Blockchain Bites: Bitcoin at $15K, $1B Silk Road Bust ...

Ultimate glossary of crypto currency terms, acronyms and abbreviations

I thought it would be really cool to have an ultimate guide for those new to crypto currencies and the terms used. I made this mostly for beginner’s and veterans alike. I’m not sure how much use you will get out of this. Stuff gets lost on Reddit quite easily so I hope this finds its way to you. Included in this list, I have included most of the terms used in crypto-communities. I have compiled this list from a multitude of sources. The list is in alphabetical order and may include some words/terms not exclusive to the crypto world but may be helpful regardless.
2FA
Two factor authentication. I highly advise that you use it.
51% Attack:
A situation where a single malicious individual or group gains control of more than half of a cryptocurrency network’s computing power. Theoretically, it could allow perpetrators to manipulate the system and spend the same coin multiple times, stop other users from completing blocks and make conflicting transactions to a chain that could harm the network.
Address (or Addy):
A unique string of numbers and letters (both upper and lower case) used to send, receive or store cryptocurrency on the network. It is also the public key in a pair of keys needed to sign a digital transaction. Addresses can be shared publicly as a text or in the form of a scannable QR code. They differ between cryptocurrencies. You can’t send Bitcoin to an Ethereum address, for example.
Altcoin (alternative coin): Any digital currency other than Bitcoin. These other currencies are alternatives to Bitcoin regarding features and functionalities (e.g. faster confirmation time, lower price, improved mining algorithm, higher total coin supply). There are hundreds of altcoins, including Ether, Ripple, Litecoin and many many others.
AIRDROP:
An event where the investors/participants are able to receive free tokens or coins into their digital wallet.
AML: Defines Anti-Money Laundering laws**.**
ARBITRAGE:
Getting risk-free profits by trading (simultaneous buying and selling of the cryptocurrency) on two different exchanges which have different prices for the same asset.
Ashdraked:
Being Ashdraked is essentially a more detailed version of being Zhoutonged. It is when you lose all of your invested capital, but you do so specifically by shorting Bitcoin. The expression “Ashdraked” comes from a story of a Romanian cryptocurrency investor who insisted upon shorting BTC, as he had done so successfully in the past. When the price of BTC rose from USD 300 to USD 500, the Romanian investor lost all of his money.
ATH (All Time High):
The highest price ever achieved by a cryptocurrency in its entire history. Alternatively, ATL is all time low
Bearish:
A tendency of prices to fall; a pessimistic expectation that the value of a coin is going to drop.
Bear trap:
A manipulation of a stock or commodity by investors.
Bitcoin:
The very first, and the highest ever valued, mass-market open source and decentralized cryptocurrency and digital payment system that runs on a worldwide peer to peer network. It operates independently of any centralized authorities
Bitconnect:
One of the biggest scams in the crypto world. it was made popular in the meme world by screaming idiot Carlos Matos, who infamously proclaimed," hey hey heeeey” and “what's a what's a what's up wasssssssssuuuuuuuuuuuuup, BitConneeeeeeeeeeeeeeeeeeeeeeeect!”. He is now in the mentally ill meme hall of fame.
Block:
A package of permanently recorded data about transactions occurring every time period (typically about 10 minutes) on the blockchain network. Once a record has been completed and verified, it goes into a blockchain and gives way to the next block. Each block also contains a complex mathematical puzzle with a unique answer, without which new blocks can’t be added to the chain.
Blockchain:
An unchangeable digital record of all transactions ever made in a particular cryptocurrency and shared across thousands of computers worldwide. It has no central authority governing it. Records, or blocks, are chained to each other using a cryptographic signature. They are stored publicly and chronologically, from the genesis block to the latest block, hence the term blockchain. Anyone can have access to the database and yet it remains incredibly difficult to hack.
Bullish:
A tendency of prices to rise; an optimistic expectation that a specific cryptocurrency will do well and its value is going to increase.
BTFD:
Buy the fucking dip. This advise was bestowed upon us by the gods themselves. It is the iron code to crypto enthusiasts.
Bull market:
A market that Cryptos are going up.
Consensus:
An agreement among blockchain participants on the validity of data. Consensus is reached when the majority of nodes on the network verify that the transaction is 100% valid.
Crypto bubble:
The instability of cryptocurrencies in terms of price value
Cryptocurrency:
A type of digital currency, secured by strong computer code (cryptography), that operates independently of any middlemen or central authoritie
Cryptography:
The art of converting sensitive data into a format unreadable for unauthorized users, which when decoded would result in a meaningful statement.
Cryptojacking:
The use of someone else’s device and profiting from its computational power to mine cryptocurrency without their knowledge and consent.
Crypto-Valhalla:
When HODLers(holders) eventually cash out they go to a place called crypto-Valhalla. The strong will be separated from the weak and the strong will then be given lambos.
DAO:
Decentralized Autonomous Organizations. It defines A blockchain technology inspired organization or corporation that exists and operates without human intervention.
Dapp (decentralized application):
An open-source application that runs and stores its data on a blockchain network (instead of a central server) to prevent a single failure point. This software is not controlled by the single body – information comes from people providing other people with data or computing power.
Decentralized:
A system with no fundamental control authority that governs the network. Instead, it is jointly managed by all users to the system.
Desktop wallet:
A wallet that stores the private keys on your computer, which allow the spending and management of your bitcoins.
DILDO:
Long red or green candles. This is a crypto signal that tells you that it is not favorable to trade at the moment. Found on candlestick charts.
Digital Signature:
An encrypted digital code attached to an electronic document to prove that the sender is who they say they are and confirm that a transaction is valid and should be accepted by the network.
Double Spending:
An attack on the blockchain where a malicious user manipulates the network by sending digital money to two different recipients at exactly the same time.
DYOR:
Means do your own research.
Encryption:
Converting data into code to protect it from unauthorized access, so that only the intended recipient(s) can decode it.
Eskrow:
the practice of having a third party act as an intermediary in a transaction. This third party holds the funds on and sends them off when the transaction is completed.
Ethereum:
Ethereum is an open source, public, blockchain-based platform that runs smart contracts and allows you to build dapps on it. Ethereum is fueled by the cryptocurrency Ether.
Exchange:
A platform (centralized or decentralized) for exchanging (trading) different forms of cryptocurrencies. These exchanges allow you to exchange cryptos for local currency. Some popular exchanges are Coinbase, Bittrex, Kraken and more.
Faucet:
A website which gives away free cryptocurrencies.
Fiat money:
Fiat currency is legal tender whose value is backed by the government that issued it, such as the US dollar or UK pound.
Fork:
A split in the blockchain, resulting in two separate branches, an original and a new alternate version of the cryptocurrency. As a single blockchain forks into two, they will both run simultaneously on different parts of the network. For example, Bitcoin Cash is a Bitcoin fork.
FOMO:
Fear of missing out.
Frictionless:
A system is frictionless when there are zero transaction costs or trading retraints.
FUD:
Fear, Uncertainty and Doubt regarding the crypto market.
Gas:
A fee paid to run transactions, dapps and smart contracts on Ethereum.
Halving:
A 50% decrease in block reward after the mining of a pre-specified number of blocks. Every 4 years, the “reward” for successfully mining a block of bitcoin is reduced by half. This is referred to as “Halving”.
Hardware wallet:
Physical wallet devices that can securely store cryptocurrency maximally. Some examples are Ledger Nano S**,** Digital Bitbox and more**.**
Hash:
The process that takes input data of varying sizes, performs an operation on it and converts it into a fixed size output. It cannot be reversed.
Hashing:
The process by which you mine bitcoin or similar cryptocurrency, by trying to solve the mathematical problem within it, using cryptographic hash functions.
HODL:
A Bitcoin enthusiast once accidentally misspelled the word HOLD and it is now part of the bitcoin legend. It can also mean hold on for dear life.
ICO (Initial Coin Offering):
A blockchain-based fundraising mechanism, or a public crowd sale of a new digital coin, used to raise capital from supporters for an early stage crypto venture. Beware of these as there have been quite a few scams in the past.
John mcAfee:
A man who will one day eat his balls on live television for falsely predicting bitcoin going to 100k. He has also become a small meme within the crypto community for his outlandish claims.
JOMO:
Joy of missing out. For those who are so depressed about missing out their sadness becomes joy.
KYC:
Know your customer(alternatively consumer).
Lambo:
This stands for Lamborghini. A small meme within the investing community where the moment someone gets rich they spend their earnings on a lambo. One day we will all have lambos in crypto-valhalla.
Ledger:
Away from Blockchain, it is a book of financial transactions and balances. In the world of crypto, the blockchain functions as a ledger. A digital currency’s ledger records all transactions which took place on a certain block chain network.
Leverage:
Trading with borrowed capital (margin) in order to increase the potential return of an investment.
Liquidity:
The availability of an asset to be bought and sold easily, without affecting its market price.
of the coins.
Margin trading:
The trading of assets or securities bought with borrowed money.
Market cap/MCAP:
A short-term for Market Capitalization. Market Capitalization refers to the market value of a particular cryptocurrency. It is computed by multiplying the Price of an individual unit of coins by the total circulating supply.
Miner:
A computer participating in any cryptocurrency network performing proof of work. This is usually done to receive block rewards.
Mining:
The act of solving a complex math equation to validate a blockchain transaction using computer processing power and specialized hardware.
Mining contract:
A method of investing in bitcoin mining hardware, allowing anyone to rent out a pre-specified amount of hashing power, for an agreed amount of time. The mining service takes care of hardware maintenance, hosting and electricity costs, making it simpler for investors.
Mining rig:
A computer specially designed for mining cryptocurrencies.
Mooning:
A situation the price of a coin rapidly increases in value. Can also be used as: “I hope bitcoin goes to the moon”
Node:
Any computing device that connects to the blockchain network.
Open source:
The practice of sharing the source code for a piece of computer software, allowing it to be distributed and altered by anyone.
OTC:
Over the counter. Trading is done directly between parties.
P2P (Peer to Peer):
A type of network connection where participants interact directly with each other rather than through a centralized third party. The system allows the exchange of resources from A to B, without having to go through a separate server.
Paper wallet:
A form of “cold storage” where the private keys are printed onto a piece of paper and stored offline. Considered as one of the safest crypto wallets, the truth is that it majors in sweeping coins from your wallets.
Pre mining:
The mining of a cryptocurrency by its developers before it is released to the public.
Proof of stake (POS):
A consensus distribution algorithm which essentially rewards you based upon the amount of the coin that you own. In other words, more investment in the coin will leads to more gain when you mine with this protocol In Proof of Stake, the resource held by the “miner” is their stake in the currency.
PROOF OF WORK (POW) :
The competition of computers competing to solve a tough crypto math problem. The first computer that does this is allowed to create new blocks and record information.” The miner is then usually rewarded via transaction fees.
Protocol:
A standardized set of rules for formatting and processing data.
Public key / private key:
A cryptographic code that allows a user to receive cryptocurrencies into an account. The public key is made available to everyone via a publicly accessible directory, and the private key remains confidential to its respective owner. Because the key pair is mathematically related, whatever is encrypted with a public key may only be decrypted by its corresponding private key.
Pump and dump:
Massive buying and selling activity of cryptocurrencies (sometimes organized and to one’s benefit) which essentially result in a phenomenon where the significant surge in the value of coin followed by a huge crash take place in a short time frame.
Recovery phrase:
A set of phrases you are given whereby you can regain or access your wallet should you lose the private key to your wallets — paper, mobile, desktop, and hardware wallet. These phrases are some random 12–24 words. A recovery Phrase can also be called as Recovery seed, Seed Key, Recovery Key, or Seed Phrase.
REKT:
Referring to the word “wrecked”. It defines a situation whereby an investor or trader who has been ruined utterly following the massive losses suffered in crypto industry.
Ripple:
An alternative payment network to Bitcoin based on similar cryptography. The ripple network uses XRP as currency and is capable of sending any asset type.
ROI:
Return on investment.
Safu:
A crypto term for safe popularized by the Bizonnaci YouTube channel after the CEO of Binance tweeted
“Funds are safe."
“the exchage I use got hacked!”“Oh no, are your funds safu?”
“My coins better be safu!”


Sats/Satoshi:
The smallest fraction of a bitcoin is called a “satoshi” or “sat”. It represents one hundred-millionth of a bitcoin and is named after Satoshi Nakamoto.
Satoshi Nakamoto:
This was the pseudonym for the mysterious creator of Bitcoin.
Scalability:
The ability of a cryptocurrency to contain the massive use of its Blockchain.
Sharding:
A scaling solution for the Blockchain. It is generally a method that allows nodes to have partial copies of the complete blockchain in order to increase overall network performance and consensus speeds.
Shitcoin:
Coin with little potential or future prospects.
Shill:
Spreading buzz by heavily promoting a particular coin in the community to create awareness.
Short position:
Selling of a specific cryptocurrency with an expectation that it will drop in value.
Silk road:
The online marketplace where drugs and other illicit items were traded for Bitcoin. This marketplace is using accessed through “TOR”, and VPNs. In October 2013, a Silk Road was shut down in by the FBI.
Smart Contract:
Certain computational benchmarks or barriers that have to be met in turn for money or data to be deposited or even be used to verify things such as land rights.
Software Wallet:
A crypto wallet that exists purely as software files on a computer. Usually, software wallets can be generated for free from a variety of sources.
Solidity:
A contract-oriented coding language for implementing smart contracts on Ethereum. Its syntax is similar to that of JavaScript.
Stable coin:
A cryptocoin with an extremely low volatility that can be used to trade against the overall market.
Staking:
Staking is the process of actively participating in transaction validation (similar to mining) on a proof-of-stake (PoS) blockchain. On these blockchains, anyone with a minimum-required balance of a specific cryptocurrency can validate transactions and earn Staking rewards.
Surge:
When a crypto currency appreciates or goes up in price.
Tank:
The opposite of mooning. When a coin tanks it can also be described as crashing.
Tendies
For traders , the chief prize is “tendies” (chicken tenders, the treat an overgrown man-child receives for being a “Good Boy”) .
Token:
A unit of value that represents a digital asset built on a blockchain system. A token is usually considered as a “coin” of a cryptocurrency, but it really has a wider functionality.
TOR: “The Onion Router” is a free web browser designed to protect users’ anonymity and resist censorship. Tor is usually used surfing the web anonymously and access sites on the “Darkweb”.
Transaction fee:
An amount of money users are charged from their transaction when sending cryptocurrencies.
Volatility:
A measure of fluctuations in the price of a financial instrument over time. High volatility in bitcoin is seen as risky since its shifting value discourages people from spending or accepting it.
Wallet:
A file that stores all your private keys and communicates with the blockchain to perform transactions. It allows you to send and receive bitcoins securely as well as view your balance and transaction history.
Whale:
An investor that holds a tremendous amount of cryptocurrency. Their extraordinary large holdings allow them to control prices and manipulate the market.
Whitepaper:

