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The Bitcoin Ecosystem

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gigi

This magazine was dropped in Chicago at outlets for free. One gets the idea quickly. Too many financial guru's leaving to be officers or owners in the BTC chain.

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MacLaren

Hello, long time no post. For core believers in Bitcoin, read this from one of the important core developers.

 

The resolution of the Bitcoin experiment

 

I’ve spent more than 5 years being a Bitcoin developer. The software I’ve written has been used by millions of users, hundreds of developers, and the talks I’ve given have led directly to the creation of several startups. I’ve talked about Bitcoin on Sky TV and BBC News. I have been repeatedly cited by the Economist as a Bitcoin expert and prominent developer. I have explained Bitcoin to the SEC, to bankers and to ordinary people I met at cafes.

 

From the start, I’ve always said the same thing: Bitcoin is an experiment and like all experiments, it can fail. So don’t invest what you can’t afford to lose. I’ve said this in interviews, on stage at conferences, and over email. So have other well known developers like Gavin Andresen and Jeff Garzik.

 

But despite knowing that Bitcoin could fail all along, the now inescapable conclusion that it has failed still saddens me greatly. The fundamentals are broken and whatever happens to the price in the short term, the long term trend should probably be downwards. I will no longer be taking part in Bitcoin development and have sold all my coins.

 

Why has Bitcoin failed? It has failed because the community has failed. What was meant to be a new, decentralised form of money that lacked “systemically important institutions” and “too big to fail” has become something even worse: a system completely controlled by just a handful of people. Worse still, the network is on the brink of technical collapse. The mechanisms that should have prevented this outcome have broken down, and as a result there’s no longer much reason to think Bitcoin can actually be better than the existing financial system.

 

More at this link: The resolution of the Bitcoin experiment

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1111

Seems like some WBF members are not

 

aware that TPTB have moved

 

Bitcoin to the brink

 

of collapse.

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bears

http://www.cbc.ca/news/technology/bitcoin-dispute-blocksize-1.3444194

 

"[bitcoin] has failed because the community has failed," Hearn wrote in a Jan. 14 blog postexplaining his departure. "What was meant to be a new, decentralised form of money that lacked 'systemically important institutions' and 'too big to fail' has become something even worse: a system completely controlled by just a handful of people."

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Odinson
this is old news, this is Mike Hearn who left "Bitcoin" .... er .umm.... to work for a bank !!

 

LOL within mere weeks of the 'resolution' of the experiment, the bitcoin devs come together and come up with a detailed roadmap with multiple methods of fixing the technical problems in such a way that the bitcoin community can promote the technologies that appeal to them. Looks like all they needed was a little more time.

 

https://medium.com/@bitcoinroundtable/bitcoin-roundtable-consensus-266d475a61ff#.clr9k58uv

 

Something tells me Hearn will be regretting that sale. :thumb:

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jdurand

They might have needed the kick in the pants to do something and maybe Hearn didn't actually sell all his coin.

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Odinson
They might have needed the kick in the pants to do something and maybe Hearn didn't actually sell all his coin.

 

I agree. Hearn was a wake up call. So he's sort of a meta-hero.

 

I'm glad he's not out. He'll need a plan B when his 'special' blockchain project fails. Code may be great but it's the people that make a money.

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emocmo
LOL within mere weeks of the 'resolution' of the experiment, the bitcoin devs come together and come up with a detailed roadmap with multiple methods of fixing the technical problems in such a way that the bitcoin community can promote the technologies that appeal to them. Looks like all they needed was a little more time.

 

Or, perhaps a blockage in the process was cleared.

 

It is amazing what can be done when the negativity and whining leaves the room. I can only imagine what that was like. Not having to work closely with humans is a joy I cherish every day.

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Romans828IsTrue

Whoa! BIGTIME news here if you ask me!

