from-saudis-for-infrastructure
submitted by Traitor_Donald_Trump to u/Traitor_Donald_Trump [link] [comments]

Last Week In Indian Economy - For the Week Ending 6th August, 2016

Last Week in Indian Economy

“I am silent because there is conflict between my scholarly commitment to economics and my loyalty to the party's decided issues.” - Subramanian Swamy, member of parliament tweeting about why he is silent on the Goods and Services Tax (GST) Bill that his political party supports so much. Just going to leave this here for you to draw your own conclusions.

Headline Stories

Going Gaga Over GST
Last week, the Rajya Sabha passed the Goods and Services Tax (GST) - the tax reform that has been heralded as the most important piece of legislation in over a decade. While the common market of Europe is walking backwards due to Brexit, the common market within India is stepping ahead due to GST. The bill has been the subject of political bickering for a long time now. However, it was passed with 203 votes for and none against. With 0 votes against. They didn’t even blink twice, so you know there families weren’t being held hostage and all votes were entirely voluntary. But this has only been the tip of the iceberg. Even though both houses of the parliament have passed the bill, there is a laundry list of things that need to happen before we can all go home and forget about this whole GST business. The Lok Sabha needs to approve the bill once again. Then, a minimum of 15 state governments need to pass the bill. Then, the president needs to sign the bill. Then, a GST Council needs to be formed and the GST tax rate needs to be negotiated. Then, the central government needs to pass two supporting laws, and each state needs to pass a separate supporting law. And only then, we’ll be able to pocket all that cash from the GST-led economic growth that is being predicted. The deadline set for all of this is April 1st, 2017. Till then, government officials around the country are set to debate on extremely sensitive issues like whether cream biscuits should be taxed at the same rate as ordinary biscuits. #TeamBourbon.
Uber-Didi
Uber joined the long list of American MNCs that came to do business in China but inevitably fell on their faces. In a deal announced last week, the popular ride-hailing service will sell its China operations to rival Didi Chuxing in exchange for a 20% stake in Didi, who will invest $1 billion in Uber. The two giants have been battling for the Chinese market for years and despite spending billions of dollars, no one has managed to turn a profit. In fact, Uber was facing a loss of $1 billion annually due to heavy competition in China. Once upon a time, Uber’s future in China seemed to hold promise. And now, the company is throwing in the towel. The company’s mistake? It tried to fight a land war in Asia. Although Didi was the bigger company in China in terms of market share, Uber did have its moments. Such as when a Chinese hip-hop artist posted a gangster rap song about how much he prefers Uber. Don’t Baidu it - China being China censored the whole thing just days later.
Loans For Pani Puri walas
Banks use all sorts of fancy algorithms to determine if a borrower will repay a loan. Despite all of that, with the banking crisis, a huge amount of loans are at a risk of being Vijay Mallya-ed. So the fancy algorithms haven’t exactly worked out. Another one of those fancy things that banks use is a credit score. A good credit score will have banks lining outside your door shouting for your attention. A bad credit score will have you lining outside the door of the banks with a ton of paperwork. You need a good credit score to get loans. But to get a good credit score, you need to repay loans. So you see the chicken-and-egg problem here. This means a lot of people don’t even have credit scores. But those people still need loans. And banks won’t touch them with a ten-foot pole. Now, microfinance companies like Edelweiss, Bharat Financial, DHFL and many more are going places feared by the big boys of finance. A big push in the industry is to loan money to pavement hawkers, scrap dealers and other self-employed individuals. For example - the makers of the extremely healthy chinese food at the hand-kart that parks near the local sewer every evening. Basically, giving loans to low-income borrowers without a credit score or any kind of formal financial history. If that sounds like a recipe for trouble, that’s because it is and we’ve already had that dish in the run-up of the financial crisis of 2008. And if history isn’t repeating itself here, it’s definitely rhyming.
Too Many Branches Spoil The Bank
The State Bank Of India has almost 17,000 branches which is very impressive. Especially since they get to brag about it in tables that rank banks by number of branches. But the bank isn’t doing itself any favours by putting 5 branches within a 1 km radius of each other, as is the case a lot of times with SBI. Because sometimes, it’s not the size that matters, it’s what you do with it that matters. And SBI is considering a proposal to do away with such extra branches by consolidating them. It might make common sense to shut down branches when put like that, but then they won’t get to brag about how many branches they have. And investors love those kind of things. SBI is currently in the process of merging with its associate banks from Hyderabad, Mysore, Travancore and so on. It expects to have that completed by March 2017. At which point, that 17,000 number will balloon up to 24,000 branches, compounding that problem. A global consulting firm, McKinsey which was hired by SBI has recommended shutting down upto of 7,200 of those branches. Moreover, bank branches are so 2000s. Online is where it’s at.

Sidebar Stories

  • India is a nation of chronic procrastinators. Just look at how much you procrastinate yourself, for example. For more proof, realize that half the people reading that last sentence just strongly agreed with it. And so the government extended the deadline to file Income Tax returns by 5 days till August 5th to accommodate all the last-minute submissions.
  • 23 million income tax returns were filed online this year, more than thrice the 7 million that were filed last year. Like I said, online is where it’s at. Moreover, who would want to stand in line to file tax returns when you can be a responsible and mature citizen of India while wearing your pajamas at the same time?
  • Corruption watchdog Central Vigilance Commission (CVC) has asked the IIM-A and other premier business schools in India to develop an ‘integrity index’ to measure the levels of corruptions in 25 government agencies and state-run companies. The CVC is hoping that the rankings will help focus anti-corruption resources to where they are needed the most. Meanwhile, Buzzfeed “writers” are already salivating at the thought of headlines like Here are the top 10 most corrupt government offices. #6 will literally empty your wallet.
  • A new survey published last week found that Indians are losing more money to online fraud than other Asians. While 36% of Indian respondents reported to being cheated by internet scams, the most popular form of internet scams turned out to be lottery scams and Work-from-home scams. In other news, find out how this housewife is earning 50,000 a month sitting at home.

Market Movements

Let’s do the numbers. Since last week:
  • BSE Sensex: ↓ 0.02%
    Week Open: 28,083.08
    Week End: 28,078.35
  • Nifty: ↑ 0.33%
    Week Open: 8,654.30
    Week End: 8,683.15
  • Gold prices: ↓ 1.58%
    Week Open: 31,549
    Week End: 31,050
  • USD / INR: ↑ 0.15%
    Week Open: 66.764
    Week End: 66.842
Stocks that moved heaven and earth:
  • HCL Technologies (HCLTECH) was up 8.98% on the back of positive quarterly results and a single large trade of about 14 lakh shares that pushed the stock price up.
  • Grasim Industries (GRASIM) was up 7.28% as the Birla-family owned cement maker was identified as one of the companies set to benefit from GST.
  • Tata Steel (TATASTEEL) was up 6.92% since the government extended a price floor on cheap imports of steel from China.
The yield on 10-year government bonds is up from 7.138 to 7.168.

Up Next

Important Numbers being released this week:
Tuesday, August 9th: RBI Interest Rate Decision, Quarterly Results for - Adani Ports & SEZ, Lupin
Wednesday, August 10th: Quarterly Results for - Mahindra & Mahindra
Friday, August 12th: Consumer Inflation (Jul), Quarterly Results for - Hindalco Industries, State Bank Of India

Footnote Stories

Leading bitcoin exchange, Bitfinex, was hacked last week and cryptocurrency worth $70 million was stolen. The exchange has announced a plan to compensate all customers. In other words, business as usual for bitcoin.
Moon Express, a US-based company co-founded by Indian-origin entrepreneur Naveen Jain, became the first ever private company to receive permission from the US government for a commercial space mission to the moon. The company’s business plan involves accepting sponsorships and carrying private payloads to the moon in order to make a profit. In future space missions, the company expects to make money by mining for natural resources on moon, specifically mining for Helium-3. This would’ve happened a lot sooner if only the moon had some oil. Helium-3 is all fine... But it’s no oil.
< For the Week Ending 30th July, 2016
submitted by DexterMilburn to india [link] [comments]

Bitcoin mining is now wasting at least 60 times more electricity than is required, much of it is the least expensive hydro in the US and geothermal in the world. There are alternative crypto-coins that do not have this problem

The Wall Street Journal says that the Bitcoin hash rate is now 60 times more than it was last fall. The Bitcoin hash rate is directly proportionate to electric consumption. CoinDesk, the premier Bitcoin news site, explains that this is due to new specialize mining equipment made to cash in on the new Bitcoin mining bonanza
Wall Street Journal story
http://blogs.wsj.com/moneybeat/2014/04/29/bitbeat-for-bitcoin-miners-a-hot-problem-this-summe
Coin Desk story
http://www.coindesk.com/coindesk-mining-roundup-hot-issues-lawsuits-eco-mining/
Huge corporate Bitcoin mining operations are popping up in Central Washington State where the least expensive electric rates exist in the US, which are powered by hydro.
Link to Washington State Bitcoin mining article powered by hydro
http://www.spokesman.com/stories/2014/ap26/northwests-cheap-power-drawing-bitcoin-miners/
One huge operation already exists in Iceland, which has the least expensive electricity in the world. It is produced by hydro and geothermal means. Link to Iceland Bitcoin mining article
http://dealbook.nytimes.com/2013/12/23/morning-agenda-the-bitcoin-mines-of-iceland/?_php=true&_type=blogs&_r=0
The alternative environmentally-friendly cryptocurrencies to Bitcoin are called Proof of Stake coins. Here is a Let’s Talk Bitcoin article on Proof of Stake coins:
http://letstalkbitcoin.com/experiments-in-cryptocurrency-sustainability/#.U2ZgoVea9J4
Two of the most promising Proof of Stake coins are Blackcoin and NXT. The links to their subreddits are below.
http://www.reddit.com/blackcoin
http://us.reddit.com/NXT/
submitted by RJSchex to RenewableEnergy [link] [comments]

How can NYCoin reach the Unbanked and Underbanked?

