November 2013 – Team Bitcoin

Cryptocurrency story, part 3

Cryptocurrency story, part 3
So, we will continue our story about the history of digital currencies.
- The growing popularity of bitcoin began to attract cybercriminals, and on August 6, 2010, a flaw was discovered in the system, through which unknown persons created a lump sum of 184 billion bitcoins and sent them to two accounts. The fraudulent transaction was discovered several hours later, the problem was fixed, the transaction record was removed from the blockchain and the system was moved to a new protocol. At the moment, this is the only vulnerability of the blockchain itself that has been exploited.
- On November 27, 2010, the first mining pool was created — Bitcoin Pooled Mining (also known as Slush’s Pool). Within the framework of the pool, users combine the resources of their devices to improve the efficiency of mining, in the future, coins are distributed among the participants according to the resource contribution made.
- December 2010 brought the news that mobile phone transaction software had been developed. In the same month, the first bitcoin transfer was carried out using a Nokia N900 phone.
- On February 9, 2011, Bitcoin equaled the dollar for the first time.
- On April 23, 2011, bitcoin caught up with the euro and the pound sterling.
- In May 2013, the first bitcoin ATM opened in San Diego, California. In April, the first Bitcoin alternative also appeared — NameCoin.
In general, by using the open and publicly available program code of the Blockchain network, and by changing some parameters it is possible to release your own cryptocurrency. Later on, all other cryptocurrencies, based on the Blockchain network’s source code, began to be referred to as Altcoins (from English — alternative coins).
Altcoins differed in a number of ways: transaction processing speed, method of distributing coins between participants, hashing algorithm, mining algorithm, and others.
Today, there are over two thousand Altcoins. Unfortunately, most of them are launched only to enrich their creators and do not have long life cycles.

https://preview.redd.it/f3flnm67das51.jpg?width=1200&format=pjpg&auto=webp&s=183d8b81354799d57d356ec5f946c7b0258a8c71
#Finance #NeuronChain #blockchain #NeuronEx #NeuronWallet #CryptoNeuroNews #crypto
submitted by LadyMariann to NeuronChain [link] [comments]

How to Cold Store Your Cryptocurrency for Safekeeping

According to CipherTrace (which specializes in litigation tools and services for cryptographic markets), between 2018 and 2019, the amount of theft from cryptographic wallets exceeds $2 billion. Thefts and break-ins are caused by a variety of reasons: simple incompetence in cryptographic storage, as well as by companies that provide storage services. It is not unusual for holders of crypto currency to lose access to their wallets by themselves, one of the last known cases occurred in Ireland: ,57 million dollars couldn’t be confiscated from a detained drug dealer, which were stored in bitcoins. The problem was that the wallets keys were lost.
The most secure way is a cold storage — all account data and private keys are kept offline and all transactions are manual. This storage method is great because it is fully protected from hacking and interception of data, but it is not suitable for those who make daily transfers of cryptocurrency, it is simply inconvenient.
If you compare “cold and hot” wallets, you can give a simple example: A hot wallet can be compared to a wallet that can be lost and stolen. But you can always access your funds. A cold wallet is safe, and access to it is not permanent. You can also take or put money, but it will require a special code.
In this article we will tell you about the most popular types of cold wallets and we will analyze their pros and cons.

Types of cold wallets

All cold wallets have one common thing — the data is stored offline. However, there are several types of cold wallets, which differ in the degree of protection, physical embodiment and cost of the wallet.

Desktop wallet

Desktop wallets are also known for a high level of protection, in addition to the ability to store crypto currency offline. There are so-called “light” wallets weighing less than 1 gb, and “heavy” wallets weighing more than 1 gb. Two of the desktop wallets can be distinguished:

Exodus Wallet

Multicurrency wallet. It was created in 2016 and supports more than 100 crypto currencies, since 2019 has a phone application. The wallet allows you to export private keys that are created locally, and then to upload them back. Private keys can be discounted to removable media and downloaded only when the transaction is completed. If the user decides to leave private keys on the same computer where the wallet is located, keys are securely encrypted. In order to use your wallet ,there is no need to register or to download the entire blockchain — synchronization is taking place online. In addition to wallet services Exodus Wallet provides an integrated crypto-exchange. The installation file weighs 85 mb.

Bitcoin Core

Bitcoin Core is the official Bitcoin wallet. The size of the wallet is 160 gb, but according to the developers of the company, it’s better to give it a separate winchester with the size of 500 gb. From the security viewpoint, it’s suggested to install a security code or a seed phrase, which may consist 8 words. It is also suggested to copy wallet.dat file. — private wallet key, which will allow you to restore access to your funds.

Hardware wallets

Appears like a regular flash drive with an interface (screen, control keys). This wallet can safely store information about the balance and keys, full functionality is available only when connected to a computer, but the latest models have a special button that allows you to confirm the transaction without connecting to a PC. Each time the device offers to generate a new code-password to confirm the transaction, which significantly reduces the probability of hacking. After generating the code, you need to set a mnemonic phrase (seed) — it consists of 12 or 24 words, which are not related to each other in any way. Such type of wallets has a special protection system that allows you to connect even to potentially infected PCs. The wallets themselves won’t be affected by malware.
The obvious cons of hardware wallets are the following:
  1. It is also possible to lose a device that is so small in size.
  2. A physical device can easily fail due to a variety of damages.
  3. It is not recommended to buy such wallets from “hand”, even from friends, as they can be pre-installed with malware.
As you can see, storing crypto currency with a hardware wallets is very safe and secure, however you should take care about the device. Many people who hold a large amount of crypto currency, in order to not to lose a hardware wallet, store it in a safe deposit box, depriving someone of access to it.

Popular Hardware Wallets models

Trezor One

The first hardware wallet produced in 2013 by the Czech company Satoshi Labs. The device has an OLED display with a pin code, public addresses and Seed phrases. Trezor One has won recognition from users due to its multicurrency and affordable price ($65), it is also considered one of the most secure hardware wallets.
Ledger Nano S
The wallet was released in 2016 by the French company Ledger SAS. Distinctive feature from the other wallets, is the Secure Element controller, which meets banking standards and is certified CC EAL 5+. Also, in order to work with each crypto currency you need to install a special application for this currency on the device, it is not quite convenient, however more secure. The average price of the device is $85.
KeepKey
The purse was released in 2015 in the U.S.. Distinctive feature is OLED display — 256 by 64 pixels. Due to this, you can fully see both the address of the wallet, and the seed phrase. Also, the wallet has a built-in exchange service ShapeShift — an opportunity to exchange crypto currency without entering the exchange. The average price of the device is $50.
BitBox01
Ionos Schnelly’s wallet was invented in Switzerland. In size it’s almost the most compact among all representatives of the hardware wallets. A distinctive feature is the availability of a backup — the card can be multiplied and kept in several places, by analogy with the seed-phrase. In November 2020, support for these wallets will be discontinued, but all owners will be given a 30% discount on the new model. The average price of the device is $55.
CoolWalletS
Developed in Taiwan by CoolBitX, which has long been manufacturing components for Visa and MasterCard. As well as Ledger Nano S has a security standard CC EAL 5+. This wallet works only through smartphones, connecting to them through Bluetooch. The average price of the device is $100.

Paper Wallet

In the age of technological process, plain paper has become a rather reliable method for storing cryptocurrency. With the help of special services, such as bitaddress.org, you can generate public and private keys, then writing them down on paper. You can also print keys as a QR code. To accept transactions with such a wallet, you provide the sender with a public key. To access the funds, you need to find any online wallet that supports your crypto currency. Enter your private key into your online wallet, thus integrating your funds into the system. However, you should understand that after this procedure your wallet will become “hot”.
The best of this storage method — paper wallet is free, its safety depends only from you. When storing a paper wallet to protect it from the fire, water and aging. Also, do not tell other people about where your paper wallet is hidden.
The disadvantages of this storage:
  1. If your wallet is lost, it will be impossible to restore it.
  2. Exposed to a physical damage.
  3. After sending the transaction, you will have to create a new cold wallet.

Offline transaction signature

For this storage method, you will need two PCs. The essence is that the secret keys are never in contact with the Internet, but are stored digitally. Offline transaction method is suitable for people who do not make a daily transactions and have an access to two devices. The process is below:
  1. A hot wallet is installed on a PC with the Internet. The transaction is created without entering private keys and authorization.
  2. The file with transaction is copied and transferred to the second PC without Internet, where private keys are stored.
  3. The transaction is signed offline, copied and transferred back to the PC with the Internet.
In fact, you can do it with one PC and a USB drive. The USB drive will store private keys. Also, you can create a transaction without entering private keys and authorization, after disconnecting the Internet, connect the flash drive, sign the transaction, turn on the Internet. In this case, you should take care of the antivirus system.
The disadvantages of this method:
  1. Using two PCs or a USB drive involves a lot of actions, which is time consuming.
  2. You need to back up your keys in case your PC or flash drive fails.

Multi-signature wallet

This method implies the creation of a wallet, which can be only withdrawn on condition that the transaction is verified by a predetermined number of users. The maximum number of users who can hold private keys of the wallet- is 15. It is considered as one of the most reliable ways of storage, in fact private keys are not only stored offline, but also divided between different people. Often the wallet with multisignatures is used by large crypto-companies, whose management believes that individually employees can not spend the budget. Moreover, when creating this wallet, the number of required multisignatures is minimal. For example: if one of the six keys is lost, the remaining ones will be enough for the transaction.
The disadvantages of this storage:
  1. If most of the keys are lost, access to the funds cannot be restored.
  2. You will not be able to make transactions on your own without the participation of other key holders.

Private Key Fragmentation

The private wallet key consists of 64 symbols. The key is divided into several fragments. They don’t represent anything separately, but if you put all the fragments together, you can access the funds. The key fragments are similar to multisignatures, but in this case you don’t need a multisig-wallet, and the whole process can be done manually.
The disadvantages of this method:
  1. If one fragment is lost, access to funds will be lost.
  2. The maximum level of protection can only be reached when key fragments are distributed to different places, for example: bookshelf, safe deposit box, car. If you divide the key fragments and put them in different boxes — the required level of protection will not be achieved.
When writing down key fragments on paper, protect the key from fire, water and aging.

Conclusion

Digital currencies are not physically expressed and exist only in the digital code, so cold wallets that doesn’t have an access to the Internet, protect cryptocurrencies from the most important and common problem — hacker theft. However, holders of cold wallets need to understand that the safety of a private key depends only on them. There are different ways to store private keys outside the network, but each of them makes it difficult for the user to make transactions.
Hardware wallets that have been specifically designed for this purpose are considered to be the best option for storing cryptocurrencies. With their help it is possible both to store funds off the network and to make transactions easily, without risking the safety of a private key. If you use other cold wallets, it is recommended to combine them with hot wallets. Keep the required crypto currency for daily transfers on hot wallets, and keep all other crypto on cold wallets.
Please don’t forget to follow us on Telegram and stay updated!
YOUR CRYPTO BOSS
submitted by yourcryptoboss19 to u/yourcryptoboss19 [link] [comments]

Old Mining Contract - Reddit Sleuths Needed

Dear Famed Reddit Users,
I apologise in advance if I waste anybody's time here however I need suggestions on whether I can establish if I received a payment from a mining contract I took out in 2013.
Back in July 2013 I bough a Bitcoin mining contract from a website called bitcoinfrenzy.com. I paid $49 for "1 GH/s Bitcoin Mining Power – 1 Year Contract (#1GH001) "
This website no longer exists and it may have been a scam as I was quite flush back then so I bought the contract and thought no more of it.
After the initial purchase email in July 2013 I heard no more until November 2013.
13 November 2013 - Newsletter email stating: "After a long struggle Mining is started for July to till date customers . The order status for all paid orders will be updated within 48 Hours . And we will update"
16 November 2013 I have an email stating that the order had been processed
22 November 2013 Email stating that payouts have been made from wallet address 1LKpQYvMCyfa5AwD8KrDknhjGfP87xWsVN
No further emails after this point.
When I check the blockchain for this address I can see coins were sent to multiple addresses on 22 November 2013.
I do not know what wallet address I provided to bitcoinfrenzy for receipt of any payout.
I did create a wallet on blockchain in May 2013. I have accessed this wallet and there is no transaction history showing.
I have an old version of bitcoin-qt on an old hard disk drive which has a wallet.dat file created April 2013. I have been unsuccessful when trying to load this wallet.
I have all hard drives/laptops from 2013 and since.
Views on: Am I wasting my time here? I s there anything else I can search my hard drives for? How can I access my old wallet.dat (and none of the results I've found while searching have worked).
NB if one of the receiving addresses from the payout belongs to me the coins will be unspent, there will be no transactions after 22 November 2013 and there may not be any other transactions prior to this.
Thanks for reading
submitted by Vedron11 to Bitcoin [link] [comments]

Attention please! Welfare is here! The third-party DAPP is officially launched, and the ETX public chain has reached a new level of development, please don‘t miss out!

