(PDF) Understanding Bitcoins: Facts and Questions

List of moderately difficult skribbl words for your new friend group (1200+ words)

That is to say that this list contains words that this list contains words that:
  1. Usually aren't instantly guess-able (like star, apple, or Nike).
  2. Can be played with a group of acquaintances (I play with a group of interns at work to blow off time)
Created this list by modifying an existing difficult word list we found online and adding a bunch of new words. If you see a stupid difficult word, it was probably a word from the existing difficult word list that I forgot to remove. (amicable and reimbursement were the type of bs I removed lol).
abraham lincoln, accordion, accounting, acre, actor, adidas, advertisement, air conditioner, aircraft carrier, airport security, alarm clock, alcohol, alert, alice in wonderland, alphabet, altitude, amusement park, angel, angle, angry, ankle, apathetic, apathy, apparatus, applause, application, apron, archaeologist, archer, armada, arrows, art gallery, ashamed, asteroid, athlete, atlantis, atlas, atmosphere, attack, attic, audi, aunt, austin powers, australia, author, avalanche, avocado, award, baby, baby-sitter, back flip, back seat, baggage, baguette, baker, balance beam, bald, balloon, bamboo, banister, barbershop, barney, baseboards, bat, beans, beanstalk, beard, bed and breakfast, bedbug, beer pong, belt, beluga whale, berlin wall, bible, biceps, bikini, binder, biohazard, biology, birthday, biscuit, bisexual, bitcoin, black hole, blacksmith, bleach, blizzard, blueprint, bluetooth, blunt, blush, boa constrictor, bobsled, bonnet, book, bookend, bookstore, border, boromir, bottle cap, boulevard, boundary, bow tie, bowling, boxing, braces, brain, brainstorm, brand, bride, bride wig, bruise, brunette, bubble, bubble bath, bucket, buckle, buffalo, bugs bunny, bulldog, bumble bee, bunny, burrito, bus, bushel, butterfly, buzz lightyear, cabin, cable car, cadaver, cake, calculator, calendar, calf, calm, camera, cannon, cape, captain, captain america, car, car accident, carat, cardboard, carnival, carpenter, carpet, cartography, cartoon, cartoonist, castaway, castle, cat, catalog, cattle, cd, ceiling, cell, cellar, centimetre, centipede, century, chain mail, chain saw, chair, champion, chandelier, channel, chaos, charger, chariot, chariot racing, check, cheerleader, cheerleader dust, chef, chemical, cherub, chess, chevrolet, chick-fil-a, chicken coop, chicken legs, chicken nugget, chime, chimney, china, chisel, chord, church, circus tent, clamp, classroom, cleaning spray, cliff, cliff diving, climate, clique, cloak, clog, clown, clue, coach, coast, cockpit, coconut, coffee, coil, comedian, comfy, commercial, community, companion, company, compare, comparison, compromise, computer, computer monitor, con, confidant, confide, consent, constrictor, convenience store, conversation, convertible, conveyor belt, copyright, cord, corduroy, coronavirus, correct, cot, country, county fair, courthouse, cousin, cowboy, coworker, cramp, crane, cranium, crate, crayon, cream, creator, credit, crew, crib, crime, crisp, criticize, crop duster, crow's nest, cruise, cruise ship, crumbs, crust, cubicle, cubit, cupcake, curtain, cushion, customer, cutlass, czar, dab, daffy duck, dance, danger, darth vader, darts, dashboard, daughter, dead end, deadpool, deceive, decipher, deep, default, defect, degree, deliver, demanding, demon, dent, dentist, deodorant, depth, descendant, destruction, detail, detective, diagonal, dice, dictate, disco, disc jockey, discovery, disgust, dismantle, distraction, ditch, diver, diversify, diversity, diving, divorce, dizzy, dodge ball, dog, dolphin, donald trump, doorbell, doppelganger, dorsal, double, doubloon, doubt, doubtful, download, downpour, dragon, drain, dream, dream works, dress shirt, drift, drip, dripping, drive-through, drought, drowning, drugstore, dryer, dryer sheet, dryer sheets, dugout, dumbbell, dumbo, dust, dust bunny, duvet, earache, earmuffs, earthquake, economics, edge, edit, education, eel, effect, egg, eiffel tower, eighteen-wheeler, electrical outlet, elf, elope, emigrate, emotions, emperor, employee, enemy, engaged, equation, error, eureka, everglades, evolution, exam, exercise, exhibition, expired, explore, exponential, extension, extension cord, eyeball, fabric, factory, fad, fade, fake flowers, family tree, fan, fast food, faucet, feather, feeder road, feeling, ferris wheel, fiddle, figment, finding nemo, firefighter, firefox, fireman, fireman pole, fireplace, fireside, fireworks, first class, first mate, fish bone, fishing, fizz, flag, flat, flavor, flight, flip flops, flock, florist, flotsam, flowchart, flower, flu, flute, flutter, flying saucer, fog, foil, food court, football player, forklift, form, forrest gump, fossil, fowl, fragment, frame, fresh water, freshwater, friction, fries, front, frost, fuel, full, full moon, fun, fun house, funnel, fur, galaxy, gallon, gallop, game, gamer, garden, garden hose, gas station, gasoline, gavel, gentleman, geologist, germ, germany, geyser, giant, ginger, giraffe, gladiator, glasses, glitter, glue, glue stick, goalkeeper, goatee, goblin, gold, gold medal, golden retriever, gondola, good-bye, government, gown, graduation, grain, grandpa, gratitude, graveyard, gravity, great-grandfather, grenade, grill, grim reaper, groom, groot, group, guess, guillotine, gumball, guru, gymnast, hail, hair dryer, haircut, half, hand soap, handful, handle, hang, hang glider, hang ten, harry potter, hawaii, hay wagon, hearse, heater, heaven, helmet, hermit crab, high heel, high tops, highchair, hitler, hockey, homework, honk, hoodies, hoop, hopscotch, hot, hot dog, hot fuzz, hot tub, hotel, houseboat, human, humidity, hunter, hurdle, husband, hut, hydrant, hydrogen, hypothermia, ice, ice cream cone, ice fishing, icicle, idea, igloo, illuminati, implode, important, improve, in-law, incisor, income, income tax, index, inertia, infect, inglorious bastards, inside out, insurance, interception, interference, interject, internet, invent, invisible, invitation, iron man, ironic, irrational, irrigation, isaac newton, island, ivy, ivy full, jackhammer, japan, jaw, jazz, jedi, jellyfish, jet lag, jig, jigsaw, joke, joker, journal, juggle, jump rope, jungle, junk, junk drawer, junk mail, justice, kangaroo, ketchup, kill bill, killer, kilogram, kim possible, kiss, kitten, kiwi, kit-kat, kneel, knight, koala, lace, lady bug, ladybug, lamp, lance, landfill, landlord, lap, laptop, last, laundry detergent, layover, leak, leap year, learn, leather, lebron james, lecture, legolas, leprechaun, letter, letter opener, lettuce, level, lice, lichen, lie, lifeguard, lifejacket, lifestyle, light, lightning, lightning mcqueen, lightsaber, limit, lion, lipstick, living room, lobster, logo, loiterer, lollipop, loonie, lord of the rings, lottery, love, loveseat, loyalty, lullaby, lumberjack, lumberyard, lunar eclipse, lunar rover, lung, lyrics, macaroni, machete, machine, macho, magnet, mailbox, makeup, mammoth, manatee, mark zuckerberg, martian, mascot, mascot fireman, mask, mast, mastercard, mat, mayhem, mechanic, megaphone, member, memory, mercedes benz, mermaid, meteor, michael scott, michelangelo, microscope, microsoft, microsoft word, microwave, midnight, migrate, millionaire, mime, mine, mine car, miner, minivan, mirror, missile, mitten, mohawk, moisturizer, molar, mold, mom, monsoon, monster, monsters inc, mooch, moonwalk, moth, mount rushmore, mozart, mr potato head, mulan, mummy, music, mysterious, myth, name, nanny, naruto, navigate, negotiate, neighborhood, nemo, nepal, nest, netflix, neutron, newsletter, night, nightmare, nike, north pole, nose, nostril, nurse, nutmeg, oar, obey, observatory, office, offstage, olive oil, olympics, one-way street, opaque, optometrist, orange juice, orbit, organ, organize, ornament, ornithologist, ounce, oven, owl, oyster, pacific ocean, pacifier, page, pail, pain, palace, pancakes, panda, panic, pantyhose, paper plate, paperclip, parade, paranoid, parent, parking garage, parley, parody, partner, password, pastry, patrick starr, pawnshop, peace, peacock, peanut, peasant, pelt, pen pal, pendulum, pepsi, periwinkle, personal, pest, pet store, petroleum, pharaoh, pharmacist, philosopher, phineas and ferb, phone, photo, piano, pickup truck, picnic, pigpen, pigtails, pile, pilgrim, pilot, pinboard, pineapple express, ping pong, pink panther, pipe, pirate, pizza, pizza sauce, plan, plank, plantation, plastic, playground, pleasure, plow, plumber, pocket, pocket watch, point, pokeball, pokemon, pole, police, pomp, pompous, pong, popeye, population, portfolio, positive, positive champion, post, post office, practice, president, preteen, prey, prime meridian, printer ink, prize, produce, professor, profit, promise, propose, protestant, psychologist, publisher, pumpkin, pumpkin pie, punching bag, punishment, punk, puppet, putty, quadrant, quarantine, quartz, queue, quicksand, quit, quiver, raccoon, race, raft, rage, rainbow, raindrop, rainwater, random, raphael, ratatouille, ratchet, ray, reaction, realm, ream, receipt, recess, record, recorder, recycle, referee, refund, regret, religion, remain, resourceful, rest stop, retail, retire, reveal, revenge, reward, rhyme, rhythm, rib, rick and morty, riddle, right, rim, rind, ringleader, risk, rival, robe, robot, rock band, rocket, rodeo, roller coaster, roommate, roundabout, rowboat, rubber, ruby, rudder, runt, rv, s'mores, safe, salmon, salt, sand castle, sandbox, sandbox bruise, sandpaper, santa claus, sap, sapphire, sash, sasquatch, satellite, saturn, sausage, saxophone, scarf, scatter, schedule, school, school bus, science, scissors, scooby doo, scrambled eggs, scream, screwdriver, script, scuba diving, scythe, seahorse, season, seat, seat belt, seed, serial killer, servant, sewer, shaft, shakespeare, shame, shampoo, sheep, sheets, shelter, sherlock holmes, shipwreck, shoelace, shopping cart, shotgun wedding, shower, shower curtain, shrew, shrink, shrink ray, sickle, sidekick, siesta, signal, silhouette, silt, simba, simpsons, skateboard, skating rink, ski goggles, ski lift, skip, skipping rope, skydiving, slack, sleep, sleet, slim shady, slipper, slump, snag, snapchat, sneeze, snooze, snore, snow globe, snowball, snowflake, soak, social distancing, socks, softball, solar eclipse, somersault, song, sophomore, soul, soulmate, soviet russia, space, space-time, spaceship, spaghetti, spare, speakers, spiderman, spirited away, sponge, spoon, spotify, spring, sprinkler, squat, stage, stage fright, stagecoach, stairs, staple, starbucks, starfish, startup, star trek, statement, stationery, statue of liberty, stay, steamboat, steel drum, stethoscope, stew, stewie griffin, sticky note, stingray, stockings, stork, storm trooper, story, stout, stowaway, stranger, strawberry, streamline, student, stuff, stun, submarine, sugar, suit, sun, sunburn, sunlight, sunscreen, superbad, superman, surfing, sushi, swamp, swarm, sweater, swim shorts, swing dancing, switzerland, swimming, syringe, system, tachometer, taco bell, tadpole, tag, tank, tattle, taxes, taxi, teabag, team, tearful, teenage mutant ninja turtle, teenager, teepee, telepathy, telephone booth, telescope, temper, ten, tesla, testify, tetris, thanos, the beatles, the dark knight, the prestige, theory, think, thread, thrift store, throne, ticket, tide, time, timeline, time machine, time zone, tin, tinting, tiptoe, tire, tissue box, toast, today, toddler, toilet paper, toll road, tomato sauce, tombstone, toothbrush, toothpaste, top hat, torch, tornado, toronto maple leafs, tourist, tournament, tow, tow truck, toy store, toy story, trademark, traffic jam, trail, trailer, train, train tracks, transformers, translate, transpose, trapped, trash bag, trash can, trawler, treatment, trench coat, tricycle, trip, trombone, truck, truck stop, tsunami, tub, tuba, tug, tugboat, turret, tutor, tutu, twang, twitter, umbrella, unemployed, united states, university, upgrade, vacation, vampire, van, vanilla, vanquish, vegan, vegetarian, vehicle, vein, venn diagram, vest, villain, violent, vision, vitamin, voice, voicemail, volleyball, wag, wall-e, wallet, wallow, wasabi, washing machine, water, water buffalo, water cycle, water vapor, wax, wealth, weather, wedding, wedding cake, weed, welder, werewolf, wet, wetlands, whale, whatsapp, whey, whip, whiplash, whisk, wifi, wig, wikipedia, win, wind, winnie the pooh, wish, witch, wizard, wolverine, woody, workout, world, wormhole, writhe, yacht, yak, yard, yardstick, yawn, yeti, yin yang, yoda, yodel, yolk, youtube, zamboni, zen, zero, zeus, zip code, zipper, zombie, zombieland, zoo
submitted by skribblwords to skribbl [link] [comments]

Your Guide to Monero, and Why It Has Great Potential

/////Your Guide to Monero, and Why It Has Great Potential/////

Marketing.
It's a dirty word for most members of the Monero community.
It is also one of the most divisive words in the Monero community. Yet, the lack of marketing is one of the most frustrating things for many newcomers.
This is what makes this an unusual post from a member of the Monero community.
This post is an unabashed and unsolicited analyzation of why I believe Monero to have great potential.
Below I have attempted to outline different reasons why Monero has great potential, beginning with upcoming developments and use cases, to broader economic motives, speculation, and key issues for it to overcome.
I encourage you to discuss and criticise my musings, commenting below if you feel necessary to do so.

