New York Times DealBook conference Archives Coinedify
New York Times DealBook conference Archives Coinedify
Bitcoin - The New York Times
How Uber and Lyft Compare, in Four Charts - The New York Times
Jitters After Bitcoin Exchange Suspends Services - DealBook
Bitcoin Collides With Government Concerns - cn.nytimes.com
When BTC consigns itself to a use case that no one uses it for
A few years ago in the Bitcoin community the discussion was all about how the Bitcoin blockchain could do it all so there was no reason for altcoins (or "shitcoins"). Everything was being built on Bitcoin, or should be built on Bitcoin, because it was going to be the only global blockchain that mattered. Need to issue your own tokens or do something that required more scripting? Colored coins and Counterparty (and later RSK)! Supply chain tracking? Blockchain voting? Notary? Property ownership? Bitcoin can do it all. But now the community seems to be more in the spirit of Bitcoin being a store of value and a transfer of value and that's it. The comments on this post sum it up. Ignoring Luke-jr's expected nonsense, so many people are adamantly against anyone using the Bitcoin blockchain for anything other than transferring money. Which is an interesting issue, because almost no one uses Bitcoin for that. Specifically, in 2016, the majority of transfers are between exchanges, only a tiny fraction is for payments or other transfers, see chart in article. This is probably why the number of transactions keep climbing and fees keep rising despite people complaining. Exchanges aren't really hurt by high fees, they can pass them on or absorb them since their average txn amount is relatively high so the fees for them are still low. As an aside, it's almost funny that LN is being offered as a scaling solution, but the majority of users who are actually making money off Bitcoin (exchanges, and miners) don't need that solution at all. They also don't need larger blocks (perhaps someday the exchanges would, but they don't seem to need them currently). Is it no wonder the scaling issue is in a stalemate? Anyway... So what does this have to do with /ethtrader? It seems to me that the Bitcoin community has mostly relegated Bitcoin to a use (transfer of value) that almost no one uses it for (majority use it for speculation and store of value, with the idea that future users will need it as a transfer of value). While a market can stay irrational longer than anyone can stay liquid, they do eventually catch up to reality, and when that happens with Bitcoin some money will go to things like Dash, Monero, and Litecoin, but I think the majority will go to Ethereum. It might be years, but that's ok, I think most of us are in this for the long haul, both as an investment and as a technological revolution.
Is it "Summer time" for "Digital Gold" ? - learn more:
UPDATE: http://www.wired.co.uk/news/archive/2015-02/03/bitcoin-kncminer Those that understand a little more about how Bitcoin mining was lost to "economics" will understand why the KNC push for 16nanometers will play into the "digital gold" story. If that path had any possibly of viability, then the guys with the "gold" need to be "in the game" re mining. All they need to do is be able to prevent more than 50% of the mining market being owned. Damn you know.. i feel this should be behind some sort of Quark 80's style pay wall : D So today I have some interesting information for you. Some things that seem to "baffle" people can be easily explained with a little logic and an understanding of decentralized economics. This is not going to be just about Quark, this is about "probabilities", and i hope to explain some helpful information. There has been talk about how Larry Summers is involving himself in Bitcoin: Here are some News stories on that : NY times (of course) http://dealbook.nytimes.com/2015/02/12/larry-summers-likes-the-idea-of-bitcoin/?