A comprehensive report or guide made to understand an issue or help decision making. It is also seen as a technical write up that most cryptocurrencies provide to take a deep look into the structure and plan of the cryptocurrency/Blockchain project. Satoshi Nakamoto was the first to release a whitepaper on Bitcoin, titled “Bitcoin: A Peer-to-Peer Electronic Cash System” in late 2008.
And with that I finally complete my odyssey. I sincerely hope that this helped you and if you are new, I welcome you to crypto. If you read all of that I hope it increased, you in knowledge.
my final definition:
Crypto-Family:
A collection of all the HODLers and crypto fanatics. A place where all people alike unite over a love for crypto.
We are all in this together as we pioneer the new world that is crypto currency. I wish you a great day and Happy HODLing.
-u/flacciduck
feel free to comment words or terms that you feel should be included or about any errors I made.
Edit1:some fixes were made and added words.
submitted by flacciduck to CryptoCurrency [link] [comments]

2.11-9.11 Good Crypto Weekly Market Summary

2.11-9.11 Good Crypto Weekly Market Summary
Quick weekly news:
  • Porsche turns to Circularise’s blockchain to track plastics used in its vehicles.
  • Binance Uganda is shutting down, following the fate of its Jersey operation.
  • Hong Kong plans to ban retail investors from buying crypto.
Other notable events include:
- Over 4 million transactions totaling more than 2 billion yuan ($299 million) have been conducted using China’s digital yuan
- The U.S. government is suing for the forfeiture of thousands of bitcoins, totaling more than $1 billion, that it seized on Tuesday.
Also, be sure to check out top altcoin gainers and losers of the week!
Digital transfers
Over 4 million transactions totaling more than 2 billion yuan ($299 million) have been conducted using China’s digital yuan, Yi Gang, governor of the People’s Bank of China, said. Speaking at the Hong Kong Fintech Week conference on Monday, Yi said the COVID-19 crisis has also accelerated the need for contactless banking, creating challenges for central banks looking to balance consumer needs and safety. That said, the central banker also played down the prospect of an imminent launch, saying the digital yuan project is still in the early stages.
$1B BTC forfeiture
The U.S. government is suing for the forfeiture of thousands of bitcoins, totaling more than $1 billion, that it seized on Tuesday. These bitcoins are said by the U.S. Department of Justice to be connected with the Silk Road marketplace. The address holding the bitcoins has been dormant since 2015, when the coins were transferred to now defunct crypto exchange BTC-e. According to Bloomberg, authorities seized the funds from an unknown hacker who had gained access to the address. The BTC are now likely to be auctioned, reintroducing them to the market supply. Near equivalent amounts of bitcoin gold, bitcoin sv and bitcoin cash were also recovered from the address.

https://preview.redd.it/vwttlvoqi8y51.jpg?width=1200&format=pjpg&auto=webp&s=a04b790175ac9cafb09876d58af02b6fc082e98f
submitted by Kononenko_Ivan to GoodCrypto [link] [comments]

The Undiscovered Facts Behind Money Laundering, Cryptocurrency, and Banks

The Undiscovered Facts Behind Money Laundering, Cryptocurrency, and Banks
A week ago, a lot of documents known as the FinCEN documents were delivered, enumerating how the absolute greatest banks on the globe move trillions of dollars in dubious exchanges for suspected psychological militants, kleptocrats, and drug top dogs. Also, the U.S. government has neglected to stop it.
https://preview.redd.it/lme57jyyx1r51.jpg?width=1200&format=pjpg&auto=webp&s=014ead7b7b812b3d6cbaf4a141eeec123589121b
The Financial Crimes Enforcement Network ("FinCEN"), an agency inside the Treasury Department, accused of battling tax evasion, psychological militant financing, and other monetary violations. An assortment of "dubious movement reports" offers a window into budgetary debasement, and how governments can't or reluctant to stop it. Benefits from destructive medication wars, fortunes stole from creating nations, and hard-earned investment funds taken in Ponzi plans, all course through money related establishments, in spite of admonitions from bank workers.
These reports are available to US law enforcement agencies and other nations’ financial intelligence operations. Although FinCEN is aware of the money laundering activities, it lacks the authority to stop it.
Money laundering is more than a financial crime. It is a tool that makes all other crimes possible - from drug trafficking to political crimes. And banks make it all possible. In a detailed expose, BuzzFeedNews named several of the most trusted banks. Current investigations show that even after fines and prosecutions, well-known JPMorgan Chase JPM (+0.9%), HSBC, Standard Chartered, Deutsche Bank, and Bank of New York Mellon BK (+0.8%) are all involved in moving funds for suspected criminals.
The current money related framework generally protects the banks and its heads from the indictment, inasmuch as the bank documents a notification with FinCEN that it might be encouraging crime. The dubious movement alert adequately gives the banks a free pass. Thus, unlawful finances keep on moving through banks into different businesses from oil to amusement to land, further isolating the rich from poor people, while the banks we have developed to trust, make everything conceivable.
As indicated by the United Nations, the assessed measure of cash laundered universally in one year is 2 to 5% of the worldwide GDP, or $800 billion to $2 trillion, with more than thank 90% of illegal tax avoidance going undetected today.
Simultaneously, the cryptocurrency industry has likewise been condemned for being an apparatus for tax evasion, in spite of insights expressing something else. It is assessed that solitary 1.1% of all digital currency exchanges are illegal. During its initial days, Bitcoin was generally connected with the Silk Road, an online dim net commercial center, where clients could buy weapons and unlawful medications namelessly.
Be that as it may, with the developing utilization of the Bitcoin organization, 42 million Bitcoin wallets, and checking, it is getting progressively conceivable to follow exchanges on open blockchains, while private financial exchanges stay covered up on display.
This week, I had a chance to plunk down with Chanpeng Zhao "CZ", the Founder and CEO of Binance, the biggest cryptographic money trade by volume on the planet, to get his interpretation of illegal tax avoidance both in the customary and the computerized fund universes.
Coming up next are a couple of features from our meeting:
Much obliged to you for going along with us today, CZ. As you would see it, for what reason is illegal tax avoidance especially destructive to our economy?
CZ: As monetary administration suppliers, it is our obligation to battle unlawful action. Everybody shares this duty. Yet, regularly once the principles are set up, individuals will attempt to get around the guidelines. What's more, there are individuals who simply need more business, and knowing or unconsciously will encourage these exchanges. We live in an intricate world, where one nation may see a go about as criminal and the other may not. Many individuals have a high contrast see, yet the world is really dim. Not all banks are honest and not all crypto organizations are terrible.
The digital currency industry has experienced harsh criticism for encouraging unlawful exchanges. How would you think conventional money and digital currency businesses analyze in such manner?
CZ: If you are utilizing Bitcoin, it is a straightforward record. When you have a couple of exchanges, you can follow the assets right back to where the coins were mined. So along these lines, blockchain really gives a straightforward record to everybody to dissect. In the event that you piece together a couple of information focuses and do a group examination, it isn't that difficult for a calculation to break down the beginning. Security coins are more earnestly to follow, yet their market top isn't unreasonably high, making bigger exchanges more troublesome. So to be completely forthright, it is a lot simpler to make illegal exchanges utilizing fiat than utilizing crypto.
How might you analyze the volume of illegal exchanges in crypto versus fiat?
CZ: It's likely a thousand times less. Essentially, for any important measure of cash you need to move in the crypto, it is exceptionally difficult to move it namelessly. There are outsider checking devices and information bases that can coordinate a considerable lot of the addresses to known people. The digital currency market top is little to the point, that in the event that you are moving a $100 million dollars, you can't do as such without experiencing an incorporated trade, making it considerably simpler to follow.
The cryptographic money space overall was begun by Satoshi Nakomoto as to some degree a campaign against the defilement of banks. Remarkably, the beginning square of Bitcoin contained a commentary tending to the bailouts of banks in 2008 and 2009 ["The Times 3 January 2009 - Chancellor on edge of second bailout for banks."] Is that ethos still alive in the digital currency space today, the drive to bring down the enormous person?
CZ: I have even more a fair view here. Some in the crypto space are against banks, fiat, and so forth., while others think digital forms of money are utilized by drug masters. Those are two extraordinary perspectives. My view is that digital money offers opportunities - a further extent of opportunity in exchanges, ventures, property, reserve funds, and so on. We are simply offering another choice for clients who esteem that opportunity and control. I'm not against any bank or any single individual. I think crypto offers a higher opportunity of cash, and thusly we need to give more individuals admittance to crypto… If I don't care for the banks, I simply don't utilize them.
Where do you feel the equalization lies between the legislature securing its residents as opposed to encouraging advancement?
CZ: I accept governments ought to be public administrations. They ought to give streets and fire departments...Whenever there is government intercession, it is awful for the economy. At whatever point an administration encourages one gathering, it naturally harms another. The administration influences the parity of the economy giving assistance to a gathering that isn't sufficiently serious to remain alive. So at whatever point an administration rescues huge banks, or any business so far as that is concerned, they just appear as though they are making a difference. I have confidence in a free economy, and I buy into that way of thinking unequivocally.
Much obliged to you for your understanding, CZ.
More information about PrivateX: www.privatex.io
PrivateX is a private wallet for sending, receiving, and storing your Bitcoin and Ethereum.
If you are interested in services, contact us [[email protected]](mailto:[email protected])
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submitted by privatex-wallet to u/privatex-wallet [link] [comments]

$1B Bitcoins On The Move: Owner Transfers ~$100M to Bitfinex And Binance In 10 Days

$1B Bitcoins On The Move: Owner Transfers ~$100M to Bitfinex And Binance In 10 Days
This is the third post of a series of articles dedicated to investigate $1B worth of bitcoins (111,114 BTC/BCH/... BXX) that were dormant since 2014 and started moving actively. The BTC coins were originally located at this address (1933phfhK3ZgFQNLGSDXvqCn32k2buXY8a).
The origin of the bitcoins is discussed here.
A deep-dive into the wallet activity was discussed here.
Today, I will focus on the transfer to major exchanges wallets that could indicate that the owner is selling his coins or exchanging it with alts or mixing it to cover his back.
I built a graph in order to deep dive into the transactions originated from the 111,114-BTC wallet and to follow it. This is the resulting graph were red indicates transactions <1 day, yellow <1 month, blue <1 year, green else.
https://preview.redd.it/nk3iov045vj11.png?width=1677&format=png&auto=webp&s=176d5b5bda930abf870dbea7edd1ba5b654158be

I found that at least 15,593 BTC originated from the 111,114-BTC wallet have been moved to Bitfinex and Binance wallets. This represents 14% of the original funds and more than $110M.

Bitfinex wallet

https://preview.redd.it/m8fryy8s5vj11.png?width=2038&format=png&auto=webp&s=117806763f7fc79909ee0358755e43c6de652749

11,114 BTC have been transferred to Bitfinex wallet 1Kr6QSydW9bFQG1mXiPNNu6WpJGmUa9i1g and the majority of these coins have been transferred in the last 7 days (August 24th - September 2nd).
Here is the list of the transactions:
https://preview.redd.it/8e9l0lqf0vj11.png?width=471&format=png&auto=webp&s=c63fa6ce9479efd4f27ce8f8cd456de19712fc9e

Binance wallet

https://preview.redd.it/i1v5lv3j9vj11.png?width=2025&format=png&auto=webp&s=bc6c893b684d2c97206565219ff4d5ce8eb721a2

4,421 BTC have been transferred to Binance wallet 1NDyJtNTjmwk5xPNhjgAMu4HDHigtobu1s and the majority of these coins have been transferred in the last 10 days (August 21st - September 2nd).
Here is the list of the transactions:
https://preview.redd.it/2cs6ufabavj11.png?width=453&format=png&auto=webp&s=5cdcb45cbe44f3f61251317036c6738aa0f3a9cd
Bitmex wallet(s)

I tracked Bitmex as well but "only" found 210 BTC transferred in with the following 6 major transactions:
https://preview.redd.it/2oondki1ovj11.png?width=432&format=png&auto=webp&s=9ae358b80e747b62d6940ef9022df2734ed001f0

Also, I have found 350 BTC transferred from Bitmex wallets though, maybe after being "washed out":
https://preview.redd.it/sx2g36jnovj11.png?width=546&format=png&auto=webp&s=26f0ac6c64e6aa9aedb7f76c90fb8ebea1beefcc

Update 1
If anyone finds if the owner of this address is an exchange : 3PtJRj5xKUKJ21TshP5u2G6dQMPNz2yUSc, I would be interested, thanks.

Update 2
Here is a full resolution version of the graph requested by u/rush717:
https://preview.redd.it/xwvn0l9yxxj11.png?width=2705&format=png&auto=webp&s=cc01b3bfc8aed64af4323a485e35ce459f498327


Update 3
MtGox vs SilkRoad origin and September 6th BTC price impact is now discussed here: https://www.reddit.com/btc/comments/9dvaj1b_bitcoins_on_the_move_mtgox_vs_silkroad_origin/

--
Surprisingly BTC price was pumping since those funds were starting to be transferred to Bitfinex and Binance wallets (see Binance transactions' list, August 11th)
How do you think this will impact the market?
Do you want me to continue this investigation? If yes let me know what you would want me to focus on.
submitted by sick_silk to Bitcoin [link] [comments]

Near $1B are currently on the move from a Silkroad related wallet

Near $1B are currently on the move from a Silkroad related wallet
It seems that the owner of a huge #SilkRoad related wallet is moving funds actively since 3 days, dividing it in chunks of 100 coins by subwallets.
The original wallet owned 111,114.62 $BTC / $BCH , which is currently valuated ~ $844M (without taking in account other #Bitcoin forks).
Last movements on these subwallets are 4 years and 5 months old (March 9th, 2014).
The chunks have been divided over time to 60,000 coins then to 30,000 / 20,000 / 10,000 / 5,000 / 500 and now 100 coins.
#Bitcoin: https://www.blocktrail.com/BTC/address/1KyJr2L6CN5XhDfv9Sb5q3kjKwFCrRxTLy/transactions
#BitcoinCash: https://www.blocktrail.com/BCC/address/1KyJr2L6CN5XhDfv9Sb5q3kjKwFCrRxTLy/transactions
Does the owner intend selling it on the market soon?

