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Why I believe we're on the cusp of the 3rd great Bitcoin bubble
We've recovered from the last crash You might think it's a bit early (based on the time frame for the last recovery), but things are looking a lot different than in 2011. I would suggest its because the last bubble popped prematurely due to Mt. Gox's failure of a trading engine. Interest in buying Bitcoins has gone up to its highest point since the last bubble. There's a similar spike in general interest. Partly helped along by the Silk Road news. The network is being used at the same rate as during the last bubble. The Bitcoin ATM story (see below) is causing Bitcoin to trend in Canada on Google (was #1 for a bit). The $27 story (see below) will almost certainly cause a large spike worldwide in Google trends once they're updated up to yesterday. Lots and lots of new businesses now accept Bitcoins One legitimate criticism of Bitcoin last year was the lack of places to spend them. We basically just had Alpaca Socks, Reddit and Wordpress, we've grown a lot since then!
The $27 story is going massively viral I think the attention this story is getting took a lot of us by surprise. We're thinking "of course if you bought Bitcoins in 2009 you're rich" and it didn't make much of a splash. But to the rest of the world it's a very novel and interesting story.
Institutional money is coming Afraid with the price at $200 that it will be hard to find enough moms and pops to keep money coming in faster than miners are selling? Don't be, there are individuals out there with a net worth higher than the entire Bitcoin ecosystem.
Governments are explicitly saying it's not illegal More and more governments are either saying Bitcoins are legitimate currency, or releasing guidelines for exchanges to comply with anti-money-laundering laws.
New generation of exchanges Mt. Gox's terrible trading engine was a huge factor in the last crash. They couldn't keep up with all the new interest. This time around there are more exchanges in more countries, and not a single point of liquidity.
A massive 10 day Litecoin media awareness drive. We need more people to know about this great currency.
I'm calling for a massive 10 day media push. While the hype of bitcoin is ramping up Journalists are looking for another twist on the old bitcoin story. If you are good at writing copy then please write a press release and post it hear. If you do contact media please put what you wrote to them in this post so others can get an idea of where to go. When writing a press release try to think, "what makes a great story?". Think of headlines that are re printable. "People now making a fortune on bitcoin backup plan" Or "Homeless people getting fed with crypto-currencies" And then go on about bitcoin and litecoin at seans outpost. It is fine to talk about both bitcoin and litecoin but I would stay away from other alts. Most Journalists take press releases and just re print them because they are lazy so write one that is ready to go. If you need tips on writing press releases please google it. If you find good tips then please post here and help others out. As you can see I'm a shocking speller and thats why I haven't written a press release. Here are some points you could mention in a press release to the media
The creator of Litecoin Charlie Lee the brother of Bobby Lee the CEO of the biggest bitcoin exchange in the world, https://vip.btcchina.com
Diversifying into another blockchain is a great way to diversify your risk that in the unlikely event something will happen to the bitcoin blockchain.
The litecoins founder Charley Lee is not anonymous, is an ex google employee now working at one of the biggest bitcoin companies coinbase which might incorporate litecoin in the future.
Confirmation times are faster (yes that means you need more confirmations but for small transactions which don't need much trust but convenience this is great.) litecoin is backed by a different hashing algorithm than bitcoin which makes is harder to 51% than other altcoins because asic's cant just be pointed at it.
Trading between blockchains is harder to trace making it more anonymous than just using bitcoin
Get LTC while it is still so cheap and make a profit as it grows being an early adopter is a great way to reap rewards.
Trading between crypto currencies is fast and a great way to arbitrage the price differences on different exchanges
Trading between crypto currencies is not regulated by FINCEN and so allot of people that never want to have their crypto currency touch FIAT currency again would like to trade between crypto currencies.
Litecoin is the oldest, longest running and most trusted altcoin.
hundreds of thousands of people hold litecoin and would like to spend them at your store.
Litecoin has been allot more stable than bitcoin making it easy to accept at your store as crypto currency without going through a payment processor. "ok not lately but the last 6 months where nice"
Businesses that accept litecoin will be getting allot of free press as they will be mentioned in news articles that talk about the rise of litecoin. (This is more if you are contacting business to get them to accept litecoin but yeah"
It does no harm to accept litecoin as you will only make your market larger if you do. There are millions of litecoin out there ready to be spent so accepting them can only be a good thing for your business.
Litecoin is being developed by a lot of amazing developers and also have the bitcoin developers by proxy and it is based on the bitcoin protocol.
Instant world wide transfer of wealth that can be anonymous if needed.
Available on mac,PC,android and Linux
Litecoin is a great investment opportunity because it can double in value very easily. While bitcoin has to go to almost $700 to double your investment litecoin only has to go to $8 here is a good post on why litecoin is way undervalued http://www.reddit.com/litecoin/comments/1bpml0/litecoin_4x_undervalued_at_4/ I think that anyone that buys litecoin bellow $50 is going to be very wealthy in a few years.