_r=1 WSJ http://blogs.wsj.com/moneybeat/2014/04/30/in-bitcoin-debate-larry-summers-sides-with-the-history-of-change/ Then there is this: Larry Summers and Swiss Bitcoin Hoards http://ftalphaville.ft.com/2015/05/27/2130503/summers-and-swiss-bitcoin-hoards/ "The FT’s Richard Waters reports that Larry Summers, former US treasury secretary and secular stagnation theorist, is to form part of the advisory board at Xapo, a Silicon Valley Bitcoin start-up specialising in deep cold storage of bitcoins in Swiss vaults and the issuance of bitcoin debit cards." Lets explain: Larry has a history of "Silver and Gold" among other things, now for those that are not fully CC "Educated" "Cold Storage" is basically a method in which you turn the section of the BlockChain the "access" to it into a physical product. So for example the "Key" that unlocks the "crypto" on the Block-Chain is super secretly generated then it is represented physically only like on a piece of fancy paper. (kinda like a bond) Then put in a vault. interesting. Lets jump into Larry's mind ( i can read minds you know) (sometimes at a distance) Summer time for Digital Gold This "Digital Key" represented Physically will be treated as "Digital Gold" Then this set up will be a quasi "Digital Gold" standard. then just apply all the other aspects of a Gold standard to that. for example they will then intend to issue "Digital Debt" off this "Digital Gold" OK I'm here to tell you I'm fine with all that. but here is where it gets interesting: After this jostling occurred and these deals were done, just recently there was a broad "buy in" of alternatives: basically the "old guard" of respectable alternatives rose: We had:
Quark up about 350%
LiteCoin up 100%
InfiniteCoin up like over 500%
Dogecoin up 100%~
Mooncoin up 90%~
basically all the "not scams" and "not losers" (or obviously created by an Intel agency) were up significant %'s Clearly someone educated (as much as me) in crypto purchased a broad base of alternatives. find all the charts here : http://coinmarketcap.com/ (crypto is essentially a field of junk with a few Quality) but here is a few in 30D in the recent "bump": NOTE: (if you are new) you can't go by where a Crypto sits on the "Market Cap" as that is easy to fake and manipulate. you have to be a little sharper than that. InfiniteCoin: 30D image http://i.imgur.com/zormL68.png?1?3710 chart: http://coinmarketcap.com/currencies/infinitecoin/ Quark 30D image http://i.imgur.com/M4iswqG.png?1 chart: http://coinmarketcap.com/currencies/quark/ hmm why? well, lets do some 1+1 If Bitcoin is indeed going to be at least pushed as the "Digital Gold" this only means "bad things" obviously for "paper money" it also means Real Gold may not have the huge bump everyone is expecting. (Jim I'm just saying it how i see it) I'm not here to say that the wheels will fall off the "Digital Gold" train (at least not in the short term.) but what I AM saying is I think these guys that have had this "inside info" are also hedging as they understand that, in that scenario all of the "quality" Crypto will be dragged up. And this recent spike is a good indication of which ones will be going with it. The "InfiniteCoin" vector (there strangely enough could be an "non human" I.e Advanced Race vector here but I'm not even getting into that) http://coinmarketcap.com/currencies/infinitecoin/#charts What i find really interesting is the set of the Crypto that rose. Infinite-coin came out of nowhere, but what Vectors and parameters does Infinite coin have? Very similar to Quark actually with a "EQ reward" (EQ is like small "inflation"), i.e These Crypto are seen as more "stable" less "hackable" IN FACT I'm here to tell you that the market is working, lets look at the field of what got pushed up:
Quark ( is Quark)
Doge ( has an EQ similar to Quark followed from Quark)
Mooncoin ( has an EQ like Quark followed from Quark)
infinitecoin ( has an EQ like Quark) (but not the algorithm) (but was one of the first to do an EQ)
The only one that doesn't have an EQ and got bumped significantly was "Litecoin" But here is some psychology - as everyone terms "Litecoin" as Bitcoin's "Silver" So in this scenario it's definitely worth the buy as a hedge. I'm here to tell you that if you are reading this, I'm giving you the news before it is news i.e paper money still has value and all these crypto I mentioned are still at low (very low) prices. so i say as i said before - keep an eye on what bumped recently and just let the market settle and slowly throw a little bit here and there into the "Quality." this is what i will be doing. Not becasue i want to be "rich" just becasue i want to be "correct" do i think "Digital Gold" will be successful, I can't say, to be honest I'm very doubtful in the long term, especially associated with Debt. however do i think that matters? nope. do i want them to try? yes why not. change always moves us forward.
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