I'm not going to answer the question, because I doubt there is one answer, but I've got some articles I want to link to and I hope we'll talk about these groups more. There's a huge potential for mutual benefit here between NYCoin, our retail partners and their underbanked customers.
Unbanked and Underbanked
Tech companies, banks and local governments have been thinking about and making overtures towards the underbanked for years, with most of the success coming in third world countries from digital, phone based systems. The pressure to reach this market is growing, and estimates of unbanked sizes within the U.S. seem to be from 10 to 15 million, not including the merely under-banked which would bring the total to 30+ million people. https://www.forbes.com/sites/alanmcintyre/2017/05/10/banks-need-to-focus-on-a-new-customer-the-unbanked/#766222b659c8
Specific to New York City, more than one million people are identified as unbanked (no bank accounts in the entire household) or underbanked (some accounts, but still using some alternative services, including predatory financial services). This despite the city working since the 90s to actively regulate banks to favor these consumers: https://citylimits.org/2017/01/06/why-are-so-many-new-yorkers-still-under-banked/
Identities and Trust
I don't think enough has been said about the role IDs play in all this. In the voter ID debate (please avoid the politics here, let's just focus on the economics), it's often been pointed out how many people lack valid photo ID, which would make it difficult to participate in traditional financial transactions, which are built on trust. This effect might be particularly pronounced in a place like NYC where driving isn't as big a part of life as in other parts of the country, owing to NYC's excellent mass transit and congested roadways, so driver's licenses just aren't as common. New York City attempted to address this with a local ID, with limited success. https://www.nytimes.com/2015/12/24/business/dealbook/banks-reject-new-york-city-ids-leaving-unbanked-on-sidelines.html
Even if NYC convinced all companies to accept their IDs, they might have difficulty getting all users to actually use their IDs. I doubt even researchers fully understand why people don't have IDs. But in any case, the blockchain is built on trustless transactions. We can meet users where they are rather than demand they adapt to a system they don't seem to want to adapt to. There are no chargebacks on NYCoin like there are on credit cards. Unlike checks, you can't send NYCoin you don't control. And unlike cash you can't counterfeit NYCoin. If people don't want to use IDs, the need isn't there.
Practical hurdles
But it's one thing to know that blockchain projects COULD serve the unbanked, it's another to actually connect these particular users, often more disconnected than their banked peers, with NYCoin. That's the rub.
Personally, I suspect that our retail partners are our absolute best hope of connecting with, and helping this group of people, these retailers are also the most incentivized to help. If their unbanked customers are forced to carry around only cash, they will probably often carry as little as possible to avoid the dangers to losing it to theft. I know I feel conspicuous and vulnerable when I carry a lot of cash. That means they might buy less than they otherwise would or make fewer stops than they otherwise would. These same users may feel more comfortable carrying more money overall if some of it is locked on their phone. Even super cheap Moto E's have fingerprint sensors these days, so even if the phone was stolen, a crypto wallet on it probably won't be, and a user could use their recovery seed to regain their funds even without their phone.
There are some serious obstacles, however. First and foremost is bitlicense, a regulatory regime in New York no one seems to want to use. https://www.coindesk.com/meet-the-new-york-lawmaker-who-wants-to-replace-the-bitlicense/ I'm not going to analyze exactly what you can and cannot do without a bitlicense, but I certainly fear that selling NYCoin direct to consumers from your store would be a problem, and without that, how would the unbanked exchange their cash for NYCoin in the first place? Localbitcoins is the most obvious answer, but expecting the unbanked to jump through hoops to first get the bitcoin then use a far off, unknown exchange (when they already don't trust nearby banks) is unrealistic. Bitcoin's high fees present another obstacle, and localbitcoins often marks up the cost considerably, 10% isn't unlikely depending on competition, so by the time a user actually gets their NYCoin, they've lost enormous value from multiple vectors. As most unbanked are economically challenged to begin with, this isn't practical.
As you can see above, there are those interested in unraveling New York's regulations to make using crypto easier. And long term, I think we need shopkeepers who are willing to not only accept NYCoin, but to sell it to their users for cash as well. They would benefit not only from a fee on the sale, but also by helping their unbanked users have more money on their person, and thus be more able to make purchases in their stores when they need to but want to carry less cash around.
Rough Ideas
I suspect that NYCoin could benefit greatly from rallying behind efforts to repeal bitlicense, not only from the repeal itself, but from coverage of the repeal effort. The bigger a part of that we are, and the more we connect the repeal to helping New York's underbanked, the more the name New York Coin becomes known and associated with financial solutions.
Even if we help repeal bitlicense, we still need to convince more retail partners to come on board, and convince them to not only accept NYCoin, but to help their users buy it with cash when they don't have checking accounts or credit cards, and don't want to pay the localbitcoin tax or bitcoin fees to move their local purchase to an exchange they might not trust to begin with. But they do trust their local merchants. The benefit is there for merchants, but we need a solid way to sell them on it. A billboard won't do it. We need a more personal approach.
I think, ultimately, we need boots on the ground and funds to literally pay retailers to try NYCoin (again, after bitlicense is repealed). I don't think donations will begin to cover it. But if we can make small retailers investors, hodlers in NYCoin while the price is low, offering somewhere from 1 million to 5 million to accept and offer NYCoin to their customers for a year or two, and offering bounties to actual NYCoin boosters who sign them up, we could sign up hundreds of retailers. The price of NYCoin is low right now. Now is the time to do it, but if donations can't cover it, how could we raise the funds?
Some coins raise money by premining, ICOing, but Zcash raised money by putting a 20% founder's reward on the first 4 years of blocks mined on the network. I think when we decide on a fork to reduce the block reward, we should put a tax on future blocks sufficient to raise 1 billion NYC in funds for our team to use first towards retailer enlistment (without which, NYCoin doesn't stand a chance). If our first move to lower the block reward were not to lower it, but to send half of it to a development fund, we could raise half a billion NYCoin for retailer engagement in just over a month, and most of that would come out of prohashing's mine and dump operation, so the effect on NYCoin's price would be nearly the same as just cutting the block reward without a tax. Depending on how fast future reductions in the block reward progressed, if the tax remained we could have a cool billion to develop the coin within the year.
Conclusion
I hope you'll post more ideas here, post more threads about the unbanked and underbanked, ideas about how to organize to bring down bitlicense and generally talk about how to successfully draft more retailers and keep them happy and engaged and help them when they have issues. Our retailers will be the cornerstone of NYCoin. We need more of them and we need to be willing to take a big swing to recruit and keep them.
submitted by nodecache to nycoincommunity [link] [comments]

More information on the Renewable Energy consumption of Bitcoin and the environmentally friendly alternative BlackCoin TL:DR

