Bitcoin for COINBASE:BTCUSD by MajorLeagueTrader — TradingView

Law of attraction works in the most strangest of ways

So from my experiences with lottery wins and the LOA serving Justice or balancing wrong doers (more on this below). I have come to the conclusion that Law of Attraction works via psychic or higher self means. It will almost always directly go to work when a person absolutely completely let's go of the matter.
In my case, the LOA both brings me things I desire like lottery wins. I won lottery 7 times via LOA and the lottery wins happen only when I get the tugging pulling feeling that guides me to the win, I can't just play every day, it has to somehow one day just tell me "Buy that". It even nearly made me a millionaire via CryptoCurrency.
In 2016, something gave me a feeling to buy 1 Bitcoin from a local bitcoins website that matched me with a Russian smart young dude in my city that sold it to me for around $600, it was the strangest feeling buying something that he sent me digitally for that high of cash. And then, something else told me to shapeshift that near whole Bitcoin into 600,000 Ripple XRP as I was on the Shapeshift website which didn't need registration at that time. But I sadly didn't listen to it, but instead bought 80,000 XRP and the shocker is that the news of it getting on Coinbase skyrocketed it to $4 an XRP and I would've had 4 million dollars, but I instead got out with around $70k as it started dropping out.
LOA was trying to make a millionaire and I didn't listen to it LOL, but hopefully it will give me a big juicy lottery win.
LOA didn't end with just giving me huge Cryptocurrency gains, it also gave me a $50k lottery win, and also gave me another $25k lottery win and now it keeps on giving me $500 in a border state game from next door state, that game is called "All or Nothing". My state stopped that game sadly, but the border state has it and the border state is rich with lottery revenue so they have a lot of good games.
From all my Lottery wins, I found out there is 1 persistent thing that makes me believe LOA is very real and it is tied to higher self and also Psychic self. It is that the win always arrives spontaneously when I Have not played for a long time or a while, like for example I haven't played for 1 month or weeks, and then I get a random idea to go play it or some good feeling is pulling me towards it, and I suspect it is the LOA so I go play and guess what? BAM it hits me with a $500 or $25k win. Also the LOA is very powerful when multiple people are involved. Like my friend and I and my other friend split hat $25k prize but it was me who paid for it as it was my turn to buy it since we take turns buying it but we still go together and split it 3 way. The $50k was all by myself, and I won that under some mysterious circumstances. I suddenly found myself tired one evening as I decided to go out to drive Uber out of boredom, and this was strange because I had plenty of sleep the previous night, and also drank well and eat healthy and I am still young. So I just decided to head to my sisters house and on my way to sisters house, I recalled that her kids love gum and soda so I decided to go buy those at the store but I also noticed a guy in front of me buy 2 scratch off tickets of a game, so I decided to buy 1 of the same game he did and I scanned it in the store after scratching off bar code and it told me to see lottery office.
I normally just scratch off barcode area just to get to the point and see if I won or not. But this was my first time playing lottery in a while and that became a winner. And surprisingly my energy levels and alertness returned to normal. I believe it was LOA and higher self guiding me to it.
Right now it is about the 5th time that I won All or Nothings $500 prize and each time I play, it is something tugging me to go play it and I win $500, so for example there wasn't a time in the last 5 wins that I played it and did not win it. That gas station workers in that state know me as the guy who wins the $500 because they see my win it all the time. So this is telling me the LOA or Higher Self is guiding me to it. I also noticed in one of these 5 wins, that I left my sisters house and was heading up i35E and was approaching i494 and West takes me to my house while i494 East takes me to that border state that has that game. And I felt something with some excited energy telling me to take i494 East and go play that game, and I did even though I clearly just wanted to go home, I did take the East exit and bought the game and thank God my home was still on the way taking i494 North up. Got home and this game draws daily and I find out I won $500, heck Google images even indexed these wins of mine when I posted them in the Lottery sub after taking photos of them.
But what surprises me is that the LOA keeps giving me the $500 win which is just 1 number away from the $100k and I really desire the $100k and still have not won it. So now I just let go again totally and completely stopped playing the game.
I discovered that to get the LOA to work, one has to absolutely accept the reality that one will not get what he/she desires, just completely accept it and let go. And in the most least expected time, the win will come and find you. Or whatever you desired will come and find you. I believe the higher self or subconscious starts putting together a series of events that appear coincidence, but are actually not coincidence, these events ultimately lead you to the win. This was your higher self guiding you all this time, but some people want to believe it is coincidence or whatever else you call that thing.
Another example of my LOA working is that it gave my Ex-Fiance bad luck. She did various wrong things to me and said bad things to me and she is in another country, I did a lot for her and went there after I left Morocco and her father and mother liked me, and I wanted to return to finish marriage for her, but my passport was expiring in 6 months and I lost $1800 in Plane ticket because of the fact that the airliner would not let me board since rule is that people can't fly out international if passport is expiring in 6 months or less.
Her dying uncle also wanted to see our ceremony and wedding, but there was also the fact that we never finished the initial Shiekh Halal part, and I bought her a Gold necklace when her father and I and her were together at the Jewelry store in that country, but this Gold necklace was for the gift of what they call Mehr and this is valid for her only if she finishes the processes with me and we become husband and wife and I assumed all would fall in smoothly and we would finish it, but her fighting became excessive and she blamed me for my passport that expired and the fact that her dying Uncle never got to see wedding as I never went there to finish everything even though I scrambled to do everything I can.
But guess what? back to the part about how the LOA harmed her, now keep in mind that I don't want my power that I can't control to harm people, I want the good for humanity and forgive the wrongdoings of people and I forgave her, but just as I messaged her to tell her that if she still has that Gold Necklace, it may bring her harm because she never finished process with me and that she fought me too much when I wanted to better her. She said she had to sell it because it did indeed bring her bad luck, she didn't tell me exactly what bad luck, but I believe her. As long as she sold it and got rid of it I am happy even if she didn't mail it to me, because hopefully at least she won't get affected by my Higher Self which has been known to balance me and others if I wronged people or if they wronged me. It goes both ways, my own higher self can bring me bad luck or other people can bring me bad luck or harm if I wrong them. So the Universe does balance people https://imgur.com/a/8psTSq3
Ever notice that people who are angry often keep having more negativity and bad luck attracted to themselves? they can never get what they want because they never let go and let their higher self handle it. For example I often see at the Gas station I buy the lottery tickets from that there is always crumbled up tickets or scratchers that people leave on the counter that is right next to the scanner that scans the tickets, but there is a garbage can nearby. So this tells me that person got angry or frustrated and that is not how you win, to win you have to let go and let the higher self guide you to the win in the most unexpected of time. Also the not throwing away the losing slips part and letting the workers pick up doesn't help in the person actually getting guided to the win is what I believe because it is a wrong act to just purposely leave losing slips or scratchers there for another person to throw away for you.
submitted by xerxes7777 to lawofattraction [link] [comments]

Electrum Version 4.xx | GOT SCAMMED |

I lost $250!
Still unsure how they pulled it off...
I used 100% the official version of Electrum back in december (last transaction)
Thank god i purposely moved funds back into the wallet i was going to use, instead of using it as a main wallet.

https://imgur.com/a/kHDOjyT
seen on a different thread

this was the message...

Please for the sake of god, use a hardware wallet you guys, it'll be less convenient, but much safer.
I normally browse this subreddit, i wish i seen this :(

upvote to spread awareness
https://prnt.sc/orws8p

1MGeSQ1YYxuQGXFkeXcNbZwZsW2rKuNa8K
this is one of their addresses, showing my $250 along with $22,000 USD more :(

Hello,
We have reviewed the transaction details provided and this transaction does not belong to a BitPay invoice (X).
If you have sent your bitcoin to any address not associated to BitPay or a BitPay merchant, there is nothing that BitPay can do to recover your payment for you.
We noticed that you said you were using Electrum wallet, are you using a version 4.x? If so, we regret to inform you that your funds have likely been stolen.
The official source of the Electrum wallet is https://electrum.org/#download
Per the above website, the Latest release is Electrum-3.3.8.
There has been reports of a phishing attack against the Electrum wallet which you can read more about at https://github.com/spesmilo/electrum/issues/4968.
It looks like this was an attack that gave an update notification from within the app, telling you to upgrade the app. If you followed these instructions, it downloaded a malicious version of the Electrum wallet to your device, and stole your funds.
To follow a recommendation from Electrum's website, you should not download Electrum from another source than electrum.org, and need to learn learn to verify GPG signatures if you are trusting open source software with your money.
You can read more in depth about this exploit at https://blog.coinbase.com/electrohunt-part-1-hunting-for-the-phishing-campaigns-on-the-electrum-network-b10529162e63.
If you have any funds left in that wallet, it is highly recommended to move them to another wallet immediately (do not transfer from the compromised version, use your 12 word seed phrase to import the wallet to another wallet app, then transfer the funds to a new wallet with a different 12 word seed phrase)
Please let us know if you have any questions.
Check out our How To Library on YouTube!
submitted by JeffBezos3 to Bitcoin [link] [comments]

Cryptocurrency and Blockchain – Industry News – (03.15.19 – 03.22.19)

Total Market Cap, as of 03.22.19 at 3:00pm (PST): $140,255,684,074 (+1.95%)

Missed last week’s update? Click here

STORY OF THE WEEK

•CEO of Square Jack Dorsey announces its intention to hire 3-4 engineers and 1 designer to work on open source contributions to the Bitcoin/cryptocurrency ecosystem. New hires will not be focused on Square’s commercial interests, but rather what’s best for the crypto community.

ADOPTION

Western Union partners with Stellar based start-up Thunes to enable clients to transfer funds directly to any mobile wallet globally.

CRYPTOCURRENCY TRADING SERVICES

Coinbase Pro removes support for stop orders and adjusts its trading fees schedule. Those who trade under $100,000 will see a fee increase of 33%. Other transactional thresholds will see no changes or otherwise a reduction of 13-50%.
Coinbase lists Stellar Lumens (XLM) on its web and native mobile applications (iOS, Android) on March 18th, 2019.
Binance launches a new fiat-to-crypto gateway in Australia, dubbed “Binance Lite”. The new platform allows for Bitcoin purchase in any of the 1300 newsagent stores for a 5% fee.
Huobi announces Huobi Prime, a platform allowing traders to speculate on tokens before they list on exchanges in what’s called an IEO (Initial Exchange Offering).
Cryptopia resumes trading with 40 pairs as of March 18th, 2019. Those who have lost funds as a result of the hack in January will be deposited a Cryptopia Loss Marker (CLM) to keep track of lost coins in New Zealand Dollars.
Huobi Global and OkEx announce support for upcoming Tron-based Tether (USDT).
• A report from trading analytics firm The Tie suggests an estimated 87% of cryptocurrency trading volume may be artificially manufactured. This was determined by cross-referencing platform visitor analytics and reported volume by the exchanges.

REGULATION

•Senior advisor at the U.S Securities and Exchange Commission (SEC) Valerie Szczepanik stated that algorithmic stablecoins – tokens that maintain its stability through financial mechanisms may be “getting into the land of securities”.
The Japanese Cabinet, an executive agency of the Japanese government approves a law that bans margin trading that exceeds 4x from the initial position. Margin-enabled exchanges must now also register no later then 18 months from the effective date the law goes into effect.

TECHNOLOGY

•Major mining hardware manufacture Bitmain releases Antminer Z11 on March 19th, 2019. The new miner will be 60% more efficient on electricity and tout a 3x increase in hashing power to mine cryptocurrencies that is based on the Equihash algorithm (ZCash).

INSTITUTIONALIZATION

Kakao, an internet conglomerate in South Korea with an estimated 44M users is looking to integrate a cryptocurrency wallet into its flagship messaging app – KakaoTalk.
•Worlds largest manufacture of cryptocurrency mining equipment Bitmain, looks to deploy 200,000 miners in China’s southwestern provinces to take advantage of cheap hydroelectric power.

PEOPLE

•Major South Korean cryptocurrency exchange Bithumb to reduce staffing by 50%. This will effectively reduce the head count of the team from 310 to 150.
•Jared Rice Sr, founder of $4.2 million USD crypto bank scam AriseBank pleads guilty to 1 of 3 outstanding charges. Plea will sentence Jared to 60 months in prison with a maximum sentence of 20 years and $5 million USD fine.
•Former BTC-e operator Alexander Vinnik currently accused for money laundering to the tune of $4 billion USD appeals for extradition to Russia for humanitarian reasons.

