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Epic Cash AMA Recap with CryptoDiffer Community
CryptoDiffer teamHello, everyone!We are glad to meet here:Max Freeman (@maxfreeman4), Project Lead at Epic CashYoga Dude (@Yogadude), PR&Marketing at Epic CashXenolink (@Xenolink), Advisor at Epic Cash Max Freeman Project Lead at Epic Cash Thanks Max, we are excited to be here! Yoga Dude PR&Marketing at Epic Cash Hello Everyone! Thank you for having us here! Xenolink Advisor at Epic Cash Thank you to the CryptoDiffer team and CryptoDiffer community for hosting us! CryptoDiffer teamLet`s start from the first introduction question:Q1: Can you introduce yourself to the community? What is your background and how did you join Epic Cash? Yoga Dude PR&Marketing at Epic Cash Hello! My background is Marketing and Business Development, I’ve been in crypto since 2011 started with Bitcoin, then Monero in 2014, Ethereum in 2015 and at some point Doge for fun and profit. I joined Epic Cash team in September 2019 handling PR and Marketing. I saw in Epic Cash what was missing in my previous cryptos — things that were missing in Bitcoin and Monero especially. Xenolink Advisor at Epic Cash Hello Cryptodiffer Community, I am not an original co-founder nor am I a developer for the Epic Cash project. I am however a community member that is involved in helping scale this project to higher levels. One of the many beauties of Epic Cash is that every single member in the community has the opportunity to be part of EPIC’s team, it can be from development all the way to content producing. Epic Cash is a community driven project. The true Core Team of Epic Cash is our community. I believe a community that is the Core Team is truly powerful. EPIC Cash has one of the freshest and strongest communities I have seen in quite a while. Which is one of the reasons why I became involved in this project. Epic displayed some of the most self community produced content I have seen in a project. I’m actually a doctor of medicine but in terms of my experience in crypto, I have been involved in the industry since 2012 beginning with mining Litecoin. Since then I have been doing deep dive analysis on different projects, investing, and building a network in crypto that I will utilize to help connect and scale Epic in every way I can. To give some credit to those people in my network that have been a part of helping give Epic exposure, I would like to give a special thanks to u/Tetsugan and u/Saurabhblr. Tetsugan has been doing a lot of work for the Japanese community to penetrate the Japanese market, and Japan has already developed a growing interest in Epic. Daku Sarabh the owner and creator of Crypto Daku Robinhooders, I would like to thank him and his community for giving us one of our first large AMA’s, which he has supported our project early and given us a free AMA. Many more to thank but can’t be disclosed. Also thank you to all the Epic Community leaders, developers, and Content producers! Max Freeman Project Lead at Epic Cash I’m Max Freeman, which stands for “Maximum Freedom for Mankind”. I started working on the ideas that would become Epic in 2018. I fell in love with Bitcoin in 2017 but realized that it needs privacy at the base layer, fungibility, better scalability in order to go to the next level. CryptoDiffer team Really interesting backgrounds I must admit, pleasure to see the team that clearly has one vision of the project by being completely decentralized:) Q2: Can you briefly describe what is Epic Cash in 3–5 sentences? What technology stands behind Epic Cash and why it’s better than the existing one? Max Freeman Project Lead at Epic Cash I’d like to highlight the differences between Epic and the two highest-valued privacy coin projects, Monero and Zcash. XMR has always-on privacy like Epic does, but at a cost: Its blockchain is over 20x more data intensive than Epic, which limits its possibilities for scalability. Epic’s blockchain is small and light enough to run a full node on cell phones, something that is in our product road map. ZEC by comparison can’t run on low end devices because of its zero knowledge based approach, and only 1% of transactions are fully private. Epic is simply newer, more advanced technology than prior networks thanks to Mimblewimble We will also add more algorithms to widen the range of hardware that can participate in mining. For example, cell phones and tablets based around ARM chips. Millions of people can mine Epic that can’t mine Bitcoin, and that will help grow the network rapidly. There are some great short videos on our YouTube channel https://www.youtube.com/channel/UCQBFfksJlM97rgrplLRwNUg/videos that explain why we believe we have created something truly special here. Our core architecture derives from Grin, so we are fortunate to benefit on an ongoing basis from their considerable development efforts. We are focused on making our currency truly usable and widely available, beyond a store of value and becoming a true medium of exchange. Yoga Dude PR&Marketing at Epic Cash Well we all have our views, but in a nutshell, we offer things that were missing in the previous cryptos. We have sound fiscal emission schedule matching Bitcoin, but we are vastly more private and faster. Our blockchain is lighter than Bitcoin or Monero and our tech is more scalable. Also, we are unique in that we are mineable with CPUs and GPUs as well as ASICs, giving the broadest population the ability to mine Epic Cash. Plus, you can’t forget FUNGIBILITY 🙂 we are big on that — since you can’t have true privacy without fungibility. Also, please understand, we have HUGE respect to all the cryptos that came before us, we learned a lot from them, and thanks to their mistakes we evolved. Xenolink Advisor at Epic Cash To add on, what also makes Epic Cash unique is the ability to decentralize the mining using a tri-algo model of Random X (CPU), Progpow (GPU), and Cuckoo (ASIC) for an ability to do hybrid mining. I believe this is an issue we can see today in Bitcoin having centralized mining and the average user has a costly barrier of entry. To follow up on this one in my opinion one of the things we adopted that we have seen success for , in example Bitcoin and Monero, is a strong community driven coin. I believe having a community driven coin will provide a more organic atmosphere especially when starting with No ICO, or Premine with a fair distribution model for everyone. CryptoDiffer team Q3: What are the major milestones Epic Cash has achieved so far? Maybe you can share with us some exciting plans for future weeks/months? Yoga Dude PR&Marketing at Epic Cash Since we went live in September of 2019, we attracted a very large community of users, miners, investors and contributors from across the world. Epic Cash is a very international project with white papers translated into over 30 languages. We are very much a community driven project; this is very evident from our content and the amount of translations in our white papers and in our social media content. We are constantly working on improving our usability, security and privacy, as well as getting our message and philosophy out into the world to achieve mass adoption. We have a lot of exciting plans for our project, the plan is to make Epic Cash into something that is More than Money. You can tell I am the Marketing guy since my message is less about the actual tech and more about the usability and use cases for Epic Cash, I think our Team and Community have a great mix of technical, practical, social and fiscal experiences. Since we opened our YouTube channels content for community submissions, we have seen our content translated into Spanish, French, German, Polish, Chinese, Japanese, Arabic, Russian, and other languages Max Freeman Project Lead at Epic Cash Our future development roadmap will be published soon and includes 4 tracks: Usability Mining Core Protocol Ecosystem Development Core Protocol Epic Server 2.9.0 — this release improves the difficulty adjustment and is aimed at making block emission closer to the target 60 seconds, particularly reducing the incidence of extremely short and long blocks — Status: In Development (Testing) Anticipated Release: June 2020 Epic Server 3.0.0 — this completes the rebase to Grin 3.0.0 and serves as the prerequisite to some important functional building blocks for the future of the ecosystem. Specifically, sending via Tor (which eliminates the need to open ports), proof of payment (useful for certain dex applications e.g. Bisq), and our native mobile app. Status: In Development (Testing) Anticipated Release: Fall 2020 Non-Interactive Transactions — this will enhance usability by enabling “fire and forget” send-to-address functionality that users are accustomed to from most cryptocurrencies. Status: Drawing Board Anticipated Release: n/a Scaling Options — when blocks start becoming full, how will we increase capacity? Two obvious options are increasing the block size, as well as a Lightning Network-style Layer 2 structure. Status: Drawing Board Anticipated Release: n/a Confidential Assets — Similar to Raven, Tari, and Beam, the ability to create independently tradable assets that ride on the Epic Blockchain. Status: Drawing Board Anticipated Release: n/a Usability GUI Wallet 2.0 — Restore from seed words and various usability enhancements — Status: Needs Assessment Anticipated Release: Fall 2020 Mobile App — Native mobile experience for iOS and Android. Status: In Development (Testing) Anticipated Release: Winter 2020 Telegram Integration — Anonymous payments over the Telegram network, bot functionality for groups. Status: Drawing Board Anticipated Release: n/a Mining RandomX on ARM — Our 4th PoW algorithm, this will enable tablets, cell phones, and low power devices such as Raspberry Pi to participate in mining. Status: Needs Assessment Anticipated Release: n/a The economics of mining Epic are extremely compelling for countries that have free or extremely cheap electricity, since anyone with an ordinary PC can mine. Individual people around the world can simply run the miner and earn meaningful money (imagine Venezuela for example), something that has not been possible since the very early days of Bitcoin. Ecosystem Development Atomic Swaps — Connecting Epic to other blockchains in a trustless way, starting with ETH so that Epic can trade on DeFi infrastructure such as Uniswap, Kyber, etc. Status: Drawing Board Anticipated Release: n/a Xenolink Advisor at Epic Cash From the Community aspect, we have been further developing our community international reach. We have been seeing an increase in interest from South America, China, Russia, Japan, Italy, and the Philippines. We are working on targeting more countries. We truly aim to be a decentralized project that is open to everyone worldwide. CryptoDiffer team Great, thank you for your answers, we now can move to community questions part! Cryptodiffer Community You have 3 mining algorithms, the question is: how do they not compete with each other? Is there any benefit of mining on the GPU and CPU if someone is mining on the ASIC? Max Freeman Project Lead at Epic Cash The block selection is deterministic, so that every 100 blocks, 60% are for RandomX (CPU), 38% for ProgPow (GPU), and 2% for Cuckoo (ASIC) — the policy is flexible so that we can have as many algorithms with any percentages we want. The goal is to make the most decentralized and resilient network possible, and with that in mind we are excited to work on enabling tablets and cell phones to mine, since that opens it up to millions of people that otherwise can’t take part. Cryptodiffer Community To Run a project smoothly, Funding is very important, From where does the Funding/revenue come from? Xenolink Advisor at Epic Cash Yes, early on this was realized and in order to scale a project funds are indeed needed. Epic Cash did not start with any funding and no ICO and was organically genesis mined with no pre-mine. Epic cash is also a nonprofit community driven project similar to Monero. There is no profit-driven entity in the picture. To overcome the revenue issue Epic Cash setup a development fund tax that decreases 1% every year until 2028 when Epic Cash reaches singularity with Bitcoin emissions. Currently it is at 7.77%. This will help support the scaling of the project. Cryptodiffer Community Hi! In your experience working also with MONERO can you please clarify which are those identified problems that EPIC CASH aims to develop and resolve? What’s the main advantage that EPIC CASH has over MONERO? Thank you! Yoga Dude PR&Marketing at Epic Cash First, I must admit that I am still a huge fan and HODLer of Monero. That said: ✅ our blockchain is MUCH lighter than Monero’s ✅ our transaction processing speed is much faster ✅ our address-less blockchain is more private ✅ Epic Cash can be mined with CPU (RandomX) GPU (ProgPow) and Cuckoo, whereas Monero migrated to RandomX and currently only mineable with CPU Cryptodiffer Community
the feature ‘Cut Through’ deletes old data, how is it decided which data will be deletes, and what are the consequences of it for the platform and therefore the users?