It is important that bitcoin has competition. Even a decentralised currency needs competition with another decentralised currency.
Less fraud, litecoin payments are a great way to stop fraud. if you accept Paypal or credit cards you open your business up to stolen credit cards or Paypal accounts buying from you and then the funds being reversed by CC companies or paypal.
https://kojn-app.com/ Please let me know if there is another is a great way for your business to accept litecoin without opening your self up to the risk of price fluctuations as they convert the litecoin to FIAT at time of purchase.
Doing it here and open so the community can comment. Matt, I wasn't at first interested in the 12 days of bitcoin series because I expected a lot of noobery and didn't recognize how involved you were getting with the community. After seeing some of your posts though I checked one out and was/am extremely intrigued; and now, I wait with bated breath for the next one to come out. What turns out to be the most fascinating to me is your clear change in perception; from skeptical to clearly a bitcoin defender. It may be early to call you an enthusiast(?) but seeing your visceral reaction and reasonable defenses against the knee-jerk negativity of the other.. do we call them anchors? is A+ entertainment from someone who used to get excited anytime bitcoin was even mentioned on the news. The videos are sadly shorter than I would hope; always seeming to be cut off due to what I assume are network television constraints. If it's at all within your pull, I highly encourage you to make web-only cuts a la the way the daily show deals with longer-form interviews. I think your animations are hilariously terrible; but your target audience is not myself (nor most of the people here). With all the intro out of the way, I want to say: Wow dude, good fucking job. I'm extremely impressed with your attitude, the things you say, and your tone with the others you are talking to. I'd like to see, and would recommend a segment on 'real' bitcoin security. You talk about how it's untouchable by governemnt, etc.. but how secure is your bitcoin stash.. how much third party risk are you exposed to.. how much third party risk do you need to be exposed to in order to use bitcoin.. how does this compare with a fiat bank? Some bits on cold storage (why not put .1 btc away for retirement?) in paper wallets, electrum seeds, etc.. I'd really like to see more of a debate between you and one of the more skeptical hosts. Something I keep seeing again and again, both in your segments and the media at large is this store-of-value vs means-of-transaction dichotomy. I think it would serve you well to really grok the fact that bitcoin fundamentally cannot be a means-of-transaction without it being a store of value. In the same way one of these alt-coins with tiny market caps cannot transmit significant amounts of value over their network without severely affecting exchange rate; bitcoin is limited in its ability to exchange value by it's total market cap. Consider trying to exchange 15 billion dollars with bitcoin; to acquire/sell that much bitcoin is essentially impossible since it is bigger than the total market cap. Thus, with a market cap of zero, you are limited to zero ability to transact. Similarly, transactions in bitcoin are actually limited to a small (uncalculated afaik) fraction of total market cap of bitcoin to be considered useful. That is not to say that bitcoin needs to be used as a store of value by everyone who wants to transact with it; just that bitcoin is only useful as a transactional mechanism if someone is storing value in it. Conversely, bitcoin as a store of value is directly linked to it's use as a transactional mechanism. Luckily the world seems to be full of people willing to speculate on / hold bitcoin for those who just want to use it to transmit. When people say that bitcoin is a commodity and not a currency; logically bitch slap them and remind them that anything that acts like a currency is a currency. Take a quick peak at : http://en.wikipedia.org/wiki/Commodity_money and remind people that just because they don't want to use bitcoin as a currency doesn't mean that when I buy plane tickets / cars / food / drugs / electronics / services / hotel rooms / cocktails; I am not literally using bitcoin as a currency. If you can spend something to buy something it is a currency; regardless of any old-paradigm-clinging pundit's notion of what the world ought to look like. You talk a lot about how the bitcoin community is different than wallstreet is trained to think; with people generously tipping you and others; I think a shout-out to Seans Outpost would be a good thing.. the way he/they have leveraged bitcoin to do insane amounts of good can maybe help some to get this bitcoin=drugs/child-porn/terrorism notion out of people's heads and into reality. Talk about remittances; m-pesa loaded with bitcoin as a concrete example, but also the general notion of wellsfargo fees compared with average remittance size; and how bitcoin can compete with that. Maybe this isn't ready for bloomberg tv, but for yourself, consider the implications of cryptocurrency as an idea for the long term. Consider the (extremely unfair?) divide that is created by those with access to essentially free federal reserve sourced capital and what it means for the world if the source of money is literally hashing power; what happens to the institutions what make up like 20% of GDP and 40% of all profits if this source of free capital dries up? What happens to the world's "have-nots" if the parasitic version of the "haves" have less? Those who have seen the light see that cryptocurrency (not necessarily bitcoin.. though it appears IMO to be a long-term player) will