The amount of electricity required to maintain Bitcoin’s security is legendary. Its miners are scouring the globe searching for areas with the least-expensive electricity rates.
Unfortunately, these areas are where the least expensive renewable-energy resources exist in the world.
Links are provided below to the references to back up the claims made here. This document will be updated as needed based on your comments below.
It has been estimated that the additional electricity required to maintain BlackCoin’s cooperative minting network is much less than three one-thousands ( 3 / 1000 ) of what is now used to run an equivalent sized competitive Bitcoin mining network. Bitcoin’s current electrical consumption equipment arms race is gobbling up irreplaceable, renewable-energy resources in areas where they provide the less expensive renewable energy options bar none.
A recent study cited in the Wall Street Journal shows that the hash rate required for Bitcoin’s security last fall was one one-sixtieth (1 / 60) of what it is now. This hash rate inflation has been fueled by the tremendous profitability of large scale corporate mining operations, which have produced the mining technology arms race.
The largest known corporate Bitcoin mining operation is reported to be housed in a warehouse in Central Washington State where it takes advantage of the US’s lowest electricity rates bar none. The Spokane Review recently reported that a handful of additional competitors are now about to pop up.
Washington State is the leader in hydroelectric generation with 29% of the total national capacity according to the US Energy Information Administration. It is 10th in wind energy production. Nevertheless, the whole state still has the lowest residential electric rates in the country.
The New York Times reported on a similar setup in Iceland, which may have the least expensive electricity of any country in the world. It is powered by hydro and geothermal resources.
These corporate mining operations compete against each other for the right to enter the next ledger page into the Bitcoin blockchain. The startups that produce the otherwise useless mining equipment are forced to make outrageous claims for their latest drawing board designs to get preorder payments to finance their production as has been well documented by CoinDesk in numerous articles.
Are we about to repeat the environmental disasters that followed the 1849 California Gold Rush and the wildcatting boom that began with the Spindletop oil gusher? This trend will continue as long as the Bitcoin mining technology continues to improve at breakneck speed driven by the profitability resulting from the squandering of these irreplaceable resources.
It took three and a half years after Satoshi Nakamoto launched Bitcoin in January 2009 before Sunny King in August 2012 to launch Peercoin, the first environmentally friendly cryptocurrency. However, Peercoin is designed to be the savings account complementing the best environmentally friendly checking account cryptocurrency. The market has been trying since then to settle on the best environmentally friendly challenger for Bitcoin.
The Russian crypto developer rat4 launched BlackCoin on February 24, 2014 at 6:00 UTC after making the customary announcement on February 16 on the Bitcoin Forum. Startup crypto exchange Mintpal quickly recognized the potential of rat4’s improvement of the design of the innovative Mintcoin protocol.
This helped catapult BlackCoin into 19th place in market cap by the start of April. BlackCoin obtained its current 10 th place position after Coinkite chose Blackcoin to add to its terminals in June joining Bitcoin and Litecoin.
Sunny King’s protocol has now been tested on many environmentally friendly alternatives. The market has now chosen BlackCoin to be checking account to Peercoin’s saving account.
The Bitcoin MIT Project will provision every undergraduate at that institution with $100 worth of bitcoins in the fall semester as an experiment. The proposed BlackCoin MIT Airdrop is currently being discussed by the Blackcoin Community on its reddit page. The proposal calls for provisioning each MIT graduate student with $100 of the best environmentally friendly alternative to Bitcoin in the best technology crucible in the world.
It appears from the MIT announcement that the MIT Kerberos & Internet Trust Consortium may have been used as the vehicle for obtaining tax exempt fiat donations. Therefore, should the newly formed BlackCoin Foundation ask the Trust to set up a donation account and let the environmental community try to raise the less than $1 million required to fund the MIT Airdrop.
If you have arrived here from somewhere else and are interested in learning more about BlackCoin and the MIT BlackCoin Project, please join the discussion with us at the BlackCoin subreddit:
reddit.com/BlackCoin/
Please report proofreading and editing corrections in comments below. References
Electricity requirement calculations needed to maintain the BlackCoin network
http://www.reddit.com/blackcoin/comments/25a4fq/if_you_are_good_at_science_or_if_you_are_an/
Wall Street Journal Article on Bitcoin hash rate
http://blogs.wsj.com/moneybeat/2014/04/29/bitbeat-for-bitcoin-miners-a-hot-problem-this-summe
Spokane Review Article
http://www.spokesman.com/stories/2014/ap26/northwests-cheap-power-drawing-bitcoin-miners/
US Energy Information Administration – Washington State Renewable Energy Report
http://www.eia.gov/state/?sid=WA
NT Times Iceland Bitcoin mining article
http://dealbook.nytimes.com/2013/12/23/morning-agenda-the-bitcoin-mines-of-iceland/?_php=true&_type=blogs&_php=true&_type=blogs&_r=1
CoinDesk mining equipment articles
http://www.coindesk.com/coindesk-mining-roundup-hot-issues-lawsuits-eco-mining/
http://www.coindesk.com/problems-plague-kncminer-broken-super-jupiters-arrive-doorsteps/
http://www.coindesk.com/alpha-technology-initiates-scrypt-asic-tape/
Bitcoin MIT Project article that mentions MIT Kerberos & Internet Trust Consortium
http://tech.mit.edu/V134/N22/bitcoin.html
submitted by RJSchex to blackcoin [link] [comments]

As the Narrative Changes...

Bitcoin Price Soars, Fueled by Speculation and Global Currency Turmoil: http://www.nytimes.com/2017/01/03/business/dealbook/bitcoin-price-soars-fueled-by-speculation-and-global-currency-turmoil.html?smid=re-share&_r=0
I think it's interesting that we can see, at least through Nat Popper's articles, how the general perspective of bitcoin has changed, for example, from a doomed project that can never achieve global adoption, to an understanding that, perhaps, bitcoin was never meant to be an everyday currency in the first place (or at least can be said to have one more phase of transformation well before it might).
But we still are missing the big picture and I've been accusing all sides of the debate of holding it up as a red-herring (if I am using that word correctly I mean it is blocking what is important.
Here I think I can make a couple of clarifying points that might help us understand some relevance and significance of John Nash's Ideal Money, even if only in an indirect way.
I think below is not at all correct to say:
The importance of speculators suggests that the value of Bitcoin is still driven by the hope of how it might be used someday, rather than real world use today, which has generally been hard to quantify.
I think we need to see the markets are smarter than this, especially as a whole, and they are not speculating on the future implication of bitcoin, even though many of the individuals that make up the market might be.
More importantly, the below I think is not perfectly accurate:
The volatile price has led many analysts to conclude that is less similar to a currency than to a commodity, like gold, which has a value resulting from its scarcity.
Here we can turn to Nash for an explanation:
It is a coincidental fact that the inherent nature of mining and mining technology makes it possible for the prices of certain commodities that are produced as a result of the devotion of labor and capital to the effort of mining to increase less (or decrease more) than might be expected. There is a “dimension paradox”: Agricultural products are produced by using the two-dimensional resource of the earth surface, so the “disappearing frontier” creates a limitation. In contrast, some mining, particularly for elemental metals, can essentially be done in three dimensions, although, of course, there are increasing costs for deep digging. So, really there is lots and lots of gold, silver, platinum, tungsten, and so forth out there and more can be found by digging deeper.
There is lots of gold. The key is that the COST of bringing it to the market puts a natural throttle on it. This is what I think people miss when comparing it to bitcoin's SUPPLY.
(Szabo touches on this too: http://unenumerated.blogspot.ca/2007/02/mining-vasty-deep-i.html#links, http://unenumerated.blogspot.ca/2007/02/mining-vasty-deep-ii.html#links, http://unenumerated.blogspot.ca/2007/09/mining-vasty-deep-iii.html#links
Gold is favored because of the steadiness of its supply (among other reasons) and bitcoin also has this. But its not a speculation of bitcoin so much as a hedge from fiat inflation (devaluation).
This is a key point if we are to levate Nash's Ideal Money
So the person speaking below I think is missing the point of bitcoin being a powerful incentive for governments to begin stabilizing their currencies rather than devaluing them:
I ascribe only 10 percent of the value of Bitcoin to current day usage, and more like 90 percent of it to the expectation of future usage,” Mr. Luria of Webush Securities said.
It doesn't make sense to call an investment people are using TODAY as an inflation hedge (ie look at the Yuan!) something that they are speculating about its future utility. Rather they are finding great value in it today and there is no speculation in that!
submitted by pokertravis to Bitcoin [link] [comments]