///Upcoming Developments///

Bulletproofs - A Reduction in Transaction Sizes and Fees
Since the introduction of Ring Confidential Transactions (Ring CT), transaction amounts have been hidden in Monero, albeit at the cost of increased transaction fees and sizes. In order to mitigate this issue, Bulletproofs will soon be added to reduce both fees and transaction size by 80% to 90%. This is great news for those transacting smaller USD amounts as people commonly complained Monero's fees were too high! Not any longer though! More information can be found here. Bulletproofs are already working on the Monero testnet, and developers were aiming to introduce them in March 2018, however it could be delayed in order to ensure everything is tried and tested.
Multisig
Multisig has recently been merged! Mulitsig, also called multisignature, is the requirement for a transaction to have two or more signatures before it can be executed. Multisig transactions and addresses are indistinguishable from normal transactions and addresses in Monero, and provide more security than single-signature transactions. It is believed this will lead to additional marketplaces and exchanges to supporting Monero.
Kovri
Kovri is an implementation of the Invisible Internet Project (I2P) network. Kovri uses both garlic encryption and garlic routing to create a private, protected overlay-network across the internet. This overlay-network provides users with the ability to effectively hide their geographical location and internet IP address. The good news is Kovri is under heavy development and will be available soon. Unlike other coins' false privacy claims, Kovri is a game changer as it will further elevate Monero as the king of privacy.
Mobile Wallets
There is already a working Android Wallet called Monerujo available in the Google Play Store. X Wallet is an IOS mobile wallet. One of the X Wallet developers recently announced they are very, very close to being listed in the Apple App Store, however are having some issues with getting it approved. The official Monero IOS and Android wallets, along with the MyMonero IOS and Android wallets, are also almost ready to be released, and can be expected very soon.
Hardware Wallets
Hardware wallets are currently being developed and nearing completion. Because Monero is based on the CryptoNote protocol, it means it requires unique development in order to allow hardware wallet integration. The Ledger Nano S will be adding Monero support by the end of Q1 2018. There is a recent update here too. Even better, for the first time ever in cryptocurrency history, the Monero community banded together to fund the development of an exclusive Monero Hardware Wallet, and will be available in Q2 2018, costing only about $20! In addition, the CEO of Trezor has offered a 10BTC bounty to whoever can provide the software to allow Monero integration. Someone can be seen to already be working on that here.
TAILS Operating System Integration
Monero is in the progress of being packaged in order for it to be integrated into TAILS and ready to use upon install. TAILS is the operating system popularised by Edward Snowden and is commonly used by those requiring privacy such as journalists wanting to protect themselves and sources, human-right defenders organizing in repressive contexts, citizens facing national emergencies, domestic violence survivors escaping from their abusers, and consequently, darknet market users.
In the meantime, for those users who wish to use TAILS with Monero, u/Electric_sheep01 has provided Sheep's Noob guide to Monero GUI in Tails 3.2, which is a step-by-step guide with screenshots explaining how to setup Monero in TAILS, and is very easy to follow.
Mandatory Hardforks
Unlike other coins, Monero receives a protocol upgrade every 6 months in March and September. Think of it as a Consensus Protocol Update. Monero's hard forks ensure quality development takes place, while preventing political or ideological issues from hindering progress. When a hardfork occurs, you simply download and use the new daemon version, and your existing wallet files and copy of the blockchain remain compatible. This reddit post provides more information.
Dynamic fees
Many cryptocurrencies have an arbitrary block size limit. Although Monero has a limit, it is adaptive based on the past 100 blocks. Similarly, fees change based on transaction volume. As more transactions are processed on the Monero network, the block size limit slowly increases and the fees slowly decrease. The opposite effect also holds true. This means that the more transactions that take place, the cheaper the fees!
Tail Emission and Inflation
There will be around 18.4 million Monero mined at the end of May 2022. However, tail emission will kick in after that which is 0.6 XMR, so it has no fixed limit. Gundamlancer explains that Monero's "main emission curve will issue about 18.4 million coins to be mined in approximately 8 years. (more precisely 18.132 Million coins by ca. end of May 2022) After that, a constant "tail emission" of 0.6 XMR per 2-minutes block (modified from initially equivalent 0.3 XMR per 1-minute block) will create a sub-1% perpetual inflatio starting with 0.87% yearly inflation around May 2022) to prevent the lack of incentives for miners once a currency is not mineable anymore.
Monero Research Lab
Monero has a group of anonymous/pseudo-anonymous university academics actively researching, developing, and publishing academic papers in order to improve Monero. See here and here. The Monero Research Lab are acquainted with other members of cryptocurrency academic community to ensure when new research or technology is uncovered, it can be reviewed and decided upon whether it would be beneficial to Monero. This ensures Monero will always remain a leading cryptocurrency. A recent end of 2017 update from a MRL researcher can be found here.

///Monero's Technology - Rising Above The Rest///

Monero Has Already Proven Itself To Be Private, Secure, Untraceable, and Trustless
Monero is the only private, untraceable, trustless, secure and fungible cryptocurrency. Bitcoin and other cryptocurrencies are TRACEABLE through the use of blockchain analytics, and has lead to the prosecution of numerous individuals, such as the alleged Alphabay administrator Alexandre Cazes. In the Forfeiture Complaint which detailed the asset seizure of Alexandre Cazes, the anonymity capabilities of Monero were self-demonstrated by the following statement of the officials after the AlphaBay shutdown: "In total, from CAZES' wallets and computer agents took control of approximately $8,800,000 in Bitcoin, Ethereum, Monero and Zcash, broken down as follows: 1,605.0503851 Bitcoin, 8,309.271639 Ethereum, 3,691.98 Zcash, and an unknown amount of Monero".
Privacy CANNOT BE OPTIONAL and must be at a PROTOCOL LEVEL. With Monero, privacy is mandatory, so that everyone gets the benefits of privacy without any transactions standing out as suspicious. This is the reason Darknet Market places are moving to Monero, and will never use Verge, Zcash, Dash, Pivx, Sumo, Spectre, Hush or any other coins that lack good privacy. Peter Todd (who was involved in the Zcash trusted setup ceremony) recently reiterated his concerns of optional privacy after Jeffrey Quesnelle published his recent paper stating 31.5% of Zcash transactions may be traceable, and that only ~1% of the transactions are pure privacy transactions (i.e., z -> z transactions). When the attempted private transactions stand out like a sore thumb there is no privacy, hence why privacy cannot be optional. In addition, in order for a cryptocurrency to truly be private, it must not be controlled by a centralised body, such as a company or organisation, because it opens it up to government control and restrictions. This is no joke, but Zcash is supported by DARPA and the Israeli government!.
Monero provides a stark contrast compared to other supposed privacy coins, in that Monero does not have a rich list! With all other coins, you can view wallet balances on the blockexplorers. You can view Monero's non-existent rich list here to see for yourself.
I will reiterate here that Monero is TRUSTLESS. You don't need to rely on anyone else to protect your privacy, or worry about others colluding to learn more about you. No one can censor your transaction or decide to intervene. Monero is immutable, unlike Zcash, in which the lead developer Zooko publicly tweeted the possibility of providing a backdoor for authorities to trace transactions. To Zcash's demise, Zooko famously tweeted:
" And by the way, I think we can successfully make Zcash too traceable for criminals like WannaCry, but still completely private & fungible. …"
Ethereum's track record of immutability is also poor. Ethereum was supposed to be an immutable blockchain ledger, however after the DAO hack this proved to not be the case. A 2016 article on Saintly Law summarised the problematic nature of Ethereum's leadership and blockchain intervention:
" Many ethereum and blockchain advocates believe that the intervention was the wrong move to make in this situation. Smart contracts are meant to be self-executing, immutable and free from disturbance by organisations and intermediaries. Yet the building block of all smart contracts, the code, is inherently imperfect. This means that the technology is vulnerable to the same malicious hackers that are targeting businesses and governments. It is also clear that the large scale intervention after the DAO hack could not and would not likely be taken in smaller transactions, as they greatly undermine the viability of the cryptocurrency and the technology."
Monero provides Fungibility and Privacy in a Cashless World
As outlined on GetMonero.org, fungibility is the property of a currency whereby two units can be substituted in place of one another. Fungibility means that two units of a currency can be mutually substituted and the substituted currency is equal to another unit of the same size. For example, two $10 bills can be exchanged and they are functionally identical to any other $10 bill in circulation (although $10 bills have unique ID numbers and are therefore not completely fungible). Gold is probably a closer example of true fungibility, where any 1 oz. of gold of the same grade is worth the same as another 1 oz. of gold. Monero is fungible due to the nature of the currency which provides no way to link transactions together nor trace the history of any particular XMR. 1 XMR is functionally identical to any other 1 XMR. Fungibility is an advantage Monero has over Bitcoin and almost every other cryptocurrency, due to the privacy inherent in the Monero blockchain and the permanently traceable nature of the Bitcoin blockchain. With Bitcoin, any BTC can be tracked by anyone back to its creation coinbase transaction. Therefore, if a coin has been used for an illegal purpose in the past, this history will be contained in the blockchain in perpetuity.
A great example of Bitcoin's lack of fungibility was reposted by u/ViolentlyPeaceful:
"Imagine you sell cupcakes and receive Bitcoin as payment. It turns out that someone who owned that Bitcoin before you was involved in criminal activity. Now you are worried that you have become a suspect in a criminal case, because the movement of funds to you is a matter of public record. You are also worried that certain Bitcoins that you thought you owned will be considered ‘tainted’ and that others will refuse to accept them as payment."
This lack of fungibility means that certain businesses will be obligated to avoid accepting BTC that have been previously used for purposes which are illegal, or simply run afoul of their Terms of Service. Currently some large Bitcoin companies are blocking, suspending, or closing accounts that have received Bitcoin used in online gambling or other purposes deemed unsavory by said companies. Monero has been built specifically to address the problem of traceability and non-fungibility inherent in other cryptocurrencies. By having completely private transactions Monero is truly fungible and there can be no blacklisting of certain XMR, while at the same time providing all the benefits of a secure, decentralized, permanent blockchain.
The world is moving cashless. Fact. The ramifications of this are enormous as we move into a cashless world in which transactions will be tracked and there is a potential for data to be used by third parties for adverse purposes. While most new cryptocurrency investors speculate upon vaporware ICO tokens in the hope of generating wealth, Monero provides salvation for those in which financial privacy is paramount. Too often people equate Monero's features with criminal endeavors. Privacy is not a crime, and is necessary for good money. Transparency in Monero is possible OFF-CHAIN, which offers greater transparency and flexibility. For example, a Monero user may share their Private View Key with their accountant for tax purposes.
Monero aims to be adopted by more than just those with nefarious use cases. For example, if you lived in an oppressive religious regime and wanted to buy a certain item, using Monero would allow you to exchange value privately and across borders if needed. Another example is that if everybody can see how much cryptocurrency you have in your wallet, then a certain service might decide to charge you more, and bad actors could even use knowledge of your wallet balance to target you for extortion purposes. For example, a Russian cryptocurrency blogger was recently beaten and robbed of $425k. This is why FUNGIBILITY IS ESSENTIAL. To summarise this in a nutshell:
"A lack of fungibility means that when sending or receiving funds, if the other person personally knows you during a transaction, or can get any sort of information on you, or if you provide a residential address for shipping etc. – you could quite potentially have them use this against you for personal gain"
For those that wish to seek more information about why Monero is a superior form of money, read The Merits of Monero: Why Monero Vs Bitcoin over on the Monero.how website.
Monero's Humble Origins
Something that still rings true today despite the great influx of money into cryptocurrencies was outlined in Nick Tomaino's early 2016 opinion piece. The author claimed that "one of the most interesting aspects of Monero is that the project has gained traction without a crowd sale pre-launch, without VC funding and any company or well-known investors and without a pre-mine. Like Bitcoin in the early days, Monero has been a purely grassroots movement that was bootstrapped by the creator and adopted organically without any institutional buy-in. The creator and most of the core developers serve the community pseudonymously and the project was launched on a message board (similar to the way Bitcoin was launched on an email newsletter)."
The Organic Growth of the Monero Community
The Monero community over at monero is exponentially growing. You can view the Monero reddit metrics here and see that the Monero subreddit currently gains more than 10,000 (yes, ten thousand!) new subscribers every 10 days! Compare this to most of the other coins out there, and it proves to be one of the only projects with real organic growth. In addition to this, the community subreddits are specifically divided to ensure the main subreddit remains unbiased, tech focused, with no shilling or hype. All trading talk is designated to xmrtrader, and all memes at moonero.
Forum Funding System
While most contributors have gratefully volunteered their time to the project, Monero also has a Forum Funding System in which money is donated by community members to ensure it attracts and retains the brightest minds and most skilled developers. Unlike ICOs and other cryptocurrencies, Monero never had a premine, and does not have a developer tax. If ANYONE requires funding for a Monero related project, then they can simply request funding from the community, and if the community sees it as beneficial, they will donate. Types of projects range from Monero funding for local meet ups, to paying developers for their work.
Monero For Goods, Services, and Market Places
There is a growing number of online goods and services that you can now pay for with Monero. Globee is a service that allows online merchants to accept payments through credit cards and a host of cryptocurrencies, while being settled in Bitcoin, Monero or fiat currency. Merchants can reach a wider variety of customers, while not needing to invest in additional hardware to run cryptocurrency wallets or accept the current instability of the cryptocurrency market. Globee uses all of the open source API's that BitPay does making integrations much easier!
Project Coral Reef is a service which allows you to shop and pay for popular music band products and services using Monero.
Linux, Veracrypt, and a whole array of VPNs now accept Monero.
There is a new Monero only marketplace called Annularis currently being developed which has been created for those who value financial privacy and economic freedom, and there are rumours Open Bazaar is likely to support Monero once Multisig is implemented.
In addition, Monero is also supported by The Living Room of Satoshi so you can pay bills or credit cards directly using Monero.
Monero can be found on a growing number of cryptocurrency exchange services such as Bittrex, Poloniex, Cryptopia, Shapeshift, Changelly, Bitfinex, Kraken, Bisq, Tux, and many others.
For those wishing to purchase Monero anonymously, there are services such as LocalMonero.co and Moneroforcash.com.
With XMR.TO you can pay Bitcoin addresses directly with Monero. There are no other fees than the miner ones. All user records are purged after 48 hours. XMR.TO has also been added as an embedded feature into the Monerujo android wallet.
Coinhive Browser-Based Mining
Unlike Bitcoin, Monero can be mined using CPUs and GPUs. Not only does this encourage decentralisation, it also opens the door to browser based mining. Enter side of stage, Coinhive browser-based mining. As described by Hon Lau on the Symnatec Blog Browser-based mining, as its name suggests, is a method of cryptocurrency mining that happens inside a browser and is implemented using Javascript. Coinhive is marketed as an alternative to browser ad revenue. The motivation behind this is simple: users pay for the content indirectly by coin mining when they visit the site and website owners don't have to bother users with sites laden with ads, trackers, and all the associated paraphern. This is great, provided that the websites are transparent with site visitors and notify users of the mining that will be taking place, or better still, offer users a way to opt in, although this hasn't always been the case thus far.
Skepticism Sunday
The main Monero subreddit has weekly Skepticism Sundays which was created with the purpose of installing "a culture of being scientific, skeptical, and rational". This is used to have open, critical discussions about monero as a technology, it's economics, and so on.