change the world as dramatically as electricity, combustion engines and the internet. There are zero signs of decreased adoption; and looked at long term an S-curve adoption is all but imminent. Do you see it yourself? Do you see how this idea, a distributed proof of work, guaranteed-fair, block-chain ledger is just too-good and too obvious to EVER go away without something better coming along? What you are reporting on now will almost certainly go down in history as one of the most fundamental changes in human society. That is not to say that fiat currencies will go away soon or ever; but bitcoin is a new class of thing; not to be compared as silver vs gold; but apples vs oranges. Comparing gold to bitcoin or bitcoin to dollars is like comparing a Model-T with a horse-drawn buggy; or a wind-powered mill (windmill) vs AC power in general. Importantly, this same argument applies to the deflationary aspect of bitcoin. First and foremost, bitcoin is still inflating, how this point gets missed by all the nay-sayers (and advocates) is beyond me, but its important to note that over the next year ~1.3 million new bitcoin will be minted; a horrendously large >10% rate of inflation! Secondly, and more to the point; every single anti-anti-inflation argument is tied up in the notion that the non-inflating currency is the only available currency. There is no reason to think that this is, or ever will be, the case; or the goal. Bitcoin can and will run in parallel with fiat currencies for a long, long time to come. And those who argue that people won't spend bitcoin because it's deflating, and is therefore useless.. push them to the logical extreme of the argument... if it's useless isn't it valued at 0? Wont it inevitably go to zero? If it will inevitably go to zero, won't there be a period of time where it is going down in value? Won't people then be encouraged to spend their bitcoin? Why do people buy cellphones today at 3x the cost of what they will cost them in 6 months? Why do people spend bitcoins at all, which they clearly do (100MM through bitpay alone).. if this infallible economic argument is accurate? Push on them and see what they say. If a physicist says that "when i drop a ball it will fall at a certain rate" and someone drops a ball and it falls at a different rate; the physicist has to change his underlying theory. When an economist says "people wont spend bitcoin", and people actually do spend bitcoin, why are they not forced to change their underlying theory?
Welcome all! For you new faces, enjoy the free bitcoin! all you have to do is ask :D For the old hats who want somewhere to spread the love, if you have any great charities you want to recommend just message me and I will amend! here are a few suggestions:
Hello bitcoin just a few words i would like to type, im normally a watcher here on the subreddit i post a few things here and there; i normally watch and upvote, but today i have a few things on my mind that i want to share. We are all on the front line gentlemen things are going to be bumpy but after the dust settles a new paradigm will emerge. All our contributions and belief in the system will materialize into reality and all our struggles will be well worth it. "The journey is what matters not the start or finish they are just point A and Point B." Personally i lost close to $200,000 i wont go into the details because i don't want to talk about it, but i'm not complaining not one bit i am happy for what i have and don't like to dwell on the past. I like to reflect on the good i have done, given to Seans outpost and fed 150 people i have given to the Litecoin Assosiation and to Dogecoiners, i have given countless crypto away to total strangers and the joy to see others less fortunate smile was something really special. "The good actions you do for someone less fortunate is something everyone in a position to do so should do once in there lifetime." Nothing else matters not the money not if i did this or if i did that or if i did not get scammed, whatever it is just make sure you reflect and learn you develop and grow. The collapse of Mt Gox showed the need for improvement the need to make things stronger and better, not just for a select few but for the collective bitcoin ecosystem, if a weak or vulnerable link in the chain is found and not fixed everyone is effected. I think a decentralized bitcoin exchange would be a giant leap for Bitcoin, however many centralized exchanges would suffer in the short term it would be a important step foward for bitcoin as it would provide bullet proof availability and reliability and have a lake of liquidity and leading cryptographic security just like what the Bitcoin core protocol is built on, the system could have the same bitcoin currency incentive to manage the exchange where a wallet (node) with a positive amount of bitcoin in it could use proof-of-work (POW) and run in the cloud for maximum reliability; a truly global decentralized green exchange for everyone. (shower thought) "Bitcoin is going through the natural evolution of improvement just like everything else in the universe." I know Pandora's box was opened in 2009 and the contents of Satoshi's vision looked fuzzy but our collective intelligence is slowly building the framework and integrating the internet of money into every device on earth for the improvement and well being of mankind. "Look into the stars and you will see the light" All the best gentlemen for now and your future