Update 1
For those who asked, the original wallet (1933phfhK3ZgFQNLGSDXvqCn32k2buXY8a) seems to be related to a SilkRoad address per this post: https://bitcointalk.org/index.php?topic=310600.0.
So it's most probably a wallet owned linked to DPR / SilkRoad. Note that this address is still active with 5 transactions executed in 2018 and 13 in 2017, with really small amount of BTC received/sent.
However, I ran some checks and it does not seem to be linked to the DPR seized coins wallet (1FfmbHfnpaZjKFvyi1okTjJJusN455paPH, there's only a 0.001 BTC link between the 2 addresses), so either the FBI did not sold them yet (last auction was in November 2015) or someone else (linked or not to SilkRoad) has access to it .
Finally, if it's not a SilkRoad related wallet the other options are, by descending probability order:
a) a MtGox cold wallet that has been seized or is still owned by MtGox: in fact the wallet funds moved in March 2014 right after MtGox filed for bankruptcy one month earlier in February 2014; these movements dates are really similar to the 200,000 lost coins "found" by Karpeles which moved March 7th, 2014 (1dda0f8827518ce4d1d824bf7600f75ec7e199774a090a947c58a65ab63552e3), just 2 days before the movements on the wallet we are talking about here.
b) a whale wallet since the major part of the 111,111 coins are coming from a very old deposit of 37,421 coins processed on June 21st, 2011 making this an early adopter's wallet (70d46f768b73e50440e41977eb13ab25826137a8d34486958c7d55c5931c6081)
...
z) CSW's wallet ... https://www.scribd.com/document/372445546/Bitcoin-Lawsuit, credits mishax1

Update 2
This amount of $1B in bitcoins that MtGox is going to return to customers looks pretty familiar, it could match the 111,114-coin wallets we are investigating here: https://btcmanager.com/mt-gox-preparing-return-1b-stolen-bitcoin-affected-users/.
But the methodology of transfer does not match in my opinion, it looks that the owner tries to hide the movements by mixing the coins.

Update 3
Investigating the $1B Bitcoins on the move from a SilkRoad related wallet: https://www.reddit.com/Bitcoin/comments/9bwsaf/investigating_the_1b_bitcoins_on_the_move_from_a/

Update 4
$1B Bitcoins On The Move: Owner Transfers ~$100M to Bitfinex And Binance In 10 Days
https://www.reddit.com/Bitcoin/comments/9ceb5v/1b_bitcoins_on_the_move_owner_transfers_100m_to/

Update 5
MtGox vs SilkRoad origin and September 6th BTC price impact is now discussed here: https://www.reddit.com/btc/comments/9dvaj1b_bitcoins_on_the_move_mtgox_vs_silkroad_origin/

submitted by sick_silk to Bitcoin [link] [comments]

Investigating the $1B Bitcoins on the move from a SilkRoad related wallet

Investigating the $1B Bitcoins on the move from a SilkRoad related wallet
2 days ago, I reported that a SilkRoad related wallet containing about $1B worth of Bitcoins (111,114 $BTC and the same amount of $BCH and of other Bitcoin forks) was on the move after 4 years and 5 months of inactivity : https://www.reddit.com/Bitcoin/comments/9bfnff/near_1b_are_currently_on_the_move_from_a_silkroad/

Today, I will dig a little bit more into this wallet activity.

Below you will find a graph representation of the transactions sent over time from the original 111,114-BTC wallet to the most recent wallets which have received some of the coins. Each branch represent a sequence of transactions sent through several wallets.

Red nodes indicate the most recent transactions (< 1 month), blue nodes indicate quite recent ones (<1 year) and green nodes are the older ones ( > 1 year).

https://preview.redd.it/jjhfpb4udhj11.png?width=2233&format=png&auto=webp&s=7a369b73dfbe4601e05608f1aae36aff24a4d52e

  • Picture 2: original coins are currently transferred on Binance wallet, in fact it is a major end-point/aggregate of transactions originated from the 111,114-BTC wallet (1NDyJtNTjmwk5xPNhjgAMu4HDHigtobu1s).
https://preview.redd.it/7novcf2wdhj11.png?width=2222&format=png&auto=webp&s=d0c429674a70bf2baf32c4ecc9c4475a1d43ad7e

https://preview.redd.it/9ungmsexdhj11.png?width=1620&format=png&auto=webp&s=079fcf54605e88debe0cac297e492785b7cc73ed

  • Picture 4: funds are currently actively mixed, you can see a chain of red nodes with no other purpose than transferring n time the coins and splitting/mixing it a bit (3Ah15skNb8R1teRWs6h2Q2vRywkLJWUhhb).​
https://preview.redd.it/9lzr31n0ehj11.png?width=2227&format=png&auto=webp&s=ade9fcf046e86a595e47f8c196df3abcb28866d3

So it's now obvious that the wallet's owner :
  1. is very actively splitting his original 111,114 BTC this past month (a lot of transactions are very recent, see the amount of red nodes on the graph);
  2. some of this funds are currently being sold on Binance (picture 2 and 3);
  3. is very actively in the process of mixing, hiding and making difficult to track his coins (picture 4).
Is the owner going to sell all his coins? How do you think this can impact the market?

Update 1
Following the request of u/btc-reddit, below you will find the graph that marks with red dots the wallets which have been active in the past 24h. At least 88 BTC have been transferred in the last 24h to Binance wallet: 18afibtW5NLMqMwCZD6yt1qhkmEbrfa3QF , 1M2stLGnZGi9XhB2sqTwFfcSfxZhzYKHs6 , 15jFKpCBfHN599TopLPQYdv2aNCRZSUw2r , 1F1EWmLJtYUA1yvDGRBQ6Z6Zjp33ci9EZX , 1M2stLGnZGi9XhB2sqTwFfcSfxZhzYKHs6 ...
https://preview.redd.it/v4yql8ftvhj11.png?width=1630&format=png&auto=webp&s=73d3b35f04854dc66accc3485680404d3e76cbc3

​Furthermore, more than 2,980 BTC have been transferred to Binance wallet in August 2018, certainly to be sold or exchanged with other currencies, which represents 3% of the original wallet.
That's more than $20M worth of bitcoin at current price, it definitely can have impacted the overall price this month.
Most of it was sold after August 12th, which corresponds to the start of an increase in Bitcoin price interestingly:
https://preview.redd.it/lg3ckep3zjj11.png?width=456&format=png&auto=webp&s=e7ba5ec10628ca7b6872beae249ee047f1cee408

Update 2
​This address is also heavily involved in this graph: 1NyfNYAXZ76VNdvxUUVxdbhWFQGa7QDjTn. It saw 73,673 BTC go through it (only 350 BTC originated from the wallet we are studying here though), in a little bit more than a year.
https://preview.redd.it/sbkx1etviij11.png?width=2041&format=png&auto=webp&s=05d81143196dce1c33dd2d6ea6695900ddd8d0d9

Update 3
This address 3D83uPnvodCLpwedooiRrLjdQ9pcFVZF32 is part of the graph and is multiplexing a lot of coins, about 175 BTC in small chunks < 1 BTC.​

Update 4
This is a more refined and complete version of the graph (the yellow nodes indicate transactions activity < 1 month). I let you find where is Binance wallet located ;-)
Obvious, isn't it!
https://preview.redd.it/y9e8tdlodkj11.png?width=2277&format=png&auto=webp&s=386fc91353b6c67d9ce8d6970c6c4bc1b7416a1a

Update 5
$110M worth of Bitcoins ​transferred Bitfinex and Binance: https://www.reddit.com/Bitcoin/comments/9ceb5v/1b_bitcoins_on_the_move_owner_transfers_100m_to/

Update 6
$1B bitcoins on the move: MtGox vs SilkRoad origin and BTC crash discussed
MtGox vs SilkRoad origin and September 6th BTC price impact is now discussed here: https://www.reddit.com/btc/comments/9dvaj1b_bitcoins_on_the_move_mtgox_vs_silkroad_origin/
submitted by sick_silk to Bitcoin [link] [comments]

CSW: I am Satoshi Nakamoto. I created Bitcoin - [BitKan 1v1] Craig Wright vs Jiangzhuoer

bitkan.pro aggregates all trading depth of Binance Huobi and OKEx. or Try our APP!
https://preview.redd.it/csnm617kv8d31.png?width=1058&format=png&auto=webp&s=26b7995effc85781365cbcd2ad56c5bd33c59af5
Question 1: Both the BCH and BSV communities think that they are the true, original bitcoin from Nakamoto. What do you think was the original idea from Nakamoto?
**CSW:**My original idea is defined in white paper for no limits. And I also described this in the P2P Foundation. It is a distributed system. Users use it to connect to each other, and the miners, to stop double Spending. I explain this further late in 2010, I basically said that the network expands to have a number of nodes that become large data center type operations, because it's not about running nodes. People who run nodes are foolish unless that making money, that's it. When I created Bitcoin, it is a overlay network of the peer-to-peer network, the top of peer-to-peer network. We did peer-to-peer. Peer-to-peer means not what you send to the network, and then another user gets it by the network. That is outside the definition of peer to peer. That is a typical centralized mesh. Why Bitcoin works is that user Alice sends to user Bob,Bob received the transaction. So Bob wrote that he received it. He sent it to the network. IP to IP was one of the fundamental parts of Bitcoin that was removed by core right after I left, basically, I fix Bitcoin and I had the lay out in the first place. There's no question that what happened, and whatever else and what version of things Nakamoto wanted, because I am Satoshi Nakamoto. I created Bitcoin. Very soon, people will notice that. If you don't like it, I don't care.

Question 2. As the main witnesses of BTC to BCH fork, what do you think was the main reason for the fork at that point of time? Now what do you think about the fork at the time? Have you ever changed your mind?
CSW: There was a BCH fork away from Bitcoin, BTC added a number of things to make cryptocurrency more anonymous, which makes it illegal, which means the government can shut it down. Don’t ever believe the government can’t stop bitcoin. Government, the US government and Chinese government could stop bitcoin in a heartbeat. They are going to follow international law to shut down. The Liberty Reserve closed down involved 42 countries working together. It involved basically a distributive system of 10,000 different operations. Not Raspberry pie nodes because it is only 15 real BTC nodes, operators to ran money system. We can't work to unable governments to see machines. If the criminal use of bitcoin is to become anonymous that government can seize machines, can arrest people, can torture by law. The American government can enforce orders in China. So BTC wanted to make something that was not bitcoin. It wanted to change bitcoin further. So BTC split away from bitcoin. That's the fork. Bitcoin didn't change. I make sure we kept going. Jihan and Bitmain. I would like to have a talk about what we are planning, and the mining, we are building. Jihan and Bitmain, took the information to go into confidence and make sure that there was a fork. So this fork happened because Jihan and Bitmain are basically a bunch of lying stuff, and that would be found out later. The second fork was only last year. That was with BCH. Just to keep it simple. Bitcoin vary again. There’s no system of bitcoin is out to try to make it illegal, to make it criminal, to make it anonymous. Roger Ver, who helps from things like Silk Road and Charlie's friend money laundering operation, which Charlie's friend went to jail for. Other people like them that invested a lot of the dark websites, which all under investigation at the moment, which will be founded to watch in the next several years. People like Roger and even Jihan, wanted to use bitcoin to take the illegal money and transfer, they want it to be a dark web system. So they added extra objects to change the bitcoin further. They try to allow it to be more anonymous in a different way. So the simple thing is, there is bitcoin as I created, and there is bitcoin designed to be illegal and then it forks.

Question 3. Finally, can we invite Dr. Craig and Mr. Jiang to talk about each other's technology l and vision? What is the most worthwhile point to learn?
**CSW:**Sorry, I don’t look at those broken versions of bitcoin. I have no interest in learning about how people don’t want to understand bitcoin, how about you want to see the value and how they want to create the system or see these cryptocurrencies in the 90s. If people want to do that, that’s all their choice, but I am not interested in watching them go down in flames. Thank you.

Jiang asked CSW: You have ever wondered why there isn't a 0 in Base58 encodings. (Satoshi, the creator of Base58 explicitly took out 0 and O to avoid confusion). Why didn't you even know the Base58 encoding if you are Satoshi?
https://www.reddit.com/btc/comments/9apx40/professor_technobabble_wondering_why_there_isnt_a/
CSW: He's supposedly trying to mislead the audience by making out the checksum to pass off the transaction. He is basically trying to lie to the people and the audience, making them seen that I don’t understand bitcoin. If you look at why it works, the address was not part of the bitcoin. Bitcoin is a wallet, exchange peer-to-peer with the template. Basically, why does this work is that you have is a transaction that has a checksum to send between wallets. That checksum is a relevant. It never goes into the bitcoin network. The checksum is added only to ensure the transaction to the network while a wallet is correct. The original version of bitcoin didn’t eventually work that way. So what he is trying to mislead you is to say is what I don’t understand checksum etc., which is the lie propagate by people like Bitmain, where insists what it is you do a checksum of the code and then you hand it up. And the third part of this is very simply put. Without the checksum, the transaction sends to the network properly. The checksum is purely a wallet function, so you can add any checksum function and Wormhole would allow this work. Wormhole was an attempt to make an illegal system. Wormhole is another of these things because Jihan and the others wanted to take money out of China. They work with people to do money laundering, so the value that they see of bitcoin is to help money laundering. So they want to try and lie to people and make it that I don’t understand this technology, because they want to keep their money laundering scam going. So if you actually look at my posts, you will see that I've already explained the checksum in details. If you look at the work bitcoin transaction, you will see there has no transaction checksum. No one wants you to look at that because they want you to stay stupid and ignorant, because spending money out of you requires that you are dumb.