///Speculation///

Major Investors And Crypto Figureheads Are Interested
Ari Paul is the co-founder and CIO of BlockTower Capital. He was previously a portfolio manager for the University of Chicago's $8 billion endowment, and a derivatives market maker and proprietary trader for Susquehanna International Group. Paul was interviewed on CNBC on the 26th of December and when asked what was his favourite coin was, he stated "One that has real fundamental value besides from Bitcoin is Monero" and said it has "very strong engineering". In addition, when he was asked if that was the one used by criminals, he replied "Everything is used by criminals including the US dollar and the Euro". Paul later supported these claims on Twitter, recommending only Bitcoin and Monero as long-term investments.
There are reports that "Roger Ver, earlier known as 'Bitcoin Jesus' for his evangelical support of the Bitcoin during its early years, said his investment in Monero is 'substantial' and his biggest in any virtual currency since Bitcoin.
Charlie Lee, the creator of Litecoin, has publicly stated his appreciation of Monero. In a September 2017 tweet directed to Edward Snowden explaining why Monero is superior to Zcash, Charlie Lee tweeted:
All private transactions, More tested privacy tech, No tax on miners to pay investors, No high inflation... better investment.
John McAfee, arguably cryptocurrency's most controversial character at the moment, has publicly supported Monero numerous times over the last twelve months(before he started shilling ICOs), and has even claimed it will overtake Bitcoin.
Playboy instagram celebrity Dan Bilzerian is a Monero investor, with 15% of his portfolio made up of Monero.
Finally, while he may not be considered a major investor or figurehead, Erik Finman, a young early Bitcoin investor and multimillionaire, recently appeared in a CNBC Crypto video interview, explaining why he isn't entirely sold on Bitcoin anymore, and expresses his interest in Monero, stating:
"Monero is a really good one. Monero is an incredible currency, it's completely private."
There is a common belief that most of the money in cryptocurrency is still chasing the quick pump and dumps, however as the market matures, more money will flow into legitimate projects such as Monero. Monero's organic growth in price is evidence smart money is aware of Monero and gradually filtering in.
The Bitcoin Flaw
A relatively unknown blogger named CryptoIzzy posted three poignant pieces regarding Monero and its place in the world. The Bitcoin Flaw: Monero Rising provides an intellectual comparison of Monero to other cryptocurrencies, and Valuing Cryptocurrencies: An Approach outlines methods of valuing different coins.
CryptoIzzy's most recent blog published only yesterday titled Monero Valuation - Update and Refocus is a highly recommended read. It touches on why Monero is much more than just a coin for the Darknet Markets, and provides a calculated future price of Monero.
CryptoIzzy also published The Power of Money: A Case for Bitcoin, which is an exploration of our monetary system, and the impact decentralised cryptocurrencies such as Bitcoin and Monero will have on the world. In the epilogue the author also provides a positive and detailed future valuation based on empirical evidence. CryptoIzzy predicts Monero to easily progress well into the four figure range.
Monero Has a Relatively Small Marketcap
Recently we have witnessed many newcomers to cryptocurrency neglecting to take into account coins' marketcap and circulating supply, blindly throwing money at coins under $5 with inflated marketcaps and large circulating supplies, and then believing it's possible for them to reach $100 because someone posted about it on Facebook or Reddit.
Compared to other cryptocurrencies, Monero still has a low marketcap, which means there is great potential for the price to multiply. At the time of writing, according to CoinMarketCap, Monero's marketcap is only a little over $5 billion, with a circulating supply of 15.6 million Monero, at a price of $322 per coin.
For this reason, I would argue that this is evidence Monero is grossly undervalued. Just a few billion dollars of new money invested in Monero can cause significant price increases. Monero's marketcap only needs to increase to ~$16 billion and the price will triple to over $1000. If Monero's marketcap simply reached ~$35 billion (just over half of Ripple's $55 billion marketcap), Monero's price will increase 600% to over $2000 per coin.
Another way of looking at this is Monero's marketcap only requires ~$30 billion of new investor money to see the price per Monero reach $2000, while for Ethereum to reach $2000, Ethereum's marketcap requires a whopping ~$100 billion of new investor money.
Technical Analysis
There are numerous Monero technical analysts, however none more eerily on point than the crowd-pleasing Ero23. Ero23's charts and analysis can be found on Trading View. Ero23 gained notoriety for his long-term Bitcoin bull chart published in February, which is still in play today. Head over to his Trading View page to see his chart: Monero's dwindling supply. $10k in 2019 scenario, in which Ero23 predicts Monero to reach $10,000 in 2019. There is also this chart which appears to be freakishly accurate and is tracking along perfectly today.
Coinbase Rumours
Over the past 12 months there have been ongoing rumours that Monero will be one of the next cryptocurrencies to be added to Coinbase. In January 2017, Monero Core team member Riccardo 'Fluffypony' Spagni presented a talk at Coinbase HQ. In addition, in November 2017 GDAX announced the GDAX Digit Asset Framework outlining specific parameters cryptocurrencies must meet in order to be added to the exchange. There is speculation that when Monero has numerous mobile and hardware wallets available, and multisig is working, then it will be added. This would enable public accessibility to Monero to increase dramatically as Coinbase had in excess of 13 million users as of December, and is only going to grow as demand for cryptocurrencies increases. Many users argue that due to KYC/AML regulations, Coinbase will never be able to add Monero, however the Kraken exchange already operates in the US and has XMfiat pairs, so this is unlikely to be the reason Coinbase is yet to implement XMfiat trading.
Monero Is Not an ICO Scam
It is likely most of the ICOs which newcomers invest in, hoping to get rich quick, won't even be in the Top 100 cryptocurrencies next year. A large portion are most likely to be pumps and dumps, and we have already seen numerous instances of ICO exit scams. Once an ICO raises millions of dollars, the developers or CEO of the company have little incentive to bother rolling out their product or service when they can just cash out and leave. The majority of people who create a company to provide a service or product, do so in order to generate wealth. Unless these developers and CEOs are committed and believed in their product or service, it's likely that the funds raised during the ICO will far exceed any revenue generated from real world use cases.
Monero is a Working Currency, Today
Monero is a working currency, here today.
The majority of so called cryptocurrencies that exist today are not true currencies, and do not aim to be. They are a token of exchange. They are like a share in a start-up company hoping to use blockchain technology to succeed in business. A crypto-assest is a more accurate name for coins such as Ethereum, Neo, Cardano, Vechain, etc.
Monero isn't just a vaporware ICO token that promises to provide a blockchain service in the future. It is not a platform for apps. It is not a pump and dump coin.
Monero is the only coin with all the necessary properties to be called true money.
Monero is private internet money.
Some even describe Monero as an online Swiss Bank Account or Bitcoin 2.0, and it is here to continue on from Bitcoin's legacy.
Monero is alleviating the public from the grips of banks, and protests the monetary system forced upon us.
Monero only achieved this because it is the heart and soul, and blood, sweat, and tears of the contributors to this project. Monero supporters are passionate, and Monero has gotten to where it is today thanks to its contributors and users.

///Key Issues for Monero to Overcome///

Scalability
While Bulletproofs are soon to be implemented in order to improve Monero's transaction sizes and fees, scalability is an issue for Monero that is continuously being assessed by Monero's researchers and developers to find the most appropriate solution. Ricardo 'Fluffypony' Spagni recently appeared on CNBC's Crypto Trader, and when asked whether Monero is scalable as it stands today, Spagni stated that presently, Monero's on-chain scaling is horrible and transactions are larger than Bitcoin's (because of Monero's privacy features), so side-chain scaling may be more efficient. Spagni elaborated that the Monero team is, and will always be, looking for solutions to an array of different on-chain and off-chain scaling options, such as developing a Mimblewimble side-chain, exploring the possibility of Lightning Network so atomic swaps can be performed, and Tumblebit.
In a post on the Monero subreddit from roughly a month ago, monero moderator u/dEBRUYNE_1 supports Spagni's statements. dEBRUYNE_1 clarifies the issue of scalability:
"In Bitcoin, the main chain is constrained and fees are ludicrous. This results in users being pushed to second layer stuff (e.g. sidechains, lightning network). Users do not have optionality in Bitcoin. In Monero, the goal is to make the main-chain accessible to everyone by keeping fees reasonable. We want users to have optionality, i.e., let them choose whether they'd like to use the main chain or second layer stuff. We don't want to take that optionality away from them."
When the Spagni CNBC video was recently linked to the Monero subreddit, it was met with lengthy debate and discussion from both users and developers. u/ferretinjapan summarised the issue explaining:
"Monero has all the mechanisms it needs to find the balance between transaction load, and offsetting the costs of miner infrastructure/profits, while making sure the network is useful for users. But like the interviewer said, the question is directed at "right now", and Fluffys right to a certain extent, Monero's transactions are huge, and compromises in blockchain security will help facilitate less burdensome transactional activity in the future. But to compare Monero to Bitcoin's transaction sizes is somewhat silly as Bitcoin is nowhere near as useful as monero, and utility will facilitate infrastructure building that may eventually utterly dwarf Bitcoin. And to equate scaling based on a node being run on a desktop being the only option for what classifies as "scalable" is also an incredibly narrow interpretation of the network being able to scale, or not. Given the extremely narrow definition of scaling people love to (incorrectly) use, I consider that a pretty crap question to put to Fluffy in the first place, but... ¯_(ツ)_/¯"
u/xmrusher also contributed to the discussion, comparing Bitcoin to Monero using this analogous description:
"While John is much heavier than Henry, he's still able to run faster, because, unlike Henry, he didn't chop off his own legs just so the local wheelchair manufacturer can make money. While Morono has much larger transactions then Bitcoin, it still scales better, because, unlike Bitcoin, it hasn't limited itself to a cripplingly tiny blocksize just to allow Blockstream to make money."
Setting up a wallet can still be time consuming
It's time consuming and can be somewhat difficult for new cryptocurrency users to set up their own wallet using the GUI wallet or the Command Line Wallet. In order to strengthen and further decentralize the Monero network, users are encouraged to run a full node for their wallet, however this can be an issue because it can take up to 24-48 hours for some users depending on their hard-drive and internet speeds. To mitigate this issue, users can run a remote node, meaning they can remotely connect their wallet to another node in order to perform transactions, and in the meantime continue to sync the daemon so in the future they can then use their own node.
For users that do run into wallet setup issues, or any other problems for that matter, there is an extremely helpful troubleshooting thread on the Monero subreddit which can be found here. And not only that, unlike some other cryptocurrency subreddits, if you ask a question, there is always a friendly community member who will happily assist you. Monero.how is a fantastic resource too!
Despite still being difficult to use, the user-base and price may increase dramatically once it is easier to use. In addition, others believe that when hardware wallets are available more users will shift to Monero.