 

On July 1, Australia Will Make Bitcoin Legal Money, 1622

 

[video=youtube_share;OmTHGml6wMU]

 

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ChiliCheeseFries

Not at all. BTC ramped up very fast first 4 months of 2017. This period of consolidation is required to gain strength. Bitcoin is the reference point for all other crypto currencies.

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shadowcomrade

Well, there was one interview that I watched - not sure of the name.

The conclusion was that Bitcoin has become like gold - meaning only very small fraction of bitcoins in circulation. Having all the other coins coming up, they are all using bitcoin for exhange (previously it was us dollar). Ethereum has potential as well. So we are talking epic proportions - the whole economic system is changing and the current system is being overwhelmed.

so it is getting quite interesting, seeing the flow of capital from the current system to crypto. :)

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Peter

And no one thinks this is by design? Wasn't it Rothschild who said "We will lead every revolution against us?" The "banking" system has been running this planet for over 2000 years, and yet people seem to think "this time its different"? The pattern is quite obvious and follows the shopworn Hegelian method, Problem, Reaction, Solution. Controlled demolition of the dollar, seed a substitute (making the people think it is their idea) water the seed with quick profits for early adopters, allow it to be accepted by government(s), gain widespread acceptance by the population, fabricate a reason to control it, and it is exactly like the method used to "control" gold. Except Gold actually has intrinsic value. Bitcoin has NO INTRINSIC value - a bankers wet dream. All that is needed is a few contrived headlines where a LaCie Rugged Raid (featured in the controlled Alt Media on Richard Blackwells Best Dressed Terrorist items -ostensibly with the tag line "Don't be caught dead without it") drive along with a pristine fake passport lying among the carnage and voila you will see "Suicide Bomber financed by Bitcoin" headlines with a fair degree of regularity. This will cause the "government" to crack down and use their massive surveillance capabilities (already in place -tested and perfected) to CONTROL the flow of currency. It doesn't matter if BTC is created by the people - fiat currency is also "created by the people", it only matters if they CONTROL the currency.

 

A Bill has recently been introduced to control and tax the use of digital currency. https://www.congress.gov/bill/115th-congress/senate-bill/1241/text

This is the camels nose in the tent.

 

Digital currencies are not “minted” by any government, there is no reason to pay any tax for its creation. People have just been conditioned to being taxed and getting no value for it, so most won’t object. And since it can easily cross the fictional country borders, it represents the first truly GLOBAL banking system. No more messy regime changes. This is the banking cabal’s clear objective, a currency with no intrinsic value controlled by supercomputers which ultimately they control.

 

"Let us CONTROL the money of a nation, and we care not who makes its laws" was said to be a "maxim" of the House of Rothschilds, or, even more vaguely, of the "money lenders of the Old World".

 

When you have a plan that works, stick with it.

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emocmo
And no one thinks this is by design? Wasn't it Rothschild who said "We will lead every revolution against us?" The "banking" system has been running this planet for over 2000 years, and yet people seem to think "this time its different"? The pattern is quite obvious and follows the shopworn Hegelian method, Problem, Reaction, Solution. Controlled demolition of the dollar, seed a substitute (making the people think it is their idea) water the seed with quick profits for early adopters, allow it to be accepted by government(s), gain widespread acceptance by the population, fabricate a reason to control it, and it is exactly like the method used to "control" gold. Except Gold actually has intrinsic value. Bitcoin has NO INTRINSIC value - a bankers wet dream. All that is needed is a few contrived headlines where a LaCie Rugged Raid (featured in the controlled Alt Media on Richard Blackwells Best Dressed Terrorist items -ostensibly with the tag line "Don't be caught dead without it") drive along with a pristine fake passport lying among the carnage and voila you will see "Suicide Bomber financed by Bitcoin" headlines with a fair degree of regularity. This will cause the "government" to crack down and use their massive surveillance capabilities (already in place -tested and perfected) to CONTROL the flow of currency. It doesn't matter if BTC is created by the people - fiat currency is also "created by the people", it only matters if they CONTROL the currency.

