• WCN Bitcoin Group #109 – Mr. Robot Bitcoin, Ripple $55M, Respect Satoshi, Circle iMessage

     Sep 16th from NYC: No major news again but a few interesting developments in the crypto world, here is the TLDR:
    1. Mr. Robot – We once again talk about Mr. Robot and the attempt by the banks in the show to eliminate cash. This is no different than all other stories of this type from Federal Banks around the world. There are 3 reason they want to eliminate cash:
          a. You can set any monetary policy you like (ex: Negative Interest Rates) and there is nothing people can do financialy to object.
          b. If there is no cash, there can never be a run on the bank and all the pictures of people in line for ATM’s will be left to history
          c. In the eyes of Government, we are all Money Launderers and Tax Evaders, so to them, the existence of cash is what has prevented them from solving all the world’s problems.
    2. Ripple gets $55M – The concept of Ripple having a free floating value token to do their service is a cross between Scam and just plain stupid…. More money down the toilet.
    3. Paul Sztorc Blasts Altcoins – I respect Paul’s position and agree with him 98% of the time, the only thing I would alter in this case is that it’s not Satoshi others are disrespecting, it’s the idea that PoW is no a requirement for a Blockchain.
    4. Circle iMessage – Since I have never used Circle nor an iPhone this is hard for me to comment on. I did my best but probably got a bunch of things wrong.
    Bonus: R3CeV has no idea what they are doing. I’m also predicting that the hype over anon coins is about the end.
     


  • WCN Bitcoin Group #108 – Bitcoin goes Hollywood – Startup, Mr. Robot and Dope

     Sep 9th from NYC: In this special edition due to a slow news cycle, we play movie critic in analyzing how Bitcoin is portrayed by Hollywood in Movies and Shows. Here is the TLDR:
    1. StartUp – The new show from Crackle is about an alt-coin called GenCoin. The show acknowledges the existence of Bitcoin and other alts (with Made Up names). The show gets a huge Thumbs Up from me and now that I have finished Season 1, can't wait for Season 2.
    2. Mr. Robot – Bitcoin was not mentioned in Season 1 but plays a big part in Season 2 with Dark Net markets and E-Corps attempt to create a private crypto currency to eliminate cash. I am not a huge fan of the show and find some of the unrealistic parts (like one corporation being the only bank in the United States or CTO's going gay for carear advancement reasons) too much to ignore.
    3. Dope – The move was pretty good and had a good understanding and implementation of Bitcoin.

     


  • Bitcoin Maximalists & Bitcoin Trolls – Are They People?

    So what is a Bitcoin Troll? It’s a question I recetnly asked and got the following reply:

    So let’s try and keep this short. It looks like the use of the word Troll lately is to just describe people you don’t like. What originally started out to describe those that would take an on-line conversation off topic or disrupt it (on purpose or otherwise) has no extended to everyone you disagree with. It’s also commonly used to describe people who are asking questions or pointing out problems with projects that you like because it might expose the issues in these projects.

    In the case above, this definition seems to look a lot like the definition of a Bitcion Minimalist which is a term credited to Vitalik Buterin for creating. One day we will find out who exactly he was talking about, but right now credit seems to be taken by the hosts of the podcast Bitcoin Uncensored. Recently, I found the following video very enjoyable so thank Tai Zen for taking my name to the top of the list.

    So why do all these alternative crypto currency believers hate us so much? Mostly it’s because they feel that we are in their way of getting rich. Let’s assume for the sake of argument that you are a part of a project where the architects are actually working on something revolutionary and not doing it just to get rich for pre-mining or just handing themselves coins on day one. Of course these project are few and far between as both Ethereum and Steemit failed this from the start. (more on that in upcoming posts) The question that you have to ask is, why launch a free floating coin with its own exchange rate? This is a very simple question and when it comes to Bitcoin the answer is also very simple as it was designed to be a peer to peer value transfer. But if your project was not designed for this purpose the only reason to have this feature is to get around current regulation on qualified investors & company share trading so that you can make money by launching the coin.

    Another thing us Bitcoin Maximalists try to explain is that in the end all PoW initiatives are in direct competition with each other. (PoS is not even a Blockchain in my opinion and a topic saved for another day) Even if they use different algorithms and hardware, in the end they are still relying on the same burning of energy and decisions made as to which hardware will get the investment. In really just comes down to security that depends on the amount of energy burned. If this energy is being evenly burned between 10 PoW coins, they are all independently 10 times less secure than a single PoW chain would be. In the end there will probably be only one because we only need one. Just like we only have one internet that everything was built on top off. Yes, the internet is not perfect as it could have definitely had more privacy centric measures with better security, but hopefully that this is something that would be corrected this time around with the protocol of value. Taking a position that we only need one PoW public ledger, it now becomes a matter of choosing which one, Bitcoin Maximalists picked their horse, have you?