Before the days of Reddit actually accepting Bitcoin as payment for "Reddit Gold". Bitcrate.net (A site that I run.) used to take payment in Bitcoins, and in exchange give out "Reddit Gold". Of course, if you buy in bulk, you end up with a better profit margin. So I did, and I sold a fair amount. However, as things went, Reddit finally adopted Bitcoin as a form of payment and today I noticed that leaves me with 11 Reddit Gold Credits. Now, I could just rain gold down upon myself for close to a year but, I have a better idea. If you haven't heard Sean's Outpost accepts Bitcoins to help people, with REAL NEEDS! That being said, "removing ads" and "having flare" aren't "real needs" (Sorry, but they're not.), so the average person using the services at "Sean's Outpost" aren't really going to benefit from getting "Reddit Gold" directly so this is where you come in... You "bitcointip" me any amount over $3.99(USD) and I give you "Reddit Gold". I then give the whole amount to "Sean's Outpost." Simple enough? Stipulations: A) Maximum 1 month of "Reddit Gold" per-person. ( It's good of you to donate 1 million dollars, but I'm not rich, I'm not matching it.) B) I've only got 11 credits. First 11 people get "Reddit Gold" everyone else gets a refund. Please try and count the tips in this thread, I don't really want to spend my Monday morning processing tonnes of refunds! Final notes: I have no affiliation with "Sean's Outpost" I simply believe that they are doing good work. This isn't a scam so I can manage to rake in a staggering $43.89. I'm a long time Redditor and Bitcoin enthusiast with a real job, and I certainly could find an easier way to make $43.89. The reason the tips have to flow through me is that if there are "over donations" I can refund them without bothering user "Seansoutpost". "Seansoutpost" has not been advised that I'm doing this, so please don't bother the man. I will provide proof of donation once I've sold all the "Reddit Gold". TL;DR You "bitcointip" me any amount over $3.99(USD) and I give you "Reddit Gold". I then give the whole amount to "Sean's Outpost." Simple enough? ------------ EDIT ------------ The following users have received "Reddit Gold" so far: cdelargy, akaihola, hardleft121, Fab1anFab1an, fuyuasha. This has generated ~$22 so far. Keep it coming, I have 6 more "Reddit Gold" subscriptions to give out :) Tell your friends! ------------ EDIT 2------------ So it turns out that I can be a real idiot first thing in the morning. Thanks to those who pointed out that I was giving the bitcointipbot 4 months of "Reddit Gold". I guess it's operator can go out and get it gold plated, and lowered with spinnin' rims or something. I'll make up for it myself, the total will still be 11 months (not including the ones given to the newly "pimped" bitcointipbot.) So far the list is: cdelargy, akaihola, hardleft121, Fab1anFab1an, fuyuasha, kat5dotpostfix, ryepdx Persons waiting on Gold because I'm not that bright: kingocad So that brings the list to 8 users, we need 3 more :) ------------ FINAL ------------ Hey everyone, I've awarded all the "Reddit Gold" to the appropriate people. Total funds generated 0.315BTC. I topped that up and made it a nice even 0.5BTC and +tipped SeansOutpost. If anyone has an issues, either with the delivery method, or getting their "Reddit Gold" please PM me. Thank you everyone for your involvement in this! Have a good day :)
The latest fad in /bitcoin is that the price of bitcoin doesn't matter. One thread was titled "Sean's Outpost can give meals whether bitcoin is worth $35 or $1200!" That's true, but bitcoin is more complicated than that one use case. I talked about the insane amounts of venture capital being poured into the industry right now a few weeks ago. The price of bitcoin is important for these people because it affects all sorts of businesses. For example, mining businesses can't profit if there is a crash after they design their chips. Exchanges make less money if the price is lower because a lower price can't support high volume. People who build projects on top of the network and who are sitting on donations can fold. Altcoins that are promising can be forked because it is no longer profitable to mine them. Even at higher prices, there was not enough money to go around to prevent most of the VCs from losing on their investments. The piece of the pie that the VCs can earn shrinks as the price of a bitcoin falls. These people have deep pockets, so most of them can survive a brief downturn, but as the network expands, the lower bound price that would precipitate a complete collapse is rising. When bitcoins averaged around $50, there weren't lots of employees getting paid in bitcoins and bankers wanting returns on investment. Now that bitcoins tend to average around $600, the size of the economy has increased significantly. Previously, the price of bitcoins could have dropped to $10 and everyone could still have looked forward to a recovery. Now, the minimum price is much higher (I've said $200) where a cascading chain reaction of business failures would take out the whole industry. In the future, that minimum price will likely rise to $1000, and then to $10,000, and so on. The price falling below $200 or whatever the minimum is doesn't itself signal anything wrong with the promise of bitcoins. Instead, the low price will cause the failure of some critical part of the infrastructure like a major exchange, which could then cause businesses that depend on the exchange to be taken out, and so on. Even if everyone who owns bitcoins believed that the technology would succeed and there were many people spending bitcoins, the businesses would all be forced into bankruptcy simply because other businesses they need to offer their services failed in a chain reaction. This VC bubble is dangerous and the best thing that could happen right now is for the VCs to stop temporarily with their investments so that this does not happen. Otherwise, the industry will end up in a fragile state where there are startups depending on other startups that have business models depending on a base price.
