Saturday, March 19, 2022

9 years ago today, Hal Finney made one of his last ever posts: “Bitcoin and me (Hal Finney)”. It's a must read.

Hal Finney shared the following post on March 19, 2013. Every time I read it, I end up crying. Hal was paralyzed by this time and he was typing this message using an eye-tracking device.

“I thought I'd write about the last four years, an eventful time for Bitcoin and me.

For those who don't know me, I'm Hal Finney. I got my start in crypto working on an early version of PGP, working closely with Phil Zimmermann. When Phil decided to start PGP Corporation, I was one of the first hires. I would work on PGP until my retirement. At the same time, I got involved with the Cypherpunks. I ran the first cryptographically based anonymous remailer, among other activities.

Fast forward to late 2008 and the announcement of Bitcoin. I've noticed that cryptographic graybeards (I was in my mid 50's) tend to get cynical. I was more idealistic; I have always loved crypto, the mystery and the paradox of it.

When Satoshi announced Bitcoin on the cryptography mailing list, he got a skeptical reception at best. Cryptographers have seen too many grand schemes by clueless noobs. They tend to have a knee jerk reaction.

I was more positive. I had long been interested in cryptographic payment schemes. Plus I was lucky enough to meet and extensively correspond with both Wei Dai and Nick Szabo, generally acknowledged to have created ideas that would be realized with Bitcoin. I had made an attempt to create my own proof of work based currency, called RPOW. So I found Bitcoin facinating.

When Satoshi announced the first release of the software, I grabbed it right away. I think I was the first person besides Satoshi to run bitcoin. I mined block 70-something, and I was the recipient of the first bitcoin transaction, when Satoshi sent ten coins to me as a test. I carried on an email conversation with Satoshi over the next few days, mostly me reporting bugs and him fixing them.

Today, Satoshi's true identity has become a mystery. But at the time, I thought I was dealing with a young man of Japanese ancestry who was very smart and sincere. I've had the good fortune to know many brilliant people over the course of my life, so I recognize the signs.

After a few days, bitcoin was running pretty stably, so I left it running. Those were the days when difficulty was 1, and you could find blocks with a CPU, not even a GPU. I mined several blocks over the next days. But I turned it off because it made my computer run hot, and the fan noise bothered me. In retrospect, I wish I had kept it up longer, but on the other hand I was extraordinarily lucky to be there at the beginning. It's one of those glass half full half empty things.

The next I heard of Bitcoin was late 2010, when I was surprised to find that it was not only still going, bitcoins actually had monetary value. I dusted off my old wallet, and was relieved to discover that my bitcoins were still there. As the price climbed up to real money, I transferred the coins into an offline wallet, where hopefully they'll be worth something to my heirs.

Speaking of heirs, I got a surprise in 2009, when I was suddenly diagnosed with a fatal disease. I was in the best shape of my life at the start of that year, I'd lost a lot of weight and taken up distance running. I'd run several half marathons, and I was starting to train for a full marathon. I worked my way up to 20+ mile runs, and I thought I was all set. That's when everything went wrong.

My body began to fail. I slurred my speech, lost strength in my hands, and my legs were slow to recover. In August, 2009, I was given the diagnosis of ALS, also called Lou Gehrig's disease, after the famous baseball player who got it.

ALS is a disease that kills moter neurons, which carry signals from the brain to the muscles. It causes first weakness, then gradually increasing paralysis. It is usually fatal in 2 to 5 years. My symptoms were mild at first and I continued to work, but fatigue and voice problems forced me to retire in early 2011. Since then the disease has continued its inexorable progression.

Today, I am essentially paralyzed. I am fed through a tube, and my breathing is assisted through another tube. I operate the computer using a commercial eyetracker system. It also has a speech synthesizer, so this is my voice now. I spend all day in my power wheelchair. I worked up an interface using an arduino so that I can adjust my wheelchair's position using my eyes.

It has been an adjustment, but my life is not too bad. I can still read, listen to music, and watch TV and movies. I recently discovered that I can even write code. It's very slow, probably 50 times slower than I was before. But I still love programming and it gives me goals. Currently I'm working on something Mike Hearn suggested, using the security features of modern processors, designed to support "Trusted Computing", to harden Bitcoin wallets. It's almost ready to release. I just have to do the documentation.

