As we saw how hard it was for people to grasp the internet in the 90’s today we see it as a no brainer with a computer in our pockets and bitcoin will see the same challenges. Milton Friedman said it best the internet will one of the major forces to reduce the role of governments and then the development of an e-cash to be able to send payments anonymously. We are entering the error of the internet 3.0 allowing a payment system and currency in one and as applications are built on top of the blockchain further integration will occur.
Introduction to Bitcoin
YouTube, one of the most popular social media platforms for video sharing, has aggressively started deleting cryptocurrency-related content from some of the biggest influencers in the industry.
Based on Twitter and Reddit threads, YouTube suddenly began deleting a number of cryptocurrency videos on Dec. 23.
YouTuber Chris Dunn, whose channel has over 210,000 subscribers, noticed on Monday that the platform had removed all of his videos that mentioned cryptocurrencies.
Following this, Dunn tweeted, “@YouTube just removed most of my crypto videos citing ‘harmful or dangerous content’ and ‘sale of regulated goods’… it’s been 10 years of making videos, 200k+ subs, and 7M+ views. WTF are you guys doing @TeamYouTube?!”
I have provided the Twitter links below if you like to follow them
See full article at Cointelegraph below
Little histroy lesson
First they came for the socialists, and I did not speak out— Because I was not a socialist.
Then they came for the trade unionists, and I did not speak out— Because I was not a trade unionist.
Then they came for the Jews, and I did not speak out— Because I was not a Jewish.
Then they came for me— and there was no one left to speak for me.
by Lutheran pastor Martin Niemöller
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First I have to say this Bitcoin the blockchain has never been hacked the exchanges that hold the currency and people that have had their personal wallets have been hacked because they are not securing there bitcoin correctly see my blog on Six Ways To Protect Your Bitcoin Investments From Hackers below thank you.
This is the rise of Bitcoin Detectives and more will come on line including governments that want people to pay their taxes. people think that Bitcoin is anonymous this is false. All transactions are public and the owner of the wallets are unknown untell it is transferred to a wallet with a name attached. The single point of failure is when the Bitcoin is transferred to a person wallet that is public and it then can be traced back just by doing simple integration and computer forensics on that machine that had any communion.
First, they ignore you, then they ridicule you, then they fight you, and then you win. Mahatma Gandhi
The best minds give us their opinion on where Bitcoin is going in in the near future. Is one million their target figure and will Bitcoin replace gold as the world standard and discussion of an ETF and there year-end prediction of were Bitcoin will end up by the year-end.
Palihapitiya joined AOL, becoming the youngest vice president of the company in its history, heading its instant messaging division in 2004.In 2005, he left AOL and a few months later he left that job and joined Facebook now he is the co-founder and Executive chairman of Athos and founder and CEO of Social Capital LP
Thomas J. Lee, CFA
Thomas Lee is a Managing Partner and the Head of Research at Fundstrat Global Advisors. He is an accomplished Wall Street strategist with over 25 years of experience in equity research and has been top ranked by Institutional Investor every year since 1998. Prior to co-founding Fundstrat, he served most recently as J.P. Morgan’s Chief Equity Strategist from 2007 to 2014, and previously as Managing Director at Salomon Smith Barney. His areas of expertise include Market Strategy, Small/Mid-Cap Strategy and Telecom Services.
Is Founder and CEO of BKCM LLC, an investment firm focused on digital currencies. He is the portfolio manager of the BKCM Digital Asset Fund. Brian is the author of “The Bitcoin Big Bang – How Alternative Currencies Are About to Change the World.”Prior to BKCM LLC, Brian was Co-Founder and Managing Partner of Shelter Harbor Capital LLC and managed the Shelter Harbor Capital Global Macro Hedge Fund. As well, Mr Kelly was a co-founder and
Is a founder and CEO of Onchain Capital, an investment and advisory business & The Creative Counsel, one of South Africa’s largest advertising agencies. He is currently the host of the Crypto Trader show on CNBC Africa He is a serial entrepreneur who started an import-export business after school, and later an online trading business that crashed with the Dot.com bust in 2001. The company grew exponentially, through the acquisition of new clients as well as other businesses in the advertising and marketing sector attracting the attention of Publicis Groupe who bought his company in September 2015. The company was acquired by Publicis in a deal valuing it at over R1.5 billion.
Co-Founder-and-CEO of Bitcoin Mercantile Exchange is where professional investors come to trade Bitcoin. After graduating with a degree in economics from the Wharton School of Business, Arthur lived in Hong Kong as an equity derivatives trader. He was the market-maker for Deutsche Bank and Citibank’s Exchange Traded Funds (ETF) businesses. He also has extensive experience trading equity index futures, forwards, and swaps as well as non-deliverable FX forwards. Arthur brings a deep understanding of how to structure and trade financial derivatives.
Susan Athey economics of Technology Professor Stanford Graduate School of BUsiness. She goes into explaining that Bitcoin is a key piece of technology changing the way finance works. From consumers to undeveloped countries and including financial institutions.
Susan asks the question why Bitcoin and goes into detail about how we transfer the US dollar abroad using swift in itself is complex, but the everyday consumer does not see. Bitcoin is the first time a consumer can make their own entries on a ledger and deal directly with the person they are doing business without a third party. Whoever owns the private keys owns the bitcoin, so anyone can look at the ledger but you are unable to move or have access to your bitcoin unless you have the private keys and the password and an entry on the ledger then you have something of value and do something with it. Authorize the movement to someone else. All bitcoin and the blockchain is a big spreadsheet with passwords. This is the first time in history we have a purely digital assist.