///Conclusion///

I actually still feel a little shameful for promoting Monero here, but feel a sense of duty to do so.
Monero is transitioning into an unstoppable altruistic beast. This year offers the implementation of many great developments, accompanied by the likelihood of a dramatic increase in price.
I request you discuss this post, point out any errors I have made, or any information I may have neglected to include. Also, if you believe in the Monero project, I encourage you to join your local Facebook or Reddit cryptocurrency group and spread the word of Monero. You could even link this post there to bring awareness to new cryptocurrency users and investors.
I will leave you with an old on-going joke within the Monero community - Don't buy Monero - unless you have a use case for it of course :-) Just think to yourself though - Do I have a use case for Monero in our unpredictable Huxleyan society? Hint: The answer is ?
Edit: Added in the Tail Emission section, and noted Dan Bilzerian as a Monero investor. Also added information regarding the XMR.TO payment service. Added info about hardfork
submitted by johnfoss69 to CryptoCurrency [link] [comments]

Bitcoin Revolution Reviews

Bitcoin Revolution Reviews
A new type of technology makes it easy to start exchanging cryptocurrencies.
Thanks to the use of integrated exchange software, beginners in the market and the cryptocurrency industry can achieve significant gains in a few steps.
When you use the software, it doesn't matter how much experience you have. If you want to know about Bitcoin Evolution Registration then you can visit bitcointocrypto.com for more.
Everyone can make a profit with the help of this program. Especially for inexperienced beginners, this is the ideal introduction to the cryptocurrency exchange.
https://preview.redd.it/4fn58l5588z31.png?width=1106&format=png&auto=webp&s=6f3ef44aeb79e506e64de6daede8e49caba2c06f
If you plan to start your own business with some initial investment, it may be useful to read the following experience report.
He has managed to reveal all this: Bitcoin Revolution is perfect for anyone who wants to earn a lot of money and prefers Bitcoin!

Bitcoin Revolution reviews

  • Possibility of high income
  • Payments can be made at any time
  • Free Trial Account
  • Intuitive User Interface
Big profits can generate suspicion for many people. Suspicions of fraud are obvious to many.
Unfortunately, there are many black sheep on the Internet that are only interested in foul play and fraud.
With our experience report, we want to end all doubts and allow you to make a decision more easily.

Is the Bitcoin Revolution a safe software?

In our experience, the Bitcoin Revolution is serious and reliable. All participating brokers are real people whose job is to secure the deposits of investors and ensure an impeccable process of deposits and withdrawals. The other important task is to ensure reliable encryption and protect data from abuse.
https://preview.redd.it/iem2uzha88z31.jpg?width=826&format=pjpg&auto=webp&s=a97bad38d4ba01028466d64ce6bcdf251a82472f

How does Bitcoin Revolution work?

The Bitcoin Revolution platform implements a program that uses algorithms to scan and analyze quotes. The use is very simple and is explained only, even for newbies. No need to install any software on the computer.
The user interface is easy to use. The first step is registration. Then a deposit is made. The minimum deposit is 250 euros. If you then activate the fully automatic exchange software with a click of the mouse, you will be ready.
From this moment, you can simply wait to receive your winnings. The software executes all exchanges automatically and independently. Watch the market and act as soon as you recognize the best profit opportunities.
Modern algorithms allow investors to make profits of up to 100%. Access to complex databases and the use of modern algorithms makes this possible. The software is provided free of charge on the Bitcoin Revolution platform.
https://preview.redd.it/t6tgo6of88z31.png?width=753&format=png&auto=webp&s=76ce9f4563dc925ea22d1a6f4e3f96e4f0fe1fbe
Price trends can be easily analyzed and scanned with a click of the mouse. At the same time, all merchants can make exchanges manually.

Opening an account with Bitcoin Revolution is as simple as blinking!

The first step is to register on the site. You must first enter your first name, last name, and email address.
On the next page, you can enter the phone number and password. Don't forget your password! Finally, you have to accept the general terms and conditions, and that's it.
Without that, registration cannot be completed, as is the case with most online portals.
You will then receive an automatically generated email containing a confirmation link. You must click on this link to complete the verification.
This link will guide you to your exchange account. There you will find a green field in the upper right corner. If you click there, you can make your investment. The minimum amount is 250 EUR.
Your deposit is made through the well-known broker «eMarkets Trade», a cooperation partner of the Bitcoin Revolution. Credit cards and bank transfers are accepted as payment methods.
During the payment process, you have the option to activate the automatic exchange program. From now on, the software works completely independently, without your intervention.
Once you have created the account, you decide the amount you want to use to exchange in Bitcoin Revolution. It can be a partial amount or the total amount deposited.
https://preview.redd.it/ct302fcg88z31.png?width=560&format=png&auto=webp&s=ae573b62aaabbc7ae57d282fa49bba7be9d989c3
As you prefer. Next, the algorithm calculates the odds of winning. The bot is responsible for the annoying research, analysis and evaluation work and performs the exchange (purchase and sale).
The patented technology used here has created software that is always one step ahead of the market. Super speed calculations and advanced algorithms allow Bitcoin Revolution to recognize the results of exchanges and investments during the calculation process.
The platform proudly bears the name Bitcoin Revolution. The revolutionary technology behind the software acts flawlessly. There are even days when no losses are recorded. The accuracy of exchanges on such days is greater than 99%.
The competent and friendly support team is very reliable and available at all times. Support is available by email or live chat.
In our opinion, the Bitcoin Revolution platform is a serious exchange platform in which very high profits can be achieved. Payments are made quickly and reliably.
The platform is ideal for beginners, but even the most experienced Bitcoin merchants can take advantage of automated bots. The advantages of the passive income option are simply insurmountable.
submitted by Emilytube to ReviewFeed [link] [comments]