Attention please! Welfare is here! The third-party DAPP is officially launched, and the ETX public chain has reached a new level of development, please don‘t miss out!
On November 1, 2008. A person who claimed to be Satoshi Nakamoto posted a research report on a secret cryptography discussion group. His new idea of ​​electronic money-Bitcoin came out! On January 3, 2009, Satoshi Nakamoto unearthed the first batch of 50 bitcoins on a small server in Helsinki, Finland. Since then, bitcoin has been in full swing in the financial industry as a representative of virtual currency.
Blockchain, as the next generation of value Internet, was once considered to be a very good tool for protecting privacy, but a family soon discovered that in the current main blockchain network, the digital wallet address and its owner Corresponding to the personal information of the wallet, all account information and transaction information of the owner of the wallet will be fully visible and cannot be eliminated in the entire network, which will cause more serious problems than the privacy leakage of the Internet. Therefore, blockchain is both an opportunity and a challenge for users.

https://preview.redd.it/lvpzm5hufqv41.png?width=640&format=png&auto=webp&s=083213298e0d2a5d8dcc74f3db4de207c2206d3a
At the same time that the blockchain technology has developed in an orderly manner, the digital currency market has also been further developed. Under the coexistence of opportunities and challenges, it has also brought rich returns to many players with faith. As a brand new digital currency, ETX (EthereumX · NET) public chain has attracted the attention of many players at the beginning of the mainnet. At the same time as the number of communities has expanded rapidly, ETX (EthereumX.NET) has also officially landed on vindax transaction.
The Vindax exchange ranks 13th on coinmarketcap, and coinmarketcap was founded in 2013 and is the world's largest cryptocurrency trading price query website. According to the latest data, Coinmarketcap.com website traffic ranks 111th in the world, it can be said that strength and traffic coexist.

https://preview.redd.it/e31jzsawfqv41.png?width=640&format=png&auto=webp&s=26e421636dddf8f951bd11068e3ebc419091bed9
According to the latest news from the ETX (EthereumX · NET) community: the first third-party DAPP developed based on the ETX (EthereumX · NET) public chain will be officially launched, and at the same time, ETX (EthereumX · NET) will provide 10,000 ETX daily for support. For our ordinary players, this is also a rare and great opportunity, because we can get ETX for free through simple interaction, which is certainly what we are most looking forward to. Everyone remember to hurry up and get on the bus.

https://preview.redd.it/08ylmjx0gqv41.png?width=640&format=png&auto=webp&s=de2a29d5cfdf1335ad81768de818f254934e537b
As the saying goes: There are 1,000 Hamlet in the minds of 1,000 people. It is normal for different players to have different views and choices about the digital currency ETX (EthereumX.NET). But what is certain is that for ordinary players, ETX (EthereumX.NET) is one of the digital currencies worth choosing. (There are risks in the market, investment needs to be cautious, please do as your capability permits.)
submitted by BitRay2077 to u/BitRay2077 [link] [comments]

Lessons learned - Crypto and Divorce - In January I was a millionaire thanks to BTC, then my wife divorces me and now I have $30,000 AMA

Crossreferencing u/nanoissuperior He wrote earlier today: https://www.reddit.com/CryptoCurrency/comments/a3n6uw/in_january_i_was_a_millionaire_thanks_to_nano_now/
Title: In January I was a millionaire thanks to Nano, now I have $25,000 AMA

I was replying to his post, but my reply ended up being a bit too large as a reply and steered off-topic, albeit an interesting one. So I decided to make it its own post, because there may be a good lessons to be learned and hoping some will come forward with good information to be shared.
I hope it can help anyone on this sub avoid the costly mistakes that I made. Here it goes: FLAIR: LEGAL (not in the list)
----
u/nanoissuperior are you who I think you are? I won't give out any further identifying clues, but I happen to know someone in the exact same position that could have written that exact same headline. If you read the first paragraph, you'll know if you know me.
The person I know bought Nano really early, based on a tip from a friend. I got in much later. By the time he told me it had already spiked to the $5 range, when I ended up buying. I then sold in the $20's so it was a good buy nonetheless. We were former colleagues at a large, large software company somewhere in the PNW, I left the company to venture out on my own and try to launch some projects I had in mind and relocated overseas for a few years. We lost contact with each other during my time away, but we connected again during the market runup and started exchanging coin information on a daily basis during the big bull run of late 2017. That was a crazy time.... the market trend was a few degrees short of vertical for pretty much all coins!

Hey, guess what? Now that I think about it, I could have written that same headline myself! In January 2018 I was a Millionaire too! Not with Nano, but thanks to purchasing a good chunk of Bitcoin in 2011 at $1.20 each. I ended up a single digit millionaire with what I had left in Bitcoin around January of 2018.
And, just like you, today, from all that wealth, I have about $30.000 left, with little to show for. Can we call that even? Although my disaster was not caused entirely by market fluctuation; Mine is a more complex story and I am going to mention it, because hopefully, it could serve as a lesson to be learned for any crypto holder out there, so they don't make the make mistake I made: Don't trust anyone. Always be skeptical and watch out for your own interests. Anyhow, here it goes:
After 5 years overseas, I had enough and wanted to come back to the States. My wife stated her preference to stay abroad, but eventually, she conceded albeit reluctantly. We chose a small town in CO to settle, and landed in November of 2017. We had plans to settle down and considered purchasing a home with my/our new fortune, based on the market price during that period. At the same time, I was also hesitant about the inherent tax payments due caused by such large liquidation. I was trying to have to pay taxes as far away as possible. So, I decided to wait till New Year's Eve and started liquidating my crypto on January 1st, 2018 right after midnight. This way, I would have 16 months (till April, 2019) to pay any capital gains taxes, and I was confident at the time that the market would give me that for free, especially at the pace that it was going. I have been an early adopter and have since then acquired the high levels of verification and trading limits per week, with many exchanges, but for a large sum like this, I needed several separate transactions, over the course of several weeks, especially wanting to do it with a US-based exchange that was linked to a US bank accounts, to avoid overseas wire transfers, meaning more fees. (Yes, I did look at all OTC options, but for reasons not relevant to the story, I couldn't make it happen, so I had to use the traditional Exchange channels for asset liquidation).
My wife and I, initially had some fundamental disagreements on the gross amount to be spent and the type of property we should be purchasing. I wanted a smaller place, with a denser, younger community, where there'd be kids our son's age for him to play. She insisted that we should go big; we had been traveling for so many years, and we had not been able to call any of our past residences our home. It was time to settle and nest; She convinced me that we should own a property of our own that we would be proud of living in for years. One that we could own outright and would not easily outgrow. We ended up splurging and purchased in cash two luxury cars for ourselves and set our sights on a large dream house in the city's Golf & Country Club, free and clear, for us and our two kids. I don't even play golf, nor do I even like it, but, if it makes her happy and it is within the safe margins of making it happen, I figured, why not? My concerns were largely financial and the numbers were adding up. It was a bit tight against my personal safe margins, but, at the same time, I was imagining to never have to make, or even have to think about, a car or home mortgage payment ever again! Bitcoin is on a roll and there is no sign of it stopping. Fine. Let's do it, before I change my mind.
Now, I admit I was extremely lucky with choosing the time of when to sell the assets. I had no clue the market would take a dive in February, and so it seemed to many that I had timed the market perfectly, selling most of my coins in the first two weeks of January of 2018. Many called me a genius for selling at the very top, as if I had some sort of wisdom to know when it would drop; the truth is much less flattering; it was nothing but dumb luck, based on me wanting to pay taxes in 2018 and defer to 2019. Awesome, well done! Yeah? well, slow down, son, not so fast.
So, I gather the 7-digit lumpsum in January 2018 and we write a check for the full amount at closing in February on the property of her dreams. A property that could easily be showcased on a luxury Real Estate magazine cover. Also, remember we had just moved back to the United States with just a few suitcases each from overseas. We had no furniture, kitchenware, curtains, TV's, bed sheets, winter clothing and so many other essential things that one usually purchases over time, but which we now had to purchase all at once. Not a problem, Bitcoin had dropped slightly but still well above $15k, I believe, at the time. And, earlier, in January, I had diligently taken this expense into account and effortlessly set aside a small fortune for equipping such a large house with everything we would ever need, brand new. It seemed we were protagonists of one of the Home Makeover Shows.
Finally, after working day and night, prepping the house non-stop for days and when every piece of furniture had finally arrived, been unpacked and carried to its corresponding room, it seemed most of the essentials were in place and the hard work was done. I longed for pouring myself a Scotch and to finally sit down and enjoy the fruits of my labor. I head downstairs to the dedicated walk-in, cigar-humidor / wine / Scotch cellar in the basement and grab the better bottle of Whisky of the few bottles of Scotch that I had bought earlier in the week. On my way up, I remember feeling a sense of calm, combined with a glow of excitement and this undescribable profound inner peace, all at once. This was such a rare, natural, non-drug induced high that I had never experienced. It felt so good! This sense of accomplishment of achieving that one thing I had been chasing and longing for my entire life. I had expected I would be chasing this goal for the next 15-20 years, and yet, here it was. No, where I was, was even better than expected! A place where not even my parents, who still have to make their monthly mortgage payments. I had done it! With a smile from ear to ear, I take a deep breath of relief and while looking around the property, I think to myself: "It's perfect, everything is in place and I can finally call this our home. We are so lucky and we are going to live a great life. A life that few can only dream of. So many concerns will be lifted and become redundant. Everything will be better. I'll start a fire in one of our two fireplaces and I am going to begin enjoying my semi-retired life with the first sip of my drink. That will be the official start of our new life".
I head over to the kitchen to get a glass and some ice cubes, while I struggle to find which one is the freezer among the many drawers in the kitchen. It was then when I notice a handwritten note placed front and center on the kitchen counter. It is from my wife and read: "There is no easy way to say this, so I am just going to say it..... I want to legally divorce [ ...]". It continued saying that she had taken our son, and had unequivocally decided to leave me. She had already filed the paperwork for divorce and that I should expect to be served in the morning.
My bliss had lasted less than 5 minutes and in less than two seconds, it turned dark, somber and I saw it all crumbling down in front of me. Like a long-awaited rocket launch, years in preparation, which then unexpectedly explodes on the launch pad during the countdown. My stomach, heart and everything in my body just sank and melted into one ball of poison in my core. I felt like throwing up. I was completely blindsided; she had played the game all along, not giving me the slightest hint of what was being concocted in the background. She had already engaged with her lawyers weeks beforehand. Her mother was already in town from another state to help out with I don't know what. I had been gaslighted and was threatened by her that I needed to see a psychiatrist due to a change in my temper that I had supposedly developed - my temper was awesome: with BTC at that price? Everything was perfect! But I obeyed and went anyhow (this would later fit her story that she had to leave with the child because she feared for her safety due to my supposed temper for which I was under treatment, therefore, I must have this temper problem, see?). Also, the purchase of the overpriced home also seemed clearly premeditated: Price was the main driver of the decision making; not location, demographics, taxes, etc. It was the wrong neighborhood for us (people much older than us, retired, golfers and no kids the same age as our son to play with). Our house happened to also be the most expensive in the neighborhood. I can see it all so clearly now.
See, your crypto coins on the blockchain, are not within the US court's jurisdiction (or, at least, it's quite debatable - a gray area - ask me for the seed and I can tell you that I may have the seed, or that I may not have the seed, I may have the wrong seed, I may have forgotten it, I may have lost it - you can't prove I did not forget, or lost it, etc). However, once it is in FIAT in a bank, or invested in a property, the courts can rule on the asset(s), freeze, disburse or order a sale of the property, etc. It's done all the time.
Also, the coins were technically mine, and by definition private property (not to be divided during the divorce) as they were acquired before the marriage. I could not prove its origins (I bought many of them via direct messaging members on Bitcointalk.org and mining rather than exchanges, so no records, receipts or nothing to prove otherwise: the big exchanges like BitStamp and Coinbase didn't start operations till 2013, if I m not mistaken. Instead, I would talk to one of the forum members offering coins we'd agree on a price, I'd send a check to wherever the individual seller instructed me to (Russia, Bulgaria, Japan, UK. etc) and the coins would be deposited to whatever address I provided. Yes, it was quite crude at the time.
However, once I converted my coins to cash and used that cash to buy a property for the benefit of the family, it became common property and thus she then had rights to a portion of it when divided between the two parties should a divorce occur - which ended up being almost 3/4 of all assets.
I was robbed in broad daylight. By the one person, I trusted with my life. The one you should trust with your life. Your life partner. And while I was in complete denial, trying to bargain, I waited too long to obtain good legal representation. When I finally ended up getting a lawyer, I was quite distraught and I clearly did not do the proper research and this resulted in a less than stellar performance and detrimental to me at many key steps in the process. I had to switch legal representation right before mediation and I can't blame my new lawyer either, as (s)he did not have the required time to catch up on all the details, (s)he did his/her best, but I was ultimately strongarmed into conceding my soon-to-be-ex-wife to let her return to the house, in exchange to obtain 50% of my son's custody, with serious and strict clauses I had to abide by. So, I had to move out, find a hole in the wall in a student apartment, pay my rent and pay our kids pre-school, while she lives grandiose, without monthly payments in the country club, till the house sells, which will likely be in the spring of next year. Nice!
Due to my delay, legal mishandling and somehow every other element in her favor, she inexplicably ended up with around 3/4 of the worth of all assets, free and clear, no taxes due. Mind you, she has never financially contributed, nor made a single $ during our entire marriage. She has never worked and had $0 in her pocket when we married. She didn't even have a checking account, well in her thirties. She is no dummy; she is street smart, knows how to manipulate people, get her way with flirting and charm, while I am more intellectual and book smart. and She beat me hands-down. She is walking away with a sum of, not quite 7 figures, but close.
With what I am left with from the sale of the house, I am responsible to pay for all the capital gains taxes from the liquidation to the IRS, which are due in April 2019. I don't expect there to be more left over than the estimated $30k mentioned above.
Hate the market all you want, I made peace with the market and am keeping busy at hating my ex for a while for putting me in the same situation. She tripped me 1 yard before the finish line and pushed me in the prickly bushes, to cross it by herself. Go figure. When I am done hating her, I'll get back to rebuilding my life again from scratch. I am not worried, I have done it before. Just pissed, I was so close and that I was so naive to not see it coming.
Sorry, I am not meaning to hijack the thread, just wanted you to know that others may have lost more than just "free" money; money we didn't really have to work for. We were the lucky ones. It is what I keep telling myself to stop me from jumping off a bridge.
PS - Woah: Sorry for the wall of text; I was just going to write the first paragraph and ended up venting about my current situation. I know, I should take this issue to /depressed, /exes or /whereisthenearestbridgeIcanjumpfrom.
Hopefully, this can be a lesson to those holding crypto and some can learn what NOT to do. I learned the hard way and was left with nothing. Don't be a nice guy. Don't trust anyone with your crypto. Anyhow, I am sure either our vigilant subreddit bot, or one of the mods will remove my post for not adhering to rule, and if not, I am sure that you fine people will downvote me to hell. Go ahead. Take away from me the little Karma I left too! Thanks!