What people don’t understand that bank lend out 90% of the money deposited into the bank called fractional reserve lending and the number you see when you log in to your bank account is just a promise to you that from your bank that they owe you that much. But with bitcoin, if you hold the private keys you are the only person that can control the money no one else can lend it out.
High schools are adapting the teaching of Bitcoin and cryptocurrency’s. This generation will grow up never needing to step in to a bank and this generation and the millennial will be the generation that will move the price a Bitcoin higher as they invest in cryptocurrency’s for there retirement.
The Lighting network will allow owners of Bitcoin to be able to make payments through a layer two of transaction allowing high volume and lower fees then current transactions.
The problems below are preventing Bitcoin to scale and the lighting network coming online in 2018 will resolve the issues below
Problem 1: Scalability : Limited amount of tranactions can process per sec
Problem 2: Time delay: Blocks are created every ten minutes to verify transactions
Problem 3: Fees : High fees for transferring Bitcoins
Abstracting Complexity for new users.
Jameson Lopp of Casa @Casahodl talks about the furture of Bitcoin technology and the 50 forks ahead .
First I have to say Bitcoin it attracting the best minds in tech and tech firms and instantiation are worried.
There will be 50 Bitcoin forks predicted this year and you must own Bitcoin and also have the private keys to get a piece of the pie. More info on that below. When Bitcoin forks people that own Bitcoin will get free tokens in that crypto that is created basically free money.
Below changes to Bitcoin is coming to be-able to scale Bitcoin to the main stream.
lighting network: will be coming online this year allowing 3rd party to open a tunnel to process a transaction offline from the block chain allowing cheap transnational fee’s more on this below.
Schnorr signature: The Signature Algorithm to Increase Bitcoin’s Scale and Privacy.
Bulletproofs: This will allow Bitcoin to have better privacy confidential transactions.
Mimblewimble: In the confidential transactions system, all the values are homomorphically encrypted with random strings of numbers called “blinding factors.”. This means that the values cannot be seen directly
How it Works
The Lightning Network is dependent upon the underlying technology of the blockchain. By using real Bitcoin/blockchain transactions and using its native smart-contract scripting language, it is possible to create a secure network of participants which are able to transact at high volume and high speed.
Bidirectional Payment Channels. Two participants create a ledger entry on the blockchain which requires both participants to sign off on any spending of funds. Both parties create transactions which refund the ledger entry to their individual allocation, but do not broadcast them to the blockchain. They can update their individual allocations for the ledger entry by creating many transactions spending from the current ledger entry output. Only the most recent version is valid, which is enforced by blockchain-parsable smart-contract scripting. This entry can be closed out at any time by either party without any trust or custodianship by broadcasting the most recent version to the blockchain.
Lightning Network. By creating a network of these two-party ledger entries, it is possible to find a path across the network similar to routing packets on the internet. The nodes along the path are not trusted, as the payment is enforced using a script which enforces the atomicity (either the entire payment succeeds or fails) via decrementing time-locks.
Blockchain as Arbiter. As a result, it is possible to conduct transactions off-blockchain without limitations. Transactions can be made off-chain with confidence of on-blockchain enforceability. This is similar to how one makes many legal contracts with others, but one does not go to court every time a contract is made. By making the transactions and scripts parsable, the smart-contract can be enforced on-blockchain. Only in the event of non-cooperation is the court involved – but with the blockchain, the result is deterministic.
Do you ever wonder why the prices keep increasing when you go to the grocery store, gas station or even to fill a bottle of water. Its not that everything is getting more expensive its that the currency your using is getting weaker. As long as governments keep borrowing money and banks keep printing your currency it will decrease in value. The worst tax on human society is inflation just see Venezuela. Everyone works hard for there money to have it stolen by inflation it should be a crime. Just leaving your money in the banks you lose 2% a year to inflation plus the fees they charge to hold your money on top of that they get bailed out by the government with our tax money. Bitcoin solve this issue with no middleman only 21 million coins will be minted because the lack of supply and the trust with the community authenticating every transaction that is why the price will keep rising. It only going down because the bankers on wall-street see this a threat to there business model and are shorting Bitcoin and buying it on its lows pretty smart. There is a lots of benefits to Bitcoin one is that converting Dollars to Bitcoin and transferring overseas then from Bitcoin to Euros instant and cheap 365/24/7. I will link another article below if your interested. The key to all society’s is to keep us in the chains of debit look at the word ‘mortgage’ literally means ‘death pledge’. This is what governments and banks want and bitcoin frees us from banks and funding wars for governments in country’s we will never go to. In closing I agree there might be other currency’s maybe even better, but Bitcoin is the first and the only one we know that has no multiplication in the code. I can not say that for those that follow and also Bitcoin is the main exchange for all other currency’s.
See george washington Blog on average life expectancy for fiat Currency
1.Bypassing Monetary Controls.
Bitcoin is exponentially expanding in Latin america allowing them to buy food from the US like amazon or even wall-mart. Venezuela government restricts money in and out of the country via the banks, and Bitcoin allows the people to by pass this restrictions by the government.
2.Bypassing tariffs in Brazil
a) Avoid paying a Import Tariff tax of 60% when purchasing from the US.
b) Avoid Paying a 27.5% foreign exchange tax when bring money in to Brazil.
c) Brazilians that travel abroad are paying 6.38% tax with every purchase.
3.Eliminating Red Tape
Starting a new business in Brazil takes 14 times longer then the US and moving this to the blockchain could speed up this process. Honduras is still creating land titles on paper and the blockchain could help speed up and authenticate transaction.