On your website I see links to download Epic wallet and mining software for Linux,Windows and MacOs, I am a user of android, is there a version for me, or does it have a release date?
Max Freeman Project Lead at Epic Cash
This is one of the most exciting features of Mimblewimble, which is its extraordinary ability to compress blockchain data. In Bitcoin, the entire history of a coin must be replayed every time it is spent, and comprehensive details are permanently stored in the blockchain. Epic discards spent transaction inputs and consolidates outputs, storing neither addresses or amounts, only a tiny kernel to allow sender and receiver to prove their transaction.
The Vitex mobile app is great for today, and we have a native mobile app for iOS and Android in the works as well.
Cryptodiffer Community $EPIC Have total Supply of 21,000,000 EPIC , is there any burning plan? Or Buyback program to maintain $EPIC price in the future? Who is Epic Biggest competitors? And what’s makes epic better than competitors? Xenolink Advisor at Epic Cash We respect the older generation coins like Bitcoin. But we have learned that the supply economics of Bitcoin is very sound. Until today we can witness how the Bitcoin is being adopted institutionally and by retail. We match the 21 million BTC supply economics because it is an inelastic fixed model which makes the long-term economics very sound. To have an elastic model of burning tokens or printing tokens will not have a solid economic future. Take for example the USD which is an inflating supply. In terms of competitors we look at everyone in crypto with respect and also learn from everyone. If we had to compare to other Mimblewimble tech coins, Grin is an inelastic forever inflating supply which in the long term is not sound economics. Beam however is an inelastic model but is formed as a corporation. The fair distribution is not there because of the permanent revenue model setup for them. Epic Cash a non-profit development tax fund model for scaling purposes that will disappear by 2028’s singularity. Cryptodiffer Community What your plans in place for global expansion, are you focusing on only market at this time? Or focus on building and developing or getting customers and users, or partnerships? Yoga Dude PR&Marketing at Epic Cash Since we are a community project, we have many developers, in addition to the core team. Our plans for Global expansion are simple — we have advocates in different regions addressing their audiences in their native languages. We are growing organically, by explaining our ideology and usability. The idea is to grow beyond needing a fiat bridge for crypto use, but to rather replace fiat with our borderless, private and fungible crypto so people can use it to get goods and services without using banks. We are not limiting ourselves to one particular demographic — Epic Cash is a valid solution for the gamers, investors, techie and non techie people, and the unbanked. Cryptodiffer Community EPIC confidential coin! Did you have any problems with the regulators? And there will be no problems with listing on centralized exchanges? Xenolink Advisor at Epic Cash In terms of structure, we are carefully set up to minimize these concerns. Without a company or investors in the picture, and having raised no funds, there is little scope to attack in terms of securities laws. Bitcoin and Ethereum are widely acknowledged as acceptable, and we follow in their well-established footprints in that respect. Centralized exchanges already trade other privacy coins, so we don’t see this as much of an issue either. In general, decentralized p2p exchange options are more interesting than today’s centralized platforms. They are more censorship resistant, secure, and privacy-protecting. As the technology gets better, they should continue to gain market share and that’s why we’re proud to be partnered with Vitex, whose exchange and mobile app work very well. Cryptodiffer Community What are the main utility and real-life usage of the #EPIC As an investor, why should we invest in the #EPIC project as a long-term investment? Max Freeman Project Lead at Epic Cash Because our blockchain is so light (only 1.16gb currently, and grows very slowly) it is naturally well suited to become a decentralized mobile money standard because people can run a full node on their phone, guaranteeing the security of their funds. Scalability in Bitcoin requires complicated and compromised workarounds such as Lightning Network and light clients, and these problems are solved in Epic. With our forthcoming Mobile Mining app, hundreds of millions of cell phones and tablets will be able to easily join the network. People can quickly and cheaply send money to one another, fulfilling the long-envisioned promise of P2P electronic cash. As an investor, it’s important to ask a few key questions. Bitcoin Standard tokenomics of disinflation and a fixed supply are well proven over a decade now. We follow this model exactly, with a permanently synchronized supply from 2028, and 4 emission halvings from now until then, with our first one in about two weeks. Beyond that, we can apply some simple logical tests. What is more valuable, money that can only be used in some cases (censorable Bitcoin based on a lack of fungibility) or money that can be used universally? (fungible Epic based on always-on privacy by default). Epic is also poised to be a more decentralized and therefore resilient network because of wider participation in mining. Epic is designed to be Bitcoin++ Privacy, Fungibility, Scalability Cryptodiffer Community Q1. What are advantages for choosing three mining algorithms RandomX+, ProgPow and CuckAToo31+ ? Q2. Beam and Grin use MimbleWimble protocol, so what are difference for Epic? All of you will be friends for partners or competitors? Max Freeman Project Lead at Epic Cash RandomX and ProgPow are designed to use the entirety of a CPU / GPU’s unique processing capabilities in a way that other types of hardware don’t work as well. You can run RandomX on a GPU but it doesn’t work nearly as well as a much cheaper CPU, for example. Cuckoo is a “memory hard” algorithm that widens the range of companies that can produce the hardware. Grin and Beam are great projects and we’ve learned a lot from them. We inherited our first codebase from Grin’s excellent Rust design, which is a better language for community participation than C++ that Beam currently uses. Functionally, Mimblewimble is similar across the 3 coins, with standard Confidential Transactions, CoinJoin, Dandelion++, Schnorr Signatures and other advanced features. Grin is primarily ASIC-targeted, Beam is GPU-targeted, and Epic is multi-hardware. The biggest differences though are in tokenomics and project structure. Grin has permanent inflation of 60 coins per block with no halvings, which means steady erosion of value over time due to new supply pressure. It also lacks a steady funding model, making future development in jeopardy, particularly as the per coin price falls. Beam has a for-profit model with heavy early inflation and a high developer tax. Epic builds on the strengths of these earlier mimblewimble projects and addresses the parts that could be improved. Cryptodiffer Community Some privacy coin has scalability issues! How Epic cash will solve scalability issues? Why you choose randomX consensus algorithem? Xenolink Advisor at Epic Cash Fungibility means that you can’t distinguish one unit of currency from another, in example Gold. Fungibility has recently become a hot issue as people have been noticing Bitcoins being locked up by exchanges which may of had a nefarious history which are called Tainted Coins. In example coins that have been involved in a hack, darknet market transactions, or even processing coin through a mixer. Today we can already see freshly mined Bitcoins being sold at a premium price to avoid the fungibility problem Bitcoin carries today. Bitcoin can be tracked by chainalysis and is not a fungible cryptocurrency. One of the features that Epic has is privacy with added fungibility, because of Mimblewimble technology, Epic has no addresses recorded and therefore nothing can be tracked by chainalysis. Below I provide a link of an example of what the lack of fungibility is resulting in today with Bitcoin. One of the reasons why we chose the Random X algo. is because of the easy barrier of entry and also to further decentralize the mining. Random X algo can be mined on old computers or laptops. We also have 2 other algos Progpow (GPU), and Cuckoo (ASIC) to create a wider decentralization of mining methods for Epic. Cryptodiffer Community I’m a newbie in crypto and blockchain so how will Epic Cash team target and educate people who don’t know about blockchain and crypto? What is the uniqueness of Epic Cash that cannot be found in other project that´s been released so far ? Yoga Dude Pr&Marketing at Epic Cash Actually, while we have our white paper translated into over 30 languages, we are more focused on explaining our uses and advantages rather than cold specs. Our tech is solid, but we not get hung up on pure tech talk which most casual users do not need to or care to understand. As long as our fundamentals and tech are secure and user friendly our primary goal is to educate about use cases and market potential. The uniqueness of Epic Cash is its amalgamation of “whats good” in other cryptos. We use Mimblewimble for privacy and anonymity. Our blockchain is much lighter than our competitors. We are the only Mimblewimble crypto to use a unique cocktail of mining algorithms allowing to be mined by casual miners with gaming rigs and laptops, while remaining friendly to GPU and CPU farmers. The “uniqueness” is learning from the mistakes of those who came before us, we evolved and learned, which is why our privacy is better, we are faster, we are fungible, we offer diverse mining and so on. We are the best blend — thats powerful and unique Cryptodiffer Community Can you share EPIC’s vision for decentralized finance (DEFI)? What features do EPIC have to support DEFI? Yoga Dude PR&Marketing at Epic Cash We view Epic as ideally suited to be the decentralized digital reserve asset of the new Private Internet of Money that’s emerging. At a technology level, atomic swaps can be created to build liquidity bridges so that wrapped Epic tokens (like WBTC, WETH) can trade on other networks as ERC20, BEP2, NEP5, VIP180, Algorand and so on. There is more Bitcoin value locked on Ethereum than in Lightning Network, so we will similarly integrate Epic so that it can trade on networks such as Uniswap, Kyber, and so on. Longer term, if there is market demand for it, thanks to Scriptless Script functionality our blockchain has, we can build “Confidential Assets” (which Raven, Tari, and Beam are all also working on) that enable people to create tokenized assets in a private way. Cryptodiffer Community If you could choose one celebrity to promote Epic-cash, who that would be? Max Freeman Project Lead at Epic Cash I am a firm believer that the strength of the project lies in allowing community members to become their own celebrities, if their content is good enough the community will propel them to celebrity status. Organic celebrities with small but loyal following are vastly more beneficial than big name professional shills with inflated but non caring audiences. I remember the early days of Apple when an enthusiastic dude named Guy Kawasaki became Apple Evangelist, he was literally going around stores that sold Apple and visited user groups and Evangelized his belief in Apple. This guy became a Legend and helped Apple become what it is today. Epic Cash will have its OWN Celebrities Cryptodiffer Community How does $EPIC solve scalability of transactions? Current blockchains face issues