Can Blockchain Technology Improve Compliance?

https://i.redd.it/031ikr0t8ol31.png

Article by Coingeek: Ed Drake

Blockchain technology has been closely monitored by companies in highly regulated industries over a number of years. For many firms, blockchain presents opportunities for streamlining reporting and discharging regulatory burdens. But how can blockchain technology improve compliance, and what sectors specifically stand to benefit most?

Self-executing smart contracts are set to overhaul how commerce functions. At their most basic level, these are contracts that execute automatically when certain predetermined triggers are met, effectively eliminating layers of negotiation.

In industries where contracts are often largely standardized or repeated, the automation from self-executing smart contracts will improve efficiency and reduce costs while also providing a permanent audit trail.

Land registry is another legal function where compliance can be made significantly easier – especially in developing countries. Tracking land registration on a public blockchain ensures consistent, transparent ownership records, as well as facilitating smoother transfers of title. Verification is made easier by the immutable record of ownership, which can again be traced far more effectively than in most land registration systems. Blockchain tech will play an increasingly important role in land registration in future.

Intellectual property rights stand to benefit from blockchain too, making IP ownership rights more immediately ascertainable, recorded on a public ledger for storing evidence of first use and patent/trademark information.

The same applies to all kinds of public records administered by governments and state agencies, including census data and birth records. By storing this data on a blockchain, rather than in cold digital or paper archives, records become easier to administer, permanently stored and easily retrievable across decentralized networks.

This can even be extended as far as electronic voting and voter registration, with blockchain verification shoring up the integrity of records and votes, as well as making the process itself significantly easier to administer.

Regulated industries and sectors arguably stand to benefit most from greater adoption of blockchain technologies, with countless applications that would help improve compliance, record keeping and administration.

Can Blockchain technology improve compliance? This is one of the questions set to be explored in more depth at the forthcoming CoinGeek Conference in Seoul, South Korea, alongside a host of other issues pertinent to the development of Bitcoin SV (BSV).

The event is designed for developers and stakeholders to learn more about Bitcoin SV and how the technology is developing the world’s new money, through adhering to the original whitepaper vision for Bitcoin.

Featuring presentations from some of the world’s leading academics, including Bitcoin founder and nChain chief scientist Dr. Craig Wright, the event is open to everyone with an interest in BSV and blockchain. To learn how can blockchain technology improve compliance, get your tickets today to the CoinGeek Seoul conference.

Get 20% off the CoinGeek Seoul conference tickets when buying with BSV, plus conference attendees can also take advantage of exclusive discount to the Le Meridien Seoul. Check out this link, select “Group code” at the Special Rates tab and simply type the promo code RE1RE1A to receive the hotel discount.

Apple Reveals Shock Bitcoin And Crypto ‘Interest’ Ahead Of Hyped iPhone 11 Event - Forbes

https://www.forbes.com/sites/billybambrough/2019/09/09/apple-reveals-shock-bitcoin-and-crypto-interest-ahead-of-hyped-iphone-11-event/

[uncensored-r/Bitcoin] Bitcoin to cash taxes

The following post by btctaxes is being replicated because some comments within the post(but not the post itself) have been silently removed.

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np.reddit.com/r/ Bitcoin/comments/d1t9h5

The original post's content was as follows:

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Hello everyone

I have been buying BTC from Coinbase and then storing them in a hardware wallet. I have a personal emergency and want to encash the stored BTC, by bringing it back to Coinbase and converting to cash.

Can someone guide me on the tax implications? How is it calculated in this situation?

Also would appreciate any online software to help me estimate BTC tax implications and any US based tax consultants/CPAs who specialize in BTC for a paid tax consultation.

[uncensored-r/BitcoinMarkets] Blockchain and Crypto Events This Autumn

The following post by Nixxing is being replicated because the post has been silently removed.

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It’s always nice to enter the new season with like minded people: blockchain events are the place to go if you want to spend this autumn surrounded by other crypto enthusiasts.

Here is a selection of blockchain and crypto events worth attending this upcoming autumn. 

https://coinmetro.com/blog/blockchain-and-crypto-events-this-autumn/

Some crazy, awesome math for you guys

bitcoin, bitcoin, bitcoin

Halves every 4 years.

Price is function of demand, with consistent demand, and no speculation or outside influence, price grows at 19% per year.

1 -> 2 -> 4 -> 8 is a 19% rate of growth.

Volatility is the two-way function of price.

Bitcoin is computationally fixed, more predictable than Gold, Fiat, or any other asset known to man - fixed at 19%, with flat demand, flat counter-party influences, 100% unalterable, 100% auditable, 100% known.

Regardless of opinion, Bitcoin is more fixed and unalterable, at 19% annualized growth, than any other major store of wealth, in existence, ever - everything flat, society goes linear.

What is also fixed? Time. X.

Bitcoin is Time when graphed.

Meaning, all volatility is due to either change in demand or change in outside influence, never, ever a change in Bitcoin - it is the pole upon which Archimedes stands.

---

Now let's think of the counterpoint, and how Bitcoin is used. For this we will get deep and practical. Bitcoin is not mana, you don't buy a little every day (that is dumb) : Bitcoin is a bank, a reserve. You buy a bunch of it, and devy it out as you deplete. So every new buyer of Bitcoin has some scaling function, whereby savings transfer into Bitcoin, until Maxed, and then if Income < Costs, they pinch out to deplete.

The importance here is 19% is inferior to VC moneybags investing, the purchase of tools, the hiring of a tutor, or the micro-investing into side-hustles; but for the passive, index investor, it reigns supreme.

---

Now let's get deeper. The square root of Bitcoin is South America, Africa, Asia, and the island nations - the colonialized, and oppressed.

Is it America, is it Europe, is it Communist? Unimportant - it could be the distablization brought on by nature: in any country in which localized Fiat is untrusted, it is setup to pay tribute to a colonial power (such as propagation of USD), or run risk of being debased.

The cost of a 51% attack is X, reward more than. Imagine outsiders bring war to Iraq to remove a dictator and acquire oil. In such a case, currency gets debased, commerce halted, and it is the unintentional consequence of a side-quest. People of Iraq live and die, accidentally trampled without malice or profit.

Bitcoin saves that.

Now if colonization is an objective, and part of the business plan for say the US government is to destabilize Argentina, Turkey, or whatnot - with the hope either they choose to propagate USD, or they pay USD men to provide "insurance" and if not their money gets debased - kinda like a mob, everyone needs a bit of mafia in their life, if only to discourage future suitors.

In the event Bitcoin is known, a tortured society can collectively starve-off profits; making those that make money by charging a Colonial Management Fee, make less. Less expectation, less investment. All peoples within a danger zone for rapid debasement can optionally support a known mafioso, Bitcoin, or in the event the destabilization is a cause of nature, their nearest sovereign-currency provider (EU, US, GBP).

Once one currency is debased, it is unwise for a population to 'invest' in its replacement. Either it could be contrived, or at a minimum it is untested. Investing in ones local currency should be done at a minimum "whatever you can afford to lose", if it faces significant risk of debasement, or conversely could be used as a hidden-payoff to mobsters. Alternatively one can think of holding local speculative currency as a 'charitable giving', of sorts.

Here, Bitcoin is merchandising.

Here, Bitcoin is daily spending.

The wealth of this customer is paltry, the need sudden, and excessively sharp. They are a refugee - but unlike a migrational refugee, they can flee 'over the internet' so to speak. So, if ones supply chain remains intact, in theory one could swap Debased Dollar for Bitcoin, without any economic loss - loss in the progress of things, stalling of good transfers, services rendered, etc - this is not possible with USD, EU, GBP - sovereign dollars require approval - you got to pay a fee, get a license, ask permission, beg approval to use currency of outside sovereigns.

And what is your boss to think if you go cheating on him with USD? Maybe USD don't want to get into that mess. Maybe USD wants to allow a grace period post-breakup so that Angry X Dictator don't get the wrong idea.

But not Bitcoin.

Now this utility, or function of Bitcoin - Bitcoin is a first-mover into any population experiencing currency destabilization.

But, we got a problem. Bitcoin is volatile, both up and down. This customer must sell daily, and must purchase suddenly, unexpectedly - price can not be a factor.

So now you are seeing the two-sides of the coin of value.

One is shook demand from localized destabilization, and the second is a savings vehicle for the passive investor.

Those in shook need to minimize downside risk and high merchant utility, while those into passive saving move large amounts in, slowly, locking it down for a 4 year holding cycle.

---

Thus, savers can benefit those in distress by focusing on stabilizing price, into 4-year cycles, while those in distress can benefit themselves and reduce global tension by avoiding 'puppet currencies' of no material strength.

19% is the flat demand growth rate - 0% population growth, 0% inflation, 0% raises, arrested technological progress, if cost-of-thriving index stays flat, along with cost of living, and Bitcoin demand stays fixed, and price if perfectly predicted, Bitcoin grows at 19%, annually.

If one presumes a combined population + tech development + inflation of more than 0, then Bitcoin grows more. But this is misleading... Bitcoin consumes $6.5 Bil annually at a $10,000 value.

This is a fixed number, not a percentile.

If one says Monetary Growth is 5%... of 20 Trillion, then that is 1 T more dollars. Monetary Growth does not increase war, but it does increase funding for passive investments, like Bitcoin - for the Savers, Bitcoin is a luxury good; like 401k percentages or vacationing.

You buy Bitcoin with the expectation of 100% rate of return per US Presidential Cycle (19% per annum).

If New Money is saved in Bitcoin at a rate of 1%, then a 1 T increase is a $10 B increase in demand, stabilizing at over a 100% increase in price.

So we got:

A fixed amount of Old Money, moving into Bitcoin for passive investing with expected rates of 19% - this is done slowly, with a 4 year horizon. This money has extended time preference and sophistication, allowing it to stabilize price.

And then we got a % of New Money, which is more like a luxury good, that moves into Bitcoin with a leveraging of easily 100 to 1. This money would be highly volatile, as it would be most like to come out all-at-once after a negative experience from a short trial.

