Bitcoin - The New York Times

When BTC consigns itself to a use case that no one uses it for

A few years ago in the Bitcoin community the discussion was all about how the Bitcoin blockchain could do it all so there was no reason for altcoins (or "shitcoins"). Everything was being built on Bitcoin, or should be built on Bitcoin, because it was going to be the only global blockchain that mattered. Need to issue your own tokens or do something that required more scripting? Colored coins and Counterparty (and later RSK)! Supply chain tracking? Blockchain voting? Notary? Property ownership? Bitcoin can do it all.
But now the community seems to be more in the spirit of Bitcoin being a store of value and a transfer of value and that's it. The comments on this post sum it up. Ignoring Luke-jr's expected nonsense, so many people are adamantly against anyone using the Bitcoin blockchain for anything other than transferring money.
Which is an interesting issue, because almost no one uses Bitcoin for that. Specifically, in 2016, the majority of transfers are between exchanges, only a tiny fraction is for payments or other transfers, see chart in article.
This is probably why the number of transactions keep climbing and fees keep rising despite people complaining. Exchanges aren't really hurt by high fees, they can pass them on or absorb them since their average txn amount is relatively high so the fees for them are still low.
As an aside, it's almost funny that LN is being offered as a scaling solution, but the majority of users who are actually making money off Bitcoin (exchanges, and miners) don't need that solution at all. They also don't need larger blocks (perhaps someday the exchanges would, but they don't seem to need them currently). Is it no wonder the scaling issue is in a stalemate? Anyway...
So what does this have to do with /ethtrader?
It seems to me that the Bitcoin community has mostly relegated Bitcoin to a use (transfer of value) that almost no one uses it for (majority use it for speculation and store of value, with the idea that future users will need it as a transfer of value). While a market can stay irrational longer than anyone can stay liquid, they do eventually catch up to reality, and when that happens with Bitcoin some money will go to things like Dash, Monero, and Litecoin, but I think the majority will go to Ethereum. It might be years, but that's ok, I think most of us are in this for the long haul, both as an investment and as a technological revolution.
submitted by arcturnus to ethtrader [link] [comments]

Subreddit Stats: CryptoCurrency top posts from 2016-03-26 to 2017-03-25 06:16 PDT

Period: 363.66 days
Submissions Comments
Total 1000 5933
Rate (per day) 2.75 16.28
Unique Redditors 374 1711
Combined Score 21623 13093