Summary of Recent Events

Mike Hearn, a long-time bitcoin developer, published an article yesterday claiming that bitcoin had failed, that he had sold all of his bitcoins, and that he will no longer be contributing to the bitcoin space. This story was picked up by Nathaniel Popper at the New York Times, who wrote a nice article summarizing the situation.
Hearn had a lot of valid reasons for frustration, including malicious DoS attacks on Bitcoin XT nodes. However, recent positive developments, possibly catalyzed by Hearn's article, demonstrate that a large number of major stakeholders disagree with Hearn's assessment (more on this below).
Regardless, it's now a day after Hearn's article, and the price has fallen to about $370. This is down from roughly $430 before the article. There has been speculation that investors are selling on fear over the article (although it's always difficult to pin down the cause of a bitcoin price swing).
At the same time, big players have recently joined Bitcoin Classic (which itself has joined Bitcoin XT and Bitcoin Unlimited as alternative implementations to Bitcoin Core that would allow a block size increase). A recent tally shows 49% of the hash power (a measure of mining power) had joined Classic, along with both Gavin Andresen and Jeff Garzik as developers. Previously, miners had been slow to back any implementation proposing a block size increase, and Andresen and Garzik had each backed their own separate proposals for a block size increase (BIP 101 and BIP 100, respectively). Major companies standing behind Classic include Coinbase, OKCoin, Bitstamp, Xapo, and a bunch of others.
Bitcoin Classic's momentum may be derived from two key factors.
First, their mission statement asserts that "in the future we will continue to release updates that are in line with Satoshi’s whitepaper & vision, and are agreed upon by the community". The project's maintainers have already started collecting feedback from various stakeholders using a platform called consider.it. Although consider.it may not be a perfect solution to political infighting, it may be a significant step forward, given the governance issues that have plagued bitcoin (especially over the last six months). It’s also hard to overestimate the value of a transparent decision-making process, in light of the censorship that has become the norm in other forums for community discussion.
Second, they've already made the compromise of forking Core with an immediate block size increase to 2 MB, as a stopgap measure, and they're using consider.it to determine the way forward after that.
With many proposals available, the future remains unseen, but one notable development is the support that has been coalescing around BitPay's recent adaptive block size increase proposal, with Gavin Andresen publicly favoring it.
TL;DR: The price appears to have dropped over fear originating from Hearn's declaration of Bitcoin's failure. Nearly simultaneously, Bitcoin Classic has emerged with significant backing from users, miners, developers, and businesses, thus bringing new hope of progress. It appears that this positive news has not yet been priced in.
Disclaimer: This is a personal take on the situation. It is not a recommendation to buy or sell bitcoin as an investment. Bitcoin's price will likely be volatile for some time, and if you view bitcoin as an investment, then it's best to invest only what you can afford to lose.
Edit: formatting; changed a link to an NP link, per reddiquette guidelines.
submitted by 11251442132 to btc [link] [comments]

Guest on the Bob Rivers Show in Seattle on Monday. Requesting help to represent Bitcoin well. (x-post to /r/Bitcoin)

Hi /Bitcoin and /BitcoinSeattle! I have been invited to the Bob Rivers show on KJR FM 95.7 in Seattle this coming Monday (the 27th) around 8:40 AM. In the spirit of community and open source I’d like to ask you folks how I can best represent Bitcoin on the show.
I called in during a very short 5 minute segment they did yesterday. You can listen to that here if you want. It starts at about 41 minutes and goes to 46 minutes or so (have to let it load first). I emailed them after that show and they invited me. As mentioned in that segment the main host Bob Rivers read Marc Andreessen’s New York Times piece.
I didn’t get clarification but imagine this’ll be a relatively short 10-20 minute segment and I won’t be doing most of the talking: likely just doing Q&A from the show’s hosts. Nonetheless I’d like to be prepared if I get a moment to expound on anything.
I’m working on a short 1 page topic brief that might be reviewed by the staff there due on Sunday. I’ll share that here, too. So: what should we talk about?
A few things I had in mind:
Other things, too! I have a big list of topics but I want to get the most “conversation-worthy”, gaming-changy, paragidm-shifty stuff out, kinda like what Marc Andreessen did in his article.
By request I’ll be “bringing” some Bitcoin to the show, too. I hope to demonstrate a transaction as well. Perhaps sending money to Sean’s Outpost (easy to demonstrate with a big ol’ QR code on the front page).
Thanks everyone! - Jesse
submitted by FliedenRailway to BitcoinSeattle [link] [comments]

Oh how far we've come! Bitcoin in the New York Times, then and now.

Bitcoin Believers See a Role for Wall Street:
The Bitcoin advocates emphasized that the process of “mining” Bitcoin — essentially, using powerful computers to solve complex equations — contributes to the infrastructure of the decentralized currency.
Can Bitcoin Conquer Argentina?:
People who join and support the network — hosting its open-source software, serving as record-keepers of sorts — receive new Bitcoins as they are released in a kind of recurring lottery, thus encouraging user participation.
submitted by 11251442132 to Bitcoin [link] [comments]

Subreddit Stats: CryptoCurrency top posts from 2016-03-26 to 2017-03-25 06:16 PDT

Period: 363.66 days
Submissions Comments
Total 1000 5933
Rate (per day) 2.75 16.28
Unique Redditors 374 1711
Combined Score 21623 13093