TWITTER

@jack – #BitcoinTwitter and #CryptoTwitter! Square is hiring 3-4 crypto engineers and 1 designer to work full-time on open source contributions to the bitcoin/crypto ecosystem. Work from anywhere, report directly to me, and we can even pay you in bitcoin! Introducing @sqcrypto.
@iamdevloper – If anyone wants a better understanding of Blockchain, I can thoroughly recommend the Fyre Festival documentary on Netflix.
@danheld – Dollar: In God we trust. Bitcoin: In math we trust.
submitted by Edmund_N to CryptoCurrency [link] [comments]

Your Weekly /r/ethtrader Recap

Sunday, July 07 - Saturday, July 13
Top 10 Posts score link to comments
Bull Run Confirmed!! 772 173 comments
Why does this have less than 100 views? Made by CME Group who does btc eth futures. One of the best Eth 101 videos I’ve seen. We should be shouting this from the rooftops trying to spread it like wildfire. 523 46 comments
Samsung release Ethereum-based Blockchain SDK 508 77 comments
Ethereum is quietly becoming the global platform for every asset 385 86 comments
Psychology of a market cycle 317 125 comments
“We’ll Tokenize the House”: Mortgages are coming to Ethereum this Summer 305 128 comments
Daily General Discussion - July 9, 2019 303 1,411 comments
Brave Ads (BAT) officially released on Android to millions of users! New Certified Vendor Program announced for BAT/Brave advertisers, plus Brave Ads advertiser testimonials 280 49 comments
The "Magic The Gathering" of Ethereum, Gods Unchained releases public beta 272 68 comments
Cryptos Rally As Coinbase CEO Says Trump's Bitcoin Tweet Is "Achievement Unlocked" 235 56 comments
 
Top 5 Discussions score link to comments
REMINDER: on fundamentals, The Flippening is inevitable 213 100 comments
Still waiting for u/bigdaddyjsb to pay up for the bet they made with me. They're still active on here, still posting, but no payment 206 84 comments
[Serious discussion] The case of ethereum never reaching $1000 again VS reaching a new high 30 82 comments
A Community Notice on Ratios, Bitcoin and FUD 81 71 comments
Prepare... 149 66 comments
 
Please let me know if you have suggestions to make this roundup better for /ethtrader. I can search for posts based off keywords in the title, URL and flair. And I can also search for comments.
If you would like this roundup sent to your inbox every day send me a message with the subject 'ethtrader'. Or if you only want a weekly roundup, use the subject 'ethtrader weekly'
However, I can do more.. you can have me search for any keywords you want on any subreddit you want. Send a message with the subject 'set ethtrader' and in the message: specify a number of upvotes that must be reached, and then an optional list of keywords you want to search for, separated by commas. You can have as many lines as you'd like, as long as they follow this format:
200 50, keyword1, another keyphrase, last example 
You can also do 'set ethtrader weekly' And you can replace ethtrader with any subreddit.
See my wiki to learn more: click here
submitted by subredditsummarybot to ethtrader [link] [comments]

/r/Bitcoin FAQ - Newcomers please read

Welcome to the /Bitcoin Sticky FAQ

You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments.
The following videos are a good starting point for understanding how bitcoin works and a little about its long term potential:
For lots of additional video resources check out the videos wiki page or /BitcoinTV.
Key properties of bitcoin
Additional Bitcoin statistics can be found here. Developer resources can be found here and here. Peer-reviewed research papers can be found here and here. And of course, the whitepaper that started it all :)

Where can I buy bitcoins?

You can buy or sell any amount of bitcoin and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, more can be found here.
Here is a listing of local ATMs. Also, Lawnmower is also a handy way to make small recurring purchases of bitcoin. If you would like your paycheck auotmatically converted to bitcoin use Cashila or Bitwage.
Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Here are a couple useful sites (bitkoin.io, preev.com) that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".

Securing your bitcoins

With bitcoin you can "be your own bank" and personally secure your bitcoins OR you can use third party companies aka "bitcoin banks" which will hold the bitcoins for you.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email!
2FA requires a second confirmation code to access your account, usually from a text message or app, making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
Google Auth Authy
Android Android
iOS iOS

Where can I spend bitcoins?

Comprehensive lists can be found at the Trade FAQ or The Bitcoin Directory, some more commons ones are below.
Store Product
Steam, Disco Melee, HumbleBundle, GreenmanGaming, and Coinplay.io For when you need to get your game on
Microsoft Xbox games, phone apps and software
Spendabit, The Bitcoin Shop, Overstock, Rakuten, DuoSearch and BazaarBay Retail shopping with millions of results
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
NewEgg, TigerDirect and Dell For all your electronic needs
Cashila, Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, Pey.de, LRoS, Wagepoint, Hyphen.to Bill payment
Foodler and Takeaway Takeout delivered to your door!
Expedia, Cheapair, Lot, Destinia, BTCTrip, Abitsky, SkyTours, Fluege and 9flats For when you need to get away
BoltVM VPS service
Cryptostorm, Mullvad, and PIA VPN services
Namecheap For new domain name registration
Stampnik and GetUSPS Discounted USPS Priority, Express, First-Class mail postage
Reddit Gold Premium membership which can be gifted to others
Coinmap and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations, such as Wikipedia, Red Cross, Amnesty International, United Way, ACLU and the EFF. You can find a longer list here.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out.
If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.
You can also earn bitcoins by participating as a market maker to allow users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins)

Bitcoin Projects

The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
Project Description
Lightning Network, Amiko Pay, and Strawpay Payment channels for network scaling
Blockstream and Drivechain Sidechains
21, Inc. Open source library for the machine payable web
ShapeShift.io Trade between bitcoins and altcoins easily
Open Transactions, Counterparty, Omni, Open Assets, Symbiont and Chain Financial asset platforms
Hivemind and Augur Prediction markets
Mirror Smart contracts
Mediachain Decentralized media library
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
Samourai and Dark Wallet - abandoned Privacy-enhancing wallets
JoinMarket CoinJoin implementation (Increase privacy and/or Earn interest on bitcoin holdings)
Coinffeine and Bitsquare Decentralized bitcoin exchanges
Keybase and Bitrated Identity & Reputation management
Bitmesh and Telehash Mesh networking
JoyStream BitTorrent client with paid seeding
MORPHiS Decentralized, encrypted internet
Storj and Sia Decentralized file storage
Streamium and Faradam Pay in real time for on-demand services
Abra Global P2P money transmitter network
bitSIM PIN secure hardware token between SIM & Phone
Identifi Decentralized address book w/ ratings system
Coinometrics Institutional-level Bitcoin Data & Research
Blocktrail and BitGo Multisig bitcoin API
Bitcore Open source Bitcoin javascript library
Insight Open source blockchain API
Leet Kill your friends and take their money ;)

Tipping

Use ChangeTip.com (/changetip) for tipping people on Facebook, Reddit, Twitter, YouTube, Tumblr, Google+, GitHub, Slack and more! (you can even use custom monikers to tailor your tip to the discussion or add a bit of humor). Read more about ChangeTip at their reddit wiki.

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
millibitcoin mBTC 1,000 per bitcoin SI unit for milli i.e. millilitre (mL) or millimetre (mm)
microbitcoin μBTC 1,000,000 per bitcoin SI unit for micro i.e microlitre (μL) or micrometre (μm)
bit bit 1,000,000 per bitcoin Colloquial "slang" term for microbitcoin
satoshi sat 100,000,000 per bitcoin Smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $500 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki.
Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit. A complete list of bitcoin related subreddits can be found here
Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval.
Welcome to the Bitcoin community and the new decentralized economy!
submitted by BinaryResult to Bitcoin [link] [comments]

New rule! Also are cryptocurrencies an investment, will there be a crash? Everything answered here!

This is going to be the only crypto post for now and an announcement:
Rule 6: Bitcoins & cryptocurrenies should be discussed in CryptoCurrency. Posts regarding this topic will be automatically removed.
If there's a stock correlated with cryptocurrencies, like coinbase going IPO, then that's fine, you might have to message the mods after posting to have it approved, no big deal.
Also if you're questioning whether something is an investment or not, just search for it on personalfinance. For general currency trading strategies, see forex .
If you're wondering if bitcoins are an investment or if there will be a crash, read on.

Are cryptocurrencies an investment?

This post is going to deal with bitcoins & cryptocurrencies as an investment... they're more speculative. All currencies are speculative mostly due to how the forex market works, but more because of exchange rates between countries keep currencies balanced (including inflation, country debt, interest rates, political & economic stability, etc), so you can only profit in price fluctuations.
Sure you could buy the currency of a depressed country, like Mexico decades ago, and then hold in the hopes it'll go up (which it did for Mexico), but that's also speculation (no one knew Mexico would pay off so much debt).
Bitcoins are also affected by other countries' currency values, but more so by the future expectation of legitimacy, world wide adoption, limited gains from mining, and eventual limit in supply. But at any given moment the United States could pay off more debt, raise interest rates to reduce inflation (or cause deflation), grow GDP, or even reduce the supply of USD all of which would increase the value of USD (keep in mind bitcoins can't do any of these things).
Far too many people are treating cryptocoins as an investment because currently (June 5th 2017) a lot of crypto investors are worth a lot of money, god bless you people, so this post will also help you determine if we're headed for a crypto crash and maybe you can keep those profits.

Should I invest in cryptocurrencies?

Understand that an investment is something you hope will go up in the future or provide income, both of which for the long term vs speculation which profits on short term inefficiencies.
Speculative securities are typically commodities, options, bonds, and currencies, but also stocks that are volatile enough to give you extreme returns or extreme loses.

Examples of investments:

Examples of speculation:

Reducing the risk of speculation

Typically for speculation you reduce risk by reducing your trade size and timeframe, but since you're trying to invest into something that is speculative, you can try:
Asset allocation, a strategy that reduces risk.. If you're 80% stocks, 15% bonds, 4% gold, and 1% bitcoins, if something were to happen to bitcoins, you still have 99% of your money.
But even very aggressive long term portfolios leave speculation out completely and just go 100% stocks because stocks benefit from growth while speculative securities like gold benefit from global turmoil in the short term. Only mid risk & mid term portfolios can take advantage of gold's speculative returns.
I also mention asset allocation because many crypto investors have been using this strategy on a portfolio of 100% crypto coins, but that doesn't help you reduce the overall risk of crypto coins, you're just reducing the risk of 1 speculative asset with another speculative asset. 100% crypto portfolio would face the same risks such as being made illegal, IRS aggressively hunting down crypto profits, a drop in correlated coin markets, or just a loss of popularity would all cause a sell off. Even the USD or Chinese currencies becoming more valuable would reduce the value of crypto coins.

Should I buy coins right now?

Cryptocoins are a better investment after a period of consolidation when volatility has stabilized:

Bitcoin 2013/2014 speculation, chart

Bitcoin 2015 consolidation, chart

Source Bitstamp exchange, while the volume is #2 to GDAX, Bitstamp is better to look at for historical price/data, more charts here.

RSI & MACD key for above charts and primer

Analyzing overbought signals

So the first chart above have RSI & MACD screaming that bitcoin is overbought and you shouldn't invest in 2013/2014.
The black squares in the 2nd chart show consolidation and reduced volatility, a "better" time to invest. If you were trading short term, it would be a whole different story, and there would be opportunities to buy & short, but since this is written for investing, the small overbought signals are ignored, so if you were to buy Bitcoin at $300 inside the first blacksquare (2nd chart) and then it suddenly drops to 25%, it's okay because the volatility is much lower compared to previous price movements (nothing compared to 80% loss in the 1st chart). Any investor would tell you a 25% drop is terrible, but bitcoins are speculative and that kind of drop is pretty damn good for this level of volatility.

Nothing goes straight up forever

and anything that comes near this vertical incline will eventually lose 80% to near 100%, always happens, it's usually preceded by emotions (price euphoria), attention, and increased volume, all classic signs that something is becoming riskier.
Other speculative securities gaining multiples and then losing 80% to near 100% of value:

Notable comments on reddit:

*This is just to get you guys looking at different subs on this topic, and yeah it's mostly anti-crypto, but don't let that discourage you.

Is Bitcoin going to crash?

Maybe, the signals are getting louder, you tell me: The only chart you wanted to see this entire time.
So based on the above chart, is bitcoin overbought? MACD levels are the same as 2013's crash, but the increased in value is around 4.3x or 2.4x (depending on which you look at), so maybe we'll see another spike before a crash, I don't know, it's up to interpretation right now. There's the emotional price levels of 3000 and 4000 that we might have no problem getting to in an overbought environment before a correction. And how big will the correction be? I think 80%, but it very well could be around 50% down to $1200, the previous level of resistance which would become support.
I put everything above in its own wiki here.
Well I hope that helps everyone. Sorry to anyone that may feel butthurt on classifying cryptocoins as speculation, I hope you understand the facts. Feel free to argue or agree with this. If I made any mistakes and you point them out, I'll correct them and give you credit for it in an update to this post and the wiki.
Also the automod will is just going to blanket remove posts (not comments) with the following keywords {crypto, bitcoin, btc, etherium, altcoin} (see update 4 below) (this will eventually get relaxed if Coinbase ever IPOs) and then it'll send the user this message:
"Sorry your post[link] was removed in stocks because of rule 6: Bitcoins & cryptocurrenies should be discussed in CryptoCurrency. You can find more information in our are-cryptocurrencies-investments wiki. If you're trying to discuss a non-OTC stock related to cryptocoins like Coinbase IPO, or this was just a mistake, message the mods and they'll approve your post, thanks."
Update: Created wiki, added relevant websites and sub reddits. Also turned on automod reply.
Update2: those relavant websites and subreddits I put into the wiki, thanks u/dross99 for recommending ethereum

Relevant websites/wikis

Relevant subreddits

  • CryptoCurrency - main sub to learn about all bit & altcoins
  • ethtrader - trading eth
  • ethereum - for more eth information
  • btc - the place to have bitcoin discussions or r/CryptoCurrency; while Bitcoin does have a lot of information on Bitcoins in general, you'll find many reddit subs completely opposed to Bitcoin for heavy censorship of discussions, especially those critical of bitcoins, so you're better off reading the sub's wikis and discussing bitcoins in btc & r/CryptoCurrency
  • personalfinance
Update3: Shoutout to the mods on CryptoCurrency
Update4: Updated auto mod keywords, it's not a blanket catch all, a little completed to understand if you don't know regex but it looks like this
"crypto ?(trading|investing)","(should(| I)|could(| I)|can(| I)|how to|is it worth) (buy|sell|mine|min)(|ing) (btc|btcs|bitcoin|ether|etherium|eth|litecoin|ripple|altcoin)" 
submitted by provoko to stocks [link] [comments]

02-23 02:53 - 'Bitcoin Can Help A Family' (self.Bitcoin) by /u/TalaPersinger removed from /r/Bitcoin within 5-15min