Top Submitters' Top Submissions

  1. 1930 points, 78 submissions: Coinosphere
    1. Bitcoin expected to become part of everyday life in the Caribbean within eighteen months as banks abandon the region (70 points, 11 comments)
    2. Marijuana now legal in eight more US States while vendors get more bitcoin options (66 points, 0 comments)
    3. Bitfinex hacked, halts trading, deposits, and withdrawals - 119,756 BTC lost so far with no insurance (60 points, 5 comments)
    4. Hacker holds San Francisco railway to ransom, demands 100 bitcoins (59 points, 8 comments)
    5. South Korea plans national digital currency using a Blockchain (52 points, 6 comments)
    6. Santander says ‘Yes to bitcoin’ in Brazil (50 points, 3 comments)
    7. Ukraine to be the first government to integrate blockchain technology, targets corruption (48 points, 1 comment)
    8. 50% of all consumers would use bank alternatives, including bitcoin, as Bank irrelevance grows (46 points, 0 comments)
    9. Core Bitcoin developer uncovers possible plot by ChainAnchor to force AML onto Bitcoin (46 points, 9 comments)
    10. Seafile replaces Paypal with bitcoin after Paypal privacy shenanigans (46 points, 0 comments)
  2. 930 points, 39 submissions: helmsk
    1. Countdown: Bitcoin Will Be a Legal Method of Payment in Japan in Two Months (88 points, 2 comments)
    2. Bitcoin Transactions Declared VAT-Exempt in Norway (85 points, 3 comments)
    3. Zeronet Wants to Replace the Dark Web by Marrying Bitcoin to Bittorrent Over Tor (46 points, 3 comments)
    4. Central Bank of Nigeria Says ‘We Can’t Stop Bitcoin’ (44 points, 6 comments)
    5. New Image Hosting Service Pays Thousands of Uploaders in Bitcoin (43 points, 4 comments)
    6. Coinbase Exits as Hawaii Requires Bitcoin Companies to Hold Fiat Reserves (39 points, 7 comments)
    7. Europe Lays Out Roadmap to Restrict Payments in Cash and Cryptocurrencies (35 points, 1 comment)
    8. One of These 5 Hyperinflating Economies Could Adopt Bitcoin in 2017 (32 points, 6 comments)
    9. Polish Bitcoin Adoption Escalating with Strong Ecosystem (30 points, 1 comment)
    10. A Look At Bitcoin Bubbles, When Will the Next One Be? (25 points, 6 comments)
  3. 846 points, 36 submissions: e-ok
    1. Europe Will Have Power to Ban Blockchain Tech in January 2018 (51 points, 20 comments)
    2. Bitcoin Projects on Github Surpass 10,000 (47 points, 3 comments)
    3. Italy's Largest Taxi Fleet Accepts Bitcoin (46 points, 2 comments)
    4. Bitcoin Symbol Left Out of Unicode's Latest Version (42 points, 4 comments)
    5. Malta's Prime Minister Says Europe Should Become the Bitcoin Continent (40 points, 3 comments)
    6. SEC Rejects Rule Change for Bitcoin ETF (32 points, 0 comments)
    7. Bitcoin Price Poised for a Breakout, Technical Analysis Shows (31 points, 5 comments)
    8. ECB to EU: Tighter Regulations, Less Anonymity on Digital Currencies (29 points, 8 comments)
    9. OpenBazaar 2.0 Now Running on Tor Network (27 points, 0 comments)
    10. Trump's Trade War With China Could Boost Chinese Bitcoin Demand (27 points, 8 comments)
  4. 801 points, 39 submissions: Posternut
    1. ‘Decentralized Reddit’ Steemit Awards $1.3 Million to Users (48 points, 15 comments)
    2. IBM Invests $200M Into Blockchain and IoT Research at German Headquarters (45 points, 2 comments)
    3. Bitcoin Price Rally Rages on, Market Cap Passes $10Bn USD (34 points, 0 comments)
    4. Apple Tells Jaxx To Remove Dashpay (31 points, 32 comments)
    5. Secret Chinese Bitcoin Mines Are Mining Millions (31 points, 4 comments)
    6. A Decentralized World Has No Kings (29 points, 0 comments)
    7. China's Social Security Fund to Use Blockchain Technology (28 points, 3 comments)
    8. FBI Director: 'There's No Such Thing As Absolute Privacy’ (28 points, 4 comments)
    9. Kim Dotcom’s Mega & Bitcoin ‘Baby’ Will Be Born This January (28 points, 5 comments)
    10. BitPay Launches Loadable Visa (27 points, 0 comments)
  5. 784 points, 35 submissions: CryptoCurrencyNews
    1. Libertarian City Liberstad in Norway is Moving Forward Using Bitcoin as Primary Currency (67 points, 8 comments)
    2. What Is the Flippening? (53 points, 16 comments)
    3. Only 807 People Have Declared Bitcoin for Tax Purposes According to IRS (40 points, 12 comments)
    4. Storj to Migrate Decentralized Storage Service to Ethereum Blockchain (40 points, 5 comments)
    5. Darknet Marketplace AlphaBay Will Enable Ethereum Payments Soon (35 points, 14 comments)
    6. The Trump Administration is Buying Into Blockchain Tech (35 points, 5 comments)
    7. Coinbase Receives Approval To Trade Ether and Litecoin in New York (32 points, 2 comments)
    8. Bitcoin's Price Just Finished its First Month Above $1,000 (29 points, 1 comment)
    9. Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges (29 points, 5 comments)
    10. The EU is Now Targeting “Unpermissioned” Blockchains (29 points, 10 comments)
  6. 633 points, 35 submissions: twigwam
    1. Creator of the JavaScript language and early Internet pioneer plans blockchain-based digital ad platform on the Ethereum network (40 points, 18 comments)
    2. NYTimes on Ethereum... (37 points, 15 comments)
    3. The Disaster that is Bitcoin (35 points, 20 comments)