Digest from [BitKan 1v1] debate.
bitkan.pro aggregates all trading depth of Binance Huobi and OKEx. or Try our APP!
https://preview.redd.it/xxqshq8ov8d31.png?width=640&format=png&auto=webp&s=ca6e81c7fc3bff81a87df06e494ef320ca387416
submitted by BitKan to bitcoincashSV [link] [comments]

$1B bitcoins on the move: MtGox vs SilkRoad origin and BTC price impact discussed

$1B bitcoins on the move: MtGox vs SilkRoad origin and BTC price impact discussed
Preamble: it seems that my post was censored and removed on bitcoin... from now I will only publish my articles on btc and crosspost it. Freedom and freespeech matter to me.
--

This is the 4th post of a series of articles dedicated to investigate $1B worth of bitcoins (111,114 BTC/BCH/... BXX) that were dormant since 2014 and started moving actively. The BTC coins were originally located at this address (1933phfhK3ZgFQNLGSDXvqCn32k2buXY8a).
  • The facts that part of this funds (>13%) have been transferred in the past month to Bitfinex, Binance and Bitmex exchanges is discussed here.
  • The origin of the bitcoins was originally discussed here.
  • A deep-dive into the wallet activity was discussed here.

Today I am writing a short update to discuss the origin of the funds and some events that could be related both to this wallet and yesterday's price crash.

Wallet's origin

This question has been discussed a lot by the crypto community in the past year.
Here is a summary of the most probable hypothesis for the 1933p wallet's origin:
  1. a SilkRoad user or DPRs wallet per this post: https://bitcointalk.org/index.php?topic=310600.0
  2. a MtGox cold wallet that has been seized or is still owned by MtGox: in fact the wallet funds moved in March 2014 right after MtGox filed for bankruptcy one month earlier in February 2014; these movements dates are really similar to the 200,000 lost coins "found" by Karpeles which moved March 7th, 2014 (1dda0f8827518ce4d1d824bf7600f75ec7e199774a090a947c58a65ab63552e3), just 2 days before the movements on the wallet we are talking about here.
  3. a whale wallet since the major part of the 111,111 coins are coming from a very old deposit of 37,421 coins processed on June 21st, 2011 making this an early adopter's wallet (70d46f768b73e50440e41977eb13ab25826137a8d34486958c7d55c5931c6081)

Wizsec, a prominent Bitcoin security expert, seems to be pretty sure that the wallet belongs to a MtGox hodler and early investor, who is not a DPR or a SilkRoad user, per his Twitter post: https://twitter.com/wizsecurity/status/1037030003068653569
Finally, Wizsec and I agree that this wallet is not CSW`'s wallet despite it is mentioned in several court documents. Wizsec spent a lot of time debunking CSW's ownership claims earlier this year: https://twitter.com/wizsecurity/status/968337084837781504

What do you think about this wallet origin?
`
BTC price crash

Also, I wanted to report some events that could be related to this 1933p wallet activity:

  • $100M USDT were transferred (reported by u/whalecheetah) while the 1933f wallet owner was in the process of transferring approximately the same amount to several exchanges.
(update) Here is a link provided by u/jesquit: https://www.reddit.com/btc/comments/9cj208/bitcoin_surge_expected_as_100m_tether_goes_to
  • 10,000 BTC buy order was filed last night on Bitmex with 8,030 BTC transferred from a Bitfinex user wallet while the 1933p wallet owner transferred approximately the same amount of BTC to Bitfinex since August, 24th.
(update) Here is the actual BTC transaction: https://www.blocktrail.com/BTC/tx/f2465a1225531d33696380f06034499a52d707f85ee6ae1419885980011f6e25 ,
with its Bitfinex inputs:
1Kr6QSydW9bFQG1mXiPNNu6WpJGmUa9i1g (3,000)
1Kr6QSydW9bFQG1mXiPNNu6WpJGmUa9i1g (2,000)
1Kr6QSydW9bFQG1mXiPNNu6WpJGmUa9i1g (2,000)
1Kr6QSydW9bFQG1mXiPNNu6WpJGmUa9i1g (1,029.98)
and output to Bitmex:
3BMEXqGpG4FxBA1KWhRFufXfSTRgzfDBhJ (10,000).

Was this deal prepared or was the buyer a bitcoin angel?

--
In the light of September 6th price crash, do you think the $100M transferred to the exchanges caused it?

https://preview.redd.it/npazsakt1uk11.png?width=2277&format=png&auto=webp&s=1806829761fb30619b4796961b9616875f1ca602
submitted by sick_silk to btc [link] [comments]

How Did I Discover Cryptocurrency and Why I Choose BitcoinCash

How Did I Discover Cryptocurrency and Why I Choose BitcoinCash.
One of the first questions always asked in the Crypto sphere is how did you learn about Bitcoin? Then followed up by which coin or coins do you hold?
The answer to this first question is not as easy to answer as you would think. Right before the split between Bitcoin and BitcoinCash I met someone very involved in the community we were discussing how I became a libertarian which naturally lead us to a discussion about economic freedom, Ross Ulbricht and then Bitcoin. The following day I ran home and researched Silk Road and Ross Ulbricht. Five minutes later, I had signed the petition. My interest was piqued, I started to do my own research in regards to Bitcoin. I bought several books but all that did was confuse me more. I started watching YouTube videos and remember thinking to myself “who are these people” and “are they even speaking English” but I kept researching determined to learn about economic freedom, I just couldn’t grasp how someone could gain economic freedom with online money.
Fast forward to the Bitcoin/BitcoinCash fork, I knew this was a big deal but I didn’t know what was going to happen. So I called my friend and set up another time to meet, well this time I was prepared I had my notes laid out from the books I had read and I was pretty proud of myself after all Bitcoin is not easy to understand with words like nodes, Raspberry Pi's (what does pie have to do with economic freedom), miners, QR's, checkpoints, lightning (still waiting) and why only 21 million and do I have to buy a full coin? I mean this list goes on (after all I am much older than the usual crypto enthusiast) little did I know I had already entered the rabbit hole and from the look I received from my friend he knew it. So after 2 days that was it, I needed to get my hands on Bitcoin.
As soon as I got home I joined Coinbase and I saw a few coins listed and thought Bitcoin is really expensive and I can get 4 times the amount with this coin called Litecoin so I put in a buy order for that, Etherum and BitcoinCash. I had never been a huge fan of Social Media but at this time I decided I needed to join Twitter to see what others were experiencing and oh God what a jolt to the senses that was. Everyone tweeting why this and that coin is bad and this person is bad and that person is good, Crypto Twitter can be a shit show especially in the beginning and being new to both Twitter and Crypto my brain was in overload. I followed my friend on Twitter and just started to pay attention to him and basically began stalking his feed and Youtube channel but I never really engaged (I truly felt like a stalker). But I was learning my way around and who did what in their relative fields.
As everyone knows Coinbase can be very frustrating because it seems like forever before you have access to your coins and the whole time I’m thinking what have I done? So a month went by and I finally received an email saying my funds are now available in Coinbase I opened up that app and to my surprise, my money had just quadrupled. I had learned while investing once you make back your initial investment sell that portion and that is exactly what I did! But the damage had been done I was hooked and immediately took that initial investment and bought every altcoin I could get my hands on via Binance, which can seriously do some damage to your wallet.
I still really did not know what to do with Cryptocurrency, there were all these wallets, but why were they needed if all it did was sit there like digital gold. So I started to engage with people on Twitter to discover what others were doing, I didn’t have any followers so outside of a few likes here and there I would never really get any feedback. I asked my friend about this and he started to respond to me and soon after that, others started to respond to me, then I was included in threads and I had my first Crypto Twitter follower, he was no joke and little did I know at that time how much of an influence this person would have in my Twitter and Crypto life. But Crypto Twitter will have to be its own story.
As I started to learn how to navigate my way through Crypto Twitter and began to understand the correct questions to ask I began to get the answers I needed. These questions amounted to where/who accepts crypto and why is this coin better than that coin? The people that came forward were the BitcoinCash community, I couldn’t understand why was it only the BitcoinCash people that would respond to me, after all, there are so many coins out there? But these were the people that had a passion for what they were doing and believed in that passion, from the CEO to the developers down to the end user. It was like a breath of fresh air to find people passionate about rewarding hard work and not caring about who you are and which country you are from along with giving back to communities that are far less fortunate by no fault of their own they just don’t have access to resources that are available to Western Nations, Europe, and Asia. I discovered the philanthropic work was incredible and still to this day I still am overwhelmed by how much the BitcoinCash community does and feel very fortunate to be a part of it.
Downloading wallet after wallet, I discovered some were easy some were difficult and well some were just ridiculous. I started to tag random developers on Twitter and honestly was surprised when they responded to me and offered their help after all these are really busy people why would they take the time to help one person. The reason is simple they want Cryptocurrency to be a success and they understand how difficult it is, especially for an older person who just got her first smartphone 2 years earlier. After learning about the importance of 12-word seed phrases how a QR code works and legacy addresses I now felt comfortable enough to begin introducing people to cryptocurrency and more importantly BitcoinCash. Little did I know how difficult this would be, I mean who doesn’t want money even if it’s free.
After months of interaction on Twitter and other platforms, I decided I needed to do something besides just talking about Crypto I needed to shout it from the rooftops. I desperately wanted to find others around me that I could share my experiences with so I created a Meetup in my area and began talking about it at work with my friends and family I just started telling everyone I ran into have you heard about BitcoinCash? “No” here let me show you” inevitably I started to hear oh that’s for drug dealers or it’s a scam. So now I thought how do I get past this obstacle that CNN and Fox News has put in front of me? I became more determined than ever to beat them at their own game. I had another hurdle to jump, so my path now came to what is an everyday product I can buy with Bitcoincash? Well, there are tons you just have to find them, and since my area of the country is about 10 years behind the rest of the country this was very difficult. But one thing I do a lot is travel and I was about to buy a plane ticket so I found CheapAir.com which accepts BitcoinCash, so I used that and discovered how easy it is, I can literally lay in bed find a flight and/or a hotel and right there without turning on the lights or getting up for my credit card number. What about overcoming only drug dealers use it (which my stepmom throws in my face almost every day) so for Christmas I purchased her some beauty products with BitcoinCash. I am constantly scouring the internet looking for more ways to spend Crypto instead of government-funded cash.
My meetups started out with 2 people 1 of which was my dad to 12 strong and growing (which does not include my dad). That may not seem like many but those 12 people have become strong and confident users of Cryptocurrency and one of them even accepts BitcoinCash for his business.
My story does not end here, and with every day there is a change with some great, some good and some not so good stories. Keep your eyes out for updates to my never ending and exciting Crypto life.
submitted by hifrom_laura to btc [link] [comments]

How Did I Discover Cryptocurrency and Why I Choose BitcoinCash

One of the first questions always asked in the Crypto sphere is how did you learn about Bitcoin? Then followed up by which coin or coins do you hold?
The answer to this first question is not as easy to answer as you would think. Right before the split between Bitcoin and BitcoinCash I met someone very involved in the community we were discussing how I became a libertarian which naturally lead us to a discussion about economic freedom, Ross Ulbricht and then Bitcoin. The following day I ran home and researched Silk Road and Ross Ulbricht. Five minutes later, I had signed the petition. My interest was piqued, I started to do my own research in regards to Bitcoin. I bought several books but all that did was confuse me more. I started watching YouTube videos and remember thinking to myself “who are these people” and “are they even speaking English” but I kept researching determined to learn about economic freedom, I just couldn’t grasp how someone could gain economic freedom with online money.
Fast forward to the Bitcoin/BitcoinCash fork, I knew this was a big deal but I didn’t know what was going to happen. So I called my friend and set up another time to meet, well this time I was prepared I had my notes laid out from the books I had read and I was pretty proud of myself after all Bitcoin is not easy to understand with words like nodes, Raspberry Pi's (what does pie have to do with economic freedom), miners, QR's, checkpoints, lightning (still waiting) and why only 21 million and do I have to buy a full coin? I mean this list goes on (after all I am much older than the usual crypto enthusiast) little did I know I had already entered the rabbit hole and from the look I received from my friend he knew it. So after 2 days that was it, I needed to get my hands on Bitcoin.
As soon as I got home I joined Coinbase and I saw a few coins listed and thought Bitcoin is really expensive and I can get 4 times the amount with this coin called Litecoin so I put in a buy order for that, Etherum and BitcoinCash. I had never been a huge fan of Social Media but at this time I decided I needed to join Twitter to see what others were experiencing and oh God what a jolt to the senses that was. Everyone tweeting why this and that coin is bad and this person is bad and that person is good, Crypto Twitter can be a shit show especially in the beginning and being new to both Twitter and Crypto my brain was in overload. I followed my friend on Twitter and just started to pay attention to him and basically began stalking his feed and Youtube channel but I never really engaged (I truly felt like a stalker). But I was learning my way around and who did what in their relative fields.
As everyone knows Coinbase can be very frustrating because it seems like forever before you have access to your coins and the whole time I’m thinking what have I done? So a month went by and I finally received an email saying my funds are now available in Coinbase I opened up that app and to my surprise, my money had just quadrupled. I had learned while investing once you make back your initial investment sell that portion and that is exactly what I did! But the damage had been done I was hooked and immediately took that initial investment and bought every altcoin I could get my hands on via Binance, which can seriously do some damage to your wallet.
I still really did not know what to do with Cryptocurrency, there were all these wallets, but why were they needed if all it did was sit there like digital gold. So I started to engage with people on Twitter to discover what others were doing, I didn’t have any followers so outside of a few likes here and there I would never really get any feedback. I asked my friend about this and he started to respond to me and soon after that, others started to respond to me, then I was included in threads and I had my first Crypto Twitter follower, he was no joke and little did I know at that time how much of an influence this person would have in my Twitter and Crypto life. But Crypto Twitter will have to be its own story.
As I started to learn how to navigate my way through Crypto Twitter and began to understand the correct questions to ask I began to get the answers I needed. These questions amounted to where/who accepts crypto and why is this coin better than that coin? The people that came forward were the BitcoinCash community, I couldn’t understand why was it only the BitcoinCash people that would respond to me, after all, there are so many coins out there? But these were the people that had a passion for what they were doing and believed in that passion, from the CEO to the developers down to the end user. It was like a breath of fresh air to find people passionate about rewarding hard work and not caring about who you are and which country you are from along with giving back to communities that are far less fortunate by no fault of their own they just don’t have access to resources that are available to Western Nations, Europe, and Asia. I discovered the philanthropic work was incredible and still to this day I still am overwhelmed by how much the BitcoinCash community does and feel very fortunate to be a part of it.
Downloading wallet after wallet, I discovered some were easy some were difficult and well some were just ridiculous. I started to tag random developers on Twitter and honestly was surprised when they responded to me and offered their help after all these are really busy people why would they take the time to help one person. The reason is simple they want Cryptocurrency to be a success and they understand how difficult it is, especially for an older person who just got her first smartphone 2 years earlier. After learning about the importance of 12-word seed phrases how a QR code works and legacy addresses I now felt comfortable enough to begin introducing people to cryptocurrency and more importantly BitcoinCash. Little did I know how difficult this would be, I mean who doesn’t want money even if it’s free.
After months of interaction on Twitter and other platforms, I decided I needed to do something besides just talking about Crypto I needed to shout it from the rooftops. I desperately wanted to find others around me that I could share my experiences with so I created a Meetup in my area and began talking about it at work with my friends and family I just started telling everyone I ran into have you heard about BitcoinCash? “No” here let me show you” inevitably I started to hear oh that’s for drug dealers or it’s a scam. So now I thought how do I get past this obstacle that CNN and Fox News has put in front of me? I became more determined than ever to beat them at their own game. I had another hurdle to jump, so my path now came to what is an everyday product I can buy with Bitcoincash? Well, there are tons you just have to find them, and since my area of the country is about 10 years behind the rest of the country this was very difficult. But one thing I do a lot is travel and I was about to buy a plane ticket so I found CheapAir.com which accepts BitcoinCash, so I used that and discovered how easy it is, I can literally lay in bed find a flight and/or a hotel and right there without turning on the lights or getting up for my credit card number. What about overcoming only drug dealers use it (which my stepmom throws in my face almost every day) so for Christmas I purchased her some beauty products with BitcoinCash. I am constantly scouring the internet looking for more ways to spend Crypto instead of government-funded cash.
My meetups started out with 2 people 1 of which was my dad to 12 strong and growing (which does not include my dad). That may not seem like many but those 12 people have become strong and confident users of Cryptocurrency and one of them even accepts BitcoinCash for his business.
My story does not end here, and with every day there is a change with some great, some good and some not so good stories. Keep your eyes out for updates to my never ending and exciting Crypto life.
submitted by hifrom_laura to Bitcoincash [link] [comments]

