You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments. It all started with the release of the release of Satoshi Nakamoto's whitepaper however that will probably go over the head of most readers so we recommend the following videos for a good starting point for understanding how bitcoin works and a little about its long term potential:
Limited Supply - There will only ever be 21,000,000 bitcoins created and they are issued in a predictable fashion, you can view the inflation schedule here. Once they are all issued Bitcoin will be truly deflationary. The halving countdown can be found here.
Open source - Bitcoin code is fully auditable. You can read the source code yourself here.
Accountable - The public ledger is transparent, all transactions are seen by everyone.
Decentralized - Bitcoin is globally distributed across thousands of nodes with no single point of failure and as such can't be shut down similar to how Bittorrent works. You can even run a node on a Raspberry Pi.
Censorship resistant - No one can prevent you from interacting with the bitcoin network and no one can censor, alter or block transactions that they disagree with, see Operation Chokepoint.
Push system - There are no chargebacks in bitcoin because only the person who owns the address where the bitcoins reside has the authority to move them.
Low fee scaling - On chain transaction fees depend on network demand and how much priority you wish to assign to the transaction. Most wallets calculate on chain fees automatically but you can view current fees here and mempool activity here. On chain fees may rise occasionally due to network demand, however instant micropayments that do not require confirmations are happening via the Lightning Network, a second layer scaling solution currently rolling out on the Bitcoin mainnet.
Borderless - No country can stop it from going in/out, even in areas currently unserved by traditional banking as the ledger is globally distributed.
Portable - Bitcoins are digital so they are easier to move than cash or gold. They can even be transported by simply memorizing a string of words for wallet recovery (while cool this method is generally not recommended due to potential for insecure key generation by inexperienced users. Hardware wallets are the preferred method for new users due to ease of use and additional security).
Bitcoin.org and BuyBitcoinWorldwide.com are helpful sites for beginners. You can buy or sell any amount of bitcoin (even just a few dollars worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also check out the bitcoinity exchange resources for a larger list of options for purchases.
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Bitwage. Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".
Securing your bitcoins
With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
If you prefer to "Be your own bank" and have direct control over your coins without having to use a trusted third party, then you will need to create your own wallet and keep it secure. If you want easy and secure storage without having to learn computer security best practices, then a hardware wallet such as the Trezor, Ledger or ColdCard is recommended. Alternatively there are many software wallet options to choose from here depending on your use case.
If you prefer to let third party "Bitcoin banks" manage your coins, try Gemini but be aware you may not be in control of your private keys in which case you would have to ask permission to access your funds and be exposed to third party risk.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email! 2FA requires a second confirmation code to access your account making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
As mentioned above, Bitcoin is decentralized, which by definition means there is no official website or Twitter handle or spokesperson or CEO. However, all money attracts thieves. This combination unfortunately results in scammers running official sounding names or pretending to be an authority on YouTube or social media. Many scammers throughout the years have claimed to be the inventor of Bitcoin. Websites like bitcoin(dot)com and the btc subreddit are active scams. Almost all altcoins (shitcoins) are marketed heavily with big promises but are really just designed to separate you from your bitcoin. So be careful: any resource, including all linked in this document, may in the future turn evil. Don't trust, verify. Also as they say in our community "Not your keys, not your coins".
Where can I spend bitcoins?
Check out spendabit or bitcoin directory for millions of merchant options. Also you can spend bitcoin anywhere visa is accepted with bitcoin debit cards such as the CashApp card. Some other useful site are listed below.
Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out. If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. If you would prefer to keep it simple there are several good options. You can view the global node distribution here.
Just like any other form of money, you can also earn bitcoins by being paid to do a job.
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins.
The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
one bitcoin is equal to 100 million satoshis
1,000 per bitcoin
used as default unit in recent Electrum wallet releases
1,000,000 per bitcoin
colloquial "slang" term for microbitcoin (μBTC)
100,000,000 per bitcoin
smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $10000 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki. Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit. Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval. Welcome to the Bitcoin community and the new decentralized economy!
JPMorgan suppresses gold & silver prices to prop up the USDollar - via "naked short selling" of GLD & SLV ETFs. Now AXA (which owns $94 million of JPMorgan stock) may be trying to suppress Bitcoin price - via tiny blocks. But AXA will fail - because the market will always "maximize coinholder value"
TL;DR As a bitcoin user (miner, hodler, investor) you have all the power - simply due to the nature of markets and open-source software. Core/Blockstream, and their owners at AXA, can try to manipulate the market and the software for a while, by paying off devs who prefer tiny blocks, or censoring the news, or conducting endless meetings - but in the end, you know that they have no real control over you, because endless meetings are bullshit, and code and markets are everything. Bitcoin volume, adoption, blocksize and price have been rising steadily for the past 7 years. And they will continue to do so - with or without the cooperation of Core/Blockstream and the Chinese miners - because just like publicly held corporations always tend to "maximize shareholder value, publicly held cryptocurrencies always tend to "maximize coinholder value". How much of a position does AXA have in JPMorgan? AXA currently holds about $94 million in JPMorgan stock. http://zolmax.com/investing/axa-has-94718000-position-in-jpmorgan-chase-co-jpm/794122.html https://archive.is/HExxH Admittedly this is not a whole lot, when you consider that the total of JPMorgan's outstanding shares is currently around USD 3.657 billion. But still it does provide a suggestive indication of how these big financial firms are all in bed with each other. Plus the leaders of these big financial firms also tend to hang out which each other professionally and socially, and are motivated to protect the overall system of "the legacy ledger of fantasy fiat" which allows them to rule the world. How does JPMorgan use paper GLD and SLV ETFs to suppress the price of physical gold and silver? As many people know, whistleblower Andrew Maguire exposed the massive criminal scandal where JPMorgan has been fraudulently manipulating gold and silver prices for years. JPMorgan does this via the SLV and GLD ETFs (Exchange Traded Funds). The reason they do it is in order to artificially suppress the price of gold and silver using "naked short-selling": https://duckduckgo.com/?q=andrew+maguire+gata+jpmorgan+nake+short&t=hd&ia=videos How exactly does JPMorgan manage to commit this kind of massive fraud? It's easy! There's actually about 100x more "phantom" or fake silver and gold in existence (in the form of "paper" certificates - SLV and GLD ETFs) - versus actual "physical" gold and silver that you can take delivery on and hold in your hand. That means that if everyone holding fake/paper SLV & GLD ETF certificates were to suddenly demand "physical delivery" at the same moment, then only 1% of those people would receive actual physical silver and gold - and the rest would get the "equivalent" in dollars. This is all well-known, and clearly spelled out in the fine print of the GLD and SLV ETF contracts. (This is similar to "fractional reserve" where almost no banks have enough actual money to cover all deposits. This means that if everyone showed up at the bank on the same day and demanded their money, the bank would go bankrupt.) So, in order to fraudulently suppress the price of gold and silver (and, in turn, prevent the USDollar from crashing), JPMorgan functions as a kind of "bear whale", dumping "phantom" gold and silver on the market in the form of worthless "paper" SLV and GLD ETF certificates, "whenever the need arises" - ie, whenever the US Dollar price starts to drop "too much", and/or whenever the gold and silver prices start to rise "too much". (This is similar to the "plunge protection team" liquidity providers, who are well-known for preventing stock market crashes, by throwing around their endlessly printed supply of "fantasy fiat", buying up stocks to artificially prevent their prices from crashing. This endless money-printing and market manipulation actually destroys one of the main purposes of capitalism - which is to facilitate "price discovery" in order to reward successful companies and punish unsuccessful ones, to make sure that they actually deliver the goods and services that people need in the real world.) Is there an ELI5 example of how "naked short selling" works in the real world? Yes there is! The following example was originally developed by Overstock CEO Patrick Byrne - who, as many people know, is very passionate about using Bitcoin not only as cash, but also to settle stock trades - because his company Overstock got burned when Wall Street illegally attacked it using naked short selling:
Here's how naked short-selling works: Imagine you travel to a small foreign island on vacation. Instead of going to an exchange office in your hotel to turn your dollars into Island Rubles, the country instead gives you a small printing press and makes you a deal: Print as many Island Rubles as you like, then on the way out of the country you can settle your account. So you take your printing press, print out gigantic quantities of Rubles and start buying goods and services. Before long, the cash you’ve churned out floods the market, and the currency's value plummets. Do this long enough and you'll crack the currency entirely; the loaf of bread that cost the equivalent of one American dollar the day you arrived now costs less than a cent. With prices completely depressed, you keep printing money and buy everything of value - homes, cars, priceless works of art. You then load it all into a cargo ship and head home. On the way out of the country, you have to settle your account with the currency office. But the Island Rubles you printed are now worthless, so it takes just a handful of U.S. dollars to settle your debt. Arriving home with your cargo ship, you sell all the island riches you bought at a discount and make a fortune.
http://www.rollingstone.com/politics/news/wall-streets-naked-swindle-20100405 Why isn't anybody stopping JPMorgan from using "naked short selling" to fraudulently suppress gold and silver prices? Because "certain people" benefit! Of course, this "naked short selling" (selling a "phantom" asset which doesn't actually exist in order to suppress the price of the "real" asset) is actually illegal - but JPMorgan is allowed to get away with it, because suppressing the gold and silver price helps prop up the United States and world's major "fantasy fiat" financial institutions - which would be bankrupt without this kind of "artificial life support." How does suppressing the gold and silver price help governments and banks? If gold and silver (and Bitcoin!) rose to their actual "fair market value", then the US dollar (and most other national "fiat" currencies) would crash - and many major financial institutions would be exposed as bankrupt. Also, many "derivatives contracts" would default - and only a tiny percentage of defaults would destroy most major financial companies' balance sheets. (For example, see Deutsche Bank - which is may become "the next Lehman", due to having around around $80 trillion in dangerous derivatives exposure.) So, major financial firms like JPMorgan are highly motivated to prevent a "real" (honest) market from existing for "counterparty-free" assets such as physical gold and silver (and Bitcoin!) So, JPMorgan fraudulently manipulate the precious-metals market, by flooding it with 100x more "phantom" "silver" and "gold" in the form of worthless GLD and SLV ETF certificates. Basically, JPMorgan is doing the "dirty work" to keep the US government and its "too-big-to-fail" banks and other financial institutions afloat, on "artificial life support". Otherwise, without this GLD & SLV ETF "naked short selling" involving market manipulation and fraud, the US government - and most major US financial institutions, as well as many major overseas financial institutions, and most central banks - would all be exposed as bankrupt, once traders and investors discovered the real price of gold and silver. So, what does this have to do with AXA and Bitcoin? Just like JPMorgan wants to suppress the price of gold and silver to prop up the USDollar, it is reasonable to assume that AXA and other major financial players probably also want to suppress the price of Bitcoin for the same reasons - in order to postpone the inevitable day when the so-called "assets" on their balance sheets (denominated in US Dollars and other "fantasy fiat" currencies, as well as derivatives) are exposed as being worthless. Actually, only the motives are the same, while the means would be quite different - ie, certain governments or banks might want to suppress the Bitcoin price - but they wouldn't be able to use "naked short selling" to do it. As we know, this is because with Bitcoin, people can now simply demand "cryptographic proof" of how many bitcoins are really out there - instead of just "trusting" some auditor claiming there is so much gold and silver in a vault - or "trusting" that a gold bar isn't actually filled with worthless tungsten (which happens to have about the same "molecular weight" as gold, so these kinds of counterfeit gold bars have been a serious problem). (And, by the way: hopefully it should also be impossible to do "fractional reserve" using "level 2" sidechains such as the Lightning Network - although that still remains to be seen. =) So, even though it should not be possible to flood the market with "phantom" Bitcoins (since people can always demand "cryptographic proof of reserves"), AXA could instead use a totally different tactic to suppress the price: by suppressing Bitcoin trading volume - explained further below. Does AXA does actually have the motives to be suppressing the Bitcoin price - right now? Yes, they do! As described above, the only thing which gives giant banking and finance companies like JPMorgan and AXA the appearance of solvency is massive accounting fraud and market manipulation. They use the "legacy ledger of fantasy fiat" (ie, debt-backed "currency", endlessly printed out of thin air) - and the never-ending carrousel of the worldwide derivatives casino, currently worth around 1.2 quadrillion dollars - to "paper over" their losses, and to prevent anyone from discovering that most major insurance firms like AXA - and most major banks - would already be considered bankrupt, if you counted only their real assets. (This is known as "mark-to-market" - which they hate to do. They much prefer to do "mark-to-model" which some people call "mark-to-fantasy" - ie, fraudulent accounting based on "phantom" assets" and rampant market manipulation.) So, it is public knowledge that nearly all "too-big-to-fail" financial companies like AXA (and JPMorgan) would be considered bankrupt if their fraudulent accounting practices were exposed - which rely on the "legacy ledger of fantasy fiat" and the "never-ending carrousel of the derivatives casino" to maintain the façade of solvency:
If Bitcoin becomes a major currency, then tens of trillions of dollars on the "legacy ledger of fantasy fiat" will evaporate, destroying AXA, whose CEO is head of the Bilderbergers. This is the real reason why AXA bought Blockstream: to artificially suppress Bitcoin volume and price with 1MB blocks.