 

A Bill has recently been introduced to control and tax the use of digital currency. https://www.congress.gov/bill/115th-congress/senate-bill/1241/text

This is the camels nose in the tent.

 

Digital currencies are not “minted” by any government, there is no reason to pay any tax for its creation. People have just been conditioned to being taxed and getting no value for it, so most won’t object. And since it can easily cross the fictional country borders, it represents the first truly GLOBAL banking system. No more messy regime changes. This is the banking cabal’s clear objective, a currency with no intrinsic value controlled by supercomputers which ultimately they control.

 

"Let us CONTROL the money of a nation, and we care not who makes its laws" was said to be a "maxim" of the House of Rothschilds, or, even more vaguely, of the "money lenders of the Old World".

 

When you have a plan that works, stick with it.

 

Just because a bill is introduced it does not mean it will even get out of committee.

 

For those of us not included in the overall "scheme," it is damn nice of the Rothschilds to make it possible for me to pay off my debts. That is awful white of them. I need about three more months of this panic adoption growth and I will be free and clear. Then they have my permission to crash everything.

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Peter

I agree. It may simply be a trial balloon. But "they" are extremely organized, focused and persistent, if history is any indicator.

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Greenmeadow

I put together this flow chart for a friend of mine. Basically the path you take to get from dollars to a currency to your wallet

 

Flow Chart for Crypto Currencies & Crypto Coins

 

Crypto Currencies = BTC, ETH, LTC, DASH, Monero

 

 

Money-------Transfer--------------Exchange--------Purchase----------Transfer---------For Safety Move into personal wallet

USD dollars--Bank or Debit card---- Coinbase.com---- BTC, ETH, LTC move off exchange Move into personal wallet

USD dollars--Wire Transfer--------- Kraken.com------BTC, ETH, LTC move off exchange Move into personal wallet

USD dollars--Wire Transfer---------Gdax.com--------BTC, ETH, LTC move off exchange Move into personal wallet

 

Currency----Move onto Exchange--------Exchange--------Purchase---------Transfer---------------FOR SAFETY

BTC or ETH --from wallet or exchange-----Brittrex.com-----Purchase coin----move off exchange-----Move into personal wallet

ETH----------from wallet or exchange-----Etherdelta.com--Purchase coin----move off exchange-----Move into personal wallet

BTC or ETH---from wallet or exchange-----Poloniex.com----Purchase coin----move off exchange-----Move into personal wallet

 

BTC, ETH, LTC, DASH,BCH, Monero, EOS,OMG------Shapeshift.io------Swap currencies-------deposit into personal wallet

 

Wallet Types

MyEtherWallet.com-----Any coin purchased with ETH

Electrum.com---------- BTC only

Electroncash.org-------BTCash only (BCH)

Jaxx wallet.io---------- BTC, ETH, LTC, Dash, Monero, soon BCH

(Jaxx can be on phone and computer)

 

 

Clif High Recomendations See BNW #6 pg 8-10 on what to look for with Due Diligance

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Adventuremandog

Great writeup GM.... but you forgot to add hardware wallets to the list.

 

2.1 Pi Wallet - cold storage

2.2 TREZOR The Bitcoin Safe

2.3 Ledger HW.1 - USB Smartcard Hardware Wallet

2.4 Ledger Nano - USB Smartcard Hardware Wallet

2.5 Ledger Unplugged - NFC Smartcard Hardware Wallet

2.6 BWALLET TREZOR clone

2.7 KeepKey: Your Private Bitcoin Vault

2.8 Opendime: Bitcoin Credit Stick

2.9 CoolWallet: The Ultimate Bitcoin Safe

2.10 BlochsTech card: Your user friendly Bitcoin wallet

2.11 BitLox Bitcoin Hardware Wallet

2.12 Digital Bitbox

2.13 Ledger Nano S - USB Smartcard Hardware Wallet

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tusiniaca

Let's see what bitcoin will reserve for us at the enf of this year :typing:

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