And lastly, one has the distressed, who have but a short time to learn about Bitcoin, buy Bitcoin, and have every merchant with whom they interact with accept Bitcoin - to achieve peace. For them, mild fluctuations are like a grocery store increasing their prices 8x over a year, and USD is off-limits - Bitcoin is a necessity, must be instantly accessible, and must be instantly spent.

Downward movement of 10% in any given month, or any given week, might prove hazardous for business. Prices, and exchange rates, could still be established in USD, but the actual exchange of value can occur in Bitcoin.. Remember, it is not USD Bitcoin is replacing, but Debased Economies Off-limits to USD - refugees, who want to build instead of migrate, and couldn't before without transferable money.

Bitcoin fell 80% in 1-year, which can destroy a business, but a New Money investor of 2-years should of at most lost only 50%, and presumably after 4-years they should up - and all Old Money investors should be up, if not partly cashed out with 1,000% returns.

---

So now we got this weird dynamic where as Bitcoin becomes less negatively volatile annually, it becomes more attractive for New Money, and as it becomes less volatile monthly, it becomes more attractive for the distressed - this new demand creates prices jumps, benefiting Old Money, whose responsibility it is to sell and rebuy intelligently to amplify profits, but also in order to increase the long-term usefulness of Bitcoin.

---

For the coming US Presidential Cycle, we may aim to reduce total negative volatility from 80% to 50%, over a multiyear period and monthly negative volatility from 60% to 30%.

The more linear the growth, the more exponential the demand.

Old Money must strive to stabilize the price of Bitcoin, both for themselves and for the hurting.

Creating price stability within Bitcoin is charity.

It is Kindness. It is a social love.

If anyone reads that, hope they enjoyed the journey.

Bitcoin 1776

Apple’s Crypto Tease —The Ledger

Jennifer Bailey, the VP of Apple Pay, last week disclosed that her company is “watching cryptocurrency” and “think[s] it has interesting long-term potential.” Does this mean we can expect a big crypto announcement at tomorrow’s iPhone 11 event?

Don’t hold your breath. Even though Apple loves to drop surprises during its September marketing spectacle, it’s a safe bet the arrival of an Apple Coin won’t be one of them. Despite Bailey’s comments, the company under CEO Tim Cook has been all about incremental improvements, so don’t expect him to announce a visionary crypto gambit along the lines of Facebook’s Project Libra.

When it comes to payments, the most innovation Apple has been able to muster of late is a new credit card. The card is pretty and offers some nifty rewards when you use it via the iPhone but, in the end, it’s still just a credit card—one that might excite Apple fanboys but that will do nothing to shake up the broader world of finance.

If you want further evidence of Apple’s lack of crypto ambitions, you can also look at its hiring history. A search of LinkedIn reveals dozens of Facebook and Amazon employees with “blockchain” or “crypto” in their titles, while Apple doesn’t have anyone with those titles. It’s possible, of course, that Apple is cooking up a big crypto project on the sly. But the more likely explanation of Bailey’s “we’re watching cryptocurrency” comment is what it sounds like—that Apple has decided to be no more than a spectator in the emerging crypto industry.

This is a shame. As I’ve written before, Apple is best poised among the tech giants to launch a cryptocurrency. Unlike Twitter, whose CEO has conceded he’ll be sticking to Bitcoin, Apple has the engineering chops and a critical mass of customers for an Apple Coin to catch on. The company also has a good reputation when it comes to privacy, meaning it wouldn’t face the sort of regulatory headaches that Facebook is (rightfully) confronting over Libra.

Alas, what Apple lacks is the ambition to launch a new blockchain-based form of global money—even if it did once. It’s inconceivable the company’s late founder Steve Jobs would have ceded the future of a new technology like crypto to a rival. But the Jobs era is long gone. So instead of competing with Facebook over Libra, Tim Cook will use tomorrow’s Apple event to merrily trot out some improvements to the iPhone camera or maybe launch a new watch. For anyone watching the event, be sure to ask yourself “Why aren’t they building an Apple Coin instead?”

PS Care about business and sustainability? Fortune’s latest weekly newsletter The Loop has you covered. Check out theinaugural editionand sign uphere.

Jeff John Roberts | @jeffjohnroberts | jeff.roberts@fortune.com

* More Details Here

Tel Aviv Blockchain Week is here! Catch our team at exciting events including the D&DD Summit and Scaling Bitcoin. Stay tuned for a special announcement from Ben Fisch.

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Bitcoin Tumbler Services: The Complete Guide

Here's an article on bitcoin tumbler services. Great little article on understanding how it works!

https://hedgetrade.com/bitcoin-tumbler-services-complete-guide/

4 Bitcoin Events That Will Shake the Market

https://youtu.be/P5gZGdwp3U0

4 Bitcoin Events That Will Shake the Market

https://youtu.be/P5gZGdwp3U0

[USA-FL] [H] Console games, SNES, NES, Genesis, PSX, Ps2, XBX, GCN, More! [W] PayPal, Crypto, Cash App, Local Cash

Big apologies for dropping off last post - my wife became critically ill, hospital, all kinds of crazy things and Reddit was the last thing on my mind. We've stabilized now and life is back to relative normalcy. Not pity partying, just letting everyone know where I went and why.

////

I am negotiable on price with these, please don't be afraid to offer, and remember, paying with crypto = discount.

Higher quality items coming as soon as today, but as late as Sunday. Going to try my best but I do work all weekend this time also. But short shifts. So this is just a taste of what's coming.

This is a cross post - selling on a couple of other forums as well but thought perhaps this one may have more exposure. Thusly, cross feedback is available on these aforementioned platforms. That said, I understand I am new HERE.

 If anyone needs to get ahold of me for any reason pertinent or otherwise, PM me, I am here. Will be adding more soon and will try to evaluate prices, but no guarantee on a timely manner of that, offer if you see something you like. I understand some of the brand new and sealed stuff is better for eBay - but trying here first.

I will consider all offers! Will ship international, worldwide!

Offers entertained and encouraged. Paypal accepted, Bitcoin or major alts strongly preferred.

WTS:

Guides:

https://postimg.cc/xk97rqfk

Half Life 2 - 8 shipped

Killer 7 - 35

Mario Tennis 64 - 15

Metroid Prime/Fusion - 20

Metal Gear Solid Official Mission Handbook - 25

Conker's Bad Fur Day - 40

Banjo-Tooie - 25 shipped

Myst V - 25

Musashi: Samurai Legend - 15

Ultimate Spider Man - 12

Arc the Lad: End of Darkness - 25

PSX:

Alundra 2 - Sealed, 80 shipped.

Beyond the Beyond - Complete, 35 shipped.

DDR Konamix - Complete near mint, 15 shipped.

Dragon Quest VII - Complete (small crack on case otherwise amazing shape, personally owned since launch), - 80

Dragon Quest VII - New/Sealed, 160 shipped

Final Fantasy Origins - Sealed, 60 shipped.

Legend of Legaia - Complete, very good shape - 60

O.D.T. Escape or Die Trying - Complete, 8 shipped.

Persona PSX - Complete - 300 Shipped OBO

Puzzle Star Sweep - Complete, 11 shipped.

Saga Frontier II - Complete, 70 shipped

Tales of Destiny II - Complete/Mint (great shape really) - 150 OBO

Vanguard Bandits PSX - Complete, 150 Shipped

Xenogears PSX - Complete, - 100 Shipped

Ps3:

Resident Evil 5 - Used, complete, 10 shipped.

Ps2:

Fantavision - New/sealed 18 shipped.

Ultimate Spiderman - Complete, 16 shipped.

Prince of Persia Warrior Within - Complete, 9 shipped.

Super Bust a Move - Complete, 8 shipped.

Tekken Tag Tournament - Complete, 6 shipped.

SSX Tricky - Complete, some scuffing on the case, 12 shipped.

Armored Core 2 - Complete, 8 shipped.

Dynasty Warriors 3 - Complete, 11 shipped.

The Bouncer - New/Sealed, offer.

Dynasty Warriors 4 - Complete, 8 shipped.

Auto Modellista - Complete, 7 shipped.

Jet X20 - Complete, 5 shipped.

Ring of Red - Complete, 19 shipped.

Phantom Brave - New/Sealed, 28 shipped (also have guide which can be worked into the deal somehow).

RPG Maker II - New/Sealed, 40 shipped.

Bombastic - New/sealed, 14 shipped.

Mad Maestro - New/sealed, 12 shipped.

SSX - Complete, 10 shipped.

Dragonball Z: Budokai - Complete, 12 shipped.

Ready 2 Rumble: Round 2 - Complete, 6 shipped.

Kessen - Complete, 6 shipped.

Big Mutha Truckers - Complete, take it.

Guitar Hero - Game / case / manual only, 5 shipped.

Virtua Fighter 4: Evolution - Complete, 7 shipped.

32X:

NBA Jam T.E. - 12 shipped.

Gamecube:

007 Agent Under Fire - Complete, 8 shipped.

Final Fantasy Crystal Chronicles JPN - Complete, 13 shipped.

Fire Emblem Path of Radiance - New/SEALED, 300 shipped.

Legend of Zelda Master Quest Bonus Disc (Full Ocarina Game/Master Quest game on Gamecube) - New/sealed 90 shipped.

Phantasy Star Online Episode I & II - Complete, 50 shipped.

Resident Evil: CODE Veronica - New/SEALED, 125 shipped ( would consider straight trade for other sealed RE games or something similar)

Spiderman 2 - Used, complete, 10 shipped.

Star Wars Rogue Squadron: Rebel Strike Preview Disc - Complete, 18 shipped.

Tom Clancey's Splinter Cell - Complete, 10 shipped.

Super Nintendo:

JPN Aladdin - Whatever

JPN NBA Jam - Whatever

MegaMan X - 30 shipped

Pac Man 2 Adventures of Pac Man - 6 shipped.

Populous - 5 shipped.

