Blockchain technology

[Deleted member 14240]

As others have said Bitcoin and possibly the name Satoshi seem to be engineered by the NSA. The original creator of Bitcoin may have been a regular person who's project was seized, as it's potential to be a decentralised alternative to the banking system etc would be threatening to the PTB osit.

This is an image that got circulated on a few cryptocurrency related forums a while back. Maybe a coincidence really.
View attachment 29586

It may then have been released with the intention of creating a bubble for the original engineers and their friends to make big money off working class folk wanting a free lunch. Also one fine way to put people off crypto's potential, if it even has any.

One extreme example is Bitconnect, a spin off of Bitcoin. People have reported losing life savings and even comitting suicide over their losses.

Mostly speculation but you can clearly correlate the intentional MSM media hype timing to the top of the markets price, following a huge crash as big investors sold off their cheaply bought stocks to newbies who paid peak prices per BTC and other alt-coins.

AFAIK not one person could really give a straight or credible answer to 'how does this have any real world application in it's current state?'. In a dream world potentially yes a decentralised voting system or the likes could be created.

Thanks, It's very interesting, I've been into cryptocurrencies for few years now myself, and have read about the NSA origins also,
(1996 NSA White Paper on Virtual Currency, Also Ripple's CTO and Chief Cryptographer David Schwartz has NSA background etc..)
but to see the image laid out like above almost seems like someone was tying to poke fun at us. It's bizarre truly.

Like so many have mentioned above we're currently witnessing the global economy being transitioned into this virtual cashless society
and its actually happening very quickly. The C's have mentioned Cashless Society movement will be ultimately directed by the Illuminati "VISA" and recently VISA announced purchase of Ripple Partner EarthPort for $250M recently, and Ripple's ledger system is widely being adopted by banks worldwide, including the Central Banks.

I'm just watching all this unfold but It's just mind numbing sometimes how everything is being played out like a book.
Since clearly there is money to be made in the cryptosphere in the years to come, and Blockchain technology has so much untapped potential as it is still at the early stages, the masses will crave it more and more, and not know that they themselves (including me) are voluntarily signing up for this adoption of ultimate cashless society.

 

[Deleted member 14240]

One of the projects that still interests me Radix (Radix DLT - Decentralized Ledger Technology). Having studied their tech and economics somewhat and met their team and followed them for a while, I'd say they seem the closest to creating an actually decentralised (closer to "STO") system that runs entirely on algos efficiently and securely. Its a platform to run DApps, transact value, create/exchange tokens all in a decentralised manner. To avoid the wild ridiculous crypto swings in price the native token value is controlled by what pretty much amounts to an automated central bank, which restricts or expands the currency supply depending on demand. However even this is still subject to some oversight at the gateways to traditional currency and "approved minters" system, and its value will ultimately be backed by actual US dollars and other currency baskets.

Thanks Carl, Its my first time hearing about the DLT project, so I will definitely check it out.

One of the STO implications that could arise from all this was, the whole decentralization idea,
how DApps and Cryptos really could benefit us from centralized authority. (I.E Federal Reserve)
Transparency is supposed to be one of the selling points of blockchain but as C's mentioned nothing is really
bulletproof so to speak, after these early iteration stages, i'm sure there will arise lots of backdoor issues, and hacks in the future
and if as things seem, we were to transition into cashless society via cryptocurrencies through VISA/Mastercard (ex: Wirex Card)
or something similar as wide spread adoption. Everything will be logged and observable at convenience whenever desired.
heck, well it's probably happening already via our smartphones and credit card use details anyways.

I'm sorry to get off topic, but have you seen the new XLM Stellar logo ?



If so what do you think of it ? I found how eerily similar it is to the old economist "get ready for new currency" coin img
and the logo that was on it back from 1988.


XLM Stellar of coarse as you probably know has major partnership with IBM and the Global Payment System,
and could be a secret contender as the new world currency as it's technology is a fork off of ripple's XRP system.
I just maybe seeing too much into it, but to me the resemblance was just too eerie.

 

[SHNAGFNAY]

My father has invested a lot of money in OneCoin.