60 DoD Week 6: Finances

60 DoD Week 6: Finances
By failing to prepare, you are preparing to fail. – Ben Franklin
Having a financial plan is vitally important for a number of reasons. What do you think the greatest stressor in relationships is? The lack of sex your wife is giving you? Close one. It’s money, although your shaved balls might think otherwise.
So don’t you think having a plan is critical to fixing your well-being? You have a MAP to get in shape. Why don’t you have a plan for your finances.
This post might better well be served in personal finance, but screw it. I’m going to town. For the folks overseas, some of this content might be US-specific.
On Net Worth
In order to calculate your net worth, you need to take your assets, such as your checking account, savings, house, etc, and subtract your liabilities, your mortgage, credit card debts, and loans, and you’ll get your net worth.
This is a good time to be spreadsheet guy. But instead of counting how many ladies you are seeing or counting how many times you had sex, use Excel for its intended purpose.
Start calculating it annually, quarterly, monthly. Whatever frequency you feel like you need to get a handle on where your net worth is going. For myself, I do this quarterly, though I have my finger on the pulse pretty frequently.
On Budget
You want to get ahead? You have to operate on a budget. Know what you are spending, what you are saving, and where your money is going.
For me, I’ve got it set where it takes me about 7 minutes to log into the various accounts, take certain numbers like food spend and so forth, and plug those numbers into the Excel boxes. Plugging them in allows me to quickly project the next three months spend and where I’ll be. Some numbers are easy to find, like the fixed costs of mortgage and student loans. Some numbers you have to estimate or look up, like variable food costs and gas/electric. I do this about once a month. It doesn’t take long at all – just making sure I have good cash flow and sticking to my budget.
Take the time to do a detailed line item comparison. You should know exactly how much is going where. The real key though is STICKING TO YOUR BUDGET. You have to keep to it in order to meet your goals.
On Financial Literacy
It’s key to have a good understanding on financial literacy. You have to understand things such as what is the market, what is a stock, what is a bond, what is a dividend, what is a mutual fund, and so forth. You have to know what you are investing in. Take your financial knowledge and move it up. There are literally tons of free information out there. Start going to town. And for the advanced players, go learn the ins and outs of your brokerage firm’s website and trading platform – I mean really learn it, not just “Oh, here’s how I do a buy order on a stock.” Learn how to screen for stocks, mutual funds, and bonds effectively.
Side note – If you are in the US, I recommend joining AAII. I have gotten a great deal of value out of my membership to them. A number of HNW individuals I know recommended it to me, though I had joined and got the lifetime membership before I met them.
On Bogleheads
Personally, I’m a Boglehead. Jack Bogle, man, he was the Chad of passive investing. I believe that passive investing (indexing) long term beats active investing long term. So does Warren Buffet. All my research agrees with this from a long term standpoint.
I’m also a fan of creating an Investment Policy Statement
Boglehead Resources
https://www.bogleheads.org/wiki/Bogleheads%C2%AE_investment_philosophy
https://www.bogleheads.org/wiki/What_the_experts_say_about_investing
https://www.bogleheads.org/wiki/The_twelve_pillars_of_wisdom / https://web.archive.org/web/20070304091730/http://www.vanguard.com/bogle_site/april272001.html
https://studentloanhero.com/featured/bogleheads-invest/
https://www.bogleheads.org/forum/index.php
I would highly encourage you to review these links and check out their philosophy on investing.
On Being a Contrarian
I’m also a fan of being a contrarian. Be greedy when others are fearful, and fearful when others are greedy. You see it with the Bitcoin bubble. You see it when the stock market goes up and down. Oh no, the market is going down… whatever shall we do?!? You stick to your guns. I’m not saying go catch a falling knife. I’m saying that you stick to your plan. There is opportunity when people are fearful, and caution is warranted when people are being greedy. You have to evaluate where we are in the economic cycle as well.
On a Cup of Starbucks and Retirement
You might have seen the example where someone buys a cup of Starbucks every day and then finds out that if they took that money and invested it toward their retirement, over the span of say 30 years they’ll have like an extra 200k. I have two comments on this. First, be frugal, but don’t deny yourself. Don’t let frugality control you. Second, don’t just focus on controlling the little changes like saving a cup of Starbucks every week, focus on the BIG areas. Focus on getting a new job that pays you an extra 40k per year. Focus on saving 100 bucks off your cable (1200 bucks saved per year). Focus on lowering your taxes. What I’m saying is focus on not just the small areas, but also make the bigger impact areas a higher priority. And stop drinking so much Starbucks – make it yourself. Grind the beans, for crying out loud.
On Automating
Automate your finances. Make it EASY for yourself to save money. Set up your automatic bill payments for your credit card, loans, mortgage, and bills. Take advantage of the modern tools nowadays for app/camera based check deposits. Have money taken out of your paycheck before you get it, whether it is for retirement or into a separate savings account, so you can accumulate a rainy day fund. I’ve automated as much as I can, with direct withdrawals taken out for mortgage, credit card payments, gas and electric, and for the other areas like telephone those are automatically paid from the credit card, which then is automatically paid from the checking account. Automating saves time, which is a critical resource.
On Buying a Car
Here’s your resources:
https://www.reddit.com/askcarsales/wiki/index
https://www.reddit.com/askcarsales/comments/19niva/car_buying_faqs/
https://www.reddit.com/askcarsales/comments/4j2okj/what_to_expect_from_your_dealership_visit/
https://www.reddit.com/askcarsales/comments/613jvn/askcarsales_faq_updated_march_2017/
http://fightingchance.com/ - I used these for private market research, and was worth every penny.
There’s a lot more here, but this should get you through the basics. Simply, knowledge is power. The more you know, the more power you have. If you don’t know every single line item that is going into your purchase, whether it is an accessory, taxes, that stupid coating that they try to sell you for $1000 but it’s really just worth $100, etc., then you’re not ready, and you’re more likely to be fleeced.
Just even walking into the dealership and observing other customers and their interactions with the car salesman, it’s like watching sheep. Don’t be a sheep. Be prepared. And be prepared to walk too. Cars are a commodity. You can buy the same car someplace else cheaper. Remember this – cars are a commodity, and there’s lots of dealers out there.
Side note – “But Steel, what about TrueCar? That seems awesome. I’ll just go in, get my TrueCaCostco/KBB/XXX price and I won’t even have to do anything to get a great price.” Let me tell you this. Dealers would be HAPPY to sell you at the TrueCar price all day long. With proper preparation, you can negotiate a far better deal. Last time when preparing, I had a binder. That binder saved me over 9k. Cost me 5 bucks at the local pharmacy. Printed out all my info, was prepared as all get out, and had a prepared offer ready to go (I used my own sheet, not theirs). Be prepared, that’s what I’m saying. And don’t fall for the four square technique. I just chuckled at the different dealerships at how they try to pull that one. Hell, I went through YouTube and viewed a couple of videos on how car salesmen sell, so I had an understanding of their mentality and what they do. Be prepared.
Generally, there are five major parts for buying a car: Trading in your current car, buying your new car, buying options on a car (like that fancy heated steering-wheel), extended warranty, and financing. You should own every single area of this. As an example, when you are talking about trading in your current car, you should ALREADY have your price quote from CarMax in hand, as well as other offers from other dealers. You should know what your car is worth if it were to be sold (remember supply and demand – what is it really worth: what someone will buy it for). You should already have the KBB and Edmunds value of your used car. For your new car, you should have a breakdown of every single thing on it, including options, doc fees and ERT. For your fancy accessories, you should have the MSRP of these accessories, the actual cost of them buying (wholesale parts warehouse), and an estimate in your head on labor costs (cause parts don’t get installed by themselves). For your extended warranty, I would just say that there is a reason why this is one of the most profitable areas of a car dealership. If you simply must have an extended warranty for peace of mind, go find a wholesale warranty. Do your research. Don’t buy from the dealership. Most cars nowadays anyway are built quite well with high standards of quality control, so they’re not failing like they used to. On financing, make sure you set up your own financing before you walk in. It makes life much easier, as the car dealers get money on financing as well. If the dealership can beat your credit union, more power to them. It’s powerful as all get out when you walk in with a prewritten cashier’s check at a super low interest rate and you’re ready when they start asking you how you are going to pay for the car. “Well, I am preapproved for x amount (aka the full amount of the car), but I’d like to see what specials and discounts you have.”
It’s all about how much money you can save in each one of these areas.
Granted if you’re BETA BUCKS and your time is worth more than doing a bit of research, that’s fair. Some folk just walk in and buy a car right there with a minimum of haggling. That’s how much their time is worth to them, and I know a few people who are like this. I’m merely presenting an alternate approach. To me, it was worth the time to save more than a few thousands.
On Buying a House
For many people, a house is the largest purchase that they make in their lifetime. Many of you have already bought houses, so I won’t go into this in detail, but again, from The Millionaire Next Door – “If you’re not yet wealthy, but want to be someday, never purchase a home that requires a mortgage that is more than twice your household’s annual realized income.”
I see a lot of you going “Shit” after reading that.
On a Side Hustle
I didn’t even have to write anything, u/red-sfpplus already wrote an excellent post on this topic - https://www.reddit.com/marriedredpill/comments/7i7x4q/the_financial_hustle/
Learn from his example. And then buy the man a drink.
On What to Do First
"Successful Investing takes time, discipline and patience. No matter how great the talent or effort, some things just take time: You can't produce a baby in one month by getting nine women pregnant." - Warren Buffett
First of all, take stock of where you are. Figure out your net worth, and what you have and what you owe (and interest rates). I would say the first thing to do is to have a three to six month emergency fund. This can be done in conjunction with getting rid of high interest debt (such as credit card debt), however if and when you have an emergency, you’re going to need to tap into something.
Start your budgeting process. Know where your money is going. Fix it.
Most people don’t even have a thousand dollars in savings. Don’t be like that.
I would also note that the Personal Finance subreddit has this already diagrammed out in a flowchart in their wiki - https://i.imgur.com/lSoUQr2.png
On Giving Back
So you give back, right. Of course you do. But what I suggest is potentially setting up a charitable fund, so that you can maximize your charitable deduction annually. You can give a larger sum one year, and then less/none the following year – and maximize your deduction the first year. Something to consider. Plus then your charitable fund is invested, will grow with the market (remember you need a plan and asset allocation here as well), and the growth can be given to the charity as well, tax free. I’d recommend Vanguard, but really there are a number of places that do this.
On Habits of Millionaires
From the book The Millionaire Next Door, here are the characteristics of millionaires:
• They live well below their means
• They allocate their time, energy, and money efficiently, in ways conducive to building wealth.
• They believe that financial independence is more important than displaying high social status
• Their parents did not provide economic outpatient care.
• Their adult children are economically self-sufficient.
• They are proficient in targeting market opportunities.
• They chose the right occupation.
On Building Wealth
You want to build wealth? Don’t have a high consumption lifestyle! Think for a moment. How much money do you think it takes to maintain an upper-middle class lifestyle vs. how much money do you think it takes to maintain a middle-class/blue collar lifestyle? Bespoke suits. Luxury cars. Bigger house. More property taxes. And so forth. Think of all the stuff you have to purchase to keep up with the Joneses. Cost of cleaning. Cost of buying furniture for that fancy house. Etc.
“But Steel, I don’t care about the Joneses.” Sure you don’t. But your wife does. Watching that HGTV, picking out the stupid pillows that breed like rabbits in your house when you’re not looking. There’s something about a house that factors into the Female Social Matrix.
Frugality is the name of the game. Frugal being “behavior characterized by or reflecting economy in the use of resources.”
Don’t be wasteful. Don’t have a lifestyle marked by lavish spending and hyper consumption. You want to build wealth? Be frugal.
Most people will not become wealthy in one generation if they are married to people who are wasteful. You can’t accumulate wealth if one of you is a hyperconsumer.
On Offence vs. Defense
So you’re not beta bucks, you’re BETA BUCKS! You make it rain! Good for you. You play great offence. But how’s your defense? How’s your wealth accumulation? Are you spending like there’s no tomorrow? If you want to win the game, you have to play great offence AND defense.
Here’s some questions for you:
• Do you operate on an annual budget?
• Do you know how much you spend each year for food, clothing, and shelter?
• Do you have a clearly defined set of daily, weekly, monthly, annual, and lifetime goals?
• Do you spend a lot of time planning your financial future?
To build wealth, minimize your realized (taxable) income, and maximize your unrealized income (wealth/capital appreciation without a cash flow).
How do you become financially independent? You have to plan, and you have to sacrifice. You sacrifice today for financial independence tomorrow.
On Your Wife & Buy-In
As part of your plan and budgeting, once you have it all set, get buy-in from your wife. But do this not like you are seeking approval from mommy (aka you validation whore you), but matter of factly here is the plan, we are budgeting x amount for these areas. Here is our plan. Set out a vision.
On Financial Vision
Read it and weep - https://www.reddit.com/marriedredpill/comments/3fecgi/first_budget_discussion_leads_to_minor_meltdown/ctnya77/
“One rarely talked-about element of Married Game is a subtle thing known as Vision. Most husbands don’t appreciate what a strong DHV possessing Vision is, and they proceed unaware of the power it can add to their relationship. Most husbands do this because they don’t understand Vision, what it is and how it is manifested, much less the subtle but important role it holds. Let me explain: once upon a time I was working for a personnel agency, and one of my jobs was coaching our people on interviewing techniques. I learned a lot about the process as a result, from both the interviewer and the interviewee side. When it came to my clients who wanted high-quality employees with good technical skills – real talent – I learned the sorts of things that such high-demand technical people wanted in a company. Money, of course, and security and benefits. But beyond that gifted employees want to work for a company with a history, a good culture, and (most importantly) a Vision.
What is Vision? In this context Vision is a manifested idea of the future. Everyone wants to work for a company that’s changing the world and is doing so in a positive, pro-active way. No one wants to work for the company that’s floundering, desperate just to meet its next quarter’s goals. Vision is a generally-stated plan-of-action toward a distant but achievable goal, presented in an enticing enough manner to inspire. It’s short on details and long on generalizations. It’s reflective of inner beliefs, values, and judgments, an indication of character, foresight, and initiative. It should be bold, meaningful, and challenging.”
Now, this quote above is excellent. You need a vision for your life, but you also need a vision for your finances. What would your financial vision be? What does it look like to you? Create it, and then be ready to share that with your family.
On Love of Money
Remember folks, money itself is not the root of all evil. It’s the LOVE of money that causes the problem. When you are so driven to be a better beta bucks to get that coin, and start neglecting yourself, your relationships, etc… you’ve got problems. Money is just a tool in the toolbox. Use it, don’t let it use you. Don’t become a slave to money. Your life doesn’t consist of how many toys you have. And you can’t take it with you when you go.
On Insurance, or Lack Thereof
Would it surprise you to know that most people are underinsured? Make sure that you have enough of the key five types of insurance: health, car, homeowners/renters, life, and disability. Preparing yourself for these situations can save you a lot of pain in the future. Also, make sure you get enough umbrella insurance. Typically they say have enough umbrella insurance to cover your net worth, but I recommend getting a bit more.
A quick note, practically, do not get whole life insurance. Get term insurance, and invest the difference in cost between whole life and term. You’ll be much better off. And yes, this is for 99.9% of situations. The remaining .1% of situations are when someone is really wealthy and there are estate and tax considerations. Aka for most of us, don’t worry about it.
And take care of your health, so you don’t get fat when you are older and have related medical problems. Put. The. Fork. Down.
On Assets and Liabilities, Rich Dad Poor Dad Edition
A number of you have read Rich Dad Poor Dad, and there’s controversy in it. I disagree with a number of items in there, but there is an interesting point in there about how he views assets and liabilities:
“You must know the difference between an asset and a liability, and buy assets. If you want to be rich, this is all you need to know. It is Rule No. 1. It is the only rule. This may sound absurdly simple, but most people have no idea how profound this rule is. Most people struggle financially because they do not know the difference between an asset and a liability.”
He has a simple, non-accounting definition - “An asset is something that puts money in my pocket. A liability is something that takes money out of my pocket.”
Buy assets. I like it. What is out there that you can buy that puts money in your pocket. Stocks. Bonds. Mutual Funds. Real Estate that produces Income. There are a ton of items.
You should also think about getting rid of your liabilities… the giant boat, the private jet, the cluster B horrible sex-depriving wife (you know who you are)… you get the idea.
On Disaster Recovery and Information Security
What were to happen if you were to croak, or your only laptop with all your financial data was stolen or destroyed in a fire along with all your financial papers (see, you should have gotten that fireproof safe)? Would you have a plan on what to do? Would your spouse? Your kids? I would suggest making a backup of your finances, statements, tax returns, and other important papers, and put that on an encrypted USB key with a password that you and your wife knows, and then storing that someplace secure. Note that you can do fancy stuff like cloud storage, and so forth – but you need to have a plan for the worst case scenario.
Additionally, make sure that you use two-factor authentication when you log into your banking accounts (if they have it), as well as don’t repeat your passwords for your financial accounts.
I would even suggest having a separate secured email for your banking accounts, and another one for your personal accounts that get those damn spam emails all the time.
Don’t be stupid with your financial accounts. Using the same password is stupid. Yeah, I’m talking to you.
On Practical Advice
Do get rid of high interest credit cards. If you’ve got a balance on your 29.99% APR credit card and are paying that interest every month, it’s in your best interest to eliminate that debt as soon as possible. You’re not going to get a 29.99% return in a month in the stock market (unless you take on excessive risk for that return, obviously). Try to transfer that balance to a promo 0% interest credit card, and work that down.
Don’t borrow from your 401k. You’re cutting out your future returns. Don’t make that 401k loan your emergency fund, but rather have a separate emergency fund.
Do use credit cards over debit cards, for a whole host of reasons (theft being the primary reason).
Do pay yourself first. Take out at least 10% of your paycheck before it hits your checking account, and start saving.
Don’t pay monthly or annual fees on checking accounts or savings accounts. You shouldn’t be paying a bank to store your money. They should be paying you for that privilege.
Do get solid credit cards that give outstanding rewards. Do your research. Get at least 2% cash back if you can. Shoot for 5% or more. For example, Discover allows you to get 5% cash back in certain categories, and then you can redeem $20 for a $25 gift card to a number of different vendors. Looks like you just got a 6.25% return.
There are plenty of other examples. Do you spend a boatload at Amazon? Get your 5% return. As an example – I get a 5% return on gas using a certain credit card. It’s unlimited throughout the year, and is redeemed as a statement credit, so I don’t have to worry about redemption. I have a certain Amex that I redeem at 4.6% points per dollar spent, plus a 2% general cash back card (some places don’t accept Amex). I could go even crazier, like getting the 3% on restaurants, or churning cards (and there are a lot of sites out there on how to churn successfully), but at some point, it’s not worth it.
Do realize that credit cards make it easy to buy things that you don’t need. Recognize that part of yourself that wants to overspend. Ask yourself, do you need whatever it is you are buying. Would it hurt more if you paid in cash rather than credit. Buying with credit encourages you to buy more than you can afford.
Do shop around for loans/services. I asked my bank what the best car loan they could give me – they said 2.99%. I asked my credit union, and they got me 1.49%. That’s a big difference in interest over the course of a loan. Generally due to how credit unions are structured (and their presence – mostly online), they will have better deals on certain loans than banks, depending on the product.
Don’t delay saving for retirement. Generally, you’ll want to be saving 15% or more of your income for retirement early on. If you don’t save early, the harder it will be.
Do try to simplify your finances. It makes it much more complicated if you chase after the best savings rate for your online bank, and then have many accounts all over the place. The 20 dollars that you get in interest is not worth the complexity and time (aka your most valuable resource) it takes to manage all that stuff.
Don’t use your HELOC unless you have to. I have a large HELOC, but I don’t use it. But who knows when I need access to a large sum of money. And don’t use it in lieu of your emergency fund. You need both.
Do some research into budgeting tools. There’s a lot of people on these threads that recommend YNAB. I personally haven’t used it, so I can’t recommend it one way or the other. I’m old school (and cheap thrifty – why would you pay for something if you can do it yourself). But definitely check those tools out – Mint, Personal Capital, YNAB, budgeting tools through your bank, etc. Also, if your credit card does an annual summary (like Amex does), make sure you look at it to get an idea on where you’re spending – it’s very helpful.
On Tips for Saving Money
There are a ton of ways you can save money. Go ahead and google “how can I save 1000”. Wait, I did that for you - https://www.google.com/search?q=how+can+I+save+1000
Take some time, call up your cell phone providecable provider and see what specials they have. There's a ton of things you can do to save money quickly.
On Too Much Money
Say you’re an ostrich farmer, and are flush with cash. You’re asking yourself, ok, so I’ve maxed out my 401k, I’ve maxed out my Traditional IRA and then backdoored it into a Roth IRA for tax diversification plus the benefits of a Roth. I’m contributing to a 529 plan for the kids. I looked into mega backdooring my Roth but darn it my employer doesn’t let me do that. I’m doing all of the tax advantaged things I can. I still have this extra 300k sitting around – what do I do with it?!? First world problems, amIrite. Again, this comes back to your plan. What’s the short term plan with this money. What’s the long term plan. What’s your risk tolerance. What assets can you invest in that fit in with your plan. You still have to manage your budget, even if you are a 1 percenter.
On the Best Investment and Most Important Resource
I’m a firm believer that the best investment is investing in yourself (and your family and kids), and your most important resource is not money, but time. Learn a skill. Go get a degree. Give your kids a head start. Help your wife accomplish a goal. Do what you can to save time. Money of course helps, but you know what happens when you teach a man to fish.
On Happiness
Is money linked to happiness? Yes, but only to a point - https://www.usatoday.com/story/money/nation-now/2018/02/26/does-money-equal-happiness-does-until-you-earn-much/374119002/ and https://www.usatoday.com/story/money/personalfinance/2016/12/09/key-money-happiness-may-how-you-spend/94308848/
Honestly, at some point, money just becomes a scoreboard. Money will give you security. It will remove a stressor in your life. It will remove fighting and stress in your relationship (about money, fool). It will allow you to do many things. But eventually, money won’t give you happiness. You have to figure that one out yourself. And of course there’s the joke about “Money can’t buy you happiness, but it can buy you a yacht big enough to pull up right alongside it.” – David Lee Roth.
On Money and Attraction
Money by itself will not make your wife’s panties wet. Keep that in mind. Having and getting money is basic adulting. Same with saving and managing it. You want to get her wet? Get in shape. Lift. Does money boost your status? Sure. Is status one of those areas that has some effect on where you are in the sexual marketplace? Sure. Pure physical attraction? No. Do you really think that making MORE money is going to have your wife give you more sex? Of course not - https://heartiste.wordpress.com/2014/06/02/money-wont-save-beta-males/
Get in shape. Be hawt. And fix your damn teeth so you can smile like you are a somebody.
On a Brief Story
So I was talking to a friend of mine, and I asked him how he and his wife set up the finances. He told me about this system, where his paycheck goes into his checking, his wife’s paycheck goes into his wife’s checking, and they have a joint savings account. Then he went into a convoluted description on how each of them pays certain bills, and how what he’s paying is not fair since he’s paying the mortgage AND property tax AND daycare, etc etc. I thought to myself, man, what a convoluted way to deal with stuff. They would then have multiple financial meetings, and discussion on who pays what, and all this extra stuff. It was just a lack of overall ownership going on.
Just take care of the finances. Figure out a system that works for you. I’m not going to tell you which system is the best, because it’s all dependent on your unique circumstances (example: heavy spender SAHM vs saver career girl, you’ll need to put some deep restrictions on the heavy spender). But own it.
On Who Owns the Finances
You own the finances. Period. End stop. From the prior post on finances, it’s so important that I’m putting it here again:
“At the core: Who do you want in charge of your financial future?
The person interested in maintaining status quo and safety at all costs with your happiness and satisfaction a secondary or minor consideration? Or you?
If you've learned anything here it's that you need to be a captain. Putting your wife in the family alpha role breeds contempt and most of the problems that brought your here. Besides control of sex, family MONEY decision veto power is the key indicator of who is wearing the pants.”
submitted by SteelSharpensSteel to marriedredpill [link] [comments]