'''
Not sure why someone flagged this as begging but, you can find this on GoFundMe. Im not sure if it's ok to post link seeing as the other was "flagged" but you can use search. She needs help and since people can send low amounts that's why I figured I would reach out to the Bitcoin community for help. At least vote to move if not in a proper category. She needs all the help possible and I had to make a new account to post this after posting it 5 minutes ago. No one is begging this is a ask for help for Stephanie. It is very disturbing seeing how some people could help her but, someone flagged so they couldn't even see it. Wonder if it was there child in her predicament if they would flag a whole community that came together to write what's below. I wish there was a option on GoFundMe for Bitcoin because a few asked us about it but anyways thank you and below is what the Erie Community came together to write.
I am posting this on a few Bitcoin forums so we can get help for our dear friend Stephanie. Currently she had a death of a child and cannot afford funeral expenses for her daughter.
As of today we had raised around 500$ from local businesses in our area from collection jars and around 68$ on GoFundMe. Stephanie was a married stay at home mother of three before loosing her husband last year to a drunk driver. She has two children now and works 2 separate jobs trying to support them and barely making monthly rent. Stephanie's beautiful daughter ashley, age 11, past away on February 18th, 2019. Ashley reminded all of us how fun our child hood was in Erie. It was a tremendous loss when she left our community. To help Stephanie is our last chance to do something to show Ashley how much we loved her.
Anything will help Stephanie and all the money received will go towards the funeral expenses. If, any money is left over, it will go to supporting her family. Stephanie knows that her hometown community has been taking donations for her but, she keeps going to work and not taking the time off needed. We personally think she should be taking all the time she needs to get the support desperately needed thats why our community is doing everything we can to try and make things easier for her.
We are using coinbase so, all bitcoin will be converted into cash an then withdrawaled into a PayPal account for Stephanie.
Please, If you can donate even 1$, .50¢ please send to:
3JyhWXsx2imJ8bpuShYcmFVuv8NSBfbueX
God Bless, Erie Community
Bitcoin transaction will be converted at night every few days and, added in together as one total to the GoFundMe Page. Donation will say Sent from "Bitcoin Community".
Again, thank you and we will update this post every few days or so. If you would like to add your name to the donations, please send a message. God Bless - The Erie Community
If it's considered begging then I'm sorry. I guess we will put the option on the GoFundMe hoping the account isn't closed off but, that's why we wrote it here.
'''
Bitcoin Can Help A Family
Go1dfish undelete link
unreddit undelete link
Author: TalaPersinger
submitted by removalbot to removalbot [link] [comments]

02-23 01:53 - 'Needing Help For Our Dear Friend Stephanie and Ashley!' (self.Bitcoin) by /u/TalaPersinger removed from /r/Bitcoin within 0-8min

'''
I am posting this on a few Bitcoin forums so we can get help for my dear friend Stephanie. Currently she had a death of a child and cannot afford funeral expenses for her daughter.
As of today we had raised around 500$ from local businesses in our area from collection jars and around 68$ on GoFundMe. Stephanie was a married stay at home mother of three before loosing her husband last year to a drunk driver. She has two children now and works 2 separate jobs trying to support them and barely making monthly rent. Stephanie's beautiful daughter ashley, age 11, past away on February 18th, 2019. Ashley reminded all of us how fun our child hood was in Erie. It was a tremendous loss when she left our community. To help Stephanie is our last chance to do something to show Ashley how much we loved her.
Anything will help Stephanie and all the money received will go towards the funeral expenses. If, any money is left over, it will go to supporting her family. Stephanie knows that her hometown community has been taking donations for her but, she keeps going to work and not taking the time off needed. We personally think she should be taking all the time she needs to get the support desperately needed thats why our community is doing everything we can to try and make things easier for her.
We are using coinbase so, all bitcoin will be converted into cash an then withdrawaled into a PayPal account for Stephanie.
Please, If you can donate even 1$, .50¢ please send to: 3JyhWXsx2imJ8bpuShYcmFVuv8NSBfbueX
God Bless, Erie Community
Bitcoin transaction will be converted at night every few days and, added in together as one total to the GoFundMe Page. Donation will say Sent from "Bitcoin Community".
Again, thank you and we will update this post every few days or so. If you would like to add your name to the donations, please send a message. God Bless - The Erie Community
'''
Needing Help For Our Dear Friend Stephanie and Ashley!
Go1dfish undelete link
unreddit undelete link
Author: TalaPersinger
submitted by removalbot to removalbot [link] [comments]

Read: An open letter to bitcoin miner

https://keepingstock.net/an-open-letter-to-bitcoin-miners-c260467e1f0
Dear Bitcoin Miner,
My name is Jonald, and I am a Bitcoin investor.
I bought my first Bitcoins in 2013 and have been active on the Bitcointalk forum since March, 2014. I’m also a small business owner that actually uses Bitcoin for
Since Bitcoin investors and miners need each other to succeed, I wanted to take a minute to reach out to you, and send a sincere message from a “real Bitcoiner”. I’ll cut right to the chase:
I’m concerned. I believe we urgently need to find a scaling solution, and I believe the best solution is to increase the blocksize.
At least, hear me out.
Why Should You Listen to Me?
There’s a huge amount of misinformation, dishonesty, and political agendas attached to the Great Scaling Debate. The situation is serious and there’s a lot at stake here.
I am not beholden to any special interests. No one is paying me to write this. I am not a contributor to any Bitcoin projects, but I am quite familiar with the scaling topic because I’ve been following it for some time now, and I am knowledgeable enough to clearly understand the technical details.
I’ve heard all the arguments from every side of the debate, and I want to give you my honest, unbiased, unfiltered understanding of the situation.
Let’s Start At the Beginning
In 2008, Satoshi Nakamoto published a paper titled Bitcoin: A Peer-to-Peer Electronic Cash System. Everybody knows this, but the exact title needs to be repeated because today, even the most basic facets of Bitcoin are being challenged. Should Bitcoin really be “cash” or instead “digital gold”? And if we follow Satoshi’s plan, is it really peer to peer?
These questions come not so much from open-minded inquiry, but rather from a biased agenda. This would have been inconceivable a few years ago, but now things have become so political, that certain people even want to re-write the Bitcoin whitepaper.
(Attempting to re-write history has always been a favorite tactic of tyrannical elites.)
Satoshi’s Vision to Scale Bitcoin
Regardless of “which side” of the scaling debate you are on, it should not be contested that Satoshi always planned for and advocated for simple, on-chain scaling.
When asked how Bitcoin would scale to Visa-like levels, he said:
Long before the network gets anywhere near as large as that, it would be safe for users to use Simplified Payment Verification (section 8) to check for double spending, which only requires having the chain of block headers, or about 12KB per day. Only people trying to create new coins would need to run network nodes. At first, most users would run network nodes, but as the network grows beyond a certain point, it would be left more and more to specialists with server farms of specialized hardware. A server farm would only need to have one node on the network and the rest of the LAN connects with that one node.
The bandwidth might not be as prohibitive as you think. A typical transaction would be about 400 bytes (ECC is nicely compact). Each transaction has to be broadcast twice, so lets say 1KB per transaction. Visa processed 37 billion transactions in FY2008, or an average of 100 million transactions per day. That many transactions would take 100GB of bandwidth, or the size of 12 DVD or 2 HD quality movies, or about $18 worth of bandwidth at current prices.
If the network were to get that big, it would take several years, and by then, sending 2 HD movies over the Internet would probably not seem like a big deal.
Satoshi Nakamoto
Source
Disturbingly, this simple quote from Satoshi was moderated (deleted) from the bitcoin reddit page. I’ll revisit the censorship issue in a moment.
Another important fact is that the current blocksize limit of 1mb was intended to be a temporary measure. This was something ‘everyone’ knew before the debate became politicized.
One of the earliest code reviewers, Ray Dillinger, explained that he, Hal Finey, and Satoshi all agreed the limit was to be temporary.
Satoshi also provided the means to raise the limit with his famous quote:
It can be phased in, like:
if (blocknumber > 115000) maxblocksize = largerlimit
Here is one more explanation from Satoshi, in an email to Mike Hearn, about why Bitcoin never hits a scaling ceiling.
Sure, Satoshi isn’t God. The point isn’t to appeal to his authority, but simply to remember that Bitcoin always had a scaling plan in place from the beginning.
…But the “Core Devs” Had Other Ideas.
The history of the current crop of Bitcoin Core developers has been already summarized and described elsewhere.
Explanations have been given for the unproductive scaling conferences, the broken Hong Kong agreements, and so on, but it should be extremely clear to everyone, based on years of their behavior (and even their own words), that the Core group does not want to scale Bitcoin with a simple blocksize increase.
In fact, they (and their supporters) have done everything in their power to prevent this, including engaging in massive censorship.
Their primary arguments are as follows:
It is problematic to raise the limit because it requires a hard fork, which is difficult to coordinate.Bitcoin nodes should be as inexpensive to run as possible, otherwise the decentralization of Bitcoin will be threatened.Without a constraint on the blocksize, Bitcoin won’t be secure once subsidies (block rewards) decline.
None of These Arguments Have Sufficient Merit to Forestall a Blocksize Increase
I am not saying the arguments are entirely without merit. Few things in life are ever 100% black-and-white. But we have to weigh the merits of these positions against the alternatives, and against other factors in the Bitcoin ecosystem.
Let’s take one at a time:
The “Hard Forks Are Dangerous” Myth
This was a prominent talking point in 2014–2015. However, the truth is that hard forks (HF) are not necessarily dangerous, especially if they occur with a clear majority of hashing power supporting the upgraded consensus rules.
The previous group of developers, including Gavin Andresen, Jeff Garzik, and Mike Hearn, all supported upgrading Bitcoin with hard forks.
Initially, the discussion was whether the new maximum blocksize would be 2MB, 4MB, or 8MB. What begin as a minor difference of opinions between the miners somehow snowballed into a potent meme that consensus over scaling was going to be difficult.
The developers starting adding their own opinions about hard forks, creating additional friction. Yes, it is easy to claim there is contention when you are among those being contentious!
Core has no official leadership positions or governance structure. Because of this, it has been easy to justify inaction by simply concluding that “there’s no consensus”. And since they control the reference code repository, their refusal to raise the limit effects everyone else.
In practice, Core does have leaders. How else can it be explained that segwit was merged into the code (even if not activated) with practically no public debate whatsoever?
On a side note, prominent Core developers have denied that Core decides what code is published, and have denied there is any leadership. This is an example of the kind of constant misinformation that is being generated on a daily basis.
Back to the HF issue:
Many altcoins like Monero have regular hard forks. Coordination between major players in an ecosystem is not a big challenge if everyone is on the same page.
So far, I have not heard of a single problem that an altcoin had in performing a network upgrade via hard fork. So, there is evidence that they can be done safely.
In addition, if Core admits in their roadmap that eventually the blocksize will need to be increased, then why not do it now when it is badly needed? There is no logical reason why it would be more risky now rather than later.
Decentralization Myths
There are actually several myths surrounding the issue of decentralization. Let’s address the obvious ones:
The most ludicrous is the “all users should be running full nodes” idea.
As others have explained, there is no security provided to the network by non-mining ‘full nodes’. Only mining nodes secure and extend Bitcon’s distributed ledger.
The white paper explains why most users do not need to run full nodes:
It is possible to verify payments without running a full network node. A user only needs to keep a copy of the block headers of the longest proof-of-work chain, which he can get by querying network nodes until he’s convinced he has the longest chain, and obtain the Merkle branch linking the transaction to the block it’s timestamped in. He can’t check the transaction for himself, but by linking it to a place in the chain, he can see that a network node has accepted it, and blocks added after it further confirm the network has accepted it… …Businesses that receive frequent payments will probably still want to run their own nodes for more independent security and quicker verification.
The idea that a lot of non-mining full nodes will make the network more decentralized (because they can make sure the miners are behaving) is erroneous, because an SPV client can already query the network’s nodes. Generally, there would only be a problem if a majority mining of nodes were colluding dishonestly, in which case Bitcoin would be already broken.
A more valid concern is that as nodes become more expensive, eventually only large corporations will run nodes. It is true that node costs will increase over time as the network grows. However, storage, bandwidth, and processing capabilities are also constantly increasing.
Just as important: By the time that capacity increases — lets say from 3 TPS (transactions per second) to 30 TPS — the network will be so large that it likely won’t be any less decentralized, even if it costs more to run a node.
At 3000 TPS, Bitcoin would be highly dominant globally, and making use of the millions of datacenters and servers available worldwide. This was always the plan.
The Alternative Vision of Bitcoin Holds Decentralization Risks That Are Worse
Many users are not aware of the decentralization risks that come with the small-node/small-block vision of Bitcoin. Core’s vision for Bitcoin is to transform the peer-to-peer cash system into some kind of settlement network.
While this would be a way to keep node costs minimal, most users would be economically forced off the main chain because they cannot compete with institutions for fees. They would then need to get permission from trusted third parties to transact.
In my opinion, this represents a much more dangerous form of centralization than bigger blocks and expensive nodes.
The Fee-Market Failure Myth
The third primary argument of the small-block philosophy is that eventually, block rewards will run out, and mining fees will be the sole source of funding security. They then claim that without limiting the supply of transaction space, miners will be hopelessly caught in a tragedy-of-the-commons price war, with the users paying rock bottom fees, leading to a collapse of commercial mining.
There’s a few problems with this argument.
First of all, there is a natural market for every good and service in the world. There have been many price wars, but nothing with high demand ever stops being produced.
The concern that the network hashrate will become too low is based on several assumptions and variables, including the number of daily transactions, the willingness of the users to wait for confirmations, the willingness of the users to pay small amounts, the behavior of the miners, the fee policies set by various wallets, the emergent consensus on acceptable fees by the mining community, and other factors, including what actually is “too low” of a network hashrate in the first place.
The hypothetical failure of the natural fee market depends on all these assumptions combining into an unfavorable outcome, as well as the inability of the system to adjust itself favorably using any of these factors.
But, by far the biggest reason that this argument is bunk, is that it will be decades before the majority of the subsidies actually disappear.
Pure Foolishness: Overplanning the Future While Ignoring Urgent Issues Today
Why implement a plan that might help Bitcoin in 20–30 years, if it requires you to damage the user experience and erode the adoption and network effect of Bitcoin, today?
In the case of Bitcoin, it’s completely unnecessary to plan ahead that far, and the destructive consequences are already being seen.
This is the biggest reason why Core’s position should be considered indefensible. Even if their arguments have merit, it is more important to keep Bitcoin healthy right now, stay competitive, and keep the user base growing than to prevent the problems that may or may not happen later.
Even worse, those prevention plans work in direct opposition to the short term goals!
It is no less insane than demanding a bedridden hospital patient, badly in need of rest, to immediately go outside and start running laps because “exercise will help you live longer”.
What About Segwit?
It is my understanding that at “the Hong Kong meeting”, the miners agreed to Segwit PLUS a hardfork blocksize increase because they didn’t trust the Core team enough to offer satisfactory scaling in a timely manner.
I think their decision was smart. Core cannot be trusted. However, if Core changed their mind today, and agreed to the 2MB+Segwit, I would support that as a compromise to break the impasse.
They seem to be unwilling to do this.
Since miners are unwilling to accept segwit on its own, and since Core will not compromise, the only logical alternative is bigger blocks, which is the best option regardless.
What Core Wants
You may be wondering: How is it possible for people as intelligent as the Bitcoin Core developers to fail to see the obvious mistakes in their thinking?
American author Upton Sinclair’s famous quote comes to mind:
It is difficult to get a man to understand something, when his salary depends upon his not understanding it!
The Core team and their supporters want to change Bitcoin into a settlement network. They will deny this, but in my opinion, all of their actions point to this logical conclusion.
This is why they are against on chain scaling, and why segwit offers as little of it as possible while supporting their “HF are bad” narrative.
Additionally, I believe they also want to control public opinion by employing key individuals, by their associates and moderation policies on various platforms, and with an army of trolls.
They also intimidate and punish businesses that don’t fall in line. For example, coinbase.com was delisted from bitcoin.org for supporting Bitcoin XT instead of the Core client.
Despite these shenanigans, companies do support bigger blocks and on-chain scaling.
Most importantly, they want to scare you, the miner, into believing that the community doesn’t really want big blocks and if that if you mine big blocks, you’ll be forked off to a worthless coin and left with worthless ASICs.
Do not let them intimidate you.
What the Users Want
Most users just want a Bitcoin that works. They do not want slow confirmation and high fees. Most Bitcoiners that use bitcoin frequently understand the issues and support bigger blocks.
Despite all the trolling and propaganda, users controlling actual coins vote overwhelmingly in favor of Satoshi’s scaling plan.
The “Healthy Fee Market” is Already Unhealthy
Even IF a centrally planned fee market was a good idea right now, it is being managed poorly. A “healthy” fee market should strive to provide adequate fee revenue while at the same time provide a good user experience and promote growth of the network and user base.
While miner revenue is certainly adequate, the user experience is severely degraded because of slow confirmations and high fees, and this is definitely not attractive or conducive to growing the user base.
If keeping the blocksize at 1mb was an experiment to see how the fee market would develop, it has already played out its usefulness. To keep fees at a level competitive with other coins, supply must catch up with demand (we must raise the blocksize) . But these developers seem to have no interest in doing so. They would rather carry on with their agenda than serve the users.
What About Bitcoin As a Store-of-Value or as “Digital Gold”?
The great thing about Bitcoin is that it can be both a cash-like payment system and a gold-like store of value. These two aspects enhance each other.
Exposed to the propaganda that Bitcoin can’t scale as electronic cash, some users have said “that’s ok. I’m fine with Bitcoin being digital gold only”. The problem with this thinking is that Bitcoin has competition.
If another coin is useful to store value AND to transact cheaply with, it severely undermines Bitcon’s appeal to investors. At the same time, it greatly dampens demand for actual usage.
Sure, its possible that Bitcoin could survive in some form as digital gold, but it would be at a huge disadvantage.
Small Blocks Destroy Miner Revenue
At first glance, the idea that smaller blocks are bad for mining revenue may appear incorrect, since fee rates have recently exploded based on the demand of Bitcoin transactions outpacing the supply of space in the blocks.
However, this trend cannot continue for long, since users will only pay so much. At the same time, new users and new demand are being shut out from the ecosystem.
To use an analogy: Who makes more money — the farmer in town “A” selling milk from one cow? Or the farmer in town “B” selling milk from 8 cows? Townspeople in “A” might pay more per bottle, but they’ll only pay so much for it. They will start drinking something else, drink milk less often, or import their milk from another town.
Bitcoin miners simply cannot meet the demands of users at fees they are willing to reasonably pay if blocks are restricted to 1mb… and users will find satisfactory alternatives which are quickly becoming abundant.
The situation will become even worse in the long run if Core is allowed to create “second layer solutions”, because those solutions will probably not be free, and they will further absorb the money that users are willing to spend in order to transact.
This will be bad for miners, and bad for network security. It will make bitcoin even less competitive, and money will leave the ecosystem.
Price Always Lags Behind Fundamentals
It is easy to look at a high Bitcoin price and think that everything is fine. If things were going so badly, why isn’t the price dropping?
But, price doesn’t always reflect the underlying fundamentals of a market in the short term.
In the long run, fundamentals always dictate the direction of the market. Daytraders are flat at the end of the day. Speculators come and go. In the end, it’s only the long term investors and the non-speculative demand that determines the price.
The fundamental value of Bitcoin primarily comes from its usefulness as a payment system. If that system ceases to be useful, Bitcoin will cease to be valuable.
Time To Act. Let’s Help Bitcoin Grow Again.
It’s always better to fix a problem BEFORE it gets too big. As they say, “an ounce of prevention is worth a pound of cure”.
If we wait until the Bitcoin price crashes because Bitcoin is unusable as a currency, it will be too late. We would have already lost serious momentum, marketshare, users, reputation, and merchants.
This is already happening, but there is still time to act.
I urge you: don’t be complacent.
You are the miner. You have the power. Start signaling for bigger blocks today, and let’s make sure Bitcoin stays #1.
Help Spread the Word
If you’re not a miner, but a concerned investor like myself, then please spread this message far and wide, and ask the miners and pools that you know for bigger blocks.
Addendum
This article is available in several foreign language formats:
Chinese Spanish Japanese German Russian
https://keepingstock.net/an-open-letter-to-bitcoin-miners-c260467e1f0
submitted by german_bitcoiner to btc [link] [comments]