with scalability a lot, how does $EPIC creates a solution to it? Xenolink Advisor at Epic Cash Epic Cash is utilizing Mimblewimble technology. Besides the privacy & fungibility aspect of the tech. There is the scalability features of it. It is implemented into Epic by transaction cut-through. Which means it allows nodes to remove all intermediate transactions, thus significantly reducing the blockchain size without affecting its validation. Mimblewimble also does not use addresses like a BTC address, and amount of transactions are also not recorded. One problem Monero and Bitcoin are facing now is scalability. It is evident today that data is getting more expensive and that will be a problem in the long run for those coins. Epic is 90% lighter and more scalable compared to Monero and Bitcoin. Cryptodiffer Community what are the ways that Epic Cash generates profits/revenue to maintain your project and what is its revenue model ? How can it make benefit win-win to both invester and your project ? Max Freeman Project Lead at Epic Cash There is a block subsidy of 7.77% that declines 1.11% per year until 0, where it stays after that. As a nonprofit community effort, this extremely modest amount goes much further than in other projects, which often take 20, 30, even 50+ % of the coin supply. We believe that this ongoing funding model best aligns the long term incentives for all participants and balances the compromises between the ends of the centralized/decentralized spectrum of choices that any project must make. Cryptodiffer Community Q1 : What are your major goals to archive in the next 3–4 years? Q2 : What are your plans to expand and gain more adoption? Yoga Dude Pr&Marketing at Epic Cash Max already talked about our technical plans and goals in his roadmap. Allow me to talk more about the non technical 😁 We are aiming for broader reach in the non technical more mainstream community — this is a big challenge but we believe it is doable. By offering simpler ways to mine Epic Cash (with smart phones for example), and by doing more education we will achieve the holy grail of crypto — moving past the fiat bridges and getting Epic Cash to be accepted as means of payment for goods and services. We will accomplish this by working with regional advocacy groups, community interaction, off-line promotional activities and diverse social media targeting. Cryptodiffer Community It seems to me that EpicCash will have its first Halving, right? Why a halving so soon? Is a mobile version feasible? Max Freeman Project Lead at Epic Cash Our supply emission catches up to that of Bitcoin’s first 19 years after 8 years in Epic, so that requires more frequent halvings. Today’s block emission is 16, next up are 8, 4, 2, and then finally 0.15625. After that, the supply of Epic and that of BTC stay synchronized until maxing out at 21m coins in 2140. Today we have a mobile wallet through the Vitex app, a native mobile wallet coming, and are working on mobile mining. Cryptodiffer Community What markets will you add after that? Yoga Dude PR&Marketing at Epic Cash Well, we are aiming to have ALL markets Epic Cash in its final iteration will be usable by everyone everywhere regardless of their technical expertise. We are not limiting ourselves to the technocrats, one of our main goals is to help the billions of unbanked. We want everyone to be able to mine, buy, and most of all USE Epic Cash — gamers, farmers, soccer moms, students, retirees, everyone really — even bankers (well once we defeat the banking industry) We will continue building on the multilingual diversity of our global community adding support and advocacy groups in more countries in more languages. Epic Cash is More than Money and its for Everyone. Cryptodiffer Community Almost, all cryptocurrencies are decentralized & no-one knows who owns that cryptocurrencies ! then also, why Privacy is needed? hats the advantages of Private coins? Max Freeman Project Lead at Epic Cash With a public transparent blockchain such as Bitcoin, you are permanently posting a detailed history of your money movements open for anyone to see (not just legitimate authorities, either!) — It would be considered crazy to post your credit card or bank statements to Twitter, but that’s what is happening every time you send a transaction that is not private. This excellent video from community contributor Spencer Lambert https://www.youtube.com/watch?v=0blbfmvCq\_4 explains better than I can. Privacy is not just for criminals, it’s for everyone. Do you want your landlord to increase the rent when he sees that you get a raise? Your insurance company to raise your healthcare costs because they see you buying too much ice cream? If you’re a business, do you want your employees to see how much money their coworkers make? Do you want your competitors to trace your supplier and customer relationships? Of course not. By privacy being default for everyone, cryptocurrency can be used in a much wider range of situations without unacceptable compromises. Cryptodiffer Community What are the main utility and real-life usage of the #EPIC As an investor, why should we invest in the #EPIC project as a long-term investment? Xenolink Advisor at Epic Cash Epic Cash can be used as a Private and Fungible store of value, medium of exchange, and unit of account. As Epic Cash grows and becomes adopted it can be compared to how Bitcoin and Monero is used and adopted as well. As Epic is adopted by the masses, it can be accepted as a medium of exchange for store owners and as fungible payments without the worry of having money that is tainted. Epic Cash as a store of value may be a good long term aspect of investment to consider. Epic Cash carries an inelastic fixed supply economic model of 21 million coins. There will be 5 halvings which this month of June will be our first halving of epic. From a block reward of 16 Epic reduced to 8. If we look at BTC’s price action and history of their halvings it has been proven and show that there has been an increase in value due to the scarcity and from halvings a reduction of # of BTC’s mined per block. An inelastic supply model like Bitcoin provides proof of the circulating supply compared to the total supply by the history of it’s Price action which is evident in long term charts since the birth of Bitcoin. EPIC Plans to have 5 halvings before the year 2028 to match the emissions of Bitcoin which we call the singularity event. Below is a chart displaying our halvings model approaching singularity. Once bitcoin and cryptocurrency becomes adopted mainstream, the fungibility problem will be more noticed by the general public. Privacy coins and the features of fungibility/scalability will most likely be sought over. Right now a majority of people believe that all cryptocurrency is fungible. However, that is not true. We can already see Chainalysis confirming that they can trace and track and even for other well-known privacy coins today such as Z-Cash. Cryptodiffer Community
You aim to reach support from a global community, what are your plans to get spanish speakers involved into Epic Cash? And emerging markets like the african
How am I secure I won’t be affected by receiving tainted money?
Max Freeman Project Lead at Epic Cash Native speakers from our community are working to raise awareness in key markets such as mining in Argentina and Venezuela for Spanish (Roberto Navarro called Epic “the holy grail of cryptocurrency” and Ethiopia and certain North African countries that have the lowest electricity costs in the world. Remittances between USA and Latin American countries are expensive and slow, so Epic is also perfect for people to send money back home as well. Cryptodiffer Community Do EPICs in 2020 focus more on research and coding, or on sales and implementation? Yoga Dude PR&Marketing at Epic Cash We will definitely continue to work on research and coding, with emphasis on improved accessibility (especially via smartphones) usability, security and privacy. In terms of financial infrastructure will continuing to add exchanges both KYC and non KYC. Big part of our plans is in ongoing Marketing and PR outreach. The idea is to make Epic Cash a viral sensation of sorts. If we can get Epic Cash adopters to spread the word and tell their family, coworkers and friends about Epic Cash — there will be no stopping us and to help that happen we have a growing army of content creators, and supporters. Everyone with skin in the game gets the benefit of advancing the cause. Folks also, this isn’t an answer to the question but an example of a real-world Epic Cash content — https://www.youtube.com/watch?v=XtAVEqKGgqY a challenge from one of our content creators to beat his 21 pull ups and get 100 epics! This has not been claimed yet — people need to step up 🙂 and to help that I will match another 100 Epic Cash to the first person to beat this Cryptodiffer Community I was watching some videos explaining how to send and receive transactions in EpicCash, which consists of ports and sending links, my question is why this is so, which, for now, looks complex? Let’s talk about the economic model, can EpicCash comply with the concept of value reserve? Max Freeman Project Lead at Epic Cash In V3, which is coming later this summer, Epic can be sent over Tor, which eliminates this issue of port opening, even though using tools like ngrok.io, it’s not necessarily as painful as directly configuring the router ports. Early Lightning Network had this issue as well and it’s something we have a plan to address via research into non-interactive transactions. “Fire and Forget” payments to an address, as people are used to in Bitcoin, is coming to Epic and we’re excited to develop functionality that other advanced mimblewimble coins don’t yet have. We are committed to constant improvement in usability and utility, to make our money system the ease of use leader. We are involved in the project (anyone can join the Freeman Family) because we believe that simply by choosing to use a form of money that better aligns with our ideals, that we can make a positive change in the world. Some of my thoughts about how I got involved are here: https://medium.com/epic-cash/the-freeman-family-e3b9c3b3f166 Max Freeman Project Lead at Epic Cash Huge thanks to our friends Maks and Vladyslav, we welcome everyone to come say hi at one of our friendly communities. It is extremely early in this journey, our market cap is only 0.5m right now, whereas the 3 other mimblewimble coins are at $20m, $30m and $100m respectively. Epic is a historic opportunity to follow in the footsteps of legends such as Bitcoin and Monero, and we hope to become the first Top 5 privacy coin project. Xenolink Advisor at Epic Cash Would like to Thank the Cryptodiffer Team and the Cryptodiffer community for hosting us and also engaging with us to learn more about Epic. If anyone else has more questions and wants to know more about EPIC , can find us at our telegram channel at https://t.me/EpicCash . Yoga Dude Pr&Marketing at Epic Cash Thank you, CryptoDiffer Team, and this wonderful Community!!! Cryptodiffer TEAM Thank you everyone for taking your time and asking great questions Thank you for your time, it was an insightful session Spread the love
Moon Math Update: Noob DCA Strategy -- Second Edition -- Vol. 7
We're on day 38 of our DCA. There are 204 days left until you've acquired your first full position in Bitcoin. https://www.moonmath.win
Weekend Price action
After this last weekend some of you are probably still wondering if I'm stuck on stability. Have I caught up with the times? Am I going to make things right? Am I changing my position? Let's work through it together by stepping back and taking a look at what might have changed in our projections since acquiring these new data over the weekend.