I learned many lessons, but here are some key ones [IANAL - any crypto-educated AL opinion appreciated here, thanks] :
- Understand the concept of private property - property you acquire before getting married. INAL - this depends on the state legislation, but it is hard to prove with crypto, especially if you obtained your crypto through foreign exchanges, outside of legal jurisdictions, the petitioner might not understand or willing to invest in obtaining subpoenas and requests to businesses operating overseas, as this may result costly.
- Get a lawyer who understands, or is willing to understand crypto, its benefits of being somewhat unreachable and how that can work for you. Don't let them shortchange you with: "well, let's just convert the rest to cash, because that I understand" type of reasoning.
- If you do go to mediation, the above applies as well. This arbitrator or mediator needs to be one that understands the intrinsic details of crypto - for example, during the ATH, I bought 6 digits worth in $USD of Stellar. I used the very first version of the software, supporting Stellar on my hardware device, and put it all in a cold storage wallet somewhere around January. I routinely checked on my coins on the blockchain and they are there. A few months later, I try to access my account and the device returns a different public address, which contains 0 funds. I am still trying to debug this issue with the manufacturer, but the fact is that I was accused of hiding these coins or negligence and was demanded that I paid half of what was lost. or not lost, out of my pocket for money that I didn't have access either. I tried to explain it in the simplest terms, there are risks involved with using first come software. There is no 1800 number, mo tech support. no CEO, no, you can't call the BBB and complain, etc and no one seemed to be able to understand, nor willing to either. It became a huge roadblock for which I had to concede, not cash, but a concession, I was not wanting to concede. The petitioner leaned on the fact that I was either wilfully cheating or stupid enough to lose the coins and managed to create enough doubt in my character and integrity and there was nothing rational I could explain that she, or anyone else in the room would understand. Perhaps mutually contracting a seasoned crypto expert that can offer a neutral view and give his/her opinion might be worth considering. Andreas, where were you when I needed you? :)
- Other examples were some coins I had bought in 2012 and gifted to some of her family's kids. I was holding these, till they would turn 16 for them to pay themselves their college, or so I told them. These coins were demanded back by the petitioner. Ok, I suggested that I would send them, but with a CHECKLOCKTIMEVERIFY value with a block height of let's say,10 years from now, out of fear that she would spend the coins and the kids would never know (they are toddlers). No one understood what I was talking about, I was made out the crazy one, I gave up, sent her the coins, unlocked and, just as I expected, within 20 minutes of receiving them, she spent $1200 worth of it (for a flight, I think). If you are the only one speaking your language, no one is willing to listen or make an effort to understand you.
- It appears my coins were private property, which means, that I acquired them before the marriage and in case of divorce, if I have not moved them or used them for the common good of the marriage, then they remain mine. However, I liquidated them and cash ended up in my checking account to be used to buy groceries, cars and eventually a house, and it is then that they became common property. Only once they landed in my checking account on which she is named on. It appears that had I taken proper legal precautions with documentation, or a company/trust, where that money would have gone, instead of my checking accounts, elsewhere, I would have still been able to be the legal proprietor of the resulting cash. I can't quite remember the details, but it as something that was explained to me afterward, and I honestly think I just tuned it out, because it made me sick to know I could have held on to my wealth. Perhaps a lawyer can chime in? Again, much of the lack of information and every misstep taken was because of dealing with people that are accustomed to traditional assets and will not deviate from it. Crypto is different and is treated differently. It is so important to know the strengths and weaknesses when going into litigation about something that people don't understand.
- Some more I can think of, but this post is getting way out of hand in size. Feel free to comment/suggest your own and I'll add more to the comments.

Credits to: u/nanoissuperior Thanks for your post, it inspired me to write this one. Anyone, any karma you feels needs to go his way, for providing the source of inspiration, please give to O-OP.

TL;DR: Wife, having contributed $0 during entire marriage, waited until I cashed out all my crypto at the top of the bull market in January 2018, for a nice seven-figure amount, and then immediately divorced me for the money.

Edit: added TL;DR
submitted by mijalis to CryptoCurrency [link] [comments]

My brother killed himself because of BTC

I don't really know where to post this but I feel like I need to vent.
Do not take this as criticism of Bitcoin, blockchain technology, or cryptocurrency users & developers, it's not.
There are probably other factors that led to my brother's suicide, but he had been beating himself up over Bitcoin for the past several years to the point where he seemed constantly depressed over it and gradually became a shadow of his former happy self.
He claimed to have owned 15,000 at one point, which may have been an exaggeration. But I know for a fact that at some point around October-November 2012 he did have at least 6,000 BTC which he showed me in his wallets. He was so enthusiastic about Bitcoin and how cryptocurrencies would revolutionize the financial world. For awhile he was annoying the fuck out of our relatives about how it would make them millionaires.
I'm not sure exactly what happened to his BTC. Sometime in 2013 he claimed to have lost most of them in a hack and sold the remainder too early. He very well may have sold them all too early, but who knows.
As the price took off in late 2013-early 2014 you could tell he was distraught over it and became increasingly withdrawn from family and friends. Whenever I did manage to contact him he would sometimes end up ranting about how badly he had fucked up and how he would never have a chance to be rich again.
As the price climbed up to 10k over the past several months it became even more difficult to make contact with him, he just wouldn't reply to me or my parents calls and texts. A couple weeks ago my parents flew out to see my brother and found him dead by suicide with no note. He was 29 with 50 years of life ahead of him.
Other than obvious grief I don't really know how to feel about this. If I had missed out on $50M I might have killed myself too. I can't imagine what my brother must have been feeling these past several years knowing he missed his best & easiest shot at the wealthy life he had always fantasized about. Bitcoin totally fucked up his mindset to the point where you couldn't talk about anything related to investing, money or finances without him storming off or crying.
If there's any more of you in a similar situation feel free to PM me. Please try to recognize there are endless economic opportunities in life and 1 mistake doesn't define your future. There are family and friends who care about you and will listen.
submitted by barking_bonerz to Bitcoin [link] [comments]

HUOBI EXCHANGE REVIEW

ABOUT HUOBI :
Huobi is a cryptocurrency exchange founded in China in 2013. Currently, Huobi is based in Singapore because this country has friendlier cryptocurrency regulations. The company is registered in Seychelles. Before leaving China due to a cryptocurrency ban, the exchange was responsible for 90% of Bitcoin trading volume in this country. Now Huobi is an international platform with offices located in Singapore, Hong Kong, the United States, Japan, and Korea. In China, the company provides blockchain consulting services. Huobi has sub-exchanges: Huobi Korea, Huobi US, etc. Huobi Global is the biggest Huobi exchange. In November 2019 Huobi Global had to shut down all the accounts belonging to the US customers due to strict cryptocurrency regulations of the USA. This exchange is one of the top 50 cryptocurrency exchanges by trade volume. On the Coingecko chart of exchanges, Huobi Global occupies the third position. The exchange has more than 500 markets and supports over 220 cryptocurrencies. As Huobi provides an option to buy cryptocurrency with fiat money, this exchange is a gateway for people who enter the cryptocurrency world .

FEATURES :
Huobi Global has a really wide range of functions. First off, this exchange provides an opportunity to buy cryptocurrencies with fiat money using a credit card and other payment means. This option is delivered in the over-the-counter trading section (OTC). There is a menu line in the upper part of the website. It begins with "But Crypto". That's where one can see the OTC offerings provided by Huobi. One can buy or sell the following currencies: Bitcoin (BTC), Ether (ETH), Tether (USDT), EOS, XRP, Litecoin (LTC), Huobi Token (HT), Huobi stablecoin (HUSD), and Bitcoin Cash (BCH). Please note, that there are not so many offerings especially for certain currencies. Normally there are many options for buying BTC or USDT. The prices and payment methods vary from one trader to another. You can pay with a credit card, some traders accept payments via Western Union, AliPay, and other services.
There is a cryptocurrency exchange with hundreds of crypto-to-crypto pairs. The exchange supports market, limit and stop-limit orders. It gives traders some control over the situation and helps to secure the assets from trading in loss to some extent. In general, the exchange interface of Huobi is quite generic.
Those who have experience of trading on several other exchanges will find the interface familiar. It has a trading view with a candlestick chart on the left and the list of orders updating in real-time on the right. Under the charts, there is an order history. Under the list of market trades, there is a section where users can place orders. The candlestick chart is powered with numerous analysis tools and indicators.
What makes Huobi Global more attractive for traders is the support of margin trading. In all margin trading pairs the currencies are traded against Tether (USDT). There are 6 cryptocurrencies that can be traded with x3 leverage: Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), XRP, Ether (ETH), and EOS.
Huobi Global is aimed to provide service both to small investors and institutional traders. That's the reason why the platform offers institutional accounts with special opportunities for corporate customers. Among these features, there are colocation options and other tools that provide the opportunity of seamless high-frequency trading. Additionally, institutional accounts can get special OTC loans.
One more feature is trading derivatives. Huobi provides two separate interfaces for that purpose: Swap trading and Futures trading platforms on Huobi DM. Moreover, it is possible to participate in IEO trading via the Huobi exchange. This feature requires the use of the Huobi Token.

ASSETS AND INSTRUMENTS:
As mentioned, there are two types of instruments that you can trade on the Huobi derivatives platform. These are your traditional futures as well as the perpetual swaps or futures.
With these instruments, you are trading crypto on margin. This means that they are leveraged and your exposure is often many multiples of the amount that you have put down as collateral.
Now that we have a brief understanding of leverage, let’s take a look at the instruments on offer at the Huobi exchange.
Futures are instruments that allow the holder to buy or sell some asset in the future. Essentially, you are trading some future price of the instrument on the chose delivery date. In terms of expiry dates, they have weekly, bi-weekly and Quarterly which settle every Friday. In terms of expiry dates, they have weekly, bi-weekly and Quarterly which settle every Friday. When it comes to the specifics of the contract, they differ according to which asset is being traded. You should also take a look into the contract specifics in the Huobi docs. This includes such information as the index reference for the prices as well as your last trading price. The latter can only be done up till 10 minutes before the expiry.
Perpetual swaps are leveraged instruments that do not have have a delivery date. They are marked to market everyday and settle 3 times a day. They are sometimes also called “perpetual futures” at other exchanges.
The reason that they are called “Swaps” at Huobi Derivatives is because you are swapping the returns of one asset for the returns of another. Here, you are swapping crypto returns for returns on the US dollar.
At Huobi DM, the Perpetual swaps have leverage up to 125x and they are written on 5 different assets. These are Bitcoin and Ethereum with other coins to be added soon.

HUOBI APPS:
Huobi mobile app for iOS and Android are available. Similarly, the Huobi mobile app features most of the functionalities available on the web platform also. You can even complete tasks like account registration and verification directly via the app. In Google Play, the Huobi Global app has an average rating of 4.1 stars out of 3,730 reviews. However, in December 2018 and January 2019, some users have said that the Android app won’t let them login due to an error with Captcha. On the Apple App Store, Huobi boasts an average rating of 4.9 stars out of over 4,800 reviews.

API :
For those of you who are programmers, you will be happy to learn that Huobi global API can be used on the Futures and Swap markets.
There is both a websocket as well as a REST version available. It is suggested that you use the REST for one off operation to trade and withdraw. You should use the websocket for market data & order updates. You should also note that you can be a market maker on through the API.
If you want to start using the API then you will to get yourself an API key. This can easily be done in the API management of your account dashboard. Here you can select whether you would like it to be a read-only, Withdraw or Trade. You can also bind an IP address to this API so you can ensure than no other person will use your account even if compromised.

HUOBI FEES :
Huobi has a 0.2 % fee that applies to both market makers and takers for amounts between $0 and $5,000,000 over the course of a 30-day period. In comparison, other top exchanges like Binance have 0.1 percent fees. Actually, it has a fair trading fees structure and easy to remember also. Meanwhile, GDAX has 0.3 percent fees.
In January 2019, Huobi Global launched a tiered fee structure that significantly reduces fees for higher-volume traders. This is relatively competitive when compared to other exchanges. Users also have the option to reduce trading fees on Huobi by becoming a VIP member. This involves paying a monthly payment of HT, which varies depending on the membership level (1-5).
Like most exchanges, Huobi has no fees on deposits. However, Huobi does have withdrawal fees minimums that vary from coin-to-coin. For example, withdrawing Bitcoin (BTC) costs 0.001 BTC, with a minimum withdrawal amount of 0.01 BTC. For Tether (USDT), the flat fee is 5 USDT. And the minimum withdrawal amount is 20 USDT. Overall, the meaning- Huobi fees are generally higher than most exchanges for lower withdrawal amounts. A few exceptions exist. For example, TUSD has a withdrawal minimum of $20 but a withdrawal fee of only $2.

IS IT TRUSTWORTHY?
In contrast to other exchanges, Huobi receives a favorable score. First of all, it is incorporated and operated from Singapore. As we all know crypto regulations are advanced there. And promote blockchain startups always. Second, Huobi does provide users with multiple ways to safeguard their accounts. Although it is not enough. Essentially, 2-factor authentication is available using both SMS and authenticator apps. The platform does not require any special confirmation if the account is logged into from an unfamiliar IP address or location. There is no option to whitelist addresses for asset withdrawal, allowing funds to be sent to any address input. Furthermore, Huobi was never hacked. Even though they do present a lucrative target for attackers. Meaning, Huobi has adopted a decentralized exchange structure, which helps to resist DDOS attacks. And we believe the exchange takes these threats seriously and does everything in their power to protect the exchange from hackers. Also, Huobi does store user funds in cold storage to restrict access to them. Actually, the exchange stores around 98 percent of funds in cold wallets.

SUPPORT :
Something else that is crucial to the entire trading experience is the level of support that the exchange provides. There is nothing more frustrating than having to wait hours for response from support.
When it comes to Huobi, there are actually quite a few options to reach their customer support. Perhaps the quickest and most effective way is through their live chat function. Firstly, they will try to help you with the available resources. If that does not work then you can reach out to a live agent.

CONCLUSION:
So, in summary. We really liked the Huobi futures products. It is not only highly functional but is also secure and leverags the expertise that the team have at the main Huobi exchange.
For the futures instruments, there is a decent range of assets and leverage. Markets are also pretty liquid and these are all traded on a simplistic yet technically able trading platform. It’s also great that you can trade on PC programs and mobile apps as well.
When it comes to security, they have taken all of the same precautions that are used on the main exchange. Their 20,000 BTC strong insurance fund keeps them well protected and they have not had a single clawback of trader funds since their inception.
Yes, there are areas for improvement but the exchanges is still evolving and building out functionality. One can only hope that they take trader suggestions into account.
So then, is it worth considering?
Well, if you are looking for a highly functional and secure futures exchange that is backed by one of the biggest names in the business, then it is well worth a try.