    4. Bitcoin is a Highly Centralized Network, Says Harvard Researcher - CCN (31 points, 14 comments)
    5. Gavin: Ethereum will outgrow Bitcoin at this pace. (28 points, 9 comments)
    6. The Amount of Self-Proclaimed Ethereum Experts Surpasses 3,000 On LinkedIn (25 points, 8 comments)
    7. [The Economist] Ethereum: One blockchain to rule them all? - talk with Vitalik Buterin (25 points, 0 comments)
    8. How the blockchain will radically transform the economy | Bettina Warburg (22 points, 9 comments)
    9. Vitalik Buterin to Debut Ethereum Scaling Paper at Devcon - CoinDesk (22 points, 7 comments)
    10. [Coinbase] "is convinced that public blockchains and cryptocurrencies would eventually produce greater innovation, just as the open Internet has changed society more than private intranets have." - Forbes in-depth article (20 points, 0 comments)
  7. 522 points, 20 submissions: olivercarding
    1. Bitcoin Activity in India Has Doubled Since the Banknote Ban (58 points, 0 comments)
    2. Apple Approves Steem, Lisk and Digicash for App Store; Rejects Ethereum Classic (57 points, 10 comments)
    3. Bitcoin Has Many Fans at Amazon According to Purse CEO Andrew Lee (50 points, 5 comments)
    4. $5 Worth of Bitcoin Gets You Internet ‘For Life’ on the Darknet (36 points, 7 comments)
    5. 4 Monero Features That Enable Better Privacy Than Bitcoin (35 points, 0 comments)
    6. Bitcoin is Eating the Entire Online Gambling Industry (31 points, 2 comments)
    7. Report Estimates There are More Than 10 Million Bitcoin Holders Worldwide (28 points, 7 comments)
    8. Bitcoin Dominance Index Approaches 90% as Ethereum and Steem Decline (25 points, 4 comments)
    9. Singapore’s Status Wants to Bring Ethereum to Every Mobile Device (25 points, 0 comments)
    10. Slock.It Says 'The DAO's Journey is Over' (23 points, 0 comments)
  8. 513 points, 21 submissions: _CapR_
    1. Polls suggest the Pirate Party who support Bitcoins as legal tender may win Saturday's election in Iceland (48 points, 3 comments)
    2. ALERT: Apple just approved two more scam wallets, please help reporting them - (/Bitcoin x-post) (41 points, 0 comments)
    3. War On Cash Intensifies: Citibank To Stop Accepting Cash At Some Branches (40 points, 3 comments)
    4. Russian Authorities: Bitcoin Poses No Threat, Won’t Be Banned (36 points, 5 comments)
    5. The Govt. Realized Bitcoin Could Not Be Shut down, Says U.S. Federal Prosecutor - CryptoCoinsNews (36 points, 7 comments)
    6. Saudis, China dump treasuries; foreign banks liquidate a record $346 billion in US paper (33 points, 2 comments)
    7. IRS Fail: Treasury Audit Says it Can't Manage Virtual Currencies - Bitcoin News (32 points, 2 comments)
    8. Bitcoin Is Real Money, Judge Rules in J.P. Morgan Hack (31 points, 0 comments)
    9. Massive scams like OneCoin harm all of crypto & can increase bad regs - help me make a letter on GitHub to send to enforcement agencies (29 points, 9 comments)
    10. Deploy is the fastest and easiest way to create an OpenBazaar store that will stay up 24/7, auto-update, and operate securely. (27 points, 0 comments)
  9. 365 points, 20 submissions: jholmes91
    1. Monero Testing $10, Releases Official Wallet (39 points, 1 comment)
    2. Litecoin Creator: I think there's a General Confusion that SegWit Signaling is a Vote (28 points, 2 comments)
    3. Open-source Cold Storage Guide for Bitcoin in the Works! (27 points, 1 comment)
    4. One in Five Users May Abandon Bitcoin Because of Privacy Concerns (24 points, 19 comments)
    5. Jaxx Wallet Set to Integrate DASH This Week (23 points, 4 comments)
    6. IRS Summons Coinbase, but the Bitcoin Exchange Fights Back (22 points, 2 comments)
    7. New OpenBazaar Release Provides Altcoin Integration (21 points, 12 comments)
    8. Russia's Ministry of Finance Wants to Legalize Bitcoin (21 points, 0 comments)
    9. Monero Appreciation Intensifies on Darknet Adoption (20 points, 7 comments)
    10. Monero Attracts Mainstream Media After ZCash Decline & Controversial Launch (18 points, 0 comments)
  10. 355 points, 17 submissions: coin_news
    1. Major Korean Bank to launch bitcoin-backed remittance service (40 points, 1 comment)
    2. Experts say Scotland should adopt blockchain technology, or risk losing tens of thousands of jobs and hundreds of millions in earnings (32 points, 1 comment)
    3. Tumblers and unregulated wallet providers are the target of global cybercrime conference (30 points, 8 comments)
    4. Gemini launches daily bitcoin auctions to provide better price discovery (27 points, 0 comments)
    5. U.S. Department of Homeland Security funds four blockchain companies developing new cyber security technology (27 points, 1 comment)
    6. Deloitte boosts blockchain adoption by installing a bitcoin ATM in their Toronto office (25 points, 0 comments)
    7. DC attorneys suggest Federal Reserve actively embrace and utilize blockchain technology (24 points, 2 comments)
    8. House of Lords told Bank of England's digital currency is 'some way off' (24 points, 1 comment)
    9. 75% of corporate treasurers in Africa and Latin America interested in blockchain solutions (21 points, 0 comments)
    10. Public blockchains gaining acceptance at Bank of Japan’s Payment and Settlement Forum (17 points, 0 comments)