And of course the price gyrations of bitcoins are entertaining to me. I have skin in the game. But I came by my bitcoins through luck, with little credit to me. I lived through the crash of 2011. So I've seen it before. Easy come, easy go.

That's my story. I'm pretty lucky overall. Even with the ALS, my life is very satisfying. But my life expectancy is limited. Those discussions about inheriting your bitcoins are of more than academic interest. My bitcoins are stored in our safe deposit box, and my son and daughter are tech savvy. I think they're safe enough. I'm comfortable with my legacy.”


I earned $400 of BTC and ETH in the past two months in a fun way

You may have heard of play to earn games where you make money while playing a game.

I've tried several and most of them are not that fun.

But there is one play to earn game that I've tried that I really like that I'd even play if I didn't earn crypto: Coinhuntworld

It is a Pokemon-Go-like geolocation game where you collect keys, open vaults, answer trivia, earn bitcoin and ethereum, and build your own vaults and structures. You can do this as you go about your day.

I like it because you earn BTC and ETH rather than a token issued by the game like Axie.

You earn $0.10 of BTC or ETH per blue vault, $1 of BTC or ETH per green vault, $10 of BTC or ETH per yellow vault, $100 of BTC or ETH per red vault and $1k of BTC or ETH per purple vault. (Red and purple vaults are only during certain events). You have to answer a trivia question correctly to get the crypto.

Depending on your area, it's not hard to collect $100+ of crypto a month playing casually. If you go a little harder, you can earn hundreds a month. People who have been playing awhile have benefitted from crypto appreciation, too, although you can also cash out to USD if you want to.

But the most important thing is it's really fun!

If you wanna try coinhuntworld, download it here to get extra rewards💰 ... That's my Coinhuntworld referral link. Reach out to me with any questions!


I think we miss the real end goal of loopring: mass adaption

Unpopular opinion: Not the official announcement of a NFT Marketplace will shoot Loopring to the moon, but loopring itself.

TL;DR: I´m going to show that mass adaption of loopring is here the real end goal.

Preface: I´ am just a smooth brained ape and not a crypto expert. If I have described something wrong, Corrections are always welcome. Since English is not my native language, please forgive the grammatical mistakes. I am open to any discussion. Apes together strong.

A quick overview of loopring.

Loopring is an Ethereum zkRollup protocol. A layer-2 solution for securely scaling Ethereum, and building high-performance, non-custodial exchanges and payment applications. Loopring provides a secure transaction infrastructure for the crypto world, to improve the trading experience of crypto asset holders, and promote the development of a new generation of financial systems. The loopring protocol guarantees his user security without sacrificing performance. Loopring, with its smart wallet and decentralized trading platform, can compete with centralized exchanges and offer the same speed and cost, but with additional security.

https://preview.redd.it/89367d0a3co81.png?width=827&format=png&auto=webp&s=4b23eb3d1f8a1940587947d728e5c96da2d39ba5

The current problems with the crypto space and financial world

Let's take a quick trip down memory lane. More precisely in the year 2008/2009. An individual named Satoshi Nakamoto publishes the whitepaper for Bitcoin. A digital currency free of intermediaries. This was the beginning of a revolutionary technology that will change the lives of us all. The main purpose was to create a transaction system without having to trust a third party. The trust lies in the blockchain. However, it has not been entirely possible to build a fully decentralized system to date. Although a lot of cryptocurrencies and projects have come to the market, it could never be suitable for everyday use. Too high fees, inefficient transactions, lack of security, especially in central exchanges (CEX) have so far blocked the replacement of traditional financial systems. Holding cryptocurrencies on central exchanges is contradictory. The goal was not to give a CEX power over your assets. If you look at all the cases that have happened so far e.g. 2014 Mt.Gox, 2016 Bitfinex and also in the NFT space with the current incident at Opensea. NOT YOUR KEYS, NOT YOUR COINS.