Super Empire Strikes Back - 10 shipped.

Super Mario World - 14 shipped

Super Mario World - 15 shipped.

Super Return of the Jedi - 12 shipped.

Super Star Wars - 10 shipped.

Taz Mania - 7 shipped.

Genesis:

Aladdin - 10 shipped.

Altered Beast - 7 shipped.

Bernstein Bear: Camping Adventure - 7 shipped.

Chester Cheetah: Too Cool to Fool - 8 shipped.

Desert Demolition (Road Runner/Coyote) - 6 shipped.

Ecco the Dolphin - 6 shipped.

Hook - 5 shipped.

Jurassic Park: Rampage Edition - 6 shipped.

Lion King (x2) - 9 shipped.

Maximum Carnage - Red cart, 12 shipped.

Mig-29 Fighter Pilot - 7 shipped.

Mortal Kombat - 6 shipped.

Mystic Defender - 9 shipped.

NBA Jam - 7 shipped.

NFL 98 - 6 shipped.

Olympic Summer Games - 6 shipped.

Power Rangers - 7 shipped.

Road Rash - 18 shipped.

Shadow Dancer The Secret of Shinobi - Tear on label, 8 shipped.

Shining in the Darkness - 18 shipped.

Sonic 2 (x3) - 6 shipped.

Sonic the Hedgehog (x3) - 7 shipped.

Space Harrier II - 11 shipped.

Street Fighter II Special Championship Edition - 9 shipped.

Tecmo Super Bowl - 11 shipped.

Toy Story - 9 shipped.

Virtua Racing - 10 shipped.

WeaponLord - 11 shipped.

Williams Arcade's Greatest Hits - 8 shipped.

Winter Olympic Games - 7 shipped

World of Illusion Starring Donald Duck and Mickey - 10 shipped.

X-Men - 9 shipped.

X-Men -Box/cart - 15 shipped.

NES:

Battle Chess - 8 shipped.

Castlequest - 10 shipped.

Cobra Triangle - 9 shipped.

Double Dragon - 13 shipped.

Double Dragon III - 20 shipped.

Faxanadu - 13 shipped.

Final Fantasy - 20 shipped.

Galaga - 12 shipped.

Ghosts 'N Goblins - 12 shipped.

Hydlide - 7 shipped.

Indiana Jones Temple of Doom (black cart) - 12 shipped

Iron Sword - 6 shipped.

Jeopardy! - 6 shipped.

Legacy of the Wizard - 10 shipped.

Lode Runner - 10 shipped.

Mario 3 - 15 shipped.

Mario Bros / Duck Hunt - 7 shipped.

Monopoly - 7 shipped.

Mystery Quest - 8 shipped.

Renegade - 8 shipped.

Robocop - 7 shipped.

Rolling Thunder - 8 shipped.

Rush 'n Attack - 7 shipped.

Shinobi - 18 shipped.

Strider - 8 shipped.

Super Pitfall - 10 shipped.

T&C Surf Design - 10 shipped.

Tecmo Bowl - 14 shipped.

Teenage Mutant Ninja Turtles (x2) - 10 shipped.

The Black Bass - 8 shipped.

Time Lord - 7 shipped.

Yoshi's Cookie - 8 shipped.

Nintendo 64:

JPN Yoshi' Story - 15 shipped.

Lode Runner 3D - 10 shipped.

Mario 64 - 25 shipped

Quest 64 - 15 shipped.

Rogue Squadron (x2) - 15 shipped

Turok Rage Wars Black Cart - 14 shipped

Wave Race - 8 shipped

360:

Assassin's Creed - Used, complete, 10 shipped.

Devil May Cry 4 - Complete, 10 shipped.

Halo ODST + Forza 3 Combo - Complete, 12 shipped.

Halo Ultimate Companion DVD (x2) - 10 shipped.

Last Remnant - Used, complete, 10 shipped.

Perfect Dark Zero - Complete, 9 shipped.

Rainbow Six: Vegas - Complete, 8 shipped.

Xbox:

Armed and Dangerous - Complete, 10 shipped.

Guilty Gear X2 Reload - Complete, 8 shipped.

Star Wars Clone Wars / Tetris Worlds (x3) - New/Sealed - 25 shipped.

Toejam and Earl III - New/Sealed, offer.

Dreamcast:

NBA 2K1 - Complete, 6 shipped.

Seventh Cross Evolution - Complete, 25 shipped.

Spec Ops II: Omega Squad - Complete, 10 shipped.

Test Drive LE Mans - Complete, 10 shipped.

DS:

Feel the Magic - Used/complete, 9 shipped.

Magnetica - New/sealed 25 shipped

Ping Pals - Complete, 6 shipped.

Touch Detective - New/sealed - 35 shipped

Trace Memory - New/sealed - 40 shipped

Trace Memory - Complete/mint - 20 shipped

Consoles:

https://postimg.cc/gallery/2bxenhwp0/

Just a random quick assortment, but I have many systems from many generations, just let me know what you're after (IE console only, or with hookups, or with controller, etc and I will check my inventory and see what we can work out on a case by case basis.) The majority of console types I have are Genesis, PSX, and Nintendo 64. I have less of the SNES, some NES, and a few other misc like a couple Dreamcasts I think are available.

I'll take PayPal, but I really prefer Bitcoin/Stellar and major altcoins and may be more willing to flex price when receiving crypto.

More coming...

Also, when offering in comments or message, please specify what for of payment as it may have a determination of my response (IE preferring crypto, I may go a little lower than USD and traditional payment gateways).

I think I purged everything I sold so far here and on eBay/forums, should be accurate.

Completed trades thread:

https://www.reddit.com/r/mushroomkingdom/comments/9b0tx7/ugameliquidator_completed_sale_thread/

https://www.reddit.com/r/mushroomkingdom/comments/c7e290/ugameliquidator_completed_sale_thread_2/

We need to actively discuss a permanent solution for maximum block sizes, including "default" settings, and put it into the major BCH implementations as soon as possible

Bitcoin Cash has been left vulnerable to the same attack that stopped Bitcoin Core from scaling.

We saw during the recent stress test that the "default" setting for ABC software of 2MB caused the majority of miners to leave the "default" in place.

Now we have the leadership of the ABC client talking about a cap that stays around 2x demand, without defining "demand", a critical part of any such proposal.

The definition of "demand" will determine if BCH can rapidly adjust to holiday shopping cycles, or a new killer app, or if it will have on-chain congestion every time some new use case or event causes demand to exceed supply.

Discussion about this "default" seems to come in the form of one or two-sentence group messages, which I can tell you from experience will lead to disaster, more divisions in the community, and possibly a failure of BCH to continue to get traction with merchants and users.

I believe we need a very simple, basic, scaling cap on the default blocksize that scales at fixed block heights based on predicted improvements in software efficiency, computing, storage and broadband costs.

Adaptive sizes can be proposed too, but are far more complex and more likely to break down in the future (see the DAA, and revised DAA).

Scaling ceiling limits are meant to predict what's safe for the network, while leaving miners to set soft limits on what they consider to be profitable. Adaptive blocksizes take some of the profitability decision making out of the hands of miners, and put this decision making into the protocol. Now, we've seen that miners often don't change default settings at all, so there's some merit to an adaptive blocksize to automate this decisioning.

Why don't we look at improvements in benchmarked performance of BTC > BCH since 2009 over cost reduction in computing, storage, and broadband, and implement a BIP-101 like limit for the default setting?

We can begin discussions around an adaptive blocksize now too, but I feel like that process needs more time to reach an optimal design.

4 Bitcoin Events That Will Shake the Market

https://youtu.be/P5gZGdwp3U0

Vote against the Bitcoint farm in the hieout, can kill the hacling population, save your fellow hacling! Say NO!

Apart from the jokes, no one has never talked about the hideout capability to help players? Bitcoin farm and item crafting will be a lifesaver for unlucky players, MAYBE also reducing the need to run without nothing (and so justify the new proposed change for the event).

What do you think about this view?

PS: be ready for the GPU/CPU inflation in the flea :p

Watch Out Binance’s Countdown for the Third Bitcoin Halving Event

https://thecryptonetwork.co/watch-out-binances-countdown-for-the-third-bitcoin-halving-event/?feed_id=2423

Bitstarz no deposit bonus codes 2019

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There are prospects: forecasts of digital currency market participants

Last week was full of various events for both participants of the cryptocurrency industry as well observers. Here are some expert comments on the current development of the digital asset market.

On Monday Yves Mersch, Member of the Executive Board of the European Central Bank (ECB) criticized Facebook’s Libra.”Libra could reduce the ECB’s control over the euro, impair the monetary policy transmission mechanism by affecting the liquidity position of euro area banks, and undermine the single currency’s international role” . The official has also noted that Facebook’s cryptocoin will in fact be accountable to shareholders, raising trust issues, as it will not be backed by a central bank. Mersch called on regulators to take tight control over Facebook’s projects, and for users not to trust the tempting but questionable promises from the representatives of the American company.

Meanwhile, Jack Dorsey, the head of Square payment start-up and Twitter co-founder, continues to insist that cryprtocurrencies will continue to spread. The businessman believes in bitcoin, but he thinks that it is still too early to call it currency. In one of his latest interviews Dorsey notes, that bitcoin’s rises and falls in prices are more characteristic of a investment asset, such as gold. He hopes that as soon as the cryptocurrency becomes the currency of the Internet, his own start-up will pay more attention to services that create added value, rather than those that are engaged in money transfer

Mark Mobius, an investor in developing markets and Mobius Capital Partners founder said that gold-backed cryptocurrency can be an interesting phenomenon. The investor emphasized that there is a whole generation of people who have faith in the internet, and they have faith in cryptocurrencies.

“People believe in dollar because they have faith that with dollars in their hands they can buy something. Crypto enables people to buy something merely because they believe it has value”, Mobius said.