MADANA sidechain featured on one of the largest German news sites!

The following text was translated with www.DeepL.com/Translator from German into English.
Source: https://www.welt.de/print/die_welt/article181489796/ICO-Digitale-Finanzierung-mit-Risiko.html

ICO - Digital Financing with Risk

A kind of virtual IPO experienced a worldwide hype in 2017, viewed critically by supervisory authorities. The young German market can be particularly interesting for high-tech founders.
Simon Toprak was tired of searching for a new used car in his scarce spare time and comparing offers and prices. His business idea came to him when it was similar for friends when buying a car. And so in July 2016, he founded the Frankfurt company Trusted Cars, an online shop for new and used cars with TÜV value appraisals that are delivered to the door. Toprak is planning a new project with his company: The application "Trusted Cars Flex" is to offer its users a flexible hybrid of rental and leasing vehicles.
The app customer will be able to drive a well-kept car, including maintenance, insurance and vehicle tax, for as long as he likes, and exchange it for other vehicles without having to sign long-term contracts for "favourable weekly payments". The market launch is planned for the first half of 2019. Managing Director Toprak: "Many dealers want to participate.
The app is based on blockchain technology, which, for example, forms the backbone of the crypto currencies. The translated "chain of blocks" is a decentralized database distributed on many computers. For the new app, this means that the mileage, vehicle identification number and condition of the cars, among other things, are stored in the blockchain. The founder is currently collecting the money for the development of the app on the Internet: Investors receive a digital medium of exchange based on the crypto currency Ethereum. The company calls it "FLEX" and it will serve as a currency in the car rental app.
For his project, the founder uses an innovative, digital means of financing called Initial Coin Offering or ICO for short. The term is derived from that of the initial public offering (IPO). However, an ICO is neither legally nor technically comparable with a share issue.
The background is that at the ICO an issuer, often a young company, issues so-called tokens. These are digital means of payment or exchange based on a blockchain. The company sells its tokens against a legal currency such as the Euro or Dollar or against crypto currencies such as Bitcoin or Ethereum. The ICO of Trusted Cars Flex is to issue 500 million FLEX tokens with an initial price of seven cents each.
The Berlin startup Madana, founded in 2017, is also currently collecting money via ICO. The team wants to develop an open platform on a blockchain whose users can earn money with their data without losing control over it. Spokesman Julian Schiemann: "Data producers such as companies and private individuals, data analysts and buyers of data analyses who want to use them for product optimisation, for example, are to meet on the platform". The idea is to become a pilot project in 2019, and the "PAX Token" sold by ICO will be the currency on the platform.
Madana and Trusted Cars are not isolated cases. "In the first half of 2018, 13 of the 200 startup financing deals concluded in Germany were ICOs. That's five percent of all financing from young companies," says Peter Lennartz, Partner at the consulting and audit firm EY. Worldwide, ICO issuers had raised about six billion dollars in 2017 and more than twelve billion dollars in the first half of 2018. Lennartz: "But cyber attacks and money laundering have meant that some of this has been lost.
According to attorney Matthias von Oppen, the worldwide ICO hype of 2017 is over. "Supervisory authorities are taking a close look at ICOs as many projects have not been as successful as announced. And investors have become more critical," says the partner at the Ashurst law firm in Frankfurt.
In fact, many supervisory authorities are alarmed. The Federal Financial Supervisory Authority (BaFin) has been warning consumers since November 2017 that these are highly speculative investments, and the European Securities and Markets Authority (ESMA) has highlighted the risks of ICOs for investors and companies.
Ruben Bach, partner of the Frankfurt financing consultancy svs Capital Partners: "Following the international hype, ICOs are banned in ten countries. In my opinion, only the bans in China and Vietnam are relevant, since the Asian market is very active." Although ICOs are permitted in the USA, they are strictly regulated in some federal states, according to Bach.
According to its own statement, the BaFin deliberately did not ban ICOs because they could "represent a legitimate form of corporate financing", but only published a consumer warning. This raises the question of the extent to which the instrument can also benefit German founders. EY partner Lennartz assumes that, despite the current acceptance problems, an ICO can become a serious alternative to venture capital financing for young block-chain companies: "It can be flexibly structured, investors can be found worldwide, they have no say and new investor groups are being approached.
According to Tobias Schulz, the High-Tech Gründerfonds (HTGF) in Bonn has so far only lost one deal because the start-up preferred an ICO. "But this will certainly not remain an isolated case. There will be business models that no longer need venture capital, but will conduct an ICO directly via their online community," says the investment manager. This is especially true for well-networked start-ups or those that are already somewhat more advanced. Currently, three young companies from the HTGF portfolio are planning an ICO.
What should founders who are considering an ICO know? Ashurst partner von Oppen: "The utility token that provides access to services dominates the market. In this segment, however, many business models have failed, and there have been many black sheep among the issuers. It is often most attractive for founders to issue so-called security tokens of a securities nature." They could, for example, be structured like a block-chain share. There is still no Security Token ICO in Germany, as these are more strictly regulated than utility tokens - they are subject to the supervision of BaFin. But various companies are preparing themselves according to von Oppen.
For the mortgage consultant Bach from svs Capital Partners, the "vast majority of tokens" are basically securities: "Most of the utility tokens issued so far, which provide access to a platform and are tradable, probably fulfil the character of a security. In the worst case scenario, supervision could then prohibit their trading at some point. "He therefore recommends to companies planning an ICO the security-like, legally compliant variant of the Security Token ICO.
The sticking point for founders is the high costs. "It's very difficult for a real start-up company to stem a legally compliant ICO," says Bach. He has calculated an example: Assuming that a start-up company with a prototype in a new technology that generates at most low revenues wants to collect 15 million euros from a private placement using a Security Token ICO. This requires relatively little online marketing. Nevertheless, the company would have to fork out just under 480,000 euros for the project.
355,000 of which would be fixed costs, including project management, international legal and tax advice, creation of the website and programming of the token. A further 125,000 euros plus variable payments of between five and eight percent were incurred for raising the money. Bach: "At least 150,000 euros should be available before the start of the ICO. This makes the project self-financing. I recommend blockchain founders who are planning a professionally managed ICO to look for two to three business angels who will give them around 500,000 euros for ten percent of the company's shares."
One day, ICOs in Germany could also reach investors to whom Bitcoin and Co. are previously unknown. After all, the Stuttgart Stock Exchange group is planning an ICO platform with transparent processes for issuers and investors from 2019. Dirk Sturz, Head of Primary Market at the Stuttgart Stock Exchange: "Many established companies want to test this financing. In the long term, the ICO has the potential to replace the classic IPO."
Translated with www.DeepL.com/Translator
submitted by MADANA_HQ to Lisk [link] [comments]

Cryptocurrencies 101

I am starting to see more and more posts talking about Cryptoassets across different investing subreddits. I thought it would be a good idea to make this post to help the less informed Canadians who are only becoming more aware of the space now that Bitcoin has directed everyone's attention. Take this as what you will, but I am writing this post as a summary of my own research, views and insights about the cryptospace. I am not going to be going in-depth what a blockchain is, and how bitcoin came about. I am going to go over what kind of due diligence you should been doing if you are interested in this space.
 
For people who don't really understand what bitcoin is - https://www.youtube.com/watch?v=UlKZ83REIkA
Alot of the videos on his youtube channel are very insightful if you want to understand the specific mechanics / lingo in crypto. I learned a lot from them. He makes it easy to understand.
For questions about exchanges, this is a good summary - https://www.reddit.com/ethtradecomments/6966ve/buying_ether_in_canada_my_experience_with/

Introduction

It seems most people on these parts of reddit are very bearish on the overall prospects of cryptos. Let me start off by saying that cryptoassets in general are over hyped by word of mouth of from friends telling to other friends etc. Especially more prevalent now with the soaring price of bitcoin and the media coverage on it. I believe that at least 70, if not 80%+ of the people that have money in cryptos haven't looked at the whitepaper and or done any indepth research. They expect each one of their coins to be multi-baggers and makes the cryptospace look bubblish in nature. In my opinion, However, just as the internet was born out of the dotcom bubble so will cryptoassets. The best of them will be here to stay. The technology is revolutionary and cryptoassets will be what the internet did for information except it is for money.
 