Huobi Website: https://www.huobi.com/en-us/topic/invited/?invite_code=czdh5
UID: 138138177
Huobi Indian Community: https://t.me/huobiglobalindia
Huobi Global Community: https://t.me/huobiglobalofficial
submitted by sreenthepotato to u/sreenthepotato [link] [comments]

Top crypto events over the last decade

Top crypto events over the last decade
https://preview.redd.it/5ct38iefxwg41.png?width=3600&format=png&auto=webp&s=36bbfa32ede0eaed258881791acaf42cba5a39d7
2020 marks a decade since cryptocurrency became a part of a daily routine. Mass adoption of crypto started with Bitcoin’s appearance in 2009. A lot has happened in the Crypto World since then. Now let’s take a look at the most significant events over the last crypto decade.
  • In 2009 the first block of Bitcoins was mined for a 50 Bitcoins reward. The same year there was the first Bitcoin hard fork which gave us Namecoin.
  • The first exchange appeared in 2010. It was bitcoinmarket.com which doesn’t exist anymore. The same year it was hacked for the first time. This unpleasant event showed the most obvious flaws in the system though. It was rather important to understand all the possible drawbacks, and right up to this moment a lot of efforts are taken to prevent accidents like these.
https://preview.redd.it/2bei49bgxwg41.jpg?width=992&format=pjpg&auto=webp&s=c17047ee3bfbe43102fb786469fe53abd45e70df
  • 2010 was also a year when investors appeared. A lot of people are looking for an opportunity to invest in crypto now, but it has taken some time to learn that crypto can actually be an investment.
  • 2011 was a year of cryptocurrencies’ debuts. Swiftcoin appeared, and as a result of the second Bitcoin hard fork Litecoin came to the Crypto World.
  • In 2011, a physicist by training, 29-year-old Ross William Ulbricht, registered the Internet community called Silk Road on the anonymous Tor network. It has become one of the largest drug trafficking sites in the world. While the site was working, it managed to serve about a million customers, and the turnover of illicit substances exceeded $200 million. Almost all the payments were made in Bitcoins. In October 2013, the FBI closed the Silk Road and arrested 144,000 bitcoins, which at that time was about $100 million.
  • In 2012 people started talking about Bitcoin. It was even mentioned in some TV shows.
  • 2012 was marked by the birth of XRP.
  • By 2013 there were around 10 cryptocurrency assets.
  • In 2013 arguments about cryptocurrency regulation started. Countries had to find a way to deal with new technologies. Germany, Thailand, and China prohibited the use of cryptocurrencies. At the same time Canada launched the very first Bitcoin ATM.
https://preview.redd.it/ifqduu7hxwg41.jpg?width=900&format=pjpg&auto=webp&s=9139c1dd510c504aea5ee0508e692be72b07f999
  • 2014 is famous for the biggest cryptocurrency exchange hack. 850 000 BTC was stolen when the Mt.Gox exchange was hacked.
  • In 2015 several new cryptocurrencies appeared. The Ethereum ecosystem was introduced. Thanks to Ethereum we use smart contracts now.
  • In 2015 the number of Bitcoin ATMs increased, and Argentina started to accept crypto as a payment for taxi rides.
  • In 2015 all the ICOs started. Augur was the first to do this.
  • Starting from 2015 more and more cryptocurrencies appeared. As a result we have 200 000 tokens running on smart contracts now.
  • In 2017 Japan decided to legalize Bitcoin as a payment method. In Norway Bitcoin became an authorized investment and payment.
  • 2017 is famous for the appearance of the most adorable blockchain project, CryptoKitties. It is not a currency, but an asset. The main thing that distinguishes CryptoKitties from all the other tokens is the uniqueness. Usually tokens are interchangeable. The value of your assets is expressed primarily in the number of tokens you have. The value of each CryptoKitty is different. What kinds of CryptoKitties you have is important. So, your only CryptoKitty may cost more than three CryptoKitties of another user. Nonetheless, CryptoKitties are in fact ERC-721 tokens built on the Ethereum blockchain. Everything is administered by smart contracts, and ETH is used for all transactions. CryptoKitties became very famous. Since December 2, new kitties appeared every 15 minutes. They became a powerful tool in showing people how to use blockchain technologies in a fun way. CryptoKitties were so attractive that at a certain moment in 2017 they congested the Ethereum network.
https://preview.redd.it/0tfc13zhxwg41.jpg?width=2500&format=pjpg&auto=webp&s=cdd8291103d4d943d9de8390e130b9da3eb7eae8
  • 15 November 2018 was the time when BCH hard fork happened. It was a result of the inner conflict between two camps: Roger Ver and Jihan Wu on the one side, and Craig Steven Wright and Calvin Ayre on the other side. This discord was caused by different versions of software. The whole thing culminated in creating BCH with 32 MB block size limit and BSV (Bitcoin Satoshi’s Vision) with 128 MB block size limit.
  • 2018 was time for European countries to come together and discuss cryptocurrency regulation.
  • 2019 was not a good year for XRP. In June wallets that were hosted on Gatehub were hacked and 23 200 000 XRP was stolen. Upbit exchange did not have a great year either. It was hacked and lost 10 000 ETH.
https://preview.redd.it/r28fh1lixwg41.jpg?width=997&format=pjpg&auto=webp&s=0647df98dca5d5ad973649787415a0f56c27f360
There were a lot of attempts to create a digital currency. Not all of them were successful. Finally, Bitcoin appeared and changed the world’s perception of the concept. It came a long way and became a whole industry. It is developing constantly involving more and more people on the way. The list of new cryptocurrencies is expanding rapidly. For the next decade there are still some problems to solve, but nonetheless the future of cryptocurrency seems to be extremely exciting.
submitted by SimpleSwapExchange to btc [link] [comments]

Litecoin Support Phone Number +1(855)3008358 (Toll-Free Number)

Litecoin was released in October 2011 in the form of a client with an open source code on the Internet hosting GitHub by Charles Lee, a former Google employee. The crypto currency works according to the MIT/X11 license, which allows anybody to execute, modify and copy software as well as to distribute any modified copies. It was a fork of the Bitcoin-Qt client, differing primarily by having a decreased block generation time, increased maximum number of coins, different hashing algorithm, and a slightly modified GUI.
The Litecoin exchange rate gave a jump in November 2013: the capitalization of crypto currency exceeded 1 billion dollars.

Advantages and Disadvantages of Litecoin

Advantages


Disadvantages


Litecoin

Litecoin (LTC) is a decentralized cryptocurrency, a fork of Bitcoin intended by its designers to be more feasibly mined using consumer-grade hardware. Litecoin is a peer-to-peer crypto currency that was developed on the base of Bitcoin and has an open source code. Unlike Bitcoin, the Litecoin blockchain is able to process a greater number of transactions.
The creator of Litecoin – Charlie Lee, a former employee of Google – took the Bitcoin source code as a basis and created a crypto currency that needs 2.5 minutes to generate a block – this is 4 times faster than Bitcoin.The full emission of Litecoin makes out 84 million coins, which is also 4 times more than of Bitcoin. The start reward for a block made out 50 Litecoins, and now it is 25 Litecoins.

Features of Litecoin


Some common issues of Litecoin, We fix-


You can contact us for your queries and problems you faced during using litecoin on toll-free number : +1(855)-300-8358
submitted by PrettyEducation4 to u/PrettyEducation4 [link] [comments]

How the Bitcoin price was changing

Nowadays, the Bitcoin currency rate perhaps is the most unpredictable thing. All predictions about how BTC price will increase or drop are in some way similar to the weather forecasts. No one can tell what will happen to the coin tomorrow. One of the most important factors that experts rely on is the history of the currency rate over the whole period of BTC existence with its dynamics. It is essential to know what was happening to the coin as this allows you to understand what can happen to it in the future.

2009

The first digital currency – Bitcoin – came to the world on January 9, 2009. In the same month, the creator of Bitcoin mined the first block and he also made the first financial operation in the BTC system.

At the beginning of its history, the Bitcoin price was ridiculously low. The first exchange of BTC to US dollars was made in the summer of 2009 when Martti Malmi received 5.02 USD for his 5050 Bitcoins.

The first official Bitcoin exchange rate to the fiat dollar was established on October 9, 2009. At that time, for 1 dollar you could buy 1 309.03 BTC. Many people now regret that they missed the opportunity to buy Bitcoin for pennies.

2010

In 2010, events in the cryptocurrency market began to develop more intensively. The Bitcoin Market exchange was opened in February 2010, where it was possible to sell the digital coin. In May of this year, the most well-known deal with Bitcoin had happened. The programmer Laszlo Hanyecz bought 2 pizzas for 10,000 BTC. It was the first purchase using cryptocurrency in the real world. He posted a request on the crypto forum saying that he wanted to buy two pizzas. In exchange for that, he offered 10K Bitcoins that back then cost about 40 dollars. And there was a person who agreed to have this deal – it was the 19 years old Jeremy Sturdivant. Jeremy didn’t become a millionaire since then as he spent his coins to travel across the USA.

As for Laszlo, he doesn’t regret about the lost millions. He was mining coins for his pleasure at that time and spent them to different non-significant things.

In July of 2010, BTC price raised to 0.08 dollars. Then in November, the price went up for 50 percent. In general, 2010 was an excellent period for strengthening the position of Bitcoin. The digital currency was almost able to reach the point of one dollar.

2011

BTC overcame the point of 1 dollar only in February of 2011. By early June, the price had grown to 10 dollars. This was a small victory for Bitcoin. Another maximum was set at the point of $31.91. In the middle of June 2011, there was a sharp drop in price: from 31.91 again to 10 dollars.

The year 2011 was full of negative events. One of them happened on June 13, when a user’s electronic wallet was first hacked and 25 thousand coins were stolen from there. In a few days, some geeks hacked MtFox exchange where they got data of sixty thousand users. These events negatively affected the Bitcoin rate. It became clear that in the future the price of digital currency will be determined taking into consideration any events that occur in the market.

2012

In 2012, the exchange rate was ranging from 8 to 12 dollars per 1 BTC. This period was also rich in significant events. One of them is that Bitcoin Central bank began its work. This bank received a license and was even recognised by European regulators.

2013

February 22, 2013, was the day when Bitcoin began to grow again. The price reached the mark of $30. Another increase occurred at the end of January – $31.9. The upward trend continued. March 22 rate was 74.9 dollars per BTC.

On the first day of April, the price went up to $100 and within another nine days, the BTC price grew to 266 dollars. But the growth did not last long. By October it was $109. The possible reason for that is the arrest of an anonymous trading platform Silk Road.

Since November 2013, the price of Bitcoin began to grow anew. By the end of the month, the price exceeded all expectations and raised up to $1,200 per coin. The reason for overcoming the $1,000 point was the BTC support by Zynga game creator. Experts also noted another event that could affect the growth: one of the higher education institutions in Cyprus started accepting the Bitcoin as payment for tuition.

But by the end of the first week of December, the price was 1,000 dollars. In the middle of December 2013, the BTC price dropped to 600 dollars because the China Central Bank prohibited the country’s financial institutions to maintain operations with cryptocurrency.

2014

During the year 2014, there happened rather a significant amount of events that had an impact on the Bitcoin volatility. In the first days of January, 1 BTC was equal to 770 dollars. In February it was 700 dollars. Summer 2014 slightly strengthened the reputation of the cryptocurrency.

Many experts think that it was 2014 when BTC strengthened its position in the market, in spite of the fact that Bitcoin price was low – by the end of the year it settled in at around 310 dollars. In 2014 investors began to consider Bitcoin as a potential investment as Bitcoin price predictions seemed quite attractive.

2015

At the beginning of 2015, the BTC price started rising: with 177 dollars in January to 281 dollars to March. The number of people who were trading Bitcoin increased – there were about 160,000 people was buying and selling BTC on exchanges by August 2015. In one period of 2015 the Bitcoin price grew up to 500 dollars, but to the end of 2015, it dropped to about 350 USD.

2016

In 2016, Japan declared Bitcoin as a currency and allowed to use it to pay for goods and services. South Africa was the next who did the same. In April 2016, BTC rate went up and reached $454 per coin. By the end of May, 1 BTC was already worth $600. The reason for the price increase might be the growth of the number of transactions in the Chinese market. The highest price in 2016 was in December – $950 for one Bitcoin.

2017

The year of 2017 was an incredible period in respect of BTC price. It started with $1,000 for 1 coin. Already in June, it was $2,600. By the beginning of September, the price jumped to $5,000 per 1 BTC. On December 17, the Bitcoin price achieved a record and was over 20,000 US dollars.

How did this happen? Here are some reasons that experts point due to the growth of Bitcoin price:


However, later in December, the price plummeted from 20 000 dollars to 12 000 dollars. Experts had different reasons including that one of the first cryptocurrency creators sold out all his digital savings and called such investments too risky.

2018

During the first 4 months of 2018, the price of BTC dropped below 7,000 USD. These negative dynamics were quite logical because the rise is always followed by the fall. For the first time since October 2017, the Bitcoin price fell below 6,000 dollars. On November 25, the price of Bitcoin fell even lower – $3,676 per 1 BTC. By mid-December, the bitcoin rate fell by almost 80% to its yearly rate, the price was $3,200.

Nowadays

What can we expect in 2019? What Bitcoin price predictions do crypto experts have? People hope that 2019 will bring new opportunities for Bitcoin and also other cryptocurrencies. Some investors and crypto enthusiasts predict that the BTC price will grow to 40 – 50,000 USD by the end of 2019. One of them, John McAfee, is assured that the price will rise to 1 million dollars by the end of 2020. He even had a bet that he posted in his Twitter saying that he would eat his “love muscle” if his BTC price prediction will not come true.

There may be a number of factors that can influence the BTC price in 2019. They are:

As it was said before, Bitcoin price predictions are almost like the weather forecast – you never know what price it will have tomorrow. If you think about investing in BTC or any other cryptocurrency you should follow its rate at present time but never forget to compare it to the past. But please, don’t bet to eat any of your body parts 🙂

Feel free to follow our updates and news on Twitter, Facebook, Reddit, Telegram and BitcoinTalk.
Read what the customers say about SimpleSwap on Trustpilot.
Don’t hesitate to contact us with any questions you may have via [[email protected]](mailto:[email protected]).
submitted by SimpleSwapExchange to BitcoinMarkets [link] [comments]

BTC premium on Bitfinex at $280 (~5%), widespread reports of people unable to withdraw fiat from the platform.

Bitcoin reserves in Bitfinex's cold wallet have also dropped precipitously from 120K BTC to 77K (-36%). If stats on total crypto on the platform were available it would likely be much greater.
Mt. Gox showed similar signs prior to its collapse in November of 2013. Keep in mind the hack was over two years prior in June 2011, so things can look normal for a long time until they're suddenly not. It's possible that Bitfinex can continue in its current state for years, at a deficit, so long as sources of cash like the recent IEO are available.
submitted by cryptoslate to CryptoCurrency [link] [comments]

The Decade in Blockchain — 2010 to 2020 in Review

2010

February — The first ever cryptocurrency exchange, Bitcoin Market, is established. The first trade takes place a month later.
April — The first public bitcoin trade takes place: 1000BTC traded for $30 at an exchange rate of 0.03USD/1BTC
May — The first real-world bitcoin transaction is undertaken by Laszlo Hanyecz, who paid 10000BTC for two Papa John’s pizzas (Approximately $25 USD)
June — Bitcoin developer Gavin Andreson creates a faucet offering 5 free BTC to the public
July — First notable usage of the word “blockchain” appears on BitcoinTalk forum. Prior to this, it was referred to as ‘Proof-of-Work chain’
July — Bitcoin exchange named Magic The Gathering Online eXchange—also known as Mt. Gox—established
August —Bitcoin protocol bug leads to emergency hard fork
December — Satoshi Nakamoto ceases communication with the world

2011

January — One-quarter of the eventual total of 21M bitcoins have been generated
February — Bitcoin reaches parity for the first time with USD
April — Bitcoin reaches parity with EUR and GBP
June — WikiLeaks begins accepting Bitcoin donations
June — Mt. Gox hacked, resulting in suspension of trading and a precipitous price drop for Bitcoin
August — First Bitcoin Improvement Proposal: BIP Purpose and Guidelines
October — Litecoin released
December — Bitcoin featured as a major plot element in an episode of ‘The Good Wife’ as 9.45 million viewers watch.