The "technology adoption curve"
One of the popular graphs making the rounds nowadays is the "technology adoption lifecycle" graph at http://setandbma.files.wordpress.com/2012/05/technology-adoption.png. According to the people who agree with the theory, bitcoin is currently in the bottom of that huge valley in the middle of the chart. One writer suggested that bitcoin was somewhere near the top of the curve still, with a long ways to fall down the valley before the technology ends up as a fraction of what it was thought to become. While this chart may be relevant to other technologies, it isn't relevant to bitcoins. The most obvious problem with trying to explain bitcoin adoption using this chart is that there have been many bubbles, but the chart only contains one bubble. It would have been possible to pull out this "technology lifecycle" chart after any bubble in the past few years and state that bitcoins were stuck in the "chasm" and will be permanently damaged. For example, someone could have drawn this graph after the period where bitcoins fell from $50 to $2 and stated that the use of the technology will never be valued at more than $20. Another reason to ignore this chart is that many of the other technologies that are often compared against it didn't follow the chart either. Some people suggest that the Internet followed this chart, because there was a bubble in 2000 that later crashed, and that the high hopes of the Internet transforming daily life never came to be. The way I see it, the Internet has grown far beyond anything imagined in 2000. Whereas pets.com might have failed, Wal-Mart is now losing customers because Internet shopping has become so cheap that it is a bad idea to go to their stores anymore if your goal is to save money. Cell phones have made many people oblivious to the world; I recently compared what it was like to ride the bus when I went to college and what it is now like to ride the same bus system. Now, everyone on the bus is engrossed in their phones and nobody even bothers to look out the windows, and in ten years people will probably be playing video games with their friends in their glasses, oblivious to the world around them. Bitcoins are also not "just another technology." There are some technologies like bitcoin that can completely change the world. The Internet, television, and radio were a few of them, because the way the world worked was fundamentally changed by these technologies. Most of the other technologies listed on these charts, like facebook, self-driving cars, and virtual reality are not things that fundamentally change the way the world works. The economy ticks on without being changed significantly by facebook, but any company that has no Internet connection is obsolete.
Unbelievable deals on PS4s
Newegg has unbelievable deals on Playstation 4s right now. If you pay with bitcoins, you can buy one for $319.99, almost 30% below market rate. These are brand new and sealed, and it's likely that Sony will not lower prices to this rate for at least a year or 1.5 years. If you want to make quick money, you can buy a PS4 and then undercut sellers on Craigslist to pocket 50 bucks. For some reason, the market of these bitcoin-discounted PS4s and the dollar-denominated PS4s is decoupled and there is significant profit to be made. I was trying to figure out what the catch is with these consoles yesterday. Newegg must be losing money on these, because they have a limit of 1 per customer. If they were earning money, there would be no reason to have such a limit. If they were simply offering a loss leader to get people to shop at Newegg or to upsell accessories, then they would offer the same price or close to it in dollars. Therefore, there are three possibilities for this pricing. The first is that Newegg is being killed by so many transaction fees that they can actually afford to discount the PS4s to this insane price rather than give most of their profits to banks. The second is that bitcoins are priced low, and the company is gambling on a 30% loss now to gain more when this panic subsides. The final reason is that they simply want to promote bitcoins as a currency because in the long-run, the money they can save from transaction fees if bitcoin were the world currency far outweighs the losses they are taking on these items now. I will take a risky position and say that #2 has played a role in this sale. If a company were looking to promote bitcoin adoption, and hold some percentage of assets in bitcoins, then the best time to do it would be when prices are very low. They can sell thousands of these consoles and take $30k in losses, but they end up with 1000 bitcoins in return. In the process, there are a certain number of people who bought accessories that are very profitable, there are new customers who will now return to Newegg in the future, the price of bitcoins is likely to rise eventually, and they have encouraged people who otherwise would never have bought bitcoins to do so, so that the transaction fees they pay in the future are more likely to be lower. Someone in the accounting department was tasked with adding together all these probabilities and came up with how much they can discount the units to make a profit in the long term.