Bitcoin is the future of money. Is it?

Before I go into my story let me introduce myself.
I work in the financial services sector, live in New York and am new to Bitcoin. Recently, I’ve decided to give a try and buy some bitcoins. Everyone talks bitcoin so I wanted to evaluate the future of the currency for myself.
First, I googled the most popular ways to buy bitcoins. Decided to start with the exchange.
After reading numerous stories about Mt. Gox, bitstamp and other exchanges decided to register with Coinbase for the reasons you all probably know. The basic registration process was straightforward and simple. However, in order to buy bitcoins you have to go through verification procedure. You need to link your bank account to Coinbase, provide your billing address and in case if you want to make buying bitcoins instant you also need to link your credit card. So you provide the same information you need to provide to any US bank to be able to buy bitcoins. There is no anonymity or privacy. It’s a myth. Then you buy bitcoins. You would expect instant transaction but instead you have to wait 4-5 days for the transaction to complete. So if I need to buy something with bitcoins the same day – I can’t. Moreover, the worst part is that while you are waiting for the transaction to complete the price of bitcoin fluctuates. In my case, it fell 15 USD which was more or less equal to 10% of the price of btc on the day of purchase. So btc lost 10% value against USD while I was waiting for the transaction to complete. In addition, you also have limits. You cannot buy more than 1000 USD worth of btc in one week. I thought this was totally ridiculous. What was the reason for going through all these verification steps if you are still facing limits? However, as I am new to btc decided to give another try.
This time I registered with Coinbase Exchange. Again, you have to provide your SSN and link with coinbase account. When you register with the exchange Coinbase opens so-called “USD Wallet”. You can now transfer USD to this wallet and then instantly transfer them to btc or trade in the Exchange. However, the transfer again takes 4/5 days.
I was totally disappointed by how the whole system works. I thought bitcoin users were treated like some kind of criminals. I wasn’t simply asked to verify my identity by providing all the usual KYC information, but I also faced buy/sell limits (1000 USD a week), 4/5 delays in transaction completion. Moreover, I had to provide all my bank details to Coinbase. I felt like I had no other choice as to trust Coinbase despite the fact that they disclose very little information about security measures they implement to store my personal information. Moreover, Coinbase was not different from any bank around the corner with its KYC procedures.
Anyway, I thought it was too early to give up. Decided to try localbitcoins. Unfortunately, I experienced another disappointment. Bitcoins are sold in average with 6-7% premium. And you have to pay this premium every single time you buy btc. You also have limited options for buying btc: Moneygram/WU transfers, national bank transfers, paypal transfers and gift codes. From all these options the only instant and acceptable option was paypal. However, the seller of btc requested my photo holding some ID for verification process. Here you are not dealing with Coinbase, which is supported by NYSE, but with some ordinary guy who God knows how treats and secures the information you provide to him. I understand the reasons why he/she asks for the verification but still find it irresponsible to trust this person. I have no idea who he/she is and how he/she handles the information I provide (in case of buying using paypal).
Of course you can also buy with cash. I tried that option as well. Buying with cash involves arranging a meeting with some stranger somewhere in your town. So you have to arrange the time and place to meet and both of you should agree on this. Then you have to carry cash with you, which is another risk. And of course you wont carry over 1000 USD especially if this is your first transaction with some stranger. Finally, again you have to pay around 10% premium.
Then I found out about guys from LibertyX. I read some of their interviews and thought they were trustworthy. They claimed that one could buy their so-called Qpins in big stores nationwide and redeem them for btc. However, when I visited their website it turned out that I had some outdated information. In reality it’s possible to buy Qpins only from small stores in Manhattan and Brooklyn. They recommend calling the stores before visiting them. I followed their advice, but not a single store in Manhattan answered my call. So I decided to try my luck and go there without speaking to them on the phone. One store was out of business. Another one claimed that it didn’t sell bitcoins. In such case LibertyX recommends calling them, as they know how to handle such situations. So right from the store I called LibertyX. Guess what? All their operators (probably 1 or 2 people) were busy to answer my call. So decided to go to Brooklyn. And again one store was closed and the other store manager didn’t know what I was talking about. However, after 30 minutes of explanation the store manager finally figured out how to find in their system Qpins and sell them to me. Overall, the whole process took 1.5 hours. I came home, logged in to LibertyX website to redeem the pins and receive btc. They also collect personal information. I entered my real name and address. Their system gave an error message saying that it couldn’t verify the information I provided and asked me to send verification information (scan of ID). In order not to lose my money, I had to provide them the scan of my ID. Then I had to wait a day for my account to get verified. Please, note that they also have 1500 USD weekly limit.
I am a stubborn guy and I hate banks enough to give another chance for bitcoin to prove itself as future currency and therefore I decided to try bitcoin ATMs instead of all methods described above. I visited coinatmradar.com to locate the nearest ATM. I found three ATMs in Manhattan and two in Brooklyn. Visited all of them and didn’t find any ATM in any of these locations.
Finally, decided to try to register with the European exchange to compare with the US one. I couldn’t even register with them because Europeans avoid providing financial services to the US citizens. My attempt failed. The same happened when I tried to buy bitcoins through VirWox.com.
So here are my conclusions.
  1. Buying bitcoins is not anonymous.
  2. Unless you use cold storage/offline solution you do not hold bitcoins but some institution like Coinbase does.
  3. Buying bitcoins is not a straightforward process, is time consuming and requires risk acceptance.
  4. Buying bitcoins is expensive. You will normally pay 10% premium when buying for cash or paypal. This premium equals to a dream annual return of most hedge funds (and their investors accordingly).
  5. You have to verify your identity when buying btc through exchanges or companies like LibertyX. You go through the same procedure as when opening a bank account.
  6. There isn’t any operating ATM in New York. This is due to “bitlicense” uncertainty. However, even if bitlicense is implemented not a single ATM would operate profitably under money transmitter licensing.
  7. You face limits when buying bitcoins. Coinbase and Circle have 1000 USD weekly limits. LibertyX has 1500 USD limit. Localbitcoins doesn’t have limits but you cannot buy btc using debit/credit card. Moreover, when buying through localbitcoins you have to be aware of scammers.
  8. The high cost of buying btc can potentially offset the benefits of low transaction costs. It might be cheaper to use your debit card.
Therefore I don’t see a single benefit of dealing with bitcoin instead of fiat (i.e. banks) in current environment. There is no “killer app” requiring you to go through all the above procedures to buy bitcoin. I think the only people who are willing to go through all this hell in order to buy btc are the ones who use them illegally in the dark market, some enthusiasts/revolutionists/anarchists who believe in the long run success of btc, hate banks and current financial system; and people who either trade btc or use it occasionally for some purchases online. I don’t see how mass adoption can happen if you cannot buy bitcoins with two-three clicks online. I don’t understand who would wait 4/5 days to get btc when the price fluctuates every 10 minutes.
What I do now is I buy btc using Coinbase. Then I send them to bitreserve.org and hold them in different currencies. However, even if I want and need to buy btc instantly I simply cannot do this. If instant buying is possible then I have to pay high premium. I find it much cheaper to use my debit card and pay bank fees, which are nothing in comparison with the premium to buy btc.
Please, prove me wrong or enlighten me. Maybe I am missing something.
submitted by AdamSmith21c to Bitcoin [link] [comments]

Dear Coinbase, your "support" is absolute joke.