https://preview.redd.it/yo40edne3co81.png?width=939&format=png&auto=webp&s=52308b5d1fe4fdb440384094c3f865be754b46b1

However, it must be admitted here that using a Cex is very comfortable. Fees are very low and very user-friendly for non-crypto affine people. However, if there is one thing, we should have learned so far in the digital world, it is that nothing is free. Sooner or later, you will pay the price. And the price here is security.

https://preview.redd.it/msgs310g3co81.png?width=693&format=png&auto=webp&s=acb69e625ff27e4f778bceae2d36423dd9849667

I started my journey at the beginning of 2020 with the GME runup. If there is one thing I have learned, it is that our financial systems are not built the way they should be. There are too many gaps, which are not benefit the average citizen . I will not go too much into this topic now, but with all the current events I am very sure that in the foreseeable future the financial system as we know it will no longer exist and will be transformed. A centrally managed financial system will not be able to hold in the long run, and alternatives are needed.

https://preview.redd.it/np4ysiah3co81.png?width=705&format=png&auto=webp&s=87e04f822079a43b943265db535a03b67ada5d23

Now we need solutions. I believe Loopring has the potential to be an alternative to the current systems.

Loopring a potential alternative

I think, that loopring can replace big, centralized exchanges like Binance or Coinbase. Loopring is going to build an all-encompassing Ecosystem in the crypto space. The foundation of crypto is, no third parties. But until now it was never possible because security, decentralization and efficiency could not be combined all together. Loopring enables all three features without sacrificing anything.

https://preview.redd.it/l58ny55j3co81.png?width=653&format=png&auto=webp&s=e58b952c770f9ec7ae4d6657467ae839d194e6a3

I won't go into the technical details like the zkRollup or zkEVM here in this post. Take a look at all the other posts, they describe it very well. The future of Ethereum is Layer 2. Loopring strives to build an all-in-one platform. In the digital bank of the future, users will have fast payment and transfers, instant trading + swapping, the opportunity to borrow and lend assets and also to earn and stake. The users will get the same benefits from a normal bank or a cex without the necessity to trust them. People will securely self-custody their assets. This is going to be a financial revolution.

https://preview.redd.it/c93d8pqk3co81.png?width=732&format=png&auto=webp&s=8e4c84fe38bc09c0f6e79e63e3faf9d67682a97f

One of the most important aspects Loopring must consider is the usability of the technology. That is why Loopring strives to make its smart wallet as simple as possible. Mass adoption is only possible if people without crypto affinity can handle the technology. That is the reason why the UI of the wallet is built in a very simple way.

https://preview.redd.it/h156ry5m3co81.png?width=669&format=png&auto=webp&s=6a0f432faf77314205619c815afd186db33861e8

I could already gather experience with my smart wallet, and I can assure you that what the team has built so far is very simple and clear. Especially that I can store NFT securely on my wallet and transfer it to another wallet for very little fees is very impressive.

https://preview.redd.it/k360okym3co81.png?width=744&format=png&auto=webp&s=90119d7975925dac1260c8f0b55ff655bbaf6ee7

I personally think that loopring, especially with its smart wallet, is launching a product that will greatly simplify access to crypto. Full control over your assets, very low fees, and all this on top of the security of Ethereum. Anti-crypto scepticism will diminish over time once loopring can be used on a large scale without any problems. It will be possible to enjoy all the benefits of the traditional financial system and not be dependent on a third party. Security is provided by the technology behind Loopring.

https://preview.redd.it/ek3giywn3co81.png?width=920&format=png&auto=webp&s=7f678f87acfbc744f8927586471d438a13195a54

Conclusion

I think the vision of Loopring for the long term is not entirely clear to all of us. If Loopring achieves its goals, and Loopring will because there is a great team behind, the whole world will see the real potential behind their amazing technology. Loopring will take the entire crypto industry over.

https://preview.redd.it/hjbwa7ho5co81.png?width=841&format=png&auto=webp&s=73adbe5e02e00b183f65e56f310dd4646febe851