Top Submitters' Top Submissions

  1. 1930 points, 78 submissions: Coinosphere
    1. Bitcoin expected to become part of everyday life in the Caribbean within eighteen months as banks abandon the region (70 points, 11 comments)
    2. Marijuana now legal in eight more US States while vendors get more bitcoin options (66 points, 0 comments)
    3. Bitfinex hacked, halts trading, deposits, and withdrawals - 119,756 BTC lost so far with no insurance (60 points, 5 comments)
    4. Hacker holds San Francisco railway to ransom, demands 100 bitcoins (59 points, 8 comments)
    5. South Korea plans national digital currency using a Blockchain (52 points, 6 comments)
    6. Santander says ‘Yes to bitcoin’ in Brazil (50 points, 3 comments)
    7. Ukraine to be the first government to integrate blockchain technology, targets corruption (48 points, 1 comment)
    8. 50% of all consumers would use bank alternatives, including bitcoin, as Bank irrelevance grows (46 points, 0 comments)
    9. Core Bitcoin developer uncovers possible plot by ChainAnchor to force AML onto Bitcoin (46 points, 9 comments)
    10. Seafile replaces Paypal with bitcoin after Paypal privacy shenanigans (46 points, 0 comments)
  2. 930 points, 39 submissions: helmsk
    1. Countdown: Bitcoin Will Be a Legal Method of Payment in Japan in Two Months (88 points, 2 comments)
    2. Bitcoin Transactions Declared VAT-Exempt in Norway (85 points, 3 comments)
    3. Zeronet Wants to Replace the Dark Web by Marrying Bitcoin to Bittorrent Over Tor (46 points, 3 comments)
    4. Central Bank of Nigeria Says ‘We Can’t Stop Bitcoin’ (44 points, 6 comments)
    5. New Image Hosting Service Pays Thousands of Uploaders in Bitcoin (43 points, 4 comments)
    6. Coinbase Exits as Hawaii Requires Bitcoin Companies to Hold Fiat Reserves (39 points, 7 comments)
    7. Europe Lays Out Roadmap to Restrict Payments in Cash and Cryptocurrencies (35 points, 1 comment)
    8. One of These 5 Hyperinflating Economies Could Adopt Bitcoin in 2017 (32 points, 6 comments)
    9. Polish Bitcoin Adoption Escalating with Strong Ecosystem (30 points, 1 comment)
    10. A Look At Bitcoin Bubbles, When Will the Next One Be? (25 points, 6 comments)
  3. 846 points, 36 submissions: e-ok
    1. Europe Will Have Power to Ban Blockchain Tech in January 2018 (51 points, 20 comments)
    2. Bitcoin Projects on Github Surpass 10,000 (47 points, 3 comments)
    3. Italy's Largest Taxi Fleet Accepts Bitcoin (46 points, 2 comments)
    4. Bitcoin Symbol Left Out of Unicode's Latest Version (42 points, 4 comments)
    5. Malta's Prime Minister Says Europe Should Become the Bitcoin Continent (40 points, 3 comments)
    6. SEC Rejects Rule Change for Bitcoin ETF (32 points, 0 comments)
    7. Bitcoin Price Poised for a Breakout, Technical Analysis Shows (31 points, 5 comments)
    8. ECB to EU: Tighter Regulations, Less Anonymity on Digital Currencies (29 points, 8 comments)
    9. OpenBazaar 2.0 Now Running on Tor Network (27 points, 0 comments)
    10. Trump's Trade War With China Could Boost Chinese Bitcoin Demand (27 points, 8 comments)
  4. 801 points, 39 submissions: Posternut
    1. ‘Decentralized Reddit’ Steemit Awards $1.3 Million to Users (48 points, 15 comments)
    2. IBM Invests $200M Into Blockchain and IoT Research at German Headquarters (45 points, 2 comments)
    3. Bitcoin Price Rally Rages on, Market Cap Passes $10Bn USD (34 points, 0 comments)
    4. Apple Tells Jaxx To Remove Dashpay (31 points, 32 comments)
    5. Secret Chinese Bitcoin Mines Are Mining Millions (31 points, 4 comments)
    6. A Decentralized World Has No Kings (29 points, 0 comments)
    7. China's Social Security Fund to Use Blockchain Technology (28 points, 3 comments)
    8. FBI Director: 'There's No Such Thing As Absolute Privacy’ (28 points, 4 comments)
    9. Kim Dotcom’s Mega & Bitcoin ‘Baby’ Will Be Born This January (28 points, 5 comments)
    10. BitPay Launches Loadable Visa (27 points, 0 comments)
  5. 784 points, 35 submissions: CryptoCurrencyNews
    1. Libertarian City Liberstad in Norway is Moving Forward Using Bitcoin as Primary Currency (67 points, 8 comments)
    2. What Is the Flippening? (53 points, 16 comments)
    3. Only 807 People Have Declared Bitcoin for Tax Purposes According to IRS (40 points, 12 comments)
    4. Storj to Migrate Decentralized Storage Service to Ethereum Blockchain (40 points, 5 comments)
    5. Darknet Marketplace AlphaBay Will Enable Ethereum Payments Soon (35 points, 14 comments)
    6. The Trump Administration is Buying Into Blockchain Tech (35 points, 5 comments)
    7. Coinbase Receives Approval To Trade Ether and Litecoin in New York (32 points, 2 comments)
    8. Bitcoin's Price Just Finished its First Month Above $1,000 (29 points, 1 comment)
    9. Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges (29 points, 5 comments)
    10. The EU is Now Targeting “Unpermissioned” Blockchains (29 points, 10 comments)
  6. 633 points, 35 submissions: twigwam
    1. Creator of the JavaScript language and early Internet pioneer plans blockchain-based digital ad platform on the Ethereum network (40 points, 18 comments)
    2. NYTimes on Ethereum... (37 points, 15 comments)
    3. The Disaster that is Bitcoin (35 points, 20 comments)
    4. Bitcoin is a Highly Centralized Network, Says Harvard Researcher - CCN (31 points, 14 comments)
    5. Gavin: Ethereum will outgrow Bitcoin at this pace. (28 points, 9 comments)
    6. The Amount of Self-Proclaimed Ethereum Experts Surpasses 3,000 On LinkedIn (25 points, 8 comments)
    7. [The Economist] Ethereum: One blockchain to rule them all? - talk with Vitalik Buterin (25 points, 0 comments)
    8. How the blockchain will radically transform the economy | Bettina Warburg (22 points, 9 comments)
    9. Vitalik Buterin to Debut Ethereum Scaling Paper at Devcon - CoinDesk (22 points, 7 comments)
    10. [Coinbase] "is convinced that public blockchains and cryptocurrencies would eventually produce greater innovation, just as the open Internet has changed society more than private intranets have." - Forbes in-depth article (20 points, 0 comments)
  7. 522 points, 20 submissions: olivercarding
    1. Bitcoin Activity in India Has Doubled Since the Banknote Ban (58 points, 0 comments)
    2. Apple Approves Steem, Lisk and Digicash for App Store; Rejects Ethereum Classic (57 points, 10 comments)
    3. Bitcoin Has Many Fans at Amazon According to Purse CEO Andrew Lee (50 points, 5 comments)
    4. $5 Worth of Bitcoin Gets You Internet ‘For Life’ on the Darknet (36 points, 7 comments)
    5. 4 Monero Features That Enable Better Privacy Than Bitcoin (35 points, 0 comments)
    6. Bitcoin is Eating the Entire Online Gambling Industry (31 points, 2 comments)
    7. Report Estimates There are More Than 10 Million Bitcoin Holders Worldwide (28 points, 7 comments)
    8. Bitcoin Dominance Index Approaches 90% as Ethereum and Steem Decline (25 points, 4 comments)
    9. Singapore’s Status Wants to Bring Ethereum to Every Mobile Device (25 points, 0 comments)
    10. Slock.It Says 'The DAO's Journey is Over' (23 points, 0 comments)
  8. 513 points, 21 submissions: _CapR_
    1. Polls suggest the Pirate Party who support Bitcoins as legal tender may win Saturday's election in Iceland (48 points, 3 comments)
    2. ALERT: Apple just approved two more scam wallets, please help reporting them - (/Bitcoin x-post) (41 points, 0 comments)
    3. War On Cash Intensifies: Citibank To Stop Accepting Cash At Some Branches (40 points, 3 comments)
    4. Russian Authorities: Bitcoin Poses No Threat, Won’t Be Banned (36 points, 5 comments)
    5. The Govt. Realized Bitcoin Could Not Be Shut down, Says U.S. Federal Prosecutor - CryptoCoinsNews (36 points, 7 comments)
    6. Saudis, China dump treasuries; foreign banks liquidate a record $346 billion in US paper (33 points, 2 comments)
    7. IRS Fail: Treasury Audit Says it Can't Manage Virtual Currencies - Bitcoin News (32 points, 2 comments)
    8. Bitcoin Is Real Money, Judge Rules in J.P. Morgan Hack (31 points, 0 comments)
    9. Massive scams like OneCoin harm all of crypto & can increase bad regs - help me make a letter on GitHub to send to enforcement agencies (29 points, 9 comments)
    10. Deploy is the fastest and easiest way to create an OpenBazaar store that will stay up 24/7, auto-update, and operate securely. (27 points, 0 comments)
  9. 365 points, 20 submissions: jholmes91
    1. Monero Testing $10, Releases Official Wallet (39 points, 1 comment)
    2. Litecoin Creator: I think there's a General Confusion that SegWit Signaling is a Vote (28 points, 2 comments)
    3. Open-source Cold Storage Guide for Bitcoin in the Works! (27 points, 1 comment)
    4. One in Five Users May Abandon Bitcoin Because of Privacy Concerns (24 points, 19 comments)
    5. Jaxx Wallet Set to Integrate DASH This Week (23 points, 4 comments)
    6. IRS Summons Coinbase, but the Bitcoin Exchange Fights Back (22 points, 2 comments)
    7. New OpenBazaar Release Provides Altcoin Integration (21 points, 12 comments)
    8. Russia's Ministry of Finance Wants to Legalize Bitcoin (21 points, 0 comments)
    9. Monero Appreciation Intensifies on Darknet Adoption (20 points, 7 comments)
    10. Monero Attracts Mainstream Media After ZCash Decline & Controversial Launch (18 points, 0 comments)
  10. 355 points, 17 submissions: coin_news
    1. Major Korean Bank to launch bitcoin-backed remittance service (40 points, 1 comment)
    2. Experts say Scotland should adopt blockchain technology, or risk losing tens of thousands of jobs and hundreds of millions in earnings (32 points, 1 comment)
    3. Tumblers and unregulated wallet providers are the target of global cybercrime conference (30 points, 8 comments)
    4. Gemini launches daily bitcoin auctions to provide better price discovery (27 points, 0 comments)
    5. U.S. Department of Homeland Security funds four blockchain companies developing new cyber security technology (27 points, 1 comment)
    6. Deloitte boosts blockchain adoption by installing a bitcoin ATM in their Toronto office (25 points, 0 comments)
    7. DC attorneys suggest Federal Reserve actively embrace and utilize blockchain technology (24 points, 2 comments)
    8. House of Lords told Bank of England's digital currency is 'some way off' (24 points, 1 comment)
    9. 75% of corporate treasurers in Africa and Latin America interested in blockchain solutions (21 points, 0 comments)
    10. Public blockchains gaining acceptance at Bank of Japan’s Payment and Settlement Forum (17 points, 0 comments)

Top Commenters

  1. nugymmer (404 points, 207 comments)
  2. trancephorm (289 points, 67 comments)
  3. SeemedGood (132 points, 53 comments)
  4. indiamikezulu (91 points, 55 comments)
  5. kingofthejaffacakes (88 points, 22 comments)
  6. jwinterm (87 points, 32 comments)
  7. antiprosynthesis (83 points, 43 comments)
  8. nagalim (80 points, 28 comments)
  9. phor2zero (77 points, 13 comments)
  10. humbrie (76 points, 33 comments)
  11. RawlzSec (75 points, 17 comments)
  12. thegauntlet (73 points, 23 comments)
  13. MasterMined710 (70 points, 44 comments)
  14. wolffang1 (68 points, 39 comments)
  15. marenkar (62 points, 24 comments)
  16. shbour (58 points, 26 comments)
  17. twigwam (57 points, 33 comments)
  18. sn0wr4in (56 points, 14 comments)
  19. strips_of_serengeti (56 points, 14 comments)
  20. travis- (55 points, 16 comments)
  21. ASG3 (54 points, 36 comments)
  22. isrly_eder (54 points, 12 comments)
  23. Explodicle (53 points, 29 comments)
  24. _CapR_ (53 points, 25 comments)
  25. autotldr (52 points, 28 comments)