Top Commenters

  1. nugymmer (404 points, 207 comments)
  2. trancephorm (289 points, 67 comments)
  3. SeemedGood (132 points, 53 comments)
  4. indiamikezulu (91 points, 55 comments)
  5. kingofthejaffacakes (88 points, 22 comments)
  6. jwinterm (87 points, 32 comments)
  7. antiprosynthesis (83 points, 43 comments)
  8. nagalim (80 points, 28 comments)
  9. phor2zero (77 points, 13 comments)
  10. humbrie (76 points, 33 comments)
  11. RawlzSec (75 points, 17 comments)
  12. thegauntlet (73 points, 23 comments)
  13. MasterMined710 (70 points, 44 comments)
  14. wolffang1 (68 points, 39 comments)
  15. marenkar (62 points, 24 comments)
  16. shbour (58 points, 26 comments)
  17. twigwam (57 points, 33 comments)
  18. sn0wr4in (56 points, 14 comments)
  19. strips_of_serengeti (56 points, 14 comments)
  20. travis- (55 points, 16 comments)
  21. ASG3 (54 points, 36 comments)
  22. isrly_eder (54 points, 12 comments)
  23. Explodicle (53 points, 29 comments)
  24. _CapR_ (53 points, 25 comments)
  25. autotldr (52 points, 28 comments)

Top Submissions

  1. Employee mined bitcoins on Federal Reserve servers for two years by _bnc (106 points, 15 comments)
  2. Talking to people about CryptoCurrencies be like... by discombobulatedone (91 points, 11 comments)
  3. Bitcoin falls below 70% of total cryptocurrency market cap for the first time by SatoshiRoshi (90 points, 62 comments)
  4. Countdown: Bitcoin Will Be a Legal Method of Payment in Japan in Two Months by helmsk (88 points, 2 comments)
  5. Monero successfully hardforks! by jml390 (85 points, 33 comments)
  6. Bitcoin Transactions Declared VAT-Exempt in Norway by helmsk (85 points, 3 comments)
  7. Kraken launches Monero trading by jml390 (82 points, 3 comments)
  8. Poloniex is Secure. We're Good. by Poloniex (79 points, 52 comments)
  9. EU Parliament states Virtual Currencies cannot be anonymous by -bnc (70 points, 26 comments)
  10. Bitcoin expected to become part of everyday life in the Caribbean within eighteen months as banks abandon the region by Coinosphere (70 points, 11 comments)