On that note, you cannot use traditional NPV calculations to assess fair value in cryptoassets. They simply don't generate cash flows. They are simply too different in nature and too much in its infancy to be valued that way. No one has really figured out a good way to value them which is why it looks more like speculation than anything. However, I believe there are other ways to go about placing a value on them but it often gets clouded between speculation and good analysis.
 

Due diligence

As I alluded to earlier, there are no mathematical calculations to calculate the fair value of a coin. Obviously technical analysis is always applicable. For fundamental analysis, there are a few questions you have to ask before you decide to throw money on one of many cryptocurrencies. How you go about differentiating the numerous coins are down to these questions.
 
What is the problem they are trying to tackle?
This information can be typically found on their main site or in their whitepaper. Read it over and understand the basic premise of what they are trying to achieve and disrupt. This is one of the most important aspects as coins vary greatly on the problem they are trying to solve. Other things to think about when you discover the problem they are trying to solve are. Is the problem they are trying to solve in great demand? Can it disrupt existing players currently in the space? (ie. take market share away from existing participants)
 
Is the blockchain even a relevant solution to solve the issue?
This is another question that often does not get asked enough. You have to get a thorough understanding of what a blockchain is before diving into this question. Throughout my research in varies coins, I found that a lot of the coins with a lower market cap get crossed out by me when it comes to this question. Often, the problem doesn't need to be solved in the block chain context. Many new coins are trying to get into this space just because a lot of the money coming in are unregulated. I see this issue a lot in "decentralized" gambling coins.
 
What is the company doing that sets them apart from their competitors?
This is the classic, what moat does the company have in traditional investments. These are the coins you want to own. They are the ones that will be able to hold on as more players get into the space. We have lots of coins in anonymity, supply-chain logistics, and crypto infrastructure. To me this is one of the hardest questions to answer, I often read through many whitepapers without really finding an answer to this question.
 
Is their team trustworthy and likely to succeed in their plan?
Check out the founders and core members through their website, LinkedIn and other social media platforms. Look over interviews etc. The most important members of the companies are the founders. Understand their mindset and what visions they have for the company. Understand the partners the companies currently have. Since the cryptoassets space is so unregulated, this is really the part where you want to clamp down on. You don't want a management team with lots of question marks, this is often a sign to stay away. No matter how good their whitepaper or marketing speech they give is, if the team behind the project is bad, it is not a good idea to put blind faith when it comes to investments. This is especially true in the case for newer cryptos because most of them currently have a roadmap of what their vision is but often it does not have a working product. It really comes down to whether the management team delivers, much more than in traditional companies.
 
What is the model of their coin allocation and does it make sense?
Different coins have different models on how they allocate their token supply. It is typically explained in the whitepaper on how their allocation works. Some coins have circulating supply in the millions while others in the billions or even higher. Just because a coin has a lower supply does not make them superior. It depends on what the utility of the token is and if that matches with the model. Obviously if the token has low overall supply, the price of it is going to increase faster when there is adoption like bitcoin. However, there are cases when coins with huge circulating supply increase in value greatly too such as IOTA and XRP. Try to understand why they went with their allocation model and whether it makes sense with what they are trying to accomplish.
 

Conclusion

I want to conclude this by saying risk only what you can afford to lose in cryptocurrencies. There is a lot of euphoria when it comes to crypto, and you don't want that to cloud your investment judgement. Lots of people in crypto currently think the risk-adjusted rate of return is way better for the risk they are getting into. I personally think they are just understating the risks that are involved. it is best to think for yourself. Don't be one of those sheep that followed the herd when there is a melt-down. Just know what you are getting into, and the risk/rewards that come with it. One last thing I want to mention is that I am by no means a professional. I do research on my own for traditional investments and cryptos as a lucrative hobby and I enjoy the process that goes into it. Each investment is a learning experience to help me get better and the results come as you refine your process. I hope this was helpful to everyone that was able to read through everything. If you guys have any questions, I will be happy to answer anything to the best of my ability. We live in a wild times of cryptos, best of luck out there!
 
TLDR : Do your due diligence before diving into cryptos, risk only what you can lose
 
submitted by DesignPrime to CanadianInvestor [link] [comments]

"Inside ChangeTip: A Special Buttcoin Investigative Report," -- All this and more, plus Andy Rooney, Tonight on 6 Blocks

Good Evening, I'm Lesley Stahl. Mike Wallace is out tonight.
Notice! If you just want to get to the most interesting part, skip to IV. Shill Bots

I. Introduction

In the world of Bitcoin, one startup has taken the community by storm. ChangeTip, a service that allows users to "tip" minute fractions of a cent to one another on online social media, has been rapidly accumulating a rabid, loyal fanbase of people spamming thinly-veiled bot-generated advertisements, in a decidedly clumsy attempt at native advertising.
More interestingly, ChangeTip doesn't even actually use Bitcoin -- it maintains a centralized, internal ledger of "who" has "how many bits" and then, when the user is ready to cash out, pockets the ledger-balance of "bits" and delivers dollars to their banking account. At no point in the entire process is a user does a user ever actually have to touch bitcoin, and at no point in the entire process of tipping is any money actually being moved around on the blockchain. Essentially, ChangeTip is a Bitcoin-based startup that in no way utilizes Bitcoin, save for the fanatical frenzy of the community of bagholders.

II. Metholodogy

ChangeTip manipulates the bitcoin bagholders into shilling. These bagholders try to encourage new recruits into the cult by tossing an inconsequential amount of money -- say, $0.0001 (or 1/100th a penny) at a potential recruit. The relationship is mutually beneficial & serves two purposes:
  • ChangeTip: gets an excuse to post its thinly-veiled native advertisement anywhere on social media (especially reddit)
  • Bitcoiners: get a way to try to indoctrinate other people into the cult at virtually no expense to them, thus potentially driving up demand and thus the price of a bitcoin (since supply is roughly fixed)

III. Privacy Concerns

Bitcoin is, of course, heralded by renowned sources such as /bitcoin as being an anonymous / pseudonymous way to send "money" to anyone, anywhere, instantly*.
ChangeTip, however, requires you to "link" your social media accounts to ChangeTip to function. Essentially, this means that with minimal effort and a few database queries, ChangeTip is able to create an online "fingerprint" of anyone using the service. For example, I could know that TulipCoins is also "Mike Hockhertz" on facebook, and can be found under the twitter handles @JIDF_4_LIFE and @WellsFargoCustomerSupport.
Why is this so alarming? Because ChangeTip doesn't actually seem to have any business model. From the time the company began til the present, ChangeTip has generated a whole $0.00 of revenue. There is an appropriate adage to cite here: "If you're not paying for it, you're the product." I will note that ChangeTip suggests that at some point in the future they will start taking a 1% cut of all "tips", however, as we will show later, this is probably a red herring.
To compound this problem, ChangeTip also enables users to "link" their banking account, and thus "cash out". As you can imagine, the possibilities are limitless for abuse here -- a single company knowing your entire social media makeup, and your bank account, and thus knowing your true identity as well. Needless to say, it is surprisingly accepted in bitcoin services for a service that connects-the-dots so much as it were given the anonymity/pseudonymity-intense community of bitcoin.
"But wait!" I hear you say -- you don't have to cash from from ChangeTip. You can send your money to another wallet and later cash it out at a Bitcoin Exchange. Yes, this is true, but forgetting an important key detail: the company that just invested $3.5 million in & effectively owns ChangeTip ("Pantera Capital") also has invested heavily in 2 of the biggest Bitcoin exchanges -- those being the Slovenian-run BitStamp and US-based Circle. The point is, even if you make the effort to move over to either of these exchanges, you can still be tracked (and rather easily at that).
* Your experiences may differ by up to 6 hrs. Numerous middleman fees & preposterous volatility may will apply. Drink the kool-aid responsibly.

IV. Shill Bots

ChangeTip seems to employ 2 kinds of Shill bots, in addition to their main ChangeTip bot. Important to note, ChangeTip has already been outed for running what I call "Giver" shill bots recently.
The end result looks like this:
"Giver" bot initiates:
Hey loofa,
Your comment has recived a RANDOM TIP!
100 bits changetip
I am a bot, going round Reddit sharing the news and joys of Bitcoin and ChangeTip . If you've never heard of ChangeTip, it's a cool Micro-Tipping service avaliable across a variety of social networks, including Reddit.
I do hope you'll accept this tip, and I hope to see you in the /Bitcoin and /ChangeTip communities soon! Happy Tipping!
changetip replies as expected:
The Bitcoin tip for 100 bits has been collected by loofa.
Bonus: an image from /bitcoin
ChangeTip info | ChangeTip video | /Bitcoin
"Promoter" bot tries to astroturf:
ChangeTipBot for the win!
Think I'm making this up? Check here, it's pretty much exactly what I just described.
Here's 2 "Promoters" in the wild: NewAustrian JennyCherry18
They followed around the ChangeTip bot responding with the same script (pick one):
  • Let it go viral!
  • Whoa, what just happened here?
  • To the moon!
  • ChangeTipBot for the win!
  • This. Bitcoin is here to stay!
  • Stay gentleman and keep on tipping.
  • The tips must flow!
  • Let it rain!
  • Micropayments are really taking off.
  • Ah crypto currencies. I love them.
  • Keep up the good work.
  • You're keeping the bot busy.
  • Is it Tuesday again?
  • Ah, Bitcoins. Nice.
  • Now try to do this with PayPal.
  • The tipping bot really shows what the community can do.
  • Nice to see more tips outside Bitcoin.
  • Tipping makes me smile.
  • This is everywhere!
  • Yeah, Bitcoin here we go!
  • Ignore the haters and keep up the good work.
  • Classic gentleman
  • Wow. Big spender.
  • That bot is very busy today.
  • This gives me a warm and fuzzy feeling.
  • A tip a day keeps the Bearwhale away.
  • Spread the love.
  • Let's hope the bot can deal with all the tips today. :)
  • Yeah, free money!
  • I really love this bot.
  • Is this for real?
  • Take that, /Bearwhale
  • This is VERY gentleman
  • And there are people who want to ban the bot...
That's what I got from going through 6 pages of the bots history. I can't even do this anymore, the shilling is just so fucking pathetic & what's even more pathetic is that its pretty goddamned obvious who is running it. Gee, I wonder who has experience writing reddit bots & trying to sneakily advertise their spamware through reddit comments?
The bot owner (aka, ChangeTip) apparently deleted all their posts after someone figured out what they were doing (click context on any of the posts in the user history). Fortunately, the idiots behind said bot didn't realize that if you just click "delete" on a comment in a thread, it deletes it from that thread, not from the user account, so we now have a living testament of the sad extents of shillery one very sad company will go.

V. ChangeTip's Balance Sheet

This is what I originally was writing this post about before assuming the whole 60 minutes schpiel. As has recently been pointed out elsewhere in /buttcoin, the founder of ChangeTip Nick Sullivan recently claimed to the New York Times that ChangeTip had transmitted approximately ~$250,000 USD as of February 1, 2015. Numerous users pointed out that this was more than double the previously reported amount (as displayed on their front page) of $90,000 USD.
However, for the sake of argument, I am going to make the following assumptions, which are extraordinarily optimistic and represent a "best case" scenario for ChangeTip.
  • Suppose Nick Sullivan is correct that they have transmitted $250,000 USD (again, actually it's $90,000 USD)
  • Suppose that ChangeTip has had a 1% fee in place from Day One (actually, they still charge no fee, i.e. 0%)
  • Suppose that ChangeTip has one employee (actually, they have at least 4 employees)
  • Suppose that ChangeTip has only been operating for 3 months (actually, its closer to >12 months)
Using the above suppositions, we can deduce the following:

Best Case Total Revenue:

$2,500.00

$250,000.00 * (1% fee) = $2,500.00 

Best Case Monthly Revenue:

$833.33/mo

$2,500.00 / (3 Months) = $833.33/mo 

Best Case Yearly Revenue:

$9,999.96/yr

($833.33/mo) * (12 Months/Year) = $9,999.96/yr 

Best Case Employee Salary:

$9,999.96/yr OR $4.81/hr

// Employee Annual Salary ($9,999.96/year) * (100% Yearly Revenue) = ($9,999.96/yr) // Alternative: Employee Hourly Rate ($9,999.96/year) / (52 weeks/year) / (5 days/week) / (8 hours/day) = $4.81/hr // again, this is assuming there is only 1 employee who receives all the money the company brings in over a year 

Best Case Employee Salary VS Federal Minimum Wage:

$-5,800/yr OR $-2.44/hr

Federal Minimum Wage = $7.25/hr = $15,800.00/yr ($9,999.96/year) - ($15,800.00/year) = $-5,800.00 ($4.81/hr) - ($7.25/hr) = -$2.44/hr // again, this is assuming there is only 1 employee who receives all the money the company brings in over a year // as you may notice, ChangeTip cannot afford even a single employee being paid the federal minimum wage 
At this point, I need to point something out to make it exceptionally clear. We've already used the absolutely-most-positively-exaggerated-and-optimistic figures conceivable to look into ChangeTip's balance sheets and we've found that even using those incredibly one-sided figures, ChangeTip couldn't even possibly pay for a single employee who works for minimum wage.
What I wanted to make clear was this: mind you, we're not even taking into account business expenses such as: taxes, office space, infrastructure, marketing, human resources, developers, testers, requirements, customer support, business planners, accounts payable, executives, dividends to shareholders, reinvestment in the company, etc. You know, what a business actually costs to run.