Then of course there is this:

42-year-old Swede one of the front figures for Onecoin – now the leaders are being prosecuted by FBI

Onecoin was marketed as a cryptocurrency, but have been accused of being a pyramid scheme. Now the leaders behind the suspected billion dollar fraud are being prosecuted.

news.trijo.co

42-year-old Swede one of the front figures for Onecoin – now the leaders are being prosecuted by FBI

Onecoin was marketed as a cryptocurrency, but have been accused of being a pyramid scheme. Now the leaders behind the suspected billion dollar fraud are being prosecuted.
Onecoin has been described as a Ponzi scheme and pyramid scheme that pretended to be a cryptocurrency. The movement gathered over three million members worldwide. Around 60,000 of them allegedly were Swedes.
Now, the Swedish news site Breakit reports that one of the people who had a central role in the company was also Swedish – a 42-year-old man from Stockholm. The man traveled around the world and marketed Onecoin in different ways. In video clips online where the man participates, he seems to have lived a life of luxury.
Wanted by authorities
But Onecoin raised the interest of the authorities and in the autumn of 2018, the 42-year-old man was wanted by both Interpol and the American FBI. Last autumn, the Swede was arrested in Thailand and extradited to the United States.
Now, his companions have been prosecuted. The United States Attorney for the Southern District of New York has brought charges against a certain Ruja Ignatova, who is reported to be the founder of Onecoin, and her brother Konstantin Ignatov. The brother was arrested last week at a Onecoin meeting in Los Angeles, but Ruja Ignatovas is still at large.
According to investigators, people around the world have spent billions of dollars on Onecoin, which is described as “a classic pyramid scheme, but on a new type of platform”. According to information provided by the prosecutor, Onecoin allegedly earned $2.5 billion just between the years 2014 and 2016.

“We take the money and run and blame someone else for this”

In an email conversation that the FBI has, Ruja Ignatova allegedly has written, among other things, the following to another person described as her co-founder of Onecoin: “We take the money and run and blame someone else for this”.
However, the 42-year-old Swede is not charged, and it is unclear why. The accused Onecoin leaders reject all the accusations. If the defendants are convicted, they risk 20 years in prison, Breakit reports.

I tried to point out to him "leaders" of onecoin being arrested and being investigated etc, and to my surprise he is fully aware of all that, and anything else it seems. But he still is a firm believer -it's just that the banks and USA and other places don't like the idea of crypto currency and such, he said.

In the beginning he even got me to invest about 250 euro, through a "trusted source" (I paid in cash). A couple years later he even took me with him to a meeting by onecoin or their operational pawns. It was seminar explaining the phases of onecoin and Q:A mostly about the status of the operation. It all seemed to me they just admitted things being dire but explained it all away somehow, the point being that onecoin is for real.

Convinced of it being a legit operation where he will eventually get rich, my father seems to be in denial or just being kind of lost in the scheme having been indoctrinated with it, with contacts and people keeping him asleep.

Well who knows! But I think he never will see that money.

 

[Carl]

Well who knows! But I think he never will see that money.

OneCoin is not a crypto, it's a straight up scam. Thought it was long dead by now and actually surprised to hear about it again. No he will never see his money .

 

[SHNAGFNAY]

OneCoin is not a crypto, it's a straight up scam. Thought it was long dead by now and actually surprised to hear about it again. No he will never see his money .

I just logged into my onelife (onecoin) account and it's still operational with new members. Clicking through my setting tabs it says Crypto Currency -> Mining -> Blockchain, for instance.
It says there are these many new members:

NEW MEMBERS

2 043 FROM NORTH AMERICAN AND CARRIBEAN
6 537 FROM INDIAN SUB-CONTINENT
10 681 FROM CIS
20 845 FROM AFRICA AND MIDDLE EAST
21 161 FROM EUROPE
21 648 FROM GREATER CHINA
32 007 FROM LATIN AMERICA
35 078 FROM ASIA INCLUDING OCEANIA

So the facade of this scam being the real thing is maintained it seems.