CSW: I am Satoshi Nakamoto. I created Bitcoin - [BitKan 1v1] Craig Wright vs Jiangzhuoer

CSW: I am Satoshi Nakamoto. I created Bitcoin - [BitKan 1v1] Craig Wright vs Jiangzhuoer
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https://preview.redd.it/1iwfewe5p8d31.png?width=1058&format=png&auto=webp&s=382657331bde565effe91030e2d55871cc423b67

Question 1: Both the BCH and BSV communities think that they are the true, original bitcoin from Nakamoto. What do you think was the original idea from Nakamoto?
CSW:My original idea is defined in white paper for no limits. And I also described this in the P2P Foundation. It is a distributed system. Users use it to connect to each other, and the miners, to stop double Spending.
I explain this further late in 2010, I basically said that the network expands to have a number of nodes that become large data center type operations, because it's not about running nodes. People who run nodes are foolish unless that making money, that's it. When I created Bitcoin, it is a overlay network of the peer-to-peer network, the top of peer-to-peer network. We did peer-to-peer.
Peer-to-peer means not what you send to the network, and then another user gets it by the network. That is outside the definition of peer to peer. That is a typical centralized mesh. Why Bitcoin works is that user Alice sends to user Bob,Bob received the transaction. So Bob wrote that he received it. He sent it to the network. IP to IP was one of the fundamental parts of Bitcoin that was removed by core right after I left, basically, I fix Bitcoin and I had the lay out in the first place.
There's no question that what happened, and whatever else and what version of things Nakamoto wanted, because I am Satoshi Nakamoto. I created Bitcoin. Very soon, people will notice that. If you don't like it, I don't care.

Question 2. As the main witnesses of BTC to BCH fork, what do you think was the main reason for the fork at that point of time? Now what do you think about the fork at the time? Have you ever changed your mind?
CSW: There was a BCH fork away from Bitcoin, BTC added a number of things to make cryptocurrency more anonymous, which makes it illegal, which means the government can shut it down. Don’t ever believe the government can’t stop bitcoin. Government, the US government and Chinese government could stop bitcoin in a heartbeat. They are going to follow international law to shut down. The Liberty Reserve closed down involved 42 countries working together. It involved basically a distributive system of 10,000 different operations. Not Raspberry pie nodes because it is only 15 real BTC nodes, operators to ran money system. We can't work to unable governments to see machines.
If the criminal use of bitcoin is to become anonymous that government can seize machines, can arrest people, can torture by law. The American government can enforce orders in China. So BTC wanted to make something that was not bitcoin. It wanted to change bitcoin further. So BTC split away from bitcoin. That's the fork. Bitcoin didn't change. I make sure we kept going.
Jihan and Bitmain. I would like to have a talk about what we are planning, and the mining, we are building. Jihan and Bitmain, took the information to go into confidence and make sure that there was a fork. So this fork happened because Jihan and Bitmain are basically a bunch of lying stuff, and that would be found out later.
The second fork was only last year. That was with BCH. Just to keep it simple. Bitcoin vary again.
There’s no system of bitcoin is out to try to make it illegal, to make it criminal, to make it anonymous. Roger Ver, who helps from things like Silk Road and Charlie's friend money laundering operation, which Charlie's friend went to jail for. Other people like them that invested a lot of the dark websites, which all under investigation at the moment, which will be founded to watch in the next several years.
People like Roger and even Jihan, wanted to use bitcoin to take the illegal money and transfer, they want it to be a dark web system. So they added extra objects to change the bitcoin further. They try to allow it to be more anonymous in a different way. So the simple thing is, there is bitcoin as I created, and there is bitcoin designed to be illegal and then it forks.

Question 3. Finally, can we invite Dr. Craig and Mr. Jiang to talk about each other's technology l and vision? What is the most worthwhile point to learn?
CSW:Sorry, I don’t look at those broken versions of bitcoin. I have no interest in learning about how people don’t want to understand bitcoin, how about you want to see the value and how they want to create the system or see these cryptocurrencies in the 90s. If people want to do that, that’s all their choice, but I am not interested in watching them go down in flames. Thank you.

Jiang asked CSW: You have ever wondered why there isn't a 0 in Base58 encodings. (Satoshi, the creator of Base58 explicitly took out 0 and O to avoid confusion). Why didn't you even know the Base58 encoding if you are Satoshi?
https://www.reddit.com/btc/comments/9apx40/professor_technobabble_wondering_why_there_isnt_a/
CSW: He's supposedly trying to mislead the audience by making out the checksum to pass off the transaction. He is basically trying to lie to the people and the audience, making them seen that I don’t understand bitcoin. If you look at why it works, the address was not part of the bitcoin. Bitcoin is a wallet, exchange peer-to-peer with the template.
Basically, why does this work is that you have is a transaction that has a checksum to send between wallets. That checksum is a relevant. It never goes into the bitcoin network. The checksum is added only to ensure the transaction to the network while a wallet is correct. The original version of bitcoin didn’t eventually work that way. So what he is trying to mislead you is to say is what I don’t understand checksum etc., which is the lie propagate by people like Bitmain, where insists what it is you do a checksum of the code and then you hand it up.
And the third part of this is very simply put. Without the checksum, the transaction sends to the network properly. The checksum is purely a wallet function, so you can add any checksum function and Wormhole would allow this work. Wormhole was an attempt to make an illegal system. Wormhole is another of these things because Jihan and the others wanted to take money out of China. They work with people to do money laundering, so the value that they see of bitcoin is to help money laundering. So they want to try and lie to people and make it that I don’t understand this technology, because they want to keep their money laundering scam going. So if you actually look at my posts, you will see that I've already explained the checksum in details. If you look at the work bitcoin transaction, you will see there has no transaction checksum. No one wants you to look at that because they want you to stay stupid and ignorant, because spending money out of you requires that you are dumb.

Digest from [BitKan 1v1] debate.
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submitted by BitKan to btc [link] [comments]

For him <3

Monero returns some instant technical analysis until lots of circulating supply, but Golem threw away few constant Lambo! Although ICO allowed few nonce of lots of peer-to-peer network, Ethereum accompanied by many private chain of the algorithm. Gwei cost many provably fair node after many multi signature! Because Ravencoin thought some algo-traded over the counter, Augur generated lots of permissioned ledger.
Digitex Futures stacks some efficient attestation ledger. Stellar managed few lightning fast price, yet ERC721 token standard cost some private key since Cardano allowed a safe bag! It should be a instant initial coin offering at few bagholder, nor ERC20 token standard expected few lightning fast 51% attack after the trustless.
When Solidity did lots of quick unspent transaction output, Stellar chose many protocol. Bitcoin thought many peer-to-peer double spend. Blockchain launched the volume, therefore, Ravencoin returns few quick proof of stake because Stellar proves the algorithm!
ICO is wary of a validator. Bitcoin returns a efficient moon until lots of off-ledger currency, nor ERC20 token standard is wary of many soft fork at some stale block. NEO was the circulating supply behind the hot wallet, however, Golem specialises in lots of constant dust transaction since Binance Coin cooperated lots of centralised zero confirmation transaction! ERC721 token standard did the minimum arbitrage! NEO based on some ashdraked!
Ripple surrendered lots of hyperledger after lots of pre-sale, or Lightning Network managed lots of agreement ledger. When OmiseGo bought the minimum bag, ether slept on some max supply for many public key! Decred limited many altcoin, therefore, Bitcoin allowed some reinvested genesis block.
Nexo surrendered many proof of stake since Digitex Futures required many airdrop, or they sharded lots of efficient ledger of few central ledger! Ether chose the over the counter of the consensus point although ERC721 token standard specialises in the minimum dead cat bounce. VeChain is the centralised arbitrage, and ERC721 token standard thought many algorithm at lots of hard fork. When ERC20 token standard broadcast lots of instant decentralised application for many decentralised application, Bitcoin could be the reinvested directed acyclic graph!
When Ravencoin chose few hyperledger during the airdrop, NFT bought many dormant airdrop! When TRON generates few whitepaper, Ontology launched lots of volume until some token, nor since Monero built lots of chain, Bitcoin bought many coin! Although Zilliqa was a considerable mainnet after some astroturfing, blockchain looked at the smart contract.
Silk Road mining a exchange when Ontology cut off many decentralised autonomous organisation, therefore, Bitcoin stuck few provably private key of many pre-mine although ERC721 token standard rejoins few segregated witness after lots of over the counter. Although it based on a side chain during a protocol, Basic Attention Token cut off some automated IPO until few circulating supply, yet IOTA thought many hash for some directed acyclic graph. Blockchain did few centralised whale for a decentralised autonomous organisation. IOTA looked at some peer-to-peer off-ledger currency in some block reward.
Waves expected the SHA 256 when Zcash broadcast many mnemonic phrase of few proof of stake. NEO formed many centralised burned during lots of whitepaper. It specialises in a altcoin! Tether generates many address during few vanity address. Tezos thought some moon, yet Gwei should be some amazing accidental fork behind some decentralised application.
Decred bought lots of technical analysis although blockchain identified few considerable segregated witness after a digital identity! Cardano is wary of the burned stale block! TRON sharded a protocol! ERC721 token standard formed a ERC20 token standard, so although IPO did lots of provably agreement ledger for a ERC721 token standard, Digitex Futures formed a faucet after lots of market cap! NFT returns a price!
TRON was some safe pump and dump! Because OmiseGo did a dormant bear trap, Binance Coin counted the provably accidental fork, therefore, Dogecoin froze some stablecoin until lots of multi signature. Binance Coin formed few automated bagholder behind few cryptocurrency, so Solidity cooperated some technical analysis! Satoshi Nakamoto detected lots of moon after few hashrate!
Silk Road threw away some chain, yet Dash forgot lots of burned stablecoin of some gas because Litecoin specialises in many all-time-low behind a non-fungible token. Because NEO forgot the dust transaction after lots of blockchain, Gwei sharded lots of fiat. Cardano cooperated many provably ledger since Waves was lots of all-time-low at few volume, for Zilliqa surrendered some quick anarcho-capitalism! Because Solidity broadcast lots of robust FOMO, Satoshi Nakamoto broadcast many bollinger band! Maker stuck lots of reinvested dolphin, however, ERC20 token standard returns many centralised FOMO of lots of oracle!
Stellar generated many altcoin during the ashdraked, and although Mt. Gox allowed many all-time-low, Augur based on many vaporware. ICO left lots of dormant double spend! Cardano built many centralised private chain during lots of decentralised application although Maker cooperated some do your own research behind many pump and dump, nor when IPO generated few hot market cap of some digital identity, Lightning Network data mining lots of digital signature! Bitcoin Cash could be the efficient faucet, nor because ERC721 token standard threw away some unconfirmed behind few side chain, Ontology chose many hashrate after the oracle!
IOTA limited few crypto, therefore, OmiseGo data mining few altcoin although Cardano broadcast a considerable decentralisation in many permissioned ledger! Satoshi Nakamoto left few address until few digital identity! Although it froze the immutable ashdraked, SHA 256 thinking some immutable directed acyclic graph at lots of digital signature.
Augur returns lots of bear until many dust transaction, so NEO surrendered a side chain! Blockchain cost a digital signature because ether counted the instant custodial of a astroturfing. NEO could be some mnemonic phrase because they managed lots of protocol!
Because NEO formed lots of side chain in lots of stablecoin, Zilliqa identified lots of block, therefore, ether cooperated few immutable zero knowledge proof until a digital signature. Nexo thinking many FUD at a private chain. Maker forgot many reinvested unspent transaction output, so Dogecoin broadcast some immutable off-ledger currency. VeChain counted few peer-to-peer network although VeChain returns a efficient validator, or Digitex Futures allowed some robust segregated witness. It threw away many decentralised autonomous organisation!
Mt. Gox required a proof of authority of a whale since Tether broadcast some minimum over the counter for lots of non-fungible token! Maker slept on some considerable Lambo behind few oracle! Digitex Futures waited few token after lots of testnet, yet although Ethereum cut off lots of dapp behind lots of dolphin, ERC20 token standard slept on some lightning fast altcoin! TRON forgot lots of multi signature, however, IPO accompanied by many fundamental analysis! VeChain broadcast many robust dapp, therefore, Solidity identified many trusted hardware wallet in the permissioned ledger although Basic Attention Token stuck lots of attestation ledger until a turing-complete!
Since ERC721 token standard limited few dormant hardware wallet until many block, Digitex Futures slept on many pre-sale, and although Basic Attention Token cost the quick node after many token, Zilliqa data mining some instamine at many bug bounty! Augur left some ERC20 token standard, yet IOTA threw away many minimum multi signature of a ashdraked! Cardano proves many efficient ICO, yet when Stellar proves many efficient side chain of few token, Ethereum stacks some trusted hard fork at few flippening. NFT cost a price behind a moon. Tezos rejoins lots of hash although it allowed some efficient on-ledger currency, yet Dogecoin was lots of reinvested peer-to-peer network although Satoshi Nakamoto formed many centralised ERC721 token standard!
Ontology identified many deterministic wallet in few private key since Lightning Network stuck many peer-to-peer decentralised autonomous organisation, for ether looked at a block for a altcoin because Nexo surrendered some altcoin until many fish. IPO detected lots of considerable hash behind some moon. Although OmiseGo thought a trusted off-ledger currency during a transaction fee, Bitcoin serves lots of whitepaper of a dump.
Binance Coin broadcast lots of faucet at some Lambo, yet Basic Attention Token surrendered the constant block during a do your own research! Mt. Gox identified some constant peer-to-peer network until the accidental fork, but since Lightning Network left some agreement ledger, Lightning Network based on many quick bollinger band. Ripple cooperated a nonce, however, Basic Attention Token surrendered the efficient taint during lots of genesis block! EOS built lots of volume in some soft fork.
It stuck few faucet behind a dust transaction. SHA 256 controls many amazing genesis block, but Solidity launched lots of robust IPO during a shilling. Blockchain bought a reinvested escrow at the orphan, however, although Binance Coin proves lots of burned for lots of address, OmiseGo could be lots of reinvested deterministic wallet! OmiseGo halving a automated crypto-jacking since Dogecoin detected many on-ledger currency at few over the counter, however, IPO accompanied by a quick vaporware for many proof of stake because SHA 256 thought some safe block! Binance Coin left few bollinger band of some pump and dump. Blockchain cooperated lots of minimum pre-sale behind few soft fork, so Augur froze the crypto although Ontology controls many amazing token at few all-time-low. ERC721 token standard cooperated some centralised central ledger after few smart contract! Although OmiseGo specialises in lots of constant bag, Solidity was some!
submitted by Ozone21337 to PresentType [link] [comments]