Top Submissions

  1. Employee mined bitcoins on Federal Reserve servers for two years by _bnc (106 points, 15 comments)
  2. Talking to people about CryptoCurrencies be like... by discombobulatedone (91 points, 11 comments)
  3. Bitcoin falls below 70% of total cryptocurrency market cap for the first time by SatoshiRoshi (90 points, 62 comments)
  4. Countdown: Bitcoin Will Be a Legal Method of Payment in Japan in Two Months by helmsk (88 points, 2 comments)
  5. Monero successfully hardforks! by jml390 (85 points, 33 comments)
  6. Bitcoin Transactions Declared VAT-Exempt in Norway by helmsk (85 points, 3 comments)
  7. Kraken launches Monero trading by jml390 (82 points, 3 comments)
  8. Poloniex is Secure. We're Good. by Poloniex (79 points, 52 comments)
  9. EU Parliament states Virtual Currencies cannot be anonymous by -bnc (70 points, 26 comments)
  10. Bitcoin expected to become part of everyday life in the Caribbean within eighteen months as banks abandon the region by Coinosphere (70 points, 11 comments)

Top Comments

  1. 44 points: boppie's comment in EU Parliament states Virtual Currencies cannot be anonymous
  2. 40 points: ihaphleas's comment in Bitcoin is not private, only decentralised. What is the most private, secure, and decentralised crypto currency?
  3. 32 points: FatherSigma's comment in How many people here know about Monero (XMR)?
  4. 32 points: adidasimwearing's comment in Best Alternative to Bitcoin
  5. 31 points: TH3J4CK4L's comment in Which coins are currently superior to Bitcoin as a currency / store of money?
  6. 26 points: eleitl's comment in Europe Will Have Power to Ban Blockchain Tech in January 2018
  7. 26 points: trancephorm's comment in Zcash trusted setup disaster. The number of parties used should have much larger. It is sad that they never properly responded to this concern.
  8. 25 points: phor2zero's comment in Which coins are currently superior to Bitcoin as a currency / store of money?
  9. 24 points: pasttense's comment in EU Parliament states Virtual Currencies cannot be anonymous
  10. 24 points: trancephorm's comment in Roger Ver Selling his Bitcoin for Dash to Protest Core Censorship (Today's Tony Podcast)
Generated with BBoe's Subreddit Stats (Donate)
submitted by subreddit_stats to subreddit_stats [link] [comments]

A Non-technical Bitcoin Primer (Part 1)

TL;DR: This non-technical intro covers what Bitcoin is, its benefits over current payment technologies, and the threats to its success. The goal is to get a beginner quickly up to speed and making sense of the headlines. The primer is divided into two parts, and the second part is linked to at the bottom. Suggestions for additional resources are provided at the end of Part 2.
There was a recent post asking "I've been hearing a lot of talk about Bitcoin the past few months, and I want to get started, but I want to know what it is, and the benefits of using Bitcoin over other forms of currencies."
While it's relatively easy to find resources on the technical underpinnings of Bitcoin, or on how to purchase your first bitcoins, it's difficult to find summaries of the many issues it faces as a technology. Media stories can be confusing to navigate, with some heralding Bitcoin as the next great revolution, and others deriding it as a tool for criminals.
I thought this would be a good opportunity to post an early draft of my primer covering the important non-technical aspects of Bitcoin. It should be enough to get a beginner off to a good start.
Part 1 is below, and Part 2 is linked to at the bottom.
Comments are appreciated!
WHAT'S THE BIG DEAL? We can now communicate in a truly global way, thanks to the World Wide Web. Instead of sending letters, we send e-mail. Instead of expensive long-distance phone calls, we have Skype and Google Hangouts. Instead of looking up information with a card catalog, we search Google or go to Wikipedia.
Unlike our communications systems, our traditional payment systems are not global, despite the fact that we live in an increasingly global economy. Bitcoin is the first web-native payment protocol and consensus network that supports global, decentralized peer-to-peer payments (I'll explain more about what that means in a bit). At first, you can think of it as a global form of cash for the internet, but it's actually more than that. It has the potential to do for the world economy what the World Wide Web did for communications.
At present, we largely rely on payment systems that were designed before the web even existed. Our methods of payment depend on a patchwork of local currencies and banking systems. Traditional payment systems, such as credit cards as we currently know them, were introduced in the U.S. in the late 1950s!
People have recognized the need for a new payment network for a long time and have been trying to invent a form of e-cash for decades. The main problem is that digital money, like anything that's digital, is easy to copy. We can't have people copying their money and fabricating billions of e-dollars for themselves, because those e-dollars would become worthless.
Bitcoin is a major breakthrough in computer science that has solved the problem of copying money (called "double spending").
HOW COULD MONEY WITH NO CENTRAL ISSUING AUTHORITY EXIST? When we say Bitcoin is decentralized, we mean that it's run by the users. How? Here's a brief, non-technical overview.
The users include people who use bitcoins for transactions (consumers and merchants), developers who create new ways to use Bitcoin, and miners.
Miners run specialized computers all over the world that verify transactions (checking that no double spending has occurred); they are rewarded with newly "mined" bitcoins (this is how new bitcoins are created, instead of them being issued by a government).
All the transactions are recorded on a public ledger called the blockchain (since the blockchain puts everyone in agreement with the transaction history, it's the consensus mechanism alluded to earlier).
Bitcoin with a capital "B" refers to both the protocol (the technical specification of how this system works and the code that implements it) and the whole payment network of users. When written with a lowercase b, bitcoin usually refers to the currency that is transacted across this system.
(It turns out that Bitcoin, as a protocol, supports many other applications in addition to the bitcoin currency. In a way, it's similar to how the internet is used for more than sending e-mail, but I won't get into additional applications here.)
So, what are some advantages of Bitcoin?
WHAT MAKES BITCOIN DIFFERENT
SECURITY You buy something online at Target by typing in your credit card number. Target gets hacked (as we saw early this year), and hackers now have your account number, which is basically the key or password to your credit line.
Now consider e-mail. When you send someone e-mail, do you need to give them your password in order for them to read the e-mail? No. You have a public e-mail address that you can share with them, if they need to reply to you.
Bitcoin is like that. You have a public key (like your e-mail address) and a private key (like your password). You can send and receive payments without giving away the keys to your funds.
So, things like the Target debacle could not happen.
Yes, people's coins do get stolen, and there are still security issues, but often these have to do with people who are not knowledgeable about Bitcoin and who try to store the coins themselves (as opposed to storing them with a reputable third party), and they end up not securing their private keys properly.
Or, they'll print what's called a paper wallet with unencrypted private keys and send it through the USPS (you wouldn't send a lot of cash in an envelope through USPS, would you? I'm hoping you answered no!). Please do not do this!
So, people need to learn that Bitcoin is like cash in some ways; if you lose it, you're not getting it back (although some efforts at insuring bitcoins are starting to crop up).
As the industry grows, storing coins securely will become easier for the non-techie. Remember, it used to require lots of technical knowledge just to get on the World Wide Web.
LOW FEES It's difficult to overstate the importance of this. Low fees will help workers sending money abroad to family, they'll help small business owners and larger merchants, and they'll enable new business models.
Currently, people can pay around 10% to send international remittances (e.g. if they're sending $200 to family abroad, they might pay $20 in fees), and the international remittance market is huge. For example, in 2010, India received 55 billion U.S. dollars in remittances; perhaps half of this was for family maintenance. Remittance fees are therefore a big burden on lots of families worldwide.
Merchants pay around 2-2.5% on all the money they bring in through credit cards. Small businesses accepting payments through PayPal pay 2.9% +.30. An individual bringing in about $3000 monthly could pay around $90 per month to be able to accept payments.
Typical Bitcoin transactions range from free to .0001 BTC, or about $.06 per transaction, regardless of the number of Bitcoins sent. (Fellow redditors, please chime in on this if you have helpful sources).
Low fees also enable microtransactions, which are very small payments, and these can support entirely new business models. For example, consider an online newspaper that charges a large monthly fee. Many users just want to read one article. With microtransactions, it's conceivable that users could instead just pay a few cents per article. This was previously impossible, because the fees paid by the newspaper to collect the payment would be larger than the payment itself.
Why are the payments so cheap? What's the catch? Bitcoin payments are peer-to-peer, so there aren't third parties charging fees. Most of the fees charged by credit card companies, as I understand it, go toward fraud prevention, but Bitcoin does not suffer from the same security flaws.
GLOBAL SOLUTION Bitcoin is built for a web-connected world. It's not issued by any particular government and can be sent between two parties anywhere in the world without going through intermediate banks and exchanges, which reduces cost.
ACCESS FOR THE UNBANKED Roughly half of the world's adult population is unbanked, i.e. does not have access to a bank account. Not having access to a bank account makes it difficult and expensive to send payments, to store funds securely, and so on. In short, it's a major hardship.
It's not that the unbanked have no money. Often, there is just no access to a reliable banking infrastructure where they live.
In the developed world, it’s possible to be denied access to a banking account because of having overdrawn an account many years ago. "Mistakes like a bounced check or a small overdraft have effectively blacklisted more than a million low-income Americans from the mainstream financial system for as long as seven years" according to the New York Times. A million people is a small number compared to half the world's adult population, but this shows that access to banking can be difficult for a lot of people in developed nations as well.
As the Bitcoin industry grows, it will become easier for individuals to securely store their money (people in developing nations often do have access to cell phones, and payment applications for such cell phones are already being developed). In this way, developing countries can leapfrog traditional banking infrastructure as they did with telecommunications networks by going straight from having no land lines to having cell phones.
PREVENTION OF RAMPANT INFLATION In many countries, such as Venezuela, Argentina, and Iran, the local currency can be highly inflationary. People's hard-earned assets become less and less valuable. This can happen when a country prints too much money.
With Bitcoin, the rate at which new bitcoins enter the economy is strictly controlled by the protocol. Eventually, there will be a maximum of 21 million bitcoins in circulation. After that, no more bitcoins will be produced.
Right now, the price of Bitcoin is very volatile, but much of this volatility is the result of Bitcoin being new. If it succeeds in becoming more widely adopted by merchants and consumers, and if more institutional investors start getting into Bitcoin, and if regulatory clarity increases from governments, this volatility will diminish. (All of these things are starting to happen.)
A related aspect of Bitcoin that is novel is that if it becomes widely adopted, then in the medium term, its value will increase fairly dramatically, instead of decreasing as with inflationary currencies. Basically, the bitcoin supply won't increase too much, but the goods and services paid for with that supply will increase. So, the value of the bitcoins will need to go up to accommodate that change. (In the short-term, the price is determined more by speculation, but it's this speculation that makes bitcoins valuable enough to actually be useful).
Bitcoins constitute a new kind of asset class. People can use them as a currency, but they can also use them as an investment (especially now, while it's still early). These two aspects of the currency will pull in opposite directions for now (if it'll grow in value, should I really spend it?). People here on bitcoin might tend to hope that this tension will be resolved, as Bitcoin will be made popular by its many advantages. No one knows how it will play out.
PERMISSIONLESS APPLICATIONS LAYER Early on in Bitcoin's history, a famous economist (who I won't name, so as not to make personal attacks) who vastly underestimated the potential of the World Wide Web as a transformative economic force, made a similar estimate of Bitcoin's potential.
In this terrific article, a research fellow at George Mason University explains that this economist was making the same mistake in both cases.
In the early days of the internet, it wasn't clear to everyone why it was better than the existing telecommunications networks. It turns out that the primary feature that set it apart is its permissionless applications layer. In other words, the internet is built on a protocol for data transfer, but developers can do whatever they want with the data at the ends of the network, without having to modify the network itself or get permission from internet service providers.
For example, AT&T experimented with video calls as far back as the 1960s. It wasn't until the World Wide Web that cheap video calls were made possible by the likes of Skype and Google.
In a similar way, Bitcoin is a protocol for transferring data and recording it on a public ledger, and developers can create new features on top of the protocol. This is why Bitcoin has been called "the internet of money."
A helpful analogy to keep in mind is that internet:communication::Bitcoin:finance. This is fleshed out in the "terrific article" I linked to.
NO CHARGEBACKS Let's say someone steals your credit card information and fraudulently uses it to purchase goods. You dispute the charge, and you get your money back (hence the term chargeback).
Since the money goes back to you, it's taken away from the merchant, despite the fact that the merchant has already given away the goods. Chargebacks can also happen if the consumer is unsatisfied with the goods, and for other reasons as well. This can be very costly for merchants.
Bitcoin payments are irreversible, so chargebacks do not happen. This is very helpful to merchants, but it means that when you purchase faulty goods as a consumer, you might not have a formal process in place to get your money back.
A trustworthy merchant could voluntarily send your money back, but there is no third party bank that can reverse the payment.
ACCEPTING BITCOIN IS EASY All you have to do is post your public key (like an e-mail address), and people can send you payments.
TO BE CONTINUED I've run out of room. In Part 2 of this primer, pseudonymity is discussed, along with threats to Bitcoin's success.
Edits: Wording under "SECURITY," per BitCamel; typos; linked to remittance data.
submitted by 11251442132 to Bitcoin [link] [comments]