In the beginning of the week trader Peter Brandt tweeted that bitcoin has entered the fourth cycle of the parabolic uptrend that could lead it significantly past its all-time high price. The analyst is confident that the price of Bitcoin will reach one hundred thousand dollars in the long run. And although this bold prognosis does not yet have lots of supporters, one can’t ignore the fact that the price of the main cryptocoin is showing steady growth since Monday.

According to Coinmarketcap, by September,6, bitcoin rose in price up to $10 875, starting from the mark of $9 623 on the night of September,2.

​

https://i.redd.it/844ut4d9ojl31.jpg

Is it Legal to Invest in Bitcoins in India? Here's a Guide to Cryptocurrencies

https://news18.com/news/tech/is-it-legal-to-invest-in-bitcoins-in-india-heres-a-guide-to-cryptocurrencies-2301913.html

A Bitcoin Treasure Hunt Is Coming to College Campuses This Fall

The buzzy scavenger hunt for $1 million worth of bitcoin, Satoshi’s Treasure, is coming this fall to nearly two-dozen college campuses worldwide.

The game is operated by a small, mysterious company based on a tropical island (figuring out more about the game itself is part of the appeal) and is sponsored by Primitive Ventures and other prominent investors. Eventually, there will be hundreds of cryptographic keys around the world, shrouded in puzzles and riddles, and the first team to compile 400 of the key fragments will be able to claim the prize.

According to game co-creator Eric Meltzer, over 100,000 people are now on the email list for updates and announcements related to such clues, 40 of which have been released so far.

Now BlockVenture Coalition partners Tyler Wellener and Philip Forte are kicking off a North American campus tour with 20 universities, hosting educational meetups and mini hunts to help students join the game.

“A lot of these students want to learn about blockchain and crypto, but their universities haven’t caught up to them yet,” Wellener told CoinDesk. “We’re looking to provide resources for a lot of these different student groups.”

There will be smaller rewards associated with campus scavenger hunts and self-custody workshops starting mid-September, although organizers are still working out the details.

IDEX CEO Alex Wearn told CoinDesk his exchange will also sponsor some campus workshops focused on bitcoin wallets and decentralized exchanges.

Jonathan Calso, head of the blockchain group at the University of Michigan, told CoinDesk these sponsored meetups benefit the student body by bringing hands-on learning opportunities to campus and giving student clubs like his more credibility among faculty. His college is one of the many Wellener referred to – those that lack courses and official resources related to bitcoin.

“This helps us get more visibility from the engineering department, economics and computer science departments as well,” Calso said, adding:

“The clues incentivize you to discover new websites and tools … to play around with a bitcoin wallet a bit, to see what the technology can do.”

Global networks

Meanwhile, Satoshi’s Treasure co-founder Jessica Wang told CoinDesk she’s helping student groups at several universities in China and Australia get involved with the fall semester campaign, including Shandong University.

“Students are the future of this industry, so we’re going to put small prizes, like one bitcoin, into this game to attract more students,” she said. “We’re going to hide more physical location puzzles globally.”

Wang said that, according to Google Analytics data from the game’s main website, so far roughly 60 percent of traffic comes from the United States and Canada, followed by Russia, France and Indonesia. As such, these custody-focused seminars in North America will also aim to connect students around the world.

“We’re going to have one [key] piece at a university in Asia and another in a university in the U.S. So they’re going to need to network with each other,” Wang said.

Thanks to a small grant from the Tezos Foundation, Satoshi’s Treasure organizers will also hire cryptography experts at the Massachusetts Institute of Technology, plus external foundations, to keep up with demand for more keys by ramping up the puzzle-making process.

“Top cryptography foundations and teams will create more puzzles on their end,” Wang said. “We want the ecosystem to bring more stakeholders into the game.”

Eugene Leventhal, former head of Carnegie Mellon University’s blockchain club and a current member of the university’s CyLab Security & Privacy Institute, told CoinDesk these seminars and campus scavenger hunts could also help engage a wider range of students. CMU Blockchain Group events typically attracted around 30 students each in 2018, with the highest turnout being roughly 80 students.

“For the humanities side, we hope something like this will be a way to get more students involved,” Leventhal said, adding:

“I’m interested in maximizing the activities and touchpoints for students, so they can get involved.”

Bitcoin-Mining Machine Market Size, Share & Trend | Industry Analysis Report, 2023

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What is Quant Networks Blockchain Operating System, Overledger? And why are Enterprises adopting it at mass scale?

Won't let me post the related images here, but please refer to this article which includes them https://medium.com/@CryptoSeq/what-is-a-blockchain-operating-system-and-what-are-the-benefits-c561d8275de6

Overledger is the world’s first blockchain operating system (OS) that not only inter-connects blockchains but also existing enterprise platforms, applications and networks to blockchain and facilitates the creation of internet scale multi-chain applications otherwise known as mApps.

In less than 10 months since launching Overledger they have provided interoperability with the full range of DLT technologies from all the leading Enterprise Permissioned blockchains such as Hyperledger, R3’s Corda, JP Morgan’s Quorum, permissioned variants of Ethereum and Ripple (XRPL) as well as the leading Public Permissionless blockchains / DAGs such as Bitcoin, Stellar, Ethereum, IOTA and EOS as well as the most recent blockchain to get added Binance Chain. In addition, Overledger also connects to Existing Networks / Off Chain / Oracle functionality and it does all of this in a way that is hugely scalable, without imposing restrictions / requiring blockchains to fork their code and can easily integrate into existing applications / networks by just adding 3 lines of code.

What is a blockchain Operating system?

You will be familiar with Operating systems such as Microsoft Windows, Apple Mac OS, Google’s Android etc but these are all Hardware based Operating Systems. Hardware based Operating Systems provide a platform to build and use applications that abstracts all of the complexities involved with integrating with all the hardware resources such as CPU, Memory, Storage, Mouse, Keyboard, Video etc so software can easily integrate with it. It provides interoperability between the Hardware devices and Software.

Overledger is a Blockchain Operating System, it provides a platform to build and use applications that abstracts all of the complexities involved with integrating with all the different blockchains, different OP_Codes being used, messaging formats etc as well as connecting to existing non-blockchain networks. It provides interoperability between Blockchains, Existing Networks and Software / MAPPs

How is Overledger different to other interoperability projects?

Other projects are trying to achieve interoperability by adding another blockchain on top of existing blockchains. This adds a lot of overhead, complexity, and technical risk. There are a few variants but essentially they either need to create custom connectors for each connected blockchain and / or require connected chains to fork their code to enable interoperability. An example of the process can be seen below:

User sends transaction to a multi sig contract on Blockchain A, wait for consensus to be reached on Blockchain A

A custom connector consisting of Off Chain Relay Nodes are monitoring transactions sent to the smart contract on Blockchain A. Once they see the transaction, they then sign a transaction on the Interoperability blockchain as proof the event has happened on Blockchain A.

Wait for consensus to be reached on the Interoperability Blockchain.

The DAPP running on the Interoperability Blockchain is then updated with the info about the transaction occurring on Blockchain A and then signs a transaction on the Interoperability blockchain to a multi sig contract on the Interoperability Blockchain.

Wait for consensus to be reached on the interoperability Blockchain.

A different custom connector consisting of Off Chain Relay Nodes are monitoring transactions sent to the Smart Contract on the Interoperability Blockchain which are destined for Blockchain B. Once they see the transaction, they sign a transaction on Blockchain B. Wait for consensus to be reached on Blockchain B.

​

Other solutions require every connecting blockchain to fork their code and implement their Interoperability protocol. This means the same type of connector can be used instead of a custom one for every blockchain however every connected blockchain has to fork their code to implement the protocol. This enforces a lot of restrictions on what the connected blockchains can implement going forward.

Some problems with these methods:

• They add a lot of Overhead / Latency. Rather than just having the consensus of Blockchain A and B, you add the consensus mechanism of the Interoperability Blockchain as well.
• Decentralisation / transaction security is reduced. If Blockchain A and Blockchain B each have 1,000 nodes validating transactions, yet the Interoperability Blockchain only has 100 nodes then you have reduced the security of the transaction from being validated by 1000 to validated by 100.
• Security of the Interoperability Blockchain must be greater than the sum of all transactions going through it. JP Morgan transfer $6 Trillion every day, if they move that onto blockchain and need interoperability between two Permissioned blockchains that have to connect via a public Interoperability blockchain, then it would always have to be more costly to attack the blockchain than the value from stealing the funds transacted through the blockchain.
• Imposes a lot of limitations on connected blockchains to fork their code which may mean they have to drop some existing functionality as well as prevent them from adding certain features in the future.
• Creates a single point of failure — If the Interoperability blockchain or connector has an issue then this affects each connected blockchain.
• It doesn’t scale and acts as a bottleneck. Not only does building complex custom connectors not scale but the Interoperability blockchain that they are forcing all transactions to go through has to be faster than the combined throughput of connected blockchains. These Interoperability blockchains have limited tps, with the most being around 200 and is a trade off between performance and decentralisation.

But some Interoperability blockchains say they are infinitely scalable?

If the interoperability blockchain is limited to say 200 tps then the idea is to just have multiple instances of the blockchain and run them in parallel, so you benefit from the aggregated tps, but just how feasible is that? Lets say you want to connect Corda (capable of 2000+ tps) to Hyperledger (capable of up to 20,000 tps with recent upgrade). (Permissioned blockchains such as Hyperledger and Corda aren’t one big blockchain like say Bitcoin or Ethereum, they have separate instances for each consortium and each is capable of those speeds). So even when you have just 1 DAPP from one consortium that wants to connect Corda to Hyperledger and use 2000 tps for their DAPP, you would need 100 instances of the Interoperability blockchain, each with their own validators (which maybe 100–200 nodes each). So, 1 DAPP would need to cover the costs for 100 instances of the blockchain and running costs for 10,000 nodes…This is just one DAPP connected to one instance of a two permissioned blockchains, which are still in the early stages. Other blockchains such as Red Belly Blockchain can achieve 440,000 tps, and this will surely increase as the technology matures. There is also the added complexity of then aggregating the results / co-coordinating between the different instances of the blockchain. Then there are the environmental concerns, the power required for all of these instances / nodes is not sustainable.