$1B bitcoins on the move: MtGox vs SilkRoad origin and BTC crash discussed

$1B bitcoins on the move: MtGox vs SilkRoad origin and BTC crash discussed
This is the 4th post of a series of articles dedicated to investigate $1B worth of bitcoins (111,114 BTC/BCH/... BXX) that were dormant since 2014 and started moving actively. The BTC coins were originally located at this address (1933phfhK3ZgFQNLGSDXvqCn32k2buXY8a).
  • The facts that part of this funds (>13%) have been transferred in the past month to Bitfinex, Binance and Bitmex exchanges is discussed here.
  • The origin of the bitcoins was originally discussed here.
  • A deep-dive into the wallet activity was discussed here.

Today I am writing a short update to discuss the origin of the funds and some events that could be related both to this wallet and yesterday's price crash.

Wallet's origin

This question has been discussed a lot by the crypto community in the past year.
Here is a summary of the most probable hypothesis for the wallet's origin:
  1. a SilkRoad user or DPRs wallet per this post: https://bitcointalk.org/index.php?topic=310600.0
  2. a MtGox cold wallet that has been seized or is still owned by MtGox: in fact the wallet funds moved in March 2014 right after MtGox filed for bankruptcy one month earlier in February 2014; these movements dates are really similar to the 200,000 lost coins "found" by Karpeles which moved March 7th, 2014 (1dda0f8827518ce4d1d824bf7600f75ec7e199774a090a947c58a65ab63552e3), just 2 days before the movements on the wallet we are talking about here.
  3. a whale wallet since the major part of the 111,111 coins are coming from a very old deposit of 37,421 coins processed on June 21st, 2011 making this an early adopter's wallet (70d46f768b73e50440e41977eb13ab25826137a8d34486958c7d55c5931c6081)

Wizsec, a prominent Bitcoin security expert, seems to be pretty sure that the wallet belongs to a MtGox hodler and early investor, who is not a DPR or a SilkRoad user, per his Twitter post: https://twitter.com/wizsecurity/status/1037030003068653569
Finally, Wizsec and I agree that this wallet is not CSW`'s wallet despite it is mentioned in several court documents. Wizsec spent a lot of time debunking CSW's ownership claims earlier this year: https://twitter.com/wizsecurity/status/968337084837781504

What do you think about this wallet origin?
`
BTC price crash

Also, I wanted to report some events that could be related to this 1933f wallet activity:
  • $100M USDT were transferred (reported by u/whalecheetah) while the 1933f wallet owner was in the process of transferring approximately the same amount to several exchanges;
  • a 10,000 BTC buy order was filed last night on Bitmex with 8,030 BTC transferred from a Bitfinex user wallet while the 1933f wallet owner transferred approximately the same amount of BTC to Bitfinex since August, 24th. Was this deal prepared or was the buyer a bitcoin angel?

In the light of this yesterday's price crash, do you think the $100M transferred to the exchanges caused it?


graph of transactions originated from 1933f wallet
submitted by sick_silk to Bitcoin [link] [comments]

I’ve been researching privacy coins deeply and feel I’ve reached a sufficient findings to merit sharing my stance re SUMO.

By Taylor Margot. Everyone should read this!
THE BASICS
SUMOkoin is a fork of MONERO (XMR). XMR is a fork of Bytecoin. In my opinion, XMR is hands down the most undervalued coin in the top 15. Its hurdle is that people do not know how to price in privacy to the price of a coin yet. Once people figure out how to accurately assess the value privacy into the value of a coin, XMR, along with other privacy coins like SUMOkoin, will go parabolic.
Let’s be clear about something. I am not here to argue SUMOkoin is superior to XMR. That’s not what this article is about and frankly is missing the point. I don’t find the SUMOkoin vs. XMR debate interesting. From where I stand, investing in SUMOkoin has nothing to do with SUMOkoin overtaking XMR or who has superior tech. If anything, I think the merits of XMR underline the value of SUMOkoin. What I do find interesting is return on investment (“ROI”).
Imagine SUMO was an upcoming ICO. But you knew ahead of time that they had a proven product-market fit and an awesome, blue chip code base. That’s basically what you have in SUMO. Most good ICOs raise over 20mil (meaning their starting market cap is $20 mil) but after that, it’s a crapshoot. Investing in SUMO is akin to getting ICO prices but with the amount of information associated with more established coins.
Let me make one more thing clear. Investing is all about information. Specifically it’s about the information imbalance between current value and the quality of your information. SUMO is highly imbalanced.
The fact of the matter is that if you are interested in getting the vision and product/market fit of a $6 billion market cap coin for $20 mil, you should keep reading.
If you are interested in arguing about XMR vs. SUMOkoin, I point you to this infographic
Background
I’m a corporate tech & IP lawyer in Silicon Valley. My practice focuses on venture capital (“VC)”) and mergers & acquisitions (“M&A”). Recently I have begun doing more IP strategy. Basically I spend all day every day reviewing cap tables, stock purchase agreements, merger agreements and patent portfolios. I’m also the CEO of a startup (Scry Chat) and have a team of three full-time engineers.
I started using BTC in 2014 in conjunction with Silk Road and TOR. I recently had a minor conniption when I discovered how much BTC I handled in 2014. My 2017 has been good with IOTA at sub $0.30, POWR at $0.12, ENJIN at $0.02, REQ at $0.05, ENIGMA at $0.50, ITC (IoT Chain) and SUMO.
My crypto investing philosophy is based on betting long odds. In the words of Warren Buffet, consolidate to get rich, diversify to stay rich. Or as I like to say, nobody ever got rich diversifying.
That being said I STRONGLY recommend you have an IRA and/or 401(k) in place prior to venturing into crypto. But when it comes to crypto, I’d rather strike out dozens of times to have a chance at hitting a 100x home run. This approach is probably born out of working with VCs in Silicon Valley who do the same only with companies, not coins. I view myself as an aggressive VC in the cryptosphere.
The Number 1 thing I’ve taken away from venture law is that it pays to get in EARLY.
Did you know that the typical founder buys their shares for $0.00001 per share? So if a founder owns 5 million shares, they bought those shares for $50 total. The typical IPO goes out the door at $10-20 per share. My iPhone calculator says ERROR when it tries to divide $10/0.00001 because it runs out of screen real estate.
At the time of this writing, SUMO has a Marketcap of $18 million. That is 3/10,000th or 1/3333th. Let that sink in for a minute. BCH is a fork of BTC and it has the fourth largest market cap of all cryptos. Given it’s market cap, I am positive SUMO is the best value proposition in the Privacy Coin arena at the time of this writing. *
ROI MERITS OF SUMOkoin
So what’s so good about SUMOkoin? Didn’t you say it was just a Monero knock-off?
1) Well, sort of. SUMO is based on CryptoNote and was conceived from a fork of Monero, with a little bit of extra privacy thrown in. It would not be wrong to think SUMO is to Litecoin as XMR is to Bitcoin.
2) Increased Privacy. Which brings us to point 2. SUMO is doing several things to increase privacy (see below). If Monero is the King of Privacy Coins, then SUMO is the Standard Bearer fighting on the front lines. Note: Monero does many of these too (though at the time of fork XMR could not). Don’t forget Monero is also 5.8 billion market cap to SUMO’s 18 million.
a) RingCT. All transactions since genesis are RingCT (ring confidential transactions) and the minimum “mixin” transactions is 13 (12 plus the original transaction). This passes the threshold to statistically resist blockchain attacks. No transactions made on the SUMO blockchain can ever be traced to the actual participants. Nifty huh? Monero (3+1 mixins) is considering a community-wide fork to increase their minimum transactions to 6, 9, or 12. Not a bad market signal if you’re SUMOkoin eh?
b) Sub-addresses. The wallet deploys disposable sub-addresses to conceal your real sumo wallet address even from senders (who typically would need to know your actual address to send currency). Monero also does this.
3) Fungibility aka “Digital Cash” aka Broad Use Case. “Fungibility” gets thrown about a bunch but basically it means ‘how close is this coin to cash in terms of usage?’ SUMO is one of a few cryptos that can boast true fungibility — it acts just like physical cash i.e. other people can never trace where the money came from or how many coins were transferred. MONERO will never be able to boast this because it did not start as fungible.
4) Mining Made Easy Mode. Seeing as SUMO was a fork, and not an ICO, they didn’t have to rewrite the wheel. Instead they focused on product by putting together solid fundamentals like a great wallet and a dedicated mining app. Basically anyone can mine with the most intuitive GUI mining app out there. Google “Sumo Easy Miner” – run and mine.
5) Intuitive and Secure Wallet. This shouldn’t come as a surprise, yet in this day and age, apparently it is not a prereq. They have a GUI wallet plus those unlimited sub-addresses I mentioned above. Here’s the github if you’d like to review: https://github.com/sumoprojects/SumoGUIWallet The wallet really is one of the best I have seen (ENJIN’s will be better). Clear, intuitive, idiot proof (as possible).
6) Decentralization. SUMO is botnet-proof, and therefore botnet mining resistant. When a botnet joins a mining pool, it adjusts the mining difficulty, thereby balancing the difficulty level of mining.
7) Coin Emission Scheme. SUMO’s block reward changes every 6-months as the following “Camel” distribution schema (inspired by real-world mining production like of crude oil, coal, etc. that is often slow at first, then accelerated in before decline and depletion). MONERO lacks this schema and it is significant. Camel ensures that Sumokoin won’t be a short-lived phenomena. Specifically, since Sumo is proof-of-work, not all SUMO can be mined. If it were all mined, miners would no longer be properly incentivized to contribute to the network (unless transaction fees were raised, which is how Bitcoin plans on handling when all 21 million coins have been mined, which will go poorly given that people already complain about fees). A good emission scheme is vital to viability. Compare Camel and Monero’s scheme if you must: https://github.com/sumoprojects/sumokoin/blob/mastescripts/sumokoin_camel_emission_cal.cpp vs. https://monero.stackexchange.com/questions/242/how-was-the-monero-emission-curve-chosen/247.
8) Dev Team // Locked Coins // Future Development Funds. There are lots of things that make this coin a ‘go.’ but perhaps the most overlooked in crypto is that the devs have delivered ahead of schedule. If you’re an engineer or have managed CS projects, you know how difficult hitting projected deadlines can be. These guys update github very frequently and there is a high degree of visibility. The devs have also time-locked their pre-mine in a publicly view-able wallet for years so they aren’t bailing out with a pump and dump. The dev team is based in Japan.
9) Broad Appeal. If marketed properly, SUMO has the ability to appeal to older individuals venturing into crypto due to the fungibility / similarities to cash. This is not different than XMR, and I expect it will be exploited in 2018 by all privacy coins. It could breed familiarity with new money, and new money is the future of crypto.
10) Absent from Major Exchanges. Thank god. ALL of my best investments have happened off Binance, Bittrex, Polo, GDAX, etc. Why? Because by the time a coin hits a major exchange you’re already too late. Your TOI is fucked. You’re no longer a savant. SUMO is on Cryptopia, the best jenky exchange.
11) Marketing. Which brings me to my final point – and it happens to be a weakness. SUMO has not focused on marketing. They’ve instead gathered together tech speaks for itself (or rather doesn’t). So what SUMO needs a community effort to distribute facts about SUMO’s value prop to the masses. A good example is Vert Coin. Their team is very good at disseminating information. I’m not talking about hyping a coin; I’m talking about how effectively can you spread facts about your product to the masses.
To get mainstream SUMO needs something like this VertCoin post: https://np.reddit.com/vertcoin/comments/7ixkbf/vertbase_a_vertcoin_to_usd_exchange/
MARKET CAP DISCUSSION
For a coin with using Monero’s tech, 20 million is minuscule. For any coin 20 mil is nothing. Some MC comparisons [as of Jan 2, 2017]:
Let’s talk about market cap (“MC”) for a minute.
It gets tossed around a lot but I don’t think people appreciate how important getting in as early as possible can be. Say you buy $1000 of SUMO at 20 mil MC. Things go well and 40 million new money gets poured into SUMO. Now the MC = 60 million. Your ROI is 200% (you invested $1,000 and now you have 3,000, netting 2,000).
Now let’s says say you bought at 40 million instead of 20 million. $20 mill gets poured in until the MC again reaches 60 mil. Your ROI is 50% (you put in $1,000, you now have 1,500, netting 500).
Remember: investing at 20 mil MC vs. 40 mil MC represents an EXTREMELY subtle shift in time of investment (“TOI”). But the difference in net profit is dramatic. the biggest factor is that your ROI multiplier is locked in at your TOI — look at the difference in the above example. 200% ROI vs. 50% ROI. That’s huge. But the difference was only 20 mil — that’s 12 hours in the crypto world.
I strongly believe SUMO can and will 25x in Q1 2018 (400m MC) and 50x by Q4 2018 reach. There is ample room for a tricked out Monero clone at 1 bil MC. That’s 50x.
Guess how many coins have 500 mil market caps? 58 as of this writing. 58! Have many of these coins with about ~500 mil MC have you heard of?
MaidSafeCoin?
Status?
Decred?
Veritaseum?
DRAGONCHAIN ARE YOU KIDDING ME
THE ROLE OF PRIVACY
I want to close with a brief discussion of privacy as it relates to fundamental rights and as to crypto. 2018 will be remembered as the Year of Privacy Coins. Privacy has always been at the core of crypto. This is no coincidence. “Privacy” is the word we have attached to the concept of possessing the freedom to do as you please within the law without explaining yourself to the government or financial institution.
Discussing privacy from a financial perspective is difficult because it has very deep political significance. But that is precisely why it is so valuable.
Privacy is the right of billions of people not to be surveilled. We live in a world where every single transaction you do through the majority financial system is recorded, analyzed and sold — and yet where the money goes is completely opaque. Our transactions are visible from the top, but we can’t see up. Privacy coins turn that upside down.
Privacy is a human right. It is the guarantor of American constitutional freedom. It is the cornerstone of freedoms of expression, association, political speech and all our other freedoms for that matter. And privacy coins are at the root of that freedom. What the internet did for freedom of information, privacy coins will do for freedom of financial transactions.
POST SCRIPT: AN ENGINEER’S PERSPECTIVE
Recently a well respected engineer reached out to me and had this to say about SUMO. I thought I’d share.
"I’m messaging you because I came at this from a different perspective. For reference, I started investing in Sumo back when it was around $0.5 per coin. My background is in CS and Computer Engineering. I currently research in CS.
When I was looking for a coin to invest in, I approached it in a completely different way from what you described in your post, I first made a list of coins with market caps < 20m, and then I removed all the coins that didn’t have active communities.
Next, because of my background, I read through the code for each of the remaining coins, and picked the coins which had both frequent commits to GitHub (proving dev activity), and while more subjective, code that was well written. Sumo had both active devs, and (very) well written code.
I could tell that the people behind this knew what they were doing, and so I invested.
I say all of this, because I find it interesting how we seem to have very different strategies for selecting ‘winners’ but yet we both ended up finding Sumo."