How long a transaction takes
I read an article this morning where someone mentioned that the average time a person needs to wait for a transaction to process is five minutes. The number is derived from the incorrect assumption that blocks occur every ten minutes, so if you picked a random point between these ten minute intervals many times, it would be, on average, five minutes away from the next block. Some people also state that it takes ten minutes to process a transaction, which, again, is inaccurate. What's alarming is that journalists for big-name newspapers spread false information to the public when they publish articles about the supposed "10-minute confirmation time." Hashing for the bitcoin network is independent. If people have been hashing for 60 minutes without finding a block, there is no greater chance of finding a block in the next minute than there was 60 minutes ago. Therefore, one cannot say that blocks occur "ten minutes apart," because that isn't always true. Having done lots of work on a block does not mean that the next block is any more likely to be found sooner. The time until the next block can be calculated using an exponential distribution. If the hashrate has not increased or decreased since the last difficulty change, publishing a transaction right now means you can expect for it to be confirmed in about 6.9 minutes, not 5 or 10 minutes. This calculation does not make intuitive sense, but results from the random nature of independent hashing. This is good news for those who mistakenly believe that it will average 10 minutes for a merchant to receive a transaction.
Helping the homeless and fighting hunger with Primecoin
Hey everyone, I just wanted to let you know that Sean's Outpost is officially accepting Primecoin for donations now. http://seansoutpost.com/donate/ Thanks to everyone in the Primecoin community who has been supportive of what we do. If you aren't familiar with us, we are a homeless outreach in Pensacola, FL that has fed almost 15,000 meals all purchased with crypto currency. Today, we also announced that we have purchased a 9 acre parcel of land that will be know from now on as "Satoshi Forest" it is a Homeless Sanctuary, organic farm, and base of operations for all of our "bitHouse construction projects. Our mortgage is paid in BTC directly. Not exchanged to USD. So PRIMECOIN donations will b used in this manner as well. Vitalik did a wonderful article for BitcoinMagazine on us today... http://bitcoinmagazine.com/6939/seans-outpost-announces-satoshi-forest/ FYI: 2.5 Primecoin = 1 Meal for a homeless person 1300 Primecoin = 1 Months Mortgage Payment on Satoshi Forest 17,000 Primecoin = Builds one "bitHouse" that will provide homes to 2 homeless people. Thanks so much. I will be happy to answer any questions. Jason King Sean's Outpost Primecoin: AGNzVCaU9C2drcjHX1iXTUyGJGaGfEUcNk
AllCrypt.com launched last night. Donated 3.59 BTC to Sean's Outpost
A month ago we announced our exchange. We opened coin voting so that we had an open and transparent way to get coins on the exchange. The voting also took donations for votes to help support development. In just over 3 weeks of voting, we collected 17.98 BTC. We publicly pledged 20% of all vote donations would be going to charity. Today we sent that 3.59 BTC off. TxID 978c11b917caf0104e695ef626f500d4ee86782c0f0bf85fc4ded7a205089e3f We are different. We value privacy, security and transparency. A lot of posts floated about "bets on when they run off with the coin?" - And we have no intention to. We pledged 20%, and it was sent today. Part of the rest of the collected coins are going to pay off hardware. About 1.7 is going to the Bitcoin Foundation for AllCrypt.com to receive a Silver membership. The rest to service fees, electric bills, etc. We want to be your exchange of choice - not because you've no other option, but because we listen and deliver on our promises. We work with transparency and integrity. We're the only exchange to sign all of our emails with our public BTC address to make our emails phish-proof. We're working with other organizations to develop proof of solvency while protecting our users privacy. We want you to pick us because we deliver exactly what you want. And the only way we can do that is if you tell us. Log in, make an account, and vote on the next coin you want added. We added three more today: USDE, Catecoin, and Pesetacoin. Use our community section to list feature requests and ask questions. Oh, and because we can - a percentage of all trades are donated to charity. Hope to see you there. The AllCrypt.com Admins And because I've already been asked:
-----------Begin Signed Message Block--------- AllCrypt.com owns the address which donated the 3.59 BTC to Seans Outpost, 20% of all funds raised during our development. -----------End Signed Message Block--------- BTC address used to donate the funds: 1QJTAAn67jNDBouNegNaxC5b3oydYqaSvD Signature: G0kXK97hMqqkiKYVEnBRF5HXJz9u/5lP5CnjVGsv9mDiJjmmDRDG1kxcPkeytcIOLoi9Sszd5A7dCKx+yLcXaCE=
So you want off this crazy ride? I can understand the impulse. Before you transfer all your coins to the exchange, let's look at your options. 1) Sell on an exchange. Assuming they stay liquid, you'll get some money back. It'll sit in your bank account and lose value over time. Woo. 2) Buy stuff! Last time this happened you were pretty limited on what you could buy. This time around you can get stuff from Tiger Direct, NewEgg, Dell, Gyft, and a lot more. This won't completely alleviate the selling pressure on the market, but it might stagger it some. Bitcoin thanks you, and you'll have stuff. Stuff is fun. 3) Donate it to a charity like Sean's Outpost, Wikipedia or Extra Life. These causes will put what's left of your bitcoin to good use, and you'll get to help some people out. 4) Hodl. It'll get better eventually. At least, that's what I believe. Disclaimer: The Extra Life bitcoin team is my team.