It’s not just transactions per second of the blockchain as well, its the latency of all these added consensuses along the path to reach to the destination and not knowing whether the security of each of the hops is sufficient and can be trusted. To see examples of how this potential issue as well as others effect Cosmos you can see my article here. I recommend also reading a blog done by the CEO of Quant, Gilbert Verdian, which explains how Overledger differs here as well as detailed in the whitepaper here.

Overledger’s approach

In 1973 Vint Cerf invented the protocol that rules them all: TCP/IP. Most people have never heard of it. But it describes the fundamental architecture of the internet, and it made possible Wi-Fi, Ethernet, LANs, the World Wide Web, e-mail, FTP, 3G/4G — as well as all of the inventions built upon those inventions.

Wired: So from the beginning, people, including yourself, had a vision of where the internet was going to go. Are you surprised, though, that at this point the IP protocol seems to beat almost anything it comes up against?Cerf: I’m not surprised at all because we designed it to do that.This was very conscious. Something we did right at the very beginning, when we were writing the specifications, we wanted to make this a future-proof protocol. And so the tactic that we used to achieve that was to say that the protocol did not know how — the packets of the internet protocol layer didn’t know how they were being carried. And they didn’t care whether it was a satellite link or mobile radio link or an optical fiber or something else.We were very, very careful to isolate that protocol layer from any detailed knowledge of how it was being carried. Plainly, the software had to know how to inject it into a radio link, or inject it into an optical fiber, or inject it into a satellite connection. But the basic protocol didn’t know how that worked.And the other thing that we did was to make sure that the network didn’t know what the packets had in them. We didn’t encrypt them to prevent it from knowing — we just didn’t make it have to know anything. It’s just a bag of bits as far as the net was concerned.We were very successful in these two design features, because every time a new kind of communications technology came along, like frame relay or asynchronous transfer mode or passive optical networking or mobile radio‚ all of these different ways of communicating could carry internet packets.We would hear people saying, ‘The internet will be replaced by X25,’ or ‘The internet will be replaced by frame relay,’ or ‘The internet will be replaced by APM,’ or ‘The internet will be replaced by add-and-drop multiplexers.’Of course, the answer is, ‘No, it won’t.’ It just runs on top of everything. And that was by design. I’m actually very proud of the fact that we thought of that and carefully designed that capability into the system.

This is the approach Quant have taken with their Blockchain OS, Overledger to solve Blockchain interoperability. Compared to other Interoperability platforms that are trying to achieve interoperability at the transaction layer by connecting two blockchains via another blockchain, these will be ultimately be made redundant once faster methods are released. Overledger is designed to be future proof by isolating the layers so it doesn’t matter whether it’s a permissioned blockchain, permissionless, DAG, Legacy network, POW, POS etc because it abstracts the transaction layer from the messaging layer and runs on top of blockchains. Just as the Internet wasn’t replaced by X25, frame relay, APM etc, Overledger is designed to be future proof as it just runs on top of the Blockchains rather than being a blockchain itself. So, if a new blockchain technology comes out that is capable of 100,000 TPS then it can easily be integrated as Overledger just runs on top of it.

Likewise, with protocols such as HTTPS, SSH etc these will also emerge for blockchains such as ZK-Snarks and other privacy implementations as well as other features made available, all will be compatible with Overledger as its just sitting on top rather than forcing their own implementation for all.

It doesn’t require blockchains to fork their code to make it compatible, it doesn’t add the overhead of adding another blockchain with another consensus mechanism (most likely multiple as it has to go through many hops). All of this adds a lot of latency and restrictions which isn’t needed. The developer can just choose which blockchains they want to connect and use the consensus mechanisms of those blockchains rather than forced to use one.

Overledger can provide truly internet scale to meet whatever the demands may be, whether that be connecting multiple red belly blockchains together with 440,000 tps it doesn’t matter as it doesn’t add its consensus mechanism and uses proven internet scale technology such as that based on Kubernetes, which is where each task is split up into a self-contained container and each task is scaled out by deploying more to meet demand. Kubernetes is what runs Google Search engine where they scale up and down billions of containers every week.

Due to this being more of a summary, I strongly recommend you read this article which goes into detail about the different layers in Overledger.

But how does it provide the security of a blockchain if it doesn’t add its own blockchain?

This is often misunderstood by people. Overledger is not a blockchain however it still uses a blockchain for security, immutability, traceability etc, just rather than force people to use their own blockchain, it utilises the source and destination blockchains instead. The key thing to understand is the use of its patented technology TrustTag, which was made freely available to anyone with the Overledger SDK.

Please see this article which explains TrustTag in detail with examples showing how hashing / digital signatures work etc

A quick overview is if i want to send data from one blockchain to another the Overledger SDK using Trusttag will put the data through a hashing algorithm. The Hash is then included in digital signature as part of the transaction which is signed by the user’s private key and then validated through normal consensus and stored as metadata on the source blockchain. The message is then sent to the MAPP off chain. The MAPP periodically scans the blockchains and puts the received message through a hashing algorithm and compares the Hash to the one stored as metadata on the blockchain. This ensures that the message hasn’t been modified in transit, the message is encrypted and only the Hash is stored on chain so completely private, provides immutability as it was signed by the user’s private key which only they have and is stored on the blockchain for high availability and secure so that it can’t be modified, with the ability to refer back to it at any point in time.

Despite Overledger being a very secure platform, with the team having a very strong security background such as Gilbert who was chief security information officer for Vocalink (Bank of England) managing £6 trillion of payments every year and classified as national critical security (highest level you can get), ultimately you don’t need to trust Overledger. Transactions are signed and encrypted at client side, so Overledger has no way of being able to see the contents. It can’t modify any transaction as the digital signature which includes a hash of the transaction would be different so would get rejected. Transaction security isn’t reduced as it is signed at source using however many nodes the source blockchain has rather than a smaller amount of nodes with an interoperability blockchain in the middle.

Patents

The core code of Overledger is closed source and patented, one of the recent patents can be seen here, along with TrustTag and further ones are being filed. The Overledger SDK is open source and is available in Java and Javascript currently, with plans to support Pyhton and Ruby in the near future. Java and Javascript are the most popular programming languages used today.

The Blockchain connectors are also open source and this allows the community to create connectors to connect their favourite blockchain so that it can benefit from blockchain interoperability and making it available to all enterprises / developers currently utilising Overledger. Creating is currently taking around a week to implement and so far, have been added based upon client demand.

Multi Chain Applications (MAPPs)

Multi Chain Applications (MAPPs) enable an application to use multiple blockchains and interoperate between them. Treaty Contracts enable a developer to build a MAPP and then change the underlying blockchain it uses with just a quick change of couple of lines of code. This is vital for enterprises as it’s still early days in Blockchian and we don’t know which are going to be the best blockchain in the future. Overledger easily integrates into existing applications using the Overledger SDK by just adding 3 lines of code. They don’t need to completely rewrite the application like you do with the majority of other projects and all existing java / javascript apps on Windows / Mobile app stores / business applications etc can easily integrate with overledger with minimal changes in just 8 minutes.

Treaty Contracts

What Overledger will allow with Treaty contracts is to use popular programming languages such as Java and create a smart contract in Overledger that interacts with all of the connected blockchains. Even providing Smart contract functionality to blockchains that don’t support them such as Bitcoin. This means that developers don’t have to create all the smart contracts on each blockchain in all the different programming languages but instead just create them in Overledger using languages such as Java that are widely used today. If they need to use a different blockchain then it can be as easy as changing a line of code rather than having to completely rewrite the smart contracts.

Overledger isn’t a blockchain though, so how can it trusted with the smart contract? A Hash of the smart contract is published on any blockchain the MAPP developer requires and when called the smart contract is run its run through a hashing function to check that it matches the Hash value stored on the blockchain, ensuring that it has not been modified.

By running the Smart contract off chain this also increases Scalability enormously. With a blockchain all nodes have to run the smart contract one after another rather than in parallel. Not only do you get the performance benefit of not having to run the code against every single node but you can also run them in parallel to others executing smart contracts.

You can read more about Treaty Contracts here

The different versions of Overledger

Enterprise version

The current live version is the Enterprise version as that is where most of the adoption is taking place in blockchain due to permissioned blockchains being preferred until permissionless blockchains resolve the scalability, privacy and regulatory issues. Please see this article which goes into more details about Entereprise blockchain / adoption. The Enterprise version connects to permissioned blockchains as well as additional features / support suited for Enterprises.

Community version

The community version is due to be released later this year which will allow developers to benefit from creating MAPPs across permissionless blockchains. Developers can publish their MAPPs on the MAPP Store to create additional revenue streams for developers.

Where does Overledger run from? Is it Centralised?

Overledger can run from anywhere. The community version will have instances across multiple public clouds, Enterprises / developers may prefer to host the infrastructure themselves within a consortium which they can and are doing. For example SIA is the leading private Financial Network provider in Europe, it provides a dedicated high speed network which connects all the major banks, central banks, trading venues etc. SIA host Overledger within their private network so that all of those clients can access it in the confinement of their heavily regulated, secure, fast network. AUCloud / UKCLoud host Overledger in their environment to offer as a service to their clients which consist of Governments and critical national infrastructure.

For Blockchain nodes that interact with Overledger the choice is entirely up to the developer. Each member within a consortium may choose to host a node, some developers may prefer to use 3rd party hosting providers such as Infura, or Quant can also host them if they prefer, its entirely their choice.