The Rearview Mirror
https://www.tradingview.com/x/TK2OHx1E/ I'm marking periods of observed distribution with green blocks and periods of accumulation with a blue box. We haven't known it when in periods of accumulation in the past and I don't think it's possible to know when you are. Sometimes people guess and they get it right. If anybody can do that consistently then they can write a best-selling book on trading and end market instability forever. The same is true for distribution. You can only observe the market in hindsight. So, looking at the market in these terms is extremely limited if you're trying to make projections or understand where we might be headed. Before the weekend I thought we were in a period of accumulation. I was wrong. You'll also notice that I moved around where we are on the daily projection. Today, the green projection matches up with February 18th, 2012. The red projection matches up with April 14th, 2015.
https://www.tradingview.com/x/BzyI540p/ I changed the projections so the matched up with market bottoms that were near stable periods instead of matching up periods based on the beginning of a periods that had high stability and low RSI. The dates are close to the same, but we get nice market bottoms to match up with our current chart.
https://www.tradingview.com/x/JcJkZEWX/ Looking for an opportunity to shift my perspective and I'm seeing some. I had been optimistic that a period of low volatility had shot off like a rocket, and that, maybe, we'd see bullish recovery by the end of the summer. I'm less convinced of that now. In fact, I'm looking at this chart and wondering if we're going to go sideways through the end of the year. Attempting a new ATH in 2018 is probably off the table unless there's a barrage of good news that flips the market into overdrive.
Distribution and Accumulation
https://www.tradingview.com/x/k07ayBz I've been going on about the debate between distribution and accumulation. They're effectively two sides of the coin that the market is slipping between all the time? What's the motivation of buyers and sellers? You can't really know, but there are some indicators we can use that help us guess at that broadly.
We're not seeing a rapid influx of capital anywhere, but if you compare actual Bitcoin adoption in places that are using it, presumably for Bitcoin's intended purpose, then I think you start to see an emerging pattern.
There's growing irrational exuberance among bears illustrated by market descriptions of diverse use cases for Blockchain technology. It's as though the discovery of a new application of the underlying technology is automatically a candidate for a new paradigm in human experience. This is analogous to what we saw around Internet startups in 1995 - 2000. After exposing the market to nearly 1.8 trillion USD in lost value it took two and a half years to find a market bottom. The scale of Bitcoin is very different, but I think it's possible that if alts don't shake out in this market then we're headed for something much worse on a much larger scale. Actual--real world--Blockchain usage is low while acquisition of cryptocurrencies for speculation is very high. Acquisition for speculation pushes mining infrastructure along; as we've seen. infrastructure isn't fake; it's very real. You can't fake a miner and you can't fake the electricity it's using unless you're stealing it. That economy has grown up and it will keep growing through this market, despite and because of what speculators fail to see: fundamental real world usage. Transactions are going up, dollars are going down. You don't see things like LocalBitcoins popping up for alts because the alt market, and ICOs, are entirely composed of a group of speculators who have lost their collective minds. Thinking that Bitcoin usage in coffee shops implies is simply not appealing metric. I don't want to mess around in a project where the end game is a Venti-Mocha-Frappachino at Starbucks.
An Alternative to Corruption
Bitcoin isn't here for adoption on Wall Street. It isn't a technology that makes sharing information easier. It isn't something that's meant to overthrow Uber or create a new sharing economy. There isn't some killer application for blockchain that's going to change the economics of how software applications are developed. Bitcoin protects people who are forced to suffer under systems where power, corruption, and incompetence control the value of money. Any other application for a blockchain I've seen isn't as significant and it doesn't qualify as part of the revolution that Bitcoin already is. Good hunting.
The Statue of Liberty, Mystery Babylon, Freemasonry and The New Roman Empire / Fourth Reich
The Mother of Exiles and the Destruction of Babylon
I've always thought Mystery Babylon in Revelations was America. Lots of signs point to that. Inanna/Ishtar was known as the Whore of Babylon and Mother of Prostitutes because she supposedly started the practice of sacred prostitution. Inanna was the goddess of love, beauty, sex, desire, fertility, war, combat, justice, and political power. https://en.wikipedia.org/wiki/Sacred_prostitution
Sacred prostitution, temple prostitution, cult prostitution, and religious prostitution are general terms for a sexual rite consisting of sexual intercourse or other sexual activity performed in the context of religious worship, perhaps as a form of fertility rite or divine marriage (hieros gamos). Some scholars prefer the term sacred sex to sacred prostitution in cases where payment for services was not involved.
But some scholars believe that this practice never existed and has been misunderstood.
The practice of sacred prostitution has not been substantiated in any Ancient Near Eastern cultures, despite many popular descriptions of the habit. Through the twentieth century, scholars generally believed that a form of sacred marriage rite or hieros gamos was staged between the king of a Sumerian city-state and the High Priestess of Inanna, the Sumerian goddess of sexual love, fertility, and warfare, but no certain evidence has survived to prove that sexual intercourse was included. Along the Tigris and Euphrates rivers there was a temple of Eanna, meaning house of heaven dedicated to Inanna in the Eanna District of Uruk.This will be relevant in my next post about the source of Yahweh's narcissism but for now, I'm just using this to illustrate part of the reason I think America is Babylon.
The Sumerians worshipped Inanna as the goddess of both warfare and sexuality. Unlike other gods, whose roles were static and whose domains were limited, the stories of Inanna describe her as moving from conquest to conquest. She was portrayed as young and impetuous, constantly striving for more power than she had been allotted.
An asteroid will pass directly in front of Regulus, one of the brightest stars in our night sky, next Wednesday — briefly blacking out the star in what astronomers are calling a “once in a lifetime” event. Better yet, New York City falls directly within the viewing path which is literally paper-thin on the earths scale. The event is so small, and so brief, that it will only be visible over a sliver of area. And this area happens to encompass millions of people in New York City, Northeast NJ and Long Island.
On Thursday, March 20 2014, Regulus will participate in a rare celestial event when an asteroid passes directly in front of the star, as seen from Earth. The asteroid in question is 163 Erigone. Asteroid 163 Erigone is about 45 miles (72 km) wide, but its "shadow" slanting to Earth's surface will be 67 miles (108 km) wide. Erigone's shadow will move on a southeast-to-northwest trajectory and will extend from New York City as well as western and central Long Island to Oswego in New York State, and then continues northwest, the length of Ontario to the Hudson Bay shore of Manitoba. Those who are within the shadow path and watching at just the right moment with just their eyes will see an amazing sight: Regulus will seem to abruptly disappear as if a switch had been thrown, blotted out by the tiny invisible asteroid. Regulus will remain invisible for up to 14 seconds (for those situated along the center of the path); an incredible, albeit very brief occurrence.
This "once in a lifetime event" eclipsing right over New York. Where the Statue of Liberty is. Revelations 17
There I saw a woman sitting on a scarlet beast that was covered with blasphemous names and had seven heads and ten horns. 4 The woman was dressed in purple and scarlet, and was glittering with gold, precious stones and pearls. She held a golden cup in her hand, filled with abominable things and the filth of her adulteries. 5 The name written on her forehead was a mystery: 15 Then the angel said to me, “The waters you saw, where the prostitute sits, are peoples, multitudes, nations and languages. 16 The beast and the ten horns you saw will hate the prostitute. They will bring her to ruin and leave her naked; they will eat her flesh and burn her with fire. 17 For God has put it into their hearts to accomplish his purpose by agreeing to hand over to the beast their royal authority, until God’s words are fulfilled. 18 The woman you saw is the great city that rules over the kings of the earth.”
America's colors are red, white and blue. Red+Blue = Purple. Purple apparently represents royalty as well as vanity. Scarlet represents the blood of Christ and martyrs.
The color purple is also associated with royalty in Christianity, being one of the three traditional offices of Jesus Christ, i. e. king, although such a symbolism was assumed from the earlier Roman association or at least also employed by the ancient Romans. In Europe and America, purple is the color most associated with vanity, extravagance, and individualism. Among the seven major sins, it represents vanity. It is a color which is used to attract attention
**8.Bartholdi planned for the statue to be covered in gold.**In order to make the statue visible after dark, Bartholdi proposed that Americans raise the money to gild her. However, given how daunting and arduous a task it had been to gather even enough money to place the statue in New York harbor, no one followed through on paying the enormous cost of covering the massive statue in gold.
Not to mention this little interesting fact that brings the 2nd Beasts actions that are spoken of to mind.
:The second beast was given power to give breath to the image of the first beast, so that the image could speak and cause all who refused to worship the image to be killed. :**9. Thomas Edison once had plans to make the statue talk.**When Edison introduced the phonograph to the public in 1878, he told the newspapers that he was designing a “monster disc” for the interior of the Statue of Liberty that would allow the statue to deliver speeches that could be heard up to the northern part of Manhattan and across the bay. Thankfully, no one pursued that strange promise, which would have led to the odd experience of walking in New York and suddenly hearing the Statue of Liberty “talking.” precious stones and pearls.
The sculptor Frédéric Auguste Bartholdi designed the statue to be fully illuminated, a feature that’s suggested in its official name, “La Liberté Eclairant le Monde,” or “Liberty Enlightening the World.” (At first the Statue of Liberty doubled as a lighthouse, given its position in the New York Harbor, but that didn’t last: It was decommissioned as such in 1902.) Originally the lighting scheme was to be red, white, and blue—with a giant searchlight trained on the statue’s face and shoulders. Officials claimed in 19th-century newspaper accounts that they would make the statue so bright as to cast a glow on the clouds of the night sky 100 miles away. The statue’s face was to be lit by a reflector so bright that newspapers described it as “4 million candle power.” Her diadem was meant to sparkle with electric light. These were lofty goals in the dawn of the electrical age, and they carried symbolism that has lost much of its potency now that electricity is taken for granted.
She held a golden cup in her hand, filled with abominable things and the filth of her adulteries.
In the torch, the flames are covered in gold. Looks enough like a cup. Also, in Isaiah 14:12 (another prophecy detailing the fall of Babylon that I didn't bother copying and pasting all of here) it refers to Babylon (or it's king) as "Lucifer, son of the morning". Lucifer means "light bringer" (hence the torch and the statue's original name being Liberty Enlightening the World) or "morning star" which is another name for the planet Venus which is associated with Inanna/Ishtar.