https://np.reddit.com/btc/comments/4r2pw5/if_bitcoin_becomes_a_major_currency_then_tens_of/ Does AXA actually have the means to to be suppressing the Bitcoin price... right now? Yes, they do! For example, AXA could decide to support economically ignorant devs like Greg Maxwell (CTO of Blockstream), Adam Back (CEO of Blockstream), and the other Core devs who support Blockstream's "roadmap" based on tiny blocks. Wait - isn't AXA already doing precisely that? Yes, they are! As we all know, AXA has invested tens of millions of dollars in Blockstream, and Blockstream is indeed fighting tooth and nail against bigger blocks for Bitcoin.
Blockstream is now controlled by the Bilderberg Group - seriously! AXA Strategic Ventures, co-lead investor for Blockstream's $55 million financing round, is the investment arm of French insurance giant AXA Group - whose CEO Henri de Castries has been chairman of the Bilderberg Group since 2012.
https://np.reddit.com/btc/comments/47zfzt/blockstream_is_now_controlled_by_the_bilderberg/ So, how would artificially tiny blocks artificially suppress the Bitcoin price? This is pretty much based on common sense - plus it's also been formalized and roughly quantified in concepts involving networking and economics, such as "Metcalfe's Law". Metcalfe's Law says pretty much what you'd expect it to say - ie: the more people that use a system, the more valuable that system is. More precisely: the value of a system is proportional to the square of the number of users in that system - which also makes sense, since when there are N users in a system, the number of connections between them is N*(N - 1)2 which is "on the order of" N squared. In fact, Metcalfe's Law has been shown to hold for various types of networks and markets - including faxes, internet, national currencies, etc. Does Metcalfe's Law apply to Bitcoin? Yes, it does! The past 7 years of data also indicates - as predicted - that Metcalfe's Law also does indeed apply to Bitcoin as well. Graphs show that during the 5 years before Blockstream got involved with trying to artificially suppress the Bitcoin price via their policy of artificially tiny blocks, Bitcoin prices were roughly in proportion to the square of the (actual) Bitcoin blocksizes.
Bitcoin has its own E = mc2 law: Market capitalization is proportional to the square of the number of transactions. But, since the number of transactions is proportional to the (actual) blocksize, then Blockstream's artificial blocksize limit is creating an artificial market capitalization limit!
https://np.reddit.com/btc/comments/4dfb3bitcoin_has_its_own_e_mc2_law_market/ During all those years, actual blocksizes were still low enough to not bump into the artificial "ceiling" of the artificial 1 MB "max blocksize" limit - which, remember, was only there as a temporary anti-spam measure, so it was deliberately set to be much higher than any actual blocksize, and everyone knew that this limit would be removed well before actual blocksizes started getting close to that 1 MB "max blocksize" limit. But now that Bitcoin volume can't go up due to hitting the artificial "max blocksize" 1 MB limit (unless perhaps some people do bigger-value transactions), Bitcoin price also can't go up either:
Bitcoin's market price is trying to rally, but it is currently constrained by Core/Blockstream's artificial blocksize limit. Chinese miners can only win big by following the market - not by following Core/Blockstream. The market will always win - either with or without the Chinese miners.
The Fed/FOMC holds meetings to decide on money supply. Core/Blockstream & Chinese miners now hold meetings to decide on money velocity. Both are centralized decision-making. Both are the wrong approach.
So, on the expiration date of the HK stalling / non-scaling non-agreement, Viacoin scammer u/btcdrak calls a meeting with no customer-facing businesses invited (just Chinese miners & Core/Blockstream), and no solutions/agreements allowed, and no transparency (just a transcript from u/kanzure). WTF!?
What is the purpose of this meeting? The "organizers" and other people involved - u/btcdrak and u/maaku7 - say that this is just a "friendly" meeting - and it is specifically forbidden for any "agreements" (or scaling solutions) to come out of this meeting. What good is a meeting if no agreements or solutions can some out of it? Good question! A meeting where solutions are explicitly prohibited is actually perfect for Blockstream's goals - because currently the status quo "max blocksize" is 1 MB, and they want to keep it that way. So, they want to leverage the "inertia" to maintain the status quo - while pretending to do something, and getting friendly with the miners (and possibly making them other "offers" or "inducements"). So this meeting is just another stalling tactic, like all the previous ones. Only now, after the community has seen this over and over, Blockstream has finally had to publicly admit that it is specifically forbidden for any "agreements" (or scaling solutions) to come out of this meeting - which makes it very obvious to everyone that this whole meeting is just an empty gesture. So, why is this never-ending shit-show still going on? Mainly due to inertia on the part of many users, and dishonesty on the part of Core/Blockstream devs. Currently there is a vocal group of 57 devs and wannabe devs who are associated with Core/Blockstream - who refuse to remove the obsolete, temporary anti-spam measure (or "kludge") which historically restricted Bitcoin throughput to a 1 MB "max blocksize". Somehow (via a combination of media manipulation, domain squatting, censorship, staged international Bitcoin stalling "scaling" meetings and congresses, fraudulent non-agreements, and other dishonest pressure tactics) they've managed to convince everyone that they can somehow dictate to everyone else how Bitcoin governance should be done.