 

[MikaelYosef]

Interesting article. Some websites and third-party advertising providers seem to find more and more strategies to indirectly earn money at the cost of end users (by metadata collecting, advertising displays, CPU misuse etc.) Some have already recognized this and call the current internet broken, or facing a primal threat. Amongst them is Brendan Eich, creator of JavaScript. He, for example, invented the Brave web browser (based on Chromium and its Blink engine) [1] which has hardcoded into it advertising blocking, and blocking of other abusive scripts, which makes it one of the fastest browsers available (because it saves a lot of CPU and bandwidth). To not take away ad revenue from content providers, Brave comes with its own crypto payment system (currently based on Bitcoin) where end users can voluntarily make automatic micropayments to sites whose ads have been automatically filtered.

If this idea takes off, it would be highly disruptive to the internet ad industry (and ad blocker plugins), while content providers still would get legitimate and stable revenues for their content. The ad industry is already protesting against this idea and has sent a cease and desist letter to stop the project.

Even if the idea behind Brave won't be widely adopted, these ideas are nevertheless born right now, and I expect that if the situation with online ads worsens, some of these ideas may gain a lot of popularity. It is one example where the application of cryptocurrencies helps to cut out the centralized middlemen (ad providers, ad blockers), which become more and more selfish as time goes by.

[1]: Brave (web browser) - Wikipedia

Just wondering if you or anyone else is still using the Brave browser? I have been, and it's a struggle to use other, older browsers in the working world. The 'no ads' aspect of Brave is like going off the grid and breathing fresh air, while still being completely on the grid. The idea of voluntarily receiving ads, being paid to do so and having the option to either keep the .05 US cents, or tip other websites that you like, I don't know what you'd call it - some might say hippy-ish in the sense that it's almost a bartering/pay-what-you-like system - but it's so simple and positive. Imagine if every browser operated in the same way, wealth might be re-distributed a bit more evenly.

I'm stuck between two ideals though - if it stays low-key and not many people use it, every other website that relies on SUPER ADS may not worry about developing a way to counter this (and I could continue browsing, ad free). But, if everyone does adopt one day, or at least something similar in the future, it'd be a fairer system.

 

[Carl]

In case anyone is still interested in this, today was a pretty important day in bitcoin markets.

Back last year once BTC hit those lows around $3k not a single person wanted to touch it and pretty much everyone who bought in late 2017 was broke. However after a rapid movement back up in the first half of 2019, people started hearing about it again and getting interested. Of course this ended up as the local top and it has trended down since.

Today BTC reached a most critical level of support (went slightly below for some minutes).

If he manages to hold this low then it could offer a great move into next year bringing potentially more than 5x in price.

Below this level there's little reason to be involved.

In other words the risk:reward is pretty good now, but of course better to let it prove itself.

 

[Carl]

In case anyone is still interested in this, today was a pretty important day in bitcoin markets.

Back last year once BTC hit those lows around $3k not a single person wanted to touch it and pretty much everyone who bought in late 2017 was broke. However after a rapid movement back up in the first half of 2019, people started hearing about it again and getting interested. Of course this ended up as the local top and it has trended down since.

Today BTC reached a most critical level of support (went slightly below for some minutes).

If he manages to hold this low then it could offer a great move into next year bringing potentially more than 5x in price.

Below this level there's little reason to be involved.

In other words the risk:reward is pretty good now, but of course better to let it prove itself.

View attachment 32799

Looks like a superhero stepped in after all. He's still alive, up 40% and currently attacking this level so congrats if anyone found their way into that. This level has been key since 2017 and is the key area where most retail buyers started entering in droves onto the hype train (making it a key zone of aggregated volume and emotional memory in the future). There's still a decent chance of failure here but the way BTC has been pushing up on bad geopolitical news and then holding those gains on good news is quite promising.

 

[Kaigen]

If we going to see a higher high this week above 9550 than we are out of the woods. But careful it mide be just a wick. The double close, daily and the weekly is in 3,5 hours and till than we will see perhaps a significant spike in volume. Bears will push the price down till than. The support is at 9250.

 

[Kaigen]

It seams in times like this there is no hedge, for the financial market. People thought about Bitcoin as a safe heaven and when the market broke down, people turn to digital money. What happened is that people fear turned them to sell off everything to get their beloved fiat money, even gold got down. Bitcoin has no use as for now. It is good for traders to buy low and sale high or speculate with leverage trades which are highly risky. I lost my self lot of money using it in 2018 and 2019. It is not worth if you are new to it.