How art thou fallen from heaven, O Lucifer, son of the morning! how art thou cut down to the ground, which didst weaken the nations!
The beast and the ten horns you saw will hate the prostitute. They will bring her to ruin and leave her naked; they will eat her flesh and burn her with fire. 17 For God has put it into their hearts to accomplish his purpose by agreeing to hand over to the beast their royal authority
The 10 kings + the beast = 11.
The seven heads are seven hills on which the woman sits. They are also seven kings.
It has 7 spikes coming out of the head. https://timedotcom.files.wordpress.com/2013/06/01_00240318.jpg?quality=85 We're a very diverse country and Lady Liberty represents us taking in people from all countries. We pretty much control the world (for now) as the 7 hills represents the 7 continents, which is literally what is said they represent. Plus she's literally sitting on an island in the water.
Then the angel said to me, “The waters you saw, where the prostitute sits, are peoples, multitudes, nations and languages.
Masonic theories abound about the Statue of Liberty’s connection to the masons. Those who do ascribe to the theory cite Bartholdi’s and Eiffel’s membership in the Freemasons, that many original plans for the statue demonstrate the link and that many elements of the statue carry symbolic meaning. In addition, the masons presided over the cornerstone laying for the Statue of Liberty, a moment commemorated in a 1984 plaque in dedication to the masons on the 100th anniversary. In 1884, the grand master William A. Brodie laid the cornerstone with grand lodge members present. Brodie is reported to have said, “Why call upon the Masonic Fraternity to lay the cornerstone of such a structure as is here to be erected? No institution has done more to promote liberty and to free men from the trammels and chains of ignorance and tyranny than has Freemasonry.”
Then there's the poem that is inside the base.
The New Colossus Not like the brazen giant of Greek fame,With conquering limbs astride from land to land;Here at our sea-washed, sunset gates shall standA mighty woman with a torch, whose flameIs the imprisoned lightning, and her nameMOTHER OF EXILES. From her beacon-handGlows world-wide welcome; her mild eyes commandThe air-bridged harbor that twin cities frame. "Keep, ancient lands, your storied pomp!" cries sheWith silent lips. "Give me your tired, your poor,Your huddled masses yearning to breathe free,The wretched refuse of your teeming shore.Send these, the homeless, tempest-tost to me,I lift my lamp beside the golden door!"
The Mother of exiles.
Prophecies of the Destruction of Babylon / America / New York
45 “Come out of her, my people!Run for your lives!Run from the fierce anger of the Lord.46 Do not lose heart or be afraidwhen rumors are heard in the land;one rumor comes this year, another the next,rumors of violence in the landand of ruler against ruler.47 For the time will surely comewhen I will punish the idols of Babylon;her whole land will be disgraced
Welcome to General Election 2016 – The Transition The Hegelian Dialectic is the transition of things. And the Illuminati loves to use it. We have been expecting it. We have read about it. And now it is here, in front of our faces. And many are IGNORING it. Folks, we are witnessing Hegelian logic on display. How we got here is an aside, but here we are. The disease is Hillary, and the medicine is Trump. For most folks, that’s all that matters. Case closed. What most citizens do not realize is that this is all a ruse. A mirage. It is being carried by, “they.” “They” are using the illusion, because America was stationary and stubborn. “You can’t New World Order me!” Americans said, “…Because we know about you.” Did the globalists go away and cry in their beer? Nope. They knew this would happen. It was expected. Butsome of the citizens heard a few radio shows that told them, “we’re gonna win.” Hegel’s dialectic utilizes the “mirage.” And then steers the people through its house of mirrors with scary monsters. In America’s case, the monster is a short woman with a trucker’s voice named Hillary. Their task is simple. Globalism. But how do they get there? Simple: Scare them with the Thesis – Hillary / the Enemy of Freedom. And offset her with the Anti-thesis – Donald the Lion-Hearted / Champion of the People. …Next stop – the Synthesis. Ashes with a rising phoenix. It's right there in front of us. Do you see it folks?
“The Double Headed Eagle of Lagash” is the oldest Royal Crest in the World… No emblematic device of today can boast of such antiquity. Its origin has been traced to the ancient city of Lagash. It was in use a thousand years before the Exodus from Egypt and more than two thousand years before the building of “King Solomon’s Temple.” “As time rolled on, it passed from the Sumerians to the men of Akkad, from the men of Akkad to the Hittites, from the denizens of Asia Minor to the Seljukian Sultans from whom it was brought by the Crusaders to the Emperors of the East and West, whose successors were the Hapsburgs and the Romanoffs.” “In recent excavations, the city-emblem of Lagash was disclosed also as a lion headed eagle sinking his claws into the bodies of two lions standing back to back. This is evidently a variant of the other eagle symbol”. “The city of Lagash is in Sumer in Southern Babylonia, between the Euphrates and the Tigris and near the modern Shatra in Iraq, Lagash had a calendar of twelve lunar months, a system of weights and measures, a banking and accounting system and was a center of art, literature, military and political power, five thousand years before Christ”. “In 102 B.C. the Roman Consul Marius decreed that the Eagle be displayed as a symbol of Imperial Rome. Later, as a world power, Rome used the Double-Headed Eagle, one head facing the East the other facing the West, symbolizing the universality and unity of the Empire. The Emperors of the Holy Roman Empire continued its use and the symbol was adopted later in Germany during the halcyon days of conquest and imperial power”. So far as is known, the Double-Headed Eagle was first used in Freemasonry in 1758 by a Masonic Body in Paris – the Emperors of the East and West. During a brief period the Masonic Emperors of the East and West controlled the advanced degrees then in use and became a precursor of the “Ancient Accepted Scottish Rite”. The Latin caption under the Double-Headed Eagle – “Spes Mea in Deo Est” translated is “My Hope Is In God”.
A part of this sounds familiar
“In recent excavations, the city-emblem of Lagash was disclosed also as a lion headed eagle sinking his claws into the bodies of two lions standing back to back. This is evidently a variant of the other eagle symbol”.
In 102 B.C. the Roman Consul Marius decreed that the Eagle be displayed as a symbol of Imperial Rome. Later, as a world power, Rome used the Double-Headed Eagle, one head facing the East the other facing the West, symbolizing the universality and unity of the Empire. The Emperors of the Holy Roman Empire continued its use and the symbol was adopted later in Germany during the halcyon days of conquest and imperial power”. So far as is known, the Double-Headed Eagle was first used in Freemasonry in 1758 by a Masonic Body in Paris – the Emperors of the East and West. During a brief period the Masonic Emperors of the East and West controlled the advanced degrees then in use and became a precursor of the “Ancient Accepted Scottish Rite”
The imperial bird with two heads simultaneously facing East and West has been Russia’s official coat of arms for centuries, with only a break during the Soviet era. The emblem, however, is far older than the country, with roots dating to ancient civilizations. An eagle on a country’s coat of arms is quite common – this bird is as popular a national symbol as the lion. “He is the king of birds; just like the lion is believed to rule all animals, and he is associated with the cult of the sun,” Georgy Vilinbakhov, head of Russia’s Heraldic Council, explains.
Title of article: Get Ready for the Phoenix THIRTY years from now, Americans, Japanese, Europeans, and people in many other rich countries, and some relatively poor ones will probably be paying for their shopping with the same currency. Prices will be quoted not in dollars, yen or D-marks but in, let’s say, the phoenix. The phoenix will be favoured by companies and shoppers because it will be more convenient than today’s national currencies, which by then will seem a quaint cause of much disruption to economic life in the last twentieth century.At the beginning of 1988 this appears an outlandish prediction. Proposals for eventual monetary union proliferated five and ten years ago, but they hardly envisaged the setbacks of 1987. The governments of the big economies tried to move an inch or two towards a more managed system of exchange rates – a logical preliminary, it might seem, to radical monetary reform. For lack of co-operation in their underlying economic policies they bungled it horribly, and provoked the rise in interest rates that brought on the stock market crash of October. These events have chastened exchange-rate reformers. The market crash taught them that the pretence of policy co-operation can be worse than nothing, and that until real co-operation is feasible (i.e., until governments surrender some economic sovereignty) further attempts to peg currencies will flounder The new world economyThe biggest change in the world economy since the early 1970’s is that flows of money have replaced trade in goods as the force that drives exchange rates. as a result of the relentless integration of the world’s financial markets, differences in national economic policies can disturb interest rates (or expectations of future interest rates) only slightly, yet still call forth huge transfers of financial assets from one country to another. These transfers swamp the flow of trade revenues in their effect on the demand and supply for different currencies, and hence in their effect on exchange rates. As telecommunications technology continues to advance, these transactions will be cheaper and faster still. With unco-ordinated economic policies, currencies can get only more volatile. In all these ways national economic boundaries are slowly dissolving. As the trend continues, the appeal of a currency union across at least the main industrial countries will seem irresistible to everybody except foreign-exchange traders and governments. In the phoenix zone, economic adjustment to shifts in relative prices would happen smoothly and automatically, rather as it does today between different regions within large economies (a brief on pages 74-75 explains how.) The absence of all currency risk would spur trade, investment and employment. The phoenix zone would impose tight constraints on national governments. There would be no such thing, for instance, as a national monetary policy. The world phoenix supply would be fixed by a new central bank, descended perhaps from the IMF. The world inflation rate – and hence, within narrow margins, each national inflation rate- would be in its charge. Each country could use taxes and public spending to offset temporary falls in demand, but it would have to borrow rather than print money to finance its budget deficit. With no recourse to the inflation tax, governments and their creditors would be forced to judge their borrowing and lending plans more carefully than they do today. This means a big loss of economic sovereignty, but the trends that make the phoenix so appealing are taking that sovereignty away in any case. Even in a world of more-or-less floating exchange rates, individual governments have seen their policy independence checked by an unfriendly outside world. As the next century approaches, the natural forces that are pushing the world towards economic integration will offer governments a broad choice. They can go with the flow, or they can build barricades. Preparing the way for the phoenix will mean fewer pretended agreements on policy and more real ones. It will mean allowing and then actively promoting the private-sector use of an international money alongside existing national monies. That would let people vote with their wallets for the eventual move to full currency union. The phoenix would probably start as a cocktail of national currencies, just as the Special Drawing Right is today. In time, though, its value against national currencies would cease to matter, because people would choose it for its convenience and the stability of its purchasing power. The alternative – to preserve policymaking autonomy- would involve a new proliferation of truly draconian controls on trade and capital flows. This course offers governments a splendid time. They could manage exchange-rate movements, deploy monetary and fiscal policy without inhibition, and tackle the resulting bursts of inflation with prices and incomes polices. It is a growth-crippling prospect. Pencil in the phoenix for around 2018, and welcome it when it comes.