Overledger allows for higher levels of decentralisation by storing the output across multiple blockchains so you not only benefit from the decentralisation of one blockchain but the combination of all of them. Ultimately though decentralisation is thrown around too much without many actually understanding what it means. It’s impossible to have complete decentralisation, when you sign a transaction to be added to a blockchain ultimately you still connect through a single ISP, connect through a single router, or the input into a transaction is done through a piece of software etc. What matters to be decentralised is where trust is involved. As i have mentioned before you don’t need to trust the OS, it’s just providing instructions on how to interact with the blockchains, the end user is signing the transactions / encrypting at client side. Nothing can be seen or modified with the OS. Even if somehow the transaction did get modified then it would get rejected when consensus is done as the hash / digital signature won’t match at the destination blockchain. Where the transaction actually gets put onto the blockchain is where decentralisation matters, because thats what needs to be trusted and conensus is reached and Overledger enables this to be written across multiple blockchains at the same time.

The Team

The team are very well connected with a wealth of experience at very senior roles at Global enterprises which I will include a few examples below. Gilbert Verdian the CEO was the Head of security for the payment infrastructure for the Bank of England through his CISO role with Vocalink (Mastercard)managing £6 trillion every year. This is treated by the government as critical national infrastructure which is the highest level of criticallity because its so fundamental to the security of the country. They have experience and know what it takes to run a secure financial infrastructure and meeting requirements of regulators. Gilbert was director for Cybersecurity at PWC, Security for HSBC and Ernst & Young as well as various government roles such as the CISO for the Australian NSW Health, Head of Security at the UK government for Ministry of Justice and HM Treasury in addition to being part of the committee for the European Commission, US Federal Reserve and the Bank of England.

Cecilia Harvey is the Chief Operating Officer, where she was previously a Director at HSBC in Global Banking and Markets and before that Director at Vocalink. Cecilia was also Chief Operating Officer at Citi for Markets and Securities Services Technology as well as working for Barclays, Accenture, IBM and Morgan Stanley.

Vijay Verma is the Overledger platform lead with over 15 years of developer experience in latest technologies like Java, Scala, Blockchain & enterprise technology solutions. Over the course of his career, he has worked for a number of prestigious organisations including J&J, Deutsche, HSBC, BNP Paribas, UBS Banks, HMRC and Network Rail.

Guy Dietrich, the managing director of Rockefeller Capital (manages $19 Billion in assets) has joined the board of Quant Network, and has recently personally attended meetings with the Financial Conduct Authority (FCA) with Gilbert

https://twitter.com/gverdian/status/1168628166644183042

As well as advisors such as Paolo Tasca, the founder and Executive Director of the Centre for Blockchain Technologies (UCL CBT) at University College Londonfounder and executive director as well as Chris Adelsbach, Managing Director at Techstars, the worldwide network that helps entrepreneurs succeed. Techstars has partners such as Amazon, Barclays, Boeing, Ford, Google, Honda, IBM, Microsoft, PWC, Sony, Target, Total, Verizon, Western Union etc.

Due to client demand they are expanding to the US to setup a similar size office where board members such as Guy Dietrich will be extremely valuable in assisting with the expansion.

The most exciting part about the project though is just how much adoption there has been of the platform, from huge global enterprises, governments and cloud providers they are on track for a revenue of $10 million in their first year. I will go through these in the next article, followed by further article explaining how the Token and Treasury works.

You can also find out more info about Quant at the following:

Part One — Blockchain Fundamentals

Part Two — The Layers Of Overledger

Part Three — TrustTag and the Tokenisation of data

Part Four — Features Overledger provides to MAPPs

Part Five — Creating the Standards for Interoperability

Part Six — The Team behind Overledger and Partners

Part Seven — The QNT Token

Part Eight — Enabling Enterprise Mass Adoption

Quant Network Enabling Mass Adoption of Blockchain at a Rapid Pace

Quant Network Partner with SIA, A Game Changer for Mass Blockchain Adoption by Financial Institutions

[uncensored-r/BitcoinMarkets] [Daily Discussion] Monday, September 09, 2019

The following post by Oo0o8o0oO is being replicated because the post has been silently removed.

The original post can be found(in censored form) at this link:

np.reddit.com/r/ BitcoinMarkets/comments/d1mpmc

The original post's content was as follows:

---

Thread topics include, but are not limited to:

• General discussion related to the day's events
• Technical analysis, trading ideas & strategies
• Quick questions that do not warrant a separate post

Thread guidelines:

• Be excellent to each other.
• Do not make posts outside of the daily thread for the topics mentioned above.

Other ways to interact:

• Get an invite to live chat on our Slack group
• Set your flair to trade pretend money in the Flair Game

----------------------------------

It looks as if AutoMod has been broken since Friday. Hopefully this doesn't piss anyone off but I don't see why we can't just manually create and then sticky these threads while we wait for a fix. Mods, feel free to delete this if you see fit.

Wealth Formula Episode 175: Cryptocurrency and Asymmetric Risk with Teeka Tiwari

Wealth Formula Episode 175: Cryptocurrency and Asymmetric Risk with Teeka Tiwari

Catch the full episode: https://www.wealthformula.com/podcast/175-cryptocurrency-and-asymmetric-risk-with-teeka-tiwari/

Buck: Welcome back to the show everyone. Today my guest on Wealth Formula Podcast is no stranger to the show. He’s a guy who grew up in foster care and came over the US at the age of 16 with just 150 bucks in his pocket and the clothes on his back. And then by the age of 18 becomes the youngest employee at Lehman Brothers. By 20 he becomes the youngest vice president in Lehman history. Later in his career he goes on to launch successful hedge fund and lived the Wall Street dream. I mean he’s known on Wall Street as the guy who’s made a fortune on what is known as asymmetric risk which is what we’re going to talk about in quite a bit and for the rest of us, for many of us that is, he is best known for being the editor of the Palm Beach confidential newsletter which focuses on digital currencies and I am a subscriber to this by the way. Teeka, welcome back to Wealth Formula Podcast, Teeka Tiwari.

Teeka: Thanks Buck. It’s a pleasure to be here and thank you for having me.

Buck: Yeah so you know you were on not too long ago and some people are listening to the stuff about cannabis and they’re probably thinking to themselves, why is this guy talking about cannabis and digital currencies like what is his specialty? In fact the way I’m thinking about this there’s one main thing that they have in common, they’re both in this area that you call and we call asymmetric risk which is really your thing. Discuss what that means and if you would how have you applied it to your own growth and ultimately to your own wealth.

Teeka: So before I get into asymmetric risk I want to talk about how I discovered asymmetric risk and how I changed the way that I yeah. So when I was in my 20s I developed a lot of wealth by taking massive risk in the stock options and commodities market. And I would bet huge positions. And then that all came to an end in the late 90s when I was on the wrong side of a series of trades that were triggered by the Asian financial crisis which ultimately compelled me to file for bankruptcy. And so I had lost about ten years of wealth creation which was considerable at the time. And what I learned was that I had to change my approach that I couldn’t get it all every single time otherwise I would never get off this boom-and-bust merry-go-round. So what I realized was is that I would I would build the portfolio of somewhat safer more income oriented investments and then I would focus on these ideas that are called asymmetric risk trade. So what’s an asymmetric risk trade? An asymmetric risk trade is where you can take a relatively trivial sum of money and if the idea doesn’t work out it doesn’t impact your net your net worth or your day-to-day lifestyle in any way shape or form. But the asymmetric part of it is is that if it does work out it can absolutely move the needle on your net worth. So an example of that would be something like neo which I recommended at around 12 cents that ended up going up to about a hundred and sixty one dollars so that’s something that you could have put a thousand dollars in and turn it into over a million dollars. That’s a classic asymmetric trade. So what I what I tell my readers is you can’t build your whole portfolio around high-risk asymmetric trades. But if you take let’s say five to ten percent of your liquid net worth and allocate it to these types of situations in a and one of the things I talk about is using uniform position sizing, what you put yourself in the position to do is absolutely grow your network sometimes three four five six X without putting your current lifestyle at risk and it is a sweet spot of wealth creation that I’ve created and popularized now for several years that has not only transformed my financial life but the financial life of many of my readers.

Buck: So as you know Teeka my group the Wealth Formula Group in general I mean there’s a lot of people who are well-to-do they’re you know accredited investors they have you know typically probably more money to invest than others they’re you know and I say this because there is a little bit of a difference there when it comes to somebody who’s barely getting by living check to check, that there is an opportunity in your portfolio to say okay what percentage of this portfolio could I put in that I mean listen if I lose it no big deal I mean I won’t be happy about it but it won’t hurt me that much on the other hand this could explode. Now when you look at it from the perspective of somebody who’s got a fair amount of money and link who’s investing you know several hundred thousand dollars a year or maybe a million dollars or something like that like what do you think is a reasonable amount of a portfolio? Like I know for example that even universities are getting into this and they’re looking at hey maybe you know 1/2 of 1% or something like that I mean I know you’re not in the business of giving financial advice but I’m just curious kind of what your approach would be in terms of allocation.

Teeka: So again generally speaking I would say 5 to 10% of your liquid net worth. So let’s say you’ve got a business that kicks out a million a year that you have to allocate for your investment 50 to $100,000. Definitely nobody likes to lose 50 or a hundred thousand dollars but it’s not going to have a material impact on your lifestyle but if you invest 50 to $100,000 and these asymmetric bets pay off you’re talking about five six seven eight ten twelve million dollars in returns on what is a relatively tiny investment relative to your net worth and that is the beauty of this approach.

Buck: Yeah and and I’m glad you said that because that’s exactly kind of where I’m at sort of lingering between five and ten percent you know and for me you know I I kind of put this in there about you know I kind of put this in that area with startups right I’m not gonna I’m not gonna have a separate category just for digital currencies but anything that is super high risk and high reward and I’m sitting about five or ten percent.

Teeka: That all goes into the same bucket so that’s right that for everybody it’s not just oh this is crypto currencies five to ten percent and startups is five to ten percent. No all go into the same bucket is asymmetric risk.

Buck: Yeah now okay so we kind of got ahead of ourselves and you know you haven’t been on the show talking about crypto currency in a fair amount of time we have a lot more new listeners now so for those who know very little about cryptocurrency but they’re smart they’re sophisticated say they’re a group of you know I know worth investors you’re talking to you they’ve not heard about this how do you explain this in the most efficient way possible and what the significance of it is?