vampireban wants you to believe that "a lot of people voted" and "there is consensus" for Core's "roadmap". But he really means only 57 people voted. And most of them aren't devs and/or don't understand markets. Satoshi designed Bitcoin for the economic majority to vote - not just 57 people.
https://np.reddit.com/btc/comments/4ecx69/uvampireban_wants_you_to_believe_that_a_lot_of/ Meanwhile, pretty much everyone else in Bitcoin - ie, everyone who's not involved with Blockstream - knows that Bitcoin can and should have bigger blocks by now, to enable increased adoption, volume, and price, as shown by the following points: (1) Most miners, and investors, and Satoshi himself, all expected Bitcoin to have much bigger blocks by now - but these facts are censored on most of the media controlled by Core/Blockstream-associated devs and their friends:
Satoshi Nakamoto, October 04, 2010, 07:48:40 PM "It can be phased in, like: if (blocknumber > 115000) maxblocksize = largerlimit / It can start being in versions way ahead, so by the time it reaches that block number and goes into effect, the older versions that don't have it are already obsolete."
theymos 1/31/2013: "I strongly disagree with the idea that changing the max block size is a violation of the 'Bitcoin currency guarantees'. Satoshi said that the max block size could be increased, and the max block size is never mentioned in any of the standard descriptions of the Bitcoin system"
Greg Maxwell used to have intelligent, nuanced opinions about "max blocksize", until he started getting paid by AXA, whose CEO is head of the Bilderberg Group - the legacy financial elite which Bitcoin aims to disintermediate. Greg always refuses to address this massive conflict of interest. Why?
The most upvoted thread right now on r\bitcoin (part 4 of 5 on Xthin), is default-sorted to show the most downvoted comments first. This shows that r\bitcoin is anti-democratic, anti-Reddit - and anti-Bitcoin.
Be patient about Classic. It's already a "success" - in the sense that it has been tested, released, and deployed, with 1/6 nodes already accepting 2MB+ blocks. Now it can quietly wait in the wings, ready to be called into action on a moment's notice. And it probably will be - in 2016 (or 2017).
I think the Berlin Wall Principle will end up applying to Blockstream as well: (1) The Berlin Wall took longer than everyone expected to come tumbling down. (2) When it did finally come tumbling down, it happened faster than anyone expected (ie, in a matter of days) - and everyone was shocked.
https://np.reddit.com/btc/comments/4kxtq4/i_think_the_berlin_wall_principle_will_end_up/ So what is the actual point of this weekend's meeting between Core/Blockstream and the Chinese Miners? It's mainly just for show, and ultimately a meaningless distraction - the result of desperation and dishonesty on the part of Core/Blockstream. As mentioned above, real upgrades to Bitcoin like Bitcoin Classic and Bitcoin Unlimited have already been implemented and tested and are already running on the Bitcoin network - and the overall Bitcoin itself can and probably will switch over to them, regardless of any meaningless "meetings" and delaying tactics. Is it inevitable for Bitcoin to move to bigger blocks? Yes, for three reasons: (1) As mentioned above, studies show that the underlying hardware and bandwidth will already easily support actual blocksizes of 2 MB, and probably 4 MB - and everyone actually agrees on this point, including die-hard supporters of tiny blocks such as Blockstream CTO Gregory Maxwell u/nullc, and r\bitcoin censor moderator u/theymos. (2) The essential thing about a publicly held company is that it always seeks to maximize shareholder value - and, in a similar fashion, a publicly held cryptocurrency also always seeks to maximize "coinholder" value. (3) Even if Core/Blockstream continues to refuse to budge, the cat is already out of the bag - they can't put the toothpaste of open-source code back into the tube. Some people might sell their bitcoins for other cryptocurrencies which have better scaling - but a better solution would probably be to wait for a "spinoff" to happen. A "spinoff" is a special kind of "hard fork" where the existing ledger is preserved, so your coins remain spendable on both forks, and you can trade your coins on markets, depending on which fork you prefer. Further information on "spinoff technology" can be found here: https://bitcointalk.org/index.php?topic=563972.0 https://duckduckgo.com/?q=site%3Abitco.in%2Fforum+spinoff&ia=web An excellent discussion of the economic advantages of using a "spinoff" to keep the original ledger (and merely upgrade the ledger-appending software), can be found here: https://bitcointalk.org/index.php?topic=678866.0 And today, based on new information learned from Ethereum's recent successful "hardfork split", people are already starting to talk about the specific details involved in implementing a "spinoff" or "hardfork split" for Bitcoin to support bigger blocks - eg, changing the PoW, getting exchanges to support trading on both sides of the fork, upgrading wallets, preventing replay attacks, etc:
We now know the miners aren't going to do anything. We now know that a minority fork can survive. Why are we not forking right now?
https://np.reddit.com/btc/comments/4vieve/we_now_know_the_miners_arent_going_to_do_anything/ So - whether it's via a hardfork upgrade, or a hardfork split or "spinoff" - it is probably inevitable that Bitcoin will eventually move to bigger blocks (within the underlying hardware and bandwidth constraints of course - which would currently support 2-4 MB blocksizes). Why are bigger blocks inevitable for Bitcoin? Because that's how markets always have and always will behave - and there's nothing that Blockstream/Core or AXA can do to stop this - no matter how many pointless stalling scaling meetings they conduct, and no matter how many non-agreements they sign and then break. Conclusion Endless centralized meetings and dishonest agreements are irrelevant. The only thing that matters is decentralized markets and open-source code. Users and markets decide on what code to install, and what size blocks to accept. Bitcoin adoption, volume - and price - will continue to grow, with or without the cooperation of the dishonest devs from Core/Blockstream, or misguided miners - or banksters at "fantasy fiat" financial firms like JPMorgan or AXA.