2012

May — Bitcoin Magazine, founded by Mihai Alisie and Vitalik Buterin, publishes first issue
July — Government of Estonia begins incorporating blockchain into digital ID efforts
September — Bitcoin Foundation created
October — BitPay reports having over 1,000 merchants accepting bitcoin under its payment processing service
November — First Bitcoin halving to 25 BTC per block

2013

February — Reddit begins accepting bitcoins for Gold memberships
March — Cyprus government bailout levies bank accounts with over $100k. Flight to Bitcoin results in major price spike.
May —Total Bitcoin value surpasses 1 billion USD with 11M Bitcoin in circulation
May — The first cryptocurrency market rally and crash takes place. Prices rise from $13 to $220, and then drop to $70
June — First major cryptocurrency theft. 25,000 BTC is stolen from Bitcoin forum founder
July — Mastercoin becomes the first project to conduct an ICO
August — U.S. Federal Court issues opinion that Bitcoin is a currency or form of money
October — The FBI shuts down dark web marketplace Silk Road, confiscating approximately 26,000 bitcoins
November — Vitalik Buterin releases the Ethereum White Paper: “A Next-Generation Smart Contract and Decentralized Application Platform
December — The first commit to the Ethereum codebase takes place

2014

January — Vitalik Buterin announces Ethereum at the North American Bitcoin Conference in Miami
February — HMRC in the UK classifies Bitcoin as private money
March — Newsweek claims Dorian Nakamoto is Bitcoin creator. He is not
April — Gavin Wood releases the Ethereum Yellow Paper: “Ethereum: A Secure Decentralised Generalised Transaction Ledger
June — Ethereum Foundation established in Zug, Switzerland
June — US Marshals Service auctions off 30,000 Bitcoin confiscated from Silk Road. All are purchased by venture capitalist Tim Draper
July — Ethereum token launch raises 31,591 BTC ($18,439,086) over 42 days
September — TeraExchange launches first U.S. Commodity Futures Trading Commission approved Bitcoin over-the-counter swap
October — ConsenSys is founded by Joe Lubin
December — By year’s end, Paypal, Zynga, u/, Expedia, Newegg, Dell, Dish Network, and Microsoft are all accepting Bitcoin for payments

2015

January — Coinbase opens up the first U.S-based cryptocurrency exchange
February — Stripe initiates bitcoin payment integration for merchants
April — NASDAQ initiates blockchain trial
June — NYDFS releases final version of its BitLicense virtual currency regulations
July — Ethereum’s first live mainnet release—Frontier—launched.
August — Augur, the first token launch on the Ethereum network takes place
September — R3 consortium formed with nine financial institutions, increases to over 40 members within six months
October — Gemini exchange launches, founded by Tyler and Cameron Winklevoss
November — Announcement of first zero knowledge proof, ZK-Snarks
December — Linux Foundation establishes Hyperledger project

2016

January — Zcash announced
February — HyperLedger project announced by Linux Foundation with thirty founding members
March — Second Ethereum mainnet release, Homestead, is rolled out.
April — The DAO (decentralized autonomous organization) launches a 28-day crowdsale. After one month, it raises an Ether value of more than US$150M
May — Chinese Financial Blockchain Shenzhen Consortium launches with 31 members
June — The DAO is attacked with 3.6M of the 11.5M Ether in The DAO redirected to the attacker’s Ethereum account
July — The DAO attack results in a hard fork of the Ethereum Blockchain to recover funds. A minority group rejecting the hard fork continues to use the original blockchain renamed Ethereum Classic
July — Second Bitcoin halving to 12.5BTC per block mined
November — CME Launches Bitcoin Price Index

2017

January — Bitcoin price breaks US$1,000 for the first time in three years
February — Enterprise Ethereum Alliance formed with 30 founding members, over 150 members six months later
March — Multiple applications for Bitcoin ETFs rejected by the SEC
April — Bitcoin is officially recognized as currency by Japan
June — EOS begins its year-long ICO, eventually raising $4 billion
July — Parity hack exposes weaknesses in multisig wallets
August — Bitcoin Cash forks from the Bitcoin Network
October — Ethereum releases Byzantium soft fork network upgrade, part one of Metropolis
September — China bans ICOs
October — Bitcoin price surpasses $5,000 USD for the first time
November — Bitcoin price surpasses $10,000 USD for the first time
December — Ethereum Dapp Cryptokitties goes viral, pushing the Ethereum network to its limits

2018


January — Ethereum price peaks near $1400 USD
March — Google bans all ads pertaining to cryptocurrency
March — Twitter bans all ads pertaining to cryptocurrency
April — 2018 outpaces 2017 with $6.3 billion raised in token launches in the first four months of the year
April — EU government commits $300 million to developing blockchain projects
June — The U.S. Securities and Exchange Commission states that Ether is not a security.
July — Over 100,000 ERC20 tokens created
August — New York Stock Exchange owner announces Bakkt, a federally regulated digital asset exchange
October — Bitcoin’s 10th birthday
November — VC investment in blockchain tech surpasses $1 billion
December — 90% of banks in the US and Europe report exploration of blockchain tech

2019

January — Coinstar machines begin selling cryptocurrency at grocery stores across the US
February — Ethereum’s Constantinople hard fork is released, part two of Metropolis
April — Bitcoin surpasses 400 million total transactions
June — Facebook announces Libra
July — United States senate holds hearings titled ‘Examining Regulatory Frameworks for Digital Currencies and Blockchain”
August — Ethereum developer dominance reaches 4x that of any other blockchain
October — Over 80 million distinct Ethereum addresses have been created
September — Santander bank settles both sides of a $20 million bond on Ethereum
November — Over 3000 Dapps created. Of them, 2700 are built on Ethereum
submitted by blockstasy to CryptoTechnology [link] [comments]

Interesting Articles on VeChain's Past Tying to Relevance Today (Sourced)

Hey community,
Been lingering here since 2017. Was bored tonight so grabbed a couple beers, hopped on Google and searched VeChain filtering dates back to 2016 & 2017. Figured I'd pop some articles here with a bullet or two under each containing the information I found relevant. If you find anything else relevant, whether it's information in the sources, or other dated, lets get a discussion going!

March 7 2016 https://siliconangle.com/2016/03/07/technology-startup-highlights-from-blockchain-conference-sf-2016-blockchainsf/

April 29 2016 https://bitcoinmagazine.com/articles/ibm-launches-blockchain-cloud-services-and-releases-hyperledger-code-on-bluemix-1461950136

June 30 2016 https://bitcoinmagazine.com/articles/hyperledger-global-expansion-adds-seven-new-members-to-blockchain-initiative-1467302290

August 23 2016 https://36kr.com/p/5113398 (page needs translation for English readers)

October 27 2016 https://siliconangle.com/2016/10/27/bitcoin-weekly-new-mobile-wallet-technology-and-blockchain-implementations-emerge/

November 14 2016 https://www.nfcworld.com/2016/11/14/348460/fashion-brand-adds-nfc-blockchain-authentic-personal-clothing/

September 14 2017 https://www.fooddive.com/news/how-blockchain-will-restore-consumer-confidence-in-food-safety/503846/

December 25 2017 https://news.bitcoin.com/no-tout-six-token-sale-questions-clarified-by-the-sec/

December 30 2017 https://www.coindesk.com/china-blockchain-maybe-2018
submitted by l00se_g00se to Vechain [link] [comments]

Top crypto events over the last decade

Top crypto events over the last decade

https://preview.redd.it/sq4dzdy5vwg41.png?width=3600&format=png&auto=webp&s=78d5072b99f48b3cfa6cd07afda9f3b562bcf324
2020 marks a decade since cryptocurrency became a part of a daily routine. Mass adoption of crypto started with Bitcoin’s appearance in 2009. A lot has happened in the Crypto World since then. Now let’s take a look at the most significant events over the last crypto decade.
  • In 2009 the first block of Bitcoins was mined for a 50 Bitcoins reward. The same year there was the first Bitcoin hard fork which gave us Namecoin.
  • The first exchange appeared in 2010. It was bitcoinmarket.com which doesn’t exist anymore. The same year it was hacked for the first time. This unpleasant event showed the most obvious flaws in the system though. It was rather important to understand all the possible drawbacks, and right up to this moment a lot of efforts are taken to prevent accidents like these.
https://preview.redd.it/ydgdqdw6vwg41.jpg?width=992&format=pjpg&auto=webp&s=238682017e54ff82ba8d7b6bf759c31f980a504e
  • 2010 was also a year when investors appeared. A lot of people are looking for an opportunity to invest in crypto now, but it has taken some time to learn that crypto can actually be an investment.
  • 2011 was a year of cryptocurrencies’ debuts. Swiftcoin appeared, and as a result of the second Bitcoin hard fork Litecoin came to the Crypto World.
  • In 2011, a physicist by training, 29-year-old Ross William Ulbricht, registered the Internet community called Silk Road on the anonymous Tor network. It has become one of the largest drug trafficking sites in the world. While the site was working, it managed to serve about a million customers, and the turnover of illicit substances exceeded $200 million. Almost all the payments were made in Bitcoins. In October 2013, the FBI closed the Silk Road and arrested 144,000 bitcoins, which at that time was about $100 million.
  • In 2012 people started talking about Bitcoin. It was even mentioned in some TV shows.
  • 2012 was marked by the birth of XRP.
  • By 2013 there were around 10 cryptocurrency assets.
  • In 2013 arguments about cryptocurrency regulation started. Countries had to find a way to deal with new technologies. Germany, Thailand, and China prohibited the use of cryptocurrencies. At the same time Canada launched the very first Bitcoin ATM.
https://preview.redd.it/ihloag98vwg41.jpg?width=900&format=pjpg&auto=webp&s=66a54edb739c689139213d387b33c29a97b7480d
  • 2014 is famous for the biggest cryptocurrency exchange hack. 850 000 BTC was stolen when the Mt.Gox exchange was hacked.
  • In 2015 several new cryptocurrencies appeared. The Ethereum ecosystem was introduced. Thanks to Ethereum we use smart contracts now.
  • In 2015 the number of Bitcoin ATMs increased, and Argentina started to accept crypto as a payment for taxi rides.
  • In 2015 all the ICOs started. Augur was the first to do this.
  • Starting from 2015 more and more cryptocurrencies appeared. As a result we have 200 000 tokens running on smart contracts now.
  • In 2017 Japan decided to legalize Bitcoin as a payment method. In Norway Bitcoin became an authorized investment and payment.
  • 2017 is famous for the appearance of the most adorable blockchain project, CryptoKitties. It is not a currency, but an asset. The main thing that distinguishes CryptoKitties from all the other tokens is the uniqueness. Usually tokens are interchangeable. The value of your assets is expressed primarily in the number of tokens you have. The value of each CryptoKitty is different. What kinds of CryptoKitties you have is important. So, your only CryptoKitty may cost more than three CryptoKitties of another user. Nonetheless, CryptoKitties are in fact ERC-721 tokens built on the Ethereum blockchain. Everything is administered by smart contracts, and ETH is used for all transactions. CryptoKitties became very famous. Since December 2, new kitties appeared every 15 minutes. They became a powerful tool in showing people how to use blockchain technologies in a fun way. CryptoKitties were so attractive that at a certain moment in 2017 they congested the Ethereum network.
https://preview.redd.it/oz48y1g9vwg41.jpg?width=2500&format=pjpg&auto=webp&s=4721d40913ca0de719e07331300d979610ea68b7
  • 15 November 2018 was the time when BCH hard fork happened. It was a result of the inner conflict between two camps: Roger Ver and Jihan Wu on the one side, and Craig Steven Wright and Calvin Ayre on the other side. This discord was caused by different versions of software. The whole thing culminated in creating BCH with 32 MB block size limit and BSV (Bitcoin Satoshi’s Vision) with 128 MB block size limit.
  • 2018 was time for European countries to come together and discuss cryptocurrency regulation.
  • 2019 was not a good year for XRP. In June wallets that were hosted on Gatehub were hacked and 23 200 000 XRP was stolen. Upbit exchange did not have a great year either. It was hacked and lost 10 000 ETH.
https://preview.redd.it/djmzr6oavwg41.jpg?width=997&format=pjpg&auto=webp&s=d08c447c081fd0e4d7f90762c8a66262b6dfb547
There were a lot of attempts to create a digital currency. Not all of them were successful. Finally, Bitcoin appeared and changed the world’s perception of the concept. It came a long way and became a whole industry. It is developing constantly involving more and more people on the way. The list of new cryptocurrencies is expanding rapidly. For the next decade there are still some problems to solve, but nonetheless the future of cryptocurrency seems to be extremely exciting.
submitted by SimpleSwapExchange to CryptoCurrencies [link] [comments]