So it was a random Sunday: bed, eat, repeat until I went online and I saw a link by a new user called @limon. There was a small introduction to a YouTube video which at first glance didn’t look interesting, but what the hell? Lets read this. https://cdn-images-1.medium.com/max/...lLpi-xYDCw.png He talked about an article from The Economist, year 1988, coin, phoenix and then Zoin… wtf? Anyways, I opened the link (don’t open links from strangers) and watched the video in Youtube, (it’s in Spanish) @limon claims in the video (minute 5) that he actually found a not so well know cryptocurrency (yet) by doing some research on an article from 1988 and he is somehow convinced it’s going to be huge. Yes, @limon saw the writing and thought maybe I should check this and find out which is the coin of the future. As crazy as it seems, finding a cryptocurrency by doing research on a 1988 magazine its quite incredible. Is it a coincidence or is it a prediction? Not even @limon knows, but there’s a few things that can blow up your mind here. This is the article from 1988. It claims that there will be a currency (referred as “phoenix”) that will be used by everybody in several countries in 2018. So yes, you all might say “the coin is called the Phoenix”. There’s actually a coin called Phoenixcoin but that didn’t seem to convince @limon once he checked it out in www.coinmarketcap.com (it sucked even for @limon who wanted to believe with all his heart) But @limon didn’t give up, he thought what if its hidden? So he decided to take a closer look at the magazine cover. https://cdn-images-1.medium.com/max/...LKufsoJVug.png He noticed that he could read the letters backward (um…interesting) https://cdn-images-1.medium.com/max/...Ir1KSVOMbw.png He got XIN3ONd NET by reading the cover letter backwards and he said well, XIN is Chinese, and found out in google translator that XIN meant NEW. Then 3ONd he looked at it and thought this is Russian… and it was. That weird word that would not mean anything to someone meant something for @limon so he decided to google translate it. https://cdn-images-1.medium.com/max/...uui5nS3hFg.png Well yeah 3ONd is Russian and means ZOI, but wait is this a coin? @Limon decided to search “ZOI” in www.coinmarketcap.com. https://cdn-images-1.medium.com/max/...LN2UCCLQwg.png WOW, Zoin existed. He ended up with the sentence NEW ZOI NET, in which Zoi was an actual currency. He starting searching now all about Zoin (DYOR) and liked everything he saw. The team, the community and development its very much updated. Got even more carried away when he saw Zoin’s logo: https://cdn-images-1.medium.com/max/...4CV6Ln5sFQ.png https://cdn-images-1.medium.com/max/...y75KEGoyHQ.png And when he researched even deeper, he found out that ZOIN was left by its first developer and got taken over by its community from all over the world. Yes, Zoin emerged from the ashes. What? wait. Zoin is also a Phoenix. Anyways, @limon found all the signs of a prophecy from 1988. He couldn’t wait so he joined Zoin’s community and shared his video. By the way he bought some Zoin. After finding the last lost prophecy he had no plans on missing out. Check all about Zoin in the following links. You can reach out to the team on Discord, website address is www.zoinofficial.com and their twitter @zoinofficial You better don’t miss it. Its a prophecy. Thank you limon. @torrmara
Final version 1.3.0 of the core software was released bringing all the enhancements reported last month to the rest of the community. The groundwork for SPV (simplified payment verification) is complete, another reduction of fees is being deployed, and performance stepped up once again with a 50% reduction in startup time, 20% increased sync speed and more than 3x faster peer delivery of block headers (a key update for SPV). Decrediton's integrations of SPV and Politeia are open for testing by experienced users. Read the full release notes and get the downloads on GitHub. As always, don't forget to verify signatures. dcrd: completed several steps towards multipeer downloads, improved introduction to the software in the main README, continued porting cleanups and refactoring from upstream btcd. Currently in review are initial release of smart fee estimator and a change to UTXO set semantics. The latter is a large and important change that provides simpler handling, and resolves various issues with the previous approach. A lot of testing and careful review is needed so help is welcome. Educational series for new Decred developers by @matheusd added two episodes: 02 Simnet Setup shows how to automate simnet management with tmux and 03 Miner Reward Invalidation explains block validity rules. Finally, a pull request template with a list of checks was added to help guide the contributors to dcrd. dcrwallet: bugfixes and RPC improvements to support desktop and mobile wallets. Developers are welcome to comment on this idea to derive stakepool keys from the HD wallet seed. This would eliminate the need to backup and restore redeem scripts, thus greatly improving wallet UX. (missed in July issue) Decrediton: bugfixes, refactoring to make the sync process more robust, new loading animations, design polishing. Politeia: multiple improvements to the CLI client (security conscious users with more funds at risk might prefer CLI) and security hardening. A feature to deprecate or timeout proposals was identified as necessary for initial release and the work started. A privacy enhancement to not leak metadata of ticket holders was merged. Android: update from @collins: "Second test release for dcrandroid is out. Major bugs have been fixed since last test. Latest code from SPV sync has been integrated. Once again, bug reports are welcome and issues can be opened on GitHub". Ask in #dev room for the APK to join testing. A new security page was added that allows one to validate addresses and to sign/verify messages, similar to Decrediton's Security Center. Work on translations is beginning. Overall the app is quite stable and accepting more testers. Next milestone is getting the test app on the app store. iOS: the app started accepting testers last week. @macsleven: "the test version of Decred Wallet for iOS is available, we have a link for installing the app but the builds currently require your UDID. Contact either @macsleven or @raedah with your UDID if you would like to help test.". Nearest goal is to make the app crash free. Both mobile apps received new design themes. dcrdata: v3.0 was released for mainnet! Highlights: charts, "merged debits" view, agendas page, Insight API support, side chain tracking, Go 1.11 support with module builds, numerous backend improvements. Full release notes here. This release featured 9 contributors and development lead @chappjc noted: "This collaboration with @raedahgroup on our own block explorer and web API for @decredproject has been super productive.". Up next is supporting dynamic page widths site wide and deploying new visual blocks home page. Trezor: proof of concept implementation for Trezor Model T firmware is in the works (previous work was for Model One). Ticket splitting: updated to use Go modules and added simnet support, several fixes. docs: beginner's guide overhaul, multiple fixes and cleanups. decred.org: added 3rd party wallets, removed inactive PoW pools and removed web wallet. @Richard-Red is building a curated list of Decred-related GitHub repositories. Welcome to new people contributing for the first time: @klebe, @s_ben, @victorguedes, and PrimeDominus! Dev activity stats for September: 219 active PRs, 197 commits, 28.7k added and 18.8k deleted lines spread across 6 repositories. Contributions came from 4-10 developers per repository. (chart)
Hashrate: started and ended the month around 75 PH/s, hitting a low of 60.5 and a new high of 110 PH/s. BeePool is again the leader with their share varying between 23-54%, followed by F2Pool 13-30%, Coinmine 4-6% and Luxor 3-5%. As in previous months, there were multiple spikes of unidentified hashrate. Staking: 30-day average ticket price is 98 DCR (+2.4). The price varied between 95.7 and 101.9 DCR. Locked DCR amount was 3.86-3.96 million DCR, or 45.7-46.5% of the supply. Nodes: there are 201 public listening nodes and 325 normal nodes per dcred.eu. Version distribution: 5% are v1.4.0(pre) dev builds (+3%), 30% on v1.3.0 (+25%), 42% on v1.2.0 (-20%), 15% on v1.1.2 (-7%), 6% on v1.1.0. More than 76% of nodes run v1.2.0 and higher and therefore support client filters. Data as of Oct 1.
Obelisk posted two updates on their mailing list. 70% of Batch 1 units are shipped, an extensive user guide is available, Obelisk Scanner application was released that allows one to automatically update firmware. First firmware update was released and bumped SC1 hashrate by 10-20%, added new pools and fixed multiple bugs. Next update will focus on DCR1. It is worth a special mention that the firmware source code is now open! Let us hope more manufacturers will follow this example. A few details about Whatsminer surfaced this month. The manufacturer is MicroBT, also known as Bitwei and commonly misspelled as Bitewei. Pangolinminer is a reseller, and the model name is Whatsminer D1. Bitmain has finally entered Decred ASIC space with their Antminer DR3. Hash rate is 7.8 TH/s while pulling 1410 W, at the price of $673. These specs mean it has the best GH/W and GH/USD of currently sold miners until the Whatsminer or others come out, although its GH/USD of 11.6 already competes with Whatsminer's 10.5. Discussed on Reddit and bitcointalk, unboxing video here.
@matheusd started tests on testnet several months ago. I contacted him so we could integrate with the pool in June this year. We set up the machine in July and bought the first split ticket on mainnet, using the decredbrasil pool, on July 19. It was voted on July 30. After this first vote on mainnet, we opened the tests to selected users (with more technical background) on the pool. In August we opened the tests to everyone, and would call people who want to join to the #ticket_splitting channel, or to our own Slack (in Portuguese, so mostly Brazilian users). We have 28 split tickets already voted, and 16 are live. So little more than 40 split tickets total were bought on decredbrasil pool. (@girino in #pos-voting)
KuCoin exchange listed DCBTC and DCETH pairs. To celebrate their anniversary they had a 99% trading fees discount on DCR pairs for 2 weeks. Three more wallets integrated Decred in September:
Atomic desktop wallet added Decred in version 0.1.31. The team answered many questions on Reddit.
AnyBit wallet added Decred. It features built-in price and news tracking. Notably, the source code is open for their Android and iOS wallets.
Coboadded Decred support into their Android and iOS wallets.
ChangeNow announced Decred addition to their Android app that allows accountless swaps between 150+ assets. Coinbase launched informational asset pages for top 50 coins by market cap, including Decred. First the pages started showing in the Coinbase app for a small group of testers, and later the web price dashboard went live.