Top Comments

  1. 44 points: boppie's comment in EU Parliament states Virtual Currencies cannot be anonymous
  2. 40 points: ihaphleas's comment in Bitcoin is not private, only decentralised. What is the most private, secure, and decentralised crypto currency?
  3. 32 points: FatherSigma's comment in How many people here know about Monero (XMR)?
  4. 32 points: adidasimwearing's comment in Best Alternative to Bitcoin
  5. 31 points: TH3J4CK4L's comment in Which coins are currently superior to Bitcoin as a currency / store of money?
  6. 26 points: eleitl's comment in Europe Will Have Power to Ban Blockchain Tech in January 2018
  7. 26 points: trancephorm's comment in Zcash trusted setup disaster. The number of parties used should have much larger. It is sad that they never properly responded to this concern.
  8. 25 points: phor2zero's comment in Which coins are currently superior to Bitcoin as a currency / store of money?
  9. 24 points: pasttense's comment in EU Parliament states Virtual Currencies cannot be anonymous
  10. 24 points: trancephorm's comment in Roger Ver Selling his Bitcoin for Dash to Protest Core Censorship (Today's Tony Podcast)
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submitted by subreddit_stats to subreddit_stats [link] [comments]

Is it "Summer time" for "Digital Gold" ? - learn more:

Those that understand a little more about how Bitcoin mining was lost to "economics" will understand why the KNC push for 16nanometers will play into the "digital gold" story.
If that path had any possibly of viability, then the guys with the "gold" need to be "in the game" re mining.
All they need to do is be able to prevent more than 50% of the mining market being owned.
Damn you know.. i feel this should be behind some sort of Quark 80's style pay wall
: D
So today I have some interesting information for you.
Some things that seem to "baffle" people can be easily explained with a little logic and an understanding of decentralized economics.
This is not going to be just about Quark, this is about "probabilities", and i hope to explain some helpful information.
There has been talk about how Larry Summers is involving himself in Bitcoin:
Here are some News stories on that :
NY times (of course)
Then there is this:
Larry Summers and Swiss Bitcoin Hoards
"The FT’s Richard Waters reports that Larry Summers, former US treasury secretary and secular stagnation theorist, is to form part of the advisory board at Xapo, a Silicon Valley Bitcoin start-up specialising in deep cold storage of bitcoins in Swiss vaults and the issuance of bitcoin debit cards."
Lets explain:
Larry has a history of "Silver and Gold" among other things, now for those that are not fully CC "Educated" "Cold Storage" is basically a method in which you turn the section of the BlockChain the "access" to it into a physical product.
So for example the "Key" that unlocks the "crypto" on the Block-Chain is super secretly generated then it is represented physically only like on a piece of fancy paper. (kinda like a bond)
Then put in a vault.
Lets jump into Larry's mind ( i can read minds you know) (sometimes at a distance)
Summer time for Digital Gold
This "Digital Key" represented Physically will be treated as "Digital Gold"
Then this set up will be a quasi "Digital Gold" standard.
then just apply all the other aspects of a Gold standard to that.
for example they will then intend to issue "Digital Debt" off this "Digital Gold"
OK I'm here to tell you I'm fine with all that.
but here is where it gets interesting:
After this jostling occurred and these deals were done, just recently there was a broad "buy in" of alternatives:
basically the "old guard" of respectable alternatives rose:
We had:
  • Quark up about 350%
  • LiteCoin up 100%
  • InfiniteCoin up like over 500%
  • Dogecoin up 100%~
  • Mooncoin up 90%~
basically all the "not scams" and "not losers" (or obviously created by an Intel agency) were up significant %'s
Clearly someone educated (as much as me) in crypto purchased a broad base of alternatives.
find all the charts here : (crypto is essentially a field of junk with a few Quality)
but here is a few in 30D in the recent "bump":
NOTE: (if you are new) you can't go by where a Crypto sits on the "Market Cap" as that is easy to fake and manipulate. you have to be a little sharper than that.
30D image
30D image
hmm why?
well, lets do some 1+1
If Bitcoin is indeed going to be at least pushed as the "Digital Gold" this only means "bad things" obviously for "paper money"
it also means Real Gold may not have the huge bump everyone is expecting. (Jim I'm just saying it how i see it)
I'm not here to say that the wheels will fall off the "Digital Gold" train (at least not in the short term.)
but what I AM saying is I think these guys that have had this "inside info" are also hedging as they understand that, in that scenario all of the "quality" Crypto will be dragged up.
And this recent spike is a good indication of which ones will be going with it.
The "InfiniteCoin" vector
(there strangely enough could be an "non human" I.e Advanced Race vector here but I'm not even getting into that)
What i find really interesting is the set of the Crypto that rose.
Infinite-coin came out of nowhere, but what Vectors and parameters does Infinite coin have?
Very similar to Quark actually with a "EQ reward" (EQ is like small "inflation"), i.e These Crypto are seen as more "stable" less "hackable"
I'm here to tell you that the market is working, lets look at the field of what got pushed up:
  • Quark ( is Quark)
  • Doge ( has an EQ similar to Quark followed from Quark)
  • Mooncoin ( has an EQ like Quark followed from Quark)
  • infinitecoin ( has an EQ like Quark) (but not the algorithm) (but was one of the first to do an EQ)
The only one that doesn't have an EQ and got bumped significantly was "Litecoin"
But here is some psychology - as everyone terms "Litecoin" as Bitcoin's "Silver" So in this scenario it's definitely worth the buy as a hedge.
I'm here to tell you that if you are reading this, I'm giving you the news before it is news i.e paper money still has value and all these crypto I mentioned are still at low (very low) prices.
so i say as i said before - keep an eye on what bumped recently and just let the market settle and slowly throw a little bit here and there into the "Quality."
this is what i will be doing.
Not becasue i want to be "rich" just becasue i want to be "correct"
do i think "Digital Gold" will be successful, I can't say, to be honest I'm very doubtful in the long term, especially associated with Debt.
however do i think that matters?
do i want them to try?
yes why not.
change always moves us forward.
submitted by _k_digi to QuarkOmega [link] [comments]