Top crypto events over the last decade

Top crypto events over the last decade

https://preview.redd.it/knrz672dwwg41.png?width=3600&format=png&auto=webp&s=5f3ebf91ec0d2d6fddc9384fd973315cf7e4e3e5
2020 marks a decade since cryptocurrency became a part of a daily routine. Mass adoption of crypto started with Bitcoin’s appearance in 2009. A lot has happened in the Crypto World since then. Now let’s take a look at the most significant events over the last crypto decade.
  • In 2009 the first block of Bitcoins was mined for a 50 Bitcoins reward. The same year there was the first Bitcoin hard fork which gave us Namecoin.
  • The first exchange appeared in 2010. It was bitcoinmarket.com which doesn’t exist anymore. The same year it was hacked for the first time. This unpleasant event showed the most obvious flaws in the system though. It was rather important to understand all the possible drawbacks, and right up to this moment a lot of efforts are taken to prevent accidents like these.
https://preview.redd.it/6h4rluwdwwg41.jpg?width=992&format=pjpg&auto=webp&s=d9b938d15142eac43a64a05a1d11b492e2f1f322
  • 2010 was also a year when investors appeared. A lot of people are looking for an opportunity to invest in crypto now, but it has taken some time to learn that crypto can actually be an investment.
  • 2011 was a year of cryptocurrencies’ debuts. Swiftcoin appeared, and as a result of the second Bitcoin hard fork Litecoin came to the Crypto World.
  • In 2011, a physicist by training, 29-year-old Ross William Ulbricht, registered the Internet community called Silk Road on the anonymous Tor network. It has become one of the largest drug trafficking sites in the world. While the site was working, it managed to serve about a million customers, and the turnover of illicit substances exceeded $200 million. Almost all the payments were made in Bitcoins. In October 2013, the FBI closed the Silk Road and arrested 144,000 bitcoins, which at that time was about $100 million.
  • In 2012 people started talking about Bitcoin. It was even mentioned in some TV shows.
  • 2012 was marked by the birth of XRP.
  • By 2013 there were around 10 cryptocurrency assets.
  • In 2013 arguments about cryptocurrency regulation started. Countries had to find a way to deal with new technologies. Germany, Thailand, and China prohibited the use of cryptocurrencies. At the same time Canada launched the very first Bitcoin ATM.
https://preview.redd.it/yqmqqpwewwg41.jpg?width=900&format=pjpg&auto=webp&s=97a8adbdd1dded2c33aa1c9651175d54651454a1
  • 2014 is famous for the biggest cryptocurrency exchange hack. 850 000 BTC was stolen when the Mt.Gox exchange was hacked.
  • In 2015 several new cryptocurrencies appeared. The Ethereum ecosystem was introduced. Thanks to Ethereum we use smart contracts now.
  • In 2015 the number of Bitcoin ATMs increased, and Argentina started to accept crypto as a payment for taxi rides.
  • In 2015 all the ICOs started. Augur was the first to do this.
  • Starting from 2015 more and more cryptocurrencies appeared. As a result we have 200 000 tokens running on smart contracts now.
  • In 2017 Japan decided to legalize Bitcoin as a payment method. In Norway Bitcoin became an authorized investment and payment.
  • 2017 is famous for the appearance of the most adorable blockchain project, CryptoKitties. It is not a currency, but an asset. The main thing that distinguishes CryptoKitties from all the other tokens is the uniqueness. Usually tokens are interchangeable. The value of your assets is expressed primarily in the number of tokens you have. The value of each CryptoKitty is different. What kinds of CryptoKitties you have is important. So, your only CryptoKitty may cost more than three CryptoKitties of another user. Nonetheless, CryptoKitties are in fact ERC-721 tokens built on the Ethereum blockchain. Everything is administered by smart contracts, and ETH is used for all transactions. CryptoKitties became very famous. Since December 2, new kitties appeared every 15 minutes. They became a powerful tool in showing people how to use blockchain technologies in a fun way. CryptoKitties were so attractive that at a certain moment in 2017 they congested the Ethereum network.
https://preview.redd.it/uvifvwtfwwg41.jpg?width=2500&format=pjpg&auto=webp&s=2091e747922b81efae9257d15e924d804eb85bfd
  • 15 November 2018 was the time when BCH hard fork happened. It was a result of the inner conflict between two camps: Roger Ver and Jihan Wu on the one side, and Craig Steven Wright and Calvin Ayre on the other side. This discord was caused by different versions of software. The whole thing culminated in creating BCH with 32 MB block size limit and BSV (Bitcoin Satoshi’s Vision) with 128 MB block size limit.
  • 2018 was time for European countries to come together and discuss cryptocurrency regulation.
  • 2019 was not a good year for XRP. In June wallets that were hosted on Gatehub were hacked and 23 200 000 XRP was stolen. Upbit exchange did not have a great year either. It was hacked and lost 10 000 ETH.
https://preview.redd.it/1km3kvrgwwg41.jpg?width=997&format=pjpg&auto=webp&s=e07c6929dafd73535dfab29e243966bbddd19d3f
There were a lot of attempts to create a digital currency. Not all of them were successful. Finally, Bitcoin appeared and changed the world’s perception of the concept. It came a long way and became a whole industry. It is developing constantly involving more and more people on the way. The list of new cryptocurrencies is expanding rapidly. For the next decade there are still some problems to solve, but nonetheless the future of cryptocurrency seems to be extremely exciting.
submitted by SimpleSwapExchange to CryptoCurrencyTrading [link] [comments]

Bitcoin investment plan

Bitcoin investment plan
Bitcoin hit the $400 cost in November 2015 — something it hadn't done in a year. Expression of bitcoin was arriving at the more standard budgetary distributions around then. An article from Bloomberg gave an account of this cost increment in positive terms once in a while observed from a main standard money related distribution. It expressed, "Bitcoin is having some fantastic luck. Recently we brought up that the virtual money was on a gigantic series of wins. It's up almost 40 percent over the most recent three days."

The Bloomberg article noticed that examiner Gil Luria of Wedbush Securities composed the accompanying to customers prior in 2014: "We accept bitcoin and its related blockchain innovation can possibly upset the current money related foundation throughout the following scarcely any years. We accept the estimation of the bitcoin cash (BTC) will profit by this pattern and consequently are starting inclusion of GBTC with an OUTPERFORM rating and $40 value target."

Simultaneously in November of 2015, Paul Vigna of The Wall Street Journal wrote in his section, "The cost of bitcoin is flooding, traverse the $400 mark just because since last November, in the midst of an eruption of exchanging action and a flood enthusiasm for the innovation basic the digital money."

Bitcoin arrived at a high of $768 in June, 2016, and GBTC moved to a high of $135 around a similar time. At that point bitcoin hit an extremely unpredictable period as an ongoing hack of a bitcoin trade drove costs down. This is characteristic of the benefit, which is obviously not for the tame and preservationist. In any case, is it in any event, something that a speculator ought to consider?

https://preview.redd.it/apz11co31gi41.jpg?width=669&format=pjpg&auto=webp&s=13b9a4211f28f0cee15b8172e17e5dba634bc86e
Would you be able to Make Money With Bitcoin?

Bitcoin is most normally alluded to as an "advanced cash." It's not a physical instrument, however similarly as physical instruments, for example, dollars and coins can be utilized, it can work in its computerized structure as a money to pay for buys. In all actuality, there may not be many retail shops that really acknowledge bitcoin, yet the rundown is developing. It incorporates Overstock.com, Dell, Microsoft, Reeds Jewelers and even the Sacramento Kings. You can even utilize a Visa Mastercard that can be utilized to charge buys that are consequently charged from a shopper's bitcoin wallet.

At the point when you order bitcoin as a cash and contrast it with other money venture alternatives, for example, the U.S. dollar or yen, actually bitcoin was the world's best-performing cash in 2010, 2011, 2102, 2013 and 2015.

What occurred in 2014? It was the most noticeably awful performing cash! This further shows the unpredictability of bitcoin.

Bitcoin as an Alternative Investment

Since the estimation of bitcoin can be named in a dollar esteem and can vary up or down dependent on economic situations, it's a type of cash as well as it tends to be seen as a speculation vehicle also. I used to advise individuals not to put resources into anything in the event that you couldn't discover its cost in either a paper or through a trade. Actually bitcoin is exchanged on trades all through the world on a 24-hour premise. You'll generally know the estimation of bitcoin in dollars or your nearby money.

In any case, before you bounce in and purchase bitcoin or think about it as a venture, it's essential to perceive that bitcoin or any speculation ought to be a piece of a monetary methodology or plan that depends on your present circumstance, just as your objectives, targets and judicious resource assignment techniques.
submitted by Bitcoin12investment to u/Bitcoin12investment [link] [comments]

Top crypto events over the last decade

Top crypto events over the last decade

https://preview.redd.it/ekj2hgx8uwg41.png?width=3600&format=png&auto=webp&s=3a28eac66dadcf8d7317d67040769c1d33991137
2020 marks a decade since cryptocurrency became a part of a daily routine. Mass adoption of crypto started with Bitcoin’s appearance in 2009. A lot has happened in the Crypto World since then. Now let’s take a look at the most significant events over the last crypto decade.
  • In 2009 the first block of Bitcoins was mined for a 50 Bitcoins reward. The same year there was the first Bitcoin hard fork which gave us Namecoin.
  • The first exchange appeared in 2010. It was bitcoinmarket.com which doesn’t exist anymore. The same year it was hacked for the first time. This unpleasant event showed the most obvious flaws in the system though. It was rather important to understand all the possible drawbacks, and right up to this moment a lot of efforts are taken to prevent accidents like these.
https://preview.redd.it/qk5yekccuwg41.jpg?width=992&format=pjpg&auto=webp&s=8ad280e309b8745fa13e1ffdc7b6cc3260c49ec1
  • 2010 was also a year when investors appeared. A lot of people are looking for an opportunity to invest in crypto now, but it has taken some time to learn that crypto can actually be an investment.
  • 2011 was a year of cryptocurrencies’ debuts. Swiftcoin appeared, and as a result of the second Bitcoin hard fork Litecoin came to the Crypto World.
  • In 2011, a physicist by training, 29-year-old Ross William Ulbricht, registered the Internet community called Silk Road on the anonymous Tor network. It has become one of the largest drug trafficking sites in the world. While the site was working, it managed to serve about a million customers, and the turnover of illicit substances exceeded $200 million. Almost all the payments were made in Bitcoins. In October 2013, the FBI closed the Silk Road and arrested 144,000 bitcoins, which at that time was about $100 million.
  • In 2012 people started talking about Bitcoin. It was even mentioned in some TV shows.
  • 2012 was marked by the birth of XRP.
  • By 2013 there were around 10 cryptocurrency assets.
  • In 2013 arguments about cryptocurrency regulation started. Countries had to find a way to deal with new technologies. Germany, Thailand, and China prohibited the use of cryptocurrencies. At the same time Canada launched the very first Bitcoin ATM.
https://preview.redd.it/wp6ldohduwg41.jpg?width=900&format=pjpg&auto=webp&s=168d329de50a6f8b8bb4f7e2fd79c974405d91f0
  • 2014 is famous for the biggest cryptocurrency exchange hack. 850 000 BTC was stolen when the Mt.Gox exchange was hacked.
  • In 2015 several new cryptocurrencies appeared. The Ethereum ecosystem was introduced. Thanks to Ethereum we use smart contracts now.
  • In 2015 the number of Bitcoin ATMs increased, and Argentina started to accept crypto as a payment for taxi rides.
  • In 2015 all the ICOs started. Augur was the first to do this.
  • Starting from 2015 more and more cryptocurrencies appeared. As a result we have 200 000 tokens running on smart contracts now.
  • In 2017 Japan decided to legalize Bitcoin as a payment method. In Norway Bitcoin became an authorized investment and payment.
  • 2017 is famous for the appearance of the most adorable blockchain project, CryptoKitties. It is not a currency, but an asset. The main thing that distinguishes CryptoKitties from all the other tokens is the uniqueness. Usually tokens are interchangeable. The value of your assets is expressed primarily in the number of tokens you have. The value of each CryptoKitty is different. What kinds of CryptoKitties you have is important. So, your only CryptoKitty may cost more than three CryptoKitties of another user. Nonetheless, CryptoKitties are in fact ERC-721 tokens built on the Ethereum blockchain. Everything is administered by smart contracts, and ETH is used for all transactions. CryptoKitties became very famous. Since December 2, new kitties appeared every 15 minutes. They became a powerful tool in showing people how to use blockchain technologies in a fun way. CryptoKitties were so attractive that at a certain moment in 2017 they congested the Ethereum network.
https://preview.redd.it/hnqg73qfuwg41.jpg?width=2500&format=pjpg&auto=webp&s=4034a666c8b9b2ef14b5e538e31a5ee1c7f2648a
  • 15 November 2018 was the time when BCH hard fork happened. It was a result of the inner conflict between two camps: Roger Ver and Jihan Wu on the one side, and Craig Steven Wright and Calvin Ayre on the other side. This discord was caused by different versions of software. The whole thing culminated in creating BCH with 32 MB block size limit and BSV (Bitcoin Satoshi’s Vision) with 128 MB block size limit.
  • 2018 was time for European countries to come together and discuss cryptocurrency regulation.
  • 2019 was not a good year for XRP. In June wallets that were hosted on Gatehub were hacked and 23 200 000 XRP was stolen. Upbit exchange did not have a great year either. It was hacked and lost 10 000 ETH.
https://preview.redd.it/t9zexhphuwg41.jpg?width=997&format=pjpg&auto=webp&s=4e17b536c516bf599c2634ba955479131017d8de
There were a lot of attempts to create a digital currency. Not all of them were successful. Finally, Bitcoin appeared and changed the world’s perception of the concept. It came a long way and became a whole industry. It is developing constantly involving more and more people on the way. The list of new cryptocurrencies is expanding rapidly. For the next decade there are still some problems to solve, but nonetheless the future of cryptocurrency seems to be extremely exciting.
submitted by SimpleSwapExchange to CryptoMarkets [link] [comments]

Nuvmining | What Is Bitcoin, How Is It Various Than "Real" Cash and also How Can I Get Some?

Bitcoin is a digital money. It does not exist in the kind of physical type that the currency & coin we're used to exist in. It does not even exist in a type as physical as Syndicate cash. It's electrons - not molecules.
nuv mining
Yet consider just how much cash you directly handle. You obtain an income that you require to the bank - or it's autodeposited without you even seeing the paper that it's not printed on. You after that utilize a debit card (or a checkbook, if you're old school) to access those funds. At finest, you see 10% of it in a money form in your pocket or in your pocketbook. So, it turns out that 90% of the funds that you take care of are online - electrons in a spreadsheet or data source.
nuvmining
However delay - those are UNITED STATE funds (or those of whatever nation you come from), safe in the financial institution and also ensured by the complete belief of the FDIC approximately about $250K per account, right? Well, not exactly. Your banks might just called for to maintain 10% of its deposits on down payment. In some cases, it's much less. It offers the rest of your cash bent on other individuals for approximately thirty years. It charges them for the funding, and also costs you for the advantage of letting them offer it out.
Just how does money obtain developed?
Your financial institution reaches produce money by offering it out.
State you deposit $1,000 with your bank. They then lend out $900 of it. Unexpectedly you have $1000 as well as another person has $900. Magically, there's $1900 floating around where prior to there was only a grand.
Currently claim your bank instead offers 900 of your dollars to another financial institution. That financial institution in turn lends $810 to an additional financial institution, which after that offers $720 to a client. Poof! $3,430 in an immediate - virtually $2500 produced out of nothing - as long as the bank follows your federal government's central bank rules.
Production of Bitcoin is as different from bank funds' creation as cash money is from electrons. It is not managed by a government's reserve bank, but rather by consensus of its customers as well as nodes. It is not developed by a restricted mint in a structure, however rather by dispersed open source software program and computer. As well as it needs a type of real work for production. Extra on that particular shortly.
Who created BitCoin?
The very first BitCoins remained in a block of 50 (the "Genesis Block") created by Satoshi Nakomoto in January 2009. It really did not really have any type of worth initially. It was simply a cryptographer's toy based on a paper published two months earlier by Nakomoto. Nakotmoto is an evidently imaginary name - nobody appears to know that she or he or they is/are.
That monitors everything?
Once the Genesis Block was developed, BitCoins have actually because been produced by doing the work of keeping track of all deals for all BitCoins as a kind of public journal. The nodes/ computers doing the computations on the journal are awarded for doing so. For each collection of effective calculations, the node is rewarded with a specific quantity of BitCoin (" BTC"), which are after that freshly produced right into the BitCoin community. For this reason the term, "BitCoin Miner" - because the procedure develops new BTC. As the supply of BTC increases, and also as the number of transactions boosts, the job essential to update the public ledger gets harder and also much more complicated. As a result, the variety of new BTC right into the system is created to be concerning 50 BTC (one block) every 10 minutes, worldwide.
Although the computer power for mining BitCoin (as well as for upgrading the public ledger) is currently boosting exponentially, so is the intricacy of the mathematics problem (which, incidentally, additionally needs a certain amount of thinking), or "evidence" needed to mine BitCoin as well as to settle the transactional publications at any type of provided moment. So the system still only generates one 50 BTC block every 10 minutes, or 2106 blocks every 2 weeks.
So, in a sense, everyone tracks it - that is, all the nodes in the network keep track of the background of every single BitCoin.
Just how much is there and also where is it?
There is a maximum variety of BitCoin that can ever before be produced, and that number is 21 million. According to the Khan Academy, the number is anticipated to peak around the year 2140.
Since, today there were 12.1 million BTC in flow
Your very own BitCoin are kept in a documents (your BitCoin purse) in your very own storage space - your computer system. The data itself is evidence of the number of BTC you have, and also it can move with you on a mobile phone.
If that data with the cryptographic key in your wallet obtains lost, so does your supply of BitCoin funds. And also you can't obtain it back.
Just how much is it worth?
The value differs based on just how much people believe it deserves - similar to in the exchange of "real cash." Yet due to the fact that there is no central authority trying to maintain the value around a certain level, it can vary a lot more dynamically. The very first BTC were generally worth absolutely nothing at the time, however those BTC still exist. Since 11AM on December 11, 2013, the general public value was $906.00 United States per BitCoin. When I completed composing this sentence, it was $900.00. Around the start of 2013, the value was around $20.00 United States. On November 27, 2013 it was valued at greater than $1,000.00 United States per BTC. So it's kind of unstable presently, yet it's expected to calm down.
The complete value of all BitCoin - since the period at the end of this sentence - is around 11 billion US bucks.
How can I get me some?
First, you have to have a BitCoin purse. This post has links to get one.
Then one method is to purchase some from one more private party, like these individuals on Bloomberg TV. One method is to purchase some on an exchange, like Mt. Gox.
As well as finally, one means is to dedicate a lot of computer power as well as power to the process as well as become a BitCoin miner. That's well outside the extent of this post. However if you have a couple of thousand extra dollars lying around, you can obtain rather a gear.
Exactly how can I spend it?
There are numerous vendors of all sizes that take BitCoin in payment, from cafes to auto dealers. There's also a BitCoin ATM in Vancouver, British Columbia for transforming your BTC to cash in Vancouver, BC.
And so?
Money has had a lengthy background - centuries in size. Somewhat recent tale tells us that Manhattan Island was bought for wampum - seashells & the like. In the very early years of the United States, different financial institutions printed their own money. On a recent visit to Salt Spring Island in British Columbia, I invested currency that was just good on the beautiful island. The common style among these was a trust agreement amongst its customers that specific currency held value. In some cases that worth was tied directly to something strong and physical, like gold. In 1900 the U.S. connected its currency straight to gold (the "Gold Requirement") and in 1971, ended that tie.
Currently money is traded like any kind of various other commodity, although a certain nation's currency worth can be propped up or decreased through activities of their reserve bank. BitCoin is an alternative money that is also traded as well as its value, like that of various other products, is figured out via trade, yet is not stood up or lessened by the action of any kind of bank, however rather straight by the activities of its individuals. Its supply is minimal as well as known nevertheless, and also (unlike physical money) so is the history of each and every single BitCoin. Its viewed worth, like all various other money, is based on its utility and also count on.
As a form of currency, BitCoin not specifically a new thing in Production, however it absolutely is a new means for cash to be created.
submitted by Nuvmining to u/Nuvmining [link] [comments]