The birth of a Brazilian girl was registered on the Decred blockchain using OriginalMy, a blockchain proof of authenticity services provider. Read the full story in Portuguese and in English.
Advertising report for September is ready. Next month the graphics for all the ads will be changing.
Marketing might seem quiet right now, but a ton is actually going on behind the scenes to put the right foundation in place for the future. Discovery data are being analyzed to generate a positioning strategy, as well as a messaging hierarchy that can guide how to talk about Decred. This will all be agreed upon via consensus of the community in the work channels, and materials will be distributed. Next, work is being done to identify the right PR partner to help with media relations, media training, and coordination at events. While all of this is coming up to speed, we believe the website needs a refresher reflecting the soon to be agreed upon messaging, plus a more intuitive architecture to make it easier to navigate. (@Dustorf)
Raedah Group went on the streets of Portland, USA with a pretty blue tent. (photos)
Meetup at Binzantin Cafe in Taipei, Taiwan. @morphymore: "There were 20-ish attendees, and about half of them have joined the Chinese FB group. Most of them don't hear about Decred before, but have expressed the interest in learning more about it after the event. Overall, it's a good exposure for Decred in the Taiwan community.". A report with photos was posted on Facebook, more photos are here and here.
@joshuam made a Decred Jacket appearance at Singapore Grand Prix. (photos)
NewTech PDX meetup in Portland, USA. Raedah Group presented Decred and reported "lots of new converts". (photos)
North Shore Bitcoin & Blockchain in Glenview, USA. @dustorf gave a five minute overview of Decred and noted: "There were only about 25 people, but about 1/3 of them were aware of Decred prior. (...) Our simple presence and explanation of the project moved opinion from 'another shitcoin they sold after mining' to 'an interesting and viable project worthy of further investigation'.". (photos: 12)
Bitcoin Meetup CDMX in Mexico City on Oct 6. @elian will be talking about Decred at the oldest Bitcoin meetup in Mexico.
SF Blockchain Week in San Francisco, USA on Oct 9. @lukebp will discuss DPoS vs PoS on a panel 9:30a-10:15a at the Titans of Tech Stage, Hilton Union Square.
Decred Meetup in Casablanca, Morocco on Oct 27. @butterfly will host the event and talk about Decred in French.
Texas Bitcoin Conference Austin, USA on Oct 27-28. @BAB: "The great thing about this is that it will also be a Decred Summit. We will have half of the conference dedicated to Decred topics, updates, etc."
Websummit in Lisbon, Portugal on Nov 5-8. @moo31337 will be on a panel discussing "2018: A Rollercoaster Year for Cryptocurrencies"
We'll begin shortly reviewing conferences and events planned for the first half of 2019. Highlights are sure to include The North American Bitcoin Conference in Miami (Jan 16-18) and Consensus in NYC (May 14-16). If you have suggestions of events or conferences Decred should attend, please share them in #event_planning. In 2019, we would like to expand our presence in Europe, Asia, and South America, and we're looking for community members to help identify and staff those events. (@Dustorf)
August issue of Decred Journal was translated to Russian. Many thanks to @DZ! Rency cryptocurrency ratings published a report on Decred and incorporated a lot of feedback from the community on Reddit. September issue of Chinese CCID ratings was published (snapshot), Decred is still at the bottom. Videos:
The underbelly of blockchain Governance - fiat licensing and our code with Marco Peerboom and Chris DeRose (youtube, tweet, decred, missed in August issue) Insightful dialogue about men's underwear, licenses, subtleties of GPL, BSD wars, tiling window managers and much more.
Introduction to Decred (Korean, youtube) @Killawhale collected a lot of feedback from the community and produced this video to spread the word in Korea.
Perspectives on Governance from Nathan Wilcox, Jonathan Zeppettini, Vitalik Buterin (z.cash)
Decred - an example of governance (Portuguese, youtube)
Decred, the crypto that wants to compete with Bitcoin (French, youtube)
Exodus.io Live with Marco from Decred! (youtube) Marco joins Exodus.io to discuss what makes DCR an asset that will stand the test of time.
Building Decred With Systems Development Lead Marco Peereboom - Governance, Politeia, Lightning (youtube) Topics: early days, Politeia, the structure of Decred, dcrtime, Lightning Network, attracting users and developers, future plans (DEX, Schnorr signatures, privacy, DAEs).
Decentralized autonomous funding of blockchain projects by @Richard-Red (medium, discussion on decred and dashpay)
The trouble with infrastructure, "thin" protocols in particular, is that someone has to build them at a cost. e.g. LN takes a ton of work, doesn't necessarily generate value itself, but it magnifies the value of BTC or whatever coin that uses it. I see the DEX in a similar light - whoever creates it is not going to make a bunch of money from it, but it will magnify the value of the underlying asset(s) that end up having a deep order book on the DEX. (@jy-p in #dex)
Twitter: why decentralized governance and funding are necessary for network survival and the power of controlling the narrative; learning about governance more broadly by watching its evolution in cryptocurrency space, importance of community consensus and communications infrastructure. Reddit: yet another strong pitch by @solar; question about buyer protections; dcrtime internals; a proposal to sponsor hoodies in the University of Cape Town; Lightning Network support for altcoins. Chats: skills to operate a stakepool; voting details: 2 of 3 votes can approve a block, what votes really approve are regular tx, etc; scriptless script atomic swaps using Schnorr adaptor signatures; dev dashboard, choosing work, people do best when working on what interests them most; opportunities for governments and enterprise for anchoring legal data to blockchain; terminology: DAO vs DAE; human-friendly payments, sharing xpub vs payment protocols; funding btcsuite development; Politeia vote types: approval vote, sentiment vote and a defund vote, also linking proposals and financial statements; algo trading and programming languages (yes, on #trading!); alternative implementation, C/C++/Go/Rust; HFTs, algo trading, fake volume and slippage; offline wallets, usb/write-only media/optical scanners vs auditing traffic between dcrd and dcrwallet; Proof of Activity did not inspire Decred but spurred Decred to get moving, Wikipedia page hurdles; how stakeholders could veto blocks; how many votes are needed to approve a proposal; why Decrediton uses Electron; CVE-2018-17144 and over-dependence on single Bitcoin implementation, btcsuite, fuzz testing; tracking proposal progress after voting and funding; why the wallet does not store the seed at all; power connectors, electricity, wiring and fire safety; reasonable spendings from project fund; ways to measure sync progress better than block height; using Politeia without email address; concurrency in Go, locks vs channels. #support is not often mentioned, but it must be noted that every day on this channel people get high quality support. (@bee: To my surprise, even those poor souls running Windows 10. My greatest respect to the support team!)
In September DCR was trading in the range of USD 34-45 / BTC 0.0054-0.0063. On Sep 6, DCR revisited the bottom of USD 34 / BTC 0.0054 when BTC quickly dropped from USD 7,300 to 6,400. On Sep 14, a small price rise coincided with both the start of KuCoin trading and hashrate spike to 104 PH/s. Looking at coinmarketcap charts, the trading volume is a bit lower than in July and August. As of Oct 4, Decred is #18 by the number of daily transactions with 3,200 tx, and #9 by the USD value of daily issuance with $230k. (source: onchainfx) Interesting observation by @ImacallyouJawdy: while we sit at 2018 price lows the amount locked in tickets is testing 2018 high.
ASIC for Lyra2REv2 was spotted on the web. Vertcoin team is preparing a new PoW algorithm. This would be the 3rd fork after two previous forks to change the algorithm in 2014 and 2015. A report titled The Positive Externalities of Bitcoin Mining discusses the benefits of PoW mining that are often overlooked by the critics of its energy use. A Brief Study of Cryptonetwork Forks by Alex Evans of Placeholder studies the behavior of users, developers and miners after the fork, and makes the cases that it is hard for child chains to attract users and developers from their parent chains. New research on private atomic swaps: the paper "Anonymous Atomic Swaps Using Homomorphic Hashing" attempts to break the public link between two transactions. (bitcointalk, decred) On Sep 18 Poloniex announced delisting of 8 more assets. That day they took a 12-80% dive showing their dependence on this one exchange. Circle introduced USDC markets on Poloniex: "USDC is a fully collateralized US dollar stablecoin using the ERC-20 standard that provides detailed financial and operational transparency, operates within the regulated framework of US money transmission laws, and is reinforced by established banking partners and auditors.". Coinbase announced new asset listing process and is accepting submissions on their listing portal. (decred) The New York State Office of the Attorney General posted a study of 13 exchanges that contains many insights. A critical vulnerability was discovered and fixed in Bitcoin Core. Few days later a full disclosure was posted revealing the severity of the bug. In a bitcointalk thread btcd was called 'amateur' despite not being vulnerable, and some Core developers voiced their concerns about multiple implementations. The Bitcoin Unlimited developer who found the bug shared his perspective in a blog post. Decred's vision so far is that more full node implementations is a strength, just like for any Internet protocol.
About This Issue
This is the 6th issue of Decred Journal. It is mirrored on GitHub, Medium and Reddit. Past issues are available here. Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research. Feedback is appreciated: please comment on Reddit, GitHub or #writers_room on Matrix or Slack. Contributions are also welcome: some areas are adding content, pre-release review or translations to other languages. Credits (Slack names, alphabetical order): bee, Dustorf, jz, Haon, oregonisaac, raedah and Richard-Red.