I know this has been said tons of times before, but that's one more reason why it's so infuriating that you haven't done anything about it.
I have a minor account. To confirm it, I had to upload my parent's ID. For some reason the Coinbase account's name was changed to the parent's name and not mine (which it has been initially registered to). I have my own debit card, the parent doesn't, therefore I can't deposit any money with the card. SEPA transfer would screw me up on currency conversion.
That's alright, I thought, I went to the support page and sent them a ticket explaining my situation, I instantly got e-mail back saying that the support is very busy working on my problem and that I should expect answer within 3 days, it also suggested some relevant issues. None of them were answering my problem, but I thought it's still alright as it's just robot answering and that I'll get to talk to an actual person within 3 days.
Next day I got answer from "Kyle" (I guess that's what you call your robot). The first sentence said "This is an automated response.". At that point I already knew it's not even worth reading, but getting desperate, I did continue. Funnily enough, to my question about wrong account name, I got an answer as to why EU cards were getting CVN errors!
I can't send them another answer because it's an automated message.
What the hell Coinbase? I swear to God your support is 10 times worse than Steam or anything else. Don't advertise something you don't have, please.
Right now I can't buy ETH, Kraken only accepts SEPA/Bank transfer (again, currency conversion fees), and other pages show me a middle finger as soon as I tell them I'm under 18 (even with parent's consent). I guess I'll just risk LocalBitcoins or something, anyone knows some Coinbase without crazy fees for under 18 y/o that accepts debit cards? Or even better, a way to solve this issue with Coinbase?
The Buy/Sell page just tells me "Account Restricted, You are currently unable to buy and sell digital currency on Coinbase. Please contact [email protected]." Contacting their support is, obviously, useless.
Thanks.
Edit: Justin from Coinbase got on the case yesterday, today I bought my first few bucks of ETH. Thank you so much for resolving this issue. I'm also glad that the Coinbase team has acknowledged the fact that the support team is missing quite a bit.
submitted by uTukan to CoinBase [link] [comments]

Coinbase becomes Bitcoin's Biggest Systemic Risk. Your action needed!

Bitcoin Bank Coinbase is the most pro-government, pro-regulation, pro-status-quo company in Bitcoin space. They bend over backwards to over-comply with any and all AML/KYC/ABC regulations the bureaucrats of the world invent. As a consequence, they treat their "customers" like criminals on parole and keep their bitcoins hostage to the fullest extent. I shudder to think of the moment Coinbase is able to enforce their "vision" on Bitcoin ecosystem at large. God forbid Brian Armstrong becomes our Master of the Protocol! We are truly and deeply f*cked if this comes to pass.
There was always a threat of Bitcoin being subsumed and dominated by a crypto-version of trusted financial middlemen. Such middlemen will necessarily strip any notion of confidentiality and censorship-resistance if they come to control and "guide" the protocol development. Brian's recent remarks on medium seem to indicate that this is exactly his intentions at this point.
It would not be such a concern if Brian Armstrong were just another egomaniacal nobody aspiring to become King of Bitcoin. But unfortunately it's not the case - Coinbase currently has huge influence and power. Not only is it the most popular 'online wallet' and significant exchange. I've seen estimates that currently more than 10% of all BTC in existence reside in addresses under Coinbase's direct control. This gives them enormous leverage. Potentially, they could engage in all kinds of 'fractional reserve' tricks, with their customers none the wiser. Like using 'borrowed' coins to crash the price on their exchange at a convenient moment, dragging the whole Bitcoin market down via arbitrage (doesn't it look like this is exactly what happened with the markets TODAY?)
In order to prevent Coinbase from taking over the ecosystem and dictating us their will, the community needs to take a decentralized action. We need to weaken Coinbase's power. How? Quite simple - defund it.
Don't keep any of your coins in Coinbase wallet (owners of those 10% existing BTC! hello!) Even better to close your account altogether, thus sending Brian Armstrong a message.
Don't use their exchange if you can help it (there are many decent alternatives: Bitfinex, Bitstamp, Kraken, Gemini, etc). If you are using their exchange, remove purchased coins from your Coinbase wallet immediately.
Don't fall for 'Buy with Coinbase' trick that some of the merchants try to pull on you. Demand that your merchant accept direct bitcoin payments, not 'bitcoin bank debit'.
Don't recommend Coinbase to anyone and actively discourage people from using it in favor of the alternatives. Hell, even if somebody wants to purchase BTC directly from their bank account, Circle is not that bad. At least their CEO is NOT on a self-assigned mission to take over Bitcoin.
In order to pro-actively prevent this takeover, we have to act - and the time for your action is NOW!
submitted by bit_novosti to Bitcoin [link] [comments]

I tried MDMA then LSD the following night. It worked, headache free for 5 days. 11yr suffering

This is a throwaway account.
I have had a bad headache or full blown migraine every day for over 11 years. Tried everything, botox, injections, topomax, depicote, beta blockers, barbiturates, mri, hormone lvl check, acupuncture, diets, message.... and other things i cant even remember. Nothing worked.
I found that weed and zomig would help take away the edge but recently I started to get severely depressed and had frequent thoughts of death. I was ready to give up, everyday became a nightmare I just wanted it all to end. My therapist was worried i might eventually do something terrible if I didn't seek out alternative therapies. I also became worried that i might actually do it. So i got online and started looking at other options.
It turns out that MDMA and LSD have both been used in chronic pain/headache therapies. There were not many studies done but the results were positive. I went over to the /DarkNetMarkets made an account and found some reputable vendors. I then cross referenced the vendors on reddit. Next i bought some bitcoins off coinbase, transferred them to my wallet. Then i used PGP to send my address encrypted to the vendor and they sent out LSD and MDMA.
I took a 200MG pill of MDMA Friday at 6pm everything was great till i fell asleep at 2am. No headache at 7PM and i felt amazing all night. I was able to spend the best night i have ever had with my SO. We talked about our feelings and our love for each other. I felt like I had the first vacation from my headaches in 11 years and have never been closer with my SO. It was not scary and I didn't feel out of control. I used this guide ( http://www.electrojams.com/forum/thread-68.html ) because you need to take vitamins and there are some tips. BUY GUM my only issue was I didn't have gum and chewed on my cheek a little.
The next day I had no hangover or depression. I was feeling anxious tho like my headache was going to come back. I decided that I was going to take the LSD that day because i wanted to see if 2 days of no pain would be strong enough to (knock out) the headache. A famous neurologists i once visited wanted to anaesthetize me for a day or two and said that it might work. That sounded scary but i figured i was doing something similar with this. After hours of research i found that LSD has minimal dangers and i was not at risk for any of them. (I am not actively suicidal or self mutilating) http://www.reddit.com/Drugs/comments/y7h0i/rdrugs_ama_series_lsd_aka_acid_lucy/ https://www.erowid.org/chemicals/lsd/lsd.shtml
So Saturday afternoon i took the LSD 150ug. After an hour it hit me. Not an unpleasant experience at all. It was strange but i knew what was going to happen. Again i had no headache at all. I spent time with my SO and listened to music. Danced around the house, made jokes, sang, cried, laughed. It was an amazing and spiritual experience. The comedown was amazing, by the time 10pm rolled around i felt amazing no headache and wasn't tripping any more. My so got tired but i stayed up till 12am listening to music and riding my exercise bike. It was so great having no headache and feeling happy.
So it is now Tuesday and I have no headache. I am no sure if this is permanent but I don't mind having to repeat this process in 2 weeks. I regret nothing except not trying this sooner. My therapist was worried but she is supportive of my experimentation. I cant help but be upset that these drugs are so illegal and had to come by.
I would recommend the MDMA to anyone with chronic pain (once every 2 weeks MAX) It was very easy and the only real danger is drinking too much water. The LSD was something that you should look into and know that its a 10-12 hour trip its kinda like being the perfect amount of drunk and high for 10 hours with no headache. If getting drunk and not losing control sounds fun to you then you will probably like LSD. My SO said they could only tell i was loaded because my pupals were dilated other then that I was just more chatty and happy then normal. My SO wanted to take me to a party both nights but i was too worried since it was my first time. I am going to experiment next time with going places if i have to do it again. Its been so long since i went to a party or a concert.
These things are very illegal so if you do try them don't tell anyone. Also if you think im crazy,I dont think this is more crazy then doctors prescribing things like barbiturates, proponol, and opiates for migraines.
Propaganda has painted MDMA and LSD as being useless and its bull shit.
PLEASE DONT LOSE HOPE! THERE ARE OTHER OPTIONS OUT THERE!!!!!!!
EDIT: Its been over 2 weeks and i am still going strong. Rebound headaches have been causing me some pain but they go away. I have had much anxiety that the headaches will come back or that something will trigger them. Healing fully will take some time.
update 2 I am going to hold off on doing any more MDMA for at least another few weeks if not a few months after further research there is no reason to risk taking it after two weeks and risk brain damage.
update 3 I did the MDMA a second time a month after the first time. It was less intense. I have been taking the LSD every week with very good results (tried several types/dosages with similar results). I am finally getting over much of my anxiety and i have not had a migraine since the day i took the MDMA the first time. I dunno if its the drugs or that i just grew out of it. I can say that LSD and MDMA are misunderstood drugs and they are not for everyone. I am so glad i took the leap and tried them though I dont know what i would do without them. I did need xanax to sleep on a few occasions, its good to have a benzo around to come down if things get to crazy for you.
update 4 Its been 13 weeks and still no migraine. The anxiety is better but still bad. I keep wanting my life to just start already and it feels like i should be fully recovered by now. Sadly, the therapist and I think I have PTSD. It will take time to get better. Sometimes i think it was easier with the migraines at least then i had an enemy(the migraine) to fight. I have so much time to think these days and often times i think about how bad the last 10 years was. Hopefully this will all be a bad dream soon. Lucky i find comfort in my sugary drinks, silly drugs and my wonderful SO. Make sure you thank those around you for dealing with your headaches. They are also going though a traumatic time, its hard to watch someone you love in pain and there is nothing you can do about it. I am now finding out my friends thought that since my problems were so huge that it made their problems seem insignificant. Many acted strange around me for this reason. I never imagined recovery would be this hard. Thank god for modern medication and the internet
submitted by HeadacheDay to migraine [link] [comments]

Bitplastic SCAM

A good friend of mine was ripped off by DR M.
Here are the details,
Client Deposits 1 BTC in to Bitplastic via his wallet 1DUQVcT6PekZaSLQLtQxEZunaEyTuxMWxu
Client then decides to withdraw his BTC and receives this email- -------- Original Message -------- Subject: BitPlastic Withdrawal Date: 08.01.2014 20:27 From: BitPlastic Support [email protected] To: removed to protect client
Hello ubeing,
We are currently processing your BitPlastic withdrawal for BTC -0.94186 Bitcoins.
For large withdrawals, we may send you an email requesting confirmation. This is a security measure to keep you safe against hackers.
You will receive an email when we have successfully processed your withdrawal.
Thank you
BitPlastic Support
Bitplastic claim that the payment was made from this account owned by them after sending this email.
Dear ubeing
Your withdrawal for BTC -0.94186 has been approved.
If you are withdrawing to a Bitcoin wallet, then your Bitcoins have been sent.
If you are withdrawing to your BitPlastic debit card, please allow 24-48 hours for the funds to hit your card.
Thank you,
BitPlastic Support
AS in Already paid from the following account
bitplastic account - 1DPoUd4jfco8skXmDHsyJExmiR24feVhRt
This account he claims the payment was made from yet clearly shows it wasnt paid!
The customers account 1DUQVcT6PekZaSLQLtQxEZunaEyTuxMWxu
When customer emails support and asks them where his BTC was he receives.
-------- Original Message -------- Subject: Re: BitPlastic withdrawal Date: 11.01.2014 04:00 From: Michael Moriarty [email protected] To: to protect client
Hi, it would have been sent from: 1DPoUd4jfco8skXmDHsyJExmiR24feVhRt
Can you CC me and coinbase so I converse with their support too?
On Fri, Jan 10, 2014 at 6:51 PM, wrote:
Please send me the blockchain.as coinbase requested. Thank you 
Then Bitplastic backtrack and claim being hacked!! see email below
-------- Original Message -------- Subject: Re: BitPlastic withdrawal Date: 13.01.2014 21:54 From: Michael Moriarty [email protected] To: to protect client
I saw your post on my timeline. I can assure you, 100% BitPlastic is not a scam. Unfortunately, BitPlastic gets hacked, and we are doing our best to increase security, but hackers are persistent AND skilled. User funds are stored in cold storage, but the problem is that in your case it appears what happened was that the hacker injected his own withdrawal address to your withdrawal request. Even though I manually confirmed your withdrawal, there was a delay between when you responded (obviously) and when I processed the withdrawal. And that delay was used to exploit the hole, inject a fake withdrawal address, and steal your funds. I sent funds to the withdraw address in admin, which had changed since you made your request.
I did everything in my power to prevent those funds from being stolen, including sending you a manual confirmation. I understand that ultimately it is probably my fault for not being able to secure the site in that particular moment against injection, but I am not going to pay you out of my pocket. You can scream SCAM all you want, but I make a lot more money running a legit site than stealing a few measly bitcoins.
The hackers are doing me far more financial harm than the 1btc you happened to lose. I have already paid out of my pocket quite a lot of money, but I draw the line at 1 BTC and over. If you were smart, you would not load 1 BTC to any online wallet anyway, especially as a test. Online wallets are best used for smaller amounts.
Again, you can call me a scammer all you want, but I run 50+ sites and hundreds of meetups worldwide, and dozens of free sites like BitListing and BitMeetup ... and it's just not in my best interest to steal anybody's money. The fact that 1btc of yours got stolen is an unlucky event for us both, I assure you.
MM
As you can see this guy really thinks people are stupid and he is a god and does not honor any part of the refund owning to the customer.
This one made me laugh! Is this any way to run a business??
-------- Original Message -------- Subject: Re: BitPlastic withdrawal Date: 13.01.2014 22:07 From: Michael Moriarty [email protected] To: Removed to protect client
anyways, I am still considering just paying you out of my own pocket. Problem is, hacker stole 5.6 btc from another user (not the same way, this time he injected his own flush address so instead of the coins going to my cold storage address the money went to the hacker). There's no way I'm covering 5.6 btc out of pocket, so he's going to brand me a scammer no matter what. We'll see .. I may still cover your 1btc out of pocket.
"I MAY still cover your 1btc out of pocket"!!! Are you kidding me??
This site has a foul odour and after doing some checks so do all the sites Michael Moriarty operates. His unprofessional approach and his lack of security on his site tells me 2 things.. He is just plain stupid or is trying to scam people and as you can see here its the latter of the 2.
submitted by Mdubin to Bitcoin [link] [comments]

Coinbase Screwing Up Bigtime, Not Solving My Issue For 3 Weeks. Massive Failure On Their Part. PLEASE FIX THIS COINBASE.