QuadrigaCX: A history of suspicious activity

This is a compilation of everything suspicious I found with Quadriga. Please let me know if there’s anything incorrect or missing

Early History (2013-2017)
All account fundings are considered to be purchases of QuadrigaCX Bucks. These are units that are used for the purposes of purchasing Bitcoin or other cryptocurrencies. QuadrigaCX Bucks are NOT Canadian Dollars. Any notation of $, CAD, or USD refers to an equivalent unit in QuadrigaCX Bucks, which exist for the sole purpose of buying and selling Bitcoin and other cryptocurrencies.
QuadrigaCX is NOT a financial institution, bank, credit union, trust, or deposit business. We DO NOT take Deposits. We exist solely for the purposes of buying and selling cryptocurrencies.

Banking troubles throughout 2018

Period leading up to Gerry’s death

Gerry’s death and announcement

Chain analysis of the crypto trapped in cold storage

Formal Active Investigations

References:
Quadriga’s History
CCN Article listing suspicious activity
Court Documents
submitted by crashcow51 to QuadrigaCX2 [link] [comments]

The Biggest Scams In The Crypto History: Part 2

Here’s the sequel of our previous article. You wanted — you got it. Let’s roll!
OneCoin
OneCoin is a good example of a Ponzi scheme. In 2015, the Indian company One Coin Limited began to issue digital currency without a blockchain and decentralization. The old-school MLM (Multi-Level Marketing) strategy was used for the distribution of coins.
The company was selling a wide range of training packages on crypto trading, mining and successful life. There were textbooks, presentations, and other rubbish, among which were OneCoin tokens. They were supposed to allow users to get even more tokens. But the thing was that only One Coin Limited had exclusive rights to issue of coinage. So there were no other options for mining this coin.
On the international conference the founder of OneCoin, Ruja Ignatova, presents these tokens as the Bitcoin killer. See how easy it is to fool users?
Over the years, the company has spread its network globally. And only in 2017, the project gets into a number of investigations and restrictions. Owners and employees of the company more and more often could not answer questions from investors and carried on with the nonsense about “a bright crypto-future.”
Finally, regulators and banks in Italy, Germany, Hungary, Belize, Thailand and other countries have banned the trade of OneCoin and warned users not to get engaged with this company.
In early March 2019, the current OneCoin cryptocurrency leader Konstantin Ignatov, brother of Ruja Ignatova, was arrested at Los Angeles airport. He is accused of fraud and creating a financial pyramid.
According to the United States Attorney’s Office, Ignatov and his sister misled investors all over the world, and as a result, the people invested billions of dollars in a fraud scheme. They are accused of building a billion-dollar cryptocurrency company, based entirely on deception.
FBI Assistant Director-in-Charge William Sweeney, Jr. said:
“OneCoin was a cryptocurrency existing only in the minds of its creators and their co-conspirators. Unlike authentic cryptocurrencies, which maintain records of their investors’ transaction history, OneCoin had no real value. It offered investors no method of tracing their money, and it could not be used to purchase anything. In fact, the only ones who stood to benefit from its existence were its founders and co-conspirators.”
Despite all hardships, One Coin Limited continues to work. If you check out their website you will find everything there: a meaningless text about the benefits of a “revolutionary” token and other signs of a high-quality international project that deceives people.
QuadrigaCX
It’s not possible to take your savings to the grave, right? More than 100,000 clients of QuadrigaCX are ready to argue with that. So let’s try to recount the details of this strange story.
QuadrigaCX was created in 2013 and was Canada’s largest cryptocurrency exchange.
In December 2018, Gerald Cotten (founder and CEO of the QuadrigaCX) and his wife — Jennifer Robertson, were in India on their honeymoon. During this trip Cotten suddenly passed away from Crohn’s disease. After his death, it turned out that Gerald was the only one who had access to cold wallets of the exchange platform.
Changpeng Zhao (Binance CEO) comments this situation on Twitter:
“That’s sad. There are many solutions to split private keys or signing to achieve 3/5, 5/7 etc. Never neglect security. Also, never have CEO carry private keys. Bad on many levels.”
On January 25, 2019 (that is, almost two months after Cotten’s death) a special meeting was convened to appoint QuadrigaCX’s new directors. As a result, the inconsolable widow Jennifer Robertson, her stepfather Thomas Beazley and Jack Martel were elected to take charge of a company. By the way, this meeting was held by a conference call as the widow was very busy by hastily selling the property of her deceased husband. Indeed, there was something to deal with: a yacht, a plane, and several houses. Also, dearly departed managed to take care of his Chihuahuas by opening a special trust account for them in the amount of $100,000 (which is interesting, as Cotten did not show such forethought about the clients of his company).
It’s worth to mention that the clients of QuadrigaCX had problems with the exchange for a long time — mainly related to the withdrawal of funds. The first wake-up calls took place in March 2018, when press reports negatively about delays in the withdrawal of funds the total amount of which exceeded $100,000. But that’s all just moonshine compared to the fact that in June 2017 the exchange platform lost about 15 million Canadian dollars — as explained to the community, due to a bug in the smart contract. As a result, the Canadian Imperial Bank of Commerce (CIBC) froze about $22 million in QuadrigaCX accounts. This happened in November 2018, and for all users, it would have meant the end of a remarkable business but Mr. Cotten wasn’t explaining the problems to customers, wasn’t trying to solve them, and so on. He had just married and went on a honeymoon trip to pass away exactly two weeks after freezing the accounts.
As the inconsolable widow stated in her testimony:
“To the best of my knowledge, most of the businesses of these companies was being conducted by Gerry whenever and wherever he and his computer were located”.
In February 2019, the head of Coinbase — Brian Armstrong unveiled the results of an independent investigation into the QuadrigaCX. He reported on his Twitter account the following:
“Sequence of events suggests this was a mismanagement with later attempt to cover for it.” “This implies that at least few people inside Qadriga knew that they were running fractional. If so, then it’s possible that untimely death of their CEO was used as an outlet to let the company sink”.
Brian Armstrong stressed that QuadrigaCX users started complaining about problems with withdrawing money long before Gerald Cotten’s death. Thus, the company management decided to invent a story about private keys on the laptop of the CEO to hide the financial insolvency, one of the reasons for which could be inefficient management.
Nowadays, the Canadian cryptocurrency exchange QuadrigaCX is officially bankrupt. Users of the closed Quadriga are now leading legal battles in order to recover their funds. The total amount of which is about $190 million in crypto. The exact circumstances of the disappearance of user deposits remain uncertain.
Do you think the story with QuadrigaCX was Exit Scam or Mismanagement?
Bitfinex
One of the largest crypto scandals of the year broke out on April 30, 2019. The New York State Attorney General’s Office has filed serious accusations against the biggest exchange platform — Bitfinex. According to Leticia James, the exchange platform used the reserves of Tether, an affiliated company to cover up a loss of $850 million.
Questions to Tether have been in the air for a long time. In January 2018, the critics of the main stablecoin assumed that the company, in fact, produced more coins than it actually could sustain. Some critics accused the Bitfinex in fraud and manipulation of Tether’s rate and influenced through it on the price of Bitcoin.
So what’s up with the Bitfinex? Investigators of the prosecutor’s office claim that the lost money belonged to the clients and iFinex corporation. That is why, back in October 2018, Bitfinex started having problems with the withdrawal of the funds: the clients complained about long response time and a delay in receiving currency. According to the authorities, Bitfinex transferred $850 million to Crypto Capital Corp., the payment company. The Tether reserves were used to fill the gap, but this information was not disclosed to the public. According to the first data, Tether provided funding in the amount of at least $700 million for this purposes. Withdrawing this amount of currency severely shook faith in the idea that Tether tokens are indeed fully backed by dollars.
And then Bitfinex had extraordinary difficulties in satisfying the withdrawal demands from the platform since Crypto Capital refused to process withdrawals or simply could not return any funds. One of the senior Bitfinex executives opened a can of worms by writing the following:
“Please understand all this could be extremely dangerous for everybody, the entire crypto community. BTC could tank to below 1k if we don’t act quickly.”
Soon after it was known about the serious accusations against companies, Bitfinex’s users began to panic. They started buying Bitcoin and trying to get rid of their assets in USDT. As a result, BTC was trading $350+ (6.75%) more expensive than the crypto market average.
Tether and Bitfinex published a joint statement on their official blogs in response to the allegations of missing funds. The posts allege that the companies did not receive any preliminary warnings, as well as that lawsuits from the New York Prosecutor General’s Office were “riddled with false assertions”.
According to the latest information, Bitfinex is supposed to release its own token and attract $1 billion in Tether through IEO.
What do you think about these scandals and scams? Tell us your thoughts in the comments below.
Like and share this article if you find it useful. Want more interesting articles on the crypto world? Follow us on Medium, Twitter, Facebook, and Reddit to get Stealthex.io updates and the latest news about the crypto world. For all requests message us at [[email protected]](mailto:[email protected]).
submitted by Stealthex_io to BitcoinCA [link] [comments]

The Great Bitcoin Bull Market Of 2017 by Trace Mayer

By: Trace Mayer, host of The Bitcoin Knowledge Podcast.
Originally posted here with images and Youtube videos.
I just got back from a two week vacation without Internet as I was scouring some archeological ruins. I hardly thought about Bitcoin at all because there were so many other interesting things and it would be there when I got back.
Jimmy Song suggested I do an article on the current state of Bitcoin. A great suggestion but he is really smart (he worked on Armory after all!) so I better be thorough and accurate!
Therefore, this article will be pretty lengthy and meticulous.
BACKGROUND
As I completely expected, the 2X movement from the New York Agreement that was supposed to happen during the middle of my vacation flopped on its face because Jeff Garzik was driving the clown car with passengers willfully inside like Coinbase, Blockchain.info, Bitgo and Xapo and there were here massive bugS and in the code and miners like Bitmain did not want to allocate $150-350m to get it over the difficulty adjustments.
I am very disappointed in their lack of integrity with putting their money where their mouths are; myself and many others wanted to sell a lot of B2X for BTC!
On 7 December 2015, with Bitcoin trading at US$388.40, I wrote The Rise of the Fourth Great Bitcoin Bubble. On 4 December 2016, with Bitcoin trading at US$762.97, I did this interview:

As of 26 November 2017, Bitcoin is trading around US$9,250.00. That is an increase of about 2,400% since I wrote the article prognosticating this fourth great Bitcoin bull market. I sure like being right, like usual (19 Dec 2011, 1 Jul 2013), especially when there are financial and economic consequences.
With such massive gains in such a short period of time the speculative question becomes: Buy, Hold or Sell?
FUNDAMENTALS
Bitcoin is the decentralized censorship-resistant Internet Protocol for transferring value over a communications channel.
The Bitcoin network can use traditional Internet infrastructure. However, it is even more resilient because it has custom infrastructure including, thanks to Bitcoin Core developer Matt Corrallo, the FIBRE network and, thanks to Blockstream, satellites which reduce the cost of running a full-node anywhere in the world to essentially nothing in terms of money or privacy. Transactions can be cheaply broadcast via SMS messages.
SECURITY
The Bitcoin network has a difficulty of 1,347,001,430,559 which suggests about 9,642,211 TH/s of custom ASIC hardware deployed.
At a retail price of approximately US$105/THs that implies about $650m of custom ASIC hardware deployed (35% discount applied).
This custom hardware consumes approximately 30 TWh per year. That could power about 2.8m US households or the entire country of Morocco which has a population of 33.85m.
This Bitcoin mining generates approximately 12.5 bitcoins every 10 minutes or approximately 1,800 per day worth approximately US$16,650,000.
Bitcoin currently has a market capitalization greater than $150B which puts it solidly in the top-30 of M1 money stock countries and a 200 day moving average of about $65B which is increasing about $500m per day.
Average daily volumes for Bitcoin is around US$5B. That means multi-million dollar positions can be moved into and out of very easily with minimal slippage.
When my friend Andreas Antonopolous was unable to give his talk at a CRYPSA event I was invited to fill in and delivered this presentation, impromptu, on the Seven Network Effects of Bitcoin.
These seven network effects of Bitcoin are (1) Speculation, (2) Merchants, (3) Consumers, (4) Security [miners], (5) Developers, (6) Financialization and (7) Settlement Currency are all taking root at the same time and in an incredibly intertwined way.
With only the first network effect starting to take significant root; Bitcoin is no longer a little experiment of magic Internet money anymore. Bitcoin is monster growing at a tremendous rate!!