The Justice Department's internal watchdog is expected to releasetoday a long-awaited report on the FBI's handling of the Hillary Clinton email investigation that she said contributed to her 2016 presidential election loss. (Reuters)
President Donald Trump is reportedly expected to meet with his top trade advisors today to decide whether to activate threatened tariffs on billions of dollars in Chinese goods. (Reuters)
China threatens to scrap US trade deals if the White House hikes tariffs (AP)
U.S., South Korean, and Japanese officials strove to present a unified stance this morning, in an effort to quell concerns about Washington's military commitment to Asia after President Trump's meeting with North Korean leader Kim Jong Un. (CNBC)
Japan considering Abe-Kim summit with possible Pyongyang visit(Reuters)
Tough sanctions will remain on North Korea until the rogue nation completes denuclearization, U.S. Secretary of State Mike Pompeo said this morning, apparently contradicting Kim's view that the process agreed to at this week's summit would be phased and reciprocal. (Reuters)
White House press secretary Sarah Huckabee Sanders played down a report that she plans to quit the Trump administration at the end of the year, but she stopped short of a flat-out denial. (Newsweek)
Stormy Daniels' lawyer Avenatti and ex-Trump aide Scaramucci go head-to-head on late night (NY Post)
Stephen Bannon, 10 months removed from the job as Trump's chief strategist and five months after his ouster from conservative news site Breitbart, is betting bitcoin and other cryptocurrencies can disrupt banking the way the president disrupted American politics. (NY Times)
SEC's policy on cryptocurrencies is confusing. That may be cleared up (CNBC)
Apple (AAPL) is closing the technological loophole that let authorities hack into iPhones, angering police and other officials and reigniting a debate over whether the government has a right to get into personal devices. (NY Times)
Microsoft (MSFT) is working on technology that would eliminate cashiers and checkout lines from stores. That would represent a challenge to Amazon's (AMZN) automated grocery stores. (Reuters)
Players of hit game "Fortnite" have hit out at Sony (SNE) over a problem that has seen users have issues playing the title on a Nintendo Switch console after initially using it on a PlayStation 4. (CNBC)
SoftBank Group is reportedly in discussions to invest another giant slug of capital in WeWork, with a deal that would value the shared-office company at $35 billion to $40 billion. (WSJ)
Twitter (TWTR) has retooled its service to more prominently suggest news stories and real-time events for users to follow, in an attempt to stand out with advertisers by emphasizing what's happening now. (Reuters)
Facebook used less for news as youngsters turn to WhatsApp (Reuters)
Elon Musk's Boring Company has won the bid to build a high-speed express train to Chicago's O'Hare International Airport, beating a consortium that included an engineering firm that worked on a terminal at London's Heathrow airport. (CNBC)
Musk buys 72,500 more Tesla shares, upping stake to $11.6 billion(CNBC)
Comcast – Comcast is offering $65 billion for 21st Century Fox assets that Fox had already agreed to sell to Walt Disney. The bid by the NBCUniversal and CNBC parent is worth $35 per share and represents a 20 percent premium over Disney's all-stock offer. Disney is lining up financing for a possible counteroffer that would include a cash component, according to The Wall Street Journal. Fox acknowledged receiving the bid and said it would review it.
Oracle – J.P. Morgan Securities downgraded the business software maker's stock to "neutral" from "overweight," saying the company's fundamental performance has been inconsistent even as the stock price has been rising.
Michaels – The crafts retailer beat estimates by a penny a share, with adjusted quarterly profit of 39 cents per share. Revenue also beat forecasts. Michaels posted a comparable-store sales increase of 0.4 percent compared to a year earlier. However, Michaels gave a weaker-than-expected current-quarter forecast and said comparable sales would be about flat.
Tesla – CEO Elon Musk has bought an additional 72,500 shares of the automaker, worth about $24.9 million, according to a Securities and Exchange Commission filing. Musk now owns about 33.7 million shares worth about $11.6 billion.
Tailored Brands – The company reported adjusted quarterly profit of 50 cents per share, 2 cents a share above estimates. The apparel retailer's revenue also topped forecasts. However, the parent of Jos. A. Bank, Men's Wearhouse, and other apparel chains posted a 2.1 percent increase in comparable-store sales, falling below a 2.5 percent consensus estimate.
General Electric – GE was urged by France's finance minister to stick to its commitment to create 1,000 jobs at energy producer Alstom. GE had made that commitment when it bought Alstom's energy business in 2015, but GE subsequently said the target was out of reach.
Microsoft – Microsoft is working on technology that would eliminate cashiers and checkout lines from stores, according to a Reuters report. That would represent a challenge to Amazon's automated grocery stores.
Mylan – The drugmaker said it was informed by the Food and Drug Administration that its generic version of GlaxoSmithKline's inhaled lung drug Advair could not be approved because of "minor deficiencies." It was Mylan's second rejection for its generic Advair product.
Twitter – Twitter has retooled its service to more prominently suggest news stories and real-time events for users to follow. The changes will be rolled out to Twitter mobile app users over the next few months.
Apple – Apple is working on a feature that The Wall Street Journal said may make it more difficult for law enforcement officials to retrieve data from iPhones. Apple said the feature is designed to strengthen safeguards against all potential intruders and that it is not designed to frustrate law enforcement efforts.
bigbear0083 has no positions in any stocks mentioned. Reddit, moderators, and the author do not advise making investment decisions based on discussion in these posts. Analysis is not subject to validation and users take action at their own risk. bigbear0083 is an admin at the financial forums Stockaholics.net where this content was originally posted.
What is on everyone's radar for today's trading day ahead here at StockMarket?
I hope you all have an excellent trading day ahead today on this Thursday, June 14th, 2018! :)
Only 1 in 5,000 People Worldwide Will Ever Own 1 BTC (or Why We Will Walk on the Moon One Day)
There's an objective way to measure one important factor about Bitcoin, and doing so suggests everyone's 'moon' value could be on the low side....
We can already measure how scarce Bitcoin would be even once (if) it hits full adoption - and the LocalBitcoins charts from https://coin.dance/volume show more and more countries spike in activity.
if the 16 million available BTC were evenly distributed among the world's 7.4 billion residents, only 1 out of every 462 people could have ONE bitcoin; or every person would have 0.00216 BTC.
Bitcoin is many things, but a socialist currency is not one of them. Like all other aspects of finance, a high percentage of the wealth is in the hands of a small percentage of people. That's fine - I just want to highlight what the real scarcity of Bitcoin looks like in real numbers. We start with 1 in 500 as the BEST scenario in terms of the average person's access to Bitcoin ever.
Now let's factor in some realpolitik. BTC are not, and will never be, evenly distributed, so when we think about how few people, worldwide, will be able to acquire JUST ONE Bitcoin, we have to factor in the innovators and early adopters who own hundreds and hundreds of thousands Bitcoins, and the unknown quantity of lost Bitcoins.we also have to factor in realities about wealth disparity: Bitcoin can improve the world, but it won't change human nature or class stratification. So let's assume that 90% of all BTC are owned by just 10% of the world's population - that's being generous (on naive) still, because there aren't 740 million Bitcoin owners yet, and we already know that the top ONE percent (not 10%) own 90+% of other types of wealth. . But even if we use the 10-own-90 ratioo, that means that 1 out of 5,000 people, worldwide, will ever be able to acquire an entire single Bitcoin.
And think about how skewed (worldwide) current BTC ownership is, towards China and then the U.S. While the ratios of "spread across the population" may be 'better' in these countries, there are 1.6 billion people in the China and the U.S., meaning perfect socialism would allow for 1 out of every 100 residents to own but ONE Bitcoin - assuming there were NONE in any other country. Factoring in the wealth disparity, and realizing that plenty of other countries have Bitcoin investors, maybe it's 1 in 2,000 in China and the U.S. - still plenty scarce.
But that means BTC would be even more scarce in every other county, since we have to still average 1 in 5,000 worldwide. India, Pakistan, Russia, and other countries with hundreds of millions of residents are all increasing in awareness and activity. That's got to affect the market. Maybe not $90 a day...but maybe in a few years, by $900/day.
This 1-in-5,000 data holds up no matter what price BTC trades at (it's purely a calculation of supply vs residents - and the Earth's population will increase at a FASTER rate than Bitcoin production - by a big factor - there are 1,800 new BTC mined each day....and 353,000 babies born each day according to UNICEF). When we drop to 900/day mining in 42 short months, that ratio will tilt further towards scarcity.
All this hints at why every price prediction is likely WAY conservative. IF Bitcoin continues to expand in exposure, to attract new buyers, to trigger more FOMO, to become more desirable to more people... AND THEN YOU FACTOR IN THAT SCARCITY... then $900 will be a 'remember when?' number, just as $1 or $13 is for the earliest adopters. Eventually, there will just be bidding wars establish market price. Some one will have to be induced into selling part of a Bitcoin to free any up, and there are many more buyers to come than there are holders or hodlers now.
If there were a growing awareness that only 1 out of every 5,000 people worldwide could get their hands on a ladybug, there'd be no reaction financially (environmentally, maybe). But if you replace the ladybug with something being discussed on Bloomberg and CNBC, and written about in WSJ and Barron's, there will be a scramble. We are seeing that scramble from Cyprus to Venezuela to Greece to China (repeatedly there as the yuan staggers) to India. Capital controls - bank runs - hoarding - abandoning fiat - and governments taking currency out of circulation to stop inflation (really?) - these are becoming MORE prevalent, not less - and that forecasts greater adoption of Bitcoin by more and more people anywhere there are banks and WiFi routers.
If you're (correctly) thinking, well, Bitcoin is scalable down to one satoshi, so why is scarcity of ONE Bitcoin important, consider this: The relative scarcity is the same no matter how many different decimal places you use - let's say 1 in 500 people will ever have 0.1 Bitcoins, or 1 in 50 will ever have 0.01 coins....when we get to the point where a fraction of a BTC becomes an aspirational ceiling of ownership, the price will go off the rails, just like the people who bought 10,000 at a time in 2011 became 'Bitcoin billionaires' - when price rose (and fell and rose again, which adds to the health of BTC to survive that crash, much like a relationship is stronger if it survives a tough fight) -so in late 2014 and most of 2015, the rest of us were thrilled to buy 0.5 or 2 or 5 or 10 BTC a month. $225 feels like 'the good of' days...' and that was merely last August, 15 months ago. Now the same money buys 0.2 or 0.5 or 2 or 4 BTC.
A single Bitcoin already costs more than the average American's weekly salary - assuming full time employment - which is hardly a given.
$800 and $900 were so exciting. I know some veterans saw higher prices (briefly) in '13, and I know we will have a dip and level and chop and future spikes. But we're not talking about $900 to $1,000 over the next 4 years. New adoption, reduced supply, increased government pressure - laid on top of the simple math of BTC supply vs population - suggests the moon landing, someday, is several factors of 10 higher than the 'dream' of $2,000 in 2017.
If the round numbers and estimates seem to diminish the main point here, I picked up that habit from the excellent books, Are You Smart Enough to Work at Google? I'm not - so if they say to use round numbers when tackling a problem, who am I to argue?
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Inside a Bitcoin mine that earns $70K a day - YouTube
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