Teeka: Okay so that’s a really big question.

Buck: Yeah no I don’t but I bet you’ve answered it a few times.

Teeka: I’m gonna take a shot at it. So listen as a wealthy investor myself why would I want to bother with cryptocurrency? I’m already rich why do I want to mess around with this? So I’m gonna answer it from that perspective. One it’s always nice to make more money. But two the bigger reason is, is what I want people to understand especially wealthy investors is that it’s very rare to invest at the beginning of a brand-new asset class very very rare right it’s brand-new asset classes though just don’t come about. Digital currency is a brand-new asset class that has legs. So why does it have legs? It has legs because we have never had an asset class that is completely non correlated with the business cycle. It’s never existed before. Every asset class in the world is somehow tied to the business cycle gold, industrial, metals, currencies, stocks, bonds, they’re all tied to the business cycle in one way shape or form things like Bitcoin are not so why why does that make it valuable it makes it valuable because if you are pension fund you’re allocating capital across traditional and non-traditional assets you still have this problem of deep correlation right the business cycle falls apart and you’re taking hits across the board. So there have been studies that have shown just with a small allocation of Bitcoin anywhere from one to five percent across the portfolio even though Bitcoin is wildly volatile because it is not correlated and not tied to the business cycle it actually reduces your overall volatility and your overall risk in your portfolio and that is incredibly valuable. So just from a high level portfolio construction standpoint you will see the world’s hedge funds, pension funds, massive allocators of capital start to move tiny slivers of their money into things like Bitcoin and we’re talking tiny slivers of an 80 trillion dollar pie right it’s in real terms its enormous money in relative terms relative to what they have under management it’s a small amount but when you’re coming off a base where the whole markets only worth 300 billion it doesn’t take much to move the market. So that’s from the high level that’s why you must have some cryptocurrency. And then the next level beyond that is that mankind has never had an asset there’s never been an asset we’re a stronger man couldn’t take it from a weaker man. So whether it was the caveman knocking one guy over the head for his shells or the government coming in in Venezuela and confiscating money or the Argentinian government saying oh we’re having a holiday and taking all your assets from the bank something Brazil has done on multiple occasions. You know the everyday person has not had this ability to hold an asset that has been beyond the confiscationability of a government so something like Bitcoin and digital currency if you are smart and how you buy it if you don’t talk about it you buy quietly and you store it appropriately it is absolutely impossible short of somebody putting a literally putting a gun next to your head for them to take that asset from you and that is remarkable because even if you’ve got a million dollars in gold and you somehow manage to hide it how are you gonna travel the world with a million dollars in gold how are you gonna spend a million dollars in gold you just gonna go to the store and break a piece off with a piece of pliers you just can’t do that the beauty of digital currency is you can walk around with a thumb drive that big with a billion dollars in it and nobody knows and let’s say hey oh I don’t want to keep a billion in Bitcoin I want to do it in a stable coin fine put it in a stable coin. But this idea this portability of money and this complete ownership of an asset that nobody else has any ability to take from you that is valuable that is incredibly valuable.

Buck: So let me ask you a what may seem like a very basic simple question but I think it’s worth asking. So why is it so volatile why is Bitcoin Ethereum for example why these are the major the two biggest by market cap why are they so volatile and you know to the extent that they are uncorrelated do you see that as a function of the size of the market cap or is it something else inherent about digital currencies that makes it this volatile?

Teeka: I think it’s both. One they’re relatively small so if for instance if you look at Microsoft in its early days it was a crazy volatile stock up 40% down 40% down 30% going through bear markets that lasted two years wrecking billions of dollars in value you look at the early days of Microsoft from the 80s into the mid 90s the stock was all over the place and then as the stock got bigger and more mature of course volatility tamp down so you will see that. So what I say with volatility is that welcomed that volatility without it the opportunity to make enormous amounts of money off a small amount of money won’t exist. At some point Bitcoin and the theorem will move to this more blue chip status where maybe you make eight percent a year or six percent a year or something or something like that thank goodness we’re not there yet. The other side of it is is that there you know the markets that are built around trading these are completely unregulated. They’re wild. And there’s all types of crazy manipulation that goes on in the market you have some Bitcoin whale let’s sell a thousand coins and scare the market down and then let’s go buy back 2000 coins it’s the Wild West and somebody a skeptic might say well why do I want to buy now why don’t I buy when the market calms down because when you buy when the market calms down and it’s moved to this very highly regulated very low volatility asset it could have ten x between now and then. So yes there is volatility but I believe if you position size rationally you will be well rewarded for that moment for that volatility and that uncertainty.

Buck: So admittedly I was skeptical of cryptocurrency early on and you know I finally did get in and my timing was actually really good it was a fall early fall 2017 right before a massive bull run. And that of course was followed by what has been called crypto winter. So the question is, is winter over because it sure seems like it’s an awful long thawing period I mean no we seem like to have gotten there but there’s a stall is it over or do you still see some you know rocky shores ahead before there’s a you know big move potentially to all-time highs?

Teeka: Well no crypto winter was over in April. I put out a report talking about that and I pinpointed when that happened it happened when Bitcoin broke its downtrend line. So if you go back and if you look at each of the so-called crypto winters or horrible bear markets that have been in the space Bitcoin will always lead the market first always and then the altcoins play catch up right so it feels worse than it is right now because the alt coins got crushed and many of them have stayed crushed they haven’t come back that’s probably the most popular question I get take okay bitcoins up and it’s you know been up as much as 400 percent this year but why aren’t the old coins moving and my answer is because it’s not yet time. If you look back at the data generally there is at least a six-month time lag between the time Bitcoin breaks its downtrend line and the time that the alt coins move higher. So that that next stage we’ll be entering to in about October and you’ll see a percolation in the alt coins and they’ll start playing catch-up.

Buck: Does that also correlate Teeka with Bitcoin like an all-time high for Bitcoin though? I mean I mean obviously Bitcoin has recovered substantially we’re like you know three four hundred percent up from you know where we were when Bitcoin was at you know three thousand. The question I have is and I have not looked at this history closely even though there’s this recovery, do you have to start approaching all-time highs for those alts to really make their move is that what you’ve seen historically?

Teeka: No you look back when they all started playing catch up in 2016 Bitcoin was starting to move higher and then going into 2017 and then the alts really didn’t start kicking in until around May and that’s when they started moving and eventually the alts outpaced the type of action that was going on with bitcoins. So if we look back at how the altcoins move generally what happens is you have a new series of buyers that come into the market and they’re all centered around Bitcoin. And that’s happening right now. Kelly Lafleur just announced from backed that they’re gonna have physically backed futures have been approved September 23rd I believe is the date that they’re actually gonna start trading. So this brings in a whole new group of traders a whole new group of investors and then so they start getting their feet with Bitcoin and all of a sudden they’re there they might not even know anything about alt coins Buck that that’s the thing right for a lot of people out there to them when they think digital currency the only thing they really think of is Bitcoin.

Buck: So as the alt coins are just anything that’s not Bitcoin for anybody what we keep talking about so anything Ethereum, any other and any other token that’s not Bitcoin generally it’s called an altcoin.

Teeka: Right so as they come in they start getting exposed to these other coins and then they start playing with them and they start investing and then they start trading with them and all of a sudden people look at look at Bitcoin and they look at something else it’s a little bit smaller and they say okay let’s let’s play around here and then you start seeing this broadening of the rally.

Buck: So you think that this time around though specifically I know you you you’re part of your thesis is that this time around may be different because you know bigger money institutional money, but one of the things that we’ve really looked at or you’ve looked at and talked about is you know one of the limitations to big money coming into this stuff is custodianship but the altcoins a lot of the old coins most of them are not gonna have that kind of infrastructure so does that I mean just playing devil’s advocate does that then say well they may just stick to whatever they can buy on Coinbase and Bakkt.

Teeka: Well they have well these coins most of the all coins are ERC 20 coins so in terms of having the infrastructure as long as you can support ERC 20 you can support hundreds of coins that currently trade and so if you look at what Bakkt is doing they’re gonna be supporting Bitcoin first and then they’re going to be supporting Ethereum. So if they support a theory they will naturally support every other ERC20 that’s out there and remember companies like Bakkt they’re in the business of incentivizing trading because they get paid for everything that that goes through their network. So it would be odd to imagine that they’re only going to limit their entire business models with just the trading of Bitcoin it doesn’t make any sense. If you look at what they’ve done in the securities market they haven’t just limited themselves to the trading of the S&P 500 they trade everything so I do think that liquidity will trickle down into the whole market and of course the ERC 20 coins I think will be the first to get the most amount of liquidity because it will be the easiest to support from from a back end technology standpoint. The other thing I want to mention is that another driver of the alt coins would be what I believe will be a proliferation of securitization products. So ETF’s different types of futures I see a world I’ve gotta believe within the next 12 months we will see an ETF that will give us the ability to own 20 30 40 maybe 50 coins in one ETF that trades or one type of security that trades maybe it’s a coin put out by back and says okay you buy this coin and you’ve got the top hundred altcoins exposure to the top hundred alt coins.

Buck: Right and then you know I know a lot of people bring do you talk about the ETF for Bitcoin and this has been sort of bounce back but yeah you know we’re delayed with the SEC several times do you really think of that as a big deal compared to some of the other movements that you you mentioned Bakkt and I think there’s LedgerX things like that where that are allowing for institutional buyers to dissipate is an etf really make much of a difference in your view?

Teeka: I think an ETF is important but I think the SEC is becoming less important in that process and I’ll tell you why. Several very large brokerage firms from the Fidelity to eTrade to TD Ameritrade have announced that they want to offer Bitcoin trading to their users. So I’m talking about a system where you can log in click on a button on your Fidelity account and you can start trading Bitcoin the way you with the sp500. Once that comes out let’s assume it comes out this year which they’ve talked about but they want to do it this year but we’ll see everything seems to run a little slower than people think. But if that that comes out this year and something like 15 to 20 million people can now trade Bitcoin directly from their brokerage accounts to me it makes an ETF a foregone conclusion because the SEC has no reason now to stand in the way of it. And that’s what I’m think that they’re waiting for Buck the SEC is not known for blazing a trail the SEC is not known for moving ahead of the market. So if they can look and say well Fidelity is offering it TD Ameritrade is offering it Schwab is offering it we are asses covered if we approve an ETF I think it’s really a CYA problem with the SEC they don’t want to be the first to make this move and let’s say there’s a problem with it and everybody blames the SEC.