Hi All,
I want to start with the fact that I actually like Coinbase, for example, here is a positive review I gave them a while back: http://www.reddit.com/Bitcoin/comments/1rfrea/coinbasecom_isthe_best_friggen_startup_in_the/
But the lack of support I am getting has forced me to try a reddit post. Basically I have had money in my account for a while and now I can't access it. I am going to attach an email correspondence that I've had with one support agent, but this is one of many email chains over the last 3 weeks:
Rene-Lee Sylvain <********@gmail.com> Tue, Jan 7, 2014 at 3:04 PM
To: Coinbase Support [email protected]
Hi Coinbase,
I have emailed over 25+ times over the last month about problems sending BTC with your platform. I would like you guys to either fix my account or phone me and we can arrange for you guys to send the money to one of my addresses. It's getting ridiculous right now.
My phone number is *******
My twitter https://twitter.com/RenSylvain
My linkedin http://ca.linkedin.com/pub/rene-lee-sylvain/4/759/560
An article on coindesk that I was in:
http://www.coindesk.com/surge-in-real-locations-accepting-bitcoin/
Please phone me and we can resolve the issues I am having.
Ren
..............
Blake replied:
Hi Ren!
After reviewing your account it appears that the cancelled BTC sales resulted from Coinbase not receiving the Bitcoin. If there are any other issues you'd like to address, feel free to contact us here.
Thank you for using Coinbase!
...............
Ren replied:
Yes, I still have another question. Why is coinbase saying you did not receive the bitcoin? I have --+ BTC in my account right now, I click sell or send to a cold storage wallet, and it doesn't go through. Ill repeat, my account says I have --BTC in it, why can't I use that money?
....................
Ren replied:
I want to stress the fact that you're telling me you guys don't have my --BTC. This is exceptionally wrong. Those BTC have being in your posession for a very long time, under my account. PLEASE take care of this NOW! You're telling me --,---$ worth of money is missing.
Thank you for your prompt response going forward.
Ren
.............
Ren replied:
Please find an attached screenshot of my account. This balance has been well above --BTC for the last 3 weeks and your telling me you guys have lost my BTC? I am not actually sure what you are telling me, but I am telling you I would like to send my BTC and make use of it. Thank you and please get a hold of me as soon as you friggen can.
Ren
TO COINBASE: You have my email and phone number, please contact me asap to resolve this issue. You are holding my money hostage at the moment and it sucks. >.<
EDIT, Finally got a reply:
Rene-Lee Sylvain [email protected] 11:04 AM 2014-01-10
to Coinbase, Coinbase Hi Coinbase,
It's been 3 weeks and I still can't access the Bitcoin in my account. I have emailed numerous times. I'll keep emailing because you guys have over ##,###$ of mine in limbo. I am trying to get the money out anyway I can. I just tried to sell ## Bitcoin and # Bitcoin. Please check my account and make sure those sell orders go through. [email protected] is my account. no caps on that address or else it wont work.
I have written about this problem here: http://www.reddit.com/Bitcoin/comments/1ut4a3/coinbase_screwing_up_bigtime_not_solving_my_issue/
I know you are busy with Overstock integration, which is great! but I am freaking out at the fact that you might never give my money back. I am sure it's just that you guys have been busy, but this is brutal. Please check out my account, if you need to phone, for the love of god feel welcome to do so, I'll just be happy to hear that you guys are working on it. ###-###-###
Ren
ps. screenshot of my account included. Image CoinbaseBalance_Proof JAN-7-2014.png
Coinbase 11:10 AM 2014-01-10
to me, support Type your response ABOVE THIS LINE to reply Ren Sylvain Subject: Complaint JAN 10, 2014 | 01:10PM PST Daniel replied: Hi there, I'm really sorry for the trouble! I've escalated your ticket - you should receive another response soon. Feel free to shoot us another email if you need any more help. JAN 10, 2014 | 11:07AM PST Original message This message was sent to [email protected] in reference to Case #: #####. Follow this link to view the status of your case and add additional comments: http://support.coinbase.com/customeportal/private/cases/#####
*Important Note on Email Sent to Multiple Recipients If you send or reply to a message with multiple recipients, any responses to the thread may show up as part of the case history, even if those exchanges aren't directed to you. In essence, the owner of the original message also owns all communication associated with that case, regardless of who the subsequent senders and recipients are. Our suggestion is to make sure that all recipients are aware of this, and that the sending of sensitive information is avoided.
Rene-Lee Sylvain [email protected] 11:30 AM 2014-01-10 to Coinbase Thank you so much for replying, I am crying tears of joy right now. :). You guys must have been busy.
Of course my issue hasn't been resolved yet, but at least there's some response......
submitted by RenSylvain to Bitcoin [link] [comments]