A Non-technical Bitcoin Primer (Part 2)

This is a continuation of Part 1.
PSEUDONYMITY Unlike credit card transactions, in which you give your name, Bitcoin transactions are pseudonymous (a pseudonym being an identifier other than your real name). Instead of having your name on your account, you have a public key, which is just a sequence of letters and numbers, like the one below.
3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy
That's your pseudonym.
People who are concerned with privacy view this as an advantage, since it enables you to make payments without revealing your identity.
Critics worry that this system facilitates crime, and proponents counter that cash is much better for criminals. Why?
Your account may be represented by some random sequence, instead of your name, but all Bitcoin transactions that have ever occurred are available for scrutiny on a public ledger called the blockchain. This data opens up the possibility of investigative methods to which cash is not susceptible.
Also, those who are concerned about criminals may be missing the point. It's sort of like censors in the mid-twentieth century who hadn't conceived of the World Wide Web (preventing kids from being exposed to profanity these days is a bit more difficult, to say the least).
The thing they're missing is that Bitcoin is only one of many cryptocurrencies, and others (such as zerocoin) are being developed that will provide much greater privacy.
File sharing on the internet is another example of how those seeking to overregulate Bitcoin might be missing the point. Early on, we had Napster, which was shut down due to concerns over copyright infringement. The effect of this shutdown appears to have been essentially the opposite of the intended effect. Instead of stopping illegal file sharing, it accelerated the development of file-sharing technologies that were even more difficult to stop. Since demand still existed, Kazaa came to the fore, and now we have BitTorrent.
It's "hard to put the genie back in the bottle," as Ben Lawsky, New York's Superintendent of Financial Services, has pointed out. When it comes to reducing crime, overregulation of Bitcoin could lead to an increased resistance to law-enforcement efforts, as we saw with file-sharing, while at the same time taking away from its many benefits.
THREATS TO BITCOIN'S SUCCESS When evaluating Bitcoin's chances for success or trying to understand price fluctuations, it's important to keep several key issues in mind.
ADOPTION Both merchant and consumer adoption are important, and both have been growing.
On the merchant side, we now have large reputable companies accepting Bitcoin, such as Overstock.com, Expedia, and Dish Network. See, for example, the list of companies working with Coinbase.
On the consumer side, one way to track growth is to look at the number of bitcoin wallets (wallets are to Bitcoin what accounts are to the traditional banking system). This number has also been growing steadily.
The website http://www.bitcoinpulse.com/ is one place to track such things.
Another interesting thing to watch will be the MIT Bitcoin Giveaway, in which $100 in bitcoins will be given to every MIT undergraduate in the fall 2014 semester.
ROBUSTNESS OF THE TECHNOLOGY One possible threat is that some kind of bug or design flaw will cause the system to crash. The technology has been around since 2009, and Bitcoin has been resilient so far. For example, it survived a distributed denial of service attack early this year.
There are a number of design issues to consider, such as scalability, mining centralization, and so forth, but there are a lot of people working on these issues. In fact, Bitcoin is considered by some to be supported by the largest research and development community in the world. Something like 10,000 of the smartest people in the world are working on issues such as scalability and user-friendliness.
COMPETING TECHNOLOGIES There is a chance that another technology that is superior to Bitcoin will emerge to kill it. At present, however, Bitcoin is the clear leader among cryptocurrencies, and it becomes more difficult to overtake as time passes, due to the network effect.
Already, Bitcoin is supported by a massive amount of infrastructure, in the form of mining equipment, exchanges, startup companies backed by venture capitalists like Andreessen Horowitz, software applications, and so forth.
REGULATION There is some chance that governments could slow the growth of the Bitcoin economy, for example by issuing regulations that make it difficult for exchanges to operate.
Regulations in China led to a sharp decrease in the price for a time. Many governments have reacted more favorably. In the U.S., the regulatory outlook has been improving. We've seen increased clarity from the IRS and are expecting favorable regulations to come out of New York sometime this month, which may make it easier for exchanges to get established in New York. This could lead to more liquidity and would reduce the risk of shock from one exchange going down.
Moreover, the U.S. just sold about 18 million dollars' worth of seized bitcoins in an auction, which provides additional legitimacy to the currency.
A FINAL NOTE: SOCIAL AND POLITICAL RAMIFICATIONS For better or worse, one thing large-scale technologies seem to have in common is their unpredictability. Who would have predicted that a social media platform called Twitter with a cute little bird logo would end up facilitating political revolutions throughout the Arab world?
FURTHER RESOURCES This article by Marc Andreessen gives a good overview.
A nice way to get started is also to just check out bitcoin regularly. The users here range from noobs to developers and Bitcoin entrepreneurs. So, you’ll see more technical talk and in depth discussion than you see in typical media stories, and you can ask if you don’t understand.
You can also try the Bitcoin 101 Blackboard Series, which I hear is quite good.
For a quick video on the technical aspects of Bitcoin, you can try the video Bitcoin Under the Hood or the shorter, less technical version of this video.
For another explanation of the technical underpinnings, you might try the Khan Academy videos.
If you're looking to purchase your first bitcoin, then depending on where in the world you live, you might consider getting started with Coinbase. It's reputable and very easy to use. Many people will advise you not to store your coins on a web wallet, but buying a few coins (or a fraction of a coin) on Coinbase is a good way to start as a beginner. Please be aware, though, that this is a new industry and purchasing Bitcoin in any form carries risk, so do your research. I wouldn't want to be the one recommending Coinbase just before someone manages to hack it!
I hope that helps!
Edit: formatting and typos; added quote from Ben Lawsky.
submitted by 11251442132 to Bitcoin [link] [comments]

Someone please proofread what I have written below, so it can be posted on r/environment and other such subreddits.