Wow, 94% upvoted and 3,900 points? This must be some sort of thorough and immaculately researched and annotated exposé from a STEM peer-reviewed journal, right? Well, you may need to sit down for this shocker because it's actually just a screed from a website called "benswann.com". Never heard of benswann.com? Neither had I. So I did some research into who/what it was. Are you sitting down yet? Seriously, you may need to sit down for this one. Benswann isn't quite the bastion of journalistic integrity you may think. A description from /benswann
A little background about journalist Ben Swann: *He was home schooled in El Paso, Texas, along with his nine brothers and sisters.
Home schooled in Texas? Nine brothers and sisters? Odd, but okay. Let's not jump to conclusions.
*He earned a bachelor’s in liberal arts from BYU in 1993, at age 15. He got a master’s in history at 16, in 1994.
For those of you playing the home game, BYU is Brigham Young University.
*He wanted to become a minister. He’s been a youth minister or family minister for 17 years. He was an assistant pastor and youth minister for a Presbyterian Church in Portland, Oregon before getting into TV news.
Okay, he's a youth minister with no degree in journalism or communications? Odd, reddit is usually less-than-welcoming to religious leaders. Maybe reddit has dropped its distrust of all things religious and are giving this poor Ben Swann guy a chance? It's either that or reddit might have a case of confirmation bias, but that can't be it because STEM don't confirmation bias.
Quoting from the youtube channel BenSwannRealityCheck, "Ben Swann Reality Check is the place to find information and facts that the rest of the MSM just won't talk about. Here, we are concerned with the issues of liberty, freedom, the Constitution and your rights.
10/19: Jeff Berwick outlines in the Dollar Vigilante the New Crypto Order including: XBT, ETH, EOS and the US$ debt transfer.
I’ve said it before and I have to say it again. I am shocked at how fast everything is moving. When we started The Dollar Vigilante in 2010 we only wrote one issue per month and each month I’d have to think quite hard about the important issues to cover. There just wasn’t that much happening on a month to month basis. Now, I have to literally filter through dozens of important things that have just occurred and try to select a few of them to focus on or this newsletter would be 100+ pages long. The crypto space has become an entire topic on its own with so much happening that we are looking to bring on even more people onto the TDV team with a focus on cryptos, ICOs and trading. This will likely result in an add-on newsletter to TDV because just covering this space alone is worth 50 pages per month in research and analysis (I’ll briefly mention a number of interesting developments further below though). Stay tuned for more on that. In the bitcoin space alone, ignoring all the other cryptos & ICOs, so much has occurred in just the last month. The criminal Chinese government shut down three of the world’s largest exchanges and banned ICOs. JPMorgan has been attacking bitcoin as a fraud - which is laughable coming from that bunch. And the New York Agreement signatories proceeded further with the scheduled SegWit2x hard fork (which Juan Galt will cover in depth in this issue). You’d think with all that happening and the uncertainty surrounding yet another bitcoin fork it would have seriously hurt the price of bitcoin. Nope, bitcoin nearly doubled in the last month. Bitcoin just don’t care. BITCOIN HITS ALL-TIME HIGHS NEAR $6,000 As I write, bitcoin is trading at $5600 after hitting a new all-time high of $5,844.18 on Sunday. For the last three months I mentioned numerous times that I liked the short term prospects of bitcoin over the entire cryptocurrency space as a whole. And that has turned out to be correct as bitcoin has risen from a low of 37.82% dominance in the sector in June to 54.45% now. The total market capitalization of all cryptocurrencies excluding bitcoin has fallen from $97 billion at the beginning of September to $79 billion today. Meanwhile, bitcoin itself currently sits near $94 billion in market cap. It was only one year ago today that bitcoin had a market cap of just over $10 billion meaning it has increased nearly 1,000% in the last year in both market cap and price. Not a bad year! I recall many TDV subscribers lamenting how they had missed out on bitcoin after it had skyrocketed to $150 in 2013 after starting the year near $15. I said then that it was definitely not too late to get in. The same happened after bitcoin surged through $1,000. And, I said the same, “it’s not too late.” When bitcoin hit $3,000 I said the same. With it now near $6,000 I am telling you it is not too late. Here’s the main reason: This is a chart of the money supply or value of gold, bitcoin, Chinese yuan, Japanese yen, euro and the US dollar. You’ll notice one stands out as being miniscule. Bitcoin. Gold is the next closest to bitcoin with a total value of approximately $7 trillion. If bitcoin, which many including myself consider to be the digital version of gold were to one day be valued the same as gold it would have to rise 80x to a value, in today’s dollars, of over $450,000. If bitcoin were ever to supplant the US dollar as a currency it’d have to rise nearly two-fold above that, for nearly $1 million per bitcoin. Will it ever get there? Well, there is absolutely no way to know. And, if it does, it will take a long while. Does it have the potential? Yes, absolutely. If we continue to live in a digital world and the fiat currencies of the world’s most indebted and bankrupt companies return to their intrinsic value of $0, then bitcoin would be the frontrunner to become the new world currency even more than gold due to all of its ease of use benefits. It’s not going to get there without a fight though. And I expect nothing but volatility, crisis and chaos in the years ahead. But consider the fact that there are only a total of 21 million bitcoins that will ever be available. Some data shows that there are over 15 million millionaires in the world today. What if each one of them wanted to own just two bitcoins. There wouldn’t be enough. And what if many of those millionaires begin to realize the entire fiat currency system was on the verge of collapse? The panic buying that would ensue would rise bitcoin, and to a lesser extent gold, to levels so high that sellers would eventually stop accepting fiat currencies whatsoever in exchange for bitcoin. That’s where we could be headed. In the meantime, though, with a rise of 1,000% in the last year a sizeable pullback is clearly possible. Will it happen anytime soon? Truthfully, everything I am seeing says no. Bitcoin, which once was just known by a few of us crazy people here around The Dollar Vigilante is now talked about at every level of business, banking and politics across the world… and a lot of the conversation is, “How do we get some?” And, did I mention, the entire cryptocurrency space is moving forward at light speed. BLOCKCHAIN TECHNOLOGY ERUPTS Considering I was one of the only people talking about blockchain about three years ago it is incredible