 

[Ryan]

I think a lot of the flight into fiat currencies was for traders to cover derivative losses. Anthony Pompliano points out that:

• Equities are down ~30%.
• Oil is down ~60%.
• Gold is down ~12%.
• Bitcoin is down ~40%.

In this sort of situation, a lot of debts get called in and artificially-inflated values get written down. One analyst pointed out that compared to 2008, we still have quite a long way for the markets to drop. Question is, which asset classes are going to preserve the most value? Sure, everyone needs fiat until they can pay for their toilet paper in Bitcoin (), but estimates of how many USD the US Federal Reserve is going to print (via quantitative easing) over the next few weeks range in single to double-digit TRILLIONS. That's going to massively dilute the purchasing power of a currency that's already lost over 97% of its purchasing power since the creation of the Federal Reserve in 1913.

Personally, I think it's a great time to be buying gold and select cybercurrencies (Bitcoin, Ethereum etc.) provided that you can afford them and aren't going to sell them for at least one to two years. There has been hundreds of millions of dollars invested into Bitcoin 'mining' infrastructure all around the world, so there's no chance it will be going down anything short of a planetary catastrophe, in which case wealth preservation will be the least of our concerns.

By the way, interesting that this economic 'reset' took place just as China prepares to launch its Central Bank Digital Currency, yes?

 

[Voyageur]

Personally, I think it's a great time to be buying gold and select cybercurrencies (Bitcoin, Ethereum etc.) provided that you can afford them and aren't going to sell them for at least one to two years. There has been hundreds of millions of dollars invested into Bitcoin 'mining' infrastructure all around the world, so there's no chance it will be going down anything short of a planetary catastrophe, in which case wealth preservation will be the least of our concerns.

Here is a Bitcoin graph for March 21 ($9,000+ down to 3,850 at the moment) with a sell off starting on the 8th and the big fall on the 13th. Had read in a thread, and perhaps wrong here, that Russia made an announcement on blocking Bitcoin - looked and can't find a reference.

 

[Voyageur]

Here is a Bitcoin graph...

Missed the edit time:

Wanted to add that I know as much about e-currencies as hyperdimensional realities, and both can give you the willies from a 3d perspective; Fiat currency notwithstanding. My thoughts include that with the current destabilizing Fiat 'crisis' moves, in a system that was already destabilized beyond belief, should a plan B be ready-made and implemented down the road e.g. a transition to a cashless society (global economy), it may include all the green new deal apparatus. If so, one might think that even Bitcoin might not have a place in the new deal being unregulated, so to speak? The electronic platform templates might fit, though.

 

[Carl]

It seams in times like this there is no hedge, for the financial market. People thought about Bitcoin as a safe heaven and when the market broke down, people turn to digital money. What happened is that people fear turned them to sell off everything to get their beloved fiat money, even gold got down. Bitcoin has no use as for now. It is good for traders to buy low and sale high or speculate with leverage trades which are highly risky. I lost my self lot of money using it in 2018 and 2019. It is not worth if you are new to it.

Bitcoin was never a safe haven it has always been a risk asset with like 8 times the beta of the S&P500. It has also only ever existed during a bull market in US equities, so I guess a bunch of people just got a rude awakening! World markets are now more or less in a deflationary bust due to the coronavirus unless they can be saved so all assets go down in value pretty much no matter what it is.

Anyway as long as it's chilling below 6600 its really not interesting. If they can get world markets going up again and BTC can reclaim some levels it might be interesting again.

There are so many magical narratives around bitcoin though it's hard for people to think clearly on it. It really is just an asset priced (primarily) in US dollars like everything else and as such it's absolutely not a place to be in a time of real crisis. Even gold is a terrible hold during severe crises.

 

[Ryan]

Hot off the press... Democrats introduce a bill to create "digital dollar" and "digital dollar" wallets.

Considering the levels of polarisation in the US Congress right now if this does anything but fail big time then we'll know that the agenda is coming down from 'above' the two-party system.

Oh, and Bitcoin is up again today.