Here is the title.
Bitcoin requires a tremendous amount of electricity to be maintain, but there are much more environmentally-friendly, alternative cryptocurrencies. Please demand that merchants accept the environmentally friendly alternatives.
Executive Summary:
Large Bitcoin mining operations are now being constructed in places where they unnecessarily squander the least expensive, renewable hydro-electric and geothermal-electric resources. There are very environmentally-friendly, readily-available, alternative cryptocurrencies such as Blackcoin and NXT that do not pose a threat to these precious renewable resources.
The environmentally unfriendly coins that require a lot of electricity to mine are called Proof of Work (PoW) coins. The environmentally friendly alternatives like Blackcoin and NXT are called Proof of Stake (PoS) coins.
The price spike in bitcoin last fall has led to an arms race to adopt electricity-gobbling, specialized mining equipment in the pursuit of corporate mining profits. They were not required to maintain Bitcoin prior to their invention. Specialized mining equipment for a second class of coins, which are similar to Litecoin, another PoW coin, is about to start shipping. This will lead to another large surge in unnecessary corporate mining operations and greatly increase the electrical demand in the race for corporate mining profits.
You can read the long report below.to find out more about the issue, and you can visit blackcoin and NXT at the links below to find out more about our coins. If you have heard enough and just want to do something quick and simple to support our efforts, visit blackcoin and NXT, click on our subscriber button to show your support, and then watch us take on Bitcoin. While you visit the two subreddits, you can judge for yourself which one you think will succeed.
Hopefully, some respected environmentalist will start campaigns to get merchants that already accept Bitcoin and Litecoin to start accepting the environmentally friendly alternatives.
http://www.reddit.com/blackcoin
http://us.reddit.com/NXT/
Electrical requirement to mine PoW coins:
The Bitcoin, Litecoin, and Dogecoin ledger are maintained by miners who compete against each other to see who can first find the next page for their blockchains. Only the miner that wins the race for each ledger page gets paid in coins.
As a result of this competition and the late 2013 price spike, Bitcoin mining corporate startups are popping up in central Washington State as documented in the first link below to take advantage of the inexpensive, renewable hydro-electricity and in Iceland as documented in the second link below to take advantage of the renewable hydro and geothermal resources. If bitcoin continue to expand, it will unnecessarily eat up more and more of these valuable renewable resources
Link to Washington State Bitcoin mining article
http://www.spokesman.com/stories/2014/ap26/northwests-cheap-power-drawing-bitcoin-miners/
Link to Iceland Bitcoin mining article
http://dealbook.nytimes.com/2013/12/23/morning-agenda-the-bitcoin-mines-of-iceland/?_php=true&_type=blogs&_r=0
The next surge in electricity requirement is about to happen:
The mining hardware manufacturers are about to start shipping specialized mining equipment that can only mine the Litecoin and Dogecoin type of PoW coins as documented in the two links below. This new front in the mining arms race will gobble up much more precious renewable electricity in the competitive pursuit of corporate mining profits than is currently required to update the ledgers of these coins.
http://www.cryptocoinsnews.com/news/innosilicon-a2-terminator-scrypt-asics-first-28nm-chips-litecoin-dogecoin-mining/2014/04/30
https://coinreport.net/zeusminer-pre-orders-scrypt-asic-miners/
http://www.coindesk.com/mining-roundup-multipools-doge-amazon-ec2-11ghs-usb-sticks/
This specialized equipment is prostituting the original bitcoin promise
The tremendously profitable mining of crypto coins that are competitively produced is unnecessarily prostituting the original concept of their inventor, Satoshi Nakamoto. He envisioned bitcoins as being mined on standard personal computers while preforming other useful tasks. Instead, special computer hardware is being manufactured costing upwards to $10,000 apiece which can perform only one task. These individual units are being racked up in warehouses now.
This specialized equipment was not required for Bitcoin prior to its invention and is not required currently for Litecoin and Dogecoin. However, it is coming anyway producing an unnecessary arm race in the pursuit of corporate profits.
These specialized dev ices are energy inefficient in a second ways.
These specialized devices generate so much heat that they require elaborate energy-intensive cooling system for large operation. One of the most elaborate of these cooling systems is documented in the link below for a Hong Cong corporate mining operation that emerges the energy-wasting equipment in boiling goo to keep it cool. Thus, not only does it take electricity to run the equipment for these large operations, but more to keep it all cool.
http://www.theverge.com/2013/12/2/5165428/bitcoin-mine-in-hong-kong-uses-jelly-to-keep-cool
PoS coins are the environmentally friendly alternative.
In contrast, the ledger pages of coins like Blackcoin and NXT are generated by stakeholders who cooperate to perform the task which are being done on standard multitasking computers. Many of these computers would be running anyway as originally envisioned by the inventor of the blockchain.
If you have heard enough and just want to do something quick and simple to support our efforts, visit blackcoin and NXT, click on our subscriber button to show your support, and then watch us take on Bitcoin. While you visit the two subreddits, you can judge for yourself which one you think will succeed.
Hopefully, some respected environmentalist will start campaigns to get merchants that already accept Bitcoin and Litecoin to start accepting the environmentally friendly alternatives.
http://www.reddit.com/blackcoin
http://us.reddit.com/NXT/
submitted by RJSchex to blackcoin [link] [comments]

First U.S.-Based Bitcoin Exchange Goes Live Working Bitcoin Cloud Mining Hacks #566 Bakkt Starbucks Deal, Zinsen auf Krypto mit BlockFi & Bitcoin Miner investieren wieder How Bitcoin Works - How Bitcoin Mining Works Why Bitcoin's Tumble Probably Doesn't Signal Its Demise

Mining for Bitcoin in China. A handful of Chinese companies that own vast farms of computer servers dispersed around the country have majority control of the Bitcoin network. Racks of Bitcoin mining machines being cooled by fans at a server farm in Guizhou, China. Bitcoin Cash will have to win backing from the broader community of so-called Bitcoin miners. LIVE: New York Times DealBook Conference – Nov. 1, 2018 November 1, 2018 CNBC CNBC Video Leave a comment MinerGate is a multicurrency mining pool with the easiest mining software, reliable 24/7 support service and helpful community at your disposal. INTO THE BITCOIN MINES On the flat lava plain of Reykjanesbaer, Iceland, near the Arctic Circle, you can find the Bitcoin mines, Nathaniel Popper reports in DealBook.There, more than 100 whirring silver computers, each in a locked cabinet and each cooled by blasts of Arctic air, are the laborers of the virtual mines where Bitcoins are unearthed. DealBook How China Took Center Stage in Bitcoin’s Civil War. NATHANIEL POPPER June 30, 2016. The gateway to a facility that houses machines built to mine new Bitcoins in Guizhou, a province in southeastern China. The country has become the biggest market for Bitcoin. Gilles Sabrie for The New York Times. A delegation of American executives flew to Beijing in April for a secret meeting at the ...

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First U.S.-Based Bitcoin Exchange Goes Live

This video is unavailable. Watch Queue Queue. Watch Queue Queue Queue Known as Coinbase, the startup exchange debuted Monday morning, initially causing a spike in bitcoin’s value. Follow Katherine Biek: http://www.twitter.com/K... Heute geht's um folgende Themen: Bakkt Bitcoin Futures: Eigenkapital-Deal für Starbucks im Tausch gegen Akzeptanz, Crypto Lending mit BlockFi & Bitcoin Miner investieren wieder. 1.) Working Bitcoin Cloud Mining Hacks. Working Bitcoin Cloud Mining Hacks. Skip navigation Sign in. Search. Loading... Close. This video is unavailable. Watch Queue Queue. Watch Queue Queue. Remove ... This video is unavailable. Watch Queue Queue. Watch Queue Queue

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