to see the speed in which this technology is accelerating. Russia has flip flopped on bitcoin countless times now and has just announced it will be r eleasing its own CryptoRuble (CR). Of course, it will be nothing like bitcoin as it cannot be mined and will be issued and controlled by the Russian mafia (government). CR can be exchanged for regular Rubles at any time — however, if the holder is unable to explain the origin of the CR then a 13% extortion tax will be levied. China may be following in Russia’s footsteps as the Director of the Digital Currency Research Institute under the People’s Bank of China hinted towards the creation of a state-backed cryptocurrency. I expect most fiat currencies to become digital over time which will make most people accustomed to using digital currencies… from there it is only a click away to trade in or out of bitcoin and the myriad of other decentralized cryptocurrencies. Coinshares, the issuer behind the world’s first Bitcoin Exchange Traded Note (ETN), has announced that they will be launching the world’s first Ether ETN on the Nasdaq Stockholm. The Dubai Land Department — the government arm responsible for the registration and organization of real estate in the emirate — is now processing and implementing all real estate transactions on a blockchain, with the ultimate goal to have all Dubai properties recorded on a blockchain within the next 2-3 years. This is one area in which I have no trouble with the government using blockchain technology: in the recording of property rights and activities. It will, over time, make government unnecessary in such activities and will enable the economy to transact with more trust and less expense in the form of lawyers. Vitalik Buterin, the founder of Ethereum, has confirmed that 63% of central banks are working with Ethereum. Moreover, 44% of public institutions and 50,000 developers are building applications on the platform. IBM has announced a partnership with Stellar Lumens , a blockchain-based payment processing company, to move money across borders throughout the South Pacific. Merchants and consumers will be able to send money to another country in near real-time, accelerating a payments process that typically takes days. IBM hopes to use the blockchain network to process up to 60% of all cross-border payments in the South Pacific’s retail foreign exchange corridors by early 2018. The Stellar Lumens coin appreciated 150% after the announcement. Basecoin, a form of stable coin, has attracted investment from some of Silicon Valley’s largest funds including 1confirmation, Andreessen Horowitz, Bain Capital Ventures, Digital Currency Group, MetaStable Capital, Pantera Capital and PolyChain Capital. Basecoin is lauded by investors for its unique approach to what's been called the "holy grail" of cryptocurrency – a digital asset able to keep its value free from volatility. The basecoin protocol can be pegged to the value of any asset or basket of assets, dynamically adjusting its market price through the creative use of a combination of tokens. Grid+, the blockchain-based company aiming to provide consumers with direct access to wholesale energy markets, has partnered with Tokyo Electric Power Company (TEPCO), Japan’s largest energy utility. TEPCO aims to leverage its partnership to learn about the potential benefits of Ethereum for decentralizing the exchange of energy, while Grid+ hopes to learn how to refine its algorithms to purchase cheaper energy. Winding Tree, a decentralized market for travel booking, has announced a partnership with Lufthansa, the largest German airline. The Winding Tree ICO starts on November 1. And, Overstock CEO Patrick Byrne has confirmed that his security token exchange, tZERO, will be pursuing an ICO sometime before Thanksgiving. Byrne suggested that the ICO could raise as much as $500m, which would be double the record for an ICO raise. I interviewed Patrick Byrne on Anarchast last month. You can see that here. And, Vanuatu this month announced that it will accept bitcoin in exchange for citizenship— 44 bitcoin to be exact . And we barely mentioned any of the ICO news. That’s a whole other area on its own. I wanted to post this chart, though, of the main ICO’s return to date. As can be seen, buying a small amount of certain ICOs, which have had returns of 10x, 100x and even 1,000x can be very profitable but you do need to be careful. We’ll continue to cover them here and are increasing our research and analysis resources dramatically to do so. UPDATE ON EOS Speaking of ICOs we have had a rough start with EOS which unfortunately, at the moment, is on the right side (loss side) of the above chart. Many subscribers asked me to interview Dan Larimer again and, as I always try to do, I obliged. This interview is exclusive to subscribers for the next 48 hours and then we will put it live to the public. Here is the video . *This video was also livestreamed on the TDV subscribers only Facebook Group here . Due to many things happening so quickly we don’t have time to even email out alerts like this but try to post if we can in the FB group. I realize some people don’t like FBIbook for obvious reasons but even just having a sock (fake) account set-up to access the group gets you access to a lot of valuable realtime info. To summarize, Dan believes the drop in the price of EOS isn’t due to their long ICO period but mostly attributable to the Chinese ban on ICOs. According to Dan, 50% of buying was coming from China. I’ve seen a number of people on the internet and even amongst subscribers questioning EOS. That is fairly normal. I was one of the only people in the world lauding bitcoin at $3 in 2011 and still to this day people say it is a scam, a ponzi scheme or a fraud. I obviously stopped listening to them a long time ago. When I first featured Ethereum in January 2016 near $2 there was a lot of criticism… and while it did rise to the $10 level fairly quickly afterwards it plateaued there for nearly a year bringing out a lot of catcalls about how it was dead. It wasn’t. So, with EOS, it has gotten off to a rocky start but it is also very early stage… and I have said that. However, by the time it is launched in June the price will likely be dramatically higher. So, you can wait and pay more later when the world realizes what a huge advance it is or you can get in early and take a few lumps waiting for the market to realize its value. Dan Larimer outlined a lot of good information on EOS in our interview but afterwards, off the record, he went into detail on many of the projects they are working on… and I can tell you, they have ‘world changing” written all over them. The market doesn’t know or realize a lot of it. And EOS has an absolutely massive bankroll, in the hundreds of millions of dollars, to bring all their projects (which are all related to or linked with EOS) to market. And Dan has an amazing vision. He understands what the market needs and wants - which is often a downfall of most techies - and knows how to get there. He announced this week in the official Telegram channel that EOS will be the first blockchain with unprecedented sub-second block times of 500 milliseconds and sub-second last irreversible