Replace you default new tab contents their search.
Replace existing links with affiliate links.
Add new affiliate text links all over the place that look similar to the double underline ones used by some publishers.
Replace ads across the internet.
Generate phantom traffic to websites a user never sees (similar to botnet)
Capture ALL browsing data including post data (many uses I could speculate on but wont get into here)
What do they offer an extension developer? Depends on the mix of where the users are but it easily adds up to a few cents per active user per day. Or they just buy the whole thing. Which makes you wonder how much more they are really making...
Usually start with an email and progress to a call. I've spoken to a few on the phone and they sound just like normal people proposing a business deal. I'm sure they've justified what they do in their own mind so they don't sound shifty or unsure at all. Mental gymnastics is an amazing thing.
The detailed behavior of 700K people is worth a lot more than $1.2M a year. Think about Nielsen and how many people they collect data from. The data they own makes them a $17B company. This is the type of data I'm talking about: Link to en.wikipedia.org From the wikipedia page: "Use of clickstream data can raise privacy concerns, especially since some Internet service providers have resorted to selling users' clickstream data as a way to enhance revenue. There are 10-12 companies that purchase this data, typically for about $0.40/month per user."
Thanks for the offer! We do a pretty good job conserving cash so we're doing ok financially. If you are feeling generous, give some money to this awesome charity that is out feeding the homeless: Sean's Outpost
It's pretty easy to find the legitimate companies w/ a little Google-fu. We can also tell by looking at what they want us to do. Malware companies usually want to include their code in our extension and it's impossible to see what their code will do. Legitimate companies are ok with leaving us with the control.
Sometimes it's immediately obvious. Sometimes it takes a few exchanges to figure out what they are proposing. They also don't want to waste their time so they usually get to the point pretty quickly.
"Hello, we're interested in potentially buying data from your browser extension userbase. We buy anonymous clickstream and browsing behavior data from browser extensions which we use for market research."
So I emailed back and asked what kind of data they want to buy. The answer was that they need us to install a small snippet of code in our extension that will do all the data collection automatically.
This is incredibly dangerous for the extension ecosystem in general. This kind of activity will force the platforms (Chrome store and Mozilla store) to be more and more restrictive, in turn taking away browser extension's ability to do anything meaningful. Everybody loses at the end.
Nope. Online retailers understand that it's much better to keep you on the site instead of having you go off searching for a coupon. Our extension answers the "is there a coupon for my order" question for you so the chance you'll go through with the purchase is higher.
Coupons used to be a way for retailers to attract people to their site. But these days it's also a way for them to close the deal. Sites like Gap will often plaster coupon code all over their site to motivate you to buy something.
Well, it does what it's supposed to do, which is apply the live Amazon coupon codes into your cart. However, Amazon uses very product specific codes so the chance of the codes matching up to the product you are buying is low. So when people hit the button and it doesn't save them money, they think Honey doesn't work.
Google doesn't have a robust system to deal with this because (I hope) this isn't a very common problem. If you have reason to believe an extension is behaving like malware, you can submit it to Google at: Link to support.google.com
Yea it hurts each time we get one of those. We're fighting an uphill battle because we're looking for coupons on something you are already going to buy instead of trying to get you to buy something you weren't planning on buying. By design it's not going to be 100%. The auto coupon feature finds people savings ~23% of the time. We want that # to be as close to 100% as possible. But to do so, we have to figure out new and innovative ways to find people savings.
For sixty billion dollars?! I would take it in a heart beat. Then I'll take $1 billion, split it 700,000 ways and send each one of our users a $1,500 check along with a letter explaining the situation. Retire with $59B and a clean conscience.
The altcoins are a little tricky because there's no payment processors that handle them. It'll be interesting to automate some type of exchange between the altcoin to btc in real-time and then push the btc through the payment processor. We'll definitely explore that.
It was tempting for sure because the data they wanted isn't personally identifiable and it's mainly for research purposes. But then again we all have skills that will make us a decent living if we wanted so our primary motivation for building Honey isn't money. It was an easy call to make.
Of course we sell Honey. Why else would we call ourselves Honey? PM me your address and we'll send you a sampler kit! Edit: This was a joke but I got a bunch of addresses. We're going to follow through and put some honey packages together. Sorry we can't afford to send them overseas because the shipping will kill us!
The first time we were approached we thought it was legit. Spent some time going back and forth until we got to the specifics of what we need to do on our side. Then we realized it would turn us into a spyware.