VI. Conclusion

In case you think that this has all been the work of a crazed know-nothing anti-bitcoiner sheep, feel free to peruse the knowledgable pro-Bitcoin(er) position on ChangeTip: http://hackingdistributed.com/2014/12/17/changetip-must-die/
A selection from said great article that was part of the inspiration for this post:
Back to ChangeTip: on its current trajectory, it is not a viable company. I am certain that the people who work for it are well-meaning, reasonable people. But the lack of a revenue stream is an inescapable fact. The math portends an unsustainable cash flow; they will ultimately have to fold or else change their business model. When the music eventually stops, our identities will be up for sale. Even if the company manages to stick to its current avowed business plan until bankruptcy, there is no telling what others will do with the ChangeTip data.
Feel free to double check calculations, but I think it's a pretty safe bet to say that ChangeTip is a gigantic PII-vacuum waiting to explode. I would feel bad for the changetipping bitcoiners, but in all honesty: this is the free market -- this is what they asked for -- this is what they deserve. Maybe the next ChangeTip will want to work on its reputation, amirite guiz?
Oh, and where there's credit due, there's credit due -- even /bitcoin seems to somewhat be acknowledging that ChangeTip is an insolvent spam-machine: https://www.reddit.com/Bitcoin/comments/305dco/changetip_statistics_coming_soon/
Please let me know if there are any errors & I'll try to correct them.

tl;dr lol ChangeTip

edit: updated some grammar & redid the bit about shill bots to show the process more fully
submitted by KillSnowden to Buttcoin [link] [comments]

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submitted by areohdeee to MemeGear [link] [comments]

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submitted by areohdeee to MemeGear [link] [comments]

MADANA featured on one of the largest German news sites!

The following text was translated with www.DeepL.com/Translator from German into English.
Source: https://www.welt.de/print/die_welt/article181489796/ICO-Digitale-Finanzierung-mit-Risiko.html

ICO - Digital Financing with Risk

A kind of virtual IPO experienced a worldwide hype in 2017, viewed critically by supervisory authorities. The young German market can be particularly interesting for high-tech founders.
Simon Toprak was tired of searching for a new used car in his scarce spare time and comparing offers and prices. His business idea came to him when it was similar for friends when buying a car. And so in July 2016, he founded the Frankfurt company Trusted Cars, an online shop for new and used cars with TÜV value appraisals that are delivered to the door. Toprak is planning a new project with his company: The application "Trusted Cars Flex" is to offer its users a flexible hybrid of rental and leasing vehicles.
The app customer will be able to drive a well-kept car, including maintenance, insurance and vehicle tax, for as long as he likes, and exchange it for other vehicles without having to sign long-term contracts for "favourable weekly payments". The market launch is planned for the first half of 2019. Managing Director Toprak: "Many dealers want to participate.
The app is based on blockchain technology, which, for example, forms the backbone of the crypto currencies. The translated "chain of blocks" is a decentralized database distributed on many computers. For the new app, this means that the mileage, vehicle identification number and condition of the cars, among other things, are stored in the blockchain. The founder is currently collecting the money for the development of the app on the Internet: Investors receive a digital medium of exchange based on the crypto currency Ethereum. The company calls it "FLEX" and it will serve as a currency in the car rental app.
For his project, the founder uses an innovative, digital means of financing called Initial Coin Offering or ICO for short. The term is derived from that of the initial public offering (IPO). However, an ICO is neither legally nor technically comparable with a share issue.
The background is that at the ICO an issuer, often a young company, issues so-called tokens. These are digital means of payment or exchange based on a blockchain. The company sells its tokens against a legal currency such as the Euro or Dollar or against crypto currencies such as Bitcoin or Ethereum. The ICO of Trusted Cars Flex is to issue 500 million FLEX tokens with an initial price of seven cents each.
The Berlin startup Madana, founded in 2017, is also currently collecting money via ICO. The team wants to develop an open platform on a blockchain whose users can earn money with their data without losing control over it. Spokesman Julian Schiemann: "Data producers such as companies and private individuals, data analysts and buyers of data analyses who want to use them for product optimisation, for example, are to meet on the platform". The idea is to become a pilot project in 2019, and the "PAX Token" sold by ICO will be the currency on the platform.
Madana and Trusted Cars are not isolated cases. "In the first half of 2018, 13 of the 200 startup financing deals concluded in Germany were ICOs. That's five percent of all financing from young companies," says Peter Lennartz, Partner at the consulting and audit firm EY. Worldwide, ICO issuers had raised about six billion dollars in 2017 and more than twelve billion dollars in the first half of 2018. Lennartz: "But cyber attacks and money laundering have meant that some of this has been lost.
According to attorney Matthias von Oppen, the worldwide ICO hype of 2017 is over. "Supervisory authorities are taking a close look at ICOs as many projects have not been as successful as announced. And investors have become more critical," says the partner at the Ashurst law firm in Frankfurt.
In fact, many supervisory authorities are alarmed. The Federal Financial Supervisory Authority (BaFin) has been warning consumers since November 2017 that these are highly speculative investments, and the European Securities and Markets Authority (ESMA) has highlighted the risks of ICOs for investors and companies.
Ruben Bach, partner of the Frankfurt financing consultancy svs Capital Partners: "Following the international hype, ICOs are banned in ten countries. In my opinion, only the bans in China and Vietnam are relevant, since the Asian market is very active." Although ICOs are permitted in the USA, they are strictly regulated in some federal states, according to Bach.
According to its own statement, the BaFin deliberately did not ban ICOs because they could "represent a legitimate form of corporate financing", but only published a consumer warning. This raises the question of the extent to which the instrument can also benefit German founders. EY partner Lennartz assumes that, despite the current acceptance problems, an ICO can become a serious alternative to venture capital financing for young block-chain companies: "It can be flexibly structured, investors can be found worldwide, they have no say and new investor groups are being approached.
According to Tobias Schulz, the High-Tech Gründerfonds (HTGF) in Bonn has so far only lost one deal because the start-up preferred an ICO. "But this will certainly not remain an isolated case. There will be business models that no longer need venture capital, but will conduct an ICO directly via their online community," says the investment manager. This is especially true for well-networked start-ups or those that are already somewhat more advanced. Currently, three young companies from the HTGF portfolio are planning an ICO.
What should founders who are considering an ICO know? Ashurst partner von Oppen: "The utility token that provides access to services dominates the market. In this segment, however, many business models have failed, and there have been many black sheep among the issuers. It is often most attractive for founders to issue so-called security tokens of a securities nature." They could, for example, be structured like a block-chain share. There is still no Security Token ICO in Germany, as these are more strictly regulated than utility tokens - they are subject to the supervision of BaFin. But various companies are preparing themselves according to von Oppen.
For the mortgage consultant Bach from svs Capital Partners, the "vast majority of tokens" are basically securities: "Most of the utility tokens issued so far, which provide access to a platform and are tradable, probably fulfil the character of a security. In the worst case scenario, supervision could then prohibit their trading at some point. "He therefore recommends to companies planning an ICO the security-like, legally compliant variant of the Security Token ICO.
The sticking point for founders is the high costs. "It's very difficult for a real start-up company to stem a legally compliant ICO," says Bach. He has calculated an example: Assuming that a start-up company with a prototype in a new technology that generates at most low revenues wants to collect 15 million euros from a private placement using a Security Token ICO. This requires relatively little online marketing. Nevertheless, the company would have to fork out just under 480,000 euros for the project.
355,000 of which would be fixed costs, including project management, international legal and tax advice, creation of the website and programming of the token. A further 125,000 euros plus variable payments of between five and eight percent were incurred for raising the money. Bach: "At least 150,000 euros should be available before the start of the ICO. This makes the project self-financing. I recommend blockchain founders who are planning a professionally managed ICO to look for two to three business angels who will give them around 500,000 euros for ten percent of the company's shares."
One day, ICOs in Germany could also reach investors to whom Bitcoin and Co. are previously unknown. After all, the Stuttgart Stock Exchange group is planning an ICO platform with transparent processes for issuers and investors from 2019. Dirk Sturz, Head of Primary Market at the Stuttgart Stock Exchange: "Many established companies want to test this financing. In the long term, the ICO has the potential to replace the classic IPO."
Translated with www.DeepL.com/Translator
submitted by EugenSa to MADANA [link] [comments]

When forbes recognizes an anylsyt that can't even do basic calculations

So I recently came across an article on Forbes: satis group.
I want to make some points clear.
  1. I'm 100% okay with you using your own calculations in a report, just make sure that you put an explanation in the report and that you remain consistent in the report.
  2. I did message them for clarification, which is why I'm posting this, because instead of admitting they messed up they tried explaining it away by giving me more inaccurate numbers.
  3. I am not an analyst, I don't even have a ton of btc. I do want to see a trillion dollar market cap as much as anyone.
  4. When I originally messaged them I used rough estimates, and I will continue to do that here as I do not want to spend my time and resources doing so, if someone want's to dig up the exact numbers and let me know, ill edit the post.
Some facts:
The satis report states that bitcoins price an aug 30th was 7038$
It states that the market cap on that date was 121,332,000,000$
It states one year from now that bitcoin will be at 32,914$ (I'm cool with that)
It states that one year from now bitcoins market cap will be 408B

The problems with these numbers: (ill post my original email below):
Dear Michael & Sherwin,
While I was going over the report I noticed something and while I am no expert it is a simple calculation that you seemed to miss which kind of messes up the numbers for a large portion of the report. First off I feel as if I must note, I admire all the work you do, also I do support hopes of a btc price of $32, 914.
I will be using today's circulating supply for all coins ( and not the estimated amount for the coming years, because that would only further show the inconsistency in your numbers).
You predict market cap next year for bitcoin at 408 billion and 427 for total currency market cap. You also estimate bitcoins price at 32,914$. That's a little funny because the current circulating supply is 17,246,150. Now as far as I know (correct me if i'm wrong) Market cap is calculated in the following way: Mcap = circulating supply x Price. In this case 32,914 x 17,246,150 = 567,639,781,100. Not only is this number much greater than what you out it would drastically alter your percentages. Again this was with today's circulating supply not a year from now which would only increase the difference.

They responded:
" Yep. We definitely accounted for the true circulating supply, not the stated circulating supply.
Stated circulating supply is the total amount created, but not the total amount available for use.
~30% of coins are lost/frozen/not useable by our estimates. Our supply reflects this. The total circulating supply does not. Best,Sherwin"

Well thanks for that, but then don't you have another problem?
That's wonderful but that's not how the price is calculated. The price of the coin is calculated by the total circulating supply. If that's the case then why did you use the current price of btc yesterday in your report of 7038? which is reached using total supply 7038 * 17,246,150 = 121B Roughly current market cap. So either you consistently use the 30% or you don't. You cant flip flop between numbers. By that calculation your current market cap for today is incorrect.
Thank the lord, while i was making this article they responded to me!
We’re not calculating price. We’re calculating value. To understand how much value is held within each unit, you need to have an idea of how many units are available for use. Realistically, there are not 17m units for use. Much less than that. That’s the proper number to use, in this case.
Still missing the point: My response
Ok, but the fact remains that the numbers in your report are inconsistent. Whether you are calculating value or not you post predictions for market cap. You use 7038 and 121B market cap for today's numbers. Let's go back to what you said for the 30% . If that's the case great, I agree with you, you are 100% correct 30% of the supply probably doesn't matter since it's lost or locked up. However in your report you use the number 121,332B for bitcoins current market cap Which is reached using Total circulating supply not your estimated 30% missing/ not in circulation theory. So either that column which lists today's prices was not included in the 30% theory ( which means your report is not consistent) or you made a mistake.
It got better! They responded again
I don’t see the number $121.3B throughout the entire report.
(fyi it's literally on the first page of the report, under current)
Link to report: report

Do you see the problem?
To elaborate they are saying they don't take in 30% of the supply when doing there calculations for market cap.
Which is funny because they don't even mention this in the report but anyways, don't be a sheep, do your own calculations and let me know, below in the comments.
submitted by dweebnet to CryptoCurrencies [link] [comments]

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