block (LIB) providing finality. In other words, the time between a user sending a transaction or a command and being included in the blockchain could be consistently under a second compared to 10 minutes on Bitcoin. So, with a market capitalization of $400 million currently - and a bankroll of almost the same amount - to me this is a no brainer lottery ticket. Sure, like any new product it may fail. But, it may also succeed… and has a good chance of doing so in my opinion. And, if it does, we’ll laugh at how cheap it currently is for the opportunity. In other words, stick with it and if you bought earlier at higher levels look to average down. SUMMING UP THE CRYPTO SPACE Like I said, A LOT is going on in the crypto space. It isn’t going to go away overnight no matter how many times Peter Schiff says it will. Make sure to stick with us here at The Dollar Vigilante, the only financial newsletter in the world that has covered bitcoin and cryptos since 2011. Still to this day most financial newsletters don’t even cover this space… or even avoid it. Their, and their subscribers, loss. Keep this in mind with bitcoin, too. Since bitcoin was launched in 2009 it has actually been in a near-state of hyperinflation… a type of hyperinflation that was necessary in order to widely distribute the coins. That time of high inflation is nearly over just as quite a large part of the world is just waking up to bitcoin. What happens when increased demand meets decreasing supply? I think we all know the answer to that basic economics question. OTHER EVENTS So many other things have happened in the last two weeks but we only have so much time and mindspace to cover it all. I didn’t even touch on what was quite obviously a false flag in Las Vegas. All the typical 9/11 type scenarios have occurred along with a storyline from the LameStream Media and the government that make zero sense. Insiders sold stock of MGM prior to the event? Check . A surge in buying in ammunition starting on 9/11 leading up to the event? Check. Eyewitness to multiple shooters dead? Check . Predictive programming? Check… as I’ll outline here. It is well known by many that Hollywood and the music industry are largely controlled by elites. In fact it also well known that many popular stars are used for predictive programming purposes to influence the opinions of the masses. It appears as if country singer Jason Aldean is one of these celebrities that is being used to convey subliminal messages along with others. As we have come to learn, many of the nefarious plots that are planned by elites are planned decades in advance if not scores of years. With that in mind, there exists an Illuminati card game that contains a “Las Vegas” card. On this card are depicted a jack and ace, something you might see in a game of black jack, along with a picture of a sun. The game created in 1996 has predicted multiple false flags and operations carried out by the elite including the Pentagon blowing up and 9/11. In blackjack, the jack has the value “10” the ace has the value 1 or 11. In this case, it appears the symbology used on this card is conveying that the value of this ace is “1” - A is the first letter of the alphabet and in numerology - which the elites strongly believe in - it has the value “1”. So when you put the two values together you end up with 10/1 - the same day the Las Vegas shooting occurred. Coincidence? Well, if that was all coincidence, which it very likely wasn’t, what’s more, is that Jason Aldean has a nearly identical tattoo that depicts a jack and ace plus his initials are also “JA” the same exact letters. Also, Aldean has a picture of a black sun in the same tattoo. Likewise, sun symbology is heavily used on Jason’s website and album cover artwork. As many of our enlightened readers probably know, the sun is worshiped by many secret societies, perhaps most famously, the freemasons. Remember, this game has existed for more than 20 years. So, the Las Vegas shooting has probably been years in the making. Just take a look at what went on with MK Ultra and the history of such government operations such as Project Mockingbird. This kind of manipulation has been going on for a long time. Another one of Jason’s tattoos is a black cross depicting a red star - a pentagram - in the center of it. And as many people know, many of the Illuminati elites worship satan or have Luciferian beliefs of some kind. And, I didn’t even mention the location of the event, right in front of the giant black pyramid and numerous occult symbology… I get into this in a soon to be released Anarchast episode with Mark Passio. Just remember nothing happens by accident. Same ol’, same ol’. If there is one heartening thing I’ve noticed is that a lot more people are questioning these events. Ten years ago when I was adamant that 9/11 was an inside job false flag death ritual most people thought I was crazy. Now, many agree. And now, many are questioning these events… a positive in my opinion. CONCLUSION What will occur in the next two weeks prior to our next issue? I think it’s a safe bet to say “lots”. So far we have made it through September and halfway through October with no market crash. As I write the Dow we just crossed 23,000. The number 23 is quite an occult number . Could the powers behind the scene be targeting 23,000 before a planned crash? We’ll have to wait and see. As you’ll see below, though, Ed Bugos is not giving up on “the big short.” I’ll be in Austin for the Texas Bitcoin Conference on October 28th and 29th. You can get a discount to the conference by using the code “Anarchast”. And then I’ll be going to Lisbon, Portugal for Steemfest from November 1st to 5th. And, of course, don’t forget about Anarchapulco from February 15-17th, then Cryptopulco on February 18th and the TDV Internationalization & Investment Summit on February 19th! For those mostly interested in cryptocurrency, finance and investment, Cryptopulco and the TDV Summit the next day are the events to go to. You can check out the websites to see all the amazing speakers lined up including Trace Mayer, Roger Ver, Bruce Fenton, Dan Larimer and many, many others. And, unlike many other conferences most of the speakers will be around the entire week, and often poolside, where you can casually chat. That also includes myself, Ed Bugos, Juan Galt, Luis Fernando Mises and the rest of the team from TDV. Phew. So much going on… but we are happy to be one of your trusted sources to help you survive and prosper through it all. Thank you for that! And thank you for subscribing! Jeff Berwick
"Great minds discuss ideas; average minds discuss events; small minds discuss people." can we please stop this culture of bashing or lifting cults of personality and get back to science? (807 points, 143 comments)
Just paid 23 cents on a $3.74 transaction. When does it end? $1.00 per transaction? $2? $5? I don't wanna stop using this peer to peer currency, but I'm fast being priced out of it. (896 points, 1017 comments)
340 points: Vaultoro's comment in Just paid 23 cents on a $3.74 transaction. When does it end? $1.00 per transaction? $2? $5? I don't wanna stop using this peer to peer currency, but I'm fast being priced out of it.