SPECULATION
For the Bitcoin price to remain at $9,250 it requires approximately US$16,650,000 per day of capital inflow from new hodlers.
Bitcoin is both a Giffen good and a Veblen good.
A Giffen good is a product that people consume more of as the price rises and vice versa — seemingly in violation of basic laws of demand in microeconomics such as with substitute goods and the income effect.
Veblen goods are types of luxury goods for which the quantity demanded increases as the price increases in an apparent contradiction of the law of demand.
There are approximately 16.5m bitcoins of which ~4m are lost, ~4-6m are in deep cold storage, ~4m are in cold storage and ~2-4m are salable.
(http://www.runtogold.com/images/lost-bitcoins-1.jpg)
(http://www.runtogold.com/images/lost-bitcoins-2.jpg)
And forks like BCash (BCH) should not be scary but instead be looked upon as an opportunity to take more territory on the Bitcoin blockchain by trading the forks for real bitcoins which dries up more salable supply by moving it, likely, into deep cold storage.
According to Wikipedia, there are approximately 15.4m millionaires in the United States and about 12m HNWIs ($30m+ net worth) in the world. In other words, if every HNWI in the world wanted to own an entire bitcoin as a 'risk-free asset' that cannot be confiscated, seized or have the balance other wise altered then they could not.
For wise portfolio management, these HNWIs should have at least about 2-5% in gold and 0.5-1% in bitcoin.
Why? Perhaps some of the 60+ Saudis with 1,700 frozen bank accounts and about $800B of assets being targetted might be able to explain it to you.
In other words, everyone loves to chase the rabbit and once they catch it then know that it will not get away.
RETAIL
There are approximately 150+ significant Bitcoin exchanges worldwide. Kraken, according to the CEO, was adding about 6,000 new funded accounts per day in July 2017.
Supposedly, Coinbase is currently adding about 75,000 new accounts per day. Based on some trade secret analytics I have access to; I would estimate Coinbase is adding approximately 17,500 new accounts per day that purchase at least US$100 of Bitcoin.
If we assume Coinbase accounts for 8% of new global Bitcoin users who purchase at least $100 of bitcoins (just pulled out of thin error and likely very conservative as the actual number is perhaps around 2%) then that is approximately $21,875,000 of new capital coming into Bitcoin every single day just from retail demand from 218,750 total new accounts.
What I have found is that most new users start off buying US$100-500 and then after 3-4 months months they ramp up their capital allocation to $5,000+ if they have the funds available.
After all, it takes some time and practical experience to learn how to safely secure one's private keys.
To do so, I highly recommend Bitcoin Core (network consensus and full validation of the blockchain), Armory (private key management), Glacier Protocol (operational procedures) and a Puri.sm laptop (secure non-specialized hardware).
WALL STREET
There has been no solution for large financial fiduciaries to invest in Bitcoin. This changed November 2017.
LedgerX, whose CEO I interviewed 23 March 2013, began trading as a CFTC regulated Swap Execution Facility and Derivatives Clearing Organization.
The CME Group announced they will begin trading in Q4 2017 Bitcoin futures.
The CBOE announced they will begin trading Bitcoin futures soon.
By analogy, these institutional products are like connecting a major metropolis's water system (US$90.4T and US$2 quadrillion) via a nanoscopic shunt to a tiny blueberry ($150B) that is infinitely expandable.
This price discovery could be the most wild thing anyone has ever experienced in financial markets.
THE GREAT CREDIT CONTRACTION
The same week Bitcoin was released I published my book The Great Credit Contraction and asserted it had now begun and capital would burrow down the liquidity pyramid into safer and more liquid assets.
(http://www.runtogold.com/images/Great-Credit-Contraction-Liquidity-Pyramid.jpg)
Thus, the critical question becomes: Is Bitcoin a possible solution to the Great Credit Contraction by becoming the safest and most liquid asset?
BITCOIN'S RISK PROFILE
At all times and in all circumstances gold remains money but, of course, there is always exchange rate risk due to price ratios constantly fluctuating. If the metal is held with a third-party in allocated-allocated storage (safest possible) then there is performance risk (Morgan Stanley gold storage lawsuit).
But, if properly held then, there should be no counter-party risk which requires the financial ability of a third-party to perform like with a bank account deposit. And, since gold exists at a single point in space and time therefore it is subject to confiscation or seizure risk.
Bitcoin is a completely new asset type. As such, the storage container is nearly empty with only $150B.
And every Bitcoin transaction effectively melts down every BTC and recasts it; thus ensuring with 100% accuracy the quantity and quality of the bitcoins. If the transaction is not on the blockchain then it did not happen. This is the strictest regulation possible; by math and cryptography!
This new immutable asset, if properly secured, is subject only to exchange rate risk. There does exist the possibility that a software bug may exist that could shut down the network, like what has happened with Ethereum, but the probability is almost nil and getting lower everyday it does not happen.
Thus, Bitcoin arguably has a lower risk profile than even gold and is the only blockchain to achieve security, scalability and liquidity.
To remain decentralized, censorship-resistant and immutable requires scalability so as many users as possible can run full-nodes.
(http://www.runtogold.com/images/ethereum-bitcoin-scability-nov-2017.png)
TRANSACTIONS
Some people, probably mostly those shilling alt-coins, think Bitcoin has a scalability problem that is so serious it requires a crude hard fork to solve.
On the other side of the debate, the Internet protocol and blockchain geniuses assert the scalability issues can, like other Internet Protocols have done, be solved in different layers which are now possible because of Segregated Witness which was activated in August 2017.
Whose code do you want to run: the JV benchwarmers or the championship Chicago Bulls?
As transaction fees rise, certain use cases of the Bitcoin blockchain are priced out of the market. And as the fees fall then they are economical again.
Additionally, as transaction fees rise, certain UTXOs are no longer economically usable thus destroying part of the money supply until fees decline and UTXOs become economical to move.
There are approximately 275,000-350,000 transactions per day with transaction fees currently about $2m/day and the 200 DMA is around $1.08m/day.
(http://www.runtogold.com/images/bitcoin-transaction-fees-nov-2017.png)
What I like about transaction fees is that they somewhat reveal the financial health of the network.
The security of the Bitcoin network results from the miners creating solutions to proof of work problems in the Bitcoin protocol and being rewarded from the (1) coinbase reward which is a form of inflation and (2) transaction fees which is a form of usage fee.
The higher the transaction fees then the greater implied value the Bitcoin network provides because users are willing to pay more for it.
I am highly skeptical of blockchains which have very low transaction fees. By Internet bubble analogy, Pets.com may have millions of page views but I am more interested in EBITDA.
DEVELOPERS
Bitcoin and blockchain programming is not an easy skill to acquire and master. Most developers who have the skill are also financially independent now and can work on whatever they want.
The best of the best work through the Bitcoin Core process. After all, if you are a world class mountain climber then you do not hang out in the MacDonalds play pen but instead climb Mount Everest because that is where the challenge is.
However, there are many talented developers who work in other areas besides the protocol. Wallet maintainers, exchange operators, payment processors, etc. all need competent developers to help build their businesses.
Consequently, there is a huge shortage of competent developers. This is probably the largest single scalability constraint for the ecosystem.
Nevertheless, the Bitcoin ecosystem is healthier than ever before.
(http://www.runtogold.com/images/bitcoin-ecosystem.jpg)(/images/bitcoin-ecosystem-small.jpg)
SETTLEMENT CURRENCY
There are no significant global reserve settlement currency use cases for Bitcoin yet.
Perhaps the closest is Blockstream's Strong Federations via Liquid.
PRICE
There is a tremendous amount of disagreement in the marketplace about the value proposition of Bitcoin. Price discovery for this asset will be intense and likely take many cycles of which this is the fourth.
Since the supply is known the exchange rate of Bitcoins is composed of (1) transactional demand and (2) speculative demand.
Interestingly, the price elasticity of demand for the transactional demand component is irrelevant to the price. This makes for very interesting dynamics!
(http://www.runtogold.com/images/bitcoin-speculation.jpg)
On 4 May 2017, Lightspeed Venture Partners partner Jeremy Liew who was among the early Facebook investors and the first Snapchat investor laid out their case for bitcoin exploding to $500,000 by 2030.
On 2 November 2017, Goldman Sachs CEO Lloyd Blankfein (https://www.bloomberg.com/news/articles/2017-11-02/blankfein-says-don-t-dismiss-bitcoin-while-still-pondering-value)said, "Now we have paper that is just backed by fiat...Maybe in the new world, something gets backed by consensus."
On 12 Sep 2017, JP Morgan CEO called Bitcoin a 'fraud' but conceded that "(http://fortune.com/2017/09/12/jamie-dimon-bitcoin-cryptocurrency-fraud-buy/)Bitcoin could reach $100,000".
Thus, it is no surprise that the Bitcoin chart looks like a ferret on meth when there are such widely varying opinions on its value proposition.
I have been around this space for a long time. In my opinion, those who scoffed at the thought of $1 BTC, $10 BTC (Professor Bitcorn!), $100 BTC, $1,000 BTC are scoffing at $10,000 BTC and will scoff at $100,000 BTC, $1,000,000 BTC and even $10,000,000 BTC.
Interestingly, the people who understand it the best seem to think its financial dominance is destiny.
Meanwhile, those who understand it the least make emotionally charged, intellectually incoherent bearish arguments. A tremendous example of worldwide cognitive dissonance with regards to sound money, technology and the role or power of the State.
Consequently, I like looking at the 200 day moving average to filter out the daily noise and see the long-term trend.
(http://www.runtogold.com/images/bitcoin-price-200dma-nov-2017.png)
Well, that chart of the long-term trend is pretty obvious and hard to dispute. Bitcoin is in a massive secular bull market.
The 200 day moving average is around $4,001 and rising about $30 per day.
So, what do some proforma situations look like where Bitcoin may be undervalued, average valued and overvalued? No, these are not prognostications.
(http://www.runtogold.com/images/bitcoin-price-pro-forma.png)
Maybe Jamie Dimon is not so off his rocker after all with a $100,000 price prediction.
We are in a very unique period of human history where the collective globe is rethinking what money is and Bitcoin is in the ring battling for complete domination. Is or will it be fit for purpose?
As I have said many times before, if Bitcoin is fit for this purpose then this is the largest wealth transfer in the history of the world.
CONCLUSION
Well, this has been a brief analysis of where I think Bitcoin is at the end of November 2017.
The seven network effects are taking root extremely fast and exponentially reinforcing each other. The technological dominance of Bitcoin is unrivaled.
The world is rethinking what money is. Even CEOs of the largest banks and partners of the largest VC funds are honing in on Bitcoin's beacon.
While no one has a crystal ball; when I look in mine I see Bitcoin's future being very bright.
Currently, almost everyone who has bought Bitcoin and hodled is sitting on unrealized gains as measured in fiat currency. That is, after all, what uncharted territory with daily all-time highs do!
But perhaps there is a larger lesson to be learned here.
Riches are getting increasingly slippery because no one has a reliable defined tool to measure them with. Times like these require incredible amounts of humility and intelligence guided by macro instincts.
Perhaps everyone should start keeping books in three numéraires: USD, gold and Bitcoin.
Both gold and Bitcoin have never been worth nothing. But USD is a fiat currency and there are thousands of those in the fiat currency graveyard. How low can the world reserve currency go?
After all, what is the risk-free asset? And, whatever it is, in The Great Credit Contraction you want it!
What do you think? Disagree with some of my arguments or assertions? Please, eviscerate them on Twitter or in the comments!
submitted by bitcoinknowledge to Bitcoin [link] [comments]

What is Bitcoin Bitcoins Erklärung: In nur 12 Min. Bitcoin verstehen ... Federal Reserve finds Bitcoin Remarkable -- Hackers think so too -- Wu-Tang Bitcoin Kate Spade Wellesley as a Wallet and Planner November 2013 Bitcoin Wallet Demo

November 2013 erstmals mehr als 1.000 $ anzeigte. Im Dezember 2017 lag der bisherige Höchstwert bei 19.666 $ für 1 Bitcoin. Dann sank der Kurs wieder auf unter 10.000 $ und wird von Finanzexperten als volatil, also stark schwankend, bezeichnet. New data from cybersecurity firm Kapersky Labs shows a sharp increase in bitcoin-related malware attacks occurred in 2013. Study: Bitcoin Wallet Attacks Rose Sharply in 2013 News Learn Research First, let’s go way back to the halcyon days of November 2013. The world was still reeling at the implications of Edward Snowden’s leak of classified NSA documents; Nelson Mandela was about to die (for the second time if you ask some people); and Bitcoin was having its best month ever. November 19, 2013 By Team Bitcoin Leave a Comment on Bitcoin is going Viral , reaches $750.00. Team Bitcoin has been hesitant in posting bullish rah rah articles in recent weeks as bitcoin has surged in price breaking all time highs on an almost daily basis. While we are of course long-term bulls for bitcoin it has . Read More Bitcoin is going Viral , reaches $750.00. Share this: Click to ... Bitcoin Wallet oder 'Schildbach Wallet' war die erste mobile Bitcoin-Wallet. Bitcoin Wallet ist sicherer als die meisten anderen Bitcoin-Wallets, weil sie einen direkt mit dem Bitcoin-Netzwerk verbindet. Bitcoin Wallet hat ein simples Interface und genau die richtige Menge an Funktionen, die sie zu einer großartigen Wallet und einem großartigen Lernhilfsmittel für Bitcoin-Anfänger macht.

[index] [31161] [45339] [22999] [39548] [23811] [26047] [46225] [2562] [37965] [34081]

What is Bitcoin

You are interested in the Bitcoin to shop anonymous peer to peer or as an investment ( November 29, 2013, the value of a Bitcoin BTC exceeds that of an ounce of gold ) I can sell you a small ... Free Printable for Month on 2 Pages: https://app.box.com/s/625d4b3251ba9780e991 If above link doesn't work, maybe this link will help: http://mylifeallinonep... Sponsored by Bittylicious - https://bittylicious.com/ November 8, 2013 -- Bangalore, India -- MadBitcoins: A generation ahead. Here are Today's MadBits: Bitcoin ... https://chrome.google.com/webstore/detail/bitcoin-wallet/mjjfjonhlkajifgkcmmgadaimemcihcj Demonstrating the Bitcoin Wallet Chrome Extension. It instantly cre... Published on May 11, 2013 This is a demo of a protoype bitcoin paper wallet printer I have built. The device is completely standalone and includes a bitcoin address generator and integrated printer.

#