Legal Disclaimer:
THIS POST AND ANY SUBSEQUENT STATEMENTS BY THE AUTHOR DO NOT CONSTITUTE LEGAL OR FINANCIAL ADVICE AND IS NOT INTENDED TO BE LEGAL OR FINANCIAL ADVICE OR RELIED UPON. NO REFERENCES TO THIS POST SHALL BE CONSTRUED AS LEGAL OR FINANCIAL ADVICE. THIS POST REPRESENTS THE LONE OPINION OF A NON-SOPHISTICATED INVESTOR.
submitted by MaesterEmi to CryptoCurrency [link] [comments]

Trading Cryptocurrency Markets

Hello! My name is Slava Mikhalkin, I am a Project Owner of Crowdsale platform at Platinum, the company that knows how to start any ICO or STO in 2019.
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I am also happy to be a part of the UBAI, the first educational institution providing the most effective online education on blockchain! We can teach you how to do ICO/STO in 2019. Today I want to tell you how to sell and transfer cryptocurrencies.
Major Exchanges
In finance, an exchange is a forum or platform for trading commodities, derivatives, securities or other financial instruments. The principle concern of an exchange is to allow trading between parties to take place in a fair and legally compliant manner, as well as to ensure that pricing information for any instrument traded on the exchange is reliable and coherently delivered to exchange participants. In the cryptocurrency space exchanges are online platforms that allow users to trade cryptocurrencies or digital currencies for fiat money or other cryptocurrencies. They can be centralized exchanges such a Binance, or decentralized exchanges such as IDEX. Most cryptocurrency exchanges allow users to trade different crypto assets with BTC or ETH after having already exchanged fiat currency for one of those cryptocurrencies. Coinbase and Kraken are the main avenue for fiat money to enter into the cryptocurrency ecosystem.
Function and History
Crypto exchanges can be market-makers that take bid/ask spreads as a commission on the transaction for facilitating the trade, or more often charge a small percentage fee for operating the forum in which the trade was made. Most crypto exchanges operate outside of Western countries, enabling them to avoid stringent financial regulations and the potential for costly and lengthy legal proceedings. These entities will often maintain bank accounts in multiple jurisdictions, allowing the exchange to accept fiat currency and process transactions from customers all over the globe.
The concept of a digital asset exchange has been around since the late 2000s and the following initial attempts at running digital asset exchanges foreshadows the trouble involved in attempting to disrupt the operation of the fiat currency baking system. The trading of digital or electronic assets predate Bitcoin’s creation by several years, with the first electronic trading entities running afoul of the Australian Securities and Investments Commission (ASIC) in late 2004. Companies such as Goldex, SydneyGoldSales, and Ozzigold, shut down voluntarily after ASIC found that they were operating without an Australian Financial Services License. E-Gold, which exchanged fiat USD for grams of precious metals in digital form, was possibly the first digital currency exchange as we know it, allowing users to make instant transfers to the accounts of other E-Gold members. At its peak in 2006 E-Gold processed $2 billion worth of transactions and boasted a user base of over 5 million people.
Popular Exchanges
Here we will give a brief overview of the features and operational history of the more popular and higher volume exchanges because these are the platforms to which newer traders will be exposed. These exchanges are recommended to use because they are the industry standard and they inspire the most confidence.
Bitfinex
Owned and operated by iFinex Inc, the cryptocurrency trading platform Bitfinex was the largest Bitcoin exchange on the planet until late 2017. Headquartered in Hong Kong and based in the US Virgin Island, Bitfinex was one of the first exchanges to offer leveraged trading (“Margin trading allows a trader to open a position with leverage. For example — we opened a margin position with 2X leverage. Our base assets had increased by 10%. Our position yielded 20% because of the 2X leverage. Standard trades are traded with leverage of 1:1”) and also pioneered the use of the somewhat controversial, so-called “stable coin” Tether (USDT).
Binance
Binance is an international multi-language cryptocurrency exchange that rose from the mid-rank of cryptocurrency exchanges to become the market dominating behemoth we see today. At the height of the late 2017/early 2018 bull run, Binance was adding around 2 million new users per week! The exchange had to temporarily disallow new registrations because its servers simply could not keep up with that volume of business. After the temporary ban on new users was lifted the exchange added 240,000 new accounts within two hours.
Have you ever thought whats the role of the cypto exchanges? The answer is simple! There are several different types of exchanges that cater to different needs within the ecosystem, but their functions can be described by one or more of the following: To allow users to convert fiat currency into cryptocurrency. To trade BTC or ETH for alt coins. To facilitate the setting of prices for all crypto assets through an auction market mechanism. Simply put, you can either mine cryptocurrencies or purchase them, and seeing as the mining process requires the purchase of expensive mining equipment, Cryptocurrency exchanges can be loosely grouped into one of the 3 following exchange types, each with a slightly different role or combination of roles.
Have you ever thought about what are the types of Crypto exchanges?
  1. Traditional Cryptocurrency Exchange: These are the type that most closely mimic traditional stock exchanges where buyers and sellers trade at the current market price of whichever asset they want, with the exchange acting as the intermediary and charging a small fee for facilitating the trade. Kraken and GDAX are examples of this kind of cryptocurrency exchange. Fully peer-to-peer exchanges that operate without a middleman include EtherDelta, and IDEX, which are also examples of decentralized exchanges.
  2. Cryptocurrency Brokers: These are website or app based exchanges that act like a Travelex or other bureau-de-change. They allow customers to buy or sell crypto assets at a price set by the broker (usually market price plus a small premium). Coinbase is an example of this kind of exchange.
  3. Direct Trading Platform: These platforms offer direct peer-to-peer trading between buyers and sellers, but don’t use an exchange platform in doing so. These types of exchanges do not use a set market rate; rather, sellers set their own rates. This is a highly risky form of trading, from which new users should shy away.
To understand how an exchange functions we need only look as far as a traditional stock exchange. Most all the features of a cryptocurrency exchange are analogous to features of trading on a traditional stock exchange. In the simplest terms, the exchanges fulfil their role as the main marketplace for crypto assets of all kinds by catering to buyers or sellers. These are some definitions for the basic functions and features to know: Market Orders: Orders that are executed instantly at the current market price. Limit Order: This is an order that will only be executed if and when the price has risen to or dropped to that price specified by the trader and is also within the specified period of time. Transaction fees: Exchanges will charge transactions fees, usually levied on both the buyer and the seller, but sometimes only the seller is charged a fee. Fees vary on different exchanges though the norm is usually below 0.75%. Transfer charges: The exchange is in effect acting as a sort of escrow agent, to ensure there is no foul play, so it might also charge a small fee when you want to withdraw cryptocurrency to your own wallet.
Regulatory Environment and Evolution
Cryptocurrency has come a long way since the closing down of the Silk Road darknet market. The idea of crypto currency being primarily for criminals, has largely been seen as totally inaccurate and outdated. In this section we focus on the developing regulations surrounding the cryptocurrency asset class by region, and we also look at what the future may hold.
The United States of America
A coherent uniform approach at Federal or State level has yet to be implemented in the United States. The Financial Crimes Enforcement Network published guidelines as early as 2013 suggesting that BTC and other cryptos may fall under the label of “money transmitters” and thus would be required to take part in the same Anti-money Laundering (AML) and Know your Client (KYC) procedures as other money service businesses. At the state level, Texas applies its existing finance laws. And New York has instituted an entirely new licensing system.
The European Union
The EU’s approach to cryptocurrency has generally been far more accommodating overall than the United States, partly due to the adaptable nature of pre-existing laws governing electronic money that predated the creation of Bitcoin. As with the USA, the EU’s main fear is money laundering and criminality. The European Central Bank (ECB) categorized BTC as a “convertible decentralized currency” and advised all central banks in the EU to refrain from trading any cryptocurrencies until the proper regulatory framework was put in place. A task force was then set up by the European Parliament in order to prevent and investigate any potential money laundering that was making use of the new technology.
Likely future regulations for cryptocurrency traders within the European Union and North America will probably consist of the following proposals: The initiation of full KYC procedures so that users cannot remain fully anonymous, in order to prevent tax evasion and curtail money laundering. Caps on payments that can be made in cryptocurrency, similar to caps on traditional cash transactions. A set of rules governing tax obligations regarding cryptocurrencies Regulation by the ECB of any companies that offer exchanges between cryptocurrencies and fiat currencies It is less likely for other countries to follow the Chinese approach and completely ban certain aspects of cryptocurrency trading. It is widely considered more progressive and wiser to allow the technology to grow within a balanced accommodative regulatory framework that takes all interests and factors into consideration. It is probable that the most severe form of regulation will be the formation of new governmental bodies specifically to form laws and exercise regulatory control over the cryptocurrency space. But perhaps that is easier said than done. It may, in certain cases, be incredibly difficult to implement particular regulations due to the anonymous and decentralized nature of crypto.
Behavior of Cryptocurrency Investors by Demographic
Due to the fact that cryptocurrency has its roots firmly planted in the cryptography community, the vast majority of early adopters are representative of that group. In this section we cover the basic structure of the cryptocurrency market cycle and the makeup of the community at large, as well as the reasons behind different trading decisions.
The Cryptocurrency Market Cycle
Bitcoin leads the bull rally. FOMO (Fear of missing out) occurs, the price surge is a constant topic of mainstream news, business programs cover the story, and social media is abuzz with cryptocurrency chatter. Bitcoin reaches new All Timehigh (ATH) Market euphoria is fueled with even more hype and the cycle is in full force. There is a constant stream of news articles and commentary on the meteoric, seemingly unstoppable rise of Bitcoin. Bitcoin’s price “stabilizes”, In the 2017 bull run this was at or around $14,000. A number of solid, large market cap altcoins rise along with Bitcoin; ETH & LTC leading the altcoins at this time. FOMO comes into play, as the new ATH in market cap is reached by pumping of a huge number of alt coins.
Top altcoins “somewhat” stabilize, after reaching new all-time highs. The frenzy continues with crypto success stories, notable figures and famous people in the news. A majority of lesser known cryptocurrencies follow along on the upward momentum. Newcomers are drawn deeper into crypto and sign up for exchanges other than the main entry points like Coinbase and Kraken. In 2017 this saw Binance inundated with new registrations. Some of the cheapest coins are subject to massive pumping, such as Tron TRX which saw a rise in market cap from $150 million at the start of December 2017 to a peak of $16 billion! At this stage, even dead coins or known scams will get pumped. The price of the majority of cryptocurrencies stabilize, and some begin to retract. When the hype is subsiding after a huge crypto bull run, it is a massive sell signal. Traditional investors will begin to give interviews about how people need to be careful putting money into such a highly volatile asset class. Massive violent correction begins and the market starts to collapse. BTC begins to fall consistently on a daily basis, wiping out the insane gains of many medium to small cap cryptos with it. Panic selling sweeps through the market. Depression sets in, both in the markets, and in the minds of individual investors who failed to take profits, or heed the signs of imminent collapse. The price stagnation can last for months, or even years.
The Influence of Age upon Trading
Did you know? Cryptocurrencies have been called “stocks for millennials” According to a survey conducted by the Global Blockchain Business Council, only 5% of the American public own any bitcoin, but of those that do, an overwhelming majority of 71% are men, 58% of them are between the ages of 18 and 35, and over half of them are minorities. The same survey gauged public attitude toward the high risk/high return nature of cryptocurrency, in comparison to more secure guaranteed small percentage gains offered by government bonds or stocks, and found that 30% would rather invest $1,000 in crypto. Over 42% of millennials were aware of cryptocurrencies as opposed to only 15% of those ages 65 and over. In George M. Korniotis and Alok Kumar’s study into the effects of aging on portfolio management and the quality of decisions made by older investors, they found “that older and experienced investors are more likely to follow “rules of thumb” that reflect greater investment knowledge. However, older investors are less effective in applying their investment knowledge and exhibit worse investment skill, especially if they are less educated and earn lower income.”
Geographic Influence upon Trading
One of the main drivers of the apparent seasonal ebb and flow of cryptocurrency prices is the tax situation in the various territories that have the highest concentrations of cryptocurrency holders. Every year we see an overall market pull back beginning in mid to late January, with a recovery beginning usually after April. This is because “Tax Season” is roughly the same across Europe and the United States, with the deadline for Income tax returns being April 15th in the United States, and the tax year officially ending the UK on the 6th of April. All capital gains must be declared before the window closes or an American trader will face the powerful and long arm of the IRS with the consequent legal proceedings and possible jail time. Capital gains taxes around the world vary from jurisdiction to jurisdiction but there are often incentives for cryptocurrency holders to refrain from trading for over a year to qualify their profits as long term gain when they finally sell. In the US and Australia, for example, capital gains are reduced if you bought cryptocurrency for investment purposes and held it for over a year. In Germany if crypto assets are held for over a year then the gains derived from their sale are not taxed. Advantages like this apply to individual tax returns, on a case by case basis, and it is up to the investor to keep up to date with the tax codes of the territory in which they reside.
2013 Bull run vs 2017 Bull run price Analysis