323 points: jamesdpitley's comment in "R.I.P. Bitcoin. It's Time to Move On"....funny billboard driving around in Miami
Now Accepting Bitcoin New Age Media Management, a New York City-based management firm, is betting on Bitcoin, and plans to accept the crypto-currency beginning March 14. Though some might question the move given Bitcoin's current spate of bad press, New Age founder Adam Lopez has no qualms about taking the crypto-currency, which is unregulated, has no central bank and has fluctuated wildly since the first Bitcoins were issued about five years ago. "It's breaking into a lot of merchant circles very quickly and we wanted to be the first in the entertainment space to accept it," Lopez told Pollstar. "No one has really come forward saying they'll accept this for everything from artist commissions to consultation payments to anything we deal with across the board. "We pride ourselves on being very tech forward. This is something our team has been researching for eight months to a year - watching prices, the stock as it rises and falls, and we felt like right now, despite it getting a little bad press recently, was the right time to make it public." The bad press stems from news that one of the most prominent exchanges for Bitcoin trading - the Japan-based Mt. Gox - announced it was filing for bankruptcy last month after about 850,000 Bitcoins valued at more than $400 million disappeared from its digital coffers. In a news conference, Mt. Gox CEO Mark Karpelès explained the exchange had been hacked, and "there was some weakness in the system, and the Bitcoins have disappeared. I apologize for causing trouble," he said, according to the Wall Street Journal. Another Bitcoin bank, Flexcoin, called it quits March 2, announcing on its site, "Flexcoin was attacked and robbed of all coins in the hot wallet. The attacker made off with 896 BTC. . As Flexcoin does not have the resources, assets, or otherwise to come back from this loss, we are closing our doors immediately." Elsewhere, Autumn Radtke, the CEO for virtual currency exchange First Meta, was found dead in her Singapore home in what's been reported as an apparent suicide. Bitcoin has taken hits previously. After the FBI shut down online black-market site Silk Road in October 2013, seizing 144,000 Bitcoins, the value of the crypto-currency plummeted. It has since recovered and many have called for increased regulations, which Lopez thinks could eventually help legitimize the virtual currency. But it's also going to take buy-in from huge e-commerce companies such as the Amazons of the world before Bitcoin might gain wide acceptance. New Age Media Management's interest was piqued through the entertainment investment space and its dealings with venture capitalists. "You have the Winklevoss twins, people like Fred Wilson, and Google ventures who have all invested $30 or $35 million apiece into this venture," Lopez said, adding it's important to separate the currency from the technology as they're investing in "the technology of it. That's really where the money is - investing in the technology of this being accepted and getting merchants on board." Overstock.com is one such merchant. The company announced in January it would accept the virtual currency and said March 4 it expects Bitcoin sales to reach $10 million or $15 million this year, up from the $5 million it had expected, the WSJ reported. Richard Branson's Virgin Galactic has also backed Bitcoin for its commercial space flights. The Winklevoss twins, coincidentally, announced March 5 they'd booked their Virgin Galactic flights using the crypto-currency. Aside from the potential investment aspects of Bitcoin, Lopez noted his company could save thousands on fees by accepting the virtual currency. "The transaction fees are incredibly lower," he said. "Sometimes you'll have a 3 or 4 percent transaction fee if you go through somebody like PayPal or a credit card where as with Bitcoin you're looking at something like half a percent. That makes all the difference when you're doing transactions in the tens of thousands of dollars and saves you that much more money." It's an idea that makes sense, and just one reason Lopez is so confident about accepting the crypto-currency. "Bitcoin is definitely in the infancy stages so it's going to fluctuate a lot in price and in interest but we feel like a lot of our artists and the VCs we work with are very excited about the concept," he said. -Dana Parker-McClain
After resigning as Overstock’s CEO, Patrick Byrne published over 9,000 words about his relationship with Maria Butina and the “Men in Black.” Tragic: Autumn Radtke, a 28-year-old American CEO of bitcoin exchange firm First Meta, was found dead in her Singapore apartment on Feb. 28 According to First Meta’s website, Radke had lived in ... Overstock CEO Patrick Byrne resigns after saying he aided in ‘deep state’ Russia investigation. ... The company became the first mainstream retailer to accept bitcoin in 2014, and is ... Overstock.com, Inc. is an American internet retailer headquartered in Midvale, Utah,  near Salt Lake City.  Overstock.com was originally founded in 1997 by Robert Brazell as D2: Discounts Direct. Two years later, it was sold to Patrick M. Byrne who renamed it Overstock.com. The company initially sold exclusively surplus and returned merchandise on an online e-commerce marketplace ... Overstock's ex-CEO loves crypto, calls Warren Buffett his 'rabbi,' clashed with Mark Cuban, and dated a Russian spy. Here are 5 wild facts about Patrick Byrne.
Overstock.com CEO: Main event of bitcoin is blockchain
Overstock.com's CEO Wants To Undermine Wall Street With The Tech Behind Bitcoin (HBO) - Duration: 7:30. VICE News 70,981 views CEO of Overstock, Patrick Byrne, talks with me at Porcfest about the financial system, and what he believes should be the government's role in bitcoin. This ... Overstock.com CEO, Patrick Byrne, resigned amid some 'deep-state' controversy. He exclusively tells FOX Business' 'Bulls & Bears' why he did that. FOX Busine... Overstock CEO And Bitcoin Pioneer Explains His Long-Standing Crypto Play And His Philosophy On Life - Duration: 4:25. Money Insider 5,401 views. 4:25. Patrick Byrne is the founder and CEO of popular deal site Overstock.com. He also has a doctorate in philosophy and a survivalist ranch where he could ride ou...