One of the biggest problems with crypto is that it is not mass adaptable without without giving up control of your coins to a third party. When you read the Whitepaper from Satoshi Nakamoto back in 2008 it is clear that the main goal of crypto is, to build a financial infrastructure without an intermediate but as safe as it or even more. Loopring with his layer 2 solution makes it possible. With the security of Ethereum and the suitable low fees for everyday use a mass adaption can be introduced.

https://preview.redd.it/vjasforq5co81.png?width=778&format=png&auto=webp&s=c064748f4a9e50af31ce72268700332283ba54dc

The Loopring team is working incredibly fast and have accomplished a lot. Let the team do their work, don’t push for an announcement or something else. A possible announcement about an NFT marketplace with GME will not get us to the end goal. Don't get me wrong, an official announcement will of course benefit Loopring, but it won't be the announcement itself that will have a positive effect, but the fact that Loopring has developed a technology that makes the whole thing possible in the first place. Mass adaption is the end Goal.

https://preview.redd.it/nj0j41zt3co81.png?width=642&format=png&auto=webp&s=eced716e000fe03459c21401482539be9645638f

In my opinion, Loopring will place itself among the top cryptos in the coming years. Within the next 3-5 years we are likely to see a massive increase in the overall crypto and NFT market. In this context, Loopring will be a top place to go for all interested parties. My personal price prediction in a few years for Loopring is at least 100 USD, more is of course possible. Possibly even faster if we look at the current events and the speed that the Loopring team is working at.

Patience is key. Buy & hold, forget sell button not financial advice.

https://preview.redd.it/pjz372wu3co81.png?width=850&format=png&auto=webp&s=1cc125f7d800e0a8e3d48df087dc6d9c338f6e13

Maybe this Tweet from Byron is now not a meme anymore it is the FUTURE.

Part 2 is coming…

https://preview.redd.it/1bkot1ov3co81.png?width=792&format=png&auto=webp&s=1dd3c5a07139b2eae4b65021d8237494bfb311ba


MAJOR DROP OFF OF BITCOIN. MASS EVENT?

https://coinmarketdo.com/crypto-waitlist/major-drop-off-of-bitcoin-mass-event/

Friday, March 18, 2022

Bitcoin's Merits on Display Against a Backdrop of Macroeconomics and Geopolitics

In the future we'll look at the past quarter as one of the most impactful in laying the foundation for broad acceptance and trust of Bitcoin and crypto.

A review of the past 6 months and the events that drove price action through one of the choppiest but most significant periods in Bitcoin's history.

Key Takeaways:

❧Bullish on the fact that traders actually follow macroeconomics and geopolitics and factor it into their strategy now. More experienced and knowledgeable traders = less macro uncertainty and volatility, and a rising floor.

❧Russia/Ukraine conflict put Bitcoin utility on display for the world to see, when other traditional systems fail or are turned off, decentralized finance shines.

❧Executive order by the most powerful economic power in the world - generally respectful tone towards crypto and Bitcoin and appeared to encourage adoption (within some sort of regulatory apparatus of course)

❧First cycle with a rising macro support even after peak (cycle as in Q4 2020 to present). Could be lengthened cycle but this support clearly represents a rising trust and confidence in crypto utility. That rising support speaks volumes.

Bitcoin's Past Two Quarters, In Review


One more big dip?

I don't follow derivatives for Bitcoin, I'm just thinking out loud here.

Institutions are coming, little by little.

And it looks like external factors like war, monetary policy, and government regulations have been somewhat priced in as neutral or indifferent.

Bitcoin is like Rocky, it's taken a hell of a beating and still standing.

My question is: aren't institutions going to drive the price down to get a better deal?

Aren't we going to see the most vicious smear campaigns this year? Elizabeth Warren has embarrassed herself yesterday.

Not to sound paranoid, but institutions have the means to control popular sentiment.

It's easy to create an opinion about something that a person vaguely cares about. They don't understand it, nor do they want to understand it. So they outsource their critical thinking to the news.

I can only hope that recent world events have given the broader population skepticism.

I can picture John Oliver making a convoluted analogy about Bitcoin's carbon footprint.

When that happens, I think I will be maxing out a small credit card.


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