Read: An open letter to bitcoin miner

https://keepingstock.net/an-open-letter-to-bitcoin-miners-c260467e1f0
Dear Bitcoin Miner,
My name is Jonald, and I am a Bitcoin investor.
I bought my first Bitcoins in 2013 and have been active on the Bitcointalk forum since March, 2014. I’m also a small business owner that actually uses Bitcoin for
Since Bitcoin investors and miners need each other to succeed, I wanted to take a minute to reach out to you, and send a sincere message from a “real Bitcoiner”. I’ll cut right to the chase:
I’m concerned. I believe we urgently need to find a scaling solution, and I believe the best solution is to increase the blocksize.
At least, hear me out.
Why Should You Listen to Me?
There’s a huge amount of misinformation, dishonesty, and political agendas attached to the Great Scaling Debate. The situation is serious and there’s a lot at stake here.
I am not beholden to any special interests. No one is paying me to write this. I am not a contributor to any Bitcoin projects, but I am quite familiar with the scaling topic because I’ve been following it for some time now, and I am knowledgeable enough to clearly understand the technical details.
I’ve heard all the arguments from every side of the debate, and I want to give you my honest, unbiased, unfiltered understanding of the situation.
Let’s Start At the Beginning
In 2008, Satoshi Nakamoto published a paper titled Bitcoin: A Peer-to-Peer Electronic Cash System. Everybody knows this, but the exact title needs to be repeated because today, even the most basic facets of Bitcoin are being challenged. Should Bitcoin really be “cash” or instead “digital gold”? And if we follow Satoshi’s plan, is it really peer to peer?
These questions come not so much from open-minded inquiry, but rather from a biased agenda. This would have been inconceivable a few years ago, but now things have become so political, that certain people even want to re-write the Bitcoin whitepaper.
(Attempting to re-write history has always been a favorite tactic of tyrannical elites.)
Satoshi’s Vision to Scale Bitcoin
Regardless of “which side” of the scaling debate you are on, it should not be contested that Satoshi always planned for and advocated for simple, on-chain scaling.
When asked how Bitcoin would scale to Visa-like levels, he said:
Long before the network gets anywhere near as large as that, it would be safe for users to use Simplified Payment Verification (section 8) to check for double spending, which only requires having the chain of block headers, or about 12KB per day. Only people trying to create new coins would need to run network nodes. At first, most users would run network nodes, but as the network grows beyond a certain point, it would be left more and more to specialists with server farms of specialized hardware. A server farm would only need to have one node on the network and the rest of the LAN connects with that one node.
The bandwidth might not be as prohibitive as you think. A typical transaction would be about 400 bytes (ECC is nicely compact). Each transaction has to be broadcast twice, so lets say 1KB per transaction. Visa processed 37 billion transactions in FY2008, or an average of 100 million transactions per day. That many transactions would take 100GB of bandwidth, or the size of 12 DVD or 2 HD quality movies, or about $18 worth of bandwidth at current prices.
If the network were to get that big, it would take several years, and by then, sending 2 HD movies over the Internet would probably not seem like a big deal.
Satoshi Nakamoto
Source
Disturbingly, this simple quote from Satoshi was moderated (deleted) from the bitcoin reddit page. I’ll revisit the censorship issue in a moment.
Another important fact is that the current blocksize limit of 1mb was intended to be a temporary measure. This was something ‘everyone’ knew before the debate became politicized.
One of the earliest code reviewers, Ray Dillinger, explained that he, Hal Finey, and Satoshi all agreed the limit was to be temporary.
Satoshi also provided the means to raise the limit with his famous quote:
It can be phased in, like:
if (blocknumber > 115000) maxblocksize = largerlimit
Here is one more explanation from Satoshi, in an email to Mike Hearn, about why Bitcoin never hits a scaling ceiling.
Sure, Satoshi isn’t God. The point isn’t to appeal to his authority, but simply to remember that Bitcoin always had a scaling plan in place from the beginning.
…But the “Core Devs” Had Other Ideas.
The history of the current crop of Bitcoin Core developers has been already summarized and described elsewhere.
Explanations have been given for the unproductive scaling conferences, the broken Hong Kong agreements, and so on, but it should be extremely clear to everyone, based on years of their behavior (and even their own words), that the Core group does not want to scale Bitcoin with a simple blocksize increase.
In fact, they (and their supporters) have done everything in their power to prevent this, including engaging in massive censorship.
Their primary arguments are as follows:
It is problematic to raise the limit because it requires a hard fork, which is difficult to coordinate.Bitcoin nodes should be as inexpensive to run as possible, otherwise the decentralization of Bitcoin will be threatened.Without a constraint on the blocksize, Bitcoin won’t be secure once subsidies (block rewards) decline.
None of These Arguments Have Sufficient Merit to Forestall a Blocksize Increase
I am not saying the arguments are entirely without merit. Few things in life are ever 100% black-and-white. But we have to weigh the merits of these positions against the alternatives, and against other factors in the Bitcoin ecosystem.
Let’s take one at a time:
The “Hard Forks Are Dangerous” Myth
This was a prominent talking point in 2014–2015. However, the truth is that hard forks (HF) are not necessarily dangerous, especially if they occur with a clear majority of hashing power supporting the upgraded consensus rules.
The previous group of developers, including Gavin Andresen, Jeff Garzik, and Mike Hearn, all supported upgrading Bitcoin with hard forks.
Initially, the discussion was whether the new maximum blocksize would be 2MB, 4MB, or 8MB. What begin as a minor difference of opinions between the miners somehow snowballed into a potent meme that consensus over scaling was going to be difficult.
The developers starting adding their own opinions about hard forks, creating additional friction. Yes, it is easy to claim there is contention when you are among those being contentious!
Core has no official leadership positions or governance structure. Because of this, it has been easy to justify inaction by simply concluding that “there’s no consensus”. And since they control the reference code repository, their refusal to raise the limit effects everyone else.
In practice, Core does have leaders. How else can it be explained that segwit was merged into the code (even if not activated) with practically no public debate whatsoever?
On a side note, prominent Core developers have denied that Core decides what code is published, and have denied there is any leadership. This is an example of the kind of constant misinformation that is being generated on a daily basis.
Back to the HF issue:
Many altcoins like Monero have regular hard forks. Coordination between major players in an ecosystem is not a big challenge if everyone is on the same page.
So far, I have not heard of a single problem that an altcoin had in performing a network upgrade via hard fork. So, there is evidence that they can be done safely.
In addition, if Core admits in their roadmap that eventually the blocksize will need to be increased, then why not do it now when it is badly needed? There is no logical reason why it would be more risky now rather than later.
Decentralization Myths
There are actually several myths surrounding the issue of decentralization. Let’s address the obvious ones:
The most ludicrous is the “all users should be running full nodes” idea.
As others have explained, there is no security provided to the network by non-mining ‘full nodes’. Only mining nodes secure and extend Bitcon’s distributed ledger.
The white paper explains why most users do not need to run full nodes:
It is possible to verify payments without running a full network node. A user only needs to keep a copy of the block headers of the longest proof-of-work chain, which he can get by querying network nodes until he’s convinced he has the longest chain, and obtain the Merkle branch linking the transaction to the block it’s timestamped in. He can’t check the transaction for himself, but by linking it to a place in the chain, he can see that a network node has accepted it, and blocks added after it further confirm the network has accepted it… …Businesses that receive frequent payments will probably still want to run their own nodes for more independent security and quicker verification.
The idea that a lot of non-mining full nodes will make the network more decentralized (because they can make sure the miners are behaving) is erroneous, because an SPV client can already query the network’s nodes. Generally, there would only be a problem if a majority mining of nodes were colluding dishonestly, in which case Bitcoin would be already broken.
A more valid concern is that as nodes become more expensive, eventually only large corporations will run nodes. It is true that node costs will increase over time as the network grows. However, storage, bandwidth, and processing capabilities are also constantly increasing.
Just as important: By the time that capacity increases — lets say from 3 TPS (transactions per second) to 30 TPS — the network will be so large that it likely won’t be any less decentralized, even if it costs more to run a node.
At 3000 TPS, Bitcoin would be highly dominant globally, and making use of the millions of datacenters and servers available worldwide. This was always the plan.
The Alternative Vision of Bitcoin Holds Decentralization Risks That Are Worse
Many users are not aware of the decentralization risks that come with the small-node/small-block vision of Bitcoin. Core’s vision for Bitcoin is to transform the peer-to-peer cash system into some kind of settlement network.
While this would be a way to keep node costs minimal, most users would be economically forced off the main chain because they cannot compete with institutions for fees. They would then need to get permission from trusted third parties to transact.
In my opinion, this represents a much more dangerous form of centralization than bigger blocks and expensive nodes.
The Fee-Market Failure Myth
The third primary argument of the small-block philosophy is that eventually, block rewards will run out, and mining fees will be the sole source of funding security. They then claim that without limiting the supply of transaction space, miners will be hopelessly caught in a tragedy-of-the-commons price war, with the users paying rock bottom fees, leading to a collapse of commercial mining.
There’s a few problems with this argument.
First of all, there is a natural market for every good and service in the world. There have been many price wars, but nothing with high demand ever stops being produced.
The concern that the network hashrate will become too low is based on several assumptions and variables, including the number of daily transactions, the willingness of the users to wait for confirmations, the willingness of the users to pay small amounts, the behavior of the miners, the fee policies set by various wallets, the emergent consensus on acceptable fees by the mining community, and other factors, including what actually is “too low” of a network hashrate in the first place.
The hypothetical failure of the natural fee market depends on all these assumptions combining into an unfavorable outcome, as well as the inability of the system to adjust itself favorably using any of these factors.
But, by far the biggest reason that this argument is bunk, is that it will be decades before the majority of the subsidies actually disappear.
Pure Foolishness: Overplanning the Future While Ignoring Urgent Issues Today
Why implement a plan that might help Bitcoin in 20–30 years, if it requires you to damage the user experience and erode the adoption and network effect of Bitcoin, today?
In the case of Bitcoin, it’s completely unnecessary to plan ahead that far, and the destructive consequences are already being seen.
This is the biggest reason why Core’s position should be considered indefensible. Even if their arguments have merit, it is more important to keep Bitcoin healthy right now, stay competitive, and keep the user base growing than to prevent the problems that may or may not happen later.
Even worse, those prevention plans work in direct opposition to the short term goals!
It is no less insane than demanding a bedridden hospital patient, badly in need of rest, to immediately go outside and start running laps because “exercise will help you live longer”.
What About Segwit?
It is my understanding that at “the Hong Kong meeting”, the miners agreed to Segwit PLUS a hardfork blocksize increase because they didn’t trust the Core team enough to offer satisfactory scaling in a timely manner.
I think their decision was smart. Core cannot be trusted. However, if Core changed their mind today, and agreed to the 2MB+Segwit, I would support that as a compromise to break the impasse.
They seem to be unwilling to do this.
Since miners are unwilling to accept segwit on its own, and since Core will not compromise, the only logical alternative is bigger blocks, which is the best option regardless.
What Core Wants
You may be wondering: How is it possible for people as intelligent as the Bitcoin Core developers to fail to see the obvious mistakes in their thinking?
American author Upton Sinclair’s famous quote comes to mind:
It is difficult to get a man to understand something, when his salary depends upon his not understanding it!
The Core team and their supporters want to change Bitcoin into a settlement network. They will deny this, but in my opinion, all of their actions point to this logical conclusion.
This is why they are against on chain scaling, and why segwit offers as little of it as possible while supporting their “HF are bad” narrative.
Additionally, I believe they also want to control public opinion by employing key individuals, by their associates and moderation policies on various platforms, and with an army of trolls.
They also intimidate and punish businesses that don’t fall in line. For example, coinbase.com was delisted from bitcoin.org for supporting Bitcoin XT instead of the Core client.
Despite these shenanigans, companies do support bigger blocks and on-chain scaling.
Most importantly, they want to scare you, the miner, into believing that the community doesn’t really want big blocks and if that if you mine big blocks, you’ll be forked off to a worthless coin and left with worthless ASICs.
Do not let them intimidate you.
What the Users Want
Most users just want a Bitcoin that works. They do not want slow confirmation and high fees. Most Bitcoiners that use bitcoin frequently understand the issues and support bigger blocks.
Despite all the trolling and propaganda, users controlling actual coins vote overwhelmingly in favor of Satoshi’s scaling plan.
The “Healthy Fee Market” is Already Unhealthy
Even IF a centrally planned fee market was a good idea right now, it is being managed poorly. A “healthy” fee market should strive to provide adequate fee revenue while at the same time provide a good user experience and promote growth of the network and user base.
While miner revenue is certainly adequate, the user experience is severely degraded because of slow confirmations and high fees, and this is definitely not attractive or conducive to growing the user base.
If keeping the blocksize at 1mb was an experiment to see how the fee market would develop, it has already played out its usefulness. To keep fees at a level competitive with other coins, supply must catch up with demand (we must raise the blocksize) . But these developers seem to have no interest in doing so. They would rather carry on with their agenda than serve the users.
What About Bitcoin As a Store-of-Value or as “Digital Gold”?
The great thing about Bitcoin is that it can be both a cash-like payment system and a gold-like store of value. These two aspects enhance each other.
Exposed to the propaganda that Bitcoin can’t scale as electronic cash, some users have said “that’s ok. I’m fine with Bitcoin being digital gold only”. The problem with this thinking is that Bitcoin has competition.
If another coin is useful to store value AND to transact cheaply with, it severely undermines Bitcon’s appeal to investors. At the same time, it greatly dampens demand for actual usage.
Sure, its possible that Bitcoin could survive in some form as digital gold, but it would be at a huge disadvantage.
Small Blocks Destroy Miner Revenue
At first glance, the idea that smaller blocks are bad for mining revenue may appear incorrect, since fee rates have recently exploded based on the demand of Bitcoin transactions outpacing the supply of space in the blocks.
However, this trend cannot continue for long, since users will only pay so much. At the same time, new users and new demand are being shut out from the ecosystem.
To use an analogy: Who makes more money — the farmer in town “A” selling milk from one cow? Or the farmer in town “B” selling milk from 8 cows? Townspeople in “A” might pay more per bottle, but they’ll only pay so much for it. They will start drinking something else, drink milk less often, or import their milk from another town.
Bitcoin miners simply cannot meet the demands of users at fees they are willing to reasonably pay if blocks are restricted to 1mb… and users will find satisfactory alternatives which are quickly becoming abundant.
The situation will become even worse in the long run if Core is allowed to create “second layer solutions”, because those solutions will probably not be free, and they will further absorb the money that users are willing to spend in order to transact.
This will be bad for miners, and bad for network security. It will make bitcoin even less competitive, and money will leave the ecosystem.
Price Always Lags Behind Fundamentals
It is easy to look at a high Bitcoin price and think that everything is fine. If things were going so badly, why isn’t the price dropping?
But, price doesn’t always reflect the underlying fundamentals of a market in the short term.
In the long run, fundamentals always dictate the direction of the market. Daytraders are flat at the end of the day. Speculators come and go. In the end, it’s only the long term investors and the non-speculative demand that determines the price.
The fundamental value of Bitcoin primarily comes from its usefulness as a payment system. If that system ceases to be useful, Bitcoin will cease to be valuable.
Time To Act. Let’s Help Bitcoin Grow Again.
It’s always better to fix a problem BEFORE it gets too big. As they say, “an ounce of prevention is worth a pound of cure”.
If we wait until the Bitcoin price crashes because Bitcoin is unusable as a currency, it will be too late. We would have already lost serious momentum, marketshare, users, reputation, and merchants.
This is already happening, but there is still time to act.
I urge you: don’t be complacent.
You are the miner. You have the power. Start signaling for bigger blocks today, and let’s make sure Bitcoin stays #1.
Help Spread the Word
If you’re not a miner, but a concerned investor like myself, then please spread this message far and wide, and ask the miners and pools that you know for bigger blocks.
Addendum
This article is available in several foreign language formats:
Chinese Spanish Japanese German Russian
https://keepingstock.net/an-open-letter-to-bitcoin-miners-c260467e1f0
submitted by german_bitcoiner to bitcoin_offical [link] [comments]

Do I got fucked with $4k at coinbase?.

Wow, I got around $100 worth of bitcoins (now worth $400).
I checked my coinbase account like 5 days ago, and I swear god i tried to login today to move them into a cold wallet.
Suddenly It asked me for the SMS authentication but I wasn't receiving any message on my phone ..
Then I went to my bank account and what I see? a fucking $4,100 from coinbase that I didn't make! http://awesomescreenshot.com/09921duv00
Any suggestions?
submitted by kirchart123 to Bitcoin [link] [comments]

[Table] IAmA: I'm Patrick Byrne, a pro-freedom supporter of cryptocurrency and school vouchers, early critic of Wall Street, three time cancer survivor, journalist at DeepCapture.com, and CEO and founder of Overstock.com. AMA!