One of our major goals when we created Rimbit was to somehow involve charity organizations to prosper from the trade of Rimbit throughout the community. We have contacted Seans Outpost, a charity that we feel deserves as much as it can get from the community, with an offer to get 100% of the fees that will be taken in by our User Exchange when it goes live. To date we have yet to hear from them, but that is understandable as they work very hard to help the needy. As our User Exchange (yet to be released), does take in a small % from trades, we felt that a worthwhile charity that we have followed for a while, being "Seans Outpost", deserves someone to pick up the slack that Bitcoin has left! Full Article here: http://www.rimbit.com/rimbit-blog/119-rimbit-for-charities.html
My revelation this morning about how companies and individuals will interact with the BTC protocol/ledger
Nobody really knows whether bitcoin will be the one ledger to rule them all or if there will be other more dominant ledgers, but as I was thinking about how I would like to grow my own company and how shares would be divided among investors in said company I thought about how I don't know where to begin when issuing shares in a company. I know it's a bureaucratic process and you have to involve the state and it takes millions of dollars, lawyers and accountants. It's exciting when we realize we won't need banks, centralized stock exchanges or more importantly the govt because everything is already extremely transparent. It seems like developers are making it easier for those that are not as technical to create their own blockchains/ledgers to use. Each individual company, even if they are a small business will be able to create their own blockchain and investors, founders and early employees can divide up shares within their own individual blockchains. This will all be able to be done without the extremely burdensome process of involving the government when issuing shares. You just start a new blockchain and decide who owns what by the number of units you own in the blockchain. Seems bitcoin will be the primary way for merchants to accept payment for most items, because there needs to be a primary blockchain for everyday items that need to be purchased. I'm guessing though there will be thousands of blockchains though for every type of business and it will actually even be possible to buy larger items with shares of companies that are using a different blockchain. For example trading land for someone that owns shares in a Walmart type company that has their shares in their own blockchain. Just sharing some of my thoughts this morning. Some of these theories come after listening to this interview https://www.youtube.com/watch?v=w-9miCOsg4g that SeansOutpost moderated with those involved in Mastercoin, Ethereum and Bitshares.
188 pts: ajm__'s comment in Stop freaking out about the price and look at this damn picture. It's a log chart, which is necessary for viewing since bitcoin value has always grown exponentially over the longer term.
186 pts: thealmightydru's comment in I tried to order a deck of Cards Against Humanity using Bitcoins but was surprised by this negative response. What do you guys think?
185 pts: sfgayatheist's comment in If you get caught selling Bitcoin hardware on eBay, Paypal will "sever business relationships with you".. read:
use the following search parameters to narrow your results: subreddit:subreddit find submissions in "subreddit" author:username find submissions by "username" site:example.com find submissions from "example.com" On behalf of Bitcoin magazine I’d like to wish a big happy birthday to Sean’s Outpost. An organisation that does such tremendous work deserves support. It is with regret that we learn of this constant nuisance from the local authorities. We hope that anyone reading this will click here and give generously to Sean’s Outpost as you continue to fight the good fight. The most common use would be sale or exchange. If any bitcoin was sold or used to pay for real world goods or services, ... DR Not certain, but fairly comfortable that donating zero cost-basis bitcoin to Sean's Outpost is not a taxable event. Rich people do this all the time with appreciated stock. Source: I'm a Tax accountant in the US. Please note that I have not researched this matter in ... — Sean’s Outpost (@SeansOutpost) July 18, 2014. Sean’s Outpost is one of the few charities out there that accept bitcoin as a primary form of funding. King and his team take their bitcoin donations and use them to buy food and other items for individuals without a place to go. Sean’s Outpost also provides some of the homeless a place to go. Human Generosity + Bitcoin Appreciation = Magic. Just wanted to post these. I will make a real post when I have some time to sit still. Thank you Everyone, Jason. Sean's Outpost. One Bitcoin Will Feed 40 Homeless People. UPDATE*** Though BTC Donation we have raised 259 meals worth of funds. We also passed out 43 meals to homeless in Pensacola TODAY. BTC FTW*** Bitcoin is going crazy right now ...
Jason King of Sean's Outpost on Bitcoin and Charity
Sean Walters 37,039 views. 4:32. Moving Bitcoin to Bitcoin Cash BTC to BCH the cashening - Duration: 6:57. Power Surge Money 861 views. 6:57. How To Buy Bitcoin on Coinbase - DON'T. (Reason in ... Sean Logan 62,629 views. 8:03. How to Buy & Sell Cryptocurrency on Bittrex - Duration: 16:46. CryptoKaiser 391,664 views. 16:46. How to Get Started at Poloniex Online Cryptocoin Bitcoin Exchange ... This video is unavailable. Watch Queue Queue. Watch Queue Queue +Jeffrey Tucker interviews Jason King on why he is raising money with #Bitcoin, and the dramatic story of his own charitable work. Sean Logan Videos; Playlists; Community; Channels; About; Home Trending History Get YouTube Premium ... bitcoin exchange buy bitcoin how to buy bitcoin with debit card bitcoin paypal cash app buy ...