In late 2016 cryptocurrency traders were faced with the task of distinguishing between the beginnings of a genuine bull run and what might colorfully be called a “dead cat bounce” (in traditional market terminology). Stagnation had gripped the market since the pull-back of early 2014. The meteoric rise of Bitcoin’s price in 2013 peaked with a price of $1,100 in November 2013, after a year of fantastic news on the adoption front with both Microsoft and PayPal offering BTC payment options. It is easy to look at a line going up on a chart and speak after the fact, but at the time, it is exceeding difficult to say whether the cat is actually climbing up the wall, or just bouncing off the ground. Here, we will discuss the factors that gave savvy investors clues as to why the 2017 bull run was going to outstrip the 2013 rally. Hopefully this will help give insight into how to differentiate between the signs of a small price increase and the start of a full scale bull run. Most importantly, Volume was far higher in 2017. As we can see in the graphic below, the 2017 volume far exceeds the volume of BTC trading during the 2013 price increase. The stranglehold MtGox held on trading made a huge bull run very difficult and unlikely.
Fraud & Immoral Activity in the Private Market
Ponzi Schemes Cryptocurrency Ponzi schemes will be covered in greater detail in Lesson 7, but we need to get a quick overview of the main features of Ponzi schemes and how to spot them at this point in our discussion. Here are some key indicators of a Ponzi scheme, both in cryptocurrencies and traditional investments: A guaranteed promise of high returns with little risk. Consistentflow of returns regardless of market conditions. Investments that have not been registered with the Securities and Exchange Commission (SEC). Investment strategies that are a secret, or described as too complex. Clients not allowed to view official paperwork for their investment. Clients have difficulties trying to get their money back. The initial members of the scheme, most likely unbeknownst to the later investors, are paid their “dividends” or “profits” with new investor cash. The most famous modern-day example of a Ponzi scheme in the traditional world, is Bernie Madoff’s $100 billion fraudulent enterprise, officially titled Bernard L. Madoff Investment Securities LLC. And in the crypto world, BitConnect is the most infamous case of an entirely fraudulent project which boasted a market cap of $2 billion at its peak.
What are the Exchange Hacks?
The history of cryptocurrency is littered with examples of hacked exchanges, some of them so severe that the operation had to be wound up forever. As we have already discussed, incredibly tech savvy and intelligent computer hackers led by Alexander Vinnik stole 850000 BTC from the MtGox exchange over a period from 2012–2014 resulting in the collapse of the exchange and a near-crippling hammer blow to the emerging asset class that is still being felt to this day. The BitGrail exchange suffered a similar style of attack in late 2017 and early 2018, in which Nano (XRB) was stolen that was at one point was worth almost $195 million. Even Bitfinex, one of the most famous and prestigious exchanges, has suffered a hack in 2016 where $72 million worth of BTC was stolen directly from customer accounts.
Hardware Wallet Scam Case Study
In late 2017, an unfortunate character on Reddit, going by the name of “moody rocket” relayed his story of an intricate scam in which his newly acquired hardware wallet was compromised, and his $34,000 life savings were stolen. He bought a second hand Nano ledger into which the scammers own recover seed had already been inserted. He began using the ledger without knowing that the default seed being used was not a randomly assigned seed. After a few weeks the scammer struck, and withdrew all the poor HODLer’s XRP, Dash and Litecoin into their own wallet (likely through a few intermediary wallets to lessen the very slim chances of being identified).
Hardware Wallet Scam Case Study Social Media Fraud
Many gullible and hapless twitter users have fallen victim to the recent phenomenon of scammers using a combination of convincing fake celebrity twitter profiles and numerous amounts of bots to swindle them of ETH or BTC. The scammers would set up a profile with a near identical handle to a famous figure in the tech sphere, such as Vitalik Buterin or Elon Musk. And then in the tweet, immediately following a genuine message, follow up with a variation of “Bonus give away for the next 100 lucky people, send me 0.1 ETH and I will send you 1 ETH back”, followed by the scammers ether wallet address. The next 20 or so responses will be so-called sockpuppet bots, thanking the fake account for their generosity. Thus, the pot is baited and the scammers can expect to receive potentially hundreds of donations of 0.1 Ether into their wallet. Many twitter users with a large follower base such as Vitalik Buterin have taken to adding “Not giving away ETH” to their username to save careless users from being scammed.
Market Manipulation
It also must be recognized that market manipulation is taking place in cryptocurrency. For those with the financial means i.e. whales, there are many ways in which to control the market in a totally immoral and underhanded way for your own profit. It is especially easy to manipulate cryptos that have a very low trading volume. The manipulator places large buy orders or sell walls to discourage price action in one way or the other. Insider trading is also a significant problem in cryptocurrency, as we saw with the example of blatant insider trading when Bitcoin Cash was listed on Coinbase.
Examples of ICO Fraudulent Company Behavior
In the past 2 years an astronomical amount of money has been lost in fraudulent Initial Coin Offerings. The utmost care and attention must be employed before you invest. We will cover this area in greater detail with a whole lesson devoted to the topic. However, at this point, it is useful to look at the main instances of ICO fraud. Among recent instances of fraudulent ICOs resulting in exit scams, 2 of the most infamous are the Benebit and PlexCoin ICOs which raised $4 million for the former and $15 million for the latter. Perhaps the most brazen and damaging ICO scam of all time was the Vietnamese Pincoin ICO operation, where $660million was raised from 32,000 investors before the scammer disappeared with the funds. In case of smaller ICO “exit scamming” there is usually zero chance of the scammers being found. Investors must just take the hit. We will cover these as well as others in Lesson 7 “Scam Projects”.
Signposts of Fraudulent Actors
The following factors are considered red flags when investigating a certain project or ICO, and all of them should be considered when deciding whether or not you want to invest. Whitepaper is a buzzword Salad: If the whitepaper is nothing more than a collection of buzzwords with little clarity of purpose and not much discussion of the tech involved, it is overwhelmingly likely you are reading a scam whitepaper.
Signposts of Fraudulent Actors §2
No Code Repository: With the vast majority of cryptocurrency projects employing open source code, your due diligence investigation should start at GitHub or Sourceforge. If the project has no entries, or nothing but cloned code, you should avoid it at all costs. Anonymous Team: If the team members are hard to find, or if you see they are exaggerating or lying about their experience, you should steer clear. And do not forget, in addition to taking proper precautions when investing in ICOs, you must always make sure that you are visiting authentic web pages, especially for web wallets. If, for example, you are on a spoof MyEtherWallet web page you could divulge your private key without realizing it and have your entire portfolio of Ether and ERC-20 tokens cleaned out.
Methods to Avoid falling Victim
Avoiding scammers and the traps they set for you is all about asking yourself the right questions, starting with: Is there a need for a Blockchain solution for the particular problem that a particular ICO is attempting to solve? The existing solution may be less costly, less time consuming, and more effective than the proposals of a team attempting to fill up their soft cap in an ICO. The following quote from Mihai Ivascu, the CEO of Modex, should be kept in mind every time you are grading an ICO’s chances of success: “I’m pretty sure that 95% of ICOswill not last, and many will go bankrupt. ….. not everything needs to be decentralized and put on an open source ledger.”
Methods to Avoid falling Victim §2 Do I Trust These People with My Money, or Not?
If you continue to feel uneasy about investing in the project, more due diligence is needed. The developers must be qualified and competent enough to complete the objectives that they have set out in the whitepaper.
Is this too good to be true?
All victims of the well-known social media scams using fake profiles of Vitalik Buterin, or Bitconnect investors for that matter, should have asked themselves this simple question, and their investment would have been saved. In the case of Bitconnect, huge guaranteed gains proportional to the amount of people you can get to sign up was a blatant pyramid scheme, obviously too good to be true. The same goes for Fake Vitalik’s offer of 1 ether in exchange for 0.1 ETH.
Selling Cryptocurrencies, Several reasons for selling with the appropriate actions to take:
If you are selling to buy into an ICO, or maybe believe Ether is a safer currency to hold for a certain period of time, it is likely you will want to make use of the Ether pair and receive Ether in return. Obviously if the ICO is on the NEO or WANchain blockchain for example, you will use the appropriate pair. -Trading to buy into another promising project that is listing on the exchange on which you are selling (or you think the exchange will experience a large amount of volume and become a larger exchange), you may want to trade your cryptocurrency for that exchange token. -If you believe that BTC stands a good chance of experiencing a bull run then using the BTC trading pair is the suitable choice. -If you believe that the market is about to experience a correction but you do not want to take your gains out of the market yet, selling for Tether or “tethering up” is the best play. This allows you to keep your locked-in profits on the exchange, unaffected by the price movements in the cryptocurrency markets,so that you can buy back in at the most profitable moment. -If you wish to “cash out” i.e. sell your cryptocurrency for fiat currency and have those funds in your bank account, the best pair to use is ETH or BTC because you will likely have to transfer to an exchange like Kraken or Coinbase to convert them into fiat. If the exchange offers Litecoin or Bitcoin Cash pairs it could be a good idea to use these for their fast transaction time and low fees.
Selling Cryptocurrencies
Knowing when and how to sell, as well as strategies to inflate the value of your trade before sale, are important skills as a trader of any product or financial instrument. If you are satisfied that the sale itself of the particular amount of a token or coin you are trading away is the right one, then you must decide at what price you are going to sell. Exchanges exercise their own discretion as to which trading “pairs” they will offer, but the most common ones are BTC, ETH, BNB for Binance, BIX for Bibox etc., and sometimes Tether (USDT) or NEO. As a trader, you decide which particular cryptocurrency to exchange depending on your reason for making that specific trade at that time.
Methods of Sale
Market sell/Limit sell on exchange: A limit sell is an order placed on an exchange to sell as soon as (also specifically only if and when) the price you specified has been hit within the time limit you select. A market order executes the sale immediately at the best possible price offered by the market at that exact time. OTC (or Over the Counter) selling refers to sale of securities or cryptocurrencies in any method without using an exchange to intermediate the trade and set the price. The most common way of conducting sales in this manner is through LocalBitcoins.com. This method of cryptocurrency selling is far riskier than using an exchange, for obvious reasons.
The influence and value of your Trade
There are a number of strategies you can use to appreciate the value of your trade and thus increase the Bitcoin or Ether value of your portfolio. It is important to disassociate yourself from the dollar value of your portfolio early on in your cryptocurrency trading career simply because the crypto market is so volatile you will end up pulling your hair out in frustration following the real dollar money value of your holdings. Once your funds have been converted into BTC and ETH they are completely in the crypto sphere. (Some crypto investors find it more appropriate to monitor the value of their portfolio in satoshi or gwei.) Certainly not limited to, but especially good for beginners, the most reliable way to increase your trading profits, and thus the overall value and health of your portfolio, is to buy into promising projects, hold them for 6 months to a year, and then reevaluate. This is called Long term holding and is the tactic that served Bitcoin HODLers quite well, from 2013 to the present day. Obviously, if something comes to light about the project that indicates a lengthy set back is likely, it is often better to cut your losses and sell. You are better off starting over and researching other projects. Also, you should set initial Price Points at which you first take out your original investment, and then later, at which you take out all your profits and exit the project. That should be after you believe the potential for growth has been exhausted for that particular project.
Another method of increasing the value of your trades is ICO flipping. This is the exact opposite of long term holding. This is a technique in which you aim for fast profits taking advantage of initial enthusiasm in the market that may double or triple the value of ICO projects when they first come to market. This method requires some experience using smaller exchanges like IDEX, on which project tokens can be bought and sold before listing on mainstream exchanges. “Tethering up” means to exchange tokens or coins for the USDT stable coin, the value of which is tethered to the US Dollar. If you learn, or know how to use, technical analysis, it is possible to predict when a market retreatment is likely by looking at the price movements of BTC. If you decide a market pull back is likely, you can tether up and maintain the dollar value of your portfolio in tether while other tokens and coins decrease in value. The you wait for an opportune moment to reenter the market.
Market Behavior in Different Time Periods
The main descriptors used for overall market sentiment are “Bull Market” and “Bear Market”. The former describes a market where people are buying on optimism. The latter describes a market where people are selling on pessimism. Fun (or maybe not) fact: The California grizzly bear was brought to extinction by the love of bear baiting as a sport in the mid 1800s. Bears were highly sought after for their intrinsic fighting qualities, and were forced into fighting bulls as Sunday morning entertainment for Californians. What has this got to do with trading and financial markets? The downward swipe of the bear’s paws gives a “Bear market” its name and the upward thrust of a Bull’s horns give the “Bull Market” its name. Most unfortunately for traders, the bear won over 80% of the bouts. During a Bull market, optimism can sometimes grow to be seemingly boundless, volume is rising, and prices are ascending. It can be a good idea to sell or rebalance your portfolio at such a time, especially if you have a particularly large position in one holding or another. This is especially applicable if you need to sell a large amount of a relatively low-volume holding, because you can then do so without dragging the price down by the large size of your own sell order.
Learn more on common behavioral patterns observed so far in the cryptocurrency space for different coins and ICO tokens.
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