    Bonus: here is an additional video by Tai Zen describing why they have chosen me to be THE Bitcoin Maximalist: 


  • WCN Bitcoin Group #107 – Price Stabilization, Venezuelan Bitcoin, BTC-e & BitcoinTalk Hack

     This was a quick episode as the stories were not all that important. Here is the TLDR:
    1. Bank of Canada puts out a paper on Bitcoin price Stability – Bank of Canada has been doing lots of research in the space but they are just not willing to admit the obvious. It's not that adoption will stabilize the price it's that the price for small items will feel stable once the price of bitcoins reaches far beyond $10,000 each. We just need more value On-Chain.
    2. Venezuela – Bitcoin should be very popular there but USD is probably still more so. They don't want to speculate they just want stability. I have no idea how Dash fits into the story, lot's of strange things involved.
    3. Hacks – Goes to show you that some Bitcoin related sites are taking security seriously… hope Bitfinex is listening.
    Bonus: David Seaman has either got certifiably nuts or is off his meds… i don’t see how that’s debatable:
    https://twitter.com/WhalePanda/status/771564496145952769

     


  • The “State of The Industry Panel” at BlockchainNYC Conf

     From Aug 17th in NYC: This was the first panel of the day where Bobby Lee and I decided to focus on what a Blockchain actually is (aka Blockchain vs. Bitcoin is usually the tittle). As I’ve said before, I go by Satoshi’s definition, so “Proof of Work” (PoW) is necessary for you to be called a Blockchain. If your project does not have Proof of Work, then it is either some kind of a database or a public Proof of Stake (PoS) system. I do not really know how to classify PoS but I stand by my comments that there is nothing technologically innovative about PoS and believing anything economic can run on it is equivalent to believing in Unicorns & Mermaids.
     

    Here is the video, I was going to say something to the woman on the panel that suggested to put people on the Blockchain but time was limited. 


  • WCN Bitcoin Group #106 – Steemit Redux, Monero Rising, BFXcoin

    August 26th from NYC: Here is the TLDR:
    1. Steemit Content – here I mention some of the content that is popular on steemit and the social dynamic issues that will arise from people being overvalued & others feeling undervalued. Also the statistics of posts & comments are on a multi week decline.
    2. Monero Rising – The price has gone up almost 10x in a few weeks, it is most likely the flavor of the month like all other pumps. I don’t see Monero as a scam like Ether or Steem, just a Bitcoin Testnet. I do not recommend rushing out and buying it.
    3. Bitfinex Coin – I have no idea WTF they are doing over there and I bet that they do not know either.


  • WCN Bitcoin Group #105 – NSA Hacked, Ethereum, Blockchain is a Bust?

     August 19th from NYC: Not too much to comment on generally, here is the TLDR on the topics:
    1. NSA Hacked – I have no idea if the hack actually took place but the idea of auctioning it off for a million bitcoins is ridiculous.
    2. Ethereum Foundation Maliciously Crashed ETC Price – This story is infuriating but I would expect nothing less from the Scam known as the Ethereum Foundation. Great article by WhalePanda – Ethereum: Chain of Liars & Thieves.
    3. A Ripple Founder Quits the Blockchain Game – This is a great story, better late then ever, welcome to the new world where banks start to realize that a Blockchian without Bitcoin is NOT actually a blockchain, or it’s just useless for them.
    BONUS: At the end I talk about Vinay Gupta being a Nut-Ball based on this article I DO NOT recommend reading: Moral Hazard

     


  • Anarchast w/ Jeff Berwick – “Ponzi Scheme or Paradigm Shift?” (The Great Steemit Debate pt. II)

     August 15th from NYC: This was my 3rd time as a guest on Anarchast & I still plan on speaking at Jeff Berwick’s Anarchapulco 2017 event in February even though we greatly disagree on this issue. My views on Steemit have been made clear but I have not yet said how liable I think the user of Steemit might be (legally or in Public Opinion) if I end up being proven correct and Steemit is what I think it is. In Jeff Berwick’s case, he has not withdrawn any of money from the system that we know off at time of writing. Most people however certainly have. The video below was also posted on Steemit where it was valued at $8,500. Here is the video, you be the judge: 

     

    NOTE: There have been several posts on Steemit describing this debate, here is one of them that was valued at over $1,200.

    The comments to the video and the two links posted are also interesting, here is my favorite.
     


  • WCN Bitcoin Group #104 – Bitfinex Hacked, US Bitcoin Sale, Australia Bitcoin, MegaUpload2

     August 12th from NYC: This was a pretty short episode considering there were 4 guests. Not too many controversial topics but here is the TLDR:
    1. Bitfinex Hacked – Here I speculate on why Bitfinex did what it did and the silliness of their debt token.
    2. US Bitcoin Sale – It is still disappointing how many bitcoins end up in the control of the Government.
    3. Australia Bitcoin Laws – Here I go off on a rant about Australia being one of the most ruthless countries in the world when it comes to financial laws and tax collection.
    4. Kim Dot Com’s Mega Upload 2.0 – I present my bucket of skepticism over what Kim is pitching. “you can’t put humpty dumpty back together”, that was in reference to Napster coming back 5 yrs after going down and expect to dominate the market where technology advanced way beyond their original tech.
     


  • Debating the Steemit Scam Pt. I

    1st Week of August:  After being critical of steemit for a few weeks, there was interest for a debate with those that think Steemit is a good idea.
          It started with Blake Miles who is an author on Steemit. I initially did not want to to debate him because I knew he would get offended and he certainly did when I said the following two things:
    A. I questioned his ability to asses the claim that we are looking at a Blockchain
    B. If my position is that Steemit is a Scam/Ponzi, than he himself is ether a scammer, being scammed, or both. I chose what I thought was the least offensive (being scammed) and he took great offense to that. 
    Here is the video so you be the judge, as with all my prior comments on steem, several factual mistakes were made by me and now that I’m more informed from having finished the White Paper, it is way worse of a Scam then originally imagined.
     

    NOTE: This video posted on Steemit and I believe it made about $6,000 worth of Steem in 24 ours. Half of that was up for withdrawal, so Thomas and Blake split the ~$3k, I did not take any of the money.

    About a week later, I was asked to talk about Steemit once again on the video blog “Blocktalk”. It wasn’t as much of a debate though the host does seem to view Steem in a positive light. He also had the founders of Steemit on his show a few weeks prior and seemed impressed with what they built. Again you be the judge.
     
    NOTE: A full write up of my opinion over the Steemit White Paper is coming soon.