Is This The END Of Bitcoin ($BTC)? thebitcoingroup - YouTube Xeros, Bitcoin and charts Can Bitcoin Survive 2015? How To Trade Bitcoin Cryptocurrency for Beginners - YouTube

Dealbook Bitcoin Collides With Government Concerns. NATHANIEL POPPER and NEIL GOUGH December 19, 2013 . Bobby Lee is the chief executive of BTC China, the largest Bitcoin exchange, which said that it would no longer accept deposits in renminbi. Peter Parks/Agence France-Presse — Getty Images. If Bitcoin is a bubble, as its critics contend, it is showing signs of deflating. A rapid succession ... How Uber and Lyft Compare, in Four Charts. By Stephen Grocer. April 11, 2019; Get the DealBook newsletter to make sense of major business and policy headlines — and the power-brokers who shape ... Bitstamp, the prominent Bitcoin exchange that suspended its services this week after a security breach, has resumed operations, capping a period of uncertainty in the virtual currency industry. “We are happy to announce that we are back open for business with a newly redeployed website and back-end systems that are safer and more secure than ever,” Nejc Kodric, the chief executive of ... Bitstamp, a popular Bitcoin exchange, said on Tuesday that some of its virtual wallets were compromised on Sunday and that it had lost roughly 19,000 Bitcoins, worth about $5 million. Sections Home Search Skip to content. The New York Times. DealBook Jitters After Bitcoin Exchange Suspends Services Search. Subscribe Now Log In 0 Settings. Close search Site Search Navigation. Search NYTimes ... The New York Times DealBook Summit. Watch from anywhere in the world, free of charge. Take your place alongside the most consequential newsmakers in business, policy and culture.

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Is This The END Of Bitcoin ($BTC)?

Known as Coinbase, the startup exchange debuted Monday morning, initially causing a spike in bitcoin’s value. Follow Katherine Biek: The value of Bitcoin took a 20-percent tumble over the weekend. But does this signal the end of Bitcoin? Probably not. Follow Mikah Sargent: http://www.twitt... "First they ignore you, then they ridicule you, then they fight you, then you win." -- Mahatma Gandhi Buy stock in The Bitcoin Channel and promote Bitcoins: ... Bitcoin's stock has tumbled significantly this year, but more companies now accept it, leading supporters and critics alike to weigh in on its future. Follow... Bitcoin #BTC and the charts of Bidstack #BIDS Immotion #IMMO Itaconix #ITX Nuformix #NFX Open Orphan #ORPH Polarean #POLX Integumen #SKIN Safestay #SSTY Crimson Tide #TIDE Wey Education #WEY How I ...