Buck: You know there is this product data that I know of maybe you could talk about this because then you know in the context of an ETF and being able to buy Bitcoin easily you know.

Teeka: I look at the there’s a grayscale Bitcoin trust gbtc which is publicly traded I mean what’s the difference what am I missing there I mean that’s a closed-end fund that has limited liquidity and sometimes trade at a hundred percent premium.

Buck: Yeah okay so lots of things happening in the spaces you mentioned and one of the things that I think that that you said that is very seems very clearly true whether or not what you know whether or not you believe there’s gonna be another bull market is there’s a ton of of Technology improvements and infrastructure and all these things that are going on and price mean a lot more by the way then back in 2017 when prices were off the charts so within that context what are you know say they the one or two things that are you most excited about in the space that gives you the greatest confidence that this is you know this is the the new you know the new dot-com era I guess after the rebels fell as you mentioned before offline and you know the rise of the Amazons and the apples in the crypto world.

Teeka: I’ll tell you why it’s because I’m finally seeing major corporations real corporations doing partnerships with crypto companies not memorandums of understanding MOU’s are meaningless but real partnerships where they’re actually using the technology this is stuff i talked about a year ago. Eighteen and a half months ago I said like real companies are going to start coming into this space they’re gonna start partnering with some of these companies and start using the technology and it’s happening. I’m seeing real businesses like Barclays put up their own money to back certain platforms I was like for instance with trade finance. BMW putting up their own money for back in logistics. So this is a huge shift in in in the type of person that is getting involved in the marketplace. I’m seeing massive credit card processors get involved with tiny startups because they want to piggy back what’s going on and the markets that they’re opening up with with their with their applications. So this to me Buck is is such a difference maker right like if we came into 2019 and none of these deals were happening I would say I would be on here and I would say buck you know what the cake just isn’t baked yet man we just probably gotta wait another year. But when I start seeing very large very smart corporate players making strategic moves to align themselves to certain projects, you can’t ignore that. This is something you can’t ignore. And so this is what has me incredibly excited for this next phase that I see taking place in crypto.

Buck: You know one of the one things that you mentioned earlier and you’ve mentioned in the past which I agree with generally speaking is that you know some level of regulation is a good thing so that it becomes less of a manipulated market. So it becomes something that you know larger big money investors and institutional investors take an interest in because they don’t want to be in something that’s you know that’s that’s not legit. There is a negative a little bit to that and that some opportunities out there are you know start or you’re starting to get restricted in terms of American investors. You know one of the examples I can think of to me is one of what I’m probably one of the biggest things is Binance which is you know the number one trading platform in the world is now effectively you know saying US investors we’ll see you later we’re gonna build something you know sometime and we’re gonna call it you know Binance US and we’re gonna have a lot fewer tokens there what concerns me is an investor in some of the various digital currencies at that point is well how does that affect my liquidity as a US investor and I’m wondering how it is affecting your your portfolio?

Teeka: Okay so there’s a couple of things around that and I can’t advise people to do this I can only report on what some people are doing to get around this geofencing. They’re using Virtual Private Networks. With the use of a virtual private network can get access to any exchange in the world so long as they’re using a VPN that mimics a country that this exchange is allowed to operate in. So as far as I know Binance is not doing anything to prevent anybody from using a VPN so just want to get that out there.

Buck: Jut to interrupt there I mean that that in itself is a little tricky though right I mean isn’t it because then you’ve got to deal with you know US taxes and all that if you’re dealing…

Teeka: Well you always have to deal with US taxes no matter what whether you’re using a VPN or not.

Buck: So it wouldn’t be illegal technically to use Virtual Private Network to use Binance?

Teeka: For me as an individual would I be breaking any laws, I don’t think so but I’m not an attorney. Binance might be breaking some laws or but I don’t think that I would be but again this is something everybody has to make their own decision with. But the other side of this is that by Nance is putting together their own decks which is a decentralized exchange which will allow for peer-to-peer trading and I think you’ll see more of these types of decentralized exchanges which I’m a big fan of I hate the idea of centralized exchanges anyway. So there are some speed problems with decentralized exchanges but they’re getting ironed out and I think within in the future a lot of trading is going to move to peer-to-peer but you’re right it’s certainly a concern for now I would say the biggest solution that I have read about and again I can’t formally tell people to do this is to use a virtual private network.

Buck: The other question though I think as just as a follow-up on that Teeka is that okay so say you use a VPN but not everybody’s gonna do that you know probably most people aren’t gonna do that didn’t then there’s an issues just in terms of liquidity right or don’t you think that’s a problem anymore?

Teeka: I do think it’s a problem but I also rely on the greed factor of the participants in this market that they will figure out a solution because there’s too much money to be made for liquidity that wants to come into the market somebody will find a way to bring that liquidity into that okay so anyway so like you you know I believe that Bitcoin bull run is inevitable what do you think of anything what are you looking for that might trigger and I know you you’re saying already that we’re kind of in a bull market already but what triggers that sort of next level all-time high thing is there anything or do you think this is something that’s gonna be more of a gradual rise or organic than it was in 2017?

Teeka: Well there are several things which I’m gonna be talking about specifically I don’t really want to spill the beans on that here but I have an event coming up which I talk in more detail about a very specific event that I think will act as a massive catalyst. Outside of that I think this whole idea of I call it this kind of new narrative right among institutions where before two years ago three years ago they looked at Bitcoin and they said oh my gosh Bitcoin that’s for Gun Runners and pornographers where we we have no interest in Bitcoin. And now they’re starting to see Bitcoin as a way to eliminate this correlation risk in their portfolio. So I think that narrative will gain more ground in fact I’ve been invited to a conference in San Moritz with 500 top-tier investors and I will be putting forward that research that I’ve drawn together to that audience and really helping propagate that narrative because it is transformational if you manage a large pool of capital what you can do with your overall volatility and how you can adjust it lower through just a tiny amount of Bitcoin is absolutely remarkable. So I think that’s more of a slow burn Buck, but as that gains speed I mean can you just imagine just the amount of buying if pension funds say okay going forward half of 1% of all our assets are going to be in digital currency.

Buck: I mean in part of part of understanding that for people is to understand one of the the great things about Bitcoin in particular is that this is an asset with that is fixed to a certain number of Bitcoin that’ll ever be created so you know we’ve never really had a that kind of monetary thing before I mean to a certain extent gold is that way of course but even you know gold there’s always more gold every year a little bit more gold. This is a truly deflationary asset that really where you know you put more money in the pot you know each one of those bitcoins gonna be worth a lot more and that I can’t think of anything else that’s out there like that.

Teeka: I agree.

Buck: I know you’ve got you know the the Palm Beach Confidential Newsletter Teeka I just have to compliment you because I you know I have been a reader for a couple years it is one of the most comprehensive and thoughtful investment newsletters I’ve ever subscribed to. I mean it is totally the real deal and I appreciate that and one of the things that people can’t join any time and it opens and closes and I know that it is going to be opening up and you’re going to do a webinar coming up on that but can you talk a little bit about the newsletter and the event that’s coming up?

Teeka: Yeah sure so in the newsletter what I do is I will typically find one idea each month and give you a complete breakdown on the idea. And what I try to do I understand not everybody is a cryptocurrency enthusiastic of their currency investor and so what I try to do is write in a way that is easy to digest, easy to understand, not simplistic but very easy for the layperson to get their head around and to really understand the concept that we’re talking about. And I have not opened up Palm Beach confidential for any new members for this whole year, this is the first time that I’ve done that and the reason is, is I only open up Palm Beach confidential to new members when there’s an event that I think can have a massive impact on the broad market. So on September 18th at 8 p.m. I’m going to talk about one of these events and the last time this event took place you could literally take 500 dollars and turn it into five million dollars. There’s only a few times in the history of crypto where you have those types of windows of opportunity and so one of those windows of opportunity is about to open and so at this event I’m gonna explain what it is why it works and why it will absolutely happen this particular event will absolutely happen there’s nothing that can stop the event from taking place. And so I’m gonna share my five top coins, one of which I’ll give away for free during the webinar that I think have that ability to go from five hundred dollars literally into five million. So it’s an exciting time and I’m really kind of chomping at the bit to kind of get in front of everybody and talk about this research that I’ve discovered.

Buck: One last thing I want to point out is I get you know when we talk like this sometimes people get really skeptical they’re like yeah that sounds a little salesy Buck that’s not really kind of the usual thing that you’re talking about and I get it right. The reality is this is a situation this isn’t you know there are real people out there there are kids out there who’ve become multimillionaires by doing exactly this. And so it’s real, that’s why I’m interested.

Teeka: In my own investing I’ve seen a thousand dollar investment go to as much as 1.6 million dollars, ok so it’s real. The other thing I want to convey to everybody I don’t have to write newsletters anymore I don’t have to come on podcast I can sit on a beach all I want ok. So why do I do this I do this because moving the needle on somebody’s net worth maybe not this audience maybe maybe my broader audience it’s incredibly gratifying right helping people change their lives without putting their current lifestyle at risk that’s I mean if that’s my one legacy in this life could you ask for anything more Buck? Really it’s incredibly gratifying to be able to do that and we have this opportunity now and but this opportunity won’t last forever at some point this will be a multi trillion dollar asset class and the ability to make gains like that just won’t exist.

Buck: Teeka, as always it’s been a pleasure talking to you and thanks again for being on Wealth Formula Podcast.

Teeka: Thank you Buck.

Buck: We’ll be right back.