Verified? (This bot cannot verify AMAs just yet)
Date: 2014-05-02
Link to submission (Has self-text)
Questions Answers
What would you say to other CEOs and decision makers who are hesitant to utilize bitcoin? It depends upon what their hesitancy is.
There are business reasons to do it: save on transaction fees, eliminate fraud and charebacks, etc. There may be business reasons not to do it as well, such as the risk of volatility (but this concern can be obviated by trading out of Bitcoin immediately upon receipt, a service that the firms like Bitpay, Coinapult, and Coinbase all offer, I believe).
But if they are pro-freedom, they should want to get behind it on principle alone. Ghandi said, "Be the change you wish to see in the world."
Hi Patrick, do you have any thoughts on where the economy is heading? Are we truly in a recovery as the powers that be suggest? Do you have examples you see in business that say one way or the other? No we are not in a recovery. We have re-inflated a bubble and called it a recovery.
The government lies to us about the stats. Think of it this way: assume Alleged GDP (that is, "Nominal GDP") is growing at 3%. Inflation is calcualted to be 2%. So Real GDP is growing 3% - 2% = 1%. That is the basic equation. However, what if they are lying about inflation? Imagine it were really 5%? Then the truth, God's-eye-only view would be 3% - 5% = -2%. That is, if inflation is understated, then growth is overstated. I think this is likely the case. I think we are in a shallow dive that they are trying to make look like a level or small climb. See John Williams' site Shadow Government Statistics for more.
The Fed's policies are all about driving up asset prices (homes, stocks) in order to create a wealth effect. Your 401k goes from being worth $300,000 to $500,000. You think, "Gosh I made $200,000! I'll go out and spend $50,000 of it."
The Snoop Dogg Overstock commercial was awesome! When can we expect to see more ads from him? Thanks. It was even more fun hanging out with the guy for four hours. He is one smaaart dude. He asked me more intelligent questions about our business than any of the 80 or so VCs with whom I ever dealt. No kidding.
Also, he rolls a mean cigar.
Shouldn't the government be spending our tax dollars on putting wall street guys who caused the financial crisis in jail (instead of making them pay fines) ? Not one of them has ever been criminally convicted. But I do think the government should put more resources into policing Wall Street. The last I checked, the SEC budget was about $800 million. I think it was around the size of the budget for the Denver police force. It should be about 10X that. However, they should unplug the SEC and ship it to the DOJ. The only thing that scares these guys on Wall Street is an orange jumpsuit, and only the DOJ can issue those.
Patrick, What was your evolution toward being "pro-freedom" like? Were you always so? Was there some event that turned you in that direction? I grew up in New England and thought of myself as a Yankee Republican. Then the Republicans went crazy getting worked up over things that are none of the government's damn business. The old man with whom i sued to build stone walls in Vermont, Earl Barre, taught me that government should pave the roads, run the Post Office, and stay the hell off my porch. I think he must roll over in his grave to see the kinds of things Republicans care about today.
My friend, mentor, and teacher Milton Friedman used to say, "I'm a small-l libertarian and a small-r republican." Sounds right.
PS Thanks for seizing the term. We have a lot of people in our society who call themselves "progressives". If they can hijack the word "progress" I can hijack the word "freedom".
Hello Patrick, Thank you for doing this. Do you know when Overstock.com will be accepting bitcoin for international shipment? I've been waiting this for months! (I'm in Canada) Working on it now. Phase II was getting so we could issue credits back in Bitcoin. I think it came live last week. Phase III will be accepting it internationally. Should happen late summer +/-.
Hi Patrick! You've gotten a lot of praise for accepting Bitcoin, I think its great. But I'm curious what you've found to be the biggest challenge or drawback with accepting this new form of currency. What is something new merchents need to keep in mind before accepting bitcoin? It has been unbelievably seamless.
Coinbase made it easy. But Bitpay and Coinapult do as well, I hear.
Once integrated, it has not demanded an ounce of effort.
Where do you see Bitcoin in 1 year? What about 5? Or 10? I have no theories as to valuation.
Adoption... I would imagine SpaceCash (of one flavor or another) will gradually increase until you see 2-3% of transactions occur within it. If that day ever comes, it will leap quickly to 15-30%. (Lots of things are like that in life, rates of HIV infection in the adult population being one of them, for example.)
What percentage of transactions (# or revenue) are paid for in Bitcoin on Overstock.com? Tiny. <.1%
Did you ever reveal who the "Sith Lord" is??? Inquiring minds want to know! It was an amalgam of two people. 1) Steven A. Cohen of SAC Capital (hence, all my references to "someday I am going to sack up and tell the world...")
2) Michael Milken, who, I believe, is the Hannibal Lecter of the financial world. Read Den of Thieves. Since he was let out of prison (on his 98 count indictment) he spent a lot of money burnishing his image, but he is a really bad guy.
Is naked short selling still a problem? What do you see currently as the biggest risks to our financial system? "Is naked short selling still a problem? " Not so much, or at least, not as obviously as previously.
"What do you see currently as the biggest risks to our financial system?" Chains of title. You think you own something because you have some paperwork that says you do. However, in the central clearing systems of our economy there is slop. The slop was designed in as a way of providing fault tolerance. However, crooks figured out how to game that slop and create circumstances where more than one person thinks he owns the same thing.
Fractional reserve banking without a reserve requirement.
Nice to see you on Reddit, Mr. Byrne. I like Schiff. Opponents say, "Even a broken watch is right twice per day." But he shares my Austrian views.
Here is my question. Peter Schiff and many others think that a collapse of the dollar is imminent. What do you think about that? And what impact this collapse will have on digital currencies like Bitcoin? Yogi Berra said something to the effect, "Anything that cannot go on forever won't." We are living on borrowed time in many ways. However, it is like seeing a bridge built for 10 cars, that now has 80 driving across it. Will it collapse? I have no idea. I thought it would ahve collapsed at 20.
Did you have better experiences at Stanford, Cambridge, or Dartmouth? Which school influenced you the most, both culturally and intellectually? The day I got to Dartmouth I swore to myself that while I was there I would never enter a church, a party, or a fraternity. never did. Never had a single beer with anyone in college, went to a party, anything. I was a total grind. I did play football two years, then split, went to Asia, mucked around, came back just to graduate.
Cambridge - Marshall Fellow - Did a Master's in moral philosophy but was mostly an invalid, and spent my time with a handful of people, just reading for two years. Was in the uber-Lefty envornment of King's College (where the British traitors come from). When I got there I was Left-Curious, but when I split I was into Sowell and Milton Friedman.
Stanford - PhD They were great to me. I was an invalid there as well for much of the experience. Started in mathematical logic, ended up doing stuff in development economics, jurisprudence, and political philosophy. As a grad student my major influences were the other grad students, with whom one forms close bonds. Martin Jones (Oberlin?) and Taylor Carmen (Barnard?). Ask them.
What convinced you to damn the torpedoes and what other examples, successful or not, can you give of this full speed ahead orientation with respect to your life? So that has focused my mind tremendously. Lot of things I want to get done, and none of them have to do with knuckling under to the Combine. In fact, they largely have to do with blowing up the Combine. (Gold star to the first who can say where the expression "Combine" comes from.)
Combine = "Our Benefactors" in the half-life universe. HL3 confirmed! One Flew Over the Cuckoo's Nest.
Organised crime on Wall St -- Can you elaborate? Yes. Wall Street started to be infiltrated by Organized Crime. It sttarted with Michael Steinhardt in the 1970's (his dad, Sol Steinhardt, was the biggest Mob fence in America, and went to Sing Sing, from whence he put his son Michael through Wharton, who then started what was arguably the first hedge fund in 1968, funded over time by cash from his dad's cronies.)
Google "Operation Uptick": the largest Mob arrest in US history was 120 goons from around Wall Street.
The Gambinos and Genovese fought over Wall Street in the 1990s. The Genovese won. Wherever Genovese are, there is Russian Orgnized Crime (the Genovese sponsored the Russian OC into the US like you or I would sponsor a family from Laos). See "Red Mafiya."
Anywhere you see "bucket shops" you are seeing OC.
I also work as an editor and journalist at DeepCapture.com, which explores this subject in hundreds of posts.
Mr. Byrne, No opinion on such companies.
What is your take on companies that operate solely in Bitcoin (i.e. Blockchain, Bitcoinstore.com, etc)? Are you offering your employees to take a percentage of their salary in Bitcoin? Not offering it to employees yet, but there is always the year-end bonus to consider!
Thank you for doing this AMA, and thank you for your activism and conviction you have shown over the years! Hindsight is 20/20, what is one decision that you would make, or wouldnt make, if you had to start Overstock.com all over again? When someone is dishonest, do not try to cajole or coach them. Get rid of him.
Hello patrick first i will like to say thank you for all you do. i have 3 questions 1. who are your favorite philosopher's and what book on philosophy do you recommened for enlightenment? Who are your favorite philosopher's and what book on philosophy do you recommened for enlightenment?
I admire tesla as a person and for his work, have you heard of the keshe foundation? where do you stand on free energy? I admire tesla as a person and for his work, have you heard of the keshe foundation? where do you stand on free energy? NO THOGHTS.
Will the criminal cabal who runs the united corporation of america fail? Will the criminal cabal who runs the united corporation of america fail? I'M WORKING ON IT, I'M WORKING ON IT.
I'm a computer programmer, so I'd like to ask a technical question if it's not a secret - what do you use for source control? Ironically enough: Subversion.
As a successful entrepreneur, what advice would you give to someone just starting up their own (tech) company? Calculate how much capital it is going to take to start your business, and how many years. Then square both those numbers.
I'd like to thank you for the nice red lounge chairs I got from Overstock. I was able to get a good price for them at a garage sale later. My question is how do you ensure a stable inherent value in cryptocurrency? Unlike Gold, which is a tangible thing, or a Federal Reserve Note which has value simply because the government says it does, with something like Bitcoin how can it retain value and trust without some "official" endorsement and tie in to a national currency? - if you DID tie it to something like the dollar.. then what would be the point? Right. Some say that Bitcoin is a figment of someone's imagination. But as I said on Fox or CNN or something recently (search my name on Youtube, you'll find it), I would be happy to debate the metaphysical properties of Bitcoin versus whatever the metaphysical properties are of those 65 billion figments Janet Yellen createde last month.
An opponent would say that those 65 billion figments are backed by the taxing authority of the US government. To which I respond: But if that taxing authority is tapped out (which it obviously is, otherwise we would not be in the fiscal state we are as a country) then those 65 billion things are backed by... nothing. At least there are a limited number of Bitcoin figments!
You have previously mentioned in a interview with Forbes that you are very intersted in a "Bitcoin version of the stock market" and having the ability to conduct more than just simple transactions via a blockchain. I am a bit confused about what you are asking. My fight with Wall Street came about because I became convinced in 2004 that the market's mechanisms for clearing and settling trades had been corrupted by bad elements. It all started there. Hence, the peer-to-peer aspect of Bitcoin et. al. deeply attracats me.
NXT - the first second generation cryptocurrency is doing this with it's new features being launched in the upcoming weeks and months. Have you looked into it and / or considered accepting it for overstock? I do not know NXT, but I am interested in finding (and even potentially investing in) efforts to create a peer-to-peer capital market. In fact, if a good solution emerges, you might even see Overstock be the first issuer of a stock or bond in such a market, just to help things get going! (Incidentally, we were the first to do a Dutch auction IPO, for precisely that reason.)
Clearly bitcoin has the potential to rid the world of much corruption. Have you thought of publicly endorsing it in this manner. Because most people do not understand the countless benefits that this technology has to offer to our society. All our new commercials end with a "Now Accepting Bitcoin" under the logo. Look for them.
Your top executives (Stormy Simon, Johnathan Johnson, Dave Nielsen) make $350K a year in salary, while Amazon pays their around $160K. This information is made public in SEC fillings. How is your executive compensation determined? One must look at cash and non-cash together.
When and from whom have you first heard of Bitcoin, and what was your first reaction? About two years ago I read a short piece about it in Wired, or Fast Company (perhaps). It struck a bell, from my computation studies at Stanford. I was also struck by how it has properties similar to gold's.
Edit: I also want to thank you for pioneering the way with cryptocurrencies and exposing Wallstreet corruption. Your work is very much needed and greatly appreciated! However, I think the crowdfunding movement is spectacular, and might be considered as well.
You mentioned the term bust out in your presentation on Ecomonic Warfare. You taught that an example of this was the S&L crisis. Where do you see the next bust out occurring? I don't know. Wherever you see an industry get over-leveraged, I suppose. Look for whatever sector has the most cronies of Michael Milken: thta would be a good guess.
I've heard from multiple sources that the stock market is due for a major retraction this year because its been artificially propped up by the FED's QE. Your thoughts? It is true that the Fed is propping it up, but they are not going to stop. They cannot stop lest we slide back into a deeper recession/depression.
However, eventually reality has a way of happening.
Remember, we used to refer to "The Great War" before we learned enough to start numbering them. The same will be true someday of "The Great Depression".
What do you think of the issues cryptocurrencies have been having in terms of security (Mt Gox "break-in", Flexcoin, etc all)? Will people ever be able to overcome their bias of Bitcoin or will it need to rebrand as a more secure currency or more user friendly to gain wider acceptance? So did Target.
It won't "rebrand" deliberately because there is no owner. It will morph and evolve to be better and better. I suspect that as other currencies develop traction, Bitcoin will harvest their better attributes and make them its own. However, switching costs are not too high... Other currencies may fare well.
I admire your position and fight for school vouchers, now that charter schools have become more common, do you feel that charter schools can replace the need for school vouchers? Charter schools are less controversial but not as readily available due to the lottery system. 1) Backpack funding (e.g., Oakland) - Send your kid to any public school in the district that you want, and the funds travel with him (in his "backpack" so to speak). Something like Henry Ford saying, "You can buy a Model T in any color you want as long as it's black." But it's a start.
2) Charter schools - As you say, these have momentum.
3) Vouchers (or their economic equivalent, tuition tax credits). These create the most freedom of all the methods.
Thanks for doing this Mr. Byrne. I was curious if overstock held a small % of the btc from purchases or is it all automatically sold on the market? 10%.
Sorry if this has been mentioned already but how would you suggest the community as a whole informs the general public about bitcoin? Obviously mainstream media isnt doing a great job since their main focus are the negative stories relating to bitcoin since thats what sells. Like Ho Chi Minh, make it a war of the ants against the elephants.
My company's CEO thinks there are more important things to take care of rather than bitcoin payments. What would you say to him? Beat the rush.
Hi Patrick! I'd just like to say it's great working here at Overstock. Would you rather fight 100 duck-sized horses or 1 horse-sized duck? Having been nibbled to death by a duck, I would rather fight the horses of whatever size.
What do you like about Utah and what do you do for fun here? What do you like about Utah and what do you do for fun here? BUILD OVERSTOCK.
Any chance the Ostk benefits would include more than the Snowbird pass discount? Maybe more resorts discounts benefits? Any chance the Ostk benefits would include more than the Snowbird pass discount? Maybe more resorts discounts benefits? NO. WOULD RATHER JUST PAY THE CASH.
I'm sorry that you contracted cancer numerous times, do you have any ideas about what caused it? Also, Bitcoin :-} Nope. Just lucky I guess.
What was the last thing you bought from overstock.com? A book about Camille Claudel, I think.
What the fuck was the deal with Snoop? Stormy just wanted to meet the guy, so you waste MILLIONS on an ill-fated promotion that is so at odds with your brand? You mean this? Link to www.youtube.com
Note our appearance in his video: Link to www.youtube.com
It has 2.5 million hits. Seems to have struck a chord for some.
What are you, racialist?
"three time cancer survivor" Did you grow up under power lines? Or did you just like the way lead-based paint tasted? Some guys just get lucky.
Related note: Seriously, no one is out to get you! Quit moving your damn office every three months! 3) I move my office because we are a flexible, agile environment. Sounds like that was something you could not grasp during your tenure here.
Do you know who's behind the Satoshi twitter account? No.
I work over at castle and I challenge you to a game of ping pong. You're on.
My paycheck against yours?
(Joke: I don't get paychecks, I believe.)
Truly. The beautiful thing about bitcoin is that we can all be a small part of this change. The peer to peer aspect makes it truly pro-freedom. True dat.
Thank you for accepting bitcoin Patrick. I've made several purchases on Overstock instead of Amazon because of it. Thanks. Spread the word! We took a chance by taking it. Help make it pay off by getting more people to think like you.
(Notice Amazon recently dissed Bitcoin? They do not want to appear as Me-too'ers.)
Hello Mr. Byrne, I became a strong believer in several ways. 1) As a grad student at Stanford I studied computation thory, which underlies public key encryption, and so when cryptocurrencies came along it was not as magical-sounding to me as it might have been. 2) I am a proponent of the Austrian School of Economics, which, in general, eschews fiat currency in favor of a gold standard. The goal is not really the gold standard, however: the goal is to have a form of money that is intrinsically limited. Bitcoin et. al. accomplishes that. In addition, cryptocurrencies are SpaceCash (a word I think I just made up) that can be beamed across the galaxy! (Henceforth in my answers I will use "SpaceCash" top refer to all cryptocurrencies.)
Clearly bitcoin and other cryptocurrencies have the potential to change how our world does money for the better. What made you such a strong believer in bitcoin, and how would you spread this knowledge to other CEOs like yourself.
It's my understanding that since Overstock.com uses a Coinbase to facilitate the transaction Overstock does not sit on any Bitcoin; just the cash after the fact. Correct. Acutally, I think we are accumulating 10% of what gets spent with us in Bitcoin, as Bitcoin.
Just want to say you sound like a really cool mega rich person. Thanks. If so, it helps that I was a really cool person before I became a rich guy.
Last updated: 2014-05-06 21:05 UTC
This post was generated by a robot! Send all complaints to epsy.
submitted by tabledresser to tabled [link] [comments]

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